E-commerce penetration in India is already at 37%. That means if they want to go after the rest of the market, especially the rural side, it will be hard work. There's been a slowdown in mobile internet subscribers of late. Even smartphone sales are going through a tough time. It fell by 9% in 2022.
This weekend, every startup person in India (or maybe just Bengaluru?) had only one question — “Did you read the Blume Ventures report?” And we didn’t want you to feel any FOMO. So we read the 125-page ‘Indus Valley’ report prepared by the venture capital firm and picked out some really cool things. By the way, it’s not just data from Blume, but we’ve peppered our observations into this as well.
Let’s dive in.