The days of easy money are over as entrepreneurs face a funding winter amid a slowing global economy — and start-ups in India are not exempt. According to a local report, venture funding came in at $2.19 billion from January to March, dropping from the $11.34 billion invested in the same quarter last year.
However, there are sectors that have “demonstrated resilience amid challenging times,” said Pooja Chhabria, LinkedIn APAC’s head of editorial. “Fintech remains a bright spot for investors despite the downturn, especially as we see funding on the recovery path and global tech giants eyeing fintech in India,” she added. “The rise of edtech also underscores the continued demand for upskilling among professionals and students, especially with rapid changes due to technologies such as AI.”
This is reflected in the “LinkedIn Top Start-ups 2023″ list for India — which is dominated by fintech-related firms but also includes two new edtech entrants. There are 14 new entrants this year, which is “a reflection of a booming entrepreneurial ecosystem and a spirit for innovation,” Chhabria added.
In compiling the list, LinkedIn drew on in-house data, measuring start-ups based on four aspects: employment growth, jobseeker interest, engagement, and ability to attract talent from LinkedIn’s top companies. To be eligible, companies had to be headquartered in India and have 50 or more employees. LinkedIn said it also lowered its age criteria from seven years or younger, to five years and below to “feature more companies in their earlier, venture stages of growth.”
Here’s the full list of India’s top start-ups for 2022, according to LinkedIn:
- 20. Fasal — IT services and consulting
- 19. DotPe — Software development
- 18. TravClan — Software development
- 17. AccioJob — E-learning
- 16. Housr — Hospitality
- 15. Exponent Energy — Motor vehicle manufacturing
- 14. StockGro — Financial services
- 13. Teachnook — E-learning
- 12. Shyft — Wellness and fitness
- 11. Jar — Financial services
- 10. GrowthSchool — E-learning
- 9. Supersourcing — Software development
- 8. Sprinto — Software development
- 7. Fi — Financial services
- 6. GoKwik — Software development
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5. Skyroot Aerospace
- Industry: Defense and space manufacturing
- Headquarters: Hyderabad
- Full-time headcount: 260
- Most common skills: Machining, aerospace engineering, manufacturing operations
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4. Pocket FM
- Industry: Software development
- Headquarters: Bengaluru
- Full-time headcount: 489
- Most common skills: Writing, video, advertising
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3. Ditto Insurance
- Industry: Financial services
- Headquarters: Bengaluru
- Full-time headcount: 252
- Most common skills: Communication, business management, advertising
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2. BluSmart
- Industry: Software development
- Headquarters: Gurugram
- Full-time headcount: 620
- Most common skills: Development tools, business management, data science
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1. Zepto
- Industry: Software development
- Headquarters: Mumbai
- Full-time headcount: 1,400
- Most common skills: Business management, data science, development tools
