India retail to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART in focus
A BCG-RAI report projects India's retail market to more than double from Rs 90-95 trillion in 2025 to Rs 215 trillion by 2035. Four retail-tech enablers are spotlighted, led by Eternal (Zomato) with Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore and quick commerce nearing breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis spotlights four retail tech enablers—Eternal (Zomato),
Key facts
- Rs 215 trillion market by 2035
- 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% YoY
- 200+ net stores added
- share price up 13.5%
Why this matters
A doubling retail TAM to Rs 215 trillion by 2035 with four spotlighted retail-tech enablers creates a fertile window for M&A, partnerships, and consolidation across quick commerce, logistics, and B2B marketplaces.
What to watch
- Blinkit/quick-commerce reaching stated breakeven in a reported quarter
- New capital raises or M&A among the four named enablers
- Guidance revisions on take-rates and ad revenue
- Competitor pricing/discount escalation signaling renewed land-grab
- Regulatory scrutiny on quick-commerce dark stores or gig labor
- Track Blinkit contribution-margin trajectory quarter-over-quarter, not just topline growth
- Watch Nykaa and Delhivery for read-through positioning ahead of their own results
- Position for volatility around accounting-basis clarity on the 201.9% figure
- Monitor competitor (Zepto, Swiggy) funding and burn responses