India's retail market to hit Rs 215 trillion by 2035; Zomato, Nykaa among 4 tech plays to watch
A BCG-RAI report projects India's retail market more than doubling to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Retail-tech enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART are flagged as key beneficiaries, with Zomato posting Q3 FY26 revenue up 201.9% YoY to Rs 16,315 crore.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Article spotlights four retail-tech enablers—Eternal/Zomato,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- revenue +201.9% YoY to Rs 16,315 crore
- net profit +102.9% YoY to Rs 102 crore
- 200+ net stores added
- share price up 13.5%
Why this matters
The projected retail-market doubling and rise of platform enablers create fertile ground for M&A and partnerships across logistics, e-commerce and B2B marketplaces to lock in exposure early.
What to watch
- Zomato/Eternal next-quarter margin and take-rate trajectory versus revenue growth
- Nykaa and Delhivery profitability inflection or continued burn
- Quick-commerce competitive intensity and discounting signals
- FII flow data into Indian consumer/retail-tech names
- Follow-on brokerage TAM validations or contrarian downgrades
- Sell-side analysts issue TAM-anchored upgrades and raise price targets on the four named enablers
- Retail investors and thematic funds increase allocation to India retail-tech basket
- Incumbents (Reliance Retail, Amazon India, Flipkart) accelerate capex and quick-commerce expansion to defend share
- Named companies lean into the BCG narrative in investor calls and guidance framing