India is the third-largest startup ecosystem in the world. In this article, we’ll share the list of the best startups in India that have proved their viability. Plus, we’ll come up with ideas for new businesses that can inspire entrepreneurs.
The most successful startups in India that were launched recently
Below, you’ll find a list of startup companies in India 2022 that were founded within the last five years. They have a maximum of 50 staff members and have not become unicorns yet. But they have impressive perspectives and have received solid investment.
TradeX
This startup business was established in 2021 by Divij Goyal and Ankit Shrivastavaand. It employs fewer than 10 professionals and its headquarters is located in New Delhi. As its name suggests, TradeX offers a trading platform for the fintech market. Users can make predictions and get rewards if their forecasts come true. Thanks to access to other people’s opinions, traders can maximize their profits. During the seed funding round, the company received support from 9 investors and raised 70 million INR.
IppoPay
This one was set up in 2020 by Jai Kumar, Mohan Karuppiah, and Thangaraj Sofiya. It has fewer than 50 team members and is located in Chennai. IppoPay provides and deploys digital payment gateways that enable home-based businesses, freelancers, and SMEs to take payments. During the two funding rounds that took place in 2021 and 2022, IppoPay received $2.4 million from 7 investors.
Refyne
This business was founded by Apoorv Kumar and Chitresh Sharma in 2020. It has a team of fewer than 50 people and is located in Bengaluru. Refyne developed a platform that companies can use to release Earned Wage Access to their staff members. Employees avoid excessive stress and improve their financial literacy. 8 investors backed this startup with $102.1 million during funding rounds in 2020, 2021, and 2022.
AarogyaAI
Avlokita Tiwari and Praapti Jayaswal founded this medical startup in 2019. It employs fewer than 10 professionals and its headquarters is in New Delhi. The technology developed by this business relies on AI to detect drug-resistant TB at an early stage. The sooner the problem is diagnosed, the quicker the patient will receive the treatment and the higher their odds to get well soon. During 4 funding rounds, AarogyaAI was backed by 4 investors with a total of $855,500.
Glamplus
This Bengaluru-based business was launched in 2020 by Divyanshu Singh. Its team consists of fewer than 50 people. Glamplus created a SaaS platform that acts as a beauty product marketplace for beauty salons. Salon owners and managers can use it to track appointments, process invoices, and perform other tasks related to their daily workflows. Glamplus raised 71.7 million INR from 9 investors in two funding rounds that took place in 2021 and 2022.
Unbox Robotics
Pramod Ghadge and Shahid Memon established this company in 2019. It is located in Bangalore and employs fewer than 50 people. It builds AI-powered robots that work in warehouses. Thanks to these solutions, companies can improve their order processing as well as boost the efficiency and profitability of logistics operations. Unbox Robotics had 7 funding rounds. 22 investors backed it with $9.1 million.
Rupifi
This one was launched in 2020, in Bengaluru, and employs fewer than 50 people. Its founders are Ankit Singh, Anubhav Jain, and Jawaid Iqbal. Rupifi specializes in B2B fintech services. It simplifies the process of raising money for small businesses by providing loans, payment services, and working capital. In less than 2 years, Rupifi completed 8 funding rounds. 17 investors backed the company with $30.8 million.
OneDios
Amit Sharma set up this business in 2019. One Dios is based in Noida and employs fewer than 50 professionals. It offers a platform for aggregating customer requests. Companies that use this product can collect and analyze the requirements and feedback of their clients. This information enables them to fine-tune their marketing strategies and boost their sales. OneDios had its seed funding round in 2022. It got $1.2 million from 5 investors.
Skippi Ice Pops
This Hyderabad-based business was founded in 2020 by Ravi Kabra. Its team includes fewer than 10 professionals. Skippi Ice Pops develops healthier alternatives to tasty treats that have a negative environmental impact and involve unsustainable production technologies. In 2021, this startup received 10 million INR from 5 investors during its seed funding round.
Groyyo
Subin Mitra, Ridam Upadhyay, and Pratik Tiwary established this startup in 2021. It is based in Haryana and employs fewer than 50 people. Groyyo’s product improves B2B manufacturing and automation. Its clients get an opportunity to maximize their profits thanks to boosting the efficiency of their operations. In 2022, Groyyo completed a seed funding round. It received $4.6 million from institutional and angel investors.
Bambrew
This Bangalore-based company was founded in 2019 by Vaibhav Anant and has fewer than 10 staff members. It strives to revolutionize the packaging industry and make it more environmentally friendly. Bambrew finds ways to improve packaging products and technology so that the industry produces less waste. 8 investors backed this startup with $2.4 million during two funding rounds that took place in 2020 and 2022.
Tournafest
Ayush Agarwal and Kaustubh Trivedi founded this company in 2021. It is located in Jaipur and employs fewer than 50 professionals. The Tournafest team consists of gamers. They have built a platform for their fellow gamers where the latter can enhance their skills as well as participate in tournaments with maximum fun and safety. So far, this startup had only one funding round. In 2021, it received 30.5 million INR from 6 investors.
Healthquad
Deepak Bhardwaj set up this company in 2019. It employs fewer than 50 people and is based in Gurgaon. As its name hints, this startup is focused on promoting a healthy style. Its team built a platform that provides data and insights to clients that they can use to enhance their fitness experience. In 2021, Healthquad received 75 million INR from a sole investor during its single seed funding round.
BikeWo
This Hyderabad-based company was founded in 2021 by Vidhyasagar Reddy. It employs fewer than 50 professionals. BikoWo is focused on repairing two-wheeled electric vehicles, offering maintenance for charging ports, and providing additional services to the industry. Now, it seems to be the perfect timing for such a startup India because the size of the EV market in the country already exceeds $1,434 billion and is projected to increase by 10 times by 2027. BikeWo doesn’t disclose how much money it received from a single investor during its angel funding round.
Mainstreet
This startup was established in 2019 by Vedant Lamba. Its headquarters are in Mumbai and its team includes fewer than 50 people. Mainstreet launched a platform where consumers can purchase premium shoes, accessories, and clothing. 8 investors backed this business in a single funding round. The amount of financial support that they provided hasn’t been disclosed.
Lahori
This one was set up in 2021, in Mohali, by Saurabh Munjal and employs fewer than 50 professionals. It produces healthy beverages and sells them directly to customers. In 2022, Lahori completed its single funding round and received $15 million from a sole investor.
Living Food
This one was established in 2018 by Akash Sajith, Niranjan Satheesbabu, and Shikha Lakhanpal. It is based in Bangalore and its team counts fewer than 50 people. Its team built an online commerce platform where consumers can purchase locally sourced produce. They can be sure that the food is fresh and has a minimal carbon footprint. During 3 funding rounds, Living Food raised $7.5 million from 6 sources.
Nestasia
Aditi Murarka and Anurag Agrawal set up this business in 2018. Its headquarters are in Kolkata and it employs fewer than 50 professionals. Nestasia gets environmentally-friendly materials from suppliers that are scattered all around the world. It uses these materials to manufacture handcrafted goods and items. In 2021, this startup received $4 million from 6 investors during its single funding round.
Deciwood
This Delhi-based startup was founded in 2018 by Ananya Meena. Its team counts fewer than 50 people. It created speakers made out of wood and specific tubes to enhance the sound quality. Compared to the traditional audio technology, these products are more environmentally friendly and are partly recyclable. In 2021, Deciwood raised 15 million INR from 5 investors during a seed funding round.
Minko
Sanket Shendure and Sanmati Shendure set up this startup in 2017. It is based in Sanquelim and employs fewer than 50 professionals. Minko offers small businesses a retail fintech platform that brands and shops can use to access credit facilities required for their growth. In 2021, this company had its first funding round and received $1.5 million from 13 investors.
ZobHunger
This Ghazipur-based company was launched in 2020 by Sachin Kr Sahu and Shailesh Kumar Sahu. It employs fewer than 10 professionals. Its mission is to facilitate marketing processes for businesses. Companies can receive consultations on all aspects of marketing: from bringing a product to the market to better planning marketing budgets. ZobHunger was backed up by two investors. Together, they granted $4.1 million to this business.
Mentor Match
This ed-tech startup was launched in 2020 by Rohit Raheja, Sachit Dugar, and Rayhaan Shaik. Its headquarters is in Chennai and its team counts fewer than 50 people. Mentor Match is a self-study platform whose target audience is students of classes 8-12. Through the product’s interface, they can make 1-to-1 video calls with their tutors or mentors. Youngsters can study at any time of the day, from any location. In its pre-seed round, this startup raised $1 million.
Business ideas for startup companies in India
If you’re dreaming of a startup or a small business, you should find out about people’s pain points and ways of addressing them. It would be wise to glance through the India Quora discussions and ask your friends and relatives which products and services they lack. Plus, you can explore our list of top business ideas for a start-up in India and use these examples as food for thought.
Pollution masks manufacturing
Metropolitan cities, especially Delhi, are suffering from severe pollution. In 2019, 21 of the 30 most polluted cities in the world were located in India. In the next few years, the situation will only be likely to aggravate. If you start selling durable and affordable masks that efficiently protect people’s faces and respiratory tracts, you should be able to make a lot of money.
Pet care and pet food
By 2026, India’s pet care market is projected to grow at a value of INR 7500 Crores. Consider producing healthy and reasonably-priced food for pets. Alternatively, you can offer pet care services, such as grooming or taking care of cats and dogs while their owners are away.
3D printing
Each year, the 3D printing market in India is growing by 20%. It’s becoming more popular than prototype printing. If your technical expertise permits, you may begin to build cheap 3D printers for local entrepreneurs and amateurs. Another promising idea is to manufacture accessories and expendable materials for 3D printers. Besides, you can offer on-demand 3D printing and repair printers.
Renewable energy
ReNew Power, Avaada Energy, Sea6 Energy, and Loom Solar are among the top startups in India that are focused on renewable energy. If you join the club, you can apply for a subsidy from the government. If you lack knowledge, it’s vital to hire experienced professionals and detect the niche that you’ll be catering to. To cut down expenses, try targeting small businesses, farmers, and homeowners. Offer compact solar panels to them that can be placed on rooftops, balconies, and unused land.
Crops insurance
Over 52% of the gross cropped area in the country is rain-fed. But the rainfall is erratic and draft periods can destroy a large part of the harvest. You can set up a company that will insure crops at an affordable premium. Or, you can team up with already existing companies, ask the government for support, and travel around India to educate farmers. You’ll need to explain the importance of insurance to them and inform them about the available options.
Share trading
Many people in India start share trading, hoping to get a quick buck.
It would be a big mistake to perceive this type of activity as a lottery or casino where you can make a profit thanks to pure luck. To get started, it’s important to find a reliable trading platform that legally operates in India — such as Zerodha, Upstocks, or Fyers. Find out about the fees that it will charge you for processing your financial operations and make sure they’re acceptable for you. Choose the assets that you’d love to trade.
Determine your strategy. Learn how to use trading tools. A lot of educational information is available online for free. Some trading platforms offer free or cheap courses to their users.
To excel at stock trading, you need to continuously monitor market trends and acquire new knowledge. This business requires considerable intellectual efforts and stress resistance. Apart from stocks, you may try to trade crypto or other assets. However, it would be wise to avoid binary options because you’ll risk losing much more money than you’ll be able to earn.
Fitness
If the demand for conventional fitness centers in your area exceeds the supply, you can open a center. Alternatively, you can monetize these five Indian fitness trends:
- Connected fitness equipment
- Wearable technology
- Artificial Intellect
- Coaching
- Connection of body and mind
Consider selling or building gadgets that enable users to assess the efficiency of their workouts. Create apps that suggest personalized nutrition plans. Develop AI trainers for various types of physical activities.
Extracurricular activities center
Some social platforms might get banned in India but others will take their place. Modern parents understand that social media can become a good source of income for their kids. For example, Instagram influencers from India that have 250,000–500,000 followers charge around 49,725 INR per sponsored post.
The earlier boys and girls learn to sing, dance, and act, the more fun they will have and the better they will develop on the physical, emotional, and intellectual levels. And of course, the sooner they will be able to monetize these talents! You can launch an extracurricular activities center not only in a metropolitan city but also in a rural area.
Handicrafts
If you travel around India with a foreigner, you’ll see that they’re mesmerized by the local culture and eager to buy signature decor items in bulk. Producing such goods requires little investment but you need to understand consumers’ tastes very well.
The easiest approach to making money on handicrafts is to manufacture and sell products yourself: in a street stall, in a shop, on online marketplaces, and on your own website. However, you would fail to get a large margin if you stick to this scheme.
Instead, strive to partner with glitzy showrooms that will sell your goods to a well-heeled audience at a much higher price. To sign lucrative contracts with companies that will market your products properly, you should hone your diplomatic skills.
Packing services
Small and medium-sized businesses often lack dedicated departments that would pack their products. They outsource skilled individuals or partner with packing services. The latter tend to be more professional and reliable than the former.
In this article, we list a lot of items that you can try to manufacture. If you don’t feel like producing any of them, packing goods can be a great way out. To start this low-investment business, you need to hire staff as well as purchase high-quality cutters, cartons, and machines.
Restaurant and cafe
You might think that this is not the best startup idea because there are too many eateries around. But that’s just an illusion. Over 45 million Indians went out to restaurants to dine in 2021. People perceive dining out not only as a chance to try delicious meals but as a social event. They dress up and want to take photos in restaurants.
Try to create a venue that people will equally love for its menu, quality of service, and design. Create a few photo spots. Hire a talented chef. If you don’t know how to approach this business, get a franchise from a chain that you like. The biggest challenges that you can face when opening an eatery are high taxes and inflation that impacts product prices.
Ice cubes
This idea might seem incredibly easy but it can be very profitable. First, get the specifications prescribed by FSSAI (Food Safety and Standard Authority of India). Second, ensure you have clean water, appropriate packaging provisions, and proper equipment. Third, talk to shops, bars, and cafes in your area to detect potential customers.
Chocolate making
India has become one of the largest chocolate markets on a global scale. In 2020, the size of its chocolate market reached $1.9 billion. Young locals prefer chocolate to traditional sweets, and they appreciate products that accentuate their social status.
Invent your unique brand of chocolate and start producing it at home. Find a contractor who will pack it. Outsource a photographer who can make brilliant photos of your products for online ads and social networks. Team up with a delivery service.
Bakery
To launch such a business, you need to have only two prerequisites: excellent baking skills and a good oven.
It’s vital to rent a store or a corner in a store in such a place where customer traffic is huge. The tempting smell of freshly baked bread, muffins, cookies, and pastries will serve as your best advertising.
If there is a coffee shop nearby, it would be great to partner with it and offer bundles (such as a cake and a coffee drink). In 2020, the value of the Indian bakery market was around $7.6 billion. By 2026, it is projected to reach $12.39 billion. Artisanal bakeries account for less than 10% of it.
Making religious items
India’s best-selling religious items are prayer beads, holy candles, incense sticks, idols, and pictures of deities. They are equally popular among locals and tourists. People are ready to purchase religious paraphernalia even if it’s expensive. It should be easy for you to begin producing such goods in your home or garage.
Fragrant and regular candles
People buy candles for their homes, weddings, offices, cafes, hotels, retreats, religious ceremonies, meditation centers, and other venues or events. Candles look stunning in traditional Indian interiors and tourists love them.
Maybe you won’t be able to make top-notch candles on the first attempt. Be ready to experiment with various sizes, shapes, colors, and fragrant oils. As you detect the winning formula, stick to it and regularly update your product range with new offerings.
Final thoughts
The Indian startups that were mentioned in the first part of the text might join the list of unicorn startups in India one day. The ideas from the second part might inspire you to launch your own business. India is full of talented people whom you can hire or outsource and consumers who will be eager to try your goods or services.
