Startup
Building green careers; Gokul Rajaram on AI opportunities
Hello,
Another IPO is around the corner.
Swiggy has reportedly set the price band for its upcoming public issuer at Rs 371 – Rs 390. This would peg the foodtech company’s valuation at $11.3 billion at the upper price band, according to ET.
However, the company has slashed its targeted valuation by 25% from the earlier $15 billion, reports noted. The reason? The current market volatility and the lacklustre debut of Hyundai India.
Meanwhile, the stock market lost its 5-day losing streak and investors gained Rs 4.5 lakh crore on Monday. This was largely due to strong second-quarter results by leading banks and anticipation of a further fall in crude oil prices.
ICYMI: Meet Yusuff Ali, the Indian billionaire behind UAE’s biggest IPO this year.
While the stock markets are yet to fully recover, the jobs market is picking up pace.
Professional networking platform apna.co reported a 20% YoY increase in job postings to 2.16 lakh this festive season. This was in part thanks to the rapid expansion of the quick commerce industry, with logistics jobs growing 70% YoY.
Speaking of quick commerce, Tata Digital too has entered the fray with Neu Flash—based on the hyperlocal delivery operation of Tata-owned BigBasket.
However, to hit the ambitious target of $30 trillion in GDP by 2047, India needs to create even more jobs, and that can’t be done without the participation of women.
According to a Bain & Company report, the Indian workforce needs 145 million more women who would need to contribute nearly 45% of the projected growth.
Time to get to work!
In today’s newsletter, we will talk about
Building green careers
Gokul Rajaram on AI opportunities
Udaan raises Rs 300 Cr debt funding
Here’s your trivia for today: What is the fear of flutes called?
Climate
Building green careers
Founded by Aastha Bharadwaj in 2023, Climate Hires helps job seekers wanting to transition into the climate space and companies who want to recruit talent in these roles.
Jobseekers can visit the website and explore various climate sectors, such as carbon, energy, and e-mobility. The careers page lists open full-time and part-time roles from the startups’ clients as of now, but Bharadwaj aims to expand it to include more job opportunities.
Climate jobs:
- Climate Hires also conducts market mapping to identify talent, followed by handling interviews. Market mapping helps the startup locate the right candidates, particularly in the niche climate sector, where talent pools can be small.
- During the interview process, Climate Hires conducts the initial rounds, involving non-technical assessments, such as behavioural checks and basic skills relevant to the role.
- The roles are mixed with climate-specific skills and generic functions like engineering, sales, marketing, or finance.
Startup: Udaan
Amount: Rs 300 Cr
Round: Debt
Startup: Arya.ag
Amount: $19.8M
Round: Debt facility guarantee
Startup: COOX
Amount: $125,000
Round: Seed
Technology
Gokul Rajaram on AI opportunities
Gokul Rajaram is fondly known as the ‘Godfather of Google Adsense’—he grew it from zero to over $1 billion in revenue. Later, he founded an NLP company, which was acquired by Facebook, where he led the Ads Product team as Product Director, helping grow revenue from $0.75 billion to $6.5 billion.
In the latest podcast of Prime Venture Partners, Rajaram shares tips on how to scale a startup as well as the opportunities in the AI sector.
Key takeaways:
- Rajaram, a prolific angel investor, has invested in over 300 startups, including Airtable, CRED, Curefit, Figma, Learneo, Pigment, Postman, Whatfix, and more.
- He is particularly optimistic about the potential of India-based startups in the AI space. He pointed out that some of his Indian portfolio companies, like Dozee and Spyne, are already making significant strides in AI-driven solutions for both domestic and international markets.
- One exciting concept Rajaram highlighted is “Service as a Software”—transforming traditional service businesses (like consulting or IT services) into AI-driven platforms.
Funding
Udaan raises Rs 300 Cr debt funding
B2B platform Udaan on Monday closed a Rs 300 crore debt financing round from Lighthouse Canton, Stride Ventures. InnoVen Capital, and Trifecta Capital.
The company plans to use the funds to expand its geographical footprint through the company’s ‘Micro-Market strategy’ as it gears its focus on profitability by driving buyer adoption and expanding wallet share.
Capital:
- It will also use the funds to enhance its go-to-market plans, streamline the supply chain, invest in opening new Micro-fulfilment Centres, and elevate the service delivery experience.
- During the calendar year 2024, year-to-date Udaan clocked 60% revenue growth and a 50% increase in daily transacting buyers. During the same period, its gross margins improved by 200 bps and contribution margins by 300 bps.
- Udaan also achieved a 30% reduction in absolute EBITDA burn and witnessed a 20% increase in buyer wallet share.
News & updates
Capital raise: Boeing on Monday launched a stock offering that could raise up to $19 billion as the planemaker looks to strengthen its finances squeezed by an over a month-long strike by its workers and preserve its investment-grade credit rating.
Vocal for local: Tech giant Apple Inc will not be allowed to sell its iPhone 16 smartphones in Indonesia because they have not met the country’s rules on the use of locally made components, the industry ministry said. Indonesia requires certain smartphones sold domestically to contain at least 40% of parts manufactured locally.
Potential danger: Over a dozen developers, software engineers and academic researchers have found evidence that Whisper, OpenAI’s transcription tool used in medical centres, creates hallucinations—invented text—that includes made-up medications, racial commentary and violent remarks.
What is the fear of flutes called?
Answer: Aulophobia.
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Startup
Get set to explore the future of tech and innovation at BTS 2024
Bengaluru Tech Summit (BTS), Asia’s biggest technology event, brings together the global tech community, including industry leaders, policy makers, innovators, and technocrats.
The 27th edition of the summit, the flagship event of the Department of Electronics, IT, Bt, Government of Karnataka, and co-hosted by the Software Technology Parks of India (STPI), will be held on November 19-21, 2024, at Bangalore Palace.
The event will elevate the central theme of BTS, which is Breaking Boundaries, to Unbound. As barriers between nations, industry, sectors, and cultures continue to dissolve, this is the time for unbounded innovation, collaboration, and growth across the global IT, deeptech, ESDM, biotech, lifetech, and startup ecosystems.
BTS is driven by members of Karnataka’s Vision Groups on IT & electronics, biotechnology, and startups in close coordination with industry associations like Nasscom, IESA, ABAI, ABLE, TiE-Bangalore, US-India Business Council, Assocham, Indo-American Chamber of Commerce, FKCCI, and more. Startups in the IT, deeptech, electronics, semiconductor, AVGC, emerging tech, and biotech sectors will also be part of the event.
International Conference
BTS 2024’s conference sessions will be a powerhouse of knowledge-sharing, rich with insights from top-tier industry leaders, creating an invaluable space for networking, learning, and growth. Attendees will gain access to pioneering ideas that will fuel the future of technology, featuring perspectives from seasoned experts across multiple sectors. They can engage with leaders defining industry standards and making transformative strides in innovation.
More than 460 global speakers from industry, research, and academia will address 5,000+ delegates in 85+ sessions over six dedicated tracks. These include:
- IT, Deeptech & Trends Track
- Electro-Semicon Track
- Biotech & Healthtech Track
- Startup Ecosystem Track
- Global Collaborations Track
- India-USA Tech Conclave
The conference will feature global tech leaders and innovators, including Azim Premji, Founder Chairman, Wipro; Dr S Somanath, Chairman, ISRO; Kiran Mazumdar-Shaw, Executive Chairperson, Biocon; Chairperson, VGBt, GoK; Kris Gopalakrishnan, Co-Founder, Infosys, and Chairperson, VGITE, GoK; Prashanth Prakash, Founding Partner, Accel Partners; and Chairperson, VGST, GoK; Sindhu Gangadharan, MD, SAP Labs India; Chairperson, Nasscom; Nuseir Yassin, CEO and Content Creator, Nas Daily; David E. Duncan, Contributor, Vanity Fair and Wired, and CEO, Arc Fusion; Bhaskar Ghosh, Chief Strategic & Innovation Officer, Accenture; and Nithin Kamath, Co-founder, Zerodha.
A special feature this year will be a Dome Structured Hall, called the ‘Innovation Dome’, which will feature special programmes, workshops, product launches and so on.
Vibrant Exhibition
The BTS 2024 exhibition will provide a dynamic platform for companies and startups to showcase groundbreaking products, technologies, and solutions. It will be a hub of exploration and business networking, offering exhibitors opportunities to connect with potential partners, investors, and clients. Attendees can gain exposure, forge valuable partnerships, and demonstrate their company’s expertise on an international stage.
Focused Pavilions:
- Corporate & Industry
- Global Innovation Alliance
- Startup Zone
- STPI National Showcase
- MSME National Pavilion
- R&D Pavilion (Lab to Market)
- Leading States of India
- Karnataka Showcase
- Beyond Bengaluru
- Technology Parks
Sectoral Pavilions:
- Biotech & Healthtech
- Electronics & Semiconductors
- Telecom
- Spacetech
- Mobility
- Greentech
- Edtech
- BFSI & Fintech
- Animation & Gaming
Special Events & Programmes
BTS 2024’s special events will go beyond traditional sessions, recognising excellence, nurturing talent, and creating a vibrant environment for competition and celebration. These programmes will support the next generation of tech leaders and foster a collaborative spirit among professionals. From awards to quizzes, these events aim to inspire innovation and bring together diverse voices across industries.
Product Launch Arena: A Product Launch Stage is offered to startups, established companies, and innovators to unveil their latest product or service to the industry and media.
Beyond Bengaluru: This initiative of the Government of Karnataka is aimed at promoting emerging innovation clusters like Hubballi-Dharwad-Belagavi, Kalaburagi, Mysuru, Mangaluru and others.
Bio Poster Showcase: Bio Posters – the Walkway of Discovery is a platform for young researchers to showcase breakthrough ideas in healthtech and biotech sectors.
Awards: BTS recognises the contribution of achievers with awards like STPI IT Export Awards, Smart Bio Awards, Startup Awards & Exhibitor Awards.
Competitions: The TCS Rural IT Quiz and BioQuiz will engage and inspire young minds nationwide.
B2B Meetings: B2B meetings between startups, businesses, investors, and governments are a cornerstone of BTS 2024.
Why Bengaluru and Karnataka? Bengaluru, with its strong tech ecosystem, provides the ideal setting for BTS 2024. Supported by Karnataka’s progressive policies, Bengaluru and its innovation hubs—Hubballi, Mysuru, and Mangaluru—drive a robust tech industry. This summit will showcase Karnataka’s dedication to global technology leadership, economic growth, and innovation that benefits all.
BTS 2024 will be more than a gathering of top minds; it will be a platform where innovations are showcased, connections are made, and the future of technology is shaped. Join us in experiencing the power of collective innovation and ambition at BTS 2024, a summit where ideas meet action, and possibilities become reality.
Startup
Ola Electric’s Q2 loss narrows as revenue jumps 40%
‘s net loss narrowed in the second quarter of the current financial year (FY25) as the Bhavish Aggarwal-led EV maker reported a 39% jump in sales.
Ola Electric reported a net loss of Rs 495 crore for the July-September quarter, down from Rs 524 crore in the year-ago period. The company’s revenue from operations jumped to Rs 1,214 crore in Q2 from Rs 873 crore a year earlier.
However, on a quarterly basis, Ola Electric’s loss widened from Rs 324 crore in the April-June quarter. The company’s sales declined from Rs 1,644 crore in the previous quarter.
The results come days after the EV-maker’s share price fell below its listing price, two months after the company listed on Indian stock exchanges. On Friday, Ola Electric’s share price closed at Rs 72.67 apiece, down 2.53%. Ola Electric got listed on India’s stock exchanges on August 9 at Rs 76 per share. The company had hit an all-time high of Rs 157.40 apiece.
Ola Electric, currently the market leader in the E2W segment, has also come under intense scrutiny over rising consumer complaints pertaining to its vehicles. In October, the company received a show cause notice from the Central Consumer Protection Authority (CCPA) seeking alleged violations of consumer rights, misleading advertising, and unfair trade practices.
The company, in a BSE filing on October 22, said it has provided all requested information and clarification sought by the consumer watchdog. Additionally, Ola Electric said it resolved 99.1% out of 10,644 complaints it received from the CCPA.
The SoftBank Group-backed firm has since doubled down on expanding its service centers and hiring service technicians to help streamline operations and clear backlogs.
Startup
Workplace boundaries: 5 things not to share with coworkers
In today’s workplace, building relationships and open communication are highly encouraged. A collaborative environment can foster trust, creativity, and productivity among colleagues. However, there is a fine line between being friendly and sharing too much. Revealing certain personal information to your coworkers can blur professional boundaries and even affect your career negatively. In a world where first impressions and professionalism matter, knowing what to keep private is crucial to maintaining respect and credibility.
This guide highlights five essential things you should never share with colleagues. From sensitive financial details to personal beliefs, these are boundaries that every professional should respect for the sake of both personal privacy and workplace harmony.
1. Financial information
Discussing your financial situation at work—whether it’s your salary, debts, or even that new loan you’ve taken out—can lead to misunderstandings, envy, or resentment. Salary disparities, in particular, are a sensitive topic and can create friction in the workplace if colleagues perceive unfairness. Moreover, sharing details about your finances could unintentionally set you up for gossip or judgment from others, which could alter their view of your professionalism. If you’re asked directly, a polite but firm response, such as “I prefer not to discuss personal finances,” can help maintain boundaries.
2. Political and religious beliefs
In an era of heightened political polarisation and strong opinions on various social issues, discussing your political or religious beliefs at work can be risky. Even casual remarks can lead to disagreements and, in worst cases, workplace conflicts. This doesn’t mean you should hide your identity, but it’s wise to avoid diving into discussions that might alienate or offend others. Maintaining a neutral stance on sensitive topics can help create a respectful, inclusive work environment.
3. Personal health issues
Your health is deeply personal, and sharing too much about any physical or mental health challenges can lead to unintended consequences. While close friends may share personal health information, colleagues don’t need to know the specifics of your medical history. Revealing health information might result in unwanted sympathy, awkwardness, or even doubt about your ability to perform your job effectively.
4. Negative opinions about colleagues or management
It might feel cathartic to vent about a difficult coworker or a strict manager, but sharing these thoughts with other colleagues can easily backfire. Not only can it damage your reputation, but it could also harm your professional relationships if your words get back to the person in question. Criticising team members or managers can make you seem untrustworthy or negative, both of which can hinder your career progression. Maintaining a neutral or positive stance will reflect professionalism and emotional maturity.
5. Ambitions for a new job or career move
Sharing your plans to apply for a new job or change careers might seem harmless, but it could shift how your colleagues or managers view your commitment. If your supervisor learns that you’re planning to leave, it could lead to fewer opportunities or even less favourable treatment as they prepare for your departure. To protect your current position, focus on your work, and wait to share the news until you’re ready to make a formal exit.
Conclusion
In a professional setting, boundaries are essential for a healthy work environment. While sharing parts of your personal life can help build connections, knowing where to draw the line is equally important. By keeping your financial matters, health concerns, personal beliefs, and career ambitions private, you’ll be better able to maintain a positive reputation, foster respectful relationships, and ultimately advance your career without unnecessary complications.
Remember, in the workplace, less can often be more. Protect your privacy, and you’ll find it easier to focus on what truly matters—your professional growth and contributions.
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