One quick thing: CarDekho in talks to appoint i-banks for up to Rs 4,000-cr IPO

In today’s newsletter: 

• Swiggy CEO's 10-min food delivery mission
• Will Trump-Harris faceoff affect Indian IT
• UPI merchant payments rise 5 times in less than 3 years

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Swiggy is gearing up for its IPO, and its co-founder and group CEO, Sriharsha Majety, is bullish about the future. 

• In an interview with us, Majety discussed the company's ambitious plans, including its foray into 10-minute food delivery

Majety is doubling down on Swiggy's 10-minute delivery service, Bolt. 

"If you speak to any of the restaurant partners who are on the programme, they absolutely love it. They want to figure out how they can get more growth. Some of them are fine-tuning, optimising their own kitchen operations to make sure that they can give faster handovers for the Bolt orders," Majety told us.

He believes that once consumers experience the convenience of lightning-fast deliveries, there's no turning back.

Also read: Swiggy IPO GMP indicates muted listing gains amid negative market sentiment

While competition in the quick commerce space is heating up, with players like Blinkit, and others vying for market share, Majety remains optimistic about Swiggy's position.

• He said that the company is even consulting with pandits to ensure they're stocked up for every occasion, from festivals to fasts

Majety added that the company is leveraging AI and other technologies to optimise operations, improve customer experience, and reduce costs.

Swiggy is committed to transparency and accountability, and Majety has confirmed that the company will be conducting quarterly earnings calls to provide regular updates on its performance. 

"Of course, that is not an option. It's not a personal preference to do a quarterly call. We will come out every quarter talking about the numbers, explaining the goods, bads, everything," he said.

Read the full interview

As the world's largest economy navigates a heated presidential election, over 50 million software engineers in India are watching closely

• The fate of the H-1B visa, a lifeline for many IT professionals, has sparked debates and concerns, but legal experts suggest there’s little to worry about—at least for now

The ongoing immigration discussions in the US have stirred anxiety within the Indian IT community. 

• Each year, around 85,000 H-1B visas are available, with a majority going to Indian applicants

However, many legal experts believe that despite heated debates on the H-1B visa issue, its impact on Indian IT companies is likely to be negligible.

The H-1B visa system is known for its flaws, including a lottery-based selection process and instances of multiple applications for the same candidate. 

• Experts point to a major shortcoming: the US government's lack of enforcement of existing H-1B laws

Many believe that Democratic candidate Kamala Harris won’t significantly alter H-1B visas if she comes to power.

The previous Trump administration had a complicated relationship with immigration policies, including the H-1B programme. 

• In 2020, the US labour department issued a rule raising the minimum wage of an H1-B visa holder, but it was blocked on procedural grounds

Calling H1-B very bad for US, one of Trump’s companies had reportedly applied for an H1-B visa for an employee back in 2022.

Go deeper 

Picture credit: Kalaido.ai

Three years ago, a roadside vendor in a bustling Indian city displaying a UPI QR code was a common sight. Today, this is a reality even in the remotest corners of the country.

Merchant payments have gotten a boost, both in volume and value.

• From January 2022 to September 2024, merchant payments rose 5x by volume and more than 3x in value.

• From around 40% of UPI transactions, merchant payments now constitute 62%

UPI has become the go-to choice for small merchants and their customers.

• 86% of merchant transactions are below Rs 500
  
  
• A significant jump from 60% three years ago

UPI is rapidly outpacing traditional payment methods.

• The value of UPI merchant payments was almost the same as credit cards in 2022

• Now, UPI is three times the size of credit card transactions

Dig deeper

Picture credit: Meta.ai

Imagine your home. Now, picture an uninvited guest, sneaking in unnoticed, stealing your valuables. 

• This is what Insecure Direct Object Reference (IDOR) vulnerabilities can feel like in the cybersecurity world—hidden threats that can wreak havoc without anyone realising it.

The Indian Computer Emergency Response Team (CERT-In) has sounded the alarm, highlighting the growing concern over IDOR exploits in India's digital landscape.

Curious? Find out more

Picture credit: Microsoft Copilot

• Nvidia's market value soared 9.3% in October, reaching $3.26 trillion, driven by strong demand for its AI chips, while its supplier TSMC also saw a 6.5% increase to $832.8 billion.
  
  
• UAE energy giant ADNOC will apply highly autonomous AI in the energy industry for the first time, in partnership with G42, Microsoft and AIQ, its CEO Sultan Al Jaber said.

The iconic Royal Enfield, known for its classic design and thumping engines, is set to make a bold leap into the future. 

• Later tonight, the legendary brand is set to unveil its first electric motorcycle at the EICMA exhibition in Italy.

The teaser image, featuring a bike parachuting down, hints at a possible revival of the legendary "Flying Flea" - a lightweight motorcycle dropped behind enemy lines during World War II

The question on everyone's mind: Will petrolheads welcome this new, electrified avatar of the legendary brand? 

Watch the livestream here at 9:30 PM IST

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