Eternal, Nykaa lead retail-tech growth as India’s market eyes Rs 215 trillion by 2035
Eternal’s Q3 FY26 revenue rose 201.9% year on year to Rs 16,315 crore as quick commerce reached breakeven and added 200-plus net stores. Nykaa posted 27% revenue growth, expanded to 276 stores and deepened rapid delivery and B2B reach.
What happened
Eternal (formerly Zomato) · Eternal, Nykaa, Delhivery and IndiaMART are highlighted as Indian retail-tech plays as the retail market is projected to reach Rs
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
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Eternal added more than 200 net stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa added 11 stores to reach 276 stores in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 service revenue: about Rs 2,798 crore, up 18% YoY
Why this matters
As India’s retail market scales toward Rs 215 trillion by 2035, Eternal and Nykaa’s push into rapid delivery, physical stores and B2B creates partnership and acquisition opportunities in logistics, merchant enablement and omnichannel infrastructure.
What to watch
- Eternal's quick-commerce contribution margin, EBITDA trajectory and cash burn per new store
- Net store additions versus order growth and average order value for Eternal
- Discount intensity, delivery-fee changes and competitor expansion by Blinkit, Zepto, Swiggy Instamart and large-format retailers
- Nykaa's online versus offline growth, gross margin, inventory days and B2B revenue mix
- Private-label penetration and advertising revenue as indicators of monetization quality
- Regulatory developments affecting dark stores, gig-worker costs, urban zoning, food delivery and data practices
- Eternal is likely to prioritize dark-store density in top cities, expand assortment beyond grocery and increase monetization through ads, subscriptions and private labels.
- Nykaa is likely to add selective stores in underserved premium catchments while using outlets as local fulfillment nodes for same-day delivery.
- Rivals will accelerate partnerships with consumer brands, exclusive launches and private-label programs to secure supply and protect gross margins.
- Retail landlords and logistics providers may see stronger demand for small urban warehousing, neighborhood fulfillment sites and high-footfall experiential retail locations.