Unicorn Zepto takes top spot on LinkedIn’s 20 Indian start-ups list
The LinkedIn list of 2023, however, did miss some of last year's prominent start-ups: Cred, Upgrad, Groww, MBA Chai Wala, The Good Glamm Group and ShareChat.
The vibrant Indian start-up ecosystem throws up yet another game-changer. Meet Zepto, the e-commerce platform which recently attained unicorn status. Rising rapidly, Zepto has clinched the top spot in the list of start-ups where professionals dream to work. With ample growth opportunity and an innovative work environment, Zepto’s rise to the top is proof of its hold over the fast-paced Indian start-up world.
LinkedIn’s List of Top Indian Start-Ups Revealed
Amidst the buzz, LinkedIn released its eagerly anticipated ‘Top 20 Indian Start-Ups List’. This annual ranking is based on the professional platform’s member data of around ten million Indian users. While the list had established names, Zepto’s rise by three spots from last year to seize the lead was a standout.
However, Unicorn Zepto isn’t the only start-up that caught the attention of professionals. Several other notable start-ups from varying industries have emerged and cemented their place on the list.
BluSmart, the electric ride-sharing start-up, has made it to the list for three consecutive years, coming in second this year. Furthermore, another EV start-up, Exponent Energy, has managed to debut on the list, sitting comfortably in the 15th spot. Additionally, the rise of fintech, marked by Ditto Insurance’s third place, along with Fi, Jar and StockGro, shows the growing shift towards digital finance solutions.
Educational Technology Start-ups
In the world of educational technology, the demand for platforms providing upskilling opportunities continues to rise. This year’s LinkedIn list features EdTech companies that have been instrumental in addressing this demand.
- GrowthSchool
- TeachNook
- AccioJob
These platforms, occupying the 10th, 13th and 17th spots respectively, underscore the significance of technologies such as artificial intelligence in reshaping the ways we learn and improve.
Notable Absences
The LinkedIn list of 2023, however, did miss some of last year’s prominent start-ups.
- Cred
- Upgrad
- Groww
- MBA Chai Wala
- The Good Glamm Group
- ShareChat
While these start-ups have had substantial impact in their respective fields, their absence from this year’s list raises interesting questions about the dynamic nature of the start-up ecosystem.
Despite this, the LinkedIn Top 20 Start-ups list remains a crucial touchstone in understanding the trends and directions of India’s vibrant start-up world, dominated by the likes of Unicorn Zepto and its peers.
“It’s truly remarkable that 14 of the 20 startups featured on this year’s list are new entrants, underscoring the immense potential and astonishing pace of innovation in India’s startup space. These startups are looking to hire talent right now. So it’s a great opportunity to be part of the growth story of India’s vibrant startup ecosystem” – Nirajita Banerjee, LinkedIn India’s Head of Editorial.
India’s Top 20 startups of 2023
- Zepto
- BluSmart
- Ditto Insurance
- PocketFM
- Skyroot Aerospace
- GoKwik
- Fi
- Sprinto
- Supersourcing
- GrowthSchool
- Jar
- Shyft
- Teachnook
- StockGro
- Exponent Energy
- Housr
- AccioJob
- TrayClan
- DotPe
- Fasal
How did Zepto become a Unicorn?
Zepto, an instant grocery delivery startup, has recently flourished amidst competitors’ struggles, propelling the firm towards a notable $1.4 billion valuation. Freshly infused with $200 million from their latest funding round, Zepto became the first Indian startup of the year to hit the coveted Unicorn status.
Investors and Funding History
- StepStone Group, integral to many venture funds, led Zepto’s latest Series E funding. This Series E round marked the US firm’s first direct investment in India.
- Additional contributors included Goodwater Capital and ongoing backers such as Nexus, Glade Brook Capital, and Lachy Groom.
- Previously, Zepto received a valuation of $900 million in a May 2021 funding round. The last funding round saw no secondary transactions.
Founders and Journey
Founded by the then-19-year-old duo Aadit Palicha and Kaivalya Vohra, the startup came out of stealth mode in late November 2021, swiftly growing to process over 300,000 orders daily across seven Indian cities. Their inventory ranges from groceries to electronic gadgets, and their supply chain relies on dark stores in popular neighborhoods.
Finances and Future Plans
Zepto has significantly reduced its burn rate, aiming to achieve company-wide EBITDA-positive metrics and preparing for an IPO within 12 to 15 months. Zepto has grown its sales by an impressive 300% year on year, outstripping annualized revenue sales of over $700 million.
“Even with this capital, we aim to maintain our discipline, push hard for EBITDA positivity, and avoid complacency,” shared Kaivalya Vohra, Zepto’s co-founder, and CTO.
The company plans to go public by 2025 as a “profitable, growing technology company that customers love.” This achievement positions Zepto as the first Indian Unicorn of the year, despite a significant downturn in Indian startup investments due to an economic slowdown.
Please, also have a look into : Zepto raises $200 million in Series-E funding: Emerges as 2023’s first unicorn
