India is among the key tech markets globally. It ranks third among the top countries in the number of tech exits in 2015 and has sprouted dozens of prominent startups and attracted global investors, as seen in our recent Periodic Table of Tech In India.
We used CB Insights data to highlight 12 early-stage Indian tech companies to keep an eye on. These are companies that have all raised funding in June 2015 or later, but have not yet raised a Series B round. To select them we used our Mosaic algorithm, which tracks the health of private companies. Mosaic has three components, which gauge a company’s health in terms of financing, industry category, and overall momentum (the latter includes jobs data, social and media mentions, web traffic, and more).
Among the startups on our list is Shuttl, a commuter bus-booking startup that has raised roughly $23M to date, making it the most well-funded company on our list.
Two of our companies — Razorpay Software and Juspay — are payments startups that have both raised in the last 12 months. Other startups on the list include Mumbai-based Aasaanjobs, which has built a human resources platform. Check out the 12 Indian startups below.
|Company||Total Funding ($M)||Description||Select Investors|
|Shuttl||$ 23.0||Bus operator and aggregator||Lightspeed Venture Partners, Sequoia Capital India and Times Internet|
|ClearTax||$ 15.4||Fintech tax software||SAIF Partners, FF Angel and Sequoia Capital India|
|Razorpay Software||$ 11.6||Payments software||Matrix Partners India, Tiger Global Management and Y Combinator|
|Opinio||$ 8.3||Logistics software||Accel Partners, Delhivery and Sands Capital|
|Aasaanjobs||$ 6.6||HR software||Aspada Advisors, IDG Ventures India and Inventus Capital Partners|
|HealthifyMe||$ 6.3||Digital Health||Micromax Informatics, Blume Ventures, IDG Ventures India and Inventus Capital Partners|
|Juspay||$ 5.8||Payments software||Accel Partners, Ashish Hemrajani, Parikshit Dar and Rajesh Balpande|
|TaskBob||$ 5.7||On-demand home services||IvyCap Ventures, Mayfield Fund and Orios Venture Partners|
|Belong||$ 5.0||HR software||Blume Ventures, Kunal Bahl, Matrix Partners India, Phanindra Sama, Raju Reddy and Rohit Bansal|
|Licious||$ 4.0||Food Delivery||Mayfield Fund|
|RKSV||$ 4.0||Zero commission trading platform||GVK Bio and Kalaari Capital|
|CueLearn||$ 4.0||Ed tech||Sequoia Capital India and Unitus Seed Fund|
Want more information on the India tech ecosystem? Check out the CB Insights Venture Capital Database. Sign up free below.
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity