Four retail-tech stocks in focus as India's market races toward Rs 215 trillion by 2035

A BCG-RAI report projects India's retail market to nearly double to Rs 215 trillion by 2035 from Rs 90-95 trillion in 2025. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART are flagged as beneficiaries, with Eternal posting revenue of Rs 16,315 crore (+201.9% YoY) and quick commerce nearing breakeven.

— FiledMon, 6 Jul, 2026, 05:32 IST·First seen Mon, 6 Jul, 2026, 05:31 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market to hit 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 revenue Rs 16,315 crore (+201.9% YoY)
  • Eternal net profit Rs 102 crore (+102.9% YoY)
  • 200+ net stores added
  • share up 13.5% YoY

Why this matters

A Rs 215 trillion retail market by 2035 with distinct enabler layers—commerce, beauty, logistics, B2B—signals fertile ground for M&A, vertical integration and platform consolidation across the retail-tech stack.

What to watch

  • Eternal/Blinkit quarterly EBITDA turning positive
  • Quick-commerce order-frequency and AOV trends
  • New capital raises or fresh entrants in q-commerce
  • Nykaa and IndiaMART revenue-growth deltas vs Eternal
  • Regulatory or FDI signals affecting online retail
  • Sell-side desks upgrade enabler coverage citing BCG-RAI TAM data
  • Eternal accelerates quick-commerce dark-store expansion to defend margins into breakeven
  • Rotation into logistics (Delhivery) as unified beneficiary of retail volume growth
  • Competitors intensify discounting to protect share ahead of profitability inflection

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