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  • Innovation and Collaboration: Tips from Alexandre Fernandes on Navigating the Tech Talent Crisis

    India’s tech industry is on the brink of a crisis. The demand for skilled software engineers is skyrocketing, but the supply is alarmingly low. According to the NASSCOM, the industry is expected to need over 6 million tech workers by 2034, but with the current trends, we are staring down the barrel of a massive talent gap. This shortfall isn’t just a minor inconvenience—it’s a ticking time bomb that threatens innovation and economic growth. This gap is further widened by the fact that many educational programs aren’t fully aligned with the industry’s needs, leaving graduates underprepared for real-world challenges. However, hope remains, thanks to top professionals like Alexandre Fernandes, who set the standard for excellence in the field.

    Alexandre Fernandes is a seasoned software engineer with over 14 years of industry experience and a distinguished Globee Awards judge in Technology. He holds a Master’s in Computer Applications from Mangalore University and has left his mark on some of the world’s leading tech firms, including Hewlett Packard, JPMorgan Chase, Manhattan Associates, and Publicis Sapient. In a recent conversation, Alexandre shared invaluable insights on how the industry can navigate the current talent shortage, making this article a beacon of hope for tech leaders, HR professionals, and anyone concerned with the future of the tech workforce.

    Invest in Upskilling

    In today’s tech industry, the traditional method of “buying” talent through external hiring is becoming increasingly unsustainable. With the demand for skilled software engineers far outstripping supply, organizations find attracting the right talent more challenging.

    “The solution to the shortage isn’t just about hiring more people but about nurturing and developing the talent that already exists within organizations. Investing in your team’s growth isn’t just an option; it’s a necessity. The pace of technological change is relentless, and without a commitment to learning, even the best engineers can quickly find themselves outpaced,” says Alexandre.

    Alexandre has personally addressed these challenges throughout his career. While working with a major financial services company in the USA, he observed that the existing team was overwhelmed with the dual responsibilities of ongoing feature development and resolving user issues. He recognized this inefficiency and proposed and established a dedicated tech support team focused solely on user issues. This slashed the issue resolution time by over 70% and allowed the development team to concentrate on innovation, thereby keeping the company competitive.

    “Success in this industry isn’t just about having the right skills—it’s about knowing how to apply them effectively,” Alexandre notes. By nurturing a culture of continuous improvement and adaptability, Alexandre has shown that it is possible to meet and exceed the demands of the rapidly changing tech landscape.

    Foster Collaboration

    Many companies in the tech industry struggle to align their technical solutions with broader business objectives. This misalignment often leads to wasted resources, inefficient processes, and, ultimately, a failure to capitalize on the full potential of technological innovations. The root of this problem often lies in a lack of effective cross-functional collaboration, where engineers, business analysts, and other stakeholders fail to work together cohesively from the start.

    Alexandre Fernandes has consistently demonstrated the importance of fostering collaboration to bridge this gap. At Publicis Sapient, Alexandre professionally integrated multiple financial institutions, including Goldman Sachs and Cetera Financial Group, into a client’s system. This task required technical precision and a deep understanding of each institution’s strategic goals. Recognizing the complexity of the project, Alexandre brought together a diverse team, including engineers, business analysts, product owners, and representatives from the financial institutions involved.

    By facilitating open communication and collaborative workshops, Alexandre ensured all stakeholders understood the technical challenges and the business objectives. This approach allowed the team to design an efficient integration process strategically aligned with the client’s and the institution’s broader goals.

    “Collaboration is the key to transforming technical solutions into strategic assets,” Alexandre explains. “When we work together, we ensure that every piece of code, every system we build, directly contributes to our business objectives.”

    Embrace Innovation

    Some companies neglect the importance of embracing innovation, often sticking with outdated methods and technologies. This can lead to inefficiencies, stagnation, and an inability to compete effectively in a market that rewards adaptability and forward-thinking. The consequences of such negligence can be severe—slower response times, increased operational costs, and missed opportunities for growth.

    Alexandre Fernandes understands the critical importance of staying ahead of the curve. Throughout his career, he has consistently adopted and integrated new technologies to drive efficiency and deliver value to his clients, setting a prime example of how innovation should be embraced.

    One notable instance of Alexandre’s innovative mindset was during his tenure as a Senior Software Engineer at Manhattan Associates R&D. Tasked with improving the performance of a Warehouse Management System; he identified inefficiencies in the existing parcel processing workflows. Rather than relying on the existing system architecture, Alexandre proposed and executed a restructuring of the API, which resulted in a 30% improvement in parcel processing response time. This optimized the system’s performance and ensured that the technology could scale with increasing demands for client operations.

    Another significant example comes from his work at JP Morgan Chase & Co., where he was involved in developing a Global Payment System. Alexandre recognized the potential of integrating Apache Kafka and RESTful web services to streamline communication channels within the application. This integration enhanced the system’s robustness and improved its scalability, allowing the payment system to handle transactions across different markets more efficiently.

    “Innovation is about embracing the tools and technologies that allow us to build systems that are not just good enough for today, but ready for the challenges of tomorrow,” Alexandre notes. 

    At Publicis Sapient, Alexandre continued to push the boundaries of innovation by leading the adoption of microservices architecture in developing RESTful applications. By breaking down monolithic applications into more manageable microservices, Alexandre enabled his team to deliver more flexible, scalable solutions that were easier to maintain and upgrade. This approach sped up development cycles and allowed the team to respond more quickly to changing client needs.

    Alexandre Fernandes shares: “The tech industry faces a significant hurdle, but we can overcome it. The key to defeating the talent shortage and staying competitive lies in our ability to adapt, invest in our people, collaborate across disciplines, and embrace the technologies that will shape our future. We cannot afford to stand still. Innovation, continuous learning, and teamwork are not just strategies—they are the lifeblood of our industry. If we commit to these principles, we won’t just survive this crisis; we will thrive beyond it.

  • Incubators are Driving India’s Entrepreneurship Ambition: Raja Singh Bhurji, CEO, The StepUp Ventures

    Bengaluru (Karnataka) [India] October 4: India’s ambitious goal of achieving a $5 trillion economy by 2026-27 requires a multifaceted approach. To transform this vision into reality, the country needs to foster a culture of innovation and entrepreneurship, especially in the early stages of learning. As per a report by Statista, over 127 thousand startups have been officially recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of April 2024. One of the key factors driving India’s entrepreneurship ambition is the rise of incubators, fostering innovative ideas and talent to drive the country’s ambition to become a hub for budding entrepreneurs and business growth.

    As entrepreneurship rises in India, understanding the key stages of startups offers crucial insights for navigating this dynamic landscape. Startups begin in the ideation stage, where business ideas are developed by identifying market gaps and conducting research. In the validation stage, products or services are tested to assess market demand. Next comes creating a business plan that outlines goals, target markets, and financial strategies. The early-stage funding and growth phase focuses on scaling operations and seeking external investment. Finally, in the expansion stage, startups explore new markets, diversify offerings, and consider exit strategies like mergers or acquisitions.

    Challenges in the Startup Ecosystem:

    Despite the growing trend of the startup ecosystem, India still struggles to achieve a significant spot on the global stage due to several underlying reasons including:

    1. A common lack of fundamental business skills exists, and many schools and colleges in India are deficient in proper training and knowledge of entrepreneurship. The emphasis on theoretical education widens the gap between innovative visions and practical exposure.
    2. The Indian education system offers limited opportunities for specialized training in entrepreneurship, and a lack of advanced knowledge in programs like MBAs exacerbates this issue.
    3. Young entrepreneurs often face challenges in early-stage development due to insufficient access to experienced mentors who can provide guidance for building successful startups.
    4. Limited networks make it difficult for emerging entrepreneurs to secure the necessary funding to sustain and support their ventures.
    5. Startups frequently encounter bureaucratic obstacles, including complex regulations and protracted approval processes, which impede their growth.

    Government Support and Policy Framework

    To overcome the staggering challenges, government initiatives like BHASKAR, Make in India, Startup India, and PLI schemes help to drive growth, attract FDI, and enhance industrial infrastructure. The Government of India also provides financial incentives, tax breaks, and regulatory reforms to support innovative startups and promote entrepreneurship via professional training courses to create a supportive ecosystem for innovators.

    Along with rising government support, incubators also play a significant role in fostering innovation, nurturing startups, and accelerating the industry’s growth as they provide a conducive environment for entrepreneurs and innovators to transform their ideas into viable products and businesses. The interconnected incubator ecosystem not only accelerates the growth of individual startups but also contributes to the overall development of the economy.

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    The Pivotal Role of Incubators in Boosting Entrepreneurship in India’s Economic Growth, explained by Raja Singh Bhurji, CEO of The StepUp Ventures:

    • Job Creation and Employment: The growth of startups through incubators creates numerous employment opportunities, contributing to the country’s economic growth and reducing unemployment.
    • Leadership and Networking: Valuable insights and support are offered to early-stage startups by experienced mentors and industry experts from incubators, helping them navigate product development, manufacturing, and business strategy challenges.
    • State-of-the-art Infrastructure: Many startups struggle to access quality equipment and facilities due to financial constraints. Incubators foster innovation, encouraging the development of products and services that address societal challenges.
    • Funding and Investment: Incubators assist startups in connecting with potential investors and funding agencies for financing. Some offer seed funding or grants, enhancing startups’ financial viability and allowing them to focus on innovation and growth.

    As India aims to become a global hub for entrepreneurs, the role of incubators becomes even more critical. These incubators act as breeding grounds for disruptive technologies, financial support, and professional training. By supporting and nurturing startups in emerging sectors such as SaaS, fintech, renewable energy, and Industry 4.0 technologies, incubators contribute to the diversification and modernisation of India’s entrepreneurial landscape.

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    StartupTalkyAvantika Bhardwaj

  • CCI Approves Mankind Pharma’s INR 13,360-Crore Acquisition of Bharat Serums and Vaccines

    The Competition Commission of India (CCI) confirmed on October 1 that Mankind Pharma may purchase Bharat Serums and Vaccines for INR 13,630 crore.

    In a post on X, the regulatory body stated, “Commission approves acquisition of Bharat Serums and Vaccines Limited by Mankind Pharma Ltd.” In July, Mankind Pharma declared that it would pay about INR 13,630 crore to private equity firm Advent International to fully purchase Bharat Serums and Vaccines.

    Opting for a Definitive Agreement for the Acquisition

    For an enterprise value of about INR 13,630 crore, Mankind Pharma has finalised an agreement to purchase a 100% share in Bharat Serums and Vaccines. Mankind Pharma announced on 30 September that it would issue non-convertible debentures and commercial papers to raise up to INR 10,000 crore. The regulator, which monitors unethical corporate practices and fosters fair competition in the market, must approve deals that exceed a specific level.

    Mankind Pharma Vice Chairman and MD Rajeev Juneja stated in June of this year that the acquisition of BSV marks a significant turning point in Mankind’s history and positions the company as the industry leader in the Indian women’s health and fertility sector. One of the biggest pharmaceutical firms in India, Mankind Pharma, is involved in the development, production, and distribution of a wide variety of pharmaceutical finished dosage formulations.

    About Mankind Pharma

    In addition to producing and marketing a wide variety of pharmaceutical finished dosage formulations (FDFs) in both acute and chronic therapeutic areas, Mankind is a publicly traded company that also produces consumer healthcare products like condoms, emergency contraceptives, pregnancy tests, vitamins, minerals, and nutrients, antacids, and anti-acne preparations. Mankind is also involved in the production and distribution of active pharmaceutical ingredients (APIs), pharmaceutical intermediaries, and pharmaceutical product packaging through its subsidiaries.

    About Mankind BSV

    BSV and its subsidiaries work in the following areas: (a) ayurvedic medicines; (b) biotech and biological formulations and/or API; (c) food and health supplements; (d) medical devices; and (e) research, development, licensing, manufacturing, importing, exporting, marketing, and distribution of these products. In each case, these products are in the therapeutic areas such as gynaecology, in vitro fertilisation, critical care, and/or emergency medicines for human use. BSV’s operations in India, including those of its fully owned Indian subsidiary BSV Pharma Private Limited, which is currently undergoing a merger with BSV, are restricted to the development, production, and marketing of a variety of biological, biotech, and pharmaceutical products in the therapeutic domains of emergency medicine, critical care, women’s health, and IUI-IVF.

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  • A Contractual Character Should Be Maintained in the Telecom Service Authorization Regime: COAI

    The Cellular Operators Association of India (COAI) stated on 30 September 2024 that to guarantee consistency, regulatory certainty, and protection for shareholders who engage in long-term capital to the sector, the new service authorization regime in the telecom sector must maintain the contractual nature of the current licenses.

    The telecom regulator last week suggested that three new categories of authorizations be developed to cover the spectrum of telecom services in the nation, in line with the new Telecom Act, 2023, marking a significant reform of the licensing environment in the telecom sector.

    The recommendation, according to COAI, which speaks for private telecom providers Reliance Jio, Bharti Airtel, and Vodafone Idea, also gives TRAI the chance to ease the industry’s load by proposing the much-needed financial reforms.

    Why Does COAI Want to Retain the Contractual Nature?

    In order to calculate adjusted Gross Revenue (AGR), COAI emphasised that only revenues collected under various authorisations for telecom services should be included. It stated, however, that the recommendation makes no mention of this problem.

    Telecom service providers worry that by introducing significant “regulatory uncertainty” and a lack of “predictability,” changing the current licence regime—which is based on a “contractual agreement” with the government—may endanger their investments and investors.

    Telecom executives made it clear during a meeting with Telecom Minister Jyotiraditya Scindia last week that the specific terms and conditions should remain part of the government-telecommunications company contract and that the new authorisations should only cover broader aspects such as the application process and eligibility requirements.

    COAI stated in a release that TRAI’s recommendation that the central government should grant service authorisation under Section 3(1) of the Telecommunications Act, 2024, instead of entering into an agreement with the entity, is without any valid justification and goes against the position of telecom service providers (TSPs). This undermining of the current regime, which has been successful for more than three decades, has brought enormous inflows of investments and growth to the sector.

    Exclusion of OTT Is Another Major Concern

    The absence of over-the-top (OTT) communication services from the new authorisation, according to TRAI, is a serious cause for concern as it provides an unlevel playing field where telcos are still required to meet stringent security and compliance standards.

    TRAI contended that in spite of their expanding importance as alternatives to traditional telecommunications services, these services are also not subject to any regulatory scrutiny on important problems like spam control. It further stated that because OTT players are still mainly unregulated, concerns are raised regarding national security, customer privacy, and the fairness of the market, as well as regulatory consistency in the quickly changing digital communications industry.

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  • To Integrate Its Two-Wheeler Fleet, Uber Has Inked a Contract With Shadowfax

    Uber and Shadowfax have partnered to combine UberMoto, the ride-hailing platform’s bike-taxi service, with Shadowfax’s two-wheeler fleet. During lean hours of work, two-wheeler riders servicing IPO-bound Shadowfax will have the option to switch to UberMoto and offer bike-taxi services.

    Uber said in a statement that the collaboration will enable it to expand its operations in cities where Shadowfax is present and enhance its bike-taxi business with more two-wheelers.

    Uber has some innovative new business model ideas in the works. As for Uber’s goals behind such agreements, Prabhjeet Singh, president of Uber India and South Asia, told the media that the business will have more to say on that in due course, but this is in the queue about actually becoming the operating system for many form factors.

    With reference to UberMoto, Singh went on to say that the company wants to integrate third parties with current two-wheeler service providers in the logistics industry to quadruple its stock pool.

    Replicating International Business Strategy in India

    In New York, Uber launched a comparable third-party technology integration, integrating the city’s yellow taxis into its ride-sharing network.

    This gives Shadowfax the opportunity to expand the range of products it offers to its two-wheeler driver partners. Shadowfax is preparing an INR 3,000 crore IPO.

    Shadowfax is poised to become the most diversified third-party logistics provider in India as a result of this distinct integration, which will make Shadowfax the first app that offers all forms of earning opportunities, according to Praharsh Chandra, Shadowfax’s cofounder and chief business officer.

    How This Will Work?

    Uber said in a statement that users may be paired with Shadowfax drivers when they order an UberMoto through the app. Shadowfax drivers on the Shadowfax driver app will complete these journeys. The rider experience will remain unchanged from their typical Uber trip.

    A media report states that the two businesses have a revenue-sharing agreement for rides that are scheduled on UberMoto and are driven by Shadowfax drivers.

    Uber India’s Revenue for FY23 Surges by 54%

    Uber announced that its operational revenue in India for the most recent fiscal year increased by 54% to INR 2,666 crore, driven primarily by a robust uptick in its ride-hailing business and ongoing expansion in its support and services division.

    Uber Inc., based in San Francisco, reported a greater loss of INR 311 crore for the year that ended March 31, 2023, compared with INR 197 crore in the previous fiscal year. This was due to a substantial increase in staff expenses and advertising costs. Based on data from business intelligence platform Tofler, the company’s regulatory filings with the Registrar of Companies show that ride-hailing revenue in India climbed by 75% year over year to INR 678 crore in FY23.

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  • CarDekho Is Eyeing An IPO Next Year; Aims to Raise INR 4100 Cr

    CarDekho, an online marketplace for cars, is supposedly in advanced talks to choose merchant bankers for its planned IPO, which is expected to take place early next year. A media report stated that CarDekho might decide on the bankers’ appointment for the public issue as early as next week.

    The business wants to fund close to $500 million, or roughly INR 4,100 crore and intends to file its draft red herring prospectus (DRHP) in March 2025. A key component of the IPO is anticipated, with a valuation goal of $2 billion to $2.5 billion.

    Expansion Plans

    The net revenues from the IPO will be put towards CarDekho’s planned acquisitions to broaden its service offering, as well as its further geographic and category expansion. A portion of the holdings held by early investors, such as Peak XV, Google Capital, and Hillhouse Capital, will be sold during the offer for sale (OFS) portion of the IPO.

    With an estimated worth of $2 billion to $2.5 billion, the IPO would almost double its prior valuation. CarDekho has contemplated going public before; in 2021, the business discussed an IPO, but it never happened.

    In order to oversee the prospective IPO, CarDekho earlier this year named Neelesh Talathi, a former executive of Mensa Brands and Pepperfry, as its group chief financial officer. CEO and co-founder Amit Jain stated in January that CarDekho planned to become profitable for a minimum of four to six quarters prior to going public.

    Financial Status

    Amit Jain and Anurag Jain launched CarDekho, an app-based vehicle listing platform, in 2008. The business also manages the financing website Rupyy and the insurance platform InsuranceDekho. CarDekho, which competes with CarTrade, Spinny, and Cars24, has raised more than $692 million in funding to date. The business raised $250 million in a combination of primary and secondary capital in 2021, when its valuation was last estimated at $1.2 billion.

    For the fiscal year 2022-2023 (FY23), CarDekho Group recorded operating revenue of INR 2,331 crore, increasing 1.5 times from INR 1,600 crore in the prior fiscal year. Nonetheless, losses in FY22 rose slightly to INR 562 crore from INR 535 crore.

    The announcement of CarDekho’s IPO intentions coincides with an increase of Indian firms looking to go public. Up to ten new-age digital businesses have gone public this year, including FirstCry, Go Digit, Ola Electric, and Awfis.

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  • Jar and UPI Payments Giant PhonePe Announce New Digital Gold Daily Savings Program

    The leading UPI payments company PhonePe has announced a collaboration with microsavings startup Jar to launch a new feature on its app dubbed “Daily Savings.”

    With the use of this function, users can save money in 24K digital gold by making daily donations that range from INR 10 to 5,000. With little incremental investments in digital gold, the program seeks to assist people in forming a persistent savings habit.

    Run by Jar’s Cutting-Edge Technological Solution

    Jar’s integrated Gold Tech solution powers the “Daily Savings” function, making investing in digital gold easier. It takes less than 45 seconds to complete the full transaction. Jar’s technology was previously only available to its own users, but thanks to this partnership, PhonePe users can now utilise it as well. Users of PhonePe may now effortlessly send and receive money while taking advantage of automated daily contributions thanks to this arrangement.

    The use of Digital Gold on PhonePe‘s platform has increased significantly in recent years, according to Niharika Saigal, Head of InApp Categories, Consumer Payments. PhonePe is excited to present Daily Saves, a product that uses 24K Digital Gold to enable small, regular savings. People can gradually work towards reaching their financial objectives by starting small and saving regularly.

    Digital Gold Savings Made Easy and Safe

    A further goal of PhonePe and Jar’s relationship is to meet the growing need for easy and safe ways to invest in digital gold. Jar’s Gold Tech stack effortlessly interacts with PhonePe, which boasts over 560 million registered users, enabling hassle-free saving and transaction for users.

    Compared to traditional savings, digital gold has a number of benefits, including the removal of the requirement for physical storage and the associated security risks. The user’s account contains digital storage for the acquired gold, which is backed up by real gold kept in safe deposit boxes.

    Users’ Convenience and Adaptability

    Users now have greater freedom in managing their funds thanks to the new Daily Funds function. They are free to stop or stop making daily donations at any moment, and they can exchange the gold for cash at any time.

    Users can also use Jar’s proprietary brand, Nek, to turn their digital gold savings into jewellery. This gives their funds an additional level of usefulness and increases accessibility for a larger group of people.

    By providing PhonePe with Jar’s Gold Tech platform, the company is allowing the payment gateway to easily include gold savings into their services, according to Nishchay AG, Jar’s founder and CEO. He was enthusiastic about the partnership. This is a big step forward for Jar since it makes gold savings more accessible than ever before by providing straightforward, scalable financial solutions to both individuals and organisations.

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  • Gujarat’s Largest Office Space Supplier, DEVX, Intends an IPO to Raise INR 125 Crore

    The leading provider of managed office spaces in Gujarat, Dev Accelerator (DevX), plans to earn an additional INR 125 crore through its upcoming initial public offering (IPO) in order to fund its continued growth.

    By the end of this month, the public offer’s draft prospectus should be submitted to Sebi. The issue’s lone banker has been named as Pantomath Capital Advisors.

    Company’s Expansion Plan

    Various media reports stated that the new funding will be used for both domestic and international expansion, eventually reaching a 2 million square foot area. For the next two years, the firm has already committed to one million square feet.

    In each of the eleven cities where DEVX is now active in India, the company intends to expand vertically. It plans to increase this average to 1 to 1.5 lakh sq ft by the next year from its current average of 35,000 to 50,000 sq ft per centre. Early in 2024, DEVX completed its third financing round, raising $7 million. The capital came from investors including banks, NBFCs, family offices, and HNIs, and was distributed equally between loan and equity.

    According to the DRHP, the proceedings will also be used for “repayment and/or pre-payment” of some borrowings that the company has obtained, including the redemption of non-convertible debentures that it has issued. It further said that a portion of the earnings will be utilised for general business operations.         

    Company’s Financial Report Card

    Moreover, DEVX provided its financials for the previous three years in the draft record. Revenue for the company was INR 108 crore in 2024, INR 69.9 crore in 2023, and INR 30.8 crore in 2022.

    While it lost INR 12.8 crore in fiscal 2023 and Rs 7.5 crore in fiscal 2022, its restated profit for the fiscal year that ended in March 2024 was INR 44 lakh. At a time when India’s primary market has been thriving, DEVX has chosen to pursue the IPO route. To date, over 235 companies have raised a total of over INR 71,000 crore this year.

    About DEVX

    The mission of DEVX, a startup accelerator, is to provide the resources necessary for the growth and success of innovative startups. With numerous entrepreneurial adventures supported at its centres, the organisation is aware of the shifting demands of the times.

    Serving as an enabler for the burgeoning startup scene by giving startupreneurs, SMEs, and corporations the necessary business support that will accelerate innovation and inspire young people to pursue their dreams of becoming entrepreneurs. It seeks to provide outstanding co-working spaces and accelerator programmes around the world in order to bolster the foundation of the country by identifying creative and high-calibre companies and serving as a catalyst for job creation and wealth creation.

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  • Get Ready for Festival Season With Swiggy Instamart and Its 24-hour Free Delivery in Delhi, NCR

    Instamart, the rapid commerce division of IPO-bound online food delivery business Swiggy, has introduced free 24-hour delivery for all Delhi-National Capital Region (NCR) clients to capitalize on the expected spike in demand over the festival season.

    According to the company, the quick commerce platform aims to satisfy the increasing demand by providing thousands of products across Delhi, Gurgaon, and Noida with quick delivery within 10 to 15 minutes, every day of the week.

    Particularly during the hectic holiday season full of last-minute preparations, the company claims to have noticed that once the shutters go down in the late hours, the demand for necessities not only persists but also rises.

    Spike in Late-Night Orders

    Customers place orders all night long, according to Swiggy, during the holiday season, particularly around festive occasions like the celebrations of Diwali.

    According to Swiggy Instamart’s order data, orders for late-night snacks like chips, bhujia, and ice cream, as well as products for sexual wellness and other pan corner necessities, are still placed between 11 PM and 6 AM. As the night draws in, breakfast staples like milk and eggs become more and more popular in the orders.

    At the same time, Swiggy is putting all of its resources into growing its rapid commerce division. In anticipation of an initial public offering (IPO) valued at around INR 10,000 crore, the business has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Through a new issuance, the corporation hopes to raise INR 3,750 crore.

    Company’s Plan for Expansion

    With its subsidiary Scootsy, the food delivery giant intends to use up to INR 982 crore, or around 27% of the IPO proceeds, to grow Instamart’s dark shop network after the IPO. The company has 581 dark stores open as of June 30. These stores ranged in size from 1,400 to 10,000 square feet.

    First quarter (Q1) of fiscal year 2025 (FY25) saw a 56% year-over-year (Y-o-Y) increase in Instamart’s gross order value (GOV) to INR 2,724 crore. On the other hand, its GOV for food delivery increased by 14% year over year to INR 6,808 crore. Even though the rapid commerce vertical was introduced six years later, its GOV already accounts for 40% of the food delivery GOV.

    With the goal of making the service available to as many customers as possible nationwide, Instamart will assess expanding to additional large cities after Delhi-NCR.

    Instamart, which was founded in 2020 and is presently active in 43 cities, is a competitor in the fast or expedited delivery market alongside Blinkit, Zepto, and Bigbasket.

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  • PM E-drive: Government Announces Electric Vehicle Subsidy Program Worth INR 10,900 Crore

    On 30 September, the centre announced the PM E-DRIVE initiative. The initiative would be implemented from October 1, 2024, to March 31, 2026, with a INR 10,900 crore investment, according to a gazette notification. It seeks to provide a charging infrastructure, expedite the adoption of electric cars (EVs), and strengthen the nation’s EV production ecosystem.

    The current Electric Mobility Promotion Scheme (EMPS), 2024, will also be incorporated into this plan. The notice stated, “The PM E-DRIVE Scheme subsumes the number of vehicles and the expenditure under EMPS, 2024.”

    Electric two- and three-wheelers, e-ambulances, e-trucks, and “other new emerging EV categories” are all eligible for subsidies from PM E-DRIVE. Additionally, funding will be provided for the development of capital assets like e-buses, the construction of a network of charging stations, and the modernisation of testing facilities designated by this programme.

    State and Central Government Should Align to Boost EV Sector in India

    The state governments must provide additional assistance to the central government’s efforts to develop e-mobility.

    The announcement said, “States need to offer a bouquet of fiscal and non-fiscal incentives,” detailing potential incentives such as waivers of registration costs, parking fees, permits, concessional road tax, and toll tax.

    Schemes of INR 8,070 crore have been set aside for electric vehicles. The majority, or INR 4,391 crore, goes to buses, while two-wheelers come in second at INR 1,772 crore.

    Phased Manufacturing Programme (PMP)

    In order to facilitate the localisation of EV components, a Phased Manufacturing Programme (PMP) has also been notified under PM E-DRIVE. Starting on December 1, 2024, EV chargers will require a minimum of 50% domestic value addition (DVA) in order to qualify for incentives under the programme.

    Financial assistance for electric two-wheelers would also be cut in half starting in 2025–2026, at INR 5,000 per vehicle, according to the notification. The maximum subsidy for electric three-wheelers will be INR 25,000 per car.

    The PM E-DRIVE programme aims to subsidise vehicles that are made locally, just like its predecessor, the Faster Adoption and Manufacturing of Electric Vehicles (FAME) programme. However, the previous version was tainted by cases of businesses selling mostly imported cars and fraudulently obtaining subsidies. With the new plan’s strict checks, the government has tried to allay these worries.

    Project Implementation and Sanctioning Committee (PISC)

    The Secretary of Heavy Industries will serve as the chair of the interministerial Project Implementation and Sanctioning Committee (PISC), which will supervise the programme. The successful implementation of the programme and progress monitoring will fall under the purview of the PISC. It will also have the power to resolve any issues that arise, such as updating the incentives, adding more e-buses, and approving policies for testing agencies.

     Vehicles must be equipped with cutting-edge battery technology and registered as “motor vehicles” under the Central Motor Vehicle Rules (CMVR) in order to be eligible for the PM E-DRIVE incentives. 

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