State Of Indian Ecommerce Report Q1 2024, InFocus: Fashion Ecommerce

State Of Indian Ecommerce Report Q1 2024, InFocus: Fashion Ecommerce

The ecommerce landscape in India has undergone a remarkable evolution, expanding beyond tier 1 cities to encompass tier 2 cities and beyond, witnessing significant growth in both sellers and buyers. Projections suggest that the total addressable market for the Indian ecommerce sector will surpass $400 Bn by 2030, with an estimated CAGR of 19% from 2022 onward. By 2030, India is anticipated to have over 500 Mn online shoppers. Notably, the Fashion Apparel & Accessories segment is poised for substantial expansion, projected to exceed $112 Bn by 2030.

This report delves into the current state of the ecommerce sector amidst a prolonged funding downturn. Specifically, it focuses on prominent fashion ecommerce startups and their impact on reshaping the sector’s landscape.

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State Of Indian Ecommerce Report Q1 2024, InFocus: Fashion Ecommerce

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+

Indian Ecommerce Market Opportunity By 2030

$500 Mn+

Online Shoppers In India By 2030

$2 Bn+

Total Funding Raised By Ecommerce Startups In 2023

$1.6 Mn+

Median Ticket Size Of Ecommerce Funding Deals In 2023

Table Of Contents

  • India’s Digital Economy In A Nutshell
  • Decoding India’s Ecommerce Opportunity
  • India’s Ecommerce Landscape: Key Players
  • India’s Ecommerce Startup Ecosystem
  • India Vs China Vs USA: A Comparison
  • Ecommerce Funding Trends (2014 to 2023)
  • Ecommerce M&As Trends (2014 to 2023)
  • Top Indian Ecommerce Subsectors & Hubs In Q1 2024
  • Notable Ecommerce Startup Investors In Q1 2024
  • InFocus: Fashion Ecommerce
  • Market Opportunity
  • Startup Landscape
  • Funding Analysis
  • Top Hubs For Fashion Ecommerce Entrepreneurs
  • How AI & GenAI Can Level Up India’s Fashion Industry
  • Ecommerce Unicorns & Soonicorns
  • Ecommerce In India: Key Trends To Watch Out For In 2024
  • Ecommerce Startups’ Stock Performance


The funding winter persisted throughout 2023, with ecommerce funding limited to $2 Bn, marking a substantial 47% year-on-year decrease. Despite this, the D2C sector emerged as the frontrunner in both funding and deal count in 2023. Only 20 M&As were recorded, reflecting subdued market activity. Bengaluru emerged as the primary hub for ecommerce funding during the year. Fashion ecommerce is increasingly gaining prominence in India, with fashion ecommerce startups raising over $2.2 Bn between 2018 and 2023. This sector stands as the second-fastest-growing segment within the Indian ecommerce landscape. Moreover, the growth trajectory is not limited to tier 1 cities; tier 2 and beyond are actively contributing to this upward trend.

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