Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, November 12, 2024. This is Nelson John, let's get started.

Starting tomorrow, Zomato will fight its rival not just to deliver your food and groceries, but for your investments too. Swiggy will list on the stock exchanges after its initial public offering was oversubscribed by 3.59 times. At the heart of all the investor buzz is Swiggy’s rather reclusive founder Sriharsha Majety. What is he like, and how different is he from Zomato’s extremely public founder Deepinder Goyal? Ranjani Raghavan profiles Majety – the man of ideas – and how he quietly won over sceptics in the battle for food delivery and quick commerce. 

Any foreign traveller will think about how they're going to pay for things once they have reached their destination. Cash, debit card, credit card, and forex card are your major options. Out of these, prepaid forex cards are theoretically the most economical option as they lower conversion markups. Shipra Singh writes that forex cards also allow for loading multiple currencies at the bank's prevailing exchange rates. However, loading fees and issuing charges can severely eat into this advantage. Shipra's research shows that providers like BookMyForex and Thomas Cook offer better value compared to major banks due to mid-market rates and minimal fees.

ESOPs, or employee stock options, used to be restricted to startups. Mid and junior level employees got them as incentive to leave established companies and join fledgling startups. But now, even the former have joined in on the trend: Devina Sengupta and Sneha Shah write that companies are focusing on middle and junior management employees to retain top talent by offering employee stock ownership plans. They are being offered broadly across industries like IT and e-commerce. These benefits are traditionally reserved for senior management. This shift reflects a growing need to compete for niche talent even at junior-level positions. Soon, these companies might also offer other startup perks like flexible work arrangements to either attract or retain talent.

Cryptocurrencies like bitcoin have fallen out of favour in India. Cryptocurrencies have seen a 90% decline in retail trading volumes in the past three years. Shouvik Das writes that Bitcoin's surge to a new all-time high of over $82,000 due to Donald Trump's recent election victory might tempt crypto investors back. Platforms like CoinSwitch and CoinDCX are reporting a 700% increase in active users. Challenges like heavy taxation and the Reserve Bank of India's negative stance on cryptocurrencies still persist, denting exponential growth. Issues like the WazirX hacking incident have also worried investors.

Small-town residents in India are increasingly adopting the dining habits of their urban counterparts. They are developing a preference for eating out and trying international cuisines. Priyamvada C writes that the absence of extensive community spaces has made dining out an important social activity in smaller cities. With the Indian food services market expected to nearly double to ₹9 trillion by the end of the decade, investors see significant opportunities.

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