Bengaluru, 23rd October 2025: Tracxn, a leading market intelligence platform, has released its B2C E-Commerce Report, analysing funding trends across companies, investor activity, exits and key developments shaping the evolving B2C landscape.
India’s B2C E-Commerce sector secured $1.3B in funding in 2025 YTD, while 2,700 startups in the space have been funded to date. The year’s top rounds included Spinny’s $171M Series F ($131M + $40M), followed by GIVA, which raised $68M across its Series C ($62M) and Series B ($6M), and TMRW, which secured $50M in Series C. Zepto raised $49M across three Series G rounds.
In all-time terms, the sector has raised $57B+ across 5,600+ rounds. Over the last decade (2016–2025 YTD), annual funding has grown from $2.1B in 2016 to a peak of $11.6B in 2021, reflecting rapid digital adoption during the pandemic and demonstrating the scalability of online platforms. The 2021 peak year witnessed two $1B+ rounds, Flipkart’s $3.6B Series J and Swiggy’s $1.25B Series J, underscoring investor confidence in India’s digital commerce market.
Women-led innovation continues to play a key role in shaping India’s digital commerce ecosystem. As per the report, women-led startups have collectively raised $8B+ across 1,900+ rounds. Seven of these have reached Unicorn status, while 60+ have been acquired and 10 have gone public. Notable women-led startups include Nykaa, Mamaearth, GIVA and Foxtale The year 2025 alone has seen GIVA and Foxtale secure $68M and $30M, respectively, reflecting continued investor confidence in women-led consumer brands.
India’s B2C E-Commerce ecosystem comprises over 34K startups, with more than 22K founded between 2016–2025 YTD, accounting for nearly two-thirds of the total. The sector’s growth has been driven by rising smartphone adoption, expanding digital infrastructure, and evolving consumer behaviour. In 2025, new entrants such as MyDeck, Diamia, and Habit further diversified the space with offerings in toys, personal care, and food delivery.
Commenting on the findings of their report, Neha Singh, Co-Founder, Tracxn, said, “Funding in India’s B2C E-Commerce space continues to reflect a phase of steady maturity. The surge in digital infrastructure, improved access to capital, and growing investor confidence in long-term consumer behaviour have shaped a more stable funding environment. While earlier years were defined by rapid expansion and market capture, today’s focus has shifted towards sustainable growth and strong unit economics. This evolution shows how the ecosystem has moved beyond scale to create lasting value through innovation, efficiency, and trust, positioning India as a central pillar in the global digital commerce landscape.”
Flipkart remains the most funded startup with $12.1B raised to date, followed by Ola ($3.8B), Swiggy ($3.6B), and OYO ($3.5B). Zepto, a quick-commerce player, has raised $2.0B, reflecting growing investor interest in on-demand delivery. Other notable companies include Snapdeal ($1.8B), Zomato ($1.7B), Meesho ($1.4B), Cars24 ($1.1B), and Lenskart ($1.1B).
India’s B2C E-Commerce funding activity remains concentrated across key urban hubs. Bengaluru continues to lead with $33.8B in cumulative funding, followed by Delhi NCR with $16.7B in funding, driven by large-scale platforms spanning retail, mobility and hospitality
The sector has recorded 102 $100M+ funding rounds to date. Among the most recent major deals, Spinny raised $131M in a Series F round in March 2025, followed by Zepto, which secured $665M, $350M, and $340M across multiple Series F and G rounds in 2024. Flipkart closed two mega rounds of $600M and $350M, while Rapido, OYO, and Purplle also emerged among the top deals during 2016–2025 YTD.
Around 1,100 venture capital firms have invested in India’s B2C E-Commerce ecosystem to date. Accel is the most active investor with 132 rounds, followed by Blume Ventures (129), Fireside Ventures (102), and Peak XV Partners (97).
India’s B2C E-Commerce ecosystem has witnessed 31 Unicorns till date, of which six are publicly listed and 25 remain privately held. The most recent entrants include Rapido, which reached Unicorn status in July 2024, and Zepto, which achieved the milestone in 2023. Other notable Unicorns in the category include boAt Lifestyle, Purplle, LivSpace, Nykaa, Mamaearth, and FirstCry.
The sector has recorded 235 acquisitions to date. Recent deals include Pepperfry, acquired by TCC Concept in September 2025; Dusminute, acquired by Star Localmart in September 2025; Shunya, acquired by Reliance Consumer Products in August 2025; Zodiz, acquired by Kothari Industrial Corporation in August 2025 and Rubans, acquired by Ananta Capital in July 2025. These deals indicate continued strategic consolidation within the ecosystem.
The space has completed 64 IPOs to date. The most recent listings include Zappfresh on October 9, 2025, Urban Company on September 17, 2025, BlueStone Jewellery on August 19, 2025, and Electronics Bazaar on July 30, 2025.
