The document provides an overview of India's ecommerce landscape and funding trends in Q2 2022. Some key highlights include: - Total ecommerce funding in Q2 2022 was $1.2 billion, a 63% increase year-over-year but a 38% decline from Q1 2022. - D2C was the most funded ecommerce subsector, accounting for 51% of total funding and receiving the most deals. - The average ticket size for ecommerce deals dropped significantly to $19 million in Q2 2022 from $132.9 million in Q4 2021. - On a yearly basis, seed-stage funding and deals saw the largest increases while late-stage funding grew

2. TableOfContents
TableOfContents
4
3
5
6
7
9
10
11
13
15
16
TableOfContents The State Of Ecommerce Unicorns & Soonicorns
25
The List
Revenue Analysis
Ecommerce Startups On The IPO Ladder
34
Most Active Ecommerce Investors In Q2 2022
37
Survey: India's D2C Founders
Key Challenges For D2C Brands In India
90
Ecommerce Trends To Watch Out For
Infocus: D2C
70
Early Stage D2C Startups Making Waves
61
38
Listed IPOs
Upcoming IPOs
Indian D2C Startups: Key Statistics
India’s D2C Landscape: Key Segments
Evolution Of D2C In India (Lifecycle graph)
Category Deep Dive In D2C
India’s D2C Startup Landscape
Funding Trends
Financial Performance Analysis
MoM Funding
Average Ticket Size
Sectors With Maximum Funding
Stagewise Analysis
Top Hubs For Ecommerce Funding (Tier-1 andTier 2 & Above)
Mergers & Acquisitions
India’s Digital Economy In A Nutshell
India’s Startup Economy: A Snapshot
Indian Ecommerce Market: A Snapshot
Indian Ecommerce Market: Key Statistics
Ecommerce Market Opportunity In India
Ecommerce Startups: The Funding Funnel
India’s Ecommerce Landscape: Key Segments & Startups
India’s Ecommerce Ecosystem Q2 2022: Key Highlights
Ecommerce Startups that Bagged Biggest Funding Rounds In Q2 2022
Notable acquisitions in India’s Ecommerce Space In Q2 2022
India’s Ecommerce Ecosystem: Funding Trends
91
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3. State Of Indian Digital Economy
44%
Increase In Internet
Users From 2022 To
2030
61%
Internet Penetration
In India
1.3 Bn+
Internet Users
By 2030
305 Mn+
Users Doing Online
Transactions In
India
4.7 Hours
Average Hours Spent
On Mobile Per Day
Per User
$0.68
Per GB Internet
Cost In India
373 Mn+
Estimated Rural
Internet Users In
2022
$2.3 Tn+
Total Value Of UPI
Transactions As
On July 2022
110 Bn+
Total No. Of UPI
Transaction As On
July 2022
Source: Statista, NPCI, Bain & Company, App Annie
Internet
Users
(Mn)
0
500
1,000
1,500
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
846
932
1,008
1,075
1,134
1,186
1,132
1,273
1,310
1,343
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4. 57K
5K+
1,088
$131 Bn
Startup
Launches
Funded Startups
In India
M&A Deals Recorded
Between 2014 And
H1 2022
Funding Raised By
Startups Between 2014
And H1 2022
1,245
Investors Participated In
Startup Funding Between
2015 and H1 2022
18
Indian Internet Companies
Listed To Date
Indian Startups In The
Unicorn Club
Combined Valuation Of
Indian Startups
106
$450 Bn+
Indian Startup Economy: A Snapshot
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5. India’s Ecommerce Market: A Landscape
Estimated Market
Opportunity By 2030
$400Bn
Estimated CAGR
(2022-2030)
18.9%
Number Of Active
Startups In India
5,127
Funding Raised
Between 2014 And
H1 2022
$30Bn
Number Of Funded
Startups In India
682
Number Of M&As
During H1 2022
170
Number Of
Unicorns In India
23
Number Of
Soonicorns In India
16
Ecommerce Subsector
With The Highest
Number Of Unicorns
Marketplace
Market Size And Growth Venture Capital Unicorns & Soonicorns
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6. Indian Ecommerce Market: Key Statistics
Number Of Internet Users,
2022
932 Mn+
Number Of Online Shoppers,
FY2022
128 Mn+
Smartphone Penetration,
2022
61%
World Rank In Cross Border Ecommerce
Growth, 2020
9th
FDI In B2B Ecommerce & Marketplace
Model Of Ecommerce Under The
Automatic Route
100%
Increase In The GMV (Gross Merchandise
Value) Of Generated Sales During Festive
Season 2021 (Worth $9.2 Bn) Compared
To 2020
23%
Average Monthly Mobile Data
Consumption Per User, 2021
17 GB
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7. Ecommerce
Market
Size
(In
$
Bn)
0.0
100.0
200.0
300.0
400.0
2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
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
Source: Deloitte, Inc42
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8. 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
Number
Of
Online
Shoppers
(In
Mn)
0
100
200
300
400
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Source: Bain and Flipkart Report 2020
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9. Ecommerce Startups: The Funding Pyramid
Ecommerce Startups: The Funding Pyramid
Note: This is on the basis of number of startups funded during 2014- Q1 2022
Source: Inc42
77
Late Stage Ecommerce
Startups In India
433 Seed Stage Ecommerce Startups
In India
682
5,127
Funded Ecommerce Startups In India
Active Ecommerce Startups In India
197
Growth Stage
Ecommerce Startups
In India
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10. B2B
Ecommerce
Recommerce
Classifieds
Automotive
Electronic Gadgets
Enabler
Logistics
Marketing
Payment Gateway
SaaS
Roll Ups
Industrial Goods
FMCG
Marketplace
Social
Commerce
Live Commerce
Content Commerce
D2C
FMCG
Fashion
Home Decor
Consumer Electronics
Others
India’s Ecommerce Landscape: Key Segments
Marketplace
Total Funded Startups
200+
Total Funding Amount
$17.1 Bn
Horizontal
Vertical
Total Funded Startups
25+
Total Funding Amount
$939.8 Mn
Total Funded Startups
50+
Total Funding Amount
$2.7 Bn
Total Funded Startups
180+
Total Funding Amount
$4.2 Bn
Total Funded Startups
50+
Total Funding Amount
$810.7 Mn
Total Funded Startups
75+
Total Funding Amount
$4.2 Bn
Note: Funding is for the period 2014 to H1 2022
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11. India’s Ecommerce Startup Landscape
D2C
Social
Commerce
Marketplace
Ecommerce
Enabler
Recommerce B2B
Ecommerce
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12. Ecommerce Funding Trends in Q2 2022: A Snapshot
Ecommerce Funding Trends in Q2 2022: A Snapshot
Total Funding Raised
YoY Decline In Total Funding
Average Ticket Size For Ecommerce
Deals
$1.2 Bn+
38.3%
Number Of Unique Funded Startups
Total Deal Count
73
79
Top Startup Hub
Delhi NCR
$19 Mn
YoY Surge In Seed Stage Funding
272%
Most Active Ecommerce Investors
Note: The error in top startup hub was updated from Bengaluru to Delhi NCR, on 7 September 2022.
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13. Ecommerce Startups That Bagged Biggest Funding Rounds In Q2 2022
Sub-Sector
CompanyName
D2C
D2C
Ecommerce Enabler
B2B Ecommerce
Recommerce
B2B Ecommerce
D2C
FundingStage
Late Stage
Late Stage
Seed Stage
Growth Stage
Late Stage
Late Stage
Late Stage
FundingAmount
$108 Mn
$100 Mn
$100 Mn
$100 Mn
$90 Mn
$65 Mn
$50 Mn
Venturi Partners, Trifecta Capital, IIFL Asset Management, Elevation Capital, Orios Ventures
Alpha Wave Global
KKR, SoftBank, Alpha Wave Global, Temasek
Prosus Ventures, WestBridge Capital, Accel, Elevation Capital, DisruptAD
NewQuest, Prosus Ventures, Bessemer, Blume Ventures, Olympus Capital
Lighthouse India, Creaegis, Health Quad, Ackermans & Van Haaren, British International Investment
L Catterton, A91 Partners, Elevation Capital, India Quotient
NotableParticipatingInvestors
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14. Sub-Sector
CompanyName
B2B Ecommerce
Ecommerce Enabler
D2C
D2C
B2B Ecommerce
D2C
D2C
B2B Ecommerce
FundingStage
Undisclosed
Growth Stage
Undisclosed
Late Stage
Growth Stage
Late Stage
Growth Stage
Growth Stage
FundingAmount
$50 Mn
$50 Mn
$48 Mn
$45 Mn
$40 Mn
$33 Mn
$30 Mn
$28 Mn
Liquidity Group's MARS Unicorn Fund
Winter Capital, 9Unicorns, Venture Catalysts, Vivriti Capital, Oxyzo
GIC
Alpha Wave Global, Tiger Global Management, Elevation Capital, Think Investments
Tiger Global Management, Alpha Wave Global, Sparrow Capital, Stride Ventures
Paramak Ventures, Premji Invest, Blume Ventures, Kedaara
WestBridge Capital
Tiger Global Management, Info Edge
NotableParticipatingInvestors
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15. Notable Acquisitions In India’s Ecommerce Space In Q2 2022
CompanyStage
CompanyName
Seed Stage
Bootstrapped
Growth Stage
Seed Stage
Bootstrapped
Bootstrapped
Government Of Karnataka, Department Of Science & Technology, Qualcomm
N/A
Accel, Vertex Ventures, CDH Investments, Korea Investment Partners
Mumbai Angels
N/A
N/A
AcquiredBy NotableInvestors
Source: Inc42
Note: N/A stands for not available
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16. 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
Funding
Amount
(In
$
Bn)
Deal
Count
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
100
200
300
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
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17. Ecommerce Funding Continues To Decline On A QoQ Basis
Funding
Amount
(In
$
Bn)
Deal
Count
0.0
2.0
4.0
6.0
0
25
50
75
100
125
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Funding Amount (In $ Bn) Deal Count
Note: The funding data in 2022 is only considered till 30th June, 2022
Source: Inc42
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18. 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
Average
Ticket
Size
(In
$
Mn)
0.0
50.0
100.0
150.0
Q
1
-
2
0
1
8
Q
2
-
2
0
1
8
Q
3
-
2
0
1
8
Q
4
-
2
0
1
8
Q
1
-
2
0
1
9
Q
2
-
2
0
1
9
Q
3
-
2
0
1
9
Q
4
-
2
0
1
9
Q
1
-
2
0
2
0
Q
2
-
2
0
2
0
Q
3
-
2
0
2
0
Q
4
-
2
0
2
0
Q
1
-
2
0
2
1
Q
2
-
2
0
2
1
Q
3
-
2
0
2
1
Q
4
-
2
0
2
1
Q
1
-
2
0
2
2
Q
2
-
2
0
2
2
Source: Inc42
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19. 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%
Ecommerce Enabler
10.5%
D2C
26.0%
B2B Ecommerce
50.4%
$0.7 Bn
Ecommerce
Funding In Q2
2021
$1.2 Bn
Ecommerce
Funding In Q2
2022
Others
1.7%
Recommerce
7.7%
Ecommerce Enabler
13.8% B2B Ecommerce
25.8%
D2C
51.0%
Source: Inc42
Note: Others in Q2 2022 includes funding raised by social commerce and marketplace startups
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20. Others
5.1%
Ecommerce Enabler
6.3%
Marketplace
10.1%
B2B Ecommerce
12.7%
D2C
58.1%
43
Funding
Deals
In Q2 2021
79
Funding
Deals
In Q2 2022
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%
Marketplace
9.3%
Ecommerce Enabler
11.6%
B2B Ecommerce
14.0%
D2C
65.8%
Source: Inc42
Note: Others in Q2 2022 includes funding raised by social commerce and marketplace startups
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21. 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
Funding
Amount
(In
$
Bn)
0.0
0.3
0.5
0.8
1.0
January February March April May June
Source: Inc42
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22. Funding At Bridge Stage Showed Highest YoY Surge For Ecommerce Startups
Bridge Funding Seed Stage Growth Stage Late Stage
+1574% (Bridge Funding)
+272% (Seed Stage)
+119% (Growth Stage)
+25% (Late Stage)
Source: Inc42
Funding
Amount
(In
$
Mn)
0.0
250.0
500.0
750.0
1000.0
1250.0
Q2 2021 Q2 2022
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23. 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
Deal
Count
0
20
40
60
80
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Bridge Funding Seed Stage Growth Stage Late Stage
+129% (Seed Stage)
+100% (Bridge Funding)
+56% (Late Stage)
+46% (Growth Stage)
Source: Inc42
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24. Delhi NCR Remains Top Destination For Ecommerce Startup Funding
Funding Amount (In $ Bn)
Top
5
Startup
Hubs
In
Ecommerce
Space
(Q2
2022)
Delhi NCR
Mumbai
Bengaluru
Thane
Jaipur
0.00 0.20 0.40 0.60 0.80
Deal Count
Top
5
Startup
Hubs
In
Ecommerce
Space
(Q2
2022)
Delhi NCR
Bengaluru
Mumbai
Jaipur
Thane
0 10 20 30
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25. The State Of Ecommerce Unicorns & Soonicorns In India
Unicorns
Combined Valuation
Total Capital Raised
23
$86 Bn
$28.6 Bn
Top
Hubs
Soonicorns
Combined Valuation
Total Capital Raised
16
$5.3 Bn
$2.1 Bn
10 Marketplace
04 B2B Ecommerce
03 D2C
Top
Subsectors
08 D2C
04 B2B Ecommerce
03 Marketplace
Top
Subsectors
11 Delhi NCR
07 Bengaluru
04 Mumbai
TopHubs
07 Mumbai
05 Bengaluru
04 Delhi NCR
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26. Ecommerce Startup Landscape: Unicorns, Soonicorns & Growth Stage
Companies
Unicorns (Valued $1 Bn+)
Soonicorns (Valued $200 Mn+)
Growth Stage (Series A & B)
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27. Inside India’s Ecommerce Unicorns
Segment
CompanyName
Recommerce
Social Commerce
Marketplace
Marketplace
Marketplace
Ecommerce Enabler
Marketplace
B2B Ecommerce
Headquarters
Delhi NCR
Bengaluru
Delhi NCR
Pune
Bengaluru
Delhi NCR
Mumbai
Mumbai
Became
UnicornIn
2020
2022
2021
2020
2012
2021
2021
2021
NotableInvestors
DST Global, Falcon Edge Capital, Sequoia Capital India, SoftBank
Matrix Partners, Omidyar Network, InnoVen Capital, DST Global
BEENEXT, Digital Garage, Lightbox Ventures, Toyota Tsusho Corporation
IDG Capital, Elevation Capital,Chiratae Ventures, SoftBank, PremjiInvest
Accel, Axis Bank, DST Global, eBay, Flipkart, GIC, Naspers, SoftBank
Chiratae Ventures, Chrys Capital, FirstCry, Lightspeed India Partners
Accel, Amazon, Ascent Capital, Bessemer Venture Partners
Accel,InnoVen Capital, Nexus Venture Partners, Tiger Global Management
YearsTo
Unicorn
5
4
7
10
5
0
6
5
Funding
(In$Bn)
1.3
0.6
0.3
0.7
12.6
0.3
0.3
0.4
Valuation
(In$Bn)
1.8
1.6
1.2
2.0
37.6
1.1
1.2
2.5
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28. Segment
CompanyName
D2C
D2C
Marketplace
D2C
Social Commerce
Ecommerce Enabler
B2B Ecommerce
Marketplace
Headquarters
Delhi NCR
Bengaluru
Bengaluru
Delhi NCR
Bengaluru
Bengaluru
Delhi NCR
Mumbai
Became
UnicornIn
2019
2021
2022
2021
2021
2021
2021
2020
NotableInvestors
Chiratae Ventures,PremjiInvest, SoftBank, Temasek Holdings, TPG
3One4 Capital, Bertelsmann, IIFL Asset Management,Temasek Holdings
Kohlberg Kravis Roberts, Trifecta Capital, Tahoe Investment Group
Fireside Ventures, Sequoia Capital India, Shilpa Setty, Sofina
B Capital Group, DST Partners, Facebook, Investopad, Prosus & Naspers
Accel, Alpha Wave Incubation, Alteria Capital, Falcon Edge Capital
Accel,Bessemer Venture Partners, Tiger Global Management
Fidelity Management and Research Company, Lighthouse Funds
YearsTo
Unicorn
8
9
8
5
6
0
6
8
Funding
(In$Bn)
0.8
0.5
0.4
0.1
1.1
0.2
0.5
0.1
Valuation
(In$Bn)
2.5
1.0
1.2
1.1
4.9
1.0
1.0
14.0
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29. Segment
CompanyName
B2B Ecommerce
Marketplace
Marketplace
Marketplace
Marketplace
Recommerce
B2B Ecommerce
Headquarters
Delhi NCR
Delhi NCR
Mumbai
Delhi NCR
Delhi NCR
Delhi NCR
Bengaluru
Became
UnicornIn
2021
2018
2022
2016
2014
2021
2018
NotableInvestors
FalconEdge Capital, InnoVen Capital, Kotak Mahindra Bank, Matrix Partners
SoftBank, Alibaba Group, eBay
Goldman Sachs, Sequoia Capital, PremjiInvest, IvyCap Ventures
Helion Venture Partners, Nexus Venture Partners, GIC,InnoVen Capital
SoftBank, Alibaba Group, Kalaari Capital, BlackRock, Intel Capital
Abu Dhabi Growth Fund, Accel, Blume Ventures, Elevation Capital
BlackSoil Capital, DST Global, InnoVen Capital,Lightspeed Venture Partners
YearsTo
Unicorn
6
2
11
5
4
6
2
Funding
(In$Bn)
0.9
3.0
0.3
0.3
1.8
0.5
1.5
Valuation
(In$Bn)
3.0
2.0
1.1
0.1
N/A
1.0
3.1
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30. Inside India’s Ecommerce Soonicorns
Segment
CompanyName
B2B Ecommerce
Marketplace
D2C
Marketplace
Marketplace
D2C
D2C
Headquarters
Delhi NCR
Mumbai
Bengaluru
Mumbai
Mumbai
Bengaluru
Mumbai
FoundedIn FundingAmount(In$Mn)
1996
2009
2011
2011
2011
2012
2012
NotableInvestors
Elevation Capital, Intel Capital, Amadeus Capital Partners
Canaan Partners, Epiphany Ventures, Canaan Partners, Tiger Global Management
Accel, Kalaari Capital, IvyCap Ventures, Dragoneer Investment Group
Rise Capital, LionRock Capital, Velos Partners, LionRock Capital, Jabbar Internet Group
Bertelsmann, Goldman Sachs, InnoVen Capital, Norwest Venture Partners, Pidlite Industries
InnoVen Capital, Trifecta Capital, Lightbox, BlackSoil
Elevation Capital, Stride Ventures, India Quotient, Anicut Capital, RB Investments
41
307
100
53
285
229
36
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31. Segment
CompanyName
D2C
B2B Ecommerce
B2B Ecommerce
B2B Ecommerce
D2C
D2C
Social Commerce
D2C
D2C
Headquarters
Bengaluru
Bengaluru
Mumbai
Mumbai
Delhi NCR
Mumbai
Delhi NCR
Bengaluru
Delhi NCR
FoundedIn FundingAmount(In$Mn)
2014
2015
2015
2015
2016
2016
2019
2014
2012
NotableInvestors
Sequoia Capital, SIG, Verlinvest
Nexus Venture Partners, Kalaari Capital, Alteria Capital, Invus,Heron Rock Fund
Accel, Addventures, B Capital Group, CDC Group, Chiratae Ventures, Tiger Global Management
Lighthouse Funds, CDC Group, Toppan Printing
Qualcomm ventures, Warburg Pincus, InnoVen Capital,Fireside Ventures,Navi Technologies
Paragon Partners India, RPSG Capital Ventures, Sharrp Ventures
Elevation Capital, Accel, WaterBridge Ventures, General Catalyst Partners, Jungle Ventures
GIC, Chrys Capital
Tiger Global Management, Innoven Capital, Elevation Capital, Think Investments
61
151
240
177
116
38
112
173
86
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32. Revenue Analysis: Ecommerce Unicorns In India
SalesFY20(In$Mn)
402
8
23
107
4,556
6.0
47
119
18
53
15
41
50
2
93
61
12
12
109
2
SalesFY21(In$Mn)
364
32
17
175
5,726
5.9
142
117
56
43
61
106
104
3
184
25
17
15
57
3
YoYGrowth
-9%
312%
-27%
63%
26%
2%
205%
-2%
219%
-19%
320%
158%
107%
38%
97%
-59%
39%
29%
-47%
121%
$7.4 Bn Aggregate revenue clocked by ecommerce
unicorns in FY21 compared to $5.8 Bn in FY20.
$7.9 Bn Aggregate expenditure clocked by ecommerce
unicorns in FY21 compared to $6.6 Bn the previous year.
26.1% YoY surge in aggregate revenue as opposed to
20.7% in total expenditure.
CompanyName
Source: Inc42, MCA
Note: The analysis presented in this section is based on the sample set of 20 ecommerce unicorns. GlobalBees, Mensa Brands, and Udaan are not included.,
Note: Sales is derived from the revenue from operations
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33. Profitability Analysis: Ecommerce Unicorns In India
EBITDAFY20(In$Mn)
-34.4
-3.9
-10.5
-16.8
-411.1
-9.3
1.8
5.6
-17.5
-42.8
-0.7
-39.8
-9.9
12.0
4.2
-53.6
-2.6
-5.8
-33.8
-9.1
EBITDAFY21(In$Mn)
-19.9
-8.5
-7.5
30.7
-314.6
-5.3
7.8
11.5
-25.1
-31.4
4.0
-65.3
-10.1
23.6
6.1
-55.6
-5.7
-7.0
-10.4
-12.2
YoYGrowth
42.1%
119.7%
28.8%
282.6%
23.5%
43.2%
332.2%
105.6%
43.6%
26.7%
642.3%
64.3%
1.8%
95.9%
43.7%
3.6%
120.1%
21.3%
69.3%
33.9%
30% Ecommerce unicorns in India were EBIDTA
positive in FY21.
$6.4 Mn Median monthly burn rate of Indian ecommerce
unicorns in FY21 as compared to $3.1 Mn in FY20.
-$7.0 Mn Median EBITDA of Indian unicorns in FY21, a 22%
increase from negative $9.1 Mn in FY20 indicating that
profitability still remains a question among ecommerce
unicorns although the aggregate value of losses has reduced
CompanyName
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.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 33

34. Indian Ecommerce Startups: Listed Companies
LastPrivateValuation
CompanyName
$525 Mn
$1.2 Bn
N/A
ValuationAtIPOPrice
$1 Bn
$12 Bn
$0.5 Bn
$376 Mn
$8 Bn
$2 Bn
CurrentMarketCap
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
© INC42 MEDIA | NOT FOR DISTRIBUTION / 34

35. Indian Ecommerce Startups: Expected IPOs
Headquarters
CompanyName
Bengaluru
Delhi-NCR
Delhi-NCR
Pune
Mumbai
Delhi-NCR
LastPrivateEquityValuation
$37.6 Bn
N/A
$1.4 Bn
$2.7- $3 Bn
N/A
$1 Bn
$60 Bn
$1.5 Bn
$2 Bn
$6-7 Bn
N/A
$2 Bn
TargetedIPOValuation
Note: N/A stands for Not Available
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 35

36. IndiaMART's Share Price Hit The Peak Since Its IPO
%
Change
In
Share
Price
Since
IPO
-100.0%
0.0%
-60.4%
19.7%
353.1%
100.0%
200.0%
300.0%
400.0%
CarTrade
Source: Inc42 Plus, NSE
Note: Last traded price is the stock closing price on August 29, 2022.
Nykaa IndiaMART
IPOPrice
(InINR)
CompanyName
1,618
1,125
973
LastTradedPrice
(LTP)(InINR)
640.7
1,346.4
4,408.9
%ChangeInShare
PriceSinceIPO
-60.4%
19.7%
353.1%
© INC42 MEDIA | NOT FOR DISTRIBUTION / 36

37. Most Active Indian Ecommerce Investors In Q2 2022
DealCount
Investor’sName
5
5
3
3
3
3
3
3
2
2
NotableStartupsFunded
Source: Inc42
Note: Deal count has been collated from announcement made by the startups, funds
© INC42 MEDIA | NOT FOR DISTRIBUTION / 37

38. In Focus
In Focus
D2C (Direct To Consumer)
D2C (Direct To Consumer)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 38

39. Indian D2C Startups: Key Statistics
D2C Market Opportunity By 2030
$300 Bn
Digital First Brands In India
50K
Funded D2C Brands In India
346
No. Of Unicorns
03
No. Of Soonicorns
08
Total Funding
$4.4 Bn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 39

40. Packaged Food
Soft Drinks
Hot Drinks
Health & Wellness
Tissue & Hygiene
Consumer Health
Beauty & Personal Care
India’s D2C Landscape: Key Segments
Total Funded Startups
250+
Total Funding Amount
$2.1 Bn
FMCG
Packaged Food
Soft Drinks
Hot Drinks
Health & Wellness
Tissue & Hygiene
Consumer Health
Beauty & Personal Care
Total Funded Startups
192+
Total Funding Amount
$2.1 Bn
FMCG
Apparel & Footwear
Eyewear
Personal Accessories
Total Funded Startups
103+
Total Funding Amount
$1.5 Bn
Fashion
Packaged Food
Soft Drinks
Hot Drinks
Health & Wellness
Tissue & Hygiene
Consumer Health
Beauty & Personal Care
Total Funded Startups
250+
Total Funding Amount
$2.1 Bn
FMCG
Furniture
Mattress
Total Funded Startups
19+
Total Funding Amount
$563 Mn
Home Decor
Home Appliances
Electronics
Total Funded Startups
6+
Total Funding Amount
$139 Mn
Consumer Electronics
Note: Funding is for the period 2014-H1 2022
© INC42 MEDIA | NOT FOR DISTRIBUTION / 40

41. Evolution Of D2C In India
Emergence Of
Pure-Play D2C
(Only Own Online
Website)
Omnichannel D2C
(Presence On Own
Website &
Marketplaces)
Omnichannel
Ecommerce
(Presence On Own
Website,
Marketplace &
Offline Retail Stores)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 41

42. 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
Note: F stands for Forecasted value
Source: Inc42
D2C
Addressable
Market
(In
$
Bn)
0.0
100.0
200.0
300.0
400.0
2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
© INC42 MEDIA | NOT FOR DISTRIBUTION / 42

43. FMCG
$2.1 Bn
Total Funding
Raised
192
Number Of Unique
Funded Startups
~400%
YoY Surge In Total
Funding In Q2 2022
276
Total Deal
Count
The Online FMCG Market Is Poised To Cross $21 Bn By 2025 Key Trends
Subscription & Personalisation models
Natural & Toxic-Free Product Offering
Tech-enabled buying experience
Transparency in product offering
Attractive & Wide Product Portfolio
Addressable
Market
In
$
Bn
0.0
5.0
10.0
15.0
20.0
25.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
© INC42 MEDIA | NOT FOR DISTRIBUTION / 43

44. FMCG D2C Brands Landscape
Beauty And
Wellness
Personal Care
Cosmetics
TM
© INC42 MEDIA | NOT FOR DISTRIBUTION / 44

45. Meals
Beverages
Snacks
Health Supplements
Dairy Products
Food And
Beverage
Meat
© INC42 MEDIA | NOT FOR DISTRIBUTION / 45

46. Fashion
$1.5 Bn
Total Funding
Raised
103
Number Of Unique
Funded Startups
70%
YoY Surge In Total
Funding In Q2 2022
180
Total Deal
Count
The Online Fashion Market Is Poised To Cross $43 Bn By 2025 Key Trends
Celebrity inspired or endorsed D2C brands
Customized Offering
Tech enabled and advanced products
Quirky & Fashionable Designs
Addressable
Market
In
$
Bn
0.0
10.0
20.0
30.0
40.0
50.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
© INC42 MEDIA | NOT FOR DISTRIBUTION / 46

47. Fashion D2C Brands Landscape
Western Wear
Ethnic Wear
Eyewear
Activewear
Innerwear
Footwear
Accessories
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48. Home Decor
$563 Mn
Total Funding
Raised
19
Number Of Unique
Funded Startups
195%
YoY Surge In Total
Funding In Q2 2022
44
Total Deal
Count
The Online Home Decor Market Is Poised To Cross $5.4 Bn By 2025 Key Trends
Focus On Sustainability
Wider Product Offerings
Increased Demand Due To WFH Flexibility
More Focus On Health Based & Ergonomic Preferences
Market
Potential
In
$
Bn
0.0
2.0
4.0
6.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
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49. Home Decor D2C Brands Landscape
Home Decor
© INC42 MEDIA | NOT FOR DISTRIBUTION / 49

50. Consumer Electronics
$139 Mn
Total Funding
Raised
06
Number Of Unique
Funded Startups
12
Total Deal Count
The Online Consumer Electronics Is Poised To Cross $31 Bn By 2025 Key Trends
Increased Affordability Of Devices
Appealing Aesthetics & Design
Increased Health Awareness
Varied Used Cases
Rising Demand In Tier 2 & More Markets
Addressable
Market
In
$
Bn
0.0
10.0
20.0
30.0
40.0
50.0
2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
© INC42 MEDIA | NOT FOR DISTRIBUTION / 50

51. Consumer Electronics D2C Brands Landscape
Consumer Electronics
© INC42 MEDIA | NOT FOR DISTRIBUTION / 51

52. D2C Startups Continue To Bag Investor Interest, $1.3 Bn Raised In H1 2022
Funding
Amount
(In
$
Bn)
Deal
Count
0.0
0.5
1.0
1.5
0
50
100
150
200
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
© INC42 MEDIA | NOT FOR DISTRIBUTION / 52

53. Funding For D2C Brands Recorded 10% Decline In Q2 2022 Compared To
Q1 2022
Funding
Amount
(In
$
Bn)
Deal
Count
0.0
0.2
0.4
0.6
0.8
0
20
40
60
80
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Funding Amount (In $ Bn) Deal Count
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 53

54. $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
Average
Ticket
Size
(In
$
Mn)
0.0
5.0
10.0
15.0
20.0
Q
1
-
2
0
1
8
Q
2
-
2
0
1
8
Q
3
-
2
0
1
8
Q
4
-
2
0
1
8
Q
1
-
2
0
1
9
Q
2
-
2
0
1
9
Q
3
-
2
0
1
9
Q
4
-
2
0
1
9
Q
1
-
2
0
2
0
Q
2
-
2
0
2
0
Q
3
-
2
0
2
0
Q
4
-
2
0
2
0
Q
1
-
2
0
2
1
Q
2
-
2
0
2
1
Q
3
-
2
0
2
1
Q
4
-
2
0
2
1
Q
1
-
2
0
2
2
Q
2
-
2
0
2
2
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 54

55. Average Ticket Size For D2C Brands Grew By 12.3% In Q2 2022 Compared
To Q1 2022
Average
Ticket
Size
(In
$
Mn)
0.0
5.0
10.0
15.0
20.0
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 55

56. Fashion
56.6%
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
Others
3.3%
Consumer Electronics
4.8%
FMCG
35.3%
$202 Mn
D2C Funding
In Q2 2021
$597 Mn
D2C Funding
In Q2 2022
Others
2.7%
Home Decor
5.0%
Fashion
32.5%
FMCG
59.7%
Source: Inc42
Note: Others includes funding raised by startups in home and lifestyle, kitchenware, handicrafts, plants, bakery and more categories.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 56

57. Growth Stage Saw The Highest YoY Surge For D2C Startups In India
+219% (Growth Stage)
+204% (Late Stage)
+92% (Bridge Funding)
+119% (Seed Stage)
Source: Inc42
Funding
Amount
(In
$
Mn)
0.0
200.0
400.0
600.0
Q2 2021 Q2 2022
Bridge Funding Seed Stage Growth Stage Late Stage
© INC42 MEDIA | NOT FOR DISTRIBUTION / 57

58. Only Bridge Stage D2C Startups Saw Positive Growth In Q2 2022 Compared
To Q1 2022
Bridge Funding Seed Stage Growth Stage Late Stage
+101% (Bridge Funding)
-10% (Late Stage)
-20% (Growth Stage)
-27% (Seed Stage)
Source: Inc42
Funding
Amount
(In
$
Mn)
0.0
200.0
400.0
600.0
800.0
Q4-2021 Q1-2022 Q2-2022
© INC42 MEDIA | NOT FOR DISTRIBUTION / 58

59. Late Stage Saw The Highest YoY Surge In Deal Count For D2C Startups
In India
Deal
Count
0
20
40
60
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Bridge Funding Seed Stage Growth Stage Late Stage
+150% (Late Stage)
+46% (Seed Stage)
+40% (Growth Stage)
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 59

60. D2C Brands Witnessed Drastic Decline In Seed Funding In Q2 2022
Deal
Count
0
20
40
60
80
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022
Bridge Funding Seed Stage Growth Stage Late Stage
-7% (Growth Stage)
-20% (Bridge Funding)
-42% (Seed Stage)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 60

61. Early Stage D2C Startups Making Waves
© INC42 MEDIA | NOT FOR DISTRIBUTION / 61

62. 30 Early Stage Indian D2C Startups Making Waves
30 Early Stage Indian D2C Startups Making Waves
It is a D2C women apparel brand
Allegra
Allegra
Fashion
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C peanut butter brand
Alpino Health Foods
Alpino Health Foods
FMCG
RBF
SUBSECTOR
SUBSECTOR
$0.65 Mn 2016
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Surat
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a Babycare marketplace
BabyAmore
BabyAmore
Fashion
Get Vantage, Velocity, Klub
SUBSECTOR
SUBSECTOR
Undisclosed 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Chennai
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C feminine hygiene brand
Avni
Avni
Dr C Srirani, Nimish Parekh, WeFounders Circle
$0.6 Mn 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Mumbai
NOTABLE INVESTORS
NOTABLE INVESTORS
FMCG
SUBSECTOR
SUBSECTOR
© INC42 MEDIA | NOT FOR DISTRIBUTION / 62

63. It is a D2C cocktail mixers brand
Bartisans
Bartisans
FMCG
RPSG Capital Ventures, Iluminar Media Private Limited
SUBSECTOR
SUBSECTOR
Undisclosed 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Mumbai
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C artisnal coffee brand
Bombay Island Coffee
Bombay Island Coffee
FMCG
Bootstrapped
SUBSECTOR
SUBSECTOR
Undisclosed 2018
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Mumbai
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C bluetooth speaker brand
Deciwood
Deciwood
Consumer Electronics
Let's Venture, Ankit Kedia,Sunil Kamath, Rohit Raj, Arun Gupta, Neeraj Saxena
SUBSECTOR
SUBSECTOR
$0.25 Mn 2018
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C ready to cook curry pastes
CURRYiT
CURRYiT
RPSG Capital Ventures, IIMU Incubation Centre, Others
$0.14 Mn 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
FMCG
SUBSECTOR
SUBSECTOR
© INC42 MEDIA | NOT FOR DISTRIBUTION / 63

64. It is a D2C wellness startup
Fitspire
Fitspire
FMCG
Sukhbir Singh, Startup Buddy, Sheel Oils, Sesa Oils
SUBSECTOR
SUBSECTOR
$1 Mn 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C home workout and connected wear brand
Flexnest
Flexnest
Consumer Electronics
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C health & wellness brand
Lauriko
Lauriko
FMCG
Undisclosed
SUBSECTOR
SUBSECTOR
$0.4 Mn 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Hyderabad
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C made-to-order staples brand
Floryo
Floryo
3one4 Capital, Vivek Gupta, Abhay Hanjura, Kunal Shah, Aman Gupta, Varun Alagh, Rishi Vasudev,
Vijay Arisetti, Sameer Mehta, Alteria Capital
$2 Mn 2022
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Bengaluru
NOTABLE INVESTORS
NOTABLE INVESTORS
FMCG
SUBSECTOR
SUBSECTOR
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65. It is a D2C menstrual hygiene brand
Lemme Be
Lemme Be
FMCG
Wami Capital, Multiply Ventures
SUBSECTOR
SUBSECTOR
$2.5 Mn 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Hyderabad
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C semi permanent hair color brand
Paradyes
Paradyes
FMCG
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Ahmedabad
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C packaged protein foods
Plow Foods
Plow Foods
FMCG
Undisclosed
SUBSECTOR
SUBSECTOR
Undisclosed 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C petcare brand
Pawrulz
Pawrulz
Bootstrapped
N/A 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
FMCG
SUBSECTOR
SUBSECTOR
© INC42 MEDIA | NOT FOR DISTRIBUTION / 65

66. It is a D2C women's westernwear brand
Qua
Qua
Fashion
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C ready to drink beverages
Raskik
Raskik
FMCG
Fluid VC
SUBSECTOR
SUBSECTOR
Undisclosed 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C artisnal coffee marketplace
Something's Brewing
Something's Brewing
FMCG
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Bengaluru
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C men's apparel brand
Snitch
Snitch
Undisclosed
Undisclosed 2018
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Bengaluru
NOTABLE INVESTORS
NOTABLE INVESTORS
Fashion
SUBSECTOR
SUBSECTOR
© INC42 MEDIA | NOT FOR DISTRIBUTION / 66

67. It is a D2C ready-to-eat spices, condiments, sauces and chutneys brand
Spice Story
Spice Story
FMCG
VCATS, Agility Partners, Lets Venture, VLA, Angels
SUBSECTOR
SUBSECTOR
$0.5 Mn 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Mumbai
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C personal hygiene brand
SVISH On The Go
SVISH On The Go
FMCG
LC Nueva AIF, Wami Capital
SUBSECTOR
SUBSECTOR
$1.7 Mn 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C home décor brand
The June Shop
The June Shop
Home Decor
Vijay Subramaniam, Pratik Nahata, Sreekumar Krishnan
SUBSECTOR
SUBSECTOR
Undisclosed 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Kolkata
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C protein bread startup
The Health Factory
The Health Factory
Venture Garage, Vikas Nahar, Happilo
$0.25 Mn 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Mumbai
NOTABLE INVESTORS
NOTABLE INVESTORS
FMCG
SUBSECTOR
SUBSECTOR
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68. It is a D2C mulberry silk-based skin and haicare brand
The Minimal Co
The Minimal Co
FMCG
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C modular and interchangeable gold jewellery brand
Toqn
Toqn
Fashion
Undisclosed
SUBSECTOR
SUBSECTOR
$0.225 Mn 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Bengaluru
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C gardening startup
Urvann
Urvann
Home Decor
Inflection Point Ventures
SUBSECTOR
SUBSECTOR
$0.45 Mn 2021
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Delhi NCR
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C travel accessories brand
uppercase
uppercase
Sixth Sense Ventures, Volorado Venture Partners
$8.5 Mn 2022
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Mumbai
NOTABLE INVESTORS
NOTABLE INVESTORS
Fashion
SUBSECTOR
SUBSECTOR
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69. It is a D2C health and wellness startup
What’s Up Wellness
What’s Up Wellness
FMCG
Bootstrapped
SUBSECTOR
SUBSECTOR
N/A 2020
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Kolkata
NOTABLE INVESTORS
NOTABLE INVESTORS
It is a D2C everyday essentials startup
Wildermart
Wildermart
FMCG
Sairee Chahal, Sreenivasan Ramakrishnan, Anand Rangaswamy, Dr Rohit Bhardwaj
SUBSECTOR
SUBSECTOR
$3 Mn 2019
TOTAL FUNDING
TOTAL FUNDING FOUNDING YEAR
FOUNDING YEAR HQ
HQ
Bengaluru
NOTABLE INVESTORS
NOTABLE INVESTORS
© INC42 MEDIA | NOT FOR DISTRIBUTION / 69

70. 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.
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71. Indian D2C Brands Sales Crossed $1 Bn Mark In FY21
Aggregate
Revenue
($
Bn)
0.00
0.25
0.50
0.75
1.00
1.25
FY20 FY21
Despite 2 out of every 5
Indian D2C brands
recording a decrease in
sales from FY20 to FY21,
the combined revenues of
these brands showed a
39% YoY surge in revenue
from sales
+39% YoY Surge
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
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72. Indian D2C Brands Which Recorded The Highest Annual Growth In Sales
Between FY20 & FY21
YoY Sales Surge (In x times)
Top
10:
D2C
Brands
With
Highest
Sales
Growth
WOW Skin Science
Mamaearth
Minimalist
Licious
Vahdam Teas
DaMENSCH
Happilo
boAt
Bombay Shaving
Company
Wakefit
0.00 5.00 10.00 15.00 20.00
Top three Indian D2C
brands which witnessed
the highest YoY sales
growth between FY20 & ‘21
are from the beauty &
personal care segment.
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
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73. Top 10 Indian D2C Brands With The Highest Sales Growth Between FY20 & ‘21
Sales(FY20)
CompanyName
$0.8 Mn
$14 Mn
$0.8 Mn
$16 Mn
$4 Mn
$1.1 Mn
$7 Mn
$88 Mn
$2 Mn
$25 Mn
Sales(FY21)
$12 Mn
$58 Mn
$3 Mn
$53 Mn
$10 Mn
$3 Mn
$17 Mn
$189 Mn
$5 Mn
$51 Mn
15.4x
4x
3.4x
3.2x
2.6x
2.5x
2.4x
2.2x
2.1x
2.1x
YoYSurge
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 have revenue over INR 20Cr in FY21.
INR to USD exchange rate is 80
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74. Only 1 Out 4 Funded D2C Brands In India Are Operationally Profitable
Loss Making
74.3%
Profitable Operationally
25.7%
The supply and consumer
demand shock infused by the
pandemic in FY22 & '23, clubbed
with growing competition. We
expect more Indian D2C brands to
close their annual accounts in
loss for the financial year 2022
Top Indian
D2C Brands
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
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75. Notable Indian D2C Brands Which Are Operationally Profitable
TotalRevenue(FY21)
CompanyName
$180 Mn
$191 Mn
$126 Mn
$26 Mn
$58 Mn
$18 Mn
$11 Mn
$2.8 Mn
$9.0 Mn
TotalExpenditure(FY21)
$161 Mn
$178 Mn
$119 Mn
$20 Mn
$54 Mn
$16 Mn
$8.9 Mn
$2 Mn
$8.7 Mn
OperatingIncome
$20 Mn
$14 Mn
$6.9 Mn
$5.6 Mn
$3.8 Mn
$1.9 Mn
$1.8 Mn
$0.8 Mn
$0.3 Mn
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 have revenue over INR 20Cr in FY21.
INR to USD exchange rate is 80
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76. $157 Mn Spent By Indian D2C Brands On Advertising In FY21
Aggregate
Advertising
Expenditure
0
50
100
150
200
FY20 FY21
The median advertising
budget for a top funded D2C
brand in India was $2.6 Mn in
FY21. Unchanged on YoY
basis compared to the
previous year.
+12% YoY Surge
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
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77. Indian D2C Brands With Highest Market Spends
Sales(FY20)
CompanyName
$5.7 Mn
$6.4 Mn
$14 Mn
$21 Mn
$14 Mn
$6.2 Mn
$4.6 Mn
$9.2 Mn
$2.6 Mn
$0.3 Mn
Sales(FY21)
$22 Mn
$18 Mn
$16 Mn
$13 Mn
$8.9 Mn
$8.2 Mn
$7.0 Mn
$5.8 Mn
$5.5 Mn
$5.5 Mn
3.9x
2.9x
1.1x
-39%
-36%
1.3
1.5
-37%
2.1
17.5
YoYSurge
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 have revenue over INR 20Cr in FY21.
INR to USD exchange rate is 80
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78. 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
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79. 50% Indian D2C Brands Have Omnichannel Presence
No
21.1%
Planning on it
28.9%
Yes
50.0%
Indian
D2C
Brands
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)?
87% of Indian D2C brands
give high importance to
having an omnichannel
(online + offline)
presence.
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80. Brand Awareness Is The Most Significant Challenge For D2C Brands In India
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Questions asked: Which of the following do you believe is the most significant challenge for India's D2C ecosystem?
Number of respondents
Brand awareness (marketing)
Commision of third-party digital
marketplace
Growing competition
Customer retention
Logistics partner integration
Product distribution
Manufacturing/Production
0% 10% 20% 30% 40%
Growing competition,
presence of legacy brands
and rising CAC, can hinder
the marketing effectiveness
of Indian D2C brands
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81. More Than 60% D2C Brands In India Leverage Influencer Marketing
No
36.8%
Yes
63.2%
Indian
D2C
Brands
In FY23, Indian D2C brands plan
on spending approximately 5% to
20% of their annual marketing
budget on social media
influencers
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 leverage influencer marketing?
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82. Indian D2C Brands Expected To Spend Up To 20% Of Their Marketing Budget
On Social Media Influencers In FY23
84% of Indian D2C
brands plan on allocating
up to 20% of their annual
marketing budget on
social media influencers
this financial year
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Questions asked: What percentage of your marketing budget will be spent on influencer marketing in FY23?
Number of respondents
5% to 20%
Less than 5%
21% to 30%
More than 30%
0% 10% 20% 30% 40% 50%
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83. Instagram A Clear Winner In Terms Of Both Social Media Engagement &
Conversions
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
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?
Instagram
YouTube
Facebook
Others
0 20 40 60 80
Best Enagament Best Conversions
Backed by the growing
number of influencers
and popularity of “reels”
in India. Instagram can
be termed as the most
popular and effective
social media platform for
D2C brands.
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84. Majority Of Indian D2C Brands Prefer To Sell On More Than Five Online
Ecommerce Marketplace
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Question asked: How many online marketplaces do you sell on?
% number of respondents
Number
of
marketplace
5-8
More than 10
1-3
None
4-5
9-10
0% 10% 20% 30%
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85. Amazon Is The Most Preferred Ecommerce Marketplace By Indian D2C Brands
Indian
D2C
Brands
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Question asked: Which of these is your favourite ecommerce marketplace?
52% of Indian D2C brands
sell their products on more
than five ecommerce
platforms
Others
13.3%
Myntra
13.3%
Flipkart
16.7%
Amazon India
56.7%
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86. Shiprocket Is The Most Preferred Logistics Partner For Indian D2C Brands
Shiprocket is also the
latest logistics startup to
attain unicorn status in
August 2022
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Question asked: Which among these is your preferred logistics partner?
Preferred Logistics Partner
Shiprocket
Bluedart
Delhivery
Pickrr
Others
0% 10% 20% 30%
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87. More Than 75% D2C Brands In India Prefer To Have Third-Party Logistics
Indian
D2C
Brands
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Question asked: How do you manage your logistics?
Outsourced
76.3%
Inhouse Logistics
23.7%
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88. Indian D2C Brands Are Bullish On Selling Their Products Overseas
Source: Inc42’s Indian D2C Founder Survey 2022
Note: This analysis is based on the survey of 50 D2C brands in India
Questions asked: On a scale of 1 to 10 rate the importance of expanding overseas for modern D2C brands in India
Number of respondents
Importance
of
selling
overseas
on
scale
(1
to
10)
High Impact (6 to 10)
Moderate (5)
Low Impact (0 to 4)
0% 20% 40% 60% 80%
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89. 34.2%
65.8%
Two-Third D2C Brands In India Do Not Sell Their Product Overseas
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 sell your products overseas?
Yes
No
Indian
D2C
Brands
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90. 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
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91. 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.
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92. 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.
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93. 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.
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94. 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.
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95. www.inc42.com
Contact: editor@inc42.com
Inc42 is India’s largest tech media & information platform on a
mission to build & serve India’s tech, startup & internet economy.
From breaking the latest news to discovering the hottest startups,
from spotting upcoming trends to simplifying complex concepts, we
cover everything tech in India’s internet economy.
Born in January 2015, Inc42 has become the leading source for news
& 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
reaches over 25 Mn+ tech leaders & professionals every month.
Credits
Meha Agarwal
EDITOR
Mihir Malhotra, Sandeep Singh, Vaishnavi Dayalani
ANALYST
Sabith
DESIGN & INFOGRAPHICS
Inc42 Media, 59/16, 4th Floor, Jujhar Tower,
RD Marg, Kalkaji, New Delhi, Delhi 110019
ADDRESS
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96. 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 database of startups due to new person using or relying on any information in this publication.
This report has been prepared in good faith on the basis of information available at the date of publication without any independent verification. Ideope Media
Pvt. Ltd. does not guarantee the accuracy, reliability or completeness of the information in this publication. Readers are responsible for assessing the
relevance and accuracy of the content of this publication. While this report talks about various individuals and institutions, Ideope Media Pvt. Ltd. will not be
liable for any loss, damage, cost or expense incurred or arising by reason of anyperson using or relying on any information in this publication.
This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership
of such trademarks by Ideope Media Pvt Ltd and is not intended to represent or imply the existence of an association between Ideope Media Pvt Ltd and the
lawful owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly available sources, and
Ideope Media Pvt. Ltd. cannot confirm the accuracy or reliability of such sources or information. Its inclusion does not imply an endorsement by or of any
third party. The views and opinions in this report should not be viewed as professional advice with respect to your business.
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