Shares of Swiggy dropped 4% to 401 rupees on Wednesday as the food delivery and quick commerce startup concluded India’s second-largest IPO this year, in a closely watched debut that puts it in direct comparison with what analysts have long considered the benchmark Indian internet stock: Zomato.

The listing of the 10-year-old Bengaluru-headquartered firm marks a milestone for India’s startup ecosystem, where several firms are eyeing similarly large public offerings in the next 24 months. It also delivers a major liquidity event for Swiggy’s backers, including Prosus, whose paper returns have already reached $2 billion, as well as SoftBank and Accel. Some 5,000 employees stand to collectively reap about $1 billion in wealth.

In the run-up to the IPO, Swiggy set its valuation at $11.3 billion, a notably conservative figure given rival Zomato’s recent $29 billion market capitalization. In an interview, Swiggy co-founder and chief executive Sriharsha Majety said the firm wanted to make the offering exciting for new investors. Shares of Zomato is also down 8% this month as foreign institutional investors continue to sell billions in Indian shares.

“One of the things I am most excited about is that Swiggy itself is happening at an incredible time,” he said in a speech Wednesday. “When we look at the next one to two decades, I think it’s India’s next two decades. There’s so much economic growth in front of us. The Indian pride is at an all-time high.”

Swiggy enters public markets at a pivotal moment in India’s digital commerce landscape. While it has established itself as India’s second-largest food delivery platform with 14 million monthly active users, it trails market leader Zomato across key metrics. Its annualized gross order value of $3.3 billion in food delivery lags about 25% behind Zomato’s, according to Macquarie research.

The gap widens further in quick commerce – the rapid delivery segment promising grocery deliveries in 10 minutes. Swiggy’s Instamart service, operating through a network of over 550 dark stores, has 5.2 million monthly users compared to 7.6 million for Zomato’s Blinkit. More concerning for potential investors is that while Blinkit has reached adjusted EBITDA breakeven, Instamart remains loss-making even at the contribution margin level.

“We believe each of Swiggy’s business segments deserve to get lower target valuation multiple compared to that of Zomato’s due to poor execution in the past, which has led to widening of the market share gap,” JMFinancial analysts said Wednesday.

Yet the opportunity ahead is substantial. Morgan Stanley estimates India’s quick commerce market could reach $42 billion by 2030, representing over 18% of the country’s total ecommerce market. The sector has already grown at a blistering 77% annually since its pandemic-era inception, far outpacing traditional retail’s 14% growth.

JPMorgan reports that quick commerce platforms have already captured 56% of online grocery delivery from traditional e-commerce players.

However, competitive pressures are intensifying. Traditional retail giants like Flipkart and Reliance’s JioMart are launching their own rapid delivery services. Questions persist about the viability of the quick-commerce model beyond major urban centers, given its reliance on dense networks of small warehouses.

I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (“DOGE”). Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the “Save America” Movement. “This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” stated Mr. Musk.

It will become, potentially, “The Manhattan Project” of our time. Republican politicians have dreamed about the objectives of “DOGE” for a very long time. To drive this kind of drastic change, the Department of Government Efficiency will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.

I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans. Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 Trillion Dollars of Government Spending. They will work together to liberate our Economy, and make the U.S. Government accountable to “WE THE PEOPLE.” Their work will conclude no later than July 4, 2026 – A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America on the 250th Anniversary of The Declaration of Independence. I am confident they will succeed!

• Improvements are rolling out now for Chrome for iOS
• Google Lens gets improved searches
• Tighter integrations with other Google apps

If you’re using Google Chrome on your iPhone, you’ll be interested in the four upgrades that have just been announced. They’re improving Google Lens search, online shopping, and integrations with Google Drive, Google Photos, and Google Maps.

First, as outlined in the official Google blog post, we’ve got an upgrade for Google Lens. You can already run Google Lens searches inside Chrome for iOS using a photo from the camera or your gallery – just tap the search box, then the Google Lens icon – and the new update lets you refine those searches with extra text.

It just got much easier to take a robotaxi ride in Los Angeles. Waymo announced on Tuesday that anyone in the Californian city can now take fully autonomous rides, removing the need to join a wait list.

Alphabet-owned Waymo started offering paid robotaxi rides in Los Angeles earlier this year via its Waymo One app, but strong demand resulted in a waitlist of nearly 300,000 people to join the service.

But now anyone can download the app and book a ride using self-driving Waymo car.

“Now is an exciting time to welcome everyone in Los Angeles along for the ride,” Tekedra Mawakana, co-CEO, Waymo, said in a post on Waymo’s website. “Our service has matured quickly and our riders are embracing the many benefits of fully autonomous driving.”

Waymo riders can now criss-cross nearly 80 square miles of LA County, with the company planning to expand its service area over time to cover more of the city.

To date, driverless Waymo cars have taken care of hundreds of thousands of paid trips throughout the city, with riders rating the experience at 4.7/5 on average. Also, a recent survey by Waymo of Los Angeles riders found that 98% were satisfied with the service.

But it hasn’t all been smooth sailing for the company in recent months. Earlier this year, the U.S. government’s highway safety agency launched an investigation into crashes and alleged traffic violations involving Waymo’s autonomous cars, which besides Los Angeles also operate in San Francisco and Phoenix. And there was also the recent case of Waymo cars keeping residents awake at night as they honked their horns incessantly for no apparent reason. Waymo has since implemented a fix.

YouTube is testing a new “AI Music Remixes” feature. As the name indicates, the feature will allow some creators to use AI for restyling licensed songs. Participants would be able to create short, modified audio clips.

YouTube testing multiple AI features on its platform

YouTube has been actively exploring the power of Artificial Intelligence (AI). The largest crowd-sourced video-sharing platform recently changed the gesture navigation on its mobile app. Instead of exiting the app or video when swiping, the now simply starts playing the next video that YouTube AI has recommended.

YouTube Premium subscribers using Android devices for YouTube also gained the ability to use conversational AI to search for videos. Google’s Gemini Gen AI can control YouTube Music playback.

YouTube is now moving beyond viewers, and offering Gen AI to creators for modifying licensed music. What’s even more surprising is that the platform has managed to get a few popular songwriters and singers on board.

How does the AI Music Remixes feature work in YouTube Studio?

YouTube has confirmed it is testing “AI Music Remixes.” The feature lets some YouTubers use AI to “restyle” licensed songs.

Also called the “Dream Track experiment“, the feature allows some creators to make or modify songs using the AI-generated voices of artists. It is important to note that YouTube has restricted the feature to a select few participants.

Currently, the AI Music Remixes features reportedly include voices of artists such as Charlie Puth, Charli XCX, Demi Lovato, and John Legend. It is possible the platform could tie up with more artists and companies in the future.

YouTube hasn’t yet confirmed which songs or even how many songs are available to be modified using AI. Although the names of music labels haven’t been announced, YouTube will allow its AI to generate a 30-second audio clip. Creators would be able to alter the mood or genre of the remixed audio clip.

YouTube has confirmed that the restyled soundtracks will have clear attribution to the original song. As the remixed song would be available for YouTube Shorts, the Shorts audio pivot page will indicate that the track was restyled with AI.