Retail-tech players eye India’s Rs 210–215 trillion retail opportunity by 2035
India’s retail market is projected to grow from Rs 90–95 trillion in 2025 to Rs 210–215 trillion by 2035. Eternal, Nykaa and Delhivery reported Q3 FY26 growth, with Nykaa expanding to 276 stores and its B2B platform serving more than 4.8 lakh retailers.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035, supporting retail-tech enablers. Eternal reached quick-commerce
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
- Eternal share price up 13.5% in past year
- Nykaa Q3 FY26 revenue Rs 2,873 crore, up 27%
- Nykaa Q3 FY26 net profit Rs 68 crore, up 156%
- Nykaa gross margin 45.2%; EBITDA margin 8.0%
- Nykaa added 11 stores to reach 276 stores in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers across 1,100 cities
- Delhivery Q3 FY26 services revenue about Rs 2,798 crore, up 18% YoY
- Delhivery net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Pursue partnerships or acquisitions in last-mile logistics, beauty retail enablement and kirana-focused SaaS to build defensible access to India’s expanding retail base.
What to watch
- Quarterly order growth, average order values and contribution-margin trends at quick-commerce and logistics platforms.
- Nykaa store productivity, online-to-offline customer repeat rates and growth in its B2B retailer base.
- Delhivery shipment volumes, express-margin recovery and utilization of logistics capacity.
- Expansion pace of dark stores, delivery-fee changes and promotional intensity among quick-commerce competitors.
- Consumer discretionary-spending indicators, especially beauty, fashion, electronics and urban convenience categories.
- Policy developments affecting gig workers, e-commerce discounting, data use, urban warehousing and last-mile mobility.
- Prioritize merchant ecosystems that combine payments, inventory software, fulfillment and retail-media monetization rather than relying on transaction commissions alone.
- Expand omnichannel store formats selectively in high-density catchments, using stores as fulfillment, returns and customer-acquisition nodes.
- Build B2B retailer tools around replenishment forecasting, credit, assortment intelligence and last-mile access to improve retailer retention.
- Prepare for platform consolidation through partnerships or acquisitions in logistics, dark-store operations, seller enablement and retail analytics.
- Track contribution margin by city and category as quick-commerce expansion shifts from growth-led to efficiency-led competition.