The platforms and the picks-and-shovels behind them, separated by tier so an operator and a supplier never blur.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
FSN E Commerce VenturesE-Retail/ E-CommerceCore business₹95,197 CrP/E 373.4 vs 13.3ROCE 17.8%
Nykaa is a principal e-commerce and omnichannel beauty/fashion platform; online commerce is a core revenue driver alongside its 313-store retail network and Superstore B2B platform.
“We are India’s leading omnichannel beauty and lifestyle destination, built at the intersection of commerce, content and community.”
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“In the early years it took a differentiated beauty experience online. As we scaled, it built the reach, reliability, selection and trust that a national platform depends on.”
Jubilant FoodworksRestaurantsCore business₹28,215 CrP/E 65.1 vs 65.1ROCE 8.8%
JFL operates its own food-ordering e-commerce platforms (Domino's and Popeyes apps with 17.1M MAUs / 5.5M MTUs) and runs a proprietary last-mile rider network of 45,000+ partners; delivery via these apps is a principal revenue channel for the company.
“The Delivery channel remained a structurally important growth engine, accounting for a dominant share of transactions (often 60-70% for leading brands) and benefiting from aggregator partnerships and brand-owned apps.”
IndiaMART is India's largest B2B e-commerce marketplace with 8.7 Mn suppliers, 230 Mn registered buyers, and 114 Mn unique business enquiries, making online B2B commerce its principal business.
“We operate a two-way discovery marketplace that seamlessly connects buyers and suppliers, enabling efficient product discovery and meaningful business interactions.”
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“We offer a wide range of products through digital platforms, ensuring accessibility, affordability and inclusion for businesses and consumers across all sectors.”
FirstCry operates a multi-channel e-commerce and quick-commerce platform for childcare products, with FirstCry Qwik enabling under-three-hour delivery and RocketBees proprietary logistics spanning 62 cities — this is the Company's principal revenue driver (India Multi-Channel Business at Rs. 57,533 Million).
“FirstCry Qwik delivers our specialist assortment in under three hours by turning stores into local fulfilment hubs.”
Shiprocket's core business is enabling e-commerce and quick-commerce shipping, fulfillment and emerging hyperlocal/same-day delivery (Omnichannel) for merchants in India, with ₹14,854 mn Core Business revenue in FY26.
“The Core Business Segment encompasses: (i) the Domestic Shipping platform, whereby the Company provides merchants with access to logistics providers that deliver the goods to end consumers within India”
Vaibhav GlobalGems Jewellery And WatchesCore business₹3,396 CrP/E 11.9 vs 26.3ROCE 14.6%
Operates a global omnichannel e-commerce/TV-shopping retail platform (proprietary websites, mobile apps, social commerce and third-party marketplaces such as Amazon, Walmart and eBay), with digital channels already contributing 44% of B2C revenue and a stated FY27 target of 50%.
“Our presence spans television shopping networks, mobile apps, proprietary websites, social platforms, marketplaces, and OTT networks, creating a seamless, integrated shopping ecosystem.”
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“B2C revenue continues to form the backbone of our business, accounting for approximately 95% of total revenue, with digital platforms contributing 44% of B2C sales.”
Health X Platform operates e-commerce platforms for pharmacy, wellness and diagnostics (Sastasundar App B2C and Retailer Shakti B2B), with consolidated revenue of Rs. 1,31,926.59 Lakhs making digital commerce the core business.
“The Company is committed to building a long-term business that offers a data-driven, digital supply chain for pharmaceuticals, diagnostics, and wellness in India, catering to both B2B and B2C spaces through Sastasundar App, B2C platform for Pharmacy, Wellness and Diagnostic.”
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“Sastasundar Healthbuddy Limited is a subsidiary engaged in wholesale business to support the seller pharmacy network of Sastasundar App. Sastasundar Healthbuddy Limited is managing the supply chain of medicine and wellness products.”
Pepperfry (98.98%-owned) is a leading omnichannel furniture e-commerce marketplace with 125+ studios across 65+ cities and ₹6,321 Million annual GMV, now a major revenue-contributing consumer commerce segment.
“The most defining development of the year was undoubtedly the acquisition of 98.98% stake in Pepperfry. Along with India's leading omnichannel furniture and home marketplace came a business with 125 studios across 65+ cities, an annual GMV of ` 6,321 Million”
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“Pepperfry is a category-defining omnichannel leader in furniture and home products, combining a technology-led online marketplace with an expanding network of physical studios.”
Fractal IndustriesGarments & ApparelsCore business₹170 CrP/E 9.6 vs 18.2ROCE 20.5%
Fractal’s principal supply-chain, fulfilment and logistics operations materially support fashion brands, marketplaces and private labels serving e-commerce customers.
“Fractal Industries Limited (“Fractal” or “the Company”) is a specialised, end-to-end supply chain management company serving the rapidly evolving e-commerce fashion industry.”
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“Company has commenced business in the areas of manufacturing, designing, trading, import and export of garments, textiles, apparel, household linen and allied products, along with e-commerce-enabled supply chain management, warehousing, logistics, fulfilment and distribution services for the garment and textile industry.”
Intrasoft Tech.E-Retail/ E-CommerceCore business₹158 CrP/E 11.5 vs 13.3ROCE 5.1%
Core business is operating a multi-channel online retail/e-commerce platform for the U.S. market, enabling vendors to list, market, sell and fulfil across leading online marketplaces; this drives the consolidated Rs 534.22 crore of revenue from operations.
“IntraSoft Technologies is a technology-driven, multi-channel online retailer serving the U.S. market.”
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“The Company is engaged in development and delivery of e-commerce and e-cards through internet platform.”
Identixweb is a SaaS company whose entire business is developing Shopify apps and providing Shopify services to global e-commerce merchants, trusted by 14,000+ Shopify stores.
“Our company specializes in Shopify application development, which focuses on creating applications that enhance the functionality and performance of Shopify stores.”
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“Our company specializes in Shopify application development, which focuses on creating applications that enhance the functionality and performance of Shopify stores.”
Nihar Info GlobalSoftware ProductsCore business₹4 CrP/E 2.5 vs 19.6ROCE 9.7%
The company explicitly identifies itself as an e-commerce company on the cover page of its annual report, making this its stated principal business.
“NIHAR INFO GLOBAL LIMITED E-commerce Company”
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“The Company is engaged in expanding its business operations, particularly its technology-driven precious metals platform www.goldnsilver.shop, e-commerce activities and allied business initiatives.”
Larsen & ToubroCivil ConstructionGrowing₹4.99 L CrP/E 30.1 vs 14.6ROCE 11.9%
SuFin is an operational B2B digital marketplace platform now being separately incorporated for independent scaling.
“SuFin Limited, a wholly-owned subsidiary of Larsen & Toubro Limited, was incorporated and the business has been transferred from the parent entity on April 1, 2026. This restructuring is intended to sharpen strategic clarity and support the independent scaling of SuFin as a B2B digital marketplace platform.”
Hindustan UnileverDiversified FMCGGrowing₹4.33 L CrP/E 29.0 vs 36.4ROCE 21.5%
HUL invests in 'Channels of the Future' (which explicitly include Quick commerce per its strategic priorities) and runs a dedicated quick commerce organisation of 10+ people tracking service-level performance.
“Strong growth in Channels of the Future aided in delivering a mid-single digit UVG for the segment.”
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“Nano DCs support rapid growth across quick commerce, marketplaces and emerging customer segments through consistent availability across platforms.”
“The channel doubled its turnover in FY 2025-26 and has emerged as a vital growth engine for the Company.”
Nestle IndiaPackaged FoodsGrowing₹2.54 L CrP/E 66.8 vs 30.2ROCE 54.7%
Nestlé India reports scaling quick commerce as part of its omni-channel strategy with strong Quick Commerce performance, including platform-specific pack portfolios and festive participation, indicating material revenue from supplying quick-commerce platforms.
“Your Company continued to execute an omni‑channel strategy aligned to the evolving retail ecosystem, scaling e‑commerce and quick commerce, strengthening modern trade and chain pharmacy, and sustaining growth through general trade across semi‑urban and rural markets.”
Grasim IndustriesCement & Cement ProductsGrowing₹1.94 L CrP/E 34.0 vs 29.8ROCE 3.2%
Grasim operates Birla Pivot, a B2B e-commerce procurement platform for construction materials, with revenue approaching ₹8,500 crore and 136% YoY growth.
“Our B2B E-commerce business, Birla Pivot, rapidly evolved from a digital marketplace into a comprehensive procurement ecosystem for businesses across India. In a fragmented B2B procurement landscape, Birla Pivot delivered exceptional scale, with revenue growing 136% YoY and nearing revenue of I 8,500 crore”
Colgate PalmolivePersonal CareGrowing₹47,211 CrP/E 35.0 vs 35.6ROCE 107.1%
Colgate sells oral care products through quick-commerce platforms with QCom Net Sales doubling year-over-year and double-digit E-commerce Net Sales growth, indicating material channel revenue though it is not the core business.
“In digital, E-commerce remains our highest growth channel, delivering strong double-digit Net Sales growth in FY26*. We have successfully capitalized on the QCom shift, as the channel Net Sales doubled.”
Vishal Mega MartDiversified RetailGrowing₹45,361 CrP/E 50.8 vs 30.6ROCE 12.7%
Vishal Mega Mart operates an omni-channel e-commerce platform with a mobile app and website, offering 2-hour express delivery and hyperlocal delivery from 656 of its 696 stores to ~9 million registered users across 429 cities.
“We offer an omni-channel shopping experience through our website and mobile application.”
Piramal Consumer Healthcare materially sells OTC/personal care products through quick-commerce and e-commerce platforms (20+ platforms, 27% of PCH revenue from e-commerce, growing 48% YoY), making it a meaningful and growing revenue channel.
“Quick commerce has become a rapidly growing channel now contributing to 50% of the total E-Commerce business.”
Metro BrandsFootwearGrowing₹22,925 CrP/E 56.4 vs 47.6ROCE 16.3%
Metro Brands distributes footwear and accessories through quick-commerce platforms Blinkit and Zepto as part of its omnichannel digital commerce strategy.
“Our physical network is supported by brand websites, online marketplaces, omni-channel fulfilment and quick-commerce platforms such as Zepto, Blinkit and others.”
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“The Company also launched the dedicated e-commerce platform, metroactiv.com, further strengthening its digital capabilities and expanding customer access across channels.”
“E-commerce and omni-channel sales increased by 39% during the year to `361 Crore, contributing approximately 12.9% of total sales.”
Shadowfax TechnologiesLogistics Solution ProviderGrowing₹16,698 CrP/E 103.8 vs 15.7ROCE 5.7%
Shadowfax has material quick-commerce revenue and provides scaled logistics support to the category, while its broader logistics business remains the principal operation.
“Second, our hyperlocal business grew 54.3% year-on-year and our quick commerce revenues grew approximately 80%, because we were the partner that could handle the complexity and scale that this category demands.”
Honasa ConsumerPersonal CareGrowing₹15,249 CrP/E 52.6 vs 35.6ROCE 16.9%
Honasa strategically sells its Mamaearth, BBLUNT and other beauty/personal care brands across quick-commerce platforms as a high-velocity growth channel.
“We strategically scaled our presence on quick commerce platforms by leveraging platform-relevant product launches that aligned with evolving consumer needs, while simultaneously aiding in the premiumisation of some categories on these platforms.”
LT FoodsOther Agricultural ProductsGrowing₹14,064 CrP/E 22.0 vs 12.6ROCE 16.0%
LT Foods supplies its branded rice and food products through quick-commerce and e-commerce platforms as a meaningful and fast-growing distribution channel, explicitly highlighted as a strategic priority across India.
“Digital channels are reshaping consumption and expanding the category as well, with quick commerce and e-commerce growing by over 45% during the year.”
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“Expand distribution across physical retail, e-commerce and quick-commerce channels”
“Quick Commerce and General Trade expansion”
Blue Dart ExpressLogistics Solution ProviderGrowing₹10,817 CrP/E 37.7 vs 15.7ROCE 13.4%
Blue Dart's express courier operations handle substantial e-commerce shipment volumes as one of its key volume drivers and identified growth sectors.
“Performance was supported by stable domestic demand, steady e-commerce volumes, strong traction in the B2B ground segment and increasing economic activity across Tier II and Tier III markets.”
P N Gadgil JewellersGems Jewellery And WatchesGrowing₹7,990 CrP/E 17.9 vs 26.3ROCE 26.1%
PNG Jewellers sells its jewellery through quick-commerce platforms (Zepto, Swiggy Instamart, Blinkit) and online marketplaces, with the e-commerce segment growing ~105% YoY, but physical retail stores remain the principal business.
“we expanded our digital footprint across major quick-commerce platforms, including Zepto, Swiggy Instamart, and Blinkit, while strengthening our presence across leading digital marketplaces such as Tata CLiQ, Amazon, AJIO, Flipkart, and Myntra.”
Quick commerce is an active, fast-growing sales channel through which the company serves consumers.
“Most striking was the rise of quick commerce, which emerged as one of our fastest-growing channels during the year — a shift that captures how rapidly consumer purchasing behaviour is evolving, and how decisively we are positioning ourselves to serve it.”
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“Quick Commerce emerged as a key growth driver, led by rising demand for convenience and faster product access. Our presence across platforms such as Blinkit, Swiggy Instamart and Zepto helped strengthen consumer access”
MBFSL actively sells its Cremica and English Oven brands through quick-commerce platforms (e.g., Blinkit) as one of several distribution channels alongside traditional and modern trade.
“Specifically, our collaborations with Blinkit during key seasonal campaigns enhanced our brand visibility and also demonstrated the growing relevance of digital commerce in accelerating consumer engagement.”
ABFRL operates proprietary e-commerce platforms (brand websites, mobile apps, virtual stores) with e-commerce contributing ~16% of revenue and growing over 20% YoY in FY26.
“E-commerce continued to gain scale as an important growth channel, contributing around 16% of revenue during the year. With e-commerce revenue growing over 20% year-on-year, the channel reflects the increasing strength of our digital ecosystem”
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“Core systems such as SAP S/4HANA, Dynamics 365 POS/CRM and a centralised e-commerce stack provide a single view of customers, inventory and performance, while enabling seamless integration across brands.”
D. P. AbhushanGems Jewellery And WatchesGrowing₹5,160 CrP/E 174.8 vs 26.3
D.P. Abhushan operates its own e-commerce platform (dpjewellers.com), is finalising a mobile application, and is expanding presence across leading online marketplaces as a real, operational sales channel supplementary to its core jewellery retail business.
“Launched the official e-commerce platform to enhance customer reach, engagement and online-to-offline integration.”
CMS Info SystemsDiversified Commercial ServicesGrowing₹3,436 CrP/E 12.0 vs 13.6ROCE 15.4%
CMS supplies AI-led surveillance via HAWKAI™ to dark stores and warehouses of a leading quick commerce platform, with quick commerce cited as a key non-BFSI expansion vertical for HAWKAI™.
“Equally important was our win with a leading quick commerce platform, where we are deploying AI-led surveillance across dark stores and warehouses.”
BorosilHousewareGrowing₹3,225 CrP/E 46.0 vs 31.7ROCE 9.9%
Borosil actively sells its consumer products (bottles, lunch boxes, storage) across leading quick-commerce platforms like Blinkit, Zepto and Swiggy Instamart as a strategically important channel, though not the main business.
“The Company continues to strengthen its presence across leading quick commerce platforms such as Blinkit, Zepto, and Swiggy Instamart, enabling consumers to access everyday kitchen and lifestyle products with unprecedented speed and convenience.”
BLS E-servicesIT Enabled ServicesGrowing₹1,418 CrP/E 24.5 vs 18.5ROCE 16.2%
BLS enables assisted e-commerce and last-mile digital commerce through 1,55,000+ BLS Touchpoints, with explicit FY26 logistics tie-ups with Delhivery and DTDC.
“Through the BLS Sewa platform, agents offer a wide range of everyday services including bill payments, train bookings, insurance, telemedicine and e-commerce, making digital services genuinely accessible at the community level.”
Krystal Integrated SerDiversified Commercial ServicesGrowing₹886 CrP/E 13.6 vs 13.6ROCE 14.5%
Supplies staffing and payroll personnel to logistics and quick-commerce customers as part of its Staffing Solutions vertical, with explicit deepening of presence called out as a 2025-26 development.
“Deepened our presence in the logistics and quick commerce sector, where network expansion creates continuous, high-volume staffing requirements”
SreeleathersFootwearGrowing₹658 CrP/E 20.0 vs 47.6ROCE 7.5%
Sreeleathers operates an online sales channel for its footwear and accessories, with a 19% revenue CAGR and 15% volume CAGR over four years, though its core business remains 31 physical retail stores.
“19% / 15% Four-year e-commerce CAGR in revenue and in pairs sold”
Ganesh Consumer sells its packaged staples (flour, spices, sattu) via e-commerce and quick-commerce platforms as a key distribution channel, with e-commerce/quick-commerce already 14% of B2C revenue and growing 43% YoY.
“the e-commerce channel grew 43% YoY, now contributing 14% of B2C revenue”
VakrangeeIT Enabled ServicesGrowing₹550 CrP/E 56.4 vs 18.5ROCE 6.2%
Vakrangee enables e-commerce via its BharatEasy digital app and 23,087 physical Kendras offering assisted shopping, ordering and fulfilment, though BFSI distribution (49% of revenue) is the primary monetisation anchor.
“E-commerce & Logistics: Including online shopping, online agriculture products, Ticket Booking, Pan Card Services, Online Demat Account Opening Services, Mobile & DTH recharge, and Apparels Products.”
Thomas ScottGarments & ApparelsGrowing₹389 CrP/E 11.6 vs 18.2ROCE 19.4%
The company operates a dedicated E-commerce segment with its own Managing Director, indicating real current e-commerce operations alongside its core garment manufacturing/trading business.
“for the reappointment of Mr. Vedant Bang (DIN: 09506327), as Managing Director for the E-commerce segment of the Company, for a period of 3 (three) years w.e.f October 01, 2026”
Itcons E-SolutionsDiversified Commercial ServicesGrowing₹215 CrP/E 16.8 vs 13.6ROCE 10.2%
ITCONS earns revenue supplying large-scale blue-collar staffing to quick-commerce players (Blinkit, Swiggy, Zypp, Bistro), described as a key focus area though not its largest vertical (government is).
“partnered with leading organizations, including Blinkit, Swiggy, and Zypp, further enhancing its capabilities in large-scale workforce deployment.”
The company sells its food products through e-commerce platforms (Amazon, ethnic grocery platforms in USA/UK/Australia) as a distribution channel, with plans to strengthen this presence, though it is not the main revenue driver (food commodity trading is).
“WFBL is progressively developing its digital and direct-to-consumer channels as part of its broader market access strategy. The roadmap includes strengthening its presence across Amazon and ethnic grocery platforms in the USA, UK and Australia, supported by data-led customer engagement and improved digital shopping experiences.”
Zodiac operates its own D2C e-commerce platform for its branded clothing business in India, with a whole-time Director for Digital focused on scaling it.
“Expertise in machine learning and technology, currently focused on scaling the Company’s Branded business in India through its own D2C E-Commerce platform and its retail stores.”
Definition used: Operates e-commerce or quick-commerce platforms, or earns materially from supplying/enabling them (dark stores, delivery logistics, e-commerce roll-ups). Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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