Top Industries by State: A Data-Driven Analysis of 2.87M Indian Companies
India's business landscape is more complex—and more surprising—than most people realize. Based on IndoVik's comprehensive analysis of 1.87 million active companies across 36 states and 626 districts, the actual picture of Indian industry reveals unexpected leaders and hidden opportunities.
This isn't theoretical analysis. This is real data from actual company registrations, spanning industries from traditional manufacturing to modern tech startups. Let's dive into what the numbers actually say.
🇮🇳 Explore Companies by Business Activities (NIC 74999)
See all 1.87M+ active companies in Other business activities n.e.c. across all states.
The Big Picture: India by the Numbers
Before we dive state-by-state, here's what the national landscape looks like:
| Metric | Count |
|---|---|
| Total Companies | 2,874,780 |
| States & Union Territories | 36 |
| Districts | 626 |
| Data Year Range | 1857 - 2025 |
India's Top 5 States by Company Count
| Rank | State | Companies | Key Strength |
|---|---|---|---|
| 1 | Maharashtra | 514,881 | Business hub, wholesale & real estate |
| 2 | Delhi | 410,791 | Trading & services capital |
| 3 | Tamil Nadu | 211,135 | Diverse industries |
| 4 | Karnataka | 185,726 | Tech hub with diverse sectors |
| 5 | Telangana | 165,282 | Emerging tech & business services |
What the Data Actually Shows
Here's something that might surprise you: the most common business category across India isn't software, manufacturing, or even retail. It's "Other business activities n.e.c." (not elsewhere classified)—with 248,327 companies nationwide.
This broad category includes consulting, professional services, and various B2B services that don't fit into traditional industry classifications. It reflects the reality of modern India's economy: services-driven, entrepreneurial, and increasingly diverse.
Top 5 Industries Nationwide
| Rank | Industry (NIC Code & Full Classification) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 248,327 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 101,930 |
| 3 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 43,889 |
| 4 | 70109 - Real estate activities with own or leased property Section L: Real Estate Activities Division 70: Real Estate Activities Class: Real estate activities n.e.c. Sub-class: Real estate activities n.e.c. | 38,604 |
| 5 | 55101 - Hotels and motels Section I: Accommodation & Food Service Activities Division 55: Accommodation & Food Service Activities Class: Hotels and motels Sub-class: Hotels and motels | 34,470 |
State-by-State Deep Dive
Now let's examine each major state's actual business landscape, backed by real data from company registrations.
1. Maharashtra: India's Business Capital
Total Active Companies: 352,092 (#1 in India)
Key District: Mumbai (highest concentration)
Top Industries in Maharashtra:
| Rank | Industry (NIC Code & Full Hierarchy) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 40,297 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 7,950 |
| 3 | 70102 - Purchase, sale, letting of leased non-residential buildings Section L: Real Estate Activities Division 70: Real Estate Activities Class: Purchase, sale letting of leased non-residential buildings Sub-class: Purchase, sale letting of leased non-residential buildings | 5,072 |
| 4 | 70109 - Real estate activities n.e.c. Section L: Real Estate Activities Division 70: Real Estate Activities Class: Real estate activities n.e.c. Sub-class: Real estate activities n.e.c. | 4,853 |
| 5 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 4,409 |
Why Maharashtra Leads:
- Mumbai's financial dominance: India's financial capital drives wholesale trade and business services
- Real estate hub: Strong commercial and residential property market
- Port advantage: Logistics and trading benefit from India's largest port
- Corporate HQs: Many companies maintain Maharashtra headquarters for regulatory convenience
Opportunities for Entrepreneurs:
- B2B services: With 54K+ business activity companies, there's enormous demand for specialized B2B services
- Real estate tech: Strong property market needs better management, listing, and transaction platforms
- Logistics optimization: Wholesale and trading sectors need supply chain solutions
🔍 Explore All Maharashtra Companies
Filter by district, industry, and more. See detailed breakdown of 352K+ active companies.
2. Delhi: Trading & Services Powerhouse
Total Companies: 410,791 (#2 in India)
Key District: Central Delhi (highest concentration)
Top Industries in Delhi:
| Rank | Industry (NIC Code & Full Hierarchy) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 42,468 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 16,461 |
| 3 | 70109 - Real estate activities n.e.c. Section L: Real Estate Activities Division 70: Real Estate Activities Class: Real estate activities n.e.c. Sub-class: Real estate activities n.e.c. | 7,856 |
| 4 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 7,289 |
| 5 | 55101 - Hotels and motels Section I: Accommodation & Food Service Activities Division 55: Accommodation & Food Service Activities Class: Hotels and motels Sub-class: Hotels and motels | 5,812 |
Why Delhi is #2:
- North India's commercial hub: Serving as trading center for northern states
- Government proximity: Many companies maintain Delhi offices for regulatory access
- Services dominance: Strong consulting, legal, and business services ecosystem
Opportunities for Entrepreneurs:
- Government tech: Proximity to government creates opportunities in GovTech and compliance solutions
- Trading platforms: Strong wholesale sector needs digital marketplaces and B2B platforms
- Hospitality tech: With 5.8K hotels, there's room for booking and management platforms
3. Tamil Nadu: Manufacturing & Services Balance
Total Companies: 211,135 (#3 in India)
Key District: Chennai (highest concentration)
Top Industries in Tamil Nadu:
| Rank | Industry (NIC Code & Full Hierarchy) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 18,471 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 5,307 |
| 3 | 64910 - Activities of Mutual Funds Section K: Financial & Insurance Activities Division 64: Financial Service Activities Class: Activities of Mutual Funds Sub-class: Activities of Mutual Funds | 3,668 |
| 4 | 70102 - Purchase, sale, letting of leased non-residential buildings Section L: Real Estate Activities Division 70: Real Estate Activities Class: Purchase, sale letting of leased non-residential buildings Sub-class: Purchase, sale letting of leased non-residential buildings | 3,074 |
| 5 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 2,948 |
Why Tamil Nadu is #3:
- Manufacturing base: Traditional manufacturing hub (automotive, textiles)
- Financial services: Strong presence of mutual funds and financial activities
- Chennai's port: Drives trading and logistics activities
Opportunities for Entrepreneurs:
- Manufacturing tech: Industrial automation, quality control, and supply chain solutions
- FinTech: Strong financial sector creates demand for innovative financial services
- Logistics optimization: Port-based trade needs better logistics technology
4. Karnataka: Beyond Just Tech
Total Companies: 185,726 (#4 in India)
Key District: Bangalore Urban (151,552 companies - 81% of state total)
Top Industries in Karnataka:
| Rank | Industry (NIC Code & Full Hierarchy) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 19,878 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 3,227 |
| 3 | 62090 - Other information technology and computer service activities n.e.c. Section J: Information & Communication Division 62: Computer Programming, Consultancy & Related Class: Other information technology and computer service activities n.e.c. Sub-class: Other information technology and computer service activities n.e.c. | 3,168 |
| 4 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 1,733 |
| 5 | 70109 - Real estate activities n.e.c. Section L: Real Estate Activities Division 70: Real Estate Activities Class: Real estate activities n.e.c. Sub-class: Real estate activities n.e.c. | 1,723 |
The Reality Check:
Bangalore is known as India's Silicon Valley, but the data tells a more nuanced story. While IT services are present (~3K companies), they're actually the third-largest category. The top two spots go to business activities and wholesale trade.
This reveals something important: Bangalore's economy is more diverse than just tech. It's a comprehensive business hub with strong presence across services, trading, construction, and real estate.
Why Karnataka is #4:
- Bangalore's dominance: 81% of companies in just one district
- Tech ecosystem: While not dominant numerically, IT companies have outsized influence and valuation
- Startup ecosystem: Strong venture capital presence and startup culture
Opportunities for Entrepreneurs:
- B2B SaaS: 19K+ business activity companies need software solutions
- Real estate tech: Bangalore's property market needs better platforms for transactions and management
- Construction tech: 1.7K construction companies in one city create opportunities for proptech and construction management
📍 Explore Karnataka District by District
See detailed breakdown of 129K+ active companies across all districts with interactive filters.
5. Telangana: The Rising Star
Total Companies: 165,282 (#5 in India)
Key District: Hyderabad (highest concentration)
Top Industries in Telangana:
| Rank | Industry (NIC Code & Full Hierarchy) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 14,264 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 3,014 |
| 3 | 62090 - Other IT and computer service activities n.e.c. Section J: Information & Communication Division 62: Computer Programming, Consultancy & Related Class: Other information technology and computer service activities n.e.c. Sub-class: Other information technology and computer service activities n.e.c. | 2,530 |
| 4 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 1,656 |
| 5 | 70109 - Real estate activities n.e.c. Section L: Real Estate Activities Division 70: Real Estate Activities Class: Real estate activities n.e.c. Sub-class: Real estate activities n.e.c. | 1,559 |
Why Telangana is Rising:
- Hyderabad's emergence: Rapid growth following 2014 state formation
- Second tech hub: Developing as alternative to Bangalore for IT companies
- Government initiatives: Pro-business policies driving registrations
Opportunities for Entrepreneurs:
- Talent arbitrage: Lower costs than Bangalore with similar talent pool
- Growth-stage market: Rapid development creates opportunities in infrastructure, services, and tech
- Government tech: State government focus on tech creates opportunities in public sector projects
6. Gujarat: Manufacturing & Trading Hub
Total Companies: 154,678
Key Districts: Ahmedabad, Surat, Vadodara
Top Industries in Gujarat:
| Rank | Industry (NIC Code & Full Hierarchy) | Companies |
|---|---|---|
| 1 | 74999 - Other business activities n.e.c. Section N: Administrative & Support Service Activities Division 74: Administrative & Support Service Activities Class: Other business activities n.e.c. Sub-class: Other business activities n.e.c. | 8,400 |
| 2 | 51909 - Other wholesale n.e.c. Section H: Transportation & Storage Division 51: Wholesale & Retail Trade Class: Other wholesale n.e.c. Sub-class: Other wholesale n.e.c. | 5,370 |
| 3 | 45201 - General construction of residential buildings Section G: Wholesale & Retail Trade Division 45: Wholesale & Retail Trade Class: General construction of residential buildings Sub-class: General construction of residential buildings | 4,583 |
| 4 | 64990 - Activities of Chit fund/Kuri companies Section K: Financial & Insurance Activities Division 64: Financial Service Activities Class: Activities of Chit fund/Kuri companies Sub-class: Activities of Chit fund/Kuri companies | 2,974 |
| 5 | 70109 - Real estate activities n.e.c. Section L: Real Estate Activities Division 70: Real Estate Activities Class: Real estate activities n.e.c. Sub-class: Real estate activities n.e.c. | 2,579 |
Why Gujarat Matters:
- Traditional manufacturing: Textiles, chemicals, pharmaceuticals
- Trading culture: Strong mercantile community drives wholesale trade
- Port infrastructure: Multiple ports drive international trade
Opportunities for Entrepreneurs:
- Manufacturing tech: Traditional industries need modernization and automation
- Export-oriented platforms: Strong manufacturing base needs better export platforms
- Financial inclusion: Chit fund presence suggests opportunity for modern financial services
Key Insights for Entrepreneurs
1. Business Activities Are Everywhere
The dominant category across all states is "Other business activities n.e.c." This isn't a bug—it's a feature of modern economies. It represents consulting, professional services, and diverse B2B services that don't fit traditional classifications.
Takeaway: If you're planning a B2B service company, you're entering the largest category of Indian business. Competition is high, but so is opportunity.
2. Wholesale Trade is Massive
The second most common category is wholesale trade. India's economy still runs on distribution networks, wholesalers, and traders—much more so than on direct-to-consumer brands.
Takeaway: B2B marketplaces and supply chain solutions have enormous addressable markets. Don't assume everyone's going direct-to-consumer.
3. Construction & Real Estate Are Consistent
Every major state has strong construction and real estate presence. This reflects India's urbanization and infrastructure development.
Takeaway: PropTech, construction management, and real estate services have markets in every state. These aren't niche opportunities—they're universal needs.
4. Tech is Present but Not Dominant
Even in Karnataka and Telangana—India's tech hubs—IT-specific companies represent a small percentage of total registrations. The reality is most companies use technology but aren't classified as "tech" companies.
Takeaway: The opportunity isn't just in building tech companies—it's in building technology for the 2.6M+ non-tech companies.
5. State Concentration is Real
In Karnataka, 81% of companies are in Bangalore Urban. Similar concentration exists in other states. This creates winner-take-all dynamics within states.
Takeaway: Location matters more than most entrepreneurs realize. Being in the right district can make or break your business.
How to Use This Data for Your Business
Validate Your Market Size
Before launching, use IndoVik to count companies in your target industry and location. Are there 10 competitors or 10,000? This data tells you.
Choose the Right Location
Different states specialize in different industries. Maharashtra for wholesale, Delhi for services, Tamil Nadu for manufacturing. Choose your state strategically.
Find Adjacent Opportunities
Sometimes the best opportunities are next door. If you're building for tech companies, consider building for the 19K+ "business activities" companies in Karnataka instead.
Research Competitors
See who's already operating in your space. What NIC codes do they use? Where are they located? How much capital do they have?
Start Your State-by-State Analysis
This analysis is just the beginning. IndoVik's database of 2.87 million companies lets you drill down to any state, district, or industry.
Want to see all manufacturing companies in Gujarat? All hotels in Delhi? All tech companies in Bangalore? It's all available for free.
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