Retail-tech firms eye India’s Rs 215 trillion retail opportunity, resurfacing a December 2025 outlook
Eternal, Nykaa, Delhivery and IndiaMART are positioned around India’s expanding retail market, projected to reach Rs 210–215 trillion by 2035. The resurfaced December 2025 update highlighted Eternal’s quick-commerce breakeven, Nykaa’s store and rapid-delivery expansion, and rising Delhivery parcel volumes from Q3 FY26.
What happened
Eternal (formerly Zomato) · India’s retail-tech leaders Eternal, Nykaa, Delhivery and IndiaMART are positioned for a retail market projected to reach Rs 210-215
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%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- Nykaa total stores: 276 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%
- Delhivery express-parcel volumes: 295 million shipments, up 43% YoY
Why this matters
The market’s projected scale-up raises the strategic value of acquisitions and partnerships in logistics, rapid delivery, merchant enablement and offline retail networks.