Eternal's revenue grew 78%, but its Q2 shareholder letter raises a question investors should ask about every digital business.
Eternal reported ₹24,138 crore in Q2 FY27 revenue. Its shareholder letter also revealed a vulnerability in its fastest-growing businesses.
Deepinder Goyal classified Zomato and Blinkit as relatively low-risk from AI agents, while placing District in the medium-to-high-risk category.
District's net order value grew 58% year-on-year to ₹3,259 crore. Management is targeting ₹28,000 crore by FY30.
So why is a growing business more exposed to AI?
Consider booking a restaurant table.
Today, you might open District, search for restaurants, compare availability, and make a reservation.
An AI agent could eventually do all of that for you, without requiring you to open District.
The restaurant still provides the table. The customer still pays. District could lose its position as the middleman.
Zomato and Blinkit operate differently.
Restaurants, inventory systems, delivery partners, and payments need to work together in real time. An AI agent can simplify ordering, but fulfilling that order remains complicated.
Having spent decades in broking, I see a useful parallel.
Technology has made placing trades much easier. Yet the exchange, clearing, and settlement infrastructure remain essential.
However, the customer-facing platform still matters because it influences distribution, relationships, and brokerage pricing.
This is what I would watch with District.
Can it secure enough exclusive supply and retain attractive economics if customers increasingly book through AI agents?
District may process more transactions while having less control over where they originate.
For an investor, transaction growth and control over the customer relationship deserve separate examination.
Disclaimer: For educational purposes only. This is not investment advice or a recommendation to buy or sell any security.
