India’s retail market could reach Rs 215 trillion by 2035, resurfacing a projection lifting retail-tech growth bets
Resurfacing a Financial Express analysis from around December 2025 that flags Eternal, Nykaa, Delhivery and IndiaMART as potential beneficiaries as India’s retail market is projected to grow from Rs 90–95 trillion in 2025 to Rs 210–215 trillion by 2035.
What happened
Eternal (formerly Zomato) · India’s retail market could more than double to Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted
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
- Eternal Q3 FY26 net profit: Rs 102 crore, up 102.9% YoY
- Eternal added over 200 net stores
- Nykaa Q3 FY26 revenue: Rs 2,873 crore, up 27% YoY
- Nykaa Q3 FY26 net profit: Rs 68 crore, up 156% YoY
- Nykaa added 11 stores, reaching 276 stores across 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 services revenue: about Rs 2,798 crore, up 18% YoY
- Delhivery net profit: about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
The expanding retail market raises the strategic value of acquisitions and partnerships in fulfillment, merchant software, beauty retail and last-mile infrastructure that deepen platform ecosystems.
What to watch
- India retail-sales growth sustaining a high-single- to low-double-digit annual pace versus the Rs 210-215 trillion 2035 projection.
- Same-store sales trends, new-store payback disclosures and EBITDA margins at Nykaa and Eternal.
- Quick-commerce expansion, discount intensity and delivery-fee changes in major metros.
- Delhivery shipment-volume growth, utilization metrics, B2B mix and adjusted EBITDA trajectory.
- IndiaMART paying-supplier additions, ARPU, buyer inquiries and renewal rates.
- Commercial-rent inflation, warehousing costs, labor availability and last-mile delivery costs.
- Consumer discretionary demand in beauty, fashion, food service and electronics, especially outside top metros.
- Policy changes affecting e-commerce marketplaces, data use, gig workers, FDI or GST compliance.
- Track store productivity rather than store counts: same-store sales, payback periods, sales per square foot and city-level profitability.
- Watch whether Nykaa converts its physical footprint into higher beauty-category repeat rates, premium-brand exclusivity and lower online acquisition costs.
- Monitor Eternal's new-store cohorts for contribution-margin improvement and evidence that expansion strengthens its ecosystem rather than merely adding fixed costs.
- Assess Delhivery's ability to convert retail volume growth into better network utilization, lower cost per shipment and a larger share of high-margin value-added services.
- Follow IndiaMART's paid-supplier growth, buyer conversion and transaction-enablement products as MSMEs digitize procurement.
- Expect consolidation and partnerships among retailers, logistics providers, payments firms and store-tech vendors as national brands seek omnichannel capabilities.