Innovative Startups In IndiaJan 23, 2019 | Newspaper
Few startup companies have the potential to become big businesses. Even fewer are innovative startups. There was a time when the sole aim of graduates in India was joining multinational companies. With the passion to offer something innovative, young entrepreneurs are coming up with superb out-of-the-box ideas.
According to NASSCOM, India will be home to 10500 startups by 2020. The startup landscape of the country is on its way to becoming the epitome of innovation. Indian startup companies are bringing out solutions aimed at locally relevant issues. Contribution by innovative startups has been growing at a rapid rate and the startup scenario has a huge potential in terms of revenue growth and business stability.
Bookadsnow conducted a study of some of the startup companies in India and here we have included those select innovative startups which have fresh concepts and big-time potential to become industry leaders. These startup companies which we found worth mentioning, have brought path-breaking ideas into being that changed the way people consume and that caused an absolute lifestyle shift for them.
Lingerie is a taboo topic in India. Richa Kar, the founder of Zivame, identified the bottleneck for a woman going lingerie shopping. While working on an assignment to study a global lingerie brand, she realized that due to various reasons like unavailability of the right sizes to the presence of male sales executives, customer experience in the lingerie category was very poor. That is when she started Zivame, with her savings and contributions from friends and family. She has since then received multiple rounds of funding and investors.
Richa’s deep and clear understanding of the consumer pain point enabled her to go to and partner with the biggest brands in the market. The first few investors did not understand the importance of a standalone lingerie platform, but for Richa, it was all about solving the consumer need. Zivame has changed the face of lingerie shopping for women in India.
OYO Rooms is one of the most successful startup companies in India. It is the largest hotel network in the country. Ritesh Agarwal, the founder of OYO Rooms, had left college mid-way to start his own company. Ritesh had discovered that availability was not the only problem with budget hotels and that lack of predictability in hotel stay experiences needed to be tackled too. That is when he built one of the most innovative startups using technology and standardization.
OYO Rooms has around 70000 rooms in 7000 hotels across 200 towns of India, Malaysia, and Nepal. Their standards are audited every few days so that every customer is assured a quality experience. The biggest bottlenecks in the growth of the segment the startup operates in are repair and maintenance issues of real estate supplies. They have established the OYO Skill Institute to train people and create a pipeline of a skilled workforce for the hospitality industry. From having a single hotel in Gurgaon to becoming one of the most loved hotel brands, OYO Rooms has come a long way.
ShopClues, India’s first managed marketplace, was launched in Delaware by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal in 2011. The startup caters to the unstructured market in Indian Tier II and III cities. ShopClues has categories like Lifestyle, Fashion, Electronics, and Home among others. Its aim is not just to get new customers, but to focus on retaining customers and to give them the best quality products. ShopClues has been quiet in terms of marketing and is known for minimal cash burn as well as effective spending. It believes strongly in improving customer experience.
One of the most profitable innovative startups, ShopClues has no direct competitor and believes in catering to Bharat, as opposed to India. It has become a billion-dollar company in less than 4 years by holding on to lower price points. Its expansion plans are based on the same price points and the Indian middle class. ShopClues has recently started a wholesale marketplace, which is a business-to-business venture. The startup will be ready for an Initial Public Offering (IPO) by the end of the year 2017.
Sriharsha Majesty, Nandan Reddy, and Rahul Jaimini had started Swiggy, the food ordering and delivering company, out of Koramangala, the hub for startup companies in Bengaluru. The startup was founded with the objective of putting an end to the hassle of ordering food.
What differentiates Swiggy from its competitors is that it boasts of its own fleet of delivery personnel who are equipped with smartphones with an app powered by routing algorithms. That is what ensures that Swiggy customers have their food delivered on time and can track their order status in real-time.
Swiggy is on its way to solving a real consumer pain point and 80 percent of the orders it receives come from repeat customers. The average delivery time it offers is 37 minutes. A new initiative by the founders, Swiggy Express, is in the pilot stage and it aims to deliver food within a shorter period.
India is the youngest startup nation. The Startup India campaign was announced by the Government of India in August 2015. It encourages entrepreneurship and focuses on single window clearance, reduction in the patent registration fee, a modified bankruptcy code, freedom from mystifying inspections and certain taxes for 3 years.
Innovative startups in India are all about disruption. They're out of the box ideas are meant to take the nation to the next level. To succeed at startup companies, chaos needs to be embraced. Innovative startups bring to the table what young India needs to learn the best – value of hard work, ownership, and self-sustainability.