The city of Gurgaon, or Gurugram, is widely known for its economic and technological importance to the Indian economy. As part of India’s startup scene, the city has emerged as one of the most prominent hubs in recent years, as it is home to some of the country’s most successful companies that are creating jobs and contributing to the economy.
The purpose of this article is to discuss some of the most successful startups in Gurgaon currently providing services to their clients. Most of these startups offer their services only in Gurgaon, but some also provide their services overseas. You need to know all about startups and aspects related to startups before discussing the best startups in Gurgaon. In this article, we will discuss what startups are, the differences between startup and business, and the top Gurgaon startups.
What does startup mean?
Almost everyone is aware of the term “startup” that was coined after PM Modi’s initiative, “Make in India”. Many entrepreneurs have established their startups since the program was introduced in India. Startups are essentially new companies founded by single or multiple individuals who present new products or services that are needed by the next generation of Indians.
Their business models are scalable and reputable. They aim to gain market share as quickly as possible. Founders contribute a significant amount to the country’s economy. The company initially has low funding, so it must raise capital from friends, family, or other capital sources in exchange for a portion of the shares during its startup phase. Entrepreneurs in India have successfully implemented their innovative ideas and have created employment opportunities as well as excellent products and services for their clients.
Why are startups different from businesses?
As startups and businesses have different motives, they are vastly different. Here are a few examples of what makes them differ from one another. The following points illustrate the differences between startups and businesses.
- A startup’s risk factor is one of the critical elements that distinguish it from a business. Even though the risk is involved everywhere, without taking it, nothing can be achieved. The difference is the amount of risk; for example, in Startups, there is a lot more risk as entrepreneurs develop new products without understanding what the customer wants. However, it is doubtful for a business to fail, even in its beginnings.
- Startups and businesses have different business models. Until a startup reaches its goal and is satisfied by its customers, it has an unstable business model. Companies, on the other hand, follow traditional business models as they follow traditional business models.
- The purpose of the growth-oriented startup company is to reach its goal as quickly as possible, beating its competitors. The company’s purpose is to attain success in a short period of time. Businesses don’t entirely focus on getting successful early; they want to serve customers and remain competitive.
- Taking funds for a startup is different from taking funds for a business. Business raises funds by selling assets or borrowing money from banks, while a startup receives funding from sources such as friends, family, and venture capitalists. The business exchanges some of its equity shares for funding, whereas a startup receives funding from sources such as friends, family, and venture capitalists.
- An innovative product or service is developed by the startup—manufacturers of the innovative products they bring to market that are not available in the market. In contrast, businesses create products or services that are already in the market and sold by other companies.
Are there any types of startups?
Startups are divided into six types, which are distinguished by their motives and nature. There are the following types of startups:
- Lifestyle startup
- Small business startups
- Large scale startups
- Social startups
- Scalable startups
- Buyable startups
An entrepreneur should examine their startup’s purpose before starting and pick one of the above startups.
In Gurgaon, which startups are the most promising?
The startup scene in Gurgaon is thriving with a lot of startups that have bought down their roots successfully, but we have selected some of the best and most successful startups of Gurgaon that are delivering outstanding products and services to their customers. The following article gives you an overview of the top 10 startups in Gurgaon. Let us begin.
The top 10 Innovative startups in Gurgaon
1. Silversparro
It was founded by Ravikant Bhargav, Ankit Agarwal and Abhinav Kumar Gupta in Gurgaon. With Sparrosense, it has developed an AI-driven supervisor for the manufacturing and heavy manufacturing industries. The company’s video analytics forum allows clients to examine CCTV footage to monitor individuals. In two funding rounds, 365K USD was raised.
2. UrbanClap
Based in Gurgaon, UrbanClap is a successful startup. Among its best features are the services it provides to customers. One million of its customers are satisfied. A founding team of Varun Khaitan, Raghav Chandra, and Abhiraj Bhal founded this startup. People can find expert help easily on this platform, where they can find various experts in various fields. This site has about 100+ professional categories in which people can search for professionals such as lawyers or wedding planners. In India and Dubai, the company currently provides its services in about ten cities.
3. Rivigo
In 2014, Gazal Kalra and Deepak Garg founded Rivigo, one of the most successful startups in Gurgaon. Rivigo creates human, faster, and safer logistics that are inexpensive. In addition to providing services to FMCG, automotive, and e-commerce industries, it also serves other sectors. It has received $216 million in funding in six rounds since its founding in 2011.
4. Fleetx
In 2017, Vineet Sharma, Abhay Jeet Gupta, Praveen Kataria, Udbhav Rai and Vishal Mishra founded Fleetx in Gurgaon. A fleet management solution is provided by the company through a web and mobile app. Features include real-time tracking, fleet safety, mileage management, geofencing, predictive diagnostics, automated billing, and management information systems. The company also provides employee transportation management solutions. As part of Fleetx’s safety services, drivers can also receive real-time SMS and email alerts based on their preferences. The company has raised $4 million in funding so far.
5. My Health Care
Aneesh Nair, Shyatto Raha and Divya Laroyia founded My Health Care in Gurgaon in 2017. The app links patients with doctors in emergency situations using artificial intelligence. The app contains a patient’s medical history for doctors to consult in an emergency situation. Patients can also press the panic button to request an ambulance. A total of 5 million dollars has been raised so far.
6. INDWealth
The company was founded in 2018 by Ashish Kashyap in Gurgaon. Wealth management is the company’s primary focus. Features include projections of the future, goal-based financial management, tax analytics, tax-saving strategies and personalized investment recommendations. The company provides financial services to clients. Funding of USD 57 million has been secured.
7. Paperboat
Another Gurgaon startup, Paperboat, was founded by Neeraj Biyani, James Nutall, Suhas Misra and Neeraj Kakkar. Brands like Chikki, Jaljeera, etc., are some of the fastest-growing products in the Indian food and beverage sector. They come in single-use packaging. Aamras and Pomegranate juice will both undergo holographic packaging in August 2019 in collaboration with Tetra Pack. Besides appearing attractive, the new packaging also provides a good grip for the customer so that they can drink comfortably. Among its investors is Narayan Murthy, and the company has received $38.2 million in funding.
8. Lybrate
Rahul Narang and Saurabh Arora founded Lybrate, a popular startup in Gurgaon. The platform facilitates online consultations between patients and doctors. Medical specialists can also be reached via on-call sessions. Besides enhancing their practice, doctors will be able to get more patients through the platform. That’s its primary purpose. It is possible for doctors all over the country to advise and suggest solutions to the patient’s problem without having to visit a hospital.
9. Shiprocket
Founded in 2012 by Sahil Goel, Vishesh Khurana, and Gautam Kapoor as Kartrocket, Shiprocket is a DIY eCommerce solution startup in Gurgaon. People can build an e-commerce website on this platform in less than 10 minutes. Additionally, it provides e-commerce solutions to run a successful business. You can also interact with a payment gateway for free, use the mobile app to perform direct store transactions, and automate shipping. A total of $14.2 million has been raised in five funding rounds.
10. Online Tyari
Bhola Meena, Vipin Agarwal, and Udai Meena developed Online Tyari, one of the most famous startups in Gurgaon. A mobile app and website provide online exams preparation solutions for students preparing for different competitive exams. There are thousands of coaching institutes, publishers, and private tutors offering the best and latest study materials. Two funding rounds have raised $2 million for the company.
In India, Startup Ecosystems Are Growing
The startup ecosystem in India is one of the fastest-growing. India, the 3rd fastest growing hub for technology startups in the country, has seen significant growth in the creation of innovative startups over the past decade. Currently, the article focuses on India’s position as a global startup hub that is becoming attractive for investors and corporates alike.
With just a few tech companies in the past decade, India now has dozens, if not thousands, of innovative new startups. During the last five and a half years alone, 55,000 startups in India have raised $63 Billion in funding.
As a result of the internet, thousands of startups have arisen, addressed unique problems, transformed entire industries, and created a new segment in the past decade. They are aiming to influence strategic decisions about governance, investments, growth, as well as other aspects of the startup ecosystem in India with deep data insights.
Funding for Indian startups
Increasing numbers of startups have attracted foreign investors and made them more confident in India. Venture capital funds reported growth in fundraising from Rs.326 Crore in 2014 to over Rs. 2,703 Crore in 2019. This represents an 8.4x increase in funding since 2014. Compared to 2014, the share of capital raised to commitments has grown from 35% to 61% in 2019, which indicates a growing interest among investors in India.
E-commerce, online gaming, OTT, EdTech, and enterprise technology are some of the most profitable sectors. A covid 19 scenario in 2020, however, is expected to cause a decline in capital inflows of 36.2% compared with 2019 for Indian startups, reaching $8.1 billion. Indian startups expect to receive the lowest amount of capital inflows since 2017 for the year 2020.
Unicorns and Soonicorns in Indian mythology
The number of unicorns in India only increased from one in 2012 to ten in 2016. Thirty-four unicorn companies have now been established, valuing $115.5 billion together, and 52 Soonicorns will become unicorns after 2022.
From 2014 to 2020, total funding will rise to $63 billion. Technology, data, and the internet have become very popular in India over the past decade.
By the end of 2022, 53 startups in India will have the potential to reach $1 billion in valuation. According to these numbers, there are 19 unicorns in the fintech sector versus seven unicorns in enterprise technology startups.
Startups in India Need Infrastructure And Resources To Grow
At present, India has more than 100 startup incubators, most of them located within academic institutions; the number is expected to reach 300 by 2020. Every state, city, and town in the country will have its own startup incubator, allowing entrepreneurs to access resources and solve problems locally. There are also growing numbers of co-working spaces in neighbourhoods, which are helpful for entrepreneurs to have a place of business.
Regulatory and government landscape
Several states are developing policies in 2020 because they recognize the potential of startups to create jobs and are making better regulatory environments for startups. Several policies and cultures in India are aimed at addressing the problems of B2C entrepreneurs.
Through the Atal Innovation Mission (AIM), NITI Aayog is providing the necessary infrastructure and resources. AIM supports the scaling up of existing incubators such as NSRCEL, C-CAMP, etc., through a more B2B approach.
Startups in India: The Main Hubs
Bengaluru remains the startup capital of India in 2020, having raised more than $28 Billion over 1,876 deals in the past four years. Startups flock to Bengaluru to launch startups. Pune and Hyderabad have both registered an annual growth rate of 45% and 37%, while Delhi and Mumbai are also high growth hubs.
According to funding deals, Jaipur and Goa have earned their spots in the top 10 startup hubs as of 2020, outperforming cities like Hyderabad.
Indian investors’ landscape
Five years ago, there were just a few investors and a handful of startups. Now, there are almost 49 thousand startups and more than 2,000 investors from India and abroad. In response to the growing tech ecosystem in India, international investors are now routinely coming to invest. Existing investors are increasingly participating in the ecosystem.
Data labs by Inc42 analysis indicates that 2019 wasn’t one of the best years for venture capitalists due to the involvement of many corporations. Around 4,640 active investors are projected to be in India in 2020. A little over 18% (849) of these are venture capital firms. Over 59% (2,751) are angel investors. In terms of unique investors’ participation, there has been a downward trend similar to what has been observed for 2019.
Financial technology boom
Fintech is overgrowing. People without wallets or bank accounts had the power of choice and the ability to spend through Paytm. Several other wallet companies have proven successful after Paytm’s success. As business ideas in fintech continue to attract investors’ attention in 2019, we believe this sector will continue to do so.
India’s Innovation Growth
Indian youth must constantly innovate to fuel the country’s growth, according to the interim budget. In order to accomplish this goal, the government has encouraged the use of digital technologies through initiatives like the National Program on Artificial Intelligence (AI) and the establishment of nine technology centres.
Summary
Within the last ten years, the internet has been used to create businesses and startups in rural India, taking the torch of digital technology to them. During the first decade of the 21st century, India’s cities and metros were all about connecting. In the next five years, startups are expected to take full advantage of the world’s largest working population, home to India’s largest working population.
With over 500 million internet users, the country has one of the largest populations on the planet. As a result, we can expect blockchain, artificial intelligence, the internet of things, and data analytics to be widely implemented across multiple categories of technology. For example, by 2020, IoT in India will reach $15 billion. Around 5% of the entire global market will come from the IoT segment. A report predicts that AI will grow to be worth as much as $15,6 trillion by 2030.
Even so, more than 3.25 million jobs are expected to be created in India by 2025, as the number of startups crosses 100K. Furthermore, over $500 Billion in value creation is likely to be completed by Indian startups, with total funding of over $150 billion. When the pandemic impact subsides in the medium and long term, it won’t be possible to stop Indian startups. We have summarized some of the most successful startups in Gurgaon in this article that are contributing to the growth of India.
