Flipkart holds 50-60% GMV lead as India e-commerce eyes $214B by FY30: ICICI Securities
ICICI Securities projects India's e-commerce market tripling from $70B in FY25 to $174-214B by FY30, hitting 13% of total retail. Flipkart dominates with 220-240M MAUs and 50-60% GMV share, ahead of Amazon India (25-30%, 150M MAUs) and Meesho (10%, 200M MAUs). Tier II-IV cities seen driving 60%+ of demand.
What happened
ICICI Securities projects Indian e-commerce tripling to $174-214B by FY30, reaching 13% of retail. Flipkart leads with 50-60% GMV share and 220-240M MAUs, ahead
Key facts
- $70B FY25 e-comm
- $174-214B FY30
- $978B retail FY25
- $1.4-1.6T retail FY30
- Flipkart 50-60% GMV
- Flipkart 220-240M MAUs
- Amazon 25-30% GMV
- Amazon 150M MAUs
- Meesho 10% share
- Meesho 200M MAUs
- 970M internet subs
- 500M online shoppers
- 450K Flipkart sellers
Why this matters
Logistics, vernacular commerce-tech, and Tier II-IV brand acquisitions become prime M&A targets as e-comm triples to 13% of retail—act before strategics bid up multiples post-FY27.