Deepinder Goyal steps down as Eternal CEO; EV sector pens down its wishlist

Hello,

Another day, another record low. 

Foreign outflows weighed on the rupee, which sank to a record low on Wednesday, with geopolitical tensions amplifying outflow pressures.

Indian shares, too, extended losses after their steepest drop in over eight months in the previous session, fueled by foreign selling.

However, there’s still an upside: high-frequency indicators point to sustained growth momentum, according to the latest report by the Reserve Bank of India. These indicators include data collected frequently, such as goods and services tax receipts and e-way bills, which act as markers of economic activity. 

In fact, ahead of the Budget, several economists believe India's fiscal policy is expected to turn more growth-supportive, as the federal government shifts to targeting the debt-to-GDP ratio starting April 2026.

Meanwhile, there’s a new frontline healthcare team on the ground—an AI-powered one. The Gates Foundation and OpenAI have struck up a $50 million partnership to help several African countries use AI to improve their health systems and mitigate the impact of international aid cuts.

Further, OpenAI wants people to use AI more in all aspects of their everyday lives. From education to disaster preparedness, the ChatGPT maker’s new OpenAI for Countries initiative seeks to expand the reach of its products and help close the gap between countries with broad access to AI technology and those that do not yet have the capacity.

In today’s newsletter, we will talk about 

• Deepinder Goyal steps down as Eternal CEO
• EV sector pens down its wishlist
• The deeptech startup driving seaweed farming

Here’s your trivia for today: Which fruit was once known as the “Persian apple”?

Foodtech

Deepinder Goyal steps down as Eternal CEO

Deepinder Goyal has said he will step down from his role as Eternal’s Group CEO to focus on new ideas and ventures. Albinder Dhindsa, who had co-founded Blinkit and joined Zomato when the quick commerce company got acquired, will take over the role as Eternal’s new Group CEO, Goyal said in the letter.

This transition means that Dhindsa will oversee daily execution, operating priorities, and business decisions. Goyal added that Blinkit remains Eternal’s largest growth opportunity and Dhindsa‘s “top priority”.

Major updates:

• Consumer tech player Eternal saw its quick commerce business and Hyperpure business turn EBITDA profitable in the December quarter as the company undergoes a fundamental leadership transition.
• The parent company behind Zomato and Blinkit saw adjusted revenue growth of 64% to Rs 16,315 crore on an annual basis. 
• Blinkit also executed an industry-first EBITDA positive, with a Rs 4 crore adjusted EBITDA profit. This comes after the quick commerce market leader secured about Rs 600 crore from its parent entity in November last year.

Funding Alert

Startup: GreenCell Mobility

Amount: $89M

Round: Mezzanine

Startup: Aerem

Amount: $15M

Round: Pre-Series B

Startup: Ringg AI

Amount: $5.5M

Round: Series A

Union Budget

EV sector pens down its wishlist

India’s electric vehicle ecosystem has been vibrant with activity, propelled by favourable government policies, subsidies, and focus on new vehicle categories under the PM E-DRIVE scheme. As the Union Budget approaches, companies in the ecosystem hope for continued capital allocations and support from the government. 

OEMs have had a tumultuous year with the rare-earth magnet shortage, casting doubt on whether supply can match up to demand. However, according to experts, manufacturers have quickly adapted to the crisis by widening their sources, away from China, or by coming up with rare-earth-free magnet motors. 

Key takeaways:

• One of the key sticking points is the uncertainty around customs duty attached to lithium-ion cells. Currently, the industry is paying 5% basic customs duty on importing lithium-ion cells instead of 18%, and OEMs hope for this to continue.
• While the government hopes for cell production in India to increase as more gigafactories come up in India, supported by the PLI scheme, the ecosystem hopes the current rates remain the same.
• “Mature EV markets are including lifecycle performance metrics in fiscal frameworks, and India should not lag here. As batteries last longer, are easier to recycle and recover more valuable material, replacement frequency, import needs, and future subsidy needs all reduce, along with making EV pricing more predictable,” Manikumar Uppala of Metastable Materials says.

Startup

The deeptech startup driving seaweed farming

Despite a vast coastline, seaweed cultivation is a nascent area in India. Mumbai-headquartered deeptech startup ClimaCrew is spearheading efforts to ramp up cultivation of seaweed—considered a powerhouse of nutrients—by engaging with coastal communities of Gujarat and Maharashtra and end-user industries. 

Its AI-driven platform analyses satellite data to identify suitable spots for seaweed cultivation. The startup has a seaweed processing plant in Chiplun, Maharashtra, where the seaweeds undergo quality checks. It supplies 100-120 kilolitres of seaweed every month to various industries.

News & updates

• Retirement: NASA astronaut Suni Williams, who famously stayed in space for an extended nine-month visit because of problems with an experimental capsule, has retired after 27 years, NASA said.
• Extended decline: Shares in Germany's SAP extended a months-long downtrend on Wednesday, falling to their lowest since August 2024 and bringing the loss in market value since last year's record high to around $130 billion.
• Market entry: Indian drugmaker Dr Reddy’s Laboratories Ltd. is planning to launch a generic version of Novo Nordisk A/S’s Ozempic in March after the drug’s patent expiry, becoming one of the first firms to capture the gold rush for the therapy in the South Asian country.

Which fruit was once known as the “Persian apple”?

Answer: Peach.

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