Eternal, Nykaa lead retail-tech pack as India's market races toward Rs 215 trillion
A BCG-RAI report projects India's retail market to nearly triple to Rs 210-215 trillion by 2035 from Rs 90-95 trillion in 2025. Four enablers post strong Q3 FY26 numbers: Eternal revenue up 201.9% YoY to Rs 16,315 crore with quick commerce at breakeven, and Nykaa profit up 156% on 45.2% gross margins across 276 stores in 94 cities.
BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035. Analysis of four retail-tech enablers—Eternal/Zomato, Nykaa, Delhivery, IndiaMART—with strong Q3 FY26 results; Zomato quick commerce hit breakeven, Nykaa scaling stores and Nykaa Now.