State Of

Indian
Ecommerce
Q1 2024
InFocus: Fashion Ecommerce

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Table Of Contents
India’s Digital Economy In A Nutshell InFocus: Fashion Ecommerce

Decoding India’s Ecommerce Opportunity Market Opportunity

Startup Landscape
India’s Ecommerce Landscape: Key Players Funding Analysis
Top Hubs For Fashion Ecommerce Entrepreneurs
India’s Ecommerce Startup Ecosystem How AI & GenAI Can Level Up India’s Fashion Industry

India Vs China Vs USA: A Comparison

Ecommerce Unicorns & Soonicorns
Ecommerce Funding Trends (2014 to 2023)
Ecommerce M&As Trends (2014 to 2023) Ecommerce In India: Key Trends To Watch
Top Indian Ecommerce Subsectors & Hubs In Q1 2024 Out For In 2024
Notable Ecommerce Startup Investors In Q1 2024
Ecommerce Startups’ Stock Performance
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India To Have 900 Mn+ Active Internet Users By 2025

By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female

% Growth
2022 2025 (E) (Absolute)

Smartphone Internet Penetration 5G Enabled Indian

931 Mn+ 1.1 Bn+ 22% (Active Users) Cities/towns
users
52% 7K+
Internet
users
759 Mn+ 900 Mn+ 19%
Urban Internet Penetration Number Of Male
(Active Users) Internet Users

71% 395 Mn
Urban internet
users 360 Mn+ 396 Mn+ 10%

Cost Of 1GB Number Of Female

Internet Internet Users
Rural internet
users 399 Mn+ 504 Mn+ 26% $0.16 349 Mn

SOURCE: IAMAI, INC42

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Ecommerce Market In India: A Snapshot

MARKET OPPORTUNITY VENTURE CAPITAL UNICORNS & SOONICORNS

Market Unicorns In
Total Funding
$400 Bn+ Opportunity $33 Bn+ (2014 to 2023) 25 India
(2030)

CAGR Funding CAGR Soonicorns In

19% (2022 to 2030) 22% (2020 to 2023) 18 India

Fashion & The Most Active Combined

Lucrative 5.1K+ Ecommerce $89 Bn+ Valuation Of
Apparel Segment (2030) Startups Unicorns

Fashion Apparel & Funded Combined

$112 Bn+ Accessories Market 900+ Ecommerce $6 Bn+ Valuation Of
Opportunity (2030) Startups Soonicorns

Source: Inc42
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India’s Ecommerce Landscape

B2C ECOMMERCE B2B ECOMMERCE D2C RECOMMERCE ROLL UPS AFFILIATES

Source: Inc42
Note: This is not an exhaustive list
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India’s $400 Bn Ecommerce Opportunity

The ecommerce market in India is expected to grow at 19% CAGR from 2022-2030

400

300
Market Opportunity ($ Bn)

19% CAGR
200

100

0
2023 2024 2025 2026 2027 2028 2029 2030

Source: Inc42, BCG, Secondary Sources

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India To Have 500 Mn+ Online Shoppers By 2030

Paid users expected to grow at 12% CAGR from 2022-2030

500

400
Number Of Online Shoppers (Mn)

12% CAGR
300

200

100

0
2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Inc42, Bain & Flipkart Report 2020
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Fashion Apparel & Accessories Rank Second In Fast-Growing Ecommerce

Segments
Market Size (2023) CAGR (2023-2030) % Share OF Market
Market Size (2030)
Size (2030)
Overall Ecommerce Market $116 Bn+ $400 Bn+ 19%

Fashion Apparel & Accessories 23 Bn+ $112 Bn+ 25% 28%

Smartphones 35 Bn+ $72 Bn+ 11% 18%

Electronics & Appliances 23 Bn+ $68 Bn+ 17% 17%

Food & FMCG 15 Bn+ $68 Bn+ 24% 17%

Beauty & Personal Care 5 Bn+ $28 Bn+ 28% 7%

Furniture & Home Decor 7 Bn+ $24 Bn+ 19% 6%

Others 8 Bn+ $28 Bn+ 19% 7%

Source: Inc42, BCG, Secondary Sources

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Indian Ecommerce Engine: The Players Powering India's Online Shopping Bandwagon

Manufacturers Brands Marketplace Supply Chain & Logistics

Legacy Players Legacy Players Legacy Players Legacy Players

New Age Challengers New Age Challengers New Age Challengers

New Age Challengers

Source: Inc42
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How Indian Ecommerce Startup Economy Stack Up Against The US & China

India USA China

Total Funding (2014 to 2023) $33 Bn+ $130 Bn+ $70 Bn+

3-Year-Funding CAGR (2019-2022) 15% 70% 12%

Number Of Unicorns 25 N/A N/A

Number Of Online Shoppers (2030) 500 Mn+ 300 Mn+ 980 Mn+

Market Opportunity (2030) $400 Bn+ $1.5 Tn+ $6 Tn+

Source: Inc42, Secondary Sources

Note: N/A means data not available.
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Key Statistics From India’s Ecommerce Startup Ecosystem In 2023

$2 Bn+ Raised By Ecommerce Sector

$1.6 Mn Median Ticket Size

20+ M&As Recorded

D2C Most Funded Ecommerce Sub Sector

Bengaluru Hub With Most Ecommerce Funding

Delhi NCR Accounted For Most Deal Count

Inflection Point Ventures Most Active Investor

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Ecommerce Funding Frostbite: 2023 Brings Another Year Of Struggle

Ecommerce funding nosedived by 47% YoY in 2023

12.0 300

10.0

8.0 200
Funding Amount ($ Bn)

Deal Count
6.0

4.0 100

2.0

0.0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Total Funding Deal Count

Source: Inc42
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Top 10 Funded Ecommerce Startups In 2023

Startup Name Sub Sector Funding Amount

D2C $600 Mn

B2B Ecommerce $340 Mn

D2C $104 Mn

D2C $86 Mn

Roll Ups $76 Mn

D2C $64 Mn

D2C $60 Mn

B2B Ecommerce $50 Mn

D2C $38 Mn

D2C $37 Mn

Source: Inc42
Note: * Raised in multiple tranches
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A Look At Most Funded Ecommerce Sub-Sectors In 2023

Others
Others 15.7%
30
4.7%
96 Roll Ups
Roll Ups
1.0%
3.7%
76
B2B
$2 Bn+ Ecommerce
D2C 13.1% 25 191+
Total Funding 1,428 69.7% Deal Count
B2B Amount
Ecommerce
21.9% 448

134

D2C
70.2%

Source: Inc42
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Ecommerce Vs Fintech: The State Of Funding

Mega deal count down by 56% YoY for ecommerce sector in 2023

25

20
Mega Deal Count

15

10

0
2015 2016 2017 2018 2019 2020 2021 2022 2023

Ecommerce Fintech
Source: Inc42
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Ecommerce Startup Funding: Median Ticket Size Dropped To $1.6 Mn In 2023

Median ticket size down by 33% YoY in 2023

4.0

3.0
Median Ticket Size ($ Mn)

2.0

1.0

0.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: Inc42
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Ecommerce's M&A Blues: Startup M&As Fell By 66% In 2023

60

40
M&A Count

20

0
2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: Inc42
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Ecommerce Funding Remained Skewed Towards Delhi NCR, Mumbai, And

Bengaluru In 2023

Bengaluru
Delhi NCR

Delhi NCR
Mumbai

Mumbai

Bengaluru
Raipur

Others
Others

0 250 500 750 1000 0 20 40 60

Funding Amount ( $ Mn) Deal Count

Source: Inc42
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Most Active Ecommerce Investors In 2023

Investors Deal Count Startups

5 GIVA, Jumbotail, Gynoveda

4 XYXX, P-TAL, HairOriginals

4 Kikibix, Freakins, Flash

5 XYXX, Farmley, Solethreads

7 Nat Habit, The Sleep Company, Gynoveda

10 Boingg, Sheerdrive, Happy Nature

4 Freakins, Wootz.work, Cirkla

4 NOTO, PeeSafe, Evolved Foods

4 SuperBottoms, Solethreads, Mokobara

Source: Inc42
Note: This list isn't a ranking of any kind, we have placed investors in alphabetical order
InFocus:
Fashion Ecommerce
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Value Chain Of Fashion Industry In India Trend Forcasting

Design Conceptualisation

Fabric Sourcing & Testing

Design and Development
Textile Production

Garment Construction

Quality Control & Testing

Manufacturing
Branding & Positioning
Fashion Retail Distribution
Industry Marketing and Sales Ecommerce Platforms
in India
Consumer Behavior Analysis

Fashion Shows & Events

Consumtion and Use
Consumer Persona Identification

Return & Exchange

After-Sale Service Product Use/ Care Tutorials

Product Longevity Analysis

Source: Inc42
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Price Range Wise Split Of Fashion Products In India

High-end Designer Wear

Luxury Segment (INR 50,000 and above) Luxury Brands

Ecommerce Retailers

Designer Labels

Premium Segment (INR 10,000 - INR 50,000) High Street Fashion Brands
Fashion Ecommerce Retailers
Industry Marketing and Sales
in India Contemporary Brands

Mid-range Segment (INR 2,000 - INR 10,000) Fast Fashion Retailers

Ecommerce Retailers

Local Boutiques

Affordable Segment (Below INR 2,000) Street Markets

Ecommerce Retailers

Source: Inc42
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Distribution & Sales Channel For Fashion Brands In India

Amazon, Myntra, Flipkart,

Marketplace
Nykaa

Instagram, YouTube,
Social Media Stores
Facebook
Online
Shopify, WooCommerce,
Own Website
BigCommerce

Fashion Mobile App App Store, Play Store

Brands in Distribution
Channel
India
Exclusive Brand Store Company owned stores

Offline
Franchise Stores

Iconic, Shoppers Stop,

Multi-brand Outlets ( MBOs) Reliance Trends, Lifestyle

Kiosks At Malls & Other

Pop-up Shops & Exhibitions
Exhibitions

Source: Inc42
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The Ecommerce Advantage For Fashion Brands Lower overhead costs

Reduction in middlemen expenses

Economies of scale in procurement and distribution

Cost Advantage
Access to a wider customer base

Ability to target niche markets effectively

Opportunity for global expansion

Market Reach
Data-driven decision making

Ecommerce Personalised marketing strategies

Customer Insights
in India Understanding of customer preferences and behavior

Streamlined inventory management

Automated order processing and fulfullment

Operational Efficiancy
Fast time-to-market for new products

Enhanced digital marketing opportunities

Brand Visiblility Increased brand awareness through online channels

Potential for influencer collaborations

Source: Inc42
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Threads Of Opportunity: Weaving A $112 Bn+ Future For India's Fashion

Ecommerce
125

CAGR: 24%
100
Market Size ($ Bn)

75

50

25

0
2022 2023 2024 2025 2026 2027 2028 2029 2030
Calendar Year
Source: Inc42 Analysis, BCG, Secondary Sources
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Key Categories In India’s Fashion Ecommerce Market

Market Opportunity % Share of

Segment Brands
(2030) Total Market

Women Apparel $56 Bn+ 50%

& Accessories

Men Apparel & $32 Bn+ 29%

Accessories

Children Apparel
$24 Bn+ 21%
& Accessories

Source: Inc42 Analysis, Secondary Sources

Note: The market opportunities are estimated based on the segment's share of India's overall apparel market in 2030 | Brands names have been added for reference only
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Strategies For Ecommerce

Fashion Brands For Optimising
Reverse Logistics
In the realm of ecommerce, mastering reverse logistics is indispensable for fashion brands aiming to
uphold customer satisfaction, cut costs, and refine operations. Reverse logistics, which
encompasses the handling of returns, exchanges, and product repairs, poses distinctive challenges
for ecommerce fashion brands. Nevertheless, by strategically planning and implementing effective
strategies, these challenges can be transformed into opportunities for optimisation and
enhancement.

With 37% of Indian online shoppers returning fashion items, as revealed by PWC India, the
significance of efficient reverse logistics for brands cannot be overstated.

Below are key strategies for ecommerce fashion brands to optimise their reverse logistics processes:

Clear & Transparent Return Policies: It is the cornerstone of optimised reverse logistics. Fashion
AJAY RAO brands in ecommerce should ensure that their return policies are easily accessible and
FOUNDER & CEO understandable to customers. It's crucial to clearly communicate factors such as return eligibility
EMIZA criteria, return shipping costs, and the process for initiating returns. Transparent return policies
foster trust with customers and facilitate smoother return processes, thereby enhancing the overall
customer experience.
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Efficient Returns Management System: The implementation of an efficient returns management system is paramount for optimising reverse logistics.
This system should feature a user-friendly returns portal or interface, enabling customers to initiate returns effortlessly. Providing options for
customers to generate return labels and track the status of their returns is essential. Integrating this system with inventory management software
allows for real-time updates on returned items, facilitating faster processing and restocking.

For instance, Myntra partnered with Ekart, a logistics provider specialising in fashion returns, to implement the "Easy Returns" programme. This
initiative offered customers multiple return options, prepaid return labels, and real-time return tracking, resulting in a 20% reduction in return costs,
improved efficiency, and profitability, along with increased customer satisfaction.

Centralised Return Processing Centers: Centralising return processing centers can significantly streamline reverse logistics operations for ecommerce
fashion brands. By consolidating returns at centralised locations, brands can enhance efficiency in processing returns, conducting quality checks, and
restocking inventory. Centralisation also fosters better coordination between various departments involved in reverse logistics, leading to faster
turnaround times and reduced handling costs.

Investment in Technology and Automation: Leveraging technology and automation can greatly enhance the efficiency of reverse logistics processes.
Implementing barcode scanning systems, RFID technology, and automated sorting mechanisms improves accuracy and speed in processing returned
items. Integration with advanced analytics software enables data-driven insights into return trends and patterns, facilitating proactive
decision-making and process optimisation.

For example, AJIO, a leading online fashion platform, partnered with a technology company specialising in AI and data-driven logistics solutions, to
implement a customised system. This system utilised AI-powered return analysis, predictive analytics, and automated return sorting, resulting in a
40% reduction in return processing time, a 15% decrease in overall return rates, and enhanced customer communication.
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Strategic Partnerships With Logistics Providers: Collaborating with experienced logistics providers specialising in reverse logistics can provide valuable
support to ecommerce fashion brands. Partnering with third-party logistics (3PL) companies with expertise in handling returns grants access to
specialised infrastructure, resources, and industry knowledge. These partnerships help brands optimise reverse logistics processes, improve
efficiency, and reduce costs associated with returns management.

Notably, the collaboration between Myntra and Ekart resulted in a 20% cost reduction and higher customer satisfaction through the "Easy Returns"
programme, offering multiple return options and real-time tracking.

Quality Control & Refurbishment Services: Implementing stringent quality control measures is crucial for effectively managing returned merchandise.
Ecommerce fashion brands should establish clear criteria for assessing the condition of returned items and categorise them accordingly. Products in
good condition can be restocked for resale, while damaged or defective items may require repair or refurbishment. Offering refurbishment services
ensures that returned products can be reintegrated into inventory, maximising asset recovery and minimising losses.

Continuous Monitoring & Optimisation: Ecommerce fashion brands should regularly review and analyse key performance indicators (KPIs) related to
reverse logistics, such as — return rates, processing times, and customer satisfaction scores. Identifying areas for improvement and implementing
corrective measures allow brands to adapt to changing market dynamics and evolving customer preferences.

In conclusion, optimising reverse logistics is imperative for ecommerce fashion brands to remain competitive and deliver exceptional customer
experiences. By implementing effective strategies such as clear return policies, efficient returns management systems, centralised processing
centers, technology and automation, strategic partnerships, quality control measures, and continuous optimisation, brands can streamline reverse
logistics processes, reduce costs, and improve overall operational efficiency.

Embracing these strategies enables ecommerce fashion brands to navigate the complexities of reverse logistics with confidence and achieve
sustainable growth in the dynamic ecommerce landscape.
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Fashion Ecommerce Startup Landscape In India

Women Fashion Men Fashion Children Fashion

Marketplace D2C Brands Marketplace D2C Brands Marketplace D2C Brands

Source; Inc42
Note: This is not an exhaustive list
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Indian Fashion Ecommerce Startups Secured $2 Bn+ Funding Between 2018 & 2023

2,500 200

2,000
150
Funding Amount ($ Mn)

1,500

Deal Count
100

1,000

50
500

0 0
2018 2019 2020 2021 2022 2023

Funding Amount ($ Mn) Deal Count

Source; Inc42
Note: This is a cumulative representation of funding amount and deal count.
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Between 2018 & 2023 D2C Brands Garnered 93% Of Investments Within
Ecommerce
Non D2C Brands
7.0%

$2 Bn+
Total
Funding

D2C Brands
93.0%
Source: Inc42
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In The Spotlight: Mumbai Takes Center Stage As India's Fashion Ecommerce Hub

Hubs Total Funding Deal Count Notable Funded Startups

Mumbai $300 Mn+ 74

Delhi NCR $1.4 Bn+ 60

Bengaluru $237 Mn+ 49

Hyderabad $4.6 Mn+ N/A

Chennai $3.5 Mn+ N/A

Source: Inc42
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Fashion Ecommerce Startups Funding In India: Stagewise Outlook

Investment Stage Funding Amount Deal Count Median Ticket Size

Seed Stage $63 Mn+ 68 $868K

Growth Stage $339 Mn+ 56 $868K

Late Stage $1.7 Bn+ 46 $16 Mn

Source: Inc42
Note: Based on funding recorded between 2018 and 2023
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How AI & GenAI Can Level Up India’s Fashion Industry

Key Areas Use Case Supporting Insights

Virtual Prototyping And Sampling In 2021, Levi Strauss initiated a machine learning bootcamp aimed at instructing employees
Product & Design Inspiration And Trend Forecasting on utilising the tech for design endeavors.

Concept Design Fabric And Material Selection Use of Generative Adversarial Networks (GANs) to transform sketches, mood boards, and
Pattern Generation And Design Iteration descriptions into detailed high-quality designs.

Demand Forecasting Enhance robotic automation in warehouse operations and inventory management with the
Supply Chain Inventory Optimisation aid of real-time analytics.

Management Quality Control & Assurance Tailor made return/refund process along with offers can be automated for fashion
Returns & Exchange Customisation ecommerce shoppers in India.

Virtual Try-On McKinsey suggests that embracing generative AI has the potential to increase the operating
Marketing Customer Support profits of the apparel, fashion, and luxury sectors by an estimated $150 Bn to $275 Bn.

& Sales Personalised Recommendations Utilising AI, Benetton personalised customer recommendations by analysing their browsing
Dynamic Pricing and purchase history, leading to a 7% increase in customer spending value.

Automated Return Processes By combining computer vision technology with generative AI, the return/exchange process
After Return & Exchange Likelihood Predictions for products, including verification, can be automated.

Sales Interactive Tutorials Video GANs have the potential to generate tutorial videos for do-it-yourself (DIY) products
Customer Support like furniture, jewelry, and more

Source: Inc42 Analysis, McKinsey, Goldman Sachs

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Threads & Tech: 10 Indian AI Startups Disrupting Fashion & Ecommerce

Startup Name Target Segment Founded In Total Funding Use Case/ Potential Use Case

Fashion & Apparel 2023 $1.5 Mn Product Photography, Social Media Graphics

Ecommerce/ Retail 2019 $3 Mn Product Photography, Social Media Graphics

Ecommerce/ Retail 2020 $5 Mn Conversational Commerce

Ecommerce/ Retail 2022 $156K 3D Digital Asset Creation

Ecommerce/ Retail 2015 $2.8 Mn AR-AI Based Virtual Try-on Solutions For Ecommerce & D2C Brands

Fashion & Apparel 2020 $1.3 Mn Product Photography, AI Generated Models

Ecommerce/ Retail 2017 $500K AI Based Vernacular Voice Serach Integration For Ecommerce

Ecommerce/ Retail 2018 $7.6 Mn Product Photography For Automobile, Fashion And Other Segments

Ecommerce/ Retail 2023 $125K Chat Based AI Sales Agent For Ecommerce Companies

Ecommerce/ Retail 2016 $56 Mn Full Stack AI Based Solutions For Retail And Ecommerce

Source: Inc42
Note: This is not an exhaustive list rather a selection of few startups working in this domain.Companies have been placed in alphabetical order.
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Indian Ecommerce Unicorns & Soonicorns

Unicorns Soonicorns

Note: The list also includes Indian startups that have ever entered the unicorn club. However, some of them might not be valued at or above $1 Bn currently.
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Ecommerce In India: Key Trends To Watch Out For In 2024

Quick Commerce For Speed
According to Redseer, between 2022 and 2023, the GMV of quick commerce increased by 77%, rising from $1.6 Bn in 2022 to $2.8 Bn in 2023. In contrast, the
overall ecommerce sector experienced a growth of only 14-15%. This data suggests that q-commerce is currently the most dynamic category within
ecommerce and is likely to remain so for the next five years.

AI-Integration
From personalised product recommendations online to customised shipping and returns, AI is positioned to disrupt the entire ecommerce industry in India.
This is evident from McKinsey's projection that GenAI could contribute $150 Bn to $275 Bn to the fashion industry alone. Such estimates suggest that the overall
impact on the retail/ecommerce sector will be significantly greater.

Beyond Metro To Pick Pace

The migration of shoppers from Tier 2+ cities to Indian ecommerce websites is not a recent trend. What's noteworthy is that during the last "Great Indian
Festival" by Amazon, 80% of shoppers and 65% of sellers hailed from Tier 2+ cities.

M&As In D2C Brands

The current bear market (excluding AI/GenAI) in India's startup funding ecosystem, coupled with heightened demand for investor exits, is expected to drive
increased merger and acquisition activity in the D2C segment in India.

In-house Manufacturing
Driven by the pursuit of quality excellence and heightened geopolitical risks from China, more Indian D2C brands are contemplating establishing in-house
manufacturing or assembly facilities for their products. boAt and Lenskart were among the pioneers in taking proactive steps in this direction.

Source: Inc42 Analysis, McKinsey & Company

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How Did Listed Ecommerce Startups Performed On The Stock Market

120%
DAILY STOCK PRICE CHANGE %

100%
80%
60%
0%
20%
0%
-20%
MAY 2023 JUN 2023 AUG 2023 OCT 2023 JAN 2024 FEB 2024

Last Traded Price (LTP) (YTD) Price diff. (YTD) % change

NYKAA ₹173.80 +₹48.25 38.43%

CARTRADE ₹699.00 +₹305.30 77.55%

MAMAEARTH ₹4,633.30 +₹1,137.50 32.44%

INDIAMART ₹2,601.00 -₹79.35 2.96%

Source: NSE, Inc42 calculations

Note: The latest stock market data used in this slide is as on 17 April 2024
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