If you live in India, I’m sure you must have heard of at least 3 of these 5 names. These brands that began as small startups have truly made it big, and when I say big I mean a valuation of $245 million in 6 years big. What intrigues me the most about them is that they all started recently, long after renowned brands had already established themselves as the top shareholders in the market. So, what’s the secret to gaining this king of success? Let’s have a look.
1. BoAt
BoAt, an Indian-origin company was founded by Aman Gupta and Sameer Mehta in 2016 and is an all-time favourite of the Indian public. It specializes in its audio related devices and has gained significant popularity over a short period of time. Apart from its trendy designs and high quality, boAt is also an affordable brand with prices below the regular market price, making their products accessible to a wide range of consumers. In year 2022 alone, the brand generated a total revenue of Rs 2,873 crore ($290 million) in comparison to Rs 1,314 crore in 2021.
2. Paytm
Paytm in simple terms is financial transactions made easy for Indian citizens. The name stands for ‘Pay Through Mobile’, which is exactly what it does. It was founded by Vijay Shekhar Sharma in August, 2010 and has gained tremendous following since then. In fact, as of September 2021, it has over 350 million registered users. The company has now expanded to assisting prepaid mobile connections, post paid bills, and make payments for utility services. According to a report by the Indian government's think tank NITI Aayog, as of August 2020, Paytm held a market share of about 14% in terms of the total volume of digital transactions in India. The app’s popularity surged in 2016 when the India government demonetized high-value currency notes, leading to a cash crunch in the country. It provided people with a digital alternative for people to make payments, and continues to do so.
3. Meesho
Meesho is an Indian social commerce platform that was founded in 2015 by Vidit Aatrey and Sanjeev Barnwal. It provides a platform for individuals, particularly housewives, to start their own online businesses by selling products via social media platforms such as WhatsApp, Facebook, and Instagram. Meesho enables individuals to become resellers and earn a commission on each sale they make. As of 2023, it has reported a user base of over 100, 000 resellers. Meesho has received significant funding from investors to support its growth, and is expected to reach states all over India by the end of the year.
4. OLA
OLA, an Indian ride-hailing company was founded in December 2010, by Bhavish Aggarwal. The company started its operations in Mumbai in the year 2011, with a small fleet of cars. The company focused on the need for affordable and accessible transportation in urban cities and eventually gained popularity for its services. OLA rapidly expanded to cities throughout India and attracted both customers and drivers. In the year 2021, despite being amidst the Covid-19 pandemic, the company generated annual revenues of $132.66 million. Over time, the company expanded to providing users with options for luxury, micro, mini, or prime vehicles, to provide them with a wide array of options to choose from. The company has now entered international markets as well, including New Zealand, Australia, and the United Kingdom, to compete with Uber.
5. Cult.Fit
Cult.fit, now known as Cure.fit, is a health and fitness startup that was founded in 2016 by Mukesh Bansal and Ankit Nagori, both former executives at Flipkart, an Indian e-commerce company. It saw the scope of the integration of the fitness and technology industries. It has now rapidly become one of the leading fitness brands in India with 200+ chains in the country. The company saw its peak in fiscal year 2019, with annual revenues of 6.07 billion INR.
The masterminds behind these mega-brands serve as an inspiration to young entrepreneurs
around the world. With a boom in the Indian start-up culture, more such brands can be expected in the future. As we conclude our exploration of famous startups, it is important to recognize that behind every success story, there are countless tales of failures, setbacks, and challenges.
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