India’s digital advertising market saw significant growth during the financial year 2023-24, with major tech and e-commerce companies, including Google, Meta, Amazon, and Flipkart, collectively generating ad revenues that surpassed Rs 60,000 crore. This figure marks a 9 per cent increase from Rs 55,053 crore in the previous fiscal year, according to the Registrar of Companies.
For the first time, the Indian divisions of Google and Meta reportedly reached a combined revenue of over Rs 50,000 crore. Google India alone recorded an 11 per cent increase in gross ad revenue, totalling Rs 31,221 crore, up from Rs 28,040 crore in the previous year. Meta India’s ad revenue also surged, rising from Rs 18,308 crore in FY23 to Rs 22,730 crore in FY24. The advertising arms of Flipkart and Amazon, meanwhile, brought in over Rs 10,000 crore, with Flipkart Internet posting a robust 50 per cent growth to Rs 4,972 crore.
While Amazon Seller Services has yet to file its FY24 report, it reported ad revenue of Rs 5,380 crore for FY23, and sources suggest that the company’s ad revenue for FY24 is expected to reflect continued growth, driven by industry-wide positive trends.
Experts have projected a compound annual growth rate (CAGR) of 15.6 per cent, with the sector expected to grow from Rs 41,000 crore in 2023 to Rs 85,000 crore by 2028.
As India’s digital landscape continues to evolve, advertisers are shifting towards deeper engagement with consumers, using advanced analytics, artificial intelligence, and immersive ad formats to capture intent and behaviour. This shift highlights the increasing sophistication and growth potential of India’s digital advertising ecosystem.
