Flipkart Beats Amazon And Meesho In DAUs, Myntra Leads Fashion Apps: BofA

Flipkart And Myntra Continue To Lead India’s E-Commerce Landscape

Walmart-backed Flipkart and its fashion arm Myntra have maintained their leadership positions in India’s e-commerce and online fashion markets, according to a recent report by Bank of America (BofA), which found no evidence of a slowdown in online consumer spending despite broader macroeconomic concerns.

The brokerage’s latest industry checks indicate that India’s digital commerce ecosystem remains resilient, with strong consumer engagement, healthy shipment volumes, and stable demand trends across both value and premium segments.

The report also suggests that fears around weakening discretionary consumption may be overstated, particularly in categories such as fashion, beauty, and value commerce.

Flipkart Retains Lead Over Amazon And Meesho

According to Sensor Tower data cited by BofA, Flipkart recorded approximately 85 million daily active users (DAUs) in June 2026, making it the most-used e-commerce platform in the country.

Value commerce platform Meesho followed with around 70 million DAUs, while Amazon India recorded more than 60 million DAUs during the same period.

The brokerage noted that Flipkart has consistently maintained a sizeable lead in user engagement despite intense competition from both Amazon and Meesho.

The performance underscores Flipkart’s strong customer retention and broad reach across categories, ranging from electronics and fashion to home goods and daily essentials.

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Meesho Continues To Show Strong Growth

While Flipkart led overall user activity, BofA highlighted Meesho’s continued momentum in the value-commerce segment.

Investor concerns regarding slowing consumer demand have not materialised in the company’s operating metrics, according to the brokerage’s channel checks.

Shipment volumes and net merchandise value (NMV) growth remain healthy, indicating that demand for affordable products continues to stay strong among price-sensitive consumers.

The report also examined Meesho’s recent acquisition of Kirana Club, a B2B marketplace that connects emerging FMCG brands with neighbourhood retail stores.

BofA believes the acquisition could generate long-term strategic benefits by expanding product distribution, enabling self-pickup points for customers, and potentially strengthening Meesho’s grocery commerce ambitions.

Myntra Widens Gap In Online Fashion

In the online fashion segment, Myntra remains the clear market leader.

According to Sensor Tower data, Myntra recorded around 21 million daily active users in June 2026, significantly ahead of all competing fashion platforms.

Reliance-backed Ajio ranked second with approximately 6 to 7 million DAUs, while Nykaa Fashion attracted nearly 2 million daily users.

Platforms such as Shein and Tata CLiQ remained below that level.

BofA said Myntra’s substantial lead highlights its dominant position in India’s online fashion ecosystem and suggests the platform continues to strengthen its competitive advantage despite growing competition.

The report added that Myntra has been steadily widening the gap with rivals, reinforcing its leadership across apparel, footwear, beauty, and lifestyle categories.

Demand Remains Strong Across Fashion And Beauty

The brokerage’s retail checks indicate that consumer demand remains robust across fashion and beauty categories despite inflationary pressures and broader economic uncertainties.

BofA noted that competition remains relatively limited in premium fashion and beauty segments, creating favourable conditions for leading platforms to maintain growth and profitability.

This trend is particularly beneficial for platforms such as Myntra and Nykaa, which have built strong brand positioning among aspirational and premium consumers.

Logistics Ecosystem Shows No Signs Of Slowdown

Beyond user engagement metrics, BofA highlighted continued strength across India’s broader e-commerce infrastructure.

Third-party logistics providers have not reported any meaningful slowdown in parcel volumes linked to either mainstream e-commerce or value-commerce platforms.

The report identified logistics major Delhivery as a key beneficiary of these trends.

According to BofA, Delhivery continues to benefit from Meesho outsourcing nearly half of its shipment volumes to third-party logistics partners.

The brokerage expects Delhivery’s part-truckload (PTL) business to grow more than 20% year-on-year in the near term as e-commerce activity remains strong.

AI Could Drive The Next Growth Phase

BofA also highlighted artificial intelligence as a potential catalyst for India’s consumer internet sector.

While the brokerage does not expect AI to materially increase revenues over the next 12 to 18 months, it believes companies can leverage the technology to improve product recommendations, enhance customer engagement, personalize shopping experiences, and optimize operating costs.

These improvements could contribute to stronger margins and operational efficiency over time.

The report concluded that despite recent valuation corrections across listed internet companies, underlying business fundamentals remain healthy, creating scope for future re-rating as growth continues across India’s digital commerce ecosystem.