Walmart-backed Flipkart and its fashion arm Myntra continue to hold commanding positions in India’s e-commerce and online fashion markets, respectively, according to a recent report from Bank of America (BofA). The brokerage’s latest industry assessments suggest that consumer demand across digital commerce remains resilient, despite broader concerns surrounding discretionary spending and macroeconomic uncertainty.
Based on its channel checks and interactions across the retail ecosystem, BofA noted that value-commerce demand remains healthy and e-commerce shipment volumes continue to show steady momentum. The findings indicate that India’s online shopping sector has so far remained largely insulated from concerns about a broader slowdown in consumer spending.
Data from Sensor Tower, referenced in the report, showed that Flipkart retained its position as the country’s most actively used e-commerce platform in June 2026. The company recorded approximately 85 million daily active users (DAUs), outperforming key competitors in the market. Meesho ranked second with around 70 million DAUs, while Amazon followed with more than 60 million daily active users during the same period. According to BofA, The ability of Flipkart to sustain a significant lead in user engagement reflects the platform’s continued strength across multiple consumer segments. The brokerage noted that despite increasing competition from established and emerging players, Flipkart remains the preferred destination for a large section of India’s online shoppers.
The report also highlighted the continued momentum in Meesho’s value-commerce business. While investors have expressed concerns that softer discretionary spending could impact growth, BofA’s industry checks found no evidence of weakening shipment volumes or slowing net merchandise value (NMV) growth for the company. The brokerage suggested that demand for affordable products remains robust, supporting Meesho’s performance in the value-conscious consumer segment. BofA further examined Meesho’s acquisition of Kirana Club, a business-to-business platform that connects emerging FMCG brands with neighbourhood retail stores. The brokerage believes the transaction could generate long-term strategic benefits by improving brand reach, expanding distribution channels, creating self-pickup options for customers, and potentially strengthening Meesho’s presence in the grocery commerce segment in the future.
Myntra Maintains Dominance in India’s Online Fashion Market
In online fashion, Myntra continued to significantly outperform competing platforms. Sensor Tower data cited by BofA showed that Myntra recorded approximately 21 million daily active users in June, reinforcing its position as the leading fashion-focused e-commerce platform in India. The figure was more than three times higher than Ajio’s estimated 6-7 million DAUs during the same period.
Other fashion-focused platforms remained considerably behind the market leader. Nykaa Fashion recorded close to 2 million daily active users, while Shein and Tata CLiQ remained below that level. According to BofA, Myntra has continued to strengthen its leadership position in the fashion category, widening the gap between itself and rival platforms through sustained consumer engagement.
The brokerage also pointed to encouraging demand trends across the fashion and beauty segments. Despite inflationary pressures and concerns about consumer sentiment, BofA’s retail checks suggested that spending patterns in these categories remain healthy. The report noted that competition in premium fashion and beauty segments is still relatively limited, creating favourable conditions for sustained growth and profitability among leading players.
The report specifically identified Delhivery as a potential beneficiary of these trends. With Meesho reportedly outsourcing nearly half of its shipments to third-party logistics providers, BofA expects Delhivery to continue benefiting from increasing shipment volumes. The brokerage forecasts that the company’s part-truckload (PTL) business could deliver year-on-year growth exceeding 20% in the near future.
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Internet Stocks May Benefit from Growth and AI Adoption
Looking at the sector more broadly, BofA observed that valuations of several listed internet companies have declined over the past six months, even as underlying business fundamentals have remained relatively stable. The brokerage believes this disconnect could create opportunities for valuation re-rating if growth momentum across major internet segments continues.The report also highlighted artificial intelligence as a potential long-term catalyst for consumer internet companies. While AI may not have a significant impact on revenue generation over the next 12 to 18 months, BofA believes companies can leverage the technology to improve personalization, enhance customer engagement, streamline operations, and optimize costs. Over time, these efficiencies could contribute to stronger margins and improved profitability across the sector.
