If you go and google “What is a product-based company?” right now, you’ll see a snippet that says “a company that primarily manufactures products that may or may not be related to software.” which we do agree with. But then when you try to find a list of top product-based companies in India, you end up with the same old list containing Facebook, Google, and Apple.
But why?
Does India not have good product-based companies? Well, if we go by Google’s definition of “product-based companies”, we do have some phenomenal product-based companies, and our objective with this blog is to break the stereotype of “only international product-based companies are good”.
So without beating around the bush, here’s a fresh perspective on what product-based means and a comprehensive list of top product-based companies in India.
List of Top 10 Product-Based Companies in India (Indian Origin)
1. Flipkart
Flipkart is an Indian e-commerce giant founded in 2007 by Sachin Bansal and Binny Bansal and it is headquartered in Bengaluru. It operates in product categories, including electronics, fashion, home essentials, groceries, and more. However, the major product offered by the company is the e-com.
As of 2023, the company is valued at $70 billion and is expected to be listed in the US by the end of this year. It employs 15,000+ corporate family members and boasts a strong supply chain across the country. The journey of Flipkart has been an interesting one and we have a detailed case study of its fierce competition platform itself boasting millions of products from vendors across the country.
Apart from its operations in India, it had expanded operations in other countries as well with a subsidiary called Flipkart Middle East FZ LLC, which operates in the United Arab Emirates along with a registered office in Singapore, which serves as a hub for its operations in Southeast Asia.n with Amazon and its rise and fall, which you can read here.
2. Ola
Ola is a ride-booking app founded in 2010 by Bhavish Aggarwal and Ankit Bhati which is headquartered in Bengaluru. Ola’s operations and services are not just confined to the national borders, as it operates in 250+ cities across India, Australia, New Zealand, and the UK.
Being one of the most popular startups in the Indian startup ecosystem, it offers various transport avenues including taxis, auto-rickshaws, and bike taxis. Moreover, it also boasts services like a digital wallet called Ola Money that can be used to make payments across a nexus of apps and vendors, and Ola Fleet, a vehicle and driver management feature for people who own multiple vehicles.
Ola has set up multiple offices abroad to streamline its International operations including Ola Australia, a subsidiary, that operates in Australia and New Zealand, and a technology center in the United States, which is focused on developing new technologies and innovations.
As of March 2023, Ola has more than 20,000 employees and is valued at around $6 billion thanks to its popularity in India, making it one of the best product-based companies in India.
3. Cred
CRED is an Indian fin-tech founded in 2018 by Kunal Shah. Headquartered in Bengaluru, just like most entries on this list, the primary product offered by Cred is the Cred app, a credit card management platform that helps users manage their credit card payments and rewards them for making payments on time.
CRED offers a plethora of features for credit card management, including reminders for bill payments, payment automation, cashback rewards, and more. Interestingly, it also offers CRED Pay, an in-app digital payment alternative that allows users to make payments within the app and outside it across a network of vendors and earn exciting rewards on these payments.
As of March 2023, CRED houses around 2,000 employees and has expanded its presence outside the national borders setting up offices in the United States, Singapore, and Dubai. The company has raised more than $800 million in 9 rounds of funding from over 34 investors and it is valued at $6.4 billion. CRED had a disruptive business model that helped the company capture a major chunk of the credit card payments market. You can read our detailed extract on CRED’s business model here.
4. Paytm
Vijay Shekhar Sharma founded Paytm in 2010, The company’s corporate headquarters are headquartered in Noida. The Paytm app is the company’s primary product, allowing users to pay bills, transfer money, and make payments using the app’s digital wallet and payment wireframe. It is one of the most trusted payment apps in the country making it a legible entry in the top product-based company in India list. Paytm also offers a variety of services, including loans, wealth management, and insurance. By opening up new offices in nations like Singapore, Canada, and Japan, it has increased its global footprint.
The company boasts around 25,000 employees and a $3.8 billion market cap as of November 2022, which is over 4 times less than its pre-IPO valuation. One of the top players in the Indian fintech market, the company has raised money in several rounds from investors such as SoftBank and Alibaba Group and has had a fascinating journey so far. We have a detailed extract on Paytm’s Business Model on our website that you can read here.
5. PhonePe
Sameer Nigam, Rahul Chari, and Burzin Engineer founded the fintech business PhonePe in Bengaluru in 2015. The business specializes in digital payments, and it’s renowned for its streamlined mobile application that lets users send money, settle accounts, and make purchases. PhonePe has expanded its operations outside of India to a number of foreign countries, including Singapore and the United Arab Emirates. One of the most well-known digital payment platforms in the world, the company’s global presence has contributed to this.
With over 5,000 people, PhonePe has a sizable and diversified team dedicated to providing its clients with cutting-edge solutions. The business is valued at almost $12 billion as of February 2023, making it one of the top product-based companies in India and even across the world.
6. Oyo
In 2013, a young Indian entrepreneur Ritesh Agarwal launched the hotel business Oyo. With the corporate headquarters being located in Gurugram, the business is known for its cutting-edge approach to the hospitality sector. Oyo runs a network of reasonably priced hotels, lodgings and restrooms, offering visitors top-notch services at reasonable costs. With offices and operations spread throughout numerous nations, including the United States, China, and Japan, the corporation has a significant global footprint.
Oyo has grown to be one of the biggest hospitality companies in the world, employing over 25,000 people. As of October 2022, its estimated market value was anticipated to be over $6.5 billion, making it one of the top product-based companies in India.
7. Byju’s
Byju Raveendran established the ed-tech business Byju’s in 2011. The company’s headquarters are in Bangalore, India, and it offers educational materials via an online platform that gives students of all ages individualized learning experiences. The primary offering by the company is the app itself, followed by multiple bundled courses covering various competitive examinations, and secondary, and senior secondary education.
Byju has offices outside of India as well, notably in the United States, the United Kingdom, Australia, and the United Arab Emirates, in addition to its presence in India. One of the most valuable companies in India, the company today employs over 10,000 people worldwide and is valued at $22 billion as of March 2023, making it a strong contender in this list of top product-based companies in India. Byju has an interesting business model which you can study here.
8. Zerodha
Nitin and Nikhil Kamath established the fintech business Zerodha in 2010. Headquartered in Bengaluru, the business offers retail investors a platform to trade in a variety of financial assets, including equities, commodities, and currencies, using a low-cost brokerage model. It has never raised outside capital; it has always been bootstrapped. It was the first business in India to implement a zero-brokerage strategy, and in 2022–2023, it had over 6.5 million active clients, making it the market leader in the sector.
Interestingly, Zerodha solely operates in India; it has no offices outside. Housing more than 3,000 employees, the company is currently valued at $2 billion and is one of the most promising entries on this list of top product-based companies in India. Zerodha is also the most profitable Indian unicorn on this list and we have already done a detailed case study on how it makes money that you can read here.
9. Zomato
Deepinder Goyal and Pankaj Chaddah launched the food-tech business Zomato in 2008. The company has its headquarters in Gurugram, India, and offers a platform for users to find restaurants, place online food orders, and make reservations. Zomato is generally considered a food-delivery service company instead of a product-based company, but we hold a different opinion (an interesting one too). We believe Zomato has a pretty unique product and that’s the app. Without the app, these services would have made no sense, therefore the company deserves credit and that’s why it’s on the list.
In addition to having offices in India, Zomato also has operations abroad, including in the United States, the United Arab Emirates, the United Kingdom, Australia, and a number of other nations. Employing more than 7000 people worldwide and a current valuation of over $5.33 billion, it is one of the top product-based companies in India. Zomato also boasts a pretty impressive revenue model with diversified revenue streams, you can read more about that here.
10. Unacademy
In 2015, Hemesh Singh, Roman Saini, and Gaurav Munjal established the ed-tech business Unacademy. The company’s headquarters are in Bangalore, India, and it offers students studying for competitive exams, such as those for government jobs and higher education, online learning resources. The company’s aggressive acquisition strategy has been one of the main drivers of its enormous success. Additionally, Unacademy has gathered a total of 11 other brands under its umbrella to strengthen its position in the Indian Fintech market. You can read more about Unacademy’s acquisitions here.
Unacademy maintains offices outside of India, notably in the US and Indonesia, in addition to its presence in India. The business currently has approximately 4,000 employees and is valued at over $3.4 billion, making it one of the top product-based companies in India.
List of Top 10 Product-Based Companies in India (Non-Indian Origin)
1. Google
Google, a multinational technology company, has seamlessly woven itself into the everyday lives of billions of individuals globally since its establishment in 1998 by Larry Page and Sergey Brin. Headquartered in Mountain View, California, the company boasts a widespread presence with locations worldwide.
We all know Google is a pioneer in Search Engine avenue, however, it offers an array of other services such as email, internet advertising, cloud computing, and mobile operating systems. The company is among the largest and most influential product-based businesses globally, with over 140,000 employees worldwide, including in India. It has made significant contributions to society by promoting cross-cultural interactions, spurring innovation, and supporting charitable causes.
Google has surpassed $1.145 trillion in market value by 2022, making it one of the most valuable product-based companies in India and the entire world. Its dedication to creating cutting-edge goods and services that improve people’s lives is the reason for its success.
2. Amazon
Jeff Bezos founded Amazon, a renowned international technology company with its headquarters in Seattle, Washington, in 1994 when the internet was still developing. At first, Amazon concentrated on offering a platform as an online bookstore, but it has since grown and transformed into the largest e-commerce platform in the world, offering a variety of goods and services like online shopping, streaming video, cloud computing, and artificial intelligence.
With operations in many nations, including the United States, Canada, China, Japan, Australia, and the United Kingdom, among others, the company is today one of the largest employers in the world, employing over 1.3 million people. Amazon has a market valuation of over $1.8 trillion which has grown tremendously over time, and millions of people around the world are now familiar with the brand.
3. Facebook
The social media behemoth Facebook has transformed how people communicate and share information. The business was established in 2004 by Mark Zuckerberg, and since then it has grown to become one of the most well-known social media network product-based companies in India as well as global markets. The company’s headquarters are in Menlo Park, California, and it has offices all around the world, including in India. As of 2021, Facebook has over 60 locations, with major offices in Mumbai, Hyderabad, and Bangalore. India-based locations employ more than 6,000 of Facebook’s 58,000 employees.
Facebook is committed to connecting people and fostering meaningful relationships, which it achieves through its social media products. Users can connect with friends and family, share content, and discover new things on the platform. With a current valuation of around $1 trillion, Facebook is one of the most valuable companies worldwide.
4. Microsoft
Microsoft Corporation was established in 1975 by Bill Gates and Paul Allen, who positioned it as a preeminent technological corporation with its headquarters in Redmond, Washington. Microsoft creates, licenses, and hawks personal computers, consumer gadgets, and software. The Microsoft Office productivity suite and Windows operating system brought it enormous fame, and the Xbox gaming console established it as a prominent force in the video game market.
India is home to Microsoft offices in a number of locations, including Bangalore, Hyderabad, Mumbai, and New Delhi. Almost 181,000 people are employed by the organization worldwide, including many who are based in India. Microsoft’s market valuation hits $2 trillion making it one of the most valuable product-based companies in India and the world as of 2022.
5. Apple
Apple Inc. was established in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne. Cupertino, California serves as the company’s corporate headquarters. Apple Inc. is a multinational company that creates, markets, and distributes computer software, consumer devices, and online services. The iPhone, iPad, Mac, Apple Watch, and AirPods are some of the company’s well-known products. Through its iTunes Store and Apple Music, it is also a significant participant in the digital music and streaming sectors of the economy.
Moreover, Bangalore and Hyderabad are only two of the places in India where Apple Inc. has offices. The company employed over 147,000 people worldwide as of 2021. As of 2022, Apple’s market valuation has surpassed $3 trillion, making it one of the most valuable product-based companies in India and globally. Its success over the years has been driven by its innovative products, elegant designs, and dedication to user privacy.
6. IBM
Charles Ranlett Flint founded IBM, or International Business Machines Company, in 1911, and the company has a long history as one of the leading product-based companies in India and around the world. The corporate headquarters of the business are in Armonk, New York. As a global technology firm, IBM provides both organizations and individuals with a vast array of hardware, software, and service solutions. These services include blockchain, quantum computing, cloud computing, artificial intelligence, and more.
With numerous operations spread out around the nation in locations like Bangalore, Chennai, Kolkata, Mumbai, and Pune, IBM has a sizable presence in India. Around 352,600 people worked at IBM as of 2021, and as of April 2023, the company’s market capitalization was estimated to be $127 billion USD.
7. HP
Bill Hewlett and Dave Packard jointly formed HP, or Hewlett-Packard, on January 1, 1939, in Palo Alto, California. The business was initially just a modest electronics business operating out of a garage, but it swiftly expanded to become one of the biggest technology businesses in the world. In the modern day, HP provides a wide array of hardware, software, and services solutions for companies and individuals, including personal computers, printers, 3D printing, and imaging, which has enabled it to maintain its position as a market leader for more than 84 years.
With around 55,000 people globally and its corporate headquarters in Palo Alto, California, HP has a substantial global footprint. There are numerous offices for the corporation spread out over India, including those in Bangalore, Chennai, Mumbai, and New Delhi. HP’s market capitalization in April 2023 was about $34 billion USD.
8. SalesForce
Marc Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez founded Salesforce, a cloud-based software corporation, on March 8, 1999, in San Francisco, California. At that time, it established itself as a pioneer in the world of enterprise software and customer relationship management (CRM). Sales automation marketing automation, customer service & support, and analytics are among Salesforce’s features.
Since its establishment more than 20 years ago, Salesforce’s cutting-edge cloud-based technology and dedication to customer satisfaction have helped it establish itself as a major player in the software sector. Salesforce has numerous offices spread out over India, including Bangalore, Delhi, Hyderabad, Mumbai, and Pune, and maintains its corporate headquarters in San Francisco. Salesforce anticipates having 65,000 employees worldwide by 2021 and a market value of over $225 billion USD as of April 2023.
9. Samsung
Samsung, the multinational conglomerate, was founded by Lee Byung-Chul on March 1, 1938, in Seoul, South Korea. Over the years, Samsung has become a prominent player in a wide range of industries, including electronics, semiconductors, construction, and shipbuilding, among others. The company offers an extensive range of products, including smartphones, TVs, and home appliances making it one of the top product-based companies in India and around the globe.
Samsung has a significant presence in India, with multiple offices located across the country, including major locations such as Bangalore, Chennai, Delhi, Mumbai, and Noida. As of 2021, Samsung employs around 287,439 people worldwide, highlighting the company’s global reach and continued growth. With a market capitalization of approximately $372 billion USD as of April 2023, Samsung is one of the most valuable companies in the world.
10. Volkswagen
The German Labour Front established Volkswagen, a multinational automobile manufacturer, on May 28, 1937, in Wolfsburg, Germany. The business creates, produces, and sells a variety of goods, such as motorbikes, passenger automobiles, and commercial vehicles. Volkswagen has established itself as a household name in the automotive sector thanks to its well-known brands, including VW, Audi, Porsche, and others. Volkswagen has become a global leader in the automobile sector thanks to its dedication to quality and innovation.
Volkswagen has a substantial presence in India, with numerous offices spread out around the nation, including important cities like Mumbai, Pune, Delhi, and Chennai. The corporation employs about 662,000 people worldwide as of 2021, demonstrating its broad reach and global influence. With a market capitalization of approximately $284 billion USD as of April 2023, Volkswagen remains one of the most valuable companies in the automotive industry.
