India’s Top 200 Startups Financial Index Report, 2023
The Top 200 Startups Financial Index Report ranks the shortlisted startups according to how fast their revenue grew in comparison to annual expenditure in FY22.
The startups featured in this report account for approximately 63%, or $85 Bn, of the total $136 Bn raised in the Indian startup ecosystem between 2014 and 2022. In addition, 70% of the startups featured in this report are valued at $200 Mn or more
India’s Startup Economy: $19 Bn Earned By Indian Startups At The Cost of $25 Bn In FY22
Top 200 Indian Startups: Most Revenue-Generating In FY22
Key Performance Indicators: Financial Efficiency
Median Expenditure-to-Revenue Ratio Of Top 200 Indian Startups
Top 5 Most Frugal Indian Startups In FY22
Top 10 Most Frugal Indian Unicorns In FY22
Top 10 Most Frugal Indian Soonicorns In FY22
Key Performance Indicators: Financial Growth
List Of Top 30 Indian Startups With The Highest Advertising Budget
Valuation Landscape: Indian Unicorns & Soonicorns
Top 30 Indian Unicorns With The Highest Revenue Growth In FY22
Top 30 Indian Unicorns With The Highest Ad Spend In FY22
Valuation-To-Revenue Multiple: Indian Unicorns & Soonicorns
Top 30 Indian Soonicorns With The Highest Revenue Growth In FY22
Top 30 Indian Soonicorns With The Highest Ad Spend In FY22
Summary
All information provided in the report is based on a sample set of the top 200 funded/bootstrapped Indian startups unless mentioned otherwise. The selection of the top 200 startups is based on the following criteria:
Valued at $200 Mn/above or bagged the most funding between CY19 and CY22
Standalone annual filings of India registered entity available for FY22 and FY21 on or before February 10, 2023
Minimum annual revenue of INR 4 Cr in FY21
All startups selected on the above criteria were ranked in descending order according to the absolute amount of their annual revenue in FY22. The top 200 were included in the sample set used for analysis and the index. Only standalone financial statements were used for the analysis unless specified otherwise.
Expenditure-to-revenue ratio: It depicts how much revenue an organisation has generated for every rupee/dollar spent.
Valuation-to-revenue ratio:The valuation-to-revenue ratio has been used to determine each startup's value. Next, it has been compared to an industry benchmark to decide whether the startup is overvalued or undervalued. In this report, we have used the last reported valuation of the startup available in the Inc42 database.
Note: The top 200 startups are ranked based on their "Adjusted Revenue Growth Rate". It is the difference between year-on-year total revenue and expenditure growth rate between FY21 and FY22. Simply put, it shows how quickly a company's revenue has grown in comparison to its expenditure.
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