The Secrets Behind India's Billion-Dollar Startups and Behind the Valuation: How User Base and Growth Strategies of India's 24 startup made them “Unicorn”

The Secrets Behind India's Billion-Dollar Startups and Behind the Valuation: How User Base and Growth Strategies of India's 24 startup made them “Unicorn” 1. BYJU'S * Proprietary content and technology 2. Paytm * Network effect and brand recognition 3. Ola * Scale and network effect 4. Zomato * Network effect and brand recognition 5. Flipkart * Scale and network effect and many more

The Secrets Behind India's Billion-Dollar Startups and Behind the Valuation: How User Base and Growth Strategies of India's 24 startup made them “Unicorn”


  1. BYJU'S
  • Proprietary content and technology
  • Provides engaging and interactive learning experiences
  • High customer satisfaction and retention rates
  1. Paytm
  • Network effect and brand recognition
  • Large and active user base for payments and e-commerce
  • Brand recognition and trust among customers
  1. Ola
  • Scale and network effect
  • Large and active user base attracts more drivers, creating a virtuous cycle of growth
  • Riders are more likely to choose a platform with more drivers and shorter wait times
  1. Zomato
  • Network effect and brand recognition
  • Large and active user base for restaurant discovery and food delivery
  • Strong brand identity and trust among customers
  1. Flipkart
  • Scale and network effect
  • Large and active user base for e-commerce
  • Strong brand recognition and trust among customers
  1. Swiggy
  • Network effect and brand recognition
  • Large and active user base for food delivery
  • Strong brand identity and trust among customers
  1. Unacademy
  • Proprietary content and technology
  • Provides engaging and interactive learning experiences
  • Strong brand recognition and trust among students
  1. Razorpay
  • Easy-to-use payment platform
  • Strong focus on customer experience and satisfaction
  • Partnership with major financial institutions for credibility
  1. PolicyBazaar
  • Network effect and brand recognition
  • Large and active user base for insurance comparison and purchase
  • Strong brand recognition and trust among customers
  1. Dream11
  • Proprietary technology and exclusive content
  • Engaging and interactive fantasy sports platform
  • Strong brand recognition and trust among sports fans


  1. Delhivery
  • Extensive logistics network
  • Offers end-to-end logistics services including warehousing, transportation, and fulfillment
  • Strong focus on technology and data analytics for operational efficiency
  1. BigBasket
  • Scale and network effect
  • Large and active user base for online grocery shopping
  • Strong focus on customer experience and quality assurance
  1. PharmEasy
  • Network effect and brand recognition
  • Large and active user base for online pharmacy services
  • Strong focus on customer experience and convenience
  1. Grofers
  • Scale and network effect
  • Large and active user base for online grocery shopping
  • Strong focus on customer experience and affordable pricing
  1. Urban Company
  • Network effect and brand recognition
  • Large and active user base for home services such as cleaning, repairs, and beauty treatments
  • Strong focus on quality assurance and customer satisfaction
  1. BharatPe
  • Proprietary technology and innovative business model
  • Provides payment solutions for small merchants and businesses
  • Offers additional services such as loans and insurance to merchants to increase customer stickiness
  1. boAt
  • Brand recognition and product differentiation
  • Offers trendy and affordable audio products such as earphones, headphones, and speakers
  • Strong focus on social media marketing and influencer partnerships to build brand awareness and loyalty
  1. Vedantu
  • Proprietary technology and interactive teaching methods
  • Provides live online classes and personalized learning experiences for students
  • Strong focus on student engagement and teacher quality to build customer loyalty
  1. Simplilearn
  • Proprietary content and technology
  • Provides online certification courses for professionals in various fields such as IT, project management, and data science
  • Strong partnerships with major technology companies for credibility and industry recognition
  1. Cuemath
  • Proprietary curriculum and teaching methods
  • Provides after-school math and coding classes for young students
  • Strong focus on personalized learning and individual attention to build student confidence and success
  1. Toppr
  • Proprietary content and technology
  • Provides online courses and personalized learning experiences for students in K-12 and test preparation
  • Strong focus on adaptive learning and gamification to make learning fun and effective
  1. Eruditus
  • Partnerships with top-tier universities and institutions
  • Provides online courses and executive education programs for professionals
  • Strong focus on credibility and quality to attract top talent and build industry recognition


Behind the Valuation: How User Base and Growth Strategies of India's 24 startup made them “Unicorn”


  1. Paytm (2010)
  • User base: 333 million
  • Valuation: $16 billion
  1. Zomato (2008)
  • User base: 70 million
  • Valuation: $3.9 billion
  1. Ola (2010)
  • User base: 200 million
  • Valuation: $6 billion
  1. Swiggy (2014)
  • User base: 50 million
  • Valuation: $5.5 billion
  1. PolicyBazaar (2008)
  • User base: 10 million
  • Valuation: $1.5 billion
  1. Razorpay (2014)
  • User base: 10,000+
  • Valuation: $3 billion
  1. Udaan (2016)
  • User base: 3 million+
  • Valuation: $7.5 billion
  1. Meesho (2015)
  • User base: 13 million
  • Valuation: $2.1 billion
  1. Unicorns (2020)
  • User base: N/A
  • Valuation: $2 billion
  1. CRED (2018)
  • User base: 10 million+
  • Valuation: $2.2 billion
  1. Delhivery (2011)
  • User base: N/A
  • Valuation: $3 billion
  1. BigBasket (2011)
  • User base: 20 million+
  • Valuation: $2.3 billion
  1. PharmEasy (2015)
  • User base: 10 million+
  • Valuation: $1.5 billion
  1. Grofers (2013)
  • User base: 20 million+
  • Valuation: $1 billion
  1. Urban Company (2014)
  • User base: 5 million+
  • Valuation: $2.1 billion
  1. BharatPe (2018)
  • User base: 6 million+
  • Valuation: $2.85 billion
  1. boAt (2016)
  • User base: N/A
  • Valuation: $300 million
  1. Vedantu (2014)
  • User base: 30 million+
  • Valuation: $600 million
  1. Simplilearn (2010)
  • User base: 2.5 million+
  • Valuation: $1 billion
  1. Cuemath (2013)
  • User base: 200,000+
  • Valuation: $570 million
  1. Byju's (2011)
  • User base: 100 million+
  • Valuation: $16.5 billion
  1. Unacademy (2015)
  • User base: 50 million+
  • Valuation: $3.5 billion
  1. Toppr (2013)
  • User base: 12 million+
  • Valuation: $300 million
  1. Eruditus (2010)
  • User base: N/A
  • Valuation: $3.2 billion

Written by Ibrahim Hossain, Date: 2-Mar-2023