Summer of Unicorns: How These 6 Indian Startups Took Flight

April 4th, An unprecedented week in the Indian startup space.

The Indian Market Has Been Taking Strong Turns Since COVID | Photo by rupixen.com on Unsplash
  1. CRED is an app that enables you to pay all your credit card bills at once. It works as a third party aggregator and offers ease of transaction for users with multiple credit cards. The app gives rewards tokens called CRED coins, which are redeemable for actual money by using a ‘Kill the Bill’ feature. So basically, you get cash for just paying all your bills through an aggregator. Of course, they possess all your data, but that’s another story. CRED obtained a new series D funding of $215 Million, most recently, which helped them cross the coveted valuation mark. The rise in online payments during the lockdown has helped them over the past months.
  2. PharmEasy is a company developing a healthcare delivery platform. The app works as an aggregator for all your medical needs, from helping patients connect with local pharmacy stores and hospitals. It enables them to order medicines, healthcare products, and diagnostic tests. PharmEasy received a $350 Million fund when it enabled them to turn unicorn. The increased virtual consultation activity and e-commerce during COVID lockdown have helped PharmEasy.
  3. Groww is an online trading platform. Although there is a fair share of online trading platforms, Groww has seen considerable Growwth during the lockdown. After an $83 Million Series D funding led by Tiger Global, they turned unicorn. There is still stiff competition for online trading platforms in India, but Groww has been opening more than 250,000 new systematic investment plans (SIPs) every month. Their strategy of targeting millennials has helped them until now, and time will provide further answers.
  4. ShareChat is a social media platform similar to Tiktok. The ban on Tiktok in India has certainly helped them as Tiktok users have changed ShareChat to a mainstay rather than just an alternative. Once again, Tiger Global provided funding as they became strapped with an additional $502 Million. However, many are skeptical about such platforms as there have been calls from many parents to ban such apps. Parents want to prevent their children from wasting time. There was enough time to waste during the Covid lockdown. And let’s be honest, we will always find time to waste. But if a startup has turned into a unicorn, which sensible government will ban them?
  5. GupShup is a messaging services platform. Despite the untold monopoly that WhatsApp currently holds in the messaging app space, they were still able to raise $100 Million, this time again from Tiger Global. Out of the six unicorns this week, Gupshup has been around for a while. Their last financing round was over a decade ago in 2011. The recent campaign against WhatsApp’s privacy policy updates might’ve helped them.

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