One quick thing: Amazon skips India update in earnings, a first in years. Also, signals slowing cloud growth.

In today’s newsletter:

• Swiggy now levies Rs 2 as "platform fee" 
• Top 5 Indian IT firms’ hiring dips 69% in FY23
• IAMAI hits out at Govt panel

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Have you been wondering why your Swiggy food orders in cities like Bengaluru or Hyderabad have become more expensive in the last few days? 

We have the answer.

Swiggy has silently introduced a platform fee of Rs 2 on every food order, even for customers who have subscribed to Swiggy One and are usually exempt from additional charges like delivery fees. 

• At present, Swiggy only charges this fee on food orders in select cities. However, it is not levied on Instamart orders, which are subject to a separate "handling fee."

• Zomato, Swiggy's competitor, has not yet made a similar move

While Rs 2 may appear insignificant, it is important to remember that when implemented nationwide, it can generate a significant amount of additional revenue for Swiggy, which delivers over 1.5 million orders each day.

• This is particularly relevant given that both Zomato and Swiggy have acknowledged a slowdown in the food delivery business and are keen to turn a profit ASAP.

Find out more

If FY22 was dominated by how much IT companies hired, FY23 was the polar opposite.

Now that the numbers are in, we can see how true that is: hiring at the top 5 Indian IT companies fell by 69% in FY23 compared to FY22. 

• In absolute numbers, that’s 83k net additions in FY23 v/s 2.73 lakh in FY22. 

Why is this a matter of concern? Net additions and hiring are indicators of demand. Given the current macro environment and the poor earnings season, this is yet another clear indicator.

Companies claim that the decline in their headcount is in line with where they currently stand:

• Utilisation is low giving them headroom 
  
  
• Falling attrition levels mean they need to hire less to backfill
  
  
• Have enough freshers who are still being onboarded

This is visible in the numbers of individual companies too. Tech Mahindra and Wipro saw a negative headcount movement for two consecutive quarters. 

• In fact, Tech Mahindra’s net addition has fallen a whopping 95% compared to last year

To add to this, is fresher addition. HCLTech and TCS have both committed to a fresher hiring target. Infosys, which usually does, has not. 

Wipro has not gone to campuses at all, given that last year’s freshers have to be onboarded.

Wipro Chief Human Resources Officer, Saurabh Govil, stated that they will onboard employees based on the current market scenario.

The company's bigger controversy this quarter, however, was their offer to freshers to accept lower pay in order to be onboarded sooner.

What was Wipro’s rationale behind the move? What are the company’s hiring plans? Read the full interview to know more.

The Internet and Mobile Association of India (IAMAI), comprising over 550 members, has joined the growing chorus opposing a separate competition law for regulating the digital market in the country.

Last December, the Parliamentary Standing Committee on Finance published a report that proposed the creation of a Digital Competition Law to address the anti-competitive practices of Big Tech companies.

• While the Indian government has formed a committee to look into the report's idea, Big Tech firms have already slammed it terming it as 'absolutist' and 'regressive'
  

The IAMAI's voice is significant in this because its members include major players in the digital sector across various segments such as e-commerce, social media, cloud, fintech, and so on.

The industry body has argued that the formation of a separate Digital Competition Law will harm startups.

• It also said that the recommendations of the Parliamentary finance committee were inspired by the European Union Digital Markets Act, which does not align with the features of the Indian market

• The body has also argued that the current competition law has enough teeth to it to deal with anti-competitive practices

Go deeper

Since the beginning of 2022, around 26,000 people have lost their jobs in Indian startups and unicorns. And in the first four months of 2023 alone, startups have given out almost 6,000 pink slips.

To go beyond the numbers and statistics, we spoke to 10 individuals who were unexpectedly laid off by their companies. Here's how the past year unfolded for them: 

• Some faced endless rejections before landing the next job, while the struggle continues for others

• Some gave in and accepted a pay cut, while others stood firm and continued their search
  
  
• Some tried everything to get their dues, while others are still trying to reach their former employers, who have cut off all contact

From supporting affected colleagues to rekindling old passion projects, here are more details on how employees discovered their coping mechanisms to deal with a year of misfortune.

Bengaluru is facing a mounting garbage crisis. The city generates a staggering 6,100 tonnes of waste daily, but only 33% of households are segregating their waste, causing the majority of mixed garbage to be dumped directly into landfills.

The solution? Bengaluru's civic body plans to set up ‘garbage collection kiosks’ for late risers. 

Currently, waste is collected from doorsteps between 6 am and 10 am, but some residents, particularly techies, wake up after 10 am due to night shifts. 

• A tender has already been floated for this purpose, and individuals who fail to segregate and hand over waste to the workers or drop it off at kiosks will face severe penalties

Go deeper

Welcome to the weekly AI wrap, where we keep you up-to-date on the latest developments in the world of artificial intelligence!

ChatGPT creator OpenAI has made some exciting developments this week. Firstly, users can now choose to keep their conversations with the AI chatbot private, as the company introduces an option to withhold their data from training its models. This move could serve as a privacy safeguard for users who share sensitive information with the chatbot. 

• OpenAI is also planning to launch a business subscription plan that will not train on users' data by default.

Meanwhile, Meta CEO Mark Zuckerberg said that AI is contributing significantly to the company's growth, driving traffic to Facebook and Instagram and boosting ad sales. 

• In Q1, AI recommendations led to a 24% increase in time spent on Instagram, according to Meta.

TikTok has also jumped on the bandwagon, by testing a new tool that lets users create generative AI avatars.

While tech giants are making the most of generative AI, Apple is harnessing the technology to improve healthcare offerings. The company is reportedly working on a project called 'Quartz' that will use AI and data from users' Apple Watch devices to provide personalised health coaching advice.

In regulatory news, a committee of European Union lawmakers have reached a preliminary agreement on the European Artificial Intelligence Act, which could pave the way for the first-ever AI regulation. 

More from the world of AI:

• How to worry wisely about AI
• AI tool created by JPMorgan analyzes Fed speeches to signal trades
• AI creators must study consciousness, experts warn

• The FBI searched the home of Ryan Salame, a former FTX executive, as part of an investigation into the exchange's collapse. 
  
  
• Coinbase CEO Brian Armstrong warned the SEC that an enforcement action against his exchange is "not in America's interest" and that the company will defend itself in court.

Looking for an action-packed weekend binge? 

Look no further than the latest spy thriller series, Citadel. With a star-studded cast led by Priyanka Chopra and Richard Madden, the show promises to deliver a pulse-pounding plot that will keep you on the edge of your seat. Stream it on Amazon Prime Video

And if spy thrillers aren't your thing, Sweet Tooth is back for a second season. Watch it on Netflix

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