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Startups in India have come a long way in recent years. From being a country known for its outsourcing services to becoming one of the world’s fastest-growing startup hubs, India has transformed itself into a major player in the global startup scene.
With a large population of tech-savvy youth, a growing middle class, and a supportive government, India is the perfect breeding ground for startups. In this blog post, we’ll take a look at the top 10 startups in India in 2023 and explore the reasons behind their success.
Before we dive into the top 10 startups in India in 2023, let’s first understand the methodology
behind our selection. We used a combination of criteria, including funding raised, revenue growth, customer acquisition, and social impact, to rank the startups.
We also considered the uniqueness of their business models, the level of innovation, and the potential for future growth. Our research is also based on publicly available data, and multiple news reports.
List of Top 10 Startups in India
Here is a list of the top 10 startups in India:
| Rank | Startup Name | Industry | Funding Raised (in USD) | Valuation (in USD) |
| 1 | Ola Electric | Electric vehicles and charging infrastructure | $500 million | $4 billion |
| 2 | BYJU’s | Online learning platform | $1 billion | $16 billion |
| 3 | Paytm | Digital payments platform | $4 billion | $16 billion |
| 4 | Udaan | B2B e-commerce platform | $1.15 billion | $3.1 billion |
| 5 | Zomato | Online food delivery platform | $2.2 billion | $8 billion |
| 6 | CRED | Credit card management platform | $800 million | $4 billion |
| 7 | Swiggy | Online food delivery platform | $1.7 billion | $5 billion |
| 8 | Razorpay | Payment gateway solutions | $690 million | $4 billion |
| 9 | PharmEasy | Digital healthcare platform | $900 million | $4.6 billion |
| 10 | InMobi | Mobile advertising platform | $1.6 billion | $2.5 billion |
Ola Electric
Ola Electric is a subsidiary of the ride-hailing giant Ola that is focused on building electric vehicles and charging infrastructure. The company aims to make sustainable mobility accessible to everyone by providing electric two-wheelers, three-wheelers, and four-wheelers. Ola Electric has raised over $500 million in funding and is valued at $4 billion.
Founded By
Ola Electric was founded by Bhavish Aggarwal, who is also the CEO of Ola. Aggarwal is a graduate of the Indian Institute of Technology (IIT) Bombay and has been recognized as one of India’s most successful entrepreneurs. He has been instrumental in the success of Ola and Ola Electric.
Started in
Ola Electric was started in 2017 in Bangalore, India.
BYJU’S
BYJU’S is an online learning platform that offers a wide range of courses for students of all ages. The company has been instrumental in revolutionizing the education sector in India by providing high-quality educational content in a fun and engaging way. BYJU’S has raised over $1 billion in funding and is valued at over $16 billion.
Founded By
BYJU’S was founded by Byju Raveendran, who is a graduate of the Indian Institute of Technology (IIT) and has a degree in mechanical engineering. Raveendran has been recognized as one of India’s most successful entrepreneurs and has been instrumental in the success of BYJU’S.
Started in
BYJU’S was started in 2011 in Bangalore, India.
Paytm
Paytm is a digital payments platform that allows users to make payments, transfer money, and pay bills online. The company has been instrumental in revolutionizing the digital payments sector in India and has been recognized as one of the country’s most successful startups. Paytm has raised over $4 billion in funding and is valued at over $16 billion. It is also one of the few startups in India to have the unicorn status.
Founded By
Paytm was founded by Vijay Shekhar Sharma, who is a graduate of the Delhi College of Engineering. Sharma has been recognized as one of India’s most successful entrepreneurs and has been instrumental in the success of Paytm.
Started in
Paytm was started in 2010 in Noida, India.
Udaan
Udaan is a B2B e-commerce platform that connects small and medium-sized businesses with wholesalers and manufacturers. The company has been instrumental in revolutionizing the wholesale industry in India and has been recognized as one of the most successful startups in the country. Udaan has raised over $1.15 billion in funding and is valued at over $3.1 billion.
Founded By
Udaan was founded by Amod Malviya, Vaibhav Gupta, and Sujeet Kumar. Malviya and Gupta are graduates of the Indian Institute of Technology (IIT) and have played key roles in the success of Udaan. Kumar has a degree in chemical engineering and has been recognized as one of India’s most successful entrepreneurs.
Started in
Udaan was started in 2016 in Bangalore, India.
Zomato
Zomato is an online food delivery platform that allows users to order food from their favorite restaurants. The company has a presence in over 24 countries and is one of the most successful startups in India. Zomato has raised over $2.2 billion in funding and is valued at over $8 billion.
Founded By
Zomato was founded by Deepinder Goyal and Pankaj Chaddah. Goyal is a graduate of the Indian Institute of Technology (IIT) Delhi and has been recognized as one of India’s most successful entrepreneurs. Chaddah is also a graduate of IIT Delhi and has played a key role in the success of Zomato.
Started in
Zomato was started in 2008 in Delhi, India.
CRED
CRED is a credit card management platform that allows users to manage their credit cards, pay bills, and earn rewards. The company has been instrumental in revolutionizing the credit card industry in India and has been recognized as one of the most successful startups in the country. CRED has raised over $800 million in funding and is valued at over $4 billion.
Founded By
CRED was founded by Kunal Shah, who is a graduate of the University of Mumbai. Shah has been recognized as one of India’s most successful entrepreneurs and has been instrumental in the success of CRED.
Started in
CRED was started in 2018 in Bangalore, India.
Swiggy
Swiggy is an online food delivery platform that allows users to order food from their favorite restaurants. The company has a presence in over 500 cities in India and is one of the most successful startups in the country. Swiggy has raised over $1.7 billion in funding and is valued at over $5 billion.
Founded By
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini. Majety and Reddy are graduates of the Birla Institute of Technology and Science (BITS) Pilani and have played key roles in the success of Swiggy. Jaimini is a graduate of the Indian Institute of Technology (IIT) Delhi and has also played a key role in the success of Swiggy.
Started in
Swiggy was started in 2014 in Bangalore, India.
Razorpay
Razorpay is a digital payments platform that allows businesses to accept payments online. The company is one of the top startups in india and has been instrumental in revolutionizing the digital payments sector in India and has been recognized as one of the most successful startups in the country. Razorpay has raised over $1 billion in funding and is valued at over $3 billion.
Founded By
Razorpay was founded by Harshil Mathur and Shashank Kumar. Mathur is a graduate of the Indian Institute of Technology (IIT) Roorkee and has been recognized as one of India’s most successful entrepreneurs. Kumar is a graduate of the Indian Institute of Technology (IIT) Bombay and has played a key role in the success of Razorpay.
Started in
Razorpay was started in 2014 in Bangalore, India.
PharmEasy
PharmEasy is a digital healthcare platform that offers online medicine ordering, lab tests, and doctor consultations. The company has been instrumental in revolutionizing the healthcare industry in India and has been recognized as one of the most successful startups in the country. PharmEasy has raised over $900 million in funding and is valued at over $4.6 billion.
Founded By
PharmEasy was founded by Dharmil Sheth and Dhaval Shah, who are both graduates of Narsee Monjee Institute of Management Studies (NMIMS) in Mumbai. Sheth and Shah have been recognized as two of India’s most successful entrepreneurs and have been instrumental in the success of PharmEasy.
Started in.
PharmEasy was started in 2015 in Mumbai, India.
InMobi
InMobi is a mobile advertising platform that allows advertisers to reach their target audience through mobile devices. The company has been instrumental in revolutionizing the mobile advertising industry in India and has been recognized as one of the most successful startups in the country. InMobi has raised over $1.6 billion in funding and is valued at over $2.5 billion.
Founded By
InMobi was founded by Naveen Tewari, Mohit Saxena, Amit Gupta, and Abhay Singhal. Tewari is a graduate of the Indian Institute of Technology (IIT) Kanpur and has been recognized as one of India’s most successful entrepreneurs. Saxena, Gupta, and Singhal are also graduates of IIT and have played key roles in the success of InMobi.
Started in
InMobi was started in 2007 in Bangalore, India.
Trends in the Indian Startup Ecosystem
Apart from the top 10 startups, there are several other new startups in India that are making
waves in their respective industries.
Social Commerce Platforms
The first trend is the rise of social commerce platforms such as Meesho, Bulbul, and Simsim. These platforms have created a new breed of entrepreneurs who can start their own businesses without the need for a physical storefront. According to a report by Bain & Company and Sequoia India, social commerce in India is expected to be a $20 billion market opportunity by 2025.
By leveraging the power of social media, these startups have enabled individuals to sell products through online marketplaces, creating a new avenue for small businesses and individuals to reach a wider audience. The trend has gained traction in India, where there is a massive potential market of internet users, and has disrupted traditional retail businesses.
Environmental Responsibility
The second trend in the Indian startup ecosystem is an increasing focus on sustainability and
environmental responsibility. According to a report by Carbon Brief, India is the world’s 3rd largest emitter of carbon dioxide, after China and US.
To tackle this issue, startups such as Ola Electric, Ecolife Recycling, and Carbon Clean Solutions are working towards building a greener future by developing electric vehicles, recycling waste, and reducing carbon emissions. These startups are not only addressing environmental issues but are also responding to growing consumer demand for sustainable products and services.
Foreign Investors
The Indian startup ecosystem is also witnessing a surge in investments from foreign
investors. According to a report by Nasscom, the total funding raised by Indian startups in 2021 crossed $20 billion, with over 50% of the funding coming from foreign investors. This indicates a growing confidence in the Indian startup ecosystem and its potential for growth.
Key Takeaways
India’s startup ecosystem has come a long way in the last decade, and the future looks bright for new and successful startups in India. The top 10 startups in India in 2023 are not only driving innovation and growth but also creating jobs and making a positive impact on society. With a supportive government, a large pool of talented professionals, and a growing appetite for entrepreneurship, India is well on its way to becoming a global leader in the startup space.
Innovative, low-investment ideas for the hidden entrepreneur in you! Explore our guide on Business Ideas.
Frequently Asked Questions (FAQs)
Starting a startup in India has several advantages, including cost-effective labor, a large customer base, and ample opportunities for growth in various fields. India is also becoming a hub for technological innovation, with a rapidly expanding digital economy and supportive government policies.
Startups in India face several challenges, including:
1. Sustaining profitability over the long term.
2. Generating revenue or secure funding
3. Intense competition from established companies.
4. Navigating complex regulatory frameworks and bureaucratic processes
Indian startups primarily raise funding through investments from larger companies worldwide, including venture capitalists, angel investors, and private equity firms. Many startups also participate in pitch events and incubator programs to gain exposure and attract potential investors. Crowdfunding has also emerged as a popular alternative funding source.
In India, unicorn startups refer to companies that have achieved a valuation of over $1 billion, typically through significant investment and rapid growth. Some well-known unicorn startups in India include Paytm, OYO Rooms, Zomato, Swiggy, and Byju’s. These companies have attracted substantial funding from investors and are seen as leaders in their respective industries.
India’s startup ecosystem has produced several successful companies in recent years. Some of the most successful startups in India include the e-commerce platform Flipkart, digital payments firm Paytm, budget hotel chain OYO Rooms, fantasy sports platform Dream11, and online beauty retailer Nykaa. These companies have disrupted traditional industries and have achieved significant growth through innovative business models and strategic investments.
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