The tough and increasingly transactional global trade environment, coupled with a still-unresolved domestic cash-burn habit, is forcing the industry’s hand. India’s merchandise e-commerce market expanded from about $14 billion in 2014 to $120-130 billion in 2024, and is expected to reach $300-350 billion by 2030, growing at an annual rate of 20-25%. However, despite exponential growth in the sector, profitability remains elusive. Moreover, nearly half of all online orders in India are still paid through cash on delivery, which increases costs for e-commerce firms. Logistics and warehousing remain the biggest expenses for e-commerce companies, with last-mile delivery accounting for around 60% of delivery costs.