Kunal Shah-led fintech start-up Cred has topped LinkedIn’s Top Start-ups list released on Wednesday. Mumbai-based edtech company, upGrad, and investment platform, Groww, secured the second and the third spots on the list respectively.
The fifth edition of the list, which is rolled out annually, features 25 Indian companies that “are rising to the challenges of the moment and continuing to innovate and gain attention in 2022.” The start-ups are finalised based on four aspects - employee growth, jobseeker interest, member engagement within the company and its employees.
The list includes other notable names within the start-up ecosystem such as e-grocery start-up Zepto, aerospace engineering company, Skyroot Aerospace, mobility firm Rapido, electric vehicle and logistics brand, Zypp Electric, among others.
The start-up ecosystem in India is the third largest in the world after the US and China. In fact, Indian start-ups raised over $21 billion between January to August 2022, with upGrad, leading the bandwagon with a funding of $210 million in Series F funding, the LinkedIn report revealed.
“Starting and growing a company has always been tough, but it’s especially tough right now. As the working world navigates widespread inflation and economic uncertainty, it’s getting more challenging for young companies to get investment and grow quickly,” the report read. Inflation and supply chain-crisis apart, the ecosystem has also been facing a deadlock on the funding front. A recent Ernst & Young report revealed that PE/VC investments in the country in July this year were the lowest in over a year, both in terms of value and volume, which stood at $3 billion indicating that investors have been treading on the investment path safely.
The LinkedIn report, however, highlighted that despite the challenges, India’s robust start-up ecosystem will play a key role in helping India become a $5 trillion economy by 2025.
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