India’s Top 100 Startups Financial Performance Report, 2021

India’s Top 100 Startups Financial Performance Report, 2021

The latest release from Inc42 Plus — Decoding The Financials Of India’s Top 100 Startups, Report 2021 — provides an in-depth analysis of the top Indian startups’ financial performance over the last three years, including an index of most financially efficient startups in FY20, 42 fastest growing startups in terms of compounded annual revenue growth rate (CAGR) and an exclusive comparative analysis between Indian startups and traditional Indian companies during the Covid-19 pandemic.

As the IPO trend seems to prevail across the Indian startup ecosystem, the top layer of the ecosystem is moving towards operational efficiency on the macro level. This can be ascertained from the fact that the year-on-year rise in expenditure between FY19 and FY20 (+34%) was nearly half of the expenditure between FY18 and FY19 (+65%).

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India’s Top 100 Startups Financial Performance Report, 2021

Quoted & Trusted By

the economist
business insider
cb insights
the huffington post
the economic times
live mint
the times of india

Key Highlights

$9.8 Bn+

Total Value Created By Indian Startups In FY20

$454 Mn+

Aggregate IT Expenditure Of Top 100 Indian Startups

$3 Bn+

Total Loss Incurred By Top Indian Startups In FY20


Number Of Indian Startups Planning IPOs

Table Of Contents

  • India’s Internet Economy: An Overview
  • How India’s Top 100 Startups Performed Financially In FY20
  • Top 100 Indian Startups: Key Financial Performance Indicators
  • How Indian Startups Are Spending On Advertising
  • How Indian Startups Spent On IT In FY20
  • Top Indian Startups’ Expenditure On Employee Benefits
  • Indian Unicorns And Soonicorns: Financial Benchmarking
  • How The Top 100 Startups Stack Up Against Corporates/Traditional Businesses
  • Methodology


The first half of 2021 marked a historical high for startup investments in India. The total capital flow in Indian startups stood at $10.8 Bn across 614 funding deals. More importantly, both half-yearly funding and deal count were at their historical peak. Compared to the year-ago period (H1 2020), total funding in H1 2021 surged 2.1x, while it saw a 72% increase compared to H2 2020. To understand the financial performance of Indian startups over the last three years, we at Inc42 have curated a sample set of top 100 startups (based on a combination of total funding raised and market penetration) that clocked annual revenue of more than $1 Mn in FY20.

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