As the most populous country in the world, India holds a prominent position in the startup ecosystem. It may not be obvious on the surface but the vast majority of mom-and-pop stores and retail-oriented businesses are run like startups. It is no wonder then that some of these companies eventually made it to the upper echelons of the corporate world. In this article, we list the top bootstrapped companies in India and chronicle their journey from the beginning.
What Defines a Bootstrapped Company?
While there is no universally accepted definition, a bootstrapped company is generally viewed as a self-financing business that doesn’t dilute equity. External funding may come in the form of loans and monetary support from family and friends but such funding is usually returned and doesn’t impact the entrepreneur’s control of the business. Another common characteristic is that bootstrapped ventures are founded by first-generation entrepreneurs.
Given the considerable constraints faced by these bootstrappers in navigating the challenges of starting and scaling a business without external financial support, these ventures essentially demonstrate resilience, creativity, and entrepreneurial spirit. A wide majority of bootstrapped companies are found in traditional, non-tech industries such as FMCG, Pharmaceuticals, Construction and Engineering, and others but this scenario is rapidly changing as we will read in this article.
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Table of Contents
List of Top Bootstrapped Companies in India
| Company | Headquarters | Value (INR Cr) | Change (%) |
| Serum Institute of India | Pune | 2,11,610 | 10 |
| Zoho Corporation | Chennai | 1,03,760 | 58 |
| Zerodha | Bengaluru | 87,750 | 50 |
| Megha Engineering and Infrastructure | Hyderabad | 77,860 | 15 |
| Parle Products | Mumbai | 68,640 | 16 |
| Amalgamations | Chennai | 56,660 | 68 |
| Patanjali Ayurved | Haridwar | 53,930 | Re-Valued |
| Macleods Pharmaceuticals | Mumbai | 52,150 | 25 |
| Godrej & Boyce Manufacturing Company | Mumbai | 43,420 | 66 |
| Haldiram Snacks | Nagpur | 40,160 | 72 |
#1 Serum Institute of India – Biggest Among Top Bootstrapped Companies in India
Serum Institute of India (SII), founded in 1966 by Dr. Cyrus Poonawalla, is the world’s largest vaccine manufacturer by volume, producing over 1.9 billion doses annually as of 2024, with plans to expand this capacity to 4 billion doses as well as the country’s second-largest unlisted business. Under the direction of Adar Poonawalla, the Institute is a production company that specializes in the development and distribution of different vaccines and immunizations. Polio, diphtheria, tetanus, pertussis, Hib, BCG, hepatitis B, measles, mumps, rubella, somalin, and COVID-19 vaccinations are among the vaccines they sell.
According to several studies, around 66% of children worldwide receive regular vaccinations, and approximately 98% of all newborns in India receive vaccinations. More significantly, vaccination is the most widespread industry in India since it is quite beneficial for acquiring Institute vaccinations.
As of February 2025, SII continues to innovate and expand its product offerings. Notably, it has received European Commission approval for its tuberculosis vaccine SIILTIBCY™, with distribution expected to begin in the first quarter of 2025. The company remains a key player in global health initiatives and continues to collaborate with international organizations like WHO and UNICEF to enhance vaccination coverage worldwide.
#2 Zoho Corporation – Redefining Business Software Solutions
Zoho Corporation is a multinational technology company recognized for its comprehensive suite of computer software and web-based business tools. It gained significant traction with its flagship product, the Zoho Office Suite, an online office suite that facilitates productivity and collaboration. Founded in 1996 by Sridhar Vembu and Tony Thomas, Zoho has evolved into a major player in the software industry, employing over 15,000 people globally. The company operates in multiple locations, with its global headquarters situated in Chennai, Tamil Nadu, and a corporate office in Del Valle, Texas, near Austin.
In January 2025, Sridhar Vembu announced his resignation as CEO to transition into the role of Chief Scientist, focusing on research and development initiatives, particularly in artificial intelligence and technology. This leadership shift will see co-founder Shailesh Kumar Davey stepping in as the new Group CEO. Recent reports indicate that Zoho’s valuation surged to approximately INR 1.04 lakh crore (about USD12.5 billion), marking a 58% increase from the previous year.
#3 Zerodha – Revolutionizing Trading in India
Zerodha, founded in 2010 in Bangalore by Nithin Kamath and Nikhil Kamath, has continued to innovate in the stock broking industry through its discount model and user-friendly applications. As of February 2025, Zerodha offers trading services across major Indian exchanges, including NSE, BSE, and MCX, covering equity, currency, and commodity segments. The company maintains its competitive edge by charging a flat fee of INR 20 per order, regardless of the order size.
Currently, Zerodha operates over 120 partner offices and branches throughout India. It serves approximately 1.6 crore users with a workforce exceeding 2,700 employees. The company provides a suite of innovative mobile applications, such as Zerodha Kite, Zerodha Coin, and Zerodha Varsity, which enhance the trading experience for its users.
#4 Megha Engineering – Emerging Star Among Bootstrap Company in India
Established in 1989, Megha Engineering & Infrastructures (MEIL) is a USD 5 billion multi-sector infrastructure company from India taking giant strides globally. Headquartered in Hyderabad, MEIL has expanded its operations across 24 states in India and multiple countries worldwide. The company has completed numerous landmark projects across diverse sectors, including water management, engineering, construction, manufacturing, transportation, hydrocarbons, power, process industries, and defense. MEIL is committed to delivering projects ‘On-Time’ and utilizes indigenous technological innovations.
MEIL is set to invest 10,300 crore rupees in developing a pumped storage project in Kommuru, Annamayya district of Andhra Pradesh. This project is among those approved by the State Investment Promotion Board. Olectra Greentech Limited, a MEIL group company, is transforming Maharashtra’s electric vehicle landscape. MEIL was defrauded of INR 5.47 crore in an online scam after cybercriminals impersonated a Dutch vendor in late January 2025.
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#5 Parle Products – Heritage in FMCG Excellence
Parle Products remains a significant player in the Fast-Moving Consumer Goods (FMCG) sector, particularly recognized for its biscuit offerings. Established in 1929 by Mohanlal Dayal Chauhan, the company initially produced candies and confectionery before pivoting to biscuits in 1939. Initially, Parle catered to the British Army, and it wasn’t until 1947 that it introduced its iconic Parle-G biscuit to the general public as a local alternative to British brands. Notably, in 2020, Parle-G was recognized as the world’s top-selling biscuit brand according to Nielsen reports.
As of February 2025, Parle Products has expanded its operations beyond biscuits, organizing its business under three entities: Parle Products, Parle Agro, and Parle Bisleri. Recently, Parle announced plans to increase prices by over 5% on its range of biscuits and snacks, effective January 2025, due to rising input costs associated with raw materials and logistics.
In terms of profitability, Parle Biscuits reported a significant profit increase, reaching approximately INR 1,607 crores for FY24, reflecting a robust performance amid challenging market conditions.
#6 Amalgamations Group – A Legacy of Technological Advancement
The Amalgamations Group, with a rich history dating back to pre-independent India, remains one of the oldest bootstrapped companies in India. The group is primarily engaged in auto component manufacturing, specializing in engines and engine parts, transmission parts, batteries, and instrumentation.
As of February 2025, the group comprises 47 companies, operates 50 manufacturing plants, and employs over 15,000 individuals. Notably, it has been recently valued at INR 56,660 crore, making it one of the top unlisted companies in India as reported by a joint study conducted by Axis Bank’s Burgundy Private and Hurun India. The standout entity within the group is Tractors & Farm Equipment Ltd (TAFE), recognized as one of India’s leading manufacturers of agricultural tractors.
#7 Patanjali Ayurved – Newest Entry in Biggest Bootstrapped Companies in India
Patanjali Ayurved, founded in 2006 by Baba Ramdev and Acharya Balkrishna, is an Indian multinational company headquartered in Haridwar, Uttarakhand. The company specializes in manufacturing a diverse range of products, including cosmetics, ayurvedic medicines, personal care items, and food products. Patanjali has rapidly gained prominence in the Fast-Moving Consumer Goods (FMCG) sector, leveraging a brand image centered around Ayurveda and natural living. The company operates with a strong nationalist ethos, aiming to promote Ayurveda and yoga while catering to both rural and urban markets. Its manufacturing facilities are primarily located in Haridwar, with a significant production capacity that supports its extensive product line.
#8 Macleods Pharmaceuticals – Leading in Healthcare Solutions
Macleods Pharmaceuticals, established in 1989, specializes in medications for anti-infectives, cardiovascular diseases, diabetes, dermatology, and hormone treatments. The company operates as a vertically integrated global pharmaceutical company. Macleods Pharmaceuticals has a presence in over 170 countries across North America, Europe, Africa, Asia, and South America. They also have a presence in the CIS (Commonwealth of Independent States) region.
As one of the bootstrapped startups in India, Macleods Pharmaceuticals holds a significant market presence with WHO-prequalified medicines used in the treatment of HIV/AIDS, Malaria, Tuberculosis (TB), and opportunistic infections.
#9 Godrej & Boyce Manufacturing Company
Established in 1897, Godrej & Boyce Manufacturing Company is another veteran in the list of top bootstrapped companies in India. The company has varied interests in the fields of construction, engineering, consumer durables, aerospace, defense, logistics, technology, healthcare, tooling, process equipment, material handling, locking, and storage solutions.
Godrej & Boyce is the flagship company of the Godrej Group and it is therefore not a surprise that the company has thrived without external funding. The company had revenues surpassing INR 16,221 crore, profit after tax was INR 409 crore, and employed over 15,000 individuals in FY 2024.
#10 Haldiram Snacks – From Small Shop to Global Brand
Haldiram’s is an Indian multinational fast-food restaurant and FMCG company, originally founded in 1937 as a confectionery and sweets shop in Bikaner, Rajasthan by Ganga Bhishen Agarwal, also known as Haldiram Ji. Today, Haldiram’s is based in Noida and is known for its traditional namkeens, western snacks, Indian sweets, cookies, sherbets, and pickles.
The company has a widespread network of 100 C & F and 1,000 distributors in India, with Haldiram’s products available in more than 7 million outlets. Haldiram’s operates on three models: kiosks, quick-service restaurants, and casual dining. In January 2024, Haldiram initiated talks to acquire a majority stake in Prataap Snacks, valued at USD 350 million, to strengthen its presence in the potato chip market.
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Top Bootstrapped Companies in India FAQs
What is a bootstrapped company in India?
A bootstrapped company in India is self-funded, relying on personal savings and revenue without external investments, maintaining full ownership.
Which is the biggest bootstrapped company in India?
Serum Institute of India is considered the biggest bootstrapped company in India, often cited alongside Zoho Corp as a top contender in this category.
Which are the other top bootstrapped companies in India?
Zoho Corporation, Zerodha, Megha Engineering, Parle Products, Amalgamations, and Patanjali Ayurved are the other notable bootstrapped companies in India.