Salesforce’s MSME game plan; Swiggy’s 2nd ESOP liquidity event

Hello,

A new version of the iconic “Are you a robot?” prompt but make it AI. 

It is the year of artificial intelligence, after all.

Enter Worldcoin, a new cryptocurrency project by OpenAI CEO Sam Altman, which will offer a ‘World ID’—a "digital passport" to prove its holder is a real human, not an AI bot. With AI chatbots taking over the internet, this could be the next big thing. 

Closer home, BYJU'S has reportedly reached a tentative agreement to renegotiate its loan pact with lenders that collectively own more than 85% of its $1.2-billion term loan B (TLB). The edtech firm and its lenders have agreed to collaboratively finalise a term loan amendment before August 3. 

Meanwhile, fintech startups saw a massive drop of 67% in funding in the first half of 2023, raising a total of just $1.4 billion, down from $4.3 billion raised in the same period last year. This is even as India kept its position as the third-highest funded fintech industry after the US and UK. Incidentally, fintech also remained the highest funded sector in the country.

Lastly, Elon Musk has killed off the iconic blue bird of Twitter, replacing it with the 'X' logo as part of his plan for a super app. 

Goodbye, Larry. You were a good bird. 

In today’s newsletter, we will talk about 

• Salesforce’s MSME game plan
• Swiggy’s 2nd ESOP liquidity event
• Zomato dissolves Portugal subsidiary

Here’s your trivia for today: Among land animals, what species has the largest eyes?

Enterprises

Salesforce’s MSME game plan

Indian MSMEs are keen to onboard the digital bandwagon but many find it challenging to take the first step. Salesforce, the global CRM software company, wants to address this challenge by providing a simple solution that offers multiple functionalities.

It is targeting MSMEs with its Starter app as it aims to keep technology simple to use while having all the advanced digital capabilities.

New tools:

• The Salesforce “Starter” solution addresses the needs of MSME businesses by offering them a single platform to handle sales, services, and email outreach functions. Its app offers tools with AI, data, and CRM capabilities. 
• “The idea was to bring one integrated solution where literally one could be up and running in 30 minutes and the business owner can pretty much go through the clicks and set up the whole thing with a simple UI,” says Arun Parameswaran of Salesforce. 
• Even a small conversion from the millions of MSMEs will mean a big number. However, it will not be that easy as there are a host of other technology companies that provide a lot of point solutions, he adds. 

Foodtech

Swiggy’s 2nd ESOP liquidity event

Bengaluru-based foodtech major Swiggy has rolled out its second ESOP liquidity event worth nearly $27 million to $30 million, which will conclude by July end. It is likely to benefit nearly 2,000 employees of Swiggy and Dineout, and is a part of the company’s 2021 announcement on committing to hold two-year guaranteed events for ESOP liquidity. 

Employee first:

• Employees of Swiggy holding shares vested on or before April 1, 2023, and employees of restaurant tech platform Dineout holding shares vested before July 1, 2023, are eligible to participate in the event. Swiggy acquired Dineout in May 2022. 
• The company held a liquidity event in June 2022, benefitting nearly 900 employees. Overall the company had set aside $50 million for the consecutive events. 
• With the current event, Swiggy joins the list of rare startups, which have held a liquidity event in 2023, with the ecosystem going through a funding winter.

Foodtech

Zomato dissolves Portugal subsidiary

Zomato has begun liquidation proceedings for its wholly-owned subsidiary, Zomato Media (ZM) Portugal, stating it is not a material subsidiary and has no active business operations. 

Further, it clarified that ZM Portugal's net worth is Rs 12 million ($0.14 million), and its dissolution will not affect turnover or revenue, according to its filing with the BSE.

Bye bye:

• In total, Zomato is set to liquidate five subsidiaries, including those in Indonesia, New Zealand, Australia, Jordan, and Portugal.
• ZM Indonesia has a net worth of Rs 15 million ($0.18 million) and its liquidation is expected to be completed within 12 months, subject to requisite approvals.
• According to a research note by brokerage firm JM Financial, Zomato's market share in the food delivery segment stood at 55% in 2022, up marginally from 53% in 2021.

News & updates

• Groundwork: Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce an all-new $24,000 car. Tesla has expressed an interest in building a factory in India that would produce low-cost EVs for the local market and for export.
• Blossoming: Barbie has become the biggest film of the year (so far) in the US and Canada, said distributor Warner Bros, making an estimated $155 million in its opening weekend. Meanwhile, Oppenheimer made $93.7 million in the US, said Universal Pictures.
• Unshakeable: Apple is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before despite tumult in the global economy and a projected decline in the overall smartphone market. It’s also likely to raise the price for Pro models.

Among land animals, what species has the largest eyes?

Answer: Ostrich. Its eye is bigger than its brain.

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