E-commerce, freelance, B2B income grew at CAGR of 96% in 2016-2021

Payoneer, a commerce and technology company powering payments and growth for the new global economy, revealed that Freelance, B2B and eCommerce players in India are seeing an impressive compounded annual growth rate (CAGR) upward of 100 per cent 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. The event took place today at Mumbai’s Four Seasons, Worli Hotel where John was accompanied by Gaurav Shisodia, Country Head, Payoneer from the India leadership team.

Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google, Upwork and Walmart, Payoneer offers a universe of opportunities.

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. Encouraged by this opportunity, we are here to meet the entrepreneurs who have driven their businesses with such passion and learn about how we can further boost their businesses with infrastructure that helps put them on the global map.” 

Gaurav Shisodia, Country Head, Payoneer, added, “India has made tremendous strides in the last few years in cross-border eCommerce. 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. Our focus is clear- we will continue to back, create and invest in opportunities that keep coming along our way.”

Freelancing and gig economy

With freelancing becoming a trend post-pandemic across India, Payoneer has witnessed a 40 per cent 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 per cent since starting in India, from 2016 to 2021. 

e-Commerce and B2B sellers

Similarly, with the online sales boom post-pandemic, e-commerce sellers on the platform in the country have grown 3x (in 2021) which is almost double of the pre-Covid era (2019). They have grown at a CAGR of 130 per cent from 2016 to 2021 in India while the maturing B2B segment in the country has clocked a CAGR of over 110 per cent in the same period. 

Payoneer is the world’s go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.