'10M Indians contribute 75% of GMV across ecom, food delivery, quick commerce': Shah, Sachin Bansal reacts...

Fintech unicorn CRED CEO Kunal Shah, in a recent post on X (formerly Twitter), said that 10 million Indian customers probably contribute to nearly 75% of GMV across eCommerce, food delivery, and quick commerce.

10 million customers of India probably contribute to nearly 75% of GMV across eCommerce, food delivery and quick commerce.

— Kunal Shah (@kunalb11) October 24, 2024

Shah's post sparked a conversation among industry leaders, with Flipkart co-founder Sachin Bansal responding, “Used to be true a few years ago. Unlikely that it’s still true. Depth in Indian market has been improving. Would be good to see formal data if available.”

Used to be true a few years ago. Unlikely, that it’s still true. Depth in Indian market has been improving. Would be good to see formal data if available

— Sachin Bansal (@_sachinbansal) October 24, 2024

Responding to Bansal, a user suggested a way to validate this data, proposing that it could be explored through loan and credit card expense data, or by examining the premium customer base of leading banks like HDFC, ICICI, Axis, Kotak, and other multinational banks.

Bansal responded, "Yes, my guess is this number is near 50 million now."

Yes, my guess is this number is near 50m now

— Sachin Bansal (@_sachinbansal) October 24, 2024

Many people took to the comment section to share their views and reactions to Shah's post.

"Guess the number should be very different for eCommerce and quick commerce Can't put both in the same bracket," a user wrote.

"Wow, that's pretty mind-blowing! It's amazing to think how much impact just a fraction of the population can have on the market. Makes you wonder what the future holds as more people get online!" another said.

"With such a concentrated group influencing GMV, it raises questions about how brands can create loyalty and community among these key consumers," a third expressed.

Great point!
The market is definitely evolving, and deeper insights would be valuable to understand these shifts.
Always exciting to see growth in the Indian landscape! 📊

— Vijender (@BeyondMBA_) October 24, 2024

Things are changing pretty fast

FMCG companies are struggling to maintain sales- two important observations I saw in last two days- people are reverse migrating from middle to lower class. Second a Print article shows there is a disconnect between GDP numbers and reality on the…

— B S Gupta (@B_S_Gupta) October 24, 2024