Eternal, Nykaa, Delhivery, IndiaMART in focus as India retail heads to Rs 215 trillion by 2035
A BCG-RAI report pegs India's retail market at Rs 90-95 trillion in 2025, doubling to Rs 210-215 trillion by 2035. Four retail-tech enablers report Q3 FY26 momentum, led by Eternal (Zomato) with Rs 16,315 crore revenue, up 201.9% YoY, and net profit of Rs 102 crore as quick commerce hit breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Audit of four retail-tech enablers—Eternal (Zomato), Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore
- revenue up 201.9% YoY
- net profit Rs 102 crore
- profit up 102.9% YoY
- 200+ net stores added
- share up 13.5% over past year
Why this matters
The Rs 215 trillion 2035 TAM and enabler consolidation across quick commerce, beauty, logistics, and B2B marketplaces create a window to acquire category-specific capabilities before winners lock in fulfillment and take-rate advantages.
What to watch
- Q4 FY26 QC contribution margin and dark-store expansion pace
- New capital raises or aggressive pricing by Zepto/Swiggy Instamart
- Nykaa BPC vs fashion margin split; Delhivery volume growth
- Regulatory noise on quick-commerce labor/inventory models
- Consumption/inflation data validating BCG doubling trajectory
- Rotate into profitable retail-tech names showing operating leverage over pure-GMV growth stories
- Monitor QC take-rate and AOV disclosures across Blinkit/Instamart for margin durability
- Watch Delhivery/IndiaMART for read-through as logistics/B2B enablers of the TAM thesis
- Trim positions exposed to renewed discount competition ahead of festive/quarter guidance