India is developing very fast and there is no surprise about the fact that it is a home for the several biggest startups' success stories in the past decade.
There has been a lift in the number of new businesses surfacing in India ascribed to the technological and structural advancement in the nation.
Indian startups are continuing to attract investors from all over the world as business opportunities are rising. Thus, the government of India is also helping by funding the startups, and due to this, job opportunities are increasing.
As we all are aware of the coronavirus pandemic which has shaken the whole world and caused an economic slowdown. But, there several startups like Unacademy, Zoom which have got the wings amid the coronavirus pandemic and set the example of how to fight and survive situations like this.
So, this is an outstanding time for startups in India. Business appears to be booming and here you will catch a glimpse of how startups are flourishing in India.
Need for Startups in India
India is a developing country and we need more entrepreneurs for the advancement of the Indian market for What do you think is the reason for the need for more startups in India? So, there are numerous reasons for this.
First, the major need for startups in India is job opportunities, if there are more startups then it will directly lead to more job opportunities, and also it will become the reason for economic growth.
Indians need to be innovative and one should avoid copying ideas from others. There are a vast number of Venture Capitalists in India who wish to invest in startups but due to the lack of an entirely new idea, they fail to find one.
Our Prime Minister, Narendra Modi thinks that startups are crucial to cross the gaps to improve the growth and advancement of the country on numerous fronts.
Thus, in simple words, we can say that there is a need for startups in India for the development of our country. If there are more competitors in the Indian market then it will save the country from monopoly in any particular area.
Benefits to Startups by Indian Government
Now, let’s drive our attention to some of the advantages provided by the government of India.
Startups are being highly motivated by the government and nowadays startups are coming to be very popular in India.
Also, under the supervision of our Prime Minister Narendra Modi, the government has launched Startup India. Here, we will discern some of the benefits given to entrepreneurs for establishing startups for the better growth of the Indian economy.
There is a very easy process for registering your startup in India. There is a mobile app and a website launched by the government of India by which you can easily register your startups.
The whole process is online and whoever is interested in setting up a startup can simply fill the form and upload the required document on the website.
The government has set up funds for easy startups in the form of venture capital.
New companies can apply for government tenders. They are excluded from the "related knowledge/turnover" standards appropriate for typical organizations explaining government tenders.
The government additionally gives arrangements of facilitators of licenses and brand names. They will give top-notch Intellectual Property Rights Services including quick assessment of licenses at lower expenses.
The government will bear all facilitator charges and the startup will bear just the legal expenses.
Tax holidays for three years
New companies will be excluded from income tax for a very long time, they get a certificate from the Inter-Ministerial Board (IMB).
In the R&D area, seven new Research Parks will be set up to give offices to new businesses.
Individuals putting their capital additions in the endeavor subsidizes arrangement by the government will get an exemption from capital increases. Thus, this will assist new companies to convince more investors.
After this arrangement, the new companies will have an alternative to pick between the VCs, giving them the freedom to pick their investors.
Now, talking about the easy exit then if there should be an occurrence of exit, a startup can close its business within 90 days from the date of use of winding up.
No time-consuming compliances
For saving time and money numerous compliances have been facilitated for startups.
The government has proposed to hold 2 startup fests yearly both broadly and universally to empower the different partners of a startup to meet.
This will give enormous systems administration openings.
Related blog: Success story of boAt
Top 12 Successful Indian Startups
As we have discussed above, India is the home for several startup success stories, but not every startup is successful.
So, here we will catch a glimpse of the top 12 startups in India which are flying high.
This startup is a payment service that helps us in paying money to each other, paying at hotels, shops, and many more places. It is quite identical to PayPal but it is not at that phase yet, it still appears to dominate all over India.
In India Paytm is very popular and people are using it everywhere like for online recharge, DTH, metro card recharge, mobile bill payment, electricity bill, and many more.
In 2015, Indian educational technology launched a learning app named Byju's. It has 50 million registered learners and 3.5 million paid subscriptions.
They offer highly personalized and productive understanding programs for classes one to twelve. They will also make you ready for several competitive exams.
Zomato is one of the very popular startups that has now turned into an international business. It is a food delivery business in India that has an existence in 24 countries and more than 10,000 cities all over the world.
While ordering food online, everyone's first preference is Zomato. It is a well-known platform for finding out restaurants, placing food orders online, and even making reservations in cafeterias.
It has organized itself like a boss in finding restaurants and placing orders in India. It offers a benefit for both restaurants and buyers.
You must have traveled in an Ola cab at least once in a lifetime. Yes, it is introduced in India by the founder Bhavish Aggarwal and co-founder Ankit Bhati. In the year 2010, it was founded in Mumbai.
Ola cabs have solved the problem of many people by making commuting easier. They don't just give taxis offices however, they also comprise motorbikes and Auto Rickshaws at reasonable prices and offer the facility of sharing the cab.
They are serving over 250 cities across India.
Another very successful startup Dunzo, the popular Indian startup, interfaces clients to the closest delivery partner who can make buys, pick up items from any store or eatery in the city and carry them to you all by using their application.
The central concept behind the business’s name directs on being swift, dependable, and valiant. They offer bicycle taxi services also. It is a hyper-local on-demand delivery service startup in India.
Presently, it operates in cities like Bengaluru, Noida, Delhi, Mumbai, Pune, Hyderabad, and Chennai.
Vedantu is an online platform formulated in the year 2011 for live coaching. Its headquarter is in Bangalore, India. The current CEO of Vedantu is Vamsi Krishna.
It aims to democratize education by building a marketplace for educators. It simplifies online classes for six to twelve standard students. They provide the best teachers from India for the better future of students.
Vedantu also helps in preparing for several examinations. This lockdown period has resulted in huge progress for Vedantu's platform.
OYO started as a hotel startup and now it has become the rapidly rising hotel chain in the realm. Ritesh Aggarwal is the founder of Oyo. It has operations in around 800 cities in 80 countries.
The business's investors encompass Greenoaks Capital, SoftBank Group, Didi Chuxing, Lightspeed India, Sequoia India, Hero Enterprise, and so on.
Whenever anyone has to stay at hotels then he/she always thinks of Oyo as they can stay there at a reasonable price.
Big Basket is the leading online market in India. The organization gives a wide combination of 18,000 items and more than 1000 brands going from fresh fruits and vegetables, rice and dals, refreshments, personal care items, meats, and other daily household needs.
This platform had been introduced in India when busy people were facing hardships in spending time to purchase groceries and essential home items. They give services in several cities like Banglore, Hyderabad, Mumbai, Chennai, Pune, Delhi, Gurugram, Noida, Indore, Surat, Kolkata, and many more.
Udaan is a B2B e-commerce startup that brings all the manufacturers, traders, wholesalers, and retailers under a mutual platform in India. It has been created by Amod Malviya, Vaibhav Gupta, and Sujeet Kumar.
It offers a variety of categories like electronics, home and kitchen supplies, stationery, toys, fruits, vegetables, and different other household items.
Udaan also gives logistics services and moreover working capital loans to its sellers on its platform.
Nykaa is an online beauty and wellness application. It provides the best beauty products for women as well as for men at a very reasonable price.
They deliver products directly from the brand and their products are 100% genuine and also give discounts and several offers from time to time.
The brand had been primarily recognized as a sole e-commerce medium but then it started setting up different retail outlets in several metropolitan cities across the nation.
Delhivery is an Indian delivery company founded by Sahil Barua. It is one of the few startups which has maintained to perform well and stick in demand.
They provide a very good supply chain platform and logistics services like last-mile delivery, warehousing, parcel transportation, reverse logistics, and also technology services.
Currently, it operates in more than 2000 cities and the company mainly focuses on competing as the Indian nation’s largest and most appropriate delivery platform when it comes to e-commerce.
Lenskart is one of the popular e-commerce platforms which deal with eyeglasses accessories. They have built a huge customer base as they give both online and offline services.
The choice is all yours whether you want to buy glasses online or go to an offline Lenskart store.
They provide a range of services like home eye checkups, easy returns, even they give a number of offers like free delivery, free frames with glasses. They have more than 5000 styles of frames and different kinds of lenses.
Also read: The success story of FoodyBuddy
Current Status Related to Startups in India
Recently, an Indian e-commerce startup FreshToHome has raised $121 million to grow its meat and vegetable e-commerce platform.
India has around 50,000 new businesses in 2018; around 8,900 – 9,300 of these are technology-led new companies. Altogether, the quantity of ladies business people remained at 14%, up from 10% and 11% in the past two years.
These are some stats that show the status of fastly growing startups in India and India is steadily getting self-reliant or as the Prime minister says, ‘Atmanirbhar Bharat’.
We can conclude the blog by saying that yes! India has several successful startups. As we have read in the blog about all these successful startups in India, but several startups have not got the chance to fly in the sky.
However, in the coming future, we will see many more startups from India which will grab the top position in the International market.
In the COVID-19 pandemic situation, several companies took advantage and grew very fast like Bjyu’s and Unacademy. They took this situation as a challenge and raised their business in a very healthy way as in this lockdown period a lot of students started studying from their apps.
So, we just have to wait for a while and we will see how the Indian market will grow.