Walmart-owned Flipkart and Myntra continue to lead India's e-commerce and online fashion segments, respectively, even as concerns persist around a potential slowdown in consumer spending, according to a report by Bank of America (BofA). The brokerage said its recent industry and retail checks indicate no visible slowdown in value commerce demand or e-commerce parcel shipments. The findings point to resilient online consumption trends despite ongoing macroeconomic concerns. According to Sensor Tower data cited by BofA, Flipkart recorded around 85 million daily active users (DAUs) in June 2026, retaining its position as India's most-used e-commerce platform. Meesho followed with around 70 million DAUs, while Amazon recorded over 60 million DAUs. The report added that Flipkart has maintained a clear lead over its rivals in user engagement despite intense competition in the e-commerce market. While Flipkart remained ahead on user activity, BofA highlighted continued strength in Meesho's value commerce business. Contrary to investor concerns around discretionary spending, the brokerage said its checks showed no signs of a slowdown in Meesho's shipment volumes or net merchandise value (NMV) growth. BofA also discussed Meesho's recent acquisition of Kirana Club, a B2B marketplace that connects challenger FMCG brands with kirana stores. The brokerage believes the acquisition could create synergies through wider brand distribution, self pickup points for consumers, and a potential expansion into grocery commerce over time. In the online fashion segment, Myntra maintained a substantial lead over rivals. Sensor Tower data cited by BofA showed Myntra at about 21 million DAUs in June, more than three times the user activity of Ajio, which stood at roughly 6-7 million DAUs. Nykaa Fashion recorded nearly 2 million DAUs, while Shein and Tata CLiQ remained below that level. BofA said Myntra continues to widen the gap with competing fashion platforms. This reinforces its dominance in the category. The brokerage added that demand trends across fashion and beauty remain healthy despite inflationary pressures. According to its retail checks, competition in premium fashion and beauty categories remains relatively limited. This supports sustained growth and profitability for leading platforms. Beyond consumer engagement metrics, BofA said India's e-commerce ecosystem remains healthy. Third-party logistics providers have not reported any slowdown in parcel volumes linked to either value commerce or mainstream e-commerce demand. The report highlighted Delhivery as a beneficiary of these trends. The company continues to gain from Meesho outsourcing nearly 50% of its shipments to third-party logistics providers. BofA expects Delhivery's part truckload (PTL) business to grow more than 20% year-on-year in the near term. More broadly, the brokerage said valuations across listed internet companies have corrected over the past six months despite stable business momentum. It see
