Ecomm festive sales hit Rs 24,000 Cr in two days; VC funding drops as large deals dry up

What happened

Ecomm festive sales hit Rs 24,000 Cr in two days; VC funding drops as large deals dry up, according to YourStory. Redseer estimates that 6-6.5 crore shoppers participated, with mobile phones leading by value and fashion, electronics and appliances seeing strong demand. Dear Reader, India’s ecommerce platforms clocked around Rs 24,000 crore in sales during the first two days of festive shopping, with mobile phones accounting for the largest share by value, according to Redseer Strategy Consultants.

Around 6-6.5 crore shoppers placed 8-9 crore orders, with demand extending to electronics, appliances and fashion, particularly among consumers in Tier II cities and smaller towns. India’s digital infrastructure is also drawing attention, with Elon Musk vowing to make Starlink affordable in the country.

The move could set up a contest with Mukesh Ambani’s Reliance Jio, as both companies await government clearance for their satellite internet services, days before Jio Platforms’ planned $106 billion IPO (the sale of a company’s shares to the public on a stock exchange). As AI adoption accelerates, questions around safety and accountability are coming to the fore.