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The e-commerce platform appears to have put on a good show in FY26, outpacing itself on most fronts. However, the margins tell a different story, one that investors should pay close attention to.

Online retailers are increasingly realizing that they can manage their own shipments. Where does that leave India’s leading logistics company, which owes much of its growth to the country’s e-commerce sector?
For one of the world’s largest and shrewdest investors to entirely skip putting money in the country is a sign of how quickly the nature of the Indian startup ecosystem has changed.
After the anxiety of its split with Sequoia, a spell of founder run-ins, senior-level churn and tighter capital, things finally seem to be turning for Peak XV Partners.