Flipkart and Paytm entered the list of India's 10 most valuable brands as they joined Reliance Jio Infocomm Ltd. to represent new technology firms in the club.
Walmart Inc.-owned Flipkart's brand jumped 40% over the previous year to $6.5 billion and it now ranks eighth on the list of 75 companies compiled by the ad agency network WPP Plc. and market researcher Kantar Millward Brown. SoftBank- and Ant Financial-backed Paytm saw its brand jump 50% to $6.3 billion to rank nine.
Their entry underscores the growth of India’s digital economy that the government estimates to be a $1-trillion opportunity by 2025. Reliance Jio’s cheap data spurred Indians to shop and consume content online. The Covid-19 pandemic has only accelerated the shift as everything from online retail to cashless payments spiked.
HDFC Bank Ltd. continues to dominate the list of most valuable brands. India’s largest private lender by market remained on top for the seventh straight year even as its brand fell by more than a tenth over the previous year to $20. 3 billion. Life Insurance Corporation of India and Tata Consultancy Services Ltd. follow on a list of 75 companies.
State Bank of India fell from the fifth to the 10th rank, while ICICI Bank Ltd. and Maruti Suzuki India Ltd., India's largest carmaker, dropped off the list of Top 10.
Kotak Mahindra Bank Ltd.’s brand , too, fell 6% year-on-year to $7.2 billion even as it remained at the sixth spot. Reliance Jio Infocomm Ltd. jumped to the seventh place, with its brand rising 26%. Reliance Retail Ltd.’s brand doubled to rank 25.
This year’s ranking was worth $216 billion, a decline of 6% over last year, driven largely by a slowdown in the brand of companies in the banking and automotive sectors.
“The performance of retail, telecom and FMCG brands has shown that being agile in times of crisis is critical for growth,” Preeti Reddy, chief executive officer (South Asia) at Kantar Insights, was quoted as saying in a statement.
The report said trusted brands weathered the crisis better than brands with a low trust index. “Airtel (Bharti Airtel Ltd.) bet on its brand strategy of being open and transparent,” the statement said. “It’s now one of India’s most trusted brands and grew 36% in its brand over the past year.”
“Brands globally are being tested by the pandemic, especially in countries such as India where the economy was slowing prior to Covid-19,” David Roth, CEO of The Store WPP, EMEA and Asia and Chairman of BrandZ, said in the statement. “Many Indian brands have risen to the challenge and demonstrated their ability to innovate and adapt in ways that are world class.”
He also said companies that invest in brand-building are better placed to survive such challenges and emerge stronger.
RECOMMENDED FOR YOU
POPULAR