Swiggy’s countdown to public debut; Upskilling is the way for edtech

The most interesting news selected specially for you! 25 August 2024 [View in Browser]( POWERED BY Hello, In today's newsletter, we will talk about: - Swiggy’s countdown to public debut - The invisible battery-swapping network enabling EV adoption beyond India’s metros - Indian gaming industry’s worries - Upskilling is the way for edtech - Delhivery's dominant logistics delivery Imagine being at the heart of India’s innovation hub, surrounded by industry giants such as Sreedhara Panicker Somanath and Bhavish Agarwal, and accessing insights that could transform your career or startup. Join us for the 15th edition of[TechSparks Bengaluru]( Here’s your trivia for today: In "Jurassic Park", the park is located on an island off the coast of what country? --------------------------------------------------------------- --------------------------------------------------------------- Foodtech Swiggy’s countdown to public debut Swiggy is one step closer to its highly anticipated Rs 10,400 crore ($1.28 billion) IPO. The food delivery and quick commerce platform, one of India’s most-valued unicorns, will most likely file its draft red herring prospectus with India’s markets regulator by as early as the first week of September, two people aware of the matter told YourStory. Offering timeline: - Swiggy is moving to the DRHP phase, which should be filed by the first week of September. Once it’s filed, the company may be looking at a two-month timeline for SEBI clearance, one of the two people told YourStory, requesting anonymity. - Swiggy is eyeing a valuation of 60% of Zomato’s market cap, given its profitability and revenue, the person added. - Meanwhile, Swiggy’s quick commerce business Instamart, which competes with Zomato’s Blinkit and Zepto, said it clocked higher [orders per minute]( (OPM) on Monday, beating its previous record high from the day before amid Raksha Bandhan festivities in the country. [Read More]( --------------------------------------------------------------- From the CapTable The invisible battery-swapping network enabling EV adoption beyond India’s metros According to research by market intelligence firm P&S Intelligence, India's formalised battery-swapping market is currently valued at $17.7 million. At present, the ecosystem is led by private equity-funded players such as Battery Smart, RACE Energy, and Taiwan’s Gogoro, which have launched self-service battery swapping stations and offer either subscriptions or pay-as-you-go options. The current infrastructure rollout, however, is primarily concentrated in metropolitan cities and larger urban centres such as Delhi NCR, Bengaluru, and Mumbai.This leaves the likes of Manu Rana, a six-seater e-rickshaw driver in Jaipur, in the lurch. “The few swapping stations in Jaipur are really far out. You usually have to take a 10-12-kilometre detour to reach them. Even then, they might be down due to power cuts or the batteries aren’t available because they’re being diagnosed,” he adds.Manu and many others like him who live beyond India’s metros and rely on EVs either for their commute or livelihood aren’t simply waiting for India’s charging infrastructure to catch up. Instead, they’ve turned to local shops that offer battery-swapping as a service, charging anywhere from Rs 100-150 per swap. Such stores are mushrooming all over the country, enabling the adoption of EVs in geographies that are untouched or underserved by India’s formal EV charging network. Key takeaways: - 70% of India’s formalised, tech-led battery swapping market is concentrated in metropolitan cities. - Companies say it’s hard to set up infrastructure in smaller towns and cities because of expensive real estate, lack of subsidies, and energy issues. - But a network of informal players have stepped into the breach, providing battery swapping services out of auto repair shops, automobile reseller outlets, etc. - They offer these services for as little as Rs 100-150 per swap, and use the business as a way to upsell their other services [Continue Reading]( --------------------------------------------------------------- Gaming Indian gaming industry’s worries in India games like Nodding Heads’ critically acclaimed Raji: An Ancient Epic and Bengaluru-based nCORE Games’ Fearless and United Guards (FAU-G) have tried to attract online gamers, but haven’t quite made a mark compared to global titles. The industry’s quest to break into the coveted AAA game market has three daunting hurdles: development costs, investor skepticism, and tax. Play to win: - Funding in the ecosystem is few and far between. Bengaluru-based LightFury Games raised $8.5 million in a seed round led by Blume Ventures in April this year. - According to multiple founders, they approach investors after developing a vertical slice—a segment of the game that has been fully developed and polished which represents the core of its gameplay. - The Indian government is in the process of implementing the AVGC-XR (Animation, Visual Effects, Gaming, Comics and Extended Reality) Policy which looks to boost development in the space. [Read More]( --------------------------------------------------------------- Interview Upskilling is the way for edtech Co-founder Ronnie Screwvala, in an exclusive interview with YourStory, pointed to the recent Union Budget as a clear signal of the vast opportunities ahead for India's edtech sector. “If you look at it, the Union Budget, for example, is screaming across the rooftops about this sector because they're saying skilling is the most important, internship is the most important,” said Screwvala, whose Swades Foundation successfully listed a project on the NSE’s Social Stock Exchange. Necessary steps: - He said the ambitious goals of the Union Budget cannot be met without online help. - "We cannot actually learn, educate and skill people who are in jobs by asking them to go back into a training centre or learning centre in that sense," said Screwvala. - While the Indian edtech segment has been struggling with funding drying up—only $710 million was raised in 2023—upGrad recently raised Rs 287.5 crore in debt from EvolutionX Debt Capital. [Read More]( --------------------------------------------------------------- Logistics Delhivery's dominant logistics delivery boasts a larger scale and higher profitability than Ecom Express and is in a superior position than Ecom Express, according to a report by HSBC Global Research. “We like Delhivery for its dominant position with superior economics in high growth ecommerce logistics industry,” the report stated. Weighing numbers: - Delhivery’s revenue from express parcel business surpassed Ecom Express’ by 2.2X in FY24, with an overall lead of 3.1X in total revenue. - While Delhivery focuses on the entire Indian logistics market with top contributors chipping in about 16% of sales, Ecom Express is more ecommerce oriented and is focused on providing unbundled services, getting about 52% of sales from its top customers. - This comes just a week after Ecom Express filed its DRHP with SEBI, which includes a fresh issue of equity shares worth Rs 1,284.5 crore and an offer-for-sale of shares valued Rs 1,315.5 crore. [Read More]( --------------------------------------------------------------- Techsparks 2024 Application open for Tech30 Are you a visionary founder at the helm of a startup poised to redefine industries? Look no further than Tech30, the ultimate platform to showcase your innovation. Tech30 is more than just a recognition; it's a catalyst for the future. We're on a mission to bring together India's brightest tech minds to unravel the next big thing. If you're building groundbreaking solutions that have the potential to reshape our world, Tech30 is your launchpad. Join us as we celebrate the pioneers driving India's tech revolution. [Apply for Tech 30]( --------------------------------------------------------------- News & Updates - [Ousted:]( Nestle CEO Mark Schneider was ousted in a sudden move as a result of the group's underperformance, putting an end to a near eight-year tenure by the first company outsider to lead Nestle in nearly a century. - [Lower outlook:]( Goldman Sachs Group Inc has lowered India’s growth forecast by 20 basis points each for this year and the next, citing a contraction in central government expenditure. - [Innovation:]( SpaceX's attempt at the first ever private spacewalk next week will be a test of trailblazing equipment, including slim spacesuits and a cabin with no airlock, in one of the riskiest missions yet for Elon Musk's space company. Did you know? In "Jurassic Park", the park is located on an island off the coast of what country? Answer: Costa Rica. We would love to hear from you! 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