One quick thing: WazirX moved crypto worth $73.63 mn to global exchanges post-hack, claims CoinSwitch's Ashish Singhal 

In today’s newsletter: 

• Deepinder Goyal cooks up a wellness venture
• Groww's ghar wapsi costs Rs 1,340 cr
• AI impact: PhonePe slashes customer support roles

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Zomato co-founder Deepinder Goyal isn't just interested in getting your food to you fast - he now wants to help you live a longer, healthier life.

Goyal has registered Continue, a longevity entity that will focus on health tracking and mental wellness, a person familiar with the matter told us. 

• The company is being positioned as ‘the ultimate health tracker’ 
  
  
• While Goyal is the Director, two Zomato employees, Akriti Mehta and Simrandeep Singh, are listed as Additional Directors
  
  
• Ashish Goel, former Zomato and Blinkit head of product design, will also be part of the company

Since we published the story and Goyal confirmed his project on X (formerly Twitter) a few hours later, the company’s website has been down.

• Continue has at least six employees listed on LinkedIn, most of whom are associated with Zomato or have worked there in the past

However, the company clarified that this will be Goyal’s personal project and will not be part of Zomato, at least for now

• It will also onboard a sleep scientist for better results

Goyal is a big advocate of physical and mental well-being. 

• He has invested in companies like Ultrahuman and Mave Health which solve similar problems

The love for healthcare doesn’t end with Goyal. 

• Former Zomato executives have also launched companies like Gabit, Shyft and more which dabble in the healthcare space and have Goyal’s backing too

While Deepinder is incubating his new project, there’s also action at Zomato’s quick commerce vertical, Blinkit.

• The company is preparing to roll out 30-minute deliveries for high-value items like jewellery, air purifiers, and more, sources told us.

Larger dark stores are being set up for the foray, and the offering is likely to go live by mid-FY26.

Dig deeper

As the Indian stock market rallies, a trend is emerging: 

• Startups that once sought refuge overseas are now making a grand return

For stockbroking firm Groww, the cost of returning to its roots is substantial—Rs 1,340 crore in FY24.

• Despite achieving an operational profit of Rs 535 crore, the company reported a consolidated net loss of Rs 805 crore, primarily due to domicile tax liabilities

One major reason could be a potential IPO. Being domiciled in India simplifies the listing process for these startups, making them more attractive to potential investors.

• Other fintech players, including PhonePe, Razorpay, and Pine Labs, have already made or are in the process of making similar moves 

Then there is the regulatory advantage. The Indian fintech landscape is highly regulated, with oversight from bodies like Sebi, IRDAI, and RBI. 

• Operating from India allows these startups to better navigate these regulations, particularly in the payments sector where compliance is often mandatory

Find out more about Groww’s financials here

Customer support teams are downsising faster than you can ask, "Can I speak to a human?"

Walmart-backed fintech major PhonePe has joined the trend of automating customer service, reducing its support team by 60%.

• Customer support at PhonePe has decreased from around 1,100 agents to just over 400 over the past five years
  
  
• This drastic reduction in staff was achieved through the company's heavy reliance on AI-driven automation
  
  
• According to its annual report, over 90% of customer service queries are now resolved by chatbots. 

PhonePe is jumping on the voice AI bandwagon, focussing on support for Indian languages in its customer assistants.

• This strategy is reflected in the improvement in transactions, which surged 40 times between FY19 and FY24

In other news, PhonePe’s diversification efforts are starting to pay off, as it looks to go beyond the core payments business. 

• PhonePe's new businesses collectively generated Rs 206 crore in revenue for FY24, which accounts for about 4% of the company's total revenue of Rs 5,064 crore

The insurance broking arm generated Rs 108 crore in revenue, the lending business contributed Rs 66 crore, ShareMarket brought in Rs 24 crore, and Pincode generated Rs 3 crore, all while operating at a loss.

• CEO Sameer Nigam previously pointed out the gestation period for each venture, highlighting the need for significant branding and marketing investments

Find out more

• Perplexity AI is in talks to raise $500 million in a fresh funding round to more than double its valuation to $8 billion or more.
  
  
• IBM released open-source "Granite 3.0" AI models for businesses, aiming to capitalise on the growing enterprise adoption of generative AI.
  
  
• Microsoft is launching a set of AI toolsdesigned to send emails, manage records and take other actions on behalf of business workers, expanding an AI push that intensifies competition with rivals like Salesforce.

Have you ever wondered if that forgotten juice carton in the fridge is still good? 

A new AI-powered "electronic tongue" might just be the answer. But how does it work?

Think of it as a high-tech taste tester. The device uses a sensor to detect chemical ions in liquids and sends this data to an AI system. 

• This system, similar to the human brain's taste perception centre, analyses the information to determine the food's freshness and safety

Find out more

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