The government of India’s ‘Startup India’ initiative, launched in January 2016, continues to play a pivotal role in nurturing innovation and encouraging investments in the country’s burgeoning startup ecosystem. Over the years, India has emerged as the third-largest startup ecosystem globally, with a robust year-on-year growth rate of 15 per cent in 2018. The Department for Promotion of Industry and Internal Trade (DPIIT) further highlights an 11 per cent increase in the number of incubators and accelerators, cementing India’s reputation as a global startup hub.
According to a report by Global Data, Indian startups raised $7.5 billion in venture capital funding from January to August 2024, demonstrating the confidence investors have in the country’s entrepreneurial landscape. S&P Global Market Intelligence forecasts that India’s nominal GDP will nearly double to over $7 trillion by FY31, making it the world’s third-largest economy by 2030. Global experts view India as a ‘bright spot’ in the world economy, solidifying its place on the international stage.
Adding to this momentum, two Indian cities, Bengaluru and Mumbai, were ranked among the top 50 startup cities globally, according to PitchBook, further showcasing the country’s innovation prowess.
In this growth phase, LinkedIn has released its seventh annual list of the top emerging startups in India for 2024, identifying companies that are not only gaining investor attention but also leading the charge in their industries. The list celebrates firms that are rapidly expanding and offering innovative solutions that are shaping the future of their respective sectors.
Top 10 emerging Indian startups of 2024
Leading the LinkedIn list is e-grocery startup Zepto, which became India’s first unicorn in 2023 after a year-long dry spell. Founders Kaivalya Vohra and Aadit Palicha, aged 21 and 22, have now secured their place as the youngest billionaires in India, with a net worth of Rs 3,600 crore and Rs 4,300 crore respectively, as per the 2024 Hurun Rich List. Zepto’s rapid rise to prominence has made it LinkedIn’s top Indian startup for 2024.
Here’s the top 10 emerging startups in India, according to LinkedIn:
|
Rank |
Company |
Industry |
Headquarters |
Year Founded |
|
1 |
Zepto |
Technology, Information and the Internet |
Mumbai |
2021 |
|
2 |
Sprinto |
Software Development |
Bengaluru |
2019 |
|
3 |
Lucidity |
Software Development |
Bengaluru |
2021 |
|
4 |
GrowthX |
Social Networking Platforms |
Pune |
2021 |
|
5 |
Jar |
Financial Services |
Bengaluru |
2021 |
|
6 |
Wiingy |
Internet Marketplace Platforms |
Bengaluru |
2021 |
|
7 |
SourceBae |
Internet Marketplace Platforms |
Indore |
2019 |
|
8 |
BiofuelCircle |
Software Development |
Pune |
2020 |
|
9 |
Supersourcing |
Technology, Information and the Internet |
Indore |
2020 |
|
10 |
Battery Smart |
Transportation, Logistics, Supply Chain |
Gurugram |
2019 |
First Published: Sep 27 2024 | 4:39 PM IST
By Start Ups
Source: Start Ups