Top 30 Startups in India - 2024
Indian innovation hub Nurturing the budding ecosystem of start-ups, these agile ventures are revolutionizing industries, creating jobs, and shaping the nation’s future.
But which ones are leading the change? Who are the visionaries behind these ground-breaking ventures?
Join us as we plunge into the vibrant world of Indian start-ups and unveil the top 30 companies making their mark.
Be prepared to be amazed by the stories of entrepreneurs who are daring to dream big and turn their ideas into reality!
Top 30 Startups in India
| Sr no. | Start-up | Valuation | Headquarters |
|---|---|---|---|
|
1 |
CRED
|
$6.4 billion |
Bengaluru |
|
2 |
Livspace |
$1 billion |
Bengaluru |
|
3 |
PharmEasy
|
$5.6 billion |
Mumbai |
|
4 |
Digit Insurance
|
$3.5 billion
|
Bengaluru |
|
5
|
Meesho
|
$3.9 billion
|
Bengaluru |
|
6
|
Groww
|
$3 billion
|
Bengaluru |
|
7
|
Nykaa
|
$7.4 billion
|
Mumbai |
|
8
|
Urban Company
|
$2 billion
|
Gurugram |
|
9
|
Dream 11
|
$8 billion
|
Mumbai |
|
10
|
Swiggy
|
$10.7 billion
|
Bengaluru |
|
11
|
JusPay
|
$460 million
|
Bengaluru |
|
12
|
Jupiter
|
$700 million
|
Mumbai |
|
13
|
Delhivery
|
$4.2 billion
|
Gurugram |
|
14
|
Slice
|
$1.8 billion Unicorn
|
Bengaluru |
|
15
|
Apna
|
$1.1 billion Unicorn
|
Bengaluru |
|
16
|
Practo
|
$418 Million
|
Bengaluru |
|
17
|
Boat
|
$1.4 billion
|
Gurugram |
|
18
|
Ola
|
$5 billion
|
Bengaluru |
|
19
|
BYJU’s
|
$2 billion
|
Bengaluru |
|
20
|
Ather
|
$2 billion
|
Bengaluru |
|
21
|
Phone Pe
|
$12 billion
|
Bengaluru |
|
22
|
Licious
|
$1 billion Unicorn
|
Bengaluru |
|
23
|
Policy Bazaar
|
$1.5 billion |
Gurugram |
|
24
|
Razorpay
|
$7.5 billion
|
Bengaluru |
|
25
|
Paytm
|
$16 billion
|
Noida |
|
26
|
Big Basket
|
$3.2 billion
|
Bengaluru |
|
27
|
Flipkart
|
$37.6 billion
|
Bengaluru |
|
28
|
MyGlamm
|
$1.2 billion
|
Mumbai |
|
29
|
Zomato
|
$30 billion
|
Gurugram |
|
30
|
UpGrad
|
$2.25 billion
|
Mumbai |
1) CRED- $6.4 Billion Valuation
It is a fintech startup that has its origins in Bengaluru, India, which rewards users for paying their credit card bills on time.
CRED is a platform where you can pay your credit card bills and get rewarded for it. It has also created a new model where users get “CRED coins” when they pay their bills through the CRED app.
The company has gained popularity by shooting up rapidly and is now one of the most valuable startups in India.
Key Facts about the company –
- Founded in: 2018
- Founder: Kunal Shah
- Number of Employees: 1,757
- Current Valuation: $6.4 billion
- Controversies: Overvalued, lacks clear monetization strategy
The company has multiple rounds of investors, including Sequoia Capital India, DST Global, Tiger Global, and GIC Singapore.
Future Plans:
Expand customer base and ecosystem through CreditVidya, Happay, HipBar, Spenny and Kuvera.
Lends further credence to the expansion of its lending and wealth tech offerings.
Within a matter of a couple of years, CRED has metamorphosed from a startup to an outright fintech unicorn.
This speaks to a new model and strong execution. However, the company is severely challenged in justifying its valuation as well as demonstrating a clear path to profitability.
2) Livspace- $1 Billion valuation
LivSpace is the Indian home interior and renovation platform, launched in 2014. It is said to provide all-round home designing and furnishing services.
The company develops a marketplace from which homeowners can get in touch with interior designers and sellers, thereby simplifying the renovation of homes.
Key Facts about the company
- Founded in: 2014
- Founders: Anuj Srivastava, Ramakant Sharma
- Employees: Nearly 1,000
- Raised Funds: $184 million
- Current Valuation: Said to be around $1 billion unicorn
- Controversies: The grievances of some customers, vendors, and even former employees have been interpreted in a very negative way due to delays in completing projects, substandard quality of work, non-payment of dues, and hard-selling tactics on customers.
Cheaper materials than promised are used and some bills are forged to show more money earned.
Future Plans
Despite all this, Livspace has plans to increase its services across more cities in India and various international markets.
The company also focuses on upgrading its technology platform for better customer experience and smooth operation.
The Investors include Kharis Capital, Venturi Partners, Bessemer Venture Partners, Jungle, Ventures and others.
Livspace offers two main services: Livspace Select for modular products and Livspace Vesta for complete home interiors.
3) PharmEasy- $5.6 Billion Valuation
PharmEasy is a store and online pharmacy in India, dealing with OTC products, diagnostic tests, and medical equipment.
Despite these vulnerabilities, it has managed to overcome major losses and a high debt-equity ratio, focusing solely on profitability and stabilization of funds through the recently oversubscribed.
Key Facts about the company –
- Founded in: 2015
- Founders: Dhaval Shah, Dharmil Sheth, Harsh Parekh, Siddharth Shah, and Hardik Dedhia
- Employees: 501-1000
- Current Valuation: $5.6 billion
- Controversies: Came under critical analysis over financial performance and the debt-equity ratio.
Future Plans:
PharmEasy will focus on profitability and stabilization of finances by raising ₹3,500 crore through the rights issue.
Some of its notable investors include Bessemer Venture Partners, Temasek Holdings, B Capital Group, F-Prime Capital, and Manipal Group.
During the COVID-19 pandemic, the company became an essential service and that has shown to be one of the reasons for the growth in the company.
The competitors to the Indian PharmEasy are 1mg and Netmeds.
4) Digit Insurance- $3.5 Billion Valuation
Digit Insurance is an insurance company established in the year 2016 that envisions making insurance products easy for everyone so the perspective of insurance products could change among people.
Digital Insurance raised its first funding in the year 2020, where Indian celebrity couple Virat Kohli and Anushka Sharma have also infused their $340K.
It had to deal with challenges like low penetration of insurance in India, among others.
It had to compete with traditional insurers, who would be increasing their product portfolio and customer experience through technological advancement.
Key Facts about the company –
- Founded in: 2016
- Founder: Kamesh Goyal
- Employees: 1001-5000
- Total Funding: More than $540 million
- Current Valuation: About $3.5 billion
Future Plans:
Expand product offerings and improve customer experience through technology.
The reason is more than 20 lakh Indian population have bought illness insurance against COVID-19 and other diseases like malaria, chikungunya, dengue, and others.
The list of its investors includes Fairfax Financial Holdings, A91 Partners, TVS Capital Funds, Faering Capital, and others.
5) Meesho- $3.9 Billion Valuation
Meesho was founded by the IIT-Delhi graduates in 2015, all set to become the big e-commerce distribution channel where homepreneurs sell products through WhatsApp, Facebook, and Instagram
It is currently, despite facing challenges based on high cash burn, having faced the strategic pivot that upset the reseller base, and plans to go for IPO within the next 12-24 months, at least looks to achieve profitability.
Key Facts about the company –
- Founded in: 2015
- Founders: Vidit Aatrey and Sanjeev Barnwal
- Employees: 1001-5000
- Total Funding: About $1.36 billion
- Current Valuation: High valuation of $3.9 billion
- Controversies: The strategic pivot to direct sales from resale attracted the wrath of the resellers.
Future Plans:
Going ahead targets an IPO within 12-24 months and focuses on profitability.
Meesho connects the sellers directly with the customers in an online marketplace and offers logistics, order, and payment management capabilities to the sellers.
It connects more than 13 million entrepreneurs based in Indian cities. Investors include Facebook, SoftBank Vision Fund, Sequoia Capital India, Y Combinator, and Prosus Ventures.
6) Groww- $3 Billion Valuation
Groww is an investing platform that allows its customers to invest in stocks, ETFs, Mutual funds, IPOs, and more using its platform.
Groww was founded in 2016 by 4 ex-Flipkart employees who realized the difficulty that most Indians face in investing in India.
That realization propelled them to start Groww, which, by now, has more than 15 million users registered for the service.
Key Facts about the company –
- Founded in: 2016
- Founders: Lalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal
- Number of Employees: more than 1,000
- Total Funding: around $251 Million
- Current Valuation: about $3 billion
- Controversies: regulatory scrutiny and competition in the financial services sector.
Future Plans:
This company plans to utilize this amount in new products, new talent, and platforms to educate the investor.
The platform works both on mobile applications as well as on the web.
It was looking to further enhance product offerings and user engagement even as it faced challenges of regulatory scrutiny and competition in the financial services sector.
The investors involved with Groww are Sequoia Capital India, Ribbit Capital, Tiger Global Management, Y Combinator, Insignia Ventures Partners, and others.
7) Nykaa- $7.4 Billion Valuation
Nykaa is an e-commerce beauty store and a fashion e-commerce platform that emerged in 2012.
The company sells wellness and beauty products for consumers at very economical rates. Its investors include such Bollywood stars as Alia Bhatt and Katrina Kaif.
The company has developed a private label of inner-wear products known as Nykd.
Key Facts about the company –
- Founded in: 2012
- Founder:Falguni Nayar
- Employees: Around 4900
- Current Valuation: Approximately $7.4 billion
- Controversies: Criticism regarding profitability post IPO
Future Plans:
Expand more products and improve omnichannel user reach. Now, the company has over 55 retail stores, delivering around 1.5 million orders, and has more than 5 million monthly active users.
Nykaa is dealing with more than 500 brands through its website and stores.
8) Urban Company- $2 Billion Valuation
Urban Company is a technology company that connects customers to local service professionals for just about any home service needed, whether it be beauty treatments, cleaning, plumbing, or appliance repair.
Urban Company was founded in 2014 and currently serves many cities across India and a few abroad in the UAE and Australia.
Urban is a platform for independent contractors.
It was looking to enhance its international reach and service quality but was encountered with issues related to service quality and competition.
Key Facts about the company –
- Founded in: 2014
- Founders: Abhiraj Bhal, Varun Khaitan, Raghav Chandra
- Employees: More than 30,000
- Total Funding: Around $450 million
- Current Valuation: More than $2 billion
- Controversy: Issues relating to service quality and competitive forces.
Future Plans:
Expansion internationally and service enhancements
The company offers a professional experience in a service and arms professionals with training and technology.
The Investors list includes Essemer Venture Partners, Tiger Global Management, Accel, Wellington Management, and Dragoneer Investment Group.
9) Dream11- $8 Billion Valuation
DREAM 11 is the first online leading fantasy sports platform that now boasts more than 10 crore users in India.
This has attracted a large number of young users who are game crazy. It took the three years company to hit the mark of 1 million users.
The company was challenged a few times about the legitimacy of fantasy sports in some Indian states.
However, the Supreme Court has recognized it to be a game of skill and not a form of gambling.
Key Facts about the company –
- Founded in – 2008
- Founders: Harsh Jain and Bhavit Sheth
- Employees: Around 1000
- Total Funding: Around $840 million
- Current Valuation: Around $8 billion
- Controversies: Legal scrutiny about the classification of fantasy sports
Future Plans:
Expand customer base and improve products within the sports tech stack.
Dream11 is looking to expand its customer base further and make improvements in the products of the sports tech stack while looking at new opportunities in gaming and fan engagement.
The Investors comprise groups such as Tiger Global, TCV, D1 Capital Partners, and Falcon Edge Capital, among others.
10) Swiggy- $10.7 Billion Valuation
Who does not know Swiggy? Suppose you are working on the night of Thursday and happen to be craving a cheesecake post-dinner.
Swiggy has made it that easy for you, so you can satisfy your cravings while sitting at home. It is one of the prominent Indian food delivery and logistics start-ups.
The largest food delivery platform in India, Swiggy, serves 27 cities and has partnered with more than 40,000 restaurants.
Key Facts about the company –
- Founded in: 2014
- Founders: Sriharsha Majety, Nandan Reddy, Rahul Jaimini
- Employees: Over 5,000
- Total Funding: Close to $3.6 billion
- Current Valuation: Around $10.7 billion
- Controversies: It witnessed social media backlash over some offending posts that were insensitive to Hindu traditions and criticized for not having local language delivery agents in Bengaluru.
Future Plans:
Instamart with further expansion and an IPO, which is in the pipeline for a valuation of $15 billion.
Swiggy’s investors are comprised of Naspers, Tencent, and Accel Partners, among others.
The company has always focused on becoming customer-obsessed and that is what makes it stand out from all other startups; that is why it is one of the most successful startups in India.
11) JusPay- $460 Million Valuation
JUSPAY is a Bengaluru-based payment solutions start-up, founded in the year 2015. Juspay specializes in frictionless payment processing services for all kinds of online transactions.
The company focuses on improving the payment experience of merchants and consumers by processing millions of transactions daily across all modes.
Key Facts about the company –
- Founded in: 2015
- Founders: Vimal Kumar, Raghunandan G, and others
- Employees: Unknown
- Total Fund Raised: $87 million
- Current Valuation: $460 million
- Controversies: In August 2021, Juspay faced a large-scale data breach from which the information of about 100 million customers was exposed, and the company received stern attention from cybersecurity experts and regulatory officials.
Future Plans
Juspay would draw its focus on strengthening security measures while rebuilding customer confidence following the data breach.
While scouting opportunities to further advance into the fintech space with new solutions developed especially for the e-commerce and digital payments spaces.
12) Jupiter- $700 Million Valuation
Jupiter, the neobank made out of Mumbai in 2019, brings to mind a smartphone-first digital banking experience for millennials.
It gives users significant user-friendly features in the form of saving accounts, debit cards, and various financial services.
Key Facts about the company –
- Founded in: 2019
- Founder: Jitendra Gupta
- Employees: Approximately 1,073
- Fund raised: $170 million
- Current Valuation: $700 million.
- Controversies: Jupiter got embroiled in controversy at the end of 2023 when it was alleged to have laid off employees and data privacy issues on its fingers, which the company denied.
This brought about argumentation on what is the balancing act of keeping in step and at the same time being agile in fintech.
Future plans
The goal for Jupiter’s product innovation would be an extensive offering of more personalized services in finance and features that suit the growing needs of its users.
The company is looking at further opportunities for expansion through the enhancement of innovative solutions in digital banking that boost customer base and enhance user engagement.
Investors include Bedrock Capital, 3one4 Capital, BEENEXT, Hummingbird, Venture, Tiger Global Management along other Partners.
13) Delhivery- $4.2 Billion Valuation
Delhivery is a key e-commerce logistics and supply chain start-up in India, established in 2011.
The company provides end-to-end logistics solutions in parcel delivery freight services and warehousing and has emerged as a key player in the Indian e-commerce ecosystem.
Delhivery has come out as an indispensable industry player through its enormous network of over 85 fulfillment centers, 38 automated sort centers, and many partner and delivery centers.
Key Facts about the company –
- Founded in: 2011
- Founders: Sahil Barua, Mohit Tandon, Bhavesh Manglani, and others
- Employees: Approximately 10,000
- Total Funding: $ 1.35 billion
- Current Valuation: $ 4.2 billion
- Controversy: Delhivery has been quite heavily criticized as a delivery organization. Even when it promised all these services, tremendous issues have surfaced on behalf of the users- delayed delivery, and pathetic customer service.
Future Plans
Delhivery intends to expand its logistics network as well as the technology infrastructure in support of more efficiency and pleasant customer experiences.
The company is also diversifying its service portfolio to offer solutions to different industries apart from the e-commerce industry.
The Investor’s partners include Tiger Global Management, Carlyle Group, Nexus Venture Partners, Times Internet, and Steadview Capital.
14) Slice- $1.8 Billion Valuation
Slice is a Fintech startup in Bengaluru that began its operations in 2016. It provides credit cards and buy-now-pay-later solutions to working professionals and students with the vision of making finance more accessible and friendly.
Key Facts about the company –
- Founded in: 2016
- Founder: Rajan Bajaj
- Employee Base: Over 1,247
- Total Funding: $341.2 million
- Current Valuation: Over $1.8 billion Unicorns
- Controversies: In 2022, the Reserve Bank of India (RBI) alleged that Slice is barred from taking new credit card customers for non-compliance with a certain set of norms.
Nonetheless, the firm has managed to come up with approval from RBI to merge with a small finance bank, a feat that fewer have enjoyed in the Indian fintech space.
Future Plans
Slice will continue to grow in its user base while also providing innovative, financial solutions for the young-consumer segment.
It is simultaneously finding opportunities where it can leverage its technology and data-driven approach to provide services that are far beyond credit cards and BNPLs.
Its Investors are Tiger Global Insight, Moore Strategic, Ventures Gunosy, Tracxn Labs Finup Sony Innovation Fund, and others.
15) Apna- $1.1 Billion Valuation
Apna is a professional networking and job platform that was launched back in the year 2019.
Apna is based out of Bengaluru and connects recruiters with job seekers through AI-based job suggestions and resume-building and interview preparation support.
Key Facts about the company –
- Founded in: 2019
- Founder: Nirmit Parikh
- Employees: Over 1,000
- Total Funding raised: $193.5 million
- Current Valuation: $1.1 billion Unicorn
- Controversies: The firm was also examined to be growth-varying in periods, and the business model was viable or not at that time when the firm expanded its operations to fulfill the heavy demand.
In addition to that, the platform is now more conversant with problems on data privacy and dealing with data concerning a user’s information.
Future Plans
The company is looking to continue its services by enhancing its AI, which will enable the job-matching process to become more efficient while improving the experience for users.
The company further plans to collaborate with educational bodies to share the required skill development resources and job placements with fresh workforce entrants.
The Investors include Peak XV Partners formerly Sequoia Capital India, Lightspeed Venture Partners, Tiger Global Management, Rocketship, Greenoaks Capital, and others.
16) Practo- $418 Million Valuation
Practo is an online healthcare company based in Bengaluru, India.
Practo was founded in 2008 and enables its patients to interact with healthcare providers on its platform, along with services that include online appointments, telemedicine, e-pharmacy, and diagnostic tests, in the quest to making healthcare more accessible and efficient.
Key Facts about the company –
- Founded in: 2008
- Founders: Shashank ND, Abhinav Lal
- Employees: 1,000
- Total Funding: $228.2M
- Current Valuation: $418 Million
- Controversies: Practo also faced challenges in terms of financial performance, particularly the slowing rate of growth for its revenue. Concerns have thus been raised over the business model of the firm. On top of that, quality issues have emerged about services offered through its website.
Future Plans
Practo would aim at revenue growth of 50% for FY24, with profitability in the same fiscal year.
Lately, the company also sharpened its focus on the expansion of offline presence through branded clinics along with upgrading technology offerings to deliver both more efficient and superior care to the patients from the operational efficiency standpoint.
Its Investors include Google Capital, Sequoia Capital, Yuri Milner, Matrix Partners, and Nexus Venture.
17) Boat- $1.4 Billion Valuation
Boat is an Indian consumer electronics firm that was founded way back in 2016. It focuses on audio products, namely earphones, headphones, and speakers.
The company has also ventured into wearables, including smartwatches. boAt has gained massive popularity through the manufacturing of affordable yet stylish devices for the youth market.
It initially raised funding from the founders. Boat changed the game because it offered some of the cheapest audio products without compromising quality
Key Facts about the company –
- Founded in: 2016
- Founders: Aman Gupta, Sameer Mehta
- Employees: About 1,000
- Total Funding: $175 million
- Valuation in Current Funding: $1.4 billion
- Controversies: boAt faced criticism over delays in product launches and quality control issues. This triggered the consumer’s perceptions about reliability associated with boAt products.
Future Plans
Boat aims to increase products in the smartwatch category and enhance its research and development capabilities to innovate features.
The company also remains focused on scaling the operation within India and internationally to get a good share of the global consumer electronics market.
Warburg Pincus, Malabar Investments, Qualcomm, and Dixon Technologies are some of its investors.
Aman Gupta’s leadership, finance, marketing, and sales experience have been critical for Boat’s success.
18) Ola- $5 Billion Valuation
Ola is an Indian ride-hailing, electric vehicle startup that was founded in the year 2010 and is based in Bangalore and headquartered in India.
Besides the aforementioned services, the company operates in other industry sectors, including cloud kitchens and financial services.
The company initially came to prominence with its taxi aggregation service, providing mobile apps for booking rides, and subsequently ventured into electric vehicles with Ola Electric.
Key Facts about the company –
- Founded in: 2010
- Founders: Bhavish Aggarwal, Ankit Bhati
- Employees: About 2,000
- Total Fund Raised: $200 million
- Current Valuation: $5 billion
- Controversies: Ola has seen much criticism over its operating problems, including the sharp decline in active drivers and cabs in the post-pandemic period, which gives rise to various service quality issues.
Future Plans
Ola will gain maximum market share in the electric vehicle market by scaling the production of EVs and charging infrastructure.
The ride-hailing service also planned enhancement through improved incentives for drivers as well as user experience to regain market share lost during recent operational challenges.
SoftBank, Tiger Global Management, Matrix Partners, Sequoia Capital, and Accel Partners are some of its investors.
19) BYJU’S- $2 Billion Valuation
BYJU’S is an Indian leading ed-tech startup founded in 2011 and is also known for its interactive learning app with features that offer tailor-made learning experiences for students.
This platform contains a gamut of teaching content, including video lessons, quizzes, interactive exercises, and many more for those from kindergarten up to preparation for competitive exams.
Key Facts about the company –
- Founded in: 2011
- Founders: Byju Raveendran, Divya Gokulnath
- Employees: Over 40,000
- Total Fund Raised: Around $6 billion
- Current Valuation: Under $2 billion; down from $22 billion at its peak
- Controversies: BYJU is largely in a financial crisis. It’s accused of mismanagement and stands in court with a lawsuit regarding unpaid debts. Its U.S. subsidiary files for bankruptcy, the company fires hundreds, and through financial stress, delays the payment of its employees.
Future Plans
It looks to restructure its operations to regain its financial stability and maximize profitability while focusing more on improving product offerings.
The company wants to increase its international footprint and explore strategic partnerships in the quest for opportunities in new markets.
The Investor’s partners include Sequoia Capital, Tiger Global Management, Chan Zuckerberg Initiative, Prosus Ventures, and BlackRock.
20) Ather- $2 Billion Valuation
Ather Energy is an Indian electric vehicle startup, founded in 2013, focused on manufacturing electric scooters and promoting sustainable transportation.
The company builds a name with its flagship product, Ather 450, which combines high technology and chic design to meet the growing demand for electric mobility in India.
Key Facts about the company –
- Founded in: 2013
- Founders: Tarun Mehta, Swapnil Jain
- Employees: Around 1,000
- Total Funding: $502 Million
- Current Valuation: Estimated at $2 Billion
- Controversy: Ather faced criticism in September 2024 after a company event where the firm offered chapati as a part of an Onam Sadhya meal.
Many argued that this was culturally inappropriate. The company then clarified that chapati was not a part of the meal and that all the other traditional dishes were indeed served.
They continued to say that they had respect for the culture.
Future Plans
Ather Energy will double its production capacity at the new unit and is taking the annual output to over one million scooters.
The company is expanding its product offerings and further developing its charging infrastructure to back the demand for more electric vehicles in the Indian market.
Ather Energy has several notable investors, including Hero MotoCorp, National Investment and Infrastructure Fund (NIIF), GIC (Government of Singapore Investment Corporation), Tiger Global Management, Sachin Bansal (co-founder of Flipkart), and others.
21) PhonePe- $12 Billion Valuation
PhonePe is an Indian digital payment platform that was founded in 2015 and became mainly known for seamless interfaces of UPI transactions.
Since its kick-off, the company has grown to be one of the nation’s leading payment apps for money transfers, bill payments, and financial management.
Key Facts about the company –
- Founded in: 2015
- Founders: Sameer Nigam, Rahul Chari, and Burzin Engineer
- Employees: About 3,000
- Total Funding: $1.1 billion.
- Current Valuation: Gets estimated at $12 billion
- Controversies: PhonePe was largely under fire back in July 2024 after CEO Sameer Nigam criticized a Karnataka jobs quota bill that might be passed soon, and people started trending hashtags on social media to boycott. According to this report, he seems to belittle the local employment issue, and so a major public outcry took place.
Future Plans
The company is also looking to expand beyond payments in order to enhance financial offerings such as insurance and investment products.
The company’s focus is to increase its user base and enhance penetration in rural markets as a growth catalyst in the digital payments ecosystem.
More than 20 crore monthly active users and 44 crore registered users can access the PhonePe app. It is also available in 11 Indian languages.
As of April 2022, the number of daily transaction volumes had exceeded 10 crores.
22) Licious- $1 Billion Valuation
Licious is a Bangalore-based Indian D2C venture, founded in 2015. It provides fresh meat, seafood, and ready-to-cook products across India.
The company, with the power of tech for efficient services, has been growing rapidly in the market.
Key Facts about the company –
- Founded in: 2015
- Founders: Abhay Hanjura, Vivek Gupta
- Employees: Approximately 3,000
- Total funding: More than $490 million
- Present Valuation: Assumed to be around $1 billion, a unicorn
- Controversies: In FY23, the company incurred a loss of Rs 500 crore while in a stagnant revenue growth cycle. So, Licious missed the current period’s target funding round. It also faces stiff competition in the ready-to-eat products and B2B business scaling space.
Future Plans
As a result, Licious will continue to focus on the growth of the target households while convincing more consumers from traditional markets into its platform.
The company will rationalize cost outlays and try to achieve operational efficiency for EBITDA profitability in FY25.
It sources its products directly from farmers and fishermen and uses a combination of technology and expert quality checks to ensure that the products are of high quality and safe for consumption.
The Investors List Temasek, Vertex Ventures, Mayfield India, IIFL AMC, Kotak PE, and others.
23) PolicyBazaar- $1.5 Billion Valuation
Policybazaar is the Indian online insurance aggregator, which has been in operation since 2008, providing its customers with the comparison and purchase of a variety of insurance products, such as health and life insurance, and vehicle insurance, among others.
The aim of the company is to make buying insurance easier and more transparent in the market.
Key Facts about the company –
- Founded in: 2008
- Founders: Yashish Dahiya, Alok Bansal and Avaneesh Nirjar
- Employees: Approximately 3,000
- Total Funding: $1 billion
- Current Valuation: $1.5 billion
- Controversy: PolicyBazaar is accused of breach of nondisclosure of $2 million investments in a firm situated in Dubai, which had resulted in raising transparency issues. It also has complaints for poor service experience and less help support when customers require them while fighting the insurer.
Future Plan
PolicyBazaar aims to enhance its product lineup through the addition of more services other than insurance, like loans and investment products.
At the same time, the company is advancing its marketing strategies to expand its user base and utilize technology to make customers’ experience easier with respect to its service.
Policybazaar has also moved into providing loans and credit cards. Policybazaar avails a platform for its users to apply for other financial products.
SoftBank, Tiger Global Management, Sequoia Capital India, and Ribbit Capital are some of its Investors.
24) Razorpay- $7.5 Billion Valuation
Razorpay is an Indian fintech startup founded in 2014 that caters to business payment solutions.
The platform provides a comprehensive suite of services such as payment processing, invoicing, and banking solutions which make the management of transactions easy for merchants.
Key Facts about the company –
- Founded in: 2014
- Founders: Harshil Mathur and Shashank Kumar
- Employees: Slightly more than 1,500
- Total funding: $742 million
- Current valuation: Estimated at $7.5 billion
- Controversies: Razorpay faced sharp criticism in May 2024 when hackers exploited its authorization process, thereby suffering losses of ₹7.38 crore through multiple transactions. Apart from that, the company was also suspended by the Reserve Bank of India for a brief period from inducting new customers due to issues of regulatory compliance.
Future Plans
The firm will look to upgrade the feature upgrade with enhanced technology to improve its product offerings and thereby expand services to encompass more businesses.
Additionally, it is working to strengthen compliance measures and security standards to regain client trust and uphold sound standards of operations in the fintech sector.
The company uses a safe and sound platform that meets the latest industry standards and regulations to ensure all transactions are safe and secure.
The Investors of Razorpay include Tiger Global Management, Sequoia Capital India, Gaja Capital, Matrix Partners India, and others.
25) Paytm- $16 Billion Valuation
Paytm is an Indian fintech startup established in 2010 and mainly advocates the digital payments platform that allows for transactions, bill payments, and online shopping.
Over time, it expanded other services including Paytm Wallet and Paytm Payments Bank along with various financial products such as loans and insurance.
Key Facts about the company –
- Founded in: 2010
- Founders: Vijay Shekhar Sharma
- Employees: Approximately 10,000
- Raised Funds: $3.48 billion
- Current Valuation: Praised at $16 billion
- Controversies: Some of the controversies that Paytm has faced include the allegations that it shared user data with the Indian government regarding the unrest in Jammu & Kashmir, an allegation which it denies.
Furthermore, RBI flagged issues about compliance and concerns of money laundering against Paytm Payments Bank, thereby restricting its operations.
Future Plans
First, one would like to emphasize that Paytm is making strong product-based moves by entering new financial services and improving the user experience on its platform.
At the same time, the company is trying to expand market presence in the digital payments space while strictly following regulatory compliance requirements to regain confidence from investors.
Paytm has emerged as one of the leaders in the Indian digital payment space and has won several awards for innovative business models and their contributions to the financial technology world.
26) Big Basket- $3.2 Billion Valuation
BigBasket is one of the India-based online grocery delivery companies founded in 2011 that will have a long list of products like fruits, vegetables, dairy products, and other essentials for households.
The firm has rapidly emerged as a leading grocery e-commerce company in India, marked by quality with a thrust for customer convenience.
Key Facts about the company –
- Founded in: 2011
- Founders: Hari Menon, Vipul Parekh, V. S. Sudhakar, and Abhinay Choudhari
- Employees: About 10,000
- Total Funding raised: $1.5 billion
- Valuation: $3.2 billion
- Controversies: BigBasket has been accused of bullying trademark enforcement, for instance, in when they send a Cease-and-desist letter to a smaller competitor, Daily Basket, for violating their trademark.
Another controversy is the legal battle with Town Essentials over the acquisition of DailyNinja and accusing them of unfair practices after buying the company.
Future Plans
BigBasket is looking to streamline its delivery efficiencies and build capabilities in logistics and the supply chain while at the same time strengthening its product offerings.
It also aims at penetrating into tier-2 and tier-3 cities with the possibility of using technology to enhance the shopping experience of customers.
The list of Investors includes Tata Group, Alibaba Group, Helion Venture Partners, Bessemer Venture Partners, and others.
27) Flipkart- $37.6 Billion Valuation
Flipkart is an Indian e-commerce website, that started its journey in the year 2007, believed to have turned the face of online shopping in India.
Starting with an online book-selling business venture, today Flipkart is selling all kinds of products, electronics, fashion, etc, and is a major player in the Indian retail market.
Key Facts about the company –
- Founded in: 2007
- Founders: Sachin Bansal, Binny Bansal
- Employees: 30,000
- Total Funding received: $1 billion
- Current Valuation: Estimated at $37.6 billion
- Controversy: Last year, Flipkart faced a new wave of criticism over a controversial meme advertisement perceived as misandrist and hurtful to husbands. The animated video the company used to illustrate it’s Big Billion Day’ sale pinpointed the derogatory words for husbands with a surging tide of adverse reactions that compelled Flipkart to take down the ad and issue an apology.
Future Plan
The delivery efficiency would directly be impacted by the ability of Flipkart to enhance the customer experience through technology and logistics.
More than that, the company is focusing on expanding product lines and increasing presence in tier-2 and tier-3 cities so that more pie is made out of the growing e-commerce market.
Flipkart is one of the largest e-commerce platforms with more than 30 million products from over 70 categories.
Walmart, Tiger Global Management, Accel Partners, Naspers, and Microsoft are some of the Investors of Flipkart.
28) MyGlamm- $1.2 Billion Valuation
MyGlamm is one of the popular Indian D2C beauty and personal care start-ups, founded in 2017, with a large portfolio of cosmetic and skincare products. The company mainly works with augmented experiences in shopping for the consumer, specifically, the lady customer, using technology and community participation.
Key Facts about the company –
- Founded in: 2017
- Founders: Darpan Sanghvi
- Employees: About 1,000
- Total Funding: About $30 million
- Current Valuation: Estimated to be at $1.2 Billion
- Controversies: MyGlamm’s promotional strategy was also derogatory. In that, it provided “free lipstick” to the customers and, for their shipment, the customer had to pay.
Ordering fulfillment complaints and customer service malfunction resulted in false marketing practice allegations against the company and created dissatisfaction among the customers.
Future Plans
The new focus for MyGlamm is to expand the offerings of products through collaboration with consumers and influencers to design customized beauty products.
Furthermore, the company focuses on building a better community-driven platform, MyGlammxo, in terms of engagement and retention through content and commerce.
The company claims to be India’s direct-to-consumer beauty brand which is fastest growing, and it has more than 800 cosmetics, skincare, and personal care items that are vegan and cruelty-free. The company also runs over 30,000 physical stores across 70 countries.
The list of Investors include L’Occitane, Ascent Capital, Fireside Ventures, Astarc Ventures
29) Zomato- $30 Billion Valuation
Zomato is an India-based food delivery and restaurant discovery headquarters firm founded back in 2008.
The company caters to over 24 countries, offering food delivery, restaurant reservations, and even online food ordering.
Key Facts about the company –
- Founded in: 2008
- Founders: Deepinder Goyal and Pankaj Chaddah
- Employees: 5,000
- Total Funding: $1.69 billion
- Current Valuation: Estimated at $30 billion
- Controversies: Zomato faced a massive backlash in 2022 due to its plan to bring in a “pure veg fleet” with green uniforms for the delivery partners for providing vegetarian-only services. The move was seen as creating a platform for discrimination and problems for the delivery boys. All this public furore after which Zomato canceled the project and declared that all riders would wear the same red uniforms that the company is traditionally about.
Future Plan
The further plan of Zomato is to enter into the restaurant business beyond food delivery services.
Also, the company has been working on improvement in its technology and logistics by making efficiency and experience in delivery for customers at a higher level.
In the future, it was determined to change the name in case they didn’t want to “stick to just food.”
30) UpGrad- $2.25 Billion Valuation
UpGrad is one of India’s ed-tech start-ups that was founded in 2015. It specializes in offering higher education and professional skills courses through the online route.
The platform collaborates with universities and other industry experts to offer a wide scope of programs that help working professionals upskill themselves and remain relevant to their jobs.
Key Facts about the company –
- Founded in: 2015
- Founders: Ronnie Screwvala, Mayank Kumar, Phalgun Kharbanda
- Employees: around 1,500
- Total Fundraising: Around $830 million
- Current Valuation: $2.25 billion
- Controversy: There have been claims of aggressive UpGrad marketing that uses pressure sales strategies and is said to come off as spam to many users. Besides this, there have been claims of inadequate support and poor quality courses after the money has been paid. Students also feel UpGrad made false promises about the value they’ll provide.
Future Plans
UpGrad would expand its offerings to cover more global universities and deliver internationally recognized degrees.
It was also focusing on the technology side, enhancing the user experience and engagement by expanding its offerings towards a much larger set of working professionals who want to upskill.
Temasek Holdings, IFC (International Finance Corporation), Accel Partners, and Kaizen Private Equity are some of its investors.
To Sum It Up
Indeed, by 2024, the Indian startup landscape speaks of India’s entrepreneurial energy and each venture has its unique solutions addressing some complex challenges.
Top 30 Startups in India – 2024 reflects the diversity, creativity, and forward-thinking approach that defines this ecosystem sets new benchmarks in innovation and growth.
It will be well beyond the country’s borders as they scale, modifying industries and educating the next generation of entrepreneurs.
These stand-out startups are more than just companies-they are tomorrow’s leaders in technology, sustainability, and social change.
