Successful Indian Startups

Top 11 Successful Indian Startups to Watch in 2023

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Are you interested in learning more about successful Indian startups? And which successful Indian startups are profitable? Then you are at the right place, we will explore the top 11 successful Indian startups which are currently profitable. We will also provide insights into the sectors these startups operate in and their current valuations.  

There are some basic questions that generally pop into mind regarding unicorn startups.

What is a unicorn startup?

How many startups become unicorns in India?

Who is the 1st unicorn in India?

Which Successful Indian startups are profitable?

If you are struggling with any one of the questions mentioned above, rest assured you’ll have the answer to each one of these by the end of this blog. Let’s now go through the top 11 successful Indian startups, that are currently profit-making.

List Of Successful Indian Startups

   1. Zerodha 

Zerodha was founded by Nithin Kamath and started operations on the 15th of August, 2010. The company’s name is a combination of Zero and “Rodha” which is the Sanskrit word for the “barrier” giving it the name Zerodha. It is a stock broking firm that changed the whole scenario of the Indian broking industry.

The market valuation of Zerodha grew by 82% to Rs 4,964 crore in FY22 from Rs 2,729 crore in FY21.To know more about Zerodha you can also look into our other blog HERE.

    2. Nykaa 

Nykaa is an e-commerce- personal care & cosmetics startup founded by Falguni Nayar in 2012 which redefined the art of e-retailing beauty and personal care in India. Its name is inspired by the Sanskrit word ‘Nayaka’ which means ‘actress’. It became a member of unicorn startups in March 2022 & comes among the list of most successful Indian startups.

Successful Indian Startups Nykaa

The key investors are Techpro Ventures, TVS Capital, Sharp Ventures, TPG Growth, and Steadview Capital. Nykaa revenue had a giant leap in gross profit of about 73% YoY to ₹ 16,439 million in FY2022.

    3. Dream 11 

Dream11 is one of the successful Indian startups in the fantasy gaming segment founded back in 2008 by two co-founders Harsh Jain and Bhavit Sheth. It was the first Indian gaming company to enter the unicorn club in April 2019 & became one of the most Indian successful startups.

Successful Indian Startups Dream 11

The major investors behind the startup are Kalaari Capital, Tencent, Multiples PE, Steadview, and Alpha Wave Global. In FY22 its gross revenue grew over 50% and crossed Rs 4,000 crore

    4. Mamaearth

Mamaearth is a Gurgaon-based successful Indian startup of the skincare and beauty industry founded by Ghazal Alagh and Varun Alagh in September 2016 and joined the unicorn club in December 2021.

Successful Indian Startups MamaEarth

The top investors behind it are Sequoia Capital India, Sofina, Sharp Ventures, and Fireside Ventures. The revenue of MamaEarth saw a sharp rise of 2X to Rs 943 crore in FY22 from Rs 460 in FY21.

    5. Zoho

Zoho was founded by Sridhar Vembu and Tony Thomas in 1996 in Chennai which manufactures computer software and web-based business tools. The company was earlier known by the name Zoho but as AdventNet (1996-2009) back then. Zoho is one of those companies that is bootstrapped yet successful.

Successful Indian Startups Zoho

Zoho’s revenue increased by 28 % to Rs 6,711 crore in FY22 from Rs 5,230 crore in FY21.

    6. BillDesk

BillDesk was founded in 2000 by Bala Parthasarathy, Amarjeet Singh, and, Akhilesh Tuteja which provides a range of services, including bill payments, recharges, money transfers, and more, It also includes services such as online payments, paperless billing, payment collection, and more.

Successful Indian Startups Billdesk

The major investors in Billdesk are. Warburg Pincus, General Atlantic, Temasek, ChrysCapital, GIC. In FY 21 BillDesk showed a 16.25% rise in profit than FY 20. Recent stats haven’t been disclosed by the company yet.

    7. Shiprocket

Shiprocket is an Indian e-commerce logistics platform founded in 2015 by Saahil Goel and Vishesh Khurana with the goal to democratise the eCommerce industry of the country. The platform helps online sellers and retailers to automate their shipping processes, track shipments, and manage orders across multiple sales channels.

Successful Indian Startups shiprocket

The key investors behind them are Light rock India, Info Edge, Tribe Capital, and Temasek. Shiprocket’s revenue grew by 71% to Rs 611 crore in FY22 since last year.

    8. Infra.Market

Infra.Market is B2B E-Commerce – Construction Materials company that was founded in 2016 by Aditya Sharda and Souvik Sengupta and became India’s largest multi-product building material brand. Their product list includes a wide range of building materials as well as lifestyle products that enhance interior spaces.

Successful Indian Startups infra.market

The key investors behind the startup are Accel India, Nexus Venture Partners, Tiger Global, Evolvence India and more. Their net profit surged 6X to INR 185.9 Cr in the financial year 2021-22 (FY22) from INR 30.9 Cr in FY21.

    9. Gupshup

The founder of Gupshup is Beerud Sheth who founded this Conversational Messaging platform in 2004. Gupshup has helped thousands of large and small businesses in an emerging market by building their conversational experiences across marketing, and sales.

Successful Indian Startups Gupshup

The main investors are Tiger Global, Charles River Ventures, and Helion Ventures. The startup has shown a growth of about 30% (year over year)YoY in FY 22.

Also Read: 12 Electric Bike Startups in India

   10. Coin DCX

Coin DCX is a Cryptocurrency Exchange platform which became India’s first crypto successful unicorn startup founded by two IIT-Bombay graduates Sumit Gupta and Neeraj Khandelwal in March 2018. With its smart UI Coin DCX made crypto trading easy & in a short span of time became a member of India’s successful startup club.

Successful Indian Startups Coin Dcx

B Capital, Coinbase Ventures, and Polychain Capital are the main investors in this startup. The company has shown over 9X year-on-year (YoY) jump in its net profit last year. This year’s stats are not disclosed by the company.

   11. Infoedge

Info Edge (India) Limited is a provider of internet-related services founded by Sanjeev Bikhchandani in 1995. The company also owns many ventures like the online job portal Naukari.com, a matrimony website Jeevansath.com, a real estate platform 99Acres.com & educational website platform like Shiksha.com.

Successful Indian Startups infoedge

Infoedge is also a major investor in new startups and its two investments are themselves successful Indian startups, one of which is Zomato. The net profit for FY 22 rose up to 8922.5 crores, one main reason behind it is the listing of food giant Zomato.

Conclusion about Successful Indian Startups

The Indian youth are increasingly becoming entrepreneurs and starting their own businesses, particularly in the fields of Edtech, E-commerce, and other technology-driven startups. This has resulted in a surge of new business ideas and a rapid growth in profitability for technology-driven startups. The Government of India’s report shows a significant increase in the number of startups in India, from 452 in 2016 to 84,012 in 2022. This growth has contributed to higher employment rates, improved products and services through competition, and stronger synergies in the corporate sector. These developments solidify India’s position as one of the top 5 economies in the world.

You can also go through our blog (The Impact of Startups on Indian Economy) to learn more about it.



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