This report presents comprehensive inter-temporal and cross-sectional insights based on a survey of 2,365 micro, small and medium enterprises (MSMEs), spread over 12 states and more than 20 clusters. It examines the year-on-year performance of firms and compares firms which are integrated on e-commerce platforms with the non-integrated firms, focusing on business metrics and well as other parameters like the firms’ ability to access finance and international markets. The report highlights that e-commerce integration that began as a post-pandemic necessity, is now becoming a strategic choice to address some structural bottlenecks that the MSMEs face such as lack of access to finance and international markets. It shows that digitalisation is a key driver of accelerated growth. Moreover, it has important second order benefits that contributes to enterprise development.