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Ecommerce startup funding tanks 32% in 2023, D2C leads the show

Inc42Inc42 · 1y ago
Ecommerce startup funding tanks 32% in 2023, D2C leads the show
Medial

According to Inc42's Indian Startup Funding Report 2023, Indian ecommerce startups raised $2.6 billion in funding during the year, which is down 32% from the previous year. The funding decline was accompanied by a decrease in the number of deals, with the deal count dropping by 33.6%. However, despite this decline, ecommerce remained the top-funded sector in terms of the number of deals. Direct-to-consumer (D2C) brands played a significant role in the funding landscape, securing over half of the total ecommerce funding. Seed and growth stage startups were the most impacted, experiencing significant declines in funding. The report also highlighted the prospects of the D2C market and the success of D2C brands in India.

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Cornerstone Ventures leads Rs 15 Cr round in Nitro Commerce

EntrackrEntrackr · 1y ago
Cornerstone Ventures leads Rs 15 Cr round in Nitro Commerce
Medial

Nitro Commerce, a revenue-as-a-service platform for ecommerce and D2C brands, has secured Rs 15 crore ($1.8 million) in a seed funding round led by Cornerstone Ventures. The round also saw participation from Warmup Ventures, Lead Angels, Dholakia Ventures, India Accelerator as well as individual investors Arjun Vaidya , Kunal Khattar, Nikunj Jain and Piyush Jain. The proceeds will be deployed towards developing core technologies that support the sourcing and enrichment for ecommerce and D2C brands, Nitro Commerce said in a statement. Co-founded in 2023 by Umair Mohammed, Atyab Mohammed, Shamail Tayyab, and Pratik Anand, Nitro Commerce is a full-stack revenue-as-a-service platform for the ecommerce and D2C markets. The platform aims to provide technologies to the industry that aid the top and middle of the funnel in order to help customers seamlessly increase revenue and super-charge their growth. The co-founders had previously launched Wigzo which was acquired by Shiprocket back in 2021. Nitro also aims to reach profitability by 2025 by democratising its technology, making it easy for merchants to access and deploy, and offering it as an outcome-as-a-service. The startup claims that it has on boarded more than 100 D2C brands in the past six months and aims to grow this number to over 1,000 brands by the end of the year. According to the Gurugram-based company, it will introduce an innovative approach to integrate e-commerce and digital advertising with bespoke and intelligent data-driven offerings. It competes with the other players in this space such as Klaviyo, Elastic Path Software, Bango, Yotpo, Rokt and others.

Indian startups thaw out: Funding expected to rise in 2024

LivemintLivemint · 1y ago
Indian startups thaw out: Funding expected to rise in 2024
Medial

Indian startups are expected to experience a boost in funding this year, with estimates ranging from $8 billion to $12 billion. The drought in funding is expected to be reversed as investors become more active again. The funding landscape has seen an increase in January and February, and if the trends continue, early-stage funding could surpass the levels seen in 2023. However, experts advise caution and predict a more muted environment compared to pre-pandemic years. Sectors such as B2C eCommerce, SaaS, AI and data analytics, fintech, and InsurTech are expected to attract significant funding, while Direct-to-Consumer (D2C) brands and edtech may see less funding. Investors will scrutinize startups with high burn rates and focus on sustainable businesses and potential IPO/exit routes.

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