The startup ecosystem in India is well established and is making waves all over the world. Not only the existing startups but also the emerging startups are expected to grow leaps and bounds in the coming years. Here is a list of the Top 10 Start-ups in India 2022 to look out for.
With the advancement in technology and the easy accessibility of internet services, multiple solutions in the form of startups have emerged for our day-to-day problems. In the past decade, India has emerged as a hub for startups by not only adding thousands of new startups every year but also churning out multiple Unicorns.
Although the Covid-19 pandemic led to the shutting down of many startups, it also acted as a catalyst for the growth of others. Other reasons for the growth of startup culture in India are the availability of low-cost skilled labour, low cost of setting up businesses, variety of funding options, huge market base and government support.
Here are the Top 10 Start-ups in India 2022:
Cred is a Bangalore-based startup founded by Kunal Shah in 2018 with an aim to improve the financial behaviour of the people. It is a credit card bill payment platform that encourages its members to settle their dues on time by offering multiple incentives. The members receive rewards in the form of Cred coins and Cred gems which can be later used to claim exclusive rewards from an array of brands. Cred also plans to expand its operations by starting an eCommerce store.
As per TechCrunch, Cred is the youngest Indian startup to be valued at around $2.2 billion. The startup has more than 6 million users which is nearly 22% of the total credit card holders in India. The company has managed to grow its consumer base by not only providing exciting offers but also by following unique advertising methods.
Skit.AI, earlier known as Vernacular.ai is an AI-first SaaS business. It is a Voice AI platform that provides its services globally to various businesses to help them automate their contact centers and thus enhance customer experience. Founded in 2016 by co-founders Sourabh Gupta and Akshay Deshraj, the company is driven by the mission to end bad call center experiences and provides voice technology for more personalized voice responses for diverse users.
Despite facing some hurdles during the Covid-19 pandemic, the company has so far automated 15 million calls for global enterprises across countries. The business is expected to grow even more in the coming years owing to the popularity of voice automation technologies.
PharmEasy is a one-stop online pharmacy and medical store that caters to all your healthcare needs and its also among the Top 10 Start-ups in India 2022. Founded in the year 2015 by Dharmil Sheth and Dr. Dhaval Shah, the company aims to make healthcare not only accessible to all but also affordable and thus revolutionize the healthcare system.
The startup connects people with local pharmacy stores and diagnostic centers and helps them access tele-consultation, over-the-counter medicines, diagnostic tests and medical instruments. Currently, the company delivers medicines in more than 1000 cities and 22,000 pin codes in India. On the other hand, they offer diagnostic services only in a few cities of the country.
The company became an essential service during the Covid-19 pandemic. It also merged with its rival Medlife, thus raising $350 million in funding and becoming the first Indian ePharmacy unicorn.
Digit Insurance is a tech-driven insurance startup based in Bengaluru, India. Founded in 2016 by Kamesh Goyal with the aim of simplifying the idea of insurance products. The company provides easy-to-understand and transparent insurance options for car, travel, jewelry, mobile and many more.
The company saw a major growth spurt during the Covid-19 pandemic as more than 20 lakh Indians bought health insurance. The company managed to expand its business by 30% in the year 2020 and has bagged many awards like ‘Hottest Startups in India 2019’, and ‘Asia’s Best General Insurance Company of the Year 2019’.
Meesho is a Bangalore-based startup, launched in 2015 by Sanjeev Barnwal and Vidit Atreya. It is an eCommerce startup where small businesses sell their products through Whatsapp, Facebook and Instagram. The company was set up with the vision to put millions of SMEs on the eCommerce platform and widen their reach.
The company’s platform is easy to use as its target audience is in tier-2 and tier-3 cities in the country. Multiple features have been introduced to make navigation easy. At present, Meesho is connected with more than 13 million entrepreneurs and has generated an income of 500 crores for these entrepreneurs.
Founded in 2016 by Lalit Keshre, Groww is an investment platform where investors can find the best mutual funds to invest in. The startup was launched as a solution to the difficulties of investing in India. The platform provides insights on mutual funds, investment planning and other facets of personal finance. People can also invest in gold and US stocks through the platform.
The company has more than 15 million registered users out of which more than 60% belong to smaller cities in India. The company achieved its Unicorn status in 2021 after raising $83 million. The company plans to expand by building education platforms for investors and increasing financial literacy in India.
Founded by Falguni Nayyar in 2012, Nykaa is an Indian eCommerce company. Headquartered in Mumbai, it deals in beauty, fashion and wellness products across multiple apps, websites as well as 100+ offline stores.
The company has more than 5 million active monthly users and fulfills more than 1.5 million orders every month. It has also started two new ventures- Nykaa Fashion and Nykd. The former deals in apparel and accessories while the latter is an intimate wear label. In 2020 it became the first unicorn startup headed by a woman.
Founded in 2016, by Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta, Udaan is India’s largest and fastest growing b2b eCommerce platform. It brings manufacturers, traders, wholesalers and retailers together on a single platform who trade in more than 15 lakh products ranging from apparel and electronics to groceries.
It connects 25,000 sellers across the nation and aims to empower small businesses. In 2018, the company gained Unicorn status in the shortest period. Udaan also plans to enter the B2C market with a new app Pickily which offers FMCG products across different locations in Bangalore.
Dream 11 is one among the Top 10 Start-ups in India 2022. It is an Indian fantasy sports platform that was co-founded by Bhavit Sheth and Harsh Jain in 2008. It allows users to play fantasy cricket, football, hockey, basketball and many more. It is the first fantasy gaming platform in India and has more than 10 crore users. The company is a hit among the youth as it offers a wide range of fantasy sports to choose from and has lucrative awards.
The company raised $400 million before the beginning of IPL 2021. In April 2019, it became the first Indian gaming company to become a Unicorn. The company has seen tremendous growth as it touched the 1 million users mark in three years but reached the 3 million users mark in less than 2 months.
Another Bangalore-based startup, launched in 2014 by Sriharsha Majety and Nandan Reddy, Swiggy is an online food ordering and delivery platform. Starting with only 5 delivery partners and 25 restaurants, Swiggy sure has come a long way. As of September 2021, Swiggy operates in 500 Indian cities and has partnered with more than 40,000 restaurants.
In September 2019, Swiggy launched Swiggy Go (later rebranded as Swiggy Genie) which is an instant pickup and dropoff service. Further, in August 2020, the company also launched Instamart- an instant grocery delivery service. The company has made its mark despite the huge competition, owing to its customer pleasing policies.
From the above list, it is clear that the Top 10 Start-ups in India 2022 are in the fields of Fintech and financial services, Edtech, Healthtech, Retail and eCommerce companies. With innovative ideas and creativity, the startup ecosystem in India is expected to touch new heights in the coming years.