Top 5 tech and startup stories of the day

Swiggy’s net losses nearly doubled in the fourth quarter. This and more in today’s ETtech Top 5.

Also in the letter:
■ Bitcoin goes past $100K
■ OTTs back microdramas
■ AI won’t replace jobs
Swiggy Q4: Losses double to Rs 1,081 crore despite 45% revenue growth

Food delivery platform Swiggy reported a sharp rise in its net loss for the fourth quarter, reaching Rs 1,081 crore, compared to Rs 555 crore in the same period last year.

Financial highlights:

• Revenue from operations: Up 45% year-on-year (YoY) to Rs 4,410 crore.
• Gross order value (GOV): Increased 40% YoY to Rs 12,888 crore in Q4 FY25.
• Adjusted Ebitda loss: Widened to Rs 732 crore, driven by higher spending on Instamart.

Instamart at a glance:

• Growth: Recorded a 101% YoY increase in GOV.
• Loss: Adjusted ebitda loss rose to Rs 840 crore.
• Expansion: Added 316 dark stores, taking the total to 1,021 by March 31.

Swiggy Instamart’s operating losses peaked in Q4, says CEO Sriharsha Majety
Sriharsha Majety, group CEO, Swiggy

Swiggy group CEO Sriharsha Majety said Instamart’s operating losses peaked in the January-March quarter, and the company expects to “progressively unwind losses” going forward.

Also Read: Swiggy Q4 earnings: key takeaways
X's global affairs handle unblocked, withheld post on blocking orders visible now

Social media platform X’s @GlobalAffairs handle has been unblocked in India after it was unexpectedly withheld on Friday morning.

The context: Following Operation Sindoor, X began blocking over 8,000 accounts in India after government orders that threatened local employees with fines and imprisonment for non-compliance.

Despite adhering to the directive, X raised objections, stating the government failed to clarify which posts violated Indian law or justify the takedowns. The platform argued that blocking entire accounts without clear explanation constitutes censorship and undermines free speech.

False claims: Amid the confusion, social media has been awash with misinformation. Fact-check agencies, including the Press Information Bureau (PIB) unit, have worked to verify a flood of dubious claims.

• Earlier in the day, PIB debunked several false reports, including alleged explosions at the Jammu Air Force base, damage to an Indian Army post, and a fidayeen (suicide bombing) attack on the Indian Army.
• It also dismissed a widely circulated rumour about a nationwide airport entry ban.

Across the border: Pakistan’s ministry of economic affairs claimed that its official X account was hacked after a controversial post surfaced, in which it appealed to global partners for additional loans and support amid escalating tensions with India.

The ministry denied publishing the message and said it was “working to have the Twitter (X) switched off.”
Bitcoin tops $100,000 on trade deal optimism

Bitcoin surged past $100,000 on Thursday for the first time since early February.

Driving the news: The rally followed a trade agreement between the United States and the United Kingdom, signalling a potential easing of President Donald Trump’s trade tensions with other countries.

Tell me more:

• The sector has also faced several setbacks amid scandals, including the collapse of the cryptocurrency $LIBRA, once endorsed by Argentine President Javier Milei.
• Its value plummeted after a handful of early investors sold off their holdings for substantial profits, triggering massive losses for most of later buyers.

Chipmakers find a ray of hope in AI chipsets amid US tariff gloom

Top chipmakers Qualcomm and MediaTek cite ongoing US tariffs as a key source of global market uncertainty, hampering growth.

Yes, but: The firms remain upbeat about the demand for AI-enabled chipsets, especially in the booming premium smartphone segment across emerging markets like India.
OTTs bet on microdramas to keep viewers glued to screens

With shrinking attention spans and a glut of content, OTT platforms are turning to new formats to keep audiences engaged.

What’s happening: Indian OTT services are ramping up their focus on microdramas—short, mobile-first series that first gained popularity in China. Industry experts say these byte-sized stories are designed for quick, on-the-go viewing, making them ideal for India's mobile-first audience.

Other developments: Alongside microdramas, Korean content is shaping viewer preferences. Prime Video’s recent deal with CJ ENM highlights the growing demand for K-dramas in India, while Netflix continues to see success with global hits like Squid Game.

At the same time, Netflix is tapping into nostalgia by adding digital versions of beloved classics. From CID and WWE to comedy staples like The Great Indian Kapil Show, the platform is banking on fan loyalty to boost engagement.
You are not going to lose your job to AI: Nvidia CEO Jensen Huang
Jensen Huang, CEO, Nvidia

Nvidia’s CEO, Jensen Huang, addressed the impact of artificial intelligence (AI) on the workforce at the Milken Institute’s Global Conference 2025.

Quote, unquote: “Every job will be affected. Some jobs will be lost, some will be created, but every job will be affected,” Huang said. He added, “You are not going to lose your job to AI, but you are going to lose your job to somebody who uses AI.”

Tell me more: Huang highlighted how AI is narrowing the gap between those who can code and those who can’t. He noted that while many attendees might not know how to program in C++ or C, “Yet 100% of you know how to programme in AI,” referencing the rise of “vibe coding.”

Also Read: AI job loss: 40% of roles at risk, experts warn