Consumer Services

The Indian consumer services sector is booming, fuelled by a rapidly growing middle class, increasing internet and smartphone penetration, and evolving consumer preferences. 

The Indian ecommerce market, which is a pivotal part of the consumer services sector, is projected to reach $400 bn by 2030. The growth is indicative of the overall expansion within the consumer services sector, which has been buoyed by shifts towards digital platforms and online shopping. 

From 2014 to June 2023, ecommerce startups alone have raised approximately $34 bn in funding. In 2023, these startups secured about $1.09 bn through various deals, reflecting strong investor confidence in this sector. 

As of 2024, there were nearly 35 unicorns in the Indian ecommerce space. Some of these names include Flipkart, Nykaa and Meesho. The broader consumer services sector has seen substantial unicorn growth as well. Notably, the world’s third-largest startup ecosystem, India currently fosters a total of 118 unicorns.