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ICICI Securities Report
Legislative / judiciary actions on gig work in U.S. and UK (e.g. UK Supreme Court's recent ruling),
Deliveroo's IPO debacle (down 31% on listing) due to legal / environmental, social, and corporate governance concerns and
Second wave impact on Naukri's billings led to ~15% correction in Info Edge Ltd. from its peak.
As outlined in our food-tech thematic, the Indian Social Security Code 2020 is more conducive for gig work.
Unlike in the West, we reckon an average rider earns higher than minimum wage / provident fund threshold (~Rs 20-23,000 / month) and is more satisfied with aggregators like Zomato/Swiggy.
In the worst case, we expect some mandatory contribution for the social security fund being envisaged for gig workers.
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