India retail market seen reaching Rs 210–215 trillion by 2035 as retail-tech firms scale (resurfacing a December 2025 report)
Resurfacing a December 2025 Financial Express report that highlights Eternal, Nykaa, Delhivery and IndiaMART as retail-tech enablers. Eternal reported Q3 FY26 revenue of Rs 16,315 crore, while Nykaa added 11 stores to reach 276 across 94 cities and expanded its B2B reach to more than 4.8 lakh retailers.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210–215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
Key facts
- India retail market projected at Rs 210–215 trillion by 2035, from 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%
- Eternal added over 200 net stores; quick-commerce reached breakeven
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%; net profit Rs 68 crore, up 156%; gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores, reaching 276 stores in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services 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
Retail-tech enablers with distribution networks, merchant data and B2B capabilities are becoming attractive partnership or acquisition targets as India’s retail ecosystem scales.
What to watch
- Quarterly growth in GMV, order frequency, take rates and contribution margins at major retail-tech platforms.
- Nykaa store productivity, B2B retailer additions and beauty-category private-label share.
- Eternal's food delivery, quick-commerce and adjacent-business profitability trajectory.
- Delhivery shipment growth, utilization, pricing discipline and ecommerce-client concentration.
- IndiaMART paid-supplier growth, renewal rates and SME demand conditions.
- Organized retail and ecommerce share of total Indian retail sales, especially outside top metros.
- Consumer discretionary spending, inflation, employment trends and rural demand recovery.
- Policy changes affecting ecommerce competition, marketplace practices, data use, delivery labor or digital lending.
- Funding availability and M&A activity among quick-commerce, D2C, logistics and merchant-software companies.
- Increase investment in merchant-facing infrastructure: inventory software, B2B ordering, embedded credit, fulfillment and data tools that make retailers harder to disintermediate.
- Prioritize profitable city clusters over national reach; offline expansion will increasingly be judged on store-level payback and supply-chain density.
- Build hybrid distribution models in which digital platforms supply neighborhood retailers rather than only competing with them.
- Use first-party customer and transaction data to improve assortment, private-label development, ad monetization and personalized promotions.
- Prepare for consolidation as subscale D2C brands, logistics operators and retail-tech vendors seek strategic buyers or partnerships.