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₹95,634 CrP/E 340.8 vs 14.7ROCE 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₹33,438 CrP/E 111.1 vs 55.4ROCE 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.”
Vaibhav GlobalGems Jewellery And WatchesCore business₹3,775 CrP/E 10.4 vs 20.3ROCE 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.”
How this list is built
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”.
MarketPing publishes facts, filings and measured history only — nothing on this page is investment advice, a recommendation or a rating.
