Flipkart Dominates India's E-commerce Market with Estimated 60% Gross Merchandise Value Share and 220 Million Users, ICICI Securities Finds

Flipkart Dominates India's E-commerce Market with Strong Positioning and Logistics Infrastructure

Walmart-owned Flipkart continues to maintain its lead in India's e-commerce market, with an estimated 50-60 percent gross merchandise value (GMV) share and 220-240 million monthly active users, according to a recent ICICI Securities report. The report highlights Flipkart's strong positioning in high-value categories such as smartphones, appliances, and electronics, alongside deeper penetration across Tier-II and smaller cities.

Flipkart's category mix is dominated by electronics and smartphones, accounting for nearly 63-64 percent of the platform's sales. This has helped Flipkart benefit from higher average selling prices compared with rivals focused more heavily on low-ticket segments.

Comparison of E-commerce Players in India's Market

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The ICICI Securities report comes at a time when Flipkart has deferred its plans to go public and is instead prioritising profitability. As part of this strategy, Walmart has internally asked Flipkart to target EBITDA breakeven by the end of FY27 before pursuing an IPO or any external fundraising.

The broader competitive intensity in India's e-commerce market is also rising sharply, particularly as Amazon accelerates investments across logistics and quick-commerce infrastructure. Last month, Amazon announced a fresh Rs 2,800-crore investment to expand its operations network in India, including scaling its quick-commerce footprint and fulfilment infrastructure. Amazon is also rapidly expanding its quick-commerce service Amazon Now and plans to scale the business aggressively across cities and micro-fulfilment centres.

ICICI Securities also highlighted Flipkart's logistics infrastructure as a key competitive advantage. The platform services around 19,000 pin codes across India and fulfils nearly 90 percent of orders through its in-house logistics arm eKart, while relying on third-party logistics providers for remote and marketplace deliveries. 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.

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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, according to the report.