Why DMart founder’s Eternal investment is big deal; India’s e-bus push has a delivery problem

Hello,

Bengaluru-based fintech savings app Jar on Friday reported a 9-fold rise in revenue as its losses narrowed by more than half for FY25.

Jar is a savings app that helps users make micro investments in digital gold. The platform primarily uses UPI Autopay to enable automatic daily or weekly savings, allowing users to set aside fixed amounts that fit their financial reality. Users can choose to save as little as Rs 10 per day.

Meanwhile, this year’s Ig Nobel prize winners for the whackiest “scientific” ideas include a zero-calorie drink that includes Teflon and cows painted like zebras. Not to be confused with the more prestigious Nobel prizes that will be given next month, the Ig Nobel prize is a satirical award designed to promote public engagement.

Two researchers from India have also been named in the list this year. Vikash Kumar and Sarthak Mittal won in the engineering design category “for analysing, from an engineering design perspective, how foul-smelling shoes affect the good experience of using a shoe-rack”, according to The Hindu.

Lastly, after several high-impact editions across Bengaluru, Hyderabad, and Pune, DevSparks is coming to Chennai today to spotlight its deeptech talent, thriving SaaS ecosystem, and legacy in software innovation.

The event will bring together engineers, technologists, and builders to dig deep into generative AI, developer workflows, GCC innovation, and scalable tools. Catch all the action here!

In today’s newsletter, we will talk about 

• Why DMart founder invested in Eternal
• India’s e-bus push has a delivery problem
• Bringing sim racing gaming to India

Here’s your trivia for today: The natural gas-burning “Fire Mountain” is located in which country?

Foodtech

Why DMart founder invested in Eternal

Radhakishan Damani, the low-profile billionaire who built DMart parent Avenue Supermarts into India’s most successful homegrown retail chain, has quietly acquired shares in Eternal, the parent of food delivery giant Zomato and quick commerce upstart Blinkit.

The ownership structure of Eternal shows that Damani and his wife, Shrikantadevi Radhakishan Damani, together hold close to 47.5 million shares in the company, or roughly a 0.5% stake.

The pattern:

• Analysts say Damani’s entry could be interpreted less as a wholesale endorsement of quick commerce and more as portfolio diversification. “He may see Eternal as a way to gain exposure to a segment DMart itself is unwilling to pursue directly,” said one Mumbai-based fund manager.
• The entry of Damani and his wife, though modest, is significant for the signal it sends: one of India’s most successful offline retail entrepreneurs sees value in backing a digital-first, quick-commerce-heavy platform.
• For Eternal, having one of India’s most respected retail operators as a shareholder lends credibility as it battles to prove the economics of quick commerce, said the above-quoted analyst.

Top Funding Deals of the Week

Startup: Infra.Market

Amount: $83M

Round: Series G

Startup: EvoluteIQ

Amount: $53M

Round: Equity

Startup: FinBox

Amount: $40M

Round: Series B

Insight

India’s e-bus push has a delivery problem

India has set an ambitious goal of electrifying 40% of all new buses by 2030, but the roads tell a different story. According to Vahan data, only 3,066 e-buses have been registered year-to-date, still short of the 2024 peak of 3,611.

This gap indicates that much of the action this year has been happening at the order and production stages, forecasting a gradual pick-up in registrations late this year and beginning next year.

Rolling it out:

• A recent report by CareEdge noted that the annual sales volume of e-buses in India is expected to reach more than 17,000 units in FY27, accounting for nearly 15% of the total bus volume in the country, compared to 4% in FY24. 
• The Indian government is driving the push with schemes like the PM e-Drive Scheme, which aims to deploy 14,028 electric buses. This is complemented by the PM eBus Sewa-Payment Security Mechanism Scheme, which ensures the long-term financial viability of e-bus operations.
• Original equipment manufacturers are looking to ramp up their production capacity to satisfy large commercial orders from state governments.

Startup

Bringing sim racing gaming to India

Virtual Racing Hub (VRH) sells and builds high-end racing simulators in India. The startup provides steering wheels, pedals, rigs, and VR setups from top brands, sets up custom simulators for customers, and also hosts demo events so people can experience simulation racing firsthand.

VRH builds on existing platforms and games, such as those on Steam, which handle basic animation and steering inputs. Its core value lies in customising these systems for clients, including adding branding to track signage and car designs. 

News & updates

• Chatbot: Chinese tech giant Huawei has co-developed a safety-focused version of the AI model DeepSeek that it said is “nearly 100% successful” in preventing discussion of politically sensitive topics.
• Digital Euro: European Union finance ministers have agreed on a roadmap for launching a digital euro currency that aims to become an alternative to the now-dominant US-based Visa and Mastercard systems.
• Robo taxi: US chip designer Nvidia has signed a letter of intent for a possible $500 million investment in the next funding round at Britain’s Wayve, the autonomous driving technology group.

The natural gas-burning “Fire Mountain” is located in which country?

Answer: Azerbaijan

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