Rahul Mathur

On Saturday, I began my “10,000 hours of AI” journey in earnest So far, I’ve been a fringe observer / user but reality has hit: A large % of our portfolio is Enterprise AI (count & $ amount), the founder quality in AI continues to remain top notch. My naive take is that in the next 10 yrs, the majority of net new MCap creation will come from AI (infrastructure, vertical agents, model providers, service vendors etc) Therefore, I’ve decided to really double down on 5 activities ⤵️

While it is hard to pinpoint the exact Q4 FY26 revenue of Bistro, it is clear that the business is scaling with 2 quarters of 5x revenue growth and some cautious CAPEX spending. My best guess is that Bistro has grown ~15x in FY26 to a business which is doing ~₹128 crore in Adjusted Revenue on an annualized basis . Therefore, Bistro is not even 1% of Eternal’s total revenue. It could potentially become ~10% of total revenue IF it goes down the same pathway as Rebel Foods (which did ~₹1,600 crore in FY25). ➡️However, this journey will be perilous - Rebel Foods has burnt over ₹2,000 crore in the past 5 yrs & is far from profitability - Bistro is also in the deep red right now!

Bistro has scaled meaningfully in FY26 after a reset Bistro is not broken out separately. Eternal reports this business inside the Others segment alongside new initiatives like Nugget (AI) and Greening India (CSR) Q1 FY26 - Bistro was housed under “Others” - you can see a meaningful spike in losses Q2 FY26 - There was a real reset - less revenue & higher losses - presumably a reorganization of the underlying business unit Q3 FY26 - The revenue inflection is visible (x5 QoQ) Q4 FY26 - The business seems to be in expansion mode; x5 QoQ revenue growth again but with a slight uptick in EBITDA burn The business model is yet to be proven: Across Q1 to Q3, management has repeatedly highlighted that the majority of losses in this “Other” segment is due to Bistro

Has Blinkit’s Bistro disappeared? > Q1 FY26 - Bistro had 38 kitchens > Q2 FY26 - “Losses are due to Bistro” > Q3 FY26 - “Signs of PMF” & 45 kitchens > Q4 FY26 - “Still a small experiment” In Q1, up to ₹60 crore CAPEX was set aside for the Bistro experiment - the concern was “we need to find answers to making money in this business” On the surface, it seems like Bistro hasn’t scaled. But the financials tell a more interesting story ⤵️

@AnshulGarg1986 Very sorry to hear about this Anshul 🙏

I have seen this phase when I was 20 still studying and 29 and my father was 47 and 56 due to his cancer. He died eventually. Two time cancer. Spent almost 2 years of life in cancer hospitals. Second time our entire life saving vanished. Started again from almost zero. I did my CA studying in hospitals and take care of him single handlly. Taking him to chemo and managing all his is complexities. I came from a very small town so living in Delhi was another challenge with no relatives support. I know how difficult it is to handle cancer patients as the journey is very uncertain and full of ups and down and that environment of cancer hospital. It is like you are sitting at door of yaamraj. Hopeless. It can make you a negative person. Life can be much tougher than you expect. There are many others who even live a tougher life than me.

The part no one tells you about your late 20s: If you are fortunate to still have your grandparents around, then you also have the misfortune of seeing them struggle through their old age. This is our 6th hospital visit in 6 yrs. 60s & 70s were a breeze. Their late 80s have been a train wreck when it comes to Health.

@rocks_sport Very sorry to hear about this, Satya 🙏 Wishing him the best of health

@Rahul_J_Mathur I'm in that boat. At this moment my 92 year old father is completely vulnerable, weak, very very old.

@shamikpatel12 Thank you Shamik. I am very sorry to hear about things at your end. Wishing your grandmother and father a speedy recovery 🙏

@Rahul_J_Mathur True. Tough to see loved ones going through tough times. My grand ma also hospitalised due to brain stroke - right side paralysed, and dad also underwent angioplasty last month. Dad needs to undergo another surgery in coming week. Wishing your loved ones speedy recovery!

@babu__bhaiyaa Yes the life span versus health span is a very valid question

@Rahul_J_Mathur Modern medicine will keep you alive even if you don't want to! We have increased the life expectancy but quality of the ADDITION life period still remains concern

@deeptiraonayak Thank you Deepti

@Rahul_J_Mathur Have been through this phase and it's heartbreaking to see them suffer. Take care.

@saurav_ag Thank you buddy. This is my grandmother. She is the one who has a few medical issues

@Rahul_J_Mathur Bless you and your family.. hoping he recovers soon and doesn't visit another. Take strength.

@frrohaannn Thank you Rohan

@Rahul_J_Mathur wishing them a speedy recovery

@aditya_kondawar Thank you Aditya

@Rahul_J_Mathur Wishing them a speedy recovery!

@spanup1 @DrShashankjshah Very true. Titan & Trent although are keeping up

@Rahul_J_Mathur @DrShashankjshah Great company…out of sync with times !

Great company for one of the worst flights home. One of the few books which had the late Ratan Tata endorsed with a long foreword Published in 2019 so it is a good time machine to study Tata Group pre-COVID

@_wallwalker @DrShashankjshah yup!

@Rahul_J_Mathur @DrShashankjshah 1 - Solidarity post from an old train travel thanks to Google Photo semantic search. 2 - I'd recently really liked how brands like Titan have moved beyond just cricket

@akhilpedia @typeform Yup the Airtable Omni-pivot is probably the craziest one I have seen yet

@Rahul_J_Mathur @typeform Airtable did something similar with Omni. I'm struggling to find use cases for it these days but appreciate the fact that I don't need to manually build out spreadsheets anymore.

Did not expect this from Typeform😂 I was a Power User over 5 yrs ago - creating web forms was quite a pain in the arse. The startup intake form should have taken me an hour of clicking, typing and QA this morning Instead, this was a pleasant 10 minute experience using Typeform AI

Clearly, legacy software vendors aren't sitting with their hands tied - they are infusing AI across their product canvas. In the case of Typeform, they have really gone "AI first" where you are pushed to create the initial form with Typeform AI. Human editing comes next :)

Actually ended up renewing our subscription after this experience... Typeform AI is also available on the free plan as well (to deliver a wow experience to drive free to paid conversion) Very pleased with the output! I last used Typeform almost 18 months back:

@mufcnotok I think that's one part of the story that they are trying to push but the other part is the numbers just do not show any positive sentiment

@Rahul_J_Mathur Or they’re just keeping their powder dry and not participating in the current insanity. They’ll be fine

Indian IT bloodbath this week: 🔻10% last week 🔻26% YTD Clear message: No reward until IT Services companies demonstrate OPEX leverage from AI (via higher revenue per employee with positive CC revenue growth) There was a clear window of 3+ yrs for these cos to withhold buybacks & dividends - to allow re-investment into R&D and product capability. "In the short run, the market is a voting machine, but in the long run, it is a weighing machine"