Zomato, Nykaa lead retail-tech watchlist as India's retail market races toward Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market to more than double from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four listed enablers—Eternal (Zomato), Nykaa, Delhivery and IndiaMART—stand out, with Eternal posting Q3 FY26 revenue of Rs 16,315 crore (+201.9% YoY) and Nykaa expanding to 276 stores across 94 cities.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis highlights four retail tech enablers—Eternal (Zomato),
Key facts
- Rs 210-215 trillion retail market by 2035
- Rs 90-95 trillion in 2025
- Eternal Q3 FY26 revenue Rs 16,315 crore (+201.9% YoY)
- Eternal net profit Rs 102 crore (+102.9%)
- Nykaa revenue Rs 2,873 crore (+27%)
- Nykaa net profit Rs 68 crore (+156%)
- Nykaa 276 stores across 94 cities
- Nykaa B2B 4.8 lakh retailers across 1,100 cities
Why this matters
A doubling of India's retail market to Rs 210-215 trillion by 2035 makes retail-tech enablers—delivery, beauty, B2B marketplaces—prime consolidation and partnership targets, with Delhivery and IndiaMART filling logistics and sourcing gaps in any acquisitive retail strategy.
What to watch
- Eternal/Blinkit contribution margin and EBITDA trajectory in next 2 quarters
- Quick-commerce competitive intensity (Zepto, Instamart, Amazon/Flipkart entry)
- Nykaa same-store sales and offline unit economics
- FII/DII flows into new-age retail-tech names
- Consumption macro signals: urban demand, discretionary spend, festive season data
- Brokerages issue coverage upgrades framing enablers as decade-long structural stories
- Eternal/Blinkit accelerate dark-store expansion and category depth to defend quick-commerce lead
- Nykaa pushes omnichannel store count and Tier-2/3 penetration to justify offline capex
- Delhivery and IndiaMART pitched as B2B/logistics picks-and-shovels beneficiaries
- New entrants and PE money chase adjacent retail-tech verticals (fintech, supply chain)