In India, the start-up trend is on the rise and more popular than ever.With a little ingenuity, innovation, and investment, anyone can embark on a rollercoaster ride to create their own business and be their own boss. Here are some flourishing trades to investigate in order to learn more about the prospects of starting a business in India. #ThinkWithNiche.
"A young company that is only beginning to develop," according to Investopedia. Start-ups are formed to provide services, products, or software that the developer finds unique and creative and believes should be shared with the general public. It is a really effective style of working that allows you to examine considerably more job opportunities than you would in a regular job.
In order to understand how startups work, first, be clear of what exactly is a start-up, it is a blend of a unique and fresh idea, a team of committed members, mostly youngsters (though age is just a number), experienced mentors who bind the team together, an understanding of dealing with customers with utmost patience, gentility and care. A mental mindset that a start-up should serve the purpose first, aiming for profit is not the top priority, but if successful, profits come in abundance.
With only a few companies governing the business market, a creative startup company can face stiff competition. However, the Indian startup ecosystem has grown in popularity. In India, there are roughly 55,000 startups, and 3200 of them have made a profit of 63 billion dollars in the last five years or so. A growing and young population that is highly dependent on the internet, the Indian ecosystem of startups is looking good to dominate the world business. It is already attracting a great amount of investment from abroad and the Indian government is funding for the same leading to increased job opportunities.
Here is a visual representation of how good the startup trend is in India-
Now Let’s Dive Into The Top Five Flourishing Startup Trades In India
Paytm is India's most successful startup; it's a very simple version of using QR codes or cell numbers to transfer money, pay money to anyone, and make purchases, and it's a "big leap ahead" toward a "digital India."Paytm swiftly gained traction among Indian youths who liked the notion of moving money quickly and effortlessly without any hassle; the process, according to the business, is both easy and secure. It's no surprise that Paytm is thriving, with a market capitalization of Rs 16,000 crore.
2. Ola Cabs and Ola Bike
Want to meet up with a friend but don't have a car? Don't worry, Ola Taxis offers a variety of low-cost cab and bike options to help you get about the city and vicinity. This new software connects clients with cabs and drivers within seconds of making a reservation, and it's a great choice for folks who want to commute but don't have the resources to do so. It can be used with or without an internet connection. It was founded in 2010 and is currently known by every second person you meet. This startup was a huge success, with a valuation of 3.8 billion dollars. Ola's Ola Bike service has been expanded to 150 cities across India. Ola Bike, which claims to be India's largest micro-mobility service, claims to have the largest network of bike partners in the country and has helped nearly 3 lakh micro-entrepreneurs find jobs in the last year.
Zomato, a large food tech giant that gives customers access to a variety of restaurants working under Zomato's umbrella, was founded in 2008 and has grown to become one of India's largest food delivery apps. It is popular among all restaurant chains and is a large food tech giant that gives customers access to a variety of restaurants working under Zomato's umbrella.Zomato is estimated to be worth 5.4 billion dollars, according to online sources
In stark competition with Paytm, Razorpay is yet another platform that functions for the purpose of transferring funds to companies, making payments, and is user-friendly. Founded in 2013, it is worth, 31.7 million dollars.
5. Acko General Insurance
In a bid to give customers relief from never-ending procedures of insurance money and claim issues, Acko aims to help a wide number of people who purchase an insurance policy from there. The company promises a digitally based quick claim process and a personalized experience, providing a stress-free claim to the customer. Currently worth 107 million dollars, Acko was founded in 2017.
So there you have it: a brief approach to developing a successful startup formula, as well as some examples of those who are succeeding.