Three Indian startups, online payment gateway startup Razorpay, income tax return filing platform Cleartax and social commerce platform Meesho, have made it to US-based startup accelerator Y Combinator’s top companies list of 2019.
Y Combinator recently published a list of 101 companies that have emerged as leaders of their respective sectors. Companies like Stripe, Airbnb, Cruise, DoorDash, Coinbase, Instacart, Dropbox, Ginkgo Bioworks, Gusto and Flexport made it to the top ten.
The three Bengaluru-based startups on the list have together created over 2,000 jobs, according to a blog published on Y Combinator.
Razorpay, founded in 2015 by Harshil Mathur and Shashank Kumar, is a platform that helps businesses accept, process and disburse payments.
Founded in 2015 by Sanjeev Barnwal and Vidit Aatrey, Meesho is an online reseller network of housewives and small and medium enterprises, who sell products within their network on social channels.
ClearTax, founded in 2011 by Ankit Solanki, Archit Gupta and Srivatsan Chari, is a fintech platform providing solutions for income tax filing, goods and services tax (GST) and mutual fund investments.
“It is a wonderful feeling to be part of the list of 2019 Top Y Combinator companies,” Gupta, co-founder and CEO said.
“For us, everything changed when in the summer of 2014, the renowned Silicon Valley-based start-up accelerator Y Combinator selected ClearTax to be part of its accelerator programme. We derived a lot of value from being in there. I am pretty sure with the kind of opportunity and learning one derives from YC experience, it will inspire more and more Indian companies to apply to Y Combinator. Currently, the list shows that only 3% of companies are from India. I believe in the next two years, this 3% would jump to 15%, the majority will be fintech companies and India will become the new gravity centre.”
The cumulative valuation of top companies on the list was at more than $ 155 billion. Moreover, 100 companies were valued at more than $150 million and 19 companies at $1 billion. The startups have together created more than 50,000 jobs, the blog added.
About 51% of the companies belonged to business-to-business software and services. Financial technology and services and consumer goods and services-based companies accounted for 16% and 11% respectively.
The Y Combinator programme is designed for founder-chief executive officers, who are leading rapidly growing companies and approaching 50 employees. It focuses on specific issues that every startup has to overcome to scale operations successfully.
In May, Y Combinator had selected a record number of 15 startups from India for its 2019 summer batch.
In March, US-based accelerator held interviews in India for its accelerator programme which was the first of its kind.