Chhattisgarh is home to a vibrant startup ecosystem, with innovative companies like Zof, Gim Books, and Finology leading the way. These startups are addressing various challenges in sectors such as food, technology, healthcare, and mental health, showcasing the potential of entrepreneurship in the region.
Chhattisgarh, a state in central India, is emerging as a hub for innovative startups. This blog post highlights ten remarkable startups from the region, showcasing their unique solutions and contributions to various industries. From food production to technology and healthcare, these companies are making significant strides in their respective fields.
Before diving into the startups, it's essential to acknowledge the support provided by the Chhattisgarh government. The state launched its first government-sponsored incubator, 36 Inc, in 2018, which has incubated 68 startups to date. Additionally, the government has established the Leap of Faith Revolving Fund, offering interest-free loans of up to 50 lakh rupees for select startups. This supportive environment has fostered entrepreneurship in the state.
Founded by brothers Akos and Ashish Agell in 2018, Zof is a D2C spice brand based in Raipur. The company aims to compete with established brands like MDH and Everest. After investing 60 crore rupees in a state-of-the-art manufacturing facility and 30 crore rupees in offline distribution, Zof faced challenges during the pandemic, leading to the downsizing of their sales team. However, they pivoted to an online distribution model and gained traction after appearing on Shark Tank India, securing a 1 crore rupee investment from Aman Gupta. In FY 24, Zof reported revenues of 93 crore rupees and aims to reach 170 crore rupees in FY 25.
Gim Books, founded by Yash Raj Agell in 2018, is a cloud-based bookkeeping app designed for small and medium-sized enterprises. Yash's personal struggles with accounting led him to create this solution, especially after the introduction of GST complicated tax management for small businesses. With over 20,000 users, Gim Books generated 7 crore rupees in revenue in FY 24 and expects to close FY 25 with 20 crore rupees.
Finology, founded by Pranav Khera in 2017, started as a YouTube channel aimed at simplifying finance and investing for beginners. In 2019, it evolved into a registered investment advisory, offering various investment products and courses. The company has served over a million customers and operates with a team of 50, primarily based in Chhattisgarh. While specific revenue figures are not disclosed, Finology continues to grow its customer base and product offerings.
Dwap Foods, founded by a brother-sister duo and their friend in 2022, produces healthy rice-based snacks. They identified a gap in the market for value-added rice products, leading to the establishment of their production facility in Bilai. In their first year, they served 12,000 customers and generated 36 lakh rupees in revenue, which grew to 95 lakh rupees in FY 24. They recently made their first international export to Australia and expect to close FY 25 with 3 crore rupees in revenue.
Monocular, founded by Moit Sahu and Puru Ugal, aims to enhance safety and efficiency in Chhattisgarh's mining industry. They utilize drones to create 2D and 3D maps for mining companies, helping them optimize operations. With a revenue of 1 crore rupees in FY 24, Monocular expects to reach 2.4 crore rupees in FY 25.
Founded in 2020 by Saru B Kumar, Kunal UD, and Just Breit Singh, Everx focuses on electric vehicles. Their flagship product, the DYO electric cycle, boasts a top speed of 40 km/h and a range of 60 km per charge. They also offer solar-powered cycles and electric wheelchairs. With a revenue of 9 lakh rupees in FY 24, Everx aims to reach 1 crore rupee revenue by FY 26 through new product launches and partnerships.
Vertex Suite, founded by Suzel Motra and Chandra Anand in 2023, integrates WhatsApp chatbots with e-commerce companies using the WhatsApp Business API. Despite being operational for only a year, they ended FY 24 with a revenue of 20.65 lakh rupees and plan to expand into Southeast Asia and the Middle East, expecting to close FY 25 with 5.78 crore rupees in revenue.
Med Click, founded by Vadani Omash Tani and Shivam Kle in 2016, aims to address India's ventilator shortage. They are developing an advanced ventilator using indigenous technology and have already secured pre-orders despite not having launched their product yet. Their goal is to become one of the top five respiratory device manufacturers globally.
Founded in 2020 by Abhilash and Shiv Shosta, Better Space is a mental health platform offering online counseling and therapy pods. With over 200 psychologists on their platform, they have helped between 15,000 and 20,000 people. Better Space recently became profitable and raised 45 lakh rupees in their pre-seed round to expand into corporate wellness.
Chelo, founded by Amit Bail and Kishor Kumar, started as a B2B taxi service in 2018 after pivoting from an app to track buses. They now serve 9,000 clients and generated 17 lakh rupees in revenue in FY 24. Chelo is also working on new projects, including a government-funded initiative and a road safety gadget, expecting to increase their revenue to 40 lakh rupees in FY 25.
Chhattisgarh's startup ecosystem is thriving, with innovative companies addressing various challenges across multiple sectors. The support from the government and the entrepreneurial spirit of these founders are driving growth and creating opportunities in the region. As these startups continue to evolve, they are setting a precedent for future entrepreneurs in Chhattisgarh and beyond.
