Eternal leads retail-tech watchlist as India’s retail market eyes ₹215 tn by 2035
India’s retail market is projected to grow from an estimated ₹90–95 trillion in 2025 to ₹210–215 trillion by 2035. Financial Express flags Eternal, Nykaa, Delhivery and IndiaMART as retail-tech plays; Eternal reported Q3 FY26 revenue growth of 201.9% year on year.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
Key facts
- India retail market projected at Rs 210-215 trillion by 2035
- India retail market estimated at Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue: Rs 16,315 crore, up 201.9% YoY
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Eternal quick-commerce contribution margin expanded about 90 bps sequentially
- Eternal EBITDA margin improved about 130 bps sequentially
- Eternal added more than 200 net stores
- Going-out business breakeven expected in 4-6 quarters
- Eternal share price rose 13.5% over the past year
Why this matters
Retailers and consumer platforms should evaluate partnerships or acquisitions in last-mile delivery, merchant enablement and online discovery to capture a rapidly expanding Indian retail opportunity.