6 days ago
India’s D2C Brands Raise $6 Billion as Acquisitions Accelerate
D2C companies sell products directly to customers, often through online channels.
In India, these companies raised almost $6 billion over about five years.
Investors put the most money into the sector in 2022.
Funding later became smaller, but it still reached $898 million in 2025.
Large consumer companies also bought many smaller D2C brands.
Some D2C companies used stock-market listings to raise money or give investors an exit.
Investors are now putting more of their money into younger companies.
This means new brands are still attracting support, although they may receive less money later in their growth.
Indian D2C companies raised nearly $6 billion across about 2,000 equity rounds since January 2021, according to Tracxn.
Sector funding peaked at $1.6 billion in 2022 before reaching $898 million in 2025, up 9% year-on-year.
Established consumer companies completed 105 D2C acquisitions between 2021 and August 2026.
Fifteen D2C companies launched IPOs between 2021 and August 2026, creating a public-market exit route.
Seed and early-stage funding represented 70% of 2025 funding value, while late-stage funding fell 69% from its 2022 peak.
- Who
- Indian direct-to-consumer companies, investors, established consumer companies, Lenskart, and Credo Brands.
- What
- The D2C sector raised nearly $6 billion, saw 105 acquisitions and 15 IPOs, and experienced a shift toward seed and early-stage funding.
- Where
- India.
- When
- From January 2021 through August 2026; 2025 funding reached $898 million.
- Why
- Investors continued backing new consumer brands, while established consumer companies pursued acquisitions and public markets offered an exit route.
Key facts
- Total equity funding
- Nearly $6 billion across about 2,000 rounds since January 2021
- Funding peak
- $1.6 billion in 2022
- 2025 funding
- $898 million, up 9% year-on-year
- Acquisitions
- 105 acquisitions between 2021 and August 2026
- IPOs
- 15 D2C IPOs between 2021 and August 2026
- Early-stage share
- Seed and early-stage rounds accounted for 70% of 2025 funding value
- Late-stage decline
- Late-stage funding fell 69% to $271 million from its 2022 peak
Sources
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