According to a report by Hurun India, the country’s startup ecosystem is flourishing with innovation and growth across various sectors. The report, titled “India’s Top 200 Self-made Entrepreneurs of the Millennia 2023”, has revealed the top 10 industries that have nurtured the most successful startups in India. These industries have not only captured the imagination of entrepreneurs but also offer promising avenues for those seeking to carve their niche in the business world.
Financial Services: The Most Promising Sector for Startups
The financial services sector in India has emerged as the most promising domain for startups, with 46 ventures making it to the Hurun list. The sector has witnessed a surge of innovation and disruption, especially in the fields of online payments, digital lending, fintech, and neobanking. Some of the notable startup founders in this sector are Hashil Mathur and Shashank Kumar, who have founded Razorpay, a leading online payment gateway that offers developer-friendly APIs and hassle-free integration.
Retail: The Second Largest Sector for Startups
The retail sector in India has attracted 30 startups that have achieved remarkable success in the domain. The sector has seen a rapid transformation with the advent of e-commerce, online grocery, hyperlocal delivery, and omnichannel retailing. One of the distinguished personalities credited for his startup in the retail sector is Radhakishan Damani, the founder of Avenue Supermarts, the parent company of DMart, one of the largest and most profitable supermarket chains in India.
Healthcare: The Third Most Popular Sector for Startups
The healthcare sector in India has lured 26 startups that have made a mark in the domain. The sector has experienced a boost of innovation and growth, especially in the areas of telemedicine, online pharmacy, health-tech, diagnostics, and wellness. The most illustrious startup founder in this sector is Abhay Soi, the brain behind Max Healthcare, one of the leading hospital chains in India.
Software and Services: The Fourth Most Favored Sector for Startups
The software and services sector in India has welcomed 21 startups that have thrived in the domain. The sector has witnessed a wave of creativity and excellence, especially in the fields of online travel, ed-tech, SaaS, gaming, and social media. Deep Kalra of MakeMyTrip is a notable startup founder in this sector, who has pioneered the online travel industry in India.
Transportation and Logistics: The Fifth Most Preferred Sector for Startups
The transportation and logistics sector in India has accommodated 16 startups that have excelled in the domain. The sector has seen a spurt of innovation and disruption, especially in the fields of online food delivery, ride-hailing, hyperlocal delivery, and logistics. Deepinder Goyal, the founder of Zomato, is a highly popular name in this sector, who has revolutionized the online food delivery industry in India.
Education: The Sixth Most Attractive Sector for Startups
The education sector in India has inspired 10 startups that have attained success in the domain. The sector has undergone a paradigm shift with the emergence of online education, ed-tech, skill development, and lifelong learning. The highly reputed startup founders in this sector are Chaitanya Kalipatnapu and Ashwin Damera, who have co-founded Eruditus, a global education platform that offers courses from top universities and institutions.
Consumer Goods: The Seventh Most Sought-after Sector for Startups
The consumer goods sector in India has nurtured 9 startups that have realized their entrepreneurial dreams in the domain. The sector has witnessed a rise of innovation and differentiation, especially in the fields of fashion, beauty, personal care, and lifestyle. Ravi Modi, the founder of Vedant Fashions, is an illustrative visionary in this sector, who has created Manyavar, a leading ethnic wear brand in India.
Media and Entertainment: The Eighth Most Appealing Sector for Startups
The media and entertainment sector in India has fostered 8 startups that have made a splash in the domain. The sector has experienced a surge of creativity and engagement, especially in the fields of online gaming, fantasy sports, OTT, and digital media. The team that stands out in this sector is that of Bhavit Sheth and Harsh Jain, who have together created Dream11, India’s biggest fantasy sports platform.
Services: The Ninth Most Desirable Sector for Startups
The services sector in India has supported 7 startups that have achieved their entrepreneurial goals in the domain. The sector has seen a growth of innovation and convenience, especially in the fields of home services, beauty services, and professional services. The team founding the Urban Company, consisting of Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, is a highly famous founding team in the sector, who have built India’s largest home services platform.
Hospitality: The Tenth Most Coveted Sector for Startups
The hospitality sector in India has facilitated 6 startups that have accomplished their entrepreneurial aspirations in the domain. The sector has witnessed a transformation of innovation and disruption, especially in the fields of budget hotels, co-living, and co-working. The most notable founder in this realm is Ritesh Agarwal, the visionary entrepreneur who has championed Oyo, India’s largest hotel chain.