Last year was a roller coaster ride, thanks in large part to the COVID-19 pandemic that swept the globe. Many great entrepreneurs in India have jumped into business chances and put their ideas to the test. While some have failed, others have thrived like nothing else. India encourages the growth of startups since it provides low-cost trained labor, investment from national and international investors, and growth potential. According to Financial Express, start-up funding will reach a record high in 2021. In addition to large venture capitalists, institutional investors and pension funds are participating in a large number of new online enterprises.
During the January-March 2021 period, investors invested over $4.4 billion in Indian startups, which is a 26 percent increase over the same quarter the previous year. Fintech and Financial Services firms (123) are the leading gainers in funding transactions, followed by Retail and Ecommerce companies (99) and EdTech companies (84). This demonstrates that, despite the instability caused by the pandemic COVID-19 in India, entrepreneurs have found a means to stay afloat.
Looking at the most notable partnerships between corporations in India, such as Walmart and Flipkart (which also owns Myntra and PhonePe), it is not unexpected to discover that India is emerging as a major startup hub. One 97 Communications (PayTM), Ola Cabs, Dream 11, Swiggy, and Razorpay are a handful of the world’s most valuable Indian firms. The country is increasingly attracting more startup unicorns from industries such as healthtech, social commerce, finance, and others. Unicorn firms are startups worth more than $1 billion in the business world. There are around 600 unicorns in the world as of April 2021. According to Inc42, India’s ten businesses would be included in the list of Unicorns in 2021.
India’s Top 10 Startups
1. CRED
CRED, which was founded in 2018, is a site where you may pay your credit card bills and be rewarded for it. The platform has developed a new concept in which customers receive “CRED coins” when they pay their bills via the CRED app. These coins can then be redeemed for any product, entry into a contest, or participation in a workshop. The Bangalore-based firm offers a variety of services to users, including loans and a premium library of merchandise. The startup believes that by incentivizing people, they would improve their financial behaviour.
CRED is the youngest Indian firm to be valued at about $2.2 billion, according to TechCrunch. This 2-year-old firm has over 6 million clients and accounts for around 22% of all credit cardholders. According to Kunal Shah, the firm’s founder and CEO, the company is targeting affluent clients and has become one of the most talked-about startups.
Few organizations concentrate on the high-end market and maintain consistent growth over time. CRED also intends to launch a function that will allow CRED currencies to be utilized by over a thousand shops. The startup also intends to open an ecommerce store. It is evident that the firm intends to do much more than simply provide clients with incentive coins.
2. aiVernacular
This startup is an AI-first SaaS company that aspires to be the world’s premier voice automation and AI platform. As a service to the banking, food, and beverage, and hospitality industries, the company offers speech recognition and voice assistance. Their services require the least amount of human intervention and can manage complex servicing concerns. In the year 2020, the company, which was founded in 2016, has raised $5.1 million in funding.
According to the Economic Times, Vernacular.ai is planning to hire 100 people in 2021, which will help to enhance its leadership team. While there have been layoffs and wage cuts in the last year, Vernacular.ai has increased its personnel by fourfold.
With multipurpose personnel, the company is on track to become the world’s most appealing Voice AI platform. The company recently announced the hiring of Gangadhar Kodandaram as Chief Revenue Officer (a former Microsoft employee) and Ankit Jain as Vice President of Product Management (An alumnus of Amazon). Their knowledge and experience will undoubtedly propel Vernacular.ai to new heights.
Vernacular.ai’s operations are projected to expand as voice and automation are two trending technologies expected to increase significantly in the future.
3. PharmEasy (Pharmaceutical Ease)
PharmEasy is an Indian online pharmacy and medical store that specializes in over-the-counter (OTC) medications, diagnostic tests, and medical devices. During the COVID-19 epidemic, the company became a crucial service, which aided in its expansion. In India, PharmEasy’s competitors are 1mg and Netmeds. This health-tech business has raised $350 million, making it India’s first Epharmacy unicorn. The funds were raised as a result of PharmEasy’s merger with its competitor Medlife. PharmEasy has bought a 100% stake in Medlife, while the latter has received a 19.95% ownership in the amalgamated firm. Both companies have joined forces and amalgamated in order to compete with rival players such as Netmeds (Reliance Jio), Flipkart, and Amazon Pharmacy, which have just entered the Indian epharmacy market.
4. Digit Protection
Digit Insurance is an insurance company that claims to simplify insurance products for everyone in order to transform people’s perceptions of insurance goods. The company was started in 2016 and later, in 2021, it became a member of the Unicorn club after receiving $18 million in funding. The startup raised its first round of funding in 2020, with Indian celebrity couple Virat Kohli and Anushka Sharma both contributing $340,000.
5. Meesho
Meesho, founded in 2015 by IIT-Delhi graduates, is a reseller platform that is poised to become a major e-commerce distribution channel through which homepreneurs sell products via WhatsApp, Facebook, and Instagram. After receiving $300 million in funding, the company is now valued at $2.1 billion.
Meesho is an ecosystem that enables small enterprises to operate on the internet. This platform has raised $490 million to date, with Facebook among its investors. Meesho connects merchants and buyers through an online marketplace and manages logistics, orders, and payments for sellers. It is linked to almost 13 million entrepreneurs in Indian cities that sell groceries, home and kitchen equipment, clothing, and other items.
6. Groww
Groww is an investing platform that allows consumers to invest in stocks, ETFs, Mutual funds, IPOs, and other assets through its platform. The platform is accessible via mobile applications as well as online. The startup was created in 2016 by four ex-Flipkart workers who recognized the difficulty of investing in India. This realization prompted them to launch Groww, which has over 15 million registered members to date. According to Groww, more than 60% of the company is owned by smaller Indian cities that have never invested before. Groww, according to one of the founders, Lalit Keshre, is used throughout India, not just in major cities.
7. Nykaa
Nykaa is a 2012-founded online beauty store and fashion e-commerce platform. Customers can purchase wellness and beauty products from the company at reasonable pricing. It’s worth noting that it raised $25 million in March 2020 and is now worth $1.2 billion. Bollywood celebrities such as Alia Bhatt and Katrina Kaif are among the company’s investors.
Falguni Nayar, the platform’s founder, and a former investment banker, envisions a platform with thousands of product alternatives. The company now has over 55 retail locations and fulfills around 1.5 million orders every month. Nykaa has over 5 million monthly active users and works with over 500 companies via its website and stores.
8. Udaan
In 2016, a technology-based firm that delivers B2B e-commerce solutions was created. Sujeet Kumar, Vaibhav Gupta, and Amod Malviya, former executives of Flipkart, founded the company, which has grown to over 3 million consumers in 900 cities. It aids in the connection of over 25000 vendors in India. The company has signed thousands of companies, including Boat Lifestyle, PepsiCo, LG, ITC, and many others. In 2018, the company became a unicorn in the quickest amount of time. Udaan just secured $280 million from existing and new investors. As of the present, the company has raised a total of $1.15 billion and is valued at more than $3.1 billion.
9. DREAM 11
DREAM 11 is an online fantasy sports platform that was founded in 2008 and presently has over 10 crore users in India. Harsh Jain and Bhavit Sheth, two young cofounders from Mumbai, Maharashtra, started the company. DREAM 11 has raised $400 million soon before the start of the IPL 2021 season. TCV is one of the investors, and it has previously funded companies such as Airbnb and Netflix. DREAM 11 is also India’s first Unicorn startup, with a valuation of $5 billion. In the last three years, the company has grown at a CAGR of 230%.
Dream 11 is India’s first and leading fantasy gaming platform. It has attracted a large number of youthful game-obsessed players. It took the company three years to get one million customers, and then it crossed the three million milestones in less than two months. Prior to the outbreak of the pandemic COVID-19 in India, the company had approximately 75 million subscribers; it now has 100 million users. According to Deloitte, fantasy sports in India have expanded by about 200 percent, which is a catalyst for the company’s growth.
10. Swiggy
Who hasn’t heard of Swiggy? Assume you’re at work on a Monday and you’re yearning a cheesecake after lunch. Swiggy has made it possible for you to satisfy your cravings while sitting at home. Swiggy, India’s largest meal delivery company, operates in 27 cities and has collaborated with over 40,000 businesses. The company, headquartered in Bangalore, recently raised $800 million in capital and is now valued at roughly $5 billion.
Swiggy’s target market has also risen to 50 million over the course of the year, which is a once-in-a-lifetime opportunity.
On 2014, while Zomato was already in the market, the meal delivery services began with just 5 delivery boys and 25 restaurant partners. However, in less than four years, the company has risen to the status of unicorn startup, posing a serious challenge to Zomato. The company’s success is based on its excellent customer experience value chain.
The company has always been customer-focused, which sets it apart from other startups. When rival meal delivery startups such as TinyOwl and FoodPanda were failing, Swiggy built a name for itself by sticking out from the crowd. That is why it is one of India’s most successful startups.
Source: techstory.in
