According to the report released on Friday by Grant Thorton and Indian Private Equity and Venture Capital Association (IVCA), e-commerce has seen deals worth $11.5 billion in the year 2014. In the technology sector over 400 mergers and acquisitions took place, and about 75% of these deals belonged to e-commerce.

80 % of the PE deals were under $10 million deals, but this year saw some e-commerce firms raise substantial amounts. Flip-kart valued at $12.5 billion, raised a sum of $1 billion from a group of investors, while Snapdeal raised $627 million after SoftBank led investment rounds.

The trend is expected to continue in the year 2015 as well, with e-commerce firms looking to expand their geographic coverage.