India will be the leader in innovation in the coming future. With the development in the economy and advancement of technology and coming up with new ideas, entrepreneurs and growing startup trends, India will lead the world from the front in the coming years. In this piece, we’ll discuss 15 of the country’s best firms that are seeing significant growth.
As per the report the India youth is more curious to start their own business startups. This trend can be witnessed from the two back to back successful seasons of the business reality show Shark Tank India.
According to statistics, India has the third-largest startup ecosystem in the world.. India has unquestionably got one of the most vibrant startup ecosystems in the entire world.
In this article, we’ll give you a detail insight about the top 15 of the country’s best firms that are seeing significant growth as a startups
Table Of Contents
- Introduction
- Top Startups in India 2023
- Inmobi
- Slice
- Phonepe
- Licious
- Razorpay
- Policybazaar
- Skyroute Aerospace
- Practo
- Groww
- Digital Insurance
- Skit.ai
- Udaan
- Pharmacy
- Livspace
- Ather
Conclusion
Introduction
In recent years, India has produced some fantastic startups that have had a significant impact on the world. India has the third-largest startup environment worldwide, according to research published in January 2022 by CB Insights.
Since January 2022, there have been more than 61,000 startups in India, placing it third globally behind China and the United States.
With the goal of making India a worldwide technology giant, the Indian startup scene has recently grown to be a vital development engine for the country.
Younger individuals are encouraged to work and gain experience in their areas of interest in many Indian enterprises, which are prospering. The most successful startups in India are Flipkart, Ola, and Zomato. Startups offer a fantastic opportunity to grow one’s skills and career. You’ll learn more about the top startups in India in this piece, including how they’re transforming the startup scene.
Top Startups in India 2023 list
There is a new Top 10+ list of India’s top startups! These are India’s most notable and successful startups that have had a big impact on their respective industries and are ones to keep an eye on in the years to come.
Let’s examine their success story right here.
1) InMobi
InMobi became India’s first unicorn startup company in 2011.It employs over 1,500 people across 22 offices located across 12 countries and five continents. The startup is backed by SoftBank, Kleiner Perkins Caufield & Byers, and Ram Shriram’s Sherpalo Ventures. Mobile publishers and app developers can provide their end users with an engaging, in-context native ad experience thanks to InMobi’s Native Ads platform.
2) Slice
Tiger Global Management, Moore Strategic Ventures, Insight Partners, and GMO Venture Partners have invested $50 million in a Series C round of funding for Slice, a fintech firm. The company stated that it would use the money to support the expansion of its new UPI product line. A total of $270 million has been invested in Slice to date.
3) PhonePe
In India, PhonePe is a well-known platform for digital payments and financial services. It is one of the top mobile payment apps in India today and was introduced in 2016. Users of PhonePe can, among other financial services, transfer money, pay bills, recharge mobile phones, purchase insurance, and invest in mutual funds. To enable transactions between bank accounts, the app makes use of Unified Payments Interface (UPI) technology. On a variety of transactions, PhonePe also provides its members with a selection of cashback incentives and discounts. On both the iOS and Android operating systems, the app can be downloaded.
4) Licious
A culinary technology business called Licious runs an online meat and seafood delivery service in India. Customers can get fresh and hygienic meat and fish goods from Licious via its website or mobile app, which was founded in 2015. The business purchases its goods directly from farmers and fishermen, and it employs a combination of technology and professional quality inspections to guarantee that the goods are of the highest calibre and suitable for human consumption. Customers in India’s major cities have access to Licious’ extensive product selection and quick delivery choices, which include chicken, mutton, seafood, and ready-to-cook items. To guarantee that its products are handled and transported properly, particularly during the COVID-19 pandemic, the company has also put in place stringent hygiene and safety standards.
5) Razorpay
In 2014, Harshil Mathur and Shashank Kumar established the Indian financial business RazorPay Software Private Limited. Businesses can accept, process, and distribute payments using RazorPay’s web platform.
Y Combinator, Matrix Partners India, and Tiger Global Management are a few of the investors who support RazorPay, which has more than 1 million registered consumers. The finest startups in India, like this one, are well-known both domestically and internationally.
6) PolicyBazaar
Indian financial technology business Policybazaar is an internet insurance aggregator. The 2008-founded business provides users with a digital platform that lets them compare and buy insurance policies in a variety of categories, including health, life, vehicle, travel, and home insurance. In order to give customers a broad selection of insurance products with affordable prices and features, Policybazaar collaborates with the top insurance providers in India. Additionally, Policybazaar now offers consumers the option to apply for loans and credit cards through its platform, expanding its services to include these financial products. A number of accolades have been given to the company for its contribution to the Indian fintech industry and for its novel business model.
7) Skyroot Aerospace
In July 2018, former scientists Pawan Kumar Chandana and Naga Bharath Daka founded Skyroot Aerospace, India’s first privately funded space launch company. This firm offers a commercial launch service and is already working on the Vikram series of rockets, which are used to launch small satellites.
8) Practo
In 2008, Shashank ND and Ranjith Kumaran established the Indian healthcare company Practo. Users can schedule doctor’s appointments and place drug orders through the online portal Practo. Practo has more than 10 million registered users and is backed by investors such as Tencent, Sequoia Capital India, and Matrix Partners India. It is regarded as one of India’s top startups, and it holds the top spot in the healthcare industry.
9) Groww
Groww is a trading platform that lets users buy stocks, ETFs, mutual funds, IPOs, and other securities. Web and mobile applications can be used on the platform. The firm was founded in 2016 by four former Flipkart workers who saw how difficult it is to invest in India.. According to Groww, smaller Indian cities that have never made an investment make up more than 60% of the company. Groww is used all around India, not just in major towns, according to one of the creators, Lalit Keshre. The country’s biggest cities are home to users from the working class who are youthful and want to invest their hard-earned money.
10). Digit Insurance
A 2016 startup insurance company called Digit Insurance makes the bold claim that it will make insurance products simpler for everyone, changing how people perceive them. In 2020, Virat Kohli and Anushka Sharma, a famous Indian couple, invested $340K in Digital Insurance, which was then given its first round of capital.
The reason is that more than 20 lakh people in India have purchased health insurance against diseases including malaria, chikungunya, dengue, and COVID-19. Digit, a startup with headquarters in Bangalore, achieved break-even in 2020 because of lower operational costs and strong financial KPIs. When the entire insurance market was having trouble in 2020, the company managed to grow its business by 30%, according to the chairman, Kamesh Goyal. Numerous accolades, including “Hottest Startups in India 2019,” “Asia’s Best General Insurance Company of the Year 2019,” “Fintech 250 List,” and others, have been bestowed upon Digit. Kamesh Goyal, please ensure that the funds obtained are used for commercial and technological advancement.
11) Skit.ai
Skit.ai is a top startup in India for artificial intelligence that Sourabh Gupta created in 2015.
Businesses may create unique natural language processing models using the machine learning platform Skit.ai.
Investors, including Sequoia Capital, Nexus Venture Partners, and Accel Partners, support Skit.ai, which has more than 200 clients.
This firm was formerly known as Vernacular.ai, but it changed its name to Skit.ai and maintained its position at rank 6 on our list of the best startups in India.
12) Udaan
Founded in 2016, a tech-based firm that offers B2B e-commerce solutions The company, which was founded by Sujeet Kumar, Vaibhav Gupta, and Amod Malviya, three former executives of Flipkart, has grown to have a user base of more than 3 million across 900 locations. More than 25000 Indian sellers are connected as a result. In addition to Boat Lifestyle, PepsiCo, LG, ITC, and many more well-known companies, the company has signed up thousands of brands. The company achieved unicorn status in 2018 and in the shortest possible time. Udaan just received $280 million in funding from both its previous and new backers. With nearly $3.1 billion in market value, the company has so far raised $1.15 billion in total.
13) PharmEasy
PharmEasy is an Indian-based online pharmacy and medical supply business that specialises in over-the-counter medications, lab work, and medical gear. The company has grown tremendously since it was founded in Mumbai, Maharashtra, in 2015. It is an online pharmacy with every product you might discover in a conventional pharmacy.
PharmEasy’s investors are the same ones who funded firms like Swiggy and Byju’s. Throughout the upcoming 12 months, the founders, Dharmil Sheth and Dr. Dhaval Shah, hope to connect with more than 100,000 pharmacies throughout India’s new geographic regions.
14) LivSpace
Srivastava, Anuj In 2014, Ramakant Sharma founded LivSpace as a startup business for interior design. The sixth unicorn company in India offers restoration and interior design services.
15) Ather
Ather Energy is an electric car manufacturer in India, with its corporate headquarters in Bangalore. It was founded in 2013 by Swapnil Jain and Tarun Mehta. The fourth-best-selling two-wheeler EV in India in the first half of 2021, according to reports, is Ather Energy, which has successfully sold 3677 units.
Conclusion
Today India has more than 100 of unicorn startups in India. Recently, Zepto has become another Unicorn Startup of India. WIth the strong enthusiasm of the Indian youth and birth of new ideas and innovation, the startup industry of India will soon become a leader in the world. GOvernment of India has also offered a support for the startups to establish their business in the form of subsidies, finance and other incentive to boost the startup in the country.
