Upskilling platforms on growth trajectory; WeWork Labs’ plans for Indian startups

Hello,

AI is becoming an integral part of work—at least at Indian tech firms. 

About 59% of Indian enterprises are already actively deploying AI for organisational use cases, making India rank among the top surveyed countries to do so, a report said. However, ethics and limited skill sets remain top concerns hindering its further adoption.

In other news, shares of Paytm owner One97 Communications fell 5% on Thursday after the ED questioned its senior executives as part of preliminary examinations before a formal probe under foreign exchange rules.

Extending its losses for the third consecutive session, Paytm shares settled at Rs 325.05 apiece—a lower circuit limit on the NSE.

Meanwhile, car-sharing company Zoomcar’s quarterly adjusted core loss narrowed as it managed to keep a lid on its operating expenses. It reported an adjusted EBITDA loss of $4 million in the third quarter ended December 31, compared with a loss of $5.2 million a year ago.

Elsewhere, the United Kingdom and Japan have slipped into a recession. Germany, which is also dealing with multiple crises such as persistent inflation, high energy prices and weak foreign demand, is now the world’s third-largest economy. 

Lastly, the Odysseus lunar lander, nicknamed “Odie” or IM-1, is on a historic journey to the lunar surface and hopes to make the first touchdown of a US-made spacecraft on the moon in five decades.

In today’s newsletter, we will talk about 

• Upskilling platforms on growth trajectory
• WeWork Labs’ plans for Indian startups 
• Strategies to fuel food service industry

Here’s your trivia for today: Which mountain range separates Europe from Asia?

Edtech

Upskilling platforms on growth trajectory

Rapid changes in the job landscape demand continuous learning and adaptability, with upskilling and reskilling emerging as essential strategies. Companies like Eruditus, upGrad, and Simplilearn are meeting this demand, witnessing significant revenue growth in FY23.

Multiple factors are driving this business growth in upskilling and reskilling—individuals looking to reinvent careers and better work prospects, as well as fears over technology, especially AI, taking away jobs.

Re-learning:

• Some individuals argue that regardless of the current economic conditions, significant demand for skills will arise soon, leading to higher salaries, remarks Kashyap Dalal of Simplilearn Consumer. 
• For Simplilearn, the Gen AI theme is working “amazingly well”, so much so that a Gen AI application module is integrated across various disciplines, including data science, data analytics, cybersecurity, and cloud computing. 
• When it comes to senior professionals with 10+ years of experience, fear of missing out is the main trigger driving them to chase jobs such as thought leaders within their organisations, explains upGrad’s Mayank Kumar.

Interview

WeWork Labs’ plans for Indian startups 

WeWork Labs—the accelerator programme by WeWork—was launched in 2012 to further global startup interest, with a special focus on establishing a framework for supporting entrepreneurship with investment and mentorship.

Nearly six years after its launch in India, WeWork Labs now aims to incubate the 60,000 registered startups under DPIIT. 

Fostering growth:

• Recently, it conducted its flagship event, ‘Jumpstart’, for the first time in Bengaluru to open up fundraising and networking avenues for early-stage startups and entrepreneurs.
• Through its community of more than 70,000 members, WeWork Labs now invests up to $2,00,000 in pre-seed capital in startups across the fintech, retail, proptech, and SaaS, among other sectors. 
• About 20% of the members are closely affiliated with small businesses or startups like Zepto, Sugar Cosmetics, and Fynd.

Report

Strategies to fuel food service industry

The growth of the food services industry in India is likely to be propelled by the adoption of the ‘house of brands’ strategy, helping foodtech firms scale and grow sustainably, according to a report by Redseer Strategy Consultants. 

The model refers to the practice of owning multiple brands under one umbrella. In the food services industry, it was pioneered by Curefoods, Rebel Foods, and EatClub, owning diverse cuisines under one roof. 

Takeaways:

• Redseer’s report termed the strategy “effective” as it demonstrates average revenue at least five times more than standalone food brands.
• Successful house of brands players possess the ability to scale multiple brands across cuisines, increasing the revenue potential compared to individual brands.
• Redseer expects the country’s food services industry to surpass the $100-billion mark by 2028, growing at a CAGR of 8-10%.

News & updates

• Social media: New York City, its schools and public hospital system have filed a lawsuit against the tech giants Facebook, Instagram, TikTok, Snapchat, and YouTube, blaming their “addictive and dangerous” social media platforms for fueling a childhood mental health crisis that is disrupting learning and draining resources.
• Private 5G: Nokia and Dell Technologies have agreed on a partnership to help deploy so-called private 5G networks and adapt networks to the cloud, they said in a joint statement on Thursday. Private 5G networks tend to be owned, operated, or leased by individual organisations.
• A Spinoff: Tata Group is considering a potential spinoff of its battery business, Bloomberg reported, as the Indian conglomerate expands its foray into the country’s renewable energy and electric-vehicle sectors.

Which mountain range separates Europe from Asia?

Answer: Ural Mountains. 

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