Success Mantras

Top 5 Startups in India of 2023

India's startup ecosystem ranks third globally, with over 61,000 startups as of January 2022. Among the notable firms experiencing significant growth are InMobi, the renowned mobile advertising platform, with a reported net worth between INR 100 crore and 500 crore. Slice, a fintech startup offering customized credit solutions, witnessed a four-fold increase in revenue in FY22. PhonePe, a leading digital payments platform, reported a revenue of Rs 1,646 crore in the same period. Licious, an online meat and seafood delivery startup, reported a 64.6% jump in consolidated revenue, reaching Rs 683 crore. Razorpay, a prominent fintech company, reported a standalone net profit of Rs 7.3 crore in FY22. These companies exemplify India's vibrant entrepreneurial landscape and their success underscores their impact on their respective industries.

By Shreya Rajvanshi Gangal

Top 5 Startups in India of 2023

According to statistics, India has the third-largest startup ecosystem in the world. In this piece, we’ll discuss 15 of the country’s best firms that are seeing significant growth. India has unquestionably got one of the most vibrant startup ecosystems in the entire world. In recent years, India has produced some fantastic startups that have had a significant impact on the world. India has the third-largest startup environment worldwide, according to research published in January 2022 by CB Insights. Since January 2022, there have been more than 61,000 startups in India, placing it third globally behind China and the United States.

There is a new Top 5 list of India’s top startups! These are India’s most notable and successful startups that have had a big impact on their respective industries and are ones to keep an eye on in the years to come.

1) InMobi

InMobi, founded by Naveen Tewari in 2007, is a renowned global mobile advertising and marketing platform that has achieved remarkable success in the digital industry. It is known to be the first Unicorn Startup Company. With its cutting-edge technology and innovative solutions, InMobi has transformed the way businesses engage with mobile users. The company's net worth has soared over the years, reaching significant milestones. Turnover of InMobi TECHNOLOGY SERVICES PRIVATE LIMITED is INR 100 cr - 500 cr. InMobi's continued growth and impact on the mobile advertising landscape have solidified its position as a leading player in the industry.

2) Slice

Slice, founded by Rajan Bajaj in 2015, is a prominent fintech startup that has experienced remarkable success in the Indian market. With its focus on providing customized credit solutions to young professionals, Slice has revolutionized the way individuals access and manage credit. The company's user-friendly mobile app and seamless digital experience have resonated with its target audience, leading to rapid growth and widespread adoption. Fintech unicorn Slice has managed to grow its revenue over four-fold in FY22 on the back of a strong lending play and a massive $220 million worth funding round. Its operating scale spiked 4.18X to Rs 283.08 crore during FY22 from Rs 67.7 crore in FY21, according to the firm’s consolidated financial statement. With its innovative approach to credit and a strong emphasis on customer-centricity, Slice has emerged as a prominent player in the Indian fintech landscape, empowering individuals with convenient and transparent financial services.

3) PhonePe

PhonePe, founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in 2015, is a leading digital payments platform in India that has achieved remarkable success in a relatively short period. The company offers a seamless and secure way for users to make payments, transfer money, recharge mobile phones, and even invest in mutual funds, all through its user-friendly mobile app. PhonePe's success can be attributed to its innovative approach, extensive merchant network, and strategic partnerships with major banks and businesses. In FY22, PhonePe reported a revenue of Rs 1,646 crore. With its widespread adoption and continuous innovation, PhonePe has become a household name in India's digital payments ecosystem, enabling millions of users to experience the convenience and efficiency of cashless transactions.

4) Licious

Licious, founded by Abhay Hanjura and Vivek Gupta in 2015, is a notable Indian online meat and seafood delivery startup that has achieved remarkable success in the e-commerce industry. With its focus on providing high-quality, hygienic, and fresh meat products to customers, Licious has disrupted the traditional meat market by offering a convenient and reliable online platform. The company has gained a strong reputation for its strict quality control measures, farm-to-fork supply chain, and seamless delivery services. Licious' success can also be attributed to its customer-centric approach, ensuring a superior shopping experience for its users. Licious, operated by Delightful Gourmet Pvt. Ltd, reported a 64.6% jump in its consolidated revenue from operations in FY22, at Rs.683 crore against nearly Rs.415 crore in the previous year, as per its latest filings with the Registrar of Companies (RoC)With its rapid expansion and loyal customer base, Licious has established itself as a leading player in the online meat and seafood delivery segment in India, revolutionizing the way consumers purchase fresh and high-quality meat products.

5) Razorpay

Razorpay, founded by Harshil Mathur and Shashank Kumar in 2014, is a prominent Indian fintech startup that has experienced tremendous success in the digital payment industry. The company offers a comprehensive suite of payment solutions, catering to businesses of all sizes and types. With its user-friendly interface, robust security features, and seamless integration capabilities, Razorpay has emerged as a preferred payment gateway for numerous businesses across India. The company's success can be attributed to its focus on customer satisfaction, innovation, and commitment to simplifying the payment process for merchants and consumers alike. Operational revenue at ₹1,481 crore; ad expenses shoot up 200% y-o-y. Fintech unicorn Razorpay has reported a standalone net profit of ₹7.3 crore in FY22, up 20 per cent from the ₹6.1 crore it posted in the previous fiscal, according to the company's filings with the Ministry of Corporate Affairs. With its consistent growth, strategic partnerships, and dedication to providing cutting-edge payment solutions, Razorpay has established itself as a key player in the Indian fintech landscape, empowering businesses to efficiently manage their transactions and drive growth.

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