Blume Ventures recently released the Indus Valley Report 2025, and it’s more than just startup funding and valuations—it dives deep into how Indians spend, save, build, and innovate.

I’ve pulled out some insights in my latest newsletter. 

Here are a few takeaways:

✅Only 22% of the labor force are Regular salary employees which is much lower than in China (54%) or Russia (93%), indicating India's workforce is still largely informal.
✅ India is a consumption-driven economy, with household spending making up the majority of GDP.
✅ Offline dominates (93%), meaning traditional stores, street markets, and malls are still the primary shopping channels.
✅Online retail is just 7%, indicating e-commerce is still in its early growth phase.
✅ Unbranded products make up 63% of the market, showing that majority of the market is highly unorganized
✅ India 1 drives the majority of consumption, with just 10% of the population accounting for 67% of discretionary spending.

There’s a lot more to unpack. Check out the full newsletter from the link below! ❤️