The days of easy money are over as entrepreneurs face a funding winter amid a slowing global economy — and start-ups in India are not exempt.
According to a local report, venture funding came in at $2.19 billion from January to March, dropping from the $11.34 billion invested in the same quarter last year.
However, there are sectors that have “demonstrated resilience amid challenging times,” said Pooja Chhabria, LinkedIn APAC’s head of editorial.
“Fintech remains a bright spot for investors despite the downturn, especially as we see funding on the recovery path and global tech giants eyeing fintech in India,” she added.
“The rise of edtech also underscores the continued demand for upskilling among professionals and students, especially with rapid changes due to technologies such as AI.”
This is reflected in the “LinkedIn Top Start-ups 2023″ list for India — which is dominated by fintech-related firms but also includes two new edtech entrants.
There are 14 new entrants this year, which is “a reflection of a booming entrepreneurial ecosystem and a spirit for innovation,” Chhabria added.
In compiling the list, LinkedIn drew on in-house data, measuring start-ups based on four aspects: employment growth, jobseeker interest, engagement, and ability to attract talent from LinkedIn’s top companies.
To be eligible, companies had to be headquartered in India and have 50 or more employees. LinkedIn said it also lowered its age criteria from seven years or younger, to five years and below to “feature more companies in their earlier, venture stages of growth.”
Here’s the full list of India’s top start-ups for 2022, according to LinkedIn:
20. Fasal — IT services and consulting
19. DotPe — Software development
18. TravClan — Software development
17. AccioJob — E-learning
16. Housr — Hospitality
15. Exponent Energy — Motor vehicle manufacturing
14. StockGro — Financial services
13. Teachnook — E-learning
12. Shyft — Wellness and fitness
11. Jar — Financial services
10. GrowthSchool — E-learning
9. Supersourcing — Software development
8. Sprinto — Software development
7. Fi — Financial services
6. GoKwik — Software development
5. Skyroot Aerospace
Industry: Defense and space manufacturing
Headquarters: Hyderabad
Full-time headcount: 260
Most common skills: Machining, aerospace engineering, manufacturing operations
Skyroot Aerospace was founded four years ago by engineers and former scientists from the Indian Space Research Organization. In 2022, it became the first private Indian company to launch a rocket into space. Skyroot Aerospace told Reuters that it’s expecting at least two launches in 2024, following the success of India’s Chandrayaan-3 mission.
4. Pocket FM
Industry: Software development
Headquarters: Bengaluru
Full-time headcount: 489
Most common skills: Writing, video, advertising
Audio series platform Pocket FM offers audio entertainment across multiple genres and Indian languages in its library with more than 100,000 hours of content. According to the company, it serves around 80 million listeners globally.
3. Ditto Insurance
Industry: Financial services
Headquarters: Bengaluru
Full-time headcount: 252
Most common skills: Communication, business management, advertising
Founded in 2018, this fintech start-up helps users compare insurance plans, understand policies and buy insurance through its online platform. According to LinkedIn, Ditto Insurance is looking to hire “hundreds of freshers” in the coming year.
2. BluSmart
Industry: Software development
Headquarters: Gurugram
Full-time headcount: 620
Most common skills: Development tools, business management, data science
BluSmart offers electric ride-hailing services in Delhi NCR and Bengaluru with its 4,500-strong electric car fleet. Founded in 2019, the start-up said it will be using its latest cash injection of $42 million to expand this fleet to 10,000 cars by the end of this year and invest in more charging stations across India.
1. Zepto
Industry: Software development
Headquarters: Mumbai
Full-time headcount: 1,400
Most common skills: Business management, data science, development tools
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