India's startup ecosystem is a thriving one, with over 61,000 recognized startups as of January 2022. This makes it the third largest startup ecosystem in the world, after the US and China. The government's Startup India initiative aims to promote entrepreneurship and innovation in the country, and as a result, startups have become a major contributor to India's growth. Many Indian startups are booming and provide a great opportunity for young professionals to gain experience in their field of interest. Some of the most well-known startups in India include Flipkart, Ola, and Zomato, among many others.
In this article, we will highlight ten of the most successful startups in India that have achieved billion-dollar valuations and are known for their innovative ideas. These companies are Cred, Skit.ai, PharmEasy, Digit Insurance, Unacademy, Icertis, Udaan, Ola, Flipkart, and Zomato.
- Cred: Founded in 2018 in Bangalore, Cred is a platform that rewards users with "cred coins" for paying their credit card bills. These coins can be redeemed for discounts and offers. Cred is valued at around $2.2 billion and has over 6 million customers and 250-500 employees. The startup plans to expand by launching an eCommerce store in the future.
- Skit.ai: Previously known as Vernacular.ai, Skit.ai was founded in 2016 in Bangalore. It provides AI software as a service, with a focus on voice automation. The startup's voice assistant product can now respond in 16 different languages and has been adopted by companies in various industries, including banking, food, and hospitality. Skit.ai has raised over 10 million hours of training data and has around 50-100 employees.
- PharmEasy: Founded in 2015 in Mumbai, PharmEasy is an online medical store that offers OTC products, medical instruments, and diagnostic tests. It also helps patients connect with local diagnostic centers and assists with medicine delivery. The startup has seen tremendous growth since the COVID-19 pandemic, becoming an essential service in the process. After merging with Medlife, PharmEasy has raised over $350 million and plans to expand by reaching out to other pharmacies and covering more geographical areas.
- Digit Insurance: Based in Bangalore, Digit Insurance was founded in 2016 and specializes in general insurance. The startup's main industries of focus are finance and insurance, and its mission is to simplify insurance products and make them more accessible to consumers. Digit Insurance has raised over $200 million in funding and has around 250-500 employees.
- Unacademy: Founded in 2015 in Bangalore, Unacademy is an online education platform that offers a range of courses and preparatory materials for competitive exams. It has a network of over 20,000 educators and has raised over $230 million in funding. Unacademy has around 500-1000 employees.
- Icertis: Founded in 2009 in Pune, Icertis is a cloud-based enterprise contract management platform that helps companies manage their contracts and comply with regulatory requirements. It has raised over $150 million in funding and has around 1000-5000 employees.
- Udaan: Founded in 2016 in Bengaluru, Udaan is an online B2B marketplace that connects small and medium-sized businesses with buyers and sellers. It has raised over $800 million in funding and has around 1000-5000 employees.
- Ola: Founded in 2010 in Bangalore, Ola is a ride-hailing company that operates in several countries around the world.