Flipkart and Myntra Lead India’s E-commerce Landscape

Flipkart, owned by Walmart, and Myntra are at the forefront of India’s e-commerce and online fashion sectors, respectively, amid ongoing worries about a possible decline in consumer spending. This insight comes from a report by Bank of America (BofA).

Resilience in E-commerce Demand

The brokerage’s recent industry and retail evaluations reveal no noticeable decline in demand for value commerce or e-commerce parcel deliveries. The data suggests that online consumption patterns remain strong despite existing macroeconomic challenges.

Active User Engagement

Based on Sensor Tower data referenced by BofA, Flipkart achieved approximately 85 million daily active users (DAUs) in June 2026, solidifying its status as India’s leading e-commerce platform. Meesho followed with about 70 million DAUs, while Amazon had over 60 million DAUs. The report emphasises that Flipkart has sustained significant engagement levels, outpacing its competitors in the busy e-commerce landscape.

Meesho’s Growth in Value Commerce

Despite challenges in discretionary spending, BofA pointed out that Meesho’s value commerce segment continues to show robust performance. There are no visible signs of a reduction in shipment volumes or growth in net merchandise value (NMV).

Strategic Acquisitions

The report also touches upon Meesho’s acquisition of Kirana Club, a B2B marketplace facilitating connections between emerging FMCG brands and local kirana stores. BofA believes this acquisition could enhance brand distribution, create self-pickup points for consumers, and potentially pave the way for grocery commerce expansion in the future.

Myntra’s Dominance in Online Fashion

Within the online fashion sector, Myntra maintains a significant lead. BofA noted that Myntra recorded around 21 million DAUs in June, which is more than triple the user engagement of Ajio, which sees roughly 6-7 million DAUs. Nykaa Fashion had close to 2 million DAUs, with Shein and Tata CLiQ trailing behind. Myntra’s ability to strengthen its position underscores its command in the fashion category.

Healthy Demand Trends

Demand in the fashion and beauty markets remains vibrant, despite inflationary influences. BofA’s retail assessments indicate that competition in the premium fashion and beauty segments is relatively sparse, which bodes well for ongoing growth and profitability for market leaders.

Overall Health of India’s E-commerce Ecosystem

Beyond consumer engagement metrics, BofA asserts that India’s e-commerce ecosystem is in good health. Third-party logistics providers have not indicated any slowdown in parcel volumes associated with either value commerce or mainstream e-commerce demands.

Beneficiary Trends

The report highlights Delhivery as a key beneficiary of these trends, benefiting from Meesho outsourcing nearly 50% of its shipments to third-party logistics services. BofA forecasts that Delhivery’s part truckload (PTL) sector could see growth exceeding 20% year-on-year shortly.

Valuation Trends and Future Outlook

More broadly, the brokerage observed corrections in the valuations of listed internet companies over the past six months, despite stable business progress. BofA sees potential for reevaluations as growth continues across vital internet sectors.

AI’s Potential Impact

BofA anticipates that consumer internet companies will be among the first to benefit from the adoption of artificial intelligence. Although AI is not expected to significantly enhance revenues within the next 12-18 months, the brokerage believes that firms can leverage the technology to boost personalisation, enhance customer engagement, and optimise operating expenses, ultimately supporting margin improvements over time.