E-commerce means trading goods through the internet. With more and more people getting access to internet connections, the use of E-commerce is rapidly rising. As a result, India’s e-commerce sector has reached a size of $125 billion in 2024 and is projected to reach $345 billion by 2030.
The major contribution to e-commerce has been from the tier 2 and tier 3 cities, which stood at 56% in FY24, and is expected to reach 64% by 2030. In the 2025 union budget, income up to ₹12 lakhs per annum has been made tax free (for FY26), which will increase disposable income in the hands of the public, possibly providing a boost to the e-commerce sector.
Let us take a look at some of the best e-commerce stocks in India that can benefit from the rising e-commerce sector.
Also read: What Makes a Stock the Best for Long-Term Investments?
Top e-commerce stocks in India
Here is the list of best e-commerce stocks in India based on market capitalisation as on 11th April 2025.
Eternal limited (Zomato)
Eternal, previously known as Zomato, is an online food delivery platform. The company also owns the quick commerce platform Blinkit, the online ticket booking platform District, and the kitchen supply platform Hyperpure.
In the October-December quarter of FY25, the company earned a consolidated adjusted revenue of ₹5,746 crores, out of which the food delivery business contributed 42%, or ₹2,413 crores.
In the same quarter, the company had 20.5 million average monthly customers in the food delivery business and 10.6 million average monthly customers in the quick commerce business. The company also crossed the 1000 store mark for the quick commerce platform Blinkit and targets to reach 2000 stores by December 2025.
Swiggy limited
Swiggy also started primarily as a food delivery business in 2014 but later ventured into quick commerce in 2020 by launching the Swiggy Instamart platform. The company also provides porter service under the name Swiggy Genie.
The Swiggy platform witnessed a 25.3% growth year-on-year in average monthly transacting users to 17.8 million in Q3FY25, indicating increasing customer adoption.
In the same quarter, the company earned a total income of ₹4,095 crores, and the total Gross Order Value (GOV), meaning the total value of all orders placed on the Swiggy platform grew 38.2% to ₹12,165 crore.
FSN e-commerce ventures limited
FSN e-commerce, or Nykaa is an e-commerce company launched in 2012 that sells beauty, wellness, and fashion products through its online platform as well as physical stores.
As of the third quarter of FY25, Nykaa has over 40 million active customers. The company also owns 221 physical stores, making it one of the largest beauty products retailers in India.Â
The company sells products of over 4,000 brands on its platform. Nykaa revolutionized the e-commerce landscape by offering unique features such as personalized beauty recommendations and curated content from experts.
Also read: Nykaa shares drop despite healthy Q4 FY25 revenue growth outlook
Brainbees Solutions Limited
Brainbees Solutions Limited has been providing products for babies and kids through its online platform Firstcry since 2010. For parents who prefer the ease of shopping for their children online, FirstCry has become the favored retailer.
In Q3 of FY25, the company had 10.3 million unique average monthly customers. The Firstcry platform sold ₹3,124 crore worth of products. In the same quarter, the company earned ₹2,172 crores from its revenue from operations.
Brainbees has solidified its reputation through personalized services and high-quality products of more than 8000 brands, expanding its retail network both online and through its 1,136 physical stores.
Indiamart intermesh limited
Indiamart is an online B2B platform that offers a one-stop solution for all business needs. Raw materials, machinery, finished goods, etc can be bought and sold on its platform. Indiamart has suppliers from over 1000 cities in India.
In Q3FY25, the revenue from operations for the company stood at ₹354 crores. Indiamart platform has over 98,000 different categories of products from 56 different industries.
The company is headquartered in Noida, Uttar Pradesh, and its top products include apparel and accessories, consumer goods, electrical equipment, industrial goods, and machinery.
Financials of the aforementioned companies in FY24 and 9MFY25.
| Particulars(₹ crores) | Eternal ltd. | Swiggy ltd. | Nykaa ltd. | Brainbees ltd. | Indiamart ltd. |
| Market Capitalisation (11th April, 2025) | 2,09,509 | 76,414 | 51,452 | 17,038 | 12,541 |
| Sales FY24 | 12,114 | 11,247 | 6,386 | 6,481 | 1,197 |
| Profit after Tax FY24 | 351 | -2,350 | 40 | -322 | 334 |
| Sales 9MFY25 | 14,410 | 10,816 | 5,888 | 5,729 | 1,033 |
| Profit after tax 9MFY25 | 488 | -2,036 | 53 | -154 | 370 |
| ROE (%) | 1.12% | N/a | 2.44% | -8.3% | 17.6% |
| 1-year return (%) | 7.36% | N/a | -0.81% | N/a | -22.24% |
Also read: How to Select the Best Long-Term Stocks for a Secure Financial Future
Conclusion
E-commerce is a fast-growing sector in the Indian as well as the world economy. The e-commerce stock list provided above is the list of the biggest listed e-commerce players in India. However, investors must conduct their own research before investing.
FAQs
Are e-commerce stocks a sustainable long-term investment?Â
Yes, e-commerce space can be a good long-term investment since more and more people are adopting e-commerce services. Since more people are gaining access to the internet every day, the use of e-commerce platforms is also rising, and it is expected to reach $550 billion by FY35.
How does an increase in tax slabs help e-commerce companies?Â
In the union budget, the government announced that in FY26, people with income up to ₹12 lakh per annum will not be taxed. This will increase the income in the hands of people, which they can spend on goods and services. This can be beneficial for e-commerce players.
Which is the largest e-commerce company in the world?Â
The largest e-commerce company in the world in terms of market capitalisation is Amazon Inc as of 11th April 2025. This company has a market capitalization of ₹165 trillion. In 2024, Amazon earned a revenue of ₹53 lakh crores and a net profit of ₹5.9 lakh crores.
What possible headwinds can the e-commerce sector face in the future?Â
The e-commerce sector is usually dependent on a large number of customers. Any economic shock or event that hurts people’s capacity to spend can hurt the business of e-commerce players. For example, recessions, tax increases by the government, increases in interest rates, etc.
How is the FMCG sector different from e-commerce?Â
The FMCG (fast-moving consumer goods) sector primarily uses offline and retail channels to manufacture and sell essential consumer products such as food, beverages, personal care, and household items. The e-commerce sector, on the other hand, offers a digital platform for selling a wide range of products, including FMCG products, directly to consumers online.
