India e-commerce to grow 27%, Reliance to capture half of online grocery sales: Goldman

NEW DELHI : India’s e-commerce business is expected to grow at a compound annual growth rate (CAGR) of 27% to reach $99 billion by 2024, Goldman Sachs said projecting that Reliance Industries would capture half of the online grocery sales through Facebook.

In a report titled ‘Global Internet: e-commerce’s steepening curve’, Goldman Sachs said the COVID-19 pandemic has driven a doubling of penetration of e-commerce globally with categories such as consumer packaged goods driving as much as three years of penetration growth in three months.

“We forecast India e-commerce will reach $99 billion by 2024, growing at a 27% CAGR over 2019-24, with grocery and fashion/apparel likely to be the key drivers of incremental growth in our view,” it said.