Written By: Tapasya.P

India is a country with burgeoning businesses and innovative ideas. The upcoming entrepreneurs possess a bunch of innovative ideas and creativity for businesses they are willing to start. They look for effective strategies that can help them contribute efficiently to the economy of the nation. India is witnessing a huge scope of profits and growth through new business goals and objectives. Best shark tank ideas for entrepreneurs in India are playing an influential role in India’s present business scenario. 

Top 7 best shark tank ideas for entrepreneurs in India in the year 2024

As we have entered 2024, let's explore some of the best shark tank ideas for upcoming entrepreneurs who are the sharks of the Indian market. 

The following are the top 7 most successful businesses to start by entrepreneurs in India in the year 2024.

1.    Sustainable Packaging Solutions

There is an upsurge in the use of eco-friendly and sustainable packaging products with an increase in people’s concern related to sustainable development. Thus, the best start-up business ideas considering offering compostable and biodegradable packing solutions are attracting the attention of entrepreneurs. 

Consideration of these business ideas by the sharks in the market can help in catering to the growing demand of consumers for such products. It can also help in aiding the reduction of carbon footprints. 

One successful example of sustainable packaging solutions entrepreneurship in India is "The Infinity Box". It was established by Keshav Godala and Shaswat Gangwal with a mission of revolutionizing curtailing waste and creating a sustainable packaging system. 

The organization presently serves around 30 lakhs plus orders all over India. They also have around 50 plus clients to whom they provide their services including banquets, universities, corporates, hospitals, cafeterias, etc. 

2.    Edtech Business

The tech businesses are rapidly growing in the Indian market. Entrepreneurs can consider this option to be one of the best business ideas. There is a huge demand for preschools, educational institutions, and coaching centres in India.

One can either consider buying the franchise of edtech or making an independent coaching or education centre. Online education is in huge demand among parents since the global pandemic of Covid-19 when there were huge restrictions on traveling. 

Entrepreneurs can consider the arrangement of required funding from investors for starting their business. They can select a well-communicated location and hire well-educated trainers or educators to gain the required benefits from their entrepreneurship. 

Entrepreneurs can also consider effective tools and technologies that can be helpful in efficient knowledge delivery through virtual classes. Additionally, before starting to operate they can also consider advertising and promoting the educational center to attract targeted customers.

Some of the best examples of Edtech startups operating successfully in India are Byju’s, Unacademy, etc. Unacademy is operating since the year 2010 by Gaurav Munjal, Sachin Gupta, Hemesh Singh and Roman Saini. 

At present their employee range is around 8351 people. Similarly, Byju's started operating in Bangalore as a startup in the year 2011 and has expanded rapidly over the years. Additionally, it has become the leading edtech organization operating in India. 

3.    Business Idea of Setting up Home Solar Energy Solutions

Considering the business idea of offering a set-up of home solar energy solutions is one of the new innovative business ideas in India. At present, most of the locations in India receive abundant sunlight. 

Thus, the people of the nation can easily purchase equipment of solar energy and set it up on their balcony or rooftop. This can help the consumers gain huge profits through the generation of electricity for free. 

It can also help these people by supplying electricity to the related companies and nearby locations. Thus, investing in home solar solution products can help offer innovative services and also contribute to environmental well-being. 

There has been a reduction in the price of solar panels in the past few years. However, the installation as well as maintenance expenses are quite high. People in India face scarcity of water and electricity in most areas due to the comparatively hot weather than earlier. 

To prevent this situation, investing in a home solar solutions business can be an efficient business idea for the upcoming entrepreneurs.

Orb Energy is one such organization mainly focusing on offering consumers solutions for solar energy. The organization’s headquarters is in Bangalore and was established in the year 2006. NP Ramesh and Damien Miller are the founders of Orb Energy. 

The organization deals with the manufacturing of solar panels as well as provides services that are responsible for designing, installing, and maintaining the entire solar system. 

Thus, several similar organizations in India are running successfully with a rise in demand for clean energy sources among consumers. Another example is Solar Maxx which deals in the manufacturing of solar lighting, solutions for solar heating, solar power, and PV modules. Thus, getting into a franchise business with this organization will be a good business idea for aspiring entrepreneurs.

4.    Childcare Service Solutions

With the rising expenses, there has been a requirement of increasing income in a family. This is why in most families both couples are working in the present generation. The trend of both partners working has become a trend to manage the rising expenses being incurred in a family. 

This aligns with the rise in demand for childcare service solution providers to take care of the children and protect them while their parents are away at work. Thus, entrepreneurs can consider implementing the idea of starting a child care service solution business. 

This they can implement with the arrangement of a few toys for children of different ages. They can also add diapers, first aid equipment, antiseptic creams or ointments, and children's food that is healthy.

So, if the entrepreneur likes spending time with children, then this is one of the best shark tank ideas that will be a good fit. For instance, SuperSitters is a platform of efficient babysitting services for working parents. 

This organization is a startup and started operating in 2022. They aid in connecting with working parents by providing them with vetted and trained babysitters. 

The organization connects with the parents on their preferred time as well as location and provides them with appropriate babysitters based on their requirements. 

5.    Home-made Bakery Business

If you or any of your friends or family members have a passion for baking or bakery items, then this business idea will be great. People in India have a fondness for bakery items as snacks and shop a lot from bakery outlets. 

Thus, this startup business idea for entrepreneurs can run well in India. The start of this business can be a little expensive and the entrepreneur should arrange a good amount of funds for it. However, as the business starts and people get to know about it, can help in making huge profits. Considering items with attractive decorations, delicacy, and hygiene, this business idea can flourish.

Additionally, it can be initiated both from home or an outlet. However, some investment in advertisements and promotions will be required to make people aware of the business and its products.

One example of a homemade bakery business is Cakermon which is now among one of the best bakery and customized cake shops located in Kolkata. It also offers franchise options for the aspiring entrepreneurs. 

Click here to learn more about the brand and similar other opportunities in the bakery franchise business. 

6.    Travel Registration and Booking Services

India attracts a huge number of tourists from all over the world. Thus travelling registration and booking service businesses have a scope of growth and expansion. However, the entrepreneur is required to get their travel agency registered under the State. 

This business idea will require an attractive workplace with well-connected areas. People coming from all over the world consider getting the best advice from travel agencies and agents before scheduling a trip. 

Thus the entrepreneurs can take up setting this business idea and can expect success shortly. 

7.    Cyber Security Service Business

In the present era of digitization, many organizations and businesses are facing cyber threats and breaches of confidential data that lead to huge hazards. Thus, cyber security is a matter of huge concern among different businesses and organizations to prevent fraudulent activities. 

Hence, entrepreneurs with a business idea of providing cyber security services possess huge success chances in the future. It has huge opportunities for growth and demand among consumers from different sectors. 

Industries such as finance, entertainment, retail, and healthcare are prone to challenges related to cyber security. They look for efficient solutions to protect their confidential data or information. 

So, entrepreneurs in India looking to start a new business can go for this business idea which will aid in adding to their benefits in the long run.

So have you decided on which of the best shark tank ideas you would want to start?

All the above business ideas are taken into consideration considering the present changing scenario, consumer demands, and market trends. An entrepreneur can start with a business involving low investment as well as consider all legal requirements. 

Bright business ideas depend on the urge to cater to changing consumer requirements and meet market trends. Thus, it is the responsibility of the entrepreneurs in India to do thorough research and select one of the best businesses to flourish. 

The best entrepreneur ideas are required to be implemented to successfully sustain in the market competition. 

If you are willing to gather more information regarding different shark tank business ideas to gain success as an entrepreneur, get in touch with our expert team at FranchiseBazar.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.