In the dynamic landscape of E-commerce startups in India, the year 2023 witnesses the rise of some remarkable unicorns. These top 14 E-commerce unicorn startups have revolutionized the way we shop, connecting consumers with products and services like never before. 14 ecommerce startups crossed the $1 Billion valuation mark in that time period. With valuations soaring to new heights, these innovative companies are redefining the future of online shopping in the Indian market. Let’s explore the trailblazers that have earned their place among the country’s most valuable startups.
Mamaearth
Mamaearth is an Indian E-commerce and direct-to-consumer company co-founded by Ghazal Alagh and Varun Alagh. They offer a wide range of affordable beauty products. In an impressive achievement, Mamaearth achieved unicorn status within just five years of its launch, reaching a valuation of $1 billion on December 28, 2021.
Presently, Mamaearth holds a significant valuation of $1.07 billion, solidifying its position as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s notable investors include Fireside Ventures, Sequoia Capital India, and Stellaris Venture Partners.
FirstCry
FirstCry is an Indian Fintech company co-founded by Supam Maheshwari, Amitava Saha, Prashant Jadhav, and Sanket Hattimattur. The company specializes in offering products for babies and moms. A remarkable milestone was achieved by FirstCry on February 7, 2020, when it became a unicorn with a valuation of $1 billion.
Currently, FirstCry holds an impressive valuation of $2.15 billion, positioning itself as one of India’s most valuable Fintech companies. The company’s esteemed investors include Polychain Capital, Coinbase Ventures, and Jump Capital.
Lenskart
Lenskart, an Indian E-commerce and direct-to-consumer company, was co-founded by Peyush Bansal and Amit Chaudhary. They specialize in offering affordable glasses. In an impressive achievement, Lenskart achieved unicorn status within just five years of its launch, reaching a valuation of $1.5 billion on December 20, 2019.
Currently, Lenskart holds a significant valuation of $4.50 billion, establishing itself as one of India’s most valuable optical companies. The company’s esteemed investors include Chiratae Ventures, Premji Invest, and Softbank.
Purple
Purplle, an Indian E-commerce and direct-to-consumer company, was founded by Manish Taneja. They specialize in offering online beauty products. A remarkable milestone was achieved by Purplle on June 9, 2022, when it became a unicorn with a valuation of $1.1 billion, after eleven years of its launch.
As of today, Purplle holds a notable valuation of $1.10 billion, solidifying its position as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include Blume Ventures, JSW Ventures, and IvyCap Ventures.
LivSpace
LivSpace, an Indian E-commerce and direct-to-consumer company, was co-founded by Ramakant Sharma and Anuj Srivastava. They offer a comprehensive range of services, including civil work, custom furniture, false ceiling, flooring, tiling, cladding, and more. Remarkably, LivSpace achieved unicorn status within eight years of its launch, reaching a valuation of $1.2 billion on February 8, 2022.
As of today, LivSpace holds a remarkable valuation of $1.20 billion, positioning itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include Jungle Ventures, Helion Venture Partners, and INGKA Investments.
MyGlamm
MyGlamm, an Indian E-commerce and direct-to-consumer company, was founded by Darpan Sanghvi. They specialize in offering online makeup products. In an impressive achievement, MyGlamm achieved unicorn status within six years of its launch, reaching a valuation of $1.20 billion on November 10, 2021.
Presently, MyGlamm holds a significant valuation of $1.20 billion, establishing itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include L’Occitane, Trifecta Capital, and Bessemer Venture Partners.
Cars24
Cars24, an Indian E-commerce and direct-to-consumer company, was co-founded by Mehul Agrawal, Ruchit Agarwal, and Vikram Chopra. Their core business revolves around buying and selling used cars. In an impressive achievement, Cars24 achieved unicorn status within five years of its launch, reaching a valuation of $1.8 billion on November 24, 2020.
As of today, Cars24 holds a remarkable valuation of $3.30 billion, establishing itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include Moore Strategic Ventures, DST Global, and Sequoia Capital India.
Rebel Foods
Rebel Foods, an Indian E-commerce and direct-to-consumer company, was co-founded by Jaydeep Barman and Kallol Banerjee. They offer both online and physical food services. A significant milestone was achieved by Rebel Foods on September 25, 2018, when it became a unicorn with a valuation of $1.4 billion, within ten years of its launch.
As of today, Rebel Foods holds a notable valuation of $1.40 billion, positioning itself as one of India’s most valuable travel companies. The company’s esteemed investors include Sequoia Capital India, Lightbox Ventures, and Coatue Management.
DealShare
DealShare, an Indian E-commerce and direct-to-consumer company, was founded by Vineet Rao. They offer an online buying platform for multi-category consumer products. In an impressive feat, DealShare achieved unicorn status within just four years of its launch, reaching a valuation of $5 billion on January 1, 2022.
As of today, DealShare holds a significant valuation of $1.70 billion, establishing itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include Alpha Wave Global, Matrix Partners India, and Tiger Global Management.
Urban Company
Urban Company, an Indian E-commerce and direct-to-consumer company, was founded by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra. They offer a convenient one-stop-shop platform for users to hire high-quality service professionals, including beauty therapists, masseuses, technicians, carpenters, and sofa cleaners. A remarkable achievement was unlocked by Urban Company on April 27, 2021, as it achieved unicorn status within seven years of its launch, reaching a valuation of $2 billion.
As of today, Urban Company holds a significant valuation of $2.10 billion, positioning itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include VY Capital, Accel, and Elevation Capital.
Infra.Market
Infra.Market, an Indian travel company, was co-founded by Aaditya Sharda and Souvik Sengupta. They offer comprehensive one-stop solutions for all construction materials. In an impressive feat, Infra.Market achieved unicorn status within just five years of its launch, reaching a valuation of $1 billion on February 25, 2021.
As of today, Infra.Market holds a remarkable valuation of $2.50 billion, establishing itself as one of India’s most valuable travel companies. The company’s esteemed investors include Accel, Tiger Global Management, and Nexus Venture Partners.
CarDekho
CarDekho, an Indian E-commerce and direct-to-consumer company, was founded by Amit Jain. Their primary focus is assisting buyers in selecting the right car for their needs. An impressive milestone was achieved by CarDekho on September 25, 2018, as it became a unicorn with a valuation of $5 billion within five years of its launch.
As of today, CarDekho holds a significant valuation of $1.20 billion, positioning itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include Sequoia Capital India, Hillhouse Capital Management, and Sunley House Capital Management.
Spinny
Spinny, an Indian travel company, was founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahau. They specialize in offering used cars. An impressive milestone was achieved by Spinny on November 24, 2021, as it became a unicorn with a valuation of $1.8 billion within six years of its launch.
As of today, Spinny holds a notable valuation of $1.75 billion, establishing itself as one of India’s most valuable travel companies. The company’s esteemed investors include General Catalyst, Elevation Capital, and Avenir Growth Capital.
Licious
Licious, an Indian E-commerce and direct-to-consumer company, was founded by Abhay Hanjura and Vivek Gupta. They specialize in offering meat and seafood products. In an impressive feat, Licious achieved unicorn status within just six years of its launch, reaching a valuation of $1 billion on October 10, 2021.
As of today, Licious holds a significant valuation of $1.00 billion, positioning itself as one of India’s most valuable E-commerce and direct-to-consumer companies. The company’s esteemed investors include 3one4 Capital Partners, Bertelsmann India Investments, and Vertex Ventures SE Asia.
Conclusion
As we conclude our journey through the top 14 E-commerce unicorn startups in India for 2023, it becomes evident that these companies have left an indelible mark on the country’s digital landscape. With their groundbreaking ideas, relentless innovation, and remarkable valuations, these startups are at the forefront of transforming the way India shops online. As they continue to thrive and evolve, we can expect even more exciting developments in the E-commerce space, promising a future where convenience and choice seamlessly converge for the discerning Indian consumer.
Frequently asked questions (FAQs)
What is a unicorn startup?
Ans. A unicorn startup is a privately held company that is valued at over $1 billion.
How many unicorns are there in India?
Ans. India is home to over 108 unicorns, and the number is expected to grow in the coming years.
Which are the Top 10 E-commerce Unicorn Startups in India 2023?
Ans. Car24, Cardekho, lenskart, Dealshare, Licious, Spinny, FirstCry, Urban Company, Infra.Market, Mamaearth, and are the Top 10 E- commerce Unicorn Startups in India 2023.
Which sectors have the most unicorn startups in India?
Ans. E-commerce, fintech, edtech, and healthtech are some of the sectors with the most unicorn startups in India.
How are unicorn startups contributing to the economy?
Ans. Unicorn startups are fostering innovation, addressing social issues, and producing jobs, all of which help the Indian economy expand.