👨🏽‍💻 GCCs offer freshers new hope; Does crypto have a role in the AI era?

The most interesting news selected specially for you! 15 September 2024 [View in Browser]( Hello, In today's newsletter, we will talk about: - GCCs embrace freshers amid hiring crunch - Crypto as AI currency: The promise and perils of a decentralised future - Inside Swiggy’s IPO plans - Mainstreaming cosmetic dermatology - Rapido’s cash flow roadmap And, we are here to help you avoid one more: Grab your tickets for [TechSparks Bengaluru 2024]( NOW before they go up in just ONE day! Here’s your trivia for today: What is the record for the largest area covered by artificial snow? --------------------------------------------------------------- --------------------------------------------------------------- Jobs GCCs embrace freshers amid hiring crunch the longest time, GCCs were synonymous with grunt work and low salaries. Now, GCCs in India—numbering over 1,600 and employing 1.66 million people—are places for research and development. More importantly, they are hiring at a time when IT services companies have slowed recruitment. “As GCCs have become more integral to business operations they have started investing in product development, and technology roles like system engineers, data engineers, software engineers, and analysts,” says Krishna Vij, Business Head, TeamLease Digital. Attracting talent: - GCCs offer 25% to 30% higher salaries on average than IT services companies, making them an attractive option for freshers, Vij tells YourStory. - Over the last two years, due to uncertainty, layoffs, and other factors, the stability offered by GCCs has made them more attractive compared to startups, which have faced significant churn and instability, he explains. - GCCs also offer internship opportunities for 6-12 months, often through their own walk-ins, to hire candidates with specific skills and upskill them according to project needs. [Read More]( --------------------------------------------------------------- From the CapTable Crypto as AI currency: The promise and perils of a decentralised future Naval Ravikant, the philosopher-entrepreneur known for his astute insights into technology and society, recently asserted that "[crypto is the currency of AI]( This has gained traction among a growing school of thought that envisions a future where tokens validate the authenticity of all assets—monetary and non-monetary—on a global scale. On the surface, this idea is simple. It promises a world where blockchain technology, underpinned by cryptocurrencies, serves as a universal ledger, providing an immutable record of transactions and ownership. In a landscape increasingly dominated by artificial intelligence, this model purports to offer a mechanism for ensuring trust, transparency, and security. Yet, as appealing as this vision might be to the crypto evangelists, it raises significant concerns among policymakers and financial regulators. While the idea of using tokens to authenticate every asset through a decentralised ledger is theoretically promising, its practical implementation faces several significant challenges. Key Takeaways: - The idea of using crypto to authenticate assets in an AI-driven world has gained traction, but its real-world application isn’t practical. - While blockchain promises transparency and trust through decentralised ledgers, its high energy consumption, slow transaction speeds, and fragmented systems hinder global adoption. - Decentralisation creates regulatory nightmares, with no clear authority for enforcement, raising concerns about fraud, compliance, and financial stability in a trustless system. - The unstable nature of cryptocurrencies, driven by speculation and market sentiment, poses a major risk to using them as the backbone of AI economies. [Continue Reading]( --------------------------------------------------------------- Foodtech Inside Swiggy’s IPO roadmap delivery company Swiggy is set to increase the size of its IPO by raising additional capital through a fresh issue of shares worth Rs 5,000 crore (about $600 million). YourStory had earlier reported that Swiggy is likely to file its DRHP with markets regulator SEBI by as early as the first week of September, marking the second-largest IPO of a venture capital-backed company in India. Getting ready: - According to an internal set of documents, Swiggy will make an issue of fresh shares worth Rs 5,000 crore, an increase of Rs 1,250 crore or $150 million from its earlier plans to raise Rs 3,750 crore (around $450 million). - The food delivery and quick commerce platform had plans to raise $1.28 billion (Rs 10,400 crore) through the IPO. It will hold an EGM on October 3, 2024. If the board approves the proposal, the total IPO size will be $1.4 billion. - [Swiggy Instamart]( expanded its reach and brought its total operational cities to 43. It plans to deepen its presence in Tier II and III markets by expanding its dark store network. [Read More]( --------------------------------------------------------------- Techsparks 2024 Time's Ticking! Last Chance for the First Movers' Pass a quick heads-up—today’s your last chance to grab the First Movers' Pass before prices go up tomorrow! You’ll be in great company—over 1,500 visionaries from 400+ organizations have already registered, including startups such as Swiggy, Zomato, Groww, Ola, and PhonePe. You’ll also be connecting with leaders from Goldman Sachs, HSBC, Amazon, Deloitte, and many more. Plus, you’ll have the chance to meet top VCs from Chiratae Ventures, Avaana Capital, and Ankur Capital—some of the sharpest minds in the startup ecosystem. If you’re still undecided, this is your nudge—prices go up tomorrow, so don’t miss out on being part of TechSparks 2024! See you at the event! [Book Now]( --------------------------------------------------------------- Woman Entrepreneur Mainstreaming cosmetic dermatology a young age, Dr Rinky Kapoor wanted to become a doctor and dermatology, especially cosmetics, In 2009, Dr Kapoor started The Esthetic Clinics at Apollo Hospitals in Hyderabad. The centre offers a wide range of skin, hair, cosmetic, reconstructive and dental treatments. In 2019, she introduced QR678 Neo product, which focuses on hair growth. The journey: - “Aesthetics is a challenging speciality to practice because the results of treatments are immediately visible on the skin, requiring precision and a lot of guidance,” says Dr Kapoor. - Esthetic Centers International Pvt Ltd, which was later established in 2017 has four properties—The Esthetic Clinics, QR678, a clinical research and innovation segment called TECCRO, and the International Academy of Facial Cosmetic Surgery. - “Entrepreneurship wasn’t always a dream for me; it evolved over time. I don’t come from an entrepreneurial background—initially, my focus was solely on medicine,” Dr Kapoor says. [Read More]( --------------------------------------------------------------- Mobility Rapido’s cash flow plans Co-founder and CEO Aravind Sanka is optimistic that the ride-hailing company will turn cash flow positive next quarter. In an exclusive interview with YourStory, he said that Rapido has doubled its GMV annually and reduced losses by over 50%. In green: - Earlier this month, the company raised $200 million in a Series E funding round at a post-money valuation of $1.1 billion, marking its entry into the unicorn club. - Sanka added that Rapido will use the capital to increase the number of its operational cities to almost 250-300 in the next year. At present, the company services more than 100 cities in India. - Rapido is also looking to expand into Tier II and III cities in the quick commerce segment with Swiggy and other partners in the future. [Read More]( --------------------------------------------------------------- News & Updates - [Potential deal:]( Elon Musk denied a report that his artificial intelligence startup xAI has held talks for a share in future Tesla revenue in return for giving Musk's electric vehicle maker access to xAI's technology and resources. - [Factory:]( Electronic components maker Jabil, a supplier to Apple, will set up a manufacturing plant near Trichy, Tamil Nadu, with an investment of about $238.2 million, as part of an agreement signed in Chicago that will create close to 5,000 jobs. - [AI race:]( Adobe will unveil a new generative AI-powered video creation and editing tool in a limited release later this year. Dubbed Adobe Firefly Video Model, the AI tool will be released in beta and will join the Photoshop maker's existing line of Firefly image-generating applications. Did you know? What is the record for the largest area covered by artificial snow? Answer: 30 acres. It was achieved by the crew of Ridley Scott's 2023 historical epic, Napoleon. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](