Note: years before its listing or not on Screener left blank
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Lists goods from sellers and brands (or its own inventory), runs the app, search and checkout, and hands parcels to its own or third-party couriers. Marketplaces earn commissions, logistics and ad fees; inventory-led vertical players (Nykaa, FirstCry, Lenskart) earn a retail margin and often run stores too.
Why it matters
India's e-retail GMV reached about US$65-66bn in 2025 (Bain & Flipkart, Apr 2026), only ~30% of internet users shop online, and growth runs ~20% a year. Who wins the next 300 million shoppers - value (Meesho), speed (quick commerce) or category depth (Nykaa, Lenskart) - is the sector's biggest question.
Where the value pool sits
Horizontal e-commerce (Flipkart, Amazon) is scale-heavy and thin-margin. Vertical specialists with own brands or high-margin categories (beauty, eyewear, kids) earn positive EBITDA; Lenskart's Q1 FY27 EBITDA margin was ~22%. Meesho's zero-commission model makes money on seller ads and logistics and turned free-cash-flow positive in Q2 FY27.
Key drivers
New shoppers from tier-2/3 India and low-cost smartphones
Ads and seller services as a share of revenue
Own brands and omnichannel stores (Lenskart, Nykaa, FirstCry)
Festive-season demand and GST-rate cuts on consumer goods (Sep 2025)
Potential bottlenecks
FDI rules bar foreign-owned marketplaces from holding inventory for Indian shoppers
Returns and cash-on-delivery in smaller towns raise cost per order
Customer acquisition costs as quick commerce takes high-frequency categories
Investor metrics to watch
GMV / NMV growth and order volume
Take rate and ad revenue as % of GMV
Contribution margin and adjusted EBITDA margin
Annual transacting users; store additions and same-store sales for omnichannel players