, India

India’s online marketplaces to reach $350b in GMV by 2027

The country’s online marketplaces have contributed over $100b in GMV so far.

Online marketplaces in India are expected to more than triple and reach $350b in gross merchandise value (GMV)  by 2027 with its rising online shopper base and the digitised micro, small and medium-sized enterprises (MSME).

In a report, Accel and Bain & Company said India’s online marketplaces contributed over $100b in GMV so far. Business-to-consumer (B2C) marketplaces were the single largest segment, accounting for around $50b.

In enterprise value, these marketplaces will create around $400b to $500b, accounting for over 5% of India’s gross domestic product by 2027. It will pave the war for 15 million MSMEs to grow their businesses online and create seven million jobs.

READ MORE: Wider economic recovery to drive India’s consumer spending growth

“Marketplaces have contributed to India’s growth story by offering greater access to capital and innovative financing solutions for traditionally underserved segments; enabled MSMEs to transact online, with an increased pan-India reach; and have provided employment opportunities to more than 3 million gig workers in India,” said Bain & Company Partner Arpan Sheth.

B2C e-commerce marketplaces will continue to dominate the online marketplaces and will account for $40% of the total GMV by 2027, reaching $55b. It is followed by online food delivery which will reach $22b.

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