Last year, the telecom provider ranked at number 11 only months after its launch, having disrupted its category with free-data promotions.
HDFC Bank has emerged as the top Indian brand with a brand value of $21.7 billion (approx. Rs 1.56 lakh crore), says a report. According to the BrandZ Most Valuable Indian Brands report by WPP and Kantar Millward Brown, HDFC Bank was followed by two new entrants to the top brands’ list — Insurance brand LIC at number 2 (at $19.8 billion) and Tata Consultancy Services at number 3 (at $15 billion).
Mukesh Ambani’s Reliance Jio has also made it to the top 10 brands this year. Last year, the telecom provider ranked at number 11 only months after its launch, having disrupted its category with free-data promotions.
The other brands in the top 10 list include Bharti Airtel ($11.7 billion), State Bank of India ($7.9 billion), Maruti Suzuki ($6.9 billion), Kotak Mahindra Bank ($6.7 billion), Asian Paints ($6.1 billion), ICICI Bank ($4.9 billion) and Reliance Jio ($4.1 billion).
Top 10 Indian brands: Check full list here
The research firm’s India listing was launched in 2014. After five years, the company extended the list to include 75 brands versus 50 in 2017 “to reflect the strength of India’s growing economy and a marketplace in which more local brands are emerging to present consumers with increased choice.”
The report said since its launch five years ago, the total value of the BrandZ Top 50 Indian brands grew 110% to $146.1 billion. It added that in their strongest year yet, the collective value of India’s Top 50 brands grew 34%. The analysis revealed that brand value was boosted by rising consumer confidence, the country’s return to rapid economic growth and consumers becoming increasingly brand aware.
“HDFC Bank has retained its No. 1 spot for the fifth consecutive year with a rise of 21% to a brand value of $21.7 billion. The bank has built a reputation for its sustainable livelihood initiative by introducing smaller loans worth as little as $175 that can be accessed via its bank branches,” the BrandZ Most Valuable Indian Brands report said.
The report noted that there were seven new entries in the top 15 brands list this year. “Insurance brand LIC comes in at No. 2 ($19.8 billion) thanks to the key role played by its pension plan business whilst Tata Consultancy Services ranked No. 3 ($15.0 billion), having leveraged digital technologies to drive growth and business transformation,” it said.