Retail-tech players ride India’s projected Rs 215 trillion retail-market growth, resurfacing a January 2026 outlook
Resurfacing a late-January 2026 report, India’s retail market could reach Rs 210–215 trillion by 2035, versus Rs 90–95 trillion in 2025. Eternal, Nykaa, Delhivery and IndiaMART are positioned as beneficiaries, with Eternal and Nykaa reporting strong Q3 FY26 growth and expanding their physical and distribution networks.
What happened
Eternal (formerly Zomato) · India’s retail market could reach Rs 210-215 trillion by 2035. Eternal, Nykaa, Delhivery and IndiaMART are highlighted as
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 added 11 stores, reaching 276 stores in 94 cities
- Nykaa B2B platform serves over 4.8 lakh retailers in 1,100 cities
- Delhivery Q3 FY26 service revenue about Rs 2,798 crore, up 18%
- Delhivery net profit about Rs 110 crore before integration costs and Rs 40 crore after
Why this matters
Strategic buyers should prioritize partnerships or acquisitions in last-mile logistics, seller enablement and omnichannel commerce infrastructure as retail-tech leaders expand their ecosystems.
What to watch
- Quarterly order growth, GOV/GMV growth, contribution margins and EBITDA progression at Eternal and Nykaa
- Same-store sales, new-store payback periods and evidence that physical outlets increase online repeat purchases
- Quick-commerce average order value, delivery costs, dark-store density and promotional intensity
- India urban consumption indicators, discretionary beauty demand and inflation-adjusted household spending
- Delhivery shipment volumes, realized revenue per shipment and SME/e-commerce client additions
- New regulations on quick-commerce inventory, delivery-worker protections, foreign investment or marketplace practices
- Competitive capacity additions and discounting by Blinkit, Zepto, Swiggy, Amazon, Flipkart and Reliance Retail
- Eternal is likely to continue dense store/dark-store expansion in top cities while using loyalty, food delivery and quick commerce to cross-sell customers.
- Nykaa is likely to prioritize profitable physical expansion, exclusive brand partnerships and faster omnichannel fulfilment rather than broad-based discounting.
- Delhivery may add value through warehousing, returns management and SME logistics as retail sellers seek integrated fulfilment.
- IndiaMART may deepen payments, verification and fulfilment-adjacent products to monetize growing supplier-buyer activity beyond lead generation.
- Competition for urban retail real estate, delivery riders, seller inventory and consumer attention is likely to intensify, raising consolidation pressure on smaller platforms.