Flipkart‘s quick breather; Now hiring: AI leaders
Flipkart's quick breather; Now hiring: AI leaders
Also in the letter:
Flipkart may limit quick commerce expansion to top 6-8 cities to cut burn
Key details:
Current footprint: Flipkart Minutes operates in 14 cities with around 300 dark stores.
Flipkart Minutes operates in 14 cities with around 300 dark stores. Expansion plans: The unit aims to increase the number of dark stores to between 500 and 550 by October.
The unit aims to increase the number of dark stores to between 500 and 550 by October.
Long-term goal: Flipkart group CEO Kalyan Krishnamurthy has stated that Minutes will reach 800 stores by the end of 2025.
Competitive landscape:
Zepto and Swiggy Instamart: Both surpassed 1,000 dark stores during the January-March quarter.
Both surpassed 1,000 dark stores during the January-March quarter. Blinkit: Reported over 1,300 dark stores as of March 31.
Reported over 1,300 dark stores as of March 31.
BigBasket: Operates between 500 and 550 dark stores, aiming to reach 700 by July.
The context:
AI leadership roles up 40-60% in FY25 as talent demand soars
Driving the news:
Firms across IT, consulting, global capability centres, BFSI, and healthcare sectors are leading demand.
Startups in ecommerce and fintech are setting up dedicated AI units.
Deeptech and generative AI-focused startups from multinational firms are establishing AI centres in India.
Yes, and:
Key designations include chief AI officer, head of AI/ML, VP of AI engineering, VP of AI strategy/innovation, director, applied AI or innovation, and AI product head.
Top recruiters for these roles include Accenture, LTIMindtree, IBM, Deloitte, and Wipro.
Payout:
Chief AI officers are offered between Rs 1.2-2.5 crore annually.
According to Quess data, heads of AI/ML typically earn between Rs 80 lakhs and Rs 1.5 crore.
VPs of GenAI/ML are in the Rs 70 lakhs to Rs 1.2 crore range.
Also Read:
ET Explainer: Behind UPI-first digital payment apps' plan to revamp mobile wallet operations
Buzz around wallets:
PhonePe has added 25 million wallets.
Amazon Pay has gained 5 million new users.
MobiKwik saw 14 million new wallets created on its platform.
Consumers are increasingly choosing wallets for perks like cashback rewards, Fastag payments and cleaner bank statements.
Hunt for revenues:
Interoperability with UPI:
Also Read:
Ather Energy loss narrows to Rs 234 crore in Q4 as revenue rises
Key numbers:
Operating revenue rose 29% YoY to Rs 676 crore.
Total expenses increased 12.6% YoY to Rs 922.2 crore.
Adjusted gross margin expanded by ~900 bps to 18%.
Vehicle sales rose 35% to nearly 47,400 units in Q4.
FY25 revenue stood at Rs 2,255 crore, up from Rs 1,753.8 crore in FY24.
Full-year net loss narrowed 23.3%.
Ather added 143 stores during FY25, taking its total network to 351 outlets.
Other Top Stories By Our Reporters
Taking on Porter, Uber launches logistics service Courier XL for delivery of large goods:
Cybersecurity agency CERT-In flags spike in online threats:
Blinkit, Instamart face rising competition, elusive profitability in Q4:
Global Picks We Are Reading
Happy Tuesday! Flipkart is going slow on the expansion of its quick commerce service to control costs. This and more in today's ETtech Morning Dispatch.■ Why UPI wallets are back in focus■ Ather's Q4 financials■ Uber takes on PorterFlipkart is set to scale back the expansion of its quick commerce unit, Flipkart Minutes, by focusing on adding dark stores only in the top six to eight cities, according to sources familiar with the plans.Flipkart's cautious approach to expanding its quick commerce unit comes after a year of rapid growth in the sector, even as the broader ecommerce segment has slowed. A more aggressive rollout could potentially escalate losses, similar to Blinkit and Instamart, which together added over 600 dark stores in Q4 FY2025, incurring capital expenditures of Rs 317 crore (Blinkit) and Rs 425 crore (Instamart).By concentrating on top-tier cities, Flipkart aims to minimise operational costs while maintaining a significant presence in high-demand areas.Leadership roles in artificial intelligence (AI) have surged by 40-60% year-on-year in FY25, according to data from staffing firms.Companies are increasingly linking compensation to business impact, with top talent moving faster into CXO or P&L-aligned positions.Paytm chief executive officer Vijay Shekhar Sharma told market analysts last week that the company is close to a breakthrough in reviving its mobile wallet operations. But why bring back mobile wallets when UPI dominates the digital payments space?Fintechs have seen a resurgence in mobile wallet usage over the past year:UPI payments linked to bank accounts do not generate direct revenue. In contrast, mobile wallet-based UPI payments carry a merchant discount rate (MDR), offering fintechs a monetisation route. Major players like PhonePe and Paytm earn little from core UPI transactions, so strengthening wallet offerings is a way to drive revenue.On December 27, 2024, the Reserve Bank of India (RBI) enabled users to link their mobile wallets with any UPI app . The move effectively makes a full-KYC wallet functionally equivalent to a bank account, increasing its utility and relevance.Tarun Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy narrowed its Q4 FY25 net loss by 17% year-on-year to Rs 234.4 crore, driven by higher scooter sales and improved margins.Courier XL has been rolled out in Delhi NCR and Mumbai, with plans to expand to more cities in the coming months. It allows users to send large packages weighing up to 750 kilograms.Amid the escalating conflict between India and Pakistan over the last weekend, the Indian Computer Emergency Response Team (CERT-In) has reported a sharp increase in cyber threats targeting businesses and government systems.The post-results commentary from Zomato parent Eternal and Swiggy had a common denominator: both companies pointed to heightened competition in the quick commerce space ■ Deepfakes, scams, and the age of paranoia ( Wired ■ Insurers launch cover for losses caused by AI chatbot errors ( FT ■ How UAE is shifting gears to lead Middle East's EV revolution ( Rest of World
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