Software, SaaS & internet platforms.

India's software products, SaaS and internet platforms generate an estimated ₹3.0 lakh crore of domestic value added in FY26, about 1% of national GVA, from roughly 0.6 million direct employees, even though the platforms intermediate over ₹30 lakh crore of gross merchandise value. The chapter's central method is a GMV → revenue → GVA ladder that distinguishes gross transaction value (what buyers pay), platform net revenue (the take rate of 8-20%), and true value added (employee cost plus EBITDA, often only 1-4% of GMV and sometimes negative). Growth has compounded at roughly 16% a year since FY20, four times the pace of IT services, funded by US$40-77 billion a year of venture capital, but the segment remains thin on listed profit (~₹0.1 lakh crore) even as it commands the equity market's highest multiples. Ownership is unusually foreign-tilted (Flipkart/Walmart, Amazon, PhonePe, Google, Meta, Microsoft) and future growth is expected to come from user and transaction penetration (internet users, e-commerce share of retail, SaaS exports) rather than price increases.

Estimated GVA

3.0 ₹ lakh crore · FY26

Revenue pool (platform/net revenue)

~4.5 ₹ lakh crore · FY26

SaaS & software exports

~15 US$ bn · FY26

Indian SaaS revenue

~20, ~75% exported US$ bn · FY26

Direct employment

~0.6 mn (plus ~7 mn gig workers counted elsewhere) · FY26

PE/VC funding

45 US$ bn/yr; ~120 unicorns · FY26

Listed PAT

~0.1 ₹ lakh crore · FY26

Listed market cap

~7 ₹ lakh crore (1.5% of listed mcap) · FY26