India's retail market to hit Rs 215 trillion by 2035; Zomato, Nykaa lead tech enablers
A BCG-RAI report projects India's retail market surging from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four retail-tech plays—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—are positioned as enablers, with Eternal posting 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 hitting Rs 215 trillion by 2035. Piece analyzes four retail-tech enablers—Zomato/Eternal,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- revenue up 201.9% YoY to Rs 16,315 crore
- net profit up 102.9% YoY to Rs 102 crore
- 200+ net stores added
- share price up 13.5%
Why this matters
The four named enablers spanning food delivery, beauty, logistics, and B2B commerce map the strategic partnership and acquisition surface for anyone seeking exposure to India's Rs 215 trillion retail buildout.
What to watch
- Eternal Q4 FY26 print confirming sustained quick-commerce breakeven vs. one-off
- Take-rate and contribution-margin disclosures across all four enablers
- Any regulatory action on dark-store labor, FDI, or predatory pricing
- Discount-war signals (marketing spend re-acceleration) indicating renewed burn
- New category launches encroaching on adjacent players' verticals
- Eternal to raise capex on dark-store density and expand quick commerce SKU breadth into higher-margin categories
- Nykaa to defend beauty vertical via faster delivery partnerships or its own quick-commerce layer
- Delhivery to court quick-commerce fulfillment contracts and press asset utilization
- Institutional capital rotates toward proven-profitability retail-tech, tightening funding for unprofitable clones
- Incumbent kiranas and offline retailers accelerate digital onboarding via IndiaMART/aggregators