With brand value of $21.7 billion, HDFC Bank emerged as India's top brand as mentioned in a report by WPP and Kantar Millward Brown. In the report, called BrandZ Most Valuable Indian Brands, HDFC tops with two new entrants - Life Insurance Corporation and Tata Consultancy Services. LIC was values at $19.8 billion, while TCS was valued at $15 billion.
"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 report elaborated.
"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.
The report also added that there are 7 new entrants in the top 15 list this year.
Another expected entrant is Mukesh Ambani's Reliance Jio. Couple of months after its launch that disrupted the telecom industry with its cheap data plans and wide availability, Jio rushed to the 11th spot. This year it breached the top 10 list.
The top 10 spots were occupied by HDFC, LIC, TCS, Bharti Airtel with $11.4 billion, State Bank of India with $7.8 billion, Maruti Suzuki with $6.9 billion, Kotak Mahindra Bank with $6.6 billion, Asian Paints with $6.1 billion, ICICI Bank with $4.8 billion and Reliance Jio with $4 billion.
The firm released its first India listing in 2014. In 2017's listing, it had 50 companies, which increased to 75 brands this year "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 further stated that since its launch five years ago, the total value of the top 50 Indian brands grew 110% to a cumulative $146.1 billion. It said that it was their strongest year till now. The report revealed that the brand value was pushed by rising consumer confidence, increased brand awareness and the country's return to rapid economic growth.
(Edited by Anwesha Madhukalya)