India retail to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART flagged as enablers
A BCG-RAI report projects India's retail market roughly doubling from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four retail-tech plays are highlighted, led by Eternal (Zomato), whose Q3 FY26 revenue rose 201.9% YoY to Rs 16,315 crore as quick commerce approached breakeven with contribution margin up 90bps.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035, driven by supply chains and platforms. Analysis highlights
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- Q3 FY26 revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- quick commerce contribution margin +90bps
- EBITDA margin +130bps sequentially
- 200+ net stores added
- share up 13.5% over past year
Why this matters
With India retail set to double by 2035 and enablers like Nykaa, Delhivery, and IndiaMART flagged alongside Eternal, screen these platforms for partnership or acquisition entry points now.
What to watch
- Eternal quick-commerce group-level PAT turning consistently positive
- Contribution margin trajectory over next 2 quarters (sustained vs one-off)
- Gig-worker regulation and dark-store zoning announcements
- Competitor GOV/take-rate disclosures signaling discount wars
- Follow-on equity raises or new retail-tech IPO filings
- Eternal to accelerate dark-store additions and push private-label mix to defend margin gains
- Peer enablers (Nykaa, Delhivery, IndiaMART) to cite the BCG TAM in investor decks and guidance upgrades
- Rivals to counter with fresh capital raises and selective price aggression in top metros
- Analysts to revise sector coverage upward, anchoring to the Rs 215T 2035 figure