India retail market seen reaching Rs 210–215 trillion by 2035, resurfacing a January 2026 retail-tech watchlist
Financial Express flags Eternal, Nykaa, Delhivery and IndiaMART as retail-tech enablers, resurfacing a late-January 2026 projection that India’s retail market will grow from Rs 90–95 trillion in 2025 to Rs 210–215 trillion by 2035. Q3 FY26 results underline momentum in quick commerce, beauty retail and logistics.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. The report highlights Eternal, Nykaa, Delhivery and IndiaMART as
Key facts
- India retail market projected at Rs 210-215 trillion by 2035 versus Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue Rs 16,315 crore, up 201.9% YoY; net profit Rs 102 crore, up 102.9%; added over 200 net stores
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%; 276 stores across 94 cities; B2B serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 service revenue about Rs 2,798 crore, up 18%; net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The market’s expansion creates acquisition and partnership opportunities across quick commerce, beauty, B2B distribution, logistics technology and store-digitisation platforms.
What to watch
- Quick-commerce order-frequency growth, average order value, dark-store maturity and contribution-margin disclosures.
- Beauty category GMV growth, offline-store payback, premiumization and advertising revenue mix.
- E-commerce parcel-volume growth, logistics yield per shipment, network utilization and fuel-cost pass-through.
- B2B merchant additions, paid-supplier renewals, transaction/credit-product adoption and SME demand trends.
- Retail inflation, disposable-income growth, consumer-credit conditions and competitive pricing intensity.
- Policy changes affecting e-commerce, gig-worker costs, data rules, FDI or marketplace compliance.
- Eternal and peers are likely to prioritize dark-store density, higher basket sizes, advertising monetization and private-label mix over headline order growth.
- Nykaa and beauty retailers may add offline stores and premium-brand partnerships, using omnichannel inventory to improve repeat purchase and gross margins.
- Delhivery and other logistics providers may invest in automation, regional sorting capacity and SME fulfilment as shipment volumes rise.
- IndiaMART and B2B platforms may deepen payments, credit, procurement software and verified-supplier tools to raise merchant retention and take rates.
- Investors will increasingly separate companies with contribution-margin improvement and repeat-demand evidence from those reliant on promotional spend.