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Flipkart group CFO exits; Zomato raises platform fee
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Happy Friday! Flipkart group CFO Sriram Venkataraman is set to exit after more than a decade at the Walmart-owned ecommerce giant. This and more in today's ETtech Top 5.
Also in the letter:
■ WhatsApp goes numberless
■ Govt cracks down on illegal betting, gambling
■ Yotta's pre-IPO raise
Sriram Venkataraman, group CFO, Flipkart
Flipkart's group chief financial officer, Sriram Venkataraman, will step down after nearly a decade, as the company moves closer to its public listing plans.
Exit details: Venkataraman, who joined the company in 2015, will transition out over the next few months. A successor has not yet been named. CEO Kalyan Krishnamurthy credited him with building and strengthening the company’s finance function.
IPO prep: The exit comes amid a broader pre-listing reshuffle at Flipkart:
Zomato has raised its platform fee by Rs 2.40 per order, taking the pre-GST charge to Rs 14.90 (Rs 17.58 including GST), according to its app.
Revenue impact: With 266.9 million orders in the December quarter, the hike could add roughly Rs 64-65 crore in incremental quarterly revenue. Platform fees largely flow directly to profit after taxes.
Competitive context: Swiggy continues to charge around Rs 14.99 so far (including GST), although both players typically move in tandem on these fees. The increase also comes as Rapido’s Ownly enters with a no-platform-fee pitch and Flipkart readies its entry.
Why now: Food delivery growth has picked up again, driven by higher volumes and price-sensitive users, giving platforms room to tweak monetisation.
Bigger picture: For Zomato and Swiggy, food delivery remains the core profit engine even as quick commerce continues to burn cash.
On Friday, Eternal's shares ended about 1.5% higher at Rs 232.30 on the BSE, outperforming the broader market, which rose 0.4%.
Also Read: Behind the resurgence: Zomato and Swiggy regain food delivery momentum in the December quarter
Mark Zuckerberg, CEO, Meta
WhatsApp is planning a major change to how people connect, shifting from phone numbers to usernames and unique IDs, according to sources.
Feature details:
The change is expected to boost privacy, reduce spam, and improve discoverability on the platform.
What else? WhatsApp is also planning to introduce ‘dynamic pricing’ for businesses, which will require them to bid in real time to send marketing messages. Beta testing will continue until the second half of 2026, with a full rollout expected in the second quarter of 2027.
Also Read: Meta to roll out Meta AI support assistant globally on Facebook and Instagram
The government has blocked around 300 websites and apps, stepping up enforcement against online betting, according to a PTI report.
Crackdown details: The move spans multiple formats, including:
Zoom out: So far, the government has blocked nearly 8,400 illegal gambling websites, with about 4,900 taken down after the Online Gaming Act came into force.
This clampdown reflects rising concerns around consumer protection, financial risk and regulatory oversight in online gambling. Authorities are tightening surveillance as illegal operators continue to bypass local rules and target Indian users.
Yes, but: Enforcement faces limitations. As ET reported earlier this month, access to banned platforms remains seamless, with users able to sign up using a mobile number, one-time password, and wallet top-up.
Popular offshore brands such as Parimatch, 1XBet, and Stake, along with regional operators like Rajabets, 4rabet, and Odds96, continue to operate, often relying on digital advertising and micro-influencers to reach users, according to industry executives.
Also Read: RMG ban-hit Dream Sports rejigs operations as over 100 executives check out
Sunil Gupta, CEO, Yotta Data Services
AI infrastructure player Yotta Data Services is looking to raise $500–600 million in pre-IPO funding at a $4 billion valuation, as it prepares to file draft papers in the coming weeks.
Deal details: The Mumbai-based firm is also planning a similar-sized public issue, pitching itself as a sovereign AI infrastructure play, in line with India’s push for large-scale adoption.
Infra pitch: Yotta currently operates one of India’s largest GPU clusters:
This is part of a $2 billion capex plan to support large-scale AI model training and deployment.
Pivot to India: After exploring a US listing via a SPAC merger, Yotta is now targeting domestic markets, where investor appetite for AI and digital infrastructure assets continues to strengthen.
Also in the letter:
■ WhatsApp goes numberless
■ Govt cracks down on illegal betting, gambling
■ Yotta's pre-IPO raise
Flipkart group CFO Sriram Venkataraman quits amid ecommerce company's IPO plans
Flipkart's group chief financial officer, Sriram Venkataraman, will step down after nearly a decade, as the company moves closer to its public listing plans.
Exit details: Venkataraman, who joined the company in 2015, will transition out over the next few months. A successor has not yet been named. CEO Kalyan Krishnamurthy credited him with building and strengthening the company’s finance function.
IPO prep: The exit comes amid a broader pre-listing reshuffle at Flipkart:
- Nishant Verman has been brought in as senior vice president to support the listing process.
- Flipkart has completed its reverse flip from Singapore to India.
- The move received approval from the National Company Law Tribunal (NCLT), with additional government clearance under Press Note 3 rules.
Zomato hikes platform fee for users by Rs 2.40 per order
Zomato has raised its platform fee by Rs 2.40 per order, taking the pre-GST charge to Rs 14.90 (Rs 17.58 including GST), according to its app.
Revenue impact: With 266.9 million orders in the December quarter, the hike could add roughly Rs 64-65 crore in incremental quarterly revenue. Platform fees largely flow directly to profit after taxes.
Competitive context: Swiggy continues to charge around Rs 14.99 so far (including GST), although both players typically move in tandem on these fees. The increase also comes as Rapido’s Ownly enters with a no-platform-fee pitch and Flipkart readies its entry.
Why now: Food delivery growth has picked up again, driven by higher volumes and price-sensitive users, giving platforms room to tweak monetisation.
Bigger picture: For Zomato and Swiggy, food delivery remains the core profit engine even as quick commerce continues to burn cash.
On Friday, Eternal's shares ended about 1.5% higher at Rs 232.30 on the BSE, outperforming the broader market, which rose 0.4%.
Also Read: Behind the resurgence: Zomato and Swiggy regain food delivery momentum in the December quarter
Whats(App) in a number? Usernames set to enter chat; global rollout likely in June
WhatsApp is planning a major change to how people connect, shifting from phone numbers to usernames and unique IDs, according to sources.
Feature details:
- Users will be able to message and make voice or video calls without sharing their phone numbers.
- This will be an optional privacy feature that allows users to continue using phone numbers if they wish.
- The choice aims to prevent disruption and discourage users from switching to rival apps like Telegram or Signal.
- Usernames are expected to roll out globally by June 2026.
- Both individuals and businesses can generate and reserve unique usernames, similar to those on platforms like Instagram.
The change is expected to boost privacy, reduce spam, and improve discoverability on the platform.
What else? WhatsApp is also planning to introduce ‘dynamic pricing’ for businesses, which will require them to bid in real time to send marketing messages. Beta testing will continue until the second half of 2026, with a full rollout expected in the second quarter of 2027.
Also Read: Meta to roll out Meta AI support assistant globally on Facebook and Instagram
Govt cracks down on illegal gambling, betting websites; 300 such sites, apps blocked
The government has blocked around 300 websites and apps, stepping up enforcement against online betting, according to a PTI report.
Crackdown details: The move spans multiple formats, including:
- Online sports betting websites
- Online casinos (slots, roulette, and live tables)
- Betting exchanges that allow peer-to-peer (P2P) wagers
- Satta and matka gambling networks
- Real-money card and casino game apps were also targeted
Zoom out: So far, the government has blocked nearly 8,400 illegal gambling websites, with about 4,900 taken down after the Online Gaming Act came into force.
This clampdown reflects rising concerns around consumer protection, financial risk and regulatory oversight in online gambling. Authorities are tightening surveillance as illegal operators continue to bypass local rules and target Indian users.
Yes, but: Enforcement faces limitations. As ET reported earlier this month, access to banned platforms remains seamless, with users able to sign up using a mobile number, one-time password, and wallet top-up.
Popular offshore brands such as Parimatch, 1XBet, and Stake, along with regional operators like Rajabets, 4rabet, and Odds96, continue to operate, often relying on digital advertising and micro-influencers to reach users, according to industry executives.
Also Read: RMG ban-hit Dream Sports rejigs operations as over 100 executives check out
AI startup Yotta seeks $4 billion valuation ahead of planned IPO
AI infrastructure player Yotta Data Services is looking to raise $500–600 million in pre-IPO funding at a $4 billion valuation, as it prepares to file draft papers in the coming weeks.
Deal details: The Mumbai-based firm is also planning a similar-sized public issue, pitching itself as a sovereign AI infrastructure play, in line with India’s push for large-scale adoption.
- The company is in talks with bankers, including Nomura, Goldman Sachs, ICICI Securities, and Kotak Securities.
- Sebi has granted in-principle listing approval.
Infra pitch: Yotta currently operates one of India’s largest GPU clusters:
- 10,000 Nvidia H100s are currently live.
- Thousands of B200 Blackwell chips are coming by May.
- 20,000+ B300 GPUs expected by August.
This is part of a $2 billion capex plan to support large-scale AI model training and deployment.
Pivot to India: After exploring a US listing via a SPAC merger, Yotta is now targeting domestic markets, where investor appetite for AI and digital infrastructure assets continues to strengthen.
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I agree to receive newsletters and marketing communications via e-mail