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.
BCG-RAI report projects India's retail market at Rs 215 trillion by 2035. Analysis highlights four retail tech enablers—Eternal (Zomato), Nykaa, Delhivery, IndiaMART—citing strong Q3 FY26 earnings, quick commerce breakeven, and store expansion.
Why this matters
Eternal (Zomato) anchors a retail-tech watchlist alongside Nykaa, Delhivery and IndiaMART, with Q3 FY26 revenue up 201.9% YoY signaling its role as a key enabler of India's doubling retail market.
Retail-company signals are accelerating, up 819700% QoQ.