HDFC bank emerged as India’s topmost brand, in a report,`WPP and Kantar Millward Brown’s BrandZ 75 Most Valuable Indian Brands’ on Friday and was awarded as the Company of the Year by The Economic Times. The report mentioned the increase in brand value, upto 21%; which amounts to USD 21.7 billion.
“HDFC Bank has retained its No. 1 spot for the fifth consecutive year with a rise of 21% to a brand value of $21.7 billion. The bank has built a reputation for its sustainable livelihood initiative by introducing smaller loans worth as little as $175 that can be accessed via its bank branches,” the report elaborated.
The report, released on Thursday, stated that the new ranking which showed a total of 75 brands reflected the ‘strength of India’s growing economy and a marketplace in which more local brands are emerging to present consumers with increased choice’.
The report shows HDFC topping with two new entrants – Life Insurance Corporation and Tata Consultancy Services. LIC was valued at $19.8 billion, while TCS was valued at $15 billion.
Insurance brand LIC comes in at the second spot due to the key role played by its pension plan business, while Tata Consultancy Services ranked third, having leveraged digital technologies to drive growth and business transformation, the report stated.
The top 10 spots were occupied by HDFC, LIC, TCS, Bharti Airtel with $11.4 billion, State Bank of India with $7.8 billion, Maruti Suzuki with $6.9 billion, Kotak Mahindra Bank with $6.6 billion, Asian Paints with $6.1 billion, ICICI Bank with $4.8 billion and Reliance Jio with $4 billion.
A few months after its launch, Mukesh Ambani’s Reliance Jio disrupted the telecom industry with cheap data plans and wide availability.
Other new high-ranking brands include e-commerce retailer Flipkart (No 11, USD 4.1 billion), e-commerce payment wallet Paytm (No 12, USD 4.1 billion) and Zee TV (No 15, $3.8 billion).
Since its launch five years ago, the total value of the top 50 Indian brands grew 110 per cent to USD 146.1 billion, outpacing the 76 per cent rise for the top 50 Chinese brands and 60 per cent growth for the global top 50 over the same period, the report said.