India, the fastest growing economy of the world with a population of 1.3 billion still does not have a good portion of people using the internet. Only 34.8% people of the country’s people are active on the web. This is one reason why both domestic and international tech companies are eyeing the subcontinent.
The New York Times earlier described that India has successfully replaced China for being the next tech frontier. Though India is still less self-dependent and is just awaiting colonization from western tech firms, the country is abode to some amazingly successful tech startups. Check out these six biggest Indian startups.
Founded in 2007 by Sachin Bansal and Binny Bansal, Flipkart is giving a tough competition to the world’s largest e-commerce giants like Amazon and Alibaba. The company was valued worth $9.39 in May 2016. Flipkart provides a marketplace for both direct sellers and merchants. The company has a wide array of products including home appliances, gadgets, textiles, domestic products and many more. The founders are both alumni of Indian Institute of Technology, Delhi and earlier worked with Amazon. In October 2007, they left the company to kick start their new venture.
This Delhi based company is one of Flipkart’s biggest competitors. Snapdeal has a network of 50,000 domestic and international brands with a membership of 20 million. The company was part of India’s biggest e-commerce acquisition when it successfully acquired FreeCharge at a deal of $400 million. In February 2016, the company was valued at $6.5 million. Snapdeal was founded in 2010 by Kunal Bahl and Rohit Bansal, the latter also an alumus of IIT, Delhi. In September 2011, the company which initially was a daily deal platform expanded as an online marketplace.
Ola is an online cab service startup. It was founded by Bhavish Aggarwal and Ankit Bhati. The company offers both economic and luxury travel cab service. Its value is estimated at $5billion. In October 2016, Ola also launched an e-rickshaw category throughout Delhi-NCR which enables its customers to book auto rickshaw rides. The company was successfully able to capture an 80% share of India’s taxi market.
Myntra is an online fashion store that merged with Flipkart at a deal of $300 million in 2015. But the two companies operate independently. The company closed it desktop website in 2015 and converted into an app-only business. However, this lead to decrease in profits and the decision was reversed soon. Myntra is all set to open offline stores in India. The company was founded in 2007 by Mukesh Bansal along with Vineet Saxena and Ashutosh Lawania. The company deals in over 1,50,000 products of 1,000 brands both international and designer.
Quikr is an online platform which connects buyers and sellers. It helps users to buy and resell goods by posting free of cost advertisements. Quikr was initially launched as Kijiji India owned by Kijiji International, a subsidiary of eBay Inc. After Kijiji International was bought by Matrix Partners India, Kijiji India was reconstructed as an independent company ‘Quikr’. In 2016, Qukir acquired real estate portal commonfloor.com in a $200 million deal. The company was founded by Pranay Chulet and Jiby Thomas in 2008.
Zomato is a restaurant locater service founded in 2008 by Deepinder Goyal and Pankaj Chaddah. It operates in 23 countries including India, US and Australia. It features restaurant menus, contact information, photos, reviews and ratings. The company also facilitates online ordering, cashless payments and reservations. As of 2016, Zomato ranks at number two for India in StartupRanking.