Top E-commerce Companies in India in 2026, Ranked by Revenue
Ranked by the latest annual revenue filed by the company that runs each platform, India's ten largest e-commerce companies in 2026 are led by Eternal, owner of Blinkit, at ₹55,760 crore in FY2025-26. Amazon, Swiggy, Zepto and Flipkart follow. Quick commerce now drives the top of the table. Only Nykaa, Myntra and Eternal reported a profit in their latest year.
Key takeaways
- Eternal's FY2025-26 revenue of ₹55,760 crore puts it first, after Blinkit began buying and selling its own stock.[1][2]
- Amazon ranks second on its filed FY2024-25 accounts; it has since reported ₹34,966.8 crore of FY2025-26 operating revenue, while its four Indian units together lost ₹2,792.8 crore, up 47.9%.[3]
- Zepto doubled operating revenue to ₹22,623.6 crore in FY2025-26 and lost ₹5,905 crore, then paused its IPO in July 2026.[4][5]
- Meesho listed in December 2025 and cut its FY2025-26 loss by 65.6% to ₹1,357.7 crore.[6][7]
- New e-commerce rules from January 2027 require platforms to show the lowest price of the past 30 days next to any discount.[8]
How the list was built
The ranking uses the latest annual revenue in The Company Check's records for the company that runs each shopping platform. That figure is total income, including other income. Filing years differ, so each figure carries its year. Food delivery groups are included because their quick-commerce apps now sell groceries and essentials across more than 20 categories.[9]
Platform companies are used rather than group totals. Flipkart's marketplace is run by Flipkart Internet, so that is the entity ranked. Its sister company Flipkart India, a wholesale arm, filed ₹83,104.60 crore for FY2024-25 with a ₹5,016.80 crore loss.[10] Amazon is ranked on Amazon Seller Services, its marketplace company.[3]
Two companies have since published FY2025-26 results that are not yet among the filed accounts in the records: Amazon Seller Services and FirstCry. Both are noted below, but the ranking stays on filed accounts so that every company is compared on the same documents. On the newer figures, Amazon would stay second and FirstCry would move above BigBasket into eighth place.[3][11]
The ten largest e-commerce companies in India
1. Blinkit and Zomato (Eternal)
Eternal, the listed parent of Zomato, grew FY2025-26 operating revenue by 161% to ₹54,364 crore. Most of it now comes from Blinkit, which earned ₹13,232 crore of operating revenue in the March 2026 quarter alone.[2] The jump reflects a switch to an inventory model, in which Blinkit buys goods and sells them rather than taking a commission.[2]
Before that switch, Blink Commerce filed ₹4,389 crore of revenue for FY2024-25.[12] By March 2026 Blinkit had 2,243 dark stores, and its quarterly order value was ₹14,386 crore, up 95%.[2] Deepinder Goyal, Eternal's former chief executive, has said Blinkit holds about half the quick-commerce market.[13]
| Legal name | Eternal Limited |
|---|---|
| CIN | L93030DL2010PLC198141 |
| Incorporated | 18 January 2010; listed |
| Based in | Gurugram (registered in Delhi) |
| Revenue (FY2025-26) | ₹55,760 crore |
| Net profit (FY2025-26) | ₹366 crore |
| Paid-up capital | ₹965.04 crore |
| Employees | 7,163 |
| Directors and key officers on record | 11 |
| Funding recorded | USD 1,689 million over 19 rounds, including a USD 1,000 million post-listing raise in November 2024 |
Source: The Company Check records.[1][14]
2. Amazon (Amazon Seller Services)
Amazon Seller Services runs Amazon's Indian marketplace. It filed ₹30,491.30 crore of revenue for FY2024-25 with a loss of ₹374.30 crore.[15] For FY2025-26 it has reported operating revenue up 15.1% at ₹34,966.8 crore and a net loss of ₹389.9 crore. Those accounts are not yet in the records, so the ranking keeps the filed FY2024-25 figure.[3]
The marketplace loses about 1% of its revenue, but the wider Indian business loses far more. Amazon Pay lost ₹1,148.5 crore and Amazon Retail ₹1,158.3 crore in FY2025-26, taking the combined loss of its four reported units to ₹2,792.8 crore.[3] Its paid-up capital of ₹55,336.94 crore shows how much the parent has put in.[15]
| Legal name | Amazon Seller Services Private Limited |
|---|---|
| CIN | U51900KA2010PTC053234 |
| Incorporated | 16 April 2010; unlisted |
| Based in | Bengaluru |
| Revenue (FY2024-25) | ₹30,491.30 crore |
| Net loss (FY2024-25) | ₹374.30 crore |
| Paid-up capital | ₹55,336.94 crore |
| Employees | 8,992 |
| Directors and key officers on record | 2 |
Source: The Company Check records.[15]
3. Instamart and Swiggy
Swiggy filed ₹23,561 crore of revenue for FY2025-26, with a net loss of ₹4,154 crore.[16] Its quick-commerce arm, Instamart, sold goods worth ₹7,907 crore in the June 2026 quarter, up 39.8%, from 1,171 dark stores in 131 cities.[9]
Instamart reached contribution breakeven in May 2026, so each order now covers its direct costs.[9] In August 2026, shareholders capped foreign ownership at 49.5%. That lets Swiggy qualify as an Indian owned and controlled company and move Instamart to the inventory model Eternal uses.[17]
| Legal name | Swiggy Limited |
|---|---|
| CIN | L74110KA2013PLC096530 |
| Incorporated | 26 December 2013; listed |
| Based in | Bengaluru |
| Revenue (FY2025-26) | ₹23,561 crore |
| Net loss (FY2025-26) | ₹4,154 crore |
| Paid-up capital | ₹276.03 crore |
| Employees | 5,118 |
| Directors and key officers on record | 9 |
| Funding recorded | USD 3,539 million over 17 rounds, including a USD 1,200 million post-listing raise in December 2025 |
Source: The Company Check records.[16][18]
4. Zepto
Zepto is the only company in the top five that does nothing but quick commerce. FY2025-26 operating revenue more than doubled to ₹22,623.6 crore, from ₹11,109.9 crore. The net loss rose 26% to ₹5,905 crore, and the company ended the year with 1,139 dark stores.[4]
Unit costs are falling: the adjusted EBITDA loss per order narrowed from ₹136.15 to ₹78.75.[4] Its updated draft prospectus proposed an ₹8,010 crore fresh issue. In July 2026 Zepto paused the IPO, after investors reportedly valued it at USD 2.5-3 billion against a USD 7 billion private valuation.[4][5] Aadit Palicha is managing director and CEO.[19]
| Legal name | Zepto Limited |
|---|---|
| CIN | U46909MH2020PLC351339 |
| Incorporated | 5 December 2020; unlisted |
| Based in | Mumbai |
| Revenue (FY2025-26) | ₹23,128.38 crore |
| Net loss (FY2025-26) | ₹5,905.19 crore |
| Paid-up capital | ₹6,301.60 crore |
| Employees | 35,672 |
| Directors and key officers on record | 9 |
Source: The Company Check records.[19]
5. Flipkart (Flipkart Internet)
Flipkart's marketplace company, Flipkart Internet, filed ₹20,807.40 crore of revenue for FY2024-25, with a ₹1,494.20 crore loss.[20] Operating revenue rose 14.4% to ₹20,493 crore that year, and the loss narrowed 37%.[21]
Flipkart completed its move from Singapore to India in March 2026, and Flipkart Internet is now the group's holding company.[22] Walmart owns about 80% and has reportedly asked for EBITDA breakeven in FY2026-27. Inc42 reported in May 2026 that the IPO would be deferred until 2028.[21]
| Legal name | Flipkart Internet Private Limited |
|---|---|
| CIN | U51109KA2012PTC066107 |
| Incorporated | 1 October 2012; unlisted |
| Based in | Bengaluru (brand founded 2007) |
| Revenue (FY2024-25) | ₹20,807.40 crore |
| Net loss (FY2024-25) | ₹1,494.20 crore |
| Paid-up capital | ₹26,817.57 crore |
| Employees | 6,941 |
| Directors and key officers on record | 3 |
| Funding recorded | USD 12,123 million over 21 rounds; investors include Google, Appaloosa Management, Azteca Partner, Walmart |
Source: The Company Check records.[20][23]
6. Meesho
Meesho runs a multi-category marketplace that connects sellers with buyers.[24] It listed in December 2025, raising ₹4,250 crore in fresh capital.[6] FY2025-26 operating revenue rose 34.5% to ₹12,626 crore, and the loss narrowed 65.6% to ₹1,357.7 crore.[7]
In the March 2026 quarter alone, Meesho handled 71.7 crore orders worth ₹11,371 crore. It had 26.4 crore annual transacting users and 9.6 lakh transacting sellers.[7] Vidit Aatrey is CEO.[25]
| Legal name | Meesho Limited |
|---|---|
| CIN | L74900KA2015PLC082263 |
| Incorporated | 13 August 2015; listed December 2025 |
| Based in | Bengaluru |
| Revenue (FY2025-26) | ₹13,099.06 crore |
| Net loss (FY2025-26) | ₹1,357.74 crore |
| Paid-up capital | ₹413.02 crore |
| Employees | 411 |
| Directors and key officers on record | 9 |
| Funding recorded | USD 1,360 million over 12 rounds; investors include Tiger Global, Think Investments, Mars Growth Capital, Peak XV Partners |
Source: The Company Check records.[25][24][6]
7. Nykaa (FSN E-Commerce Ventures)
Nykaa, run by FSN E-Commerce Ventures, sells beauty and fashion online and through stores. FY2025-26 operating revenue rose 26% to ₹10,022.4 crore, and net profit nearly tripled to ₹203.9 crore.[26] Falguni Nayar is managing director.[27]
March 2026 quarter order value was ₹5,241 crore, up 28%, with beauty at ₹3,892 crore and fashion at ₹1,334 crore. Nykaa ended the year with 313 stores in 99 cities after opening a record 76.[26]
| Legal name | FSN E-Commerce Ventures Limited |
|---|---|
| CIN | L52600MH2012PLC230136 |
| Incorporated | 24 April 2012; listed |
| Based in | Mumbai |
| Revenue (FY2025-26) | ₹10,055.12 crore |
| Net profit (FY2025-26) | ₹203.94 crore |
| Paid-up capital | ₹286.38 crore |
| Employees | 540 |
| Directors and key officers on record | 14 |
| Funding recorded | USD 103 million over 7 rounds; investors include TPG, Sharrp Ventures, Marico, Shefali Munjal |
Source: The Company Check records.[27][28]
8. BigBasket (Innovative Retail Concepts)
BigBasket's consumer company, Innovative Retail Concepts, filed ₹8,328.75 crore of revenue for FY2025-26. Its loss was ₹3,073.12 crore, more than a third of revenue.[29]
That loss weighs on the Tata group. Tata Digital lost ₹4,974 crore in FY2025-26, and BigBasket accounted for about 64% of it.[30] Of the ten companies here, BigBasket has the widest loss relative to its sales.
| Legal name | Innovative Retail Concepts Private Limited |
|---|---|
| CIN | U74130KA2010PTC052192 |
| Incorporated | 15 January 2010; unlisted |
| Based in | Bengaluru |
| Revenue (FY2025-26) | ₹8,328.75 crore |
| Net loss (FY2025-26) | ₹3,073.12 crore |
| Paid-up capital | ₹2,859.34 crore |
| Employees | 22,846 |
| Directors and key officers on record | 4 |
| Funding recorded | USD 943 million over 22 rounds; investors include Bessemer Venture Partners, Mirae Asset, Vinod Shankar, Manas Patil |
Source: The Company Check records.[29][31]
9. FirstCry (Brainbees Solutions)
FirstCry, the baby and kids' products retailer run by Brainbees Solutions, filed ₹7,810.09 crore of revenue for FY2024-25, with a ₹264.81 crore loss.[32] Supam Maheshwari is managing director.[32]
FY2025-26 operating revenue rose 12% to ₹8,547.9 crore, and the loss narrowed 23% to ₹203.7 crore. Gross merchandise value was ₹11,643.4 crore, and it ran 1,190 stores by March 2026.[11] Those results would lift FirstCry just above BigBasket. The ranking keeps its filed FY2024-25 accounts until the newer ones reach the records.
| Legal name | Brainbees Solutions Limited |
|---|---|
| CIN | L51100PN2010PLC136340 |
| Incorporated | 17 May 2010; listed |
| Based in | Pune |
| Revenue (FY2024-25) | ₹7,810.09 crore |
| Net loss (FY2024-25) | ₹264.81 crore |
| Paid-up capital | ₹104.42 crore |
| Employees | 3,509 |
| Directors and key officers on record | 8 |
| Funding recorded | USD 513 million over 9 rounds; investors include Premji Invest, SoftBank Vision Fund, Kris Gopalakrishnan, Schroders Capital |
Source: The Company Check records.[32][33]
10. Myntra
Myntra, Flipkart's fashion marketplace, filed ₹6,137 crore of revenue for FY2024-25 and a net profit of ₹550.80 crore.[34] Profit rose about 18 times on the year before, which makes Myntra the most profitable company on this list.[21]
| Legal name | Myntra Designs Private Limited |
|---|---|
| CIN | U72300KA2007PTC041799 |
| Incorporated | 16 February 2007; unlisted |
| Based in | Bengaluru |
| Revenue (FY2024-25) | ₹6,137 crore |
| Net profit (FY2024-25) | ₹550.80 crore |
| Paid-up capital | ₹10.24 crore |
| Employees | 1,171 |
| Directors and key officers on record | 4 |
| Funding recorded | USD 124 million over 7 rounds; investors include Accel, Tiger Global, Premji Invest, Sofina |
Source: The Company Check records.[34][35]
Side-by-side comparison
All ten on one page, in ₹ crore for the latest year on record; a minus sign marks a loss.[1][15][16][19][20][25][27][29][32][34]
| # | Company | Business | Year | Revenue (₹ crore) | Net profit (₹ crore) |
|---|---|---|---|---|---|
| 1 | Blinkit and Zomato (Eternal) | Quick commerce, food delivery | FY2025-26 | 55,760.00 | 366.00 |
| 2 | Amazon Seller Services | Marketplace | FY2024-25 | 30,491.30 | −374.30 |
| 3 | Swiggy | Food delivery, quick commerce | FY2025-26 | 23,561.00 | −4,154.00 |
| 4 | Zepto | Quick commerce | FY2025-26 | 23,128.38 | −5,905.19 |
| 5 | Flipkart Internet | Marketplace | FY2024-25 | 20,807.40 | −1,494.20 |
| 6 | Meesho | Value marketplace | FY2025-26 | 13,099.06 | −1,357.74 |
| 7 | Nykaa (FSN E-Commerce) | Beauty and fashion | FY2025-26 | 10,055.12 | 203.94 |
| 8 | BigBasket (Innovative Retail Concepts) | Online grocery | FY2025-26 | 8,328.75 | −3,073.12 |
| 9 | FirstCry (Brainbees) | Baby and kids | FY2024-25 | 7,810.09 | −264.81 |
| 10 | Myntra | Fashion marketplace | FY2024-25 | 6,137.00 | 550.80 |
Three of the top four are quick-commerce players. Eternal, Swiggy and Zepto together filed about ₹1,02,450 crore for FY2025-26, against ₹51,299 crore for Amazon Seller Services and Flipkart Internet combined in FY2024-25.[1][16][19][15][20]
The market in numbers
Estimates vary with the definition. IBEF, the India Brand Equity Foundation, puts Indian e-commerce at USD 125 billion in 2024, rising to USD 345 billion by 2030. It also estimates online retail at about USD 80 billion in FY2025-26, up 21%.[36]
Inc42 Datalabs puts gross merchandise value, the total value of goods sold, at USD 165 billion. That is about 12% of Indian retail, a share it expects to reach 22% by 2031.[37] Quick commerce is expected to reach about USD 40 billion by 2030.[13]
Rules that changed for online sellers
Foreign ownership and inventory
India allows 100% foreign investment in the marketplace model of e-commerce.[36] A platform that wants to own and sell its own stock must instead be Indian owned and controlled. That is why Eternal restructured and Swiggy capped foreign holdings at 49.5%.[17]
New consumer rules from January 2027
The Consumer Protection (E-Commerce) (Amendment) Rules, 2026 take effect in January 2027. Any discount must show the "prior price", the lowest price in the 30 days before the sale. Sponsored listings need clear labels, and imported goods must name the importer and country of origin.[8] Platforms must also run an annual self-audit against the 2023 dark-pattern guidelines, which target design tricks that push buyers into choices.[8]
Complaints explain the push. Shoppers filed more than 5.1 lakh complaints against e-commerce and quick-commerce platforms on the National Consumer Helpline in 2025, up from 4.4 lakh in 2024.[38]
Tax, food safety and gig workers
Delivery fees charged through e-commerce operators now attract 18% GST. In May 2026 a West Bengal appellate authority rejected Flipkart's argument that its delivery charges were exempt transport services.[39] In September 2026, FSSAI took penal action against Amazon, Flipkart, BigBasket, Instamart and Zepto over misleading claims and prohibited items.[40] Karnataka now charges platforms a 1% welfare fee per transaction for gig workers, capped at ₹0.50 per grocery or food delivery.[41]
Listings, delays and the names outside the top ten
Public markets are open but selective. Meesho listed in December 2025.[6] Snapdeal's parent AceVector listed on 5 October 2026 and closed its first day 18.5% below its ₹32 issue price on the NSE; its FY2025-26 operating revenue was ₹510.3 crore.[42] Zepto and Flipkart have both put their IPOs off.[5][21]
Below the top ten, Purplle doubled operating revenue to ₹1,367.3 crore in FY2024-25 and cut its loss to ₹69.4 crore.[43] Tata CLiQ reported ₹354.4 crore of turnover and a ₹252.8 crore loss in FY2025-26.[30]
What sellers, shoppers and investors should do next
Shoppers can use the new price rule from January 2027. Say a phone sold at ₹14,999 on some days in the past 30 and is now "₹16,999, down from ₹19,999". The platform must show ₹14,999 as the prior price, so the real discount is zero.[8] If a listing hides this, complain on the National Consumer Helpline; platforms must acknowledge within 48 hours and resolve within a month.[38]
Sellers should model fees, ads and the 18% GST on delivery charges before pricing a product. A platform's profile on The Company Check shows whether it is profitable, how much capital its owners have put in and when it last filed accounts.
Investors should read order value alongside revenue. In the March 2026 quarter, Blinkit's operating revenue rose 675%, but its net order value, what customers actually spent, rose 95%. The gap comes from the inventory switch, not from extra demand.[2] Compare loss per order and contribution margin across quarters before comparing headline revenue.
Companies mentioned
- Eternal (Zomato, Blinkit) – listed quick-commerce and food delivery group, Gurugram, incorporated 2010
- Blink Commerce (Blinkit) – quick-commerce company, Gurugram, 2015
- Amazon Seller Services – Amazon's Indian marketplace, Bengaluru, 2010
- Swiggy – listed food delivery and Instamart, Bengaluru, 2013
- Zepto – quick-commerce app, Mumbai, 2020
- Flipkart Internet – Flipkart marketplace and group holding company, Bengaluru, 2012
- Flipkart India – Flipkart's wholesale arm, Bengaluru, 2011
- Meesho – listed value marketplace, Bengaluru, 2015
- FSN E-Commerce Ventures (Nykaa) – listed beauty and fashion retailer, Mumbai, 2012
- Innovative Retail Concepts (BigBasket) – online grocery, Bengaluru, 2010
- Tata Digital – Tata group's digital holding company, Mumbai, 2019
- Brainbees Solutions (FirstCry) – listed baby and kids' retailer, Pune, 2010
- Myntra Designs – fashion marketplace, Bengaluru, 2007
- AceVector (Snapdeal) – listed value e-commerce group, Delhi, 2007
- Manash Lifestyle (Purplle) – online beauty retailer, Mumbai, 2011
- Tata Unistore (Tata CLiQ) – online fashion and electronics, Mumbai, 2007
Frequently asked questions
Which is the largest e-commerce company in India in 2026?
By the latest filed revenue of the platform company, Eternal leads with ₹55,760 crore in FY2025-26, most of it from Blinkit. Among pure marketplaces, Amazon Seller Services leads with ₹30,491.30 crore in its filed FY2024-25 accounts. It has since reported ₹34,966.8 crore of operating revenue for FY2025-26.
Is Flipkart bigger than Amazon in India?
It depends on the entity. Flipkart's marketplace company earned ₹20,807.40 crore in FY2024-25, below Amazon Seller Services. Add Flipkart India, its wholesale arm at ₹83,104.60 crore in FY2024-25, and the Flipkart group is larger by revenue.
Which Indian e-commerce companies are profitable?
In their latest filed year, Myntra (₹550.80 crore, FY2024-25), Eternal (₹366 crore, FY2025-26) and Nykaa (₹203.94 crore, FY2025-26) made a net profit. The other seven reported losses.
What changes for shoppers in January 2027?
Platforms must show the lowest price of the past 30 days next to any discount, label sponsored listings and name the country of origin of imports. They must also audit themselves every year for dark patterns.
Which e-commerce companies are listed?
Eternal, Swiggy, Nykaa, FirstCry's parent Brainbees Solutions and Meesho are listed, and Snapdeal's parent AceVector joined them in October 2026. Zepto and Flipkart have delayed their IPOs.
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