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.
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 of Amazon India (25-30%) and Meesho (10%); tier II-IV cities to drive 60%+ demand.