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.
A local report shows that venture capital funding dropped from $11.34billion in January-March to $2.19billion in March.
LinkedIn APAC head of editorial Pooja Chahabria said that some sectors have shown “resilience in challenging times”.
Fintech is still a good investment despite the economic downturn. This is especially true now that we are seeing funding recover and major tech companies looking at fintech opportunities in India.
The rise of EdTech also highlights the need for continued upskilling, particularly with technology 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.
Chhabria said that there are 14 new participants this year. “This is a reflection of an booming entrepreneurial eco-system and a spirit of innovation,” he added.
LinkedIn has compiled a list of the top start-ups in terms of four criteria: job growth, employer interest, employee engagement, and talent attraction from LinkedIn’s most successful companies.
For companies to qualify, they must have a headquarters in India or at least 50 employees. LinkedIn also said that it lowered the age requirement from 7 years to 5 years to feature more businesses in their early, entrepreneurial stages.
LinkedIn has compiled a full list of India’s most promising start-ups by 2022.
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
Defence and Space Manufacturing
Headquarters: Hyderabad
Full-time headcount: 260
The most common skills are: aerospace engineering, manufacturing, machining, and manufacturing operations
Skyroot Aerospace, founded in 2004, was created by former Indian Space Research Organization scientists and engineers. Skyroot Aerospace became the Indian private company that launched a space rocket for the first time in 2022. Skyroot Aerospace, according to Reuters, expects two rocket launches by 2024 after the Chandrayaan-3 launch.
4. Pocket FM
Industry: Software development
Headquarters: Bengaluru
Full-time headcount: 489
Most common skills: Writing, video, advertising
Pocket FM is an audio platform that offers more than 100,000 hours worth of content, including music in Indian and other languages. It is estimated that the company serves 80 million people worldwide.
3. Ditto Insurance
Industry: Financial services
Headquarters: Bengaluru
Full-time headcount: 252
The most common skills are communication, marketing, business management and advertising
The fintech company was established in 2018. Its online platform allows users to compare plans and policies as well as buy insurance. LinkedIn says Ditto Insurance wants to hire “hundreds freshers” this year.
2. BluSmart
Industry: Software development
Headquarter: Gurugram
Full-time headcount: 620
Common skills include: Business management, development tools and data science
BluSmart provides electric ride-hailing in Delhi NCR, Bengaluru and other cities with its fleet of 4,500 electric cars. The company was established in 2019 and plans to use the latest $42million cash injection for expansion of its fleet. It will also invest in charging stations. India.
1. Zepto
Industry: Software development
Headquarters: Mumbai
Full-time headcount: 1,400
Skills most commonly required: Data science, business management and development tools
