One quick thing: CoinDCX announces central depository ‘Bharat Custody’ 

In today’s newsletter:

• Swiggy aims operational profitability by Dec 2025 
• Jio, Tata vie for Rs 5,000 cr IndiaAI GPU tender
• Tech Mahindra expects double-digit growth from GCCs

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After a decade of delivering food to millions, Swiggy has finally lifted the lid on its own plate as a listed company.

Swiggy saw a 30% year-on-year (YoY) jump in revenues and its losses narrowed 5% YoY in Q2FY25. 

• Revenues stood at Rs 3,601.5 crore and losses at Rs 625.5 crore during the July-September period
  

In comparison, its old rival Zomato had revenues of Rs 4,799 crore and had a profit after tax (PAT) of Rs 272 crore during the September quarter.

Swiggy said it is seeing encouraging results and will continue to grow from here on. 

• The company aims to turn operationally profitable by December 2025
  
  
• While the food delivery business is growing and dine out is turning profitable, the quick commerce division is where the investments are going, the company said
  
  
• Given the competitive intensity, Swiggy expects some turbulence in its profit profile but by Q3FY26 (Oct-Dec 2025), it should be EBITDA profitable 

If Swiggy meets its target in about five quarters, it would have turned profitable faster than rival Zomato, which took around eight quarters to achieve the same milestone. 

• Also, Swiggy’s 10-minute food delivery offering, Bolt, now accounts for 5% of all food orders. We wrote about how hot that market is here.

Dig deeper

Top tech and cloud service providers are vying for the approximately Rs 5,000 crore tender to provide AI compute resources to startups and researchers under the IndiaAI mission.

Jio Platforms, Tata Communications are among the 19 top tech and cloud service providers to have bid for the tender to procure and provide 10,000 graphics processing units (GPUs).

• Yotta Data Services, E2E Networks, CtrlS Datacenters, Cyfuture are among the other bidders
  

The technical evaluation committee will soon begin evaluating these bids. 

• Eligible bidders will be invited to present their proposed solutions during the technical presentation stage

By procuring these GPUs in bulk, MeitY aims to lower prices of these expensive GPUs that are crucial for AI applications.

• Additional secretary in the IT ministry Abhishek Singh had earlier said that GPUs will be available for use by startups and researchers by January 2025

Find out more

Tech Mahindra is doubling down on the burgeoning trend of Global Capability Centers (GCCs) in India.

The IT services major is witnessing a significant uptick in demand from existing and upcoming GCCs, with a projected double-digit growth rate.

• Currently under a three-year business turnaround plan under the new management, Tech Mahindra will adopt a value-based GCC strategy, selectively picking projects to work on rather than going all-pervasive, Ram Ramachandran, Senior Vice President - India, Middle East, and Africa business told us.

The company is finding GCC opportunities in skilling talent, ER&D, and AI partnerships, Ramachandran said.

• Tech Mahindra is also helping its GCC customers in their multi-cloud journeys and larger digital transformation
  
  
• The company currently has 60-70 GCC customers

According to a recent report by TeamLease Digital, India already has over 1,600 GCCs, employing over 1.66 million professionals.

• Another 800 new GCCs are expected to come up in India over the next 5-6 years

Go deeper

• Republican Senator Ted Cruz has urged US officials to investigate whether European governments have tried to unduly influence the country’s laws around AI.
  
  
• Nebius Group, formerly known as Yandex, raised $700 million from investors including Nvidia and Accel Partners.

Ever scrolled through your feed, mindlessly tapping, and suddenly realized hours have slipped away? 

• You've likely experienced brain rot

Yes, it's a real thing, and it's now the Oxford University Press' Word of the Year for 2024.

• This term, which has seen a 230% surge in usage, perfectly captures that feeling of mental fog and intellectual decay. 

So, next time you find yourself lost in the digital abyss, remember: you might be experiencing a bit of brain rot.

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