India, Jan. 9 -- For over a decade, ecommerce has functioned as the backbone of India's consumer internet story, repeatedly absorbing capital across market cycles, formats, and business models. Even as venture funding entered a phase of correction, ecommerce did not lose relevance. Instead, 2025 marked a year of recalibration - capital continued to flow, but under materially different expectations.

In 2025, ecommerce startups raised $1.7 Bn across 206 deals, reinforcing the sector's position in India's startup ecosystem. While funding levels remained below the peak years of 2021 and 2022, deal activity suggested that investors had not stepped away from the sector. Rather, they had become more selective about where, when, and how capital ...