Disrupting the startup ecosystem, these startups were at peak of their game in 2022
India has emerged as one of the world’s most promising emerging economies. A lot of startups are making a mark across industries and are contributing towards making India the fastest-growing ecosystem. Despite the pandemic, the total valuation of companies in India exceeded $1 billion, indicating that there will be many more startups in India in 2023.
The sectors like fintech, supply chain, food tech,edtech, and software solutions amongst others saw exponential growth this year due to the explosive expansion of the start-up ecosystem over the past few years.
Here’s a list of the seven startups across sectors that have disrupted the startup ecosystem in 2022 with their cutting-edge technology, proactive and gripping initiatives
Revfin, a digital lender in the EV space founded by Sameer Aggarwal, has been playing a critical role in the adoption of EVs in India. According to the Ministry of Road Transport and Highways, in August 2022, there were a total of 13,92,265 electric vehicles in India, and the number is projected to reach 45-50 Mn by 2030. Aligned with the government’s vision, it has set an ambitious goal of financing 2 million EVs within the next 5 years to help India achieve its carbon objectives with innovative lending techniques like psychometrics, biometrics, and gamification. With its thought-provoking campaign #RevfinBharatYatra, it aims to reach out to new states and have footprints in 50 cities. With 550+ locations, Revfin has successfully established a solid market presence throughout India. More than 22% of customers are female, which promotes women’s employment & empowerment. Their financial inclusion ratio is 87.6%, indicating that the majority of their clients have no credit history or very little income on a monthly basis. Revfin is also expanding in the 2W, 3W, and 4W segments with the mission of accelerating logistics toward sustainability and revolutionizing mid and last-mile deliveries. In the last 4 years, Revfin has contributed towards establishing a sustainable environment by financing EVs, which have driven 250 million zero-emissions km and have achieved carbon reduction of 27400+ metric tonnes, and been a game-changer in the space.
TeamLease RegTech is India’s leading regulatory technology company helping corporate India stay on the right side of the law. It enables a transparent, timely, and accountable compliance program for over 1500 entities across 45 industries in India. Co-founded by Sandeep Agrawal & Rishi Agrawal, TeamLease RegTech has developed a multi-tenant SAAS solution on web and mobile platforms with smart analytics to help corporate India comply.
Rishi Agrawal co-authored a report Jailed for doing business. This monograph by the Observer Research Foundation and TeamLease RegTech presents a deep dive into ingrained criminality and jail term in India’ employer compliance. This report is being leveraged by Policy Makers in India to reduce criminality as a tool of control.
Recently, a solution developed by TeamLease RegTech was launched by SEBI Chairperson Madhabi Puri Buch. This initiative with FICCI (Federation of Indian Chambers of Commerce & Industry) is a milestone event towards a paper-less, cash-less, and presence-less compliance.
SmartCoin Financials is one of India’s most reliable financial wellness platforms aiming to address the credit requirements of the vast underserved segment in India. The customer base includes self-employed micro-entrepreneurs, micro-merchants, and middle/lower-income, salaried individuals unserved by traditional financial institutions. They are being effectively served by leveraging advanced data science, artificial intelligence, and machine learning algorithms.
A vast majority belonging to the middle/lower segments of the society have continued to suffer from restricted access to formal credit pathways due to their volatile incomes, lack of traditional income-sources/work proofs or credit history. SmartCoin aspires to bridge this extant gap by optimizing its state-of-the-art tech-platform and enable credit access for emerging India by arranging ‘digital collateral’ on the basis of alternate data points that can effectively reflect user behavior. Its proprietary digital platform adeptly harnesses the alternate data sources to provide instant credit possibilities to the underserved segments of the nation. This newly-found access to formal credit will benefit over 300 million people from the lower end of the socio-economic spectrum by providing them with a slew of empowering prospects that can enhance their lives via financial inclusion.
Scrut Automation, incepted in 2021, is a risk observability and compliance automation platform built to simplify information security monitoring for cloud-native companies. Scrut aims to assist customers in streamlining their information security procedures and establishing robust and scalable security postures compliant with leading frameworks like SOC 2, ISO 27001, GDPR, and the like, through its intuitive platform.
Scrut has built products, features, and networks that help their customers get compliant faster, with minimal effort and pain. Currently, Scrut serves 200+ customers and is present in India, APAC, Europe, and North America, across SaaS, Fintech, Healthtech, AI/ML, blockchain, and e-commerce verticals. Their solutions have had a significant influence on the development of numerous businesses, including Treebo, Apty, Gameskraft, Defiant, Getaround, Zluri, Xima, Pando, and Qapita, among others.
Scrut is working towards supporting early-stage and growth-stage businesses all across the world as they develop a risk-first information security programs, and is deepening its product capabilities in cyber asset attack surface management and risk management. As they continue to scale, Scrut aims to become the go-to solution for the CISOs in mid-market companies for managing their infosec and compliance programs.
The purpose of CheQ is to develop India, and one of the main obstacles to India’s development is its low credit-to-GDP ratio. India now has a credit-to-GDP ratio of 50%, which is lower than the average for developing nations of 135%. CheQ believes that through improving our nation’s knowledge and use of credit, this can be improved. They are developing India’s first credit management platform in order to enable consumers to make the most of credit and realize its full potential.
The company makes sure that its customers consistently make payments on time and in full, which will eventually aid in keeping a solid credit score.
ShakeDeal, a 2016 startup from Akash and Akshay Hegde, and Santhosh Reddy is co-promoted by US-based PE firm Vora Ventures. It is a technology-focused B2B commerce and supply chain platform that has partnered with over 200 major companies, including Flipkart, Nayara Energy, Siemens, and Indian MNCs like Vedanta Group, Adani Group, and Tata Group. ShakeDeal specializes in procurement and supply chain solutions for the manufacturing sector. As a specialist aggregator, ShakeDeal can reduce costs for businesses by 5-8% while consolidating and rationalizing the vendor base by 60-80%. They had an annualised sales volumes of Rs 200 crore at the end of the previous fiscal year and they are targeting annualized sales volumes of Rs 500 crore in the coming year.
Founded in 2017, by Akshay Chaturvedi, Leverage Edu’s mission is to help each of us realise
our potential, independent of our backgrounds or birthplace. Leverage Edu raised $22 million (Rs 167 crore) in its Series B round at a valuation of $120 million.We students navigate & assess their journey thus far, matches them to personalised mentors, counsels them towards their higher education dream with an employability lens, and makes sure that everyone punched way above their weight to make dreams come alive and truly be able to level up.Leverage Edu has hired over 1,000 employees in the last 12 months and has also quadrupled its workforce during the pandemic to strengthen teams across departments.