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, up from Rs 90-95 trillion in 2025. Four retail-tech enablers—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—posted strong Q3 FY26 results, led by Eternal's revenue of Rs 16,315 crore (+201.9% YoY) and Nykaa's Rs 2,873 crore (+27%).
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis highlights four retail-tech enablers—Eternal (Zomato),
Key facts
- Rs 215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9%
- Nykaa revenue Rs 2,873 crore +27% YoY
- Nykaa net profit Rs 68 crore +156%
- Nykaa 276 stores across 94 cities
Why this matters
The Rs 90-95 trillion to Rs 215 trillion trajectory validates aggressive M&A and partnership moves across food delivery, beauty, logistics, and B2B marketplaces before valuations reflect the full decade-long tailwind.
What to watch
- Quick-commerce contribution margin and dark-store payback disclosures in Q4 FY26
- Nykaa BPC vs fashion GMV mix and take-rate trends
- Delhivery volume growth and yield per shipment
- Competitive discounting intensity and customer acquisition cost trends
- Any regulatory scrutiny on quick-commerce labor/gig economy or FDI in retail
- Eternal accelerates Blinkit store additions to defend market share; guides on path to quick-commerce EBITDA breakeven
- Nykaa leans into premiumization and fashion vertical to sustain 25%+ growth and expand contribution margin
- Delhivery pushes express/e-commerce logistics volumes tied to quick-commerce demand tailwind
- Sell-side analysts revise sector TAM models upward citing BCG-RAI Rs 215T projection
- Competitors (Swiggy, Zepto, Reliance) intensify dark-store and pricing pushes