The E-commerce business is expected to form the largest part of Indian economy with a value of approximately USD 100 billion by 2020. Evolution of technology led innovations such as digital payments, hyper-local logistics, mass customer engagements and digital advertisements have enabled the E-commerce industry to grow speedily. Within the E-commerce industry, the Gross Merchandise Value (GMV) is an important metric for valuations, especially during the early stages of growth.