According to data from the Union government, Madhya Pradesh’s MSME sector has grown less during the last two years. Over the previous two years, MP saw a decline in the number of MSMEs registered on the Union government’s Udyam Registration Portal (URP).
Manufacturing, services, and trading are the three industries where MSMEs are recognised. Compared to 2023–2024, MSME registrations in MP decreased in all three industries in 2024–2025.
For MSMEs to be recognised by the government and get a number of benefits, such as access to government schemes and subsidies and participation in procurement processes, they must register on the Udyam Registration Portal. Additionally, there were more MSMEs that closed in the state in 2024–2025 than in 2023–2024.
#Shut Down Rate Higher than Opening New MSMEs in MP
According to the data that was made public, more MSMEs were closed in 2024–25, while fewer were registered in 2023–24. Over the past two years, there has been a decrease of 17,845 MSME units in MP in terms of new businesses registered on the URP and Udyam Assist Platform (UAP), both by year and sector.
In the three sectors of manufacturing, services, and trading, a total of 231,164 units were registered in 2024–2025; this was smaller than the 249,009 units registered in 2023–2024. There were 1,961 businesses deregistered as a result of shutdowns in 2024–2025 compared to 552 in 2023–2024.
This was further supported by data presented to the Rajya Sabha on August 4 by Minister of State for Micro, Small, and Medium Enterprises Shobha Karandlaje on new businesses registered on URP and UAP by state, year, and sector.
How Udyam Helping MSMEs of India?
To make it easier for MSMEs to register, the Ministry of MSME introduced the Udyam Registration Portal (URP) on July 1, 2020. In collaboration with the Small Industries Development Bank of India (SIDBI), the Udyam Assist Platform (UAP) was introduced on January 11, 2023, for Informal Micro Enterprises (IMEs) that do not have a PAN and are not subject to GST.
The goal of the project was to make conducting business easier, provide MSMEs a sense of identity, and qualify them for the schemes’ benefits. The union government added that MSMEs may deregister for a number of reasons, including ownership changes, firm location changes, and more. As a percentage of all MSMEs that have registered since the definition was revised on July 1, 2020, the number of MSMEs that have closed in the nation is 0.15%, according to the Udyam Portal.
Madhya Pradesh MSME Development Policy 2025
In 2017, the United Nations General Assembly proclaimed June 27th to be “International MSME Day”. The Madhya Pradesh’s MSME Development Policy 2025 was unveiled recently by the state government.
On this year’s “International MSME Day”, Chief Minister Mohan Yadav stated that MP’s MSMEs have become important designers of the state’s social and economic future. According to Yadav, the government wants to use the MSME sector to guarantee that at least one member of every family works for themselves or is employed.
Quick Shots
•Registrations
on Udyam Portal decline across manufacturing, services, and trading sectors
in 2024–25 compared to 2023–24.
•Total
registrations fell from 2,49,009 (2023–24) to 2,31,164 (2024–25) – a drop of
17,845 units.
•Closures
surged: 1,961 MSMEs shut down in 2024–25 vs. 552 in 2023–24.
•CM Mohan
Yadav on International MSME Day (June 27): MSMEs are key to the state’s
economic and social growth.
Google Cloud has suggested creating a Startup Hub and Centre of Excellence in Madhya Pradesh, according to Chief Minister Dr. Mohan Yadav. The purpose of this initiative is to train locals to become tech professionals. Continuing on this positive trajectory, the Chief Minister also announced that proactive discussions have been started with Hindustan Aeronautics Limited, the esteemed maker of the Tejas fighter aircraft, regarding the establishment of a defense-related industry in Madhya Pradesh. This endeavour is expected to produce encouraging outcomes.
Also, NVIDIA has proposed making Madhya Pradesh the “Intelligence Capital of India” by drawing up plans to promote the state.
Promising investment ideas totalling around Rs 3,200 crore were received by the state of Madhya Pradesh during the Invest Madhya Pradesh interactive session that was held in Bengaluru. The investments are expected to boost the economy of Madhya Pradesh and provide approximately 7,000 new job opportunities.
According to Chief Minister Dr. Yadav, the event was a huge financial success. While pointing out the similarities in the corporate landscapes of Madhya Pradesh and Karnataka, he emphasised the close fraternal relations between the two states.
Trade, business, and industrial operators from the neighbouring state of Karnataka were encouraged to investigate expansion potential within Madhya Pradesh through the Invest Madhya Pradesh program organised in Karnataka. By working together, the state is demonstrating its dedication to promoting synergies across different regions and attracting investment through its advantageous position and laws that are attractive to investors.
Strengthening of Links Between Karnataka and Madhya Pradesh
At the forthcoming Regional Industry Conclave in Gwalior on August 28, Chief Minister Dr. Yadav will make sure that the beneficial outcomes from the investment proposals received during the Bengaluru session are clearly shown. He explained that in order to entice investors to Madhya Pradesh, the state government had planned to travel to other states and meet with business owners and industry leaders face-to-face. Further, he hoped that the growing linkages between Madhya Pradesh and Karnataka will keep growing and strengthening, leading to better economic ties and synergies between the two regions.
More Than 500 Big Players Likely to Invest in MP
A statement from the Directorate of Public Relations, MP, states that talks between the state’s IT development and top IT companies like NASSCOM, Infosys, Cognizant, TCS, Happiest Minds, SAP, etc., as well as representatives from the space technology sector, are expected to produce positive outcomes. According to the statement, about 500 individuals from Karnataka and the neighbouring states took part in the programme that concluded recently.
More than thirty prominent businesspeople, including representatives from Lapp India, Reliance Consumer, DHL Global, Tech Mahindra, Microsoft, Kaynes Technology, and Kirloskar Systems, met one-on-one to discuss the roadmap for future investment in the state.
Madhya Pradesh, the heart of India, is famous for its history, culture, food, and whatnot. Almost every Indian has seen the advertisement promoting tourism in Madhya Pradesh; the popular tune, “Hindustan ka dil Dekho…” has been etched in the minds of many. What people aren’t aware of is Madhya Pradesh’s emergence as a startup hub—the credit goes to Indore. Hence, we have shed light on some entrepreneurial ventures in Indore. These startups in Indore are gradually booming in their field of work and coming in front of of the whole India.
These Indore-based startups will surely awaken the entrepreneur in you!
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One of the most famous Indore startups, Wittyfeed is today India’s largest viral content company and the second-largest in the world in terms of traffic numbers. The company had a humble start as a Facebook page and has grown into a mammoth entertainment blog. WittyFeed is a modern-day blogging platform for everyone who loves to express and explore stories. WittyFeed was the brainchild of SRM University students who later shifted their HQ to Indore. The website gets millions of page views every day. The company has transitioned from delivering content through a website to app-based content delivery. WittyFeed raised an undisclosed amount of funding in a Pre Series A round from a group of marquee investors in 2017.
Brothers Vinay and Praveen Singhal started Wittyfeed in 2014 in collaboration with their college friend, Shashank Vaishnav. They are now among the list of top entrepreneurs in Indore and also the whole of India. The website has established itself on a level where it directly competes with big shots like ScoopWhoop and BuzzFeed India.
Among the top startups of the Indore Startup Community, RackBank is a server provisioning startup from Indore. RackBank deals with server hosting and the requirements of entities like data centers. The startup has worked with companies like Saavn, MSG91, and imo for their server-related wants.
Narendra Sen started RackBank in 2013; he used to work at a photostat shop. If you’re under the assumption that Narendra’s technical expertise was inculcated through formal education, you’re wrong. He is a self-learned programmer. Gradually, Narendra became an expert in web development and started providing services. As time progressed, his services evolved into server provisioning on a large scale.
Walkover
Indore Startup
Walkover
Founder
Pushpendra Agrawal
Industry
Computer Software
Walkover Logo | Software Company in Indore
Walkover is a product-based IT startup company located in Indore, Central India. Walkover works like coders, designers, writers, gamers, brainstormers, debaters, coffee aficionados, and most importantly, DOERS. Walkover builds products that make business processes intuitive while conducting itself in an environmentally sustainable manner.
Walkover has built:
1. MSG91, India’s renowned A2P messaging platform, serving 5000+ Enterprises, processing billions of messages. 2. Giddh, the A/c application which is automating the world of accounting in India. 3. Socket, API middleware, making third-party integrations super easy.
EngineerBabu
Indore Startup
EngineerBabu
Founders
Mayank Pratap, Aditi Chourasia
Founded
2014
Sector
Web and App Development
EngineerBabu Logo | IT Company in Indore
EngineerBabu is an Indore-based startup that was quick in tasting success after its launch. It provides web and app development services. EngineerBabu has worked with some of the biggest companies in the world: Apple, Fox Sports, Uber, and Samsung, to name a few.
EngineerBabu was founded by Mayank Pratap and Aditi Chourasia in 2014. They are childhood buddies. Mayank was working in a Bangalore-based MNC while Aditi was preparing for medical entrance examinations. Mayank was done with his job and Aditi understood that the entrance test wasn’t her cup of tea, having taken three unsuccessful attempts at the exam. Mayank came back to Indore, sat down with Aditi, and the duo decided to start an initiative for providing a job to their common engineer friend. And that’s how EngineerBabu came into existence.
Feedify is a company permitting organizations to send push notifications to their potential customers. When people view a product, again and again, they are likely to buy it. Anyone who owns a business knows how helpful it is to identify if a potential customer is browsing a product repeatedly. For the uninformed, this is a part of a strategy called targeted marketing. Feedify sends push notifications to visitors even when they are not active on that specific website.
MotionGility provides its clients with the best-animated explainer videos to promote business stories. MotionGility provides cost-effective yet influential and convincing services. MotionGility’s USP is that they craft customized videos that help a business in marketing and generating leads. It provides first-of-a-kind custom-made graphics in the video, which is created by them and not downloaded from anywhere. It has also captured Germany and other overseas markets.
It is simply not possible to write on Indore without mentioning food! Oye24 is a food delivery venture out of Indore. It functions 24/7, 365 days. Oye24 serves multiple cuisines from various vendors. It also has an in-house kitchen specializing in local cuisine.
Oye24 was founded by Manish Chhajed, Mishal Jain, Rahul Badhera, and Ritesh Chhajed in 2015. Mishal was working at Tata motors while the other three were managing their respective businesses before starting Oye24.
Indian Threads logo | Manufacturing Company in Indore
Indore is famous for the cotton textile industry. Indian Threads designs and manufactures high-quality yet affordable menswear. It deals only in shirts. Customers can find all kinds of shirts on the Indian Threads’ website. The company has an online retailing platform but also sells its products through offline stores across the country.
Indian Threads was founded by Abhishek Rawal and Vishi Porwal in 2015. They sold only 60 shirts in the first 3 months of starting the business. But then, sales skyrocketed!
Securitybulls is a cybersecurity firm that offering penetration testing and IT security assessments for companies. Securitybulls doesn’t discriminate when it comes to clients, dealing with high profile, popular organizations while providing services for bloggers and online marketers by protecting their content management systems (CMS). The company has worked with Google, Microsoft, and Adobe (this list is really long!).
Securitybulls was founded by Geet Vaishnav in 2016. It has established good industry recognition within few years of being launched. This is indeed an achievement since the cybersecurity domain is extremely competitive.
For some of the very successful startup companies in Indore, ShopKirana is a B2B company using technology to provide supply chain management services to retailers across India. The startup envisions empowering millions of retailers and organizes the grocery segment in the country. Tanutejas Saraswat started ShopKirana in 2014. Before starting ShopKirana, Tanutejas had two failed ventures in his kitty.
Gramophone
Indore Startup
Gramophone
Founder
Nishant Vats, Tauseef Khan
Sector
Agritech
Gramophone Logo | Agritech Startup in Indore
Gramophone is the one-stop solution for all kinds of inputs for the farmers. Farmers can buy quality agricultural input products such as seeds, crop protection, nutrition, implements, and Agri hardware directly from the company’s e-commerce platform. Gramophone’s agronomic intelligence provides a variety of farm management advisory solutions to farmers by leveraging the power of image recognition, soil science, smart crop selection, and personalized information-led cropping system. This enables the farmers to choose authentic and suitable farm inputs. Gramophone has raised $3.5 Mn in an equity funding round.
GraffersID is a team of design and development veterans founded by Mr. Sidharth Jain in 2017 to help entrepreneurs to bring their stories to life and increase their revenue 10X. The GraffersID team specializes in identifying the loopholes, in the flow of the application and then brainstorming the possible solutions to make the final product robust and market fit
Conclusion
This is our list of famous, successful startups and entrepreneurs in Indore. Hope this list of companies in Indore helps you in many ways. The startups mentioned in the above list were once just an idea, a figment of imagination. No idea has ever transformed into an actual venture without sincerity and perseverance. Add to it constant deliberation and thinking. Unless you are willing to give in everything to your startup, it’s never going to see the light of the day. Worship it with your hard work, bribe it your time and see it grow with your co-founders!
Contact us to get featured in this list of Indore-based Startups & Entrepreneurs.
