There’s no denying that India’s startup space is growing.
Indian startups have reportedly raised over $1 billion in August this year alone. That’s despite capital constraints in a slowing global economy, where the days of easy money for start-ups are gone and investors are demanding more results.
Still, LinkedIn’s “Top Start-ups 2022? for India shows that the country’s start-up scene may have some promise.
“India’s fintech adoption has grown and the funding reflects that, with the sector attracting almost 26% of total investments made during the April-June quarter of this year,” said Nirajita Banerjee, the managing editor of LinkedIn News India, citing a Nasscom report.
It’s also great to see young professionals embracing India’s startup ecosystem, with 56% of all hires in the top 25 startups being aged below 30.
Managing editor, LinkedIn News India
“Edtech has also made its mark in the list,” she said, naming companies like upGrad, GrowthSchool and Classplus.
India’s space technology and research sector is also “an emerging one to watch,” Banerjee added, with companies like Skyroot Aerospace and AgniKul Cosmos on the list for the second year in a row.
“It’s also great to see young professionals embracing India’s startup ecosystem, with 56% of all hires in the top 25 startups being aged below 30, and 17% aged below 25, at the time of joining.”
The list that LinkedIn compiled drew on in-house data collected between July 1, 2021 and June 30 2022, measuring start-ups in four areas — employment growth, engagement, job interest and attraction of top talent.
To be eligible, companies had to be headquartered in India, have 50 or more employees, and be seven years or younger at the time of calculation.
LinkedIn said the rankings serve as a resource for employees who want to grow in their skills and are “excited by the opportunity to innovate.”
“It is this robust startup ecosystem that will allow India to realize its dream of becoming a $5 trillion economy by 2025,” the professional networking site wrote.
Here’s the full list of India’s top start-ups 2022, according to LinkedIn:
25. Zypp Electric — Transportation and logistics 24. Pocket FM — Internet 23. Stanza Living — Hospitality 22. AgniKul Cosmos — Defence and space 21. FamPay — Financial services 20. Living Food — Food and beverage 19. Ultrahuman — Wellness and fitness 18. DealShare — Internet 17. BlissClub — Retail and fashion16. Park+ — Internet 15. Classplus — E-Learning 14. Rapido — Transportation and logistics 13. Simpl — Consumer services 12. Ditto Insurance — Financial services11. Share Chat — Internet10. BluSmart — Automotive9. GrowthSchool — E-learning 8. The Good Glamm Group — Internet 7. Spinny — Retail motor vehicles 6. MBA Chai Wala — Food and beverage
5. Skyroot Aerospace
Industry: Space research and technology
Full-time headcount: 200
Most common skills: Aerospace engineering, machining, scientific computing
Skyroot Aerospace was founded four years ago by engineers and former scientists from the Indian Space Research Organization. It builds technologies for “responsive, reliable and economic access to space.” The spacetech company is now working on a series of rockets that will help carry small satellites into space.
Full-time headcount: 1,000
Most common skills: Business management, manufacturing operations, data science
Zepto is a startup that promises to deliver groceries in less than 10 minutes. Co-founded by two 19-year-old Stanford dropouts, the latest cash injection of $200 million it received in May 2022 valued the business at $900 million. That brings Zepto one step closer to unicorn status — a startup valued at more than $1 billion.
Industry: Food and beverage services
Full-time headcount: 680
Most common skills: Development tools, web development, data science
Groww is an digital investment platform that provides an objective evaluation of different investment opportunities through stocks and mutual funds. The company boasts of more than 30 million active users, according to its website, and aims to simplify investment for the masses.
Full-time headcount: 5,000
Most common skills: Business management, communication, sales operation
upGrad partners with universities in India and overseas to provide professionals and college students the opportunity to upskill. In August 2021, upGrad reached unicorn status and has since raised another $210 million in Series F funding.
Industry: Financial services
Full-time headcount: 800
Most common job titles: Software engineer, business consultant, product analyst
CRED is a member-based credit card rewards app that was founded in 2018. It allows credit card users to manage multiple cards, and it comes with an analysis of their credit score. CRED is another unicorn in the list, and is now valued at $6.4 billion after its latest round of funding.
Some employee perks include ElderCare benefits and egg freezing, according to LinkedIn.
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