Home-grown consumer technology brands failed to make it to the list of top 50 most valuable Indian brands, but the category is ‘on the verge of emergence’ and has already started to gain ground, the first Indian edition of WPP’s BrandZ report showed.
“The recent rise of India tech brands, particularly in e-commerce, indicates that Indians who may have pursued their technology ambitions abroad in the past, are increasingly contributing their talents at home, a development that should have tremendous impact for the technology category and brands going forward,” the report said.
Consumer technology brands are rapidly developing, particularly in e-commerce. But since these brands are not publicly traded, they do not meet the criteria for inclusion in the BrandZ India top 50 ranking, though many have achieved high value, the report said.
However, the absence of technology brands in the list of top 50 most valuable Indian brands is striking because of the presence of so many Indian entrepreneurs who are working in major tech companies worldwide.
The first ever BrandZ ranking was commissioned by the world’s largest communications services group WPP Plc, while the valuation was conducted by Millward Brown, a brand equity and research valuation agency.
HDFC Bank grabbed the top position, followed by Bharti Airtel, State Bank of India and ICICI Bank.
The top 50 brands that made it to the list, according to the report, belonged to 13 different categories, of which 17 are multinational corporations (MNCs), 26 are private Indian brands and seven are state-owned brands. Seven of the top 10 brands and 30 per cent of the top 50 brands come from the service sector (banking, telecoms and insurance).