India has rapidly emerged as the 3rd largest startup ecosystem globally, boasting over 112,718 DPIIT-recognized startups across 763 districts as of October 2023. These startups span 56 diverse sectors, including IT services (13%), healthcare and life sciences (9%), education (7%), agriculture (5%), and food & beverages (5%).
According to INVEST INDIA, The Indian startup ecosystem has experienced exponential growth between 2015 and 2022, marked by a 15-fold increase in total funding, a 9-fold rise in the number of investors, and a 7-fold increase in incubators. This vibrant environment has led to the flourishing of Indian unicorns, with the country now home to 111 unicorns valued at $349.67 billion. The rate of new unicorns has accelerated, with significant growth in 2021 and 2022, and the recent emergence of Zepto as the latest unicorn in 2023.
In this thriving landscape, we delve into the stories of 10 remarkable startups and their visionary founders, each contributing uniquely to India’s dynamic economy.
1. Ninjacart: Revolutionizing the Agri-Supply Chain
Founded by Thirukumaran Nagarajan (Thiru) and Vasudevan Chinnathambi in 2015, Ninjacart has transformed the fresh produce supply chain in India. Thiru’s journey began without a background in agriculture or supply chain management, yet he and his team immersed themselves in the world of fruit and vegetable markets in Bengaluru to grasp the industry’s intricacies.
- Business Model: Ninjacart is an online B2B platform connecting farmers with retailers, supermarkets, and grocers.
- Challenges: Building an efficient supply chain without prior experience was daunting, requiring innovative solutions tailored to Indian conditions.
- Success: With a tech-enabled system, Ninjacart can deliver fresh produce from farms to stores in just 12 hours. The company now empowers over 800,000 farmers and 100,000 retailers across 120+ cities.
- Funding: Ninjacart has raised $508M, attracting major investors like Flipkart, Walmart, and Tiger Global, and is valued at $756M.
- Impact: Farmers partnering with Ninjacart earn more as the startup takes on inventory risk.
Thiru’s mantra of staying grounded and learning on the job has been crucial to Ninjacart’s success. His advice to entrepreneurs: “Stay close to the ground, do your work, and work in your warehouses and trucks; that’s where you’ll learn the most.”
2. Instamojo: Empowering Small Businesses
Sampad Swain’s entrepreneurial spirit led to the founding of Instamojo in 2012, after his earlier ventures, wanaMo.com and InStartup.com. Instamojo has since become a vital platform for MSMEs in India.
- Business Model: Instamojo offers a suite of cloud-based solutions, including payment processing, sales management, and CRM tools.
- Struggles: The company nearly faced closure in 2017 due to funding challenges but was saved by an investment from AnyPay.
- Growth: Instamojo now boasts over 2.5 million users, evolving from a simple payment gateway to a comprehensive business platform.
- Funding: The startup has raised $15.2M, continually innovating to support small businesses.
Swain’s story highlights the importance of adaptability. By pivoting from B2C to B2B, Instamojo has solidified its place in India’s digital economy.
3. Zivame: Redefining Lingerie Shopping
Richa Kar launched Zivame in 2011, breaking societal taboos around lingerie shopping in India. Inspired by her work with SAP for Victoria’s Secret, Kar set out to create a platform offering privacy and dignity to Indian women.
- Challenge: Overcame societal stigma and family opposition to introduce a new shopping experience.
- Innovation: Initially an online-only store, Zivame expanded into physical retail with personalized fitting services at Zivame Studios.
- Funding: Zivame has raised $73M over 8 rounds and is valued at $91.6M, with an annual revenue of ₹330Cr ($41.1M).
- Impact: Beyond business success, Zivame has played a crucial role in changing attitudes towards women’s intimate wear.
Kar’s perseverance and vision have not only led to a successful business but also driven social change.
4. Kavach AI: Securing the Digital Realm
Pratyusha Vemuri founded Panoplia.io, now Kavach AI, to enhance digital security and combat online fraud. Her expertise in cybersecurity, honed at companies like Microsoft, underpins her innovative approach.
- Innovation: Uses AI and blockchain technology for fraud prevention, offering real-time detection and multilingual support.
- Shark Tank Success: Kavach AI gained national recognition after Pratyusha presented the company on Shark Tank India Season 3, securing funding from investors Aman Gupta and Peyush Bansal.
- Recognition: The company has won several awards, including the AICRA Cybersecurity Winner and CSI Best Cybersecurity Startup.
- Vision: Aims to create a safer digital ecosystem by protecting personal information and preventing financial losses.
Vemuri’s journey demonstrates the impact of applying deep technical knowledge to real-world problems. Her focus on continuous learning and ethics has been key to Kavach AI’s success.
5. JRI Technologies: Simplifying Mobile Recharges
Ananya Datta founded JRI Technologies in 2010, inspired by a simple observation of a man struggling to recharge his phone. She saw the need for seamless mobile recharge services in India’s growing digital landscape.
- Growth: JRI Technologies quickly gained traction, with 3 million registered customers and 20,000 daily transactions.
- Pivot: Transitioned from B2C to B2B, developing a platform for mobile and DTH recharges.
- Recognition: Ananya was awarded “Excellence in E-commerce Payment Solutions” at the ET Women Conclave 2024.
- Personal Mission: Balances her role as CEO with a passion for animal welfare, caring for over 150 animals.
Datta’s resilience and adaptability have been central to JRI Technologies’ success, proving that with the right approach, challenges can be turned into opportunities.
6. GreenPod Labs: Fighting Food Waste
Founded in 2019 by Deepak Rajmohan, GreenPod Labs aims to tackle India’s post-harvest food loss problem through innovative biotech solutions.
- Innovation: Developed active packaging sachets that extend the shelf life of fruits and vegetables.
- Recognition: Won the Biomimicry Institute “Ray of Hope” Prize in 2022 for their nature-inspired approach.
- Impact: Reducing post-harvest food losses and contributing to a more sustainable food supply chain.
Rajmohan’s work with GreenPod Labs highlights the potential of biotechnology in solving pressing agricultural challenges.
7. Pizza Galleria: Bringing Gourmet Pizza to Small Towns
Sandeep Jangra‘s entrepreneurial journey began in 2015 when he opened Pizza Galleria in his hometown of Gohana, Haryana. He recognized a gap in the market for quality pizza in smaller towns.
- Innovation: Introduced unique offerings like the “Bahubali Pizza” and “Jain Pizza.”
- Growth: Expanded through franchising after gaining nationwide attention on Shark Tank India.
- Philosophy: Focuses on quality, quantity, and hygiene in food service.
Jangra’s success story demonstrates that even small-town ventures can achieve national recognition with the right product and strategy.
8. Emotorad: Electrifying Two-Wheel Transportation
Kunal Gupta co-founded Emotorad in 2020, focusing on electric bicycles to address gaps in India’s EV infrastructure.
- Vision: Aimed to innovate in the EV space, offering electric bicycles with a 70km range.
- Growth: Achieved impressive sales, backed by digital investors and endorsement by M.S. Dhoni. Emotorad has reached an annual revenue of ₹128Cr ($15.9M).
- Funding: Emotorad has raised $26M, with a current valuation of $48.8M.
- Customer-Centric: Offers test drives and emphasizes product experience.
Gupta’s focus on educating consumers about electric mobility and commitment to innovation have been key to Emotorad’s growth.
9. Zypp Electric: Greening Last-Mile Delivery
Founded by Akash Gupta and Rashi Agarwal in 2017, Zypp Electric focuses on sustainable urban mobility through electric scooters.
- Pivot: Shifted from bike-sharing to last-mile delivery.
- Growth: Operates a fleet of 12,000 scooters, serving major e-commerce platforms.
- Funding: Zypp Electric has raised $76.5M, with a valuation of $283M and an annual revenue of ₹22.4Cr ($3M).
- Impact: Contributing to reduced carbon emissions in delivery operations.
Zypp Electric’s success shows how a timely pivot and strong sustainability focus can drive growth in the urban mobility sector.
10. Manthan Systems: Powering Retail Analytics
Atul Jalan founded Manthan Systems to revolutionize retail analytics with data science and AI.
- Innovation: Provides an ‘analytics as a service’ platform for retail, making advanced data analysis accessible.
- Growth: Grew into a ₹700 crore company, serving clients in over 20 countries.
- Funding: Manthan has reportedly raised $170 million from investors, including Norwest Venture Partners.
- Vision: Focuses on real-time data analysis and automation in decision-making.
Jalan’s foresight in identifying market niches and adapting to industry trends has been key to Manthan’s sustained success.
These 10 startups and their founders exemplify the innovative spirit and perseverance driving India’s entrepreneurial ecosystem.
From transforming supply chains to pioneering new technologies, these visionaries are not only building successful businesses but also shaping the future of their industries. Their stories of resilience, adaptability, and impact serve as a blueprint for aspiring entrepreneurs, showcasing the diverse paths to success in India’s dynamic startup landscape.
