Change the average / poor quality hosting to get good quality hosting results on a website that works faster and the statistics show less use of resources, even though the traffic and design remain the same.
So that would be my second option.
Veerotech is probably the best in general of the ones I've tried so far. With a sensible "upgrade path" for shared hosting accounts (although my experience was with the reseller service, there are no updates to choose or try, only the "basic" resource limits, it worked fine).
My first option would be to find out what the bottlenecks are. What resource limits are being achieved? And because?
Can the website be optimized for better performance? If 250 daily visitors require 2 cores and 2 GB of RAM, what will happen when that number reaches 1000?
Yes, you can always go with a more powerful hosting, but I prefer to "do my homework" and "fix" the website first.
Server location is important for a grade, but I always prefer good quality hosting, even if it is not on a server "near home".
Having said that, I think that, for the preferred location, for the Indian clients, it would be like: India – Europe – East Coast of the United States, but I verify this twice.
Since the website is e-commerce, therefore, you are likely to make money, I suppose the hosting budget is not too low.
The cloud pulls a lot. Real cloud: with redundancy and scalability, preferably more than one point of failure and connection, it costs a lot. Unless those 250 visitors buy diamonds or snake oil, it's probably not worth it, nor is it really necessary for your use case (although, use your own criteria, it's your business, after all, this is just my opinion / suggestion)