Tata Consultancy Services ($45.5 billion) is the new number one most valuable Indian brand, claiming the top spot from HDFC Bank (at number two, $32.7 billion), as per Kantar BrandZ Top 75 most valuable Indian brands study. TCS’s brand value has been accelerated by global demand for automation and digital transformation following the pandemic.
India’s strongest brands have bounced back from the pandemic to increase their brand value by a massive 35% CAGR since 2020, when Covid-19 hit the country. India’s top 75 brands are worth a combined $393 billion, equivalent to 11% of India’s national GDP.
India’s leading brands have grown at an exceptional rate, despite global economic headwinds, putting the disruption from Covid-19 behind them, Deepender Rana, executive managing director, South Asia, Insights Division, Kantar, said. “Indeed, they have both driven and benefited from the transformation in consumer and business behaviour as a result of Covid-19, especially where it relates to the use of technology. The challenge now is to sustain momentum as inflation bites worldwide and consumers and businesses adjust to the new normal. Brand owners will need to work harder to identify and build on what makes worth paying for and ensure ROI on their marketing expenditure to avoid a margins squeeze,” he added.
The top 10 most valuable Indian brands together contribute just over half of the ranking’s total value. There has been significant movement at the top, in addition to the two most valuable brands switching positions. There are two new entrants – Infosys ($29.2 billion) which has rocketed up to number three from twelfth position, and ICICI Bank ($11 billion) which has climbed two places to number nine. State Bank of India ($13.6 billion) has also risen four places to number six. There are brands from 23 different categories in the 2022 Indian top 75. There are a total of 14 newcomers, from 11 categories – including online gaming, education, apparel and real estate, reflecting the diversity and dynamism of the Indian economy.
Kantar BrandZ has identified four fundamentals responsible for powering brand growth – these are function, convenience, experience and exposure. India differs from other markets around the world, however, in that a brand’s sustainability credentials and purpose matter more.
Overall, 65% of Indians feel anxious about climate change, and 64% believe businesses must play their part. The highest-ranking brands in the Top 75 are clear on purpose and have a relevant sustainability agenda. These include services platform Zomato (at number 30; $ 3.1 billion), which offsets the carbon footprint of its deliveries and packaging. Swiggy (at number 20; $ 4.8 billion) elevates consumers’ quality of life with speedy delivery of meals, groceries and healthy items, as does Flipkart (at number 12; $ 8.9 billion), while also helping smaller local brands to connect with consumers via its platform.
“Purposeful and sustainable brands are rewarded. Indian consumers look further than the brand attributes that affect them personally – they want brands to improve people’s lives and have a positive impact on wider society. They vote with their wallets, choosing brands they see as ‘doing the right thing’. Indian brands should have a clear view of their purpose, connect strongly with it by embedding it in their culture, talk about it in creative and powerful ways, and deliver on it – without fail,” Soumya Mohanty, managing director, Insights Division, Kantar, stated.
Salience, the ability of brands to spring quickly to mind when a consumer has a need – is also vitally important. India’s Top 10 brands are far more salient than their counterparts in most other countries. However, for growth to be supercharged, brands must also have strong meaning as well. They should have functional meaning – doing a good job of fulfilling a need – but also a layer of emotional meaning. The Kantar BrandZ India Top 75 far exceed other Indian brands on all these of these vital predictors of success.
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