India's consumer internet ecosystem is poised for structural growth as younger demographics enter the workforce and increase platform engagement. JPMorgan identified PhysicsWallah, Meesho, and Groww as prime overweight investments, with Info Edge and Swiggy chosen for their demographic durability. While edtech and recruitment hold natural appeal for younger users, high-ticket categories like travel and real estate remain dominated by older generations. Food delivery and value e-commerce platform Meesho both register roughly 65% of their user base from the Gen Z demographic.
Key points
JPMorgan named PhysicsWallah, Meesho, and Groww as top overweight stock picks to capture…: JPMorgan named PhysicsWallah, Meesho, and Groww as top overweight stock picks to capture demographic shifts.
Real estate and online travel platforms face lower youth participation due to larger tick…: Real estate and online travel platforms face lower youth participation due to larger ticket sizes tailored for older cohorts.
Groww maintains a younger demographic than competitor Zerodha, positioning it to expand a…: Groww maintains a younger demographic than competitor Zerodha, positioning it to expand average revenue per user over time.
Sources checked by our analysis pipeline: 1
India’s Gen Z consumers could emerge as a key driver of incremental growth across consumer internet businesses over the next decade, creating fresh opportunities for platforms that have successfully attracted younger users, according to global brokerage JPMorgan.
In its analysis of consumer internet companies, JPMorgan said most Indian internet categories have an average user age of 30–32 years. The transition of Gen Z consumers into the millennial age group also points to the potential for sustained growth across the sector.
The brokerage identified edtech and recruitment platforms as the categories with the highest Gen Z salience. Among individual companies, Toing (Swiggy), Nykaa, Meesho and Groww stand out in their respective segments for their ability to attract younger users.
JPMorgan's top picks for Gen Z exposure are overweight-rated PhysicsWallah, Meesho and Groww. It also sees potential for stronger-than-expected growth in categories often considered mature, particularly food delivery and recruitment classifieds. In this context, the brokerage highlighted overweight-rated Info Edge and Swiggy as its picks for growth durability.
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