The term “start-up” has become popular in the technology industry. The year 2021 has brought up a plethora of prospects for start-ups to capitalise on. Following the epidemic, businesses in a variety of industries appear to be thriving. Due to the 2020 lockdown, a substantial portion of everyday routines and office work has transferred to online mode, and digital solutions are gaining traction in the coronavirus inoculation year.
India is developing as a major powerhouse of emerging start-ups. Artificial intelligence, machine learning, 5G, the Internet of Things, and blockchain are some of the modern technologies that are contributing to the abrupt surge in the number of start-ups. IndustryWired has now compiled a list of the top ten most inventive tech start-ups in India, each with a unique mission statement.
Because of its favourable demographics and dynamic economy, India has earned the reputation of being an ideal cradle for new-age businesses. Despite the fact that many companies die prematurely, they are re-energizing the Indian economy to a great extent, particularly in the aftermath of the epidemic.
For several years, the Government of India has also encouraged entrepreneurial activity through its Startup India Initiative. As a result, a growing number of Indian entrepreneurs are joining the market, realising the value of capitalising on their distinctive ideas.
THINGS TO CONSIDER FOR A STARTUP
A strong body begins with a strong mind. A great startup core is founded on a clear concept. Why are you here? What is your goal? Why do you get out of bed every day? What is the real north for you? Clarity about your vision is the cornerstone for clarity about execution, recruiting, financing, and every other facet of your business. The cornerstone of the company’s core is vision.
Your values are the second factor that influences the heart of your business. It may be speed. It is possible to provide excellent customer service. Work-life balance is a key value for some firms, but it is tough for early-stage entrepreneurs. Values aid in the shaping of culture. They provide the groundwork for the types of individuals you may or may not recruit – and the type of organisation you may or may not wish to be. The original team’s ideals eventually become the company’s culture.
Having a service or product to provide will not make you money if you do not have consumers who will purchase it. If you want to establish a business and know what you want to sell, research the market first. Determine who your customers are. Remember the adage that a product or service for everyone is a product or service for no one.
Capital is the amount of money or value that you must invest in order to get your business up and running. It might be either cash or non-cash. To figure out how much capital you’ll need, establish a list of all the expenses you’ll incur to get started and run your business, such as assets to buy, renovations, lease payments, operational costs, and so on.
The Bloodman App was established in 2016 with the express intention of connecting donors and searchers. The startup links those in desperate need of blood with those eager to donate it. As a remedy, Bloodman is a mobile app platform where patients can instantaneously request assistance and donors may reply promptly. It’s called life-line networking, and it’s a location-based programme that links local volunteers with those looking for blood donations.
Flyrobe is the first and largest online fashion rental service in India founded in 2015. Indian weddings are huge celebrations. At weddings in India, everything is extravagant and sparkly, from the clothes to the accessories and make-up. However, not many Indians are interested in shopping for their wedding clothes by spending a big fee to wear it for a day. In the future, growing trends such as rent’ will streamline the country.
Flyrobe is one such start-up that allows individuals to choose gowns over an internet platform and has them delivered to their homes for rental service. With over 1,800 curators on board as of 2019, the start-up claimed to have facilitated the largest marketplace for customer-to-customer rental.
Yellow Panther is making inroads into the digital studio industry by curating beautifully produced digital services spanning from mobile app development to virtual and augmented reality, website design, and gamification. The group has aided the state of Rajasthan. The Royals will be the IPL’s top digital team.
Yellow Panther’s discovery of gamification allows fans to interact with their favourite team and player on a more personal level, while also assisting franchisees in building a dedicated fan base. In a fast-paced digital environment, Yellow Panther is defying expectations and pushing limits. This digital studio is assisting clients all around the world with its attentive ways.
Mensa Brands has been India’s quickest business to become a unicorn, achieving this distinction only six months after its establishment, thanks to its recent Series B fundraising of $135 million led by Alpha Wave Ventures-Falcon Edge Capital in November 2021. This D2C brand aggregator operates by purchasing digital-first brands and growing them both domestically and internationally.
Mensa, founded by former Myntra and Medlife CEO Ananth Narayanan, is currently profitable and plans to use the capital to continue collaborating with founding teams of customer-loved businesses to help them become household names through Mensa’s experience. Furthermore, it intends to spend on recruiting across all areas and to continue growing its software platform, as well as invest in marketing and other growth capacities.
Paytm Mall, an e-commerce platform, is another firm that quickly became a unicorn. In 2018, the business raised $445 million in a fundraising round headed by Paytm’s largest stakeholder, Alibaba, and Masayoshi Son’s SoftBank, transforming it into a unicorn. Since its inception in 2017, Paytm’s e-commerce sector has faced fierce competition from Amazon and Flipkart.
In India, data is now cheap, and smartphone use is increasing. However, many small firms choose to record business transactions in books. The Khatabook app is the system of record for their business activities, an equivalent of a business ledger on their mobile phones, for the majority of them who still rely on outdated techniques such as making bills on paper.
KhataBook seeks to capitalise on the growing trend of smartphone use among merchants by being the first business accounting software they’ve used. According to Khatabook, the software has assisted its customers in recovering roughly $5 billion in credit over the course of six months.
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 items via WhatsApp, Facebook, and Instagram. After receiving $300 million in funding, the firm is now valued at $2.1 billion. Meesho is an ecosystem that enables small enterprises to operate on the internet. This platform has raised $490 million to far, with Facebook among its investors.
Meesho links merchants and buyers through an online marketplace and manages logistics, orders, and payments for sellers. It is linked to almost 13 million entrepreneurs in Indian cities that sell groceries, home and kitchen equipment, clothing, and other items.
Meesho has a great potential to upscale shopping to new heights in the future since Indian social commerce is predicted to increase at a pace of 55 per cent -60 per cent. It competes with startups such as GlowRoad, Dealshare, and CityMall, which are all attracting investor interest. In December 2020, Dealshare, which was launched in 2018, raised $21 million.
Groww is an investment 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 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 firm is owned by smaller Indian cities that have never invested before. Groww, according to one of the creators, Lalit Keshre, is utilised throughout India, not only in major cities. In 2021, the firm raised $83 million and joined the Unicorn club. Groww anticipates investing this sum in new products, adding new people, and developing educational platforms for investors.
Groww is featured on CB Insights’ list of the 250 most promising businesses in the world. Groww competes with Zerodha and PayTm Money, both of which are popular with youthful investors. Groww educates millennials on how to invest effectively with their money.
‘Love Earth,’ as the name suggests, is a company that has made a reputation for itself in the cosmetics and wellness industry with its eco-friendly, clean, and organic goods. ParidhiGoel, a creative female entrepreneur, started the business with the goal of curating items that are free of dangerous chemicals and natural.
The business has emerged as the preferred choice among thousands of consumers across India by delivering a myriad of organic items such as VitaminCfacewash, 24k gold glass face oil, multi pots (clean beauty)body butter with cocoa, and an anti-hair fall kit. A portion of their revenue is also used to help the members of the GurukulParmarth Ashram, an orphanage.
PharmEasy is an Indian online pharmacy and medical store that specialises in over-the-counter (OTC) medications, diagnostic tests, and medical devices. The firm was formed in 2015 in Mumbai, Maharashtra, and 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 firm became a crucial service, which aided in its expansion. In India, PharmEasy’s rivals include 1mg and Netmeds. This health-tech business has raised $350 million, making it India’s first Epharmacy unicorn. The funds were raised as a result of PharmEasy’s merger with its competitor Medlife.
PharmEasy has bought a 100% share in Medlife, while the latter has received a 19.95% ownership in the amalgamated firm. Both firms have joined forces and amalgamated in order to compete with competitor players like Netmeds (Reliance Jio), Flipkart, and Amazon Pharmacy, who have just entered the Indian e-pharmacy market.
PharmEasy’s investors have also invested in firms such as Swiggy and Byju’s. Dharmil Sheth and Dr Dhaval Shah, the creators, intend to reach over 100,000 pharmacies in India’s new geographical regions over the next 12 months.
Looking at the most notable partnerships between corporations in India, such as Walmart and Flipkart (which also owns Myntra and PhonePe), it is not unexpected to discover that India is emerging as a major startup hub. One 97 Communications (PayTM), Ola Cabs, Dream 11, Swiggy, and Razorpay are a handful of the world’s most valuable Indian firms.
The country is increasingly attracting more startup unicorns from industries such as health tech, social commerce, finance, and others. Unicorn firms are startups worth more than $1 billion in the business world. These firms have thrived over the years and are now aiming to expand their reach even further.