India’s e-commerce industry continues to grow strongly despite concerns about inflation and weaker consumer spending. A new report by Bank of America (BofA) Securities shows that Flipkart remains the most-used e-commerce platform in the country, while Myntra continues to dominate the online fashion market.
The report comes at a time when many investors were worried that rising costs and economic uncertainty could reduce discretionary spending. However, BofA’s latest industry checks found no major slowdown in online shopping demand or parcel deliveries. Consumer engagement across e-commerce platforms remains strong.
Data from mobile intelligence platform Sensor Tower shows that millions of Indians continue to use online shopping apps daily, highlighting the sector’s steady growth.
Flipkart Remains No. 1, Meesho Continues to Grow
According to the report, Flipkart recorded around 85 million daily active users (DAUs) in June 2026, making it India’s most-used e-commerce platform. Despite intense competition and heavy spending by rivals, Flipkart has managed to hold on to its leading position.
Meesho ranked second with nearly 70 million DAUs. BofA noted that the company is still seeing strong growth in shipments and net merchandise value (NMV), showing the strength of its value-commerce business.
Amazon India followed with a little over 60 million DAUs. While Amazon remains a major player in the market, the report suggests that it is currently behind Flipkart and Meesho in terms of daily user engagement.
BofA said there are no signs of a significant slowdown in online shopping activity. Demand remains strong, especially in Tier 2 and Tier 3 cities, where value-focused platforms continue to attract more shoppers.
The report also pointed out that India’s e-commerce industry is moving beyond discount-led growth. Companies are now focusing more on building profitable and sustainable businesses while continuing to expand their customer base.
Myntra Strengthens Its Position in Online Fashion
In the fashion category, Myntra continues to stay well ahead of its competitors. The Flipkart-owned platform recorded around 21 million daily active users, making it the clear leader in online fashion shopping.
Reliance-backed Ajio had around 6–7 million DAUs, while Nykaa Fashion recorded nearly 2 million DAUs. Shein and Tata CLiQ remained below the 2 million mark.
According to BofA, Myntra’s success is being driven by its focus on premium products, exclusive brand partnerships and a growing portfolio of in-house brands. The company has also built a strong “house of brands” strategy that helps it stand out in a competitive market.
Another important factor is Myntra’s zero-commission model for emerging brands. This allows new sellers to join the platform more easily, increasing product variety while helping the company improve profitability.
Fashion spending is usually one of the first areas affected when consumers become cautious about spending. However, Myntra has continued to grow, supported by strong demand and relatively limited competition in the premium fashion and beauty segments.
Meesho Expands Business as Amazon Targets Value Shoppers
The report also highlighted some important developments across the e-commerce sector.
One of the biggest moves is Meesho’s acquisition of Kirana Club for ₹202 crore. Kirana Club is a B2B marketplace that connects FMCG brands with local kirana stores. BofA believes this acquisition could help Meesho expand its distribution network, create self-pickup points for customers and eventually enter the grocery commerce segment.
Meanwhile, Amazon India has launched Amazon Bazaar, a platform focused on affordable fashion and lifestyle products. The initiative is aimed at attracting value-conscious shoppers and competing more effectively with Meesho and Flipkart’s Shopsy.
At the same time, Meesho’s latest financial results show that the company is investing heavily in growth. Its losses increased sharply in the third quarter of FY26 due to higher spending and expansion of its logistics network, Valmo.
Despite these losses, Meesho processed 690 million orders during the quarter, a 35% increase from a year ago. The company also reached 251 million annual transacting users, with customers making nearly 10 purchases per year on average.
Looking ahead, BofA believes quick commerce and artificial intelligence (AI) will play a major role in shaping the future of India’s e-commerce market. While quick-commerce platforms are changing how consumers buy daily essentials, AI is expected to improve customer experience through better recommendations, personalization and operational efficiency.
The report suggests that companies that successfully balance growth, profitability and technology innovation will be best positioned to lead India’s fast-growing digital commerce sector in the coming years.