Six B2B tech brands and 11 consumer tech brands have contributed 35% to the total value of the ranking.
Kantar has released the ninth edition of BrandZ Top 75 Most Valuable Indian Brands 2022 report. As per the report, this year, technology and banking brands accounted for over half of the total value.
Tata Consultancy Services ($45.5 billion) claimed the number one spot in the list, followed by HDFC Bank ($32.7 billion). TCS’s brand value has been accelerated by global demand for automation and digital transformation, following the COVID pandemic.
As per a press note, India’s strongest brands have bounced back from the pandemic, to increase their brand value by a massive 35% CAGR (since 2020). The report states that India’s top 75 brands are worth a combined $393 billion, equivalent to 11% of the country’s GDP.
Additionally, six B2B tech brands and 11 consumer tech brands have contributed 35% to the total value of the ranking, reflecting the rise of 'Tech India'. Overall, B2B brands (like tech, payments) are, on average, almost three times as valuable as B2C brands.
The 11 consumer tech brands in the list, reflect the increasingly digital way Indian consumers live, which is 11% of the total brand value. The four most valuable brands in this category are Flipkart, Byju’s, Swiggy and Nykaa.
Consumers shift towards digital
Sharing insights on consumer behaviour post-pandemic, Soumya Mohanty, managing director, Insights Division, Kantar, said, "The needs of consumers have evolved, post-pandemic. The nature of their needs has changed, as now they are spending a lot more time online. The consumers are expecting more touchpoints online, than they would have expected in the past."
"Earlier, brands used to convey messages through television. But today, brands are engaged with their consumers online. Brands provide different avenues to their consumers, in which they can explore and use the brand more. The idea of larger brand purpose has gone up, post-COVID."
The report states that two new entrants – Infosys ($29.2 billion) has rocketed up to number three from 12th position, and ICICI Bank ($11 billion) has climbed two places to number nine. State Bank of India ($13.6 billion) has also risen four places to number six.
Brands from 23 different categories were part of the list. Insurance brands have also performed well, as the pandemic increased consumers’ focus on protection of life and health. Telecom providers in the list include Airtel (number four; $17.4 billion) and Jio (number 10; $10.7 billion).
Key newcomers include Vi (number 15; $6.5 billion); formed from a merger between Vodafone and Idea, Byju’s (number 19: $5.5 billion), the educational technology brand that has become India’s most valuable education brand, and Adani Gas (number 21; $4,5 billion).
Deepender Rana, executive managing director – South Asia, Insights Division, Kantar, said, “India’s leading brands have grown at an exceptional rate, despite global economic headwinds, putting the disruption from COVID behind them. Indeed, they have both driven and benefited from the transformation in consumer and business behaviour, as a result of COVID, especially where it relates to the use of technology. The challenge now is to sustain momentum, as inflation bites worldwide and consumers and businesses adjust to the new normal.”
Concerns about sustainability
COVID has made the consumers more concerned about the environment and climate changes. They are adopting sustainable behaviour, looking for responsible practices of brands, etc.
Mohanty said, "Post-pandemic, consumers are more aware of what they want from a brand. Brands have also started talking about sustainability. Brands need to be a part of the solution. They play a key role in helping mitigate climate change by following sustainable practices themselves, also enabling consumers to participate in that."
According to the report, overall, 65% of Indians feel anxious about climate change, and 64% believe businesses must play their part. Some of the highest ranking brands from the list that have a have a relevant sustainability agenda include Zomato (number 30; $3.1 billion). It offsets the carbon footprint of its deliveries and packaging. Swiggy (number 20; $4.8 billion) elevates consumers’ quality of life, with speedy delivery of meals, groceries and healthy items. Flipkart (number 12; $8.9 billion) helps smaller local brands to connect with consumers via its platform.
Mohanty added, “Purposeful and sustainable brands are rewarded. Indian consumers look further than the brand attributes that affect them personally. They want brands to improve their lives and have a positive impact on wider society. They vote with their wallets, choosing brands they see as ‘doing the right thing’. Indian brands should have a clear view of their purpose, connect strongly with it by embedding it in their culture, talk about it in creative and powerful ways, and deliver on it – without fail.”