Microsoft-owned LinkedIn, the professional networking site, on Wednesday, announced fintech giant CRED as this year’s top startup. Ronnie Screwvala-led edtech unicorn, upGrad was second on the list, followed by Satya Nadella-backed online stock trading platform Groww.
LinkedIn compiles a list of the top 25 startups annually.
Interestingly, while CRED has moved up two spots from last year, both, Unacademy and Udaan — the top two startups in 2021 as per LinkedIn — did not feature in the latest list. As reported earlier, Unacademy and Udaan had both laid off at least 750 and 180 employees, respectively, a few months ago. However, the companies had not officially confirmed the development and provided details on the layoff. LinkedIn says startups that have laid off 20% or more of their workforce within the methodology time frame are ineligible for its calculations.
Other notable startups that featured in the list last year but did not make the cut this year includes Razorpay, Meesho, boAt, Urban Company, Pristyn Care, Dunzo, nurture.farm, Schbang, Cogno AI, NoBroker, Ninjacart, verloop, Trell, Mobile Premier League and LIDO Learning (which shut shop and filed for bankruptcy).
To compile this year’s list, the company looked at platform data between July 2021 and June 2022 across four pillars: employee growth, jobseeker interest, member engagement within the company and its employees, and how well these startups pulled talent from its flagship LinkedIn Top Companies List.
This year, Y Combinator-backed Zepto was the fourth and the latest to enter the list. Last week, the company’s founders, Aadit Palicha and Kaivalya Vohra were the youngest people to make it to the IIFL Wealth Hurun India Rich List with a personal wealth of about Rs 1,200 crore and Rs 1,000 crore. Skyroot Aerospace was awarded the fifth best startup, according to LinkedIn.
Overall, 13 out of the top 25 startups are based out of Bengaluru, usually touted as the Silicon Valley of India. LinkedIn also found that 58% of all the jobs posted by these startups, on its platform, were for Bengaluru during the period.
The company further revealed that 56% of all hires in these 25 startups were aged below 30 and 17% were below the age of 25, at the time of joining. “It’s also great to see young professionals embrace India’s startup ecosystem. The Indian startup ecosystem displays great resilience as we continue to see the rise of new startups with 68% of entrants on the list appearing for the first time. These startups are navigating the uncertain macro environment by optimising their businesses for sustainable growth and taking a more prudent approach towards scaling their business,” said Nirajita Banerjee, managing editor of LinkedIn News India.
According to LinkedIn, 68% of the 25 startups featured on the list were debutants. MBA Chai Wala, Spinny, The Good Glamm Group, GrowthSchool, BluSmart, ShareChat, Ditto Insurance, Simpl, Rapido, Classplus, Park+, BlissClub, DealShare, Ultrahuman, Living Food, FamPay, Agnikul Cosmos, Stanza Living, Pocket FM and Zypp Electric were the others that featured on the list.