This overview highlights major milestones across various retail segments, offering insights into how these advancements are transforming India’s consumer economy
Over the past 15 months, India’s retail sector has witnessed a transformative wave of capital infusion, strategic alliances, and IPO momentum—signalling renewed investor confidence and accelerated growth. This comprehensive overview captures the key milestones across diverse retail categories, shedding light on how these developments are reshaping the landscape of India’s consumer economy.
Key Highlights
Strategic Investments and Stake Acquisitions
- Temasek’s Investment in Haldiram’s: In March 2025, Singapore’s sovereign wealth fund, Temasek, acquired nearly a 10% stake in Haldiram’s for approximately $1 billion, valuing the company at around $10 billion.
- Google’s Stake in Flipkart: In May 2024, Google announced a $350 million investment in Flipkart, India’s leading e-commerce platform, valuing the company at $37 billion.
Major Funding Rounds
- Wow! Momo’s Series D Funding: In January 2024, quick-service restaurant chain Wow! Momo raised Rs 410 crore (approximately $49 million) in a Series D funding round led by Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad. This was followed by an additional Rs 70 crore (around $9 million) investment in April 2024 from Z3Partners. Further strengthening its capital base, Wow! Momo is reportedly in the process of raising Rs 130–150 crore in a bridge funding round, with participation from Kamal Agrawal, one of the promoters of Haldiram’s, alongside Khazanah.
- Bluestone’s Capital Raise: Omnichannel jewellery retailer Bluestone secured $71 million in August 2024, bringing its valuation close to $964 million.
- Lenskart’s Funding: In June 2024, eyewear brand Lenskart received a $200 million investment from Fidelity Management and Research Co and Temasek, contributing to a total of approximately $1 billion raised over 18 months.
- Libas’ Investment from ICICI Ventures: Ethnic wear brand Libas raised Rs 150 crore in August 2024 to enhance its omnichannel presence and supply chain efficiencies.
Initial Public Offerings (IPOs)
- FirstCry’s IPO: In August 2024, baby and kids retail platform FirstCry launched a ₹4,194 crore IPO, marking a significant milestone in the segment.
- Vishal Mega Mart’s Public Offering: Budget retailer Vishal Mega Mart’s IPO in December 2024 attracted bids worth $19 billion, reflecting robust investor interest.
Expansion Plans and Investments
- Decathlon’s Investment in India: French sports retailer Decathlon announced plans in October 2024 to invest €100 ($114) million over five years to expand its retail footprint in India.
Government Initiatives
- Startup Fund of Funds: In the Union Budget 2025, the Indian government announced a new Rs 10,000 crore Fund of Funds to support startups, aiming to catalyse innovation and entrepreneurship across sectors, including retail.
Upcoming IPOs in 2025
- boAt: India’s leading consumer electronics brand, boAt, is preparing for its much-awaited Initial Public Offering (IPO) between January 27–29, 2025, with an issue size projected at Rs 2,000 crore.
- Bluestone: Omnichannel jewellery retailer Bluestone raised $71 million in August 2024 at a valuation of $964 million, positioning itself for a potential IPO in 2025.
Analysis and Trends
The Indian retail sector has witnessed a remarkable influx of investments, reflecting the confidence of both domestic and international investors in the country’s consumption-driven growth. Strategic stake acquisitions by global entities like Temasek and Google signify a long-term commitment to India’s burgeoning market.
The surge in IPOs, notably by FirstCry and Vishal Mega Mart, indicates a maturing retail ecosystem ready to tap into public markets for capital. Furthermore, the government’s proactive approach, exemplified by the Rs 10,000 crore Fund of Funds, underscores its commitment to fostering innovation and entrepreneurship.
As India continues to urbanise and digitise, the retail sector is poised for sustained growth, driven by a young population, increasing disposable incomes, and a favourable investment climate.
