Inc42's State of Indian Ecommerce Report Q1 2022

© INC42 MEDIA | NOT FOR DISTRIBUTION / 2
Table Of Contents
17 INDIA’S ECOMMERCE ECOSYSTEM: FUNDING TRENDS
Funding Trends: A Snapshot

Ecommerce Startups: The Funding Funnel
Funding Growth Over The Years
Average Ticket Size
3 THE INDIAN ECOMMERCE MARKET: A SNAPSHOT
Sectors With Maximum Funding
4 INDIA’S DIGITAL ECONOMY OUTLOOK Stagewise Analysis
Top Hubs For Ecommerce Funding
5 INDIA’S STARTUP ECONOMY: A SNAPSHOT
Mergers & Acquisitions
6 ECOMMERCE VALUE CHAIN
26 ECOMMERCE STARTUPS ON THE IPO LADDER
7 INDIA’S ECOMMERCE ECOSYSTEM 2021: KEY HIGHLIGHTS
28 MOST ACTIVE ECOMMERCE INVESTORS
Top 10 Funding
Top 10 Acquisitions 29 ECOMMERCE SECTOR IN THE SPOTLIGHT: B2B ECOMMERCE
11 INDIA’S ECOMMERCE STARTUP LANDSCAPE B2B Ecommerce In India: A Sector Snapshot

Startup Landscape
12 ECOMMERCE MARKET OPPORTUNITY IN INDIA
Market Opportunity (2021-2025F)
Market Size (2011-2030F) Competitive Landscape
Segment-Wise Market Size (2019-2030F)
33 EARLY STAGE ECOMMERCE STARTUPS MAKING WAVES
44 INDIA’S ECOMMERCE UNICORNS AND SOONICORNS
49 EMERGING TRENDS
The Indian Ecommerce Market: A Landscape
Market Size And Growth Fundraising Activity Industry Landscape
Estimated Ecommerce
$400 Bn Market Opportunity $27 Bn+ Funding Raised Between
2014 And 2021
24 Number Of Ecommerce
Unicorns In India
By 2030
Number Of Funded
18.9% Estimated CAGR Of The
Ecommerce Market
590 Ecommerce Startups 9 Number Of Ecommerce
Soonicorns In India
(2022-2030) In India
Number Of Active Number Of M&As In Ecommerce Subsector With

5,127 Ecommerce Startups 55 The Ecommerce Sector Marketplace The Highest Number Of
In India In 2021 Unicorns
The Rise Of India’s Digital Economy

The Growing Number Of Internet Subscribers In India
1000
834 Mn+ 61% 931 Mn
834 Total Number Of Internet Penetration Smartphone Users
795 Internet Subscribers In India In India
497 In India As Of
Internet Subscribers (In Mn)
750 718 487 Sept 2021

604 450
391 $0.68 4.7 Hours 305 Mn+

500 446
392 Per GB Internet Average Hours Spent Users Doing Online
332 314 Cost In India On Mobile Per Day Transactions In
267 276 Per User India
250 220 308 337
268
175 213
112 115 132 82 Bn+ $1.7 Tn+ 337 Mn

92
0 Total Volume Of UPI Total Value Of UPI Number Of Rural
2014 2015 2016 2017 2018 2019 2020 2021*
Transactions As Of Transactions Till Internet Subscribers
Calendar Year Feb. 2022 Feb. 2022 In India As Of
Urban Rural Sept. 30, 2021
Source: TRAI, NPCI, Bain & Company
Indian Startup Economy: A Snapshot
Funding Raised By Startups Indian Startups In The

Indian Startups Launched
57K To Date $112 Bn Between 2014 And 2021 98 Unicorn Club
Funded Startups
4,418 2,487 Investors Who Participated $329 Bn+ Combined Valuation Of
In India In Startup Funding Indian Unicorns
Value Created By Indian

954 M&As Recorded Between 17 Indian Internet Companies $450 Bn+ Startups
2014 And January 2022 Listed To Date
The Ecommerce Value Chain In India
Marketing: Reverse
Customer Care Logistics &
ATL
BTL Reconditioning
Online External
Payment Supplies
Dissatisfied Customer
Online Finance &

Admin Warehouse Handling Distribution Customer
Store
Repeat Purchases
Ecommerce Startups That Bagged Biggest Funding Rounds In 2021

Subsector Funding Stage Funding Amount Notable Investors
Marketplace Late Stage $3,600 Mn Canada Pension Plan Investment Board, GIC, SoftBank Vision Fund, Walmart
Social Commerce Late Stage $570 Mn B Capital Group, Fidelity Management and Research Company
Recommerce Late Stage $450 Mn Alpha Wave Global, DST Global, SoftBank Vision Fund
B2B Ecommerce Late Stage $325 Mn Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
B2B Ecommerce Late Stage $280 Mn Moonstone Capital, Octahedron Capital
Marketplace Late Stage $250 Mn LeapFrog Investments, Canyon Partners, Sequoia Capital India
Recommerce Late Stage $248 Mn Abu Dhabi Growth Fund, Tiger Global Management
D2C Late Stage $220 Mn Alpha Wave Global, Temasek Holdings

Subsector Funding Stage Funding Amount Notable Investors
B2B Ecommerce Late Stage $210 Mn Greenoaks Capital, D1 Capital, IIFL, ICONIQ, Steadview Capital
Marketplace Late Stage $200 Mn 57 Stars, Seven Train Ventures
Enabler Growth Stage $150 Mn Softbank, Lightspeed Venture Partners, Premji Invest, Chiratae Ventures
D2C Late Stage $150 Mn Prosus Ventures, Warburg Pincus
Enabler Growth Stage $135 Mn Alpha Wave Ventures, Falcon Edge Capital, Accel, Norwest Venture Partners
Source: Inc42 Plus

Note: Startups funded during Jan-Dec 2021 have been considered
Only funding disclosed in the public domain has been considered
Notable Acquisitions In Indian Ecommerce Space In 2021

Subsector Company Stage Notable Investors Acquired By
D2C Growth Stage LionRock Capital, Fireside Ventures
Online Travel Late Stage Adani Group, Lightbox Ventures, DAG Ventures
Social Commerce Late Stage Unilever Ventures, Kalaari Capital, Stellaris Venture Partners
Online Grocery Delivery Bootstrapped N/A
D2C Growth Stage Equanimity Ventures, RoundGlass Partners
D2C Bootstrapped Elevar Equity
D2C Growth Stage Saama Capital, DSG Consumer Partners
D2C Bootstrapped N/A
Digital Media Growth Stage IgniteWorld, Kalaari Capital
D2C Seed Stage Brand Capital
D2C Growth Stage Indian Angel Network, NB Ventures
Source: Inc42 Plus

India’s Ecommerce Sector Landscape

Marketplace D2C Social Commerce Enabler Recommerce B2B Ecommerce
Horizontal Beauty & Wellness Live Commerce Logistics Classifieds Industrial Goods
Personal Care
Cosmetics
Vertical Content Commerce Marketing Automotive FMCG
Food & Beverage
Meat SaaS Electronics & Gadgets Marketplace
Dairy Products
Health Supplements
Roll-Up Startup
Snacks
Beverages (Thrasio Model)
Meals
Payment Gateway
Fashion
Western Wear
Ethnic Wear
Eyewear
Activewear/Athleisure
Innerwear
Footwear
Accessories
Home Decor
Consumer Electronics
Others
Note: Marketplace as a subsector only includes B2C startups

India’s Ecommerce Startup Landscape

D2C Social Commerce Marketplace Enabler Recommerce B2B Ecommerce
Vertical
Horizontal
Source: Inc42 Plus

D2C Is The Fastest-Growing Ecommerce Subsector In India
D2C Social Commerce B2B Ecommerce
Estimated Indian Social Estimated Indian B2B

$302 Bn Estimated Indian D2C
Market Size, 2030F
$84 Bn Commerce Market Size, $60 Bn ECommerce Market Size,
2030F 2025F
23.8% Expected CAGR 29.3% Expected CAGR 81.0% Expected CAGR

During 2022-2025
During 2022-2030 During 2022-2030
Source: Inc42 Plus

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
300
Ecommerce Market Size (In $ Bn)
200
100
0
2011 2017 2022F 2026F 2030F
Source: Deloitte, Inc42 Plus

Ecommerce Landscape: Unicorns, Soonicorns & Growth Stage Companies

Unicorns
Soonicorns
Growth Stage
55
Note: The unicorns mentioned above are the startups which ever entered the unicorn club.
Shopclues had entered unicorn club in 2016, however, the company lost its unicorn status and was sold for $100 Mn
22
Social Commerce In India Set To Hit More Than $84 Bn By 2030

Social commerce is likely to account for 21% of the ecommerce market size by 2030
Unicorns
100.0 25.0%
Social Commerce Market Size (In $ Bn)
20.0%
75.0
15.0%
50.0 Growth Stage
10.0%
25.0
5.0%
0.0 0.0%
2019 2022F 2024F 2026F 2030F
Social Commerce Market Size In $ Bn Social Commerce Penetration (In %)
Source: Inc42 Plus
D2C Market In India Is Set To Cross $300 Bn By 2030

The D2C sector is expected to capture 75% of the ecommerce market in 2030
400.0
Unicorns
D2C Market Opportunity (In $ Bn)
300.0
Soonicorn
200.0
Growth Stage
100.0
0.0
2019 2022F 2024F 2026F 2030F
Source: Inc42 Plus
Ecommerce Funding Trends: A Snapshot
$27 Bn+ 356

Total Funding Raised By Ecommerce Number Of Funded Ecommerce
Startups During 2014-2021 Startups In India
$49 Mn Bengaluru
Average Investment In Ecommerce Top Startup Hub For Ecommerce
Startups In 2021 Funding
18x
Surge In Seed Stage Funding In 2021 Compared To Last Year
Active Investors In Indian

Ecommerce Startups In 2021
Source: Inc42 Plus

Ecommerce Startups: The Funding Funnel
63
Late Stage Ecommerce
Startups In India
Growth Stage
142 Ecommerce Startups
In India
Seed Stage Ecommerce Startups

328 In India
533 Funded Ecommerce Startups In India
5,127 Active Ecommerce Startups In India
Note: This is on the basis of number of startups funded during 2014-2021

Source:Inc42 Plus
$27 Bn Raised By Ecommerce Startups During 2014-2021
12.0 300
Compared to 2020, the funding amount and deal count surged 12x and 3x,
respectively
10.0
8.0 200
Funding Amount ($ Bn)
Deal Count
6.0
4.0 100
2.0
0.0 0
2014 2015 2016 2017 2018 2019 2020 2021
Funding Amount In $ Bn Deal Count

Source: Inc42 Plus
Average Ticket Size Of Ecommerce Funding Surged 4x In 2021 Compared To

The Previous Year
80.0
Average Ticket Size Of Investments ($ Mn)
60.0
40.0
20.0
0.0
2014 2015 2016 2017 2018 2019 2020 2021
Source: Inc42 Plus

Most Funded Ecommerce Segments In 2021
Marketplace Startups Received Maximum D2C Funding Shot Up In 2021

Funding In 2021 Lenskart, Licious and MyGlamm were among the top-funded D2C
startups
Flipkart, CarDekho and Droom were among the top-funded
marketplace startups
Social Commerce Marketplce D2C

5.5% 43.5% 57.9%
Recommerce
Ecommerce Enablers 0.6 161
4.7 3.2%
6.1%
0.6 9
Social Commerce
Recommerce 3.6% 10 278
$10.7 Bn
12.1% Funding Deal
1.3 Ecommerce Ecommerce Enablers 20
Count In 2021
Funding In 2021 7.2%
D2C 25
B2B
16.2% 1.7 B2B 9.0% 53 Marketplace
1.8 19.1%
16.5%
Source: Inc42 Plus

Seed Stage Funding In Ecommerce Surged 18x In 2021

Between 2020 and 2021, seed stage funding saw the maximum uptick and bridge stage funding recorded 9x growth
200.0
150.0
Funding Amount (In $ Mn)
100.0
50.0
0.0
2014 2015 2016 2017 2018 2019 2020 2021
Bridge Stage Seed Stage
Late Stage Funding In Ecommerce Rose 12.3x In 2021

While growth stage funding in ecommerce witnessed 9x growth between 2020 and 2021
10.0
9.2
8.0
Funding Amount (In $ Bn)
6.0
4.0
2.0
0.0
2014 2015 2016 2017 2018 2019 2020 2021
Growth Stage Late Stage
Ecommerce Funding Deals Across Seed & Bridge Stage Quadrupled In 2021
The number of funding deals in bridge stage saw the biggest jump at 4x between 2020 and 2021, followed by
3.9x rise in seed stage deals
100%
75%
Deal Count
50%
25%
0%
2014 2015 2016 2017 2018 2019 2020 2021
Late Stage Growth Stage Seed Stage Bridge Stage

Source: Inc42 Plus
Top Startup Hubs For Ecommerce Funding During 2014-2021

Bengaluru was the top destination for ecommerce funding, while Delhi-NCR saw the maximum number of
ecommerce funding deals during 2014-2021
Delhi-NCR Bengaluru
Top 5 Indian Startup Hubs: Ecommerce

Top 5 Indian Startup Hubs: Ecommerce
Bengaluru Delhi-NCR
Mumbai Mumbai
Pune Jaipur
Hyderabad Pune
0 100 200 300 400 0.0 5.0 10.0 15.0 20.0
Deal Count Funding Amount ($ Bn)

Source: Inc42 Plus
Ecommerce Startups In India Recorded The Highest Number Of M&A Deals

In 2021
60
55
Ecommerce giants and enablers acquired small companies and brands,
leading to market consolidation
40
M&A Deal Count
23
20
12 12
11
06 06
0
2015 2016 2017 2018 2019 2020 2021
Source: Inc42 Plus

Indian Ecommerce Startups: State Of IPOs

Headquarters Public Listing Status Current Valuation
Mumbai Listed $0.3 Bn
Mumbai Listed $9.6 Bn
Bengaluru 2022 $37.6 Bn
Delhi-NCR 2022 $1.5 Bn*
Delhi-NCR Listed $1.8 Bn
Ahmedabad Listed $0.7 Bn
Delhi-NCR 2022 $1.5-$2 Bn*
Note: The market capitalisation of CarTrade, Nykaa, IndiaMart and Infibeam indicates data recorded on March 19th, 2022
Note: * denotes the targeted IPO valuation
Source: Inc42 Plus
IndiaMart’s Share Price Hit The Peak Since Its IPO

400% IPO Price Last Traded Price (LTP) % Change In Share Price
(In INR) (In INR) Since IPO
362%
300%
% Change In Share Price Since IPO
1,618 576.6 -64.3%
200%
1,125 1,703.7 37.8%
100%
38% 973 5,172.6 361.9%

0%
-64%
-95%
-100%
CarTrade Nykaa IndiaMart Infibeam 432 42.6 -95.1%
Source: Inc42 Plus, NSE
Note: Last traded price is the stock closing price on March 19, 2022.
Most Active Indian Ecommerce Investors In 2021

Number Of Startups Invested Public Listing Status
CarDekho, Purplle, Moglix, Skillmatics, Mamaearth, The Whole Truth, Minimalist, Heads Up For Tails, Bijnis, Wakefit,
14 Mosaic Wellness, Bikayi, Nexprt, ApnaKlub
9 The Bombay Shaving Company, Fraazo, Open Secret, Neeman’s Shoes, Rage Coffee, Good Dot, Wonderchef,
Dogsee Chew, Storia
9 Moglix, DealShare, Spinny, Flipkart, OfBusiness, Mensa Brands, Bizongo, Captain Fresh, Goat Brand Labs
7 SuperBottoms, Solethreads, SleepyCat, Supertails, Ugaao, The Indus Valley, Koparo
7 The Whole Truth, Open Secret, DealShare, OfBusiness, Captain Fresh, Bijnis, Mosaic Wellness
6 Bizongo, Rentomojo, MyGlamm, Mensa Brands, Captain Fresh, Anar
4 Udaan, DealShare, Cars24, Goat Brand Labs
4 Juicy Chemistry, Purplle, Heads Up For Tails, Wakefit
3 Pilgrim, Smytten, The Sleep Company
Source: Inc42 Plus

B2B Ecommerce In India: A Sector Snapshot

Driven by digitalisation, B2B ecommerce is estimated to grow at a CAGR of 81% during 2022-2025
$3.8 Bn+ 60.0

59.8
B2B Ecommerce Market Size (In $ Bn)

Total Funding Raised By B2B Ecommerce
Startups In 2014-2021 40.0
20.0
10.1
70+ 0.0
Number Of Funded Ecommerce 2022F 2025F
Startups In India
Key Market Trends
Brands and distributors are increasingly opting for online B2B
marketplaces.
Key Players
UPI transaction is gaining traction.
B2B ecommerce is going mobile.
The use of data analytics is on the rise to ensure personalised

experience.
Source: Inc42 Plus, RedSeer Report
B2B Ecommerce Startup Landscape
Industrial
Goods Fashion
FMCG Others
Building
Materials
Note: Others include supply chain solutions, inspection systems, SaaS services, consumer electronics, dental equipment and aggregators.
B2B Ecommerce Market Opportunity To Reach $60 Bn By 2025
60.0
B2B Ecommerce Market Size (In $ Bn)
40.0
20.0
0.0
2021 2022F 2023F 2024F 2025F
Source: RedSeer
B2B Ecommerce: A Competitive Landscape

Founded In Headquarters Funding Investors
2015 Singapore $471.2 Mn Sequoia Capital India, Alpha Wave Global, Tiger Global Management
2016 Bengaluru $1.5 Bn InnoVen Capital, Blacksoil, Octahedron Capital, Lightspeed India Partners
1996 Delhi-NCR $40.8 Mn Elevation Capital, Amadeus Capital Partners, Intel Capital
2015 Delhi-NCR $878.1 Mn Tiger Global Management, SoftBank Vision Fund, Alpha Wave Global
2015 Mumbai $239.7 Mn Tiger Global Management, CDC Group, AddVentures, B Capital Group
2016 Mumbai $356.6 Mn Navi Technologies, Avendus Capital, Tiger Global Management, InnoVen Capital
2013 Delhi-NCR $39.8 Mn Blacksoil, Kalaari Capital, SAIF Partners
2015 Bengaluru $236.3 Mn Invus, Alteria Capital, VII Ventures, Heron Rock Fund, Nexus Venture Partners
2021 Delhi-NCR $9.3 Mn Info Edge Ventures
2018 Bengaluru $649.9 Mn TradeCred, Greenoaks, D1 Capital Partners, Mars Growth Capital, Lightspeed Venture Partners
30 Early Stage Indian Ecommerce Startups To Watch Out

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30 Early Stage Indian Ecommerce Startups Making Waves
Beco BeepKart
Beco offers eco-friendly household products. BeepKart is a full-stack online retailer of used two-wheelers.
SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
D2C 0.55 2018 Mumbai Recommerce 3 2020 Bengaluru
NOTABLE INVESTORS NOTABLE INVESTORS
Climate Angels Fund, Titan Capital, Better Capital, Rukam Capital, Sequoia Sprout, Richa Kar Stellaris Venture Partners, Chiratae Ventures, Varun Alagh, Sahil Barua, Vivekananda Hallekere
BlissClub Bzaar
BlissClub is a D2C brand specialising in women's activewear. Bzaar is a B2B cross-border marketplace for small businesses, selling
fashionwear, cookware, bakeware and home improvement products.
D2C 2.3 2019 Bengaluru B2B Ecommerce 4 2020 Bengaluru
Elevation Capital Canaan Partners, Binny Bansal, Sameer Nigam, Rahul Chari, Lee Fixel
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Earth Rhythm Express Stores

Earth Rhythm is a personal care D2C brand offering haircare, skincare and Express Stores is an omnichannel grocery startup.
make-up products.
D2C 1.2 2019 Delhi-NCR Marketplace 1.1 2019 Delhi-NCR
Anicut Angel Fund Venture Highway, Kunal Bahl, Rohit Bansal, Anupam Mittal, Amit Singhal
EyeMyEye Foxtale
EyeMyEye provides a wide range of eyewear from in-house collections and Foxtale is a D2C skincare brand for women.
international brands.
D2C & Marketplace 1.5 2020 Delhi-NCR D2C 0.726 2021 Mumbai
Ganesh Iyer Kae Capital, Kunal Shah, Rohit MA

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GlobalFair Jade Forest

GlobalFair is a B2B cross-border trading platform. Jade Forest offers tonic water and ginger ale containing low-calorie natural
sweeteners.
B2B Ecommerce 2 2020 Delhi-NCR D2C 1.3 2019 Delhi-NCR
Saama Capital, India Quotient, First Cheque, Kunal Shah, Harshil Mathur, Harsh Shah, Farooq Adam Mumbai Angels Network
Koparo Lemme Be
Koparo Clean is a D2C brand offering sustainable products for home cleaning and Lemme Be offers eco-friendly period care products for women.
personal hygiene.
D2C 0.76 2020 Delhi-NCR D2C 0.672 2020 Hyderabad
Saama Capital, Titan Capital, DSG Consumer Partners UNI-M Ventures

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O’ Be Cocktails Onesto Labs

O' Be Cocktail is an alcobev brand. Onesto Labs is the parent company of D2C personal care brands Chemist at
Play and Bare Anatomy.
D2C 0.476 2020 Bengaluru D2C 3 2018 Mumbai
First Cheque, Letsventure, Bhavish Aggarwal, Ankit Bhati, Abhishek Goyal, Sprout Investments 72 Ventures, Sanjay Nayar, Ramakant Sharma, Suhail Sameer, Sauce Venture Capital
OwO Pluckk
OwO is an e-commerce company that delivers drinking water and other Pluckk aims to build a digital commerce platform to serve the growing demand
beverages. for lifestyle-oriented fresh produce.
Marketplace 3.5 2020 Delhi-NCR Marketplace 5 2021 Mumbai
ah! Ventures, Marwari Angels Exponentia Ventures

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Proeon ShopG
Proeon Foods develops plant-based proteins for food manufacturers. ShopG is a social commerce platform selling multi-category products.
B2B Ecommerce 4.8 2018 Pune Social Commerce 1.5 2019 Bengaluru
MassChallenge Switzerland, Shaival Desai Orios Venture Partners, RPSG Ventures, Rajesh Yabaji, Raghunandan G, Prashanth Nair
Wasabi YantraLive
Wasabi is building a communication platform for SMBs to help them manage YantraLive is a B2B ecommerce platform for heavy equipment owners.
customer relationships and grow their businesses.
Ecommerce Enabler 1.8 2021 Bengaluru B2B Ecommerce 1 2018 Bengaluru
Ankur Capital, 021 Capital, Sparrow Capital, Ankit Bhati, Mekin Maheshwari, Lalit Keshre GrowthStory, Vipul Parekh
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Zymrat NextPrt
Zymrat is an activewear D2C brand for men. NextPrt is a B2B cross-border manufacturing and commerce platform, providing
tools and technologies such as 3D printing, CNC machining, laser cutting and
raw material support with 1,000+ SKUs.
D2C 0.5 2018 Bengaluru B2B Ecommerce 5 2020 Delhi-NCR
Dominor Investment Holdings, Anicut Angel Fund, Aditya Somani, Rashmi Daga, Mahesh Agrawal Sequoia Capital India, Lightspeed India Partners, Titan Capital
Plix Nestasia
Plix is a D2C brand developing plant-based nutrition products for wellness and D2C home decor and lifestyle brand Nestasia sells artisanal home decor and
strength. tableware products.
D2C 5 2019 Mumbai D2C 4 2019 Kolkata
Guild Capital, RPSG Ventures Stellaris Venture Partners, Varun Alagh, Sahil Barua, Anuj Srivastava
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ApnaKlub Ping
ApnaKlub is digitalising and organising the FMCG procurement market by Ping enables commerce and communication for agri producers, local
connecting buyers and brands via a single platform. manufacturers and home-based business owners catering to residential
communities.
Social Commerce 3.5 2020 Bengaluru Social Commerce 3.5 2020 Bengaluru
Sequoia Capital India, Blume Ventures, White Board Capital Elevation Capital
Wellcurve Gobbly
Wellcurve is an ecommerce platform that helps people adopt a healthy lifestyle by Gobbly is an online retail store offering daily essentials.
offering health and lifestyle-related products.
Marketplace 0.6 2019 Delhi-NCR Marketplace 0.5 2019 Delhi-NCR
Undisclosed Anicut Angel Fund, Sauce.VC, Agility Ventures, Kunal Shah, Anupam Mittal, Jitendra Bhandari
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MasterChow Keeros
MasterChow is a D2C brand offering ready-to-cook Asian cuisines. D2C brand Keeros manufactures healthy snacks.
D2C 0.4 2020 Delhi-NCR D2C 0.4 2018 Lucknow
WEH Ventures, Aditya Singh, Ravi Shroff Venture Catalysts

India’s Ecommerce Unicorns: An Overview
Mensa Brands Delhi-NCR

Fastest Indian Startup To Reach $1 Bn+ Home To The Highest Number Of Ecommerce
Valuation (in 6 months) Unicorns In India
Marketplace $73.1 Bn+

Subsector With The Highest Number Of Combined Valuation Of Ecommerce Unicorns
Ecommerce Unicorns In India In India
$22.2 Bn+
Total Funding Raised By Ecommerce Unicorns
In India
Founded In Subsector Headquarters Time Taken To Become Unicorn (Years) Current Status Valuation ($ Bn)
2007 Marketplace Bengaluru 5 Acquired 37.6
2012 Marketplace Mumbai 8 Listed 9.8*
2015 Social Commerce Bengaluru 6 Private Company 4.9
2016 B2B Ecommerce Bengaluru 2 Private Company 3.1
2015 B2B Ecommerce Delhi NCR 6 Private Company 3.0
2011 D2C Delhi NCR 8 Private Company 2.5
2016 B2B Ecommerce Mumbai 5 Private Company 2.5
2016 Marketplace Delhi NCR 2 Private Company 2.0
2010 Marketplace Pune 10 Private Company 2.0
2015 Recommerce Delhi NCR 5 Private Company 1.8
1996 B2B Ecommerce Delhi NCR 25 Listed 1.8*

Founded In Subsector Headquarters Time Taken To Become Unicorn (Years) Current Status Valuation ($ Bn)
2018 Social Commerce Bengaluru 4 Private Company 1.6
2015 B2B Ecommerce Pune 7 Private Company 1.4
2015 Marketplace Mumbai 6 Private Company 1.2
2014 Marketplace Bengaluru 8 Private Company 1.2
2021 Ecommerce Enabler Delhi NCR 0 Private Company 1.1
2016 D2C Delhi NCR 5 Private Company 1.1
2012 D2C Bengaluru 9 Private Company 1.0
2015 B2B Ecommerce Delhi NCR 6 Private Company 1.0
2015 Recommerce Delhi NCR 6 Private Company 1.0
2021 Ecommerce Enabler Bengaluru 0 Private Company 1.0
201 Marketplace Delhi NCR 5 Acquired 0.1
Note: * denotes the valuation of Listed companies as of 24th March, 2022

Marketplace And D2C Account For More Than 50% Of Ecommerce Unicorns
In India
Recommerce 8.3%
Marketplce 37.5%
9
2
Ecommerce Enabler 8.3%
2
24
Number Of
Social Commerce 8.3% Ecommerce
2 Unicorns
D2C 12.5%
B2B Ecommerce 25.0% 3
Source: Inc42 Plus

Ecommerce Unicorn Hubs In India
Delhi-NCR 12 Unicorns
Mumbai 3 Unicorns
Pune 2 Unicorns Bengaluru 7 Unicorns
Source: Inc42 Plus

India’s Ecommerce Soonicorns: An Overview

Founded In Subsector Headquarters Current Status Funding (In $ Mn) Notable Investors
2007 Recommerce Ahmedabad Listed 6.2 Bennett, Coleman and Company, Network 18, Next Orbit Ventures
2009 Recommerce Mumbai Listed 307.4 Canaan Partners, Epiphany Ventures, Tiger Global Management
2012 D2C Bengaluru Private Company 218.5 InnoVen Capital, Trifecta Capital, Lightbox, BlackSoil
2012 Marketplace Mumbai Private Company 263.3 Goldman Sachs, IvyCap Ventures, JSW Ventures, Kedaara Capital
2012 Marketplace Mumbai Private Company 285.3 Bertelsmann, Goldman Sachs, InnoVen Capital, Norwest Venture
2014 D2C Bengaluru Private Company 63.0 Sequoia Capital, SIG, Verlinvest
2015 B2B Ecommerce Bengaluru Private Company 236.3 Nexus Venture Partners, Kalaari Capital, Alteria Capital, Invus
2015 B2B Ecommerce Mumbai Private Company 239.7 Accel, Addventures, B Capital Group, CDC Group, Chiratae Ventures
2016 D2C Delhi-NCR IPO-Bound 116.3 Qualcomm Ventures, InnoVen Capital, Warburg Pincus
D2C And Marketplace Are Likely To See Maximum Number Of Ecommerce

Unicorns In India
B2B Ecommerce 22.2%

2 Marketplce 22.22%
2
9
Recommerce 22.2% Number Of D2C 33.33%
Ecommerce
Soonicorns
2
Source: Inc42 Plus

Emerging Trends: Ecommerce In India

Growing Popularity Of Content Commerce
Content commerce, a fast-emerging trend in the Indian ecommerce space, essentially involves the consumption of short-form videos and other content formats. This
has accelerated influencer marketing, social media consumption and the rapid development of social commerce.
Immersive Shopping Experience With Integration Of New-Age Technology
As the world shifts towards the metaverse, key trends like customised lifestyle products, virtual trial rooms (or AR/VR-assisted dress fittings) and UI animation are ex-
pected to disrupt online shopping experience.
The Rise Of Ecommerce Roll-Ups
The success of this Thrasio-like business model depends on assessing brand potential, acquiring them at the right price and then driving growth through increased
sales, lower costs and enhanced operational efficiency. The disruptive model has already seen considerable interest from mainstream and debt investors. In India, a
dozen or so startups are currently operating in this space, including GlobalBees, Mensa, GOAT, 10Club and others.
Subscription Commerce On A Roll
Ecommerce is adopting the subscription model linked to loyalty programmes to lock in repeat purchases while buyers get to save more. In the D2C space, this means
creating stronger connections with customers, building a loyal community and leveraging the creamy layer of shoppers at minimum CAC.
More Ecommerce Companies Heading For IPOs
With growth and large-scale fundraising from the public market ruling the startup narrative nowadays, many established ecommerce startups in India are eyeing IPOs
this year, including Flipkart, Snapdeal, boAt and more. Understandably, growing big will be the watchword for them as the greater a company's market share, the
deeper the investor confidence and the better the chance of a successful listing.
Market Consolidation On The Cards
As the digital market gets overcrowded in the wake of the pandemic and smaller brands struggle to cope with many challenges, big-to-medium businesses are out
shopping to grow their enterprise muscle and corner success. Developing a house of brands is becoming popular, and so is the Thrasio model, while new-age start-
ups, powered by deep-pocketed VCs, are snapping up legacy players. These trends clearly indicate that the ecommerce market will witness more M&A deals in the
coming years.
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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 editor@inc42.com and we will try our best to update the information in the digital version of the report. We are constantly updating our
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Inc42&#39;s State of Indian Ecommerce Report Q1 2022

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Funding Trends: A Snapshot

11 INDIA’S ECOMMERCE STARTUP LANDSCAPE B2B Ecommerce In India: A Sector Snapshot

44 INDIA’S ECOMMERCE UNICORNS AND SOONICORNS

The Indian Ecommerce Market: A Landscape

Market Size And Growth Fundraising Activity Industry Landscape

Number Of Active Number Of M&As In Ecommerce Subsector With

The Rise Of India’s Digital Economy

750 718 487 Sept 2021

391 $0.68 4.7 Hours 305 Mn+

112 115 132 82 Bn+ $1.7 Tn+ 337 Mn

Indian Startup Economy: A Snapshot

Funding Raised By Startups Indian Startups In The

Value Created By Indian

The Ecommerce Value Chain In India

Online Finance &

Ecommerce Startups That Bagged Biggest Funding Rounds In 2021

B2B Ecommerce Late Stage $280 Mn Moonstone Capital, Octahedron Capital

D2C Late Stage $220 Mn Alpha Wave Global, Temasek Holdings

Subsector Funding Stage Funding Amount Notable Investors

Marketplace Late Stage $200 Mn 57 Stars, Seven Train Ventures

D2C Late Stage $150 Mn Prosus Ventures, Warburg Pincus

Source: Inc42 Plus

Notable Acquisitions In Indian Ecommerce Space In 2021

D2C Growth Stage LionRock Capital, Fireside Ventures

Online Grocery Delivery Bootstrapped N/A

D2C Growth Stage Equanimity Ventures, RoundGlass Partners

D2C Bootstrapped Elevar Equity

D2C Growth Stage Saama Capital, DSG Consumer Partners

D2C Bootstrapped N/A

Digital Media Growth Stage IgniteWorld, Kalaari Capital

D2C Seed Stage Brand Capital

D2C Growth Stage Indian Angel Network, NB Ventures

Source: Inc42 Plus

India’s Ecommerce Sector Landscape

Note: Marketplace as a subsector only includes B2C startups

India’s Ecommerce Startup Landscape

Source: Inc42 Plus

D2C Is The Fastest-Growing Ecommerce Subsector In India

D2C Social Commerce B2B Ecommerce

Estimated Indian Social Estimated Indian B2B

23.8% Expected CAGR 29.3% Expected CAGR 81.0% Expected CAGR

Source: Inc42 Plus

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

Source: Deloitte, Inc42 Plus

Ecommerce Landscape: Unicorns, Soonicorns & Growth Stage Companies

Social Commerce In India Set To Hit More Than $84 Bn By 2030

D2C Market In India Is Set To Cross $300 Bn By 2030

Ecommerce Funding Trends: A Snapshot

$27 Bn+ 356

Active Investors In Indian

Source: Inc42 Plus

Ecommerce Startups: The Funding Funnel

Seed Stage Ecommerce Startups

533 Funded Ecommerce Startups In India

5,127 Active Ecommerce Startups In India

Note: This is on the basis of number of startups funded during 2014-2021

$27 Bn Raised By Ecommerce Startups During 2014-2021

Funding Amount In $ Bn Deal Count

Average Ticket Size Of Ecommerce Funding Surged 4x In 2021 Compared To

Source: Inc42 Plus

Most Funded Ecommerce Segments In 2021

Marketplace Startups Received Maximum D2C Funding Shot Up In 2021

Social Commerce Marketplce D2C

Inc42's State of Indian Ecommerce Report Q1 2022

Inc42's State of Indian Ecommerce Report Q1 2022