Flipkart Ahead of Amazon and Meesho in DAUs; Myntra Leads Fashion Apps: BofA

Why It Matters

The data confirms that India’s online retail market is still expanding despite macro‑economic headwinds, reinforcing the growth narrative for investors and signaling continued competitive pressure among the country’s leading platforms.

Key Takeaways

• Flipkart logged ~85 M daily active users in June 2026.
• Meesho held ~70 M DAUs, outpacing Amazon’s 60 M.
• Myntra’s 21 M DAUs triple the nearest rival Ajio.
• Meesho’s Kirana Club acquisition targets grocery and B2B expansion.
• Delhivery’s PTL business expected >20% YoY growth from Meesho shipments.

Pulse Analysis

India’s e‑commerce landscape is proving remarkably resilient, with daily active user counts climbing across the board. Flipkart’s 85 million DAUs underscore its entrenched position, while Meesho’s 70 million and Amazon’s 60 million illustrate a competitive but healthy market. BofA’s retail checks reveal that parcel shipments and net merchandise value have not faltered, suggesting that consumer confidence remains intact even as inflation pressures persist. This sustained engagement provides a solid foundation for advertisers and brands seeking digital reach in one of the world’s fastest‑growing online markets.

Strategic moves are reshaping the ecosystem. Meesho’s purchase of Kirana Club—a B2B marketplace linking challenger FMCG brands with kirana stores—signals an ambition to broaden its footprint beyond social commerce into grocery and offline pick‑up points. The deal could unlock new distribution channels and diversify revenue streams. Meanwhile, third‑party logistics firms like Delhivery are benefitting from the surge, with Meesho outsourcing nearly half of its shipments. Delhivery’s part‑truckload segment is projected to grow more than 20% year‑on‑year, reflecting the scaling of last‑mile delivery networks that are essential for both value‑commerce and mainstream platforms.

Valuation dynamics are also shifting. Although listed internet stocks have seen price corrections over the past six months, BofA believes the underlying growth trajectory justifies a potential re‑rating. The brokerage further points to artificial intelligence as a near‑term catalyst for margin improvement, enabling better personalization, higher engagement, and cost efficiencies across the sector. Investors should monitor how AI integration, logistics capacity, and strategic acquisitions influence profitability, as these factors will likely differentiate the next wave of market leaders in India’s digital commerce arena.