India retail market seen reaching ₹210–215 trillion by 2035 as retail-tech firms scale
Financial Express spotlights Eternal, Nykaa, Delhivery and IndiaMART as beneficiaries of India’s expanding retail market. Q3 FY26 results showed rapid revenue and shipment growth, while Nykaa continued expanding its store and B2B networks.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART illustrate the growing
Key facts
- India retail market projected at Rs 210-215 trillion by 2035
- India retail market estimated at Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue: Rs 16,315 crore, up 201.9% YoY
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Eternal added more than 200 net stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156%
- Nykaa total stores: 276 across 94 cities
- Nykaa B2B platform: over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18%
- Delhivery express-parcel volumes: 295 million shipments, up 43%
Why this matters
The expanding Indian retail opportunity makes partnerships or acquisitions in logistics, merchant enablement, B2B distribution and omnichannel technology increasingly strategic.
What to watch
- Quarterly growth in retail GMV, orders, shipments and active transacting customers versus revenue growth.
- Contribution-margin trends in quick commerce, last-mile delivery and marketplace fulfillment.
- India urban consumption, real-wage growth, food inflation and discretionary categories such as beauty, fashion and electronics.
- Share of digital payments, e-commerce penetration in tier-2/3 cities and offline-store productivity.
- Logistics pricing, fuel costs, warehouse rents and delivery-partner availability.
- New rules covering gig workers, marketplace practices, ONDC, data privacy, foreign investment or e-commerce discounting.
- Competitive intensity from Amazon, Flipkart, Reliance, Tata, Meesho, Zepto, Blinkit and Swiggy Instamart.
- Increase investment in fulfillment automation, regional warehouses and route-density initiatives, especially in tier-2 and tier-3 cities.
- Expand omnichannel retail formats: Nykaa-style experiential stores, assisted commerce and integrated loyalty programs become more important as online acquisition costs rise.
- Pursue B2B digitization through credit, procurement software, seller services and embedded logistics, creating higher-retention revenue beyond transaction commissions.
- Use consolidation selectively: well-capitalized platforms may acquire niche brands, local logistics capacity, seller-enablement tools or specialized distribution networks.
- Shift investor messaging from top-line growth toward contribution margin, repeat rates, shipment economics and return-on-capital discipline.