Unified payments interface CRED has acquired the pole position in LinkedIn’s list of the top 25 startups in India gaining most attention. CRED, maintaining an upward course, jumped from the third position in 2021 to first this year. The list tallies companies based on factors such as non-employee views on LinkedIn, job applications received by the company, and headcount growth in a given time frame. Second to CRED this year was the e-learning platform upGrad, which was placed fourth last year. This was followed by investment platform Groww, which leaped 18 positions to the third spot. The top three startups in the list are valued at $6.4 billion, $2.25 billion, and $3 billion, respectively.
LinkedIn’s fifth annual list of top startups in India also featured some new entrants, including e-grocery platform Zepto, on the fourth spot. Other startups that debuted in the list this year included pre-owned car marketplace Spinny on the seventh position; financial services platform Ditto Insurance on 12th position; and fitness platform Ultrahuman on the 19th position. Organic food marketplace Living Food at the 20th position also featured on the list for the first time.
The new entrants constituted 68 percent of the list, highlighting a growth in the number of new startups in the country. In an interview with PTI, Nirajita Banerjee, Managing Editor, LinkedIn News India, said that the start-ups are steering through an uncertain economic climate with a prudent approach to maintain a sustainable growth. “It’s also great to see young professionals embrace India’s start-up ecosystem, with 56 per cent of all hires in the top 25 start-ups being aged below 30, and 17 per cent aged below 25, at the time of joining,” she added.
Dominating the list were sectors like financial services and e-learning. Most of the startups ranked in LinkedIn’s list provided services in these sectors. BlissClub, positioned at 17th, was the only company that worked in the Retail Apparel and Fashion category. Out of the 25 startups listed by LinkedIn, 13 of them are based out of Bengaluru. Following Bengaluru is Gurugram which has headquarters of five startups in the list.
LinkedIn review startups based on their performance in four categories – employment growth, engagement, job interest and attraction of top talent. The data is collected from the eligible startups, through the platform, from July 1 through June 30 and a list is concocted based on the methodology that LinkedIn follows.