Since the last few years, startups have taken flight in India, exceeding leaps and bounds. As a result, many people have become entrepreneurs, diving into business opportunities across different segments. While some don’t see the light of success, others thrive like anything. Going ahead in 2023, the same upward graph is projected to support startups. In addition, the funding for these is also expected to reach a new high.

 

The history of deals between companies in India is a testament to the fact that the country is an emerging hub of some of the most prominent startups. Moreover, the country is also a hub for some unicorns with several healthcare, e-commerce, social and fintech companies.

 

Several reports state that funding status and emerging unicorns have significantly contributed to the growth of the country’s startup system. Today, the country is the third-largest startup ecosystem, behind the two global superpowers. Going further, the progress is impeccable, with a projected 250 unicorns in India by 2025.

 

Here, we have made a list of the top 5 startups with an incredible history of survival and growth. Undoubtedly, these will expand and emerge further in 2023.

You have undoubtedly heard about this emerging platform. Founded in 2018, CRED allows users to pay their credit card bills and get rewarded for the same. Notably, this startup has created a new model that did not exist earlier in the Indian market. With the same, users get ‘cred coins’ on making a credit card bill payment through the app. Furthermore, these coins can be redeemed for purchasing products, participating in workshops, or entering contests. 

 

Along with the credit card payment service, CRED also doubles up as a marketplace for a premium catalogue of products. With CRED coins, customers can often buy these at a lower price than the MRP. The startup stems from the belief in incentivising people to maintain and improve their financial scores. 

 

Reports also specify that cred is the youngest Indian-origin startup, valued at around USD 2.2 billion. With more than 6 million customers, the startup aims to target affluent customers. It is visible that CRED has a bright path to pave ahead.

This is another Indian startup that has been in the limelight in recent years. PharmEasy stepped into a pre-explored segment, unlike CRED and still managed to make its mark. Founded in 2015, the company is an online medical store and pharmacy specialising in medical instruments, OTC products and diagnostic tests.

 

During the COVID-19 Pandemic, the urgency and scarcity of medicinal supplies contributed significantly to PharmEasy’s growth. As a result, the company raised $350 million and became the country's first-ever unicorn in the Epharmacy segment.

 

The merger between PharmEasy and Medlife resulted in being very beneficial as these companies beat off rivals like Netmeds, Amazon and Flipkart pharmacy.

 

Expansion is definitely on the cards for PharmEasy in 2023. Notably, the company’s founders have also logged investments in Byju and Swiggy.

Remember those TV Advertisements with “Sahi Sahi lagao” callouts? Yes, that’s Meesho for you! IIT Graduates founded the platform in 2015 as an e-commerce reseller on its way to becoming a great distribution channel. Meesho aims to provide a platform wherein homepreneurs can sell through platforms like WhatsApp, Instagram and Facebook.

 

Meesho stands apart from other e-commerce platforms because of its ecosystem. The startup enables small business owners to operate on the online selling platform. Hence, Meesho has gained an investment of $490 million to date.

 

Along with connecting sellers and customers, Meesho also offers orders, payments and logistics management for the sellers. The company has built a network of over 13 million Indian entrepreneurs dealing in groceries, apparel, home appliances and more.

 

The upscaling potential for Meesho will be massive in 2023 as the platform is expected to grow at 55%-60%. The company is competing against rivals such as Dealshsre, City Mall and Glow Road.

A provider of B-2-B E-commerce solutions, Udaan was founded in 2016 by the former executives of Flipkart. Today, this tech-based company has built a network of 3 million + users across 900 cities. 

 

In a short time, Udaan has signed with thousands of brands, such as LG, ITC, PepsiCo and more. Just two years after its incorporation, Udaan became a unicorn in 2018. Overall, the company’s raised funding comes to $1.15 billion and is valued at $3.1 billion.

 

Udaan’s co-founder feels that the COVID-19 pandemic has helped to accelerate and fast-track the growth of the unorganised sector in the country’s retail industry. Going further, the company is trying to enter the B2C market through Pickily, a new app. Making use of the same, it will be possible for Udaan to compete with players such as Big Basket, Flipkart and more.

This AI-first SaaS startup aims to become the world's number one AI and voice automation platform. Currently, the startup provides voice assistants and speech recognition services to clients in the hospitality and banking industries. These have minimal human interference and can handle complex issues.

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In 2021, the company hired in masses to strengthen its leadership team. Notably, all team members have multifunctional expertise and are aligned with Vernacular.ai’s expansion goals. 

 

The company recently rebranded and is now popularly known as ‘Skit’. Moreover, they have also secured funding of USD 23 million to elevate to the next level of growth and development. A declaration states that the capital will be allocated for sales, marketing, and building delivery capacities.

 

Considering that automation and voice recognition are two emerging technologies, the growth of Vernacular.ai in 2023 is undeniable. 

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India’s startup ecosystem only sees the upward graph. With more and more brands emerging each day, the development in several sectors also increases. New possibilities are explored, and demands are created and met. In order to support this growth and development, several factors, such as government policies, venture capital investments and more, come into play. Moreover, the famous show Shark Tank was also brought to India. The show provided a platform to many budding entrepreneurs with adequate financial support and guidance. As the second season is just a few days away, we will eagerly keep a watch on new ideas that might make it to our following list of emerging startups.