When it comes to the cosmetic industry, consumers are always concerned about the process that is followed while manufacturing the products. This is why the world is seeing a new era of cosmetic products that are organic, produced in a natural way, and free of toxins and other chemicals.
The craze for these organic products is palpable simply because they mean no harm to our skin, hair, gut, and ourselves in general. Leveraging this drive for organic products, Mamaearth has catapulted itself into a promising startup in the cosmetics industry that comes with the American Made safe Certification, the first nontoxic seal for the products in use today.
Mamaearth was founded in September 2016 by Ghazal Alagh and Varun Alagh to make skincare routines a little chic but with utmost care. Headquartered in Gurgaon, Haryana, India, Mamaearthis distinguished in the cosmetics industry of India as an online platform that offers natural and toxin-free skin care products.
Here’s diving into the Success Story of Mamaearth, where we will also discover about the Founders and Team of the company, Mamaearth’s Startup Story, History of Mamaearth company, Mission and Vision, Revenue Model, Funding and Investors, Acquisitions, Growth, Partnerships, Challenges, Competitors, Awards, and more.
Through an innovative product line, Mamaearth has tried to solve a common Indian parenting problem. In a country where most of the baby products available do not meet safety regulations, Mamaearth offers products that are safe by international standards and loaded with the goodness of nature.
Mamaearth company is often hailed as the 1st Asian brand with a “MADE SAFE” certification. The products that the company brings to the masses are free of all known toxins that are banned in most countries. More than being just a commercial brand, Mamaearth takes pride in making products out of love and care.
Mamaearth – Industry
According to the report analysis of Statista, the Indian personal care market is predicted to increase significantly in 2024, reaching a value of US $14.31 billion. The news report’s extensive findings suggest a probable annual growth rate of 3.34% (CAGR 2024–2028).
This forecast highlights the tenacity of the sector and the ongoing need for personal hygiene goods in the Indian market. The report sheds light on the expected trends and dynamics that will shape the future landscape of the personal care business in India, offering industry stakeholders useful information.
Mamaearth – Founders and Team
Mamaearth Co-Founders Ghazal Alagh and Varun Alagh incorporated Honasa Consumer Private Limited in 2016 and then went on to launch the Mamaearth range of toxin-free products in December of that year. The couple had made it their mission to make safe, chemical-free products available to all babies in India. The company has now grown to be an organic product manufacturer for babies, moms, dads, grandparents, and everyone else.
Ghazal Alagh (Co-Founder) and Varun Alagh (Co-Founder, CEO, and Chief Dad) of Mamaearth
Varun Alagh
Mamaearth Co-Founder, CEO, and Chief Dad of Mamaearth, Varun Alagh, is from the FMCG industry. Varun Alagh has a BE in Electrical Engineering from Delhi College of Engineering, followed by an MBA in Finance and Marketing from XLRI Jamshedpur. Varun has previously worked in Hindustan Unilever, Smirnoff, and The Coca-Cola Company, where he managed key leadership roles before founding Honasa Consumer Pvt. Ltd., the parent company of Mamaearth. He is known for the brand management expertise he brings to the table.
Ghazal Alagh is another Co-Founder of Mamaearth who is also known as the Chief Innovation Officer. Ghazal has completed her BCA in Information Technology student from Panjab University. She then served as a Corporate Trainer at NIIT and later on founded Dietexpert in February 2012 before founding Mamaearth under Honasa in 2016.
Ghazal has also completed Intensive courses in Modern Art and Applied Arts from the School of Visual Arts and New York Academy of Art and is recognized as one of the top 10 women artists in India, both nationally and internationally. She was also one of the sharks in Shark Tank India Season 1.
“We are a ‘mum-powered’ company and work with a large number of mothers who are involved in the process, right from ideation, conceptualization to the actual product launch. We believe this connection with mothers will continue to be the biggest driver of success. We have more than 200 young moms on board who help us in conceptualizing and formulating the products. The moms then test these products, and only those with great feedback are approved for mass production,” says Ghazal Alagh.
Mamaearth parent company Honasa Consumer shareholding pattern as of October 2023:
Mamaearth Shareholders
Percentage
Varun Alagh
33.5%
Ghazal Alagh
3.2%
Sequoia Capital
23.4%
Fireside Ventures
10.6%
Stellaris Venture Partners
9.3%
Sofina
9.3%
Evolvence
1.4%
Redwood Trust
0.1%
Angel
5.3%
ESOP Pool
3.8%
Other Investors
0.2%
Total
100.0%
Mamaearth Shareholding
Mamaearth – Startup Story
In the US, there is a strong awareness of the harmful chemicals found in the most commonly used personal care and baby care products. During Ghazal’s stay there, she became more conscious of the kind of products she was using and started checking the ingredients list before buying any baby care item.
When Varun and Ghazal were expecting their first child (the couple was in India at the time), they realized that the baby care products they came across contained harmful toxins and safer alternatives weren’t available. Since the husband-wife duo couldn’t find any safe products for babies in India, they stopped using Indian products and imported reliable products manufactured in other countries.
They eventually started ordering products from the US but that turned out to be a costly and inconvenient arrangement. Besides, they also realized that it wasn’t just them, in fact, there are one too many parents in India who struggled with the same concern.
However, finding no solutions at hand, Varun and Ghazal Alagh researched the ways they can turn baby products safer and more affordable They spent sleepless nights over the founding of a new brand, created a dedicated R&D team for it, and applied for appropriate certifications.
All of these ultimately gave rise to Mamaearth, and it soon became Asia’s 1st brand to offer “MADE SAFE” certified products that were toxin-free and loaded with the natural goodness that babies deserve.
“We are on a mission to reduce parental stress & are continually improving and innovating to make the world a safer place for both babies and their parents,” adds Ghazal Alagh.
Mamaearth – Target Market Size
Mamaearth has segmented its products as follows:
Baby
Beauty
Hair
Face
Body
Gift packs
Mamaearth – Startup Launch
The Mamaearth team believes in mum-power and decided to directly target mothers. The founders were confident that once the customers used Mamaearth products, the word-of-mouth publicity would work wonders for the company. The team also leveraged the power of social media through influencer marketing.
The primary strategy was to resonate with like-minded parents who wanted nothing but the best for their babies. The customer acquisition strategy is purely focused on digital content.
“We want consumers to read about the problems that our products solve and why our products are the best in the market. We work with over 500 mom bloggers. We are also innovating constantly to stay relevant and cater to the dynamic market needs,” said Ghazal Alagh.
The most significant project that helped Mamaearth achieve the growth rate was the lean innovation cycle; it was geared to launch, learn, and scale quickly. Lean innovation helped them focus on customer-specific need identification.
Apart from this, rapid experimentation allowed the validation and improvement of many product concepts on a real-time basis. It aided in increased customer satisfaction and reduced the time-to-market.
Mamaearth – Mission and Vision
We aim to build a brand which is your friend, every parent’s friend. A friend who understands you, knows your issues and tries hard to resolve them, well most of them. A brand which every parent like you and me can trust, which intends to make lives of mums & expectant mums better and beautiful. A brand which welcomes all our babies to a healthy and a safe world. We aspire to take care of every parents & baby’s wellbeing from head to toe with safe, toxin free, international standard products which you can choose without having to think twice. Well it’s a lot like love, Awwww, as mentioned on the “What We Want To Achieve?” section of the Mamaearth website.
The brand aims to solve the recurring problems of young parents with safe, toxin-free, and international standard products, which will help them cherish the joy of parenting without any hassles.
Mamaearth company is an online retailer that specializes in organic products that are best for babies, their mothers, grandparents, and others. It operates under the umbrella of its parent organization, Honasa Consumer Pvt Ltd.
Mamaearth – Product/Services
Mamaearth Products
Mamaearth is focused on babies and others with an exclusive product range that caters to baby care, haircare, skincare, and more with over 300 natural products under its umbrella. Some of the most innovative products developed by Mamaearth include India’s first bamboo-based baby wipes, easy tummy roll-on with Hing and Fennel for colic and digestion relief, and 100% natural plant-based toothpaste for children between 0-10 years.
It also has a range of skin and hair care products around popular natural ingredients such as onion, Ubtan, tea tree, vitamin C, argan, coco, and charcoal.
It has expanded not only to cater to babies but their mothers as well with varied products ranging from sunscreen to stretch mark removal serum. It focuses on all aspects of motherhood. A fan favorite is their onion range of products for mothers.
Mamaearth – Business Model
Mamaearth operates on a clear-cut, open business approach. Under the Mamaearth brand, the company conceptualizes items strategically and works with contract manufacturers to bring them to market. The core of Mamaearth’s operations is conducted online, where it primarily uses direct-to-consumer (D2C) channels including Amazon, Flipkart, and numerous other e-commerce sites.
Mamaearth has also expanded its reach by forging a strong presence in physical retail locations. This all-encompassing strategy guarantees that Mamaearth’s products are available and accessible on a variety of platforms, satisfying the tastes of a broad range of customers.
Mamaearth makes revenue from different resources; some of the prominent ones are:
Product Sales:
Mamaearth’s direct sales of a wide variety of skincare, haircare, and wellness items account for a sizeable amount of company earnings.
Subscription-Based Model:
Mamaearth allows clients to sign up for recurring product deliveries by providing subscription services. As a result, a steady and recurrent revenue stream is produced.
Revenue from advertising:
Mamaearth increases its revenue by making calculated advertising efforts. To promote the company and its products, could involve partnerships, collaborations, online and offline advertising, and sponsored content.
Mamaearth – Challenges Faced
Every organization faces problems in its early years and Mamaearth was no different. Early in its launch, Mamaearth company was hit with a growth hurdle wherein it was not able to expand as desired. The team realized the problem had to do with not being sharp about the target cohort, which lead to futile marketing expenditure coupled with minimal customer acquisition.
The core team did an internal rethinking and arrived at the decision to redefine the target group as well as the communication strategy around the target group. Once the team implements the strategy, significant gains can be seen in a short period.
Another set of problems for Mamaearth was navigating the cosmetics sector, given the intense competition among several prominent players, both Indian and foreign. The operational picture became increasingly complex due to issues like distribution of erroneous items, high cancellation rates, order fulfillment delays, and a lack of inventory tracking.
Notwithstanding these obstacles, Mamaearth showed tenacity and flexibility in confronting difficulties in order to carve out a space for itself in the cutthroat cosmetics industry. Additionally, Momspresso, a parenting news site owned by Mamaearth, faced a significant setback in June 2023 when it reportedly laid off 80 to 100 staff from its brand marketing vertical.
The decision to downsize was attributed to the company’s choice to shut down MyMoney and Momspresso due to escalating losses, as reported by various media sources. Despite these challenges, Mamaearth continues to adapt and navigate the dynamic landscape of the cosmetics industry.
Mamaearth – Funding and Investors
Mamaearth raised a total of $139.2 million in funding over 10 rounds.
Here are the funding details:
Date
Stage
Amount
Investor
December 5, 2023
Post-IPO Secondary
INR 290 crore
Norges Bank
September 15, 2022
Venture Round
INR 6 crore
Shilpa Shetty
December 28, 2021
Venture Round
$37.5 million
Peak XV Partners
July 26, 2021
Series C
$50 million
Sofina Ventures
January 7, 2020
Series B
INR 130 crore
Peak XV Partners
September 10, 2018
Series A
$4 million
Fireside Ventures, Stellaris Venture Partners
April 20, 2018
Venture Round
$250 K
Shilpa Shetty
September 12, 2017
Series B
–
–
December 20, 2016
Seed Round
$125 K
Fireside Ventures
Mamaearth – Acquisitions
Mamaearth has acquired 4 companies to date: Dr. Sheth’s, BBLUNT,Mompresso, and Mompresso MyMoney.
India has six new brick-and-mortar locations of the mother and baby beauty and wellness brand Mamaearth. The brand’s whole line of naturally created products is sold in the new stores, which are spread across a variety of Tier 1 and Tier 2 locales and were launched in June 2023.
Mamaearth Store
The House of Honasa’s Mamaearth range of personal care products opened its first flagship store in August 2023 at Hyderabad’s L&T Metro Mall, Punjagutta. According to the company, the store was designed to display a wide variety of toxin-free personal care items suitable for men, women, and babies.
Mamaearth – Advertisements and Social Media Campaigns
Mamaearth Campaign
In June 2022, Mamaearth released an advertisement for Onion Shampoo featuring Sharmila Tagore and Sara Ali Khan. The commercial, which joins the well-known grandmother and granddaughter, is based on a true story in which Khan, worried about her hair loss, seeks Tagore’s advice from her badi amma.
Mamaearth wants to convey the virtues of the shampoo as well as the brand’s philosophy and product offering through this campaign.
Mamaearth has been awarded the Young Turks Startup of the year category at CNBC-TV18’s India Business Leader Award 2022.
Mamaearth was recognized as “One of the Best Brands” in India at the 2nd edition of The ET Brand Festival in 2019.
Mamaearth – Competitors
Mamaearth faces immense competition, both directly and indirectly from MNCs such as Himalaya andJohnson & Johnson as well as e-commerce portals like Nykaa. There are several companies, including both corporates and startups that boast of several products from the categories like baby apparel, baby toys, and baby accessories, which compete directly with Mamaearth.
On the other hand, the cosmetics industry is dominated by organized players like Johnson & Johnson, Kimberly Clark, Procter & Gamble, and Unilever, which also act as rivals to Mamaearth. Besides, more and more companies are popping up with the toxin-free ideology nowadays and increasing the overall competition of Mamaearth.
Mamaearth’s future plans include significant India expansion into Tier 2 and 3 cities, focusing on broader channel availability and network expansion, introducing new product lines, especially in the INR 99 price category to capture more value-conscious customers, and bolstering R&D through acquisitions like Cosmogenesis Laboratories. The company also aims for global expansion and increasing international exports, creating millions of jobs in the process. Additionally, they are focusing on enhancing their overall profit margins and improving the predictability of their business for faster bottom-line growth
FAQs
Is Mamaearth an Indian Brand?
The Mamaearth company is an Indian unicorn brand and is based out of Gurgaon, Haryana, India. It was founded by Varun and Ghazal Alagh in 2016 to provide toxin-free, natural baby care, skincare, haircare products, and more for babies and everyone else.
Are Mamaearth products good?
Mamaearth proclaims itself as Asia’s first brand to be certified 100% non-toxic by “MADE SAFE”. The ingredients used to manufacture Mamaearth’s products are entirely natural. Thus, they are safe to use.
Is Mamaearth Ayurvedic?
Mamaearth is an innovative brand that uses Ayurveda and science to develop natural, toxin-free products.
Who is the owner of Mamaearth?
Mamaearth founders are Varun Alagh and Ghazal Alagh. However, the majority stakes of the company are with Varun Alagh and Ghazal Alagh, who holds 37.35% of Mamaearth’s stakes.
Is Mamaearth organic?
The products delivered by Mamaearth are 100% natural and manufactured using organic and safe ingredients. Mamaearth takes pride in promoting non-toxic and chemical-free products.
Is Mamaearth vegan?
Mamaearth is certified “cruelty-free” by People for the Ethical Treatment of Animals (PETA). It does not promote or conduct animal testing.
Is Mamaearth Shampoo sulfate-free?
Mamaearth relies on natural ingredients. Its shampoo is sulfate-free and does not harm the user.
Is Mamaearth available in stores?
Mamaearth products can be found in stores. One can also purchase them online at discounted rates.
How do you buy Mamaearth products?
Mamaearth products are sold online at Nykaa, Amazon, and brick-and-mortar medical stores.
Who is Mamaearth manufacturer?
The manufacturer of Mamaearth is Honasa Consumer Limited that also owns other brands: The Derma Co, Aqualogica, Ayuga, BBlunt, and Dr Sheth’s.
Mamaearth‘s parent business, Honasa Consumer Ltd., a skincare brand, has filed a lawsuit against Hindustan Unilever Ltd. (HUL), a major player in the FMCG industry, alleging that a Lakme advertisement is deceptive and derogatory. A recent Lakme campaign called “SPF Lie Detector Test” unfairly criticises rival goods, including one that closely resembles a sunscreen from The Derma Co, another Honasa brand, according to a case filed before the Delhi High Court by Honasa. With its dramatic “hit and run” visual metaphor, the commercial implies that competing sunscreens fall short in terms of SPF protection. Honasa contends that by using similar packaging and misleading inferences, the advertisement denigrates its products and misleads consumers.
High Court Agreed to Honasa’s Claims
Following a preliminary hearing, the Delhi High Court stated that the Lakme advertisement was derogatory “on the face of it” and asked HUL to respond. According to a statement from HUL, SPF in-vivo testing is the gold standard and internationally accepted technique for evaluating the effectiveness of sunscreens. Lakme has been using this technique for its sun portfolio since 2015. Regretfully, a number of brands—some of which are internet bestsellers—have been making exaggerated claims about SPF 50. In the best interests of customers, independent testing by certified laboratories shows that they fall well short of the claims made. This would be equivalent to deceiving them about sunscreen, which has effects on the skin, including pigmentation, ageing, and spots. The goal of the brand’s Lakme Sun Superiority campaign is to give Indian people access to sunscreens they can rely on.
Honasa Demanding an Immediate Action by Taking Down Ad
Honasa is requesting that the commercial be taken down right away because it claims that it harms the reputation of its businesses. Both parties are set to present their arguments during the anticipated hearing of the case today. Ghazal Alagh, a co-founder of Mamaearth, had earlier welcomed Lakme to the in-vivo-tested SPF 50 club in a LinkedIn post. According to Alagh, there hasn’t been much rivalry in the Indian FMCG market for a while, which has made big, established firms comfortable. Mamaearth is proud to have been breaking these conventions and bringing these brands to light repeatedly. In order to force manufacturers to use clean label ingredients, the company used the Mamaearth brand. And now once more, The Derma Co. is paving the way for truthful, proactive disclosures and scientifically supported claims. Customers have loved this so much that several competitors are envious. She went on to say that it makes them delighted to see historic businesses reappear and even outright replicate things from their names to their packaging. Mamaearth will continue to lead the way and innovate.
When a parent’s instincts to safeguard and nurture their child come into play, they can achieve remarkable things. This is precisely how Ghazal Alagh’s incredible journey began. Her deep desire to provide the finest products for her own children inspired her to create toxin-free and eco-friendly baby care items. Little did she know that this simple idea would eventually evolve into a colossal business worth INR 9,800 crores.
This article talks about Ghazal Alagh’s story which teaches us that the love and determination of a parent can spark extraordinary success. We will also explore Ghazal Alagh’s success story, including her early life, history, net worth, story, childhood, personal life, education, achievements, and more.
Ghazal was born on 02 September 1988 in Gurgaon, Haryana. She was brought up in a middle-class setup.
She finished her early education in Haryana and went on to pursue BCA in Information Technology from Punjab University. Later, she also did the Summer intensive course in Modern Art, Design, and Applied Arts from the School of Visual Arts and the Intensive Course in Figurative Art in Modern Art in 2013 from the New York Academy of Art.
It is evident that she stood as an example to many of those young entrepreneurs who couldn’t get the opportunity to pursue their higher education in top B-schools and still have the confidence to become successful entrepreneurs.
Mamaearth Founder Story
Ghazal Alagh – Career
Ghazal’s career began with NIIT as a Corporate Trainer, where she trained managers and engineers in coding languages and software from various IT companies. She started her career with a mere ₹1,200 per day. Here is what she said about this in her social media post,
My first income was modest, earning Rs 1,200/day as a weekend corporate trainer. I recall the joy of taking my mom shopping and sharing a memorable dinner.
She later ventured into a few other endeavors like founding Dietexpert & being an artist at Being Artsy.
But her biggest jump came in the next part of her career which was started when she and her husband, Varun Alagh were searching for some toxin-free baby products for their child and realized most of the baby products in the Indian market were full of toxins and harmful ingredients.
This sparked the idea of creating their own toxin-free, eco-friendly baby products and that led to the founding of Mamaearth under Honasa Consumer Pvt Ltd. in 2016.
Mamaearth debuted with seven goods with an initial investment of ₹25 lakhs, under the parent organization Honasa Consumer Ltd., focusing mainly on baby care products.
Later on, the brand expanded into skincare and cosmetics brands. The company houses brands like Ayuga, The Derma Co., and Aqualogica, including its investments in the salon firm BBLUNT, Momspresso, and the beauty brand Dr. Sheth’s.
The D2C company, Mamaearth takes pride in being the first Asian brand with a “MADE SAFE” certification. The company is known to deliver completely toxin-free products. The company initially focused on the online marketplace, later expanding to its offline stores. The IPO of Honasa Consumer Ltd, the parent company of Mamaearth, was launched on October 31, 2023. During the subscription window, from October 31 to November 2, the shares were made available for purchase. The prices per share ranged from INR 308 to INR 324.
Mamaearth’s parent company, Honasa Consumer, has lost 50% of its market value in just two months. In September 2024, its stock was priced at INR 541 per share, and the company was worth around INR 15,000 crore. But by November, the stock price dropped to INR 227 per share, and its market value fell to INR 7,300 crore, losing INR 7,500 crore in just two months. As a result, Mamaearth is now valued at less than $1 billion and is no longer considered a unicorn.
The Derma Co. is all about real skincare and hair care that actually works. They offer a range of products designed to tackle common skin issues like acne, dark spots and signs of aging—without the fluff. The Derma Co. is all about helping millennials feel confident in their skin and hair—because real beauty starts with taking care of yourself.
Ghazal co-founded Honasa Consumer Pvt. Ltd. alongside her husband, Varun Alagh, bringing a fresh, digital-first approach to the Indian beauty industry. A mom-preneur turned industry leader, she played a crucial role in shaping brands like Mamaearth, The Derma Co., Aqualogica and Ayuga, catering to modern consumers through D2C (Direct-to-Consumer) strategies.
Ghazal Alagh was born in Haryana in a middle-class family. She is married to Varun Alagh who is the co-founder of Mamaearth. The couple has two sons, Agasthya and Ayaan Alagh.
After the birth of their first son, the couple searched for toxin-free baby care products and realized that the Indian market lacked such products. This led to the founding of Mamaearth which produces completely toxin-free baby care products.
She did not leave her responsibility at just founding the company but also she personally did the trials of her own products.
In one of her LinkedIn posts, she wrote, I still personally try every single product before it opens up for sale to our consumers. When Varun Alagh and I started our first brand Mamaearth, it was for our child and all the babies of India. We would never launch something we won’t use on our baby. And that paranoia has stayed with us as our core value.
Ghazal Alagh shared insights on leadership, entrepreneurship, and work-life balance. She emphasizes empowering teams, learning from mistakes, and maintaining sustainable productivity. Advocating the “85% Rule,” she encouraged consistent effort over perfection to avoid burnout. She also highlighted the importance of work-life balance in managing motherhood and business. Below is her LinkedIn post:
Ghazal Alagh – Investments
Ghazal Alagh has invested in UnderNeat in March 2025, a shapewear brand launched by influencer-turned-actor Kusha Kapila. The seed funding round, which also saw participation from Fireside Ventures, is estimated to be between INR 8-10 crore, though exact figures have not been disclosed.
Ghazal Alagh Investments
Ghazal has made some significant investments as below:
Announced Date
Organization Name
Funding Round
Money Raised
October 16, 2023
P-TAL
Seed Round
₹4.33 crore
June 21, 2023
Crib
Seed Round
₹15 crore
December 1, 2022
Leap.club
Seed Round
₹9 crore
October 11, 2022
Wishlink
Seed Round
₹30 lakhs
September 28, 2022
unScript.ai
Seed Round
₹10 crore
September 22, 2022
FS Life
Series B
₹50 crore
May 18, 2022
Bliss Club
Series A
₹1.5 crore
January 31, 2022
Humpy Farms
Angel Round
₹1 crore
July 19, 2021
Uvi Health
Pre Seed Round
₹2.47 crore
Ghazal Alagh & Shark Tank
Ghazal Alagh – Shark Tank India, Judge
Ghazal Alagh has the pride of being one of the Sharks on the business reality show Shark Tank India Season 1.
While talking about her experience in the show she says, I enjoyed talking to people and a pitch would last anywhere between 45 minutes to one hour and 15 minutes. You need to make an instant decision and it was both exciting and fun.
Ghazal was awarded the Business World 40 under 40 Awards in association with Businessworld for being a change-maker and corporate leader.
She was one of the women achievers who were honored at the 19th edition of Business Today’s ‘Most Powerful Women in Business’ event by Union Minister Smriti Irani.
She was among the 20 women enlisted on the Forbes 2022 Asia’s Power Businesswomen.
Alagh was named Women Entrepreneur of the Year 2021 by Entrepreneur India.
In a social media post, Ghazal talks about progress and success in entrepreneurship,
Progress is an everyday effort. I have seen budding entrepreneurs getting very frustrated, heartbroken, and confused when the results of their hard work sometimes don’t align with their expectations. But remember… progress is never linear. Even the tiniest of improvements, when applied consistently, realize their moment of breakthrough. So don’t give up. It takes vision to stay consistent till you achieve your desired result…
Ghazal Alagh is the Co-founder or owner and Chief Innovation Office at Mamaearth.
Which is the parent company of Mamaearth?
Honasa Consumer Limited is the parent organization of Mamaearth.
Who is Mamaearth CEO?
Varun Alagh is the CEO of Mamaearth.
How did Ghazal Alagh start Mamaearth?
Ghazal Alagh co-founded Mamaearth in 2016 to provide safe, toxin-free baby care products after struggling to find suitable options for her child.
What is Ghazal Alagh age?
Ghazal Alagh was born on 2nd September 1988. She is 36 years old.
What is Ghazal Alagh education?
Ghazal Alagh finished her early education in Haryana and went on to pursue BCA in Information Technology from Punjab University. Later, she also did the Summer intensive course in Modern Art, Design, and Applied Arts from the School of Visual Arts and the Intensive Course in Figurative Art in Modern Art in 2013 from the New York Academy of Art.
Who are Ghazal Alagh children?
Ghazal Alagh and her husband Varun have two sons, Agastya and Ayaan.
When was the IPO of Honasa Consumer Limited launched?
The IPO of Honasa Consumer Ltd, the parent company of Mamaearth, was launched on October 31, 2023.
Launched in 2016 Mamaearth has made more than 5 million customers in just a few years. It is Asia’s first company that has been certified by Made Safe.
It is competing against big companies like Himalaya and Johnson & Johnson. But, how did Mamaearth capture a big share of the market in such a short time? To answer this question we need to understand the business model of Mamaearth.
Mamaearth is an Indian brand registered under Honasa Consumer Pvt Ltd that aims to provide toxin-free baby care, skincare, and hair care products.
The founders of Mamaearth are Ghazal Alagh and Varun Alagh. The headquarters of Mamaearth is in Gurugram, Haryana. The tagline of the company is Goodness Inside.
Mamaearth Target Audience
Initially, Mamaearth’s target audience was mothers and their babies, offering baby care, pregnancy care, and skin and hair care products. The company also sold accessories, toys, and apparel.
Then the target audience of Mamaearth expanded by targeting the millennial generation by selling more chemical-free skin care products like serums and creams, face wash, lotions, and hair oils.
The company also targeted men by offering products like aftershave lotions, and beard and hair oils.
Mamaearth Baby Products
Mamaearth Business Model
Unique Aspects of Mamaearth’s Business Model
Formulation and Manufacturing
Mamaearth formulates products for manufacturing by contract producers under their brand.
Sales Channels
Primarily online through D2C platforms like Amazon, Flipkart, supplemented by offline stores, ensuring an omnichannel presence.
Global Reach
Products are sold globally through both offline and online channels.
The business model of Mamaearth is straightforward. The company formulates products that contract manufacturers later produce under the permit of the Mamaearth brand.
Mamaearth mainly sells online through D2C Channels like Amazon, Flipkart, etc., and other offline stores. They have an omnichannel presence. The entire product range is manufactured by contract producers under the Mamaearth brand and is sold globally through both offline and online channels.
What is Unique about the Business Model of Mamaearth?
Connecting with their Target Audience
The most important thing for any brand is to connect with its target audience and gain their trust. This is what Mamaearth did brilliantly. From the start, they targeted mothers and made advertisements that resonated with them.
As the founders themselves got the idea of Mamaearth when they were looking for toxin-free and natural baby products online, they knew what parents wanted for their babies.
We are a ‘mum-powered’ company and work with a large number of mothers who are involved in the process, right from ideation, conceptualization to the actual product launch. We believe this connection with mothers will continue to be the biggest driver of success. We have more than 200 young moms on board who help us in conceptualizing and formulating the products. The moms then test these products, and only those with great feedback are approved for mass production,” says Ghazal Alagh.
The founders of Mamaearth believe in providing quality products to their customers.
As they have a superior quality product, people themselves recommend their products to other people. Word-of-mouth marketing has done miracles for their brand.
In 2019 Mamaearth got the “One of the Best Brands” in India Award at the 2nd edition of the ET Brand Festival.
The company has come up with unique products that have attracted many people.
Some of their unique products include India’s first bamboo-based baby wipes, 100% natural plant-based toothpaste for children, and skin and hair care products with natural ingredients like onion, CoCo, charcoal, and ubtan.
Lean Innovation Cycle
Lean innovation follows a principle where you focus on increasing efficiency by continuously listening to your customer’s feedback. Your main priority is experimentation and continuously improving your product quality.
Lean innovation helped Mamaearth to understand its customer needs and fulfill those needs immediately.
Experimentation helped them to increase the quality of their products and also to generate new product ideas. In a very short time, they satisfied their customers using this method.
How Does Mamaearth Earn Money?
The customer acquisition strategy of Mamaearth is completely focused on digital content.
Almost 70% of the sales of Mamaearth products come from online platforms.
Their main aim is to sell as many products as possible online, with their revenue model focused on earning money through sales on Flipkart, Amazon, and other similar eCommerce websites.
Interestingly, only 20% of Mamaearth’s revenue comes from baby products.
On the other hand, 80% of the revenue comes from skincare and haircare products.
As Mamaearth comes in the personal care category they enjoy a healthy gross margin profile of about 65%. So, they can invest 40-50% of revenue in marketing.
Honasa Consumer Sales Channel Split
Particulars
FY24
FY23
FY22
FY21
Revenue
INR 1,969.6 crore
INR 1,515.3 crore
INR 964.3 crore
INR 472.1 crore
Expenses
INR 1,822.5 crore
INR 1,501.6 crore
INR 941.9 crore
INR 1,796.7 crore
Profit/Loss
INR 110.5 crore
INR -151 crore
INR 14.4 crore
INR -1,332.2 crore
Over the past three fiscal years, online sales revenue of Honasa (parent company of Mamaearth) decreased from 81.37% in FY21 to 59.36% in FY23, while offline sales increased from 18.63% to 36.14%. Revenue from services, starting at 1.22% in FY22, grew to 4.5% by FY23.
Mamaearth Financials FY24
Mamaearth has successfully raised $139.2 million across 10 funding rounds, with the latest funding done in December 2023.
Mamaearth Marketing Strategy
Influencer Marketing
Mamaearth has worked with a lot of influencers on the internet. Influencers have helped the company to reach a wider audience.
Influencers tell the benefits of these products on various social media platforms. Mamaearth also works with five hundred mother bloggers to spread awareness about the brand.
Brand Endorsement
Collaborating with Bollywood actress Shilpa Shetty Kundra as a brand ambassador has to be their best marketing strategy. Shilpa Shetty has a lot of popularity, so her becoming a brand ambassador of baby products and also an investor hugely benefited Mamaearth.
Additionally, the company introduced an integrated marketing campaign for their onion shampoo, showcasing Sharmila Tagore and brand ambassador Sara Ali Khan. Furthermore, Samantha Ruth Prabhu lends her endorsement to Mamaearth’s skincare products.
Mamaearth majorly promotes itself through digital ads. They have smartly utilized digital ads and increased their customer base. Their ads are very catchy and symbolize their brands in an effective manner.
At its core, Mamaearth’s amazing products helped them to reach great heights. Mamaearth’s business strategy focuses on a digital-first approach, focusing on D2C channels, expanding offline retail, and driving product innovation with a strong emphasis on sustainability and brand trust. They have understood their customer’s needs properly and served those needs in an excellent way. Mamaearth is an inspiration for many startups. Their business and revenue model is simple yet effective.
FAQs
What is Mamaearth?
Mamaearth is an Indian brand registered under Honasa Consumer Pvt Ltd that aims to provide toxin-free baby care, skincare, and hair care products.
What are Mamaearth products?
Mamaearth mainly deals with baby-care products including accessories, toys, apparel, pregnancy care products, and skin and hair care products.
Is Mamaearth an Indian company?
Yes, Mamaearth is an Indian company founded by Ghazal Alagh and Varun Alagh. It was launched in 2006 and the headquarters is in Gurugram, Haryana.
How are Mamaearth products sold in the market?
Mamaearth products are sold through eCommerce websites like Flipkart, and Amazon, and also via offline stores.
What is the tagline of Mamaearth?
The tagline of Mamaearth is Goodness Inside.
What is Mamaearth USP?
USP of Mamaearth lies in its commitment to providing natural, toxin-free products specifically designed for mothers and their babies. The brand emphasizes safety, environmental sustainability, and cruelty-free practices, ensuring that all products are made from natural ingredients and are safe for both children and the environment.
Does Mamaearth manufacture its own products?
The entire product range of Mamaearth is manufactured by contract producers under the Mamaearth brand and is sold globally through both offline and online channels.
What is Mamaearth tagline?
The tagline of Mamaearth is Goodness Inside.
What is Mamaearth customer care number?
You can reach Mamaearth’s customer care at +91 8901 555 444, available Monday to Saturday from 9:00 AM to 6:00 PM. For email support, contact care@mamaearth.in. Additionally, you can submit queries through their support portal at support.mamaearth.in.
From ancient times to today, cosmetics have always been a part of our lives. Back then, they were all about natural sources, but now, it’s a mix of natural and chemical compounds.
Cosmetics cover everything from personal care to fragrances, helping us look and feel our best.
Nowadays, makeup isn’t just about a touch-up; it holds the ability to completely transform ourselves. With so many products like contour kits and lip plumpers available, we have endless ways to alter or enhance our appearance.
We’ve become pretty reliant on cosmetics in our daily routines. It’s no wonder the cosmetic industry is booming! There are many Indian makeup brands like Lakmé, Sugar Cosmetics, Renee Cosmetics, MyGlamm, Mamaearth, Colorbar, and Maybelline, offering a variety of beauty products.
Here, in this article, let’s explore the list of top cosmetics brands in India.
Cosmetics is no longer a want; it is now a need. It has become an essential part of fashion and appearance statements. One can hide any flaws with a wide variety of makeup products available. One can also enhance their natural beauty with a range of skincare.
The cosmetics industry has a solution for almost every problem related to appearances. Your skin looks dull; there are instant sheet masks for the glow. You look pale; there are blush and tints. If body odor is bothering you, you have mists, perfumes, and more. A pimple pops up before an event, and concealer is there for the rescue.
Cosmetics began with natural products. With time, it shifted to chemical compounds. At present, we are again visiting our roots and looking for natural organic products.
Now, we can find international and Indian products in the same stores. This has made the cosmetic industry super competitive. Every brand opts for the latest marketing strategies to get their products to reach the most customers.
15 Things About Cosmetics Industry
The Growth of the Cosmetic Industry in India
There is no doubt that India has a huge population and, thus, a huge customer market. With growing consciousness and changes in lifestyles, the cosmetic industry is seeing rapid growth in India.
The rise of beauty influencers is a huge contribution to the popularity of cosmetics. The growing need for experimentation encourages more customers and promotes the establishment of new cosmetic brands. The rise of the digitized world and the increasing purchasing power have also contributed to cosmetics’ growth.
Market Size of the Cosmetics Industry Across India From 2010 to 2025
The data shows that India’s cosmetics and beauty market is growing rapidly. In 2015, the total market size was $6.5 billion; by 2025, the total market size is projected to reach $20 billion. The projected revenue in the cosmetics market for 2024 is anticipated to reach US$583.50 million. It is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 11.42%, resulting in a projected market size of US$1,002.00 million by 2029.
Top Cosmetics Brands in India
The cosmetic market in India has transformed a lot in the past decades. There is a wide range of skincare, haircare, personal care, and beauty available. Here are some of the top makeup brands in India:
Lakme is a popular cosmetic brand, born and brought up in India. It is one of the most tried and tested brands of Indian customers over the years. The brand is under the ownership of Hindustan Unilever. Founded in 1952, it is one of the oldest brands with a relevant current presence and is one of the top 5 cosmetic brands in India.
They offer various products of beauty and personal care. For example- makeup products, sunscreens, serums, masks, moisturizers, and many more.
They also have salon chains across India. The brand has Kareena Kapoor Khan, Kajal, Shraddha Kapoor, and Ananya Panday as their brand ambassadors. According to News India Express, Lakme tops the list of the top 10 makeup brands in India.
L’Oreal India
Brand Name
L’Oreal India
Founded
1994
Headquarters
Delhi, India
Website
www.loreal.com
Top Cosmetic Brands in India – L’Oreal India
It is another popular and one of the most trusted makeup brands. It has had its foundation in Paris since 1909. L’Oreal India came into existence in 1994. It is one of the largest cosmetic brands in the world. The brand has products for personal care, skincare, haircare, makeup, and fragrances.
L’Oreal also has a chain of salons offering many services. Hair colors by L’Oreal are one of their most popular services. It is one of the best beauty products brands in India.
L’Oreal India has personalities like Aditi Rao Hydari, Shakti Mohan, and Anushka Sharma as their brand ambassadors.
It is an Indian beauty brand. Samir Modi founded the brand in the year 2004. Colorbar Cosmetics offers the best range of makeup and skincare products. Lipsticks, eyeliners, concealers, nail paints, moisturizers, the brand has got it all. It is one of the top makeup brands in India.
Colorbar provides cruelty-free products. The brand has also been certified by PETA.
Jacqueline Fernandez is the brand ambassador of the brand. She represents Colorbar all around the globe.
Maybelline
Brand Name
Maybelline
Founded
1915
Headquarters
Chicago, US
Website
www.maybelline.com
Top Cosmetic Brands in India – Maybelline
Maybelline was born in New York in 1915. Its venture began in India in 1998. The factor that made the brand so popular in India is its exclusivity at reasonable prices. Maybelline cosmetics and makeup products are a go-to for Indian customers and is one of the top beauty brands in India.
Color palettes, foundations, lipsticks, and eye makeup are some of the brand’s best products. Various makeup tutorials and tips are available on the website for customers.
Many Bollywood actresses have been the face of Maybelline. These include Suhana Khan, Ananya Birla, Eksha Subba, and the badminton player PV Sindhu.
Renee Cosmetics is an Indian beauty brand started by Aashka Goradia, Ashutosh Valani, and Priyank Shah. It is known for unique and cruelty-free products like the FAB 5-in-1 Lipstick. The brand offers high-quality makeup at good prices and is growing fast with strong funding and celebrity support. Renee is also expanding into perfumes and skincare, making it a popular choice in India. It aims to create not just a brand, but a belief to liberate women with class, color and quality that’s been never-seen-before. The company is based in Ahemedabad.
Lotus is a popular cosmetic company in India. They offer a wide range of skincare, haircare, and makeup products. Founded in 1993, the brand offers cleansers, shampoos, sunscreens, and makeup products.
The brand provides reliable and affordable products. Lotus Herbals claims to have the benefits of herbs and Ayurveda.
Lotus is a cruelty-free brand that is against animal testing. The brand has Dia Mirza, Jacqueline Fernandez, and Vaani Kapoor as its brand ambassadors.
Biotique is an organic cosmetics brand in India. Their products are made of natural ingredients without any preservatives. It is a one-of-a-kind brand that offers a blend of Ayurveda with biotechnology and is one of the best makeup brands in India.
The brand offers a great range of organic skin and hair care. Its facewash, scrubs, hair oil, shampoo, and soaps are super popular. It has also launched a range of organic makeup products.
Biotique, with its organic products, has gathered a huge customer base for itself and has emerged as one of the top cosmetic brands in India.
Mamaearth
Brand Name
Mamaearth
Founded
2016
Headquarters
Gurgaon India
Website
www.mamaearth.in
Top Cosmetic Brands in India – Mamaearth
The cosmetic company Mamaearth was founded in 2016. The company gained great popularity for its natural and toxin-free products. The founders of this company are Varun Alagh and Ghazal Alagh. Mamaearth has a wide range of skincare, haircare, beauty, and baby care products.
Mamaearth’s hair oils, shampoo, serums, and lotions are famous among customers. The brand has made Sara Ali Khan their brand ambassador. She and her mother, Amrita Singh, appear together in the brand’s ad.
Sugar
Brand Name
Sugar
Founded
2015
Website
in.sugarcosmetics.com
Top Cosmetic Brands in India – Sugar Cosmetics
Sugar is another brand to add to the list of most favored cosmetic brands in India. It was founded by Vineeta Singh and Kaushik Mukherjee in 2015. It is an Indian-grown brand that has created a good market level around the world. It is one of the most renowned Indian cosmetic companies.
Sugar Cosmetics provides makeup and skincare products that are millennial-friendly and best suited for Indian skin tones. The products provided by them are cruelty-free. Sugar sells its products with the help of an eCommerce website, mobile apps, and offline stores.
The network of the brand is not limited to India but also extends to countries like Korea, Germany, Italy, and the US. Ranveer Singh and Tamanna Bhatia are the brand ambassadors of the Sugar Cosmetic Brand.
From starting as an at-home beauty salon in 2015 to getting revolutionized in 2017 as an online cosmetic brand in India, MyGlamm has covered a curvy yet successful path.
Darpan Sanghvi and Priyanka Gill founded it. The Good Glamm Group and Sanghvi Technologies own the company. It is one of the budding Indian cosmetic brands and is one of the top 10 cosmetic brands in India.
MyGlamm sells personal care products and makeup products. The products can range from skincare to bath and beauty items.
MyGlamm has a D2C business model with an online presence that provides services across the world. Shraddha Kapoor is the current brand ambassador of the brand.
Wow Cosmetic is highly known for its naturally authentic products that are free from paraben and sulfates. The brand was started in 2014 by two brothers, Manish and Karan Chowdhary. The brand was started with a consumer-first strategy and was part of an e-commerce sale. It is one of the top makeup brands in India.
The Wow Cosmetic products are made from substances with the aim of providing holistic care for the body, mind, and soul. Their products fall in the range of natural haircare, skincare, and essential oils making it one of the top cosmetic brands in India, with Apple cider vinegar shampoo as their most-sold product online.
Bhumi Pednekar was the brand ambassador of the brand. Recently, the brand has roped in two powerful youth stars, Karthik Aryan and Rashmika Mandanna, as its new face. The brand is known to have an offline presence in the Indian market as well as in the US market.
Pilgrim
Brand Name
Pilgrim
Founded
2019
Headquarters
Mumbai, India
Website
www.discoverpilgrim.com
Top Cosmetic Brands in India – Pilgrim
The need for something better pawed the way for the inauguration of the brand Pilgrim. Pilgrim is a D2C cosmetic brand founded by Anurag Kedia and Gagandeep Makker in 2019. It entered the Indian market by introducing its first collection, “Secrets of Jeju Islands.”
The brand provides natural and cruelty-free products under the category of personal care products and makeup products. It is one of the top cosmetic brands in India.
A popular actress, Kalki Koechlin, is the brand ambassador of the brand. The Pilgirm wants customers to have access to beauty secrets from around the corners of the world, which are not easily accessible in the shops.
Cosmetic brands in India have seen great growth over the past years. The demand for cosmetic products has increased a lot. The customers’ commitment and engagement with the cosmetics market is rising.
Nowadays, customers have a wide variety of products in the cosmetic market. With so many products come so many brands. Some popular brands in India are Lakme, Biotique, Lotus, Maybelline, and more. Besides popularity, the choice and personal preferences of the customers ultimately make their brand choices.
FAQs
Which is the best cosmetic brand in India?
Some of the best cosmetic brands in India are:
Lakme
L’Oreal India
Colorbar
Maybelline
Lotus
Biotique
Mamaearth
Sugar Cosmetics
MyGlamm
Pilgrim
Wow Cosmetic
Is Sugar Cosmetics an Indian brand?
Yes, Sugar Cosmetics is an India-based cosmetic brand based in Mumbai, Maharashtra.
Which is the biggest beauty brand?
Some of the biggest beauty brands are L’ Oreal, Estee Lauder, Urban Decay, Mac, etc.
What are makeup company names in India?
Lakme, Sugar Cosmetics, Maybelline, Colorbor are a few makeup company names in India.
Who is the father of cosmetics?
Maksymilian Faktorowicz is acknowledged as the father of cosmetics.
Which are the top-selling beauty products in India?
The top five best-selling beauty products in India are:
India is becoming theworld’s fastest-growing startup ecosystem with 118 Unicorn Startups, as of January 2025. In today’s world, unicorn startupsare not as uncommon as before; however, building a unicorn startup is not easy. It takes a lot of hard work, commitment, and perseverance throughout the startup’s journey to climb the ladder of unicorns, and the ones that have bagged the title of unicorns are discussed in this article.
Unicorn Startup consists of two words, “Unicorn” and “Startup”. Unicorn is a business term used to define a startup with a valuation of over $1 billion. The term was coined by a venture capitalist and a seed investor, Aileen Lee. On the other hand, Startups are privately owned companies typically at the early stages of their development.
Being hopeful and supportive of the unicorn culture of India, the Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology Rajeev Chandrasekhar said that India will see a 10X increase in its unicorn count, in the next 2-3 years, which will reach more than 1,000. The Indian government also mentioned that it expects the next wave of startup founders to come from the Tier 2 and Tier 3 cities of India.
The Indian startups have reportedly raised around $42+ billion in funding across 1,584 deals in 2021. The startup ecosystem of India, where 90,000+ new startups have been established since 2016, across 56+ different sectors in the country, has also managed to create over 4.5 lakh job opportunities in the country. This has even got a special mention from President Ram Nath Kovind in his Presidential address on 31 January 2022, where he emphasized the new opportunities that the startups of India are ushering in.
A Celebration for 100 Indian Unicorns
With Neobank Open achieving unicorn status, India became a country of 100+ unicorns. The first unicorn was seen in India in 2011, and after a decade, India crossed the mark of 100 unicorns. The boasting of 100 unicorns is not a regular affair, and this is why the startup ecosystem has been tossing in joy and swelling with pride for quite some time now. In the meanwhile, many distinguished founders also voiced their thrill and joy for such an achievement.
“Crossing the 100th unicorn milestone is a proud moment for the country and the entire startup ecosystem. This is just the beginning of a long journey,” said Sujeet Kumar, the cofounder of B2B marketplace unicorn Udaan.
Vamsi Krishna of Vedantu also relished the mood that the startup ecosystem is in, and said, “The rise of India as a global superpower is inevitable and entrepreneurs will be the ones driving it. 100 unicorns are just a start. We will soon become the startup capital of the world.”
Divya Gokunath, the cofounder of Byju’s and the wife of Byju Raveendran also said, “We became India’s 16th unicorn, just seven years after we started operations. The valuation did not matter to us, but the milestone did because it was one of the few at that time which put India on the map. Today, for the first 100 Indian companies which made it, it’s a mark that we are on a mission to create something of value and something from India for the world.”
The faster growth of companies and the sprouting of more unicorns is what India wishes for now. This means that the companies should definitely have to be more serious, and resourceful, and work with an integrated team of specialists to reach the unicorn milestone and beyond. It also means that the Indian startups should forget racial, gender and caste divides, and work with all of their strength, and resources. Here, what is striking among the present unicorns is the apparent gender divide. Yes, only 15% of the present unicorns of India have at least one female founder, while the remaining companies have no female as their founders. This certainly needs to improve to give the upcoming companies a fresh gear of growth. Though the situation is improving, for around 79% of the Indian unicorns with female founders were incorporated after 2011, it still needs to be given considerable thought and a whole lot of action.
Here we have listed 118 Indian Unicorn Startups, which is the total number of unicorns in India at present in 2025! Don’t miss out on the regular updates in this list by bookmarking the article.
The following table is sorted by the year startups are turned into a unicorn (Latest to oldest).
Abhay Singhal, Amit Gupta, Mohit Saxena, Naveen Tewari, Piyush Shah
Founded
2007
Investors
Lightbox, Softbank Group, Kleiner Perkins
Products and Services
InMobi Pulse, Mobile Marketing
Valuation
$12 billion (April 2021)
InMobi is a Bengaluru-based mobile advertising platform that helps in optimizing the ranks of the advertisements offered on mobile phones. InMobi was founded in January 2007 and has been the first unicorn startup of India and thus, a torchbearer of the unicorn league of Indian startups that followed. Glance, a subsidiary company of InMobi, has also turned a unicorn in 2020.
Ecommerce marketplace that offers over 150 million products
Valuation
$37.6 billion (July 2021)
Being the most favored eCommerce marketplace in India, Flipkart needs no introduction simply because the Big Billion Days are one of the most sought-after online events that millions of Indians look up to. Flipkart was among the first Indian unicorns that achieved the unicorn valuation during the 2011-2012 era after inMobi, which was the first Indian unicorn. With over 350 million users, and 150+ million products, which are distributed across 80+ categories Flipkart is a household for the Indian masses. This ecommerce giant was acquired by Walmart in 2018 for a whopping $16 billion, which helped it scale fast and easily. The Sachin Bansal and Binny Bansal-founded company currently boasts of a valuation of over $37.6 billion and is the highest-valued Indian company, as of 2023.
BharatPe is an Indian digital payments app, merchant aggregator, and payments platform that encourages digital payments via QR and POS. It is not a government company but a private limited company that goes by the name, Resilient Innovations Private Limited. Headquartered in New Delhi, India, the company tripled its valuation to $2.85 billion and joined the unicorn club on August 4, 2021.
BharatPe Co-founder Ashneer Grover was recently engaged in a telephone controversy where he allegedly abused a Kotak employee. Grover was also infamously featured on various social media and news platforms several times due to his rash behaviour and his blunt remarks where he also said “naukri dhoond” to one of his fellow pitchers. Furthermore, he is also associated lately with a financial fraud concerning BharatPe along with his wife Madhuri and five others, the investigation of which is continuing, as per reports dated January 29, 2022. Ashneer is currently observing a mandatory leave of absence, as mentioned last by the company and its Board. Grover might not see his place back and is likely to get fired, mentioned sources close to the matter.
Steadview Capital, Tencent, Tiger Global Management, Falcon Edge
Products and Services
Dream11 sports platform
Valuation
$8 billion (November 2021)
Dream11 is an Indian fantasy sports platform, which brings a host of sports including but not limited to cricket, football, hockey, volleyball, handball, futsal, and rugby, for the Indian sports fanatics to delve into their favourite games. A homegrown sports platform, Dream 11, aims to help Indian sports enthusiasts to expand and showcase the sports knowledge they boast of!
Earlier in April 2019, Dream11 raised funding worth $60 million from Steadview Capital and others and joined the unicorn league of Indian startups. The last valuation of Dream11 was recorded at $8 billion, after the company completed an investment of $840 million in November 2021.
PhonePe is a digital payment and merchant aggregator platform that has already had a huge contribution to making digital payments smooth, fast, and easy for Indian customers and merchants. Founded in 2015 and headquartered in Andheri, Maharashtra, India, the company boasts of having the largest market share among the UPI apps. The company showed a huge potential for growth and has already achieved unicorn status before 2020. The company was acquired by Flipkart in April 2016 and has witnessed a considerable amount of growth since then. The PhonePe Business Model and “how PhonePe earns money?” is pretty interesting too.
Byju’s is a Bangalore-based edtech platform. It is an online tutoring and coaching firm that started in 2011 and runs on a freemium model. Launched by Byju Raveendran, Byju’s is used by more than 15 million students all over the world and has over 900,000 paid subscribers. Byju’s Current valuation has reached 16.5 Billion USD. Know in detail about BYJU’s business and revenue model.
SoftBank Group, Tiger Global, Tencent, Matrix Partners, and DST Global
Products and Services
Mobile app, website, Vehicle for hire, Goods and food delivery, Mobile payment and digital wallet
Valuation
$6.5 billion (FY20)
Ola is an Indian ride-sharing company that was launched on 3rd December 2010. As of 2019, Ola has expanded to over 1.5 million drivers across 250 cities. Ola has also expanded its network into its first overseas market, Australia, and New Zealand in September 2018. Ola began its operations in the UK introducing auto rickshaws.
SoftBank Group, Didi Chuxing, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb, and China Lodging Group.
Products and Services
OYO Rooms, OYO Hotels & Homes
Valuation
$9 billion (July 2021)
OYO is among the top travel startups in India. Founded by 21-year-old Ritesh Agarwal in 2013, India’s largest hospitality startup comprises budget hotels. The startup works in liaison with existing hotels and offers travellers vacant rooms at a cheaper price. OYO rooms start at a nominal price of Rs 999. Besides bulk renting hotels, they have also invested in their own properties as well.
Norwest Venture Partners, Naspers, Accel, SAIF Partners, Meituan-Dianping
Products and Services
Food delivery
Valuation
$5.5 billion (July 2021)
Swiggy is one of the most valuable online food ordering and delivery platforms. Swiggy was founded by Nandan Reddy, Sriharsha Majety, and Rahul Jaimini in 2014. In early 2019, Swiggy expanded into general product deliveries, under the brand name Swiggy Stores. Swiggy today has more than 5,000,000 mobile application installations.
Zomato is an Indian food delivery startup restaurant aggregator. Zomato was founded by Deepinder Goyal and Pankaj Chaddah in 2008. Zomato primarily provides concrete information, menus, and user reviews of the restaurants. Along with this, Zomato also has food delivery options from partnered restaurants in the selected cities. The pandemic was dangerous indeed for everyone, and it is almost as dangerous to the food tech companies as it is for every other individual and business, if not more. The food delivery unicorn, Zomato also fought the pandemic hard and thrived.
Freshworks offers innovative customer engagement software for a diverse range of businesses of varying sizes and kinds. Founded in 2010 in Chennai, the company now has its headquarters in San Mateo, USA, the products which help provide a 360-degree view of the customers. The Saas products brought in by FreshWorks are designed to be used instantly. Besides, they are easy to use, and also offer quick returns on investments.
Freshworks attained the prestigious unicorn club of the Indian companies in July 2018, thereby becoming the first unicorn startup belonging to the Saas market that the country has seen. Now, increasing the customer engagement and the retention rate for Saas companies is not as difficult as it was earlier
Moglix is an Asia-based B2B E-commerce company that was founded by Rahul Garg in 2017. The company has its headquarters in Singapore and head offices in India. The startup ambitions to digitally change the chain of manufacturing areas in India. Moglix wants to digitize and seriously change every component of the delivery chain, and B2B commerce which is unorganized and increases options to seriously change the grant chain via technology.
Moglix, presently serves the manufacturing sector, institutional clients (B2B), and private clients (B2C). The automotive sector, metals and mining, and FMCDs are the best three sectors they cater to. The platform provides Industrial products and services such industrial products and services such as Safety equipment, Electrical and Lighting products, Cleaning and Laundry products, Office Supplies, and Industrial Tools, among others. Moglix is one of the most trusted eCommerce sites for industries as it is known to deliver world-class services worldwide. So far the company has 150,000 industry essential products from 30 different categories and 25,000 SME clients.
upGrad is an online coaching program for all students opting for higher education. Partnering with some of the top universities of the world, upGrad brings a wide range of industry-ready courses including Bachelor’s degrees, MBA, Data Science, Machine Learning courses, and more. The company has grown to attain unicorn status on August 6, 2021, with the help of a $185 million fundraising.
Prosus & Nasper, Sierra Ventures, Helion Venture Partners, Helion Venture Partners, Tiger Fund
Products and Services
Booking tickets for shows, movies, flights, hotels, holidays, buses, trains, etc.
MakeMyTrip is one of the top online travel companies in India that was founded by Deep Kalra in 2000. The company has its headquarters based in Gurgaon and is known for its services such as booking holiday packages, hotel reservations, movies or even booking tickets for everyday traveling through fights, buses, trains, cars, etc. MakeMyTrip is currently operating in 14+ cities around the world with over 30 franchise stores and in 28 cities in India alone. The MakeMyTrip route planner feature allows its user to access basic information on over one million routes across India.
Steadview Capital, Fidelity, TPG Growth, Hero Corporate Service Private Limited
Products and Services
Cosmetics, skin & wellness products, etc.
Valuation
$2.3 billion (June 2021)
Nykaa is a leading cosmetic-based eCommerce platform that was founded in 2012 by Falguni Nayar. Nykaa has its headquarters based in Mumbai, Maharashtra, and is known for its app and website that sells a wide range of cosmetics, skin, and wellness products. The company also has over 26 offline stores across India and became a Unicorn startup in 2020. The platform has a huge range of 200,000 products from 2000 national and international brands, as of 2020. Many Bollywood actresses like Alia Bhatt and Katrina Kaif have been the brand ambassadors of Nykaa.
Intel Capital, Wellington Management Group, Inventus Capital Partners, Softbank Group True North and IDG Venture Partners
Products and Services
Life, Health, Motor, travel insurance, etc
Valuation
$2.4 billion (July 2021)
Policybazaar is one of the most well-known and trusted insurance companies in India. The company was started in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. The company initially started out as an insurance comparison website, but later on started providing different types of insurance plans like Life insurance, Health, Motor, and even Travel. Policybazaar.com is currently the largest insurance company in the country and is also popular in UAE. Policybazaar has both a website and an app, which allows its users to compare financial services from the top insurance options. Here’s knowing how Policy Bazaar witnessed an overwhelming growth via its marketing strategies.
CoinDCX is an Indian cryptocurrency exchange aggregator based in Mumbai. The company specializes in crypto-enabled financial services. CoinDCX aims to develop financial services without any borders to enable a simpler and seamless flow of capital powered by impregnable security. CoinDCX raised $90 mn in Series C funding to emerge as a unicorn. Thus, the company became India’s first cryptocurrency unicorn.
Mastercard, Lone Pine Capital, Flipkart, Temasek, Sequoia
Products and Services
POS devices and software solutions
Valuation
$5+ billion (Marh 2022)
Pine Labs is an Indian merchant platform, equipped with financing and last-mile retail transaction technology, which helps merchants and institutions receive their payments via easy and secure POS apps and devices. Pine Labs collaborated with the New-York based financial services giant, Mastercard in January 2020, and shortly after it attained unicorn status. It was the first company to have turned unicorn in 2020.
Highradius
Startup Name
Highradius
Industry
Fintech, AI, Saas, Software
Founder
Sashi Narahari
Founded
2006
Investors
Tiger Global, D1 Capital Partners, ICONIQ and more
Products and Services
AI-based order-to-cash and treasury management software
Valuation
$3.1+ billion (March 2021)
Highradius is an AI-powered, data-driven fintech enterprise software as a service (Saas) platform that extends autonomous software for smooth and easy management of order to cash (O2C), treasury, and record to report (R2R). Headquartered in Houston, Texas, US, Highradius claims to be the world’s number 1 data-driven AI software platform that helps “lower DSO, optimize working capital, fast-track financial close, and improve productivity.”
Raising $125 mn right at the start of 2020, Highradius turned into India’s first unicorn company in 2020 in a Series B funding round led by ICONIQ Capital, along with some of its existing investors like Susquehanna Growth Equity and Citi Ventures.
Zetwerk emerges as a B2B marketplace for manufacturing items. The online marketplace based out of Bengaluru connects large manufacturing companies with vendors and suppliers, who help them get various components of industrial tools and machinery that they require from time to time. The company joined the unicorn club on August 20, 2021, and became India’s youngest billion-dollar company.
Chanakya Hridaya, Rajesh Yabaji, Ramasubramaniam B
Founded
2015
Investors
Trifecta Capital Advisors, Sequoia, Accel, InnoVen Capital
Products and Services
Trucks, logistics and transportation services for shippers and fleet operators
Valuation
$1.02 billion (August 2021)
BlackBuck is a truck aggregator and one of the largest truck aggregators operating in India that aims to solve the transportation and logistics problems of countless Indians. Today, BlackBuck boasts of being the largest trucking network in India that is equipped with freight and fleet management technology platforms. Blackbuck entered the unicorn club on July 23, 2021, after it raised $67 mn as part of its Series E funding round at a valuation of $1.02 bn.
The company currently has a collection of 12,00,000+ trucks and extends its services to over 2000 locations with 15,000+ happy clients.
Lightbox, Toyota Tsusho, SevenTrain Ventures, Integrated Capital
Products and Services
Marketplace for used cars, bikes, scooters and other merchandise
Valuation
$1.2 billion(August 2021)
Droom is a marketplace for used cars, bikes, scooters, and other automotive, along with other products and merchandise. Powered by cutting-edge data science technology, the company helps its customers to buy and sell automobiles and other products seamlessly.
Droom has around 600K automobiles and dominates with a massive 80% market share of the automobile transactions online, Droom is India’s largest automobile platform online and is counted among the biggest E-Commerce companies in the country.
OfBusiness or OFB Tech, as it is often referred to, is a raw material procurement and credit platform for SMEs. The company focuses primarily on the manufacturing and construction industries. OfBusiness leverages state-of-the-art technology to integrate the same into the buying behaviors of the SMEs. This way it makes better products available at better prices and in the right timelines.
Internet, Mobile Apps, Social Media, Social Network
Founder
Ankush Sachdeva, Bhanu Pratap Singh, and Faris Ahsan
Founded
2015
Investors
Lightspeed Venture Partners, Tiger Global Management, Twitter Ventures, SAIF Partners, Shunwei Capital, and Xiaomi
Products and Services
Social Networking and Regional Contents
Valuation
$3.7 Billion (December 2021)
ShareChat is an Indian video-sharing social networking service, developed via Mohalla Tech Private Limited in the year 2015, established by Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan. The company is headquartered in Bengaluru, Karnataka.
ShareChat App acts as a content consumption and sharing platform solely in Indian vernacular languages, which caters to over 1.17 billion wifi customers of India. The company offers features such as messaging, sharing different kinds of media, tagging, etc. ShareChat enabled user-generated content creation on its platform, permitting customers to share their very own posters and innovative content. The company also has 400 plus employees and more than 50 million creator communities. The company went on to raise $500 mn from investors, which increased its valuation to $3 billion.
Verse Innovation
Startup Name
VerSe Innovation
Industry
Content, Technology, Social Media, Internet
Founders
Umang Bedi, Virendra Gupta
Founded
2007
Investors
Google, Sequoia Capital, Microsoft, ByteDance, B Capital and more
Products and Services
Powers Josh, Dailyhunt with technological support and expertise
Valuation
$5 billion (April 2021)
VerSe Innovation is the parent company of the leading vernacular news aggregating platform, Dailyhunt. Headquartered in Bengaluru, Verse Innovation is a local language technology platform that is currently powering two of the leading names among the Indian applications – Josh and Dailyhunt and boasts of an amazing reach of over 300 million users.
VerSe Innovation has raised funds close to $100 mn in December 2020 from a clutch of investors including Google, Microsoft, Falcon Edge’s Alpha Wave Incubation, Sequoia Capital India, Sofina Group, and others to enter the coveted club of unicorn companies in India. With this, Verse became the 10th Indian startup to attain the unicorn valuation in 2020.
B Capital, Prosus, Temasek, Think Investments, Tiger Global, A Velumani, etc.
Products and Services
Online pharmacy services, medicines, healthcare products, diagnostic test, etc.
Valuation
$5.6 billion (JuOctoberne 2021)
PharmEasy is an online healthcare delivery platform that was founded by Mikhil Innani, Dharmil Sheth, and Dhaval Shah in 2015. The company has its headquarters in Mumbai Maharashtra and is currently the leading online healthcare aggregator in India. Besides selling medicines online, the platform also helps connect patients with the closest local pharmacy and diagnostic center based on their medical needs. It delivers medicines in over 1000 plus cities and across 22,000 pin codes. PharmEasy claims to have delivered more than 1.5 crore orders and has over one lakh medicines available on its website.
MyGlamm (The Good Glamm Group)
Startup Name
MyGlamm
Industry
Cosmetics, Beauty, Marketplace
Founder
Darpan Sanghvi, Priyanka Gill
Founded
2015
Investors
Prosus, Warburg, Trifecta, Amazon and more
Products and Services
Beauty and cosmetics products marketplace
Valuation
$1.2+ billion (November 2021)
MyGlamm is a direct-to-consumer (D2C) beauty and cosmetics startup that extends an e-commerce marketplace with a wide range of products for stylists, beauticians, and others. The Mumbai-based D2C brand combines technology with content and social media in order to help the customers to shop for their preferred products along with gaining rich, personalized content and tutorial from the experts.
MyGlamm has turned into a unicorn company when it raised $150 mn in funding from Prosus Ventures and others on November 9, 2021. MyGlamm was the 34th Indian startup to turn a unicorn in the year 2021 and the 76th Indian company overall to enter the coveted club of unicorn companies of India.
Rentpay, CRED Stash, Store, Credit Card Payments and Cred Pay
Valuation
$2.2 billion (April 2021)
CRED is an upcoming Fintech startup that was started by Kunal Shah in 2018. The company has its headquarters in Bengaluru, Karnataka, and is known for its app that allows users to make credit card payments and even get rewarded. Besides rewards, CRED also gives its customers access to a wide range of additional services such as credit and a premium catalog of products from top brands. So far the platform has over 5.9 million users and has processed about 20% of all credit card bill payments in the country. CRED services are divided into five major products which are CRED RentPay, CRED Cash, CRED Pay, CRED Store, and CRED Travel Store. The Cred Business and Revenue Model depends on the app, its customers, and the business partnerships it sees.
Meesho is a popular Indian social ecommerce company that was founded in 2015 by batchmates, Vidit Aatrey and Sanjeev Barnwal. The company has its headquarters in Bengaluru Karnataka. Meesho helps small and medium businesses or even individuals to start their online stores through social media apps like Facebook, Instagram, and Whatsapp. Meesho also has an online reselling website and app that allows people to sell their products without investments. So far it is known to have 2.6 million resellers across the country.
Meesho became a unicorn on April 6, 2021, after raising $300 mn in funds in a funding round that was led by Japan’s Softbank Corp. Group. Know more about Meesho Business Model & Revenue Model.
professionals for cleaning, beauticians, masseurs, carpenters, etc
Valuation
$2.8 billion (June 2021)
Urban Company is said to be Asia’s largest home services company as it is an all-in-one platform that helps users find professionals for different home services. The platform has its headquarters in Gurgaon and offers professional home cleaning services to beauticians, masseurs, and even carpenters. Urban Company was founded in 2014 by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra, while the platform currently has served over 5 million customers across India, Dubai, Abu Dhabi, Sydney, and Singapore. As of 2021, it is also known to be the UAE’s largest home services company. Here’s knowing all about Urban Company’s business model, and the marketing strategies that Urban Company uses.
Construction Materials, Infrastructure, and Heavy Equipment Rental
Valuation
$2.5 billion (August 2021)
Infra.Market is one of the best construction solutions companies and an online procurement marketplace that uses technology to provide an enhanced procurement experience. The company provides its services to the real estate and construction materials industry. The company was started by Souvik Sengupta in 2016 and has its headquarters in Thane, Maharashtra. Infra.Market specializes in manufacturing construction materials, infrastructure, and heavy equipment rental for all the sectors of a construction ecosystem. It caters to both institutional customers and the construction materials sector to build their projects. Infra.Market turned unicorn with a $100 mn funding on February 25, 2021
Insurance for Car, Health, employee, 2 Wheeler, 3 Wheeler, etc.
Valuation
$4 billion (May 2022)
Digit Insurance is one of the top general insurance companies offering health, car, bike, and travel insurance. The company was founded in 2016 by Kamesh Goyal, and has its headquarters in Bengaluru, Karnataka. The company is popular for Go Digit Mobile Insurance, a tailor-made mobile insurance that covers damages related to different mobiles or Smartphones such as accidental damage, etc. Digit Insurance was the first Indian Unicorn of 2021 and has been successful in achieving the feat in less than 4 years. Besides, Digit Insurance is one of the companies that are endorsed by Virat Kohli, who is the brand ambassador of Digit.
Innovaccer
Startup Name
Innovaccer
Industry
Healthcare
Founders
Abhinav Shashank, Kanav Hasija and Sandeep Gupta
Founded
2014
Investors
Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital Microsoft Venture Funds.
Products and Services
Clinical Integration, Health Management, Big data analytics, Quality Reporting, Healthcare data platform
Valuation
$1.3 billion (February 2021)
Innovaccer is one of the top healthcare companies that is known for its top-notch healthcare services and products that are done through pioneering analytics and accurate data. Innovaccer was founded in 2014 by Sandeep Gupta and has its headquarters in San Francisco. It has head offices in India and America. Innovaccer products are available in over 500 locations and it also has more than 10,000 providers. The company has helped thousands of institutions, governmental organizations, hospitals, clinics, and healthcare organizations such as Mercy ACO, StratiFi Health, Catalyst Health Network, and Osler Health Network.
Innovaccer has turned into a unicorn after it received $105 mn of funding from Tiger Global Management on February 24, 2021. With this, Innovaccer also became the first health tech unicorn in India to turn unicorn.
Sequoia Capital India, Norwest Venture Partners, KKR, TVS Capital, Matrix Partners
Products and Services
Small Business Loans, Mortgage Loans, Home Loans, Property Loans
Valuation
$1.4 billion (March 2021)
Five Star Business Finance (FSBF) is one of the oldest Indian investment firms that was started by V.K Ranganathan in 1984. The company provides different kinds of loans like Small Business Loans, Mortgage Loans, Home Loans, Property Loans, among others. The company has been making strides in the financial industry over the last three decades. Five Star Housing Finance Private Limited which is the company’s subsidiary is designed to help its clients with small housing loans.
Stock broking services, direct mutual funds, IPO, ETF, digital gold
Valuation
$1 billion (May 2021)
Groww is one of the most popular online investment platforms in India. The company was started in 2017 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh. The company has its headquarters in Bengaluru, Karnataka, and has so far raised over $14 million as of April 2021. This mutual fund investments platform started out by offering wealth management and currently offers direct investments in mutual funds, stocks, digital gold, and exchange-traded funds, among others. The parent company of Groww is Nextbillion Technology.
Tiger Global Management Llc, Think Investments, Malabar Investments, Harbor Spring Capital, White Oak , Fidelity Management
Products and Services
Chatbots
Valuation
$1.4 billion (July 2021)
Gupshup is an upcoming Software company that provides services such as SMS, email, voice, and IP messaging. Gupshup company operates in India, America and UK and is known for its chatbox development services to retail and eCommerce companies. The company developed a smart messaging app called Teamchat and handles over 6 million messages every month. Gupshup is one of the first companies to launch the chatbot building platforms known as gupshup.io which currently offers its services to over 30,000 developers. The platform also has 30,000 chatbots across 22 different social media channels.
Eruditus is an Edtech platform headquartered in Mumbai. Founded in 2010, the company collaborates with the leading universities from across the globe in order to make executive education accessible globally. Eruditus Executive Education boasts of partnering with over 30 universities with a collection of more than 100 courses that extends to the students of around 80 countries. The company has recently turned into a unicorn with a $650 million fundraise as part of its series E funding round!
invoicing, taxes, SaaS metrics, accounting and customer management.
Valuation
$1.4 billion (April 2021)
Chargebee is a SaaS Company with its headquarters in San Francisco, California. The company specializes in providing subscription and recurring billing based SaaS and E-commerce services like invoicing, taxes, SaaS metrics, accounting and customer management. The company also supports over 100 currencies and numerous well-known payment gateways such as Stripe, Braintree, WorldPay and PayPal. The SaaS startup has gathered 3,000 customers most of whom are from America, Europe, and India.
cloud-native, API-first neo-banking and other Fintech services.
Valuation
$1.45 billion (May 2021)
Zeta is a financial technology company that provides a full-stack, cloud and API first neo banking services. The fintech company was founded in 2015 by Bhavin Turakhia and Ramki Gaddipati with its headquarters based in Los Angeles, California, and has head offices in India. It is known for its Omni stack that includes modern credit and debit processing, BNPL, banking, and mobile experiences. The company products are used by banks like RBL Bank, IDFC First Bank, and Kotak Mahindra Bank, along with 14000 corporates. So far Zeta has over 2 million users with over one million transactions per day.
Zeta is a budgeting app for couples. It integrates personal and shared accounts, which include bank accounts, loans, and credit cards. Connect your account immediately for automated updates or manually add an account to manage it yourself.
You can see your joint incomes, expenses, and financial savings in one place. It lets you create more than one budget for private and shared expenses. Plus, you can set precise monetary goals for you and your partner, such as saving for a holiday or placing up an emergency fund.
BrowserStack is a cloud net and mobile testing platform, which is used by two million developers in around a hundred thirty-five countries. The product’s price proposition is to assist groups to fasten up launch cycles and develop websites and mobile app that work seamlessly on any user interface. The aim is to limit the time, price, and protection overhead related to testing.
More than 25,000 world corporations use BrowserStack, which includes Microsoft, ING, MasterCard, Dow Jones, Garmin, National Geographic, Volvo, NRK, HubSpot, Walt Disney, and AngularJS. BrowserStack has offices work in San Francisco, Mumbai, Dublin, and is privately held and backed by Accel.
Paytm Mall, Paytm Payments Bank, Paytm Money, Gamepind, Paytm Smart Retail, Payment system, Mobile payments, Online shopping
Valuation
$16 billion (June 2021)
Paytm is one of the biggest unicorn startups in India. It is among the largest digital payment service providers in India with a market share of 11.63% and is currently in the third position in the list of top UPI apps in India, as recorded in June 2021. The fintech startup is famous for its payment gateway service, which helps consumers to make seamless payments to the seller from their bank accounts. Paytm entered the unicorn club in 2015. Paytm’s valuation was over $7 billion, and it has now increased to $16 billion in 2020.
Paytm Mall is a B2C model inspired by China’s largest B2C retail platform TMall. Paytm Mall was launched by Paytm in 2017. Launched in 2016, as a hyperlocal offline-to-online (O2O) business, Paytm Mall turned unicorn in 2018 on raising half a billion from Softbank and others.
Kite, Coin, Console, Varsity, Equity Trading, Currencies and Commodities Trading, Mutual Funds and Bonds
Valuation
$2 billion (June 2021)
Zerodha is an Indian fintech startup that offers retail and institutional broking, currencies and commodities trading, mutual funds, and bonds. The Company was founded in the year 2010 in order to achieve the goal of breaking all the barriers traders and investors face in India. Zerodha is headquartered in Bangalore and has a physical presence in several major Indian cities.
In Dec 2020, Zerodha was the largest retail stockbroker in India by active client base and contributes upwards of 15% of daily retail volumes across Indian Stock Exchanges. Zerodha entered the unicorn club in July 2020 with a self-assessed valuation of about $1 billion. This valuation was based on the ESOP buyback exercise the company undertook valuing each share at more than four times the book value of ₹700 per share. Know why is Zerodha not raising funds for its operation?
Disruptive pricing models and in-house technology have made Zerodha the biggest stockbroker in India in terms of active retail clients. Over 5+ million clients place millions of orders every day through our powerful ecosystem of investment platforms, contributing over 15% of all Indian retail trading volumes.
ReNew Power Limited is an Indian renewable energy company. It is an independent power producer which was founded by Sumant Sinha in 2011. ReNew Power has a pipeline of close to 1400 MW solar and wind projects. It has a current valuation of $8 billion, which makes it one of the most valuable startups in India in 2021.
Hari Menon, V.S. Sudhakar, Vipul Parekh, Abhinay Choudhari and V.S. Ramesh
Founded
2011
Investors
Alibaba, CDC Group, Ant Financial, Intel Capital, and Berkshire Hathaway
Products and Services
Grocery Delivery
Valuation
$1.85 billion (March 2021)
BigBasket is India’s largest online grocery store which was founded by Hari Menon, V.S. Sudhakar, Vipul Parekh, Abhinay Choudhari, and V.S. Ramesh in 2011. BigBasket founder Hari Menon is one of the most revered entrepreneurs, who deserves a place among the top entrepreneurs of India. It has gained popularity among the Indians and receives over 100,000 orders per day. BigBasket has also launched 3 new businesses BB Daily, BB Instant, and BB Beauty. Here’s something that might interest you – JioMart VS BigBasket: Top Contenders Of Online Grocery Market
Udaan is a B2B e-commerce platform that provides a wholesale product solution to different vendors in all categories. It was founded by Sujeet Kumar, Amod Malviya, and Vaibhav Gupta in 2016. Udaan is a B2B (Business to Business) marketplace for trade that is working for connecting retailers, wholesalers, traders, and manufacturers using technology as the main tool. Udaan turned a startup unicorn in 2018, which is just after 2 years and 2 months since it was launched in 2016. It is thus, the first startup to be called the fastest unicorn.
SoftBank, Tiger Global, Ratan Tata, Hyundai Motors, Matrix Partners, Tiger Global and The Munjal Family.
Products and Services
Electric two and tree wheeler vehicles
Valuation
$5+ billion (January 2022)
Ola Electric is a brainchild of Ola which is currently one of the largest ride-hailing companies. Ola Electric is a tech mobility startup that provides transit services. Besides that, the company also offers a platform to work with driver-partners, vehicle manufacturers, and battery companies and also advance into making future technology for daily mobility. The company was founded in 2017 by Ankit Jain and Anand Shah and had its headquarters in Bengaluru, Karnataka. Ola Electric is also known to be the fastest unicorn after Udaan.
Lightspeed Ventures, Tiger Global, Twitter, India Quotient,
Products and Services
MOJ and Sharechat
Valuation
$3.7 billion (December 2021)
Mohalla Tech is a software company that was founded by Ankush Sachdeva, Farid Ahsan and Bhanu Singh in 2015. The company has its headquarters in Bengaluru, Karnataka, and is known for its platforms – MOJ and Sharechat. Mohalla Tech designs and develops social media platforms for sharing various quotes, videos, images, and news content. Currently, Moj and Sharechat are known to have a combined user of 340 million. According to some reports, an average user will spend over 34 minutes on the MOJ platform every day, which also gets 4.5 million views every day.
TPG, Chrys Capital, Premji Invest, Elevation Capital, MegaDelta and Vertex
Products and Services
Baby and Kids Products
Valuation
$2 billion (March 2021)
FirstCry is one of the top E-commerce companies for Baby and Child products. The company was founded by Supam Maheshwari, Amitava Saha, Prashant Jadhav, and Sanket Hattimattu in 2010, with its headquarters based in Pune, Maharashtra. Currently, the company has 380 plus stores across the country and also has a hospital contact program that helps in reaching out to more than 70,000 new parents every month. Firstcry has over 100,000 plus baby, kids, and new mom products from more than 1000 international and national brands.
Temasek, Falcon Edge Capital, KKR, Bay Capital, and Chiratae
Products and Services
Eyewear, opticians
Valuation
$4.32 billion (April 2022)
Lenskart is a leading eyewear company that was started by Peyush Bansal, Amit Chaudhary, Sumeet Kapahi in 2010. The company has its headquarters in Faridabad and has manufacturing facilities in Delhi, Zhengzhou (China). The company is known to manufacture over 300,000 eyewear every month, as it has more than 500 stores in over 70 cities across India. Besides having a huge range of eyewear it also offers its users branded contact lenses and sunglasses.
And this is not the end of the story. There are many new entrants to this unicorn club. Multiple startups strive hard to reach the top 10 unicorn startups but only a few make it to the top. India is the third-largest startup ecosystem in the world. It can be said that India is the future of great startups.
Grofers is an Indian online supermarket that helps in the home delivery of food, grocery products, and essentials. Founded in 2013, Grofers started with groceries and gradually expanded to a whole list of categories that includes beauty products, household care, baby care, and more. The company is now a unicorn with a $120 million fundraising round from the food aggregator, Zomato. Grofers was rebranded to Blinkit after a rebranding attempt on December 13, 2021.
A subsidiary company of inMobi, Glance is an artificial intelligence platform that offers customized lock screen content to the owners of the smartphones of the present. The company was founded in 2019 as a subsidiary of inMobi, a Bengaluru-based mobile ad network, and turned unicorn on December 22, 2020. Its parent company had already become a unicorn company back in 2011.
Google, Alphawave, Microsoft, Sequoia Capital, Falcon Capital
Products and Services
Dailyhunt app
Valuation
$1 billion (March 2021)
Dailyhunt is an Indian content and news aggregator services platform that helps its users access updates on trending topics along with online news, books, and magazines. The company is popular for offering content in 14 different local languages for a wide variety of Indian readers. The company raised around $100 million from Google and Microsoft and Falcon Edge’s Alpha Wave to become India’s first tech unicorn focused on vernacular content on December 22, 2020.
Accel, Norwest Venture Partners, Steadview Capital, Tiger Global Management
Products and Services
Salon software, spa software, med spa software
Valuation
$1.5+ billion
A cloud-based software platform for spa and salon services of the country, Zenoti was founded in 2010 with its headquarters in Bellevue, Washington, United States, and Hyderabad. Zenoti has been since the day it was founded and is now used by over 10,000 customers and has already established its presence in 50+ countries. With a fundraise that amounted to $160 million, the company entered the unicorn club on December 15, 2020.
Cars24 website/app, cars buying and selling service
Valuation
$1.6 billion (July 2021)
Cars24 is an online marketplace that encourages the buyers and sellers of used cars and helps them to buy and sell automobiles online without any hassles. Via an AI-enabled pricing algorithm, Cars24 displays the appraisal price along with the market price of the vehicles. Furthermore, it also arranges appointments for vehicle inspection, thereby making the selling process as transparent as possible.
The Gurgaon-based company, Cars24 was founded in 2015 and has already become a unicorn on November 24, 2020, with the $200 million Series E funding round led by Yuri Milner’s DST Global fund, Exor Seeds, Moore Strategic Ventures, and more. The company was valued at over $1 billion when assessed in November 2020.
RazorPay is a digital payment gateway that enables businesses and individuals to process, receive and disburse payments smoothly and securely. Razorpay accepts a wide range of the latest payment devices and platforms to improve the customer’s payment journeys online.
RazorPay is among the last year unicorn companies in India, which joined the unicorn club of Indian startups on October 11, 2020, when the company raised around $100 million. The company was valued at around $3 billion in April 2021.
Gaurav Munjal, Hemesh Singh, Roman Saini, Sachin Gupta
Founded
2015
Investors
Temasek Holdings, Dragoneer Investment Group, Softbank, Facebook, Sequoia Capital
Products and Services
Courses and classes
Valuation
$3.44 billion (August 2021)
Unacademy is an Indian unicorn Edtech company based in Bangalore, which climbed to unicorn status on September 2, 2020, thereby becoming the second e-learning startup to achieve the status.
Founded in 2015, Unacademy offers educational content for competitive examinations and other video lectures, some of which are also freely accessible for students. With the latest fundraise where the company received $440 million, Unacademy is now valued at $3.44 billion, as of August 2021. Here’s a List of Startups Acquired by EdTech Giant Unacademy
Postman raised $150 million in June 2020 to turn into a unicorn. The API development environment is used by around 6 million developers worldwide across 200,000 companies located globally. Postman serves as a platform that makes it easy for developers and enterprises to build, test, and debug their APIs.
With a valuation of $5.6 billion, as per the reports in August 2021, after the company received funding of around $225 million, Postman is presently acknowledged as the most valued Saas startup in India.
CitiusTech
Startup Name
CitiusTech
Headquarters
Princeton, New Jersey, United States
Industry
Healthcare Technology
Founders
Jagdish Moorjani, Rizwan Koita
Founded
2005
Investors
Baring Pvt. Equity Asia, Bain Capital
Products and Services
Consulting, Digital & Product Engineering, Data & Analytics
Valuation
$2.4 billion (May 2022)
CitiusTech is a major technology service and solution provider for the healthcare industry. CitiusTech boasts of having over 4000 professionals worldwide. With its workforce, the company aims to empower the healthcare and life sciences companies with reassuring consultation and digital technology services and drive clinical value chain excellence across integration and interoperability, data management, data science, performance management, and more.
CitiusTech was acquired by Baring Private Equity Asia, after the Hong Kong-based company signed a definitive agreement on July 12, 2019. This deal has valued the company at a little over a billion dollars, thereby granting its entry into the unicorn club of Indian companies.
As per the news dated May 5, 2022, Bain Capital has bought 40% of the stakes of CitiusTech from Baring Private Equity Asia, as the latter sold half of its tech to the American private investment firm. Apax Partners and Fujitsu of Japan were the other contenders for the stake. The 40% stakes of CitiusTech were valued between $960 mn to $1 bn, which has successfully catapulted the valuation of CitiusTech to around $2.4 bn, as of May 2022. The other 40% stakes of the firm are with Baring, while the remaining stakes are held by the company’s founders.
B Capital Group, Ignition Partners, Eight Roads Ventures
Products and Services
Contract Management Software
Valuation
$2.8 billion (March 2021)
Icertis is designed as a powerful AI-enabled contract management platform that promises ultimate compliance and aims to reduce the risks involved in it. Being an enterprise contract management platform, Icertis extends easy solutions to hard contract management issues.
When the company raised $80 million in March 2021, at a valuation of $2.8 billion, Icertis was declared as the second most-valued startup unicorn of India. The company turned into a unicorn even before that in 2020.
Druva
Startup Name
Druva
Headquarters
Sunnyvale, California, United States
Industry
Software, Cloud Data Services, Cloud Security, Saas
Sequoia Capital India, Viking Global, Indian Angel Network
Products and Services
Data protection solutions
Valuation
$2 billion (April 2021)
Druva is an Indian enterprise software platform that is designed to protect and manage enterprise data across endpoints, data centers, and cloud workloads. Built on AWS, Druva offers a Saas platform that extends superior data resiliency options, which is infinitely scalable, for the companies operating across the globe.
The India-based Saas company headquartered in the US is one of the earliest companies of India that turned into a unicorn. Druva attained unicorn status in 2019.
Rivigo is a logistics platform empowered by the latest technologies that extend effective transport services for a wide range of industries including clothing, eCommerce, automotive, automobiles, and more. The company was founded in 2014 in Gurgaon, Haryana, and was valued at $1.05 billion when it turned unicorn in September 2019.
Polygon or Matic Network, as it was named previously, is a Bengaluru-based blockchain startup that was founded as a result of the infamous RBI ban of cryptocurrencies that came in April 2018. Founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, Matic Network focussed on solving the “scalability and usability issues, without compromising on decentralization”. It was on February 9, 2021, that Matic was renamed into Polygon.
Polygon is already a unicorn when last reported in May 2021 and is currently valued at over $10 bn, as of February 2022. The market capitalization of its native MATIC token has crossed the $20 billion mark once in December 2021.
MindTickle is a sales readiness platform founded in 2011, which helps in onboarding, product training, coaching, and ongoing readiness. The company offers a vital sales solution to the fast-growing startups to prepare their sales team in a scalable and effective way. MindTickle was founded in 2011 and turned a unicorn on August 6, 2021, with the influx of $100 mn in Series E funding led by Softbank Vision Fund II.
Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua, Suraj Saharan
Founded
2011
Investors
FedEx, Fidelity, Steadview Capital, Tiger Global management
Products and Services
Cargo and freight services
Valuation
$4 billion (June 2021)
Delhivery was founded in 2011 in Gurgaon, Haryana, as a logistics and supply chain startup that aims to provide seamless transportation, warehousing, freight, and order fulfillment services. Delhivery Pvt. Ltd. turned unicorn back in 2019 where it raised around $413 million and was valued at $1.5 billion.
Billdesk is a company conceived in 2000 as IndiaIdeas.com Ltd., which helps Indian customers pay their bills safely and easily. Powered by the latest advancements in the electronic medium, BillDesk offers its customers better ways to organize and manage their payments online. Billdesk has already achieved unicorn status in 2018 when it mopped up nearly $300 million in a fundraising round led by Visa.
The company is currently acquired by PayU, a Prosus-owned company headquartered in the Netherlands via a deal worth $4.7 billion, one of the biggest deals in the Fintech range of India.
Mu Sigma was founded in 2014 as a data analytics services platform that offers data analytics services along with developing decision support system tools and software for Fortune 500 companies. Mu Sigma offers a range of services including market measurement, product/customer segmentation and profiling, prospecting, RFM analytics, and more. It was in 2016 when Fortune declared Mu Sigma a unicorn company.
Info Edge
Startup Name
Info Edge
Headquarters
Noida, Uttar Pradesh, India
Industry
Enterprisetech
Founders
Sanjeev Bikhchandani
Founded
1995
Investors
Temasek Holdings, Lightbox
Products and Services
Employment, Education, Real estate, Matrimonial service
Valuation
$6.6 Billion (May 2023)
Info Edge, founded by Sanjeev Bikhchandani in 1995, is a technology-driven Indian internet company offering a wide range of online services in sectors such as recruitment, matrimony, real estate, and education. The company is well-known for its flagship platforms, including Naukri.com for jobs, Jeevansathi.com for matrimonial services, 99Acres.com for real estate listings, and Shiksha.com for educational resources.
The company attained a valuation of over $1 billion in 2014 and became an elite member of the Indian unicorn club.
Sai Srinivas Kiran G, Shubh Malhotra, Shubham Malhotra
Founded
2018
Investors
Sequoia, Moore Strategic Ventures, Legatum Capital
Products and Services
EGaming platform
Valuation
$2.3 Billion (September 2021)
Mobile Premier League, now if the name rings a bell, then you’re right! MPL is another fantasy gaming and esports platform from India after Dream11 that has turned unicorn. The Sequoia Capital and Moore Strategic Ventures-backed startup was founded in September 2018, just 3 years ago by Sai Srinivas Kiran G and Shubh Malhotra, which emerged as the second gaming unicorn from the subcontinent.
Sequoia Capital, Tiger Global Management, Lightspeed
Products and Services
Professional networking platform and job portal
Valuation
$1.1 Billion (September 2021)
Apna is a leading professional networking platform that helps the rising workforce of India stay updated in terms of professional requirements and recruitment and grab them anytime and anywhere. Apna is currently available across 28+ cities in India for students and blue-mand gray-colored working professionals to get the best communities and land jobs.
The Series C round was on September 15, 2021, where Apna raised around $100 million from investors like Tiger Global, Sequoia, and others and turned into a unicorn within just 21 months of its foundation. This makes Apna the fastest unicorn in India.
Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash
Founded
2011
Investors
Coatue, Tiger Global Management, WestBridge Capital, Accel Partners
Products and Services
Online tutoring, courses and classes
Valuation
$1 Billion+ (September 2021)
Vedantu is an Edtech platform that offers online e-learning courses and classes to empower real-time personalized learning experiences. Vedantu believes in bridging the gaps between a student and his/her tutor to enjoy the benefits of real-time one-to-one teaching. Vedantu can help students pursue online tuitions for Maths, Physics, Chemistry, English, French, Hindi, Social Studies, German, Computer Science, and more.
Vedantu raised $100 mn via its Series E round led by ABC World Asia, Coatue, Tiger Global, WestBridge, and others on September 29, 2021, and became the 27th Indian unicorn of 2021 and the 69th unicorn startup in the country.
Bertelsmann, Mayfield Fund, Vertex Growth Fund, 3one4 Capital
Products and Services
Meat, fish, eggs packaging and delivery services
Valuation
$1 Billion+ (October 2021)
Licious was founded in 2015 and headquartered in Bengaluru as a Direct-to-consumer brand that offers fresh meat, eggs, fish, and seafood, which the customers can order online to receive the same at their doorsteps. The meat industry in India is largely unorganized and Licious is born out of the sole aim of organizing this sector and delivering fresh, trustworthy, delicious meat and fish to the house of the Indians.
The company raised $52 million in its latest funding round led by IIFL AMC’s Late Stage Tech Fund, emerging as the 29th Indian unicorn company of 2021 so far, and the first unicorn from the D2C segment, as of October 5, 2021.
Paradigm, Ribbit Capital, Sequoia Capital, Tiger Global Management
Products and Services
Cryptocurrency exchange platform
Valuation
$1.9 Billion (October 2021)
CoinSwitch Kuber is hailed as a cryptocurrency exchange platform that encourages users to buy and sell cryptocurrencies via their platform, ensuring secure and convenient transactions. The company supports a wide list of over 100 cryptocurrencies from which the customers can buy cryptos at the best rates, through a range of payment options.
CoinSwitch Kuber turns into India’s 30th unicorn startup in 2021 so far. The company raised a Series C funding round worth $260 million on October 6, 2021, led by a16z (Andreesen Horowitz) and Coinbase Ventures to join the coveted club of the unicorn companies. CoinSwitch Kuber boasts of being the second crypto unicorn of India, which crossed the 1 billion dollar mark in less than 2 months after CoinDCX was hailed as the first crypto unicorn of the country in August 2021. CoinSwitch Kuber is reportedly valued at $1.9 billion on October 2021, which is higher than what CoinDCX announced in August, which was $1.1 billion.
Rebel Foods, also termed Faasos Food Services Pvt. Ltd., is a food delivery platform of India that takes care of the food delivery requirements across the country, delivering food products at the doorsteps of the customers. Besides, the company also boasts of a huge network (over 450) of dark kitchens that operates in over 10 countries. Rebel Foods currently serves over 10,000 Indian customers, the numbers of which are jumping rapidly.
The Indian cloud kitchen and food delivery startup becomes the 31st unicorn of India in 2021. Rebel Foods has raised $175 million via its Series F funding round led by the investors like Qatar Investment Authority, Coatue and Evolvence, and more, to be valued at $1.4 bn, as of October 7, 2021.
Sequoia Capital India, HDFC Bank, LeapFrog Investments
Products and Services
Cars, Used cars retailing services
Valuation
$1.2 billion (October 2021)
CarDekho is a leading name in the used car retailing space. Headquartered in Gurugram, Haryana, CarDekho helps users browse through a wide selection of cars and select one that fits them in all aspects. The platform of CarDekho is equipped with the relevant details about the car, along with other detailed specs, experts’ reviews, comparisons, and more. All of these further ease the selection process of the car models and are some of the reasons that have contributed to the rising popularity of the company.
CarDekho has turned into a unicorn following its recent Series E and Debt financing rounds dated October 13, 2021, and led by LeapFrog Investments. The company has successfully raised around $200 mn and $50 mn respectively, with the last funding rounds that it saw. With the recent funding, CarDekho becomes the 33rd unicorn and the 3rd unicorn startup in the used car retailing space in India so far in 2021.
Sequoia Capital India, Hindustan Media Venture, Abu Dhabi Investment Authority
Products and Services
Digital payments platform
Valuation
$1 billion (October 2021)
MobiKwik is a Fintech company founded in 2009 as digital payments platform that offers phone-based payment options along with the facility of a digital wallet for its users. Headquartered in Gurgaon, MobiKwik is one of the trusted names in the digital payments space that also provides payment gateway and other financial services.
MobiKwik turned unicorn on October 12, 2021, after the conclusion of its secondary ESOP sale round led by Mathew Cyriac, former Head of Blackstone India.
Insurtech, Insurance, Health insurance, Auto insurance
Founders
Ruchi Deepak, Varun Dua
Founded
2016
Investors
Munich Re Ventures, Amazon, General Atlantic, Multiples Alternate Asset Management Private Limited
Products and Services
Car, bike and health insurance products
Valuation
$1.1 billion (October 2021)
Acko is a digital insurance provider of India, dubbed as the first insurance startup that efficiently processes car, bike, and health insurance without any paperwork. Furthermore, Acko also possesses the license, which allows the company to underwrite and distribute bite-sized insurance products.
Acko raised around $255 million in its Series D round led by General Atlantic and Multiples Private Equity and turned a unicorn on October 27, 2021. The unicorn insurance provider is the 34th Indian company to join the unicorn club in 2021 and is currently valued at $1.1 bn.
CureFit
Startup Name
CureFit
Headquarters
Bengaluru, India
Industry
Healthcare, wellness
Founders
Ankit Nagori, Mukesh Bansal
Founded
2016
Investors
Temasek Holdings, Accel, Tata Digital, Zomato, Axis Bank
Products and Services
Nutrition products, Consultation services for mental and well-being
Valuation
$1.5 billion (November 2021)
CureFit is a health and fitness company that extends online and offline experiences to bring in adequate nutrition, foster physical fitness, and mental well-being via improved yoga and meditation, medical and lifestyle care consultation.
The Bangalore-based fitness brand turned unicorn on November 10, 2021, in a deal where the foodtech giant Zomato sold its fitness facility arm Fitso for $50 mn and infused another $50 mn in CureFit. This helped Zomato own 6.4% shares in CureFit, worth $100 mn. As a result of the cross-selling, CureFit joined the unicorn club of Indian startups as the 36th company to turn unicorn in 2021 and the 77th company overall among the Indian startups.
Mensa
Startup Name
Mensa
Headquarters
Bengaluru, India
Industry
Financial services, Venture capital
Founders
Ananth Narayanan, Pawan Kumar Dasaraju
Founded
2021
Investors
Alpha Wave Incubation, Norwest Venture Partners, Accel, Falcon Edge Capital
Products and Services
finance, working capital
Valuation
$1 billion+ (November 2021)
Brands’ aggregator and roll-up firm, Mensa has been founded by former Myntra CEO and Medlife cofounder, Ananth Narayanan and Pawan Kumar Dasaraju. Mensa Brands stands as an investment firm that strives to partner with entrepreneurs to build digital brands and scale them. The company embraces a Thrasio-based model via which it invests working capital and picks up equity in other D2C startups, thereby scaling the presence of the brands online. The platform that Mensa offers helps in driving growth, product, merchandising, technology, supply chain, product, and access to global markets, which eventually lets the founders get lucrative financial exits along with transforming their business through a stable and successful partnership.
Mensa raised $135 mn in a new Series B funding round led by Alpha Wave Ventures (Falcon Edge Capital) on November 16, 2021, and has joined the coveted club of unicorn companies in India. The company turned unicorn within just 6 months since it started its operations, thereby emerging as the fastest Indian startup to turn unicorn.
Tiger Global Management, General Atlantic, Trifecta Capital, BEENEXT
Products and Services
Peer-to-peer property listings platform
Valuation
$1 billion+ (November 2021)
NoBroker, as the name states, is designed on the concept of building a brokerage-free real estate platform, which will take care of the entire journey of a customer from choosing a house, listing it, securing a home loan, contacting the packers and movers, opting for painting and other services and more. Founded by Akhil Gupta, Amit Kumar Agarwal, Saurabh Garg in 2014, NoBroker is based in Bengaluru and is currently hailed as a unicorn.
NoBroker is, in fact, India’s first proptech (property tech) startup that has achieved a unicorn status on November 23, 2021. The company is the 38th Indian startup to emerge as a unicorn in 2021. The unicorn valuation of the company was disclosed after it raised around $210 Mn in its Series E funding round on the same date.
Tiger Global Management, General Atlantic, Trifecta Capital, BEENEXT
Products and Services
Used car listing and selling platform
Valuation
$1.7 billion+ (November 2021)
Spinny is a used-car buying platform that is powered by new-age technologies and enables reliable and hassle-free transactions in used cars. Founded in 2015 in Gurgaon, Haryana, India, Spinny is built on a full-stack business model with the aim of making the process of buying used cars simple and transparent and ultimately helping the customers to buy cars that match their aspirations.
Spinny has turned unicorn after it received its Series E funding round of $248 million (Rs 1,849 crore), as of November 24, 2021. The company received an investment of Rs 739.7 crore each from Tiger Global and Abu Dhabi Growth Fund, while the remaining funds poured in from Somerville SPV and Aveni Spinny. Spinny is now officially the fourth Indian startup from the used car space to join the unicorn club, where Droom, CarDekho, and Cars24 have already joined earlier.
Upstox is a fintech company that offers innovative investment solutions for users, including securities brokerage and stock trading services. Based in Mumbai, Maharashtra, the company extends equity trading opportunities for retail investors via the platform, promising their clients to be benefited from their cutting-edge trading platform that brings in the best-in-class services.
Upstox turned unicorn with the recent fundraising round led by Tiger Global Management, as of November 25, 2021. The company agreed to allot around 18761 Series C preference shares at an issue price of Rs 98,608 in order to raise the sum of $25 million (Rs 185 crore) from Tiger Global. Upstox has raised the recent funds at a post-money valuation of an estimated $3.4 bn, which pushes it past its rival Groww, which was recently valued at $3 bn in October 2021. Upstox thus became the 40th unicorn startup in India in 2021.
Slice is a financial startup based out of Bengaluru, India that focuses on payment cards/credit cards, and extends them to their target audiences, mostly comprising Gen Z and millennials.
Slice has mopped around $220 mn in the recent funding round dated November 29, 2021, led by Tiger Global and Insight Partners to achieve a unicorn valuation. The series B round that Slice witnessed included participation from Flipkart co-founder Binny Bansal and Checkout co-founder and CEO, Guillaume Pousaz, along with a list of existing investors that includes Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and more. Slice is currently the 41st Indian startup unicorn of 2021.
Pristyn Care
Startup Name
Pristyn Care
Headquarters
Haryana, India
Industry
Healthtech, Health care
Founders
Harsimarbir (Harsh) Singh, Dr. Garima Sawhney and Vaibhav Kapoor
Founded
2018
Investors
Tiger Global Management, Hummingbird Ventures
Products and Services
Healthcare services
Valuation
$1.2 billion (December 2021)
Pristyn Care is a healthcare startup founded in September 2018, which is designed to disrupt elective surgery procedures. Headquartered in Gurgaon, Haryana, India, Pristyn Care believes in leveraging cutting-edge technology and advanced procedures to simplify medical care and surgery experiences.
The startup successfully raised $84 Million on December 7, 2021, via new funding round, Series E, led by Sequoia Capital, Tiger Global, Hummingbird Ventures, Epiq Capital, QED, and others to enter the unicorn club of Indian startups. With its unicorn valuation, the health tech startup from Gurgaon has turned to be the fourth startup to achieve the feat in its space in India after Innovaccer, PharmEasy, and CureFit.
Founded in 2021, GlobalBees is a Thrasio-style startup focused on acquiring other companies, especially startups, and scaling them with adequate funds and resources to extend joyful product experiences. GlobalBees can also be considered as the venture arm of FirstCry.
GlobalBees has already been in talks ever since it raised $150 mn in India’s largest Series A funding round. Furthermore, the company has become a unicorn when it again raised around $111.5 mn in a mix of equity and debt round of Series B led by a clutch of investors including FirstCry, SoftBank, Premji Invest, Chiratae Ventures, Trifecta Capital, and others.
Beauty, baby care, skin care, body care products and more
Valuation
$1.1 billion+ (December 2021)
Founded in 2016, Mamaearth is a personal care brand that was established as an organic alternative to the baby, hair, face and skincare products in the market. Headquartered in Gurgaon, Haryana, Mamaearth extends the best organic products for babies and their mothers.
Mamaearth turned unicorn after the latest funding round that it raised on December 28, 2021, worth $80 million led by Sequoia Capital. Gurugram-based organic skincare, haircare, and body care brand, Honasa or Mamaearth became the first unicorn in India in 2022.
Fractal Intelligence is a Mumbai-based analytics startup founded in 2000 by Ramakrishna Reddy, Pranay Agrawal, Srikanth Velamakanni, Nirmal Palaparthi, and Pradeep Suryanarayan and is currently headquartered in New York, US. Primarily established as a strategic analytics partner to the most sought-after Fortune 500 companies globally, Fractal empowers every human decision by bringing analytics, AI, and other cutting-edge technology to the decision-making process.
Fractal Analytics currently has its presence across 15 countries including the United States, UK, Ukraine, and India. The company has recently turned unicorn by raising $360 million from a fundraising round led by TPG Capital, and Apax Partners, as per the reports dated January 5, 2022. Fractal is one of the leading players in the AI space with Qure.ai, Crux Intelligence, Theremin.ai, Eugenie.ai and Samya.ai as its flagship products. It is also important to note that Fractal is the second Indian unicorn of 2022.
LEAD School is a Mumbai-based edtech company that helps bring in improved marketing and academic solutions for educational institutions to transform their school education in India. Founded in 2012 by Smita Deorah and Sumeet Mehta, LEAD School helps digitize and transform private schools to help them serve students from varying economic backgrounds better.
LEAD School turned unicorn on January 13, 2022, thereby becoming the first Indian edtech startup to achieve a unicorn valuation in 2022. LEAD raised a funding round worth $100 mn today, led by GSV Ventures and WestBridge Capital to attain unicorn status. The Deorah and Mehta-led startup has thus become the third unicorn startup in India in 2022.
Darwinbox has been founded by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni as a cloud-based Hr technology product, which serves as an end-to-end HR software that helps enterprises automate the entire employee lifecycle. The HR software that the company provides the organizations, helps them manage all of their HR requirements including recruitment, payroll, employee engagement, talent management, and people analytics across the employee life cycle under one platform.
Darwinbox has already served 1.5 million employees across 650+ organizations from over 90 different industries. The company claims to be the third-largest HRTech platform after SAP and Oracle. The growing HR Tech platform has raised $72 million in its Series D funding round from TCV on January 25, 2022, to attain the unicorn club of Indian companies. The unicorn valuation obtained by Darwinbox has made it the first Indian Saas unicorn of 2022 and the fourth unicorn overall that the country has seen this year.
DealShare
Startup Name
DealShare
Headquarters
Bengaluru, Andhra Pradesh, India
Industry
Ecommerce, Grocery
Founders
Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao
Founded
2018
Investors
Tiger Global, Alteria Capital, Alpha Wave Global, Innoven Capital and other
Products and Services
Grocery and other consumer products via its ecommerce business
Valuation
$1.62 billion+ (January 2022)
DealShare is a social eCommerce startup based in Bengaluru. Founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao, DealShare boasts of having multi-category consumer goods that are available at affordable prices.
DealShare has turned into a unicorn, as per the reports dated January 27, 2022. The Bangalore-based grocery and essentials delivery eCommerce platform have raised $130 million via a Series E funding round led by Tiger Global, Alpha Wave, Kora Investment, and others for this recent round in funding.
ElasticRun
Startup Name
ElasticRun
Headquarters
Pune, Maharashtra, India
Industry
Ecommerce, Logistics, Transportation
Founders
Sandeep Deshmukh, Saurabh Nigam, Shitiz Bansal
Founded
2015
Investors
Softbank, Kalaari, Prosus, Innoven, Norwest Venture Partners and more
Products and Services
Online system, logistics and transportation support
Valuation
$1 billion+ (February 2022)
ElasticRun is an eCommerce logistics and transportation-based startup headquartered in Pune, Maharashtra, which is designed to serve as an online system that will empower the eCommerce and distribution industry of India by improving the reception of orders from customers and the dispatch of delivery drivers.
In a recent round of funding dated February 8, 2022, ElasticRun has raised over $300 million from SoftBank Vision Fund 2, Goldman Sachs with some of its existing investors including Prosus Ventures. At the conclusion of the fresh funding round, the company posted a post-money valuation of $1.44 bn. ElasticRun was just valued at $400 mn during the last round that it saw in April 2021, thereby implying that the valuation of the company saw a 3X rise. With this round, the Kirana commerce platform becomes the 6th unicorn startup in India in 2022.
Trifecta, Saint Gobain, Bessemer Venture, Helion Venture, Kharis Capital, and more
Products and Services
Interior Design solutions
Valuation
$1.44 billion+ (February 2022)
Built with an aim to connect individuals with designers, services, and products, Livspace is an interior designing startup that works as an omnichannel home interior and renovation platform. Headquartered in Bengaluru, Livspace helps homeowners to find pre-created looks for rooms, kitchens, and storage areas on the platform. Furthermore, Livspace also extends the opportunities to its customers to choose and buy the designs they want, along with further options for customization.
The Anuj Srivastava and Ramakant Sharma-led startup raised $180 Mn in a Series F funding round led by American investment giant KKR & Co. and other existing investors of Livspace including Jungle Ventures, Venturi Partners, Ingka Group (Ikea), and Peugeot Investments. This has lifted the valuation of Livspace to $1.44 bn. With the unicorn valuation that Livspace attained with the funding round dated February 8, 2022, the company witnessed a 2X jump in its valuation since December 2019, when it was valued at $500 million. The company became the 7th Indian unicorn in 2022 and is the 50th unicorn since January 2021.
Founded by Supam Maheshwari and Amitava Saha, Xpressbees is an eCommerce logistics platform that extends reliable delivery solutions to its partners along with customized delivery solutions. Headquartered in Pune, India, the company offers a wide range of delivery and logistics-oriented services including comprehensive last-mile delivery, reverse logistics, payment collection, drop shipping, vendor management, cross-border services, fulfilment services, and more. Furthermore, Xpressbees also boasts of bringing in tailored software solutions to clients.
Xpressbees is the 8th unicorn company in India, which raised $300 million worth of funds in its latest Series F funding round led by Blackstone Growth, TPG Growth, and ChrysCapital on February 9, 2022. The funding round via which it raised the funds that will support the next phase of business growth of Xpressbees also saw participation from its existing investors including Investcorp and Norwest Venture Partners.
Uniphore
Startup Name
Uniphore
Headquarters
Chennai, Tamil Nadu, India and Palo Alto, California, USA
Industry
AI, Saas, Software
Founders
Ravi Saraogi, Umesh Sachdev
Founded
2008
Investors
IIFL, Sorenson, March Capital, Chiratae Ventures and more
Products and Services
auMina and akeira and other software products
Valuation
$2.5 billion+ (February 2022)
Uniphore is a Conversational Automation platform founded by Ravi Saraogi and Umesh Sachdev in 2008. The customer service platform developed by Uniphore is powered by AI and automation technologies the vision of which is to bridge the gap between people and machines through voice. Headquartered in Silicon Valley, Uniphore extends first-rate customer service to global businesses and helps them benefit from the integrated suite of software products for conversational analytics, assistance, and security that Uniphore provides. auMina and akeira, two proprietary AI solutions are already developed by Uniphore in the speech analytics and virtual assistant verticals.
Uniphore raised $400 million in a Series E round led by NEA, March Capital, and others to become the eighth unicorn of India in 2022, as per the reports dated February 16, 2022, at the end of which the company was valued at $2.5 billion.
Hasura
Startup Name
Hasura
Headquarters
Bengaluru, Karnataka, India
Industry
Software
Founders
Rajoshi Ghosh and Tanmay Gopal
Founded
2017
Investors
Greenoaks, Lightspeed Venture Partners, Vertex Ventures and more
Products and Services
GraphQL development platform
Valuation
$1 billion+ (February 2022)
Hasura is a Bengaluru-based GraphQL development platform that has built its platform with an aim to boost web application development. The Rajoshi Ghosh and Tanmay Gopal-led startup plan to do this by reducing the roadblocks, thereby making data access easy for the frontend and full-stack developers. The platform turned into an open-source platform in July 2018 and since then developers from around the world have used Hasura to help themselves build the data layer for modern applications.
This developer-focused tooling products platform turned into a unicorn on February 22, 2022, thereby becoming the 10th Indian startup to enter the coveted unicorn club in 2022. It raised a funding of $100 million to obtain unicorn status in its Series C funding round.
CredAvenue
Startup Name
CredAvenue
Headquarters
Chennai, Tamil Nadu, India
Industry
Fintech, Finance, PaaS
Founders
Gaurav Kumar and Vineet Sukumar
Founded
2017
Investors
Dragoneer, B Capital Group, Insight Partners, Sequoia Capital and more
Products and Services
CredLoan, CredCo-Lend, Plutus
Valuation
$1.3 billion+ (March 2022)
Termed as a complete corporate debt solution, CredAvenue is founded by Gaurav Kumar in 2017 and is designed as a fully integrated, unified digital platform, which helps investors discover, trade, execute and fulfil debt solutions for investors. Vineet Sukumar, who joined the startup in October 2020 also stands as the Founder and Director of CredAvenue.
CredAvenue turned into a unicorn on March 6, 2022, by raising $137 million worth of funds in a series-B round led by Insight Partners, B Capital Group, and Dragoneer. The company is currently valued at over $1.3 billion, which is more than double the valuation of CredAvenue that was measured in September 2021. The Chennai-based debt marketplace startup becomes the 11th Indian startup to attain unicorn status in 2022.
Baskar Subramanian, Srinivasan KA, Srividhya Srinivasan
Founded
2008
Investors
Accel, Mayfield, Premjiinvest, Emerald Media and more
Products and Services
Cloud solutions for broadcasting
Valuation
$1 billion+ (March 2022)
Founded in 2009, by Baskar Subramanian, Srinivasan KA, Srividhya Srinivasan, and originally headquartered in Bengaluru, Amagi is a media-tech and broadcasting startup that helps target TV advertisements geographically. As a Cloud Saas technology provider, Amagi offers a mix of media and innovation to bring services that are powerful, cost-effective, and result-oriented, thereby making a way for a new TV-media advertising platform.
Amagi raised $95 million in funding on March 16, 2022, led by Accel and a clutch of existing investors like Norwest Venture Partners and Avataar Ventures, which helped it attain a unicorn valuation. With this funding round, Amagi becomes the 12th Indian startup to enter the unicorn club in 2022. It is also presently hailed as one of the highest valued media tech companies in the world.
Started as Boomerang Commerce, founded by Guru Hariharan, CommerceIQ is an omnichannel management platform that is currently headquartered in Palo Alto, California, US. Founded in 2012, CommerceIQ uses cutting-edge technologies including Machine Learning and Automation to multiply e-commerce sales.
CommerceIQ raised $115 million in its Series D funding round dated March 21, 2022, led by Softbank to turn a unicorn. This funding round made CommerceIQ the 13th unicorn that India has seen so far in 2022 and the second Indian company to turn unicorn by a funding round led by SoftBank after ElasticRun.
Alpha Wave, LLC, Matrix, Capital Management, Tiger Global, Norwest and more
Products and Services
Financial Services
Valuation
$1 billion+ (March 2022)
Oxyzo is a credit solutions provider, working as the lending arm of the unicorn industrial goods and services procurement platform, OfBusiness. Founded by Asish Mohapatra, Ruchi Kalra, with a deep understanding of the SMEs’ business trends, Oxyzo aims to transform small and medium-scale enterprises into something bigger in terms of operations, revenue, and profit margins.
In the latest Series A funding round that Oxyzo witnessed on March 23, 2022, where it received $200 million from a clutch of investors including Alpha Wave Global, Tiger Global, Matrix Partners, Norwest Venture Partners, and more, the company turned unicorn. This was the first external round of investment that Oxyzo received that has made it attain unicorn status. Owned by OfBusiness, Oxyzo is the second unicorn of the group. Raising such a large amount in the Series A round, Oxyzo has also been recorded as the first Indian startup to do so to date.
Games 24×7
Startup Name
Games 24×7
Headquarters
Mumbai, Maharashtra, India
Industry
Gaming, Fantasy Sports
Founders
Bhavin Pandya, Trivikraman Thampy
Founded
2006
Investors
Malabar Investment and more
Products and Services
Gaming platform
Valuation
$1 billion+ (April 2022)
Games 24×7 is India’s leading scientific gaming company. Founded by Bhavin Pandya and Trivikraman Thampy, on June 1, 2006, headquartered in Mumbai, Maharashtra, Games 24×7 offers real money skill gaming, daily sports fantasy games, and casual gaming for its users.
The leading games platform recently turned unicorn on March 30, 2022, by raising $75 mn of funds led by Malabar India Fund and is currently valued at $2.5 billion. Tiger Global was an existing investor who also took part in the same funding round. Games 24×7 is currently hailed as India’s 99th unicorn company, as per the reports dated 30th March 2022.
Open is a neobanking startup that was founded in 2017 and is headquartered currently in Bangalore. Ajeesh Achuthan, Anish Achuthan, Deena Jacon, and Mabel Chacko were the minds behind the foundation of Open.
The neobanking culture is rapidly influencing the Indian banking and financial system and Open has been one of the major players in this growing culture. Open is currently powering 2.3+ million SMEs and processing over $30 billion in annualized transactions, which is certainly huge. This neobanking startup has put another feather in its cap by raising $50 mn in its Series D round on May 2, 2022, and turning into a unicorn, led by IIFL, Temasek, 3one4 Capital, and Tiger Global. With this, Open has seized the title of being the 1st Indian unicorn from the neobanking space and the 16th unicorn that India has seen so far in 2022.
It is also important to note here that Open has resumed India’s unicorn streak, which showed an unprecedented pause towards the end of March 2022, after Games 24×7 achieved the unicorn status.
Tutoring, Study materials for Classes 6-12, and Live Courses for them and for the other entrance examinations like JEE, NEET and more
Valuation
$1.1 billion+ (June 2022)
PhysicsWallah is an edtech company founded by Alakh Pandey in 2016, where Prateek Maheshwari. It offers online and offline courses and study materials for engineering and medical entrance examinations like JEE and NEET along with various entrance and state board exams. Video lectures, live classes, test series, and dynamic exercises are some of the main services that PhysicsWallah offers.
PhysicsWallah had last seen the Series A funding round, which was the maiden fundraising round that poured $100 mn into the startup. This round was led by Westbridge and GSV Ventures and helped the bootstrapped startup turn into an Indian unicorn company on June 7, 2022, thereby making PhysicsWallah the 101st Indian unicorn. PhysicsWallah, which was valued at $1.1 bn post the infusion, is currently hailed as the second bootstrapped Indian company that turned a unicorn. PhysicsWallah belongs to the edtech space that is seeing a huge upheaval after the unwinding of the country post-pandemic. Losses rage the edtech sector now, and layoffs are the new normal for the Edtech space in India.
Blume Ventures, Kedaara Capital, PremjiInvest, Goldman Sachs and more
Products and Services
Ecommerce platform for cosmetics and beauty products including haircare, skincare products and more
Valuation
$1.1 billion+ (June 2022)
Purplle is an Indian multi-brand beauty retailing online marketplace that was founded in 2011. Founded by Rahul Dash and Manish Taneja, Purplle is an online store that offers a wide range of products spanning numerous categories like fragrances, cosmetics, hair and skincare, and more.
The Mumbai-headquartered D2C cosmetic ecommerce brand turned unicorn on June 7, 2022, by raising $33 mn of funding from South Korea-based Paramark Ventures and its existing investors including Kedaara Capital, Blume Ventures, and PremjiInvest.
LeadSquared
Startup Name
LeadSquared
Headquarters
Bengaluru, Karnataka, India
Industry
Saas, Technology
Founders
Nilesh Patel, Prashant Singh, and Sudhakar Gorti
Founded
2011
Investors
WestBridge Capital, International Finance Corporation, Gaja Capital and more
Products and Services
Marketing Automation, Field Force Automation, Self-serve Portal, Sales Execution CRM, Sales Performance Suite
Valuation
$1 billion+ (June 2022)
Raising $153 mn in its Series C funding round from WestBridge Capital and others, LeadSquared turned unicorn, thereby becoming the 103rd Indian unicorn, as of June 21, 2022. With this latest funding in its arsenal, LeadSquared is planning to invest more in its business in India and North America. It is also looking to foray into the APAC and EMEA regions ahead, and would also fund some acquisitions. Besides, it is also looking to increase its workforce, and might even double its headcounts in the next 18 months.
LeadSquared was founded by Nilesh Patel, Prashant Singh, and Sudhakar Gorti in 2011, and is currently headquartered in Bengaluru. New Jersey, Philippines, South Africa, Australia, and Indonesia are some other territories where the company has seen its expansion to date. As a company, LeadSquared offers solutions for end-to-end sales, marketing, and onboarding automation, making these processes easy for its customers. LeadSquared already has 2,000+ customers, which belong to a variety of industries, including education, BFSI, healthcare, real estate, automotive, hospitality,and more. Some of its customers include biggies like Byju’s, Godrej Housing Finance, Olx, Dunzo, Practo, Kotak Securities, Amazon Pay, NIIT, Uni,and more.
OneCard
Startup Name
OneCard
Headquarters
Pune, Maharashtra, India
Industry
Financial Services, Credit card challenger
Founder
Vaibhav Hathi, Rupesh Kumar, Anurag Sinha
Founded
2018
Investors
Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, Hummingbird and more
Products and Services
Metal credit cards, Visa credit cards, OneScore
Valuation
$1.3 billion (FY22)
OneCard was founded in 2018 by Vaibhav Hathi, Rupesh Kumar, and Anurag Sinha, and is a subsidiary of FPL Technologies. Being an Indian startup from the credit card challenger space, OneCard competes with companies like Slice, Karbon Card, Uni Card, and more. OneCard rolled out its first mobile metal credit card in 2020, which it offers as a service along with Visa credit cards in partnership with numerous banks, and OneScore, a digital credit score checking platform that helps users check their credit scores without paying anything and without even any spams. OneCard currently extends its services in 12+ states across India.
OneCard turned unicorn after it raised $100 mn in funds via its Series D funding round led by Temasek, Sequoia Capital, QED Holdings, Matrix Partners, Hummingbird, and others, on June 13, 2022. With this fundraising round, OneCard is now valued at around $1.3 bn, thereby turning into the 104th Indian unicorn in 2022. Its total funding now crossed $225 mn, as of July 14th, 2022. After Slice, OneCard is now the second unicorn Indian startup in the credit card challenger space now.
5ire
Startup Name
5ire
Headquarters
London, England, UK
Industry
Blockchain Network
Founder
Pratik Gauri, Prateek Dwivedi, and Vilma Mattila
Founded
August 2021
Investors
SRAM & MRAM, GEM Global Yield LLC SCS (GGY), Launchpool, Sanctum Global Ventures
5ire is a London-based 5th generation Layer-1 (L1) blockchain network founded by Pratik Gauri and Prateek Dwivedi, who are of Indian origin, and with the help of web3 financier Vilma Mattila, in August 2021. 5ire aims to build a space in the web3 revolution, just like Google did in the case of web1 revolution and Facebook revolutionised the web2 space, mentioned the company CEO Pratik Gauri. The name “5ire” came from the idea of the 5th industrial revolution.
5ire raised $100 mn in Series A funding from UK-based conglomerate SRAM & MRAM at a valuation of $1.5 Bn to be listed as the 105th unicorn of India.
Shiprocket
Startup Name
Shiprocket
Headquarters
New Delhi, India
Industry
Ecommerce, Logistics, Supply Chain Management
Founders
Gautam Kapoor, Saahil Goel, Vishesh Khurana and Akshay Ghulati
Founded
2017
Investors
Tamesek Holdings, Lightrock, Bertelsmann, Moore Strategic Ventures
Products and Services
Ecommerce Logistics and Shipping Software, Courier Delivery App
Valuation
$1.2 billion (August 2022)
Shiprocket was founded in 2017 by Gautam Kapoor, Saahil Goel, Vishesh Khurana and Akshay Ghulati. The startup is a developer of an eCommerce shipping and enablement application and is headquartered in New Delhi. The platform makes use of a machine learning-based data engine to recommend the best courier service for a business and select a courier company. Apart from this, it offers benefits like packaging, warehousing, printing shipping labels, and tracking orders from a single panel. This helps the merchants and sellers to manage the deliveries smoothly.
The Zomato-backed logistics startup has become the 106thunicorn startup in India after raising $33.5 million from Temasek Holdings and Lightrock raising its valuation to $1.2 billion. This makes it the 21st Indian startup to turn unicorn in 2022.
Tata 1mg (formerly 1mg) was founded in the year 2015 by Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan. The startup is headquartered in Gurugram, Haryana. It is an online drug delivery platform that intends to make healthcare more accessible and affordable. The platform is known to offer medicines and other healthcare products, lab tests, and online consultations from healthcare professionals. All this makes it a one-stop solution for all of the customers’ healthcare needs.
The Tata-owned health tech platform has become the 107th unicorn startup in India after raising $40 million in an internal round of funding led by Tata Digital, raising its valuation to $1.25 billion.
Molbio Diagnostics
Startup Name
Molbio Diagnostics
Headquarters
VERNA, Goa, India
Industry
HealthTech, MedTech
Founders
Chandrasekhar Nair, Sriram Natarajan
Founded
2010
Investors
Temasek Holdings, Motilal Oswal Private Equity
Products and Services
Medical Diagnostics, TB Diagnostic Tools, RT-PCR
Valuation
$1.53 (September 2022)
Molbio Diagnostics is a manufacturer of molecular diagnostics. The company was founded by Sriram Natarajan and Chandrasekhar Nair and is headquartered in Verna, Goa. It operates as a platform that specializes in providing affordable diagnoses for tuberculosis and other infectious diseases.
After raising $85 million from Temasek and existing investor Motilal Oswal Alternates, Molbio Diagnostics became India’s 108th unicorn startup in September 2022 and the first unicorn startup from Goa, increasing its valuation to $1.53 billion.
Zepto was founded by Kaivalya Vohra and Aadit Palicha, both Stanford students who decided to drop out of the university to pursue entrepreneurship. The startup was founded in 2021 and is headquartered in Mumbai. It is a quick commerce platform designed to deliver groceries to your doorstep within 10 minutes, ensuring convenient access to essential food items.
Zepto became India’s first unicorn in 2023 after a long 11-month unicorn drought. The startup raised $200 million in a Series E funding round led by StepStone Group with participation from Goodwater Capital and existing investors in August 2023. This funding round increased Zepto’s valuation to $1.4 billion, making it an exclusive member of the unicorn club.
Krutrim
Startup Name
Krutrim
Industry
Research Services
Founder
Bhavish Aggarwal
Founded
2023
Investors
Matrix Partners India and others
Valuation
$1 billion (January 2024)
Krutrim is an artificial intelligence startup launched by Ola founder and Chairman Bhavish Aggarwal in 2023. Krutrim AI is a part of the Ola group and is committed to building the entire AI computing stack for the future. It aims to provide an advanced AI computing stack for India, including infrastructure, cloud services, foundational models, and AI-powered applications. By offering a comprehensive AI computing stack tailored for the Indian market, Krutrim aims to empower consumers, startups, enterprises, and scientists with cutting-edge technology.
India’s own AI, Krutrim AI, raised $50 million at a valuation of $1 billion in a funding round led by Matrix Partners India and others. This not only makes Krutrim India’s first unicorn of 2024 but also represents a historic achievement as India gets its first artificial intelligence unicorn, marking it as Bhavish Aggarwal’s third unicorn startup.
Real-Time Credit Decisioning, Analytics, Onboarding Automation, SME Lending Solutions, and More
Valuation
$1 billion (March 2024)
Perfios Software Solutions is India’s leading B2B fintech software company. Headquartered in Bangalore, Perfios specializes in credit decisioning, analytics, and onboarding automation. Their core data platform seamlessly aggregates and analyzes both structured and unstructured data, providing tailored solutions for the BFSI sector. Perfios empowers financial institutions to make informed decisions while enhancing customer experiences across the banking, financial services, and insurance sectors.
Perfios raised $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. This deal has raised Perfios’ valuation to $1 billion, making it a unicorn startup in India.
Porter
Startup Name
Porter
Headquarter
Bengaluru, Karnataka, India
Industry
Logistics, Transportation
Founder
Pranav Goel, Uttam Digga, Vikas Choudhary
Founded
2014
Investors
Tiger Global Management, Vitruvian Partners
Products and Services
Two-wheelers, Trucks, Packers and Movers, Porter for Enterprise, Courier Service
Valuation
$1 Billion (May 2024)
Porter is an online logistics marketplace that simplifies truck booking for businesses. They offer mini trucks and tempo rentals based on date and location, with real-time tracking for efficient logistics management.
Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary and headquartered in Bengaluru, Porter has disrupted logistics with its on-demand marketplace for LCVs, bikes, and specialised services like Enterprise and Packers & Movers.
Porter became the third unicorn startup in India in 2024 following a recent friends and family round, during which individuals purchased shares from the company’s employee stock ownership plan (ESOP) at a valuation of $1 billion. This came after a successful funding round in 2021, where Porter raised $100 million from investors like Tiger Global Management and Vitruvian Partners.
RateGain
Startup Name
RateGain Travel Technologies Limited
Headquarter
Noida, Uttar Pradesh, India
Industry
SaaS, Travel Technology, Hospitality Solutions
Founder
Bhanu Chopra
Founded
2004
Investors
Pinebridge Global Funds, Troo Capital, ICICI Prudential MF, Kotak Mahindra Life Insurance
Products and Services
Hotel Distribution, Hotel Booking Engine, Travel-Intent, Competitor Pricing Intelligence
Valuation
$1 Billion
RateGain Travel Technologies Limited is a SaaS company in the travel and hospitality industry. It offers solutions for hotels, airlines, online travel agents, and more. Founded in 2004 by Bhanu Chopra, RateGain operates in over 100 countries.
In 2024, RateGain became the only listed company to reach unicorn status in India, with a valuation of $1 billion. Headquartered in Noida, Uttar Pradesh, the company helps businesses grow revenue through acquisition, retention, and wallet share expansion. It was one of the six companies that entered the Indian startup unicorn club in 2024.
Rapido
STARTUP NAME
Rapido
Headquarter
Bengaluru, Karnataka, India
Industry
Transportation, Mobility Tech
Founder
Aravind Sanka, Pavan Guntupalli, Rishikesh SR
Founded
2015
Investors
WestBridge Capital, Nexus Venture Partners
Products and Services
Bike Taxi Service, Auto Rickshaw Services
Valuation
$1 Billion (July 2024)
Rapido is India’s largest and fastest-growing bike taxi app service. Headquartered in Bengaluru, Rapido offers two-wheeler ride services with transparent fares, making intra-city travel and last-mile connectivity affordable and fun. The platform also includes app-based auto rickshaws and delivery services, quickly expanding into various transportation solutions.
Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido raised $120 million in a Series E funding round in July 2024, led by WestBridge Capital. This funding round boosted Rapido’s valuation to over a billion, making it a unicorn startup in India.
Ather Energy
Startup Name
Ather Energy
Headquarters
Bengaluru, Karnataka, India
Industry
Automotive, Electric vehicles, Motor Vehicle Manufacturing
Ather Energy is a leading electric two-wheeler manufacturer in India, headquartered in Bengaluru. The company is known for its innovative and eco-friendly scooters, including the Ather 450 series and Ather Rizta, which feature advanced lithium-ion battery packs and digital management systems. Ather Energy’s products are designed to offer a cleaner, smarter mode of transportation.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy secured $71 million in a funding round led by the existing investor National Investment and Infrastructure Fund (NIIF) in August 2024. This funding round increased Ather Energy’s valuation to $1.3 billion, making it a unicorn startup in India.
Moneyview
Startup Name
Moneyview
Headquarters
Bengaluru, Karnataka, India
Industry
FinTech, Digital Lending, Personal Financial Management
Founder
Puneet Agarwal, Sanjay Aggarwal
Founded
2014
Investors
Accel India, Nexus Ventures, Tiger Global Management
Products and Services
Loans, Investments, Personal Finance Management Solutions, Smart Pay, Credit Tracker
Valuation
$1.2 Billion (September 2024)
Moneyview, a leading consumer lending platform, offers personalised financial products such as loans, credit tracking, investments, and personal financial management solutions. Headquartered in Bengaluru, the company enables users to access instant personal loans, track finances, and manage expenses through a seamless, paperless process.
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview became a unicorn startup in September 2024 after raising $4.6 million in a funding round from Accel India and Nexus Ventures, bringing its valuation to $1.2 billion.
Fleet Camera System, Driver•i One, Driver•i Hub-X, Driver Drowsiness with Driver Monitoring System (DMS) Sensor
Valuation
$1.34 Billion (January 2025)
Netradyne is a leading logistics AI startup, transforming fleet management with advanced technology. The company utilises artificial intelligence, machine learning, and edge computing to enhance driver safety by minimising accidents, identifying risky driving behaviours, and shielding drivers from false claims. Its flagship product, Driver•i, collects and analyses vast amounts of data to set new safety standards for commercial vehicles, helping businesses enhance safety, boost profitability, and build a driver-focused culture.
Founded in 2015 by Avneesh Agrawal, Netradyne became India’s first unicorn of 2025 in January after securing $90 million in a Series D funding round led by Point72 Private Investments, alongside Qualcomm Ventures and Pavilion Capital, bringing its valuation to$1.34 billion.
Former Indian Unicorn Companies
India has seen many unicorn companies to date and the above list containing is a testament to that. However, if you wonder about the total number of unicorns in India, then the numbers would be even more than what reflects in the list above because many of the unicorn companies in the country have either gone defunct or devalued thus, lost their unicorn status. Here’s remembering the prominent ones among them:
Quikr is a Bengaluru-based Indian online marketplace and classified advertising company that was founded in 2008 by Pranay Chulet. Quikr boasts of having its listings in over 1000 cities in India across a wide range of product categories including cars, mobile phones, household products, education, jobs, services, and more.
The online classified ads major was valued at over $1.5 billion on October 8, 2015. However, the company lost its unicorn status in February 2020.
Started as a social media instant messaging app, Hike Messenger was beyond a craze when it first launched. It was the time when Whatsapp was launched recently in India and was far from gaining the popularity that it is currently known for. Kavin Bharti Mitta, who was the founder and CEO of Hike, founded the company in December 2012.
Hike raised $175 million in a Series D funding round, which valued the startup at $1.4 billion in just under 3.7 years in August 2016, thereby becoming the then youngest startup in India to achieve the feat!
However, the company saw a massive drop in its revenue as Whatsapp rapidly rose to fame and dominated the market. The company tried some strategies to lift its brand value. It even tried a sticker-centric experience by rebranding itself as Hike Sticker Chat in April 2019. The company finally announced its shutdown on January 15, 2021.
ShopClues was founded by Sanjay Sethi, Radhika Aggarwal, and Sandeep Aggarwal in 2011 and has claimed to be India’s first and largest managed marketplace. It was once a promising company with over 2.5 crore listed products and 6,00,000+ merchants. Shopclues also turned into a unicorn back in 2016 and was hailed as the fourth unicorn startup in India. However, ShopClues has slowly and steadily collapsed from being a promising unicorn to an also-ran by the company and was finally sold to Singapore-based Qoo10 Pte Ltd at a valuation of just $70-100 million in an all-stock deal.
FAQs
What is the meaning of a Unicorn startup?
Startups with a valuation of over $1 Billion are known as Unicorns.
How many unicorn startups are there in India in 2024?
As of September 2024, there are 117 unicorns in India.
Which are the top Indian unicorns?
Some of the top unicorns that India boasts of today are:
Zomato
Nykaa
PolicyBazaar
OYO
Ola
Paytm
Swiggy
BYJU’S
FirstCry
Lenskart
Freshworks
Moglix
Nykaa
Swiggy
Pine Labs
BlackBuck
Which is India’s first unicorn startup?
InMobi, a Bangalore-based multinational mobile advertising technology company, founded in 2007 is the first to enter the unicorn club. InMobi became the first unicorn in 2011.
Is Nykaa a unicorn?
Nykaa entered the unicorn club in 2020.
Which country has the most unicorns?
The United States is at the top of the list with over 650 unicorns as of August 2023.
What is the obsession with unicorn startups?
Unicorn startups boast of their valuation, which has crossed the $1 billion mark, and are always at the edge of their gameplay. The companies grouped in as unicorns are forever in competition with each other, and always stand as inspirational figures for the rest of the startups and other budding companies.
How many companies turn unicorns?
Though startups are everywhere now around us, as per the recently conducted surveys, 9 out of every 10 startups fail. Therefore, being a successful startup and turning it into a unicorn is always difficult for startups. AngelList says that a venture-backed seed-stage startup has a 1 in 40 shot, which is equivalent to a 2.5% chance of achieving unicorn status today.
Is Zerodha a unicorn?
Yes, Zerodha entered the unicorn club in 2020 with a valuation of about $1 billion.
Which Indian startups became unicorns in 2020?
Pine Labs
FirstCry
Nykaa
Unacademy
Zerodha
Razorpay
Postman
Cars24
Dailyhunt
Glance, InMobi, and more.
Which Indian startups became unicorns in 2021?
BrowserStack
Moglix
PharmEasy
CRED
Meesho
Urban Company
Digit Insurance
Groww
Gupshup
Chargebee
Zeta
Infra.Market
Innovaccer
Five Star Business Finance
Licious
Vedantu and more.
How many startups turned unicorns in India in 2024?
As of September 2024, six startups turned unicorns including Krutrim, Perfios, Porter, Rapido, Ather Energy, and Moneyview.
What are the Indian companies that turned unicorns in 2022?
The Indian companies that turned unicorns in 2022 are:
The awarding of 45,663 stock options under the employee stock option plan (ESOP) has been approved by Honasa Consumer Ltd., the company that owns modern FMCG brands like Mamaearth and The Derma Co. According to its BSE filing, the company’s nominating and compensation committee has authorised “a total grant of 45,663 stock options under Honasa Consumer Limited Employee Stock Options Plan—2018 (“ESOP—2018″) to the eligible employees.” The new stock options were worth INR 1.12 Cr based on the stock’s closing price on 17 January. The face value of each equity share is INR 10, and the exercise price is also fixed at INR 10. According to Honasa’s petition, an employee may use their vested options during their employment or within ninety days after their final day of employment. The allocation of 546,601 stock options under the same ESOP scheme was approved by the firm in September.
Honasa Roped in Lokesh Chhaparwal as Senior Vice President
Honasa hired Lokesh Chhaparwal as senior vice president of technology and engineering earlier this month, which coincided with the recent ESOP expansion. With an emphasis on using cutting-edge technological solutions to improve operations, Chhaparwal is expected to spearhead the organisation’s technological strategy. According to the corporation, his duties would include overseeing digital platforms, using SAP systems to optimise supply chain operations, and developing marketing technology to deliver individualised customer experiences. He will also supervise internal security protocols to protect information and guarantee operational effectiveness.
Chhaparwal, a former AVP and Head of Engineering at Snapdeal, provides more than 13 years of experience in data strategy and product engineering. He will work out of Honasa’s Gurgaon office and support the company’s initiatives to use technology to build new products and engage customers.
Further Developments at Honasa
In terms of finances, Honasa reported a consolidated net loss of INR 18.6 Cr for the September 2024 (Q2 2025) quarter, compared to a net profit of INR 29.4 Cr for the previous year and INR 40.3 Cr for the June quarter prior. Honasa’s top line for D2C brands suffered as well, as operating revenue dropped by almost 7% to INR 461.8 Cr in the reviewed quarter from INR 496.1 Cr in Q2 FY24. Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheth’s are among the six beauty and personal care brands that make up Honasa’s product line. The company was founded in 2016 by Varun and Ghazal Alagh, a husband and wife team.
In the midst of media stories about credit backlogs and unsold stock with distributors, Honasa had provided clarification on the extent of its remaining inventory. The company stated that, in contrast to the All India Consumer Products Distributors Federation’s claimed amount of INR 300 crore of near-expiry inventory, its distribution value chain contained a total inventory of INR 40.69 crore.
Varun Alagh is the Co-Founder and Chief Dad of Honasa Consumer Private Limited, which established its first-ever baby nourishing brand, Mamaearth, in November 2016. The company is based in Gurugram, India. Mamaearth is declared Asia’s first MadeSafe-certified brand. Varun founded the toxin-free baby, beauty, hair, face, and body care brand Mamaearth with his wife, Ghazal Alagh, who plays the major role of Chief Mama at the company. As of January 6, 2025, Mamaearth’s market value is $928 million, with a stock price of $2.86 and 325 million shares.
We will explore Varun Alagh’s success story, including his early life, history, net worth, childhood, personal life, education, achievements, and more.
Varun Alagh – Biography
Name
Varun Alagh
Born
1984
Nationality
Indian
Education
Delhi College of Engineering; XLRI Jamshedpur
Profession
Entrepreneur
Position
Co-Founder, Chief Dad & CEO, Honsasa Consumer Pvt Ltd (Mamaearth)
After completing his studies, Varun joined Hindustan Unilever Limitedin 2007. During the first year, he worked as a Business Leadership Trainee. He was a part of this one-year training program. Varun then spent six months in Marketing with Lakme and Lifebuoy. He spent another six months in Customer Marketing and Sales in North India.
After completing his training for one whole year, he was employed as the Area Sales Manager of Hindustan Unilever Ltd., Delhi NCR, in May 2008. He was responsible for a 600 crore business through 29 people, spread across 22 categories under Home care, personal care, foods, and beverages.
After two years, he was promoted as the Area Sales and Customer ManageratDelhi NCR and Rajasthan in 2010. He managed a team of 37 people with 67 customers, delivering a direct distribution of 55,000 retail outlets across Delhi and Rajasthan.
After nine months, he was again promoted to the Regional Brand Manager Innovations South Asia- Deodorants. As a part of this role, he managed Innovations and communications for Sure/Rexona Deodrants in South Asia and Market development and digital strategy for Asia.
He left Hindustan Unilever in March 2012 and joined Diageo PLC as the Senior Brand Manager – Smirnoff. This role assigned him the job of managing one of the world’s largest premium spirits brands, Smirnoff, which is India’s largest Vodka brand, too. Moreover, he looked over the above and below the line (ATL & BTL). This also included the Digital and On-trade activation for Smirnoff across India.
He joined The Coca-Cola Company in May 2013 and worked as the Brand Manager for two years. Varun managed to deliver the brand business, market share, and equity targets through a collation of various marketing acts. Alagh was then promoted to Senior Brand Manager, where his role was to manage Customer Marketing for the Coca-Cola trademark across India and South-West Asian countries. He eventually left the company in November 2016, and it was in the same month that he started Honasa Consumer Pvt. Ltd., the parent of Mamaearth.
Varun Alagh – Co-Founder, Chief Dad & CEO of Mamaearth
Varun pursued a Bachelor of Engineering specializing in Electrical Engineering from the Delhi College of Engineering (2001-2005). He later earned a Post Graduate Diploma in Business Management (PGDBM) in Finance and Marketing from XLRI Jamshedpur (2005-2007).
While Varun was completing his post-graduation degree course, he had a chance to work with companies like Colgate Palmolive, Havells Electric, Madura Garments, Maruti, and Nokia in the form of internships and LIVE projects.
Varun Alagh – Personal Life
Mamaearth Company Owners – Varun Alagh and Ghazal Alagh
He is married to Ghazal Alagh, who is the Co-founder and Chief Mama of Mamaearth. She looks after the product development, content, and community management of the company. Before that, she had worked in the IT corporate world. The couple has two sons. A son named Agastya had been diagnosed with a skin-borne disease called eczema since birth.
Varun Alagh – Professional Life and Journey So Far!
Varun worked with Unilever for four years and 11 months,i.e., from May 2007 to March 2012. Here, he got to learn how to add value to a brand. Varun also worked for another brand, Smirnoff, at Diageo PLC for one year and three months, i.e., from March 2012 to May 2013.
He worked with the Coca-Cola company for three years and seven months, i.e., from May 2013 to November 2016. He excelled in building brand value for nine long years by working with several renowned companies.
He founded Mamaearth in November 2016,providingarange of toxin-free baby skincare products. Both Varun Alagh and Ghazal Alagh had a suitable background in handling such a brand professionally, which was eventually developed due to personal reasons.
When Varun and Ghazal realized that their newborn son, Agastya, had a skin-borne disease called eczema, his skin was allergic to a lot of substances and turned red and itchy when exposed to such chemicals. The couple had to look for toxin-free baby care products in the market. Varun Alagh’s net worth stands at $14.40 Million.
Business Idea
The doctor advised using only natural products to avoid the worsening of his condition, but Mr. and Mrs. Alagh found that most of the baby care products in India contained toxins in one form or another. Besides, they did not think it fit to compromise with the quality. Therefore, they had to request their relatives and friends traveling abroad to bring back toxin-free skincare brands for their children. According to Varun Alagh, Mamaearth was founded after they found no alternative for proper toxin-free brands for babies in India, and the US products were becoming an added financial burden.
Honasa Consumer Private Limited is classified as a non-government company registered at the Registrar of Companies, New Delhi. The authorized share capital of the company is INR 3,400,351,400, and its paid-up capital is INR 1,363,495,490.
Varun Alagh bought 1.8 lakh shares worth INR 4.5 crore in the company, according to stock exchange filings on December 3, 2024. He previously owned 31.88% of the company and now owns 31.93%.
Varun is the Co-Founder, Chief Dad, and Get Stuff Done Officer at Honasa Consumer Private Limited. The company exists to provide honest, natural, and safe products. Mamaearth is the first brand of the company that focuses on reducing parenting stress by providing solutions to parent and baby problems in the form of safe, international standard products.
The Directors of the company include Varun Alagh, Ghazal Alagh, Vettakkorumakankav Siva, Subramaniam Sita, Rahul Chowdhri, and Ishan Mittal. The company started with a combined investment of Rs 90 lakh by Varun, Ghazal, and a few of the angel investors.
Varun serves as Mamaearth’sCo-Founder and Chief Dad, headquartered in Gurugram, India. He founded the company in November 2016, primarily as a babycare products brand, which saw good growth and thereby expanded to several other categories, including – Beauty, Hair, Face, and Body care, and currently targets a range of audiences, including babies, moms to be, and men above the age of 15 years too.
Within two years of the startup, the company got a retail turnover of Rs 20 crore. By 2020, Mamaearth’s net worth was over Rs 100 Crore. The company eventually turned out to be the first unicorn in India in 2022 by raising $52 million on January 1, 2022.
Mamaearth has its own website, where one can shop from a diverse range of body care, hair care, organic beauty, and baby care products. The baby care range of Mamaearth can also be accessed through various e-commerce platforms like Amazon, Firstcry, and Nykaa. It also has a presence across 120+ major cities in India.
Famous Bollywood celebrity Shilpa Shetty, who herself is a mother of two babies, became the brand ambassador of Mamaearth in 2017. She believed that toxin-free products are the best. Thus, she invested around $250K in the company. Shilpa Shetty reportedly made about Rs. 45.14 crore after selling her 13.93 lakh shares during the Mamaearth IPO’s Offer-for-Sale phase. She still has over 2.30 lakh shares in the business, which are currently worth roughly Rs. 7.4 crore. Moreover, Mamaearth also raised other funding led by Fireside Ventures and Stellaris Ventures Partners.
Mamaearth – Asia’s First Made-Safe Certified Brand
Varun Alagh – Investments
Varun Alagh has invested in numerous startups to date. The Co-founder has been noted for 40+ investments, the last of which came in on July 12, 2023, where he invested $1.04 million in GreenFortune.
Name of the company
Funding round
Investment date
GreenFortune
Seed Round
July 12, 2023
Solar Ladder
Seed Round
May 03, 2023
KikiBix
Seed Round
March 31, 2023
AdmitKard
Series A
February 20, 2023
Xeno
Seed Round
March 14, 2022
One Impression
Seed Round
January 6, 2022
Nestasia
Series A
December 15, 2021
Shiprocket
Series E
December 10, 2021
Pristyn Care
Series E
December 8, 2021
Doss Games
Pre-Seed Round
December 6, 2021
Early Steps Acacdemy
Seed Round
November 24, 2021
Wiggles India
Seed Round
October 28, 2021
BeepKart
Seed Round
September 22, 2021
Ayu Health
Series A
September 15, 2021
Varun Alagh – Awards and Recognition
He received the Business Unit President Award (December 2015) for being a lead member in the MIT ICE project for turning around FBO business in 2015 from the President of Coca-Cola India and Southwest Asia. Varun Alagh’s age was only 39 when he was honored with this achievement.
He was conferred with the Above & Beyond Award (September 2015) for going beyond the call of duty on an organization-wide project from the Leadership team of Coca-Cola India and Southwest Asia.
He received the Business Unit President Award (December 2014) for leading excellent ideation and execution in the Coca-Cola Zero launch in India from the President of Coca-Cola India South West Asia.
He was conferred with the I am a Diageo Award (March 2013) for excellent execution of the Smirnoff Nightlife Activation Nationally as the President of Diageo India.
He has been listed among the top managers in HUL for two years consistently.
Mamaearth’s parent company, Honasa Consumer, launched its Initial Public Offering (IPO) on October 31, 2023. The IPO was open for subscription until November 2, 2023, and was fully subscribed on the last day. The IPO price band was set at ₹308-324 per share, and the lot size was 46 equity shares. The IPO raised ₹1,701 crore.
Honasa Consumer, the parent company of Mamaearth, has lost its unicorn status after its shares dropped by about 29% in November 2024. The shares closed at Rs 237.70 each, bringing the company’s total market value down to Rs 7,721 crore, or about $902 million. The company had filed for an IPO with a valuation of Rs 10,500 crore in November 2023.
The IPO was a success, with the shares listing at a premium of 2% on the National Stock Exchange (NSE) on November 7, 2023. The grey market premium (GMP) for Mamaearth’s IPO was ₹31 on the day of listing, indicating a strong listing. The company’s strong brand recall, innovative products, and focus on digital marketing have been key factors in its success. Mamaearth is well-positioned to continue to grow in the coming years, as India’s beauty and personal care market is expected to reach ₹20,000 crore by 2025. Varun Alagh turned to social media to articulate his journey with Mamaearth so far:
“The joy of building is just pure elation, it’s so much better than moaning, critiquing, regretting and most importantly inaction. This is a momentous occasion for us but in the journey of building it’s just another moment, we shall cherish it but move on to looking for more amazing moments as we build for decades to come. While we are here, thanks a ton everyone.”
FAQs
Is Mamaearth an Indian brand?
Yes, Mamaearth is an Indian company and is based out of Gurugram, Haryana.
Who are Mamaearth founders?
Varun Alagh and Ghazal Alagh are the founders of Mamaearth.
Who are the promoters of Mamaearth?
Mamaearth promoters are husband-wife duo Varun and Ghazal Alagh, founded in 2016.
Is Mamaearth chemical-free?
All of Mamaearth’s products are 100% chemical-free. Mamaearth is the only “Made Safe” certified toxin-free brand in India, which is free of all known toxins that are banned in most countries.
What is Mamaearth net worth?
As of January 6, 2025, Mamaearth’s market value is $928 million, with a stock price of $2.86 and 325 million shares. For the year ending March 31, 2024, Mamaearth earned $238 million in revenue.
What is Varun Alagh education?
Varun pursued a Bachelor of Engineering specializing in Electrical Engineering from the Delhi College of Engineering (2001-2005). He later earned a Post Graduate Diploma in Business Management (PGDBM) in Finance and Marketing from XLRI Jamshedpur (2005-2007).
What is Mamaearth founder net worth?
The net worth of Ghazal Alagh, co-founder of Mamaearth is $20 million.
Who owns Mamaearth?
Varun Alagh and Ghazal Alagh are the co-founders and majority owners of Mamaearth.
What is Varun Alagh age?
Varun Alagh was born in 1984 and is 41 years old.
Who is Mamaearth CEO?
Varun Alagh is the chief dad and CEO of Mamaearth company.
What is Varun Alagh net worth?
The net worth of Varun Alagh is $14,40 million as of 2023.
As the clock strikes midnight and the world bids farewell to the previous year, advertisers grasp the chance to create campaigns that engage, motivate, and resonate with people all around the world. From heartwarming stories that make us cry to hilarious sagas that make us laugh, each ad tells a distinct story that reflects the spirit of the New Year.
Advertisers recognize the metaphorical significance of the New Year as a harbinger of new prospects and fresh beginnings. These advertising efforts have become positive beacons with their uplifting messages and visuals.
At their finest, exceptional New Year advertisements’ meaningful messaging and emotive creativity can inspire millions. So, without further ado, let us look at the most creative New Year ads of all time.
The You Make the Excuse, We’ll Make the Plan campaign by BookMyShow captures the fun and chaos of year-end celebrations. It shows employees coming up with creative excuses for leave and even bosses joining in the holiday spirit. The commercial encourages everyone to take a break and plan their New Year celebrations using BookMyShow.
Known for its easy booking experience, BookMyShow’s creative New Year advertisement highlights the joy of starting the New Year by spending time with loved ones. With humor and relatable moments, it reminds people to focus on what truly matters: celebrating and making memories.
Mamaearth: #AaoBanayeNewYearBeautiful (2022)
Best New Year Advertisements – Mamaearth’s #AaoBanayeNewYearBeautiful
The Mamaearth #AaoBanayeNewYearBeautiful campaign centered on welcoming the New Year with natural beauty and self-care rituals. It extends an invitation to everyone to participate in the endeavor of making the New Year wonderful. Mamaearth is well-known for its dedication to natural and environmentally friendly products. The New Year advertisement showcases simple home remedies and beauty recipes using toxin-free, ayurvedic products.
The phrase “goodness inside” fits the ad perfectly with the New Year’s theme of enthusiastically starting over with mindful practices for both body and mind. Their products facilitate that symbolic shift. More than an advertisement, it is a call to action for people to actively participate in bringing about a change for themselves.
Vivo India: #SwitchOff (2021)
Best New Year Advertisements –Vivo India’s #SwitchOff
This phone company launched a touching commercial during the New Year’s holiday, emphasizing the value of disconnecting from technology in order to spend quality time with family. This advertisement depicts a typical image of people disengaged from real-life events and instead engrossed in the parallel digital world inside their devices.
It struck a lovely chord with more extensive cultural conversations around the adverse impacts of constant connectivity on relationships, mental health, and, specifically, child development. #SwitchOff delivered much-needed inspiration to re-evaluate our relationship with technology every so often.
Google: #YearinSearch (Annual)
Best New Year Advertisements –Google’s #YearinSearch
Every year, Google releases an ad with a dedicated website analysis of the top trending searches on Google over the previous year as a glimpse of what captivated the world’s interest. In honor of Google’s 25th anniversary, they broadened this search to include the top searches over the past twenty-five years. From critical global events to viral trends and technological advancements to the most famous personalities, #YearinSearch curates a visual journey through the highs and lows of the year.
Moving beyond conventional advertising, it becomes a shared experience. It serves as a digital time capsule, capturing the year’s zeitgeist and inviting audiences to explore, contemplate, and possibly gain fresh insights about the unfolded events.
Best New Year Advertisements –WhatsApp’s #EveryoneYouLove
Centered on the insight that individuals often send messages to everyone they love to share New Year’s wishes, this ad visually guides viewers through celebrations worldwide. It emphasizes how WhatsApp facilitates relationships, allowing individuals to feel close even when they are physically apart during the holidays. The ad strikes an emotional chord by turning the focus away from WhatsApp’s capabilities and instead emphasizing its crucial, almost nostalgic role in a significant cultural tradition that transcends demographics.
While many enjoy New Year’s Eve festivities such as parties, midnight celebrations, and fireworks, the commercial says that the emotional reset of the New Year is found when they connect with the people who matter most.
Ariel: #CelebrateEqual (2022)
Best New Year Advertisements –Ariel’s #CelebrateEqual
Ariel’s #CelebrateEqual campaign addressed a pressing social issue by highlighting inequality in household duties, particularly during holidays. Ariel aspires to bring about a better society in which everyone is treated equally. The goal of the advertisement was to initiate these kinds of discussions in order to promote change.
Several successful adverts on this topic have been launched over the years. Before the initiative, 79% of men believed that domestic responsibilities were solely the responsibility of women. That figure has now dropped to 41%. Celebrations have returned, with family meals, festivals, and gatherings arranged with the purpose of achieving a genuinely equal celebration.
BMW: The Happy New Year Flim (2023)
Best New Year Advertisements –BMW’s The Happy New Year Flim
The hashtag #bornelectric is a marketing campaign based on BMW‘s electric vehicles (EVs). BMW has been actively involved in the research, development, and promotion of electric and hybrid cars, harmonizing with the global shift toward environmentally friendly modes of transportation.
The commercial aimed to attract youngsters who are enthusiastic about electric vehicles and other environmentally friendly modes of transportation. The teenager in the commercial represents the current generation, and their dismissive attitude regarding automobiles is designed to resonate with viewers who share similar views. The commercial’s tagline, “The future is electric,” conveys the clear message that BMW is committed to building electric vehicles and truly believes this is the future of transportation. This is more than just hardware; it is a work of art that reflects a new direction led by conscience and innovation.
T- Mobile: New Year. New Neighbour (2023)
Best New Year Advertisements –T Mobile’s New Year. New Neighbour
T-Mobile is known for its inventive and often amusing marketing campaigns in the telecoms business. The organization has a history of employing bold and innovative techniques to differentiate itself from its competitors. T-Mobile refreshed its hit 2017 holiday marketing concept in 2023, emphasizing its wireless plans and 5G network stability. In this advertisement, an American icon walks into the neighborhood and sings with the group to promote T-Mobile Home Internet. The commercial encourages viewers to try T-Mobile Home Internet, which is easy to set up and operates on 5G home networks.
Volkswagen (2023)
Best New Year Advertisements – Volkswagen | Happy New Year
Volkswagen is a car manufacturer based in Germany. In their advertising efforts, they have frequently used a blend of creative storytelling, innovation, and a focus on the driving experience. The advertisement aims to promote Volkswagen’s brand while creating a good relationship with the New Year. The advertisement’s eye-catching visuals demonstrated the brand’s dedication to high design and quality. The ad’s emphasis on the car’s performance and aesthetics reflects the company’s pride in its products.
Best New Year Advertisements –Netflix’s Expectation vs Reality
Using a lighthearted tone, Netflix‘s 2020 New Year’s commercial contrasted the romantic films’ idealistic depictions of the event with the more grounded reality that viewers usually see in real life. The advertisement features a montage of cliché movie scenes depicting New Year’s Eve as a gorgeous night but smoothly transitions into a hilarious reality. The primary theme of this out-of-the-box advertisement is that watching Netflix at home surpasses trying to replicate fictitious versions of New Year’s Eve out in the real world, supporting Netflix’s brand image as an essential source of entertainment.
Coca-Cola: New Year
Countdown Creative Ads –Coca-Cola’s New Year
Amid the global excitement for the year 2022, Coca-Cola released a vibrant and upbeat New Year’s advertisement featuring their trademark dazzling imagery and a message of unity. Coca-Cola is well known for its eye-catching commercials, which frequently include vivid colors, joyful scenes, and a festive atmosphere. It even features the contour bottle and red and white color scheme from its classic trademark. The video’s joyful and cheery soundtrack, as well as its varying collection of characters, correlate with Coca-Cola’s corporate image of promoting happiness and connection through its products.
Conclusion
These advertisements go beyond merely marketing items; they connect with us on a deeper level by tapping into the emotions and ambitions associated with the start of a new year. Whether it’s the joy of being together, the promise of a new beginning, or the reflection on the passing of time, these advertisements have beautifully captured the essence of the New Year Spirit. These stand out as timeless masterpieces that continue to bring a smile to our faces and warmth to our hearts as we welcome each new year.
FAQs
What is the world’s biggest ad campaign?
Most Creative Ad Campaigns are:
Nike: Just Do It.
Coke: Share a Coke
Absolut Vodka: The Absolut Bottle
Volkswagen: Think Small (1960)
Google: Year in Search (2017)
Apple: Get a Mac (2006)
Who has the biggest ads in the world?
In 2023, Amazon claimed the global advertising throne as the largest spender, dishing out a whopping $20.6 billion—a 22% surge from 2022’s investment in promotions and advertising.
Awfis, a coworking space provider, stated that one of its executives had broken insider trading regulations. Anandita Seal Sarkar, Awfis’s vice president of sales, sold 15,764 firm shares with previous approval, but on the same day, she bought 25 shares without the compliance officer’s prior consent, according to an exchange filing. On September 30, the 25 shares were purchased for INR 698.44 each, for a total of INR 17,461, whereas the shares were sold for INR 693.02 each, for a total of INR 1.07 lakh. According to the corporation, this violated the 2015 Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations code of conduct.
How Issue Got Highlighted?
According to Awfis, the problem was found on November 26 during a normal examination and was sent right away to its audit committee. At this point, the panel will make a decision. Both the board chairman and the chairman of the audit committee have been informed of the situation. In accordance with the code of conduct’s obligations, the audit committee will take any appropriate measures, according to the document. Notably, this is not the first instance in which a listed startup’s leadership has been in hot water for violating insider trading regulations.
Honasa Consumer, the parent company of Mamaearth, told the stock exchanges last year that a senior official of the firm had violated insider trading regulations by trading shares for INR 15 lakhs without the company secretary’s or compliance officer’s prior consent. Awfis shares were launched on the BSE in May of this year at INR 432.25 each, which was 12.8% more than the company’s issue price of INR 383. Profitable figures and a positive outlook have since propelled the stock upward.
Financial Dynamics of Awfis
For the second quarter of FY25, Awfis Space Solutions recorded operating revenue of INR 292.38 crore, up 40.46% from INR 208.15 crore in the same period last year. In the July–September quarter, the co-working space provider reported a net profit of INR 38.67 crore, up from a loss of INR 4.34 crore in the second quarter of FY24. As the business grew to meet demand, increasing subcontracting, labour, and operating costs drove a 30.85% YoY increase in total expenses to INR 287.29 crore. Employee expenditures jumped 16.75% to INR 39.38 crore, while subcontracting expenses, which are linked to its profit-sharing model, increased 30.80% YoY to INR 56.13 crore.
Additionally, operating expenses increased 30.41% year over year to INR 87.01 crore. With a 43% quarter-over-quarter rise, the core business segment—renting co-working spaces and associated services—generated INR 218.31 crore, or roughly three-fourths of revenue. At INR 68.15 crore, revenue from fit-out and construction projects increased by 36.3% as well.
Anik Banerjee
Rishabh Rathi
