Eternal, Nykaa, Delhivery, IndiaMART flagged as India's retail market races toward Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market more than doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035, powered by supply chains and platforms. Four retail-tech enablers are spotlighted, led by Eternal, whose Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore as quick commerce hit breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035, driven by supply chains and platforms. Analysis spotlights
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore (+201.9% YoY)
- net profit Rs 102 crore (+102.9% YoY)
- 90 bps contribution margin expansion
- 130 bps EBITDA margin improvement
- 200+ net stores added
- share price up 13.5%
Why this matters
The BCG-RAI supply-chain-and-platform thesis signals that retail-tech enablers are the strategic acquisition targets, with Delhivery and IndiaMART offering logistics and B2B distribution assets to bolt onto a consumer-facing platform.
What to watch
- Eternal Q4 FY26 print: whether quick-commerce sustains breakeven or slips on reinvestment
- Zepto/Swiggy Instamart funding rounds or IPO signals
- Quick-commerce order-frequency and AOV trends indicating category maturity
- Take-rate and retention disclosures from Nykaa and IndiaMART
- Any regulatory scrutiny on quick-commerce labor or dark-store zoning
- Eternal reinvests breakeven headroom into ad-tech and private label to lock margin gains before rivals respond
- Competitors escalate dark-store capex and promotional intensity to defend share
- Institutional re-rating of listed retail-tech names on the BCG-RAI Rs 215T narrative
- Delhivery and logistics players position as supply-chain backbone for quick-commerce expansion into tier-2/3 cities