India B2C e-commerce funding falls 33% to $1.6 billion in 2026 YTD

India’s B2C e-commerce startups raised $1.6 billion in equity funding between January 1 and November 3, 2026, down 33% from $2.4 billion in the whole of 2025, as late-stage and seed-stage investments nearly halved, according to a report by Tracxn released on Thursday.

The funding was spread across 356 rounds during the period, compared with 621 rounds in 2025, reflecting a decline in both investment activity and deal volumes. While early-stage funding remained broadly stable, late-stage investments fell 51% to $587 million from $1.2 billion, and seed-stage funding declined 50% to $169 million from $339 million.