5 home-grown businesses elevating India's economy
India, which had opened its gates to many foreign players via the foreign direct investment (FDI) route to promote ease of business and roll out ample job opportunities, is finally shifting its focus on the home-grown startup ecosystem seeing the slowdown in the IT hiring. NASSCOM has even predicted that the IT-BPM sector will hire at a rate of 3-3.5% year-on-year to reach 45 lakh total jobs by 2022. Meanwhile, the country’s risk-taking home-grown business ecosystem is driving India towards a better future, transforming it into an unrelenting economic powerhouse. These businesses have yielded 500+ acquisitions and created 750,000 jobs since 2014. Some of these businesses that are already on the verge of creating massive employment opportunities over the next few years are:
1. Flipkart- The e-commerce giant Flipkart has decided to expand its supply chain by opening two of its largest fulfillment centres (FCs) in Haryana which is expected to generate more than 5000 jobs in the Farukkhnagar region. The e-commerce giant makes over 40 million deliveries in a month and employs more than 120,000 people across the country. With the addition of these two facilities, the supply chain will strengthen further and build capabilities to enable an ecosystem for MSMEs, local manufacturers and thus in turn will result in creation of quality local jobs.
2. 1-India Family Mart: The country’s fastest-growing value retail chain which has a wider reach and a better brand recall with more than 100 stores across 9 states, aims to employ over 8000 workers in the next 5 years. Moreover, with the recent policy measures taken by the Indian government to improve the investment climate and private consumption, there will be a boost in economic growth by the next two fiscals.
3. Nykaa: Nykaa, the country’s leading online beauty products marketplace, which is also at the forefront of a billion-dollar-plus valuation, is all set to double its headcount this year on the back of the massive $14 million raised from Singapore-based TPG Growth IV SF last year. They will be offering competitive pay packages to hire and retain top talent, which is almost at par with the unicorns and top tech players.
4. Aadvik Foods: Bikaner-based start-up, Aadvik Foods India’s first camel milk brand, directly with the camel breeders of Rajasthan and Gujarat not only creating a sustainable source of income for them but also helping them take care of the animal, thereby maintaining its population. The founders have till now worked with more than 100 camel breeders, making camel milk a successful business plan eventually not only for the Indian start-ups but also for providing a sustainable livelihood to the camel. Aadvik Foods also take the responsibility of training the camel herders and farmers to leverage business potential.
5. V Mart: The value fashion and lifestyle products retailer, which mainly operates in tier-II and III cities, plans to add 60 stores to its portfolio taking its total count to 275 this fiscal. To operate the same, the company will now hire 2,000 people in 2020 to enhance its back-end support and manpower, which presently comprises 7,000 employees.
