This whitepaper offers a comprehensive analysis of India’s corporate landscape beyond MSMEs, focusing on mid-sized to large B2B companies (both listed and unlisted). It draws upon the most recent government data and market studies by reputed analysts (IMRB, Gartner, ICRA, CRISIL, EY, PWC, etc.) to inform strategy for financial technology services and internal training.
All figures, policy details, sector breakdowns, and fintech insights below have been extracted from the extensive original research output.
• Corporate Universe: Although only about 1% of the 1.8 million companies registered under the Companies Act are above MSME size, these mid-to-large corporates drive the majority of India’s GDP and industrial output. CRISIL ratings indicate roughly 25,000–30,000 such companies.
• Sectoral Breakdown: The top 15 sectors—spanning infrastructure, manufacturing, IT & telecom, BFSI, energy, pharmaceuticals, automotive, FMCG, real estate, defence, and more—contribute substantially to GDP and receive extensive government investment.
• Regional Distribution: Traditional hubs such as Maharashtra, Delhi NCR, Tamil Nadu, and Gujarat remain dominant; however, new clusters are emerging in Uttar Pradesh, West Bengal, and Andhra Pradesh.
• Credit Challenges: Mid-corporates face issues like high leverage, collateral constraints, delayed receivables, and limited access to capital markets, even as reforms (e.g. IBC) help improve overall credit discipline.
• Government Support: Schemes like the Production-Linked Incentive (PLI) programme, National Infrastructure Pipeline (NIP), Emergency Credit Line Guarantee Scheme (ECLGS), along with tax and digital reforms, support growth.
• Policy Environment: Reforms including GST, IBC, consolidated labour codes, and FDI liberalisation have reshaped India’s business environment.
• Future Outlook: With targets under the “Viksit Bharat” vision (a $30 trillion economy by 2047), sustained reforms, infrastructure spending, and digitalisation will propel growth.
• B2B Innovation: A vibrant ecosystem of B2B startups and fintech platforms is emerging, providing enterprise software, digital lending, logistics optimisation, and other specialised solutions to corporates.
• Fintech Adoption: Corporates are rapidly embracing digital payments, online lending, treasury management, and integrated compliance tools—all of which are reshaping internal finance functions.
• India has roughly 1.8 million companies registered under the Companies Act; however, only around 1% of these qualify as “above MSME” (mid-to-large corporates).
• CRISIL estimates indicate over 25,000 such companies, representing the backbone of industrial output and exports.
• These corporates are segmented primarily by revenue:
• Mid-market companies typically earn between ₹250 crore and ₹1,000 crore annually.
• Large enterprises often exceed ₹5,000 crore, with Fortune India 500 firms contributing over 60% of revenue among listed entities.
• Despite their low numbers, these firms are responsible for a lion’s share of GDP, industrial production, and capital formation.
Revenue Segmentation:
• Detailed segmentation reveals a “long tail” of mid-sized corporates that form the critical middle tier of the economy, supporting supply chains and localised growth.