Eternal, Nykaa lead retail-tech pack as resurfaced report pegs India's retail market at Rs 215 trillion by 2035
Resurfacing a late-January 2026 BCG-RAI report that projects India's retail market at Rs 215 trillion by 2035, spotlighting four tech enablers. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore (up 201.9% YoY) and net profit of Rs 102 crore; Nykaa reported Rs 2,873 crore revenue (up 27%) with profit up 156%, backed by 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech enablers: Eternal (Zomato), Nykaa,
Key facts
- Rs 215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore up 102.9% YoY
- Nykaa revenue Rs 2,873 crore up 27% YoY
- Nykaa net profit Rs 68 crore up 156%
- Nykaa 276 stores across 94 cities
- Delhivery services revenue Rs 2,798 crore up 18%
- Eternal added 200+ net stores
- Nykaa B2B serves 4.8 lakh retailers
Why this matters
The BCG-RAI report's four tech enablers frame the M&A thesis—target adjacencies in logistics, payments, and analytics that let acquirers ride the decade-long Rs 215 trillion expansion rather than compete head-on with Eternal and Nykaa.
What to watch
- Eternal net margin trajectory and quick-commerce contribution margin disclosures
- Swiggy Instamart / Zepto funding rounds and pricing aggression
- Nykaa store-count acceleration and same-store sales metrics
- CCI / DPIIT commentary on quick-commerce FDI and inventory models
- Q4 FY26 guidance and consumption/rural demand indicators
- Model Blinkit dark-store unit economics and path-to-profitability separately from Zomato food-delivery
- Track Nykaa BPC vs fashion segment margin divergence quarter-over-quarter
- Screen ancillary plays: last-mile logistics, warehouse REITs, retail SaaS/personalization vendors
- Reassess sector valuation multiples against the Rs 215T TAM against realistic penetration rates