With a population of around 1.3 billion people and a drastically growing economy, India evolves to be the most suitable country for startup companies. Also, India is called a young country, as more than 65% of the people are aged below 35 years. Most of these young Indian Professionals get bored with the regular 9 to 5 jobs. They aspire to become entrepreneurs and want to start companies on their own. The Internet and social media have made their lives easier and dreams nearer. Any startup can gain more visibility and recognition with the help of the Internet these days.
India is witnessing a fast growth in startup companies. Startups are usually small companies, but they play a vital role in the economy of the country. It generates more jobs, thus increasing employment, which in turn leads to an improved economy. Also, these internet startups are way too innovative in their services. Yes. It enables people to order anything right from the comfort of their homes. It can be as simple as midnight food cravings to the expensive furniture for the living room. These internet startups have solutions for all the problems and help people live a more comfortable and peaceful life.
Also, as India has one of the largest startup ecosystems, it continues to attract investors worldwide. Home to e-commerce giants like Flipkart and other unicorns (unicorns are startups that reached a value of over $ 1 billion), India is home to many successful startup companies. Indian startup products/services are gaining more popularity in the international markets as well.
The year 2020, has taught us the importance of digital presence for businesses more than ever. With the internet, it doesn’t matter you are a startup or an established business. You develop software or sell popcorn. If you are on the internet, your business will only continue to grow.
Let us discuss the most successful startups in India and how they achieved it big. Let this be an eye-opener blog for aspiring entrepreneurs who wish to start their own companies in India.
With powerful demographics and a growing economy, India has seen many profitable startups in various industries like eCommerce, Travel, Fashion, Logistics, etc. Let us see one by one.
Most Successful Indian Internet Startups
1. Flipkart
Flipkart, the largest eCommerce company, was launched in the year 2007. Founded by two techies Sachin Bansal and Binny Bansal from Bangalore, with a startup amount of a mere 6500 rupees, it scaled heights in a short span. When eCommerce was steadily growing at that time in India, Flipkart was welcomed by most of the audiences. Initially, Flipkart was dealing with only books. But a few months into the business, they only realized that they have a larger target audience.
As the company steadily grew, it received funds from various sources. The company repaid all its investors by striking a sale of Rs. 40 million. Over the years, the sales only continued to grow, around Rs. 200 million in 2010.
Though it sounds like a cakewalk, it is not so. With humble beginnings, Flipkart went through a lot of challenges before becoming an eCommerce giant in India. Back in 2007, not many trusted paying online as it was new to them. However, Flipkart tackled the situation by introducing cash-on-delivery. Flipkart was the first platform to introduce cash-on-delivery for online purchases. Started with only books, Flipkart now sells anything from gadgets to fashion. Flipkart is a pioneer in eCommerce, and now, with US $6.3 billion revenue, it is an example of the most successful and profitable startups in India.
2. Paytm
Paytm, a prominent Indian eCommerce payment company was launched in 2010, for only prepaid mobile and DTH recharge services. It was founded by Vijay Shekhar Sharma in Noida when he was just 22 years old. In 2013, Paytm expanded its services by adding data cards, postpaid mobile, and landline bill payments. In the following year, in 2014, it launched Paytm Wallet. The Indian Railways and Uber have started accepting Paytm as their payment option. Once it launched into eCommerce, the services only multiplied. Right from bus ticketing, education fees, metro recharges, electricity, gas, and water bill, all can be paid with Paytm. In 2017, Paytm became India’s first payment app to cross over 100 million app downloads. Now, Paytm is partnering with Indian and International business giants and offering many unique and valuable services.
The founder, Vijay Shekhar Sharma, is the son of a school teacher. Excelled in his studies, he finished college much earlier in his teens itself. Being from a humble background did not stop him from dreaming big. With the US $500 million, Paytm is another example of a successful internet startup that has grown into the most-used online payment platform.
3. Oyo
OYO is a chain of leased and franchised hotels, homes, and living spaces. OYO was started as a chain of budget hotels initially by Ritesh Agarwal. Oyo does not own any rooms or hotels. Instead, OYO ties up with certain hotels and books a few rooms. People willing to use OYO can acquire those rooms.
The main purpose of OYO is to standardize the hotels. It is not you have to pay a few thousand to afford a clean and comfortable room. OYO made affordable rooms for everyone. Branded or non-branded hotels, OYO ensures cleanliness and hygiene.
Ritesh Agarwal, a young entrepreneur, made it big by understanding the business needs and people’s problems. He offered innovative solutions to the existing problems of the people. In just 7 years, OYO now operates in 800 cities and 80 countries. OYO is one of the most successful and profitable internet startups in India for sure.
4. Ola
Ola cabs is an Indian ride-sharing company that serves vehicles for hire and food delivery. Bhavish Agarwal, along with his friend Ankit Bhati, launched Ola in 2010. The Ola app offers mobility solutions by allowing customers to connect with drivers directly. Other than cabs, Ola included bikes and auto-rickshaws as well. Ola is a perfect example of an internet startup that used the internet as a platform and rendered affordable travel services.
Bhavish Agarwal left the well-paying Microsoft job to pursue his entrepreneurial journey. He founded Ola and provided many innovative services. The company enabled Ola money and encouraged cashless service. Now, Ola serves more than 250+ cities in India.
Ola has made revolutionary changes in transport services. It is one of the most profitable startups in India that encourages many professionals to pursue their dreams.
5. Renew Power
Renew Power, one of India's largest renewable power producers, was launched by Sumant Sinha in 2011. The company is committed to sustainable development in energy production in India. The company owns over 10GW clean sources of energy with an operational capacity of more than 5.44 GW. Other than wind power, Renew Power is expanding into biomass, solar, and hydro energy sources.
In just 8 years (in 2019), the company became the first-ever to collaborate with GS E&C, a renowned renewable energy corporation in Korea. Renew Power is another successful startup company in India to look up to.
6. PolicyBazaar
PolicyBazaar is an insurance comparison website. It was launched in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. In 2008, when many Indian Insurance industries were not transparent and confusing to understand, PolicyBazaar came as a rescue. The website listed all the details of multiple insurance policies for the customers.
Later, the company upgraded itself to an insurance selling service. It provides various insurance plans like life insurance, health insurance, motor insurance, and travel insurance. The platform allows the customers to compare and buy insurance plans according to their needs. In 2015, Policybazaar launched its app for Android and IOS users.
When your business focuses on addressing people’s problems and offering solutions, it will get a huge response. PolicyBazaar is one of the successful startups in India; that offers unique solutions to its customers.
7. Swiggy
Swiggy is India’s leading online food ordering and delivery service company. It was started in Bangalore in 2014 by founders Nandan Reddy, Sriharsha Majety, and Rahul Jaimini. Swiggy has changed the way India eats. It acts as a bridge between customers and restaurants and allows customers to order food online from their favorite restaurant. In a click, your favorite food will be door-delivered by a Swiggy employee. Also, the app allows online payments supporting multiple payment gateways and cash on delivery as well.
Swiggy serves more than 300+ cities across India, dealing right from small food joints to a large chain of restaurants. Swiggy is another internet startup that started humble and scaled huge heights.
8. Zomato
Zomato is an Indian restaurant aggregator and food delivery service in India, started in 2008 by Deepinder Goyal and Pankaj Chaddah. Zomato provides information like menus, user reviews of various restaurants. It enables the customers to know the best food in their city and order it right away. They recently started grocery delivery as well amidst the covid pandemic. In 12 years, the humble internet startup has grown to serve around 24 countries and 10,000 cities.
Nevertheless, Zomato is one of the most successful startup companies in India. It continues to satisfy its customers with its innovative services.
9. Rivigo
Rivigo is one of India's leading logistical solutions companies that assures safer, faster, and cost-effective logistic services to everyone. The company was founded by former McKinsey employees Deepak Garg and Gazal. Rivigo addresses the fundamental problem of truck driver shortage through its breakthrough relay model.
The main motive of the company is to create a healthy atmosphere for its drivers. No truck drivers in Rivigo should drive more than 5 to 6 hours a day and reach home the same day itself. Having accomplished it, the five-year-old startup owns around 3000 trucks covering 29000 cities across the country.
Rivigo strongly believes in making logistics humane. The company balances to keep employees as well as its customers happy with its clear vision and mission. Rivigo is definitely an excellent internet startup that bagged huge success in a short span.
10. Big Basket
Founded in 2011 by Hari, Big Basket is a leading online Indian grocery store with a wide range of 18,000 products and over 1000 brands. The app is a huge time saver and helps people buy their groceries and pantry items from their homes. Right from fruits, vegetables, spices, beverages, and even meats, are available in Big Basket. It made the life of busy couples a lot easier. It helps people from ruining their weekends by standing in a never-ending queue of a grocery store. Thus, it helps people spend more time with their families and relax on their weekends.
As Big Basket addresses the people’s genuine problems and brings innovative solutions, it continues to be the leading Indian grocery online. Big Basket continues to be one of the most successful and profitable startups in India that changed the lives of many Indians.
Wrapping Up
India is the ideal place to launch a business with highly skilled manpower and a rapidly growing economy. When your mission and vision are clear and if your business can bring solutions to people’s pain points, go ahead. Use the internet to establish your business and become one of the most successful companies in India.
