March 21, 2025
Every great company started with a passionate dream. While some suffer a series of set-backs, others do flourish and few reinvent industries in its own mold. Here's a version of the FutureX Frontier series of inspirational stories about India's top start-ups juxtaposing how it began versus its present day financial tallies.
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Founded in 2016, boAt is the vision that aimed to provide affordable, stylish, and high-quality audio devices. Its early focus on earphones earned the company good momentum through the help of online marketplaces.
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boAt's revenue has jumped to โน3,122 Cr (FY24). With a loss of โน53 Cr, the company remains well-positioned in the market and has loyal customers, hence steady growth in the competitive audio-tech market.
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In 2010, Lenskart began as an e-commerce site for eyewear. Its unusual "home eye checkup" service ended up fragmenting the optical retail market of India.
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Now, with a revenue of โน5,428 Cr, Lenskart has become a global brand. Even though it reported a loss of โน10 Cr, the company's expansion and innovation keep it on the growth track.
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SUGAR Cosmetics launched in India in 2015 with bold, high-quality makeup for Indian skin tones. The brand heavily banked on social media marketing.
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SUGAR now stands at โน505 Cr (FY24) in revenue. While it reported a loss of โน67 Cr, the brand continues to grow, capturing the hearts of Indian millennials and Gen Z.
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Mamaearth is the toxin-free personal care brand. It started this business in the year 2016, targeting young parents. The reason behind this launch was the increasing trend of chemical-free products, hence it was considered India's first Made Safe certified brand.
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Mamaearth has grown significantly with a revenue of โน1,400 Cr (FY24). Although it had a loss of โน20 Cr, the company is still growing its product lines and exploring international markets, capitalizing on its high brand loyalty.
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Nykaa is an e-commerce company focusing on beauty and personal care. Founded in 2012, it took over the Indian beauty market as it curated products from across the globe, along with other local brands.
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Nykaa has now grown into a โน5,143 Cr revenue company (FY24) with a profit of โน148 Cr. It has successfully launched its IPO and diversified into fashion, skincare, and wellness, making it one of the leading omnichannel retailers in India.
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Started in 2008 under the name "Foodiebay" Zomato began its journey as an aggregator of food delivery and restaurant review platform. Initially, it concentrated on digitizing restaurant menus and connecting diners with eateries.
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Zomato has become a household name in India, with revenue of โน8,500 Cr (FY24). The company reported a loss of โน310 Cr but continues to dominate the food delivery market and expand its services, including grocery delivery and dining-out subscriptions.
These startups are living proof that success is not just about profitability, but it's about innovation, persistence, and staying ahead of the curve. From bold beginnings to shaping industries, these stories inspire one to dream bigger and hustle harder. Stay tuned for more stories of transformation in FutureX Frontier!
