India’s startup ecosystem has witnessed explosive growth over the past decade, and FY 2024-25 has been no exception. Despite global economic challenges, Indian startups have continued to innovate, disrupt industries, and attract significant investment. Here’s a look at the top 10 startups in India and their performance in FY 2024-25.
1. Byju’s
Sector: EdTech
Valuation: $24 billion
Performance Overview: Byju’s, the EdTech giant, has maintained its position as a leader in online education, especially in K-12 learning and competitive exam preparation. In FY 2024-25, Byju’s saw a steady revenue growth of 15%, driven by the expansion of its product offerings and its international ventures in the US, UK, and Middle East. However, the company faced challenges with profitability, leading to cost-cutting measures and a focus on optimizing operations.
2. Ola Electric
Sector: Electric Vehicles
Valuation: $11 billion
Performance Overview: Ola Electric, a subsidiary of the ride-hailing giant Ola, has continued to dominate the electric vehicle (EV) market in India. FY 2024-25 was a significant year for the startup as it launched its much-anticipated electric car, which garnered strong pre-bookings. Ola Electric’s revenues surged by 40% year-over-year, bolstered by increased adoption of electric scooters and the expansion of its EV charging network. The company is now eyeing international markets, starting with Southeast Asia.
3. Zomato
Sector: FoodTech
Valuation: $13 billion
Performance Overview: Zomato, one of India’s leading food delivery platforms, continued its impressive run in FY 2024-25. The company recorded a 25% increase in revenue, driven by the growth of its premium membership program and the introduction of new verticals like grocery delivery. Zomato also achieved its first full-year profit, a milestone in its journey. The company’s focus on expanding its delivery network and partnerships with cloud kitchens contributed to its strong performance.
4. Paytm
Sector: FinTech
Valuation: $16 billion
Performance Overview: Paytm, a pioneer in India’s digital payments landscape, continued to diversify its offerings in FY 2024-25. The company saw a 20% increase in revenue, largely due to its growing financial services arm, which includes lending, insurance, and wealth management. Paytm also strengthened its position in the merchant payments space with new product launches and partnerships. However, the company is still grappling with profitability challenges as it balances growth with operational efficiency.
5. Swiggy
Sector: FoodTech
Valuation: $10 billion
Performance Overview: Swiggy, a direct competitor to Zomato, had a strong FY 2024-25, with a revenue growth of 22%. The company expanded its quick commerce (grocery delivery) vertical, which now contributes a significant portion of its overall revenue. Swiggy’s investments in technology and last-mile delivery infrastructure paid off, helping it capture more market share in Tier 2 and Tier 3 cities. The company also ventured into new areas like meal kits and ready-to-eat meals.
6. Razorpay
Sector: FinTech
Valuation: $9 billion
Performance Overview: Razorpay, a leading payment gateway and financial services platform for businesses, continued its upward trajectory in FY 2024-25. The startup achieved a 35% increase in revenue, driven by the expansion of its product suite, including payroll management and SME lending. Razorpay also deepened its presence in the international markets of Southeast Asia and the Middle East. The company’s focus on innovation and customer-centric solutions has kept it ahead of the competition.
7. OYO Rooms
Sector: Hospitality
Valuation: $12 billion
Performance Overview: OYO, the hospitality startup that redefined budget travel in India, had a mixed year in FY 2024-25. The company saw a modest 10% increase in revenue as it focused on recovering from the pandemic’s impact on the travel and tourism sector. OYO’s strategy of targeting domestic travel and offering flexible booking options helped it regain momentum. However, the company is still facing challenges in its international operations, particularly in Europe and the US, where recovery has been slower.
8. Dream11
Sector: Fantasy Sports
Valuation: $10 billion
Performance Overview: Dream11, India’s largest fantasy sports platform, had an impressive FY 2024-25, with a 30% increase in revenue. The company benefited from the growing popularity of fantasy sports in India, especially with the IPL and other major cricket tournaments. Dream11 also expanded its offerings to include more sports and daily fantasy games, attracting a broader user base. The startup’s profitability continued to improve, making it one of the most successful gaming startups in the country.
9. Lenskart
Sector: E-commerce (Eyewear)
Valuation: $8 billion
Performance Overview: Lenskart, India’s leading eyewear retailer, had a strong FY 2024-25, with revenue growth of 25%. The company continued to expand its omni-channel presence, with new stores opening across India and significant growth in its online sales. Lenskart’s focus on premium eyewear and collaborations with international brands helped it attract a more affluent customer base. The startup also made strides in international markets, particularly in Southeast Asia and the Middle East.
10. Nykaa
Sector: E-commerce (Beauty and Fashion)
Valuation: $7.5 billion
Performance Overview: Nykaa, the beauty and fashion e-commerce platform, had a stellar FY 2024-25, with a 28% increase in revenue. The company expanded its product portfolio to include more luxury brands and exclusive collections, catering to a growing base of fashion-conscious consumers. Nykaa’s physical stores also performed well, contributing to its overall growth. The company’s focus on customer experience, personalized marketing, and influencer partnerships has solidified its position as a market leader.
Conclusion
The top startups in India have continued to perform strongly in FY 2024-25, despite the challenging global economic environment. These companies have demonstrated resilience, innovation, and adaptability, which have been key to their success. As they continue to grow and expand, these startups are not only driving economic growth in India but also setting new benchmarks for the global startup ecosystem. For entrepreneurs and investors, these companies provide valuable insights into the opportunities and challenges of building and scaling a successful business in India.