Swiggy, one of India’s largest food delivery and fast commerce startups, is seeking a valuation of as much as $11.3 billion in its IPO, representing a 57% discount to Zomato’s market capitalization.

The loss-making Bengaluru-based company has set an IPO price band of ₹371-390 ($4.41-$4.64) per share in its IPO next month. At the high end, the valuation would represent only a small premium to the corporate’s market value of $10.7 billion in early 2022, which is removed from recent valuations by mutual fund investors Invesco and Baron.

Swiggy goals to lift $1.34 billion, of which $535 million will likely be through a fresh share issue and the remainder through exit from existing investors. Swiggy, which led India’s food delivery market 4 years ago and pioneered fast trading, has since lost significant market share in each segments. In terms of fast trading, it currently ranks third behind Zomato’s BlinkIt and Nexus-powered Zepto.

Zomato, which recently announced plans to lift as much as $1 billion through a professional institutional placement, currently has a market capitalization of $26.2 billion.

According to reports, artificial intelligence (AI) is developing. initiated a new trend on the labor market called “silent shooting”.

Quiet layoffs are the opposite of silent exits, a trend that gained popularity during the COVID-19 pandemic when employees did the bare minimum to quickly avoid being laid off with severance pay. Quiet layoffs are when employers make things harder in the hope that folks will leave and their jobs will likely be automated.

Experts equivalent to George Kailas, CEO of Prospero.Ai, consider that some employers are intentionally making paperwork harder, especially technology firms. “So when Amazon pushes a five-day office week despite the fact that 90% of their employees are ‘unsatisfied’ and 73% are considering leaving, it doesn’t fit the ‘cool tech office’ atmosphere of the past,” Kailas wrote.

“Maybe Amazon is quietly laying off workers, making the workplace inhospitable. Because the best way to reduce retention while saving on severance pay would be to eliminate remote work.”

Research by Live Data Technologies shows that worker growth at large technology firms has fluctuated over the past two years. In 2022, this number increased by 5% after which decreased. The trend repeated itself in March 2024, when employment numbers rose again, only to say no just two months later in May.

Artificial intelligence is being blamed for the alarming numbers, but other experts aren’t buying it. – says MIT professor and economist Daron Acemoglu only 5% of jobs could be replaced or operated using artificial intelligence over the next 10 years and concludes that the technology is simply not reliable enough. “A lot of money will be wasted. “This 5% will not make an economic revolution,” Acemoglu said.

“You need highly reliable information or the ability of those models to faithfully implement certain steps that employees have previously performed. They can do that in a number of places with some human supervision… but in most places this is impossible.

Kailas says almost 18% of people that once worked for large tech firms in 2023-2024 are still unemployed because “artificial intelligence is booming and the rest of the labor market is stagnating or declining if you look at unemployment numbers.”

Lack of commitment may contribute to those claims. Gallup survey results showed a 5% decline in engagement among Generation Z and young millennials. Richard Wahlquist, CEO of the American Staffing Association, says nearly three in 10 staff usually are not actively engaged at work.

Growing up as an immigrant, Cyril Gorlla taught himself how to code and practiced as if he were possessed.

“At age 11, I successfully completed a coding course at my mother’s college, amid periodic home media disconnections,” he told TechCrunch.

In highschool, Gorlla learned about artificial intelligence and have become so obsessive about the concept of ​​training his own AI models that he took his laptop apart to improve its internal cooling. This tinkering led Gorlla to an internship at Intel during his sophomore 12 months of faculty, where he researched the optimization and interpretation of artificial intelligence models.

Gorlla’s college years coincided with the synthetic intelligence boom – during which firms like OpenAI raised billions of dollars for artificial intelligence technology. Gorlla believed that artificial intelligence had the potential to transform entire industries. But he also felt that safety work was taking a backseat to shiny latest products.

“I felt there needed to be a fundamental change in the way we understand and train artificial intelligence,” he said. “Lack of certainty and trust in model outputs poses a significant barrier to adoption in industries such as healthcare and finance, where AI can make the most difference.”

So, together with Trevor Tuttle, whom he met during his undergraduate studies, Gorlla left the graduate program to found CTGT, an organization that will help organizations implement artificial intelligence more thoughtfully. CTGT presented today at TechCrunch Disrupt 2024 as a part of the Startup Battlefield competition.

“My parents think I go to school,” he said. “It might be a shock for them to read this.”

CTGT works with firms to discover biased results and model hallucinations and tries to address their root cause.

It will not be possible to completely eliminate errors from the model. However, Gorlla says CTGT’s audit approach may help firms mitigate them.

“We reveal the model’s internal understanding of concepts,” he explained. “While a model that tells the user to add glue to a recipe may seem funny, the reaction of recommending a competitor when a customer asks for a product comparison is not so trivial. Providing a patient with outdated information from a clinical trial or a credit decision made on the basis of hallucinations is unacceptable.”

Recent vote from Cnvrg found that reliability is a top concern for enterprises deploying AI applications. In a separate one test At risk management software provider Riskonnect, greater than half of executives said they were concerned that employees would make decisions based on inaccurate information from artificial intelligence tools.

The idea of ​​a dedicated platform for assessing the decision-making technique of an AI model will not be latest. TruEra and Patronus AI are among the many startups developing tools for interpreting model behavior, as are Google and Microsoft.

Gorlla, nonetheless, argues that CTGT techniques are more efficient — partly because they don’t depend on training “evaluative” artificial intelligence to monitor models in production.

“Our mathematically guaranteed interpretability is different from current state-of-the-art methods, which are inefficient and require training hundreds of other models to gain model insight,” he said. “As firms grow to be increasingly aware of computational costs and enterprise AI moves from demos to delivering real value, our worth proposition is important as we offer firms with the flexibility to rigorously test the safety of advanced AI without having to train additional models or evaluate other models . “

To address potential customers’ concerns about data breaches, CTGT offers an on-premises option as well as to its managed plan. He charges the identical annual fee for each.

“We do not have access to customer data, which gives them full control over how and where it is used,” Gorlla said.

CTGT, graduate Character labs accelerator, has the support of former GV partners Jake Knapp and John Zeratsky (co-founders of Character VC), Mark Cuban and Zapier co-founder Mike Knoop.

“Artificial intelligence that cannot explain its reasoning is not intelligent enough in many areas where complex rules and requirements apply,” Cuban said in a press release. “I invested in CTGT because it solves this problem. More importantly, we are seeing results in our own use of AI.”

And – although CTGT is in its early stages – it has several clients, including three unnamed Fortune 10 brands. Gorlla says CTGT worked with considered one of these firms to minimize bias in its facial recognition algorithm.

“We identified a flaw in the model that was focusing too much on hair and clothing to make predictions,” he said. “Our platform provided practitioners with instant knowledge without the guesswork and time waste associated with traditional interpretation methods.”

In the approaching months, CTGT will concentrate on constructing the engineering team (currently only Gorlla and Tuttle) and improving the platform.

If CTGT manages to gain a foothold within the burgeoning marketplace for AI interpretation capabilities, it could possibly be lucrative indeed. Markets and Markets analytical company projects that “explainable AI” as a sector could possibly be value $16.2 billion by 2028.

“The size of the model is much larger Moore’s Law and advances in AI training chips,” Gorlla said. “This means we need to focus on a fundamental understanding of AI to deal with both the inefficiencies and the increasingly complex nature of model decisions.”