From bustling metros to smaller cities, the Indian startup landscape is brimming with innovation and ambition. India’s startup ecosystem has quickly grown into a major force in the world thanks to the nation’s thriving entrepreneurial culture, rapid technology breakthroughs, and rising digital penetration. These firms operate in a variety of industries, including sustainability, health technology, e-commerce, and fintech. Each has established its own niche by offering novel concepts and audacious answers to common problems. They are run by vibrant founders who have a strong sense of business and a desire to have an influence.
In this ultimate guide, we’re shining a spotlight on six startups that have not only captured the imagination of investors and consumers but are also reshaping industries and redefining how business is done in India.
Cred
Established in 2018, CRED is a website where people receive rewards when they pay their bills through credit cards. The platform has created a unique idea whereby users who pay their bills through the CRED app receive “CRED coins.” After that, these coins can be exchanged for any kind of merchandise, contest entrance, or workshop attendance. This Bangalore-based company provides customers with a range of services, such as loans and a high-end product inventory. With more than 6 million customers, this 2-year-old company represents almost 22% of all credit card users. Kunal Shah, the founder and CEO of the company, claims that CRED has become one of the most talked-about startups and targets wealthy customers.
Few businesses like CRED focus on the luxury sector and sustain steady growth over time. Additionally, CRED plans to introduce a feature that will enable more than 1,000 stores to use CRED currencies. In order to increase its presence in the digital commerce market, the company also intends to open an exclusive online store. Through these efforts, CRED is establishing itself as a comprehensive lifestyle and e-commerce platform, going beyond conventional reward programs.
Vernacular.ai
The goal of this AI-first SaaS startup is to become the leading voice automation and AI platform globally. The business provides voice assistant and speech recognition services to the banking, food and beverage, and hospitality sectors. Their services can handle complicated maintenance issues and demand the least amount of human participation. The company was established in 2016 and will have raised $5.1 million by 2020.
Vernacular.ai planned to expand its executive team by hiring 100 people in 2021. Despite wage cuts and layoffs, Vernacular.ai has doubled its personnel in the last 12 months. Because of its diverse workforce, the company is positioned to become the most alluring Voice AI platform globally. The firm recently revealed that Gangadhar Kodandaram, a former Microsoft employee, has been appointed Chief Revenue Officer, and Ankit Jain, an Amazon alumnus, has been appointed Vice President of Product Management.
Vernacular.ai’s state-of-the-art AI-driven voice automation platform is becoming more and more popular as companies from a variety of industries seek to improve customer experiences through automated and voice-based solutions. Particularly pertinent in the varied Indian market is the company’s in-house natural language processing technology, which can comprehend and process a variety of Indian languages. Vernacular.ai hopes to simplify consumer interactions and enable smooth communication for millions of users by utilising these cutting-edge technologies.
PharmEasy
PharmEasy is an online pharmacy and medical store based in India that specialises in medical gadgets, diagnostic testing, and over-the-counter (OTC) drugs. Since its formation in 2015 in Mumbai, Maharashtra, the company has experienced phenomenal growth. All of the products you might buy in a conventional medical store are available at this online pharmacy.
The company became a vital service during the COVID-19 pandemic, which helped with its growth. PharmEasy’s rivals in India are Netmeds and 1mg. This company is the first e-pharmacy in India, having raised $350 million. The money was raised after rival Medlife and PharmEasy merged. Medlife now owns 19.95% of the combined company, while PharmEasy has purchased a 100% share in Medlife. To compete with rivals like Netmeds (Reliance Jio), Flipkart, and Amazon Pharmacy, which have just joined the Indian e-pharmacy sector, both businesses have merged.
Investors in PharmEasy have also made investments in companies like Byju’s and Swiggy. Within the next 12 months, the founders, Dharmil Sheth and Dr Dhaval Shah, hope to reach over 100,000 pharmacies in the new regions of India.
Digit Insurance
Digit Insurance is an insurance firm that strives to change people’s opinions of insurance products by making insurance products easier for everyone to understand. The company was founded in 2016 and, with $18 million in investment, recently gained membership in the Unicorn Club. In 2020, the Indian celebrity couple Virat Kohli and Anushka Sharma contributed $340,000 to the startup’s initial fundraising round.
The company claims a 31.9 per cent gain between March 2020 and December 2020, with total funding of almost $200. This is because more than 20 lakh Indians have bought health insurance that covers COVID-19 as well as other illnesses, including dengue, chikungunya, and malaria. Due to its low operational costs and robust business indicators, Bangalore-based firm Digit anticipates breaking even in 2020. Even though the insurance industry as a whole was having difficulties, the company’s operations grew by 30% in 2020, according to Chairman Kamesh Goyal.
Numerous honors have been bestowed upon Digit, such as the Fintech 250 List, Asia’s Best General Insurance Company of the Year 2019, and “Hottest Startups in India 2019.” Additionally, according to Kamesh Goyal, the money would be utilised to grow the business’s operations and technological capabilities.
Meesho
Meesho, a reseller platform that was established in 2015 by IIT Delhi graduates, has the potential to grow into a significant e-commerce distribution channel where home entrepreneurs may sell goods on Facebook, Instagram, and WhatsApp. The company is currently worth $2.1 billion after being funded with $300 million. Meesho is the ecosystem that makes it possible for small businesses to conduct business online. Facebook has been one of the investors of this platform, which has raised $490 million so far. Meesho is an online marketplace that facilitates transactions between buyers and sellers while handling orders, payments to sellers, and logistics. In Indian cities, it collaborates with more than 13 million business owners who offer groceries, kitchenware, apparel, and other goods. Given that Indian social commerce is expected to grow at a rate of 55–60% each year, Meesho has a tremendous opportunity to take shopping to new heights in the future. It faces competition from upstarts like CityMall, Dealshare, and GlowRoad, all of which are drawing interest from investors. Since its 2018 launch, Dealshare has raised $21 million as of December 2020.
Groww
Groww is an investment platform that lets users purchase stocks, mutual funds, exchange-traded funds (ETFs), initial public offerings (IPOs), and other assets. The platform is available online and through mobile applications. Four former Flipkart employees founded the company in 2016 after realising how challenging it was to make investments in India.
They launched Groww in response to this realisation, and as of right now, it has over 15 million registered members. Groww claims that smaller Indian cities that have never invested previously possess over 60% of the business. One of the founders, Lalit Kishore, claims that Groww is not just used in major Indian cities but also throughout the country. Users are young, working-class individuals seeking to invest their hard-earned money, and they are dispersed throughout the nation’s largest cities.
Wrapping Up
The startups mentioned above are all notable for their magnificent capacity for change and adaptation. In addition to overcoming the particular difficulties presented by the Indian market, they have established high standards for inclusivity, sustainability, and technical innovation. These businesses have left lasting impressions on the world stage and have high potential for future advancements.
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