Drawing on Sensor Tower daily active user (DAU) data and industry checks, BofA reported that Flipkart remained the most engaged e-commerce platform in India as of June 2026. At the same time, Myntra continued to outperform competitors in the online fashion and beauty categories, reinforcing its leadership in the segment.

The brokerage noted that intense competition has not significantly impacted Flipkart’s market position. Instead, the company has continued to strengthen its presence in the country’s rapidly growing online retail ecosystem. Moreover, Myntra has benefited from relatively limited competition in premium fashion and beauty, allowing it to consolidate its market advantage further.

Several competitors have attempted to establish themselves as strong alternatives in the fashion space. However, user engagement trends indicate that Myntra continues to attract and retain consumers more effectively than rival platforms.

Meanwhile, improving macroeconomic conditions have supported positive consumer sentiment. BofA pointed out that declining global commodity prices following the US-Iran peace agreement have eased inflationary pressures, creating favorable conditions for consumption growth.

Additionally, shipment data from third-party logistics (3PL) providers, widely considered a real-time indicator of e-commerce activity, suggests that online demand remains robust. The report stated, “Till date, 3PLs have not seen any impact,” addressing concerns that weaker discretionary spending could slow e-commerce growth.

BofA also observed that valuations across India’s internet sector have corrected in recent months due to concerns surrounding slower growth and potential disruption from artificial intelligence. Nevertheless, the brokerage emphasized that underlying business performance remains resilient.

Furthermore, BofA expects internet companies to emerge as early beneficiaries of AI adoption. The brokerage believes that AI will primarily enhance customer personalization, user engagement, and operational efficiency in the near term, although it may not significantly boost revenue immediately.

With consumer spending remaining healthy and logistics volumes continuing to grow, Flipkart appears well-positioned to benefit from any acceleration in consumption as economic conditions improve.

The report also highlighted the broader strength of India’s internet economy. Online travel, quick commerce, logistics, and fintech companies continue to demonstrate resilience despite inflationary challenges over the past year.

BofA expressed increased optimism toward the online travel sector, citing easing geopolitical tensions in West Asia and lower energy prices as positive catalysts. The brokerage maintained “Buy” ratings on MakeMyTrip, Eternal, Swiggy, Delhivery, and Paytm.

Industry and retail checks revealed no significant slowdown in value-commerce spending or e-commerce parcel shipments, challenging concerns that softer discretionary consumption could weigh on growth prospects.

In the online travel segment, MakeMyTrip continued to benefit from strong demand for eastbound international travel, hotels, and ground transportation services. However, westbound travel and domestic air traffic remained relatively softer due to geopolitical disruptions and elevated airfare prices.

Quick commerce platforms also sustained healthy growth momentum. BofA expects Eternal’s quick-commerce business to deliver net order value growth of 16-17% quarter-on-quarter, supported by aggressive dark-store expansion. Meanwhile, Swiggy may witness relatively moderate growth as it focuses on achieving contribution-margin break-even.

Within the value-commerce segment, the brokerage reported stable shipment volumes for Meesho, while logistics operators continued to experience strong parcel demand across both value-commerce and broader e-commerce channels.

“Tech-logistics companies till date have not seen any impact from the slowdown in shipments led by either value commerce or e-commerce,” the report said.

Delhivery continues to benefit from increased outsourcing by Meesho in its express parcel business. Additionally, the company’s partial-truckload freight segment is expected to maintain growth exceeding 20% year-on-year in the near term.

The report also highlighted strong momentum among fintech companies such as Paytm and PB Fintech, despite investor concerns regarding a possible review of insurance distribution commissions by the Insurance Regulatory and Development Authority of India (IRDAI).

Meanwhile, hiring trends at Naukri have remained largely stable. However, competition has intensified in the emerging instant home-services category following fresh funding activity among rival startups.

Overall, BofA’s findings suggest that India’s internet sector continues to demonstrate strong resilience, with leading players across e-commerce, fashion, travel, logistics, quick commerce, and fintech maintaining healthy growth despite broader economic uncertainties.

The expansion comes just two months after the company secured a €37 million ($40 million) Series B funding round in March. Since then, Silverflow has rapidly moved from capital raising toward operational scaling as competition intensifies across the global payments infrastructure market.

Commenting on the company’s growth trajectory, Anne Willem de Vries, co-founder and CEO of Silverflow, said, “Moving into a new office is one of those moments that makes growth feel real. Six years ago, this team was a fraction of the size it is today. We needed more space, more desks, and more room to build—and that’s exactly what we now have. This is what momentum looks like.”

Silverflow’s office expansion, hiring activity, and growing US customer base reflect broader trends shaping the European payments infrastructure sector in 2026. Investors continue directing capital toward companies focused on reducing fragmentation in payment processing, embedded finance, money movement, and AI-enabled transaction workflows.

Industry data indicates that disclosed funding across the European payments and adjacent fintech ecosystem has surpassed €253 million in 2026, including Silverflow’s own €37 million Series B round. Larger comparable deals include Primer’s €86.2 million Series C funding and Sokin’s €83 million debt facility, both of which support international expansion and infrastructure scaling initiatives.

At the same time, earlier-stage funding rounds for companies such as SolvaPay, Ralio, Finperks, and Smartwage demonstrate growing investor interest in specialized payment infrastructure solutions, including agentic payments, prepaid systems, and regulated digital payment technologies.

Within the Netherlands, Amsterdam-based Klearly recently secured a €12 million Series A funding round, further highlighting increasing investor confidence in Dutch fintech and payment startups operating across adjacent infrastructure layers.

Against this backdrop, Silverflow’s post-Series B expansion reflects more than an isolated milestone. Instead, the company is now transitioning from fundraising into large-scale execution alongside a broader wave of European payment infrastructure firms scaling globally.

“We’ve established ourselves in Europe and have already proven the strength of our platform with customers in markets around the world,” adds Anne. “The next step is continuing to scale internationally and delivering on our mission to become the world’s most trusted payment processor.”

Founded in 2019, Silverflow operates as a cloud-native payment processing platform that provides a single API connection to card networks. The company aims to reduce operational complexity and costs while offering businesses simplified integrations and data-rich payment infrastructure capabilities.

Over the last two and a half years, Silverflow has significantly expanded transaction volumes. According to the company, it scaled from processing approximately 180 transactions per day to nearly 2 million daily transactions, representing a near ten-thousandfold increase. The platform is now approaching one billion transactions on an annualised basis.

Looking ahead, the company aims to process €85 billion ($100 billion) in annual payment value as it continues strengthening its enterprise payments ecosystem.

Silverflow’s growth trajectory is also being supported by a rapidly expanding roster of enterprise customers, including Deutsche Bank, Bolt, Payabl, and Buckaroo. These partnerships span acquiring banks, payment providers, and high-growth commerce platforms across Europe, North America, and the Asia-Pacific region.

Anne further stated, “Every hire we make, every square metre we add, is a direct response to what our customers are asking of us. They want faster time-to-market, simpler infrastructure, and better data. We can deliver all of that today, at scale, in markets where legacy processors have been a bottleneck for years.”

Meanwhile, Silverflow continues expanding its product capabilities. The company is currently developing support for China UnionPay and JCB, complementing an existing network suite that already supports Visa, Mastercard, American Express, Diners, Discover, and several regional debit networks.

Additionally, Silverflow is working on enhanced in-store payment capabilities and new front-end tools as part of its broader product expansion roadmap.

Since announcing its Series B funding round, the company has signed a new US customer and successfully launched services for an existing US client. Furthermore, Silverflow continues pursuing aggressive expansion across the United States while simultaneously strengthening its presence in Southeast Asia, a market the company views as one of the fastest-growing and structurally underserved regions in global payments infrastructure.

Silverflow’s rapid expansion underscores the accelerating transformation within the global payments infrastructure industry. Backed by strong investor confidence, rising enterprise adoption, and growing international demand for cloud-native payment solutions, the company is positioning itself as a major player in the evolving fintech and digital payments ecosystem. As global commerce increasingly depends on scalable, AI-enabled, and data-driven payment infrastructure, Silverflow’s international growth strategy places it at the center of the next phase of fintech innovation.

Earlier, in October 2022, the Bengaluru-based company had raised $15 million in its Series A round led by Pulsar Capital. Building on that momentum, the company now plans to deploy the fresh capital strategically to enhance its AI and data capabilities. Furthermore, it aims to expand its footprint across the Middle East, Europe, and Asia-Pacific regions, while also strengthening partnerships with enterprises and government bodies.

Founded by Somdutta Singh, Assiduus operates an AI-powered middleware platform that enables seamless global e-commerce distribution and supply chain management. Currently, the platform supports over 150 enterprise brands across 20 countries. Moreover, it integrates with more than 18 global marketplaces as well as quick commerce platforms, thereby ensuring a comprehensive ecosystem for businesses.

Notably, Assiduus has reported a 4X growth in revenue since its last funding round. At the same time, it has achieved a threefold increase in valuation, reflecting strong business performance and investor confidence. Impressively, the company has also maintained profitability at the PAT level for the past seven years, which underscores its sustainable growth model.

In terms of offerings, the platform delivers end-to-end solutions, including cross-border distribution, fulfillment, compliance, and performance tracking. Additionally, it follows an asset-light model that combines advanced software, robust data systems, and execution infrastructure to drive efficiency and scalability.

Headquartered in Atlanta, Assiduus operates across multiple global markets, including India, the UAE, the UK, Denmark, and other regions. As a result, the company continues to position itself as a key enabler for brands looking to scale internationally through data-driven and AI-powered solutions.

Overall, this funding marks a significant milestone for Assiduus as it accelerates its global expansion and deepens its technological capabilities. Consequently, the company is well-positioned to capitalize on the growing demand for cross-border e-commerce solutions and further strengthen its leadership in the AI-driven commerce ecosystem.

Flipkart, the Walmart-owned e-commerce giant, launched its quick commerce service, Minutes, in August 2024. Since then, the company has aggressively scaled its infrastructure to capture a larger share of India’s fast-growing instant delivery market.

Sources indicate the company has been adding roughly 100 dark stores per month this year, and it plans to reach around 1,200 stores by June, up from 750–800 currently. Meanwhile, Minutes already operates in 70–75 cities; however, the company aims to expand its presence to 220–250 cities by June, which highlights its aggressive growth strategy.

At the same time, Amazon has also accelerated the rollout of its Amazon Now quick commerce service since December. Consequently, Amazon Now is expected to reach approximately 500 dark stores in the near future as the company strengthens its last-mile delivery capabilities in India.

Meanwhile, Reliance JioMart is pursuing a different strategy to compete in the quick commerce market. Instead of building new dark stores, the company is leveraging its existing retail network to fulfill orders more efficiently. As a result, the company currently handles nearly 1.6 million orders daily, which brings it close to Blinkit’s 2 million daily orders and places it ahead of Swiggy Instamart and Zepto in daily order volume.

By utilizing its established supply chain strength—particularly in fruits and vegetables—Reliance claims contribution-margin positivity. In other words, the company earns money on each order after accounting for direct operational costs.

Meanwhile, other quick commerce players are actively seeking significant funding to sustain competition and growth. Swiggy and Zepto, for instance, are pursuing ₹215,000 crore from public markets as they prepare to scale operations while improving financial sustainability.

At the same time, quick commerce platforms are expanding beyond grocery deliveries to capture higher-margin product categories. Flipkart Minutes, for example, has started delivering mobiles and electronics within 15–20 minutes, which signals a major shift in the sector’s product mix.

Moreover, non-grocery items now contribute nearly 20% of average sales across quick commerce platforms. Because these products often carry higher margins, they offer companies a stronger path toward profitability.

Therefore, analysts believe that expanding into electronics and other high-value products could significantly improve margins while enabling platforms to scale their operations more efficiently in India’s competitive quick commerce landscape.

Flipkart and Amazon are aggressively scaling their dark-store infrastructure to dominate India’s rapidly evolving quick commerce market. Meanwhile, competitors are focusing on profitability, funding, and diversified product offerings. As companies expand into high-margin categories like electronics and strengthen supply chains, the sector will likely witness even fiercer competition and faster innovation in the coming years.

This investment marks the first capital infusion into Blinkit in 2026. Previously, Eternal injected significant funds into the quick commerce unit during 2025 as it accelerated expansion plans. The company invested Rs 500 crore in January, followed by Rs 1,500 crore in February and Rs 600 crore in November, bringing the total investment in the subsidiary last year to Rs 2,600 crore.

The latest funding will primarily support Blinkit’s expansion strategy. Specifically, the company plans to increase the number of dark stores, strengthen working capital, and manage operational expenses while scaling its rapid delivery network across additional Indian cities.

Meanwhile, competition in India’s quick commerce sector continues to intensify as rivals secure large funding rounds to expand their market presence. For instance, Zepto raised $450 million in October last year in a round led by California Public Employees’ Retirement System. Similarly, Swiggy raised around Rs 10,000 crore through a qualified institutional placement in December to strengthen investments in its quick commerce division, Instamart.

Despite remaining in an investment phase, Blinkit’s business performance continues to show strong growth. In the December quarter (Q3FY25), the company recorded revenue of Rs 1,399 crore, reflecting a 117 percent year-on-year increase from Rs 644 crore in the same quarter last year. Additionally, this figure exceeded the Rs 1,156 crore reported in the previous quarter.

However, profitability challenges persist as the company expands its operations. Blinkit reported an adjusted EBITDA loss of Rs 103 crore in Q3FY25, compared with a loss of Rs 89 crore during the same period last year and Rs 8 crore in the previous quarter.

At the same time, demand for rapid delivery services continues to rise. Blinkit’s gross order value (GOV) reached Rs 7,798 crore in the December quarter, compared with Rs 3,542 crore in Q3FY24 and Rs 6,132 crore in the preceding quarter, demonstrating strong momentum in customer orders.

The latest capital infusion also arrives months after leadership changes within the company. Albinder Dhindsa recently assumed the role of Group CEO of Eternal, while Deepinder Goyal stepped down from the position earlier this year. Consequently, the move underscores the growing strategic significance of quick commerce within the group’s broader business operations.

Eternal’s continued investment in Blinkit reflects its commitment to strengthening its quick commerce strategy amid rising industry competition. By expanding infrastructure, scaling dark stores, and supporting operational growth, the company aims to capture increasing consumer demand for ultra-fast deliveries. As competition from major players intensifies, Blinkit’s growth trajectory and sustained funding support will remain crucial in shaping the future dynamics of India’s rapidly evolving quick commerce market.

Meanwhile, one of the sources explained the company’s thinking, stating, “Flipkart is evaluating the food delivery market while trying to identify a differentiated positioning in the space.”

Earlier, nearly two years ago, Flipkart—alongside consumer internet peers Ola and Paytm—outlined plans to enter food delivery through the government-backed Open Network for Digital Commerce (ONDC). However, that proposal failed to move beyond the planning stage.

At the same time, India’s food delivery market, valued at approximately $9 billion in fiscal 2025, is expected to expand sharply to $25 billion by FY30, according to estimates from brokerage firm Jefferies. Currently, Eternal-owned Zomato and Swiggy dominate the segment, while Rapido’s Ownly and smaller ONDC-based platforms continue to compete for market share.

Against this backdrop, Flipkart’s potential entry comes as competition in food delivery continues to intensify. Notably, 10-minute café-style delivery models are gaining traction even as overall market growth shows signs of moderation.

Meanwhile, the company has already started building a dedicated team to support the initiative.

After operating at the lower end of their guided 18–22 percent medium-term growth range for several quarters, food delivery leaders Zomato and Swiggy reported signs of improved demand during the October–December quarter. During this period, gross order value increased 21.3 percent year-on-year for Zomato and 20.5 percent for Swiggy.

At the same time, Flipkart—currently preparing for a public listing later this year—has increased investments in its quick commerce vertical, Minutes. According to people familiar with the developments, Minutes now operates more than 800 dark stores and plans to aggressively expand its network of micro-warehouses in the coming months.

In parallel, e-commerce majors, including Flipkart, have stepped up discounting in quick commerce to challenge established players such as Blinkit, Zepto, and Swiggy’s Instamart, as competitive intensity rises.

Overall, Flipkart’s push into new initiatives comes as the broader e-commerce sector shows early signs of recovery following a prolonged slowdown. Under the leadership of group CEO Kalyan Krishnamurthy, the Flipkart Group narrowed losses across most entities in FY25 by reducing expenses, even as revenue growth remained subdued.

Despite these challenges, Flipkart’s core marketplace business recorded a 14 percent increase in revenue, reaching Rs 20,493 crore in FY25, underscoring steady progress as the company advances toward its IPO plans.

Historically, the growth of e-commerce has been the result of a complex mix of tools and agency-led execution. Advertising, analytics, content creation, and performance tracking are frequently handled by different teams, which leads to scattered data, delayed insights, and operational inefficiencies. Thrive Global AI envisions a new approach by uniting performance data, consumer behavior insights, and growth opportunities in a single, integrated AI-powered ecosystem.

According to Priyanka Aeron, Co-Founder, Thrive Global AI, “E-commerce is really at a pivotal stage. More than ever, brands are producing lots of data, yet the majority do not have proper tools to convert it into decisions that create actual results. The goal of Thrive Global AI was to fill this opening by making AI practical, by taking actions that are directly related to the measurement of business outcomes, thus allowing brands to become more intelligent, to scale up faster, and to have every decision count.”

Thrive Global AI has been unveiled just as the global e-commerce market is experiencing a major transformation in its structure. With the increasing reach of digital commerce over the various platforms and markets, AI has transitioned from being just a tool to becoming a vital commercial enabler. The old ways of growth through e-commerce have to confront the challenge of delivering fast, accurate, and consistent results at the same time, which has made the demand for intelligent and flexible solutions all the more pressing.

Thrive Global AI’s near-term vision is to win the global e-commerce industry over through trust, traction, and measurable impact. The company plans to carry out this vision by being in close contact with brands in early and growth stages, constantly improving its AI models, and forming alliances with the right partners. By following this strategy, Thrive Global AI is coming as a trusted partner in the AI-led growth process, enabling businesses to become smarter, to run more efficiently, and to expand internationally with the support of self-assurance.

About the Company

Thrive Global AI is an AI-powered marketing and growth intelligence company built to help brands make smarter, faster, and more confident growth decisions in an increasingly AI-driven digital ecosystem. Founded in November 2025 by Priyanka Aeron, Thrive Global AI was established with a clear vision to leverage artificial intelligence, real-time data, and predictive insights to deliver measurable and sustainable business growth. The company works with global clients, supported by a team of 30 professionals specializing in AI, performance marketing, data intelligence, and digital strategy.

According to the company’s statement, the AI stack enables multilingual commerce, enhances regional customer experiences, and delivers scalable automation.

“Developed in partnership with Ultrasafe Inc. through a joint venture, Shunya.ai brings together voice, text, and image intelligence in 9-plus Indian languages, built, trained, and hosted entirely within India. The platform is set to reach over 1 lakh MSMEs within the first year, driving time and cost savings across cataloguing, marketing, fulfilment, and customer engagement workflows,” it said.

Shiprocket launched Shunya.ai to tap into India’s $1 trillion MSME economy and the rapidly growing digital commerce market, which analysts project will reach $350 billion by 2030. Moreover, MSMEs currently contribute over 30% to the nation’s Gross Value Added (GVA), underscoring their vital role in the country’s economic landscape.

Shiprocket has trained Shunya.ai on Indian commerce data, hosted it entirely within the country, and specifically designed it to comply with domestic regulations and business requirements.

To handle its AI workloads while ensuring data sovereignty, the engine utilizes Cloudfiniti—Larsen & Toubro’s GPU-powered infrastructure platform.

Integrated directly into Shiprocket’s seller panel, Shunya.ai offers a suite of AI-driven tools, including bilingual product listings, ad creatives, GST-compliant invoice generation, WhatsApp voice-to-order automation, image-to-alt-text SEO optimization, and personalized sales recommendations.

According to the company, early pilots of the large language model (LLM) have demonstrated a 30–40% reduction in time spent on catalog and content creation, significantly accelerating speed-to-market for MSMEs.

“We’ve adapted Shunya.ai from the ground up for Indian languages, commerce workflows, and MSME needs. By embedding it directly into our platform, we’re giving over 1.5 lakh sellers instant access to tools that are intelligent, local, and scalable, levelling the playing field for businesses across Bharat,” Shiprocket MD and CEO Saahil Goel said.

According to a report released on Friday by Shiprocket in collaboration with KPMG, India’s D2C market—currently home to over 11,000 brands—is projected to reach $100 billion by 2025. Analysts expect the e-retail sector to grow significantly, reaching a market size of $125 billion and attracting 220 million online shoppers by the same year.

The report highlights the rapid growth of quick commerce, which is extending its reach to remote regions and unlocking new opportunities for MSMEs. This expansion is enabling small businesses across India to meet increasing consumer demand for instant delivery.

Spiritual service providers like Iskcon and Hari Bol are already available on ONDC. 

Vama.app, backed by Wavemaker Partners, joins ONDC as both a buyer and seller. This allows them to reach a wider audience by offering their services through ONDC’s network.

Manu Jain, co-founder of the New Delhi-based startup, says they currently have 400,000 monthly users. Jain aims to double this number using the ONDC platform.

“ONDC has a reach across 3,000 odd apps where Vama’s services can be sold,” Jain said. “The roll out is in a phased manner… We will go live with a few apps first and then move on to other apps,” he said. 

Vama.app, launched in 2020, boasts partnerships with over 250 temples. The platform also boasts a network of more than 300 astrologers for consultations.

Interest in spiritual and religious apps has skyrocketed recently. Consumers and investors alike are taking notice of this booming market. The pandemic accelerated a shift towards online services, and with a growing population seeking spiritual fulfillment, apps offering spiritual and devotional services have flourished.

T Koshy, managing director and chief executive of ONDC, said the network aims to become “a one-stop shop where users can avail services for everyday needs right from commerce to spiritual.” 

The Open Network for Digital Commerce (ONDC) has reported a significant surge in orders for July. The platform processed 12 million orders, peaking at approximately 430,000 daily transactions. Notably, the mobility sector accounted for 4.4 million of these orders.

ONDC’s network has expanded rapidly, encompassing 630,000 sellers and service providers across 600 cities. The platform’s delivery reach extends to 1,200 cities nationwide.

Initially designed to assist local retailers in handling delivery orders through phone calls and WhatsApp, the Kiko app now seeks to reach a wider customer audience by joining the ONDC network, offering more options for buyers.

“We are gradually onboarding our list of retailers onto the ONDC network due to the overwhelming surge in orders. Some sellers are already receiving 20-25 orders daily without running promotions. Orders are growing at over 100% week on week, leading us to scale our operations and support teams, too. Our sellers maintain a near 100% fill rate and successful delivery rate, a trend we aim to sustain during our expansion,” said Kiko’s founder, Alok Chawla. 

Merchants using the Kiko app can explore and accept orders from a large group of potential customers through the ONDC network. The Kiko seller app provides integrated payment and hyperlocal logistics solutions to registered retailers. The company plans to assist more than 50,000 new sellers, especially those venturing online for the first time, in joining the network in the coming quarters.

Hindustan Unilever Limited (HUL) announced in November its commitment to onboard approximately 1.3 million kirana stores on ONDC, supporting them in competing with e-commerce and fast-service grocery retailers.

“We are delighted to witness Kiko’s remarkable growth on ONDC. We strive to create a transparent ecommerce ecosystem with equal opportunities for all and Kiko’s success adds to the vibrancy and success of our Network,” said ONDC MD and CEO T Koshy. 

Kiko Live is backed by early-stage investors, including 9 Unicorns, Venture Catalysts, SOSV, and GSF, and angel investors, such as the CEOs of Indiamart, Spotify India, and Nazara.