Net revenue

What a platform keeps, as opposed to the value that flowed through it.

A marketplace with ₹8,500 crore of gross merchandise value at an 8% take rate reports ₹680 crore of net revenue.

The distinction is an accounting one with a large consequence. A company acting as an agent recognises only its commission; one acting as principal, taking inventory risk, recognises the whole sale. The same economic activity can therefore appear as ₹680 crore or ₹8,500 crore of revenue depending on the structure.

Multiples must be applied to net revenue. Applying them to gross flow values somebody else's sales.