Indian workplaces embrace AI; Awfis IPO priced at Rs 364–383 per share

Zoho wants a piece of the semiconductor cake. 

The Software-as-a-Service (SaaS) company is planning to a foray into chipmaking and seeking incentives from the government, media reports suggest. 

The investment plan is pegged at $700 million, where Zoho is proposing to manufacture compound semiconductors, which have specialised commercial applications and are made from alternatives to the more commonly used silicon in chipmaking.

In other news, Walmart reported a 10.7% YoY rise in international sales at $29.4 billion in the quarter ended April 2024, thanks to Walmex, China, and Flipkart. In India, the retailer reported a 150% rise in same-day deliveries. 

On a consolidated basis, the US retailer reported a total revenue of $161.5 billion in the quarter, a 6% rise from the $152.3 billion reported a year ago. 

Elsewhere, Infibeam Avenues, which offers payment services via its brand CCAvenue, recorded a 12.2% rise in net profits in FY24 to Rs 209.5 crore on a consolidated basis as a rise in revenues matched ballooning expenses. It earned Rs 3,171 crore in revenue from operations—a 61.6% improvement from FY23.

ICYMI: AI can now detect sarcasm, these researchers believe.

But the question remains, can it beat Chandler?

In today’s newsletter, we will talk about 

• AI overlords at the Indian workplace
• Awfis IPO priced at Rs 364–383 per share
• Meet intimacy coach Pallavi Barnwal

Here’s your trivia for today: How many islands are in the Stockholm archipelago?

Artificial intelligence

AI overlords at the Indian workplace

Artificial Intelligence (AI) adoption is gaining momentum among India’s workforce, with 92% of knowledge workers leveraging AI at work, above and beyond the global figure of 75%, according to a Microsoft and LinkedIn report titled, ‘AI at work is here. Now comes the hard part.’

Into the future:

• According to the report, 91% of Indian leaders recognise the necessity of AI adoption for maintaining competitiveness, yet 54% express concerns about their organisation’s absence of a clear implementation strategy.
• Employees aren’t hesitating to leverage the advantages of this technology, as evidenced by 72% of Indian AI users bringing their own AI tools to work.
• AI proficiency in India holds more weight than experience, with 80% of leaders expressing a preference for hiring a less experienced candidate with AI skills over a more experienced candidate lacking them.

<Funding Alert>

Startup: Matel

Amount: $4M

Round: Series A

Startup: InstaAstro

Amount: $2.2M

Round: Pre-Series A

Startup: The Betel Leaf Co

Amount: $1.2M

Round: Bridge

IPO

Awfis IPO priced at Rs 364–383 per share

Workspace provider Awfis Space Solutions Ltd announced the price range for its forthcoming IPO at Rs 364–383 per share. As part of the offering, eligible employees will receive a discount of Rs 36 per share on reserved shares.

The company is the first in the co-working space to go public.

Closer look:

• The minimum lot size will comprise 39 shares, with additional bids to be placed in multiples of this amount.
• Awfis plans to use the funds raised to expand its managed aggregation model, improve customer services, and expand into new markets, including Tier I and II cities.
• Amit Ramani, CEO of Awfis, holds an 18.19% stake in the company on a fully diluted basis, while Peak XV Partners Investments has a 22.86% ownership interest.

Health and Wellness

Meet sexuality and intimacy coach Pallavi Barnwal

Pallavi Barnwal began her journey in the field of sexual wellness education in 2019 while gaining insights from her own recovery and healing in the aftermath of a marriage she calls “sexless” and several sabotaging relationships prior to that. 

Healing:

• Barnwal offers both online and offline guidance, as part of her sexual wellness startup Get Intimacy, in the form of workshops, one-on-one sessions, courses, and social media content. 
• In her Instagram videos, she reiterates the importance of expressing, asking, validating and comforting.
• A study by a group of researchers from Pune in 2022 observed that, despite being one of the youngest countries in the world, 27.5% of India’s population in the 15–29 years age group lack the sexual health support and care they need. 

News & updates

• Inquiry: Facebook and Instagram are under formal investigation in the EU over child protection concerns, the EU Commission said Thursday. The proceedings follow a raft of requests for information to parent entity Meta since the bloc’s online governance regime, the Digital Services Act, came in to effect last August.
• Indian spices: The UK's Food Standards Agency has applied extra control measures on all spice imports from India, becoming the first to ramp up scrutiny of all Indian spices after contamination allegations against two brands, MDH and Everest, sparked concerns among global food regulators. 
• Accolades: The prestigious Michelin Guide star was awarded to a 10-foot by 10-foot taco stand in Mexico City. Tacos El Califa de Leon, in the scruffy-bohemian San Rafael neighbourhood, is the first such restaurant to receive the prize from the coveted French dining guide.

How many islands are in the Stockholm archipelago?

Answer: 30,000. Sweden claims the island chain in the Baltic Sea as part of its territory.

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