Retail-tech quartet in focus as India market races toward Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market at Rs 215 trillion by 2035, spotlighting Eternal (Zomato), Nykaa, Delhivery and IndiaMART. Eternal's revenue jumped 201.9% YoY to Rs 16,315 crore with quick commerce hitting breakeven, while Nykaa grew revenue 27% to Rs 2,873 crore and net profit 156% as it scales 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis of four retail-tech stocks: Eternal (Zomato), Nykaa,
Key facts
- Rs 210-215 trillion retail market by 2035
- Eternal revenue Rs 16,315 crore +201.9% YoY
- Eternal net profit Rs 102 crore +102.9%
- 200+ net stores added
- Nykaa revenue Rs 2,873 crore +27% YoY
- Nykaa net profit Rs 68 crore +156%
- 276 stores across 94 cities
- 4.8 lakh retailers across 1,100 cities
Why this matters
The BCG-RAI runway to Rs 215 trillion by 2035 makes Eternal, Nykaa, Delhivery and IndiaMART strategic anchors for partnership, logistics-integration, or consolidation plays as quick commerce and beauty retail reach scale inflection.
What to watch
- Next-quarter quick-commerce contribution margin guidance from Eternal
- New funding rounds or capex announcements in quick commerce
- Nykaa gross margin trajectory as store count scales
- Any RBI/regulatory scrutiny on q-commerce labor or FDI structure
- FII flows into Indian consumer-tech baskets
- Track Blinkit dark-store additions and take-rate/AOV trends for margin durability
- Watch Nykaa store-rollout pace vs. same-store growth to confirm offline unit economics
- Monitor competitor capex commitments (Swiggy, Zepto, Reliance) as margin-pressure signals
- Assess Delhivery/IndiaMART guidance for downstream volume capture