This was the consensus at the ET Startup Awards in Bengaluru on March 12, in which the biggest names of Indian ecommerce gathered to discuss various topics related to the future of India’s startup ecosystem.
Ecommerce in India attracted $15 billion in investments from venture capital and private equity funds in 2021, five times more than in 2020, according to data from Venture Intelligence. The number of deals also increased from 149 in 2020 to 219 in 2021.
But it is unlikely to repeat in 2022. “Everybody knew the last 24 months were a great time to raise money,” said Bhavna Suresh, co-founder and CEO of 10Club. “And I think everyone understands that markets go through swings. If the question is ‘are we in the bottom right now’, there’s no doubt about it.”
,[Ecommerce] BigBasket CEO and co-founder Hari Menon said it is not going to freeze as there is a lot of money flowing into it. “But I think you will settle it more. You will see improvement, but the money will not dry up.”
Meanwhile, the industry also has to prepare for the rules. In June 2021, the consumer affairs ministry proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020, which were first notified in July 202. Proposed changes included a ban on ‘flash sales’ and a ban on private labels. Later in June, the Center’s “clarification”, which said that the new rules would allow ecommerce portals to conduct traditional sales events, disallowed “exclusive flash sales or back-to-back sales”, only the illusion. extended.
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