India today counts just five publicly listed companies with a market capitalization exceeding $100 billion, according to investor Aviral Bhatnagar. Bharti Airtel is the youngest among them—yet, at 31 years old, it underlines a key challenge for India’s innovation ecosystem: the need for many more, much younger, super-sized firms.
Global Comparison Shows India Lags in Young Giants
Avirall Bhatnagar stressed that the United States boasts 89 companies above the $100 billion mark, with the youngest member, AppLovin, only 13 years old. China has 17 such companies, led by the 10-year-old e-commerce disruptor Pinduoduo. This data reflects not just size but the velocity with which new leaders can emerge and redefine their economies.
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India’s Current $100B Club Dominated by Legacy Giants
India’s existing roster—Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and ICICI Bank—are diversified titans, mostly decades-old, with deep interests in oil, IT, financial services and telecom. Their success stories, while impressive, have taken decades to mature.
Global Competitors Create Big Players Faster
In the US, tech-heavy leaders such as Apple, Microsoft, Google (Alphabet), Amazon, Nvidia, alongside newer giants like Meta (Facebook), Tesla and AppLovin, have crossed the $100 billion milestone in much shorter time spans.
China’s heavyweights include Tencent, Alibaba, ICBC, and ByteDance, with Pinduoduo standing out as a symbol of how rapidly platform-based businesses can scale.
Rising Indian Startups with $100B Potential
For India, the future looks promising but unfinished. Several fast-growing startups and tech-led companies are seen as credible contenders to breach the $100 billion threshold within the next decade. Notable names include:
- Reliance Jio – Poised for a major re-rating if listed independently.
- Flipkart – E-commerce leader with IPO ambitions.
- Paytm – Despite market volatility, remains a key fintech player.
- Zomato – Growing aggressively in food delivery and quick-commerce.
- Nykaa – Strong e-commerce and D2C beauty/fashion player with consistent growth.
- Ola Electric – Gaining traction in India’s EV market.
The Race for Younger, Bigger Market Leaders
The aspiration—mirrored in Aviral Bhatnagar’s commentary—is for India’s startup ecosystem to match global peers not just by minting $100B companies, but by producing them younger and faster. With a supportive policy environment, access to scaling capital, and surging digital adoption, India may see a wave of tech-first companies shaking up its long-established corporate pecking order.
Aviral Bhatnagar recently drawing attention to a crucial reality of employee stock options: headline numbers often overstate what you actually take home. Using a simple example, he shows how taxes and exercise costs eat into perceived gains.
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[…] Recently, Aviral Bhatnagar is calling for more young Indian companies to cross $100 Bn valuation. But why? […]