India retail to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART tipped as tech enablers

A BCG-RAI report projects India's retail market more than doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035, shifting value toward tech platforms. Eternal (Zomato) posted revenue of Rs 16,315 crore (+201.9% YoY) with quick commerce reaching breakeven in Q3 FY26.

— FiledSun, 5 Jul, 2026, 08:02 IST·First seen Sun, 5 Jul, 2026, 08:01 IST·Source Financial Express · BrandWagon

What happened

Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035, shifting value toward tech platforms. Analysis highlights four

Key facts

  • Rs 210-215 trillion by 2035
  • Rs 90-95 trillion in 2025
  • revenue Rs 16,315 crore (+201.9% YoY)
  • net profit Rs 102 crore (+102.9% YoY)
  • 200+ net stores added
  • share price up 13.5%

Why this matters

The tech-enablement land grab in a Rs 215 trillion market makes logistics, beauty, and B2B marketplace assets prime acquisition or partnership targets before consolidation accelerates.

What to watch

  • Eternal Q4 FY26 results confirming sustained quick-commerce profitability
  • New RBI/DPIIT rules on inventory-based e-commerce or dark stores
  • Consumer demand indicators (GST collections, discretionary spend, rural wages)
  • Fresh mega funding or IPO filings among quick-commerce players
  • Any margin warnings signaling a return to discount wars
  • Track Eternal's post-breakeven capex guidance and whether quick-commerce margins hold across seasons
  • Watch Nykaa and IndiaMART for guidance revisions citing the BCG TAM narrative
  • Monitor Delhivery volume growth as a proxy for e-commerce order flow
  • Expect competitor funding rounds and dark-store expansion announcements within 1-2 quarters
  • Look for analyst re-rating of listed retail-tech names on the doubling thesis

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