A cross sectors, the common challenge today is shifting from growth at any cost to building profitable and sustainable businesses. Companies that competed primarily on scale are now being judged on profitability and operating discipline. This issue examines three ongoing transitions—quick commerce’s search for viable unit economics, Tech Mahindra’s turnaround journey, and crypto’s struggle for a sustainable regulatory path in India.
As Palak Agarwal writes in the cover story of this issue, India’s quick-commerce sector has entered a crucial phase. After years of expansion fuelled by substantial capital, deep discounts, and rapid expansion of dark-store networks, the focus has shifted from scale to profitability. While scale remains important, investors are increasingly asking whether this growth can translate into good returns.
Blinkit offers the strongest evidence so far that the model can work. It remains the only major quick-commerce player in India reported to have achieved operating-level profitability. However, rivals continue to face significant challenges. Zepto has deferred its plan to go public, while Swiggy has restructured Instamart’s leadership and BigBasket is repositioning itself under new management.
Online grocery penetration in India is still low, leaving room for quick commerce to expand into smaller cities and towns. The eventual winners will not be platforms with the largest customer base or widest reach, but those that operate with ruthless efficiency and convert scale into steady cash flow.
Meanwhile, Priyanka Sangani examines the status of Tech Mahindra’s ambitious goal of growing faster than its peers while improving profitability. Under Chief Executive Officer Mohit Joshi, who is in his 11th quarter running the company, the results have been encouraging.
Talent has been another pillar of his turnaround plans. The company has strengthened its senior leadership team while keeping attrition stable. But the next phase may prove more challenging, as the artificial intelligence disruption could test the turnaround.
Elsewhere, Surabhi explores the paradox of cryptocurrency in India, a country that ranked among the world’s largest crypto markets, with millions of investors, many of them young and from non-metro cities, jumping on the bandwagon. While India’s regulatory approach has squeezed the sector’s formal growth through high taxation and compliance requirements, trading activity has shifted to offshore platforms.
This raises an important question: what policy framework best serves India’s interests? Allowing crypto to remain in a regulatory grey zone leaves investors exposed to volatility, scams and misuse. At the same time, the risks cannot be ignored. A comprehensive policy framework that protects consumers, encourages responsible innovation and provides regulatory certainty for all stakeholders would benefit everyone.
@szarabi
