Online professional network LinkedIn, has ranked Kunal Shal-led fintech unicorn Cred as the top startup in its annual top 25 startups list for India.
Cred - valued at $6.4 billion—maintained its position on the LinkedIn top startups list, moving from 3 in 2021 to 1 in 2022. Besides gaining popularity for its quirky ads in the past two years, the report stated that Cred is setting new benchmarks for employee well-being by offering benefits such as elder care, egg freezing, and one-on-one support for mental wellness to its employees.
Edtech unicorn upGrad was ranked second followed by investment platform Groww which took the third spot in the ranking.
This year’s list also features new entrants, this includes quick commerce startup Zepto in the fourth spot, followed by car-buying platform Spinny in the seventh spot. Other new entrants include insurtech startup Ditto Insurance, fitness platform Ultrahuman and organic food marketplace Living Food.
“The Indian startup ecosystem displays great resilience as we continue to see the rise of new startups with 68% of the entrants on the list appearing for the first time. These startups are navigating the uncertain macro environment by optimising their businesses for sustainable growth and taking a more prudent approach towards scaling their businesses, "Nirajita Banerjee, managing editor at LinkedIn News India said.
Bengaluru reaffirmed its status as the "Silicon Valley of India" by hosting 13 of the top 25 startups. In fact, from August 1, 2021, to July 31, 2022, 58% of all positions advertised by these startups on LinkedIn were based in Bengaluru.
Banerjee added, “It’s also great to see young professionals embrace India’s startup ecosystem, with 56% of all hires in the top 25 startups being aged below 30, and 17% aged below 25, at the time of joining. This list is a great resource for job seekers excited by the opportunity to innovate, solve big problems, and grow their skills within these startups.”
LinkedIn examined platform data from July 2021 to June 2022 across four pillars to create this year's ranking: employee growth, jobseeker interest, member engagement within the company and its employees, and how successfully these startups attracted talent from its LinkedIn Top Companies list.
