Eternal, Nykaa lead retail-tech watchlist as India's market races toward Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market doubling to Rs 215 trillion by 2035 from Rs 90-95 trillion in 2025. Four retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery and IndiaMART—stand out, with Eternal posting Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, and quick commerce hitting breakeven.
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
- Revenue Rs 16,315 crore up 201.9% YoY
- Net profit Rs 102 crore up 102.9% YoY
- 200 net stores added
- share price up 13.5%
Why this matters
The BCG-RAI trajectory toward Rs 215 trillion frames a decade-long consolidation window in retail-tech enablement, making early positioning in logistics, beauty, and B2B verticals a strategic priority before valuations reprice on breakeven milestones.
What to watch
- Eternal next-quarter q-commerce contribution margin trend
- New entrant/incumbent capex announcements in quick commerce
- Nykaa and Delhivery profitability inflection signals
- Any regulatory scrutiny on q-commerce dark-store labor/zoning
- Funding rounds or discount escalation among competitors
- Track Blinkit dark-store count and take-rate guidance for margin durability
- Watch peer earnings (Nykaa, Delhivery, IndiaMART) for read-through confirmation
- Monitor sell-side target upgrades post-breakeven print
- Assess whether 201.9% growth is organic vs consolidation-adjusted