Top 12 Most Successful Businesses In 2024

According to projections, the Indian business market would grow by over 7.99% between 2022 and 2029, reaching a market value of US ₹82.01 million in 2029. The nation’s economy has been significantly shaped by small entrepreneurs with creative ideas. This pattern emphasizes that having profitable business ideas is more important than having large startup capital. It should come as no surprise that India is now the third-largest startup hotspot in the world. The significance of these profitable businesses to start is demonstrated by the 4-5% contribution they make to India’s GDP.

Due to their strong customer connections, the most profitable businesses are prospering. Compared to larger businesses, they frequently provide their end users more individualized and adaptable services. These most successful businesses are more customer-focused because they are smaller and can readily adjust to changes based on client needs. Additionally, there is less risk when making adjustments to meet the needs of clients because of the lesser expenditure.

1. Perplexity AI

Similar to an AI chatbot, Perplexity has created a conversational search engine driven by generative AI that provides direct responses to user inquiries. Users can access a variety of AI models (such as Sonar Large, Claude 3, and GPT-4o), current data, and remarkable contextual awareness and accuracy.

Currently, the AI tool has $20 million in ARR (up from $5 to $10 million in January) and 10 million monthly active users. At a valuation of between $2.5 and $3 billion, the AI search engine firm is currently seeking an additional $250 million in funding.

2. Photoroom

A collection of AI editing capabilities is available in the photo and video editing app Photoroom. Users can retouch photographs, select from over 1,000 new backgrounds or templates, erase image backgrounds with ease, and much more.

Since its 2019 inception, the startup has amassed 150 million app downloads and 30 million active users (up from 3.1 million in January 2023). At a $500 million value, Photoroom also secured $43 million in Series B funding.

3. Tailwind

There are a ton of content producers on Instagram and Pinterest. It makes it challenging to stand out from the throng. More than 1,000,000 brands and influencers utilize Tailwind’s visual creation platform globally, mostly because it makes standing out simpler than trying to generate content from scratch. Brands may concentrate on the concept behind the postings by automating the most tedious aspects of the development process, such as scheduling, color schemes, and hashtagging.

Tailwind is used by more than 1 million small businesses, including Jenny Yoo, Article, Serena & Lily, and even industry titans like Shopify.

4. Airwallex

A global financial startup, Airwallex provides banking and international payment solutions to businesses. In addition to accepting payments from clients all around the world, the organization enables businesses to open multi-currency business accounts and conduct international money transfers. Over 100,000 businesses were among the company’s customers as of July 2024, and it processed $50 billion worth of transactions a year.

5. Brightwheel

It is absolutely not an easy task to run a daycare or preschool. The daycare center personnel must balance regulating attendance, balancing learning goals, and calming worried parents. Seeing an opportunity, Brightwheel created a SaaS solution to manage nearly every aspect of managing a daycare center.

According to Brightwheel, tens of millions of moments have been captured and shared, 100% of parents are happier with their child care, and 85% of users ultimately recommend them.

6. Anthropic

Claude and other supporting large language models were created by the AI research and safety business Anthropic. The business trains its Claude models using constitutional AI, which is based on a set of predetermined guidelines and precepts. The context windows are bigger and Claude’s responses are safer and more suitable than those of other chatbots.

With almost $2 billion from Google and $4 billion from Amazon, Anthropic is among the most well-funded businesses in the industry today ($9.7.6B).

7. Shiprocket

Shiprocket, an end-to-end e-commerce logistics platform based in India, assists companies in optimizing their shipping and delivery procedures. The platform provides a number of shipping options, such as extensive tracking and analytics capabilities, different courier integrations, and domestic and international delivery.

Because of their reasonable prices, simple integration with well-known e-commerce platforms, and emphasis on making shipping easier for small and medium-sized enterprises, Shiprocket has emerged as a major force in e-commerce logistics.

8. Saie

Clean, natural, and sustainable cosmetics products are available from the beauty company Saie. With an emphasis on ethical and sustainable sourcing, the company uses premium ingredients and no dangerous chemicals in the production of its goods.

Saie has a devoted following among customers searching for natural and ethical beauty products because of its dedication to transparency and environmental conscience. Additionally, the brand has experienced a spike in sales, with retail sales increasing by 140% between 2022 and 2023.

9. Elegoo

Elegoo, a Chinese manufacturing firm, is dedicated to giving STEM students around the world access to reasonably priced robots, 3D printers, and other equipment so they may understand the fundamentals of software and hardware combinations at a basic level.

Critics have given Elegoo’s 3D printers favorable ratings because of their cost-effectiveness and usefulness. Revenue for the startup increased from $100 million in 2021 to $200 million in 2023.

10. Cohere

Large language models for enterprise application are being developed by the AI company Cohere. They have created a Developer Playground, a suite of fine-tuning products, and three core models (Command, Embed, and Rerank). At a $5.5 billion value, the business secured $500 million in Series D funding in July 2024. The investment round had notable lead investors including AMD, Fujitsu, and Cisco.

11. Liquid Death

A DTC firm that sells canned water, Liquid Death is renowned for its distinctive branding and marketing strategy. The company has expanded into other product categories since its founding, such as iced tea, hydration mixes, and flavored sparkling water.

The business got $67 million in new capital at a $1.4 billion value due to its quick expansion, with sales rising from $110 million in 2022 to $263 million in 2023.

12. Melio

One of the challenges of running a small business is maintaining the books, especially when it comes to paying and billing contractors and vendors. Melio allows business owners to develop processes that expedite the payment process and syncs with QuickBooks with ease. The startup had 119,000 clients by the end of 2023, up from 94,000 the year before.

Steps To Start A Profitable And Successful Business

If you’re confident in your business idea and ready to move forward, follow these steps to set up your business for success:

1. Develop A Business Plan

A business plan serves as a roadmap for your operations, helping you make decisions that align with your goals and values. It outlines your strategy, target audience, financial projections, and more. Additionally, a business plan is often required if you plan to seek funding through loans or investments.

2. Secure Financing

Understanding your business’s financial needs is critical. By projecting income and expenses, you can determine how much capital is required to launch and sustain your business. While some businesses need significant upfront investment, others, such as home-based ventures, may have minimal costs.

Depending on your financial situation, explore funding options such as business loans, investments from partners, or crowdfunding campaigns to meet your capital requirements.

3. Select A Business Structure And Register Your Company

Choose the right business structure based on your goals and liability concerns. Common options include:

• Limited Liability Company (LLC)
• Partnership
• Corporation

Once you’ve decided, register your business with federal, state, and local authorities. This may include obtaining tax identification numbers and any necessary permits or licenses.

4. Set Up Banking And Bookkeeping

Separate your business finances from your personal accounts by opening a business checking account. You might also consider a credit card for business expenses to earn rewards.

Using accounting software or hiring a bookkeeper can help you manage finances, track expenses, and prepare tax documents. Accurate financial records are essential for creating reports, such as annual filings required by many states for corporations.

5. Promote Your Business

To attract customers, create a marketing plan that includes advertising, public relations, and promotional efforts. Many businesses rely on word-of-mouth referrals to grow their customer base, especially in the early stages.

As your business expands, consider using a mix of traditional and digital marketing strategies to increase brand awareness and drive sales. Consistent marketing efforts are key to growing your audience and establishing your brand in the market.

By taking these steps, you can build a strong foundation for your business and increase your chances of long-term success.

Conclusion

The majority of the credit for India’s thriving business sector goes to small entrepreneurs. Due to lower startup costs, steeper profit margins, and fewer risk factors, starting a successful business in India is simpler and more lucrative. These are among the most successful business ideas with great potential. Many of these profitable business ideas can be launched with minimal investment, often under $30,000.