GeM doubles GMV in FY24

Chennai: The Government e-Marketplace (GeM) platform's gross merchandise value (GMV) doubled in FY24, surpassing Rs 4 lakh crore.

The GeM is a dedicated e-market for different goods and services procured by government organisations, departments and PSUs. In FY24, the platform clocked an order value of Rs 4,03,720 crore. In volume terms, GeM delivered 6,286,468 orders in the year.

According to Brickwork Ratings, GeM’s over 100 per cent growth in GMV was driven by services procurement that grew 205 per cent. GeM has listed 11,403 product categories and 330 service categories.

In the current fiscal year, the platform has already received 3,302,785 orders across products and services and this has helped it clock a total GMV of Rs 2,73,366 crore.

GeM plans to onboard one lakh startups on its platform that will enable new business entrants to participate in eligible public procurement bids. Currently, around 26,500 DPI IT-recognised startups are registered as sellers on the GeM portal. DPIIT-startups have been able to do business worth over Rs 29,000 crore through the portal.

In 2020-21, nearly 39 per cent of the bids floated by the central government departments on the portal were earmarked with ‘Make in India’ preference. In FY 2024-25 this percentage has almost doubled.

The Economic Survey in FY23 had found that the products offered by GeM are, at an average, 9.5 per cent cheaper than those available at e-commerce platforms like Amazon and Flipkart.

According to Brickwork, India's B2B online marketplace is projected to do business of around $200 billion by 2030.