 Daily Top 5 |
Eternal Q4 pops; Snabbit's new war chest
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Zomato and Blinkit parent Eternal reported strong numbers for the March quarter. This and more in today's ETtech Top 5.
Also in the letter:
■ Google breaks ground on Vizag AI hub
■ Peak XV exits Mobikwik
■ Google signs deal with Pentagon
Albinder Dhindsa, CEO, Eternal
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 instead of only 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.
Source: Google Finance
Also Read: Zomato founder Deepinder Goyal downplays impact of LPG shortage on business
Aayush Agarwal, CEO, Snabbit
On-demand services startup Snabbit has raised $56 million in a new round led by Susquehanna Venture Capital, Unicorn Growth Fund and Bertelsmann India Investments. ET first reported on the round in March.
Round details:
Also Read: ETtech in-depth: Instant househelp demand triples as industry scrambles to crack economics
CEO speak: Snabbit founder Aayush Agarwal said this round leaves the company well capitalised for several years and will fund expansion into new cities and micro-markets.
“After home services, we are piloting home cooks and will scale in Bengaluru over the next three months,” he added.
Also Read: Househelp apps top 2 million monthly orders amid profitability questions
Sahamati, the industry body for the NBFC-Account Aggregator ecosystem, has raised Rs 50 crore from a clutch of banks, asset managers, stockbrokers and fintech firms.
Round details:
Andhra Pradesh chief minister N Chandrababu Naidu has laid the foundation for Google AI data centre near Visakhapatnam.
On AI: At the ceremony, Jeet Adani of Adani Digital Labs said AI is not just software. “AI may be written in code, but it runs on electricity,” he said, underlining the need for heavy-duty physical infrastructure to stay competitive in the industry.
He added that the Adani Group has committed $100 billion to build a platform to support India’s AI ambitions across energy, transmission, digital networks and data centres.
About the data centre:
Also Read: Amaravati to be developed as ‘world’s quantum valley’: Chandrababu Naidu
Bipin Preet Singh and Upasana Taku, founders, Mobikwik
Venture capital firm Peak XV Partners has fully exited fintech company One Mobikwik Systems via a block deal worth over Rs 130 crore, sources said.
Tell me more:
The timing: The exit comes a day after Mobikwik received Reserve Bank of India approval for a non-banking financial company (NBFC) licence. The licence will allow Mobikwik to launch a lending arm, Mobikwik Financial Services, and deepen its regulated credit offering.
Sundar Pichai, CEO, Google
Google has joined a growing list of technology firms supplying AI to the US Department of Defense for classified use, The Information reported.
What’s the play: The Pentagon can use Google's AI for “any lawful government purpose”, the same clause which Anthropic had publicly opposed earlier this year. Google now sits alongside OpenAI and Elon Musk's xAI, which already have agreements to provide AI models for classified work.
On the ground: Classified networks handle some of the most sensitive workloads, including mission planning and weapons targeting. In 2025, the Pentagon signed agreements worth up to $200 million each with Anthropic, OpenAI, and Google to tap their AI capabilities.
Mark Zuckerberg, CEO, Meta
Meta Platforms is preparing to unwind its acquisition of AI startup Manus after Chinese regulators blocked the $2 billion deal on national security grounds, the Wall Street Journal reported.
Stepping back: A day after the decision, the Singapore-based startup's investors, including venture capital firm Benchmark, had already received their money back, according to the report.
Meanwhile, several former Manus investors in Asia, including Tencent, HSG and ZhenFund, are planning to work together if Meta proceeds with unwinding the transaction.
Also in the letter:
■ Google breaks ground on Vizag AI hub
■ Peak XV exits Mobikwik
■ Google signs deal with Pentagon
Eternal Q4 consolidated net profit spikes to Rs 174 crore; revenue up 3x
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 instead of only 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: Zomato founder Deepinder Goyal downplays impact of LPG shortage on business
Snabbit raises fresh funding from Susquehanna, Mirae, others; valuation jumps to $350 million
On-demand services startup Snabbit has raised $56 million in a new round led by Susquehanna Venture Capital, Unicorn Growth Fund and Bertelsmann India Investments. ET first reported on the round in March.
Round details:
- New valuation: $350 million, nearly double the $180 million six months ago.
- Existing investors: Nexus Venture Partners and Lightspeed also participated.
- New investor: FJ Labs joined the cap table.
- Total capital raised (to date): $112 million.
Also Read: ETtech in-depth: Instant househelp demand triples as industry scrambles to crack economics
CEO speak: Snabbit founder Aayush Agarwal said this round leaves the company well capitalised for several years and will fund expansion into new cities and micro-markets.
“After home services, we are piloting home cooks and will scale in Bengaluru over the next three months,” he added.
Also Read: Househelp apps top 2 million monthly orders amid profitability questions
Sahamati secures Rs 50 crore in funding from large banks, AMCs, stockbrokers and fintechs
Sahamati, the industry body for the NBFC-Account Aggregator ecosystem, has raised Rs 50 crore from a clutch of banks, asset managers, stockbrokers and fintech firms.
Round details:
- As reported by ET earlier this month, investors have taken stakes ranging from 2% to 8%.
- Participants include State Bank of India, ICICI Bank, Aditya Birla Capital, Bajaj Finserv, Zerodha and Dhan among others.
Andhra CM Chandrababu Naidu lays foundation for $15 billion Google AI data centre near Vizag
Andhra Pradesh chief minister N Chandrababu Naidu has laid the foundation for Google AI data centre near Visakhapatnam.
On AI: At the ceremony, Jeet Adani of Adani Digital Labs said AI is not just software. “AI may be written in code, but it runs on electricity,” he said, underlining the need for heavy-duty physical infrastructure to stay competitive in the industry.
He added that the Adani Group has committed $100 billion to build a platform to support India’s AI ambitions across energy, transmission, digital networks and data centres.
About the data centre:
- Google plans to invest $15 billion, making it one of the largest foreign direct investment projects in India.
- The 1 GW facility will span 600 acres across the villages of Tarluvada, Adavivaram, and Rambilli.
- Andhra Pradesh’s long-term plan is to build a 6.5 GW digital ecosystem and position the state as a major data hub.
Also Read: Amaravati to be developed as ‘world’s quantum valley’: Chandrababu Naidu
Peak XV fully exits Mobikwik in Rs 130 crore block deal
Venture capital firm Peak XV Partners has fully exited fintech company One Mobikwik Systems via a block deal worth over Rs 130 crore, sources said.
Tell me more:
- Peak XV, an early investor, is said to have made about threefold returns.
- Buyers include Florintree, Viridian Asset Management, Dymon Asia and Karma Capital.
- Peak XV Partners has sold around 61 lakh shares, about 7.7% of the company's share capital, at an average sale price of Rs 214 apiece.
The timing: The exit comes a day after Mobikwik received Reserve Bank of India approval for a non-banking financial company (NBFC) licence. The licence will allow Mobikwik to launch a lending arm, Mobikwik Financial Services, and deepen its regulated credit offering.
Google signs classified AI deal with Pentagon: The Information
Google has joined a growing list of technology firms supplying AI to the US Department of Defense for classified use, The Information reported.
What’s the play: The Pentagon can use Google's AI for “any lawful government purpose”, the same clause which Anthropic had publicly opposed earlier this year. Google now sits alongside OpenAI and Elon Musk's xAI, which already have agreements to provide AI models for classified work.
On the ground: Classified networks handle some of the most sensitive workloads, including mission planning and weapons targeting. In 2025, the Pentagon signed agreements worth up to $200 million each with Anthropic, OpenAI, and Google to tap their AI capabilities.
Meta to backtrack acquisition of AI firm Manus after China block: report
Meta Platforms is preparing to unwind its acquisition of AI startup Manus after Chinese regulators blocked the $2 billion deal on national security grounds, the Wall Street Journal reported.
Stepping back: A day after the decision, the Singapore-based startup's investors, including venture capital firm Benchmark, had already received their money back, according to the report.
Meanwhile, several former Manus investors in Asia, including Tencent, HSG and ZhenFund, are planning to work together if Meta proceeds with unwinding the transaction.
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