India's retail market to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART in focus
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. Four retail-tech enablers stand out, led by Eternal (Zomato), whose Q3 FY26 revenue jumped 201.9% YoY to Rs 16,315 crore with net profit up 102.9% and quick commerce nearing breakeven.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Article highlights four retail-tech enablers—Eternal/Zomato,
Key facts
- Rs 210-215 trillion retail 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 up 13.5% YoY
Why this matters
A Rs 215 trillion retail market by 2035 with four dominant tech enablers frames the M&A and partnership landscape—target logistics (Delhivery), B2B marketplaces (IndiaMART), and beauty verticals (Nykaa) before consolidation accelerates.
What to watch
- Eternal Q4 FY26 results and explicit q-commerce profit disclosure
- New dark-store expansion or capex guidance across players
- Swiggy/Zepto funding rounds or IPO signals
- Regulatory moves on quick-commerce (FDI, labor, dark-store zoning)
- Consumer spending / discretionary demand data for India
- Track Eternal q-commerce EBITDA trajectory into Q4 FY26 for breakeven confirmation
- Position for volatility around competitor funding announcements (Zepto, Swiggy Instamart)
- Monitor Nykaa margin and Delhivery volume prints as sector-sentiment reads
- Watch for BCG-RAI TAM narrative being cited in fresh equity/debt raises