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
Larsen & ToubroCivil ConstructionGrowing₹5.61 L CrP/E 32.9 vs 15.1ROCE 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₹4.77 L CrP/E 24.8 vs 16.5ROCE 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.”
+2 more quotes from the report
“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₹2.81 L CrP/E 73.0 vs 30.8ROCE 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₹2.25 L CrP/E 37.4 vs 23.7ROCE 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₹51,952 CrP/E 38.4 vs 38.2ROCE 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₹47,993 CrP/E 49.9 vs 31.9ROCE 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.”
Indian Rail Tour CorpTour Travel Related ServicesGrowing₹38,976 CrP/E 26.7 vs 36.4ROCE 40.8%
IRCTC operates an e-Catering platform (Food on Track app) for train passengers and has empaneled Zomato and Swiggy as food aggregators, growing to ~91,543 meals per day in FY25.
“In FY 2024-25, IRCTC e-Catering services has empanelled Zomato and Swiggy as a regular e-Catering Food Aggregator for a period of 03 years with the shared vision of bringing convenient food options to our passengers”
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.”
Honasa ConsumerPersonal CareGrowing₹15,754 CrP/E 63.1 vs 38.2ROCE 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.”
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”
+1 more quote from the report
“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.”
Luxury TimeGems, Jewellery And WatchesGrowing₹51 CrP/E 15.1 vs 13.3ROCE 19.1%
Luxury Time has current direct-to-consumer and e-commerce sales operations, but these are one component of its broader watch distribution, retail and service business.
“During the financial year under review, the Company continued to operate in the premium and luxury watch ecosystem with an integrated presence across distribution, retail, direct-to-consumer/e-commerce, after-sales service, brand support and tools/machinery distribution.”
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”.
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