729
Backers in a recent round
624 added at least one new company in this market. The remainder participated only in companies they had already backed here.
Explore recently active backers ↗MARKET NOTES / 001INDIA / MUMBAI / RETAIL TECH
LESS GUESSWORK. A BETTER RESEARCH LIST.Retail Tech.
Retail Tech.
Mumbai.
Map the capital.
Find your next conversation.
Who backs this market, where they enter, and how recently they have added a new company. A directory built around the questions founders actually ask.
Build your research shortlist ↘Companies are based in Mumbai · investors can be based anywhere
Dataset through 22 May 2026 · calculated 14 Sep 2026
01 / THE SHORTLIST LAB
Make the list work for your company.
199 backers based in Mumbai are shown by default. Compare up to three.
A CLOSER LOOK AT WHERE
Find investors in your preferred location.
Search a recorded city, country or neighbourhood among the backers of this market.
Five location searches per day. Results use recorded locations; some investors have city-level coverage only.
199 of 1023 selected backers · Mumbai only
Shows investors whose recorded city is Mumbai. Unknown cities are excluded. Market charts cover all investor locations.
Theme filtering selects backers of companies carrying that theme tag. Entry-stage filtering selects backers with an entry at that stage; the two matches may be different companies. Row metrics describe their entire dated Retail Tech history in Mumbai.
Your side-by-side comparison
Lead flags and later investments may be incompletely recorded. Repeat counts are not adjusted for time since entry.
| Compare | Investor / recorded location | Companies here | New in 24 months | Median total entry round | Companies backed again | Latest investment |
|---|---|---|---|---|---|---|
| Loading investors… | ||||||
No backers match these filters. Broaden the theme, location, entry stage or activity window.
02 / THE MARKET READActivity is a better starting point
Activity is a better starting point
than a long list of names.
Latest 24 months: after 22 May 2024 through 22 May 2026.
146
Distinct equity rounds
Across 92 companies, versus 212 rounds in the preceding 24 months. Each company round is counted once.
See the recent evidence ↗60.3%
Rounds at Angel, Pre-Seed or Seed
88 of 146 recent rounds. Compare your stage with its own financing range before sizing the ask.
Compare stage ranges ↗77%
Participations were first entries
664 first investor–company relationships out of 860 participations. The other 196 were later rounds together.
Find backers adding companies ↗Build a syndicate beyond the city.
Of 729 recently active backers, 99 have a recorded Mumbai location and 153 are based elsewhere. Location is missing for 477. Search by market experience first, then investigate the people and their remit.
Match the whole round to your plan.
Recent Seed rounds have a median size of $590K, across 56 disclosed amounts. That is total company financing. An individual investor’s cheque or available capital is not disclosed here.
03 / EMERGING THEMES
Which themes are gaining share?
Follow financing activity across the company classifications represented in this market.
Latest four complete quarters: 01 Apr 2025–31 Mar 2026 · 62 market rounds, versus 98 in the preceding four quarters.
B2C E-Commerce
+3.7 pp51 of 62 recent rounds (82.3%), versus 77 of 98 (78.6%).
Dpiit Registered
+4.8 pp34 of 62 recent rounds (54.8%), versus 49 of 98 (50.0%).
Internet First Brands
52.4%11 of 21 rounds in Q1 2021, compared with 21.5% over the prior four quarters.
Fashion Tech
41.7%10 of 24 rounds in Q1 2024, compared with 20.6% over the prior four quarters.
SPIKE DETECTION
Look beyond the headline total.
Share of market roundsPrior four-quarter shareDetected spike
Scroll sideways to explore all quarters.
Q1 2024 · 10 of 24 market rounds · 9 companies · 41.7% share. A detected spike, 2.03× the prior four-quarter share.
Select a dot to inspect the exact count and baseline. The partial quarter through 22 May 2026 is shown but cannot trigger a spike.
The theme shift, year by year.
Share of all recorded Retail Tech rounds in Mumbai. Each cell also gives its theme-round count.
| Investment theme | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026* |
|---|---|---|---|---|---|---|---|
| 53.9%35 / 65 | 68.5%74 / 108 | 61.0%72 / 118 | 72.0%77 / 107 | 80.4%74 / 92 | 77.6%59 / 76 | 94.7%18 / 19 | |
| 49.2%32 / 65 | 55.6%60 / 108 | 54.2%64 / 118 | 61.7%66 / 107 | 48.9%45 / 92 | 52.6%40 / 76 | 57.9%11 / 19 | |
| 21.5%14 / 65 | 38.9%42 / 108 | 41.5%49 / 118 | 53.3%57 / 107 | 57.6%53 / 92 | 60.5%46 / 76 | 79.0%15 / 19 | |
| 12.3%8 / 65 | 21.3%23 / 108 | 17.0%20 / 118 | 20.6%22 / 107 | 26.1%24 / 92 | 25.0%19 / 76 | 36.8%7 / 19 | |
| 12.3%8 / 65 | 21.3%23 / 108 | 16.1%19 / 118 | 20.6%22 / 107 | 25.0%23 / 92 | 23.7%18 / 76 | 36.8%7 / 19 | |
| 20.0%13 / 65 | 13.9%15 / 108 | 14.4%17 / 118 | 13.1%14 / 107 | 18.5%17 / 92 | 18.4%14 / 76 | 10.5%2 / 19 | |
| 7.7%5 / 65 | 14.8%16 / 108 | 11.9%14 / 118 | 15.9%17 / 107 | 20.7%19 / 92 | 19.7%15 / 76 | 31.6%6 / 19 | |
| 13.9%9 / 65 | 21.3%23 / 108 | 25.4%30 / 118 | 30.8%33 / 107 | 32.6%30 / 92 | 29.0%22 / 76 | 31.6%6 / 19 |
*2026 is partial. Company themes use the tags available in this dataset, applied to historical rounds; they do not date when a business adopted a technology. Themes overlap, so shares do not add to 100%. Each company round is counted once within a theme. These charts cover investors from all locations; the shortlist keeps its own location filter.
How a spike is detected
A complete quarter is flagged when its theme share is at least 1.75× the share across the preceding four quarters and at least 5 percentage points higher. It must contain at least 3 theme rounds across 3 companies, at least 10 market rounds, and at least 3 theme rounds in the baseline. All four baseline quarters must have market observations. A zero baseline, missing observations or partial quarter cannot produce a flag.
This is a transparent screening rule, not a statistical significance test or a forecast. A higher share can accompany fewer rounds when the wider market contracts; the counts beside the chart make that distinction visible.
04 / THE DEPTH MAP
One appearance, or a pattern?
4,261 of 4,679 backers with dated histories appear in just one company. Select a cell to explore the directory.
| Portfolio breadth here | 1 company | 2 companies | 3–5 | 6–10 | 11+ |
|---|---|---|---|---|---|
| Firms & institutions | |||||
| Individual angels |
Circle area increases with backer count. The shortlist includes backers with 2 or more companies in this market, plus other backers active in the latest 24 months. In the 1-company cell, only recently active backers are available to explore. The shortlist’s investor-location filter also applies; select all locations to broaden the results. 1 backers have only undated entries.
05 / ROUND DESIGN
Different stages. Different capital.
Recent equity rounds · 24-month window.
Amounts are in USD.
StageDistinct roundsMedian / middle half
Angel
22
$85K$58K–$127K19 disclosed
Seed
66
$590K$166K–$1.3M56 disclosed
Series A
27
$4.3M$2.9M–$8.7M25 disclosed
Series B
14
$8.0M$4.0M–$14M13 disclosed
Series C
3
$24M$18M–$27M3 disclosed · small sample
Series D
8
$4.3M$3.3M–$7.6M8 disclosed
Series E+
6
$5.2M$4.6M–$10M6 disclosed
06 / FOLLOW THE EVIDENCE
The most recent recorded rounds.
Distinct company rounds.
Named backers are shown lead-first.
The EleFant Toy | Rent Toys for Kids: Rental Toys for Kids
$1.0M total equity round5 named backers
Growth Sense · Arian Capital Partners · Asit Oberoi · JITO Incubation & Innovation Foundation · Vimal Saboo
Online platform offering footwear and lifestyle accessories
Undisclosed total equity round1 named backer
Ajinkya Rahane
Online retailer of eco-friendly backpacks, trolley bags, duffle bags, and accessories
$2.1M total equity round2 named backers
Accel · Enam Holdings
6 named backers
Ajay Mehra · Ashish Kacholia · Hitesh Dhingra · Lashit Sanghvi · Mohit Sadaani · +1 more
Online marketplace offering multi category eco friendly products
$76K total equity round1 named backer
Viraj Bahl
Provider of educational toys promoting emotional intelligence
$437K total equity round4 named backers
SailThru Ventures · Gurmeet Nihal Singh · Jatinder Aneja · Onegan
07 / READING THE ATLAS
What these patterns can tell you.
The market boundary
Recorded equity rounds for companies tagged Retail Tech and located in Mumbai. Investor headquarters may be elsewhere. Company sector and location reflect the available company records, not necessarily the location or sector at the investment date.
The time boundary
Data coverage ends 22 May 2026. The latest market round is 13 May 2026. There are 1 undated participations, excluded from timing metrics. Activity after the cutoff is unknown.
The relationship boundary
“New” is the first dated relationship between a backer and a company in this market. “Backed again” requires a later dated round together. A first observed entry may follow an earlier unrecorded investment.
The financing boundary
Amounts describe entire equity rounds, not personal cheques, fund capacity or returns. Medians exclude missing and non-positive amounts; the middle half spans the 25th–75th percentiles. A recorded investment does not establish current availability.
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worth a closer look.
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Explore Fliar Prism ↗Start with the company or question you want to understand.Calculated 14 Sep 2026 · 1023 investor histories to explore