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Indian e-commerce market to be worth USD 99 Billion by 2024: EY-IVCA 2021 report 

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India's e-commerce industry to be $99 billion in size by 2024

According to a report ‘India Trend Book 2021’ released by EY-IVCA (Ernst Young-Indian Private Equity & Venture Capital Association), India’s e-commerce market is expected to be worth USD 99 Billion by 2024. It is also anticipated to grow at a 27% CAGR (Compound Annual Growth Rate) over the period 2019-24.

  • Grocery & Fashion/apparel will be the key drivers of this growth.
  • India will have 220 million online shoppers in India by 2025.
  • The Penetration of the online retail market is expected to be 10.7% by 2024, compared to 4.7% in 2019.
  • The report also states that by 2023, 1.2 % or USD 10.5 Billion of India’s grocery sales will be online.
  • Indian Government aims to build a USD 1 Trillion Digital economy by 2025 through Digital India Programme.

Reasons for Boom

  • Increase in online users across various segments coming from Tier 2 and 3 cities.
  • Rise of technology adoption among small and medium businesses
  • Initiatives by Government to digitize the traditional offline market & boost the e-commerce sector through Start-up India, Digital India, Skill India, Innovation Fund and BharatNet.


  • India was ranked No.2 in the Global Retail Development Index (GRDI) in 2019.
  • Indian e-commerce sector is ranked 9th in cross-border growth in the world, according to Payoneer report.
  • Retail is India’s largest industry, it accounts for 10% of India’s GDP and 8% of total employment.
  • FDI – 100% under the automatic route for single-brand retail trading.Development in B2C e-commerce is needed as Digital P2C companies have also invested in creating brands that attract thousands of young people, including more online shoppers, who are more brand-conscious.

Other Projections in the Report

Online Retail 

  • The online retail market in India is estimated to be 25% of the total organized retail market and is expected to reach 37% by 2027-30.

EdTech sector

  • India’s EdTech sector is estimated to grow from USD 2.8 Billion in 2020 to USD 10.4 Billion and 37 Million + Paid EdTech users by 2025.


  • The growth of FinTech during 2020-25 is projected at 22.7% CAGR

Online Gaming

  • India is among the top five mobile gaming markets in the World.
  • The number of online gamers is likely to reach 628 Million by 2021.

About Indian Private Equity & Venture Capital Association (IVCA)

Chairperson – Renuka Ramnath
Headquarters – New Delhi

About Ernst & Young (EY)

Global Chairman & CEO – Carmine Di Sibio
Headquarters – London, United Kingdom (UK)