The Indian e-commerce industry is a rapidly growing area. The Covid-19 pandemic has only boosted the need for e-commerce platforms. It has been on an upward growth trajectory and is expected to outdo the US to become the World’s second-largest E-commerce market by 2034. Indian e-commerce will reach US$ 99 billion by 2024 and it is growing at a 27 per cent CAGR over the period of 2019-24, with grocery and fashion/apparel predicted to be the key drivers of incremental growth, according to IBEF.
According to Statista, India’s digital population is approximately 688 million active users as of January 2020.
The Government of India’s policies and frameworks like 100 per cent Foreign Direct Investment (FDI) in B2B E-commerce and 100 per cent FDI under automatic route in the marketplace model of B2C E-commerce are expected to further enhance growth in this sector.
Here is a list of top 10 emerging E-commerce startups in India:
1. Freshtohome
Freshtohome is India’s first e-commerce platform for fresh and chemical-free seafood, fruits and vegetables, poultry, mutton, steaks and fillet along with some Ready to Cook options. It delivers to Bangalore, Delhi (NCR), Mumbai, Pune, Chennai, Hyderabad, Cochin, Trivandrum, Calicut and Thrissur.
Founding Year: 2015
Founders: Shan Kadavil
Headquarters: Bangalore, Karnataka
Fund raised: US$ 121M in Series C round
Investors: U.S. International Development Finance Corp, The Allana Group, Iron Pillar, Investment Corporation of Dubai (ICD), Investcorp and Ascent Capital
2. Avatar.me
Avataar.Me is a deep-tech provider of AR and VR services to convert 2D designs into 3D social media campaigns where users can create their own 3D avatars from a basic 2D selfie. This avatar can be used to evaluate the 360-degree look and fit of apparel and other accessories on themselves before buying them online.
Founding Year: 2016
Founders: Gaurav Baid, Mayank Tiwari, Prashanth Aluru and Sravanth Aluru
Headquarters: Bangalore, Karnataka
Fund raised: US$ 7M in Series A round
Investors: Sequoia Capital India
3. Peel-Works
Peel-Works is a technology and data analytics company which focuses on e-commerce for corner stores. It is India’s largest company focused on corner stores.
Founding Year: 2010
Founders: Nidhi Ramachandran and Sachin Chhabra
Headquarters: Mumbai, Maharashtra
Fund raised: US$ 3M in debt financing
Investors: BlackSoil Capital
4. CredR
CredR is one of India’s top inspected and certified used two-wheeler marketplace. It has an estimated revenue between US$ 1M and US$10M. They also provide services like maintenance of two-wheelers.
Founding Year: 2014
Founders: Nikhil Jain, Nittin Mittal and Sumit Chhazed
Headquarters: Mumbai, Maharashtra
Fund raised: ₹147M (US$ 1.9M) in Venture Capital round
Investors: On Mauritius and Eight Roads Ventures
5. WarelQ
WareIQ is an Amazon-like next-day delivery service for e-commerce companies in India. It has warehouses throughout India, in high demand locations, with which any e-commerce company can perform delivery services. WareIQ takes the packages from their client’s central warehouse and distributes it through their hubs.
Founding Year: 2019
Founders: Aayush Mattoo and Harsh Vaidya
Headquarters: Bangalore, Karnataka
Fund raised: US$ 1.8M in Seed rounds
Investors: Y Combinator, Soma Capital, Ryan Petersen, Pioneer Fund, FundersClub and Emles Venture Partners
6. Lime Road
Lime Road considers itself as the digital-age equivalent of the 16th Century Grand Trunk Road, which was a highway that changed the face of trade in the Indian subcontinent. It is an e-commerce platform for apparels, accessories and home decor.
Founding Year: 2012
Founders: Ankush Mehra, Manish Saksena, Prashant Malik and Suchi Mukherjee
Headquarters: Gurgaon, Haryana
Fund raised: ₹110M (US$ 1.4M) in Venture Capital
Investors: MA Willmind Holdings
7. ShopX
ShopX is a retail operating system that connects brands, retailers, and consumers, with an estimated revenue generation between US$ 1M and US$ 10M. Their mission is to empower the estimated 1 million retailers in India and hence enable 400 million middle-income group in India to enjoy the benefits of e-commerce.
Founding Year: 2015
Founders: Amit Sharma and Apoorva Jois
Headquarters: Bangalore, Karnataka
Fund raised: ₹106.7M (US$ 1.4M) in Venture Capital
Investors: Sandhya Ranavat, Rajesh Ranavat, Kewal Nohria and Fung Strategic Holdings
8. ShipsKart
It aims to bring together the fragmented procurement and supply chain in the maritime and offshore domain. Earlier in 2018, ShipsKart was selected by PortXL (partners of Port of Rotterdam, Ernst & Young, Shell), as one of the most innovative startups in 2018.
Founding Year: 2018
Founders: Vivek Sahi, Sunny Bagla and Dhruv Sawhney
Headquarters: New Delhi
Fund raised: $500K in Seed round
Investors: Betatron
9. Teamonk
Teamonk is an e-commerce platform that brings unique tea experiences to the customer, handpicked fresh from the best tea gardens and delivered to their doorstep.
Founding Year: 2016
Founders: Amit Dutta and Ashok Mittal
Headquarters: Bangalore, Karnataka
Fund raised: ₹65M (US$ 871k) in Seed round
Investors: Sarcha Ventures, Madhu K Mohan, Lead Angels Network, Jai Gupta, Inflection Point Ventures and Anil Menon
10. SpotKwik
SpotKwik is an online shopping platform where one can see a product, ask friends, family or a trusted someone for an opinion before buying. The categories are tailored for different individual preferences.
Founding Year: 2019
Founders: Mithun Adith and Anusha Sundar
Headquarters: Bangalore, Karnataka
Fund raised: $35k in Pre-Seed round
Investors: MARL 5G Accelerator
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