In today’s earnings release, Eternal released a shareholder letter. What caught my eye was Deepinder Goyal’s Key Takeaways on AI A privacy-first AI platform
•Deepinder is developing an AI platform focused on privacy and confidentiality.
•It aims to protect conversations, personal thoughts, research and business ideas.
•The platform will use fine-tuned open-weight models, its own infrastructure and end-to-end encryption.
•Users will control their encrypted memory across sessions.
•It is designed for founders, researchers, scientists, enterprises and governments.
•Deepinder hopes to launch globally within 2026.
•He says its AI models will prioritise truth over simply pleasing users.
AI agents: Threat or opportunity for Zomato and Blinkit?
•Zomato and Blinkit face relatively low risk from AI agents, while District faces medium-to-high risk.
•More than 65% of Zomato app opens are exploratory, according to Deepinder. Customers enjoy discovering restaurants, browsing menus and looking at food pictures.
•AI agents may take over repetitive tasks such as repeat orders and restocking, but Deepinder says reordered carts currently account for only a low-single-digit share on Zomato and Blinkit.
•AI can place an order, but fulfilling it reliably is much harder.
•Zomato depends on coordination between restaurants, kitchens, delivery partners, routing and payments.
•Blinkit relies on real-time inventory, dark-store operations, picking and dispatch to enable rapid deliveries.
•Deepinder argues that the company controlling fulfilment and taking responsibility for the customer outcome will retain significant value.
Five important implications for investors
1Execution becomes the moat: Operational excellence and fulfilment infrastructure may matter more than owning the customer interface.
2Markets could consolidate: AI agents may direct customers towards the best-performing platforms, strengthening market leaders.
3Content advantages may weaken: AI can aggregate reviews, ratings and information from across the internet, reducing the value of proprietary content alone.
4New market opportunities could emerge: Strong fulfilment infrastructure may help companies enter categories previously protected by established content advantages.
5AI could generate incremental demand: Personalised recommendations from AI agents may create additional transactions, potentially reducing reliance on traditional customer acquisition channels such as Google and Meta.
What about profitability?
•Deepinder believes AI intermediation need not automatically compress margins for Zomato and Blinkit.
•Platforms that continue to power sales and fulfilment should be able to capture a fair share of the transaction economics.
•However, this is his strategic thesis, not a guarantee that margins will remain unaffected.
The central investment takeaway: Deepinder believes AI may weaken businesses that rely primarily on customer discovery and content, while strengthening companies with superior supply chains, fulfilment capabilities and execution.
