India’s ecommerce sector raised over US$1.5 billion in 2024 – a 42% drop from 2023 – despite a 6% increase in deal count.

This comes as India’s broader startup ecosystem saw US$12 billion raised in the same year, which increased by 20%.

Direct-to-consumer (D2C) startups dominated with US$840 million, followed by business-to-consumer (B2C) at US$492 million and business-to-business (B2B) at US$127 million.

D2C remains a bright spot, projected to reach US$100 billion by 2025, with fashion brands leading growth.