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(Copy) First PrinciplesPart 2: Indiagold's Deepak Abbot on turning a nation's 'dead asset' into credit scores and working capitalHello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. This is part 2 of the conversation.The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.That same data-driven curiosity is what led Deepak to walk away from...
2025-11-1755 min
First PrinciplesPart 2: Indiagold's Deepak Abbot on turning a nation's 'dead asset' into credit scores and working capitalHello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. This is part 2 of the conversation.The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.That same data-driven curiosity is what led Deepak to walk away from...
2025-11-1756 min
(Copy) First PrinciplesIndiagold's Deepak Abbot on turning a nation's 'dead asset' into credit scores and working capitalHello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.That same data-driven curiosity is what led Deepak to walk away from corporate life in 2019. He was clear: he didn't w...
2025-11-101h 59
(Copy) First PrinciplesPart 1: Indiagold's Deepak Abbot on turning a nation's 'dead asset' into credit scores and working capitalHello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. This is part 1 of the conversation.The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.That same data-driven curiosity is what led Deepak to walk away from corporate...
2025-11-101h 06
First PrinciplesPart 1: Indiagold's Deepak Abbot on turning a nation's 'dead asset' into credit scores and working capitalHello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. This is part 1 of the conversation.The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.That same data-driven curiosity is what led Deepak to walk away from...
2025-11-101h 07
First Principles (Private)Deepak AbbotHello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.That same data-driven curiosity is what led Deepak to walk away from corporate life in 2019. He was clear: he didn't w...
2025-11-101h 59
Two by Two (Private)Who broke Bengaluru, and how do we fix our cities?Bengaluru, India’s tech hub, is unfortunately also a poster child for urban chaos. A city bursting at the seams, where unplanned growth has pushed its infrastructure to breaking point. Imagine roads that can’t handle the sheer volume of vehicles, leading to traffic jams that eat away at hours of your day. It’s not a minor inconvenience; it’s a daily grind that impacts productivity and quality of life.And it doesn’t stop there. Bengaluru is constantly battling water scarcity. When the monsoons hit, it’s a different kind of nightmare. Even something as fundamental...
2025-06-191h 34
Two by Two (Private)Where AI Can and Can’t Replace Human CoachingThis episode of Two by Two was first published on 12 June 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.–Can an AI bot co...
2025-06-121h 21
Two by Two (Private)45. Are we seeing the unbundling of quick commerce?This episode of Two by Two was first published on 05 June 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.–Bigbasket, Blinkit, Instamart, and Zepto are al...
2025-06-051h 13
Two by Two (Private)Can Smallcase maintain its relevance in a changing market?This episode of Two by Two was first published on 29 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-Smallcase was an innovative fina...
2025-05-291h 21
Two by Two (Private)Reliance Retail pays the price for sizeThis episode of Two by Two was first published on 22 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-Reliance Retail is a...
2025-05-221h 09
Two by TwoIndia's AI program is unlikely to create unicornsThis episode of Two by Two was first published on 15 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-The original big...
2025-05-151h 56
Two by Two (Private)India’s AI program is unlikely to create unicornsThis episode of Two by Two was first published on 15 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-The original big...
2025-05-151h 54
Two by TwoCoffee versus cafe? India is poised at an inflection pointThis episode of Two by Two was first published on 08 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-The coffee culture in Indi...
2025-05-081h 40
Two by Two (Private)Coffee versus cafe? India is poised at an inflection pointThis episode of Two by Two was first published on 08 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-The coffee culture in Indi...
2025-05-081h 37
Two by TwoAre we in the "enshittification" phase of Indian consumer tech?You’ve surely heard of the term of the term enshittification? In case you haven’t, it was coined by blogger and journalist Cory Doctorow. He defined it as the pattern in which online products and services decline in quality over time.This decline or decay has started to show in Indian Consumer tech products as well, resulting in an experience for customers that is much worse than what was promised. From seemingly unharmful dark patterns to unnecessary cross-selling, the spectrum lies wide sour digital experiences for a customer today.And why they’re doing this i...
2025-05-021h 37
Two by TwoWho will be the next Blusmart?This episode of Two by Two was first published on 01 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-That’s the qu...
2025-05-011h 39
Two by Two (Private)Who will be the next Blusmart?This episode of Two by Two was first published on 01 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-That’s the qu...
2025-05-011h 37
Two by TwoShould you invest the first two years of your career in strategy consulting?“The future of consultants is intricately linked to the future of consulting”That’s what one of the guests had to say about the future of consultants and the promise of consulting careers.Being a consultant at any of the big three consulting firms—McKinsey & Company, Bain & Company, and Boston Consulting Group(BCG)—meant one thing: The opportunity to work on cutting-edge projects with big, innovative companies. It allowed the people who worked at these companies to have career opportunities, which would allow them to be prepared for even more challenging and rewarding roles in t...
2025-04-251h 30
Two by TwoCan Stage become the Netflix for Bharat?This episode of Two by Two was first published on 24th April 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-Stage is an inte...
2025-04-241h 25
Two by Two (Private)Can Stage become the Netflix for Bharat?This episode of Two by Two was first published on 24th April 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-Stage is an inte...
2025-04-241h 22
DaybreakThe career ladder is broken. What’s your next step?In this episode, we dive into a topic that is as daunting as it is exciting — the future of careers. First, we talk about a troubling trend in workplaces today — the rise of the unwilling retiree; Next, we share some of the lessons learnt by students who graduated during economic downturns in the past. Check out the stories and newsletters mentioned in this episode: Why more 40-somethings are becoming unwilling retireesLessons from past students who graduated during economic downturnsThe Ken is hosting a subs...
2025-04-1716 min
Two by TwoWhy build when you can buy and then build? Here come the search fundsThis episode of Two by Two was first published on 17th April 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-Today’s episode is abo...
2025-04-171h 30
Two by Two (Private)Why build when you can buy and then build? Here come the search fundsThis episode of Two by Two was first published on 17th April 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts.-Today’s episode is abo...
2025-04-171h 27
DaybreakLenskart built its empire on franchisees. Now it’s battling them in courtsIn a little over a decade, Lenskart has gone from being just India’s biggest online eyewear retailer to becoming one of Asia’s biggest omnichannel eyewear giants. Needless to say, business has been booming. And the company is now inching towards its next big step – an IPO. But in the midst of all its success, it appears Lenskart may have rubbed some people the wrong way. The catch is that these are the very people who helped it get to this point in the first place – the franchise owners that operate hundreds of its stores...
2025-04-1614 minDaybreakScaler wanted to do for tech education what Masters' Union did for the MBA. AI had other plansBack in 2019, an ed-tech called Scaler Academy decided to do for tech education what Masters’ Union did for the traditional MBA. The tech-upskilling platform launched in 2019 with a simple pitch: take AI, machine learning, and data science courses, get placed at top tech firms, and make a lot more money. But five years later, that formula is breaking down. The very thing Scaler trained people in—AI—is making it redundant. Tune in. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more...
2025-04-1515 min
Two by TwoAre Trump's tariffs a crisis or an opportunity for India?This episode of Two by Two was first published on 10th April 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts. -US President Donald Trump’s mission...
2025-04-101h 43
Two by Two (Private)Are Trump's tariffs a crisis or an opportunity for India?This episode of Two by Two was first published on 10th April 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium podcasts. -US President Donald Trump’s mission...
2025-04-101h 41
Two by Two (Private)Are we in the "enshittification" phase of Indian consumer tech?You’ve surely heard of the term of the term enshittification? In case you haven’t, it was coined by blogger and journalist Cory Doctorow. He defined it as the pattern in which online products and services decline in quality over time.This decline or decay has started to show in Indian Consumer tech products as well, resulting in an experience for customers that is much worse than what was promised. From seemingly unharmful dark patterns to unnecessary cross-selling, the spectrum lies wide sour digital experiences for a customer today.And why they’re doing this i...
2025-04-031h 37
Two by Two (Private)Should you invest the first two years of your career doing strategy consulting?“The future of consultants is intricately linked to the future of consulting”That’s what one of the guests had to say about the future of consultants and the promise of consulting careers.Being a consultant at any of the big three consulting firms—McKinsey & Company, Bain & Company, and Boston Consulting Group(BCG)—meant one thing: The opportunity to work on cutting-edge projects with big, innovative companies. It allowed the people who worked at these companies to have career opportunities, which would allow them to be prepared for even more challenging and rewarding roles in t...
2025-03-271h 30
Two by TwoHow big is the market for treating farmed animals humanely?Free-range eggs and chicken have been gaining popularity for a while. The practices involved in producing and raising them are considered more humane. The market for humane meat has been growing slowly but steadily. Reports suggest that a majority of the country eats eggs, chicken, or meat. Shouldn’t we care about how the animals that reach our plates are raised and killed? It’s not a question with easy answers.Today, consumers are becoming more aware of the conditions in which the eggs and meat they consume are produced. They are making a conscious choice to seek...
2025-03-131h 45
Two by Two (Private)How big is the market for treating farmed animals humanely?Free-range eggs and chicken have been gaining popularity for a while. The practices involved in producing and raising them are considered more humane. The market for humane meat has been growing slowly but steadily. Reports suggest that a majority of the country eats eggs, chicken, or meat. Shouldn’t we care about how the animals that reach our plates are raised and killed? It’s not a question with easy answers.Today, consumers are becoming more aware of the conditions in which the eggs and meat they consume are produced. They are making a conscious choice to seek...
2025-03-131h 43
Two by TwoRazorpay, Phonepe, and others confront Juspay’s “white box”On January 20th, the online publication The Head and Tale broke the news that two of India's largest payment aggregators and gateways, Razorpay and Cashfree, were severing ties with India's largest payment orchestrator or router, Juspay.Payment gateways are the simplest. They simply facilitate a payment transaction between a merchant's website and a bank. But these days, we have so many ways to pay. Cards, UPI, net banking, wallets, etc. Many payment gateways also aggregate these methods and offer customers and merchants a choice.Hence, they're payment aggregators.
2025-03-101h 40
Two by Two (Private)Who'll become new televison? Youtube or streaming companies?Between Youtube and streaming companies, who do you think will become the new television?That was the question Two by Two hosts Praveen Gopal Krishnan and Rohin Dharmakumar posed to our guests this week.Youtube TV has surpassed mobile as the primary device for Youtube viewing in the US. The company wants to press this advantage further and bring more attention to itself from linear television and streaming companies. How is the bigger picture shaping up in India? To discuss, we invited as guests Swati Mohan, t...
2025-03-061h 27
Two by TwoWho'll become new television? Youtube or streaming companies?There's a war for succession going on. Who gets to become the new television?There are two challengers. The first challenger is Youtube.According to Neal Mohan, YouTube CEO, TV screens have officially overtaken mobile as the "primary device for YouTube viewing in the US".It is, as Mohan writes in his annual letter from the CEO, an indication that YouTube is the new television.It's interactive and includes things like shorts, podcasts, and live streams alongside sports, sitcoms...
2025-03-061h 28
Two by TwoWho and how do you incentivise to solve India's air pollution problem?“This is the first time we are discussing what I'd describe as a wicked problem”, says host Rohin Dharmakumar at the beginning of this episode.What's a wicked problem?It's not a bad thing, it's not an evil thing.A wicked problem is a social or cultural problem that's difficult or impossible to solve because of its complex and interconnected nature. They lack clarity in both their aims and solutions, and are subject to real-world constraints which hinder risk-free attempts to find a solution.
2025-03-031h 30
Two by TwoAirtel fights spammers. And Truecaller's business modelEveryone’s lives would be better if we were rid of spam calls and messages, but we don’t live in that reality. So, most people rely on caller-ID apps or services to save themselves from the ordeal. In September last year, Bharti Airtel launched a spam-fighting network free of cost to all users who have a Volte-enabled smartphone.Airtel says its AI-powered systems come across a call or message that seems sketchy based on call patterns, frequency, duration and other parameters to flag them as ‘suspected scam’.But like any...
2025-02-271h 40
Two by Two (Private)Airtel fights spammers. And Truecaller's business modelEveryone’s lives would be better if we were rid of spam calls and messages, but we don’t live in that reality. So, most people rely on caller-ID apps or services to save themselves from the ordeal. In September last year, Bharti Airtel launched a spam-fighting network free of cost to all users who have a Volte-enabled smartphone.Airtel says its AI-powered systems come across a call or message that seems sketchy based on call patterns, frequency, duration and other parameters to flag them as ‘suspected scam’.But like any...
2025-02-271h 38
Two by TwoZomato, Swiggy, and the rise of the 10-minute "dark" cafeBoth Zomato and Swiggy have been aggressively focusing on the 10-minute grocery delivery space for a while now. Quick commerce. But what sent both of them into a spiral was when Zepto, the joker in the quick commerce pack, started delivering snacks in 10 minutes through Zepto Cafe, a separate app. Suddenly, quick commerce wasn’t enough. Quick food was up for play too.Swiggy launched Snacc soon after, and Blinkit followed suit with Bistro. Both were also separate apps.However, this move to disrupt the...
2025-02-241h 58
Two by TwoWhat is stopping 10-minute alcohol delivery?The consumer need for 10-minute deliveries wasn't demanded, but it was created.Multiple startups went into an arms race to deliver products faster and faster to users who never really asked for them.This expanded into category after category, starting from groceries to FMCG products, then to apparel, electronics, PS5s, iPhones, and later food. The 10-minute monster demands to be fed and is eating category after category, forcing consumers to change long-established patterns so they can get stuff delivered to their homes at a turnaround time they never imagined possible.The next...
2025-02-201h 19
Two by Two (Private)What is stopping 10-minute alcohol delivery?The consumer need for 10-minute deliveries wasn't demanded, but it was created.Multiple startups went into an arms race to deliver products faster and faster to users who never really asked for them.This expanded into category after category, starting from groceries to FMCG products, then to apparel, electronics, PS5s, iPhones, and later food. The 10-minute monster demands to be fed and is eating category after category, forcing consumers to change long-established patterns so they can get stuff delivered to their homes at a turnaround time they never imagined possible.The next...
2025-02-201h 17
Two by TwoIf B-schools were invented today, would students run placements?Business schools are among the most coveted higher educational institutions. Students go through some of the most competitive exams and pay significant fees because they hope that at the end of their degree, they will get a great job.Yet, the onerous process of finding, soliciting and bringing dozens of companies to campuses each year falls mostly on final-year students, who are part of elected/selected placement committees.For as long as we can remember, these committees have always been accused of bias, arrogance and power play by other students.Yet, the fact...
2025-02-171h 27
Two by TwoGoing out of India is easier than going out in IndiaHave you made a trip abroad to attend a live event in 2023 or 2024?Did you have the option of attending the same (or equivalent) event in India?Why did you choose not to attend the same event in India?These were the three main questions we posed to listeners of Two by Two in a recent survey to understand the biggest problems with hosting events—big or small—in India.Then we took all the people who said yes and...
2025-02-131h 09
Two by Two (Private)Going out of India is easier than going out in IndiaHave you made a trip abroad to attend a live event in 2023 or 2024?Did you have the option of attending the same (or equivalent) event in India?Why did you choose not to attend the same event in India?These were the three main questions we posed to listeners of Two by Two in a recent survey to understand the biggest problems with hosting events—big or small—in India.Then we took all the people who said yes and...
2025-02-131h 08
Two by Two (Private)Razorpay, Phonepe, and others confront Juspay’s “white box”On January 20th, the online publication The Head and Tale broke the news that two of India's largest payment aggregators and gateways, Razorpay and Cashfree, were severing ties with India's largest payment orchestrator or router, Juspay.Payment gateways are the simplest. They simply facilitate a payment transaction between a merchant's website and a bank. But these days, we have so many ways to pay. Cards, UPI, net banking, wallets, etc. Many payment gateways also aggregate these methods and offer customers and merchants a choice.Hence, they're payment aggregators.
2025-02-061h 40
Two by TwoAre we past peak Amazon India?Amazon India has fallen behind in the e-commerce race to Flipkart and now to Meesho as well, in tier-2 and tier-3 markets. It is the last large player to enter the quick-commerce race in India. Everything that made Amazon largely successful in the U.S. has not fully cut it for them in India, even though they understood India is a very different market and the approach they took in the U.S. might not work well for them here early onYet, they have missed out on capitalising on a lot of opportunities...
2025-02-031h 26
Two by Two (Private)Who and how do you incentivise to solve India's air pollution problem?“This is the first time we are discussing what I'd describe as a wicked problem”, says host Rohin Dharmakumar at the beginning of this episode.What's a wicked problem?It's not a bad thing, it's not an evil thing.A wicked problem is a social or cultural problem that's difficult or impossible to solve because of its complex and interconnected nature. They lack clarity in both their aims and solutions, and are subject to real-world constraints which hinder risk-free attempts to find a solution.
2025-01-301h 30
Two by Two (Private)Zomato, Swiggy, and the rise of the 10-minute "dark" cafeBoth Zomato and Swiggy have been aggressively focusing on the 10-minute grocery delivery space for a while now. Quick commerce. But what sent both of them into a spiral was when Zepto, the joker in the quick commerce pack, started delivering snacks in 10 minutes through Zepto Cafe, a separate app. Suddenly, quick commerce wasn’t enough. Quick food was up for play too.Swiggy launched Snacc soon after, and Blinkit followed suit with Bistro. Both were also separate apps.However, this move to disrupt the...
2025-01-231h 58
Two by TwoThe death of D2CIt’s time for us to retire the term “Direct-to-Consumer” or D2C. The phrase is, anyway, a bit long in the tooth, having been used since the days of the dot-com boom.D2C used to mean selling directly to end customers, rather than selling through retailers or other middlemen. In theory, selling directly to consumers would allow a company to offer both lower prices and maintain higher margins (since it didn’t have to pay commissions to middlemen), having better products sustained through a faster innovation cycle and the ability to sell products through evolving brand st...
2025-01-201h 18
Two by Two (Private)If B-schools were invented today, would students run placements?Business schools are among the most coveted higher educational institutions. Students go through some of the most competitive exams and pay significant fees because they hope that at the end of their degree, they will get a great job.Yet, the onerous process of finding, soliciting and bringing dozens of companies to campuses each year falls mostly on final-year students, who are part of elected/selected placement committees.For as long as we can remember, these committees have always been accused of bias, arrogance and power play by other students.Yet, the fact...
2025-01-161h 25
Two by TwoAI comes to annihilate India's SaaS companiesArtificial intelligence will affect all facets of modern-day business in some way or another. But it will most definitely go a few layers deeper with the type of companies whose job is to be a record of business’ today – SaaS companies.SaaS as a business model is investment-heavy in the beginning. It’s risky to build, it takes time to build, and it takes skill to build. But if successful, it is a cash cow. Think of the biggest SaaS companies – Salesforce, Microsoft and Adobe. They spent years building and iterating on software products. And today, all of these...
2025-01-131h 26
Two by TwoThe mystery of usuryFintech lending was supposed to be the bridge that would enable entrepreneurs, small businesses and even individuals across the country to get access to much-needed credit to build businesses. For millions of small and medium businesses, and even individuals seeking a personal loan, who’d otherwise not qualify for them (usually unsecured ones) from banks, these new-age financial institutions were the great hope and sources of credit.Then in October this year, the RBI, like it usually seems to do these days, suddenly swept in and took action. It halted the loan disbursement activities of...
2025-01-061h 14
Two by Two (Private)Are we past peak Amazon India?Amazon India has fallen behind in the e-commerce race to Flipkart and now to Meesho as well, in tier-2 and tier-3 markets. It is the last large player to enter the quick-commerce race in India. Everything that made Amazon largely successful in the U.S. has not fully cut it for them in India, even though they understood India is a very different market and the approach they took in the U.S. might not work well for them here early onYet, they have missed out on capitalising on a lot of opportunities...
2025-01-021h 25
Two by Two2024 Year-end specialWelcome to the year-end special edition of Two by Two.We’ve released 22 episodes of Two by Two since our inaugural edition in July. We’ve covered an incredible breadth of counterintuitive topics framed as, well, two by twos. Would Flipkart become Phonepe before Phonepe became Flipkart? Did Delhi prick Bengaluru’s bubble? Is the golden era of the software engineer over? Why is health insurance broken? How will Ola and Uber avoid ‘death by a thousand cuts’? Why is Zepto behaving like a gold medallist? Can venture capitalists do no wrong? Dmart versus the c...
2024-12-2655 min
Two by Two (Private)The death of D2CIt’s time for us to retire the term “Direct-to-Consumer” or D2C. The phrase is, anyway, a bit long in the tooth, having been used since the days of the dot-com boom.D2C used to mean selling directly to end customers, rather than selling through retailers or other middlemen. In theory, selling directly to consumers would allow a company to offer both lower prices and maintain higher margins (since it didn’t have to pay commissions to middlemen), having better products sustained through a faster innovation cycle and the ability to sell products through evolving brand st...
2024-12-191h 16
Two by Two (Private)AI comes to annihilate India's SaaS companiesArtificial intelligence will affect all facets of modern-day business in some way or another. But it will most definitely go a few layers deeper with the type of companies whose job is to be a record of business’ today – SaaS companies.SaaS as a business model is investment-heavy in the beginning. It’s risky to build, it takes time to build, and it takes skill to build. But if successful, it is a cash cow. Think of the biggest SaaS companies – Salesforce, Microsoft and Adobe. They spent years building and iterating on software products. And today, all of these...
2024-12-121h 25
Two by Two (Private)The mystery of usuryFintech lending was supposed to be the bridge that would enable entrepreneurs, small businesses and even individuals across the country to get access to much-needed credit to build businesses. For millions of small and medium businesses, and even individuals seeking a personal loan, who’d otherwise not qualify for them (usually unsecured ones) from banks, these new-age financial institutions were the great hope and sources of credit.Then in October this year, the RBI, like it usually seems to do these days, suddenly swept in and took action. It halted the loan disbursement activities of...
2024-12-051h 13
Two by TwoDmart versus the challengers at the gateDmart, the retail group in India, is absolutely number one on vision, execution, and consistency. Dmart opened its first supermarket in Mumbai’s Powai suburb in 2002. Like Walmart in the US, it adopted a deep discounting strategy, offering its customers low prices every day. Today, it has 381 stores. In spite of offering its customers the deepest discounts, Dmart’s net profit numbers beat those of its global peers.Yet analysts and investors have been becoming increasingly bearish about Dmart’s future strategy. They argue that what got it from 2002 to 2024 might not necessarily take it to, say, 2034.O...
2024-11-211h 18
Two by Two (Private)Dmart versus the challengers at the gateDmart, the retail group in India, is absolutely number one on vision, execution, and consistency. Dmart opened its first supermarket in Mumbai’s Powai suburb in 2002. Like Walmart in the US, it adopted a deep discounting strategy, offering its customers low prices every day. Today, it has 381 stores. In spite of offering its customers the deepest discounts, Dmart’s net profit numbers beat those of its global peers.Yet analysts and investors have been becoming increasingly bearish about Dmart’s future strategy. They argue that what got it from 2002 to 2024 might not necessarily take it to, say, 2034.O...
2024-11-211h 17
Two by TwoCan venture capitalists do no wrong?For the last 24 months, the default way in which startups were exposed to venture capital and its effects has been, in many ways, paused. There's a slowdown. Venture capital funding for the first nine months of this year is down 7% over a similar period last year, per Tracxn.There have been news stories about layoffs, company shutdowns, and downrounds at various companies from a time when unicorns were being born every three months or so.Capital is abundant. A lot of dry powder remains uninvested everywhere, but it's just not getting...
2024-11-141h 41
Two by Two (Private)Can venture capitalists do no wrong?For the last 24 months, the default way in which startups were exposed to venture capital and its effects has been, in many ways, paused. There's a slowdown. Venture capital funding for the first nine months of this year is down 7% over a similar period last year, per Tracxn.There have been news stories about layoffs, company shutdowns, and downrounds at various companies from a time when unicorns were being born every three months or so.Capital is abundant. A lot of dry powder remains uninvested everywhere, but it's just not getting...
2024-11-141h 40
Two by Two (Private)What does Ola Electric's future hold?Ola Electric's woes just don’t seem to be stopping.From angry customers to its mercurial CEO getting into online spats as pressure mounts, many of its problems stretch seemingly beyond its control today for it to make a quick turnaround and change the narrative. And this is hurting its valuation significantly, both in the private and public markets. Just this week, Ola Electric's price fell below its listing price.Ola Electric can and should take credit for making EV two-wheelers common on Indian roads. It achieved this through ra...
2024-11-071h 30
Two by TwoWhat does Ola Electric's future hold?Ola Electric's woes just don’t seem to be stopping.From angry customers to its mercurial CEO getting into online spats as pressure mounts, many of its problems stretch seemingly beyond its control today for it to make a quick turnaround and change the narrative. And this is hurting its valuation significantly, both in the private and public markets. Just this week, Ola Electric's price fell below its listing price.Ola Electric can and should take credit for making EV two-wheelers common on Indian roads. It achieved this through ra...
2024-11-071h 32
Two by Two (Private)The relentless rise of the "government" as a competitorWhat happens when the government plays the role of regulator, policymaker, and operator?The government has played a pivotal role in establishing and promoting Digital Public Goods (DPG) and Digital Public Infrastructure (DPI) in the past decade and a half, and there have been a few which have been integral in our daily lives in more ways than one.The reason why these solutions exist is plain and simple: There emerged companies which disrupted the landscape of finance, commerce, mobility and a whole lot of other aspects of our...
2024-10-241h 30
Two by Two (Private)How will Ola and Uber avoid "death by a thousand cuts"?Ola and Uber are in a “late stage duopoly”.After spending billions and billions of dollars, they have finally secured pole positions in ride sharing in India.Both of these companies together control 70% of the market and they have created network effects that make it much harder for anyone to enter and compete with them.However, this particular situation is facing some new challenges and just like how Uber and Ola conquered city after city using a disruptive model and technology, the same thing thre...
2024-10-171h 38
Two by Two (Private)Do we even need Product ManagersIf you are a Product Manager, especially in India, you’re probably going through a crisis of faith and existence.As a career, Product Management in India has gone through multiple eras — in the early days, PMs struggled to explain to people what they actually did. Think about all the people you’d imagine who work at a software company. Marketing. Engineering. Sales. Analytics. Design.You can explain what they do to your grandmother. However, the one exception to the rule is Product Management. It’s the only function where the people who do i...
2024-10-101h 41
Two by Two (Private)Ather Energy was a pioneer. But can it also be a leader?Ather Energy is the third largest seller of electric two-wheelers in India. Founded in 2013, Ather Energy is known to have kicked off the electric two-wheeler wave in India. They came in with a great product which offered the best of software and hardware on a two-wheeler. And over a decade of its existence Ather has delivered on its promise of a great product which will create a “magical experience” for its customers.Ather spent years building their own electric two-wheelers from the ground up. They built their own batteries, their own chassis, their own elec...
2024-10-031h 39
Two by Two (Private)Netflix's last growth marketNetflix is trying hard to crack the Indian market. Ever since the US streaming giant entered the country it has been hard at work to make an impact. And over the years they’ve learnt a thing or two about how the Indian streaming space functions.Netflix is also not shy about expressing how it sees India as its last growth market. Most of the other geographies it has saturated its reach to a large extent, but India has always been a pain point for it to get a leg up on. So much so...
2024-09-261h 24
Two by Two (Private)Health insurance in India is ripe for disruptionThe fastest growing segment of insurance in India is individual health insurance. It’s growing steadily at a, well, healthy pace of 20% annually. But scratch just a little beneath the surface and things don’t appear so rosy. Of the 20% annual growth in revenue, nearly 15% comes from medical inflation. Meaning, existing customers paying higher premiums each year because the costs of treatments are going up.The growth in the number of customers each year is just around 5-6%. Health insurance in India is broken from t...
2024-09-191h 38
Two by Two (Private)Why couldn't Stripe become the Stripe of India? (Premium Subcribers Only)It seems like ‘invite only’ is a rite of passage for Stripe. If Stripe entered India with an invite-only step, then it seems reasonable to assume that it’s leaving India on the basis that it’s doing invite-only again. Over seven years, Stripe, the world’s mightiest fintech, currently valued at $70 billion (and at $95 billion at its peak), could not make a dent in India. It had a great product, a massive untapped opportunity in India, and didn’t have much competition. And yet, it failed. Why? There’s an internet quip that was quite popul...
2024-09-121h 20
Two by Two (Private)Private Coaching is eating way at schooling(Premium Subscribers Only)12 years of schooling is losing out to private coaching as entry into India’s colleges gets increasingly centralized via entrance exams. School education is a fundamental right in India. An average Indian child spends 10-12 years in schools. And for most parents and families, the money they spend on educating their child is one of the largest over time.And yet, school education is slowly becoming (or perhaps being made) irrelevant in the next step that comes after that: college.The schools-exams-college “chain” is broken. Perhaps...
2024-09-051h 19
Two by Two (Private)7. Google Pay: Big. Successful. Vulnerable.Google Pay is India’s second largest UPI app with a market share of 38%, with 500+ crore transactions a month. It’s one of the world’s mightiest companies, and yet, we argue that it’s possibly in a vulnerable, strange position. By this, we don’t mean that it will disappear overnight, but that all kinds of competitors are coming for it. Already it’s market share has declined from 44% to 37%. It’s an outpost of an empire that’s fighting a global war. And most importantly, the first wave of UPI is over, and the second phase is starting. UPI it...
2024-08-291h 23
Two by Two (Private)5. Swiggy needs to reclaim its past gloryThe Swiggy of 2024 is a shadow of its former self. Boxed in by younger, nimbler and hungrier competitors from all sides, it has been defending itself for so long that it seems to have forgotten how to play offense. It wasn’t always like this. Swiggy used to define innovation, product chops and “Bengaluru cool”. In many ways it pioneered food delivery in 2014 after pivoting from a courier service. Zomato, originally a restaurant discovery company, got into food delivery a year after Swiggy. It may have started as a late fol...
2024-08-151h 19
Two by Two (Private)4. Delhi pricked the Bangalore BubbleThe conventional wisdom is that Bengaluru is India’s Silicon Valley. It’s the cradle of India’s tech revolution. First there was Infosys and Wipro on the IT services side. Then when startups become cool and hip, the default location to get it all started was also Bengaluru. Take the leaders across sectors, and you’ll see they belong to Bengaluru — Flipkart, InMobi, Swiggy, PhonePe, Myntra, Ola, Amazon, Unacademy, Byju’s…and much more. But of late, it looks like something has changed. There’s now a sentiment that Bangalore is...
2024-08-081h 13
Two by Two (Private)3. Is Zepto a gold medalist or a bronze medalist?Welcome to another episode of Two by Two, a premium business podcast from The Ken. If you’re a premium subscriber, you can now listen to the full, uncut episode on your app – just click on the player right below the title!In 2021, as the pandemic still raged on and we washed our vegetables and supplies before consuming them, a young delivery startup promised that you can get all your groceries – everything you need – delivered right to your doorstep. In 10 minutes. This was pretty crazy, back then. ...
2024-07-311h 24
First PrinciplesIntroducing Two by Two, a new premium business podcast from The KenFrom over here at The Ken's newsroom, we have a very exciting announcement: our first premium podcast – India's first premium business podcast – is now live!It's called Two by Two – and this podcast will be your personal investigative brain. Each week Two by Two will be where hosts Rohin Dharmakumar and Praveen Gopal Krishnan will be joined by a few interesting and opinionated guests to discuss some of the biggest questions from the world of Indian business.But, why's it called Two by Two?Here it is: each episode of the Two by Two po...
2024-07-1809 min
The First Two YearsIntroducing Two by Two, a new premium business podcast from The KenFrom over here at The Ken's newsroom, we have a very exciting announcement: our first premium podcast – India's first premium business podcast – is now live! It's called Two by Two – and this podcast will be your personal investigative brain. Each week Two by Two will be where hosts Rohin Dharmakumar and Praveen Gopal Krishnan will be joined by a few interesting and opinionated guests to discuss some of the biggest questions from the world of Indian business. But, why's it called Two by Two?Here it is: each episode of the Two by Two po...
2024-07-1808 min
First PrinciplesThe Final Supercut Part 2: Founders 21-41Hello, we're back again with part 2 of our final, final supercut where we’ve spliced together one interesting bit of conversation from the last 21 guests I interviewed on First Principles. And like the last episode where we covered founders 1 to 20, you’ll hear super sharp slices of a few minutes each which are reflections on their approach to organization building, risk taking, decision making and life living.Here are the guests you’ll get listen to in this episode: Krish Subramanian, co-founder and CEO of Chargebe...
2024-07-111h 29
First PrinciplesThe Final Supercut Part 1: Founders 1-20I know what you’re thinking. Didn’t the First Principles podcast draw its curtains? Yes we did.But then we decided to do a final super-splice of every single episode we did. There were 41 founders. A bit too many for a single supercut episode, don’t you think?So, here’s the first 20.We went through all the episodes and picked a few minutes from each that we felt captured the essence of the specific founder and their approach to entrepreneurship, leadership, and well, li...
2024-07-041h 25
DaybreakDaybreak Special: Hey Siri. Is Apple late to the AI party?At the Worldwide Developers Conference, or WWDC, almost a week ago, Apple made a very important announcement. It launched what it calls 'Apple Intelligence', which is basically an umbrella term for all of the new generative AI features that will be available on certain models of the iPhone, iPad and Macbook. It was a revolutionary announcement because with it, Apple has finally entered the Gen AI race. What took it so long? 'Daybreak' hosts Snigdha and Rahel speak to The Ken co-founder Rohin Dharmakumar in this special episode. P.S while you are...
2024-06-2155 min
First PrinciplesPart 2: Harsh Mariwala of Marico on experimenting with learning, fitness and leadership at 72Our guest for this episode has a very specific weekly routine. Pilates - once a week.Strength training - once a week.Aqua therapy - once a weekFunctional training, swimming, breathing exercises, meditating daily with just a little troubleGolfing three times a week followed up with posture exercises And very recently, experimenting with intermittent fasting.Maybe you’re imagining a very specific type of person. A really fit, disciplined person – perhaps, a fitness influencer?Well, you ‘re kind of right. You could sa...
2024-04-0441 min
First PrinciplesFive founders on creating trust, patience and careers in their organisationsWelcome back to First Principles. I’m your host, Rohin Dharmakumar. Thank you for listening to us. We’re thankful that you choose to spend a few hours with us each week! Today we have a “supercut” episode. Normally our conversations go deep with one specific guest, but every now and then we zoom out and go broad by stitching together a multi-guest conversation. And the invisible thread that connects the conversations with 5 founders we picked for today is company culture. What’s the best way to empower your...
2024-02-221h 27
First PrinciplesFive founders on building a unique product and making it lastWelcome to First Principles, The Ken’s fortnightly leadership podcast! I am Rohin Dharmakumar, your host.First, if you’re a new listener of this podcast, I think you’ve clicked on the right episode. And if you’re a long-time listener – thank you, by the way – then you might know that here at First Principles, we have a few favourite questions. And we try and ask these questions to most of our guests. The most interesting part of this is that every guest has a vastly d...
2023-09-281h 41
(Copy) First PrinciplesNithin Kamath of Zerodha candidly talks about building his bootstrapped business, weighing risks, and finding opportunitiesThis time around First Principles makes its way to possibly one of the most fascinating success stories to come out of the Indian start-up space. Zerodha's cofounder Nithin Kamath joins Rohin Dharmakumar in this free wheeling chat about what makes him tick, why he is thankful no one ever invested in his idea early on, thoughts on their early success, and a lot more around building relationships, identifying risks, and seeking opportunities.First Principles is a show where Rohin Dharmakumar, founder and CEO of The Ken, interviews some of the most successful business leaders, and entrepreneurs of...
2022-09-081h 35
Unofficial SourcesHow underdog Ajio is preparing to topple MyntraThe pandemic has seen a boost in online shopping across India, and Reliance backed Ajio is no stranger to that. But it’s not just good timing and luck that has brought it neck-to-neck with market leader Myntra. The company has been fixing bugs and building strengths to rise the ranks and holds the promise of toppling Myntra from its throne. But that’s not the end of the road for Ajio, they want to become omni-present in Indian retail and their strategy for it goes deep. Story originally reported by Pranav Balakrishnan. Subscribe and read...
2021-10-2722 minUnofficial SourcesDisney+ Hotstar's Desire to Break Out of IPL's Golden HandcuffsDisney+ Hotstar is India’s largest streaming platform, a feat that is largely owed to its prized licensing of the IPL, the cricketing tournament makes up 50% of its ad revenue. But the company is working to reduce its dependence on cricket, and with that come ambitious strategies and plans. Story originally reported by Munsif Vengattil. Want to dive deeper into this story? Access it for free: https://the-ken.com/podcastoffer/ Hosts: Olina Banerji and Rohin Dharmakumar. Music and editing by Sameer Rahat from Baqsa Studios. Psst s...
2021-09-0120 minUnofficial SourcesThe IIM Tipping PointThe Indian Institutes of Management have a legacy of delivering quality business education across India. Through the evolution of the brand, the IIM graduate tag has been a valuable one for both aspirants and recruiters alike. Starting with three in the 1960s, there are now 21 IIMs across the country. But is more really better for the IIM brand? Stretching the brand has floated existential questions for these hallowed institutes. And the time has come for the IIM ecosystem to reckon with them. Stories originally reported by Olina Banerji. ...
2021-03-311h 05Unofficial SourcesAmazon India’s Five ArmiesSince its entry into India in 2014, Amazon has known and conquered its biggest competitor Flipkart, to become India's number one e-commerce seller. But since its victory a few years ago, leaders in exploding sectors like edtech, epharmacy and food delivery have become formidable giants. With this influx of new rivals, including Reliance and regulators, Amazon is well into its new strategy to face its new reality. Story originally reported by Seetharaman G https://the-ken.com/story/the-amazon-flipkart-battle-was-over-then-came-the-war/ The Ken Southeast Asia offer: www.the-ken.com/sea/the-future/narrative Se...
2021-03-171h 19Unofficial SourcesHow Raw Pressery Ran Out of JuiceRaw Pressery started a few years ago to solve a niche problem—to provide fresh juices to elite, urban India. And within that niche, it found roaring success. It even saw a valuation of Rs 500 crore in 2020. Then why did it get acquired by Wingreens for 1/5th that price in 2021? What went wrong? In the second segment, we are joined by special guest Nitin Pai as we discuss India’s aatmanirbhar digital strategy and the current state of the vaccine rollout. Additional read https://the-ken.com/story/how-raw-pressery-ran-out-of-juice-and-into-wingreens-arms/ Got any feedback? Emai...
2021-03-0336 min
ExponentEpisode 012: The Internet RainforestIn this week’s episode we discuss how the Internet is enabling not only big winners, but also small, focused niche players, and why that’s exciting. We also discuss the impact this transition will have on society, follow up on last week’s integrated/modular discussion, and in a special “After Dark” segment briefly discuss Ben’s recent experience with Android and theorize that the Android/iOS are at equilibrium.
Links
Ben Thompson: Daily Update: Micromax Wins on Local Taste – Stratechery (members-only)
Rohin Dharmakumar: Can Micromax Become India’s Leading Smartphone Maker? – Forbes India
Ben Thompson: How Tech...
2014-08-071h 03
Inside Forbes IndiaForbes India Cover Story # 90: Micromax grows upOnce a scrappy challenger, the company Rahul Sharma cofounded is now aiming to dislodge Samsung as Indias top smartphone maker. Rohin Dharmakumar joins in to talk about his cover story on Micromax.
2013-11-1714 minInside Forbes IndiaForbes India Cover Story # 78: The great new ecommerce gold rushThird party marketplaces is the new buzz word in Indian etail and it could turn competitors into partners. Rohin Dharmakumar, the author of the cover joins to talk about this wave.
2013-10-2320 minInside Forbes IndiaForbes India Cover Story # 72: The Supersmart PhoneSenior assistant editor Rohin Dharmakumar and Assistant editor N S Ramnath talk about how smartphones are set to change our lives in the next 18 months.
2013-02-2217 minInside Forbes IndiaForbes India Cover Story # 56: Why do good people do mad thingsSubroto Bagchi of MindTree and Rohin Dharmakumar the cover story's author join in to debate the practicalities of being good in the world of business.
2012-07-2122 min