Four retail-tech stocks to watch 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. Enablers Eternal (Zomato), Nykaa, Delhivery and IndiaMART post strong Q3 FY26 results, with Eternal revenue up 201.9% YoY to Rs 16,315 crore and Nykaa net profit up 156% to Rs 68 crore.
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 earnings, quick commerce breakeven, and store expansion.
Why this matters
Eternal's 201.9% YoY revenue jump anchors a cohort of retail-tech enablers (Nykaa, Delhivery, IndiaMART) positioned to capture a decade-long doubling of India's retail market.
Retail-company signals accelerating, up 796,500% QoQ.