India is one of the cultural and population hubs of Asia and with such a large population, it is no surprise that the country generates a large number of top startups. Indian startups benefit from a rapidly growing and developing ecosystem which has a large pool of native talent available to it. This can be seen in the fact that the amount of VC funding in India has increased from $20.5 Billion in 2018 to $24.1 Billion in 2022.
The ecosystem’s growth is highlighted by the fact that it is expected to grow year-on-year by between 12%-15%. There are also more than a 100 unicorns in the country, which highlights the underlying potential for India to become one of the biggest startup powerhouses.
The Indian government is increasingly assisting with the development of the startup ecosystem in the country, with the Startup India Initiative being launched in 2015. This program aims to improve the simplification of legislation and the environment for businesses, increasing the availability of early-stage funding and increasing partnerships between industry and academia to fuel talent.
1. Rigi
Year Founded: 2021
HQ: Bengaluru, India
Size: 1-10
Founders: Ananya Singhal, Swapnil Saurav
The first company on our list of top Indian startups to follow in 2023 is Rigi. This business was designed with a specific focus on a niche target audience in digital entertainment. Rigi was designed for influencers, content creators, and celebrities. The online platform allows the influencers to earn from the community they have created content for. Within the platform, users can manage and grow their audience which can build them a career. There are free features users can use so that even if they are at the start of their digital career, they can have the right tools to make the right steps.
This inventive and very current top startup has had great success so far in raising funding to boost the startup to the next level. The current total funding amount is $23.6M.
2. Landeed
Year Founded: 2022
HQ: Bengaluru, India
Size: 11-50
Founders: Sanjay Mandava, Zijie Lin
Next up is Landeed, a top startup from India working in the property management, insurance industry. This PropTech company is working to make it easier for people to verify their ownership of property. The aim is to make the process of land transactions just as easy and smooth as the process of trading shares. Landeed is putting the power into the hands of citizens so they can protect their own property ownership, without fear of land being illegally taken from them. This top startup develops a search engine for property titles for Indian real estate, to make that power.
Since launching just last year in 2022, this Indian startup has raised $10.8M in total funding. This was made across just two funding rounds and the most recent funding round took place on the 24th of January, 2023.
3. Zepto
Year Founded: 2021
HQ: Parel, India
Size: 101-250
Founders: Aadit Palicha, Kaivalya V
Zepto is another top startup from India and is working in the apps market, providing its customers with a delivery service that is accessible via a digital platform. The Indian startup has created an online platform that acts as a grocery shop where customers can order and have their delivery arrive in ten minutes. Zepto was created to cut out the hassle of online food deliveries; now, customers can have their order arrive so quickly, they can start to preheat the oven whilst waiting for their ingredients to arrive. The fast paced delivery platform was designed to keep up with and match the faced pace way of life today.
The top startup has raised a rather impressive total funding amount of $360M since launching. This was made possible with the support of twelve investors across five funding rounds. The latest funding round raised for Zepto was closed on the 3rd of May, 2022.
4. Toddle
Year Founded: 2019
HQ: Bengaluru, India
Size: 51-100
Founders: Deepanshu Arora, Gautam Arora, Misbah Jafary, Nikhil Poonawalla, Parita Parekh
Toddle is an Edtech startup from India that has created a platform for teachers to make collaboration more unified and easy within education. The platform provides teachers with one platform where they can access everything they need to plan, teach, and more. Within the platform, there are tools to aid in planning lessons, delivering content, keeping track of a schedule, reporting progress, and so much more.
The total funding amount for Toddle currently sits at $17M. This money was raised in two funding rounds, the second of which took place on the 10th of January, 2023.
5. BankSathi
Year Founded: 2019
HQ: Bengaluru, India
Size: 101-250
Founders: Himanshu Pujari, Jitendra Dhaka, Rahul Walia, Sandeep Kaler
BankSathi is the fifth top startup on our list to follow in 2023. It is operating in the financial services sector. The Indian startup allows its user to start a business selling insurance, loans, cards, comparison, and also approval facilities. BankSathi is open to lots of people using its tools and becoming a BankSathi Adviser, including ex-bankers, insurance advisers, loan agents, BFSI professionals, and wealth advisers. The top startup’s customers can become an adviser, and then share leads to start earning.
The top startup has raised $5.4M in total funding to date. BankSathi’s latest funding round was closed on the 9th of January, 2023, and this was a Seed round of funding.
6. Sourcewiz
Year Founded: 2020
HQ: New Delhi, India
Size: 51-100
Founders: Divyaanashu Makkar, Mayur Bhangale, Vikas Garg
Sourcewiz is another top startup from India, it works in the B2B and information technology sectors. The Indian startup has created a platform that can be used by exporters to make their workflow digitalised. This in hand will help users make their workflow easier to manage and understand, whilst enabling growth and ease for business management. Sourcewiz has created a platform so useable that customers can create digital product catalogues within just 5 minutes. They can then share the product catalogues with buyers securely, to increase sales effectively.
Since being founded in 2020, the company has raised $5.5M in total funding. This money was made across just two funding rounds. The second of which was a Seed round that closed on the 29th of June, 2022.
7. Flatheads
Year Founded: 2019
HQ: Bangalore, India
Size: 11-50
Founders: Ganesh Balakrishnan, Utkarsh Biradar
Number seven on the list of the top startups from India to follow in 2023 is the e-commerce business Flatheads. The fashion market startup is designing and making shoes that are comfortable, lightweight and breathable. Flatheads has created a product to take the footwear industry by storm, as the lightweight design does not sacrifice the protectiveness of the shoe. There are other benefits to the smart design such as flexibility and ease to transport. Each part of the design was considered with the customer’s ease in mind, from the one-time-lacing technology, to the breathability of the fabric.
The company’s total funding amount currently stands at $1.7M. This was raised with support from eleven investors, including Radhika Ghai and Akshit Goyal.
8. Virohan
Year Founded: 2018
HQ: Gurgaon, India
Size: 101-250
Founders: Archit Jayasal, Kunaal Dudeja, Nalin Saluja, Paarul Dudeja
Virohan is a EdTech Indian startup working in corporate training and is worth watching through 2023. This top startup provides its customers with advanced industry demand-driven training programs, specialised in healthcare to students. Currently, Virohan’s students have a 100% internship rate, showing the success of the courses. The top startup is making learning easier, as it allows students to be on the move whilst studying, as they can learn on a mobile phone through the myCareer app. Through Virohan, students can also get practical work experience whilst training with industry experts. This will help give students an edge when it comes to applying for a job.
Across the years, since being founded in 2018, the Indian startup has raised $11.9M in total funding. Virohan raised this with help from twenty-two investors which included LetsVenture and ALES Global Japan.
9. Bhanzu
Year Founded: 2020
HQ: Hyderabad, India
Size: 51-100
Founders: Khrishnakanth JSS, Neelakantha Bhanu Prakash, Prachotan DL, Srinivas Jonnalagadda, Uday Kiran
Bhanzu is the next top startup on the list of Indian companies to follow in 2023. This business was launched in 2020 within the Edtech industry, it also operates in the apps, education, and more specifically STEM education sectors. Bhanzu provides users with a platform for math learning that helps support careers in math and STEM fields.
The company has completed two funding rounds, raising a total funding amount of ₹1.3B. Bhanzu’s first funding round took place on the 24th of February, 2022, and the latest funding round took place on the 21st of September, 2022.
10. Park+
Year Founded: 2019
HQ: Haryana, India
Size: 101-250
Founders: Amit Lakhotia
The tenth company on our list of the top startups to watch in 2023 is Park+. It works within the apps, internet, software, and parking industries, providing automated parking options. Park+ offers parking for corporates, hospitals, apartments, shopping centres, as well as other commercial establishments. This Indian startup not only offers parking solutions, but also a range of other services that have been designed to take drivers’ anxiety away. Park+ also offers car wash, insurance, FASTag, car trade, and more. The business has made parking in corporate car parks easier, with technologies such as ANPR (Automatic Number Plate Recognition) and EV charging stations.
Park+ has raised a total funding amount of $54.3M since being founded in 2019. Its last funding round was closed on the 10th of January, 2023 and it was a Series C round.
FAQ
How Many Startups Are There in India?
There are currently more than 80,000 startups in India.
What is the Average Investment in Indian Startups?
The average Seed Round in India is worth $655,000 and the average Series A is worth $5 Million.
What Startup Industries Are The Strongest in India?
The best startup industries in India are FinTech and Life Sciences.