One quick thing: Elon Musk is no stranger to shaking up the tech industry, and his latest move is no exception. Despite expressing concerns about AI, he has now revealed plans to launch his own version of ChatGPT, dubbed TruthGPT. Find out more

In today’s newsletter:

• India gets its first Apple Store 
• UPI coming soon to Sri Lanka and Thailand
• Rivals make merry as Blinkit workers strike

Was this newsletter forwarded to you? You can sign up for Tech3 here

If you're looking to witness fandom and customer dedication towards a company, look no further than Apple. The opening of Apple BKC in Mumbai serves as undeniable proof of this phenomenon. 

CEO Tim Cook and retail chief Deirdre O'Brien welcomed hundreds of excited Apple fans as they opened the doors to Apple BKC, the company's first retail store in India. The launch, which has been in the making for several years, underlines Apple's growing ambitions in the world's second-largest smartphone market.

Among the crowd was an Apple fan who was carrying a vintage 1984 Macintosh, a youngster who went gaga over a selfie with Cook, and an overnight camper who waited for 15 hours outside the store to become its first customer. There was also a Maharashtrian-style Dhol in the mix. Read our on-the-ground account from the event.

• Apple will inaugurate its second retail store, Apple Saket, on April 20 in Delhi

 These stores are expected to help Apple in gaining a stronger foothold and tighter control over customer experience in the country, at a time when Indian customers are purchasing more premium products across a wide range of product categories. 

• Earlier this year, Cook termed India as a "major focus" market. The company has seen record revenue growth from iPhone sales in the country over the past few quarters.

Apple currently holds a 45% share of the premium smartphone market in India (above Rs 30,000), a segment that is small but growing in the country. Overall, Apple holds a 5% share of the country's smartphone market.

The Cupertino tech giant is also doubling down on India to become a key global manufacturing hub amid plans to diversify manufacturing beyond China. 

• Apple exported about $5 billion-$5.5 billion worth of iPhones from India in FY23, accounting for nearly half of the country's mobile phone exports, according to industry estimates.  

P.S. Do catch our live coverage of the Apple BKC launch event. Crunched for time? Catch our highlights video.

Unified Payments Interface (UPI) is expanding its reach once again! Sri Lanka and Thailand are the next destinations on its itinerary.

The Reserve Bank of India and the National Payments Corporation of India are in early talks with several Southeast Asian countries, including Thailand and Sri Lanka, to explore the possibility of integrating UPI. 

"The RBI and Ministry of External Affairs (MEA) have reached out to many countries and the conversations are in a very initial stage..,” a source familiar with the development said.

In February, Prime Minister Narendra Modi and his Singaporean counterpart, Lee Hsien Loong, launched cross-border linkages between the two countries using their respective Fast Payment Systems – UPI and Singapore's PayNow. Since then, UPI has garnered significant global interest.

• Linking UPI with other countries’ payments mechanisms will help users make payments faster and lower the cost of fund transfers

UPI has grown dramatically over the years. In fact, the number and value of transactions have increased dramatically.

• In India, over 68% of digital payments are made through UPI

• Around 8.7 billion transactions were recorded via UPI in March 2023 alone and overall growth of 82% in FY23 over the previous year

As the saying goes, "One person's loss is another person's gain," and this is precisely what we're seeing in the quick-commerce industry.

Blinkit's delivery partners in the Delhi-NCR region are up in arms after the company reduced their payment per order from Rs 25 to Rs 15.

With the need for groceries still present, customers are shifting to other apps, including Swiggy's Instamart, Y Combinator-backed Zepto, Reliance-backed Dunzo, and Tata's BigBasket, to order their essentials. As a result, these apps have experienced a temporary surge in order volumes of up to 40%.

• In addition to the increase in business, these rivals have also enjoyed a drop in marketing costs of up to Rs 1 crore in the last five days

Quick-commerce players who are currently benefitting at Blinkit's expense understand that the surge is temporary, and customers will eventually revert to using their preferred app.

"We saw our food delivery orders almost double when one of our rivals saw a strike in Chennai recently. But it was back to normal when the strike ended,” said an executive of a quick-commerce company.

Quick-commerce is a relatively new segment, and in the first few months, many companies invested heavily to create a category that enticed customers with attractive offers and swift delivery services, both at the same time.

Now that there is a category, quick-commerce businesses can shift their focus to profitability, especially at a time when capital is scarce. 

Find out more

Cadbury's legal notice to influencer Revant Himatsingka for his Instagram Reel about Bournvita's dubious health benefits has backfired, drawing attention to the drink's high sugar content. 

• As per its own label, every serving of Bournvita has 7.5 gms of sugar, corresponding to one and a half teaspoons.

As awareness grows in India about the dangers of processed and synthetic foods, food and beverage companies should be planning for a move away from them, writes senior journalist Sundeep Khanna in an opinion piece for us.

Read the full article

On April 18, 1983, the Osborne Computer Corporation announced the Osborne Executive portable computer. This device was intended to be the successor to their popular Osborne 1 computer. However, it is believed that this announcement is what led to the downfall of the company, in what is now known as the Osborne Effect.

Quick trivia: Legend has it that dealers cancelled Osborne 1 computer orders because the new product was announced too soon. The company's cash flow decreased, making it difficult to operate. Eventually, the company cancelled its IPO and filed for bankruptcy. (Picture credit: Wikipedia)

• Coinbase CEO Brian Armstrong stated that if regulatory clarity for the industry is not provided, the crypto exchange may consider leaving the United States.
  
  
• The Securities and Exchange Commission has charged crypto exchange Bittrex with failing to comply with securities law, resulting in at least $1.3 billion in illegal revenue between 2017 and 2022.

"The next Steve Jobs." That's what they called Elizabeth Holmes, the charismatic founder of Theranos, a startup that promised to revolutionize the world of blood testing. 

But as we soon learn, the truth was far more sinister. 

Discover the shocking truth behind one of Silicon Valley's biggest scandals with The Dropout, hosted by Rebecca Jarvis. This investigative podcast features interviews with insiders, patients, and investors, as well as the previously unheard deposition testimony of Elizabeth Holmes and others involved in the scandal.

Check it out on Apple Podcasts, Spotify or Google Podcasts

Note: By subscribing to Tech3 you have already made the right choice. Top it up with a premium offering, the Moneycontrol Pro Panorama, a newsletter that gives you a sharp take on macros, markets, business and finance. Sign up for Pro from this link to get this newsletter in your inbox and also a host of content enjoyed by 500,000+ subscribers.