Internet - India: Online-com: Barbell approach? Service & speed at one end; Value discovery at other

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Internet - India: Online-com: Barbell approach? Service & speed at one end; Value discovery at other

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Internet - India

Online-com: Barbell approach? Service &

speed at one end; Value discovery at other

Industry Overview

Commerce 3.0: QC & value commerce seeing good traction 28 May 2026

The India online commerce market has evolved with multi-format models picking up like Equity

— traditional marketplaces, value commerce, quick commerce (QC), vertical commerce, India

B2B procurement etc. Amongst these, the two formats which are showing the strongest Internet

growth rates are: 1) QC – targeting affluent users and 2) value commerce where users Sachin Salgaonkar >>

are seeking value-for-money proposition. In the listed space, Eternal gives exposure to Research Analyst

India’s affluent base and Meesho gives exposure to the value focused users. Both BofAS+91 22India6632 8667

companies have strong execution led by good management teams, have competitive sachin.salgaonkar@bofa.com

advantage, allowing them to dominate their respective segments & have a clear path to Justin Post

Research Analyst

improving profitability while sustaining strong growth. BofAS

+1 415 676 3547

Eternal/AMZN affluent mix, FK mass mkt, Meesho low-end justin.post@bofa.com

Christopher Nardone

While some platforms look to service customers across, majority of users in these Research Analyst

segments gravitate to select apps. In E-com, Amazon’s primary base is the affluent user; BofAS +1 646 743 2016

Flipkart’s core serves mass market users well and Meesho focuses on the value users. In christopher.nardone@bofa.com

the QC space, competition is high, while on the value commerce space competition is Pankaj Mehendiratta >>

benign.