Eternal, Nykaa lead retail-tech pack as India's market races toward Rs 215 trillion, resurfacing a January 2026 report
A BCG-RAI report from mid-January 2026, now resurfacing, projects India's retail market at Rs 215 trillion by 2035, spotlighting four tech-enabled players. Eternal (Zomato) posted Q3 FY26 revenue of Rs 16,315 crore, up 201.9% YoY, while Nykaa's revenue rose 27% to Rs 2,873 crore with net profit surging 156% and its store count at 276 across 94 cities.
BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Article reviews retail-tech enablers Eternal, Nykaa, Delhivery and IndiaMART, detailing Q3 FY26 earnings, store additions, quick-commerce breakeven and new formats like Nykaa Perfumery and Nykaa Now.
Why this matters
Eternal's 201.9% YoY revenue jump anchors its position in the BCG-RAI report's tech-enabled retail cohort, alongside Nykaa's 156% profit surge, as India's market scales toward Rs 215 trillion.
Retail-company signals accelerating at +875100% QoQ.