Tracxn, an India-based market intelligence platform, said in an August 2026 report that India’s direct-to-consumer companies raised about US$6 billion across about 2,000 equity rounds from January 2021 to August 2026.

The period also saw 15 initial public offerings and 105 acquisitions.

Annual funding peaked at US$1.6 billion in 2022, fell to US$824 million in 2024, and rose to US$898 million in 2025. Yearly round counts stayed between 307 and 380.

Seed and early-stage capital accounted for 70% of 2025 funding value, up from 38% in 2021.

The report said Hindustan Unilever, Reliance Retail, Wipro Consumer Care, Aditya Birla Group’s TMRW, and USV India were active acquirers.

It added that Hindustan Unilever’s US$350 million acquisition of skincare brand Minimalist in January 2025 was the largest disclosed deal among the report’s five most notable direct-to-consumer acquisitions.

Industry coverage suggested fast-moving consumer goods buyers have turned selective on direct-to-consumer deals, with profitability playing a bigger role in acquisition decisions.

🔗 Source: Tracxn

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