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₹97,690 CrP/E 383.1 vs 13.2ROCE 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₹30,485 CrP/E 70.3 vs 66.5ROCE 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₹3,358 CrP/E 11.8 vs 26.4ROCE 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₹169 CrP/E 9.6 vs 18.9ROCE 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₹161 CrP/E 11.8 vs 13.2ROCE 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₹5 CrP/E 2.8 vs 20.4ROCE 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.”
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.
