According to the latest ICICI Securities and CLSA reports, Flipkart maintains its position as India's e-commerce market leader by gross merchandise value (GMV) with an estimated 50-60% share. The platform has further strengthened its position by adding 13.6 million weekly active users (WAUs) in the current quarter, significantly outpacing competitors who combined added only 7 million WAUs, with Amazon accounting for 6.5 million and Meesho declining by 2.1 million. This sustained growth reflects continued traction across high-engagement categories and rising repeat usage, as reported by both ICICI Securities and CLSA. The brokerage attributed Flipkart's lead to its dominance in electronics, strong Tier-II reach and extensive logistics network, with the platform now serving 220-240 million monthly active users.
As reported by ICICI Securities and CLSA, Flipkart added 13.6 million WAUs in the current quarter, demonstrating accelerated growth compared to its year-to-date performance of 26.8 million users. This quarterly performance significantly outperformed the combined peer group additions of 7 million WAUs. The platform's dominance stems from more shoppers picking high-value items and coming back for repeat purchases, as reported by ICICI Securities. The brokerage noted that Flipkart's strategy is increasingly shifting from aggressive customer acquisition toward "cross-categorisation and upselling existing users rather than new acquisition," signalling a broader maturation of India's e-commerce market. With performance marketing spend estimated at 7-8% of costs and brand marketing at 6-7%, the economics of retaining and deepening existing user relationships look more efficient than fighting for new ones.
According to the ICICI Securities and CLSA reports, Flipkart's strength lies in high average selling price (ASP) categories such as smartphones, appliances and electronics, which account for about 63-64% share in those segments. Electronics and smartphones account for nearly 63-64% of Flipkart's category mix, helping the platform benefit from higher average selling prices compared with rivals focused more heavily on low-ticket segments. However, categories like appliances still offer growth runway, with low household penetration such as washing machines at under 20%. Amazon India holds around 25-30% GMV share in the Indian e-commerce market, while Meesho accounts for roughly 10%. ICICI Securities estimates fashion at 15-20% of total sector GMV, general merchandise and grocery at 10-15%, and appliances and electronics at 30-40%, all segments where Flipkart is either the leader or a major participant.
According to CLSA's delivery partner app tracking, the Flipkart delivery partner app, which includes Myntra and Minutes deliveries, showed a 117% surge in WAUs on a quarter-on-quarter basis in the latest four-week period tracked, representing a standout figure among all delivery-side apps covered in the report. ICICI Securities highlights Flipkart's adoption of a hybrid 'Super Just-In-Time' (SJIT) model where inventory stays with the brand or marketplace partner while Flipkart handles mid- and last-mile delivery. The example cited is Puma inventory sitting in Puma's warehouse while Flipkart manages hub-to-customer delivery, reducing transit times by one to two days versus a standard marketplace model. The platform services around 19,000 pin codes across India and fulfils nearly 90% of orders through its in-house logistics arm eKart, while relying on third-party logistics providers for remote and marketplace deliveries.
According to the ICICI Securities and CLSA reports, India's e-commerce market, estimated at around $70 billion in FY25, is projected to grow to $174-214 billion by FY30, driven by rising internet penetration, digital payments adoption and expanding demand from non-metro markets. Flipkart is increasingly focused on cross-categorisation and upselling within its existing user base rather than heavy new-user acquisition. The homegrown e-commerce major, now majority owned by Walmart, has an estimated 220-240 million monthly active users, compared with roughly 850 million internet users in India. ICICI Securities noted that Flipkart has deferred its plans to go public and is instead prioritising profitability, with Walmart internally asking Flipkart to target EBITDA breakeven by the end of FY27 before pursuing an IPO or any external fundraising. The two brokerage reports together make the case that Flipkart is not a business that's easily disrupted from a standing start, sitting atop the market with a diversified category mix, maturing logistics network, and a user base that's deepening.
