 Morning Dispatch |
India seeks Mythos access; Eternal's strong Q4
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Happy Wednesday! India is in talks with Anthropic and the US government to give homegrown companies access to Mythos. This and more in today's ETtech Morning Dispatch.
Also in the letter:
■ Qcomm riders' heat woes
■ Infy non-committal on hikes
■ ETtech Done Deals
Dario Amodei, CEO, Anthropic
The Centre is working on a framework to give Indian companies access to Anthropic’s Mythos model through talks with the US, while trying to keep access fair and critical infrastructure secure, senior officials told us.
Driving the news: India wants to make sure access is “equitable” and the country’s critical infrastructure is not compromised. At the 26th ET Awards for Corporate Excellence on Saturday, finance minister Nirmala Sitharaman said the government sees the cyber risk from Mythos as a major concern and that the electronics ministry is actively on the case.
Why this matters: Mythos is seen as powerful enough to quickly find and exploit zero-day vulnerabilities. That puts power grids, telecom networks, and banking systems firmly in the risk zone.
The government has asked CERT-In, other agencies, and financial sector firms to move fast on protection. It is also weighing a broader policy response for future AI models.
India’s inclusion push:
What next: Officials stressed that the government doesn’t want to tilt the field by helping only a few companies get Mythos while keeping others outside. Talks with US authorities are running in parallel with discussions with Anthropic’s executives at the company’s US headquarters.
Also Read: Before Mythos goes public, Indian IT also wants access
Eternal CEO Albinder Dhindsa and founder and vice chairman Deepinder Goyal
Eternal, which owns the Zomato and Blinkit brands, reported a sharp jump in its consolidated profits and a threefold rise in operating revenue for the March quarter.
Financials:
Blinkit’s pivot from a marketplace to an inventory-led model has rewired the topline. Revenue now captures the full value of goods sold, rather than just commissions.
How businesses did:
Also Read: AI chats won't displace food delivery, quick commerce: Zomato founder Deepinder Goyal
Moderation incoming: Eternal CEO Albinder Dhindsa said Blinkit’s growth will cool from the 104% CAGR it delivered between FY23 and FY26. Net order value is projected to grow by more than 60% over the next three years, which he said could take the business to over four times its current scale.
Outlook: Founder and vice chairman Deepinder Goyal told shareholders that Eternal has crossed $10 billion in annual net order value (NOV) from its B2C verticals. He expects this to double to $20 billion over the next two years.
Goyal said the company is targeting $1 billion in adjusted Ebitda by FY29. Shares of the company closed at Rs 258.28 on Monday, up 1.09% or Rs 2.79 from the previous close of Rs 255.49.
Also Read: AI chats won't displace food delivery, quick commerce: Zomato founder Deepinder Goyal
Kamesh Goyal, founder, Go Digit
New-age insurance startup Go Digit General Insurance saw a 28% rise in profit in the March quarter.
Financials:
India's early summer surge is exposing a weak link in the quick commerce engine: the availability of delivery partners.
What's happening: More riders are logging off during the hottest afternoon hours, choosing early morning and late evening shifts instead. Platforms are being forced to redraw their playbooks for the busiest part of the day.
Incentives spike: To keep deliveries moving, companies are offering an extra Rs 8-15 per order on top of the usual Rs 20-30 payout. Even with that bump, supply is struggling to match demand.
Why the crunch:
Platforms respond: Quick commerce players are leaning into seasonal demand by introducing dedicated in-app categories for ice cream, beverages, fans, and other summer essentials. At the same time, companies like Amazon, Flipkart, and BigBasket are rolling out heat-safety measures, including hydration support, rest breaks, and access to medical advice.
Supply chain strain: The pressure runs beyond last-mile delivery. Brands like Go Zero and Lahori Zeera are seeing demand spike two to three times earlier than expected, pushing factories and cold storage infrastructure to scale up rapidly.
Also Read: A summer of worry for food delivery, quick commerce companies
Infosys non-committal on pay hikes: The Infosys management reiterated its non-committal stance on the likely timeline for a salary revision at the company town hall on Tuesday, where employees sought clarity on wage hikes. The IT major has around 3,28,594 employees on its rolls.
Founders invest Rs 40 crore in Kissht: In a statement, the company said the investment was made at Rs 201 per share, higher than the IPO price band of Rs 162 to 171 it had set.
Credilio raises Rs 78 crore: Credilio Financial Technologies has raised Rs 78 crore in a round led by Cornerstone Ventures, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures.
Peak XV exits Mobikwik: Early-stage investment firm Peak XV Partners has sold its entire shareholding in digital payments startup Mobikwik for a total consideration of Rs 130 crore in a block deal, according to people in the know.
■ The great American data centre divide (FT)
■ Humanitarian aid turns to AI as crises outpace capacity (Rest of World)
■ OpenAI misses key revenue, user targets in high-stakes sprint toward IPO (WSJ)
Also in the letter:
■ Qcomm riders' heat woes
■ Infy non-committal on hikes
■ ETtech Done Deals
India seeks fair Mythos access
The Centre is working on a framework to give Indian companies access to Anthropic’s Mythos model through talks with the US, while trying to keep access fair and critical infrastructure secure, senior officials told us.
Driving the news: India wants to make sure access is “equitable” and the country’s critical infrastructure is not compromised. At the 26th ET Awards for Corporate Excellence on Saturday, finance minister Nirmala Sitharaman said the government sees the cyber risk from Mythos as a major concern and that the electronics ministry is actively on the case.
Why this matters: Mythos is seen as powerful enough to quickly find and exploit zero-day vulnerabilities. That puts power grids, telecom networks, and banking systems firmly in the risk zone.
The government has asked CERT-In, other agencies, and financial sector firms to move fast on protection. It is also weighing a broader policy response for future AI models.
India’s inclusion push:
- India was not a part of Anthropic’s Project Glasswing, which gave early access to mostly US companies.
- Nasscom has already batted for Indian firms to be included.
- Policy experts say India should formally stake its claim so that its digital public infrastructure is not left exposed and dependent on others’ access.
What next: Officials stressed that the government doesn’t want to tilt the field by helping only a few companies get Mythos while keeping others outside. Talks with US authorities are running in parallel with discussions with Anthropic’s executives at the company’s US headquarters.
Also Read: Before Mythos goes public, Indian IT also wants access
Eternal Q4 revenue, profit surge on Blinkit boost
Eternal, which owns the Zomato and Blinkit brands, reported a sharp jump in its consolidated profits and a threefold rise in operating revenue for the March quarter.
Financials:
- Net profit: Up 4.5x to Rs 174 crore.
- Operating revenue: Up 3x to Rs 17,292 crore.
- Consolidated adjusted Ebitda: Up 160% YoY to Rs 429 crore.
Blinkit’s pivot from a marketplace to an inventory-led model has rewired the topline. Revenue now captures the full value of goods sold, rather than just commissions.
How businesses did:
- Blinkit: Order value jumped 95.4% year-on-year (YoY). The quick commerce unit posted its second straight quarter of operating profitability, with adjusted Ebitda of Rs 37 crore in Q4.
- Food delivery: Order value rose 18.8% YoY, marking the third consecutive quarter of improvement.
- Going-out platform District: Logged 42% YoY order value growth in FY26.
- Hyperpure: Turned adjusted Ebitda positive with Rs 5 crore in absolute terms.
Also Read: AI chats won't displace food delivery, quick commerce: Zomato founder Deepinder Goyal
Moderation incoming: Eternal CEO Albinder Dhindsa said Blinkit’s growth will cool from the 104% CAGR it delivered between FY23 and FY26. Net order value is projected to grow by more than 60% over the next three years, which he said could take the business to over four times its current scale.
Outlook: Founder and vice chairman Deepinder Goyal told shareholders that Eternal has crossed $10 billion in annual net order value (NOV) from its B2C verticals. He expects this to double to $20 billion over the next two years.
Goyal said the company is targeting $1 billion in adjusted Ebitda by FY29. Shares of the company closed at Rs 258.28 on Monday, up 1.09% or Rs 2.79 from the previous close of Rs 255.49.
Also Read: AI chats won't displace food delivery, quick commerce: Zomato founder Deepinder Goyal
Go Digit Q4 net profit rises 28% YoY to Rs 149 crore
New-age insurance startup Go Digit General Insurance saw a 28% rise in profit in the March quarter.
Financials:
- Net profit: Rs 149 crore in Q4.
- Gross written premium: Rs 2,736 crore.
- Motor insurance contributed Rs 1,499 crore in net premium.
- The health business, including government, retail and corporate cover, came in at Rs 384 crore.
Qcomm riders go off road during peak summer hours even as order demand stays strong
India's early summer surge is exposing a weak link in the quick commerce engine: the availability of delivery partners.
What's happening: More riders are logging off during the hottest afternoon hours, choosing early morning and late evening shifts instead. Platforms are being forced to redraw their playbooks for the busiest part of the day.
Incentives spike: To keep deliveries moving, companies are offering an extra Rs 8-15 per order on top of the usual Rs 20-30 payout. Even with that bump, supply is struggling to match demand.
Why the crunch:
- Many gig workers have returned to their hometowns for elections and the harvest season.
- Those who remain in the metros are steering clear of the worst heat.
- Demand for riders typically rises 15-20% in summer, but this year’s heatwave is stretching the gap further.
Platforms respond: Quick commerce players are leaning into seasonal demand by introducing dedicated in-app categories for ice cream, beverages, fans, and other summer essentials. At the same time, companies like Amazon, Flipkart, and BigBasket are rolling out heat-safety measures, including hydration support, rest breaks, and access to medical advice.
Supply chain strain: The pressure runs beyond last-mile delivery. Brands like Go Zero and Lahori Zeera are seeing demand spike two to three times earlier than expected, pushing factories and cold storage infrastructure to scale up rapidly.
Also Read: A summer of worry for food delivery, quick commerce companies
Other Top Stories By Our Reporters
Infosys non-committal on pay hikes: The Infosys management reiterated its non-committal stance on the likely timeline for a salary revision at the company town hall on Tuesday, where employees sought clarity on wage hikes. The IT major has around 3,28,594 employees on its rolls.
Founders invest Rs 40 crore in Kissht: In a statement, the company said the investment was made at Rs 201 per share, higher than the IPO price band of Rs 162 to 171 it had set.
Credilio raises Rs 78 crore: Credilio Financial Technologies has raised Rs 78 crore in a round led by Cornerstone Ventures, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures.
Peak XV exits Mobikwik: Early-stage investment firm Peak XV Partners has sold its entire shareholding in digital payments startup Mobikwik for a total consideration of Rs 130 crore in a block deal, according to people in the know.
Global Picks We Are Reading
■ The great American data centre divide (FT)
■ Humanitarian aid turns to AI as crises outpace capacity (Rest of World)
■ OpenAI misses key revenue, user targets in high-stakes sprint toward IPO (WSJ)
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