State of Ecommerce in India, Q3 2022

© INC42 MEDIA | NOT FOR DISTRIBUTION / 2
Table Of Contents 25 The State Of Ecommerce Unicorns & Soonicorns
The List
Revenue Analysis
3 India’s Digital Economy In A Nutshell
4 India’s Startup Economy: A Snapshot 34 Ecommerce Startups On The IPO Ladder
5 Indian Ecommerce Market: A Snapshot Listed IPOs
6 Upcoming IPOs
Indian Ecommerce Market: Key Statistics
37 Most Active Ecommerce Investors In Q2 2022
7 Ecommerce Market Opportunity In India
9 Ecommerce Startups: The Funding Funnel 38 Infocus: D2C
10 India’s Ecommerce Landscape: Key Segments & Startups Indian D2C Startups: Key Statistics
India’s D2C Landscape: Key Segments
11 India’s Ecommerce Ecosystem Q2 2022: Key Highlights
Evolution Of D2C In India (Lifecycle graph)
13 Ecommerce Startups that Bagged Biggest Funding Rounds In Q2 2022
Category Deep Dive In D2C
15 Notable acquisitions in India’s Ecommerce Space In Q2 2022 India’s D2C Startup Landscape
16 India’s Ecommerce Ecosystem: Funding Trends Funding Trends
MoM Funding Financial Performance Analysis
Average Ticket Size 61 Early Stage D2C Startups Making Waves

Sectors With Maximum Funding 70 Survey: India's D2C Founders
Stagewise Analysis
90 Key Challenges For D2C Brands In India
Top Hubs For Ecommerce Funding (Tier-1 andTier 2 & Above)
91 Ecommerce Trends To Watch Out For
Mergers & Acquisitions
State Of Indian Digital Economy

1,500
1.3 Bn+ 61% 44%
Internet Users Internet Penetration Increase In Internet
1,343
By 2030 In India Users From 2022 To
1,310
1,273
2030
1,132
1,186
1,134
1,000 1,075
Internet Users (Mn)
1,008
$0.68 4.7 Hours 305 Mn+

932
846
Per GB Internet Average Hours Spent Users Doing Online

Cost In India On Mobile Per Day Transactions In
Per User India
500
110 Bn+ $2.3 Tn+ 373 Mn+

Total No. Of UPI Total Value Of UPI Estimated Rural
0 Transaction As On Transactions As Internet Users In
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 July 2022 On July 2022 2022
Source: Statista, NPCI, Bain & Company, App Annie

Indian Startup Economy: A Snapshot
Funding Raised By
Startup Indian Startups In The
57K Launches $131 Bn Startups Between 2014 106
And H1 2022 Unicorn Club
Investors Participated In
Funded Startups Combined Valuation Of
5K+ In India 1,245 Startup Funding Between $450 Bn+ Indian Startups
2015 and H1 2022
M&A Deals Recorded Indian Internet Companies

1,088 Between 2014 And 18 Listed To Date
H1 2022
India’s Ecommerce Market: A Landscape
Market Size And Growth Venture Capital Unicorns & Soonicorns
Funding Raised Number Of

$400 Bn Estimated Market
Opportunity By 2030 $30 Bn Between 2014 And 23 Unicorns In India
H1 2022
Number Of
18.9%
Estimated CAGR
(2022-2030)
682 Number Of Funded
Startups In India 16 Soonicorns In India
Ecommerce Subsector
Number Of M&As
5,127 Number Of Active
Startups In India
170 During H1 2022 Marketplace With The Highest
Number Of Unicorns
Indian Ecommerce Market: Key Statistics
Number Of Internet Users, World Rank In Cross Border Ecommerce

932 Mn+ 2022 9th Growth, 2020
Number Of Online Shoppers, FDI In B2B Ecommerce & Marketplace

128 Mn+ FY2022 100% Model Of Ecommerce Under The
Automatic Route
Smartphone Penetration, Increase In The GMV (Gross Merchandise

61% 2022 Value) Of Generated Sales During Festive
23% Season 2021 (Worth $9.2 Bn) Compared
To 2020
Average Monthly Mobile Data

17 GB Consumption Per User, 2021
India’s Ecommerce Market To Surpass $400 Bn By 2030

The country’s ecommerce market is estimated to grow at a CAGR of 19% during 2022-2030
400.0
Ecommerce Market Size (In $ Bn)
300.0
200.0
100.0
0.0
2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Source: Deloitte, Inc42
Online Shoppers Are Projected To Reach 350 Mn By 2025

Online shoppers will be growing at a CAGR of 28.5% during FY 2020- FY 2025
400
Number Of Online Shoppers (In Mn)
300
200
100
0
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Source: Bain and Flipkart Report 2020

Ecommerce Startups: The Funding Pyramid
77
Late Stage Ecommerce
Startups In India
Growth Stage
197 Ecommerce Startups
In India
433 Seed Stage Ecommerce Startups

In India
682 Funded Ecommerce Startups In India
5,127 Active Ecommerce Startups In India
Note: This is on the basis of number of startups funded during 2014- Q1 2022
Source: Inc42
India’s Ecommerce Landscape: Key Segments

Horizontal FMCG
Total Funding Amount Total Funding Amount
Marketplace
$17.1 Bn Vertical $4.2 Bn Fashion
D2C
Home Decor
Total Funded Startups Total Funded Startups Consumer Electronics
200+ 180+ Others
Social Commerce
Live Commerce Logistics

$939.8 Mn Content Commerce $810.7 Mn Marketing
Enabler
Payment Gateway
Total Funded Startups Total Funded Startups SaaS
25+ 50+ Roll Ups
B2B Ecommerce
Total Funding Amount Classifieds Total Funding Amount Industrial Goods
Recommerce
$2.7 Bn $4.2 Bn FMCG

Automotive
Marketplace
Total Funded Startups Electronic Gadgets Total Funded Startups
50+ 75+
Note: Funding is for the period 2014 to H1 2022

India’s Ecommerce Startup Landscape
Social Ecommerce Recommerce B2B

D2C Commerce
Marketplace
Enabler Ecommerce
Ecommerce Funding Trends in Q2 2022: A Snapshot
$1.2 Bn+ 73
Total Funding Raised Number Of Unique Funded Startups
38.3% 79
YoY Decline In Total Funding Total Deal Count
$19 Mn Delhi NCR

Average Ticket Size For Ecommerce
Top Startup Hub
Deals
Most Active Ecommerce Investors

272%
YoY Surge In Seed Stage Funding
Note: The error in top startup hub was updated from Bengaluru to Delhi NCR, on 7 September 2022.
Ecommerce Startups That Bagged Biggest Funding Rounds In Q2 2022

Company Name Sub-Sector Funding Stage Funding Amount Notable Participating Investors
D2C Late Stage $108 Mn Venturi Partners, Trifecta Capital, IIFL Asset Management, Elevation Capital, Orios Ventures
D2C Late Stage $100 Mn Alpha Wave Global
Ecommerce Enabler Seed Stage $100 Mn KKR, SoftBank, Alpha Wave Global, Temasek
B2B Ecommerce Growth Stage $100 Mn Prosus Ventures, WestBridge Capital, Accel, Elevation Capital, DisruptAD
Recommerce Late Stage $90 Mn NewQuest, Prosus Ventures, Bessemer, Blume Ventures, Olympus Capital
B2B Ecommerce Late Stage $65 Mn Lighthouse India, Creaegis, Health Quad, Ackermans & Van Haaren, British International Investment
D2C Late Stage $50 Mn L Catterton, A91 Partners, Elevation Capital, India Quotient
Company Name Sub-Sector Funding Stage Funding Amount Notable Participating Investors
B2B Ecommerce Undisclosed $50 Mn Liquidity Group's MARS Unicorn Fund
Ecommerce Enabler Growth Stage $50 Mn Winter Capital, 9Unicorns, Venture Catalysts, Vivriti Capital, Oxyzo
D2C Undisclosed $48 Mn GIC
D2C Late Stage $45 Mn Alpha Wave Global, Tiger Global Management, Elevation Capital, Think Investments
B2B Ecommerce Growth Stage $40 Mn Tiger Global Management, Alpha Wave Global, Sparrow Capital, Stride Ventures
D2C Late Stage $33 Mn Paramak Ventures, Premji Invest, Blume Ventures, Kedaara
D2C Growth Stage $30 Mn WestBridge Capital
B2B Ecommerce Growth Stage $28 Mn Tiger Global Management, Info Edge
Notable Acquisitions In India’s Ecommerce Space In Q2 2022

Company Name Company Stage Acquired By Notable Investors
Seed Stage Government Of Karnataka, Department Of Science & Technology, Qualcomm
Bootstrapped N/A
Growth Stage Accel, Vertex Ventures, CDH Investments, Korea Investment Partners
Seed Stage Mumbai Angels
Bootstrapped N/A
Bootstrapped N/A
Source: Inc42
Note: N/A stands for not available
Ecommerce Funding Dropped Drastically In 2022 After A 12X Jump In 2021

On a YoY level, ecommerce startups are likely to see decline in total funding in 2022 compared to 2021
12.0 300
10.0
Funding Amount (In $ Bn)
8.0 200
Deal Count
6.0
4.0 100
2.0
0.0 0
2014 2015 2016 2017 2018 2019 2020 2021 H1 2022
Funding Amount (In $ Bn) Deal Count
Note: The funding data in 2022 is only considered till 30th June, 2022
Source: Inc42
Ecommerce Funding Continues To Decline On A QoQ Basis

6.0 125
100
4.0
75
Deal Count
50
2.0
25
0.0 0
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Source: Inc42
Average Ticket Size For Ecommerce Funding Drops To $19 Mn In Q2 2022

From its highest value i.e., $132.9 Mn in Q4 2021, the average ticket size decline by 86% in Q2 2022
150.0
Average Ticket Size (In $ Mn)
100.0
50.0
0.0
8
2
01
01
01
01
01
01
01
01
02
02
02
02
02
02
02
02
02
02
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Source: Inc42
Ecommerce Funding Showed 63% Jump In Q2 2022 On A YoY Basis

D2C turned out to be the most-funded ecommerce sub-sector in Q2 2022
Recommerce
10.0%
Marketplace
3.1%
D2C
51.0%
Ecommerce Enabler Others
10.5% 1.7%
$0.7 Bn $1.2 Bn
Recommerce
Ecommerce B2B Ecommerce
Ecommerce
7.7%
Funding In Q2 50.4% Funding In Q2
2021 2022
D2C Ecommerce Enabler

26.0% 13.8% B2B Ecommerce
25.8%
Source: Inc42
Note: Others in Q2 2022 includes funding raised by social commerce and marketplace startups
Ecommerce Funding Deals Showed 84% Jump In Q2 2022 On A YoY Basis

D2C bagged maximum funding deals among ecommerce sub-sectors in Q2 2022
Others
7.0%
Others
Marketplace
5.1%
9.3%
Ecommerce Enabler
6.3%
Ecommerce Enabler 79
43
11.6% Funding
Funding Marketplace Deals
Deals 10.1%
D2C In Q2 2022
In Q2 2021
58.1%
D2C
65.8%
B2B Ecommerce
14.0%
B2B Ecommerce
12.7%
Source: Inc42
Note: Others in Q2 2022 includes funding raised by social commerce and marketplace startups
Ecommerce Startups Raised $3.1 Bn In The First Six Months Of 2022

Q2 2022 witnessed a decline of 38.3% in the ecommerce funding as compared to the previous quarter
1.0
0.8
0.5
0.3
0.0
January February March April May June
Source: Inc42
Funding At Bridge Stage Showed Highest YoY Surge For Ecommerce Startups
1250.0
1000.0
+1574% (Bridge Funding)
Funding Amount (In $ Mn)
750.0 +272% (Seed Stage)
+119% (Growth Stage)

500.0
+25% (Late Stage)
250.0
0.0
Q2 2021 Q2 2022
Bridge Funding Seed Stage Growth Stage Late Stage
Source: Inc42
Seed Stage Saw The Highest YoY Surge In Funding Deals For Ecommerce
Startups In India
Q2 2022 witnessed a decline of 38.3% in the ecommerce funding as compared to the previous quarter
80
+129% (Seed Stage)

60
+56% (Late Stage)
Deal Count
+46% (Growth Stage)

40
20
0
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Source: Inc42
Delhi NCR Remains Top Destination For Ecommerce Startup Funding

Top 5 Startup Hubs In Ecommerce Space (Q2 2022)
Top 5 Startup Hubs In Ecommerce Space (Q2 2022)

Delhi NCR Delhi NCR
Mumbai Bengaluru
Bengaluru Mumbai
Thane Jaipur
Jaipur Thane
0.00 0.20 0.40 0.60 0.80 0 10 20 30

The State Of Ecommerce Unicorns & Soonicorns In India
23 Unicorns 16 Soonicorns
$86 Bn Combined Valuation $5.3 Bn Combined Valuation
$28.6 Bn Total Capital Raised $2.1 Bn Total Capital Raised
08 D2C
Top Subsectors
10 Marketplace
Top Subsectors
04 B2B Ecommerce
04 B2B Ecommerce
03 Marketplace
03 D2C
11 Delhi NCR 07 Mumbai
TopHubs
Top Hubs
07 Bengaluru 05 Bengaluru
04 Mumbai 04 Delhi NCR

Ecommerce Startup Landscape: Unicorns, Soonicorns & Growth Stage

Companies
Unicorns (Valued $1 Bn+)
Soonicorns (Valued $200 Mn+)
Growth Stage (Series A & B)

Inside India’s Ecommerce Unicorns

Became Years To Valuation Funding
Company Name Segment Headquarters Unicorn In Unicorn (In $ Bn) (In $ Bn) Notable Investors
Recommerce Delhi NCR 2020 5 1.8 1.3 DST Global, Falcon Edge Capital, Sequoia Capital India, SoftBank
Social Commerce Bengaluru 2022 4 1.6 0.6 Matrix Partners, Omidyar Network, InnoVen Capital, DST Global
Marketplace Delhi NCR 2021 7 1.2 0.3 BEENEXT, Digital Garage, Lightbox Ventures, Toyota Tsusho Corporation
Marketplace Pune 2020 10 2.0 0.7 IDG Capital, Elevation Capital,Chiratae Ventures, SoftBank, PremjiInvest
Marketplace Bengaluru 2012 5 37.6 12.6 Accel, Axis Bank, DST Global, eBay, Flipkart, GIC, Naspers, SoftBank
Ecommerce Enabler Delhi NCR 2021 0 1.1 0.3 Chiratae Ventures, Chrys Capital, FirstCry, Lightspeed India Partners
Marketplace Mumbai 2021 6 1.2 0.3 Accel, Amazon, Ascent Capital, Bessemer Venture Partners
B2B Ecommerce Mumbai 2021 5 2.5 0.4 Accel,InnoVen Capital, Nexus Venture Partners, Tiger Global Management

D2C Delhi NCR 2019 8 2.5 0.8 Chiratae Ventures,PremjiInvest, SoftBank, Temasek Holdings, TPG
D2C Bengaluru 2021 9 1.0 0.5 3One4 Capital, Bertelsmann, IIFL Asset Management,Temasek Holdings
Marketplace Bengaluru 2022 8 1.2 0.4 Kohlberg Kravis Roberts, Trifecta Capital, Tahoe Investment Group
D2C Delhi NCR 2021 5 1.1 0.1 Fireside Ventures, Sequoia Capital India, Shilpa Setty, Sofina
Social Commerce Bengaluru 2021 6 4.9 1.1 B Capital Group, DST Partners, Facebook, Investopad, Prosus & Naspers
Ecommerce Enabler Bengaluru 2021 0 1.0 0.2 Accel, Alpha Wave Incubation, Alteria Capital, Falcon Edge Capital
B2B Ecommerce Delhi NCR 2021 6 1.0 0.5 Accel,Bessemer Venture Partners, Tiger Global Management
Marketplace Mumbai 2020 8 14.0 0.1 Fidelity Management and Research Company, Lighthouse Funds

B2B Ecommerce Delhi NCR 2021 6 3.0 0.9 FalconEdge Capital, InnoVen Capital, Kotak Mahindra Bank, Matrix Partners
Marketplace Delhi NCR 2018 2 2.0 3.0 SoftBank, Alibaba Group, eBay
Marketplace Mumbai 2022 11 1.1 0.3 Goldman Sachs, Sequoia Capital, PremjiInvest, IvyCap Ventures
Marketplace Delhi NCR 2016 5 0.1 0.3 Helion Venture Partners, Nexus Venture Partners, GIC,InnoVen Capital
Marketplace Delhi NCR 2014 4 N/A 1.8 SoftBank, Alibaba Group, Kalaari Capital, BlackRock, Intel Capital
Recommerce Delhi NCR 2021 6 1.0 0.5 Abu Dhabi Growth Fund, Accel, Blume Ventures, Elevation Capital
B2B Ecommerce Bengaluru 2018 2 3.1 1.5 BlackSoil Capital, DST Global, InnoVen Capital,Lightspeed Venture Partners
Inside India’s Ecommerce Soonicorns
Company Name Segment Headquarters Founded In Funding Amount (In $ Mn) Notable Investors
B2B Ecommerce Delhi NCR 1996 41 Elevation Capital, Intel Capital, Amadeus Capital Partners
Marketplace Mumbai 2009 307 Canaan Partners, Epiphany Ventures, Canaan Partners, Tiger Global Management
D2C Bengaluru 2011 100 Accel, Kalaari Capital, IvyCap Ventures, Dragoneer Investment Group
Marketplace Mumbai 2011 53 Rise Capital, LionRock Capital, Velos Partners, LionRock Capital, Jabbar Internet Group
Marketplace Mumbai 2011 285 Bertelsmann, Goldman Sachs, InnoVen Capital, Norwest Venture Partners, Pidlite Industries
D2C Bengaluru 2012 229 InnoVen Capital, Trifecta Capital, Lightbox, BlackSoil
D2C Mumbai 2012 36 Elevation Capital, Stride Ventures, India Quotient, Anicut Capital, RB Investments
Company Name Segment Headquarters Founded In Funding Amount (In $ Mn) Notable Investors
D2C Bengaluru 2014 61 Sequoia Capital, SIG, Verlinvest
B2B Ecommerce Bengaluru 2015 151 Nexus Venture Partners, Kalaari Capital, Alteria Capital, Invus,Heron Rock Fund
B2B Ecommerce Mumbai 2015 240 Accel, Addventures, B Capital Group, CDC Group, Chiratae Ventures, Tiger Global Management
B2B Ecommerce Mumbai 2015 177 Lighthouse Funds, CDC Group, Toppan Printing
D2C Delhi NCR 2016 116 Qualcomm ventures, Warburg Pincus, InnoVen Capital,Fireside Ventures,Navi Technologies
D2C Mumbai 2016 38 Paragon Partners India, RPSG Capital Ventures, Sharrp Ventures
Social Commerce Delhi NCR 2019 112 Elevation Capital, Accel, WaterBridge Ventures, General Catalyst Partners, Jungle Ventures
D2C Bengaluru 2014 173 GIC, Chrys Capital
D2C Delhi NCR 2012 86 Tiger Global Management, Innoven Capital, Elevation Capital, Think Investments
Revenue Analysis: Ecommerce Unicorns In India

Company Name Sales FY20 (In $ Mn) Sales FY21 (In $ Mn) YoY Growth
402 364 -9%

8 32 312%
$7.4 Bn Aggregate revenue clocked by ecommerce
23 17 -27%
unicorns in FY21 compared to $5.8 Bn in FY20.
107 175 63%
4,556 5,726 26%
6.0 5.9 2%
47 142 205%
119 117 -2%
18 56 219%
53 43 -19%
$7.9 Bn Aggregate expenditure clocked by ecommerce
unicorns in FY21 compared to $6.6 Bn the previous year.
15 61 320%
41 106 158%
50 104 107%
2 3 38%
93 184 97%
61 25 -59%
26.1% YoY surge in aggregate revenue as opposed to
12 17 39%
20.7% in total expenditure.
12 15 29%
109 57 -47%
2 3 121%
Source: Inc42, MCA
Note: The analysis presented in this section is based on the sample set of 20 ecommerce unicorns. GlobalBees, Mensa Brands, and Udaan are not included.,
Note: Sales is derived from the revenue from operations
Profitability Analysis: Ecommerce Unicorns In India

Company Name EBITDA FY20 (In $ Mn) EBITDA FY21 (In $ Mn) YoY Growth
-34.4 -19.9 42.1%

-3.9 -8.5 119.7%
30% Ecommerce unicorns in India were EBIDTA
-10.5 -7.5 28.8%
positive in FY21.
-16.8 30.7 282.6%
-411.1 -314.6 23.5%
-9.3 -5.3 43.2%
1.8 7.8 332.2%
5.6 11.5 105.6%
-17.5 -25.1 43.6%
-42.8 -31.4 26.7%
$6.4 Mn Median monthly burn rate of Indian ecommerce
unicorns in FY21 as compared to $3.1 Mn in FY20.
-0.7 4.0 642.3%
-39.8 -65.3 64.3%
-9.9 -10.1 1.8%
12.0 23.6 95.9%
4.2 6.1 43.7%
-53.6 -55.6 3.6%
-$7.0 Mn Median EBITDA of Indian unicorns in FY21, a 22%
-2.6 -5.7 120.1%
increase from negative $9.1 Mn in FY20 indicating that
-5.8 -7.0 21.3%
profitability still remains a question among ecommerce
-33.8 -10.4 69.3%
unicorns although the aggregate value of losses has reduced
-9.1 -12.2 33.9%
Source:Inc42
Note: The analysis presented in this section is based on the sample set of 20 ecommerce unicorns. GlobalBees, Mensa Brands, and Udaan are not included.
Indian Ecommerce Startups: Listed Companies

Company Name Last Private Valuation Valuation At IPO Price Current Market Cap
$525 Mn $1 Bn $376 Mn
$1.2 Bn $12 Bn $8 Bn
N/A $0.5 Bn $2 Bn
Note: N/A stands for Not Available

Note: The market capitalisation of CarTrade, Nykaa, and IndiaMart indicates data recorded on 30th August, 2022
Source: Inc42
Indian Ecommerce Startups: Expected IPOs

Company Name Headquarters Last Private Equity Valuation Targeted IPO Valuation
Bengaluru $37.6 Bn $60 Bn
Delhi-NCR N/A $1.5 Bn
Delhi-NCR $1.4 Bn $2 Bn
Pune $2.7- $3 Bn $6-7 Bn
Mumbai N/A N/A
Delhi-NCR $1 Bn $2 Bn
Note: N/A stands for Not Available

Source: Inc42
IndiaMART's Share Price Hit The Peak Since Its IPO
400.0%
IPO Price Last Traded Price % Change In Share
Company Name (In INR) (LTP) (In INR) Price Since IPO
353.1%
300.0%
1,618 640.7 -60.4%

% Change In Share Price Since IPO
200.0%
1,125 1,346.4 19.7%

100.0%
19.7% 973 4,408.9 353.1%

0.0%
-60.4%
-100.0%
CarTrade Nykaa IndiaMART
Source: Inc42 Plus, NSE

Note: Last traded price is the stock closing price on August 29, 2022.
Most Active Indian Ecommerce Investors In Q2 2022

Investor’s Name Deal Count Notable Startups Funded
Source: Inc42
Note: Deal count has been collated from announcement made by the startups, funds
In Focus
D2C (Direct To Consumer)
Indian D2C Startups: Key Statistics
D2C Market Opportunity By 2030 Funded D2C Brands In India No. Of Soonicorns
$300 Bn 346 08
Digital First Brands In India No. Of Unicorns Total Funding
50K 03 $4.4 Bn
India’s D2C Landscape: Key Segments

FMCG FMCG Decor
Home
Packaged Food Packaged Food

Furniture
Total Funding Amount Soft Drinks Total Funding Amount Soft Drinks
Mattress
$2.1 Bn Hot Drinks $2.1 Bn
$563 Mn Hot Drinks
Health & Wellness Health & Wellness
Total Funded Startups Tissue & Hygiene Total Funded Startups Tissue & Hygiene
250+
192+ Consumer Health 250+
19+ Consumer Health
Beauty & Personal Care Beauty & Personal Care
Fashion Consumer Electronics
Apparel & Footwear Home Appliances

$1.5 Bn Eyewear $139 Mn Electronics
Personal Accessories
Total Funded Startups Total Funded Startups
103+ 6+
Note: Funding is for the period 2014-H1 2022

Evolution Of D2C In India
Omnichannel
Emergence Of Omnichannel D2C Ecommerce
Pure-Play D2C (Presence On Own (Presence On Own
(Only Own Online Website & Website,
Website) Marketplaces) Marketplace &
Offline Retail Stores)
Indian D2C Total Addressable Market Opportunity Is Poised To Cross $302 Bn

By 2030
The country’s D2C market is estimated to grow at a CAGR of 24% during 2021-2030
400.0
D2C Addressable Market (In $ Bn)
300.0
200.0
100.0
0.0
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
Note: F stands for Forecasted value
Source: Inc42
FMCG
$2.1 Bn 192 ~400% 276

Total Funding Number Of Unique YoY Surge In Total Total Deal
Raised Funded Startups Funding In Q2 2022 Count
The Online FMCG Market Is Poised To Cross $21 Bn By 2025 Key Trends
25.0
Subscription & Personalisation models
20.0
Natural & Toxic-Free Product Offering
Addressable Market In $ Bn
15.0
Tech-enabled buying experience
10.0
Transparency in product offering
5.0
Attractive & Wide Product Portfolio

0.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
FMCG D2C Brands Landscape
Personal Care
TM
Beauty And
Wellness
Cosmetics
Meat
Food And
Beverage Dairy Products
Health Supplements
Snacks
Beverages
Meals
Fashion
$1.5 Bn 103 70% 180

The Online Fashion Market Is Poised To Cross $43 Bn By 2025 Key Trends
50.0
Celebrity inspired or endorsed D2C brands
40.0
Customized Offering
30.0
Tech enabled and advanced products
20.0
Quirky & Fashionable Designs

10.0
0.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
Fashion D2C Brands Landscape
Western Wear
Ethnic Wear
Eyewear
Activewear
Innerwear
Footwear
Accessories
Home Decor
$563 Mn 19 195% 44
The Online Home Decor Market Is Poised To Cross $5.4 Bn By 2025 Key Trends
6.0
Focus On Sustainability
Wider Product Offerings

Market Potential In $ Bn
4.0
Increased Demand Due To WFH Flexibility

2.0
More Focus On Health Based & Ergonomic Preferences
0.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
Home Decor D2C Brands Landscape
Home Decor
Consumer Electronics
$139 Mn 06 12
Total Funding Number Of Unique Total Deal Count
Raised Funded Startups
The Online Consumer Electronics Is Poised To Cross $31 Bn By 2025 Key Trends
50.0
Increased Affordability Of Devices
40.0
Appealing Aesthetics & Design
30.0
Increased Health Awareness
20.0
Varied Used Cases
10.0
Rising Demand In Tier 2 & More Markets
0.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
Consumer Electronics D2C Brands Landscape
Consumer Electronics
D2C Startups Continue To Bag Investor Interest, $1.3 Bn Raised In H1 2022
1.5 200
150
1.0
Deal Count
100
0.5
50
0.0 0
2014 2015 2016 2017 2018 2019 2020 2021 H1 2022
Source: Inc42
Funding For D2C Brands Recorded 10% Decline In Q2 2022 Compared To

Q1 2022
0.8 80
0.6 60
Deal Count
0.4 40
0.2 20
0.0 0
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Source: Inc42
$15 Mn Average Ticket Size Of D2C Funding In Q2 2022

The average ticket size for D2C startups grew by 12.3% in Q2 2022 as compared to previous quarter
20.0
15.0
10.0
5.0
0.0
2
8
02
01
01
01
01
01
01
01
01
02
02
02
02
02
02
02
02
02
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
-2
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Source: Inc42
Average Ticket Size For D2C Brands Grew By 12.3% In Q2 2022 Compared
To Q1 2022
20.0
15.0
10.0
5.0
0.0
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Source: Inc42
Around 195% Growth In D2C Funding In Q2 2022 Compared To Q2 2021

FMCG turned out to be the most-funded D2C sub-sector in Q2 2022
FMCG
Others
59.7%
3.3%
Consumer Electronics Others

2.7%
4.8%
Home Decor
$202 Mn 5.0% $597 Mn
D2C Funding D2C Funding
In Q2 2021 Fashion In Q2 2022
FMCG 56.6%
35.3%
Fashion
32.5%
Source: Inc42
Note: Others includes funding raised by startups in home and lifestyle, kitchenware, handicrafts, plants, bakery and more categories.
Growth Stage Saw The Highest YoY Surge For D2C Startups In India
600.0
400.0
+219% (Growth Stage)
+204% (Late Stage)

200.0
+119% (Seed Stage)
0.0
Q2 2021 Q2 2022

Source: Inc42
Only Bridge Stage D2C Startups Saw Positive Growth In Q2 2022 Compared
To Q1 2022
800.0
-10% (Late Stage)

600.0
-20% (Growth Stage)
-27% (Seed Stage)
400.0
200.0
0.0
Q4-2021 Q1-2022 Q2-2022
Source: Inc42
Late Stage Saw The Highest YoY Surge In Deal Count For D2C Startups
In India
60
+150% (Late Stage)
+46% (Seed Stage)
+40% (Growth Stage)
40
Deal Count
20
0
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Source: Inc42
D2C Brands Witnessed Drastic Decline In Seed Funding In Q2 2022

80
-7% (Growth Stage)
60 -20% (Bridge Funding)
-42% (Seed Stage)

Deal Count
40
20
0
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

Early Stage D2C Startups Making Waves

30 Early Stage Indian D2C Startups Making Waves
Allegra Alpino Health Foods

It is a D2C women apparel brand It is a D2C peanut butter brand
SUBSECTOR TOTAL FUNDING FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING FOUNDING YEAR HQ
Fashion N/A 2021 Delhi NCR FMCG $0.65 Mn 2016 Surat
NOTABLE INVESTORS NOTABLE INVESTORS
Bootstrapped RBF
Avni BabyAmore
It is a D2C feminine hygiene brand It is a Babycare marketplace
FMCG $0.6 Mn 2021 Mumbai Fashion Undisclosed 2019 Chennai
Dr C Srirani, Nimish Parekh, WeFounders Circle Get Vantage, Velocity, Klub

Bartisans Bombay Island Coffee

It is a D2C cocktail mixers brand It is a D2C artisnal coffee brand
FMCG Undisclosed 2020 Mumbai FMCG Undisclosed 2018 Mumbai
RPSG Capital Ventures, Iluminar Media Private Limited Bootstrapped
CURRYiT Deciwood
It is a D2C ready to cook curry pastes It is a D2C bluetooth speaker brand
FMCG $0.14 Mn 2020 Delhi NCR Consumer Electronics $0.25 Mn 2018 Delhi NCR
RPSG Capital Ventures, IIMU Incubation Centre, Others Let's Venture, Ankit Kedia,Sunil Kamath, Rohit Raj, Arun Gupta, Neeraj Saxena
Fitspire Flexnest
It is a D2C wellness startup It is a D2C home workout and connected wear brand
FMCG $1 Mn 2020 Delhi NCR Consumer Electronics N/A 2021 Delhi NCR
Sukhbir Singh, Startup Buddy, Sheel Oils, Sesa Oils Bootstrapped
Floryo Lauriko
It is a D2C made-to-order staples brand It is a D2C health & wellness brand
FMCG $2 Mn 2022 Bengaluru FMCG $0.4 Mn 2021 Hyderabad
3one4 Capital, Vivek Gupta, Abhay Hanjura, Kunal Shah, Aman Gupta, Varun Alagh, Rishi Vasudev, Undisclosed
Vijay Arisetti, Sameer Mehta, Alteria Capital
Lemme Be Paradyes
It is a D2C menstrual hygiene brand It is a D2C semi permanent hair color brand
FMCG $2.5 Mn 2020 Hyderabad FMCG N/A 2020 Ahmedabad
Wami Capital, Multiply Ventures Bootstrapped
Pawrulz Plow Foods

It is a D2C petcare brand It is a D2C packaged protein foods
FMCG N/A 2019 Delhi NCR FMCG Undisclosed 2021 Delhi NCR
Bootstrapped Undisclosed
Qua Raskik
It is a D2C women's westernwear brand It is a D2C ready to drink beverages
Fashion N/A 2019 Delhi NCR FMCG Undisclosed 2019 Delhi NCR
Bootstrapped Fluid VC
Snitch Something's Brewing

It is a D2C men's apparel brand It is a D2C artisnal coffee marketplace
Fashion Undisclosed 2018 Bengaluru FMCG N/A 2020 Bengaluru
Undisclosed Bootstrapped
Spice Story SVISH On The Go

It is a D2C ready-to-eat spices, condiments, sauces and chutneys brand It is a D2C personal hygiene brand
FMCG $0.5 Mn 2019 Mumbai FMCG $1.7 Mn 2020 Delhi NCR
VCATS, Agility Partners, Lets Venture, VLA, Angels LC Nueva AIF, Wami Capital
The Health Factory The June Shop

It is a D2C protein bread startup It is a D2C home décor brand
FMCG $0.25 Mn 2021 Mumbai Home Decor Undisclosed 2019 Kolkata
Venture Garage, Vikas Nahar, Happilo Vijay Subramaniam, Pratik Nahata, Sreekumar Krishnan
The Minimal Co Toqn

It is a D2C mulberry silk-based skin and haicare brand It is a D2C modular and interchangeable gold jewellery brand
FMCG N/A 2020 Delhi NCR Fashion $0.225 Mn 2019 Bengaluru
Bootstrapped Undisclosed
uppercase Urvann
It is a D2C travel accessories brand It is a D2C gardening startup
Fashion $8.5 Mn 2022 Mumbai Home Decor $0.45 Mn 2021 Delhi NCR
Sixth Sense Ventures, Volorado Venture Partners Inflection Point Ventures

What’s Up Wellness Wildermart

It is a D2C health and wellness startup It is a D2C everyday essentials startup
FMCG N/A 2020 Kolkata FMCG $3 Mn 2019 Bengaluru
Bootstrapped Sairee Chahal, Sreenivasan Ramakrishnan, Anand Rangaswamy, Dr Rohit Bhardwaj

Financial Analysis Of Indian D2C Brands

$1.03 Bn+ in total sales clocked by Indian D2C brands in FY21
39% year-on-year increased in total sales between FY20 & FY21
WOW Skin Science witnessed the highest sales growth (FY20 & FY21) among the sample set
1 out of 4 funded D2C brands in India were operationally profitable in FY21
$157 Mn+ spent by Indian D2C brands on advertising in FY21
$2.6 Mn median advertising budget of Indian D2C brands in FY21
$40 Mn spent on logistics by Indian D2C brands in FY21
42% year-on-year surge in aggregate logistics expenditure between FY20 & FY21
$873K median expenditure on logistics by Indian D2C brands in FY21

Note: The aggregate revenue for both financial years is based on the sample set of top 35 funded D2C startups in India who had revenue over
INR 20Cr in FY21 and make 80% of total venture capital inflow in Indian D2C brands to date.
Indian D2C Brands Sales Crossed $1 Bn Mark In FY21

1.25
+39% YoY Surge

1.00
Despite 2 out of every 5

Aggregate Revenue ($ Bn)
0.75
Indian D2C brands
recording a decrease in
sales from FY20 to FY21,
0.50 the combined revenues of
these brands showed a
39% YoY surge in revenue
0.25 from sales
0.00
FY20 FY21
Source: Inc42 Calculations, Company Filings
Note: The aggregate revenue for both financial years is based on the sample set of top 35 funded D2C startups in India who had revenue over INR 20Cr in FY21 and make 80% of total venture capital inflow in Indian D2C brands to date.
INR to USD exchange rate is 80
Indian D2C Brands Which Recorded The Highest Annual Growth In Sales
Between FY20 & FY21
WOW Skin Science
Top 10: D2C Brands With Highest Sales Growth
Mamaearth
Minimalist
Top three Indian D2C
Licious
brands which witnessed
Vahdam Teas the highest YoY sales
growth between FY20 & ‘21
DaMENSCH
are from the beauty &
Happilo personal care segment.
boAt
Bombay Shaving
Company
Wakefit
0.00 5.00 10.00 15.00 20.00

YoY Sales Surge (In x times)
Top 10 Indian D2C Brands With The Highest Sales Growth Between FY20 & ‘21
Company Name Sales (FY20) Sales (FY21) YoY Surge
$0.8 Mn $12 Mn 15.4x
$14 Mn $58 Mn 4x
$0.8 Mn $3 Mn 3.4x
$16 Mn $53 Mn 3.2x
$4 Mn $10 Mn 2.6x
$1.1 Mn $3 Mn 2.5x
$7 Mn $17 Mn 2.4x
$88 Mn $189 Mn 2.2x
$2 Mn $5 Mn 2.1x
$25 Mn $51 Mn 2.1x

Note: The aggregate revenue for both financial years is based on the sample set of top 35 funded D2C startups in India who have revenue over INR 20Cr in FY21.
Only 1 Out 4 Funded D2C Brands In India Are Operationally Profitable
Profitable Operationally
25.7%
The supply and consumer

demand shock infused by the
Top Indian pandemic in FY22 & '23, clubbed
with growing competition. We
D2C Brands
expect more Indian D2C brands to
close their annual accounts in
loss for the financial year 2022
Loss Making
74.3%

Notable Indian D2C Brands Which Are Operationally Profitable

Company Name Total Revenue (FY21) Total Expenditure (FY21) Operating Income
$180 Mn $161 Mn $20 Mn
$191 Mn $178 Mn $14 Mn
$126 Mn $119 Mn $6.9 Mn
$26 Mn $20 Mn $5.6 Mn
$58 Mn $54 Mn $3.8 Mn
$18 Mn $16 Mn $1.9 Mn
$11 Mn $8.9 Mn $1.8 Mn
$2.8 Mn $2 Mn $0.8 Mn
$9.0 Mn $8.7 Mn $0.3 Mn

$157 Mn Spent By Indian D2C Brands On Advertising In FY21
200
+12% YoY Surge
150
Aggregate Advertising Expenditure
The median advertising

budget for a top funded D2C
100 brand in India was $2.6 Mn in
FY21. Unchanged on YoY
basis compared to the
previous year.
50
0
FY20 FY21
Indian D2C Brands With Highest Market Spends

Company Name Sales (FY20) Sales (FY21) YoY Surge
$5.7 Mn $22 Mn 3.9x
$6.4 Mn $18 Mn 2.9x
$14 Mn $16 Mn 1.1x
$21 Mn $13 Mn -39%
$14 Mn $8.9 Mn -36%
$6.2 Mn $8.2 Mn 1.3
$4.6 Mn $7.0 Mn 1.5
$9.2 Mn $5.8 Mn -37%
$2.6 Mn $5.5 Mn 2.1
$0.3 Mn $5.5 Mn 17.5

Indian D2C Founder Survey, 2022

50% D2C brands in India have an omnichannel presence
Brands Awareness the most significant challenge for D2C brands in India
63% Indian D2C brands leverage influencer marketing
Up to 20% marketing budget allocation on social media influencers in FY23
Instagram the preferred social media platform for engagement and conversions
75% D2C brands in India prefer third-party logistics
66% D2C brands in India do not sell their products overseas
Shiprocket the most popular choice for logistics
Note: The above-mentioned insights are based on survey analysis of 50 Indian D2C brands
50% Indian D2C Brands Have Omnichannel Presence
No
21.1%
87% of Indian D2C brands

Indian Yes
give high importance to
D2C having an omnichannel
50.0%
(online + offline)
Brands
presence.
Planning on it
28.9%
Source: Inc42’s Indian D2C Founder Survey 2022

Note: This analysis is based on the survey of 50 D2C brands in India
Questions asked: Do you have an omnichannel presence (both online and offline)?
Brand Awareness Is The Most Significant Challenge For D2C Brands In India
Brand awareness (marketing)
Commision of third-party digital

marketplace
Growing competition Growing competition,

presence of legacy brands
Customer retention and rising CAC, can hinder
the marketing effectiveness
Logistics partner integration of Indian D2C brands
Product distribution
Manufacturing/Production
0% 10% 20% 30% 40%
Number of respondents

Questions asked: Which of the following do you believe is the most significant challenge for India's D2C ecosystem?
More Than 60% D2C Brands In India Leverage Influencer Marketing
No
36.8%
In FY23, Indian D2C brands plan
Indian on spending approximately 5% to
D2C 20% of their annual marketing
Brands budget on social media
influencers
Yes
63.2%

Questions asked: Do you leverage influencer marketing?
Indian D2C Brands Expected To Spend Up To 20% Of Their Marketing Budget

On Social Media Influencers In FY23
5% to 20%
Less than 5% 84% of Indian D2C

brands plan on allocating
up to 20% of their annual
21% to 30% marketing budget on
social media influencers
this financial year
More than 30%
0% 10% 20% 30% 40% 50%
Questions asked: What percentage of your marketing budget will be spent on influencer marketing in FY23?
Instagram A Clear Winner In Terms Of Both Social Media Engagement &

Conversions
Instagram
Backed by the growing

YouTube number of influencers
and popularity of “reels”
in India. Instagram can
Facebook be termed as the most
popular and effective
social media platform for
D2C brands.
Others
0 20 40 60 80
Best Enagament Best Conversions

Questions asked: Which of the following social media platform generates the most engagement for you? & Which of the following social media platform generates the most conversions for you?
Majority Of Indian D2C Brands Prefer To Sell On More Than Five Online
Ecommerce Marketplace
5-8
More than 10
Number of marketplace
1-3
None
4-5
9-10
0% 10% 20% 30%

% number of respondents
Question asked: How many online marketplaces do you sell on?
Amazon Is The Most Preferred Ecommerce Marketplace By Indian D2C Brands
Others
13.3%
Myntra
13.3%
Indian 52% of Indian D2C brands

D2C sell their products on more
Brands Amazon India than five ecommerce
56.7% platforms
Flipkart
16.7%

Question asked: Which of these is your favourite ecommerce marketplace?
Shiprocket Is The Most Preferred Logistics Partner For Indian D2C Brands
Shiprocket
Bluedart
Shiprocket is also the

Delhivery latest logistics startup to
attain unicorn status in
August 2022
Pickrr
Others
0% 10% 20% 30%
Preferred Logistics Partner

Question asked: Which among these is your preferred logistics partner?
More Than 75% D2C Brands In India Prefer To Have Third-Party Logistics
Inhouse Logistics
23.7%
Indian
D2C
Brands
Outsourced
76.3%

Question asked: How do you manage your logistics?
Indian D2C Brands Are Bullish On Selling Their Products Overseas
High Impact (6 to 10)

Importance of selling overseas on scale (1 to 10)
Moderate (5)
Low Impact (0 to 4)
0% 20% 40% 60% 80%
Questions asked: On a scale of 1 to 10 rate the importance of expanding overseas for modern D2C brands in India
Two-Third D2C Brands In India Do Not Sell Their Product Overseas
Yes
34.2%
Indian
D2C
Brands
No
65.8%

Questions asked: Do you sell your products overseas?
Key Challenges For D2C Brands In India

High Competition From Legacy Players & Marketplaces
High competition from legacy players since they have strong distribution network and are easily accessible especially in semi-urban and rural areas.
Difficult to match price range & discounts offered by marketplaces
Difficulty In Managing Logistics

Difficulty in dealing with multiple third-party delivery partners
High RTO (return-to-origin) rate in case of COD (cash-on-delivery)
Connectivity issues in tier-2 & tier-3 cities due to poor infrastructure
Low Customer Retention & Loyalty

Given the crowded space, customers have shifted to product loyalty than brand loyalty resulting in reduced lifetime value of a customer and high churn rate
High Customer Acquisition Cost

High marketing costs results in costly customer acquisition
High commission charged by ecommerce marketplaces & high dependence on ecommerce platform for brand visibility makes it a compulsion to be present on it
Ecommerce: Emerging Trends In India

Rise Of Visual Search
Tech-savvy internet users have been using image searches to buy anything that they like by uploading images on ecommerce platforms and getting products similar to the images
uploaded by them.
Focus On Sustainability
With the rise in awareness among consumers, D2C brands have also started focusing on environmentally-friendly practices, from green packaging to more eco-friendly shipping
methods.
Integration Of Metaverse For Sales

Homegrown consumer electronic brand Leaf Studios is planning to make a launch in metaverse. When consumers make physical purchases of the brand’s headphones, the firm
will also drop the NFT (Non-fungible token) in their metamask wallets which will help them unlock the same headphone in metaverse.
Growing Popularity Of Live Commerce

Live Commerce is a new trend where brands or influencers hired by them do live streams, placing commercial products front-and-center. For instance, Walmart-backed Flipkart
and Meesho also embraced live commerce this year.
Updates From ONDC Universe

ONDC prepares to launch in September 2022 and reach 100 cities by the end of the year.
Currently, ten platforms including Reliance owned Grab, Paytm, Digit, PhonePe, eSamudaay, Go Frugal, Dunzo and Loadshare are a part of the
open network.
Microsoft has become the first big tech company to join ONDC
Confederation of All India Traders (CAIT), a representative body of 70 Mn+ small retailers, is likely to join the government-backed ONDC by the
end of 2022.
SoftBank and Sequoia India has advised their portfolio startups in India to join ONDC.
OYO, Zomato and Swiggy are likely to join the network and are in various stages of integration.
National Restaurant Association of India (NRAI) plans to onboard its restaurants to the network.
Draft Ecommerce Policy: Key Features

Issued by DPIIT in February 2019, center is once again deliberating on the draft guidelines and pkan to launch it soon in the public domain.
The overall objective of this Policy is to prepare and enable stakeholders to fully benefit from the opportunities that would arise from
progressive digitalization of the domestic digital economy.
Scope and objectives are defined under 6 heads including data, infrastructure development, ecommerce marketplaces, regulatory
issues, stimulating the domestic digital economy and export promotion through ecommerce
Aims to regulate cross-border data flow, while enabling sharing of anonymised community data (data collected by IoT devices
installed in public spaces like traffic signals or automated entry gates)
Development of data-storage facilities/infrastructure to facilitate last mile connectivity across urban and rural India
Provides for integrating Customs, RBI and India Post systems to improve tracking of imports through e-Commerce. All ecommerce
websites and applications available for downloading in India must have a registered business entity in India as the importer on record
or the entity through which all sales in India are transacted.
Ecommerce entities are required to publicly share all relevant details of sellers who make their products available on
websites/platforms of these entities. All the sellers/retailers are required to furnish an undertaking of genuineness of products to the
platforms and the same must be made accessible to consumers by the platforms
Recognising the inter-disciplinary Draft Page 8 of 41 nature of ecommerce, the Standing Group of Secretaries on e-Commerce (SGoS)
is recognised as the mainmechanism to tackle inter-departmental issues effectively.
Proposes removal of application fee for claiming export benefits for Indian domestic
manufacturers/MSMEs/start-ups/sellers/retailers
Aims to clearly demarcate what constitutes a marketplace model and what comprises an inventory-based model of sale and
distribution.
www.inc42.com Credits
Inc42 is India’s largest tech media & information platform on a ANALYST
mission to build & serve India’s tech, startup & internet economy. Mihir Malhotra, Sandeep Singh, Vaishnavi Dayalani
From breaking the latest news to discovering the hottest startups, EDITOR
from spotting upcoming trends to simplifying complex concepts, we Meha Agarwal
cover everything tech in India’s internet economy.
DESIGN & INFOGRAPHICS
Born in January 2015, Inc42 has become the leading source for news Sabith
& analysis on India’s rapidly growing tech, startup & internet economy.
Inc42, with over 30,000+ published stories, 60+ research reports, 100+
conferences & events & having featured 1000s of entrepreneurs, now
ADDRESS
reaches over 25 Mn+ tech leaders & professionals every month.
Inc42 Media, 59/16, 4th Floor, Jujhar Tower,
RD Marg, Kalkaji, New Delhi, Delhi 110019
Contact: [email protected]
Disclaimer
The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in
this report is accurate and free from any discrepancies. Ideope Media Pvt Ltd, the parent company of Inc42 Media and Inc42 DataLabs, is not responsible for
any inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of any discrepancy or errors
in the data, you can contact us at [email protected] and we will try our best to update the information in the digital version of the report. We are constantly
updating our database of startups due to new person using or relying on any information in this publication.
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Table Of Contents 25 The State Of Ecommerce Unicorns & Soonicorns

5 Indian Ecommerce Market: A Snapshot Listed IPOs

MoM Funding Financial Performance Analysis

Average Ticket Size 61 Early Stage D2C Startups Making Waves

State Of Indian Digital Economy

$0.68 4.7 Hours 305 Mn+

Per GB Internet Average Hours Spent Users Doing Online

110 Bn+ $2.3 Tn+ 373 Mn+

Source: Statista, NPCI, Bain & Company, App Annie

Indian Startup Economy: A Snapshot

M&A Deals Recorded Indian Internet Companies

India’s Ecommerce Market: A Landscape

Market Size And Growth Venture Capital Unicorns & Soonicorns

Funding Raised Number Of

Indian Ecommerce Market: Key Statistics

Number Of Internet Users, World Rank In Cross Border Ecommerce

Number Of Online Shoppers, FDI In B2B Ecommerce & Marketplace

Smartphone Penetration, Increase In The GMV (Gross Merchandise

Average Monthly Mobile Data

India’s Ecommerce Market To Surpass $400 Bn By 2030

Online Shoppers Are Projected To Reach 350 Mn By 2025

Source: Bain and Flipkart Report 2020

Ecommerce Startups: The Funding Pyramid

433 Seed Stage Ecommerce Startups

682 Funded Ecommerce Startups In India

5,127 Active Ecommerce Startups In India

India’s Ecommerce Landscape: Key Segments

$17.1 Bn Vertical $4.2 Bn Fashion

Live Commerce Logistics

$2.7 Bn $4.2 Bn FMCG

Note: Funding is for the period 2014 to H1 2022

India’s Ecommerce Startup Landscape

Social Ecommerce Recommerce B2B

Ecommerce Funding Trends in Q2 2022: A Snapshot

$19 Mn Delhi NCR

Most Active Ecommerce Investors

Ecommerce Startups That Bagged Biggest Funding Rounds In Q2 2022

D2C Late Stage $100 Mn Alpha Wave Global

B2B Ecommerce Undisclosed $50 Mn Liquidity Group's MARS Unicorn Fund

D2C Undisclosed $48 Mn GIC

D2C Growth Stage $30 Mn WestBridge Capital

Notable Acquisitions In India’s Ecommerce Space In Q2 2022

Seed Stage Government Of Karnataka, Department Of Science & Technology, Qualcomm

Seed Stage Mumbai Angels

Ecommerce Funding Dropped Drastically In 2022 After A 12X Jump In 2021

Ecommerce Funding Continues To Decline On A QoQ Basis

Average Ticket Size For Ecommerce Funding Drops To $19 Mn In Q2 2022

Ecommerce Funding Showed 63% Jump In Q2 2022 On A YoY Basis

D2C Ecommerce Enabler

Ecommerce Funding Deals Showed 84% Jump In Q2 2022 On A YoY Basis

Ecommerce Startups Raised $3.1 Bn In The First Six Months Of 2022

750.0 +272% (Seed Stage)

+119% (Growth Stage)

+100% (Bridge Funding)

+46% (Growth Stage)

Delhi NCR Remains Top Destination For Ecommerce Startup Funding

Top 5 Startup Hubs In Ecommerce Space (Q2 2022)

0.00 0.20 0.40 0.60 0.80 0 10 20 30