The report predicts the three most promising verticals in B2B marketplaces would be: product marketplaces, service marketplaces , and marketplace enablers.
India’s Business-to-Business (B2B) online marketplace will be a $200 billion opportunity by 2030, states a recent report by venture capital private equity firm Bessemer Venture Partners.
The report titled “The Emergence of B2B Marketplaces in India” states multiple factors such as increased digital adoption by businesses, mature digital infrastructure on the back of digital payments, ONDC, OCEN, GST; favourable regulatory policies through the introduction of GST, e-way bill, TReDS; and a conducive cross-border environment would help the Indian online B2B marketplace grow.
However, even with such substantial growth, online B2B gross merchandise value (GMV) would be only five per cent of the overall B2B business in India, said the report. In 2022, B2B e-commerce accounted for merely one per cent of the overall B2B market in India.
The report predicts the three most promising verticals in B2B marketplaces would be: product marketplaces (offering products across healthcare, agriculture, fashion, FMCG, etc., to businesses), service marketplaces (connecting businesses with service providers such as freelancers, consultants, and agencies, and operating in verticals like marketing and sales), and marketplace enablers (platforms helping businesses with tools and technology related to quality checks, logistics, payments, etc., to run the B2B marketplace).
Anant Vidur Puri, Partner at Bessemer Venture Partners, said, “We are still in the early days of the B2B opportunity in India. B2B marketplace startups have the opportunity to emulate in the next 5-10 years the same growth trajectory that B2C internet companies saw in the last decade.
