Between 2021 and 2026, 2,000 rounds of equity funding totalling $6 B raised by Indian D2C companies—Tracxn
According to Tracxn on Wednesday, Indian direct-to-consumer (D2C) businesses have raised over $6 billion in equity capital across 2,000 rounds between 2021 and 2026 (year to date).
Its research states that yearly funding reached a height of $1.6 billion in 2022, remained at $824 million in 2024, and then began to increase again in 2025, rising by 9% year over year to $898 million.
Deal activity remained consistent over this time, with 307 to 380 rounds reported in each full year of the window, with 2024 having the greatest round count despite funding value hitting its full-year low.
“The capital moved, the deal-making did not, round counts held steady across the window even as total funding value nearly halved between 2022 and 2024, before recovering in 2025,” said Tracxn.
Seed activity, on the other hand, made up the majority of deal volume during the window, accounting for between 70 and 77 percent of all rounds annually. The greatest amount of seed funding during the window was $190 million in 2025.
From $264 million in 2023 to $437 million in 2025, early-stage funding increased by 66%, with the 2025 round count of 72 reaching its 2021 level.
A contrary course was taken by late-stage investment, which decreased by 69 percent from $883 million over 22 rounds in 2022 to $271 million over 15 rounds in 2025, even as the number of rounds reached its 2021 level of 15.
Over the course of their existence, the top five funded companies have raised a total of $2.3 billion. Lenskart and BlueStone are listed, while Licious, FreshToHome, and Country Delight are private at Series G, Series D, and Series E, respectively. The group encompasses four consumption categories: eyewear, meat and seafood, jewelry, and dairy.
Since each business was established between 2008 and 2015, it has been in operation for at least ten years.
These businesses continue to receive funding: Country Delight closed a $7 million round in May 2026, while FreshToHome finished a $15 million round in January 2026.
According to Licious, it plans to become profitable before going public, with an IPO scheduled for 2027–2028.
15 IPOs were documented in the India D2C universe between 2021 and 2026 (year to date). Five of them cover the entire spectrum of corporate size and support.
After raising $981 million privately—the biggest capital base of any firm in this report—Lenskart went public on November 10, 2025, with the support of numerous institutional investors, including Temasek, KKR, ADIA, and SoftBank Vision Fund.
Wakefit listed on December 15, 2025, having raised $105 million from various institutional investors, while BlueStone listed on August 19, 2025, having raised $255 million.
Mamaearth’s parent company, Honasa Consumer, raised $126 million to list on November 7, 2023, making it one of the first and most widely watched D2C listings in India.
