Eternal, Nykaa lead retail-tech surge as India's market eyes Rs 215 trillion by 2035
A BCG-RAI report 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, with 200+ net new stores. Nykaa's revenue rose 27% to Rs 2,873 crore and net profit jumped 156% to Rs 68 crore, backed by a 45.2% gross margin and 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Four retail-tech enablers highlighted: Eternal (Zomato) and Nykaa
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- Eternal net profit Rs 102 crore up 102.9%
- Eternal added 200+ net stores
- Eternal shares up 13.5% YoY
- Nykaa revenue Rs 2,873 crore up 27%
- Nykaa net profit Rs 68 crore up 156%
- Nykaa gross margin 45.2%
- Nykaa EBITDA margin 8.0%
- Nykaa 276 stores across 94 cities
- Nykaa shares up 31.7% YoY
Why this matters
The four tech enablers flagged in the BCG-RAI report point to consolidation and partnership opportunities as retail-tech platforms race to capture the projected 2035 market.
What to watch
- Eternal consolidated EBITDA turning positive or deteriorating vs guidance
- Nykaa same-store sales and repeat-customer metrics
- Quick-commerce dark-store count and delivery-cost trends across players
- Discretionary consumption / urban demand indicators in India
- Follow-on funding rounds or IPO filings in Indian retail-tech
- Track Eternal/Blinkit store-addition cadence and per-order contribution margin quarter over quarter
- Watch Nykaa gross-margin durability as it scales physical stores into tier-2/3 cities
- Monitor competitor capital raises (Zepto, Swiggy Instamart) and their burn disclosures
- Position for divergence: overweight margin-led omnichannel, underweight pure-GMV burn stories
- Scan for new PE/strategic entries citing the BCG Rs215tn TAM