₹1 crore. NeoGrowth is a fintech firm primarily serving under-banked SMBs. Arun Nayyar, chief executive officer of NeoGrowth, attributed the technology adoption to the “unprecedented economic, social, and business disruptions due to the pandemic".
Enterprises in the apparel segment were the most likely to sell online (77%), followed by mobile and accessories (73%) and the food and beverage segment (67%).
Online sales by SMBs were the most common in Mumbai (81%), Bengaluru (66%), and Hyderabad (63%), with Facebook and Instagram turning out to be the most popular platforms across cities.
While comparable pre-pandemic figures for digital adoption among Indian SMBs are not available, a rising trend has been observed worldwide.