HDFC Bank retained its top spot in the `WPP and Kantar Millward Brown's BrandZ 75 Most Valuable Indian Brands' ranking, with a rise of 21 per cent in its brand value to USD 21.7 billion.
The new 2018 ranking has grown from 50 to 75 brands to reflect 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, released here Thursday, said.
HDFC Bank earned the top spot having built a reputation for its sustainable livelihood initiative by introducing smaller loans worth as little as USD 175 that can be accessed through its bank branches, it said.
Insurance brand LIC comes in at the second spot (USD 19.8 billion) due to the key role played by its pension plan business, while Tata Consultancy Services ranked third (USD 15 billion), having leveraged digital technologies to drive growth and business transformation.
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, it said.
"A booming economy and an increasingly digital world are re-shaping India's brand landscape and creating new opportunities. Brands that get it right, regardless of whether they are established players or newcomers are reaping the rewards," said David Roth, chief executive officer EMEA and Asia, The Store WPP.
"However, there is no room for complacency in this fast-paced environment where so many ambitious companies are ready to rise to the occasion," he added.
Trust is an important key driver of brand value, with its impact on corporate performance a key theme in this year's ranking, according to the report.
Highly trusted brands in the 2018 ranking have a value that is 86 per cent higher than those low in trust, and the opportunities for brands to compete on this parameter have risen as greater access to online information and social media have led to increased consumer knowledge, it noted.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)