Top 20 Most Successful Unicorn Startups In India

Top 20 Most Successful Unicorn Startups in India: Because of the COVID-19 epidemic, which swept the world, last year was a year of ups and downs. Strong businesspeople in India have tested their ideas and jumped into possibilities. Some of them have failed, but others have succeeded like nothing else. India encourages the growth of startups since it has access to competent labour at reasonable prices, investment from domestic and foreign investors, and expansion potential. Financial Express claims that in 2021, start-up funding reached a new high. Institutional investors and pension funds are joining the large venture capitalists in funding numerous new online enterprises. Investors invested almost $4.4 billion in Indian startups between January and March 2021, which is a 26% increase over the same period the previous year. The Fintech and Financial Services firms (123), Retail and Ecommerce companies (99), and EdTech companies are the top gainers in the fundraising deals (84). This demonstrates that the companies have managed to stay afloat despite the volatility brought on by the COVID-19 outbreak in India.

It is not at all shocking to find that India is developing into a hub of the biggest startups when one looks at the most significant partnerships involving Indian businesses, such as Walmart and Flipkart (which has Myntra and PhonePe). A handful of the highly valued Indian startups around the world include One 97 Communications (PayTM), Ola cabs, Dream 11, Swiggy, and Razorpay. The nation is now producing more unicorn startups, including businesses in the health tech, social commerce, finance, and other industries. Startups with a valuation of more than $1 billion are known as unicorn companies in business. There are more than 600 unicorns in existence as of April 2021. India’s ten firms were included on the list of unicorns in 2021, according to Inc42. We’ve produced a list of a few businesses that rank among the best startups in India for this blog. These firms have done an amazing job of surviving through the years and are now aiming to increase their reach.

1. CRED

CRED is a platform that was established in 2018 where you may pay your credit card bills and earn rewards. Users now receive “CRED coins” when they pay their bills via the CRED app, according to a novel business model developed by the platform. These coins can then be used to make purchases, participate in contests, or enroll in workshops. The Bangalore-based firm offers its clients a variety of services, including financing and an exclusive selection of goods. The business thinks that through providing incentives, people’s financial behavior will improve.

CRED is the newest Indian startup, according to TechCrunch, with a valuation of over $2.2 billion. More than 6 million clients and around 22% of credit card holders use this 2-year-old firm. The company is one of the most talked-about startups and is targeting wealthy customers, according to founder and CEO Kunal Shah.

Very few businesses maintain steady growth throughout the years while concentrating on the high-end market. Additionally, CRED intends to launch a function that will enable the usage of CRED coins at more than a thousand retailers. The business also intends to run its own online store. It is obvious that the firm has plans for much more than merely giving its clients incentive coins.

2. Skit.ai

This startup wants to become the world’s top voice automation and AI platform. It is an AI-First SaaS company. The business serves the banking, food and beverage, and hospitality industries by offering Speech recognition and voice assistants. Their services are the least influenced by people and are also capable of handling complicated servicing problems. In 2020, the business, which was founded in 2016, has raised $5.1 million in investment.

According to the Economic Times, Skit.ai plans to bring on 100 new employees in 2021, which might improve its executive team. Skit.ai has increased its personnel by 4 times in the past year despite layoffs and pay freezes. The business is on track to become the most alluring voice AI platform in the world because to its multipurpose staff. Recently, the business announced the appointments of Ankit Jain as Vice President for Product Management and Gangadhar Kodandaram as Chief Revenue Officer (both former Microsoft employees) (An alumnus of Amazon). Their knowledge and intelligence will undoubtedly raise the bar for Skit.ai.

Vernacular.ai’s operations are probably going to expand as voice and automation are two trending technologies that are anticipated to increase significantly in the future.

3. PharmEasy

PharmEasy is an online pharmacy and medical supply company based in India that specialises in over-the-counter medicines, laboratory testing, and medical equipment. The business, which was established in 2015 in Mumbai, Maharashtra, has experienced phenomenal growth. It is an internet drugstore featuring every item you might find in a physical pharmacy.

The business has expanded as a result of being a crucial service during the COVID-19 pandemic. In India, PharmEasy is opposed by 1mg and Netmeds. With a staggering $350 million in funding, this health IT business has become India’s first Epharmacy unicorn. After PharmEasy and its rival Medlife merged, the funding was raised. Medlife received a 19.5% share in the combined company after PharmEasy purchased a 100% stake in it. Both businesses have united in order to compete with rivals who have recently entered India’s pharmacy market, including Netmeds (Reliance Jio), Flipkart, and Amazon 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 in India’s new geographic regions.

4. Digit Insurance

In order to transform people’s perceptions of insurance goods, the 2016-founded insurance company Digit Insurance intends to make insurance products simpler for everyone. In addition to the $340K investment from the Indian celebrity couple Virat Kohli and Anushka Sharma, Digital Insurance raised its first round of funding in 2020.

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 to 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. Further securing the use of the funds obtained for commercial and technological advancement, Kamesh Goyal.

5. Meesho

Meesho is a reseller platform that was established in 2015 by IIT-Delhi graduates and is poised to grow into a significant e-commerce distribution channel where home business owners may sell goods via Facebook, Instagram, and WhatsApp. After raising $300 million in capital, the company is now valued at $2.1 billion.

Meesho is the internet platform ecosystem that enables small enterprises to operate. To date, this platform has raised $490 million from investors, including Facebook. Meesho links vendors and buyers in an online marketplace and provides vendors with administration of logistics, orders, and payments. It has connections with over 13 million business owners in Indian cities who deal in groceries, home and kitchen equipment, clothing, and other things. Meesho has a huge potential to elevate retailing to new heights in the future as Indian social commerce is predicted to expand at a rate of 55%–60%. It faces competition from businesses like GlowRoad, Dealshare, and CityMall, which are attracting investors’ attention. In December 2020, Dealshare, which was established in 2018, had raised $21 million.

According to Meesho, it has delivered deliveries from more than 100,000 registered suppliers, bringing in more than 500 Cr ($68 million) for home-based business owners.

6. Groww

Groww is a trading platform that enables users to invest in stocks, ETFs, mutual funds, initial public offerings, and more. The platform is compatible with web and mobile applications. Four former Flipkart employees who became aware of how challenging it is to invest in India launched the startup in 2016. They launched Groww as a result of this realisation, and it currently has more than 15 million people registered. 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. Users from the working class who are young and wish to invest their hard-earned money are dispersed across all of the major cities in the country.

In 2021, the business raised $83 million and joined the exclusive club of unicorns. This business is excited to use this money to develop new products, hire additional employees, and create platforms for investor education.

7. Nykaa

Nykaa, an e-commerce portal for fashion and beauty products, was established in 2012. Customers can purchase health and cosmetics from the business for affordable pricing. It’s interesting to see that its current market worth is $1.2 billion after it received $25 million in March 2020. Actresses from the Hindi film industry including Alia Bhatt and Katrina Kaif are among the company’s investors.

Former investment banker and platform entrepreneur Falguni Nayar had the idea to build a platform with thousands of product choices. The company now fulfils about 1.5 million orders every month and has more than 55 retail locations. Through its online and retail locations, Nykaa works with more than 500 brands and has more than 5 million monthly active consumers. The business has also launched Nykaa Fashion, a new division that sells clothing and accessories. It has unveiled Nykd, a new private label for intimate apparel. The analysis from RedSeer Consulting projects that the online beauty market in India will expand at a CAGR of 9%. Nykaa has the chance to develop its market share in India and broaden its clientele. The company is preparing for its first public offering (IPO) in 2022, at which time it hopes to raise $3.5 billion.

8. Udaan

In 2016, a tech-based startup offering B2B e-commerce solutions was established. Sujeet Kumar, Vaibhav Gupta, and Amod Malviya, three former executives of Flipkart, founded the business, which now has a network of more than 3 million consumers across 900 locations. It aids in connecting India’s more than 25000 merchants. Thousands of brands, including Boat Lifestyle, PepsiCo, LG, ITC, and many other well-known names, have inked contracts with the company. The company has achieved unicorn status in 2018, which took place in the least amount of time. Udaan recently secured $280 million from both old and new investors. The company currently has a value of approximately $3.1 billion and has raised a total of $1.15 billion.

The COVID-19 pandemic, according to the co-founder of Udaan, has accelerated the development of the digitally guided evolution of the unorganised Indian trade retail sector. This is an opportunity for Udaan to maintain its status as the nation’s top e-commerce platform.

According to Entracker, Udaan is attempting to break into B2C markets with the help of a brand-new software named Pickily. The FMCG products are available through the app, which is active on the Google Play Store, in various areas in Bangalore. The company will be able to compete with businesses in the same market as Big Basket, Swiggy Stores, Flipkart, and others thanks to this project.

9. DREAM 11

DREAM 11 is an online fantasy sports platform that was established in 2008 and currently has more than 10 crore subscribers in India. The business was started by two young cofounders, Harsh Jain and Bhavit Sheth, and is based in Mumbai, Maharashtra. Just before the IPL 2021 season started, DREAM 11 raised $400 million. TCV, which has also supported industry titans like Netflix and Airbnb, is one of the investors. DREAM 11 is also the country’s first unicorn startup, with a $5 billion valuation today. The business has expanded over the last three years at a CAGR of 223%.

The first and most popular fantasy gaming platform in India is called Dream 11. It has drawn a large number of youthful people who are obsessed with games. The company said that it has reached the 3 million user mark in less than two months after taking three years to reach the 1 million user mark. Before the COVID-19 pandemic began in India, the corporation had about 75 million customers; it currently has 100 million. According to Deloitte statistics, fantasy sports have increased by around 200% in India, which is a driving force behind the company’s expansion.

10. Swiggy

Who hasn’t heard of Swiggy? Consider working on a Monday and having a cheesecake urge after lunch. You may now easily sate your appetites even while lounging at home thanks to Swiggy. Swiggy, India’s biggest meal delivery service, operates in 27 cities and has relationships with more than 40,000 restaurants. The company, which has its headquarters in Bangalore, recently raised $800 million in capital, bringing its current market worth to around $5 billion.

Over time, the company’s target market increased to 50 million, providing Swiggy with a once-in-a-lifetime chance. When Zomato entered the market in 2014, the meal delivery services only had 5 delivery boys and 25 restaurant partners. However, the business entered the unicorn startup category in less than 4 years, and it now competes fiercely with Zomato. The company’s outstanding customer experience value chain is the foundation of its success.

The business has always put the needs of the consumer first, which sets it apart from other startups. By separating out from the competition at a time when other food delivery businesses like TinyOwl and FoodPanda were having trouble, Swiggy succeeded. It is one of India’s most prosperous startups as a result.

11. Instamojo

Instamojo has lowered entry barriers, such as technical skills and upfront costs, and has provided small businesses access to distribution channels on the web and mobile through various up-selling and cross-selling e-commerce tools and services. This is because it is the “simplest payment solution.”

12. PostMan

An API platform called PostMan makes it easier to collaborate and streamlines each step of the API lifecycle, allowing you to develop better APIs more quickly.

13. Delhivery

Bhavesh Manglani and a team that specializes in shipping, warehousing, freight, and order fulfilment launched Delhivery, a supply chain management company.

14. Slice

Tiger Global Management, Moore Strategic Ventures, Insight Partners, and GMO Venture Partners have invested $50 million in Slice, a fintech business, as part of a Series C round of funding. According to the company, it will use the funds to support the expansion of its new UPI product line. To date, Slice has secured investments totaling $270 million.

15. InMobi

In 2011, InMobi became the country of India’s first unicorn startup company. It employs over 1,500 people across 22 offices located across 12 countries and 5 continents. The startup is backed by Soft Bank, 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.

16. Practo

Abhinav Lal established the health technology business Practo in 2008. Consumers can book immediate appointments, identify the best doctors, and make smarter health decisions with the aid of this healthcare business.

17. Boat

Aman Gupta created the Indian startup The boat in 2016. This Indian company has been successful in luring customers with its fashionable and cost-effective electrical products.

18. Skyroot Aerospace

Former scientists Pawan Kumar Chandana and Naga Bharath Daka founded Skyroot Aerospace in July 2018 to become India’s first private space launch company. This start-up offers a commercial launch service and has already contributed to the development of the Vikram series of rockets used to launch small satellites.

19. LivSpace

Anuj Srivastava Ramakant Sharma started LivSpace in 2014 as a startup company for interior design. This is India’s fifth unicorn business, and it provides services for interior design and restoration.

20. Ather

Ather Energy is a company that makes electric vehicles in India, with its main office located in Bangalore. It was founded in 2013 by Tarun Mehta and Swapnil Jain. Ather Energy is reportedly the fourth-best-selling two-wheeler EV in India in the first half of 2021, with 3677 units successfully sold.

Conclusion

The list is endless because so many Indian entrepreneurs are succeeding in various fields. For example, Flipkart, Big Basket, Ola Cabs, FirstCry, and CureFit are well-known brands. The new force in the global economy, millions of new clients, India’s expanding global influence, and education all contribute to the rise of these firms.

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