Indian startups have the highest potential to build global brands: Lord Bilimoria, Founder of Cobra Beer
London and Partners, Mayor of London’s inward investment company, launched ‘India Emerging 20 (IE20)’, a programme supported by BDO India, Newland Chase, UK Trade and Investment and British Airways, with a vision to increase the synergetic relationship between India and London and also help top 20 high-growth companies in India scale on a global level.
After stringent tests and checks, the selected 20 companies were finalised. The data from London and Partners show that Indian companies are the second biggest investor in London after US, beating China and Japan. The report suggests that from 2005 there has been a 117 per cent increase in Indian companies investing in London across all sectors. And tech companies alone show a 133 per cent increase, which accounts for 46 per cent of all projects.
London an established hub
Major tech investments in London from India in recent years include software testing Service Cigniti Technologies, customer support company Kayako, and many others. Leading entrepreneur Lord Bilimoria, Founder of Cobra Beer, said that London and the wider United Kingdom offered the best opportunities for Indian businesses to internationalise. “London, is one of the most open economies in the world. It is very easy to set up business here. There is great encouragement and environment that supports entrepreneurship,” adds Bilimoria.
Gordon Innes, CEO of London and Partners, said that the quality and kind of companies that are emerging from India today is very different from those seen 10 years back. He said that some the businesses he has interacted with in the recent years have great potential to become global brands and conquer advanced markets. “India is known for jugaad innovation, it shows ingenuity, and that’s what sets them apart,” adds Bilimoria.
The FDI intelligence data shows that between 2010 and 2014, London attracted over1,640 FDI projects, better than other European countries like Dublin and Frankfurt. The Mayor of London Boris Johnson MP said that India is the fastest growing major economy in the world and Indian companies are now the second biggest foreign investor in London.
Building a global Indian brand
Speaking of the 20 winning companies, Lord Bilimoria added,
The effort put into the businesses is great. They are serious about going global and capturing a global landscape. There are few global Indian brands, but these companies and startups are changing that.
During a rigorous selection procedure, the companies, in financial and business services, technology and life sciences, were selected to come to London to meet and interact with senior business leaders, venture capital investors and decision makers from major global companies.
The winners come from a broad range of categories including life sciences, artificial intelligence, IT services, cyber security, sports tech, travel tech, adtech, e-commerce and analytics. Following are the top 20 companies of IE20.
Teabox ships fresh teas all over the world. They have a selection of over 150 fresh teas from over 75 different plantations in Darjeeling, Assam, other parts of India and Nepal. They claim to provide the largest selection of single estate and premium fresh teas online.
The team say they have shipped over 30 million cups of teas to over 90 countries and generate over 95 per cent of their revenue from customers outside India. The company raised $6 million in Series A funding led by JAFCO Asia and with participation from Accel Partners, Keystone Group LP and Dragoneer Investment Group.
Curadev is a Delhi-based pharma company that is focussed on conducting research in preclinical space to make investigational new drugs. The team has won a contract from Roche worth close to $555 million to develop immuno-oncology drugs, setting up innovation centre in Europe now.
Adadyn is a Bengaluru-based adtech company. It works towards simplifying programmatic advertising for mid-size advertisers. The platform provides tools to reach audiences with real-time optimisation and the ability to create dynamic digital ads. It has raised $5 million from IDG ventures.
Happiest Minds Technologies
Bengaluru-based Happiest Minds is focussed on digital transformation, infrastructure, security and product engineering Services. The 3.5-year-old company claims to have a run rate of $50 million this year and hopes to become a $100million company and go public over the next few years. It raised $52.5 million Series A funding from JP Morgan Private Equity Group and Intel Capital.
Indix is a product database and product intelligence platform that helps businesses boost productivity, drive innovation, and accelerate growth. Chennai-based Indix currently tracks over 800 million products across more than 7,000 categories. Indix has raised $15 million in Series B round from Nokia Growth Partners.
ITKTS Interactive Technologies (Kyazoonga)
Kyazoonga is a sports and entertainment ticketing company based out of Mumbai. It provides centralised, e-ticketing, access control, travel and tour packages, merchandise, bookings, taxi services and other ancillary products and services.
LatentView Analytics is a predictive analytics and enterprise decision management services company. The company aims to works with over 25 of the Fortune 500 companies, some of their leading clients include Microsoft, PayPal, PepsiCo, Cisco, Pitney Bowes, Sony Music and Hotwire.
MoEngage, a user analytics and engagement platform, helps mobile app companies retain and engage users through targeted and personalised messaging to users which, in turn, improve their retention and conversions. MoEngage raised $4.25 million in Series A funding from Helion Venture Partners.
Nanobi Data and Analytics
Nanobi is a cloud and mobile-based SAAS Analytic Platform focussed on small and medium enterprises. Founded in 2012, this Bengaluru-based company is funded by Microsoft Ventures.
OSSCube is a leading global open source software development company with expertise in outsourced product development. OSSCube has close to 300 employees across offices in India, UK and USA and is looking to go public over the next few years.
Perpetuuiti is an enterprise software company focussed on building products that help companies increase productivity and efficiency in deploying emerging technologies of artificial intelligence, cognitive computing, machine learning, and robotic software automation. Perpetuuiti is funded by Intel Capital.
Pervazive is a machine intelligence company focussed on network operations. They provide solutions in the telecom service assurance space and have more than 20 world leading telecom operators using their solutions.
RateGain Travel Technologies
RateGain is a leading provider of SaaS-based hospitality and travel technology solutions for revenue management, rate intelligence, electronic distribution and brand engagement, helping customers around the world to streamline their sales and operations. The company raised $50 million from US-based PE firm – TA Associates.
Seclore is a software product company developing products and solutions for information rights management. It provides information rights management and secure outsourcing systems that enables companies to continuously control and monitor information going on personal devices, cloud based storage, collaboration technologies, and external agencies. Seclore has raised $6 million from Helion Venture Partners.
Silveredge Technologies (SilverPush)
Based in San Francisco, Philippines and Gurgaon (Delhi NCR), SilverPush works with global clients by providing them with cross-device mapping solution that helps big brands to understand their users and reach them effectively. SilverPush raised $1.25m in pre-series A round from Japan-based fund, M&S Partners and existing investors IDG Ventures and 500 Startups.
Stelae Technologies is an artificial intelligence company that offers information management solutions. Stelae Technologies is funded by angel investors in Europe, Israel, and India. It operates offices in Bengaluru, London and Lyon.
Technology Frontiers (TechFront)
Chennai-based TechFront is a leading global in-stadia arena management company providing activation solutions to the sports, media and entertainment industries. Their products and services are visible in major sporting events such as Formula 1, the English Premier League, the Indian Premier League and the ICC Cricket World Cup. It has offices in Dubai, London, Hungary, Johannesburg, Sydney, Germany and Shenzhen.
Telerad Tech is a teleradiology company. Telerad Tech offers a cloud-based distributed platform that features a built-in workflow intelligence for tele-health workflows, artificial intelligence for detection of anomalies of digital images, and medical image management system for clinics, radiologists, hospital chains, diagnostic centres and tele-radiology.
Uniken is a cyber security company based out of Pune. The company has developed a military grade digital security platform REL-ID, which helps connect users, devices and apps through a secure network, protected from hi-tech online attacks. Uniken raised $2 million from Exfinity Venture Partners in 2015.
Uniphore Software is a technology firm delivering speech-based mobile solutions. Uniphore has over 70 enterprise customers with four million users, supporting 25 global languages with over 100 dialects. IDG Ventures funded Uniphore is based out of Chennai with offices in UAE and Philippines.