![]() However, the trajectory of B2B e-commerce adoption indicates a significant upswing, with projections indicating its share will rise to just under 5% of the overall market by 2030.īy 2030, we anticipate that online-first, tech enabled B2B marketplaces will represent a remarkable $200 billion market opportunity. In 2022, B2B e-commerce accounted for a mere 1% of the overall B2B market in India, a stark contrast to its negligible presence in 2019. While most of the first $100 billion of India’s digital economy has come from consumer digitization, we believe a large portion of the digital economy’s next 10X will come from business digitization and online transactions, or what we broadly call business-to-business (B2B) online marketplaces.ī2B marketplaces in India hold immense potential, driven by the sheer size of the country's predominantly unorganized B2B economy and fragmented supply chain. ![]() As India’s $3.75 trillion economy grows to $6 trillion within the next decade, we anticipate a significant portion of this growth will be driven by the digital economy, which we estimate will grow from its current ~$100 billion to $1 trillion. Today's massive shift to online transactions is just the beginning. Bessemer has been fortunate to partner with some of these pioneering companies. These companies have harnessed macro enablers like the decreasing costs of data, the increasing penetration of smartphones, and the adoption of the India Stack initiative's open APIs, among others. This phenomenal growth has primarily been driven by the emergence of various B2C marketplaces in the country, such as Flipkart (Multi-category), Zomato (Food Delivery), Swiggy (Food Delivery), Ola (Transport), Big Basket (Online Grocery), Pharmeasy (Pharmacy), Urban Company (Home Services), Livspace (Furniture), Myntra (Apparel and Accessories). ![]() Fast forward to 2022, and that number has skyrocketed to over 100 million. ![]() In 2010, the number of users engaging in online transactions was less than a million. Over the past decade, India has undergone a remarkable journey of consumer digitization. ![]()
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