It has been an ups and downs year, mainly because of the COVID-19 pandemic that swept across the globe. In India, several strong entrepreneurs have tested their ideas and taken advantage of potential business opportunities. Although some have failed, others have succeeded. The growth of startups in India is facilitated by cheap skilled labor, funding from national and international investors, and growth opportunities. As Financial Express, startup funding reached a new high in 2021. In addition to large venture capital firms, institutional investors and pension funds invest in many new online businesses. Around $4.4 billion has been invested in Indian startups between January and March 2021, and this is a 26% increase over the amount financed in the same period last year. The companies with the most funding deals were in the Fintech and Financial Services category, followed by Retail and Ecommerce and Educational Technology. Despite the turbulence from the CAVID-19 pandemic in India, the startups managed to hold on.
India is emerging, as a hub of big startups is not surprising when you consider the most significant deals between Indian companies, such as Walmart and Flipkart (which also has Myntra and PhonePe). Many wealthy, valued Indian startups are based in the US, such as One 97 Communications (PayTM), Ola cabs, Dream 11, Swiggy, and Razorpay. A growing number of startup unicorns are now coming out of China, including companies in industries such as health tech, social commerce, finance, and more. The term unicorn refers to companies valued at $1 billion or more. Over 600 unicorns have been spotted across the globe since April 2021. The Inc42 website reports that India’s ten startups will be listed as unicorns in 2021. Below are a few companies listed in this blog among the best startups in India. These startups have thrived over the past few years and hope to continue expanding their reach into new markets despite the challenges.
Here are the top ten startups in India
This platform rewards you for paying your credit card bills and was founded in 2018. CRED developed a new model whereby users earn “CRED coins” when paying their bills through the app. Coins may be redeemed later to buy any product, enter a contest, or enroll in a workshop. In addition, a Bangalore-based startup offers credit tools and a premium catalog of products for its customers. According to the startup, incentivizing people will lead to better financial behavior.
In an article on TechCrunch, CRED is regarded as the youngest Indian startup with a valuation of $2.2 billion. More than 6 million customers use this 2-year-old startup and about 22% of all credit cardholders. Kunal Shah, the company’s founder and CEO, says that they target affluent customers and have become one of the most talked-about startups globally.
The online pharmacy as well as medical store PharmaEasy is based in India. It sells diagnostic tests, medical equipment and OTC products. We were founded in Mumbai, Maharashtra in the year 2015 and have experienced tremendous growth from that time. You can get every kind of product that you ever imagined to be found in an offline medical store on the online pharmacy. The company’s growth has been accelerated by providing a vital service during the COVID-19 pandemic. Competition from 1mg as well as Netmeds is fierce in India for PharmEasy. PharmEasy has raised an impressive grant from the World Bank. The amount is 350 million dollars. Following the merger between PharmEasy and Medlife, who is its rival, raised the funding.
PharmEasy has gained a 100% stake in the case of Medlife, and the last option got a 19.95% as stake in the combined substance. Both the organizations have held hands and converged to drive back the opposition from the adversary players such as Netmeds (Reliance Jio), Amazon Pharmacy and Flipkart. They have recently entered the pharmacy section in India.
This startup is an AI-First SaaS business intending to turn into the leading voice computerization and AI stage worldwide. The organization gives Speech acknowledgment and Voice Assistant to support the banking, Food and Beverage, and Hospitality ventures. Their administrations have the most un-human impedance and can also deal with complex overhauling issues. Established in 2016, the organization has brought $5.1 million up in subsidizing in 2020.
According to Economic Times, Vernacular.ai is getting ready to recruit 100 individuals in 2021, reinforcing their initiative group. While there were conservations and pay cuts somewhat recently, Vernacular.ai has fortified its labor force multiple times. The organization is making a beeline for becoming the world’s most engaging Voice AI stage with representatives having a multifunctional ability. As of late, the organization has declared the arrangement of Gangadhar Kodandaram as Chief income official (previous Microsoft representative) and Ankit Jain as Vice President for an item the executives (Alumnus from Amazon). Their experience and knowledge will take Vernacular.ai higher than ever.
Established in 2015 by IIT-Delhi Graduates, Meesho is the affiliate stage that is good to turn into the many web-based business conveyance channels where the homepreneurs sell items through WhatsApp, Facebook, and Instagram. The organization is esteemed at $2.1 billion after raising assets of $300 million.
Meesho is the environment that empowers private companies to perform on the internet-based stage. This stage has raised $490 million to date, and its financial backers incorporate Facebook. Meesho associates merchants with clients in a web-based commercial center and offers the dealers the executives of planned operations, orders, and installments. It is associated with over 13 million business visionaries in Indian urban areas managing staple, home, and kitchen apparatuses, attire, and that’s only the tip of the iceberg. As Indian social business is relied upon to develop at a pace of 55%-60%, Meesho has a vast potential to upscale retailing higher than ever later. It rivals the organizations like GlowRoad, Deal Share, and CityMall, who stand out enough to be noticed by the financial backers. Deal share, which was established in 2018, has brought $21 million up in December 2020.
5. Digit Insurance
Digit Insurance is an insurance agency that works on protection items for everybody, so the view for protection items can change among individuals. The organization was established in 2016 and had, as of late, in 2021, made a section into the Unicorn club in the wake of raising a subsidizing of $18 million. The organization brought its first subsidizing up in 2020, in which Indian superstar couple Virat Kohli and Anushka Sharma have additionally implanted their $340K.
The organization has subsidized about $200 altogether and asserted a development of 31.9% between March 2020 to December 2020. The explanation is more than 20 lakh Indian populace has purchased sickness protection against COVID-19 and different infections like jungle fever, chikungunya, dengue, and others. Digit is a Bangalore startup that arrived at its make backs the initial investment in 2020 in light of its lower working expenses and superb business measurements. The Chairman, Kamesh Goyal, affirmed that the organization had figured out how to extend its business by 30% in 2020 when the whole protection industry was battling. As a result, digit has sacked many honors like ” Hottest Startups in India 2019″, “Asia’s Best broad Insurance Company of the Year 2019”, “Fintech 250 List,” and then some. Kamesh Goyal further guaranteed that the financing raised would develop business and innovations.