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Story of Scale-ups: An Analysis of 100 Scaled Start-ups

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Story of Scale-ups: An Analysis of 100 Scaled Start-ups


Scaling is a dram of every start-up but scaling right is what is more important. Right scaling at right time holds the key to a successful start-up. To understand this better, we analyzed a set of shortlisted successful scale-ups on various aspects and came out with insightful outcomes:

Key Scale-up Metrics for ~100 scale-ups:

  • These scale-ups have generated over $12 mn of revenue
  • Combined valuation stands at $200+ bn
  • Total employee count of these scale-ups is >0.2 mn
  • Cumulative funding raised by them is >$65 bn
  • These scale-ups went through 1000+ funding rounds

Other Key Outcomes:

  • Location Matters: Bengaluru, Delhi-NCR, Mumbai are the leading hubs accounting for more than 80% of the scale-ups
  • Vertical also play a key role: ~44% of scale-ups focus nn FinTech & RetailTech followed by EnterpriseTech, SCM & Logistics, HealthTech and Edtech
  • B2B vs. B2C: 53% of scale-up belong to only B2B; >70% B2B scale-ups catering largely to 4 key verticals: Fintech (24%), Enterprise Tech(18%), RetailTech (15%) and SCM & Logistics(15%) while >70% B2C scale-ups focused on RetailTech(26%), Fintech (25%), HealthTech(11%) and Edtech(8%)
  • Revenue: ~5X average revenue growth of scale-ups over the period of 2016-19
  • 2nd Innings: Entrepreneur experience plays a key role in scaling. >45% scale-ups are founded by former entrepreneurs’; Fintech, RetailTech most preferred sectors for more than 40% of 2nd gen founders
  • Large Funding: ~ $650 mn average funding raised by each scale-ups since their year of inception. scale-ups in Top 2 Sectors – EdTech and RetailTech is >$1 bn each
  • Time Variability: ~5 Years average time to scale for a start-up across all sectors. Time to scale depends on the vertical and business model like for FinTech its 5.7 years, for HealthTech its 4.7 Years and for SCM & Logistics its 2.9 Years


The secret sauce to scale can be called Revenue + Funding + Timing + Experience

Scaling is a strategic thing and needs a combination of many parameters. Right from founders’ capability to a strong team; from funding to right timing, a lot should be focused upon by start-ups.