Eternal, Nykaa and Delhivery gain as India retail market targets ₹215 trillion by 2035
Retail-tech firms reported Q3 FY26 growth as India’s retail market is projected to more than double from ₹90–95 trillion in 2025. Eternal added 200-plus net stores and reached quick-commerce breakeven, while Nykaa expanded to 276 stores across 94 cities.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035, supporting retail-tech demand. Eternal, Nykaa and Delhivery reported
Key facts
- India retail market projected at Rs 210-215 trillion by 2035 versus Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue Rs 16,315 crore, up 201.9% YoY; net profit Rs 102 crore, up 102.9%
- Eternal added over 200 net stores; quick-commerce reached breakeven
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18%
Why this matters
The sector’s expansion favors acquisitions or partnerships that add last-mile logistics, localized store networks and high-frequency consumer categories to build omnichannel scale faster.