Top 5 Ecommerce Platforms by Region — Research Findings (India & Southeast Asia)

Purpose: Research inputs for a bilingual (ZH/EN) report on "Top 5 Ecommerce Platforms by Region." Method: Web research only; 34 searches run. All figures below are as reported by the cited sources; derived estimates are explicitly flagged — nothing invented. Data vintage: India = FY2025 (Apr 2024–Mar 2025) unless noted; Southeast Asia = CY2024 / CY2025 (Momentum Works reports published Apr 2025 / Apr 2026).

Ranking basis & methodology notes

INDIA: There is no single audited GMV series (unlike SEA). Ranking uses FY25 GMV/market-share estimates from ICICI Securities (share & users), CLSA (Meesho), and company filings (Walmart/Flipkart, Amazon Seller Services, Eternal/Zomato, Swiggy). Total online retail (e-retail) GMV ≈ US$65B in 2025 (WPP/MediaCom report; see market context).
Quick-commerce decision: Included in the Top 5. Zepto's annualized GOV (~US$4B, Apr 2025) and Blinkit's GOV (≈ Zomato food-delivery GOV in Q4 FY25) are on par with or above Nykaa's GMV (≈₹17,000 cr ≈ US$2B) and Instamart's GOV. Myntra is consolidated inside Flipkart Group to avoid double-counting. Note: q-comm uses GOV (includes non-product categories), so it is not strictly comparable to marketplace GMV — treated as a distinct, fastest-growing category.
SEA: Ranked by platform GMV per Momentum Works Ecommerce in SEA 2026 (published 14 Apr 2026, CY2025 data): total platform ecommerce GMV US$157.6B (+22.8% YoY); top-3 platforms (Shopee, TikTok Shop, Lazada) = 98.8% share. CY2024 baseline (prior report): US$128.4B; top-3 = 84%.

Section 1 — INDIA

Market context

India e-retail crossed US$65B in 2025; projected >20% annual growth to 2030 (WPP/MediaCom report): https://www.cnbctv18.com/business/indias-e-retail-crosses-65-billion-dollar-in-2025-nation-a-global-leader-in-q-commerce-report-ws-l-19884071.htm">CNBC TV18, https://one.news18.com/english/article/brand-marketing/indias-e-retail-soars-to-65-billion-in-2025-poised-for-20-annual-growth-sbe-1994885">News18, https://www.storyboard18.com/brand-marketing/indias-e-retail-scaled-to-over-65-billion-in-2025-to-grow-more-than-20-annually-ws-l-94885.htm">storyboard18.
ICICI Securities: India e-commerce market could reach US$174–214B by FY2030; Flipkart leads with up to 60% GMV share, 220M users: https://www.moneycontrol.com/news/business/startup/flipkart-leads-india-e-commerce-with-up-to-60-gmv-share-220-million-users-icici-securities-report-13923245.html">Moneycontrol, https://entrackr.com/report/flipkart-leads-gmv-maus-as-india-e-comm-market-may-hit-214-bn-by-fy30-icici-securities-11833061">entrackr.
Bain & Flipkart joint report (2026): e-retail to hit ~US$180B by 2030; e-commerce grew ~25% in Q1 CY2026: https://blitzindiamedia.com/news/india-e-retail-market-bain-flipkart-report-2030-projections/">Blitz India, https://m.economictimes.com/tech/technology/ecommerce-sees-25-growth-in-q1-cy2026-says-joint-report-by-flipkart-bain-co/amp_articleshow/130149077.cms">ET.

Comparison table (FY25 unless noted)

Rank	Platform	Owner	Ranking basis	GMV / GOV (FY25)	Share	Users / scale	YoY / growth
1	Flipkart Group (incl. Myntra)	Walmart	GMV share (ICICI)	~US$33–39B (derived: 50–60% × ~$65B)	50–60%	220M users; ~85M WAU	Flipkart Internet revenue +14% FY25
2	Amazon India	Amazon	GMV share (ICICI #2)	~US$12–20B (estimate)	~20–25% (estimate)	n/d	Seller arm revenue +19% to ₹30,000+ cr
3	Meesho	Meesho (SoftBank-backed)	GMV run-rate (CLSA)	US$6.2B run-rate	~10% (derived)	n/d	26% CAGR projected to FY31
4	Zepto	Zepto (private)	GOV — quick commerce	~US$4B annualized GOV (Apr 2025)	n/a (q-comm)	n/d	Revenue 2.5x to ₹11,110 cr
5	Blinkit	Eternal Ltd (ex-Zomato)	GOV — quick commerce	~US$2.0–2.4B (derived from Q4 run-rate)	#1 in q-comm GOV	n/d	GOV ≈ Zomato food-delivery GOV in Q4 FY25

Borderline #5/#6: Nykaa (GMV ≈₹17,000 cr ≈ US$2B, +27%) and Swiggy Instamart (21% share of top q-comm players). Myntra included inside Flipkart Group.

Section 2 — SOUTHEAST ASIA

Market context & the "two series" conflict

Momentum Works (platform ecommerce): CY2025 total = US$157.6B (+22.8% YoY); top-3 platforms = 98.8% share: https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/">The Low Down, https://technode.global/2026/04/14/southeast-asias-ecommerce-market-up-22-8-percent-year-on-year-to-157-6b-in-2025-momentum-works/">TNGlobal, https://english.news.cn/asiapacific/20260414/8b579cf73a3f474088c05122a2cbadae/c.html">Xinhua, https://www.businesstimes.com.sg/zh-hans/international/asean/south-east-asia-e-commerce-gmv-grows-us157-6-billion-2025">Business Times SG (ZH). CY2024 = US$128.4B, top-3 = 84%: https://thelowdown.momentum.asia/press-release-southeast-asias-platform-ecommerce-gmv-reaches-us128-4b-top-3-platforms-increase-market-share-to-84-momentum-works/">Momentum Works press release.
e-Conomy SEA 2025 (Google–Temasek–Bain, Nov 2025): broader ecommerce GMV projected ≈ US$181B for 2025 (six-country ecommerce >US$180B): https://www.vietnam.vn/en/thuong-mai-dien-tu-dong-nam-a-du-kien-dat-181-ty-usd-nam-2025">vietnam.vn, https://dxpress.gelonghui.com/p/3531912">gelonghui. ASEAN digital economy overall >US$300B: https://www.bain.com/zh/about/media-center/press-releases/sea/e-conomy-sea-2025/">Bain press release, https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star.
Why they differ (flag): e-Conomy counts broader ecommerce incl. non-platform/informal channels (different scope & methodology); Momentum Works counts GMV on tracked e-commerce platforms only. Always label the series when citing.

Comparison table (CY2025, platform GMV, Momentum Works basis)

Rank	Platform	Owner	GMV 2025	Share of SEA	YoY	Notes
1	Shopee	Sea Ltd	US$83.2B	~53%	global GMV +26.8% (US$127.4B)	SEA #1; Indonesia share 54%
2	TikTok Shop (incl. Tokopedia ID)	ByteDance	US$45.6B	~29%	~2x YoY	SEA #2; global GMV ~US$64B
3	Lazada	Alibaba	~US$26.9B (derived)	~17%	n/d	#3; long tail squeezed
4	Amazon.sg	Amazon	~US$1–2B (estimate)	<1.5%	n/d	Singapore-focused
5	Tiki	Tiki Corp (VC-backed)	~US$0.5B (estimate)	<1%	declining	Vietnam; ~1% share

Notes: Tokopedia (GoTo) is operationally consolidated into TikTok Shop Indonesia post-merger — its GMV sits inside the $45.6B TikTok Shop line (exact split not published). Ranks 4–5 are estimates because Momentum Works publishes top-3 granularity only; the entire long tail (Tokopedia brand, Amazon.sg, Tiki, Bukalapak, Zalora, Sendo…) is ~1.2% of the market.

1. Shopee (Sea Ltd)

Ranking basis: platform GMV (Momentum Works).
Key metrics: SEA GMV 2025 = US$83.2B: https://www.ikjzd.com/news/572100">ikjzd, http://www.ennews.com/news-132848.html">ennews, https://www.barcelonaglobal.org/blog/tag/barcelona/page/6/?live-news-3259091-2026-04-14-south-east-asia-e-commerce-gmv-up-22-8-in-2025-amid-consolidation-shopee-keeps-l">Barcelona Global syndication. SEA GMV 2024 = US$66.8B: https://www.100ec.cn/detail--6650405.html">100ec.cn, https://databoks.katadata.co.id/en/technology-telecommunications/statistics/685d3cef5a751/shopee-dominates-southeast-asias-e-commerce-gmv-until-2024">Databoks. Company-reported global 2025 GMV US$127.4B (+26.8%); Sea Ltd net profit ~US$1.6B in 2025: http://ec100.cn/detail--6657234.html">ec100, https://www.pai.com.cn/p/01kjvydpjnkdbqv67px1gvzja8">pai.com.cn. 2026 GMV growth target ~25%: https://www.businesstimes.com.sg/companies-markets/sea-q4-earnings-72-9-us410-9-million-targets-25-gmv-growth-shopee">Business Times SG.
Owner: Sea Ltd (NYSE: SE).
Positioning & strengths: mass-market general marketplace (low cost, gamified, own logistics SPX Express, SeaMoney/ShopeePay payments, livestream commerce); dominant in ID/MY/TH/PH/VN/SG.
2025 dynamics: kept #1 but TikTok Shop narrowed the gap; Indonesia share 54% of a US$57.7B market: https://www.chwang.com/news/204507076900">chwang.

2. TikTok Shop (incl. TikTok Shop Tokopedia) — ByteDance

Ranking basis: platform GMV (Momentum Works/TNGlobal).
Key metrics: SEA GMV 2025 = US$45.6B, ~2x YoY: https://technode.global/2026/02/11/tiktoks-southeast-asia-doubles-gmv-year-on-year-to-45-6b-in-2025/">TNGlobal, https://digitalinasia.com/tiktok-shop-southeast-asia-growth-10x/">digitalinasia. Global 2025 GMV ≈ US$64B (+~94%), incl. US$15.1B in the US (+68%): https://www.eccang.com/news/4661">eccang, https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/">Momentum Works Low Down (US), https://stratcom.academy/2026/06/24/tiktok-shop-hit-us64b-in-gmv-in-2025-here-is-what-that-means-for-influencer-strategy/">stratcom.academy.
Owner: ByteDance. Indonesia structure: after the 2023 social-commerce ban, TikTok invested ~US$1.5B and took ~75% of Tokopedia (Dec 2023), now operating "TikTok Shop Tokopedia": https://newagebd.net/article/220001/tiktok-announces-15b-deal-to-restart-indonesia-online-shop">New Age BD, https://ieknet.iek.org.tw/ieknews/news_open.aspx?actiontype=ieknews&indu_idno=0&nsl_id=6f60d2cca4f14d4fadbd64622b26d2ad">IEK. Indonesian competition-authority probe into the deal: https://www.hk01.com/%E5%8D%B3%E6%99%82%E5%9C%8B%E9%9A%9B/60243178/tiktok%E6%94%B6%E8%B3%BC%E5%8D%B0%E5%B0%BC%E6%9C%80%E5%A4%A7%E9%9B%BB%E5%95%86tokopedia-%E7%9B%A3%E7%AE%A1%E6%A9%9F%E6%A7%8B%E8%AA%BF%E6%9F%A5%E8%AA%8D%E5%AE%9A%E5%AD%98%E5%A3%9F%E6%96%B7%E9%A2%A8%E9%9A%AA">HK01.
Positioning & strengths: live/social commerce (livestream + short video), price-led, beauty/FMCG strong; fastest-growing platform; merged with Tokopedia for ID regulatory compliance.
2025 dynamics: became SEA's #2 platform after the Tokopedia acquisition: https://vietnamnews.vn/economy/1659427/">Vietnam News. On the "Chinese platforms ≈ 50% of SEA GMV" claim: TikTok Shop (~29%) + Lazada (~17%) ≈ 46% of platform GMV; adding Temu/Shein (not in Momentum Works platform series) would push toward ~50% — partially supported, flag.

3. Lazada — Alibaba

Ranking basis: platform GMV (derived from Momentum Works top-3 arithmetic).
Key metrics: CY2025 GMV ≈ US$26.9B (derived: 98.8% × $157.6B − $83.2B − $45.6B); CY2024 ≈ US$18.3B (derived: 84% × $128.4B − $66.8B − $22.8B). Alibaba does not disclose Lazada GMV — flag: derived, not directly published.
Owner: Alibaba Group.
Positioning & strengths: general marketplace with own logistics (Lazada Logistics) and premium positioning; strong in VN/TH/PH/ID; historically #2, now #3.
2025 dynamics: share compressed as top-3 hit 98.8%; in Vietnam, Lazada+Tiki fell to ~3% combined: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.

4. Amazon.sg — \#4 (estimate)

Ranking basis: platform GMV estimate (no public series).
Key metrics: Singapore platform e-commerce market grew ~21% in 2025, led by Shopee: https://www.straitstimes.com/business/singapores-e-commerce-platform-market-expands-by-21-led-by-shopee">Straits Times. Amazon.sg GMV not disclosed (~US$1–2B, secondary estimate — flag).
Owner: Amazon.com Inc.
Positioning & strengths: general marketplace with Prime Now/fulfilment and Amazon Fresh SG.
2025 dynamics: niche; Singapore market led by Shopee.

5. Tiki — \#5 (estimate)

Ranking basis: platform GMV estimate.
Key metrics: Vietnam top-4 platforms (Shopee, TikTok Shop, Lazada, Tiki) sold ~429 trillion VND (~US$16.8B) in 2025, +34.8% (Metric): https://www.yilantop.com/news/79351">yilantop. Lazada+Tiki combined ≈ 3% share: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.
Owner: Tiki Corp (private, VC-backed).
Positioning & strengths: Vietnam's homegrown marketplace (electronics/books strength), own logistics TikiNOW.
2025 dynamics: share erosion; sellers exiting platforms in early 2025: https://english.vov.vn/en/economy/sellers-exit-en-masse-from-e-commerce-platforms-in-early-2025-post1218464.vov">VOV.

Country snapshots (SEA)

Indonesia (largest SEA market): - Platform GMV 2025 = US$57.7B: https://zxchuhai.com/202604/46514.html">zxchuhai, https://www.chwang.com/news/204507076900">chwang. Shopee share 54% (≈US$31B); TikTok Shop+Tokopedia holds most of the remainder. Growth decelerated — Ministry of Trade reported 2025 e-commerce growth of only ~2.2%: https://mjzj.com/article/fjtkmwpfv5ds">mjzj, https://www.chwang.com/news/204676960606">chwang; "Indonesia stalls" per Momentum Works 2026 syndication: https://www.egltours.com/promotion/fit_banner/actualLive.html?live-news-3307047-2026-04-14-south-east-asia-e-commerce-gmv-grows-to-us-157-6-billion-in-2025-value-of-goods-">egltours. Regulatory: 2023 social-commerce ban → TikTok–Tokopedia merger; 2025 antitrust scrutiny (https://www.hk01.com/%E5%8D%B3%E6%99%82%E5%9C%8B%E9%9A%9B/60243178/">HK01).

Vietnam: - Top-4 platform sales 2025 = 429T VND (+34.8%): https://www.yilantop.com/news/79351">yilantop. Online retail >US$16B (+35%): https://en.vcci.com.vn/economic-news/online-retail-sales-in-vietnam-jump-35-to-over-16-bln-in-2025-report-114817">VCCI; ~US$44–45M/day: https://e.vnexpress.vn/news/business/economy/vietnamese-spend-over-44m-a-day-shopping-online-in-2025-5005989.html">VnExpress. - Share shift: TikTok Shop share rose to ~41% (Metric, 2025), narrowing Shopee's lead: https://zxchuhai.com/202510/44968.html">zxchuhai; Lazada+Tiki down to ~3% combined: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.

Thailand & Malaysia (fastest growth): - Thailand GMV surged (one headline: ~+52% — secondary): https://textileartscenter.com/feature/june-fiber-art-picks-3/?live-news-3307023-2026-04-14-south-east-asia-e-commerce-gmv-grows-to-us-157-6-billion-in-2025-value-of-goods-">textileartscenter syndication. Malaysia fastest-growing digital economy, ~US$39B total digital-economy GMV 2025 (e-Conomy basis — broader than platform ecommerce): https://www.bernama.com/en/news.php/?id=2495116">Bernama, https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star.

Flags & conflicts (summary)

SEA total: Momentum Works platform GMV (US$157.6B, CY2025) vs e-Conomy SEA ecommerce (~US$181B, projected 2025) — different scope/methodology; always state the series.
TikTok Shop SEA 2025: US$45.6B "~2x YoY" (TNGlobal) vs "SEA +132%" (eccang) vs global ~US$64B — vintage/scope differences. TikTok Shop Indonesia US$13.1B (MOCA) conflicts with Indonesia being its largest SEA market (figure likely undercounts or excludes Tokopedia volumes).
Shopee: SEA-only US$83.2B (Momentum Works) vs global US$127.4B (Sea Ltd company data) — do not mix.
Lazada: GMV not disclosed; US$26.9B (2025) derived from top-3 arithmetic — derived, flag.
India: no audited GMV series; ICICI's "50–60%" is a wide band; market size ranges US$60B (est.) / US$65B (e-retail, 2025) / US$174–214B (FY30 forecast); Flipkart & Amazon absolute GMVs are derived estimates.
India quick commerce vs marketplace: q-comm uses GOV (incl. non-product categories) — not strictly comparable to marketplace GMV; treated as a category.
Tokopedia: standalone GMV no longer published post-merger; treat as consolidated inside TikTok Shop.

Sources (key list)

Momentum Works: https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/">The Low Down — SEA platform ecommerce US$157.6B 2025; https://thelowdown.momentum.asia/press-release-southeast-asias-platform-ecommerce-gmv-reaches-us128-4b-top-3-platforms-increase-market-share-to-84-momentum-works/">2024 press release US$128.4B; https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/">TikTok Shop US GMV report
Company earnings: https://www.businesstimes.com.sg/companies-markets/sea-q4-earnings-72-9-us410-9-million-targets-25-gmv-growth-shopee">Sea/Business Times SG Q4 2025; http://ec100.cn/detail--6657234.html">Shopee global GMV 2025 (ec100); https://www.medianama.com/2025/10/223-flipkart-fy25-losses-myntra-profit-growth-earnings-report-ipo/">Flipkart FY25 (Medianama); https://www.moneycontrol.com/news/business/startup/amazon-india-marketplace-narrows-losses-by-89-to-rs-374-crore-revenue-rises-19-13555021.html">Amazon India FY25 (Moneycontrol); https://www.medianama.com/2025/07/223-eternal-fy25-annual-report-highlights-zomato-blinkit/">Eternal FY25 (Medianama); https://timesofindia.indiatimes.com/business/india-business/swiggys-revenue-up-35-but-losses-widen-to-rs-3117-crore/articleshow/121041384.cms">Swiggy FY25 (TOI)
Analyst/broker: https://www.moneycontrol.com/news/business/startup/flipkart-leads-india-e-commerce-with-up-to-60-gmv-share-220-million-users-icici-securities-report-13923245.html">ICICI Securities via Moneycontrol; https://entrackr.com/report/flipkart-leads-gmv-maus-as-india-e-comm-market-may-hit-214-bn-by-fy30-icici-securities-11833061">entrackr on ICICI; https://www.moneycontrol.com/news/business/startup/meesho-clocks-6-2-billion-gmv-run-rate-for-fy25-to-grow-at-26-cagr-through-fy31-clsa-13004405.html/amp">CLSA on Meesho via Moneycontrol
e-Conomy SEA 2025: https://www.bain.com/zh/about/media-center/press-releases/sea/e-conomy-sea-2025/">Bain press release; https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star
Market size / WPP: https://www.cnbctv18.com/business/indias-e-retail-crosses-65-billion-dollar-in-2025-nation-a-global-leader-in-q-commerce-report-ws-l-19884071.htm">CNBC TV18 India e-retail $65B; https://en.vcci.com.vn/economic-news/online-retail-sales-in-vietnam-jump-35-to-over-16-bln-in-2025-report-114817">VCCI Vietnam $16B
Country/platform: https://databoks.katadata.co.id/en/technology-telecommunications/statistics/69e1a07207d12/indonesia-remains-southeast-asias-largest-e-commerce-market-in-2025">Databoks Indonesia; https://zxchuhai.com/202510/44968.html">Metric Vietnam via zxchuhai; https://vietnamnews.vn/economy/1659427/">Vietnam News — TikTok Shop #2; https://www.straitstimes.com/business/singapores-e-commerce-platform-market-expands-by-21-led-by-shopee">Straits Times Singapore
Full source URLs appear inline per platform above.