🛵 Zomato dominates food delivery

Good morning. Unpaid internships move over. Zomato CEO Deepinder Goyal seeks a 'hungry' Chief of Staff who not only won't be paid during the first year but must also pay a ₹20 lakh joining fee.

Fear not, the company isn't saving money. Instead, the ₹50 lakh Chief of Staff salary will be donated to a charity of the hired candidate's choice, in addition to the ₹20 lakh joining fee. The position will, however, become salaried from the second year onward 🙌 

The job offer aims to attract candidates genuinely motivated to learn and grow, rather than those wanting to appear ‘cool’. Interested applicants must submit a 200-word cover letter directly to Goyal - no resume required.

If this is up your ally, do apply.

If you get the job, tell us all about it. We won’t think you are ‘cool’, just ‘hungry’ 😉 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🛵 Zomato dominates food delivery

• 🛺 Subsidy for cargo electric three-wheelers partially restored

• 🗞️ Bite-sized summaries

  • 🇺🇸 Mass deportation

  • 🚀 SpaceTech funding

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock market was closed on 20/11 for the Maharashtra Assembly Election.

• Gold prices rose for the third straight session on Wednesday, reaching a one-week high as investors turned to the safe-haven metal in response to increasing geopolitical tensions stemming from the escalating conflict between Russia and Ukraine.

🌍️ International

• Wall Street ended mixed, with the Dow rising and Nasdaq declining. Tensions between Russia and Ukraine, Target's weak holiday sales forecast, and anticipation of Nvidia's earnings influenced market sentiment. Nvidia shares slipped after reporting fourth-quarter revenue, and cryptocurrency stocks rose as bitcoin jumped above $94,000 🤑 

DELIVERY

🛵 Zomato dominates food delivery

According to a report by Motilal Oswal, in Q1 FY25, Zomato solidified its leadership in India’s food delivery market with a 58% share, while rival Swiggy held 42%.

Here’s the breakdown:

• Zomato’s gross order value (GOV) for the quarter reached ₹9,264 Cr., surpassing Swiggy’s ₹6,808 Cr..

• However, Swiggy outperformed in profitability with a 25.4% take rate, compared to Zomato’s 24.3%.

• In the quick commerce sector, Zomato-owned Blinkit secured a commanding 46% market share.

• Zepto followed with 29%, and Swiggy Instamart held 25%. Despite Instamart pioneering the category, Blinkit has established an edge, while Zepto is rapidly expanding with significant capital infusions.

Both Zomato and Swiggy remain key players in the competitive food and grocery delivery landscape. While Zomato’s focused strategies have helped it capture market leadership, Swiggy leverages an all-in-one app approach for cross-service efficiencies.

Overall: Blinkit and Zepto's rising prominence reflect quick commerce's growth potential, with Motilal Oswal projecting a GMV of $29B for the sector by 2028, driven by food and grocery sales.

As competition intensifies, the race to win urban consumers’ wallets continues, with all players aggressively investing in their respective businesses.

Read more: Economic Times

SUBSIDY

🛺 Subsidy for cargo electric three-wheelers partially restored

The Indian government has reinstated subsidies for cargo electric three-wheelers (e-3Ws) under the PM E-DRIVE scheme, though at a reduced rate. The updated incentive is ₹2,500 per kilowatt (kW), capped at ₹25,000 per unit—half the original subsidy amount. This decision follows an early achievement of sales targets under the scheme, prompting a temporary subsidy halt.

As of November 7, 2024, over 79,974 e-3Ws (L5 category) were sold, surpassing the fiscal target of 80,546 units. The restored subsidy applies to vehicles sold from November 8, ensuring continued support for manufacturers and buyers. However, any sales exceeding the fiscal target will not be eligible for subsidies.

Electric two-wheelers (e-2Ws) under the same scheme are also nearing their annual goal of 1 million units, with 65% already sold. Subsidies for e-2Ws are expected to see similar reductions as targets are met.

While e-3Ws and e-2Ws perform well, smaller electric vehicles, such as e-rickshaws and e-carts, lag behind with only 1,214 units sold against a target of 43,371.

The PM E-DRIVE scheme, India’s flagship EV initiative, promotes demand for various EV categories, including e-ambulances and e-trucks. It also funds EV infrastructure like charging stations and testing facilities. With over four months left in FY25, the government aims to sustain momentum in the EV market while gradually scaling back subsidies to balance fiscal commitments.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇺🇸 Mass deportation - Donald Trump’s mass deportation plan for undocumented migrants faces legal and logistical hurdles. Current laws require due process, but Trump may invoke the 1798 Alien Enemies Act, last used during World War II, to deport individuals based on nationality. Legal opposition, funding gaps, and a 3.7-million-case immigration court backlog complicate execution. The plan, overseen by former ICE chief Tom Homan, could cost over $300B and require expanded detention facilities. Critics warn of potential misuse of the Act and significant delays. The debate highlights tensions between Trump’s political goals and the legal and practical challenges of large-scale deportations.

🚀 SpaceTech funding - Karnataka aims to secure $3B in space technology investments within five years, capturing half of India's and 5% of the global market share. The state government unveiled a space tech policy to support 500 startups and MSMEs, offering grants, equity support, and subsidies for IP registration, testing, and marketing. The plan includes launching at least 50 satellites with high indigenisation levels and establishing a space manufacturing cluster via public-private partnerships. Bengaluru, already a hub for space startups, has attracted over $150M in funding. This initiative aligns with India's projected $44B space sector growth over the next decade.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Ukraine fired US-made missiles into Russia for the first time.

• Want to speak Italian? Microsoft AI can make it sound like you do.

• Instagram will let users reset the recommendation system that powers their feeds.

• Airbnb's idea to hold gladiator battles in Rome's Colosseum isn't going down well with some local lawmakers.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Diljit Dosanjh confirms Mumbai show for Dil-Luminati tour - 19/12/2024.

• Lakshya Sen, PV Sindhu win opening round matches in China Masters.