India’s e-commerce continued to outperform global markets in the September quarter, according to analysis by Elara Capital. It noted that while US online sales grew by about 5-6 per cent year-on-year while Indian online sales continued to grow double-digit.
Karan Taurani, Executive Vice-President, Elara Capital noted in a sector update report, “India’s digital commerce flywheel continues to outperform global markets, with e-commerce and quick commerce growing faster than in the US. While US online sales rose ~5-6 per cent YoY, India continues in double digits with robust trajectory fuelled by quick commerce channel driving user expansion and regional penetration.
He added that advertising is also shifting in India to digital mediums as brands chase high-ROI performance channels, directly benefiting ad-tech players such as Affle, with direct customer relations.
“Despite solid momentum, India’s category penetration is far below US levels, offering one of the largest multi-year growth runways globally across apparel, electronics, GM and beauty,” he added.
Taurani added that India’s e-commerce maturity curve trails the US and China by 10–12 years. “ This offers a compelling long-term growth as these mature markets growth plateaus. In the near term, India’s e-commerce expansion will be driven by the rise of quick commerce and mass-commerce,” he added.
Global e-commerce was steady in the third quarter of CY25, with US online sales being 5 per cent year-on-year with penetration at about 16-17 per cent, the report noted.
Published on December 2, 2025
