Good morning,

Another IPO is fast approaching.

Swiggy has reportedly set the price range of its next public issuer between Rs 371 and Rs 390. This would peg the food tech company’s valuation at $11.3 billion at the upper price range, according to ET.

However, the company reduced its target valuation by 25% from the previous $15 billion, according to reports. The reason? The current market volatility and Hyundai India’s lackluster debut.

Meanwhile, the stock market lost its 5-day losing streak and investors gained Rs 4.5 lakh crore on Monday. This is largely explained by the good results of the main banks in the second quarter and the anticipation of a further fall in crude oil prices.

ICYMI: Meet Yusuff Ali, the Indian billionaire behind the UAE’s biggest IPO this year.

While the stock markets have not yet fully recovered, the job market is picking up.

Professional networking platform apna.co reported a 20% year-on-year increase in job postings to 2.16 lakh this festive season. This is partly due to the rapid expansion of the fast-moving trade sector, with logistics jobs growing 70% year-on-year.

Speaking of fast commerce, Tata Digital has also entered the fray with Neu Flash, based on the hyperlocal delivery operation of Tata-owned BigBasket.

However, to achieve the ambitious target of $30 trillion in GDP by 2047, India needs to create even more jobs, and this cannot be done without the participation of women.

According to a Bain & Company report, India’s workforce needs an additional 145 million women, who are expected to contribute nearly 45% of the projected growth.

It’s time to get to work!

In today’s newsletter we will talk about

Building green careers

Gokul Rajaram on AI opportunities

Udaan raises debt financing of Rs 300 Cr

Here is your quiz of the day: what is the fear of flutes called?

Climate

Building green careers

Founded by Aastha Bharadwaj in 2023, Climate Hires helps job seekers looking to enter the climate space and companies looking to recruit talent for these roles.

Job seekers can visit the website and explore various climate sectors, such as carbon, energy and e-mobility. The Careers page now lists full-time and part-time positions open to startup clients, but Bharadwaj aims to expand it to include more job opportunities.

Climate professions:

• Climate Hires also carries out market mapping to identify talent, followed by interview management. Market mapping helps the startup locate the right candidates, especially in the niche climate sector, where talent pools may be tight.
• During the interview process, Climate Hires conducts initial rounds, involving non-technical assessments, such as behavioral checks and core skills relevant to the role.
• Roles are mixed with climate-specific skills and generic functions like engineering, sales, marketing or finance.

Startup: Udaan

Amount: Rs 300 Cr

Tower: Debt

Startup: Arya.ag

Amount: $19.8 million

Tour: Debt Facility Guarantee

Startup: COOX

Amount: $125,000

Round: Seed

Technology

Gokul Rajaram on AI opportunities

Gokul Rajaram is affectionately known as the “Godfather of Google Adsense”: he grew its revenue from zero to over a billion dollars. He later founded a company NLP, which was acquired by Facebook, where he led the advertising product team as a product director, helping to grow revenue from $0.75 billion to $6,000,000. 5 billion dollars.

In Prime Venture Partners’ latest podcast, Rajaram shares tips on how to scale a startup as well as opportunities in the AI ​​sector.

Key points to remember:

• Rajaram, a prolific angel investor, has invested in over 300 startups including Airtable, CRED, Curefit, Figma, Learneo, Pigment, Postman, Whatfix, etc.
• He is particularly optimistic about the potential of India-based startups in the AI ​​space. He highlighted that some of his Indian portfolio companies, like Dozee and Spyne, are already making significant strides in AI-based solutions for domestic and international markets.
• Rajaram highlighted an exciting concept: “service as software,” which transforms traditional service businesses (like consulting or IT services) into AI-powered platforms.

Funding

Udaan raises debt financing of Rs 300 Cr

B2B platform Udaan on Monday closed a Rs 300 crore debt funding round from Lighthouse Canton’s Stride Ventures. Innoven Capital and Trifecta Capital.

The company plans to use the funds to expand its geographic presence through its “micro-market strategy” as it focuses on profitability by driving buyer adoption and expanding share of wallet.

Capital:

• It will also use the funds to improve its go-to-market plans, streamline the supply chain, invest in opening new micro-fulfillment centers and improve the service delivery experience.
• During the calendar year 2024, Udaan recorded a 60% growth in revenue and a 50% increase in the number of buyers transacting daily. During the same period, its gross margins improved by 200 basis points and its contribution margins by 300 basis points.
• Udaan also achieved a 30% reduction in absolute EBITDA burn and saw a 20% increase in buyer wallet share.

News and updates

Capital increase: Boeing on Monday launched a stock offering that could raise up to $19 billion as the aircraft maker seeks to shore up its finances battered by a more than month-long strike by its workers and preserve its stock rating. investment grade credit.

Voice for locals: Tech giant Apple Inc will not be allowed to sell its iPhone 16 smartphones in Indonesia because they do not meet the country’s rules on using locally made components, the industry ministry said. Indonesia requires certain smartphones sold in the country to contain at least 40% locally manufactured parts.

Potential danger: More than a dozen developers, software engineers and university researchers have discovered evidence that Whisper, OpenAI’s transcription tool used in medical centers, creates hallucinations (made-up texts) including invented drugs, racist comments and violent remarks.

What is the fear of flutes called?

Answer: Aulophobia.

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