In recent years, India has solidified its position as the third-largest startup ecosystem globally, driven by a significant increase in innovation and investment. The government’s Startup India initiative, launched in January 2016, has played a crucial role in fostering this growth, leading to a remarkable year-on-year growth rate of 15% in 2018. According to Global Data, Indian startups raised USD 7.5 billion in venture capital funding from January to August 2024, highlighting the robust investment landscape in the country.
As the country’s economy is projected to double by 2030-31, India is becoming increasingly recognized as a bright spot on the global economic horizon. Cities like Bengaluru and Mumbai have emerged as startup hubs, even making it into the top 50 startup cities globally as reported by PitchBook.
In this context, LinkedIn has unveiled its 2024 list of the top emerging startups in India, showcasing companies that are not only experiencing rapid growth but also innovating within their respective industries. Here’s a closer look at the top 10 emerging Indian startups for 2024.
Top 10 Emerging Indian Startups of 2024
- 1 Zepto
- 2 Sprinto
- 3 Lucidity
- 4 GrowthX
- 5 Jar Financial Services
- 6 Wiingy
- 7 SourceBae
- 8 BiofuelCircle
- 9 Supersourcing
- 10 Battery Smart
Spotlight on Zepto
Zepto stands out as the leader of the list, having become the first startup in India to achieve a billion-dollar valuation in under a year. Founded in 2021, Zepto operates in the e-grocery sector and has quickly captured significant market attention. The startup’s founders, Kaivalya Vohra and Aadit Palicha, aged 21 and 22 respectively, have also made headlines as the youngest billionaires in India, with net worths of ₹3,600 crore and ₹4,300 crore according to the 2024 Hurun Rich List.
The Methodology Behind the Rankings
The rankings were based on LinkedIn data collected over the past year, which analyzed various metrics such as:
- Employment growth
- User interaction
- Job interest
- Talent acquisition
To qualify for the list, companies had to be located in India, be wholly autonomous, privately held, and have a minimum of 50 full-time employees while being no older than five years.
Conclusion
India’s startup ecosystem is thriving, and the 2024 list of emerging startups reflects a diverse array of industries, from technology and software development to financial services and social networking. As these startups continue to innovate and expand, they play a vital role in shaping the future of the Indian economy and its position on the global stage.
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