New Delhi, Dec 1 (KNN) With the help of continued investor support, India’s online marketplaces will see a triple increase in sales from USD 100 billion in 2022 to more than USD 350 billion in 2027, said a report.

The study said that online marketplaces are set to enable more than 15 million MSMEs to grow their businesses online, and create 7 million jobs by 2027.

According to a venture capital firm Accel and management consulting company Bain, in the first 10 months of this year the funding for marketplaces, including those in e-commerce, fintech, edtech, and food delivery, fell 68 per cent to USD 4.5 billion

However, spending on investments are being pulled back by e-commerce majors like Amazon and Flipkart, and edtech unicorn Unacademy.

“Marketplace models like e-commerce, food delivery, and ride-hailing platforms have also provided a major boost to the gig economy by creating more than 3 million jobs,” the report said.

“B2C marketplaces end up spending more on customer acquisition costs like discounts and marketing. These spends tend to be lower for B2B – and so they reach profitability faster,” said Anand Daniel, partner at Accel.

Of the cumulative funding of around $30 billion attracted by marketplaces between 2018 and October 2022, B2C e-commerce, B2B e-commerce, and online food delivery were among the most funded segments and accounted for almost 60 percent of total funding.  (KNN Bureau)