Top 10 Most Profitable Startups in India

There are several Indian startups that have emerged as market leaders in their respective domains. The 10 most profitable startups in India.

The Indian startup ecosystem is buzzing with new innovations. There are several Indian startups that have emerged as market leaders in their respective domains. These startups have not only given stiff competition to the traditional players but have also emerged as the most profitable ones. Here is a list of the 10 most profitable startups in India.

Top 10 Most Profitable Startups in India

  1. Zerodha
  2. Boat Lifestyle
  3. CarTrade
  4. Of Business
  5. Lendingkar
  6. Aye Finance
  7. BrowserStack
  8. Cashfree
  9. Lenskart
  10. Wakefit

01. Zerodha

Zerodha India’s largest stockbroking platform started in 2010 with the goal of making investing in stocks painless and simple. Zerodha has managed to change the entire stock trading industry single-handedly and they did it without even raising any external funding or marketing their product. Today, Zerodha charges just Rs 20 (or 0.03% as commission – whichever is lower) from their customer for every intraday trade. Thanks to that, Zerodha earned a solid $135 million in profits in FY21.

02. Boat Lifestyle

Boat Lifestyle Indian consumer technology startup Boat started in 2016 by selling charging cables and were able to hit profitability within the first year as the market was flooded with Chinese smartphones. Next, the company started launching more products like earphones, headphones and smartwatches with quality and affordability in mind to target value-minded Indian consumers. This strategy only accelerated their growth. Boat’s profit’s increased by 30X from just $225,000 to $6.6 million in FY20.

03. CarTrade

CarTrade founded in 2009, CarTrade is the only profitable online used car marketplace. This decade-old startup has already filed for an IPO and is expected to hit the stock markets soon. The company significantly decreased its losses from $20 million in FY16 to just $2 million in FY17. They first turned profitable in FY18 and they did this through internal restructuring, key acquisitions and cost-cutting measures. Today (FY20), they are making a healthy profit of $11.5 million.

04. OfBusiness

OfBusiness B2B e-commerce and lending startup OfBusiness uses purchase financing – providing businesses with a loan that they can use to purchase raw materials from their e-commerce platform. The company saw huge losses at the beginning as the profits from interests hadn’t come in yet. But once those profits starting coming in, OfBusiness started making money and they are now on their way to becoming a unicorn. Their profits jumped 73X from just $150,000 in FY18 to a healthy $80 million in FY20.

05. Lendingkart

Lendingkart founded in 2014, Lendingkart has disbursed loans worth $741 million to more than 100,000 small businesses. This fintech startup first achieved profitability in FY19 and their profits stand at $5.6 million in FY20.

06. Aye Finance

Aye Finance SME lending startup Aye Finance has been profitable for the last three consecutive years and has disbursed loans worth more than $538 million to more than 200,000 small businesses. Aye Finance’s profits have increased to $5.3 million in FY20.

07. BrowserStack

BrowserStack India’s most valuable SaaS startup BrowserStack enables developers to test their apps remotely using their cross-browser testing platform that has more than 2,000 devices and is being used by over 50,000 businesses across the world. The company has been profitable since day one and they did that by never spending a single penny on marketing and investing all their earnings back into the company to build better products for their customers. In FY20, BrowserStack raked in a profit of $3.8 million.

08. Cashfree

Cashfree is a digital payments gateway platform that offers more than 100 payment methods to over 50,000 businesses around the world with a team of just 130 employees. Their ability to stay lean has not only enabled them to scale but also remain profitable from the get-go. Their profit increased 14X from just $190,000 in FY18 to $2.6 million in FY20.

09. Lenskart

Lenskart founded by Peyush Bansal in 2010, Lenskart offers an omnichannel platform for selling eyewear and lenses through their online platform and offline stores. The company has been investing heavily in setting up new physical stores – taking the number of offline stores to over 750. This is why the startup took a decade to reach profitability. In FY20, Lenskart made a revenue of $130 million with a profit of $2.4 million.

10. Wakefit

Wakefit founded by Chaitanya Ramalinge gowda and Ankit Garg in 2015, Wakefit started selling mattresses online and were already making a profit within six months of operations. Today, this D2C mattress startup is selling 1,500 mattresses to their 500,000 customers every day – raking in a revenue of $26.5 million and making a profit of $1.3 million in FY20.

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