New-age companies Swiggy and Urban Company closed the March quarter in the red, even as revenues surged. This and more in today's ETtech Top 5.Also in the letter:■ Gameskraft founders in ED custody■ Cloudflare to cut 20% staff■ KPIT founder passes awaySwiggy Q4 loss narrows to Rs 800 crore, revenue surges 45% YoY Sriharsha Majety, group CEO, SwiggyOnline food delivery platform Swiggy narrowed its losses in Q4 FY26 while revenue surged about 45% year-on-year (YoY).Financials:Operating revenue: Jumped 45% YoY to Rs 6,383 crore.Net loss: Narrowed 26% YoY to Rs 800 crore.Food delivery revenue: Rose 27% YoY.Instamart slowdown: Swiggy’s quick commerce arm saw lost a bit of steam. The gross order value (GOV) for Instamart slipped in the March quarter, the first sequential dip after years of strong growth.Swiggy Instamart reported GOV of Rs 7,881 crore, 0.7% lower than in the December quarter.Year-on-year, Instamart’s GOV jumped 68%, while revenue rose 50% to Rs 1,057 crore.Food delivery GOV grew 22% YoY to over Rs 9,000 crore. Quote, unquote: "In quick commerce, the next phase will be defined by anticipating consumer needs, not merely fulfilling them. Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance," CEO Sriharsha Majety said.Also Read: ETtech Explainer: What does Blinkit’s growth moderation mean for rivals?Urban Company Q4 net loss swells 57x to Rs 161 crore; revenue jumps 43% YoY Abhiraj Singh Bhal, CEO, Urban CompanyHome services marketplace Urban Company reported a significantly wider loss in the March quarter.Financials:Net loss: Up 57x jump to Rs 161 crore versus Rs 2.8 crore a year earlier.Revenue from operations: Up 43% YoY to Rs 425.5 crore, from Rs 298.4 crore a year earlier.Net transacting value (NTV): Up 42% to Rs 1,148 crore, which the company claimed was the highest in 15 quarters.But why: The platform’s aggressive expansion of InstaHelp, its high-frequency house-help vertical, pushed the company deeper into the red this quarter. Cofounder and CEO Abhiraj Singh Bhal told shareholders in a letter that InstaHelp was Urban Company’s most aggressive investment. The vertical had grown from almost nothing at the start of FY26 to about 2.7 million orders in the March quarter.To be continued: “We expect InstaHelp’s burn to remain elevated over the next few quarters as we prioritise densification, broader micro-market coverage, and accelerated partner onboarding,” he noted in the letter. Also Read:Ola Consumer's FY25 revenue drops 42%, losses widen, as company begins prep for IPO Zepto gets Sebi nod for IPO; issue size pegged at Rs 8,000-9,000 crore: sources Aadit Palicha, CEO, ZeptoQuick commerce company Zepto has received approval from the markets regulator for its initial public offering (IPO), sources told us.Driving the news:The company is expected to file an updated draft prospectus in the next six to eight weeks.The IPO is expected to be sized at around Rs 8,000-9,000 crore, down from the earlier proposed Rs 11,000-12,000 crore, according to people in the know.The final issue size is still undecided.The platform is said to have Rs 6,000-7,000 crore in cash on its books, giving it a runway ahead of the listing.Also Read: Zepto trims cash burn before IPO, pitches profitability by FY29 to public market investorsMarket watch: The Aadit Palicha-led company enters the market as quick commerce growth slows and listed rivals focus on profitability.Swiggy said in its latest results that there was a sequential decline in Instamart’s GOV, even as cash burn fell and losses narrowed. Blinkit CEO Albinder Dhindsa had also flagged a potential moderation in business earlier this month.What's the plan: Zepto is attempting to grow order volumes without materially expanding its dark store network. Its footprint of around 1,100 dark stores has remained largely unchanged since late last year, even as order volumes have grown, according to sources.Also Read: Every rupee saved in supply chain costs goes back to customers: Zepto's Aadit Palicha at YC Startup SchoolED arrests three founders of Gameskraft in PMLA case The Enforcement Directorate (ED) on Friday arrested three founders of online gaming platform Gameskraft on Friday in a money-laundering case linked to alleged fraud.Case details: Those taken into custody are founders Deepak Singh, Prithvi Raj Singh and Vikas Taneja, under the Prevention of Money Laundering Act (PMLA). Singh and Prithvi Raj Singh were arrested in the Delhi-NCR region and taken on transit remand to be produced before a Bengaluru court. Taneja was arrested in Bengaluru and has already been produced before a court, officials said.More action: The agency filed a money-laundering case against Gameskraft Technologies Ltd and related entities, based on multiple police FIRs alleging cheating and fraud. It also carried out raids at 17 locations in Delhi-NCR and Karnataka on Thursday, seizing documents.The platform, ED officials said, runs and owns various online real-money games, including 'RummyCulture', the Rummytime app, etc.Yes, and: The ED said multiple FIRs linked the company to suicides following alleged cheating. In November last year, it froze eight bank accounts holding Rs 18.57 crore in deposits.Also Read: ETtech In-depth: Banned in India, but it’s business as usual for offshore real money gaming firmsCloudflare to cut about 20% of 5,000-plus workforce as AI adoption reshapes operations Cybersecurity company Cloudflare is preparing to trim its global workforce as it reorganises around the growing use of artificial intelligence tools.Layoff details: The company plans to cut about 20% of its staff, affecting more than 1,100 employees worldwide. Cloudflare had 5,156 full-time workers at the end of 2025.Why the cuts? In an internal email, founders Matthew Prince and Michelle Zatlyn said Cloudflare is reshaping its teams and operations for what they call an “agentic AI era”.They added that internal use of AI tools has jumped more than sixfold in the past three months, significantly changing how employees work. The founders also stressed that the layoffs were not linked to performance or cost-cutting.Zoom out: According to Layoffs.fyi, 101,550 employees across 120 tech companies have lost their jobs so far in 2026. Cloudflare joins firms including Coinbase and Freshworks in announcing AI-linked job cuts.Also Read: Over 93,000 jobs cut in tech so far in 2026 as AI drives layoffs at Freshworks, Coinbase, othersKPIT founder Ravi Pandit passes away S B Ravi Pandit, founder, KPIT TechnologiesKPIT Technologies founder and chairman S B Ravi Pandit passed away in Pune on Friday morning, the company said in an exchange filing.Legacy:Founded KPIT in 1990 and scaled it from a small IT services firm into a global automotive technology company operating in 15 countries.Led KPIT’s pivot to automotive software, electrification, autonomous driving, EVs, and software-defined vehicles, making it a key partner to global carmakers.Built KPIT Technologies as a specialised mobility-focused company, distinct from traditional IT outsourcing firms through its high-value projects in the mobility sphere.Financials: This development happened after the company announced its quarterly earnings.Net profit: Down 33.4% YoY at Rs 162.9 crore in Q4 FY26, hit by geopolitical uncertaintyProfit: Up 22.6% QoQRevenue: Up 11.9% YoY at Rs 1,711 croreRevenue: Up 5.8% QoQ