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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
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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
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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
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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
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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
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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

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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
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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

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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

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India’s Ecommerce Startup Landscape

D2C Social Commerce Marketplace Enabler Recommerce B2B Ecommerce

Vertical

Horizontal

Source: Inc42 Plus

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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

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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

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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
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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
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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
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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

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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
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$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
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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

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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

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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
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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
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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
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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
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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

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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
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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.
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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

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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
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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.
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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
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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
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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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
D2C 2.3 2019 Bengaluru B2B Ecommerce 4 2020 Bengaluru

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

D2C 1.2 2019 Delhi-NCR Marketplace 1.1 2019 Delhi-NCR

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
D2C & Marketplace 1.5 2020 Delhi-NCR D2C 0.726 2021 Mumbai

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

B2B Ecommerce 2 2020 Delhi-NCR D2C 1.3 2019 Delhi-NCR

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
D2C 0.76 2020 Delhi-NCR D2C 0.672 2020 Hyderabad

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

D2C 0.476 2020 Bengaluru D2C 3 2018 Mumbai

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
Marketplace 3.5 2020 Delhi-NCR Marketplace 5 2021 Mumbai

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

B2B Ecommerce 4.8 2018 Pune Social Commerce 1.5 2019 Bengaluru

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
Ecommerce Enabler 1.8 2021 Bengaluru B2B Ecommerce 1 2018 Bengaluru

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

D2C 0.5 2018 Bengaluru B2B Ecommerce 5 2020 Delhi-NCR

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
D2C 5 2019 Mumbai D2C 4 2019 Kolkata

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

Social Commerce 3.5 2020 Bengaluru Social Commerce 3.5 2020 Bengaluru

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ
Marketplace 0.6 2019 Delhi-NCR Marketplace 0.5 2019 Delhi-NCR

NOTABLE INVESTORS NOTABLE INVESTORS

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.

SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ SUBSECTOR TOTAL FUNDING ($ MN) FOUNDING YEAR HQ

D2C 0.4 2020 Delhi-NCR D2C 0.4 2018 Lucknow

NOTABLE INVESTORS NOTABLE INVESTORS

WEH Ventures, Aditya Singh, Ravi Shroff Venture Catalysts

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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

$22.2 Bn+
Total Funding Raised By Ecommerce Unicorns
In India
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Founded In Subsector Headquarters Time Taken To Become Unicorn (Years) Current Status Valuation ($ 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*

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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

2014 Marketplace Delhi NCR 7 Private Company 1.2

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

2010 Marketplace Delhi NCR 4 Private Company 1.0

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

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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

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Ecommerce Unicorn Hubs In India

Delhi-NCR 12 Unicorns

Mumbai 3 Unicorns

Pune 2 Unicorns Bengaluru 7 Unicorns

Source: Inc42 Plus

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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
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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

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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.
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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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