State Of Indian Ecommerce, Q4 2022

The total addressable market (TAM) of Indian ecommerce is expected to reach $400 Bn by 2030, growing at a 19% CAGR from 2022 onwards. Fashion and apparel will have the largest market share in 2030, while beauty and personal care will be the fastest-growing segment.

Interestingly, the 2022 festive season (September and October) honed Indian shoppers’ appetites and boosted consumption as never before. This year, the estimated gross merchandise value (GMV) of festive sales across ecommerce platforms skyrocketed to $5.2 Bn, a 30% year-on-year increase. This report decodes which Indian ecommerce platform/s managed to entice the country’s netizens en masse during these months.

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State Of Indian Ecommerce, Q4 2022

Quoted & Trusted By

the economist
business insider
cb insights
the huffington post
the economic times
live mint
the times of india

Key Highlights

$400 Bn

Estimated Market Opportunity By 2030

Beauty & Personal Care

Fastest-growing Segment In Ecommerce (2022-2030)

$413 Mn

Total Funding In Ecommerce Startups In Q3 2022

$7 Mn

Average Ticket Size Of Funding Deals In Q3 2022

Table Of Contents

  • India’s Digital Economy At A Glance
  • Ecommerce Market In India: A Snapshot
  • Ecommerce Market In India: Decoding The $400 Bn Market Opportunity
  • D2C Market Opportunity: D2C Spearheading The Next Phase Of Ecommerce In India
  • India’s Ecommerce Landscape: Key Players
  • Ecommerce In India: Key Growth Drivers
  • Investments In Indian Ecommerce Startups: 2014-Q3 2022
  • Average Ticket Size of Ecommerce Funding Deals: 2019-Q3 2022
  • Funding Stage-Wise Analysis: 2014-Q3 2022
  • Mergers & Acquisitions: 2014-Q3 2022
  • Top Investors In Q3 2022
  • InFocus: Ecommerce Festival Sales 2022
  • Year-on-Year GMV Of Ecommerce Sales: 2018-2022
  • Key Delighters: What Drives Online Buyers’ Purchasing Decisions
  • Most Excellent In-App Experience: Leading Ecommerce Players In India
  • The Best In Product Delivery: Leading Ecommerce Players In India
  • Customer Sentiment Analysis: Indian D2C Brands In Beauty And Personal Care (Women & Men)
  • Competitor Financial Analysis: Key Players
  • Public Stock Market Performance: Listed Startups


Venture capital inflow into Indian ecommerce startups is heavily skewed towards the top three startup hubs – Bengaluru, Delhi-NCR and Mumbai – as these metros have mature ecosystems. However, investors are increasingly interested in funding ecommerce startups outside the top three startup hubs. Ecommerce investments across other cities (excluding the top three) grew at a 52% CAGR between 2016 and 2021, further validating this trend. Total ecommerce investments in the first nine months of CY22 shot up to $706 Mn, a 51% rise from the previous year. The rapid adoption of ecommerce outside vibrant metropolitan cities will be the most critical trigger determining the sector’s future growth. The number of online shoppers from rural India is expected to increase from 32% in 2021 to 54% in 2030. The spread of ecommerce beyond the metro boundaries will help many more entrepreneurs launch their ventures to cater to the local population, thus accelerating the development of the venture capital ecosystem beyond Bengaluru, Delhi-NCR and Mumbai.

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