Eternal, Nykaa, Delhivery, IndiaMART in focus as India retail eyes Rs 215 trillion by 2035
A BCG-RAI report projects India's retail market growing from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035. Four retail-tech enablers stand out, led by Eternal's Q3 FY26 revenue of Rs 16,315 crore (up 201.9% YoY) and quick commerce nearing breakeven with 90 bps contribution margin expansion.
BCG-RAI report projects India's retail market hitting Rs 215 trillion by 2035. Audit of four retail-tech enablers—Eternal, Nykaa, Delhivery, IndiaMART—highlights Eternal's Q3 FY26 revenue surge and quick commerce breakeven.
Why this matters
Eternal leads India's retail-tech cohort as its Q3 FY26 revenue surges 201.9% YoY to Rs 16,315 crore and quick commerce approaches breakeven, framing a decade-long retail expansion.
Retail-company theme is accelerating, up 715600% QoQ.