India’s e-commerce market to pass $200bn in 2025
- Material Talk
- Oct 24
- 3 min read
According to UK-based data analytics and consulting company GlobalData, India’s e-commerce market is expected to expand by 12.5% in 2025 to $211.6 billion (₹17.7t). This growth has been fuelled by strong consumer demand for online shopping and growing confidence in digital payments.
It's also in part due to deeper digital integration, government support and AI-s payment innovation.
And looking even further ahead, GlobalData projects an 11.5% CAGR from 2025 to 2029, taking the market to $326.7 billion (₹27.3 trillion) by 2029.
The firm also mentions collaboration between the state and private sector as another critical force. In December 2024, Amazon partnered with the government’s Startup India initiative to mentor founders and give startups access to tools and its marketplace; an effort aimed at helping small businesses scale online.
What about other areas of fashion tech in India?
According to startup intelligence platform Tracxn, the Fashion Tech sector in India comprises of over 8000 companies, including 675 funded companies having collectively raised $5.16 billion in venture capital money and private equity.
Out of these, 175 are Series A+ funded, and 2 have achieved unicorn status.
Fashion Tech sector in India has seen 76 acquisitions and 13 IPOs.
This sector includes companies engaged in the commerce, services, discovery, content, rentals, and second-hand commerce related to fashion through an online first channel.
In case you were curious, some names and recent stats on Indian fashion tech (and this is just scratching the surface!)
Company | Description | Location | Founded | Current Stage | Private Funding Raised |
Lenskart | Online brand offering eyewear for men, women and kids | Gurugram (India) | 2010 | Series I | $1.08B |
Myntra | Online marketplace offering multi-category fashion and lifestyle products | Bengaluru (India) | 2007 | Acquired | $125M |
BlueStone | Digital-first brand offering subscription-based jewelry | Bengaluru (India) | 2011 | Public | $255M |
GIVA | Internet First brand offering jewellery and lab-grown diamonds | Bengaluru (India) | 2019 | Series C | $131M |
Ultrahuman | A platform offering products to track metabolic health | Bengaluru (India) | 2019 | Series B | $54.9M |
Companies founded year-on-year in the Fashion Tech sector in India
30 new startups have been founded so far in 2025 in the Fashion Tech sector in India. 768 Fashion Tech startups in India were founded in 2021 - this is the most number of startups founded in any year in the last 10 years.
Recent Funding Rounds in Fashion Tech in India
In the year 2025, till October 2025, Fashion Tech companies in India have raised $354M in equity funding across 97 rounds. In the same period last year (i.e. till October 2024), Fashion Tech companies in India had raised $406M across 111 rounds. So, 2025 has seen a 12.89% drop in funding in Fashion Tech companies in India as compared to 2024.
Some recent, important funding rounds in Fashion Tech companies in India:
Company | Round Raised | Amount Raised | Funding Date | Investors |
FS Life | Series B | $5.6M | Oct 10, 2025 | Colossa Ventures and 3 others |
Eternz | Seed | Undisclosed | Oct 09, 2025 | Multiply Ventures and 7 others |
AltMat | Seed | Undisclosed | Oct 06, 2025 | H&M Group and 3 others |
JUST IN TIME | Series A | $9.08M | Sep 22, 2025 | Ashish Kacholia and 1 other |
Lucira Jewelry | Seed | $5.5M | Sep 17, 2025 | Blume Venture and 2 others |
Top Investors in Fashion Tech in India
Accel is the top investor in Fashion Tech companies in India based on number of companies invested.
Top investors in Fashion Tech companies in India:
Investor | Location | Top Portfolio Companies |
Accel | Palo Alto (United States) | Myntra, BlueStone, uppercase and NEWME |
LetsVenture | Bengaluru (India) | GIVA, Purple Style Labs, Little Black Book and Assembly |
Alteria Capital | Mumbai (India) | BlueStone, GIVA, Mokobara and The Souled Store |
Chiratae Ventures | Bengaluru (India) | Lenskart, Myntra, Little Black Book and Zivame |
General Catalyst | Cambridge (United States) | - |
So while there is a hive of activity in the West when it comes to fashion tech, there is so much going on around the world too that is often underreported.
“The global south is the global majority,” said The Business of Fashion CEO Imran Amed at in his opening remarks. “No longer can frontier markets be neglected, their executives underestimated, their shoppers underserved.”
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