The Rise of Startups in India: India is currently witnessing a remarkable surge in entrepreneurship and startup culture. Many individuals are stepping away from traditional employment paths to venture into launching their own businesses and startups. One major reason for this shift is the ease of starting a business in India today. Moreover, domestic and international investors are increasingly backing Indian startups, leading to the rapid rise of unicorns – startups valued at over $1 billion. As of now, India boasts over 100 unicorn startups, positioning itself as a global hub of innovation and entrepreneurship.
In this article, we’ll explore the top 10 unicorn startups of India, shedding light on the companies that are leading this charge. Let’s dive in!
What is a Unicorn Startup?
Before diving into the list, let’s clarify what a unicorn startup is. A unicorn startup is a company with a valuation exceeding $1 billion. India, with over 100 unicorn startups, is the third-largest unicorn hub globally, just behind the U.S. and China. However, industry experts predict that India might soon overtake China to become the second-largest unicorn ecosystem in the world.
1. InMobi
Founded: 2007
Sector: Mobile Advertising
Valuation: $10 Billion (2024)
InMobi, founded in Bengaluru, is a mobile advertising company that helps businesses optimize their advertising strategies. Naveen Tiwari, the founder and CEO, spearheaded InMobi to become India’s first unicorn. InMobi has also expanded its operations, launching its subsidiary, Glance, in 2019, which itself became a unicorn in 2020.
2. Flipkart
Founded: 2007
Sector: E-commerce
Valuation: $37 Billion (2023)
Flipkart, co-founded by Binny Bansal and Sachin Bansal, is one of India’s largest online shopping platforms. Since its inception, Flipkart has grown exponentially, and in 2018, Walmart acquired a 77% stake in the company for $16 billion. With a current valuation exceeding $37 billion, Flipkart is a key player in India’s unicorn ecosystem.
3. Dream11
Founded: 2008
Sector: Fantasy Sports
Valuation: $8 Billion (2021)
Dream11 has revolutionized the fantasy sports market in India. Founded by Bhavith Sheth and Harsh Jain, it is a leading platform for fantasy cricket and other sports. With millions of users engaging daily, Dream11’s valuation hit $8 billion in 2021, making it one of the top unicorns in India.
4. Ola
Founded: 2010
Sector: Ride-Hailing
Valuation: $6 Billion (2020)
Ola, co-founded by Bhavish Aggarwal and Ankit Bhati, is India’s go-to platform for booking taxis and rides. Operating in multiple countries, Ola has expanded beyond Indian borders and continues to grow internationally. By 2020, Ola had achieved a valuation of $6 billion, solidifying its place among India’s top unicorns.
5. OYO Rooms
Founded: 2013
Sector: Hospitality
Valuation: $9 Billion (2021)
OYO Rooms, launched by Ritesh Agarwal at just 21 years old, has disrupted the hospitality sector by making online hotel room booking more accessible. Today, OYO operates thousands of properties across India and beyond. With a valuation of $9 billion as of 2021, OYO is India’s leading hospitality unicorn.
6. Swiggy
Founded: 2014
Sector: Food Delivery
Valuation: $10.7 Billion (2022)
Swiggy, one of India’s top food delivery platforms, has grown exponentially since its launch. With millions of customers using the app for their daily food needs, Swiggy has reached a staggering valuation of $10.7 billion, placing it among the elite unicorns.
7. PhonePe
Founded: 2015
Sector: Fintech
Valuation: $12 Billion (2022)
PhonePe, a digital payments platform, has transformed how Indians conduct transactions. Founded by Sameer Nigam, PhonePe has become a leader in the fintech space, securing a valuation of $12 billion in 2022. Its widespread adoption is a testament to India’s growing digital economy.
8. Zomato
Founded: 2008
Sector: Food Delivery
Valuation: $5.4 Billion (2021)
Zomato, a well-known food delivery and restaurant discovery platform, was launched by Deepinder Goyal and Pankaj Chaddah. With a significant market presence, Zomato’s 2021 IPO and valuation of $5.4 billion have helped it secure a place among India’s unicorn giants.
9. Freshworks
Founded: 2010
Sector: SaaS (Software as a Service)
Valuation: $13 Billion (2021)
Freshworks, founded by Girish Mathrubootham, provides cloud-based business software to companies worldwide. The Chennai-based startup is one of India’s biggest SaaS success stories, reaching a valuation of $13 billion post its IPO in 2021.
10. Nykaa
Founded: 2012
Sector: E-commerce (Beauty and Fashion)
Valuation: $13.5 Billion (2021)
Nykaa, an e-commerce platform for beauty, wellness, and fashion products, was founded by Falguni Nayar in 2012. It has rapidly grown to become a household name in India, with its valuation hitting $13.5 billion in 2021 following its successful IPO.
Conclusion: India’s Bright Future in the Startup World
India’s unicorn startups represent the future of the nation’s economy, showcasing the entrepreneurial spirit of its people. From e-commerce to fintech, these top 10 unicorns are leading the way in innovation, growth, and global expansion. With the number of unicorns growing, India’s status as a startup powerhouse is only set to rise in the coming years.