Retail-tech enablers ride India's Rs 215 trillion market bet; Eternal, Nykaa post strong Q3 FY26
A BCG-RAI report projects India's retail market will roughly double to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Four listed enablers stand out: Eternal (Zomato) with revenue up 201.9% YoY to Rs 16,315 cr, Nykaa revenue up 27% to Rs 2,873 cr with net profit up 156%, plus Delhivery and IndiaMART.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech enablers: Eternal (Zomato), Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue Rs 16,315 cr +201.9% YoY
- Eternal net profit Rs 102 cr +102.9%
- Eternal +200 net stores
- Nykaa revenue Rs 2,873 cr +27% YoY
- Nykaa net profit Rs 68 cr +156%
- Nykaa 276 stores across 94 cities
- Nykaa gross margin 45.2%
- Nykaa B2B 4.8 lakh retailers across 1,100 cities
Why this matters
The Rs 90-95 tn to Rs 210-215 tn market expansion creates a decade-long M&A and partnership runway across quick-commerce, beauty retail, logistics, and B2B marketplaces where enablers are consolidating platform advantages.