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Indian ConsumerTech Industry to reach USD 300 Bn by 2027, says Report by Chiratae Ventures, 1Lattice, and Google

Dec 12, 2023

  •  Digital public infrastructure and population scale solutions play a major role in unlocking India’s consumer potential.
  • The key success factors for scaled impact in the ConsumerTech industry are product innovation, vertical integration, omnichannel strategies, and the globalisation of scaled products.

Bengaluru, 12th December 2023: The Indian ConsumerTech industry is set to rise as the total addressable market will reach ~USD 300 Bn, by 2027, growing at a CAGR of ~25%. Chiratae Ventures, in collaboration with 1Lattice and powered by Google, has unveiled “Cracking the Code: Unveiling India’s Consumer Landscape,” the first instalment of a three-part Annual Report series.

The report combines secondary research and primary surveys conducted with respondents nationwide. It delves into trends within the ConsumerTech industry and provides in-depth analyses of gaming, e-commerce, fintech, entertainment, and healthcare sectors.

Digital public infrastructure and population scale unlocking India’s consumer potential

The unlocking of India’s consumer potential is driven by digital public infrastructure and population-scale solutions. Over 500 million Indians now seek entertainment and gaming services on a daily basis, Over 1.2 B people in India need good healthcare, and ~1.1 Bn people have a bank account and seek to invest in financial services. ~880 Mn people in India aspire to spend on fashion and apparel, and ~220 Mn people in India aspire to spend on on-demand services. This has resulted in an increased focus on personalisation, a rise in experiential retal and a growing influence of social media. Supported by an increase in disposable income, and significant digital adoption they provided additional tailwinds to solve for the above needs.

Emerging trends such as social commerce, immersive shopping experiences, and mobile gaming are reshaping the global consumer landscape, impacting regions including the US, Europe, APAC, and MENA. Not to be left behind, the Indian Consumertech sector is experiencing swift rise of over-the-top (OTT) services on the subscription side, an increasing involvement of women in gaming, commerce and social media, and a notable rise in green mobility solutions such as EV sales.


The current Total Addressable Market (TAM) of the ConsumerTech industry is valued at ~USD 100 Bn, with the dominant sectors being mobility (30% share of the market) which includes ride-hailing apps, automobile marketplace and online car rental market followed by entertainment (25%) which includes print, digital, and television media. By 2027, fashion is expected to overtake entertainment as the second leading sector with apparel and accessories, beauty and personal care, footwear, jewellery, and watches.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, on the launch of the report, shared, “Chiratae projects the Indian consumer industry to be $300 B revenue by 2027. We have till date invested ~$450 Mn into the sector. Key winners backed by Chiratae include Flipkart, Myntra,, Firstcry, Lenskart, GlobalBees, Policybazaar, PlaySimple, Curefoods, Fibe, Rentomojo to name a few. We believe that ConsumerTech sector is both a horizontal and a vertical play with winners at the intersections of horizontal technology disruption and vertical domains such as Health, Finance, Education, Agriculture etc. We continue to invest in companies such as Agrostar, Healthifyme, Miko, Artium, and a new breed of consumer deeptech companies such as KBCols, Aether as well. With our learnings and experience in this sector, we are proud to release our ConsumerTech sector report, the first in a 3-part series that captures deep insights.”

“Digital today is ubiquitous and its usefulness is increasing every day.  With a plethora of information, services, and options now available to people at their fingertips, consumers are looking for personalized digital experiences. These consumer expectations extend to Tier 2+ consumers who have embraced technology and have an even greater openness to experimentation with new brands and products, and the willingness to spend on personalization and premiumization.The rapid evolution of AI presents an incredible opportunity for businesses to engage with their consumers in newer, more meaningful ways that deliver effective purchase outcomes whilst also responding to their need for privacy.” said Roma Datta Chobey, Managing Director – Digital First Businesses, Google India

Decoding the Indian Consumer 

Growing digital adoption in India has led to increased smartphone usage, higher digital spending, and a rapidly scaling shift from offline to online. 

India’s lower-income and Tier II and III cities are rapidly adopting digital technology and are aware of the various platforms/apps. 

As per the survey findings, consumers, on average, dedicate over four hours daily to their smartphones. The fintech apps dominates usage, with 77% of respondents leveraging it, primarily due to robust security features and a user-friendly interface. Following closely, entertainment apps capture a significant share at 70%, with on-demand services being perceived as essential expenses in the daily lives of about 70% of consumers.

Gaming, e-commerce, and healthtech are also gaining traction among Indian digital consumers. Online and professional gaming is on the rise in India, with an increasing number of active female gamers (~60%). The growth of the e-commerce sector is seen due to the shift from offline to online channels for apparel and groceries because of the discounts and offers available. Lastly, healthtech is growing at a CAGR of ~40%, with online pharmacy being the most used platform in metro and Tier I cities.

Roma Dixit, Director, Financial Services, 1Lattice, sums up ConsumerTech industry,This report delves into India’s ConsumerTech trends, emphasising five pillars: population scale, product innovation, digital infrastructure, vertical integration, and omnichannel presence. With a current market worth $100 billion and an expected surge to $300 billion by 2027 (CAGR 25%), India’s ConsumerTech isn’t a fleeting but a substantial force. This growth potential is underscored by the ambitions of Indian homegrown startups, driven by robust revenue growth and eyeing global expansion, fuelled by an ever-growing digital native user base.”

About Chiratae Ventures:

Chiratae Ventures is a 17-year-old Indian technology venture capital fund advisor, having advised funds that collectively (across six funds) have $1.18 Bn AUM, 130+ investments, 50 exits, 9 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The funds advised by Chiratae Ventures have investments across sectors such as Consumer-Tech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Bizongo, Fibe, FirstCry, Flipkart, Lenskart, Myntra, Pixis, PolicyBazaar and Uniphore, amongst many others.

Media contacts:

Chiratae Ventures: Tanvi Dubey,, +91 8792059986

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Archetype: Ishani Bhattacharjee,, +91 9874404195