Meet The Investors Betting Big On Indian Ecommerce Boom

Fuelled by a surge in digital shopping during the Covid-19 pandemic and the rising penetration of smartphones and the internet, India’s ecommerce story has scaled new heights in the past few years.

As per Inc42’s ‘’, powered by Mobavenue, the market is on track to hit a staggering $400 Bn mark by 2030, growing from $138 Bn in 2024 at a steady 19% CAGR.

Further, what has added fuel to this growth is the rampant rise of the Indian quick commerce space. What began as a convenience for busy metro dwellers has now evolved into a nationwide phenomenon, with Blinkit, Zepto and Swiggy Instamart rapidly capturing tier II and III cities.

From a $6.1 Bn opportunity in 2024, the quick commerce market is racing towards a $40 Bn milestone by 2030.

However, let us not forget that India’s ecommerce sector is the bedrock of this growth. With this, it has also become one of the most alluring betting arenas for investors.

Notably, the sector attracted over $35 Bn in 1,900+ deals between 2014 and 2024, making it India’s second most active startup space.

Today, the ecosystem boasts 25 unicorns, 20 soonicorns, and 990 funded startups with a combined valuation of $96 Bn. From Flipkart and Meesho to boAt and Nykaa, ecommerce is home to some of India’s most iconic startup names.

However, behind this success is a battalion of unsung heroes who have backed India’s ecommerce dreams by keeping their capital at stake, even during times of distress and macroeconomic shake-ups.

So, who are the big movers and shakers that have been instrumental in the growth of the great Indian ecommerce story? To answer this question, we have compiled a list of the top investors ruling the ecommerce realm since 2014.

Investor	Deal Count	Notable Investments
Venture Catalysts	61	Beardo, Power Gummies, Rentomojo
Accel	55	BlueStone, Captain Fresh, Curefoods
Peak XV	45	Meesho, Purplle, Minimalist
DSG Consumer Partners	44	Veeba, XYXX, Epigamia
Elevation Capital	42	Sugar, The Souled Store, Wakefit
Fireside Ventures	40	bOAt, Mamaearth, The Sleep Company
Z47	39	Captain Fresh, Mosaic Wellness, The Whole Truth
Tiger Global	35	Meesho, Infra.Market, OfBusiness
Inflection Point Ventures	35	Clensta, The Health Company, MobiGarage
Saama Capital	34	Bluestone, MyMuse, Mokobara
Trifecta Capital	34	Country Delight, Chaipoint, BigBasket
Kalaari Capital	31	Myntra, The Good Glamm Group, Rovi
Alteria Capital	27	Captain Fresh, Damensch, G.O.A.T Brand Labs
Blume Capital	26	Purplle, Spinny, Ultrahuman
100Unicorns	25	Renee Cosmetics, ControlZ, TagZ Foods
Sixth Sense Ventures	25	Rage Coffee, Freecultr, Justdogs
Titan Capital	24	Ofbusiness, DealShare, Mosaic Wellness
Mumbai Angels Network	24	Myntra, Vahdam Teas, Purplle
Kae Capital	22	Healthkart, Traya, Eternz
LetsVenture	20	Absolute Foods, GIVA, Bambrew

Note: This is not an exhaustive list. Investors are listed based on the number of deals they participated in between 2014 and 2024.

Venture Catalysts

Mumbai-based venture capital firm Venture Catalysts is one of the most active ecommerce investors in the country. Since its incorporation in 2016, it has backed 61+ ecommerce startups including Beardo, Power Gummies, Rentomojo, The Health Company, Tui Bon Natural, and Relso, among others.

Founded by Apoorva Ranjan Sharma, Anil Jain, Anuj Golecha, and Gaurav Jain, Venture Catalysts is a sector-agnostic VC firm. It invests in early stage startups and acts as an integrated incubator. Its investments in startups typically range between INR 2 Cr and INR 15 Cr.

Overall, the VC claims to have funded 176 companies to date. Its portfolio companies enjoy a combined valuation of more than $3 Bn.

Most recently, Venture Catalyst led ecommerce thrasio-style marketplace aggregator .

Accel

Accel India is a division of the global venture capital firm Accel. Accel first arrived in India in 2005. It launched its Accel India Venture Capital Fund, worth $10 Mn, in 2008.

In India, the VC firm invests in early stage startups. Accel India has backed over 55 ecommerce startups in the country.

Its portfolio comprises the likes of IPO-bound Flipkart, Myntra, BlueStone, Captain Fresh, Curefoods, uppercase, Swiggy, Freshworks, BookMyShow, and BrowerStack.

Earlier this year, the for its eighth fund in January.

Peak XV

Peak XV, earlier Sequoia Capital India & Southeast Asia, is the third-largest investor in the Indian ecommerce realm.

Its portfolio comprises unicorns like Meesho, Purplle, Bira, Minimalist, and Mokobora, among 45 ecommerce-focussed startups.

It , inheriting $9 Bn+ in assets under management from Sequoia India and a portfolio of more than 400 companies across 13 funds.

Post-separation, Peak XV also took over Sequoia’s incubator and accelerator programmes, including Surge, Spark, Build, Guild, and Pathfinders.

In late 2024, the firm launched the Peak XV Anchor Fund, a perpetual capital vehicle. This fund allows its leadership to invest in future Peak XV funds and collaborate with other fund managers.

DSG Consumer Partners

The Singapore-based VC firm also has one of the largest ecommerce portfolios in India. It currently backs nearly 44 startups, including Veeba, XYXX, Epigamia, and Farmley.

Founded in 2013, DSG primarily focusses on investing in and building consumer brands, primarily in India and Southeast Asia. Besides, the VC firm has also invested in OYO, Mswipe and Leverage Edu.

Its India operations are led by ex-Peepul Capital’s vice president Hariharan Premkumar since 2019. In March, it participated in D2C ice cream brand Series A funding round.

Elevation Capital

Early stage focussed VC firm Elevation Capital has invested in around 42 ecommerce startups in India, including Sugar, The Souled Store, Wakefit, Country Delight, and FirstCry.

Founded in 2001, Elevation Capital backs both early and growth stage companies across sectors such as consumer services, fintech, SaaS, and deeptech. To date, it has made over 190 investments and manages assets worth $2.6 Bn.

Some notable names in its portfolio include Paytm, Swiggy and Urban Company.

In February, partner and COO Vivek Mathur stepped down after 14 years at the firm. He now plans to focus on advisory and mentorship, supporting a new wave of founders across sectors like D2C, agritech, climate tech, and defence tech.

Fireside Ventures

Micro VC firm Fireside Ventures has made a total of 40 ecommerce investments over the past decade. It has a decorated portfolio, which comprises names like bOAt, Mamaearth, The Sleep Company, Supertails, Bombay Shaving Company, et al.

The VC has backed a total of 53 brands in the last eight years. Launching three venture funds over the years, the firm claims to have a total of INR 3,000 Cr capital under its management.

The investor has been doubling down on its D2C bets. Recently, Inc42 reported that Fireside .

Z47

Bengaluru-based VC firm Z47 (erstwhile Matrix Partners) has backed a total of 39 ecommerce ventures over the past decade. Its startup portfolio comprises names like Captain Fresh, Mosaic Wellness, The Whole Truth, Foxtale, and DaMensch, among others.

The VC firm has made a total of 100 investments in India since 2006 and claims to have an asset under management (AUM) of $3.5 Bn+.

Besides ecommerce, Z47’s key focus areas are fintech, enterprise tech, and manufacturing. It has a decorated startup portfolio of 10 unicorns. These include: Ola, OfBusiness, Razorpay, DealShare, GoKwik, Krutrim, just to count a few.

Matrix Partners India rebranded to Z47 in July 2024. The investor entered India in 2006. Since the rebranding exercise, Z47 has invested in Stable Money, SuperOps, and Electrade, among others

Tiger Global

US-based VC firm Tiger Global has been an active player in India’s ecommerce ecosystem. It has invested in over 35 ecommerce startups over the past decade. Its portfolio includes IPO-bound companies like Meesho, Infra.Market, and OfBusiness.

One of its most notable bets is Flipkart. It invested around $1.2 Bn between 2010 and 2015 in the ecommerce giant. The firm exited with an estimated $3.5 Bn in gains after selling its stake to Walmart in 2018.

Beyond Flipkart, Tiger Global also holds stakes in IPO-bound startups Zepto and Groww. The VC firm has already seen successful public market returns from investments in Delhivery and Ola Electric.

Inflection Point Ventures

Inflection Point Ventures (IPV) is an angel investment platform that operates a large network of CXOs, HNIs and experienced professionals, who collectively invest in early stage startups.

Founded in 2018, IPV has backed 35 ecommerce startups to date. The angel investment platform has deployed about INR 700 Cr in capital across its portfolio of 200 startups. Some of the notable companies it backs are Clensta, The Health Company and Milkbasket.

Earlier this year, IPV opened applications for the , IPV Ideaschool. Under this, it plans to infuse INR 1 Cr in pre-seed to seed stage startups. Under this programme, it has backed 250 startups so far.

Saama Capital

The Bengaluru-based VC firm has backed 34 ecommerce startups in the past decade. It has its investments in Bluestone, MyMuse, Mokobara, and Veeba, among others.

Ecommerce is a key focus area for the firm, which primarily invests in seed and early stage startups across ecommerce, consumer goods, and retail sectors.

Out of the 104 startup investments made by Saama to date, it has led 19 investment rounds. Last month, it made a follow-up investment in its portfolio ice cream startup, Go Zero.

Trifecta Capital

Venture debt firm Trifecta Capital has backed 34 ecommerce startups since its inception in 2014. A few of its top bets in this realm include names like Country Delight, Chaipoint, BigBasket, and Groyyo.

Overall, since its incorporation, Trifecta Capital has invested a total of INR 7,800 Cr across 200+ startups in India. These investments vary from venture debt, growth equity, and financial solutions for Indian startups. The investor’s portfolio includes 30+ unicorns, which have a cumulative valuation of $67 Bn.

The firm announced the in January this year. While the VC didn’t disclose the amount at which it marked the first close of the fund, it claims to have received commitments to the tune of half of the total corpus and expects to announce the final close of the fund by the end of this year.

Kalaari Capital

Early-stage VC firm Kalaari Capital has invested in 31 ecommerce startups in the last decade. Some of its top ecommerce bets include Myntra, The Good Glamm Group, Milkbasket, and Rovi.

Overall, Kalaari has backed over 110 startups since its incorporation in 2006. It has its funds infused in deeptech, SaaS, and AI sectors. The firm invests in seed and Series A stage startups. Its portfolio consists of startup unicorns like Dream11, Cult.fit, ElasticRu, Snapdeal, and Myntra, among others.

The Vani Kola-led firm has raised a total of three funds worth over $850 Mn.

Alteria Capital

The Venture debt firm has backed 27 ecommerce startups over the past decade, including the likes of Bombay Shaving Company, Captain Fresh, Damensch and G.O.A.T Brand Labs.

One of the most active startup backers in India, Alteria has invested over $800 Mn in Indian startups. It backs startups like Spinny, Ola Electric, One Card, Ather and Jupiter.

Alteria Capital manages an AUM of $540 Mn across three venture debt funds. Having backed startups like WayCool, GIVA Jewellery, ApnaMart, JaiKisan, among 26 others, Alteria was one of the most active investors in the Indian startup ecosystem in the first quarter of this year.

Blume Capital

Early stage VC firm Blume Capital has backed about 26 ecommerce startups to date. Startups like Purplle, Spinny, and Ultrahuman are part of its ecommerce bets.

Founded in 2010, the VC has backed a total of 307 startups, including 5 unicorns, to date. Its portfolio spans across various sectors, including enterprise tech and SaaS.

The VC firm has raised approximately $474 Mn across four funds since its inception. Since 2021, it has been deploying capital from its fourth and largest fund, which stands at around $290 Mn.

100Unicorns

Mumbai-based VC firm 100Unicorns has backed over 25 ecommerce startups since 2014. Its ecommerce portfolio startups include Renee Cosmetics, ControlZ, G.O.A.T Brand Labs, and TagZ Foods, among others.

Founded in 2020 by Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain, 100Unicorns is an Indian accelerator and venture capital firm that invests in early and growth-stage startups across sectors like SaaS, D2C, fintech, and logistics.

In 2024, the VC rebranded itself from while launching its second fund, 100Unicorns Fund II, with a corpus of $200 Mn. With the new fund, the VC said that it will follow the Y Combinator model, providing support to startups right from the ideation stage.

As of April 2025, 100Unicorns has 2 unicorns under its belt. It has secured nine exits. In total, 100Unicorns has funded 145 startups. Some of the top names in its portfolio comprise ShipRocket, VideoVerse, Zypp Electric, Renee Cosmetics, Rezolv.AI, and OTO Capital.

Sixth Sense Ventures

Consumer-focussed VC firm Sixth Sense Ventures has backed 25 ecommerce startups since its inception in 2014. Some of these startups include Rage Coffee, Freecultr, Justdogs, Neeman’s and Bombay Shaving Company.

Founded in 2014 by Nikhil Vora, the firm’s investment philosophy centres around backing “challenger brands” with strong potential to gain market share in traditionally slow-to-adapt sectors.

The VC typically backs early and growth stage companies focussed on disrupting large consumer categories and creating new-age brands. While its portfolio doesn’t feature any unicorns, it has backed notable names like ProcMart, and GIVA.

The startup launched its in June 2024 to back consumer-centric startups in the Series A stage. It launched its largest fund, Fund-III, of INR 2,603 Cr in 2021.

Titan Capital

Kunal Bahl and Rohit Bansal’s sector-agnostic investment firm Titan Capital has backed 24 ecommerce startups over the past decade, including the likes of Ofbusiness, DealShare, Mosaic Wellness, and Beardo.

Founded by the Snapdeal founders in 2011, Titan Capital’s portfolio includes over 200 startups from India and abroad. It invests in sectors like consumer internet, healthtech, and SaaS.

The VC firm has backed about eight startup unicorns to date, including Mamaearth, Ola and Razorpay.

In October 2024, the VC firm marked the final close of its.

Mumbai Angels Network

Angel investment platform Mumbai Angels Network has backed 24 ecommerce startups over the past decade. Some of the notable names include Myntra, Vahdam Teas, and Purplle.

Founded in 2006 by Prashant Choksey and Praveen Chakravarty, the network has made over 200 investments and had 100 exits. It also boasts a network of over 750 angel investors who have cumulatively invested INR 400 Cr in startups across 10 nations.

The network typically invests between INR 50 Lakh and INR 10 Cr in seed and early stage startups. In addition to capital, it offers startups access to mentorship through its community of seasoned investor members.

Kae Capital

Early stage VC firm Kae Capital has backed 22 ecommerce startups over the past decade. These include startups like Healthkart, Traya, and Eternz.

Founded in 2012 by Sasha Mirchandani, Kae is a sector-agnostic fund that invests in pre-seed to Pre-Series A stages. With a total AUM of $230 Mn, Kae has invested in 90 startups to date. These startups are cumulatively valued at $13.51 Bn.

The VC backed early stage startups like Foxtale, Supernova, GobbleCube, and Eternz in 2024.

LetsVenture

Founded in 2013 by Shanti Mohan and Sanjay Jha, LetsVenture acts as a marketplace, connecting startups seeking funding with angel investors, family offices, and venture capitalists. Besides, it also offers tools for syndicate creation and management, and a platform for startups to manage their cap tables and ESOPs.

LetsVenture has backed around 20 ecommerce startups since its incorporation. Some of its top ecommerce bets include Absolute Foods, GIVA, and Bambrew.

Overall, it claims to have facilitated 500 investments from family offices and VC firms in its portfolio. In 2024, the investment platform also diversified its offerings stack by launching a marketplace, LV Debt, designed to educate founders and offer debt financing tailored to the specific requirements of startups.

Note: This is not an exhaustive list. Investors are listed based on the number of deals they participated in between 2014 and 2024.

[Edited By Shishir Parasher]

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