Payoneer, a commerce and technology company powering payments for the global economy, revealed that Freelance, B2B and eCommerce players in India are seeing an impressive compounded annual growth rate (CAGR) upward of 100% in each segment, in the period from 2016 to 2021. Ease of business, global payments infrastructure and various socio-economic factors have triggered this growth in the country, revealed Payoneer during the visit of their newly appointed Co-CEO, John Caplan, on his first visit to the nation.
Income growth across segments
The overall Indian exports market has crossed $670 billion during the financial year 2021-22 thus enhancing its share in global trade. According to data analysed by Payoneer, the growth for businesses on the platform is spread across various segments of income, such as SMEs with an annual volume above Rs. 1 million have grown at a CAGR of 60% from 2016, SMEs with an annual volume above Rs 10 million have grown at a CAGR of over 90% from 2016, and SMEs with an annual volume above Rs. 100 million have grown at a CAGR of almost 60% from 2016 till 2021.
Excited about the growth in India, John Caplan, Co-CEO, Payoneer said, “India’s emergence and its resilience during the pandemic is exemplary. Having crossed $670 billion in exports during the financial year 2021-22, for us it has become one of the top ten growth markets for cross border eCommerce in the emerging markets segment. We are here to meet entrepreneurs and learn about how we can boost their business with infrastructure that helps put them on the global map.”
Gaurav Shisodia, Country Head, Payoneer, added, “Segments such as exports, financial infrastructure and the gig economy have evolved multi-folds to support the growing ambitions of Indian entrepreneurs. At Payoneer, we have invested in building greater ease of business for the business fraternity.”
Freelancing and gig economy
With freelancing becoming a trend post pandemic across India, Payoneer has witnessed a 40% growth in freelancers using the platform in India, over 2020 and 2021. It is noteworthy that the numbers have almost doubled post pandemic in the country (2021), compared to pre pandemic year (2019). This segment has also seen a CAGR of over 60% since starting in India, from 2016 till 2021.
ECommerce and B2B sellers
Similarly, with the online sales boom post pandemic, ecommerce sellers on the platform in the country have grown 3x (in 2021) which is almost double to the pre-Covid era (2019). They have grown at a CAGR of 130% from 2016 to 2021 in India while the maturing B2B segment in the country has clocked a CAGR of over 110% in the same period.
