Swiggy Instamart Strengthens Leadership with Key Hires from Amazon and Reliance Ahead of IPO
Swiggy Instamart 透過聘僱亞馬遜和 Reliance 的關鍵員工在 IPO 前加強領導力
Swiggy Instamart, the quick-commerce arm of the IPO-bound food and grocery delivery giant Swiggy, has bolstered its leadership team with significant hires from industry titans Amazon and Reliance. The new appointments include Himavant Srikrishna Kurnala as Senior Vice President and Head of Product, Mayank Rajvaidya as Vice President of Fruits and Vegetables, and Manu Sasidharan as Associate Vice President of the FMCG category. Girish Menon, Head of HR at Swiggy, expressed excitement about the new additions, highlighting their expertise in scaling large organizations as crucial for Swiggy’s next growth phase. In addition, Kumar Rahul has joined Lynk by Swiggy as the new Associate Vice President of Business Development.
The leadership enhancements come as Swiggy confidentially files for an initial public offering (IPO) worth Rs 10,400 crore (approximately $1.25 billion), with plans to go public soon. Amid the growing demand for quick commerce, Amazon India is reportedly in talks with Swiggy’s Instamart for a potential deal, following Flipkart’s earlier interest. This strategic move aligns with Swiggy’s ongoing expansion and its recent announcement of a $65 million ESOP liquidity program, allowing employees to benefit ahead of the IPO. Valued at $9.3 billion, Swiggy’s impending IPO marks a pivotal moment, underscoring its rapid growth and industry impact.
小編點評：Swiggy Instamart 已從亞馬遜和 Reliance 聘請了包括 Himavant Srikrishna Kurnala 和 Mayank Rajvaidya 在內的關鍵員工，以加強其領導團隊的實力，為 12.5 億美元的 IPO 做準備。此舉尤其引人注目，因為據報道，繼Flipkart 早些時候感興趣之後，亞馬遜印度公司正在與Swiggy 進行談判，顯示出Swiggy 擴張及其6500 萬美元ESOP 流動性計劃在即將公開發行的背景下的戰略重要性。
India Faces Skilled Labor Shortage Amid Ambitions to Become Electronics Manufacturing Hub
印度渴望成為電子製造中心，但面臨高技術勞動力短缺問題
India’s growing semiconductor and electronics manufacturing sector requires over 6.3 million trained workers in the next 18 to 24 months, but the industry faces a significant demand-supply gap. According to industry experts, for every five roles advertised, only three skilled workers are hired due to the lack of workforce-ready graduates at an affordable cost. Ajay Sharma, director of the National Institute of Technology in Delhi, noted that the shortfall of skilled labor is unlikely to be resolved soon. To bridge this gap, Mahesh Verma, vice-chancellor of Guru Gobind Singh Indraprastha University, stressed the need for industry collaboration in setting up research centers and labs on educational campuses to ensure graduates are job-ready.
The demand for talent in electronics and semiconductor manufacturing is expected to increase by 25-30% this year, driven by infrastructure needs and the ambition to increase domestic value addition from 18-20% to 40% over the next five years. Companies like Flex and Zetwerk have initiated programs to develop leadership and technical skills among their employees. Experts suggest that to tap into untapped talent pools, companies should promote diversity, equity, and inclusion, and offer flexible work options. Additionally, government incentives for companies that establish training institutes could further enhance capacity building in this critical sector.
小編點評：印度電子和半導體製造業面臨嚴重的高技術勞動力短缺問題，未來 18 至 24 個月內需要超過 630 萬名經過培訓的工人，而職務內容與可用人才之間的差距加劇了這種短缺。儘管需求增加，預計今年的人才需求將成長 25-30%，但該產業仍難以以可負擔的成本找到適合勞動力的畢業生。為了解決這個問題，專家們提倡產學合作，創建就業準備計劃，並建議透過多元化、公平和包容性舉措以及政府對建立培訓機構的激勵措施來增強人才庫。
Karnataka IT Sector Faces Backlash Over Proposed 14-Hour Workday Extension
卡納塔克邦 IT 產業因提議延長工作日 14 小時而面臨強烈反對
Karnataka Labour Minister Santosh Lad announced that the IT industry is pressuring the government to extend working hours in the IT/ITeS/BPO sector through the ‘Karnataka Shops and Commercial Establishments (Amendment) Bill 2024,’ which proposes a 14-hour workday. The current law allows a maximum of 10 hours per day, including overtime. Lad emphasized that the proposal originated from the industry and that the government will consider opinions from all stakeholders, including industry leaders and employees. The Karnataka State IT/ITeS Employees’ Union (KITU) has strongly opposed the amendment, arguing it threatens workers’ rights to a personal life and could lead to job losses by reducing shifts from three to two.
The proposal has sparked significant dissent among IT employees and criticism from political figures. Suhas Adiga, General Secretary of KITU, highlighted health concerns, suggesting employees might have to work 80-85 hours a week under the new rules. State BJP President B Y Vijayendra criticized the Congress government for the proposed bill, accusing it of undermining the IT sector’s efficiency. Lad urged industry leaders to voice their opinions on the matter, assuring that the government would consider public feedback before making a final decision.
小編點評：卡納塔克邦提出的將 IT/ITeS/BPO 產業工作日延長至 14 小時的修正案引發了強烈反對，卡納塔克邦 IT/ITeS 員工工會 (KITU) 強烈反對，政治人物也提出批評。該法案旨在滿足行業需求，但因可能危及員工的個人生活和健康，同時可能減少就業機會而受到批評。勞工部長Santosh Lad呼籲利益相關者在做出最終決定之前提供回饋，並強調政府承諾考慮所有觀點。
Budget 2024: Abolition of Angel Tax Celebrated by Startup Ecosystem
2024 年預算：新創生態系慶祝天使稅廢除
In a significant move to boost the startup ecosystem, Finance Minister Nirmala Sitharaman announced the abolition of the decade-old angel tax in the Union Budget for 2024-25. Introduced in 2012, Section 56 (2) (viib) of the Income Tax Act taxed the differential amount received by a privately held company for shares sold above their fair market value at around 31%. This tax has been a contentious issue, with startup industry leaders arguing that it imposed undue financial and compliance burdens, stifling the growth of genuine risk capital. The Finance Bill specifies that the provisions of the angel tax will cease to be in effect from April 1, 2025, a move hailed by venture investors and startup founders as a long-overdue reform.
Industry leaders and entrepreneurs have welcomed the abolition, highlighting the relief it brings from compliance burdens and harassment by officials. Siddarth Pai, founding partner at 3one4 Capital, emphasized that removing the angel tax is crucial for startups to thrive in India. Snapdeal cofounder Kunal Bahl noted that subsequent regulations had already addressed the transparency issues the angel tax was meant to combat. DPIIT secretary Rajesh Kumar Singh acknowledged that the decision followed consultations with the startup community. Serial entrepreneur K Ganesh and other industry voices echoed the sentiment, celebrating the end of what they described as a source of unnecessary anguish for startup founders and investors.
小編點評：財政部長 Nirmala Sitharaman 在 2024-25 年聯邦預算中宣布廢除已有十年之久的天使稅，受到印度創業生態系統的熱烈歡迎。這項稅收於 2012 年推出，透過對高於公平市場價值出售的股票徵稅，給新創公司帶來了財務和法遵負擔。該規定將於 2025 年 4 月 1 日終止，Siddarth Pai 和 Kunal Bahl 等產業領袖稱讚這項改革對於促進新創企業成長和減少監管挑戰至關重要。
Government Announces Rs 1,000 Crore Fund to Boost Indian Spacetech Startups
政府宣布提供 100 億盧比資金以促進印度航太科技新創發展
Finance Minister Nirmala Sitharaman, in her budget speech, announced the establishment of a Rs 1,000 crore venture capital fund aimed at accelerating the growth of India’s space economy. The initiative is expected to expand the Indian space economy by five times over the next decade. Srinath Ravichandran, co-founder of spacetech startup Agnikul, hailed the announcement as a significant step towards encouraging private sector participation and fostering larger players in the space startup ecosystem. Pawan K Goenka, chairman of IN-SPACe, noted that the fund would facilitate easier equity investments for startups at the venture capital stage.
Vishesh Rajaram, Managing Partner at Speciale Invest, expressed optimism about the government’s focus and the recently announced FDI policy, predicting increased investment from both domestic and international sources. Speciale Invest, an early investor in various spacetech ventures, including Agnikul Cosmos and GalaxEye Space, believes that the Rs 1,000 crore fund will solidify India’s position in the global space market. According to IN-SPACe, the Indian space economy could grow from its current $8.4 billion to $44 billion in the next decade, increasing India’s share of the global space economy from 2% to 8%.
小編點評：印度政府宣佈設立 100 億盧比的創投基金，以顯著促進該國航太經濟的成長，並預計在未來十年將航太經濟規模擴大五倍。這項舉措受到航太技術領導者和投資者的歡迎，旨在加強私營部門的參與，並將印度的全球航太市場份額從 2% 提高到 8%，預計將成長從 84 億美元到 440 億美元。
Union Budget 2024: Emphasis on Technology and Data to Drive National Growth
2024 年聯邦預算：強調科技與數據推動國家成長
On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget 2024, highlighting the pivotal role of technology and data in supporting India’s growth. Sitharaman emphasized the significant strides made in leveraging technology to boost productivity and reduce inequality over the past decade. She underscored the importance of public investments and private innovation in enhancing digital infrastructure, which has, in turn, improved the lives of many. The Budget 2024 reflects this focus with a substantial increase in the Ministry of Electronics and Information Technology (MeitY) budget to INR 21,936 crores from last year’s INR 16,549 crores. This allocation will support various initiatives such as the DIGITAL INDIA Programme, INDIAai Mission, and National Informatics Centre.
The Budget outlines several technology-driven solutions aimed at boosting various sectors and improving service delivery. Plans include establishing large-scale Digital Public Infrastructure (DPI) to enhance e-commerce, health, law, urban governance, and agriculture. Additionally, an Integrated Technology Platform for an Inter-Blockchain Communication Protocol (IBC) ecosystem will be developed to promote transparency and better oversight. The Budget also focuses on digitizing land records, implementing a digital crop survey for farmers, and integrating the eShram portal with other platforms to provide comprehensive services to laborers. Efforts to improve data governance, support the MSME sector, and advance the Critical Minerals Mission, space, and nuclear energy are also highlighted. To bridge the digital divide, the Basic Customs Duty on mobile phones and related components has been reduced, making these devices more affordable for consumers.
https://www.orfonline.org/expert-speak/budget-2024-catalysing-technology-for-development
小編點評：在2024年聯邦預算中，財政部長Nirmala Sitharaman強調利用科技和數據推動國家成長，標誌著印度電子和通訊技術部的預算大幅增加至2193.6億印度盧比。該預算概述了對數位基礎設施的重大投資，包括數位印度計劃，以及建立數位公共基礎設施和區塊鏈間通訊協議等舉措，旨在加強跨產業的電子商務、治理和服務交付。
Modi 3.0’s First Budget Slashes Corporate Tax Rates for Foreign Firms to Boost FDI
莫迪 3.0 的第一份預算削減外國公司的企業稅率以促進外國直接投資
In a significant move aimed at positioning India as a leading global manufacturing hub, the Modi 3.0 government has proposed a reduction in corporate tax rates for foreign companies from 40% to 35%. Announced by Finance Minister Nirmala Sitharaman in the 2024 Budget, this tax cut is seen as a strategic effort to attract more foreign direct investment (FDI) and capitalize on the global supply chain shift away from China. With this change, the highest effective tax rate for foreign firms will drop from approximately 43.7% to around 38%, benefiting established foreign entities and those generating short-term capital gains from unlisted shares, securities, and other previously high-taxed income.
This fiscal policy, part of India’s broader strategy to draw $110 billion in FDI annually over the next seven years, underscores the nation’s ambition to achieve a $5 trillion economy. Initiatives like Make in India, the Industrial Corridor Development Program, and the Production Linked Incentives (PLI) scheme have already positioned India as an attractive destination for global investors. By simplifying FDI regulations and promoting the use of the Indian Rupee for overseas investments, the Budget aims to foster a more business-friendly environment and encourage international companies to set up operations in India, thereby creating jobs and spurring economic growth.
小編點評：在莫迪3.0政府的第一份預算中，財政部長Nirmala Sitharaman曼宣布將外國公司的企業稅率從40%降低至35%，以吸引更多外國直接投資並鞏固印度作為全球製造中心的地位。此舉是每年吸引 1,100 億美元外國直接投資並實現 5 兆美元經濟規模的更廣泛策略的一部分，旨在利用全球供應鏈轉變並創造更有利於商業的環境。
VinFast Explores Hyderabad for Major EV Ecosystem Development
VinFast 考慮將電動車生態系統開發設於海德拉巴
Vietnamese electric vehicle manufacturer VinFast is considering Hyderabad for its next big venture in India, focusing on developing a comprehensive EV ecosystem. VinFast’s India CEO Pham Sanh Chau, along with his leadership team, recently met with Telangana’s Minister of IT, Electronics, Communications, Industries & Commerce, D. Sridhar Babu, to discuss potential collaborations. Discussions highlighted large-scale public infrastructure projects, sustainable smart urban mobility solutions, services for future cities, and social housing initiatives. The company is exploring the possibility of establishing a 1,000-acre mega smart city project in and around Hyderabad and has started scouting for suitable locations.
VinFast’s recent investment of INR 4,000 crore (approximately USD 500 million) to set up an EV manufacturing plant in Tamil Nadu underscores its commitment to India’s EV sector. Sources close to the discussion revealed that Minister Babu stressed the need for reliable partners to collaborate on critical infrastructure projects as Hyderabad is expected to accommodate half of Telangana’s population within the next 15 years due to increased urban migration. This rapid growth necessitates sustainable improvements in the city’s infrastructure to enhance living standards for its burgeoning population.
小編點評：越南電動車製造商 VinFast 正在考慮對海得拉巴進行重大投資，開發綜合電動車生態系統，其中包括一個佔地 1,000 英畝的潛在智慧城市計畫。此前，他們最近在泰米爾納德邦投資了 400 億印度盧比，尋求基礎設施專案合作，以支持海得拉巴預期的快速城市發展並提高生活水平。
Economic Survey Highlights Post-Pandemic Surge in Indian Tech Startups
經濟調查突顯疫情後印度科技新創企業的激增現象
The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman, reveals a significant increase in the number of technology startups in India, rising to approximately 31,000 in 2023, fueled by consumer and enterprise demand for tech solutions post-Covid-19 pandemic. Key sectors for these startups include edtech, enterprise tech, BFSI, advertising and marketing, retail tech, media and entertainment, consumer tech, professional services, and gaming. The survey highlights that government-recognized startups have created over 12.42 lakh direct jobs, driven by initiatives such as simplification, funding support, industry-academia partnerships, and incubation. The number of DPIIT-recognized startups has surged from over 300 in 2016 to 1,17,254 by December 2023.
The Survey also notes the significant role of tier-II and tier-III cities in the startup ecosystem, with over 45% of recognized startups emerging from these areas and 47% having at least one woman director. Additionally, startups filed more than 12,000 patent applications between 2016 and March 2024. The rapid growth of the ecommerce sector, expected to reach $350 billion by 2030, is highlighted alongside the challenges of inadequate skills for online selling and data privacy issues. The government’s focus on easing early-stage funding and reducing compliance burdens aims to further support the startup ecosystem’s growth.
小編點評：2023-24 年經濟調查顯示，受疫情後對技術解決方案需求增加的推動，印度科技新創公司數量激增，到 2023 年將達到約 31,000 家。該調查強調了政府認可的新創企業的發展及其對創造就業的影響，強調了二線和三線城市的重大貢獻，特別關注放寬融資和減輕法尊負擔，以支持該產業的持續擴張。