Homegrown direct-to-consumer companies raise $6 billion in five years

India’s direct-to-consumer (D2C) startups raised nearly $6 billion in equity funding across nearly 2,000 rounds between 2021 and 2026 year-to-date (YTD). On a YTD basis, funding was at its lowest in 2026 at $398 million. Annual funding peaked at $1.6 billion in 2022, moderated to $824 million by 2024, and returned to growth in 2025 at $898 million.   

Year	Total Equity Funding	Number of Rounds
2021	$1.4 Bn	307
2022	$1.6 Bn	379
2023	$921 Mn	359
2024	$824 Mn	380
2025	$898 Mn	374
2026 YTD*	$398 Mn	152
Data as of August 20