According to a Bank of America Securities report, Flipkart Group has widened its lead in India's e-commerce market and strengthened its dominance in online fashion through Myntra. The brokerage, citing Sensor Tower daily active user (DAU) data and industry checks, confirmed that Flipkart remained the leading e-commerce platform by user engagement as of 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. The findings suggest that competitive pressures in India's online retail market have yet to dent Flipkart's market position, even as rivals continue to invest heavily to gain share. India's online retail competitive landscape is one of the most intensely contested digital commerce battlegrounds in Asia, with the top three platforms - Amazon India, Flipkart, and Reliance JioMart commanding an estimated 55-65% of total platform GMV in 2025.
According to Flipkart's latest data, the beauty and personal care category has emerged as a standout performer, with GenZ now driving nearly 60% of Flipkart's Beauty and Personal Care category, powering 50% year-on-year growth. The category's growth spans multiple segments, with premium beauty growing over 60% year-on-year, perfumes seeing over 45% growth, and men's grooming emerging as the standout category with 65% growth. Men's grooming has particularly benefited from consumers incorporating skincare, grooming, and wellness into everyday routines, with very high searches for products like "Sunscreen for Men", "Facewash for Men", and "Hair Serum for Men". With 12 beauty products bought every second on the platform, demand has continued to grow significantly. Beauty on Flipkart Minutes has grown 5X over the past year, ranking among the top three performing categories on the service.
At Glam Up Fest 2026, Flipkart unveiled its Annual Beauty Trends Report 2.0 in partnership with Quantum Consumer Solutions, mapping a shift toward premium, science-backed, and globally inspired beauty. The platform has launched its Global Luxe Beauty Store, bringing 100+ international brands across derma care, fragrances, and K-Beauty to Indian shoppers, including Eucerin, CeraVe, Calvin Klein, Biore, Lattafa and Tir Tir. Flipkart's in-app Glam Up Sale runs June 19–27, featuring curated deals and new launches across beauty and personal care for shoppers across India. The report highlights growing investment in premium and science-backed skincare, with increasing experimentation with global trends as part of personal expression. Flipkart Beauty's consumer-first interface, aided by Virtual Try-On and Live Video Commerce, helps consumers discover and choose products in a more informed and personalized way.
According to Bank of America, Meesho's recent acquisition of Kirana Club, a B2B marketplace connecting challenger FMCG brands with kirana stores, could create significant synergies. The brokerage believes this acquisition could enable wider brand distribution, self pickup points for consumers, and potential expansion into grocery commerce over time. Beyond consumer engagement metrics, Bank of America highlighted that third-party logistics providers have not reported any slowdown in parcel volumes linked to either value commerce or mainstream e-commerce demand. The report specifically mentioned Delhivery as a beneficiary, noting that 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.
As reported by Bank of America, valuations across India's internet sector have corrected in recent months on fears of slowing growth and artificial-intelligence-led disruption, but business performance has remained resilient. The brokerage expects internet companies to be among the early beneficiaries of AI adoption, with gains likely to come through improved customer personalisation, engagement and cost optimisation rather than meaningful revenue uplift in the near term. With consumer demand holding up and logistics volumes remaining robust, Flipkart Group appears well-positioned to capture any acceleration in spending as macroeconomic conditions improve. The market is moderately concentrated at the marketplace layer, while exhibiting high fragmentation at the seller and brand level with over 7 lakh-plus sellers active on the ONDC network alone. Key players include Amazon.com Inc., Walmart Inc. (Flipkart, Myntra), Reliance Retail Ventures Limited (JioMart, Ajio), Tata Group (Tata Neu, BigBasket, Tata 1mg), and Swiggy (Instamart).
