Top 6 Startups in India
These are the top 6 startup in India
- CRED
- Vernacular.ai
- PharmEasy
- Digit Insurance
- Meesho
- Groww
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 inventory of merchandise. The startup believes that through incentivizing people, they would improve their financial behaviour.
CRED is the most recent Indian company to be valued at $2.2 billion. This 2-year-old firm has over 6 million clients and accounts for around 22% of all credit card holders. According to Kunal Shah, the company’s founder and CEO, the company is targeting affluent clients and has become one of the most talked-about startups.
Few organisations 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 utilised 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.
Vernacular.ai
This startup is an AI-first SaaS company that aspires to be the world’s premier voice automation and AI platform. Speech recognition and voice assistant are services offered by the company to the banking, food and beverage, and hospitality industries. Their services require the least amount of human intervention and can manage complex servicing concerns. In 2020, the company, which was founded in 2016, will have raised $5.1 million in investment.
Vernacular.ai plans to hire 100 people in 2021, which will help to improve their 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 (Alumnus from 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 rise significantly in the future.
PharmEasy
PharmEasy is an Indian online pharmacy and medical store that specialises in over-the-counter (OTC) medications, diagnostic tests, and medical devices. The company was formed in 2015 in Mumbai, Maharashtra, and it has grown tremendously since then. It’s an internet pharmacy featuring every product you’d find in a traditional medical store.
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 following PharmEasy’s merger with rival 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.
PharmEasy’s investors have also invested in firms such as Swiggy and Byju’s. Dharmil Sheth and Dr Dhaval Shah, the founders, intend to reach over 100,000 pharmacies in India’s new geographical regions within the next 12 months.
Digit Insurance
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 created in 2016 and recently achieved an entry into the Unicorn club after obtaining $18 million in investment. The startup raised its first round of funding in 2020, with Indian celebrity couple Virat Kohli and Anushka Sharma both contributing $340,000.
The company has a total financing of around $200 and claims a 31.9 percent increase between March 2020 and December 2020. The reason for this is because over 20 lakh Indians have purchased illness insurance against COVID-19 and other diseases such as malaria, chikungunya, dengue, and others. Digit is a Bangalore-based startup that expects to break even in 2020 due to its minimal operating costs and strong business metrics. The Chairman, Kamesh Goyal, claimed that the company expanded its business by 30% in 2020, despite the fact that the whole insurance market was struggling.
Digit has received numerous accolades, including “Hottest Startups in India 2019,” “Asia’s Best General Insurance Company of the Year 2019,” “Fintech 250 List,” and others. Kamesh Goyal also stated that the funds received will be used to expand the company’s operations and technologies.
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 the ecosystem that enables small enterprises to operate on the internet. This platform has raised $490 million to date, with Facebook among its backers. Meesho is an online marketplace that links merchants and customers while also managing logistics, orders, and payments to sellers. It works with over 13 million entrepreneurs in Indian cities that sell groceries, home and kitchen equipment, clothing, and other items. Meesho has a huge potential to elevate retailing to new heights in the future, as Indian social commerce is predicted to increase at a rate of 55 percent -60 percent. It competes with startups such as GlowRoad, Dealshare, and CityMall, which are all attracting investor interest. Dealshare, which launched in 2018, has raised $21 million in December’2020
Meesho claims to have delivered from over 100,000 registered suppliers, producing more than 500 Cr, or $68 million in revenue for the homepreneurs.
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 the online. The startup was created in 2016 by four ex-Flipkart workers who recognised the difficulty of investing in India. This realisation 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. Users are distributed across the country’s major cities and are working-class, young people looking to invest their hard-earned money.
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