India ecommerce to triple to $450 Bn by 2031, capturing 22% of retail GMV

Inc42 Datalabs projects India's ecommerce market to grow from $165 Bn to $450 Bn at 22% CAGR by 2031, lifting online share of retail from 12% to 22%. D2C brands led by Mamaearth, boAt and Lenskart will drive 86% of incremental value, scaling to $310 Bn at 37% CAGR.

Inc42 projects India ecommerce to triple to $450 Bn by 2031 at 22% CAGR, lifting online retail share from 12% to 22%, led by D2C brands.

Inc42 · 5/15/2026, 3:35:22 AM · Ask about this →

Indian Ecommerce Sector + Ajio + Amazon + Flipkart + JioMart + Mamaearth + Reliance Retail +