The Gig Insurance Problem, Jio’s $4 Bn IPO & More

Zomato and Swiggy are locked in a battle with their own delivery partners. The foodtech giants claim that they are investing in insurance, upskilling and incentives to expand the social safety net for gig workers. Yet, worker unions claim otherwise.

What Are Foodtechs Offering? Eternal shelled out INR 100 Cr in premiums last year to cover its gig army, while Swiggy previously claimed to be paying over INR 30 Cr in insurance claims annually. Then, there is Zepto, which introduced basic accident and health insurance covering OPD costs and telehealth consultations only in FY25.

The Other Side: Gig worker unions claim that insurance benefits don’t come in handy during medical emergencies, cashless treatment remains a myth, and hospitals refuse to accept gig workers due to insufficient documented incomes. Most injured delivery partners are forced to pay out-of-pocket.

Govt Steps In: With the two sides at odds, the Centre last year overhauled labour laws, mandating insurance coverage through a marketplace-funded welfare corpus. Separately, there is the Pradhan Mantri Suraksha Bima Yojana and the e-Shram portal, which connects workers to social welfare schemes. However, digital literacy gaps and irregular work patterns still exclude millions.

​The Structural Gaps: Despite the efforts, critics point out that gig workers lack formal contracts and government-mandated benefits like provident fund and ESIC coverage. They also flag that state-backed schemes provide only up to INR 2 Lakh accidental coverage, which is insufficient to meet escalating treatment costs. Low awareness about insurance and policy complexities also contribute to the problem.

With India’s gig workforce projected to grow to 2.35 Cr over the next five years, how long will the race for 10-minute deliveries take its toll on the gig workforce. While that is a question to ponder, here is why gig workers are at odds with foodtech behemoths.

Precision agriculture demands hyper-detailed maps of soil health and micro-climate variations. But satellites deliver blurry snapshots from 500 km up, while consumer drones can’t cover large farms efficiently. Solving this problem is Arctus, which aims to deliver satellite-grade data at drone prices.

Filling The Orbital Gap: Founded in 2024, Arctus Aerospace is building high-altitude, long-endurance (HALE) aircrafts that can fly at 45,000 ft for up to 24 hours, and can carry 250 kg sensor payload. These autonomous aircraft aim to capture 1 sq cm per pixel resolution from 10-15 km altitude.

At $100 an hour compared to $10,000 per hour for comparable systems, Arctus is targeting sectors like agriculture, oil & gas, mining and climate monitoring .

Vertical Integration Moat: Arctus designs nearly everything in-house – fuel systems, actuators, flight software, telemetry. It also utilises carbon-fibre and metal 3D printing for optimal weight-strength ratios. Only engines and select PCBs come from vendors, built to exact specifications.

Steep Climb Ahead: However, execution risks loom large. Regulatory approvals for high-altitude autonomous flights remain untested, while privacy concerns and unproven unit economics could also play spoilsport.

Secondary startup transactions became a key liquidity lever in 2025 as investors sought partial exits, portfolio rebalancing and strategic allocations. Here are the major secondary rounds that grabbed the spotlight last year…