India'S E-Commerce & App-Based Aggregator Sector: A Comprehensive Analysis Of Growth, Innovation, And Diversification (Q2 Fy26 Insights)

This comprehensive report synthesizes Q2 FY26 (and H1 FY26, FY25, etc.) financial and operational data from twelve key players in India's dynamic E-Commerce and App-Based Aggregator sector: Eternal Limited (formerly Zomato), IndiaMART InterMESH Ltd., MACFOS Limited, Paytm (One 97 Communications Limited), Nykaa (FSN E-Commerce Ventures Limited), ixigo (Le Travenues Technology Limited), Just Dial Limited, DreamFolks Services Limited, Purple United Sales Limited, Nureca Limited, Forcas Studio Limited, and Womancart Limited. It provides an exhaustive analysis of market trends, competitive dynamics, financial performance, strategic initiatives, and future outlook, highlighting the sector's robust growth, increasing digital penetration, and strategic diversification across food delivery, quick commerce, B2B marketplaces, travel, beauty & fashion, payments, and specialized retail. The analysis underscores the pervasive influence of AI, omnichannel strategies, and a strong focus on profitability amidst intense competition and evolving consumer preferences in the Indian market.

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A. Industry Overview & Market Landscape

The E-Commerce and App-Based Aggregator sector in India is a vibrant and rapidly expanding ecosystem, characterized by digital-first business models that leverage technology to connect buyers and sellers across a multitude of categories. This sector encompasses a broad spectrum of services, including B2C offerings like food delivery, quick commerce, online travel, beauty and fashion retail, and specialized lifestyle privileges, as well as B2B platforms facilitating trade and supplies. The underlying theme is the aggregation of demand and supply through user-friendly applications and online interfaces, driving convenience, choice, and efficiency for consumers and businesses alike.

Total Addressable Market Size And Growth Rates

India presents a colossal addressable market for digital platforms, fueled by a burgeoning internet user base and increasing digital literacy. The current landscape indicates:

• Internet Users: India currently boasts approximately 900 million internet users, providing a vast pool for digital adoption. The mobile internet revolution, spurred by Jio's entry in 2016, has been a significant catalyst, though its tailwind is now tapering.
• Small & Medium Enterprises (SMEs): IndiaMART estimates a large addressable market of 1.5 crore GST-registered suppliers and 15-20 million "good" SMEs, growing at a nominal rate of 10%. This highlights the immense potential for B2B digital transformation.
• Tourism & Transportation: This segment is a significant growth driver for aggregators like ixigo and DreamFolks.
  • Indian Tourism & Transportation Size: Projected to grow from ₹3,808 Billion in FY23 to ₹5,904 Billion by FY28, representing a Compound Annual Growth Rate (CAGR) of 9% over this period.
  • Indian Online Travel Agency (OTA) Market: Expected to outpace the broader tourism market, growing from ₹1,239 Billion in FY23 to ₹2,802 Billion by FY28, a robust CAGR of 18%.
  • Global Airport Lounges Market: Forecasted to grow at a CAGR of 14.1% from 2025-2033, indicating strong tailwinds for players like DreamFolks.
• Apparel Industry: The fashion segment, particularly fast fashion and kids' wear, is experiencing significant growth.
  • Indian Apparel Industry Revenue: Stood at $101.39 Billion in 2023, projected to reach$105.52 Billion in 2025 and $124.45 Billion by 2029. A growth rate of 3.6% is expected in 2026.
  • India Fast Fashion Market Size: Estimated at US$13.48 Billion in 2025, with a projected surge to US$39.74 Billion by 2032, demonstrating a high CAGR of 16.7% from 2025-2032. This segment is outpacing the overall apparel industry's 8-10% growth, with 30-40% growth expected in FY25.
  • Kids' Apparel Industry: Valued at approximately USD 29.34 Billion, growing at a CAGR of 3% over the next 4-5 years.
• Healthcare Products: The home healthcare and wellness segment is also expanding digitally.
  • HealthCare Products in India & Neighboring Countries: Market size is projected to double from ₹10,000 Crore in 2025 to ₹20,000 Crore by 2030, a CAGR of 15%.

These figures underscore a broad-based expansion across various sectors, driven by increasing digital penetration, rising disposable incomes, and evolving consumer preferences.

Market Structure And Segmentation

The sector is highly diverse, segmented by the type of aggregation and target audience:

• B2C Aggregators:
  • Food Delivery & Quick Commerce: Eternal Limited (Zomato) dominates with its food delivery and Blinkit quick commerce platforms. Womancart is also entering quick commerce for fashion/lifestyle. Forcas Studio is experimenting with quick commerce for winter wear.