🛍️ Blinkit > Zomato? Eternal’s Pivot Gets Real

🌞 Good Morning, it’s Tuesday!

They say chai tastes better in the monsoon, and so does a strong dose of news. From Reliance’s fashion-speed rush to Titan’s glittering Gulf play, today’s edition is stacked with blockbuster moves, big IPOs, and spicy enforcement actions. Strap in, sip up.

🫖 Chai Shots

• 🪙 CoinDCX offers ₹100 Cr bounty after $44 Mn hack: In response to a massive $44 million crypto heist, CoinDCX has launched a bounty program offering up to ₹100 crore to white-hat hackers and cyber sleuths who can help track or recover the funds.

• 💍 Titan acquires Dubai’s Damas Jewellery for ₹2,361 Cr: In a major international push, Titan will acquire 67% of Damas Jewellery for $283 million. The deal strengthens Titan’s presence in the GCC through Damas’ 146-store network and gives it a broader customer base beyond the Indian diaspora, especially in luxury segments.

• 📜 India-US Trade Talks Resume: After wrapping the fifth round in Washington, a U.S. team will land in India this August for more negotiations on a bilateral trade deal that’s been years in the making.

• 💼 Zomato Parent’s Profit Slumps 36%: Eternal, Zomato’s parent, posted a profit of ₹25 crore in Q1—down 36% YoY—even as revenue rose 23% to ₹7,167 crore. More in the Big Brew 👇

• 🛍️ Reliance Zooms into Fashion Q-Commerce: With Ajio Rush, Reliance is now delivering fashion in under 4 hours across 6 cities—taking on Myntra’s M-Now and Newme with a deep catalogue and zero VC burn.

📈 Market Masala

• 📊 Sensex, Nifty close higher on strong Q1 earnings: The markets ended Monday on a high, reversing early losses as ICICI Bank, HDFC Bank, and Reliance Industries delivered strong Q1 results. The Sensex gained 443 points to hit 82,200 while the Nifty rose 122 points to close at 25,090. A weaker dollar and easing oil prices also helped.

• 🧾 India’s New Tax Code Clears Key Hurdle: A Lok Sabha panel submitted 30+ recommendations to modernize and simplify the Income Tax Act, pushing the country closer to a cleaner direct tax regime.

• 🕵️‍♂️ SEBI Targets Dabba Traders After NDTV Report: The market watchdog cracked down on 'Close Friend Traders' and issued a notice to Navbharat for advertising unregistered dabba trading—illegal trades outside formal exchanges.

• 📊 SEBI Loosens Reins on Jane Street—With Conditions: After parking ₹4,844 crore in escrow, the U.S. trading firm Jane Street can resume Indian market operations—but SEBI will keep a close eye, especially on derivatives activity.

• ⚖️ SC Rejects BYJU’S & BCCI Appeals: The Supreme Court refused to let the BCCI withdraw its insolvency plea against BYJU’S, keeping the edtech giant under creditor scrutiny despite a prior settlement.

🌍 Global Masala

• 🛡️ Microsoft SharePoint Under Attack: A serious security breach in on-premise SharePoint servers is being actively exploited by hackers. Microsoft has issued patches, but some versions remain vulnerable.

• 💶 European Stocks Mixed, Ryanair Soars: Uncertainty over U.S.-EU tariffs weighed on markets, but Ryanair shares jumped 6% after reporting a 128% surge in profits, boosted by Easter travel demand.

• 📈 Wall Street Hits Record Highs: The S&P 500 closed above 6,300 for the first time, while Nasdaq also touched a new peak. Optimism over tech earnings, especially from Alphabet and Meta, is fueling the rally.

• 📉 Figma CEO Dylan Field to cash out $60M in IPO: In Figma’s upcoming IPO, founder Dylan Field will sell 2.35 million shares, netting over $60 million if priced at the midrange. Notably, existing shareholders will offload almost 25 million shares — twice the new shares being issued — signaling huge investor interest despite dilution concerns.

☕ The Big Brew 🛒 Eternal: From Foodie Favorite to Blinkit Beast

Zomato’s parent company Eternal is no longer just your biryani-on-a-Saturday-night brand. With its Q1 FY26 results out, it's clear the company is pivoting hard into Blinkit, its quick commerce arm—and it's delivering results faster than your 10-minute grocery order.

• 🛒 Blinkit Outpaces Zomato: For the first time, Blinkit’s net order value surpassed Zomato’s food delivery business, cementing the shift in Eternal’s growth engine.

• 📦 Quick Commerce, Serious Cash Burn: While Blinkit has gained market share, competition is fierce and investments in infrastructure are heavy—but Eternal is doubling down on long-term potential.

• 💡 Inventory Model in Focus: Blinkit’s transition toward an inventory-led model is expected to reduce fulfillment costs and improve margins over time.

• 🗣️ Leadership’s Take: CEO Albinder Dhindsa made it clear—Eternal won’t back off from the quick commerce race and intends to maintain its top position no matter the heat.

What does this mean?

Eternal is betting big on 10-minute convenience as India’s next retail frontier. This pivot reflects changing consumer habits—where speed trumps variety—and a long-term play to dominate everything from impulse snacking to daily essentials. But as competition tightens and margins remain slim, execution will be key.

🚀 Startup Scoop

• 🎓 EduFund Raises $6M to Power Tier-2 Education Loans: Backed by MassMutual and Cercano, EduFund will expand its AI-led advisory and loan products beyond metros—aiming to bridge the higher-ed finance gap in Bharat.

• 👗 ANNY Secures ₹10 Cr to Scale Luxe Fashion: Fashion-tech startup ANNY raised pre-Series A funding to expand categories, build tech, and grow its stylish, inventory-light brand among Indian women.

• 🧬 Plenome Bags ₹6.5 Cr for Blockchain-AI Health Stack: The IIT Madras spinout will use the funds to scale its organ donation, remote voting, and multilingual healthtech platforms—built with privacy-first digital infra.

• 🪑 WoodenStreet Plans ₹1,000 Cr Play & IPO: The homegrown furniture brand aims to 4X revenue in 3 years and go public—by expanding its modular furniture and mattress brands like “Penguin Sleep” into Tier-2 cities.

🧩 Chai Break Trivia

• 🧐 Did you know: The word “Blinkit” was born from Grofers’ 2022 rebrand—and holds the record for India’s fastest grocery delivery promise at just 8 minutes in some cities. Talk about instant gratification!

🔮 What’s Brewing Next?

• 📱 Paytm Set to Return to Profit in Q1: Analysts expect Paytm to swing to a ₹19 Cr profit, driven by strong lending and payments growth—though margins may get squeezed by rising costs and absence of UPI incentives.

👋 And That’s a Wrap

Tuesday gave us a bit of everything—tech IPOs, fintech firepower, a fashion delivery blitz, and a liquor scandal. If this was your chai break, we hope it left you smarter (and sassier). Don’t forget to forward Masala Chai to a friend who still thinks Blinkit is a music app. 😉

Catch you tomorrow!