India’s gifting startups raised $116 million in the past 10 years, Tracxn report says

Global gifting startups have raised $1.73 billion over the past decade, while Indian startups in the space have secured $115.9 million, according to a new report by Tracxn analysing funding, investor activity, and exits between 2015 and 2025 year-to-date (YTD).

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The report, titled Gifting Platforms Wrap Report, highlights a slowdown in funding activity in 2025, especially in India. So far this year, only one Indian startup, Indigifts, has raised capital, securing $57,600 in an angel round. That compares with $1.3 million in funding in 2024, which itself represented a 96% decline from the $32.7 million raised in 2023, and a 98% drop from the $63.9 million recorded in 2022.

Globally, gifting startups have raised $66.2 million across four funding rounds in 2025 YTD. In comparison, global funding stood at $99.8 million in 2024, down from $218.0 million in 2023 and $118.6 million in 2022. The report attributes this trend to a cautious investment climate, with investors showing a preference for capital-efficient models over rapid scaling.

Between 2015 and 2025 YTD, Indian gifting startups have raised $115.9 million, indicating gradual though modest growth. On a global scale, $1.7 billion was raised during the same period. The report notes a transformation in the sector, evolving from an occasion-driven, offline model to a more digitally enabled, experience-focused category.

The sector’s funding peak in India came in 2022, with $63.9 million raised. Globally, 2021 was the strongest year, with startups raising $559 million. These periods coincided with changes in consumer behaviour during the COVID-19 pandemic, which led to increased demand for digital gifting, corporate rewards, and D2C platforms.

That momentum has since declined. “The gifting and rewards sector has quietly evolved into a globally relevant, innovation-led category,” said Neha Singh, Co-Founder of Tracxn.

“Over the last decade, we’ve seen over $2.5B flow into gifting startups, not just to scale transactions, but to reimagine consumer experience, convenience, and loyalty. India, while still maturing, has built a strong base of resilient, founder-led businesses that are defining new benchmarks in digital-first branding and operational efficiency. As capital becomes more selective, this sector stands out for its ability to attract high-conviction investors, achieve strategic exits, and continue innovating for long-term value creation.”

In 2025 YTD, investor participation has been selective. In India, Indigifts attracted investment from Ritesh Agarwal and Vineeta Singh, signaling continued support from prominent founder-investors for early-stage D2C consumer brands.

Globally, the largest deal this year has been a $63 million Series D round raised by Raise, a digital gift card company backed by Haun Ventures, GSR Ventures, Web3 Foundation, and others, including ANAGRAM and Paper Ventures. Other deals include Inkd Greetings, which raised $2.7 million in a Series A round, and Giftagram, which secured $441,900 in seed funding.

In India, leading players include Xoxoday ($30.6 million in total funding), Ferns N Petals ($26.1 million), ZoomIn ($21 million), and Printo ($17.7 million). Other notable startups include Bakingo and FlowerAura, each with $16 million raised, and eYantra at $10.9 million.

Globally, Raise tops the funding chart with $220 million raised to scale its online gift card marketplace. Floward, a Saudi-based flower gifting platform, follows with $190.2 million, while UK-based Bloom & Wild has secured $174.3 million. In the U.S., Snappy ($130 million) and Bouqs ($97.8 million) highlight continued investor interest in corporate gifting and sustainable flower delivery.

Exit activity in India has been limited in 2025 so far, with no acquisitions reported. Historically, only five acquisitions have occurred in the Indian gifting space, including Xoxoday (acquired by Gift in 2022) and ZoomIn (acquired by Sachin Katira in 2018).

Globally, however, consolidation continues. Three acquisitions have been recorded in 2025 YTD, including the $32.2 million acquisition of Funky Pigeon by Card Factory. Other transactions include Floom’s acquisition by Promenade and Giftcloud’s acquisition by Recharge.com.

The IPO landscape remains subdued. No public offerings have occurred in India in 2025 so far. Globally, the most recent IPO was Vaziva’s listing on Euronext Growth in March 2024. To date, only 12 IPOs have been recorded in the global gifting space, largely in Western markets and involving legacy players such as Moonpig and FTD.

The report noted that the sector lacks unicorns and has seen few public listings. Most exits continue to occur through acquisitions rather than IPOs. 

According to Tracxn, the past 10 years show that gifting is not a high-frequency funding category, but one where leading startups attract concentrated capital.