Walmart-owned Flipkart and fashion-focused platform Myntra have maintained their leadership positions in India’s e-commerce and online fashion markets, respectively, despite concerns over a potential slowdown in consumer spending, according to a report by Bank of America (BofA).
The brokerage said its latest industry and retail channel checks found no evidence of weakening demand in value commerce or a slowdown in e-commerce parcel shipments, suggesting that online consumption trends remain resilient amid broader macroeconomic uncertainties.
Data from mobile intelligence platform Sensor Tower showed that Flipkart remained India’s most-used e-commerce platform in June 2026, recording approximately 85 million daily active users (DAUs). Meesho followed with around 70 million DAUs, while Amazon registered more than 60 million DAUs.
Flipkart has continued to maintain a clear lead over its competitors in terms of user engagement despite intense competition within the country’s rapidly evolving e-commerce sector.
The continued strength of Meesho’s value commerce business was also highlighted. BofA stated that its industry checks found no signs of moderation in shipment volumes or net merchandise value (NMV) growth, countering investor concerns about a potential slowdown in discretionary consumer spending.
In the online fashion segment, Myntra retained a significant lead over rival platforms. Sensor Tower data cited by BofA showed Myntra recording approximately 21 million DAUs in June, more than three times the user activity of Ajio, which registered between 6 million and 7 million DAUs.
Nykaa Fashion recorded nearly 2 million DAUs during the period, while Shein and Tata CLiQ remained below that level. BofA noted that Myntra continues to widen the gap with competing fashion platforms, reinforcing its position as the dominant player in India’s online fashion market.
The brokerage further stated that demand across the fashion and beauty categories remains healthy despite inflationary pressures. According to its retail channel checks, competition in premium fashion and beauty segments remains relatively limited, creating favourable conditions for sustained growth and profitability among leading online platforms.
The findings suggest that India’s e-commerce sector continues to demonstrate resilience, supported by strong consumer engagement and stable demand trends across both value-driven and premium retail categories.
Bharat Tex Special Report 2026 
