Eternal, Nykaa lead retail-tech watchlist as India market eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market roughly doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four enablers—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—are flagged as beneficiaries. Eternal's Q3 FY26 revenue rose 201.9% YoY to Rs 16,315 crore with quick commerce nearing breakeven and 200+ net stores added.
What happened
Zomato (Eternal) · India's retail market projected to hit Rs 215 trillion by 2035, per BCG-RAI report. Article profiles four retail-tech enablers—Eternal
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- revenue up 201.9% YoY to Rs 16,315 crore
- net profit up 102.9% YoY to Rs 102 crore
- quick commerce contribution margin +90bps
- EBITDA margin +130bps
- 200+ net stores added
- share price up 13.5%
What to watch
- Quick-commerce segment turning GAAP-positive vs slipping back to loss
- Net store additions decelerating below ~150/quarter
- Take-rate or delivery-fee changes signaling pricing power or pressure
- Sector-wide multiple expansion untethered from earnings
- New capital raises or aggressive dark-store buildout by rivals
- Track Eternal store-add cadence and per-store contribution margin next quarter
- Watch competitor pricing/subsidy response in quick commerce
- Monitor whether Nykaa, Delhivery, IndiaMART post confirming margin/volume prints
- Assess capex guidance vs breakeven timeline for signs of reinvestment pivot