Credit: iStock
Bengaluru: When it comes to top funded cities in the country's B2C ecommerce space, Bengaluru leads with $33.8 billion funding. Driven primarily by Flipkart ($12.1 billion) and Ola ($3.8 billion), among others, in the last 10 years, the city has attracted total funding of $33.8 billion, followed by Delhi NCR with $16.7 billion (led by OYO $3.5 billion and Snapdeal $1.8 billion), and Mumbai Metropolitan Region with $3.9 billion.
According to market intelligence platform Tracxn's 'B2C Ecommerce Report', which analyses funding trends cross companies, Delhi NCR led the country's B2C ecommerce funding in terms of deal value in 2025 (till October 10), as it secured $588 million, driven primarily by Spinny’s $171 million funding (across two Series F rounds).
This is followed by Bengaluru with $425 million funding, driven by GIVA’s $68 million in Series C (across two rounds).
Ecommerce space is experiencing rapid growth, driven by several key factors including UPI and smartphone adoption.
"Digital payment systems are rapidly gaining traction, with the UPI processing transactions worth Rs 24.9 lakh crore in September 2025. The Buy Now Pay Later (BNPL) market is projected to grow significantly, reaching $44.9 billion by 2033. Recent Goods and Services Tax (GST) reforms have further stimulated consumer spending, with festive e-commerce sales increasing by 23–25% year-on-year (YoY) on the first two days, once it became effective," the report highlighted.
Rural areas are also driving this growth, with rural e-commerce expected to account for a significant share of demand originating from tier-2 to tier-4 towns and villages by 2026.
"These developments collectively underscore a transformative phase in India’s e-commerce sector, making it an exciting and fertile ground to explore the country’s dynamic B2C startup ecosystem," the report said.
There are over 34,000 startups in the ecommerce space and more than 22,000 of these have been funded over the past decade, and account for nearly two-thirds of the ecosystem.
While Delhi NCR leads with over 4,800 active ecommerce startups, Mumbai Metropolitan Region secures second position with 2,700, followed by Bengaluru with more than 2,000 startups.
From 2016 till October 10, 2025, the ecommerce space has secured over $57 billion in all-time equity funding across 5,600 startups. In 2021, funding into ecommerce startups peaked at $11.6 billion.
The report also revealed that around 1,100 venture capitalists have invested in ecommerce startups till October 10, 2025. Among all, Accel leads with 132 rounds, followed by Blume Ventures with 129 and Fireside Ventures with 102.
As of 2025 (till October 10, 2025) the country's ecommerce startup ecosystem has produced 31 Unicorns, of which six are now publicly listed, while the remaining 25 remain privately held.
Among the now-listed unicorns, Zomato was the first to achieve Unicorn status and also the first to go public. The average Unicorn-to-IPO duration for these six companies is 3.7 years, ranging from 1.6 years for Nykaa to 6.4 years for Swiggy, the report noted.
Neha Singh, Co-Founder, Tracxn, said, “Funding in India’s B2C ecommerce space continues to reflect a phase of steady maturity. The surge in digital infrastructure, improved access to capital, and growing investor confidence in long-term consumer behaviour have shaped a more stable funding environment."
She added that while earlier years were defined by rapid expansion and market capture, today’s focus has shifted towards sustainable growth and strong unit economics. "This evolution shows how the ecosystem has moved beyond scale to create lasting value through innovation, efficiency, and trust, positioning India as a central pillar in the global digital commerce landscape," the co-founder added.
In 2025, new entrants such as MyDeck, Diamia, and Habit further diversified the ecommerce space with offerings in toys, personal care, and food delivery.