Top Profit-Making Startup In India

India has seen massive growth in various startups such as Food tech, Ed-Tech etc. Many players such as Zerodha, Zoho and Nykaa are becoming a market leader in their sector as well. According to Kredible, more than 980 Indian startups have raised an aggregate of $11 Billion. India has a plan to become a $5 Trillion economy by 2028 and they also have a target of becoming $35 Trillion by 2047. These targets are big and they can achieve a target through strong determination and a continuous growth mindset. Startups are the future of India.

List of 10 Profitable Startup in India:

1. Zerodha

Zerodha is India’s largest fintech startup that was founded by Nikhil Kmanth and Nitin Kamanth. Despite being college dropouts, they still created one of the most profitable startups in India with a market valuation of around $3.5 Billion and a market share of 19.4% in the Indian stockbroking industry competing with many players such as Goww, Upstock etc. Zerodha is known for its low brokerage fees and user-friendly interface according to Inc42 Media. Groww has 6.63 Million users whereas Zerodha has 6.48 Million users on their platform.

2. Zoho

Zoho is an Indian global technology company that makes computer software and online business tools. Zoho was founded in 1996 by Sridhar Vemhu, and Tony Thomas and has seven headquarters in Chennai, Tamilnadu, and Del Valle, Texas. Zoho’s competitors include global players such as Hubspot, Salesforce Insightly etc. Zoho Corporation continues to lead the pack in terms of scale and profit. Its revenue climbed from Rs. 6,711 Cr in FY22 and Rs. 5,230 Cr in FY21.

3. Mu Sigma

MuSigma is a big Analytics and decision sciences company that was founded in 2004 by Dhiraj Rajaram, a former strategy consultant in the Indian branches of Booz Allen Hamilton. The company’s headquarters are in Chennai and Chicago. Mu Sigma received its first institutional investment of around $30 Million in the year 2008 and now they work with 140 Fortune 500 Companies. Moreover, they have more than 3500 Decision Scientists located worldwide. Mu Sigma has an annual revenue of $150 Million and has an operating revenue for the financial year ending on March 2023 is 500 Cr.

4. Citius Tech

Citius Tech was founded by Rizwan Koita, Jagdish Moorjani, and Bimal R Naik in 2005. All three founders met as a student at IIT Bombay. It is a global health information technology company that provides services to healthcare and life science companies. The company services include Data management, consulting, Digital engineering etc. Citius Tech has a revenue of $343 Million and has an operating revenue for the financial year ending on March 2023 is 500 Cr.

5. OfBusiness

OfBusiness is a Gurugram-based Fintech company founded by Asish Mohapatra offering smart financing options to small and medium enterprises has won the prestigious Startup of the Year category at the Economics Times Startup Award 2023 and was chosen by a preeminent jury for achieving the scale of revenue and profits. Mohapatra and his wife, Ruchi Kalra are also co-founders of Oxyzo, OfBusiness Lending arm and they are the first couple in India to manage and operate two unicorn startups. OfBusiness revenue operation increased to 15,342 Cr from 7,149 Cr in FY22. Its net profit also doubled to 463.4 Cr in FY23 from 201.1 Cr the previous year.

 6. Firstcry

Firstcry is an E-commerce Indian company that focuses on baby products the company was started by Supam Maheshwari, an IIM A Graduate and an engineer from Delhi College of Engineering and Amitava Saha. the headquarter is in Pune as of June 2023. Firstcry has more than 900+ baby hug stores across India and they have more than 10 Million downloads on Play store and App store. Supam Mashewari has also founded Xpressbees and Globalbees. Firstcry doesn’t have a direct competitor but it competes with many online portals such as Amazon, Flipkart and Myntra and they have Amitabh Bachchan as its brand  ambassador. Firstcry is expected to set its IPO pricing at a valuation of $3.6 Billion and FY23 Firstcry’s revenue operation was 5,632 Cr, which is more than double from the previous year which was 2,402 Cr.

 7. Razorpay

Razorpay was established in 2014 by Shashank Kumar and Harsh Mathur both alumni of IIT Roorkee. It is a financial technology company, it allows payment solutions that allows businesses to accept process and disturb payments. The company provides access to Razorpay and have a valuation of around $7.5 Billion competition with various companies such as Paytm, Paypal and Stripe etc. Razorpay is India’s leading financial platform for payments. It is also the Second Indian company to be the Y Combinator Silicon Valley’s largest tech accelerator. It was used by over 10 Million businesses such as Meta, Airtel, Lenskart, Swiggy, Cred, Ola, Zomato, National Pension Scheme and Mirae Asset Capital Market. Raozrpay reported a net profit of 7.3 Crore in FY22 which is a 20% increase from the Previous Year. Razorpay revenue increased from 1,485.6 Cr in FY 22 to 844 Cr in the previous year.

 8. Dream 11 

Dream 11 is an Indian sports platform allowing users to play fantasy cricket, Football, Kabbadi, handball, and Rugby. In April 2019 Dream 11 became the first Indian sports platform to become a Unicorn it was founded by Harsh Jain and Bhavit Seth in 2008 and has a valuation of around $8 Billion. They have worked with several personalities such as MS Dhoni, Rohit Sharma, Shikhar Dhawan, Jasprit Dhawan, Rishabh pant etc. Dream 11 net profit fell 56.59% to INR 141.97 Cr from INR 327.1 Cr in FY21.

 9. Physics Wallah

Physics Wallah is an Indian ed-tech startup that was started in 2016 as a YouTube channel by Alakh Panday. The channel was created to provide students with free online resources. He started a YouTube channel with 30,000 and now has more than 11 Million subscribers. They also launched an App that crashed on its first day due to high traffic. Alakh Panday’s startup Physics Wallah has impressive financials they reported a 3.3X (YoY) increase in revenue from operation in 2022-2023. The startup revenue from operation increased to 771.76 Cr rupees up from 232.47 rupees in 2022 and Rs.24.6 crore rupees to Rs.21 Cr.

10. Browser Stack

Browser Stack is a cloud-based testing platform that allows developers to test their website and mobile application. It was founded in 2011 by Ritesh Arora and Nakul Aggarwal and had a valuation of around $4 Billion and they became profitable within 6 Months of starting the company. Browser stack has an operating revenue range is INR 100 Cr- 500 Cr for the Financial year ending on 31st March 2022.

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Wrapping Up

These are just a few startups, there are many startups and as of October 2023, India has over 1,12,718 DPIIT-recognized startups across 763 District of the country. India ranks 2nd in innovation quality with the top position in the quality of scientific publications and the quality of its universities among middle-income economies. Karnataka, Kerala, and Tamil Nadu are among the Five best-performing states for startups, along with Gujarat and Himachal Pradesh and the no. of Indian HNIs is projected to reach 1.7 Million by 2027, growing at a CAGR of 16% outpacing economies

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