Food delivery service Swiggy was the highest-funded startup in India
in 2018, collecting US$1.31 billion in three financing rounds. Tencent, DST Globe and Naspers, Meituan-Dianping and Hillhouse Capital were among the backers. Swiggy is joining delivery ventures UberEats, Zomato (also in the top 10) and Foodpanda in a well-funded portion of the Indian startup market. With more players in the segment, market consolidation is becoming more likely.
The startups second and third on the list deal in hotels (OYO) and online education (BYJU’s) and the rest of the bunch is also an eclectic mix of different industry segments.
Chinese e-commerce giant Alibaba is dabbling in the Indian market, backing Paytm Mall and Zomato, while Japanese player Softbank is bankrolling OYO and the majority of the Paytm Mall account. Paypal stayed in their lane and invested into fintech startup Pine Labs.
2018 funding turned Udaan and Cure Fit into unicorns. Both ventures were built by former Flipkart execs freed up by the Walmart acquisition of Flipkart, pointing to a new era in the Indian startup circuit where more experience founders are moving on to new ventures.