Eternal, Nykaa lead retail-tech pack as India's market eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market more than doubling to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Four enablers stand out: Eternal's revenue jumped 201.9% YoY to Rs 16,315 cr, while Nykaa posted 27% revenue growth and a 156% profit surge to Rs 68 cr, backed by 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis spotlights four retail-tech enablers — Eternal, Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal revenue +201.9% YoY to Rs 16,315 cr
- Eternal net profit +102.9% YoY to Rs 102 cr
- Eternal shares +13.5% 1Y
- Nykaa revenue +27% YoY to Rs 2,873 cr
- Nykaa net profit +156% to Rs 68 cr
- Nykaa gross margin 45.2%
- Nykaa 276 stores across 94 cities
- Nykaa B2B 4.8 lakh retailers in 1,100 cities
- Nykaa shares +31.7% 1Y
Why this matters
The BCG-RAI projection of a Rs 215 trillion market by 2035 plus proven scale leaders like Eternal and Nykaa make India's retail-tech category ripe for partnership, roll-up, and category-expansion plays now.
What to watch
- Quarterly contribution margin and adjusted EBITDA trajectory vs revenue growth
- Quick-commerce GOV growth and dark-store breakeven timelines
- Reliance/Amazon/Flipkart quick-commerce capex announcements
- Nykaa same-store sales and store-economics disclosure
- Customer acquisition cost trends and discount intensity
- Eternal accelerates Blinkit dark-store count and grocery SKU expansion to defend quick-commerce lead
- Nykaa pushes physical-store rollout beyond 276 outlets into tier-2/3 cities to capture beauty/fashion offline demand
- Both firms lean into private-label and ad-monetization to lift blended margins
- Sell-side upgrades framing the Rs 215T TAM as multi-year compounding runway