Eternal, Nykaa lead retail-tech pack as India's market races toward Rs 215 trillion by 2035
A BCG-RAI report pegs India's retail market at Rs 215 trillion by 2035, nearly doubling from Rs 90-95 trillion in 2025. Four enablers—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—posted strong Q3 FY26 results, with Eternal's revenue up 201.9% YoY and Nykaa net profit surging 156%.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article audits four retail-tech enablers—Eternal (Zomato), Nykaa,
Key facts
- Rs 215 trillion by 2035
- Rs 90-95 trillion 2025
- Eternal revenue Rs 16,315 cr +201.9% YoY
- Eternal net profit Rs 102 cr +102.9%
- Nykaa revenue Rs 2,873 cr +27% YoY
- Nykaa net profit Rs 68 cr +156%
- Nykaa 276 stores in 94 cities
- Eternal +13.5%, Nykaa +31.7% share price
Why this matters
The BCG-RAI projection of a near-doubling retail market by 2035 makes enablers like Delhivery and IndiaMART attractive targets to build integrated logistics-and-marketplace platforms ahead of the growth wave.
What to watch
- Q4 FY26 guidance on quick-commerce EBITDA breakeven timelines
- Cash burn and store-addition pace disclosures from Blinkit/Instamart
- New entrant announcements in beauty and quick-commerce verticals
- FII/DII flow data into consumer-tech basket
- Any downward revision to BCG-RAI Rs 215T TAM assumptions or discretionary-spend slowdown signals
- Rotate into profitable-growth names (Nykaa, IndiaMART) as tactical hedge against burn-driven de-rating in quick-commerce
- Trim into strength on Nykaa's +31.7% and Eternal's +13.5% pops; book partial gains ahead of next earnings
- Watch Delhivery as a logistics-picks-and-shovels beneficiary of overall retail-tech volume growth
- Model quick-commerce contribution margins and dark-store payback periods before adding to Eternal