Newsletter
D2C e-commerce was the poster child of India’s startup surge during the pandemic, with capital flooding into online-first beauty, fashion, and wellness brands.
Funding peaked in 2022 at $1.7B across 208 deals. But investor enthusiasm has waned with 2024 tracking just $595M.
Rising costs, growth fatigue, and tougher unit economics have changed the game.
For brands, it’s no longer about scale at all costs—but survival with margins.
