From Startup to Scaleup: The Growth Stories of 2024

Discover the incredible growth journeys of startups like Ixigo, Ola Electric, Swiggy, HealthCRED, and Mobikwik in 2024, redefining success and innovation in their respective industries.

This year has undeniably been a standout for late-stage startups, marking a historic shift as innovation meets public market appetite. With at least 12 companies making their debut on the public markets and whispers of up to 25 more gearing up for IPOs, the momentum is palpable.

The drive and resilience that propelled these startups to such pivotal milestones inspire awe and optimism across the entrepreneurial landscape. Looking ahead to the new year, we’ve spotlighted four exceptional startups that epitomize the journey from scrappy beginnings to scalable, market-leading ventures—businesses that not only thrived but redefined growth in a competitive ecosystem.

1. Ixigo

Aloke Bajpai and Rajnish Kumar-led Ixigo were among the several companies that listed on the public markets this year. The company which listed its IPO between June 10 and June 12, raised approximately ₹740.10 crore through its IPO issue. It was oversubscribed by an impressive 98.3 times, particularly driven by non-institutional investors who subscribed at 110.5 times. Ixigo’s public market moment was nearly two decades in the making. Bajpai and Kumar set out building Ixigo in 2007, where they had barely a few hundred users. Cut to now, the company has nearly 480 million active users. The company has also significantly evolved since its early days, by using technologies like artificial intelligence to improve overall customer experience on their platform.

2. Ola Electric

Bhavish Aggarwal-led Ola Electric listed this year, making it the first EV-focused startup to list on the public markets. The firm has now cemented its position as the leading EV startup in India by number of bikes sold. For a quick snapshot of Ola’s growth: The company delivered 98,619 units during this quarter, marking a remarkable 73.6% year-on-year growth from 56,813 units delivered in Q2 FY24. The company launched its IPO between August 2 and August 6 this year. The company has greatly evolved since being established in 2017 as a wholly-owned subsidiary of ANI Technologies, the parent entity of Ola Cabs. For instance, Ola Electric acquired Amsterdam based-Etergo—to move its products to a larger, global market. This year, the company also announced that it has plans to launch at least 1 new product every quarter, and is now focusing on entering other two, three-wheeler categories—marking a significant evolution from its current mix of products.

3. Swiggy

Food delivery platform Swiggy has come a long way since its early days nearly a decade ago. In 2014, Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, the company went from having zero orders and not having the trust of restaurants to deliver about 588,000 orders per day today. The most significant milestone in Swiggy’s journey came in 2015, when it received the funding it needed to gain traction, to ultimately reach a valuation of $45.76 million in 2023—a year before its official listing. Since 2014, Swiggy has diversified its food delivery business into multiple offerings to include grocery delivery and cloud kitchens. These strategic expansions not only solidified Swiggy’s position as a market leader but also allowed it to tap into new revenue streams, catering to the evolving needs of its customer base. With a focus on technological innovation, the platform introduced AI-driven logistics to optimize delivery times and reduce costs. Its Instamart service further disrupted the grocery delivery space, giving hyperlocal convenience to millions.

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4. HealthCRED Founded by Arpit Jangir and Shrey Jain, HealthCRED has also had a great year in 2024. The company raised $1.2 million in a seed funding round led by Antler India, TRTL VC, DeVC, iSeedVC, and Angel List India. The company looks to solve for B2B healthcare financing, essentially trying to enhance financial access and operational efficiency for healthcare providers across India. HealthCRED is now looking to expand its horizons to the South and West of India and will look to disburse over $1 billion in the next five years through its digital channels.

5. Mobikwik

What initially started out as a mobile recharge company in 2009, Mobikwik, which was started by Bipin Preet Singh and Upasana Taku, eventually moved to becoming a mobile wallet company in 2012. Four years later, in 2016, the company saw significant growth and traction in the wake of demonetisation. By November that year, the company had just over 55 million users and 1.5 million merchants using its services. It eventually pivoted towards becoming a full-stack fintech player, offering loans, insurance, and investment services. MobiKwik currently has over 161 million registered users as of June 2024. The company serves a network of approximately 4.26 million merchants across India and currently operates on a three pillar structure—where it caters to consumer payments, payment gateway services and buy now pay later options.

What are some growth stories you are inspired by from 2024? Let us know! See you in the next WeWork Labs blog.