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India
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Why we picked it Blume's annual report is the single best data-grounded read on what is actually happening in Indian internet and consumption, not what is trending on VC Twitter in San Francisco. It shows you adoption curves (UPI, quick commerce, ONDC, how few households actually shop online) so you can pressure-test whether a hyped trend has the demand base to land here. Treat it as a starting map of Indian reality, then judge your specific trend against it.
Indus Valley Annual Report 2025
From Blume Ventures by Sajith Pai, Anurag Pagaria and team (Blume Ventures) ~180 charts
- Grounds trend-spotting in real Indian adoption data (income distribution, online-shopping penetration, UPI-native monetization) instead of imported hype.
- Indian startups are building a distinct playbook (micro-subscriptions on UPI Autopay, DPI rails) that has no clean US analogue, so copying a US trend directly often misses the real opportunity.
- A trend can be huge in raw numbers yet thin in monetizable demand: the report repeatedly separates users from paying users.