Siddharth Agarwal, Principal at Matrix Partners India
Read more at: https://yourstory.com/2023/04/indian-consumer-tech-at-an-inflection-point
- In the next 5-10 years, India's economy is projected to grow by $3.5 trillion, which is equivalent to the amount added since its independence 75 years ago
- China embarked on a similar trajectory starting 2007 when its GDP was $3.5 trillion, reaching $18 trillion in 2022 (5x in 15 years!)
- This growth in India is expected to result in a remarkable surge in per-capita income, leading to an increase in discretionary spending that has not been witnessed in the past
- The pandemic accelerated digital penetration by 12–24 months across different sectors, thereby boosting the adoption of ecommerce.
- Ecommerce penetration will further increase and 350-400 million shoppers are expected to shop online by 2025 India’s consumer tech sector has already demonstrated early successes, with over 40 unicorns creating a value of more than $250 billion