Top 10 Promising and Scaleable Startups In Chandigarh 2022
Several startups in Chandigarh have made national and international headlines due to their rapid growth. After Modi’s ‘Startup India‘ campaign, startup culture in India has gained a great deal of momentum. When we refer to Chandigarh, it is one of such cities that has the potential of becoming India’s next Silicon Valley.
Top 10 Promising & Scaleable Startups In Chandigarh 2022
Chandigarh’s top startups are listed below. The following are the top ten from both a technology and non-technology perspective.
Through WizIQ, students and teachers can collaborate online and take lessons together. With its reach, this startup ranks among our top Startups in Chandigarh. In addition to pre-built courses, WizIQ offers teachers the ability to interact with students on a live whiteboard with audio and video.
Founders: Harman Singh & Late Harbir Khurana.
Funding: After seed funding & series A round, WizIQ recently raised $4 Million in the Series B round.
The website Trideal offers discounts and deals. Trideal began in Chandigarh, Panchkula, and Mohali and hence its name. After doing well in Ludhiana, they expanded further. An undisclosed sum was paid by Little in 2016 for Trideal. Trideal became one of Chandigarh’s ten most successful startups after its successful acquisition.
Water pumps are sold online by Pumpkart, an eCommerce company. Google has reorganized a Chandigarh startup. Sundar Pichai, CEO of Google, mentioned Pumpkart at a dinner with Narendra Modi during his visit to India in 2016 as an example of a successful futuristic startup. A number of Pumpkart stores have recently been opened for online-to-offline shopping, which has dramatically expanded the company’s operations.
Founder: Kamaljeet Bhatia.
Funding: Want to raise $15 Million in their first round.
Online education platform Edurev allows students to take free courses from teachers and other skilled persons who are willing to teach online. Edurev is more than just learning and teaching. It has the ability to upload courses and help others learn a skill. The platform supports video, audio, text, and notes. Fundraising has also taken place for Edurev.
Founder: Kunaal Satija
Funding: Received funds from Jarvis Accelerator in an undisclosed round.
One of Chandigarh’s most famous startup companies is Jugnoo. The company provides auto-rickshaws on demand. Auto rickshaws are being operated using technology similar to that of Uber. At present, Jugoo is present in about thirty cities in India, and the company is looking forward to launching Jugnoo in other countries as well.
Founders: Samar Singla & Chinmay Aggarwal.
Funding: Jugnoo says it raised $5 Million in its first round of financing. A series A investment of $5.5 million followed by a Series B investment of $10 million. PayTM is the largest investor in Jugnoo.
6) Jumbo Basket
With a unique idea, Jumbo Basket provides an eCommerce platform. Flipkart and Snapdeal return goods to the company, which sells them to local traders. CAN provides funding for Jumbo Basket.
Founders: Ashish Bali, Vikram Nijhawan and Bhuwan Vadhera
Funding: Chandigarh Angels Network has raised funds for Jumbo Basket.
The company Comparometer, located in Mohali near Chandigarh, has received funding and is flourishing. A comparometer is an online price comparison website that lets users compare prices from a variety of eCommerce websites for a particular product.
Founder: Vineet Saini.
Funding: Jaarvis Accelerator contributed an undisclosed amount.
India’s education system is being revolutionized by the robotic company RoboChamps. With its hands-on practice kit, this Chandigarh-based company has already connected with thousands of students. One good aspect of the program is that robotics is taught free of charge to children living in slums.
Founder: Akshay Ahuja
Developers of mobile apps can utilize MobiProbe’s real-time diagnostic tools for both Android and iOS apps through a SAAS-based platform. As part of the NASSCOM 10,000 Startup Program, MobProbe was listed among the top 30 technology companies in 2015.
10) Chandigarh Metro
A community of the first and largest digital platform in Chandigarh is Chandigarh Metro. Residents can find exciting news, events, and other important information on the website. Chandigarh Metro receives over 1.5 lakh hits and 2 lakh page views every month, which makes over 15% of the city’s population visit it on a monthly basis.
Founder: Ajay Deep.
India’s Startup Ecosystem Is Growing
The startup ecosystem in India is one of the fastest-growing. Technology startups have seen tremendous growth in India, which has made it the country’s third fastest-growing hub for technology startups. We examine how India is becoming an increasingly attractive destination for investors, startups, and corporates.
Over the past decade, India’s startup ecosystem has grown enormously from having just a few companies to dozens to thousands of innovative startups. In the last five and a half years alone, 3200 startups in India raised more than 63 billion dollars in funding.
Thousands of startups have emerged thanks to the internet in the last decade, addressing unique problems, transforming entire industries and creating new segments. Deep data insights are used for influencing strategic decisions within the Indian startup ecosystem, such as in governance, investments, and growth.
Funding for Indian startups
By the end of 2022, India will have 53 startups with a potential valuation of $1 billion. According to these numbers, the fintech sector has 19 unicorns, whereas enterprise tech startups only have seven.
Startups in India Need Infrastructure And Resources To Grow
As of 2016, Indian universities and colleges have an estimated 100-plus startup incubators; by 2020, their number will likely reach 300. It will be possible for entrepreneurs to access resources and solve problems in their local communities through startup incubators located in every state, city, and town in the country. Next, we have co-working spaces, which are growing at a rapid pace and bring entrepreneurship closer to their local neighbourhoods.
Regulatory and government landscape
State governments are preparing policies in 2020, as they recognize the potential of startups as drivers for job creation and are enabling a better regulatory environment to encourage startup activity. In India, startup culture and other policies are aimed at tackling the issues of B2C entrepreneurs.
The Atal Innovation Mission (AIM) of NITI Aayog is establishing the necessary infrastructure and resources. By supporting existing incubators like NSRCEL, C-CAMP, and others in scaling up, AIM is adopting a more B2B approach.
Startup Hubs in India
In Bengaluru, the Silicon Valley of India, $28 Billion has been invested across 1,876 deals between 2014 and 2020, making it the startup capital of India. Startups flock to Bengaluru, the Silicon Valley of India. Pune and Hyderabad have recorded significant growth rates of 45% and 37%, respectively, and are also among the top hubs along with Delhi and Mumbai.
Jaipur and Goa ranked among the top 10 startup hubs based on funding deals as of 2020 and outperformed cities like Hyderabad.
Indian investors’ landscape
Since its inception five years ago, the startup ecosystem has seen a dramatic rise from just a few investors and a few startups to over 49 thousand startups and over 2,000 investors in India and abroad. Indian tech entrepreneurs now routinely attract international investors to invest in their companies. Existing investors are investing more frequently in Indian startups.
Based on datalabs by Inc42 analysis, 2019 wasn’t a great year for venture capital firms. Corporations have played a significant role in funding trends. Around 4,640 investors are expected to be active by 2020. Approximately 18.3% (849) of these are venture capital firms, and 59% are angel investors. Similarly to what has been observed in 2019, the participation of unique investors is decreasing.
Boom in Fintech
Fintech is proliferating. It is easy to call Paytm a pioneer in fintech since it gave people who had no wallet or bank account the choice of how to spend. Numerous other wallet companies have shown promise in the wake of Paytm’s success. Fintech business ideas will continue to attract investors’ attention in 2019 as the sector continues to grow.
India’s Innovation Growth
The interim budget highlighted the importance of India’s youth being constant innovators to spur growth. Government initiatives have been established to promote the use of digital technologies, such as the National Program on Artificial Intelligence (AI) and the establishment of nine technological excellence centres.
In India, startup culture is evolving, and startups are growing
For over two years now, startup and unicorn have been buzzwords, and it’s no secret: this decade is clearly the decade of startups. Startups have risen and fallen around the world. The same is true in India.
Many startups, such as Oyo, Zomato, and Flipkart, have not been able to survive. India, on the other hand, has done rather well so far and has built a robust startup ecosystem. Learn more about how the growth of this business was achieved in the following paragraphs.
India’s Startup Evolution
We need first to understand what a startup is before we can understand how India became a hub for startups. Startups are businesses that are created in order to address specific problems that haven’t been addressed before or develop better solutions to the ones that are already in existence.
Startups are often associated with Silicon Valley in the United States, where so many great companies like Facebook, Google, etc., were born. Nevertheless, the dynamics around the world are changing rapidly right now. China and India are now home to startups.
The largest startup ecosystem in India is, in fact, third among all countries in the world, right behind the United States and the United Kingdom, and the trend shows no sign of slowing down. According to statistics from 2019, our country added over 1300 new startups in 2019, with around 8900-9300 startups in the tech sector.
Throughout history, Indians have been involved with business and trading. History textbooks reflect this fact as well. The startup growth was accelerated by certain historical moments in time, however.
A central turning point would probably have been during the 1980s, when we can usually trace how this growth really began. Then-Prime Minister Rajiv Gandhi introduced the Liberalization of the Computer Industry at this time, and NASSCOM was launched in the 1980s as well. The digital industry in India grew as a result of this.
In 2008, after The Great Recession, we had another touchpoint to consider. The result of this was that many economies came to a grinding halt, and businesses started to lay off their employees around the world. Employees around the world were constantly fearful of losing their jobs.
A significant impact was felt by IT experts in India. Some people who lost their jobs began looking for newer alternatives, and many of them took a step towards starting their own companies. Several famous startups in India were founded during this period, including PolicyBazaar, Zomato, etc.
Since then, startups in India have not stopped. Their growth has remained rapid. The reason for the rapid growth of these startups in our country is also essential to know.
India’s startup growth reasons
Startup growth in India happened gradually, and there are several reasons why India has become a desirable place for startups to flourish.
Some of the significant reasons are:
It is our country’s talent pool that attracts foreign investment. Most of India’s population is young. This demonstrates our talent pool’s potential. A large number of college graduates and b-school graduates graduate every day. This has contributed to the startup growth of India as students use their skills and knowledge to establish their own businesses. The large companies were previously the most attractive places for this talent, but now that’s slowly changing.
India is more of a labour-intensive country than a capital-intensive country, so the cost of setting up a business is low. Labour here also comes at very cheap rates. So it is relatively inexpensive to set up a business here compared to some other countries. Multinational corporations also set up their offices and plants in India due to this very reason. Startup owners also took advantage of this factor.
Various government schemes have contributed to the growth of startups in India over the past decade. Startup India and Standup India were among the major initiatives to boost entrepreneurship. By providing these ventures with subsidies, the government also tries to encourage experiences in new sectors and in rural areas.
In India, we have the second-largest population in the world, and after the introduction of affordable broadband services like Reliance Jio, we are using the internet more and more. The internet has even infiltrated the countryside. Companies and startups can really benefit from India’s easy access to the internet, as it is the second-largest internet user base after China. It can both be used as a means of spreading the word about a new business and also serve as a method of collecting further information. Communications have thus been made easier. The Indian startup scene has significantly benefited from this.
Technology has also contributed to the evolution of startups in India. The result has been exponential growth for businesses. Business processes have become faster, easier, and more efficient because of technology. Data storage and recording have become very easy due to significant developments in software and hardware systems. Many new startups are also considering artificial intelligence and black-chain nowadays because of the recent trend.
There is now a wide range of financing options available for the creation of a new business model. Previously, creditors such as banks and family and friends were the only sources of acquiring funds. Now, the concept is changing. A variety of opportunities are available today. Entrepreneurs can seek funding from angel investors, venture capitalists, and seed investors. There are many options for startups, and they are easily accessible. This has also contributed to the growth of the Indian startup ecosystem.
The road ahead
With the current Coronavirus epidemic, we may believe that startups have no future. That does not mean they shouldn’t exist, though, in my opinion. People have also been compelled to think outside the box in the past due to the Great Recession.
Several great startups emerged from this, which are now huge companies. During the recession, many companies were founded, including WhatsApp, Instagram, Zomato, Uber, etc. An entrepreneur might also have come up with the perfect idea to start the next big thing because of this pandemic.
Additionally, many Indians currently living in the United States are worried about their jobs due to the H-1B visa situation introduced by the Donald Trump administration. Particularly those in the Information Technology Industry. Bringing talent back to India may encourage talent abroad to return, which may result in a growth in Indian startups.
Technological advancements have increased the growth of startups in the country, and the various government initiatives might encourage many people to start their own businesses. The road to startup success, for now, looks promising.
The Indian startup ecosystem is undergoing a momentous transformation, according to the Startup Report.
Startups are rapidly emerging in India. As the country’s 3rd-fastest growing hub for technology startups, the Indian technology landscape is seeing growth in innovative startups.
The report analyzes and gauges the current setup and emerging trends across the various dimensions of the Indian startup ecosystem, as well as India’s status as one of the world’s most attractive hubs for investors, startups, and corporations.
Additionally, the report discusses the current scenario, its significant trends, funding scenario, and critical policy elements. As well as provide insights into the talent ecosystem, incubators/accelerators, and industry verticals.
- Startup Hub
Over 80K jobs have been created by India’s 4,200 startups, ranking 3rd globally.
- Funding Acceleration
More than 600 startups received funding in 2015, with positive growth and a substantial investment climate in the IoT, Health-tech, and Payments areas. Overall funding in 2015 was USD 5 billion, up *125% from 2014.
- Increasing the number of investors
2.3X more active investors were recorded in 2015, with 490 total investors. More than 80 per cent of the investors came from abroad.
- Support for incubators
The number of incubators and accelerators increased by 40% across the country.
Rather than bringing India’s cities and metros online in the first decade of the 21st century, the past ten years have been dedicated to using the internet to create businesses and startups as well as bring the digital torch to rural areas. Over the next five years, startups in India will have the opportunity to take full advantage of the largest working population in the world.
Over 500 million people use the internet in the country. Thus, we can expect a proliferation of technologies such as blockchain, artificial intelligence, the Internet of Things, and data analytics across a variety of technology sectors. By 2020, India will have an IoT market of $15 billion. The market will account for 5% of global IoT spending. By 2030, however, AI is predicted to be worth $15.6 trillion.
In spite of this, over 3.25 million jobs are expected to be created as a result of startups in India by 2025. Indian startups are also likely to raise over $150 Billion in funding, and the total value created will be nearly $500 Billion. Indian startups will not be stopped once the long-term and medium-term effects of the pandemic subside.
edited and proofread by nikita sharma