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Zomato surprises investors, turning adjusted EBITDA and PAT positive in the June quarter. Also, Gupshup’s valuation markdown.

The Mideast tech giant is scaling back verticals in Saudi Arabia and possibly rethinking global operations.
Their earnings define consumption amidst disruption in a roller-coaster quarter. Separately, the fragile Iran ceasefire has begun to fray.
The platform’s pre-IPO debt funding raises fresh questions about cash flows and SEBI’s role. Investors will do well to take note.