Who Are India’s Most Valuable Startups?

Back in April 2023, India became the world’s most populated country, surpassing China for the first time ever. According to the UN, India’s population at the time was around 1.42 billion, and it wasn’t slowing down.

It’s no surprise then that with so much talent within its borders, India is also becoming one of the world’s most successful startup economies.

In fact, according to Startup India, India has the 3rd largest startup economy in the world after the USA and China. And with 124 unicorns within its borders, equating to 0.09 unicorns per million people, it’s not slowing down anytime soon.

So, who are India’s most valuable startups? We take a look…

OYO

Valuation: $9.6 billion

Founded in: 2013

Sector: Hospitality – OYO is a hospitality platform that pulls together budget hotels, homes and living spaces and provides them with the tech and guest experience they need to compete with larger hotels. By partnering with smaller options, it provides more reliable and affordable stays across India.

Dream11

Valuation: $8 billion

Founded in: 2008

Sector: Fantasy sports – Dream11 is India’s biggest fantasy sports platform, which allows users to pull together virtual teams and collect points based on real performances. Popular with cricket, football and kabaddi it is India’s 2nd most valuable startup.

Razorpay

Valuation: $7.5 billion

Founded in: 2014

Sector: Financial technology – Razorpay is a payments solution that allows businesses to accept, process and disburse payments all in one place. With easy integration and a dashboard to manage all finances, it’s used by over 10 million businesses.

Ola Consumer

Valuation: $7.3 billion

Founded in: 2010

Sector: Transportation – originally founded as ‘Ola Cabs’ – Ola Consumer is an on-demand ride-hailing service that has expanded into areas like e-commerce, finance, AI and logistics. The company is setting out to tackle daily consumer needs and is quickly becoming one of India’s most valuable companies.

CRED

Valuation: $6.4 billion

Founded in: 2018

Sector: Financial technology – CRED is a fintech platform that rewards those with a high credit score for paying bills, rent and buying certain items. They are setting out to build a community of financially responsible people, positively reinforcing and rewarding responsible financial habits.

PharmEasy

Valuation: $5.6 billion

Founded in: 2015

Sector: Healthcare – Pharmeasy is an Indian medical ‘super-app’ that gives people access to on-demand medical advice, medicine delivery and diagnostic tests. The app currently serves over 1,000 cities in India, making it an important company in the country’s infrastructure.

Swiggy

Valuation: $5.5 billion

Founded in: 2014

Sector: Food delivery – Swiggy is an on-demand convenience platform that started out doing food deliveries but has since expanded into package delivery, restaurant bookings and cloud kitchens too. With multiple revenue streams and a huge audience, it serves millions of people in India.

PhonePe

Valuation: $5.5 billion

Founded in: 2015

Sector: Financial technology – PhonePe is a financial services app that allows businesses to make payments, investments and fulfil e-commerce orders through its app. With 600 million users and a big merchant network, it’s setting out to make finance digital for all Indians.

OfBusiness

Valuation: $5 billion

Founded in: 2015

Sector: B2B commerce – OfBusiness helps SMEs and other companies procure and pay for raw materials like metals, agri-products and chemicals to help them run their businesses. The company, which became a unicorn in 2021, has set out to completely revolutionise India’s industrial supply chains.

Ola Electric

Valuation: $5 billion

Founded in: 2017

Sector: EVs – Ola Electric is India’s biggest electric vehicle producer for motorbikes. As many Indians travel on scooters and motorbikes, it aims to make it easier, cheaper and more sustainable for them to get around cities.