In 2016, the Government of India embarked on a transformative journey by introducing the Startup India program. This visionary initiative was designed to ignite the spirit of entrepreneurship and nurture the startup ecosystem. Its primary objective is to cultivate a thriving environment for startups, offering them valuable support and accelerating their path to success. Through this program, registered startups gain access to a number of benefits and incentives, fostering innovation and paving the way for job creation.
This bold endeavour showcases the government’s commitment to empowering startups and propelling India towards a brighter future of innovation and economic growth.
Objectives and Benefits of the Program
The Startup India program wants to encourage entrepreneurship and help innovative startups. It supports startups to create jobs, grow the economy and make India a global innovation hub.
Startups that join the program get many benefits like:
- They can access funding easily with different financing options.
- They also enjoy tax exemptions for a specific time and relaxed labour laws.
- Moreover, startups receive help like mentorship, networking opportunities and access to incubation centers and research facilities.
Eligibility Criteria for Startups to Register in the Program
To qualify for registration under the Startup India program, startups must meet certain eligibility criteria. The criteria include:
- The startup must incorporate as a private limited company, partnership firm or limited liability partnership (LLP) within India. Its incorporation date should not exceed ten years.
- The annual turnover of the startup should not surpass INR 100 crores in any previous financial year.
- The startup must exhibit innovation, development or enhancement of products, processes or services. It should have the potential to generate employment and make a substantial impact on the market.
- The startup must obtain a recommendation letter or support from a government-funded incubator or be recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).
Top 10 Startups Making Waves in the Industry
In recent times, the Indian startup landscape has witnessed a dynamic surge of ground-breaking and influential startups, revolutionising diverse industries. These enterprising ventures have not only shattered conventional business paradigms but also garnered substantial funding, expansive user communities and left an indelible imprint on the market. Their initiatives have redefined the rules of the game, opening new doors of opportunity and ushering in a wave of innovation. With their remarkable achievements, these startups have illuminated the vibrant potential of India’s startup ecosystem, demonstrating the nation’s knack for fostering growth and driving transformative change. The top 10 startups registered with Startup India program and reshaping the industry include:
1. Byju’s:
Byju’s is an edtech company that has revolutionised the education sector in India. Their innovative learning app offers personalised online courses to students, making learning engaging and effective. Byju’s has received substantial funding and investment, including from notable investors like Tiger Global and Tencent. With a vast user base and market traction, Byju’s has transformed the way students learn, bridging the gap between traditional education and technology.
2. Zomato:
Zomato is a leading food delivery and restaurant discovery platform. Their app enables users to explore nearby restaurants, place orders and get food delivered to their doorstep. Zomato has received significant funding, including from Alibaba’s Ant Financial and Info Edge. With a widespread user base and strong market presence, Zomato has disrupted the food industry and provided a convenient and seamless dining experience for users.
3. Paytm:
Paytm, the fintech company, is transforming the financial landscape with its cutting-edge digital payment solutions, extensive e-commerce services and a plethora of financial products. Seamlessly, users wield Paytm’s mobile wallet to get secure and lightning-fast payments across diverse platforms. A notable feat is Paytm’s ability to get substantial funding from heavyweight investors like SoftBank and Alibaba. With an expansive user base reaching millions and an omnipresent market footprint, Paytm has sent shockwaves throughout India’s transactional realm, spearheading a monumental shift towards a cashless economy, forever altering the financial destiny of the nation.
4. Ola Cabs:
Ola Cabs is a ride-hailing platform that provides convenient and affordable transportation services. Their app connects users with drivers, offering options like Ola Auto, Ola Bike and Ola Outstation. Ola, backed by substantial funding from heavyweights like SoftBank and Tencent, has swiftly captured the attention of the masses. With a sturdy user base and a commanding market presence, Ola has completely reshaped the way individuals travel, offering a refreshing substitute to conventional taxis and radically altering the transportation scenery.
5. Flipkart:
Flipkart is an e-commerce giant company that has imprinted its name in every Indian household. Flipkart offers not only a vast assortment of products and unbeatable price tags, but presents users with a seamless and hassle-free online shopping experience. Further, Flipkart has reeled in significant funding, even catching the attention of retail behemoth Walmart. Empowered by an enormous legion of users and armed with near market supremacy, Flipkart has stormed the retail realm, leaving an indelible mark on the Indian e-commerce landscape.
6. Swiggy:
Swiggy is a prominent food delivery platform that connects users with local restaurants and offers doorstep delivery. With its user-friendly app and efficient delivery network, Swiggy has gained significant market traction and built a loyal user base. The company has attracted substantial funding from investors like Naspers and Tencent. Swiggy’s impact on the industry includes providing restaurants with a broader customer base and creating employment opportunities for delivery partners.
7. Zerodha:
Zerodha, an online brokerage firm, has completely revolutionised the stock market for everyday investors. Their cutting-edge online trading platform empowers people to trade in stocks, derivatives and commodities. Zerodha’s emphasis on transparency and simplicity, coupled with their competitive pricing, has garnered a massive following. Despite relying on their own resources and receiving limited external funding, Zerodha has democratised stock market access and set a new standard for online brokerage services.
8. Lenskart:
Lenskart, a well-known eyewear brand and retailer, offers a vast selection of eyeglasses, sunglasses and contact lenses. They have both online and physical stores, ensuring a smooth and enjoyable shopping journey. Lenskart has received substantial investments from notable backers like SoftBank and Kedaara Capital. Their wide range of products, coupled with advanced virtual try-on technology and affordable prices, has revolutionised the eyewear sector. Lenskart’s influence extends to making eyewear accessible and affordable for all, while also delivering a digitally enhanced shopping experience.
9. Udaan:
Udaan, a dynamic Indian business-to-business (B2B) e-commerce platform, has garnered widespread acclaim in the startup realm since its inception in 2016. The startup has been committed to connecting manufacturers, wholesalers, traders and retailers through a cutting-edge digital marketplace and their mission is to streamline trade, foster exponential growth and dismantle barriers in the business landscape. With an extensive range of products encompassing electronics, fashion, home appliances and more, Udaan provides businesses with a seamless platform to expand and optimise their supply chains. With its user-friendly interface, efficient logistics and frictionless payment solutions, Udaan has emerged as the preferred choice for businesses seeking sustained prosperity. Through rapid expansion and successful funding rounds, Udaan has firmly established itself as a dominant force in India’s thriving B2B e-commerce industry.
10. Cred:
Cred is a fintech startup that focuses on simplifying credit card management for users. The platform allows users to track and manage multiple credit cards in one place, offering rewards and exclusive benefits for timely payments. Cred has attracted significant funding, including from investors like DST Global and Ribbit Capital. With its user-friendly interface and innovative approach to credit card management, Cred has disrupted the industry, incentivising responsible credit card usage and rewarding users for their financial discipline.
The Bottom Line
In conclusion, these top 10 startups in India have made significant strides in their respective industries through innovation, market traction and transformative impact. From revolutionising education and food delivery to reshaping digital payments and e-commerce, these startups have left a lasting mark on the Indian startup ecosystem.
With their strong user bases and substantial investments, these startups continue to shape the future of their industries and inspire other entrepreneurs to pursue innovative solutions.
For more details, connect with our experts at StartupFino.
