With over 1.4 billion people living in India, it’s a major challenge to meet everyone’s needs. This is where startups come in – new companies launching in different sectors all across the country.
The startup scene in India is really thriving right now. People there have always come up with innovative business ideas, but things seem particularly promising these days. Large companies have taken notice too, investing heavily to help these startups expand.
Curious to hear about some of India’s most promising new companies? A few startups could see real success in 2024 if they continue their current momentum. Want to learn more about them? Keep reading.
1. Zolve
Zolve is a startup that has gained attention for its mission to connect non-Americans with US financial services, helping them achieve financial prosperity within the country. The US financial system differs significantly from many other systems worldwide, making Zolve’s assistance valuable and necessary for those who are unfamiliar with it.
Among the services this platform provides, you can find help with setting up an American bank account, credit card, insurance, and student loans. The latest round of funding Zolve conducted was in October 2023, which made it possible for the company to collect $100 million.
The money will be invested in expanding and enhancing the service. With the company already supporting half a million people, we can see that expansion is to be expected in the foreseeable future.
2. Cred
Cred has raised funding from various investors, including DST Global, Sequoia Capital (India), and Tiger Global, among others. The company has gone through several rounds of private funding, with the latest being a Series F funding round in June 2022, led by Singapore’s sovereign wealth fund, GIC. This funding round valued the company at around $6.4 billion.
The company also became the official sponsor of the Indian Premier League for four years from 2020 to 2023.
In 2021, it acquired expense management startup Happay and liquor delivery startup HipBar.
December 2022 is also important for the brand since it acquired a 100% stake in CreditVidya, which offers lending as a service, allowing it to assist customers without a credit score.
During 2023, Cred acquired savings and investment platform Spenny, further expanding its presence in the lending and wealth tech space.
In February 2024, Cred acquired online wealth management startup Kuvera, entering the mutual funds market.
3. Amber
Amber Enterprises India Ltd provides a range of room air conditioner solutions, including window air conditioners, indoor units, outdoor units of split air conditioners, and inverter RACs.
The company also manufactures functional components of RACs such as heat exchangers, motors, and multi-flow condensers, as well as other RAC components like sheet metal components, copper tubing, plastic extrusion, vacuum forming, and injection molding components.
4. Vidyut
Vidyut aims to simplify commercial EV ownership by making it more accessible, affordable, and devoid of financial risk. They achieve this through their innovative battery subscription financing model, which reduces the initial down payment and addresses the high cost associated with EV batteries.
Vidyut promises a minimum resale value for the EV after the loan term through its guaranteed buyback program. This initiative eliminates resale anxiety and further incentivizes the transition to electric vehicles.
Recently, the company successfully secured $10 million in Series A funding, which is an indicator of its growing influence and potential in the EV sector.
5. Sarvam AI
Among the youngest, but also the highest growing, startups in India, Sarvam AI holds a special place. Even though it was founded less than a year ago, it was already able to establish its position in the local market.
It has the goal of providing Indian companies with an opportunity to create and distribute an array of AI applications. In December, Sarvam AI started a round of startup funding.
They’ve accumulated $41 million, which is an amount that helps them acquire more local and foreign talent and opens room for expansion.
6. Neodocs
Neodocs is a prominent startup in the medical technology market. The service it offers is a wellness tracker that makes it possible for users to scan their samples and see whether they should visit a doctor or not. It helps with tracking various metrics, like hydration levels.
Furthermore, users can expect to monitor their liver and kidney health. Another possibility is scanning to see whether an individual has a UTI. Even though the competition is pretty steep in this market, Neodocs was able to find its place.
What is about to happen soon is that the company aims to expand beyond Indian borders. In February 2024, it amassed $2 million for that task.
7. Krutrim
Krutrim has been classified as India’s first AI Unicorn. The company is at the forefront of developing a Large Language Model (LLM) AI solution that is being trained in English and local Indian languages.
The recognition comes after a successful funding round in which the company raised an impressive $50 million.
8. Haptik AI
Haptik is an AI company that specializes in conversational AI platforms. They focus on customer engagement use cases such as customer support, concierge services, lead generation, and live chat.
In 2019, Haptik was acquired by Jio Platforms Limited, a $65 billion Internet conglomerate, in a $100 million transaction. They have achieved significant milestones, including a 2.5x revenue growth, adding close to 150 enterprise customers across seven countries, and onboarding over 5,000 small and medium businesses (SMBs).
Haptik’s WhatsApp business solution for SMBs, Interkat, became number one on Shopify, showcasing the success and adoption of their conversational AI platform.
9. BharatPe
BharatPe is a Fintech company that provides financial services to small merchants and grocery stores. Millions of small businesses in India require a financial service that will help them provide tailored products that will fit their business needs.
This is the main goal of BharatPe It offers the possibility for its users to accept payments and take a loan. It serves as a middleman in conducting payments via channels like Paytm or GooglePay. Businesses can do all that just by using a QR code provided by BharatPe.
Those interested in taking a loan can do so without doing it in person. The rates the company provides are competitive.
10. PharmEasy
PharmEasy has revolutionized the way medical products and services are accessed in India. The company’s online platform mirrors the inventory of a physical medical store, offering a range of products and services, including over-the-counter products, medical instruments, and diagnostic tests.
This accessibility became particularly crucial during the COVID-19 pandemic, elevating PharmEasy to an essential service provider and significantly boosting its growth and popularity.
Back in 2021, the strategic merger with Medlife not only expanded PharmEasy’s market reach but also infused an additional $350 million into the company, enabling it to compete with major e-pharmacy brands like Flipkart and Amazon Pharmacy. It certainly opens a lot of doors for the future.
Summary
With the Indian startup ecosystem flourishing, due to its strong startup culture, nobody should be surprised why so many promising companies surface every single year.
Here, you can find the top Indian startups that will shine even more in the future. Among them, keep an eye out for the top Indian startups that will shine even more in the future, including the top 5 AI startups to look out for in 2024.
