Daybreak

If Razorpay is right about AI, you may never open a payment app again

The Ken — Fri, 10 Apr 2026 05:00:00 +0530

At a fintech conference in February, Razorpay showed a demo.

A user ordered food on Zomato by voice and paid — without opening a checkout page or a UPI app. No friction and no redirects. Just a job done end-from-end.

The same week, OpenAI quietly rolled back its own in-chat shopping agent.

Razorpay is calling this the biggest disruption to payments since UPI. But agentic commerce raises questions that a demo can't answer — around trust, fraud, consent, and who's liable when an AI spends your money.

Is India ready for that? Is anyone?

Hosts Snigdha Sharma and Rachel Varghese, speak to The Ken reporter Mutasim Khan. Tune in.

Buy your tickets for the Zero Shot event here.

India's new IT rules could turn every content creator into a publisher. Without the protections

The Ken — Thu, 09 Apr 2026 02:00:00 +0530

A cartoon reposted. An account restricted. A takedown notice with no warning and no appeal.

India's new IT rules give platforms three hours to remove flagged content — the shortest window anywhere in the world. But a draft amendment published last month could go even further, potentially treating anyone who posts about current affairs as a publisher. Without the protections that come with it.

For millions of creators, anonymous users, and global tech platforms, the stakes just got harder to ignore.

The deadline to push back is April 14th.

Tune in.

Find the IFF email template here.

Buy your tickets for the Zero Shot event here.

The flight refund problem is fixed. The jet fuel problem is just getting started

The Ken — Wed, 08 Apr 2026 07:27:31 +0530

India's civil aviation ministry issued two directives this March that pulled in opposite directions. First, it mandated full refunds for cancelled flights. Three days later, it removed all caps on airfares. The trigger for the second move: the US-Israeli war against Iran has sent jet fuel prices soaring, up nearly 60% in the US, and India is bracing for the impact.

Airlines, already running on thin margins, are warning that fares will rise.

For Indian flyers, the net result is this: cancellations just got free but flights just got more expensive.

How did we get here?

Tune in.

Get your tickets for the first Zero Shot live event here.

India wants a chip-design hub—without the founders who can make it happen

The Ken — Tue, 07 Apr 2026 02:00:00 +0530

India wants to design its own semiconductor chips. To help, the government launched a scheme with money and tools for startups that do exactly that.

But there's a catch — and it's keeping out the very people best placed to build this industry.

The engineers who spent decades in Silicon Valley, built the chips inside your devices, and are now coming home. A regulator that's also a competitor. And a factory that was supposed to be for Indian startups — but probably won't be.

Tune in.

Why your health insurance works great — until you need it

The Ken — Mon, 06 Apr 2026 02:16:43 +0530

Imagine paying insurance premiums for years and then one day you actually need it. You're in a hospital, or someone you love is. And the insurer says: no.

In the last financial year, Indian health insurers rejected claims worth ₹30,000 crore. Nearly one in eight claims were denied or left pending.

And what's wild is how far back the problem starts. There are agents filling out forms incorrectly to earn a faster commission. Hospitals that know exactly what a surgery costs but keep the number vague on purpose. And insurers operating on margins so thin that scrutinising every claim is more about survival than greed.

The Ken reporter Sudeshna Ray dived into this for The Ken’s Make India Competitive Again newsletter. Host Snigdha Sharma reads it for you in this episode.

Apply for The Ken's Event Manager role here

India banned online betting. Polymarket is wagering on our elections anyway

The Ken — Fri, 03 Apr 2026 01:51:23 +0530

Polymarket and Kalshi are two New York-founded prediction market platforms now valued in the billions. While both let users bet real money on elections and political events in real time, it is Polymarket — the larger, offshore, largely unregulated one — where someone made nearly a million dollars predicting US military strikes on Iran before they happened. Together, the two platforms processed over $44 billion in bets last year.

In this episode, host Snigdha Sharma explores how two New York startups turned opinion into a tradeable asset — and what happens when the people placing the biggest bets already know the answer.

India banned online money gaming last year. These platforms are taking bets on our elections anyway.

Tune in.

Apply for The Ken's Event Manager role here

The click is dead. Long live the answer

The Ken — Thu, 02 Apr 2026 02:00:00 +0530

For a decade, digital advertising ran on one idea: get to the top of Google. Buy the keywords and earn the clicks. That was the game.

But AI just changed the rules.

ChatGPT and Gemini now have over a billion and a half users between them, growing at nearly 200% year on year. People have stopped searching for links. Instead,nthey're asking questions and expecting answers. And those answers mention three brands, maybe four. For the rest who don't make it to these answers, it's like they don't even exist.

What will those brands do?

Tune in.

Why Open AI's flirtation with an "adult mode" never landed a date

The Ken — Wed, 01 Apr 2026 07:17:55 +0530

In 1965, Yoko Ono sat on a stage at Carnegie Hall and handed a pair of scissors to strangers. What they did next was entirely up to them.
It was a performance about agency — and about what happens when you give an audience too much of it.

Sixty years later, Sam Altman made a promise: OpenAI would treat adults like adults, and roll out an erotic mode for verified users.

The market was there. Other players in the intimate AI companion space were raking in dollars.

But after multiple delays, the Open AI plan was eventually shelved.

So, why is a company known for burning cash, saying no to a revenue making avenue it already considered?

Tune in.

India commoditised Novo's blockbuster obesity drug. Novo's not flinching

The Ken — Tue, 31 Mar 2026 06:40:32 +0530

Semaglutide's patent just expired in India. The molecule behind Novo Nordisk's blockbuster obesity drugs, Ozempic and Wegovy, is now fair game for generic manufacturers. An 85 to 90% price drop is expected.

Eli Lilly's Mounjaro had already been outselling Wegovy.

For most companies, this would be the beginning of an exit. But Novo is doing the opposite. Why?

Tune in.

India is training doctors in AI. Can they build what tech bros can’t?

The Ken — Mon, 30 Mar 2026 02:00:00 +0530

India's hospitals have been slow to adopt AI.

Its government, however, has not.

A new programme aims to train 50,000 doctors in artificial intelligence. And not just to use it, but to help build it.
The argument is simple: engineers understand disease like an algorithm. Doctors know it's never that clean.

So what happens when clinicians become co-builders?

Tune in.

Why Bengaluru’s apartment complexes would rather rely on the “tanker mafia” than subsidised water

The Ken — Fri, 27 Mar 2026 07:17:32 +0530

Bengaluru's water utility loses a third of everything it pumps. It owes Tokyo Rs 10,000 crore. It bleeds Rs 80 crore every month.

Its answer to all of this was an app — GPS-tracked tankers, government-backed, 40% cheaper than the market.

But nine months later the all the app has to show is 10,000 downloads and a 2.8 rating in a city of 14 million. So why are Bangalore's residents saying no to the state's efforts?

Tune in.

Would you trust AI to be your money-whisperer?

The Ken — Thu, 26 Mar 2026 02:38:28 +0530

From platforms like Cred, Zerodha, and Groww integrating AI assistants, to Sebi-registered advisors now using AI to generate personalised investment recommendations, the shift is already underway.

And with nearly 140 million investors and fewer than a thousand registered advisors to serve them, the math alone might make AI advice not just convenient, but necessary.

Tune in.

A thorium fuel made for India's nuclear reactors is here. India didn't make it

The Ken — Wed, 25 Mar 2026 07:49:26 +0530

Seventy years ago, Homi Bhabha designed a three-stage nuclear plan built around one idea: that India's future was thorium, not uranium. The science was proven, the reactors were built, and by 1996, India had already demonstrated a thorium fuel cycle at an experimental reactor in Kalpakkam.

What it never did was take it to commercial scale. In 2025, an eight-year-old American startup did exactly that — with a fuel designed specifically for Indian reactors, and a former chairman of India's Atomic Energy Commission on its board of advisors. So what happened in between?

Tune in.

How are companies with no spectrum winning India's 5G game?

The Ken — Tue, 24 Mar 2026 03:50:23 +0530

India's telecom operators have spent decades controlling how signals reach customers indoors but that arrangement is now under serious pressure.

A new breed of infrastructure companies, ones that do not own a spectrum and hold no licence, are taking control of how 5G reaches you inside airports, metro lines, malls, and office towers. The fight over who builds and who pays has drawn in regulators, sovereign wealth funds, and the Supreme Court.

And it points to a much larger shift in who really owns the network.

Tune in.

India's Northeast millionaires have BS detectors. Wealth managers are learning that the hard way

The Ken — Mon, 23 Mar 2026 03:00:00 +0530

India's Northeast has always had money. Wealth managers are only now showing up to court it, and finding the welcome chillier than expected.

Post-GST, a wave of newly banked business wealth is looking for a home. Sophisticated products like AIFs, PMS, bonds, are finding takers.

But Northeastern millionaires play by different rules.
They don't respond to cold calls. They don't trust outsiders easily. And they have little patience for managers who can't answer basic questions.

So what does it actually take to win a client here — and why are so many wealth managers still getting it wrong?

Tune in.

China's raising OpenClaw lobsters. India's testing the waters first

The Ken — Fri, 20 Mar 2026 02:00:00 +0530

Last Friday, Razorpay CEO Harshil Mathur hosted 150 founders at Razorpay's Koramangala headquarters — not to talk payments but to let them showcase what they'd built with OpenClaw, the open-source AI agent taking the world by storm.

The same week, thousands were queuing outside Baidu and Tencent offices in China just to get the software installed.

The open source agent AI platform is the same but the two approaches are quite different. China is deploying OpenClaw at a scale and speed no other country is matching. India, meanwhile, is moving carefully, deliberately, problem-first.

So here's the question: is India behind China on OpenClaw? And is speed is the only thing that matters in the AI race?

Read Inc42's report here: The New Garage: OpenClaw And India’s DIY AI Agent Boom

Wake up, Neo. There’s a glitch in the pharma matrix

The Ken — Thu, 19 Mar 2026 02:00:00 +0530

The next time you pick up a strip of tablets at your neighbourhood pharmacy, consider this: the drug you just bought for Rs 170 may have left the factory for Rs 14. That's a markup of over a 1000%. And, it's completely legal.

In this piece, The Ken's Mutasim Khan traces how India's drug pricing system works, and why the pharmacist, the doctor, and the manufacturer are all optimising for something, while the patient simply pays.

This is a read aloud of Mutasim's original story, by Snigdha Sharma, on Daybreak.

📖 Read the full story on The Ken: Wake up, Neo. There’s a glitch in the pharma matrix

In Kerala, remittance built a world that war can now undo

The Ken — Wed, 18 Mar 2026 02:00:00 +0530

In 1955, a man from a small village in Kerala paid 500 rupees for passage on a crowded boat to Abu Dhabi. He told no one he was leaving.

He wasn't the first, and he certainly wasn't the last.

Over the decades, millions followed — and the money they sent back quietly rebuilt everything: houses, schools, entire towns.

Today, remittances make up over a fifth of the state's economy. Which means when war broke out across the Middle East last month, Kerala isn't just watching from a distance. The hurt is closer home.

Tune in.

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The rest of the world is cutting back on alcohol. India just doubled its consumption

The Ken — Tue, 17 Mar 2026 02:00:00 +0530

India is drinking more — and spending more when it does. Between 2020 and 2025, alcohol consumption nearly doubled. Post-Covid, drinkers didn't just drink more; they upgraded. Four bottles where there used to be one.

Home bars where there used to be none. Global brands that once ignored India are now flooding distributors with enquiry emails. But the opportunity comes wrapped in one of the most complicated regulatory systems in the world — 69 permits for a single brand in some states, margins so thin most retailers stock only five or six labels. India is still a teenager.

The hangover hasn't hit yet.

Tune in.

Want to work with The Ken? Apply here!

India’s LPG success story runs on a two-day buffer

The Ken — Mon, 16 Mar 2026 03:20:56 +0530

Within days of the war in Iran, panic spread across India’s cooking-gas system. Millions rushed to book LPG refills. Restaurants shut kitchens. A temple in Delhi halted its community meals. The government invoked emergency powers and warned hoarders they could face seven years in jail. But the panic revealed a deeper question.

India now has 33 crore households cooking on LPG — one of the largest cooking-gas networks in the world. Yet the country’s strategic underground reserves amount to less than two days of national demand.

And interestingly, in last year’s budget documents, the government told Parliament it had no plans to build any new LPG storage caverns. Almost no one noticed that line until now.

How did the world’s most ambitious clean-cooking programme end up with a buffer this thin?

Uber knocks at a new door as Rapido shuts many others

The Ken — Fri, 13 Mar 2026 07:36:04 +0530

Uber is one of the most recognised brands in the world. But in India, it's losing ground — to a government-backed taxi app, a newer competitor, and its own shrinking margins.

So it's making a surprising bet: instead of fighting harder for your weekend ride, it wants to drive you to work. The B2B transport market it's entering has been run by specialists for decades. And those specialists aren't sure whether to be worried or not.

Tune in.

Akasa Air has the best seat in Indian aviation. It just can't find a place to park

The Ken — Thu, 12 Mar 2026 02:00:00 +0530

Akasa Air wants to be India's most efficient low-cost carrier. Founded in 2022 by veterans who watched Jet Airways and Go Air collapse, the airline is copying IndiGo's early playbook — single aircraft type, ruthless cost discipline, long-term thinking. It has 35 planes, 5% market share, and serious backing from the Jhunjhunwala family.

But Boeing strikes delayed deliveries, pilots left, two co-founders have exited, and airport slots remain locked up by bigger players. Meanwhile, IndiGo is stumbling and Air India is still reeling from last year’s tragedy.

Can Akasa turn everyone else's bad year into its own breakthrough?

A social media ban for under-16s is Big Tech's get-out-of-jail-free card. Here's why

The Ken — Wed, 11 Mar 2026 02:45:35 +0530

Karnataka just announced it wants to ban children under 16 from social media.

Goa and Andhra Pradesh are considering the same. And on paper, it sounds like exactly the kind of protection kids need — platforms like Meta have spent years knowingly exposing children to addiction, exploitation, and harm, while spending millions lobbying against any legislation that would stop them.

So a ban feels like the only way. But here's the thing: when Karnataka made the announcement, Meta's response was more compliant than history would have suggested. And that restraint might be the most telling part of this story.

Host Rachel Varghese explains.

Tune in.

Owning a home makes you feel rich. Owning an office could actually make you rich

The Ken — Tue, 10 Mar 2026 02:00:00 +0530

Indians put more than half their household wealth into real estate. But almost all of it goes into one kind: residential.

Commercial property like offices, shops, warehouses, barely features in the average Indian portfolio.

Some investors argue that that might be a mistake. Commercial real estate offers higher rental yields, steadier returns, and in some cases, fewer headaches than the family flat.

And today, you don't even need a crore to get in. REITs, SM REITs, and AIFs have opened the door to smaller investors. But the office isn't a free lunch. The risks are real, and they're different from anything most Indian investors are used to.

This is a read-aloud version of this story from The Ken.

Tune in.

What does Swish know about 10-minute food delivery that Zomato or Swiggy doesn’t?

The Ken — Mon, 09 Mar 2026 08:03:56 +0530

Swish launched less than a year ago with a simple promise: hot food in 10 minutes. It's already raised 16 million dollars, with another 30 to 35 million reportedly on the way.

But the giants who tried this before — Zomato, Zepto, Swiggy — have all stumbled, scaled back, or shut down. The problem isn't the idea. It's the math. Small order sizes, a lack of dedicated riders and razor-thin margins.

Swish and its investors thinks it has an edge the others didn't. But can a one-year-old startup crack what India's biggest food delivery companies couldn't?

Tune in.

A $4 trillion economy running on 25 days of oil

The Ken — Fri, 06 Mar 2026 07:14:11 +0530

Yesterday, Reuters reported, Indian refiners have rushed to secure prompt cargoes of Russian crude as the war involving Iran disrupts supplies from the Middle East. The crisis has choked traffic through the Strait of Hormuz — a route that normally carries around 40% of India’s oil imports — forcing companies to scramble for alternatives.

The shift is striking. New Delhi had spent months cutting back Russian imports under U.S. pressure. But with India holding only about 25 days of crude reserves, the war has quickly exposed how thin that buffer really is.

So how did India’s energy strategy end up here, between Russian oil, U.S. pressure, and a war in Iran? Host Snigdha Sharma
explains.

Tune in.

Deepinder Goyal built an app that fed Indians. With Temple, can he fix how they age?

The Ken — Thu, 05 Mar 2026 06:00:00 +0530

Deepinder Goyal, the founder of Zomato, has a new startup. It's called Temple — a wearable that tracks blood flow in your brain. His theory is that improving that flow could slow down aging. Doctors aren't convinced. Investors seem to be.

Temple is valued at 190 million dollars. The science behind it hasn't been peer reviewed. And India has a rapidly aging population that could genuinely use some answers.

So who exactly is this for?

Tune in.

Are weight loss clinics still relevant in the Ozempic era? VLCC thinks so

The Ken — Wed, 04 Mar 2026 02:00:00 +0530

When Ozempic began changing how the world lost weight, most slimming companies panicked. But VLCC didn’t. Backed by Carlyle, it’s opening more clinics than ever before.

Because to Carlyle, Ozempic isn’t a threat—it’s just another doorway into India’s beauty economy.

In this episode, we look at how VLCC’s new owners are turning an existential challenge into expansion, why its products are taking a back seat to real estate, and what the future of India’s weight-loss industry looks like in the age of GLP-1 drugs.

Tune in.

*This episode was originally published on November 12th 2025

Family office goes from side gig to ‘the’ gig for some uber-rich

The Ken — Tue, 03 Mar 2026 02:00:00 +0530

Across India, many heirs are stepping away from running their inherited businesses to run family offices instead. They see investing as more flexible, more global, and less tied to daily operations.Their parents built factories but they are more interested in managing portfolios.

It’s a practical shift but one that’s changing how old wealth works and what it values.

What’s driving this change and does India’s next generation of uber-rich business owners still want to build anything at all?

Tune in.

*This episode was originally published on October 15th 2025

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Everyone who's anyone is flying private in India. They're not really flying safe

The Ken — Mon, 02 Mar 2026 07:21:37 +0530

In late January, a plane crash in Maharashtra killed the state's deputy chief minister, Ajit Pawar.

It also exposed something few had been paying attention to: India's booming private charter industry, where demand is surging, corners are being cut, and the regulator is struggling to keep pace.

There are now over 430 non-scheduled aircraft in the country. The top operator alone has 17 planes and 70-plus pilots. But between periodic audits, years-long crash investigations, and operators who'd rather fly with a broken light than lose a booking — the cycle of crash, probe, and forget has a way of repeating itself.

Tune in.

India's elite schools are getting pickleball courts. Their teachers are getting pay cuts

The Ken — Fri, 27 Feb 2026 02:40:15 +0530

Private equity has been buying up some of India's most prestigious schools. The pitch: better governance, professional management, and much-needed capital for a struggling sector.

But inside some of these acquisitions, something else is happening. Teacher training budgets are shrinking. Salaries are stagnating. And in at least one case, a school is paying 65% of its revenue in rent — to a landlord owned by the same firm that owns the school.

Some investors have made it work. Others have changed something harder to measure.

In this episode, hosts Snigdha Sharma and Rachel Varghese speak to The Ken reporters Valli Vikram and Mutasim Khan about how private-equity firms squeeze money out of schools and what that does to them.

Read the stories here:
Private equity’s priority for Indian schools: pickleball courts over teacher training by Valli Vikram
The private-equity handbook for turning non-profit schools into cash cows by Mutasim Khan

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.

Disclosure: Reporter Valli Vikram comes from a family that previously owned a school acquired partially by International Schools Partnership (ISP)

India's rewriting its GDP. Its 'fastest-growing' title may not survive the edit

The Ken — Thu, 26 Feb 2026 02:00:00 +0530

This week, on Tuesday, India announced a sweeping overhaul of how it calculates GDP, fixing a measurement system the IMF had flagged as outdated just last November. It includes a new base year, better price data, and a wider net to count the informal economy. The number seems to be getting closer to reality.

But that raises a harder question.

For a country that has built its global identity around being the world's fastest growing major economy, what happens when the arithmetic changes? And does any of it actually reach 1.4 billion people?

Host Snigdha Sharma explores.

Tune in.

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.

AI wearables may be inevitable, but Gen Z’s consent isn’t

The Ken — Wed, 25 Feb 2026 08:03:41 +0530

The next frontier of AI isn't in your phone. It's supposed to be around your neck, on your face, in your ear and out in the world with you.

Tech companies have spent billions on that pitch. The generation they were counting on to buy it coined the term "hammerbait" instead.

Today: the wearable AI moment, what it gets wrong, and the one version of this technology that might actually be worth wanting. Host Rachel Varghese explores.

Tune in.

Read Song's review of Friend here.
Rachel here! I didn't start reading a tech review expecting a truly heartwarming take on real friendships, but it works!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

China is the new US. How to make the most of it as an investor

The Ken — Tue, 24 Feb 2026 02:00:00 +0530

China’s stock market has delivered strong returns over the past year and a half. It has outperformed the US, which has long been the preferred global market for Indian investors. Even now, Chinese valuations appear relatively reasonable.

But Indian investors face limited access. Only two mutual fund schemes currently accept fresh investments in Chinese stocks.

Even if more options open up, experts advise restraint. The rally is tempting but experts warn investors from getting carried away.

Tune in.

Got a tip? If you have a lead for a great story that The Ken can pursue, please send it to tips@the-ken.com or share it through this form. To find out more about how to do this securely, read our blog post about sharing tips with The Ken.

Hosur powered India’s EV boom. So why are companies heading to Sambhajinagar?

The Ken — Mon, 23 Feb 2026 02:00:00 +0530

Hosur built India's EV industry. Now it's running out of room — and a city many haven't heard of (mainly because it used to be Aurangabad) is quietly filling the gap.

Sambhajinagar doesn't have Silicon Valley-style VC money or flashy government announcements. But what it does have is something harder to manufacture: a generational automotive ecosystem of factory owners, built over decades, now scaling up for an electric future.

Toyota noticed. And Ather. And JSW. This is the story of how a small city in Maharashtra became the surprising centre of India's next industrial bet.

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.

Friday Roundup: India bets big on AI, and America puts big tech on trial

The Ken — Fri, 20 Feb 2026 03:53:13 +0530

India hosted the world's biggest AI summit this week — 100+ nations, $200 billion in commitments, and enough billionaire handshakes to fill a highlight reel.
But beneath the spectacle lies a sharper question: when will it be India’s turn to build AI, instead of just buying into it? Snigdha breaks down the gap between infrastructure ambition and intelligence sovereignty.

In other news, Mark Zuckerberg walked into a US courtroom as Meta, YouTube, TikTok and Snapchat face a landmark trial.
The allegation? That teen addiction wasn't an unfortunate byproduct of the way social media works — it was built into the product. Rachel explains why this case could change everything.

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.

Does big tech want you to 'put your brain in a jar'?

The Ken — Thu, 19 Feb 2026 02:00:00 +0530

Big Tech is preparing to spend $650 billion on AI infrastructure this year, a figure that rivals national economies. The focus is agentic AI, systems designed not just to generate answers but to execute tasks independently.

The vision is software that can read your messages, access your calendar, contact your friends, move money and complete transactions without step by step supervision. In effect, technology that can act in the world on your behalf.

To function, these systems require sweeping access to personal and corporate data. Critics warn this amounts to asking users to “put your brain in a jar.”

What exactly is being built and who bears the risk?

The big AI players want India's data. But data sovereignty is a no go

The Ken — Wed, 18 Feb 2026 08:29:51 +0530

Anthropic just set up in Bangalore, announcing partnerships across health, education, and government. The "ethical AI" company is positioning itself as the responsible alternative to OpenAI.

But the Wall Street Journal revealed the US military used Claude to help capture Venezuela's former president—violating Anthropic's own guidelines prohibiting violence and surveillance.

Now the US government wants Anthropic to drop those restrictions entirely. The company is caught between its founding principles and its home government's demands, which brings up questions about data sovereignty into focus. Host Rachel Varghese digs in.

*The host mistakenly says NCPI instead of NPCI

Listen to my episode on Claude Cowork and the "SaaSpocalypse" here.

Listen to Snigdha's episode on why ChatGPT is cheapest in India here.

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.

Nothing's changed in your Blinkit order. Everything's changing behind it

The Ken — Tue, 17 Feb 2026 04:26:04 +0530

Over the past six months, Blinkit has been making a structural shift that most customers would never notice. For years, its fresh fruits and vegetables were sourced by Hyperpure, its own parent company Eternal’s business-to-business arm that also supplies restaurants. As Blinkit grew into Eternal’s primary revenue driver, Hyperpure grew with it. In FY25, more than 60% of Hyperpure’s revenue came from Blinkit.

Then Blinkit decided to source its own inventory.

Hyperpure’s revenue more than halved in two quarters. It is now separating its books and rebuilding around restaurants.

What does the split mean?

Are SIPs always right? Nah, says a new study

The Ken — Mon, 16 Feb 2026 05:00:00 +0530

A mutual fund executive told our colleague something shocking: "SIPs are a problem."

Part of the shock came from the fact that it was coming from someone in an industry that was basically built on "SIP sahi hai."

Now a new research paper backs up that controversial take—and the findings contradict what millions of Indian investors have been told about systematic investment plans.

Turns out the marketing narrative around SIPs has some serious gaps. The math tells a different story. And with small-cap SIP assets exploding 6.5x since 2019, the stakes have never been higher.

So when are SIPs actually appropriate?

Tune in.

Friday Roundup: Adani goes nuclear and AI's talent exit

The Ken — Fri, 13 Feb 2026 03:04:48 +0530

On February 12, 2026, Adani Power formed Adani Atomic Energy Ltd, a new unit to generate, transmit, and distribute nuclear power. This follows the SHANTI Bill opening India's nuclear sector to private firms. Both Adani Power and Tata Power, coal giants with long-life thermal plants, now lead the shift.

Coal powers 74% of India's grid today. These firms profit big from it. So what happens when they control nuclear's pace too? Snigdha explores the conflict.

In other news, top AI researchers have been quitting the big AI labs. Anthropic's Mrinank Sharma left over value clashes (X letter) and OpenAI's Zoe Hitzig resigned through an NYT op-ed, warning ads exploit chatbot user confessions for manipulation. Rachel breaks down how firms chase cash to scale and skip safety guardrails.

Listen to our episode on AI taking over jobs here. And, here's another one we did on the previous exodus of AI talent.

Read Zoe Hitzig's opinion piece on NYT here.

If news doesn't pay enough, why do billionaires keep buying?

The Ken — Thu, 12 Feb 2026 02:00:00 +0530

On February 10, 2026, reports said nearly 100 NDTV employees were put on performance improvement plans, often seen as a prelude to layoffs. This comes after the Adani Group acquired NDTV in December 2022 for about ₹600 crore, followed by several high profile exits. A similar moment unfolded at Jeff Bezos-owned The Washington Post last week where hundreds were laid off and multiple sections and bureaus shut.

Both Adani and Bezos run highly profitable core businesses. News is not one of them.

So why invest heavily in an industry known for low margins? Host Snigdha Sharma explores.

Did Claude Cowork trigger a real “SaaSpocalypse” or is it overkill?

The Ken — Wed, 11 Feb 2026 07:25:53 +0530

In early February, Indian IT stocks crashed 6% in a single day—the worst selloff in six years. ₹2 lakh crore vanished. Wall Street lost $300 billion.

The trigger? Anthropic launched Claude Cowork, an AI agent that can organize files, parse spreadsheets, and write reports autonomously. For the first time, AI doesn't just assist—it executes entire workflows with minimal supervision.

Investors panicked, and experts coined the term "SaaSpocalypse." But is this really the end of software companies, or are we watching an overreaction?

Today, host Rachel Varghese unpacks both sides.

Tune in.

Listen to our episode on Deloitte's AI blunder here.

Will Paytm still decide PhonePe’s IPO price?

The Ken — Tue, 10 Feb 2026 03:50:05 +0530

PhonePe is heading to the public markets as India’s largest UPI player. On 21 January, the company made its IPO papers public, setting up one of the most closely watched fintech listings in years. PhonePe dominates transaction volumes, but it is listing after Paytm, whose 2021 IPO reshaped how investors value payments companies. Since then, Paytm’s stock has fallen sharply from its debut even as its business has evolved.

PhonePe is seeking a valuation premium while still reporting losses and facing pressure on some revenue streams. As investors weigh scale against profitability, one question looms.

Will Paytm's market memory still decide PhonePe’s IPO price?

Tune in.

Decathlon is testing if fashion can learn to move at grocery quick-commerce speed

The Ken — Mon, 09 Feb 2026 02:00:00 +0530

In November, Decathlon began piloting two-hour deliveries across 10 Indian cities.

It's a surprising move for a company that just swung into losses—and it raises a question the rest of the sector is watching closely: can the economics of fashion quick-commerce actually work?

More than 50 million dollars has flowed into the space in 18 months. At least one startup has already shut down. The problem isn't speed. It's frequency, inventory, and unit economics that refuse to close.

Tune in.

What does it take to build a new tech city? Ask Karnataka’s neighbours

The Ken — Fri, 06 Feb 2026 02:00:00 +0530

Karnataka keeps talking about decentralizing tech beyond Bengaluru. Its neighbors are actually doing it.

Tamil Nadu, Telangana, and Andhra Pradesh are building tech cities from scratch—tier-2 clusters with land banks, fast-track approvals, and statutory bodies with real power. Major companies are choosing Visakhapatnam and Tirupati over Bengaluru now.

The difference? Decision-making authority. Karnataka's development body is stuck in a promotional role while other states hand their institutions the teeth to actually execute. One state makes announcements. The others are laying fiber, clearing land, and signing deals.

Southern India's tech map is being redrawn. Just not by the state that started it all.

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why the ‘mother of all trade deals’ wasn’t enough against Trump's tariffs

The Ken — Thu, 05 Feb 2026 02:00:00 +0530

Two days ago, the United States said it would cut tariffs on Indian goods to 18%, down from levels that had gone as high as 50%. Markets reacted fast. Stocks rose. The rupee strengthened. The first feeling was relief. It sounded like the trade fight with Washington and Donald Trump was easing.

Then more details emerged. U.S. officials said India would commit to buying over $500 billion worth of American goods. They also said U.S. tariffs would stay at 18%, while India would allow zero tariffs on some American products.

That relief started to feel more layered.

Just days earlier, India had signed the “mother of all trade deals” with Europe.

So why did India still move on this U.S. deal, now and on these terms?

Host Snigdha Sharma dives in.

Listen to our previous episode on the India-EU trade deal here: The 'mother of all trade deals' promises cheaper imports. Prices are another story

If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our YouTube channel here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

AI probably can't do your job yet. But it might get you fired anyway

The Ken — Wed, 04 Feb 2026 07:14:18 +0530

Amazon fired 16,000 workers last month. Oracle is set to cut up to 30,000 more.

Tech layoffs have increasingly been attributed to AI. But Oxford Economics found something strange: there's no macroeconomic data showing AI is actually replacing jobs or boosting productivity.

In fact, output per worker is slowing, not accelerating.

So what's really happening? Host Rachel Varghese breaks it down.

India wants to teach natural farming in a system built on chemicals

The Ken — Tue, 03 Feb 2026 04:00:00 +0530

In December, India’s top agricultural research body sent a letter to 74 universities with a clear message: natural farming is now a subject of national importance. Campuses are responding fast, planning new courses to train students for a sector under pressure. Export markets want cleaner food because consumers are paying closer attention to what they eat. In response, agri-input companies are adjusting their products.

But Indian agriculture still runs largely on chemical inputs. Farmers face real risks during transition, research gaps remain, and jobs for graduates are still uncertain.

Tune in.

India’s AI still doesn’t speak India. Can it?

The Ken — Mon, 02 Feb 2026 07:03:22 +0530

ChatGPT butchers Punjabi with spelling errors and Bollywood-style Hindi bleeding through. Hindi bots trained on newspapers miss dialects like Awadhi and Bhojpuri entirely, while Tamil AI ignores the rich variations between Kongu and Madurai speech.

Sure, Gurugram collected ₹200 crore in taxes using Hindi AI calls, but that's because Hindi dominates datasets. Most other languages remain stuck in translation hell. Private companies optimize for speed over nuance, government corpora like Bhashini sit underused, and multimodal data that captures tone and emotion is too expensive to build.

The result? AI is flattening India's 780 languages into sanitized, standardized versions that erase the very dialects it claims to serve.

Read the newsletter here. Find the Duolingo article here.

Is banning social media for children a cure or a cop-out?

The Ken — Fri, 30 Jan 2026 02:00:00 +0530

This week, Goa said it is actively considering a ban on social media for children under 16, inspired by Australia’s new law. Andhra Pradesh has also set up a panel to examine whether similar restrictions could work there. The push reflects rising anxiety around teen mental health, cyberbullying, and exposure to harmful online content.

Supporters argue platforms are unsafe by design and impossible to regulate through guardrails alone. Critics question whether bans can keep up with technology or address deeper social issues.

In this episode, hosts Snigdha Sharma and Rachel Varghese step back from the rhetoric to ask what a ban would actually mean for children, parents, and platforms.

The "mother of all trade deals" promises cheaper imports. Prices are another story

The Ken — Thu, 29 Jan 2026 02:00:00 +0530

This week, India and the European Union signed a sweeping trade deal that cuts or removes tariffs on over 90% of goods traded between them. The headlines quickly focused on what might get cheaper, from wine and cheese to cars and chocolates.

But trade deals do not change prices overnight. Tariff cuts roll out over time and work their way through importers, distributors, taxes, and markets before they ever reach consumers.

In this episode, host Snigdha Sharma looks at what past trade deals show about everything between a trade deal being signed and actual prices changing for a consumer.

Tune in.

Why Gita Gopinath says pollution hurts more than tariffs

The Ken — Wed, 28 Jan 2026 07:43:34 +0530

Every winter, Delhi chokes. Masks become mandatory, air purifiers work overtime, and life somehow goes on. But beyond the health crisis lies an economic catastrophe most people ignore—until now.

Gita Gopinath's recent warning at Davos sparked controversy, but the numbers don't lie: pollution is costing India 1.67 million lives and nearly 3% of GDP annually. Meanwhile, China turned its pollution crisis around in just a few years with ruthless accountability.

India has the knowledge and technology. What it lacks is political will. And every year of delay continues to put lives at risk and pushes the $5 trillion economy dream away. Host Rachel Varghese explores what exactly is at stake.

Tune in.

India’s data law is giving rise to a new consent economy for banks

The Ken — Tue, 27 Jan 2026 02:00:00 +0530

India’s new data protection law is reshaping how companies talk to customers on WhatsApp. Messages that once felt routine now carry legal weight and are tied to consent, security, and user rights. Since the Digital Personal Data Protection Act became operational, businesses have begun reworking how they collect and manage personal data. That shift has created a fast-growing market for compliance tools, drawing startups and established firms into the same space.

As companies rush to avoid heavy penalties, disagreements are emerging over who should manage consent and how independent they need to be.

The bigger question is how much control users will really have over their data.

Tune in.

The rivalry between hospitals and insurers will always be heated

The Ken — Mon, 26 Jan 2026 02:00:00 +0530

When your insurance card suddenly stops working, it is not just a glitch. It is the symptom of a deeper crisis in Indian healthcare.

Hospitals say insurers have failed to update reimbursement rates despite medical inflation. Insurers say hospitals are inflating bills and resisting standardization.

Millions of policyholders are caught between them, forced to pay out of pocket for care they thought was covered.

How did India’s healthcare system end up in this deadlock. And who really decides what your treatment is worth?

Tune in.

*This episode was originally published on November 4th, 2025

Your E-Bus Will Be Fixed. Eventually. Probably.

The Ken — Fri, 23 Jan 2026 07:02:56 +0530

When a public electric bus breaks down in India, three agencies get notified.

None of them can actually fix it.

The buses don't belong to the cities that run them. The contracts sit with central agencies. The warranties belong to manufacturers.

When a four-year-old bus stalls because its battery management system glitched, the city logs a complaint, calculates a fine for the manufacturers, and takes the bus off the route. Commuters are left slim pickings.

And India's about to deploy thousands more using the same model.

Why India’s data centre boom is heading for water bankruptcy

The Ken — Thu, 22 Jan 2026 07:12:32 +0530

India is building data centres at unprecedented speed to support cloud services, AI, and digital growth. At the same time, cities across the country are struggling with water shortages and repeated contamination of drinking-water supplies.

A new United Nations report describes this condition as water bankruptcy. It is the stage where water systems continue to function, but only by drawing down reserves that cannot recover fast enough.

In this episode, host Snigdha Sharma looks at how India’s data centre push fits into that reality, drawing lessons from cities abroad where similar tensions have already surfaced.

So as India builds for a digital future, the question is simple: who decides how much water that future can afford?

Sam Altman said ads were a "last resort." Welcome to last resort

The Ken — Wed, 21 Jan 2026 07:19:49 +0530

Sam Altman called ads a "last resort" in late 2024. That day has arrived.

OpenAI just announced ChatGPT is running ads—personalised ones based on your conversations. The company spent $8 billion in 2025 alone with zero profit, and an essay predicted they'll burn through cash by 2027.

Meanwhile, Google's Gemini is betting on staying ad-free, preserving user trust while ChatGPT strains it.

Host Rachel Varghese breaks down the enshittification playbook, why OpenAI's "code red" memo signals desperation, and whether ads can actually save a company hemorrhaging billions.

Tune in.

Make in India pushed electronics to deliver volume. Depth is still loading

The Ken — Tue, 20 Jan 2026 02:00:00 +0530

India has become one of the world’s largest electronics manufacturers, powered by scale, assembly lines, and global contracts. But much of the design, components, and technology still sit elsewhere.

In this episode, we look at why the government is now backing electronics components, what India’s EMS firms built first, and what they postponed.

As India pushes deeper into the supply chain, the question shifts from volume to ownership. What does it take to move from assembling electronics to truly building them? Also, how did China get it right?

Tune in.

Gandhinagar vs Delaware: Are India's next 1,000 startups ready to live in Gift City?

The Ken — Mon, 19 Jan 2026 02:00:00 +0530

For over a decade, Indian startups have chosen to be incorporated in Delaware and Singapore when raising venture capital.

Now India wants to change that with Gift City—a financial enclave designed to compete globally. But can it?

We explore why founders still choose Delaware's speed and legal certainty, what Gift City offers to funds but not startups, and the structural gaps that need fixing.

Tune in.

AI is learning healthcare from a broken system

The Ken — Fri, 16 Jan 2026 03:00:00 +0530

AI is learning healthcare from systems that are stretched and uneven.

In this episode, hosts Snigdha Sharma and Rachel Varghese discuss what tools like ChatGPT Health and Claude for Healthcare could mean in India.

We talk about how people already use AI to understand symptoms and reports, how hospitals deal with data and paperwork, and how bias and privacy shape these tools.

Tune in.

How Reliance's price war made Pepsi and Coke love 'zero sugar'

The Ken — Thu, 15 Jan 2026 02:00:00 +0530

India’s soda shelves have changed almost overnight. Coke and Pepsi now sell zero-sugar versions of their drinks at prices as low as 10 rupees. The move came after Reliance launched Campa Cola with its own budget zero-sugar option. Now, they are taking over in big cities and small towns alike.

But what looks like a health trend is really a business strategy.

What is really inside those bottles? And what does it mean for consumers?

Tune in.

Meta has an illegal gambling ads problem. It doesn't really care

The Ken — Wed, 14 Jan 2026 07:14:20 +0530

Four months after India's nationwide ban on online gambling ads, Meta platforms were still running them—140 in December alone.

A Reuters investigation into leaked internal documents reveals this isn't an oversight. Meta made specific calculations about how much enforcement it could afford, and governments worldwide are hitting the same wall.

From Malaysia to the Philippines, removal requests pile up while the ads keep running. What happens when a platform decides compliance is negotiable? Host Rachel Varghese digs in.

Tune in.

Where to invest Rs 1 lakh, Rs 10 lakh, Rs 1 crore

The Ken — Tue, 13 Jan 2026 02:00:00 +0530

Investing extra money can be confusing, no matter how big or small the amount. What works for someone with Rs 1 crore is very different from what suits someone with Rs 1 lakh or Rs 10 lakh. Experts say everyone should first take care of basic needs before investing.

There are many simple, logical, and even unconventional ways to invest.

Tune in.

Only 30% invested from a Rs 10,000 cr startup fund. Yet India obsesses over a new fund

The Ken — Mon, 12 Jan 2026 02:00:00 +0530

India's Fund of Funds for Startups 1.0 is winding down this March—but it's falling short of its goals.

Of the ₹10,000 crore mandate, only ₹6,500 crore has been disbursed, and just ₹3,200 crore has actually reached startups. Meanwhile, FFS 2.0 remains stuck in limbo with no guidelines released yet.

Despite catalyzing India's startup boom—from 3,000 startups in 2016 to over 200,000 today—the program faces criticism over cheap terms for fund managers, delays, and transparency issues. As the government prepares FFS 2.0, fixing these operational inefficiencies will be crucial.

Tune in.

Friday Round-up: Who pays when Grok fails, Venezuela's crisis is Reliance's win, and more

The Ken — Fri, 09 Jan 2026 03:00:00 +0530

In this episode we fill you in on four standout stories from the past week.

First, a quick look at how the Venezuela crisis is benefiting Reliance and ONGC;

Next, why the quick fashion promise stands on shaky ground;

Third, how AI has been filling up Indian shopping carts;

And finally, why the discourse about Grok AI is starting to sound a little lopsided.

Tune in.

Read The Ken's story on quick fashion here.

The case against 10-minute delivery

The Ken — Thu, 08 Jan 2026 02:00:00 +0530

10-minute delivery has quickly gone from novelty to expectation.

In this episode, through conversations with delivery workers and the gig workers’ union leader, host Snigdha Sharma argues how the 10-minute delivery model intensifies existing problems in gig work.

Is it is a promise we really need to be kept for us?

Tune in.

Can Apollo Hospitals fix its digital cash burn with Rs 299 from 10M users?

The Ken — Wed, 07 Jan 2026 02:00:00 +0530

Apollo 24/7 has bled money for five years. But its loyalty program, Apollo Circle, might be the cure.

For 299 rupees yearly, members get free teleconsultations, priority access, and discounts—locking them into Apollo's ecosystem of hospitals, pharmacies, and diagnostics. The strategy is working: average orders doubled, losses shrank, and Apollo Health Co turned profitable.

Now the company wants Circle to drive breakeven next year while funneling customers away from neighborhood clinics into its high-margin private labels and hospital services. It's a playbook borrowed from Amazon—and Apollo's betting everything on it.

Tune in.

Listen to the latest 90,000 hours episode here.

The Shanti Bill opens India’s nuclear sector. An American firm is first in line

The Ken — Tue, 06 Jan 2026 08:41:07 +0530

India wants to generate 100 GW of nuclear power by 2047. As of now, it produces less than 9 GW. For decades, nuclear energy in India was built, owned, and run only by the state.

That is now changing. In December, Parliament passed the Shanti Bill, opening the sector to private players. And an American nuclear company, Holtec International, wants to build 200 small modular reactors across India, mostly close to industrial hubs.

Supporters say smaller reactors can be built faster and closer to demand but critics warn about regulation, safety, and accountability.

Tune in.

Are you a founder or hiring manager? We want to hear your best curveball interview questions. Take our survey.

How Indigo ran out of pilots—gradually, then suddenly

The Ken — Mon, 05 Jan 2026 02:00:00 +0530

India's largest airline crisis made headlines for weeks. Last month, Indigo cancelled nearly 4,000 flights over 10 days, forcing the government to cut 10% of its schedules until March.

The culprit? A severe pilot shortage that the airline had two years to prepare for.

While Air India doubled its pilot strength ahead of new flight duty rules, Indigo ended up with fewer pilots than before. The airline's response has been less than encouraging. Cut leaves, slash night allowances, and even telling unhappy pilots "where else will you go?"

With India needing 30,000 new pilots over the next 15 years, IndiGo's treatment of its crew is coming back to haunt it. And the monopoly mindset that fueled its growth may now be its biggest liability.

The mystery fund that played God and wreaked havoc on the stock market

The Ken — Fri, 02 Jan 2026 02:00:00 +0530

This episode revisits one of The Ken's most consequential stories from 2025.

When journalist Anand Kalyanaramn started investigating unusual patterns in India's options market, he uncovered alleged manipulation on a massive scale. Someone was controlling market movements to guarantee profits—making billions while regular traders lost everything. SEBI identified Jane Street as the culprit; and the firm is appealing the allegation.

Today, Anand explains how the alleged scheme worked, why India was vulnerable, and what this landmark case means for the future of fair markets.

*The host mistakenly says that SEBI began investigating Jane Street in 2025. While the interim order was issued in July 2025, the investigation itself began in 2024.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why teaching at India’s public universities now looks like gig work

The Ken — Thu, 01 Jan 2026 08:00:00 +0530

Teaching at India’s public universities no longer offers the certainty it once did. Permanent jobs have become scarce, while short term contracts have quietly filled the gap. Many teachers are now hired semester by semester, paid per lecture, and required to reapply for their jobs again and again.

This shift has reshaped academic careers and changed how universities function day to day.

What caused this shift? And what does it say about the future of higher education and university teaching as a career choice?

Tune in.

How surging property prices are turning dream homes into pipe dreams

The Ken — Wed, 31 Dec 2025 05:00:00 +0530

Property prices across Indian cities have gone through the roof, up by nearly 30% in the last two years. This along with ever increasing rent and general cost of living has made planning for the future quite challenging for those in their 20s and 30s.

So has the idea of home ownership changed among the younger generations, like in many Western countries where more and more people are choosing to rent rather than buy? Or are we still attached to the idea of owning a home?

And what’s behind these record-breaking property prices anyway?

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak 2025: Four stories we slowed down for

The Ken — Tue, 30 Dec 2025 07:45:10 +0530

This episode is a look back at four Daybreak, The Ken stories that stayed with us in 2025.

After three years of making the show, a few episodes each year stand out because they captured something shifting beneath the surface. These four did exactly that.

Host and producer Snigdha Sharma revisits a conversation feat. Waterfield Advisor's Soumya Rajan about why even India’s wealthiest women still fight for financial control, how China’s rare earth dominance exposed the fragility of India’s EV push, the global silver crunch that linked AI, clean energy, and everyday prices, and India's AI future.

Tune in.

When private equity acquires schools, the price may be quality education

The Ken — Mon, 29 Dec 2025 09:34:21 +0530

Private equity is reshaping India’s schools. A relaxed New Education Policy and rising demand for international curricula have opened the doors for global operators to buy up chains across the country.

The promise is scale, better infrastructure, and tighter governance. But the reality looks a little different—lean budgets, shrinking salary hikes, and a growing focus on cost-cutting. And the fallout? Increasing staff attrition, decreasing academic quality, and schools trading their founder-led ethos for a standardised model.

Tune in.

*Disclosure: The writer comes from a family that previously owned a school acquired partially by International Schools Partnership (ISP)

**This episode was originally published on September 16th 2025

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Can Duolingo keep India speaking when AI can translate everything?

The Ken — Fri, 26 Dec 2025 02:34:22 +0530

AI is changing how people learn languages and India is where the shift is showing up first. Duolingo has scale here but very little conversion. At the same time AI tools now offer practice, feedback, and even conversation for free, while Indian platforms focus on jobs, exams, and real outcomes.

In this episode, we look at how language learning is being reshaped in India, why translation is no longer the whole story, and what Duolingo is really defending.

Tune in.

The super consultants saving India’s elite from themselves

The Ken — Thu, 25 Dec 2025 09:03:25 +0530

From the very public Ambani family feud to the private struggles of the Raymond family, the transfer of wealth and power has often been messy.

With over 850,000 millionaires in India, and many of them looking to transition their wealth in the next decade, there's a growing, yet largely unaddressed market for a specific type of expert: the succession coach.

Part mediator, part therapist, part strategist—they do more than just advise. They keep dynasties from tearing themselves apart.

Tune in.

*This episode was originally published on September 1st 2025.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The Ken: Stories that shaped 2025

The Ken — Wed, 24 Dec 2025 02:00:00 +0530

In this episode, we bring you two reported stories from The Ken's newsroom that stayed with us this year.

The first, reported by Nuha Bubere, looks at Flipkart at a moment of pressure and at how its CEO Kalyan Krishnamurthy is running the company as competition intensifies and expectations remain high.

In the second, Atul Krishna tells us about India’s decision to allow foreign universities to set up campuses in the country, and what that shift says about the state of higher education and public capacity.

You can find more of our best work from 2025 at the-ken.com.

Orange is the new healthcare bet Amazon won't commit to

The Ken — Tue, 23 Dec 2025 02:00:00 +0530

Buried deep in Amazon's app is a partnership with Orange Health Labs for at-home diagnostics—it's third healthcare experiment in India after pharmacy and telemedicine.

The strategy? Target existing customers with zero advertising spend, keeping the bet low-risk while competitors like Bigbasket and Blinkit capture other categories.

With its U.S. healthcare playbook built on insurance infrastructure that doesn't exist in India, Amazon is playing a cautious waiting game. The question: is this genuine ambition or just a way to keep a foot in the door?

The disruption playbook is now open source

The Ken — Mon, 22 Dec 2025 07:15:00 +0530

Traditional case competitions are boring theater—companies toss out fake problems, students present cookie-cutter solutions nobody uses. The Ken flipped the script. It revealed something interesting: no company is safe anymore.

Students attacked more than a 100 incumbents—from McKinsey to temple economies—and built working prototypes showing exactly how they'd do it. The insight? AI hasn't just lowered the cost of building to near-zero; it's fundamentally changed who can be a disruptor.

Even established companies know this. Some volunteered as targets, desperate to understand how the next generation thinks.
When anyone can build anything, disruption isn't a question of if—it's already happening.

Check out the solutions here: https://the-ken.com/case-competition-2025/submissions/

Indian robotic-toys maker Miko is running where Silicon Valley ones stumbled

The Ken — Fri, 19 Dec 2025 13:02:14 +0530

The consumer-robotics graveyard is littered with well-funded American startups. Moxie, Jibo, Anki—all raised millions, then collapsed under cloud costs and thin margins.

Enter Miko, a Mumbai company selling AI companions to American kids. With Indian manufacturing cutting costs to one-fifth of US production and subscriptions driving recurring revenue, Miko has advantages its rivals never had. Yet it's still losing money—120 crore rupees last year. Now, as the company hits 500,000 units in annual sales, it's reaching the exact scale where others stumbled.

Can Miko's India edge break the robotics curse, or will it become just another cautionary tale?

Tune in.

Why Uttar Pradesh's industrial success stops at Noida

The Ken — Thu, 18 Dec 2025 02:00:00 +0530

Uttar Pradesh now makes more than half the smartphones produced in India. Big electronics companies have set up factories in and around Noida. A place once known for small industries is suddenly part of a global supply chain.

In this episode, we look at how that happened. What changed after the pandemic. Why policy, infrastructure and geography mattered. And why almost all this growth is packed into a small belt near Delhi.

Tune in.

How India became the world's biggest AI lab, and not an architect

The Ken — Wed, 17 Dec 2025 05:18:54 +0530

India has the engineers, the users, and the ambition to be an AI superpower.

But as OpenAI floods the market at ₹399/month, Google invests $15 billion, and global giants harvest Indian data, a critical question emerges: Will India settle for being the world's largest AI user, or can it become a builder that matters?

From DeepSeek's $6M shock to the race for AI sovereignty, we connect the dots on India's AI moment—and what could be next.

Tune in.

Episodes mentioned:

Deepseek: Spotify | Apple | Youtube
ChatGPT 399 Plan: Spotify | Apple | Youtube
India's Sovereign AI: Spotify | Apple | Youtube
Deloitte's AI blunder: Spotify | Apple | Youtube
AI Browsers: Spotify | Apple | Youtube
Why AI minds are refusing big bucks: Spotify | Apple | Youtube
Call Centres are being rewritten by AI: Spotify | Apple | Youtube

Write to us with your thoughts at podcast@the-ken.com!

Ever bought a Rs 999 item for Rs 199? Why apps can’t stop using dark patterns

The Ken — Tue, 16 Dec 2025 06:25:33 +0530

The Indian government is losing patience with consumer-tech platforms using dark patterns or manipulative design tricks.

In late May 2024, Consumer Affairs Minister, Pralhad Joshi, gathered the country’s biggest internet companies, Amazon, Google, Zomato, Ola Electric, etc to give them an ultimatum: clean up your user interfaces by September 5 or face the consequences.

From hidden fees on Amazon to guilt-inducing pop-ups on Indigo, these tactics push users into spending more money, sharing more data, or giving up more control, often without realising it.

And they’re deeply baked into how these companies grow, making them hard to remove without hurting the bottom line.

Tune in.

**This episode was first published on 11 August, 2025

How Youtube is challenging Instagram's social commerce dominance

The Ken — Mon, 15 Dec 2025 02:00:00 +0530

Youtube launched Shopping in India in October 2024, and within a year, 40% of eligible creators adopted it. The platform is betting on high-intent audiences who research before buying—unlike Instagram's impulse-driven model.

By building shopping infrastructure in-house and partnering with Flipkart and Myntra, Youtube offers creators high commissions.

The shift is democratizing income for micro-creators, while affiliate GMV exploded from Rs 10 crore to Rs 300 crore in two years.
Youtube isn't trying to beat Instagram at its game—it's doubling down on what it does best.

Tune in.

Netflix-Paramount, Indigo, and why monopolies should go out of style

The Ken — Fri, 12 Dec 2025 02:00:00 +0530

In this episode we fill you in on three standout stories from the past week.

First, a deeper look at this year's latest Wealth Inequality Report;

Next, what the Netflix-Paramount fight for Warner Brothers means for Indian players;

And finally, why and how Indigo has started to behave.

Tune in.

Lenskart succeeded where Zomato, Ola stumbled

The Ken — Thu, 11 Dec 2025 02:00:00 +0530

Lenskart is now a public company, and its first real market test just arrived. The shares fell a little over 3% on December 8 as the shareholder lock-in expired, putting the company back in the news and making it a good moment to revisit how it got here.

Lenskart ended FY25 with a ₹297 crore in profit and nearly 40 % of that now comes from its 656 stores outside India. That global reach is unusual for an Indian consumer brand, especially when others like Zomato and Ola struggled overseas.

The company’s steady expansion strategy has leaned on selective acquisitions, investments and joint ventures. And its real strength is a vertically integrated supply chain that keeps prices tight, speeds up product launches and maintains consistency across markets.

With the stock settling into life post-listing, today, we look back at what built Lenskart’s momentum.

**This episode was first published on Aug 25, 2025

India’s innovation engine works. About 5% of the time

The Ken — Wed, 10 Dec 2025 04:00:00 +0530

India's Atal Incubation Centres promised to be the backbone of government innovation. With 500 crore rupees in initial funding and support from Niti Aayog, these 72 centres were supposed to nurture startups with grants, mentors, and infrastructure.

Nearly a decade later, the results are sobering. Of 3,500 incubated startups, fewer than 5% have raised external capital. Most centres lack basic websites or outcome metrics. No external audits. No unicorns.

Now the government wants to double down—allocating 2,750 crore rupees to expand the ecosystem. But nobody seems to care if the existing network actually works.

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Free cricket was Jio’s big play. It’s also why the maths stopped mathing

The Ken — Tue, 09 Dec 2025 02:00:00 +0530

Yesterday, the Economic Times reported that JioStar has told the ICC it wants to exit its India media rights deal for cricket events, even with two years still left in the cycle. The company also doubled its provisions for expected losses suggesting the rights may cost more to deliver than they can earn back.

It all started in late 2024 when Jio came in and flipped the script by streaming cricket tournaments for free and leaning towards a more ad-heavy model. For viewers, it felt like progress. But now with the drop in ad spending from online money gaming platforms after new regulations, Jio is feeling the squeeze.

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How TISS became IIM-lite

The Ken — Mon, 08 Dec 2025 02:35:00 +0530

Manoj Kumar Tiwari had a tough job: transform the Tata Institute of Social Sciences into something that looks more like a management school.

In his two year term? Mission accomplished.

TISS now uses the same entrance exam as IIMs. It's hiring faculty from business schools instead of NGOs. Management courses are in, social science programs are struggling to fill seats. Over 100 staff were laid off in 2024.

This isn't just about TISS. It's part of a larger pattern where institutions like JNU and IRMA are sacrificing arts and humanities for what the "market" wants. The government's 2020 education policy is pushing universities toward self-sufficiency—which means more management, and less social work.

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The stress test that IndiGo failed

The Ken — Fri, 05 Dec 2025 01:47:28 +0530

IndiGo had one of its worst weeks ever with hundreds of flights cancelled across major airports. New pilot rest rules kicked in on November 1, 2025 and the airline’s tight schedules and lean crew planning could not absorb the change. Thousands of passengers were stranded.

What really happened and why did India’s biggest airline struggled so suddenly? In this episode, we look at what this means for the country’s fast growing aviation system.

Because when one rule change can bring the busiest carrier to a halt the bigger question is how close to the edge we are flying?

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Listen to the latest episode of Two by Two on The bro-ification of business and tech podcasts here.

How Physicswallah avoided the typical startup conveyor belt

The Ken — Thu, 04 Dec 2025 02:00:00 +0530

Physicswallah grew with almost no funding kept most of its ownership and built a huge following around its founder Alakh Pandey. Then it shifted gears and started buying companies expanding offline and spending more to grow faster. The numbers changed the risks changed and the company itself changed.

Investors still showed up for the IPO but the real question is what comes next.

What happens when a company built on frugality and founder energy suddenly tries to scale like a giant?

Take this survey to share your best AI project.

The Government wants to be on your phone. It's not asking nicely

The Ken — Wed, 03 Dec 2025 07:30:04 +0530

The Indian government quietly mandated that all smartphones sold in the country must come pre-installed with Sanchar Saathi, a state-owned cybersecurity app that users cannot delete or disable.

The app tracks lost phones and blocks stolen devices. But it requires deep permissions. It can read messages, access phone data, make calls, and view photos. Privacy advocates warn these permissions could be expanded overnight to scan for banned apps, flag VPN use, or monitor SMS patterns.

The directive was sent secretly to manufacturers like Apple and Samsung, giving them 90 days to comply. Apple has already indicated it won't follow the mandate, citing privacy concerns.

Only a handful of countries have tried similar measures—Russia, China, and North Korea, which puts India in uncomfortable company. Host Rachel Varghese digs into what's going on.

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Zepto isn't just faster anymore. It's also something else

The Ken — Tue, 02 Dec 2025 03:30:00 +0530

Zepto is getting cheaper and everyone has noticed. But the real story is what the company is trying to fix behind the scenes. Aadit Palicha wants Zepto to feel like Dmart for quick commerce: lower prices, better availability, and more value each time you open the app.

But this shift comes with big questions. The company is burning more cash. Competitors are calling it out. Senior leaders are leaving. And the IPO clock is ticking.

Today, we look at why Zepto is changing its strategy now and what it means for the next year.

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India's e-bus ambitions are running on borrowed power

The Ken — Mon, 01 Dec 2025 02:00:00 +0530

India wants 50,000 electric buses on the road by 2030. It's a clean mobility revolution that should clear the air in crowded cities.

But there's a problem: the power grid wasn't built for this. Cities are plugging bus depots into the same 11kV lines that serve homes and corner shops. In some areas, the strain is already showing: voltage drops and flickering lights in residential areas.

So, the country is racing to electrify its transport without electrifying the infrastructure beneath it. What happens when climate ambition outruns planning?

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Your phone number is at the center of a fight between Zomato and Indian restaurants

The Ken — Fri, 28 Nov 2025 03:30:00 +0530

India's restaurants just won a four-year battle for customer data access from Zomato and Swiggy. But here's the twist: this "victory" comes precisely as the industry becomes more platform-dependent than ever.

While the NRAI celebrates phone number sharing, investors are pouring billions into QSRs and cloud kitchens—business models that assume permanent platform capture. With delivery platforms extracting 16-30% commissions and controlling discovery, logistics, and customer acquisition, data sharing is less a power shift and more a pressure valve.

The real story? Restaurants are betting that platform-enabled scale will overcome platform-extracted margins. Host Rachel Varghese explores.

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Big AI is writing India’s startup rules faster than the regulator can read them

The Ken — Thu, 27 Nov 2025 02:00:00 +0530

There's a quiet tension underlying India’s AI boom. Startups are swiftly building bold products on foundations they don’t control.

From synced ride-hailing fares to the regulator with only a single office, we look at the strange mix of innovation, vulnerability, and policy catch-up shaping the space.

What happens when the platform you rely on starts competing with you?

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The price Havells paid to become a household name

The Ken — Wed, 26 Nov 2025 03:00:00 +0530

Eight years ago, Havells acquired Lloyd to become a household name in consumer electronics. Today, that dream has become its biggest headache.

Lloyd's revenue dropped 18% in the September quarter. Warehouses are jammed with unsold air conditioners after an unusually short summer. And, in January, new energy-efficiency rules will make clearing old stock costlier.

Despite tripling revenue, Lloyd's operating margins collapsed from 17% to -7% in four years. Lloyd has consumed over 3,000 crore rupees in capital—more than all other Havells verticals combined. Yet it remains India's third-largest AC brand, exactly where it was when Havells bought it. Where does the company stand right now?

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Who wants instant fashion more? You or Myntra and Ajio?

The Ken — Tue, 25 Nov 2025 02:00:00 +0530

Instant fashion is everywhere now. Open Myntra or Ajio and you will see the option to get clothes delivered in minutes. But who is this really for?

Are shoppers truly demanding 30 minute outfits?

In this episode, we dive into what is driving the push for instant fashion, how it works behind the scenes, and why it has become such a high stakes bet for India’s biggest fashion apps.

India's farmers got faster loans. Then the prices crashed

The Ken — Mon, 24 Nov 2025 03:35:08 +0530

Arya.ag helped India's farmers escape the grip of moneylenders.

They could now store their grain in proper warehouses, get loans in seven minutes, and wait for better prices instead of selling at harvest-time lows. But there's a problem: agricultural prices have crashed to five-year lows.

Wheat that sold for Rs 4,000 per quintal two years ago now fetches just Rs 2,600. For farmers like Himanshu and Neetu, the math is brutal—saving Rs 18,000 on interest means little when revenue has dropped by Rs 70,000. So, what's happening?

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The AI running India isn't Indian. Can that still change?

The Ken — Fri, 21 Nov 2025 02:00:00 +0530

India is using more AI than ever. But most of that intelligence is not Indian. OpenAI, Google and others are expanding in India fast. They already shape how millions work, learn, and search.

Meanwhile, India’s own sovereign AI model is only expected in 2026. Other countries like South Korea and China have already built and deployed theirs.

What does sovereign AI actually mean, why does it matter for everyday users and why is India is still struggling to build the full stack. And most importantly, who will build the AI that runs India’s future?

Why foreign stents still rule Indian hearts

The Ken — Thu, 20 Nov 2025 02:00:00 +0530

A cardiologist in Nagpur performs two similar angioplasties. But the stents inside his patients tell two very different stories. One gets Indian-made devices under a government scheme. The other insists on an imported brand.

This contrast is now common across India. Price caps pushed foreign stent makers into a corner in 2017. But they never left.

And now, they’re back with new valves, pacemakers, and high-margin cardiac devices. Domestic players, meanwhile, grew fast but still struggle with data, technology, and trust.

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Why PVR Inox wants to run its cinemas like hotels

The Ken — Wed, 19 Nov 2025 04:00:00 +0530

India’s largest cineplex chain, PVR INOX, has pulled off a major financial reversal, posting a ₹100 crore profit this quarter, a drastic recovery after bleeding nearly ₹12 crore last year. Over 40 million people showed up—but occupancy ratios are still struggling to cross 30%.

To fix this, PVR INOX is expanding into new, non-metro markets like Gangtok and Raipur. But there's a major twist: the company is no longer footing the bill for expansion.

Taking a page from hospitality giants like Marriott, PVR INOX is embracing an asset-light franchise model. Partners will now bankroll everything from projectors to seating, while PVR INOX manages the brand and operations. We explore this strategic shift—how it hedges risk, frees up capital, and whether betting on multiplexes in the age of OTT is a "Hail Mary" move.

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How Trump became Indian apparel makers’ unlikely saviour

The Ken — Tue, 18 Nov 2025 02:00:00 +0530

Tiruppur, Tamil Nadu, India’s knitwear capital, has long depended on massive U.S. orders that shaped its factories, products, and growth. But when the Trump administration imposed a 50% tariff on Indian garment imports, the town’s export engine received a long-pending shock.

Turns out, the crisis became a turning point. Manufacturers are now scrambling for discounts, shifting production to Sri Lanka and Kenya, reorienting toward Europe, and overhauling product lines from mass-market basics to intricate boutique styles.

Amid layoffs, automation, and global diversification, Tiruppur’s exporters are discovering something surprising.

This shock may be exactly the push the industry needed to evolve.

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India wants third graders to learn AI. The teachers are not loving it

The Ken — Mon, 17 Nov 2025 02:00:00 +0530

India's largest school board, CBSE, has announced that students as young as Class 3 will begin learning Artificial Intelligence.

This isn't the first time. The board rolled out an AI elective for Class 9 in 2019, long before generative AI was a household name. Now, the goal is to make "AI thinking" as fundamental as grammar.

We dive into this massive national experiment, exploring what "learning AI" means for a third grader—it’s less about building chatbots and more about "computational thinking." And the real test ahead isn’t the syllabus; it’s whether India can train millions of teachers, many still unsure about using the tools they’re now expected to teach.

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Olympic swimmer Nisha Millet on why some goals should feel out of reach

The Ken — Fri, 14 Nov 2025 02:00:00 +0530

What does it take to perform at your best — not once, but over and over again? Olympian Nisha Millet has spent her life answering that question.

In sport, as in business, success isn’t about one big win — it’s about showing up, even when it’s hard. From the pressures of competing at the Olympics to building a career as a coach and entrepreneur, Nisha shares what the pool taught her about focus, resilience, and managing performance under pressure.

In this episode, host Rachel Varghese explores how elite athletes think about consistency, how they recover from failure, and what leaders everywhere can learn from the mindset of those who compete for fractions of a second.

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SoftBank’s Nvidia move amid the AI frenzy is bringing India’s measured growth into view

The Ken — Thu, 13 Nov 2025 02:00:00 +0530

SoftBank just sold about $5.8 billion worth of Nvidia shares earlier this week. The move frees up cash for new AI bets and comes as AI stocks power most of this year’s market rally. Nvidia’s rise has been spectacular but so have the warnings about overheating.

Some analysts see a rotation coming: money could move from pricey tech giants to steadier markets.

And that’s where India enters the picture. It’s grown slower, but on stronger fundamentals like broad demand, digital momentum, real earnings.

The question now is simple: when the AI fever cools, can India keep its calm?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why VLCC is still opening weight-loss clinics in the Ozempic era

The Ken — Wed, 12 Nov 2025 02:45:00 +0530

When Ozempic began changing how the world lost weight, most slimming companies panicked. But VLCC didn’t. Backed by Carlyle, it’s opening more clinics than ever before.

Because to Carlyle, Ozempic isn’t a threat—it’s just another doorway into India’s beauty economy.

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Who benefits from the influx of foreign universities in India? Not students

The Ken — Tue, 11 Nov 2025 02:00:00 +0530

In 2025, the University of Southampton became the first British university to open a campus in India. It was more than a milestone.

After a single policy change, foreign universities are rushing to claim their place in India’s higher-education market. States are competing to host them, and universities are chasing new revenue abroad. Everyone seems to be winning.

But beneath the glossy partnerships and big promises, what does this experiment really mean for students? And what happens when a “foreign degree” no longer means going abroad?

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How AI turned banks’ risk data into advertising

The Ken — Mon, 10 Nov 2025 02:00:00 +0530

Across India, lenders like HDFC and Kotak are repurposing the same algorithms that once judged credit risk to run hyper-personalised marketing campaigns.

These systems now predict who’s ready for a credit card, or insurance plan by studying every transaction, payment, and habit — turning customer data into personalised sales pitches.

The RBI has drawn clear lines for how AI can be used in lending. But when it comes to marketing, the rules are still fuzzy. That leaves space for India’s biggest banks to experiment—and for AI to quietly reshape how finance sells itself.

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After a year of contrasts, Zepto readies for the public markets

The Ken — Fri, 07 Nov 2025 02:04:53 +0530

India’s quick-commerce poster child, Zepto, is racing to the public markets after a festive season high. The company clocked 20 lakh daily orders during Diwali — coming only second to Blinkit. But behind that surge lies a far more complicated story: leadership churn, regulatory heat, and a business model that’s still chasing profitability.

In this episode, we unpack Zepto’s dual reality — a startup celebrating record growth while quietly firefighting internal challenges. From FDA raids on dark stores and government warnings on “dark patterns,” to its clean-up act and pre-IPO tightening, we explore how Zepto is trying to look investor-ready in a year that’s tested its resilience.

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How BlackBerry’s revival story is running through India’s roads

The Ken — Thu, 06 Nov 2025 02:00:00 +0530

Remember Blackberry? The phone that once ruled business meetings and earned the nickname “Crackberry”? It’s making a comeback—but this time, not in your pocket.

In this episode, we dive into Blackberry’s surprising pivot from smartphones to car software. Its QNX system now runs the brains of over 250 million vehicles worldwide, powering everything from navigation to safety. And the nerve centre of this quiet comeback? India.

With its Hyderabad hub, partnerships with Mahindra, Tata Motors, and Tata Elxsi, and a growing EV ecosystem, India is where Blackberry’s next growth story is being coded. From BBM to EVs, this is the story of how a fallen tech icon found new life—on the road.

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What happens when hospitals and insurers stop talking

The Ken — Wed, 05 Nov 2025 02:00:00 +0530

When your insurance card suddenly stops working, it is not just a glitch. It is the symptom of a deeper crisis in Indian healthcare.

Hospitals say insurers have failed to update reimbursement rates despite medical inflation. Insurers say hospitals are inflating bills and resisting standardization.

Millions of policyholders are caught between them, forced to pay out of pocket for care they thought was covered.

How did India’s healthcare system end up in this deadlock. And who really decides what your treatment is worth?

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Did Groww's profits really triple before its IPO?

The Ken — Tue, 04 Nov 2025 06:00:00 +0530

Groww, the platform that turned stock trading into an everyday habit, is gearing up for India’s biggest-ever broking IPO. On paper, it’s flying high — profits have tripled, revenues have surged past ₹4,000 crore, and competitors like Zerodha and Angel One are feeling the lagging behind.

But look closer, and the shine dulls a little. A big chunk of Groww’s recent gains comes from one-time accounting adjustments, while its active user base and broking income are already slowing. To keep the engine running, Groww is betting on a new frontier — lending — even as rivals crowd the same space.

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Lenskart gave India affordable vision. Now the fine print’s finally coming into focus

The Ken — Mon, 03 Nov 2025 02:00:00 +0530

Lenskart changed how India buys glasses. It made eyewear affordable, stylish, and available on every street corner. But behind that success is a story of shortcuts. Cheap acetate frames, thinner coatings, and rushed prescriptions have left many customers questioning the quality they once trusted.

As the company prepares to close a massive IPO, its promise of clarity is facing some uncomfortable scrutiny.

In this episode we look at how Lenskart built its empire on affordability and what that means for the people who actually wear its glasses.

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ChatGPT is everywhere. Not everyone is impressed

The Ken — Fri, 31 Oct 2025 02:00:00 +0530

Last week, ChatGPT launched its own AI browser — a tool that promises to surf the web for you. It can summarise articles, add chocolates to your cart, or even tell you which email to reply to first (though… not always correctly).

OpenAI’s vision is clear: make ChatGPT the centre of your digital life. But are users buying in? From buggy app integrations with Canva and Spotify to real concerns around privacy and data access, host Rachel Varghese explores why AI-powered tools aren’t quite the game-changers they claim to be — yet. And why OpenAI keeps rolling them out anyway.

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Ola’s investors want out. Bhavish Aggarwal won’t let go

The Ken — Thu, 30 Oct 2025 02:00:00 +0530

Ola’s ride-hailing business is losing speed. Its market share has dropped from 45% in 2018 to around a quarter today and investors are running out of patience. Some even explored a merger with Rapido in late 2024 but the talks collapsed.

Bhavish Aggarwal’s focus on Ola Electric and his reluctance to sell have kept the cab business in limbo. Leadership churn, shrinking cash reserves, and a collapsing valuation have added to the strain.

So why can’t investors leave and why is Aggarwal refusing to let go?

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How Doms is schooling ITC in India’s stationery business

The Ken — Wed, 29 Oct 2025 02:00:00 +0530

If you’ve ever used a Classmate notebook or a Doms pencil, you’ve already been an unwitting part of one of India’s quietest rivalries in action.

For years, ITC ruled the stationery aisle — backed by its giant paper mills and powerful brands. But Gujarat-based Doms is catching up fast.

Since its 2023 IPO, Doms’ sales have surged, its stock has tripled, and it’s closing in on ITC’s notebook empire.

With everything made in-house and a perfectionist at the helm, Doms is turning pencils into profit, and giving one of India’s biggest conglomerates a run for its money.

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After a blockbuster IPO, LG faces a tougher test — selling luxury without losing loyalty

The Ken — Tue, 28 Oct 2025 02:00:00 +0530

LG Electronics India just pulled off a record-breaking IPO, drawing bids worth over 4 lakh crore rupees. Investors love its dominance in consumer electronics and its unrivaled retail network. For decades, LG has built trust through deep relationships with local retailers, flexible margins, and a people-first culture.

But as the company shifts toward profit maximization and premium products, those same relationships could be tested.

Can a business built on generosity stay efficient enough to compete with rivals like Samsung and Whirlpool?

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The Big Four gain where Accenture and IBM feel the most pain

The Ken — Mon, 27 Oct 2025 02:00:00 +0530

Accenture is reinventing itself. Literally. Its new “Reinvention Services” division, led by former Americas CEO Manish Sharma, is supposed to make Accenture the best version of itself for clients.

But inside the company? "Reinvention" signals a deep internal culling after nearly 11,000 job cuts. The layoffs, however are also fuelling a new kind of hiring boom elsewhere.

The Big Four—Deloitte, PwC, EY, and KPMG—are seizing the moment. As they race to turn themselves into AI and tech transformation powerhouses, corporate restructuring at tech-services giants like Accenture and IBM just made hiring tech talent a whole lot easier for the Big Four.

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When Trump made H-1B visas costlier, these workers saw the silver lining

The Ken — Fri, 24 Oct 2025 02:00:00 +0530

Trump hiked H-1B visa fees overnight. For Indian students and engineers, it was a shock. For GCC employees, it was a chance to step up.

While global capability centres handle tech, ops, and innovation, final decisions usually stay in the US. Senior employees started to wonder: could the visa disruption finally shift some power to India?

In this episode, we explore why GCCs’ leap from execution to strategy is still far from guaranteed.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Meesho’s success story is written in cash but investors now see risk

The Ken — Thu, 23 Oct 2025 03:00:00 +0530

Meesho is preparing for one of India’s most watched IPOs. The company built its success in small-town India, where trust matters more than speed.

Over 75% of its orders are still paid in cash on delivery. That approach helped Meesho win millions of new shoppers and grow faster than bigger rivals. But it also ties up cash and squeezes margins, making investors uneasy.

Now Meesho is working with Razorpay to encourage more prepaid payments and faster settlements.

But can a company that grew by trusting cash-first customers convince them to go digital without losing their loyalty?

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How India’s call centre industry is being rewritten by AI

603 — Wed, 22 Oct 2025 03:00:00 +0530

At 2 a.m. in Bangalore, a call-centre agent is resolving flight refunds with a new kind of colleague — one that never sleeps.

AI copilots are now embedded across India’s BPM sector, watching every click and keystroke to improve their own efficiency. For firms like Capgemini and Genpact, the real prize isn’t labour anymore — it’s workflow data.

Because in the race toward “agentic AI,” whoever owns the data, wins. And India, for all its scaled up manpower, might be training the machines that will one day replace it.

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If AI is really changing everything… where’s the evidence?

The Ken — Tue, 21 Oct 2025 04:00:00 +0530

Is the AI revolution already running out of steam?

Despite years of hype about a world transformed by smart tools and endless innovation, the data tells a quieter story. The growth is flat, the excitement is fading, and there have been fewer breakthroughs than expected. Has AI already peaked or are we just looking in the wrong places?

In today's episode, we dive into one of The Ken’s most thought-provoking essays by Praveen Gopala Krishnan, 'What does an AI bubble burst look like?'

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Shopping at an Indian airport? Almost everything you touch could belong to Adani

The Ken — Mon, 20 Oct 2025 02:00:00 +0530

When Dreamfolks Services entered India’s aviation scene, it quietly built the plumbing that made airport lounge access possible. It linked banks, card networks, and travellers to hundreds of lounges nationwide. For years, it stayed out of sight, powering a privilege most flyers never thought twice about.

Now, it’s being shown the door.

Adani, India’s biggest airport operator, is moving fast to take full control — not just of the runways, but everything that happens beyond security. Lounges, food courts, duty-free zones, and retail stores are all coming under its fold. Some are being rebranded, others replaced — and nearly all are being pulled into Adani’s growing airport ecosystem.

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The lazy girl's guide to building quiet wealth

The Ken — Fri, 17 Oct 2025 01:58:47 +0530

What if the smartest money move you ever make… is doing less?

In this episode of Daybreak, host Snigdha Sharma sits down with Megha Jose, CEO of Fortune Wealth Management and founder of Thryve, an investment advisory firm, to explore the idea of “Lazy Girl Investing.” Can women really build wealth without the burnout? And does the real rebellion lie beyond hustle culture?

From confronting financial shame to finding your “North Star” and rethinking how you see the stock market, Megha breaks down simple, low-effort systems that make your money work for you—quietly, confidently, and consistently.

Because financial freedom isn’t loud. It’s quietly compounding in the background.

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Inside the metal market’s most surprising meltdown

The Ken — Thu, 16 Oct 2025 02:00:00 +0530

Silver is having a moment, and not in the way you might think.

Once hoarded by billionaires, now sought after by AI and clean energy — the world is experiencing a historic silver crunch. Jewellers are refusing orders, mutual funds are freezing ETFs and Diwali shopping just got a lot more expensive.

The thing is, silver supply has been trailing demand for years now. And now, the gap is finally showing. What's behind this sudden shift?

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The family office is the new family business for India's richest heirs

The Ken — Wed, 15 Oct 2025 02:00:00 +0530

It’s a practical shift but one that’s changing how old wealth works and what it values.

What’s driving this change and does India’s next generation of uber-rich business owners still want to build anything at all?

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Why only 1 in 10 interns join the PM Internship Scheme

The Ken — Tue, 14 Oct 2025 02:00:00 +0530

Launched last year with the promise of 10 million internships, the Prime Minister’s Internship Scheme was meant to bridge the gap between young graduates and India’s job market.

A year on, the numbers tell a different story. Fewer than 9,000 interns have joined so far, even as top companies like TCS and Reliance came on board. Behind the slow start lie deeper problems — poor funding exacerbating a mismatch between corporate expectations and student realities.

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OpenAI wants your kid's homework data

The Ken — Mon, 13 Oct 2025 02:00:00 +0530

OpenAI’s latest classroom experiment is starting in India. A deal with the Arise school network gives 10,000 free ChatGPT licenses to teachers but the fine print has schools on edge.

But between NDAs, data collection, and new privacy laws, India’s educators are asking what OpenAI really wants from their classrooms.

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Ozempic sparked the weight-loss drug trend. Mounjaro is leading it in India

The Ken — Fri, 10 Oct 2025 02:35:42 +0530

Six months after launch, Eli Lilly’s Mounjaro is already India’s second-biggest pharma brand, ahead of antacid Pan and just behind antibiotic Augmentin. Days later, Eli Lilly announced a $1 billion investment and a new Hyderabad hub.

The timing is no accident: India has one of the world’s largest obese and diabetic populations, Ozempic’s patent expires in 2026, and local pharma giants are gearing up with cheap GLP-1 generics.

In this episode of Daybreak, host Rachel Varghese unpacks how this landscape presents both an opportunity and a challenge for Eli Lilly.

After Deloitte's blunder, the Big 4 may learn a new AI rule: being wrong first beats being right late

The Ken — Thu, 09 Oct 2025 02:06:06 +0530

When Deloitte refunded part of the A$439,000 it was paid by the Australian government for a report riddled with AI-generated errors, it seemed like the perfect moment to slow down.

Instead, the firm doubled down and announced a global rollout of Anthropic’s Claude to nearly half a million employees. That decision captures the strange new logic shaping the Big 4 consulting companies. PwC, EY, KPMG, and Deloitte are no longer just using AI, they are performing it.

Audit and tax work has slowed, regulation is tightening, and growth now depends on signalling technological boldness. In this new credibility economy, hesitation looks worse than failure. A mistake is no longer a crisis; it has become proof that you are early.

But as every firm rushes to prove its AI edge, sameness is setting in, and the next real differentiator may not be accuracy at all.

What could it be then?

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At Fogg deodorant’s owner, KKR’s PE math clashes with family-business wisdom

The Ken — Wed, 08 Oct 2025 02:00:00 +0530

Founded by the Patel brothers, Vini Cosmetics built Fogg into the country’s top deodorant brand with its no-gas formula, and high-margin pitch. In 2021, global giant KKR swooped in with a $600 million deal, valuing Vini at $1.2 billion—the biggest private equity play in Indian FMCG.

But the partnership never clicked. The founders refused to fully step back, while KKR struggled with the quirks of a brand-led business in a market it didn’t quite understand. Advertising budgets were slashed, rivals like Denver surged ahead, and new launches flopped.

Today, Vini is still profitable, but its margins are shrinking, and Fogg’s dominance is fading. And even as the founders return fully into the picture, it's future looks foggy at best.

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How Dhan, a broking startup, defied a slowing market and turned from dark horse to unicorn

The Ken — Tue, 07 Oct 2025 02:00:00 +0530

Even as markets wobble and trading volumes shrink, one online broker has raced ahead. Dhan, a four-year-old broking startup, managed to grow rapidly, post profits, and raise $120 million at a $1.2 billion valuation—all in the middle of a market correction.

In this episode, we look at Dhan’s journey from a niche platform for power traders to one of India’s newest unicorns.

What's making investors so bullish on Dhan when the rest of the industry is slowing down?

Tune in.

Correction note: In this episode, the host mistakenly referred to Dhan’s raise as $120 billion; the correct figure is $120 million, led by Hornbill Capital, valuing the company at around $1.2 billion.

How a tiny AI startup is giving IT sales a human touch

The Ken — Mon, 06 Oct 2025 02:00:00 +0530

Humantic AI is changing up IT services sales. Founded by serial AI entrepreneur Amarpreet Kalkat, the 24-person startup has built what it calls “buyer-first intelligence”—using AI to decode a client’s personality, communication style, and preferences from public data.

Humantic wants to give sellers an instant human edge in billion-dollar deals. But challenges loom. Enterprise buyers are wary of bloated sales stacks, and Humantic will have to prove it’s more than just another disposable add-on in a sector already crowded with AI promises.

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Phonepe is taking the IPO leap. But can it avoid Paytm’s fate?

The Ken — Fri, 03 Oct 2025 02:00:00 +0530

Phonepe is stepping into the public markets with a $15 billion IPO. For Walmart, which has pumped billions into the payments firm, this is both a chance to cash in and a test of its India strategy.

Unlike Paytm’s disastrous, hype-heavy listing in 2021, Phonepe is going in with steadier financials, fewer regulatory scrapes, and the scale to back its story. Yet, the timing isn’t without risk: subsidies are shrinking, UPI share caps are on the horizon, and investor appetite has cooled since 2021. Host Rachel Varghese explores what's in store.

Tune in.

India’s FMCG leaders are in a heated race for your spice cabinet

The Ken — Thu, 02 Oct 2025 02:00:00 +0530

India’s packaged-food bigwigs ignored spices for a long time. Not anymore.

Since 2020, everyone from ITC to Tata Consumer Products, from Dabur to Wipro, has been scrambling to cement their place in this essential corner of the Indian kitchen. They’ve pounced on spice brands, sometimes paying top dollar for them, all while their investors cheered them on. In fact, the stocks of Tata Consumer and ITC have both outperformed the S&P BSE FMCG index over the last five years.

Turns out, this was all the vindication that Norwegian conglomerate Orkla needed to go public

But this isn’t just another public listing. It’s the opening salvo in what industry insiders are calling the “great spice wars”. And here’s where it gets even spicier: though the category offers some of the highest margins in FMCG products—with pure spices commanding 30–35% gross margins and blended spices going up to 60%—they come with their own unique challenges.

Tune in.

*This episode was originally published on July 22nd 2025

The billion dollar market Kashmir can't claim

The Ken — Wed, 01 Oct 2025 02:48:44 +0530

It takes 150 crocus flowers to make just one gram of saffron. For comparison, a spice like cumin, gets you hundreds of kilos per acre whereas saffron yields barely two.

Despite getting a prestigious GI tag from the Indian government and even a National Mission dedicated to its revival, Kashmir’s saffron production has plummeted:from 8 tonnes in 2011 to just 2.7 tonnes in 2024.

So what’s going wrong? And can India learn something from Iran, which currently dominates 90% of the global saffron market?

Reporters Mehroob Mushtaq and Numan Bhat, traveled deep into saffron country, met the farmers, walked the fields, and came back with a story that’s rich in detail, visuals, and hard truths.

Tune in.

*This episode was originally published on July 21st 2025.

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How Coke and Pepsi found their sweet spot in 'sugar free'

The Ken — Tue, 30 Sep 2025 05:00:00 +0530

But what looks like a health trend is really a business strategy.

What is really inside those bottles? And what does it mean for consumers?

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Sriharsha Majety is pressing hard reset on the Swiggy playbook

The Ken — Mon, 29 Sep 2025 02:00:00 +0530

Swiggy, once the dominant force in India’s quick-commerce market, is now struggling to keep pace. Since its IPO, Instamart’s share has slipped to about 25%, well behind Blinkit’s commanding over 50%.

To engineer a turnaround, CEO Sriharsha Majety is driving sweeping changes at the company—fuelled by a wave of ex-Flipkart hires, including Amitesh Jha as Instamart’s new chief. The shake-up marks a cultural pivot from Swiggy’s meticulous “doc culture” to a harder-edged “move fast, fail fast” ethos.

But with Blinkit and Zepto racing ahead, whether this reset can restore Swiggy’s edge or leave it further behind in the quick-commerce race remains to be seen.

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Why venture capitalist Archana Jahagirdar believes the 'crazy genius founder' is a myth

The Ken — Fri, 26 Sep 2025 02:00:00 +0530

What happens when a woman writes the cheques in venture capital?

In India fewer than 5% of VC partners are women and Archana Jahagirdar, founder of Rukam Capital, is part of that rare group. Since 2019, she has backed Sleepy Owl, Burger Singh, Pilgrim and Beco—bets that reveal how India’s middle class eats, shops and aspires.

In this episode Archana talks to host Snigdha Sharma about why copying Silicon Valley often fails here, how VCs shape culture, what she looks for in founders, and why consumer trust can be the ultimate advantage.

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How Blinkit came to control more than half of India’s most cutthroat market

The Ken — Thu, 25 Sep 2025 02:00:00 +0530

Blinkit now controls more than half of India’s quick commerce market, a sector long thought too competitive, too crowded, and too expensive for anyone to dominate.

From its ever-expanding network of dark stores that powers its 10-minute deliveries to the recent, bold pivot toward an inventory-led model, Blinkit’s rise is built on a mix of speed, scale, and risk.

But rapid expansion also brings higher costs and greater exposure. Has Blinkit created a sustainable advantage, or has it built a fragile empire that could be tested soon?

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Vinfast’s radical EV strategy for India: ditch the showrooms

The Ken — Wed, 24 Sep 2025 01:54:00 +0530

Vinfast, Vietnam’s ambitious electric vehicle maker, is making its last-ditch global play in India after racking up billions in losses in the US and Europe. But its strategy is unlike anything the market has seen before. Instead of competing with giants like Tata and Mahindra in big metros with flashy showrooms, Vinfast is starting in Tier-2 and Tier-3 cities like Coimbatore and Shimla—using car workshops as sales hubs.

It’s betting on a country that is invested in EV adoption, rising middle class families who value range over power, and robust charging grid. The question is whether this unconventional approach will help it carve a space in India’s crowded EV market, or mark another costly failure.

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Amazon's legendary memo-writing culture is on its last leg

The Ken — Tue, 23 Sep 2025 02:00:00 +0530

For decades, every Amazon meeting began in silence with employees reading six-page memos that shaped the company’s biggest innovations like Prime and Alexa. Jeff Bezos banned PowerPoint in 2004 to build a culture of truth-seeking through crisp writing and messy discussions.

Now, that tradition faces disruption as internal AI tools like Amazon Q and Cedric draft, summarise and analyse documents in minutes. Some employees are embracing the speed while others fear a loss of originality and rigour.

Is AI strengthening Amazon’s culture or quietly dismantling the practice that once defined its success?

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IRMA's successful rural MBA is undergoing an uneasy makeover at Delhi’s desk

The Ken — Mon, 22 Sep 2025 02:37:49 +0530

IRMA was never just another B-school. Born out of Verghese Kurien’s (the father of Operation Flood movement) mind, it built a one-of-a-kind management program for rural India—training managers for cooperatives, NGOs, and grassroots institutions, far away from the IIM playbook.

Now, Delhi has other plans. An Act of Parliament is folding IRMA into a vast new central university, the "Tribhuvan" Sahkari University, with hundreds of affiliates. On paper, it’s about scaling cooperative education nationwide. But the shift is sparking anxiety over placements, faculty, and whether Kurien’s vision will survive in a system built for size.

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India’s millionaire households grew by 90%. Wealth managers are scrambling to catch up

The Ken — Fri, 19 Sep 2025 02:00:00 +0530

India’s millionaire households have jumped 90% in just four years, and a gold rush for wealth managers has begun. Firms like Nuvama, Kotak, and 360 One are in a race for high-net-worth clients—deploying relationship managers, slashing rates, and dangling exotic products to stay ahead.

But the old playbook of generous distribution fees is colliding with a new reality. Today’s wealthy are savvier, fee-sensitive, and increasingly leaning on advisory-first models or even building in-house family offices. That’s left pure-play firms in a difficult spot, even as VC-backed challengers chase growth at all costs.

Tune in.

P.S. Are you a manager, recruiter or founder who has been part of a hiring process in the last year? Rahel from 90,000 Hours wants to hear from you. Take our survey.

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Gold’s record run is really a dollar story with a rupee twist

The Ken — Thu, 18 Sep 2025 02:00:00 +0530

Gold has hit record highs: $3,702.95 an ounce globally and ₹110,666 per 10 grams in India, up over 40% this year. But inflation seems to be easing, and there’s no immediate threat of war. What could be behind the surge?

Experts point to central banks around the world buying gold, expectations of U.S. rate cuts weakening the dollar, and Indian households holding onto their gold, limiting supply. The rally matters for India because it pushes up imports and puts pressure on the rupee, which hit a record low of 88 against a dollar this year.

What does gold’s rise tell us about global money and India’s economy.

Tune in.

P.S. Are you a manager, recruiter or founder who has been part of a hiring process in the last year? Rahel from 90,000 Hours wants to hear from you. Take our survey.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Private equity-led Indian schools are losing teachers and students. What’s the lesson here?

The Ken — Wed, 17 Sep 2025 02:56:59 +0530

Tune in.

*Disclosure: The writer comes from a family that previously owned a school acquired partially by International Schools Partnership (ISP)

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India’s largest stockbroker, Groww, is banking on the rich to sell its IPO story

The Ken — Tue, 16 Sep 2025 02:23:21 +0530

India’s largest stockbroker, Groww, is chasing an ambitious IPO. But behind the headlines, its core broking business is under stress. Its clients are leaving, regulations are squeezing revenues, and profits are wobbling.

To keep its $7–8 billion valuation intact, Groww is making big moves. It's acquiring loss-making wealth-tech startup Fisdom for $150 million and launching “W,” a new unit for the rich.

Wealth management is the trend everyone wants in on, but can Groww really pull it off? Or is this just optics ahead of the IPO?

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Zoho is opting out of the cloud-AI industrial complex

The Ken — Mon, 15 Sep 2025 02:00:00 +0530

Most SaaS companies have accepted the “cloud and AI tax” , the cost they pay to Amazon, Google, and Microsoft for storage and processing data. But Zoho is refusing to play along. Famous for its frugality, Zoho is now building its own AI models and data centers to keep costs down for the small and medium enterprises that make up most of its clientele.

While rivals lean heavily on third-party clouds, Zoho has bet on a homegrown LLM—Zia—to power its products and stay affordable. But the strategy comes with risks, because building AI from scratch demands huge capital and relentless innovation.

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As investors celebrate Urban Company's IPO, its workers are labelled 'potential risk'

The Ken — Fri, 12 Sep 2025 04:22:59 +0530

Urban Company’s IPO is off to a roaring start. Retail investors snapped up shares within an hour of the issue opening. By the second day, demand was more than five times the supply, and in the grey market, the stock was already trading nearly Rs.40 above its official price band. The company has reported its first-ever annual profit, rolled out new services like Insta Help and Revamp, and is raising nearly Rs.1900 crore to fuel its next phase of growth.

On paper, it’s a remarkable turnaround story.

But there’s another side you won’t find in most headlines. Urban Company has built its business on the backs of gig workers. A majority of them are women who have been asking for things as basic as employment benefits, fair policies, and a share in the company’s success.

In this special episode, we revisit host Snigdha Sharma's earlier conversation with two such workers whose voices cut through the numbers.

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Physics Wallah is going public. But can one man carry a listed company?

The Ken — Thu, 11 Sep 2025 04:09:11 +0530

Physics Wallah has filed for a ₹3,820 crore IPO earlier this week making it India’s first edtech unicorn to go public. Founded by Alakh Pandey, the YouTube tutor turned entrepreneur, PW disrupted test prep with free videos and low-cost courses. It scaled into a unicorn with offline centres, AI tools, and millions of loyal students.

But as it steps into the public markets, Pandey’s cult-like persona, the company’s biggest strength, may also be its biggest risk.

Can a business built around one man survive investor scrutiny?

Tune in.

Why India's $100B trade romance with the UAE is only the beginning

The Ken — Wed, 10 Sep 2025 02:00:00 +0530

With ties to the US and China on shaky ground, India is leaning on a new partner—the UAE. The economic relationship has surged past $100 billion in FY25, and this surge has resulted in Indian companies from Tata to Omega Seiki Mobility setting up shop in the Emirates’ tax-free zones.

Attractive incentives like access to capital, world-class infrastructure, and geographical centrality are attracting Indian manufacturers abroad. But this raises a big question: is the UAE a launchpad for India’s global ambitions—or a risk to it’s own manufacturing dreams?

Tune in.

Why India’s online gaming ban could hit Razorpay and PhonePe harder than you think

The Ken — Tue, 09 Sep 2025 04:00:00 +0530

The Online Gaming Bill 2025 has wiped out India’s real-money gaming industry overnight. But the ripple effects extend far beyond fantasy cricket and poker tables.

For years, payment aggregators like Razorpay, PhonePe, Cashfree, and PayU quietly powered the industry’s explosive growth. They processed deposits, payouts, and billions of rupees in prize transfers every month. Real-money gaming wasn’t just another client vertical. It was their golden goose that delivered high margins in a hyper-competitive market.

Now, with the ban in place, these fintechs face a sudden revenue void. For some, gaming accounted for as much as 30% of net revenues. The loss comes just as many are prepping for IPOs, making the timing even more brutal.

So, what does the gaming ban really mean for India’s payments industry?

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Has Giva found a new silver lining in India's gold-obsessed jewellery market?

The Ken — Mon, 08 Sep 2025 02:00:00 +0530

Giva is shaking up India’s jewellery market, long dominated by gold, with an unexpected bet on silver. Founded in 2019, the company has already grown into a $2 billion brand by targeting the massive but largely unorganized silver jewellery segment.

Unlike competitors such as Caratlane and Bluestone that built their businesses around gold and diamonds, Giva has leaned on an “affordable luxury” play—high-margin silver products, agile design cycles, and impulse-friendly purchases.

But challenges loom. Rising silver prices could cut into margins, and its aggressive offline push will test whether silver can truly rival gold in a market steeped in tradition.

Tune in.

All you need to know about GST 2.0

The Ken — Fri, 05 Sep 2025 02:04:50 +0530

India is rolling out the biggest reform to its Goods and Services Tax since 2017. The GST Council has approved a new structure that takes effect on September 22. It will reshape how everything from household essentials to cars, insurance, and services are taxed.

The government says GST 2.0 will simplify compliance and lower costs, but several states warn of heavy revenue losses and economists question the design. Markets have already responded with key sectors moving sharply.

In this episode we go over what changes, who benefits, who loses, and whether GST 2.0 can deliver on the promise of a simpler tax system.

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One more senior exit at Peak XV. What’s behind the churn at India’s largest venture-capital firm?

The Ken — Thu, 04 Sep 2025 02:00:00 +0530

Harshjit Sethi, managing director at Peak XV and the firm’s AI investment lead, has resigned, marking yet another senior exit. His departure follows the exits of longtime partners Shailesh Lakhani and Abheek Anand, raising fresh questions about India’s largest venture-capital firm.

And the timing is striking: Peak XV is also on the verge of its biggest payday yet, with upcoming IPOs from Groww, Pine Labs, and Meesho that could deliver billions.

In this episode, we look at the paradox of Peak XV’s best year colliding with its worst, and what it means for its global ambitions.

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India needs doctors. So why are foreign-trained ones working unpaid—or not at all?

The Ken — Wed, 03 Sep 2025 02:00:00 +0530

A severe shortage of seats and difficult tests result in about 25,000 Indians flying abroad to get a medical degree. The problems begin afresh when they return. Instead of warm welcomes, graduates are met with screening tests with high failure rates, tedious registration procedures and even unpaid internships.

But, the thing is: India needs these doctors, and badly.

For every 1260 people, we have only 1 doctor–a stark departure from the WHO recommended 1:1000 ratio. However, bureaucratic mazes and a lack of infrastructural support put these young doctors in a difficult position.

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Why Peyush Bansal did the opposite of every rulebook move before Lenskart's IPO

The Ken — Tue, 02 Sep 2025 02:11:38 +0530

When Peyush Bansal spent more than Rs 200 crore to buy back Lenskart shares from investors at a deep discount, it wasn’t just a bold trade. It was a rare move few founders manage. He essentially clawed back equity before heading into an IPO.

And this extra stake pushed him into “promoter” status, a role many startup leaders once avoided but are now racing to embrace.

Why the sudden shift? What does it reveal about founders, investors, and regulators in India’s IPO boom?

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When India’s billionaires fight over legacy, who do they call?

The Ken — Mon, 01 Sep 2025 02:00:00 +0530

From the very public Ambani family feud to the private struggles of the Raymond family, the transfer of wealth and power has often been messy.

Part mediator, part therapist, part strategist—they do more than just advise. They keep dynasties from tearing themselves apart.

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Can Trump's tariffs push India to rewire its global trade?

The Ken — Fri, 29 Aug 2025 02:00:00 +0530

On August 27, 2025, U.S. tariffs on Indian exports doubled to 50%, slamming nearly $60 billion worth of goods from textiles and gems to furniture and leather. Industry groups warn shipments to America could plunge by more than 40%, with job losses running into the hundreds of thousands. But behind the headlines lies a deeper story.

For decades, Indian exporters leaned on the predictability of the U.S. market. But it was a comfort trap that left them dangerously exposed. Now, that comfort has snapped. Factories are idling, the rupee is weakening, and growth forecasts are being cut.

And yet, this shock could also be the push India needs to diversify and build resilience into its export ecosystem. Can a crisis this severe become the catalyst for transformation?

Tune in.

More on Trump's tariffs:
1. US consumers may not notice the ‘Made in India’ tag, but after Trump's tariffs, their wallets will
2. Biden said 'please' till 2024. Trump's saying 'penalty' in 2025

Why Google is forcing Gemini into everything you do at work

The Ken — Thu, 28 Aug 2025 02:00:00 +0530

Back in 2017, Google published the research that sparked the entire generative AI boom. But when OpenAI launched ChatGPT in 2022, Google was caught off guard.

Fast forward to 2025, and Google’s own AI, Gemini, is no longer a rushed response. It’s a full-grown product, one the company is pushing hard by bundling it with Workspace and Google Cloud. In India, that strategy is already visible. Enterprises are adopting Gemini for everything from customer service to search to creative media.

But here’s the twist: India’s cloud market is big on adoption but light on innovation, which means price matters. And Google is betting Gemini will give it the edge.

Tune in.

What Swiggy, Zepto & Cred know about your phone

The Ken — Wed, 27 Aug 2025 05:00:00 +0530

In March this year, a software developer that goes by Pea Bee online published a blog rather ominously titled ‘Everyone knows all the apps on your phone’.

He found that several Indian app-based startups are flouting rules of Google Play—Android’s app store—to access people’s data. In particular, some apps use a workaround to scrutinise the names and usage patterns of other apps on people’s phones. In real time.

Now, the fact that apps have a lot of your data may not be a surprise to you. We’ve been pretty cavalier about our data for some time now. Remember Digi Yatra?

But the scary thing is that Indian companies are equally nonchalant about the user data they collect. The result? Data-security breaches have been on the rise.

So what is a data conscious Indian customer to do?

Tune in.

*This episode was originally published on May 13 2025.

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The price drop in weight-loss drugs Indian pharma can’t handle

The Ken — Tue, 26 Aug 2025 04:00:00 +0530

Even though GLP-1 drugs have helped nearly 20 million people shed weight across the world since 2021, Indians had to wait until 2025 to get in on the action legally.

To be fair, the country wasn’t entirely in the dark. Semaglutide—the molecule behind pharma giant Novo Nordisk’s blockbuster drugs Ozempic and Wegovy—was already available for diabetes treatment. But this March, Eli Lilly’s Mounjaro (which uses a different molecule, tirzepatide) entered the market. In July, Wegovy arrived. And suddenly, India went from “we know GLP-1” to “we want the skinny shot”.

Since then, the GLP-1 market in India—across diabetes and weight loss—has grown from Rs 531 crore to Rs 628 crore. And now, depending on the vantage point, things are about to get much bigger. And much cheaper.

And naturally, pretty much every major Pharma major wants in on the action.

Tune in.

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Lenskart is a case study in how an Indian retailer can go global

The Ken — Mon, 25 Aug 2025 02:00:00 +0530

Lenskart is gearing up for a nearly $1 billion IPO after closing FY25 on a strong note with ₹6,652 crore in revenue and ₹297 crore in profit. What’s even more impressive is that almost 40% of that revenue now comes from its more than 600 stores outside India, rare feat for an Indian consumer brand.

Unlike peers such as Zomato and Ola that stumbled in global markets, Lenskart has taken a slow-and-steady approach, leaning on selective acquisitions, smart investments, and joint ventures to expand abroad.

At the heart of its success is a vertically integrated supply chain that gives the company pricing power, agility in launching new products, and the ability to deliver consistent quality no matter the geography.

Tune in.

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Why Dream11's dream run with Indian cricket came to a grinding halt

The Ken — Fri, 22 Aug 2025 02:00:00 +0530

The Online Gaming Bill, 2025 has sent shockwaves through India’s booming fantasy sports industry. Within hours of its passage in the Parliament on Wednesday, Dream11, the country’s first fantasy sports unicorn with over 200 million users, found itself on the chopping block. Smrita Singh Chandra, a former VP at Dream11, called the ban on real-money online games 'deeply unjust' and 'unethical,' warning of devastating economic fallout.

At stake is the fantasy sports industry valued at nearly $2 billion and projected to hit $5 billion by 2030. But the government isn’t just worried about gaming addiction. It cited money laundering, tax evasion, and even national security risks.

In this episode, host Snigdha Sharma unpacks the storm around Dream11: how the platform works, why Indian courts have long defended it as a 'game of skill,' and why critics and now the government, insist it is actually just gambling in disguise.

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If AI is expensive everywhere then why is ChatGPT cheapest in India?

The Ken — Thu, 21 Aug 2025 03:30:00 +0530

OpenAI has just launched a special, India-only plan for ChatGPT. It makes access cheaper here than almost anywhere else in the world. At first, it looks like a win for millions of Indians who’ll get to try cutting-edge AI at a fraction of the cost.

But for India’s AI startups, it may be a different story. Competing with global giants that have billions in capital, access to compute, and a head start on scale is already tough. Add aggressive pricing, and the playing field gets even steeper. After all, if Indians aren’t paying with money, they’re likely paying with something else: data and usage.

So where does that leave Indian AI? Can startups like Sarvam, Krutrim, and others still carve out a niche through language, verticals, or local trust or will they be reduced to distributors for the biggies?

Find our last episode on Sarvam here.

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360 One wrote the wealth-management playbook. Now it is learning a hard lesson

The Ken — Wed, 20 Aug 2025 02:00:00 +0530

On paper, 360 One Wealth and Asset Management looks flawless: a ₹42,000 crore market cap, among India’s largest pools of assets under management, and a co-founder CEO with a near-mythical reputation.

But beneath that shine, the cracks are widening. Within a year, three of its most influential leaders—including co-CEO Anirudh Taparia—walked out, with over 100 employees following. Promoters and insiders are offloading stock, and even early backers like Bain Capital are quietly easing out.

Officially, 360 One insists attrition is low and the fortress is intact. But industry insiders say otherwise—that the real impact of these exits is only beginning to play out.

In this episode, we dig into the unraveling of an industry darling. Why are star rainmakers leaving? How deep does the unease among shareholders run? And what does it say about the future of wealth management in India as younger, more nimble rivals rise?

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The secret behind IIMs' 100% placements? Opting out

The Ken — Tue, 19 Aug 2025 04:00:00 +0530

IIMs are increasingly counting on students opting out of the placement process to maintain their 100 per cent placement facade.

The playbook is simple, really. If too many students remain unplaced by the end of the cycle, send them an email suggesting they opt out. Or, like IIM Amritsar, just inform students that if they’re not placed, they will be considered as having “opted out”.

Of course, it’s all just to keep up appearances. When 40 out of 45 students get placed, and 5 opt out, the 100% placement claim becomes a technical truth.

Turns out, that’s the unfortunate byproduct of a tough and constant competition to get the best talent.

Tune in.

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Why VCs love founders with baggage more than founders with new ideas

The Ken — Mon, 18 Aug 2025 02:00:00 +0530

India’s startup boom has lost its spark. Venture capital funding in the first half of 2025 dropped to just $3.6 billion—the lowest since 2016. Fresh ideas are scarce, and investors are stuck with fewer bets to make.

So who’s still getting the money? Familiar founders. Even those with messy track records. Pharmeasy’s co-founders, whose healthtech giant crashed from $5.6 billion to $460 million, raised fresh funds for All Home. Whitehat Jr’s Karan Bajaj, criticized for misleading ads, secured $16 million for his new venture.

Why are VCs are backing baggage over breakthroughs?

Tune in.

UPI can be forever or free—not both

The Ken — Fri, 15 Aug 2025 05:00:00 +0530

On 19 March, the Indian government slashed incentives for UPI transactions by more than half to Rs 1,500 crore for FY25.

After it launched in 2016, UPI very quickly became the backbone of India’s digital economy–thanks to demonetisation, and well, the pandemic. Most importantly, it was the radical decision to keep it free that fuelled its growth. No merchant fees. No transaction costs. But the zero-MDR policy came at a price because payment processors lost more than 2500 crore last year alone. And with the new budget cut, it will get worse.

The system is clearly showing signs of strain.

While UPI continues to post record volumes—18 billion transactions in March alone—many are asking an uncomfortable question:

Can India keep up its digital payments miracle without letting the infrastructure collapse under its own weight?

Tune in.

Do you think people will stop using UPI if there is a small fee involved?

*This episode was originally published on 21st April, 2025.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What happens when a failed founder goes job hunting?

The Ken — Thu, 14 Aug 2025 06:00:00 +0530

On average, over 35 startups shut down every day in India. Employees move on to their next stint, but most founders find themselves unemployed, thanks to their high pay and a leadership attitude.

Why? Think of it this way. What makes a good founder? Leadership, independence and a penchant for the unconventional.

But what happens when these very strengths are seen as weaknesses when they're on the other side of the hiring table?

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Inside Samir Kumar’s plan to bring order to Amazon India’s chaos

The Ken — Wed, 13 Aug 2025 07:26:56 +0530

It's been a tough couple years for E-commerce in India. And no one has quite borne the brunt of it like Amazon.

Between tough competition from the likes of Meesho and Flipkart, not to mention the legion of quick commerce platforms that have completely changed the way we shop, and profitability pressures – Amazon is stuck between a rock and a hard place.

But now it is trying to turn back the clock.

Leading that endeavour is Samir Kumar, who took over and the new country manager in October 2024. Since then he’s been exploring new ways of working.

Kumar has picked Prime as the chosen path to profitability. After all, Prime users spend nearly twice as much as their non Prime peers and contribute more than half of Amazon’ India’s business.

The second emphasis is on speed: something the previous leadership thought wasn’t worth their time, per at least three managers. A couple of months ago, the company finally launched its quick-commerce service, Amazon Now, in select cities.

But the timing could've been better.

Tune in.

A quick guide to the new Income Tax Bill

The Ken — Tue, 12 Aug 2025 08:36:49 +0530

The new Income Tax Bill 2025 was passed by the Lok Sabha without debate yesterday. It is a huge step towards simplifying and modernising India's tax system after six decades.

But what does this major reform mean for you, the average taxpayer?

Tune in to find out.

When dark patterns become default

The Ken — Mon, 11 Aug 2025 07:00:04 +0530

The Indian government is losing patience with consumer-tech platforms using dark patterns or manipulative design tricks.

From hidden fees on Amazon to guilt-inducing pop-ups on Indigo, these tactics push users into spending more money, sharing more data, or giving up more control, often without realising it.

And they’re deeply baked into how these companies grow, making them hard to remove without hurting the bottom line.

Tune in.

Biden said 'please' till 2024. Trump's saying 'penalty' in 2025

The Ken — Fri, 08 Aug 2025 00:07:54 +0530

Just a year ago, U.S. officials publicly encouraged India to buy discounted Russian oil to help stabilise global markets during the Ukraine war. But fast forward to 2025, and the U.S, under President Trump, has slapped India with the highest tariffs in the world: 50% on its exports. Trump has accused India of funding Putin’s war machine.

So what changed?

In this episode, we break down how India went from energy partner to trade target for doing exactly what the U.S. once asked. We also look at the double standards: America’s own imports from Russia and its backing of Israel in Gaza.

Tune in.

Why some of AI's brightest minds are rejecting billions from big tech

The Ken — Thu, 07 Aug 2025 02:00:00 +0530

Earlier this week, Andrew Tulloch, co-founder of Thinking Machines and one of the key engineers behind OpenAI's GPT-4, reportedly said no to a jaw-dropping $1 billion offer from Zuckerberg's Meta.

Why would anyone say no to that kind of money? The answer lies in a high-stakes conflict for the soul of AI.

From Microsoft crippling Inflection AI and Meta’s $200M poaching spree to a growing rebellion led by top AI minds like Mira Murati, Andrew Tulloch, and Dario Amodei, we look at big tech’s desperate bid to own AI by buying its creators.

Tune in.

Why EY India's old guard is walking away

The Ken — Wed, 06 Aug 2025 05:00:00 +0530

In just over a year, EY India has seen at least 10 partners from its tech consulting division quit. Many of them were pioneers of significant practices like data analytics, cybersecurity and SAP.

What’s interesting is how they left. There were no public announcements, or farewell parties. It was almost like these senior partners vanished from some of the consulting giant's most prized divisions. And with them, they’ve taken full teams, clients and decades of institutional memory.

Now, its not that senior people stepping down is out of the ordinary. It’s the fact that these resignations came in such close succession. They hint at a pattern.

Tune in.

Bansal chased vision. Nagori chased output. Public markets seem to prefer butter chicken over burpees

The Ken — Tue, 05 Aug 2025 05:00:00 +0530

Ankit Nagori and Mukesh Bansal may have started the fitness unicorn Cult.Fit together, but their journeys since then are a study in contrasts.

On one hand is Cult.Fit. It's been a little over a year since Mukesh Bansal stepped down as Cult’s CEO. When The Ken reached out to him asking why, he clarified that he still remains involved. But involvement, of course, is a spectrum – sometimes it means steering the company to an IPO.

The catch is that while Cult.fit wants to go public next year, there is no DRHP yet. There is also no FY25 data on the Ministry of Corporate Affairs website.

Then you have Nagori’s big bet – Cure.Foods. Under Nagori’s leadership, Curefoods went from 2 crore in revenue in FY21 to 775 crore in FY25. That’s according to its draft IPO documents filed in June.

Yup, Curefoods is also looking to go public. But unlike Cult, Nagori has a DRHP, a valuation, and a business that sells things people eat. While Eat.fit was all about quinoa and millets, Curefoods evetnually became about what sells. After all, the focus was to scale.

Tune in.

Can Zepto’s 10-minute coffee dodge the fate of Starbucks and CCD?

The Ken — Mon, 04 Aug 2025 04:00:00 +0530

India’s coffee scene looks like it is booming with new cafes, trendy menus, and big international names. But the truth behind is that almost no one is making money.

And then came along Zepto Cafe, the 10-minute coffee delivery, that wanted to change everything. In early 2025, it was clocking 100,000 daily orders and a $100 million run rate. But just months later dozens of its locations shut down.

Why did Zepto, with its speed, scale, and infrastructure, end up like every other coffee brand in India? It all boils down to brutal economics.

But if Zepto couldn’t make coffee profitable in India, can anyone?

Tune in

US consumers may not notice the ‘Made in India’ tag, but after Trump's tariffs, their wallets will

The Ken — Fri, 01 Aug 2025 04:14:16 +0530

A 25% tariff on Indian textiles maybe a blow to India’s exports but that’s only half the story.

The latest trade move by Donald Trump could hit closer to home for American consumers. India is the third-largest supplier of apparel and home textiles to the U.S. after China and Vietnam. Both countries already face heavy tariffs from the US. Together, China, Vietnam, and India account for nearly 60% of American clothing imports.

So what happens when all three get taxed?

In this episode, we examine the possible ripple effects on American retailers, sustainable fashion, small brands along with the average Target shopper. Meanwhile, India isn’t sitting quietly. It’s already diversifying into Europe, Africa, and other regions.

Is this really about bringing back American jobs? Or will U.S. consumers be made to foot the bill?

Clinics have made IVF the new C-section. VCs can't get enough

The Ken — Thu, 31 Jul 2025 02:00:00 +0530

IVF chains in India aren’t deterred by paltry things like probabilities. They’ve made IVF the new C-section—essentially, a revenue-generating procedure pushed before natural alternatives are even considered. All at 4X the cost of a C-section, or around Rs 2 lakh for a single cycle.

The result is a $1.4 billion IVF market in India—10 times the market for cataract surgery, the most common procedure worldwide.

Unsurprisingly, venture-capital and private-equity firms have swooped in for the kill.

That this growth is coming at the cost of quality care is the real problem.

Tune in.

Lenskart's all set for its IPO but the franchisees behind its success want to drag it to court

The Ken — Wed, 30 Jul 2025 05:28:42 +0530

Lenskart has grown into one of Asia’s biggest eyewear companies and is now gearing up for a massive IPO. It is aiming to raise ₹2,150 crore through a fresh issue as part of an ₹8,000 crore public offering.

But as the company prepares to go public, a storm is brewing behind the scenes.

A group of former franchise store owners is accusing Lenskart of unfair practices and even fraud. They're alleging they were kept in the dark about store finances and undercut by company-owned outlets opening next door.

Now, these franchisees are pushing the Karnataka High Court to reopen an investigation into the company even as Lenskart insists it’s a contractual dispute.

Tune in.

At India’s airports, Adani wants the runway, the lounge, the latte, and the lipstick

The Ken — Tue, 29 Jul 2025 04:00:00 +0530

When Dreamfolks Services launched in India, it built the system that made airport lounge access work. It connected banks, card networks, and travellers to lounges across the country. For years, it stayed behind the scenes, powering the perks many took for granted.

Now, it’s being pushed out.

In this episode, we look at how Adani, India’s largest airport operator, is moving quickly to take control. Not just of the runways, but everything inside the terminals. Lounges, food courts, duty-free shops, and retail outlets are all being brought in-house. Some are being replaced. Others are being rebranded. And almost all are being absorbed by companies tied to Adani.

Tune in.

Who’s using the e-rupee?

The Ken — Mon, 28 Jul 2025 09:38:25 +0530

Globally, virtual currencies are back in the limelight. In India, UPI transactions hit record highs almost every month. Yet, the value of cash in circulation has gone up by Rs 2 lakh crore.

Sure, the transaction value of the e-rupee, or the digital form of the fiat currency, has increased, but it’s driven more by banks doling out allowances to employees than any real market demand.

But the reality is that the landscape of money’s partial substitutes in India, a digital-payments pioneer, shows little change to the status quo.

Tune in.

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On Substack, online knowledge olympics, and the fickleness of the www feat. Anurag Minus Verma

The Ken — Fri, 25 Jul 2025 04:34:55 +0530

In this episode, hosts Snigdha Sharma and Rahel Philipose are joined by interdisciplinary artist and internet truth-teller Anurag Minus Verma to talk about what’s really happening to Substack and why it matters.

The online publishing platform began as a utopian space for writers and artists that promised no algorithms, no ads and no hustle for likes. It allowed for writers and readers to forge direct connections for a simple 10% cut. But with a fresh $100 million in VC funding and a growing noise about discovery feeds and advertising, there seems to be a quiet shift toward platformisation.

Anurag, the voice behind the Substack newsletter Culture Café, has been writing at the intersection of caste, cinema, digital absurdity, and internet culture long before Substack became a post-Twitter haven. As a digital artist who deeply understands the performance of knowledge in the age of monetised identity, he helps us unpack this growing tension between artistic freedom and growth strategies on online platforms.

Is the enshittification of Substack now inevitable? How can artists adapt, resist, and survive in these constantly shifting digital ecosystems?

Tune in!

How Chanda Kochhar was found guilty

The Ken — Thu, 24 Jul 2025 02:00:00 +0530

On July 22, 2025, a court found former ICICI Bank CEO Chanda Kochhar guilty of accepting a ₹64 crore bribe from Videocon Group promoter Venugopal Dhoot. The bribe was allegedly routed through her husband’s company, NuPower Renewables, just a day after ICICI sanctioned a ₹300 crore loan to Videocon in 2009.

In today's episode, we trace the complete timeline, from the first whistleblower alert in 2016 to the 11,000-page CBI chargesheet and the 2022 arrests of the Kochhars. We also look at how internal governance failures and unchecked conflicts of interest allowed this to unfold inside one of India’s largest private banks.

Tune in.

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Why should your degree get you a job anymore?

The Ken — Wed, 23 Jul 2025 05:00:00 +0530

India’s job market is broken.

We’ve known that for a while. But the reason why is worth paying attention to. It’s not a lack of talent.

Every year, India adds millions of graduates to its talent pool. Thousands enter the workforce—freshly certified and ready to be hired.

The real problem is the growing disconnect between qualification and competence.

Tune in.

🎓 Are you an Indian student in the US or recently graduated? Tell us what your journey’s been like: Take the survey

FMCG giants are caught in a spice war

The Ken — Tue, 22 Jul 2025 07:24:33 +0530

India’s packaged-food bigwigs ignored spices for a long time. Not anymore.

Turns out, this was all the vindication that Norwegian conglomerate Orkla needed to go public

Tune in.

Check out the latest episode of The Ken's brand new careers podcast, 90,000 Hours.

What happened to Kashmir's saffron?

The Ken — Mon, 21 Jul 2025 02:00:00 +0530

It takes 150 crocus flowers to make just one gram of saffron. For comparison, a spice like cumin, gets you hundreds of kilos per acre whereas saffron yields barely two.

So what’s going wrong? And can India learn something from Iran, which currently dominates 90% of the global saffron market?

Reporters Mehroob Mushtaq and Numan Bhat, traveled deep into saffron country, met the farmers, walked the fields, and came back with a story that’s rich in detail, visuals, and hard truths.

Tune in.

iPhone 17 mass production in India is faced with a China-led disruption. Here's why it's a good thing

The Ken — Fri, 18 Jul 2025 04:43:11 +0530

iPhone 17 components have started arriving at Foxconn’s plant in Tamil Nadu. It signals Apple’s quiet but serious shift toward next-gen production in India, potentially starting as early as August.

But as India is stepping into a more central role in Apple’s global supply chain, Foxconn is being forced to pull hundreds of Chinese engineers out of India. These are people who helped set up and run these complex manufacturing lines. The move has raised eyebrows with many interpreting it as Beijing’s geopolitical pushback against Apple’s China-plus-one strategy.

Here’s the twist: what if this squeeze isn’t a setback, but a necessary shock? Could China’s pressure may actually accelerate India’s path to manufacturing independence?

Tune in.

No one knows how Cibil rates your finances. Not even your bank

The Ken — Thu, 17 Jul 2025 05:00:00 +0530

CIBIL or Credit Information Bureau (India) Ltd is one of only four credit information providers in the country that is licensed by the RBI. It is considered the oldest and the most reliable. It essentially calculates your credit score, a three digit number between 300 and 900, and provides it to banks so they can judge your creditworthiness. Usually, anything over 700 is considered good.

But this whole process is anything but straightforward. In fact, it is shrouded in mystery. Each of these bureaus typically have their own algorithm to compute your credit score. And they are all somewhat similar. But nobody–not the borrowers and not even the banks–fully understand how these credit information providers, like Cibil, actually rate finances.

In this episode, we try to demystify these credit bureaus and their mystery calculations that decide our fate.

Tune in.

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*This episode was first published on February 6, 2025

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

You think Ola Electric is in trouble? You’re not even close

The Ken — Wed, 16 Jul 2025 05:00:00 +0530

On June 23, Ola Electric’s stock crashed to an all-time low of ₹43.

This week, the stock staged a brief rebound, jumping nearly 20% in a single session. But at ₹47, it’s still trading far below its IPO price of ₹76 and more than 70% off its post-listing peak.

On an earnings call, founder Bhavish Aggarwal insisted the company was on track. With rising margins and tighter cost control, he said, Ola would hit EBITDA break-even at 25,000 units a month.

But a closer look at Ola’s financials tells a very different story.

For FY25:
— Revenue dropped nearly 10%
— Losses ballooned over 40%, to ₹2,300 crore
— And cash flow from operations? Deeply negative at ₹2,391 crore—nearly 4x worse than the year before

In today’s episode, we unpack the growing gap between narrative and numbers at Ola Electric and ask: can Bhavish really steer this ship to safety?

Tune in.

Check out The Ken's new careers podcast, 90,000 hours:
Spotify: https://open.spotify.com/show/5HEi59iUPRMMFfUvxeio47
Apple: https://podcasts.apple.com/podcast/90-000-hours/id1826777519

Attend The Ken's next event. Details here.

The new tech job you’ve never heard of and why India’s leading it

The Ken — Tue, 15 Jul 2025 05:00:00 +0530

Welcome to the world of AI trainers.

A growing army of freelancers is quietly shaping the way large language models think.

Hired by companies like Turing, Mercor, and Deccan AI, these trainers are tasked with finding blind spots in models built by OpenAI, Meta, Anthropic, and Google—and fixing them.

The goal? Fewer hallucinations. Smarter, more coherent responses. A model that feels just a little more… human.

It’s a noble endeavour. But also a billable one.

And as this new line of white-collar gig work takes off, India is fast becoming its beating heart.

But behind the hype lies a murkier story.

Tune in.

Why IIMs are betting big on bachelor's degrees

The Ken — Mon, 14 Jul 2025 02:00:00 +0530

Until recently, the prospect of an IIM offering a standalone undergraduate degree seemed unlikely. Traditionally known for their elite postgraduate programs, the Indian Institutes of Management (IIMs) have long been synonymous with MBA excellence. That image is now undergoing a significant shift.

IIM Sirmaur is among the many who have introduced a bachelor’s program. IIM Kozhikode and IIM Sambalpur have followed suit. IIM Bangalore and IIM Lucknow are also preparing to launch similar courses. After decades of focusing solely on postgraduate education, the IIMs are moving into new academic territory.

What’s driving this transformation? And why now?

Tune in.

To apply to The Ken’s podcast team, click here

India can’t build the next Nvidia now but it can become the place Nvidia needs next

The Ken — Fri, 11 Jul 2025 02:00:00 +0530

Just last year, Nvidia CEO Jensen Huang sat across from Mukesh Ambani at the company’s first-ever AI summit in India.

Dressed in his trademark black leather jacket, Huang addressed a packed room of tech founders, policymakers, and academics. He made a bold prediction: India, long known for exporting software, will soon be exporting AI.

But this wasn’t just another keynote. It was a power play.

At the same event, Nvidia and Reliance announced a major partnership to build AI infrastructure in India -- everything from data centers to foundational models. And Reliance wasn’t alone. Nvidia also inked deals with Infosys, Tata, Tech Mahindra, and Flipkart.

This episode dives into why Nvidia is betting big on India, how that fits into India’s own messy AI ambitions, and what’s really at stake when a $4 trillion company becomes a country’s AI backbone.

Tune in.

*Correction: In the episode, it was mentioned that TCS has 50,000 AI-trained engineers. We’d like to clarify that the accurate figure is that over 1,14,000 TCS associates have been trained in higher-order AI skills.

47 million in India lost life insurance in one year. Nobody blinked

The Ken — Thu, 10 Jul 2025 03:00:00 +0530

47 million Indians just lost their life insurance coverage. But not one of the country’s biggest insurers seem bothered.

In this episode, we look at the silent collapse of credit-linked life insurance—policies that were once bundled with microloans and quietly protected millions of low-income borrowers. But now, that model is breaking down.

Blame mounting defaults, shaky microfinance lending, and a post-pandemic spike in death claims. As lenders pull back and insurers retreat, entire communities are being pushed out of the safety net—with barely a ripple in the headlines.

Why the regulator won’t step in and what persistent high mortality means for the future of group insurance?

Tune in.

To apply to The Ken’s podcast team, click here

From Manipal to Shapoorji, India's private credit party is just getting started. But trouble is brewing

The Ken — Wed, 09 Jul 2025 02:00:00 +0530

Private credit is having a moment in India. Hardly a week goes by without a blockbuster deal. Whether it’s Deutsche Bank’s $3.4 billion debt package, KKR’s $600 million loan to Manipal, or a fresh round of financing for Shapoorji Pallonji.

But beneath the surface, pressure is building.

As interest rates fall and competition heats up, yields are tightening. Banks, once sidelined, are eyeing a comeback. They are realising they should once again lend to companies they gave up to non-bank lenders first when their own bad loans shot up to over 11% in the year ended March 2017, and now increasingly to private-credit funds.

Tune in.

Whitehat Jr taught Karan Bajaj a few lessons. Now he’s testing them on cancer

The Ken — Tue, 08 Jul 2025 05:12:25 +0530

After swearing off startups post a $300 million exit, Karan Bajaj is back with Complement 1, a healthtech venture offering personalised coaching for cancer patients. But this isn’t just a pivot, it’s a whole new playbook.

This time, it’s personal: Bajaj’s mother had cancer, and he says this is the product he wishes she had.

Built for the American market, Complement 1 is taking a B2B route, targeting insurers, employers, and cancer centres. But early traction has been tough. Unlike edtech, healthcare demands more than just hustle. We look at whether Bajaj’s old playbook still works in a world where good intentions must meet rigorous standards and sustainable business models.

Tune in.

Does Reliance really know what it wants from e-commerce?

The Ken — Mon, 07 Jul 2025 02:00:00 +0530

Ajio was supposed to be Reliance Retail’s e-commerce success story. While other digital bets like Jiomart, Dunzo, and Urban Ladder struggled to find their footing, Ajio surged ahead powered by aggressive discounts, brand partnerships, and the deep pockets of India’s largest retailer.

But behind the scenes, the momentum was already beginning to crack.

Today, we go inside the fashion platform’s sharp pivot. Over the past year, Ajio has gone through major leadership reshuffles, mass layoffs, and shifting strategies—from launching ultra-fast delivery to pushing premium fashion, only to walk parts of it back.

And as profitability pressure mounts from the top, teams are left scrambling to do more with less.

Tune in.

The Centre cleared the road for bike taxis. Karnataka still won’t hit the gas

The Ken — Fri, 04 Jul 2025 02:00:00 +0530

Karnataka’s bike taxi ban has thrown Bangalore’s commute into chaos.

Since June 16, services like Rapido, Ola, and Uber Moto have been off the roads, thanks to a High Court-backed state ban.

But for thousands of gig workers and commuters, bike taxis were more than a convenience, they were a lifeline. As protests intensify and surge pricing spikes, this episode unpacks the policy deadlock, the Centre’s new guidelines, and why even women commuters are asking for the ban to be lifted.

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To apply to The Ken's podcast team, click here

Inside India's rare earth magnet emergency and how EV makers are coping

The Ken — Thu, 03 Jul 2025 07:32:36 +0530

Rare-earth magnets, made from elements like neodymium and praseodymium, are essential to EV motors. But nearly all of them come from China. And since April, not a single shipment has arrived. Maruti Suzuki has already slashed production. TVS and Bajaj are counting down to a July deadline. Others, like Mahindra and Omega Seiki, saw this coming and started building workarounds.

This isn’t just a supply chain issue. It’s a geopolitical move. China controls over 90% of rare-earth processing and has tightened export rules, stalling approvals to countries like India. Now, even importing magnets requires a bureaucratic maze of guarantees, embassy sign-offs, and unanswered emails.

How are Indian EV makers are coping?

Tune in to find out.

Reliance Trends, Pantaloons, and the shopping spree that never came

The Ken — Wed, 02 Jul 2025 05:00:00 +0530

Post-pandemic, retail giants like Reliance and Aditya Birla Fashion were ready to bounce back and they weren’t being very subtle about it. Reliance Retail for instance opened nearly 6000 stores across fashion, groceries, electronics just in FY22 and FY23. But the retail dream of a booming post-Covid shopping spree that companies had sold themselves never really happened. Soon these companies had to hit rewind. Thousands of jobs were gone and hundreds of stores had to be closed down.

Turns out, India’s fashion retail scene is scrambling for a reset.

But what exactly went wrong? Why did giants like Reliance, Aditya Birla, and Shoppers Stop stumble? And what’s the new playbook they’re following to survive?

Tune in.

To apply to The Ken's podcast team, click here

Why Sebi-registered advisors are now an endangered species

The Ken — Tue, 01 Jul 2025 10:02:56 +0530

Everybody wants to invest, but not everyone knows how. There just aren’t many who can point investors in the right direction.

Registered investment advisors, or RIAs—either individuals or corporates licensed by the stock-market regulator—are an endangered species in India. While the country had about 192 million demat accounts as of March 2025, there were only about 941 advisors. That’s one advisor for over 200,000 investors. Pressure much?

You’d think the problem goes away if there were more Sebi-registered advisors. If only. In fact, the number of registered advisors in India has been declining over the past few years. Just in 2020, there were over 1,500 of them. The drop was largely attributable to the regulator.

Meanwhile, fintechs like ET Money and Value Research are attempting to plug this gap by offering investors automated advice for direct investment. But it's far from a done deal.

Tune in.

Listen to the latest episode of First Principles feat. Manish Sabharwal of Teamlease here.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

How Croma became the victim of Tata Digital's endless quest for relevance

The Ken — Mon, 30 Jun 2025 06:00:00 +0530

Over the last four years, Croma has found itself in a curious spot. On paper, it’s Tata Digital’s crown jewel—contributing over half of its revenue and crossing ₹18,000 crore in sales last year. But behind the scenes, it’s also become Tata Digital’s favourite testing ground.

From sudden team transfers — like its entire marketing team being moved to Tata Digital overnight — to shifting strategies, Croma has borne the brunt of Tata’s endless experimentation. The result? Cracks in its business model, ballooning losses, but also one big silver lining: a 20 million-strong customer base that could be its ticket to a turnaround.

The real opportunity lies in tapping that customer base. But the catch? No one seems to know how to make that happen.

Tune in.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

Bata's premium problem in a Prada-priced world

The Ken — Fri, 27 Jun 2025 02:00:00 +0530

While Prada walks the ramp in Kolhapuris, here in India, Bata, the brand that once defined middle-class respectability, can barely find its footing. Bata which was once a household name, a back-to-school essential, a symbol of quality without fuss, is now finding itself squeezed. Too expensive for the value-hunting Zudio crowd and not fancy enough for the Birkenstock and Crocs-wearing folks.

Which is why Sandeep Kataria’s recent resignation as global CEO feels like a full circle moment. After all, it was under his leadership that Bata tried to pivot from utility to aspiration. But was it ever really able to shake off its image as the brand of the “everyman”? And more importantly, should it have even tried?

Here’s the deeper question: What do we, the Indian middle class, aspire to anymore? Is luxury about heritage and craftsmanship? Or just a European label and a five-digit price tag?

Tune in.

The humble category manager is now a quick-commerce overlord

The Ken — Thu, 26 Jun 2025 06:00:00 +0530

Category managers have shifted from routine e-commerce roles to powerful decision-makers in quick commerce. They now manage the limited shelf space in dark stores and decide which products get visibility on platforms like Instamart, Zepto, and Blinkit.

Naturally, brands are aggressively courting them, with over 30,000 requests every month for just 150 slots. From hosting parties to taking them out for drinks, brands are pulling out all the stops.

Meanwhile, category managers are urging brands to invest more in ads and marketing to stay competitive.

Tune in.

*This episode was first published on Dec 19, 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.Listen to the latest episode of Two by Two here

Pune-based Loop Health’s big bet — insurance that keeps you out of hospitals

The Ken — Wed, 25 Jun 2025 05:00:00 +0530

Turns out, in India’s healthcare industry, prevention isn’t just better than cure—it’s also far more investable.

The new buzzword making the rounds? Health assurance. Not insurance—assurance.

It means what it sounds like. Unlike traditional insurance, which kicks in after you fall sick, health assurance is about keeping you healthy to begin with.

A Pune-based startup called Loop Health was the first to introduce India to a variant of the same concept.

It positions itself as a corporate broker, not an insurer. So it doesn’t underwrite risk, but instead sells third-party insurance products to HR heads and bundles its own health perks alongside.

The assurance model has helped this seven-year-old startup grow rapidly.

Loop is dreaming big. It’s done being the middleman. Now, it wants to go full stack. But between regulatory hurdles and skepticism from the insurance and broking circles, its success isn’t assured.

Tune in.

Siddharth Shah and family want to fix your smile. Pharmeasy 2.0 may need fixing first

The Ken — Tue, 24 Jun 2025 06:00:00 +0530

The rise and fall of Pharmeasy is well documented. Once the poster child of the e-pharmacy boom, it reached a dizzying valuation of 5.6 bn USD at its very peak. But unfortunately, as we all know now, it didn’t last.

Today the company is worth just 450 million USD – which, is a 90 per cent drop. From aggressive acquisitions to regulatory hurdles, and a failed IPO, Pharmeasy’s journey has been a cautionary tale of overreach.

But the brains behind the operation – Siddharth Shah – isn’t done yet.

He’s back at it again with a new venture. Except this time, Shah has taken on the role of investor – while the founder spotlight is on his wife, Arpi Mehta. Their latest bet? MakeO – a startup that wants to bring invisible aligners, at-home cosmetic dentistry and dermatology treatments to your doorstep.

But despite its irresistible promise – convenience repackaged as medical-grade innovation – MakeO seems to be struggling to take off.

Turns out, MakeO is drawing quite heavily from the Pharmeasy playbook.

Will it end the same way?

Tune in.

Can Tata Build Your Next iPhone?

The Ken — Mon, 23 Jun 2025 02:00:00 +0530

Tata Electronics is assembling iPhones in Karnataka, aiming to become a key player in Apple’s global supply chain.

In this episode, we look at how the company is scaling by adding factories, hiring thousands of workers, and investing heavily in automation.

But it’s also facing high attrition, rising debt, and pressure to meet Apple’s strict standards.

Can Tata turn its manufacturing push into a long-term win?

Tune in.

Inside Kalyan Krishnamurthy’s fight to steady Flipkart as lieutenants flee

The Ken — Fri, 20 Jun 2025 02:00:00 +0530

In this episode, we turn the spotlight on one of the most powerful yet elusive figures in Indian e-commerce: Kalyan Krishnamurthy, the everywhere-all-the-time CEO of Flipkart. Flipkart, backed by Walmart, was once India’s great e-commerce hope. But lately, the tides have been turning.

Walmart is flying high, outperforming Amazon globally, dominating grocery delivery, and raking in ad dollars with a valuation that’s outshining even Apple. But six years after buying Flipkart, Walmart’s patience is wearing thin. Profits still remain elusive. And Krishnamurthy who has been recognised as a wartime CEO is starting to look more like a general losing his command. Flipkart’s getting squeezed from every side. Meesho, the social commerce platform, has captured the small cities. Amazon still owns the metros. And in the quick-commerce madness, it's all about Zepto, Blinkit, Instamart. Flipkart’s barely in the game. Now some of this chaos is kind of self-inflicted. For example, Flipkart’s foray into travel with the Cleartrip acquisition.

Senior leaders are leaving, morale is shaken, and few inside the company believe the endgame is anywhere in sight. The Ken reporter Nuha Bubere went behind the scenes and the pressure was palpable.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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Paying the price of going global — Meesho, Razorpay, and the reverse flip

The Ken — Thu, 19 Jun 2025 06:35:03 +0530

For the longest time, getting accepted to Y Combinator, the Silicon Valley startup accelerator was like getting a golden ticket for your startup. It was suddenly on the map not just in India but in Silicon Valley, too.

For Indian founders who made it, the story of success began with a journey west. Set up in Delaware, impress YC, and get some of that Silicon Valley shine. But what happens when that dream starts looking more like a detour than a destination?Earlier this week, the online market place Meesho, once a poster child from the YC pipeline, announced it will pay nearly 300 million $ million in taxes just to bring its business back to India.

Why? Because that’s where the real opportunity is now. With an IPO in the works, Meesho is doing what many Indian startups are now considering: the reverse flip. And Meesho isnt the only one. Fintech unicorn Razorpay, another Y combinator baby, wants an Indian IPO in the next two years. Its expected to pay as much as $150 million to redomicile its business to India.

But if the endgame is an Indian IPO, why take the expensive U.S. route in the first place? Is the YC badge still worth it?

Tune in.

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Why Info Edge can’t love Zomato eternally

The Ken — Wed, 18 Jun 2025 02:00:00 +0530

In a recent, 10-page note recapping its investing journey, Info Edge (India) founder Sanjeev Bikhchandani proudly, and justifiably, called Zomato and Policybazaar “breakout successes”, “winners”, and “outliers”.

A few days earlier, Zomato, now renamed Eternal, had released its sobering financials for the three months ended March.

So what’s Infoedge doing about it? Apart from its own businesses – spanning recruitment, real estate, matrimony and education – it owns roughly 12.5% each of Eternal and PB Fintech, the parent of insurance marketplace Policybazaar, and has not sold a single share in either since they started trading.

The reason is simple and it was stated in its shareholders letter. It wants to be strategic and not opportunistic about existing businesses because it sees itself as a long term investor and not some trader.

The thing is, not everyone is on the same page.

Tune in.

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India’s luxury watch craze is ticking up. This Chandigarh-based retailer is making the most of it

The Ken — Tue, 17 Jun 2025 06:00:00 +0530

Indians are hungry for luxury watches. Just in 2024, even as exports of Swiss watches declined globally, they surged 25 per cent in India.

Interestingly, the player winning in this fast-growing market is not a legacy business house like Tata or Reliance, rather it is little-know Chandigarh-based retailer, Ethos.

What sets it apart is the strong relationships it has built with ultra-luxury watch makers over the decades. How does it do it?

Tune in.

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Cricbuzz might boost Dream11’s reach but it's Times Internet that really scored

The Ken — Mon, 16 Jun 2025 02:00:00 +0530

Dream Sports, the company behind Dream11, just bought a piece of Cricbuzz from Times Internet for $50 million. It also bought a stake in Willow TV, a cricket broadcaster in the U.S.

As you probably know, Dream11’s core business is fantasy sports. But no thanks to new taxes and regulatory friction, their business isn’t looking so good lately. Revenue projections are down, growth is slowing, and they haven’t raised fresh money since 2021.

Cricbuzz, meanwhile, has hundreds of millions of monthly visits. That too mostly young users which is exactly the kind of crowd Dream11 wants to tap in to. And Willow TV brings in the U.S. diaspora just when cricket is having its moment in the US, driven largely by South Asian immigrants. The country even hosted the T20 World Cup last year. Together, the two open the doors for Dream Sports to expand, engage, and maybe also survive.

But here’s the real kicker. Dream Sports only bought a minority stake. Why play small in a high-stakes game? And who’s actually the real winner in all of this?

Tune in to find out.

Rapido wants to make food delivery affordable. But can its restaurant-first strategy dish out profits too?

The Ken — Fri, 13 Jun 2025 02:00:00 +0530

For nearly a decade, Swiggy and Zomato have fed our hunger and dominated prime real estate on our phone screens, leaving very little room for any serious challengers.

Most who tried to break in got their fingers burnt before they even got started. But now, a new player has decided to throw its hat into the ring.

This is a player that has some experience taking on titans, though the last time around it was in a completely different space. Rapido – the Bangalore-based startup that quietly muscled its way into India’s ride-hailing market – is all set to launch its own a food delivery platform called 'Ownly'.

Sure, Rapido’s mission of zero commission, equal pricing in offline and online, and meals as low as ₹150 looks compelling,
but the real question is: how will Rapido make money?

Tune in.

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How VC-backed startups turned the suitcase into a style statement

The Ken — Thu, 12 Jun 2025 07:17:09 +0530

The luggage industry seems to have undergone quite a makeover in the last few years. Back in the day, VIP and Safari were synonymous with the plain black and grey suitcases. But now, luggage is as important as the clothes you wear–it’s part of the whole airport look.
Startups like Mokobara, Nasher Miles, Assembly, and Uppercase have turned luggage into an aspirational lifestyle product with smart social-media marketing and a vibrant aesthetic.

Also, important to note is that travel changed after Covid pandemic. The duration of trips has shortened, but the frequency of general travel has increased from once every three months to once every 45 days.The suitcase now has to fit in with the instagram aesthetic so it has gone from being functional to a style statement. As of now, VC-backed, new-age luggage brands only have a tiny slice of the market.
But that slice has been growing quickly, and that’s enough to get the old guard nervous.

Tune in.

**This episode was first published on Feb 3, 2025

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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The AI-powered workplace is here — and it’s messier than you think

The Ken — Wed, 11 Jun 2025 06:00:00 +0530

Last month, The Ken set out on a quest to understand how deep AI’s roots have grown in Indian companies. We asked India’s employees across industries and experience levels the extent to which they were using AI tools on a day to day and how it had changed workplace dynamics for them.

Nearly 500 people took our survey. Nine out of 10 of them said they had begun using AI tools, even if it meant paying for them out of their own pocket.

Once we got a sense of how employees were feeling about AI, we turned the lens on some of India’s biggest companies. What were they doing to help their employees keep up?

Turns out that’s something the likes of Razorpay, Phonepe, Cars24, Homelane and Zerodha are actively working towards.

Tune in.

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How a 4-year-old startup took on wealth management titans with its bold hiring strategy

The Ken — Tue, 10 Jun 2025 02:00:00 +0530

The Indian wealth-management industry is booming and everyone wants a piece of the action. But here’s the twist: as the industry explodes, the people managing all that wealth have become the real prize.

In a business that caters not just to the top 1%, but the top 0.01% of India’s elite, having the best wealth managers on your roster isn’t just important—it’s everything.

And one four-year-old upstart got that memo early. Neo Group has been on an aggressive hiring spree, planning to add at least 70 new wealth managers this financial year.

But why are we talking about a relatively small, young firm and its recruitment plans?

Because the strategy is working. Big time.

Tune in.

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Starlink’s deal with Jio-Airtel is more optics than real partnership

The Ken — Mon, 09 Jun 2025 07:36:16 +0530

Elon Musk’s Starlink is just months away from launching in India. Amazon’s Kuiper will follow in 2026. The satcom green light is finally here — the regulator’s long-awaited guidelines are out, and the Department of Telecom has drawn up its strict new rulebook. Surprisingly, the satellite players aren’t blinking. Even more surprising? After years of resistance, Jio and Airtel have suddenly struck deals with Starlink.

But here’s the twist: behind the scenes, neither telco seems eager to actually sell Starlink terminals. So why the sudden handshake? And what’s really going on under all this satellite sparkle?

Tune in to find out how India’s broadband future is being reshaped.

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India said no to pollution. China took the rare earth crown

The Ken — Fri, 06 Jun 2025 02:00:00 +0530

Like much of the world, India is heavily reliant on China for its rare earth supplies. In FY25 alone, we imported 870 tonnes of rare earth magnets, worth over ₹300 crore. China controls about 60–70% of global rare earth production and around 90% of the world’s refining capacity.

Decades ago, while other countries hesitated over environmental and social costs, China made a ruthless, calculated bet — sacrifice land, people, and air to dominate the rare earths future.

Now we are in that future and China has thrown a spanner in the works. It has imposed fresh restrictions on magnet exports, threatening to bring India’s EV ambitions to a grinding halt.

Indian importers are caught in a bureaucratic maze. Chinese suppliers now demand end-use declarations. That kicks off a long certification process — multiple approvals from Indian authorities, and even sign-off from the Chinese embassy in Delhi.

And after all that, final clearance must come from China’s commerce ministry. That’s the bottleneck. Several Indian auto component makers have jumped through every hoop — yet they’re still waiting.

So, where does that leave us?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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Inside India’s $1.5 billion protein fetish

The Ken — Thu, 05 Jun 2025 02:00:00 +0530

Protein is having a moment in India. Once reserved for gym-goers and bodybuilders, it’s now showing up in everyday foods like idli, rotis, chips, lassi, even kulfi. And consumers are buying in.

Behind this craze is a $1.5 billion strategy that’s reshaping how India eats. Food brands saw a gap in a country where nearly two out of three households are protein deficient. And they turned it into a goldmine. Now, protein is everywhere, and the market is only getting bigger.

But here’s the twist: while the labels scream '50g protein' and 'fuel for champions,' reality is far more complicated. Many of these products include additives, sugar, and misleading serving sizes. Some even contain toxic substances. Meanwhile, your body can’t store excess protein—it just turns it into fat.

So is this really a health revolution? Or just clever packaging?

Tell us what you thought of this episode. You can text us your feedback on WhatsApp at +918971108379

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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How a well-timed offensive crippled Juspay’s $150 million fundraise

The Ken — Wed, 04 Jun 2025 05:00:00 +0530

Indian finserv is no koi pond. It's a shark tank. And now, some of the biggest sharks in the tank – payment aggregators like Phonepe, Razorpay, Cashfree and Paytm – are all narrowing in on the aggregator of aggregators, Juspay.

In this episode, we go behind the scenes of one of the biggest fintech standoffs of the year. On one side are the aggregators, who power payments for millions of online merchants. And on the other side is “aggregator of aggregators” Juspay, who’s worked as an extension of merchants’ payments teams, helping them coordinate payments across aggregators, for over a decade.

Tune in.

Check out our latest episode featuring Soumya Rajan, founder and CEO of Waterfield Advisors, India’s largest multi-family office and wealth advisory firm.

More skills, same pay, barely any job guarantee — Infosys trainees are in for a rough ride

The Ken — Tue, 03 Jun 2025 05:30:00 +0530

Of the 5,000 graduates offered jobs in 2022—the majority of whose joining was delayed by two years—755 have been laid off so far for failing to clear tests.

The assessments this time were tougher than usual, said five trainees and ex-employees The Ken spoke to. The threshold for passing was raised from 50% to 65%. On top of this, new material was added, and the number of questions was increased.

Then again, the times are changing. India’s IT-services industry has been a driver of economic growth for over two decades, contributing 7% to the country’s GDP and employing over 5 million people in FY24. But over the last three years, growth has stagnated—the ongoing tariff uncertainties being just the latest setback. But the real existential threat in this scenario is AI.

The pressure is already on. Clients want quicker turnarounds on smaller budgets. Companies, in turn, have found the perfect patsy: pre-trained freshers, compelled to jump into projects from the get-go.

Tune in.

Check out our latest episode featuring Soumya Rajan, founder and CEO of Waterfield Advisors, India’s largest multi-family office and wealth advisory firm.

Why Tesla's wheels aren't turning in India (yet)

The Ken — Mon, 02 Jun 2025 07:36:23 +0530

Tesla’s story in India has been more like a stalled engine than a roaring electric debut—despite years of headlines, high-level meetings, and hopeful tweets. While the Indian government did slash import duties on premium EVs from a staggering 110% to a friendlier 15%, it wasn’t enough. Because for Tesla, this isn't just about taxes. It is about suppliers, standards, scale, and most importantly, timing. But India wants Tesla.

Prime ministers have courted the company. Officials have tweaked policies. Showrooms are being prepped. And yet, eight years after the Model 3 opened bookings in India, those cool-looking cars are nowhere to be seen on our roads. In fact, buyers have been canceling and Tesla’s India leadership is quitting.

What is going on?

Tune in.

**Correction: The host mistakenly referred to Hyundai Ioniq car model as Iconiq. The error is regretted.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

Inside the financial playbooks of India’s wealthiest women

The Ken — Fri, 30 May 2025 05:00:00 +0530

In this special episode, hosts Snigdha Sharma and Rahel Philipose are joined by Soumya Rajan, founder and CEO of Waterfield Advisors, India’s largest multi-family office and wealth advisory firm. The conversation begins with a simple but important question: what does financial empowerment actually mean for women with wealth?

Over her decades in the world of wealth management, Soumya began noticing a consistent blind spot—traditional financial systems weren’t designed with women’s realities in mind. Even wealth advisory firms, she found, were falling short. That led her to launch HERitage, a specialized arm within Waterfield, focused on serving the financial needs of women more intentionally and effectively.

Soumya explains a framework she developed called T.O.U.C.H to outline how women tend to invest differently from men: they trade less, invest with clear goals, prioritize sustainability, and are more conscious and diversified in their approach. These patterns aren’t just preferences, they reflect a fundamentally different way of thinking about money.

The episode also draws on insights from Waterfield’s Women of Wealth survey, which looked at the investment behaviors of over 100 high-net-worth Indian women. The findings challenge a lot of conventional thinking: women are deliberate and strategic investors, but they still face barriers when it comes to financial literacy, access, and decision-making power.

Soumya also talks about how women in India are creating wealth—whether through inheritance, entrepreneurship, or leadership roles in corporate India—and how they’re using that wealth not just for security, but for impact. The conversation touches on growing trends in philanthropy, interest in global markets, and the rise of “passion investments” in areas like art, wellness, and legacy building.

Tune in

Soumya recommends —
TV Show: Lioness
Book: The Outsiders

Tell us what you thought of this episode. You can text us your feedback on WhatsApp at +918971108379. You can also write to us at podcast@the-ken.com

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Can Ather escape Ola Electric's shadow?

The Ken — Thu, 29 May 2025 06:59:06 +0530

Electric two-wheeler maker, Ather Energy, listed on the bourses on earlier in May, but its IPO was subscribed just 1.4X—a modest showing for a company once seen as a premium EV pioneer. The lukewarm response reflected investor fatigue, sparked by Ola Electric’s volatile stock performance, the Blusmart funding controversy, and global supply chain headwinds. Despite a strong product portfolio and a reputation for in-house innovation, Ather faces an increasingly crowded market and mounting pressure to scale.

IPO proceeds will fund a new manufacturing plant in Maharashtra, expanded R&D, and marketing—moves aimed at boosting capacity and competitiveness.

Yet, with subsidies shrinking and profitability still out of reach, Ather’s long-term success hinges on its ability to grow sustainably, reduce costs, and prove it’s more than just another EV startup riding a fading wave.

Tune in.

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Why Swiggy's marketplace for therapists & tarot card readers is much more than a side hustle

The Ken — Wed, 28 May 2025 07:22:03 +0530

Pyng, launched on 15 April, is quite a departure from Swiggy’s core food-focused business. The service marketplace, uncharted territory for Swiggy, is offering services of “verified professionals” (think therapists, chartered accountants, and even energy healers).

No, it’s not a modified version of Urban Company. At least, not yet. For one, the latter offers standardised services comprising blue collar workers.

But why exactly is Swiggy, a company with a market capitalisation of over Rs 80,000 crore, diversifying its business?

Tune in.

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Aakash Chaudhry made millions off the IIT craze. His new target: international schools’ unhappy parents

The Ken — Tue, 27 May 2025 07:57:29 +0530

The landscape is pretty bleak. In the race to produce more Ivy League-worthy students, Indian schools are selectively opting to teach IB. Teachers, in turn, find themselves shifting between the Cambridge and IB syllabi, often trying out things they aren’t trained for. Students and parents, meanwhile, are running in circles trying to find an able tutor after spending Rs 5–20 lakh on their child’s education. It helps no one that there are just a handful of dedicated, IB-trained teachers in the whole of India who can help students with the demanding curriculum.

Enter Sparkl Edventure.

With Sparkl, the former CEO of Aakash Institute is betting on these schools' inadequacies and our obsession with private tutoring.

Tune in.

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'I cancelled the trial but I'm still being charged'—the UPI Autopay trap

The Ken — Mon, 26 May 2025 07:37:29 +0530

When Rohan, a 35-year-old software engineer, signed up for a Rs 1 trial on a learning app called Seekho, he thought he had nothing to lose. He cancelled the subscription within weeks but money was still being deducted from his account months later.

UPI Autopay, the rising star of India’s subscription economy is quietly letting apps to keep charging users long after they think they've cancelled.

From overlooked SMS alerts to sneaky terms hidden in fine print, we find out how widespread this problem really is and why so many users are only waking up to it now.

Tune in.

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Prime gets ads — the OTT plot twist (feat ex-Netflix marketing head Swati Mohan)

The Ken — Fri, 23 May 2025 02:00:00 +0530

Nearly a decade ago, Hotstar, Netflix, and Amazon Prime entered the scene and positioned themselves as the anti-TV. No fixed showtimes. No endless ad breaks. No re-runs you had to sit through just because nothing else was on. For the first time, we were in control. TV became personal. It became on-demand. And best of all—it was ad-free. It felt like there was no going back.

But now something has shifted. Subscriber growth is stalling, and that’s making streaming platforms nervous. Really nervous. Their answer? Bring back ads. Amazon Prime Video is the latest to jump into India’s ad-supported streaming game, also called ad supported video on demand or AVOD. And Netflix? It’s reportedly toying with the idea of a free, ad-supported tier here—just like it’s doing in a few other markets. In other words, OTT is starting to look a lot more like the very thing it was supposed to replace

Have we come full circle? Or is this just the natural evolution of an industry growing up? Daybreak hosts Snigdha and Rahel speak to Swati Mohan, the former head of marketing at Netflix India, to find out

Tune in.

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Chief digital officers eat chief information officers for breakfast

The Ken — Thu, 22 May 2025 06:00:00 +0530

Back in 2016, the Internet and Mobile Association of India set up an all new club for what was then a very small cohort of digital leaders in corporate India. It was called the all-India Chief Digital Officer club.

Back then, there were only about five-six CDOs that were members. The point of the initiative was to give legitimacy to this new, emerging role. But soon enough, the initiative fizzled out. Not because the role didn’t take off or anything. Actually, the opposite. The initiative became redundant because the role became even more popular than they had anticipated. So it started with 5-6 members, but within the next four years its membership rose to 50 and then doubled the next year.

You see, digital transformation has become THE buzzword for corporate India. And in the process, the CDO has become part of the companies top leadership.

But the question is — where does that leave the CIO?

Tune in.

*This episode was originally published on 18 December, 2024

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AI has made its way into banks. But the gates aren’t wide open

The Ken — Wed, 21 May 2025 04:00:00 +0530

For decades, the whole process of getting a loan approved was infamously painful and long winded. But now things have changed. Getting a loan is a whole lot faster than before. And that’s because of the disruptor to end all disruptors — artificial intelligence.

A bunch of companies have entered the scene with specalised AI tools to speed up different aspects of the loan-approval process. In fact, Indian AI startups have managed to raise nearly 750 million USD in 2024 and the banking and financial sector was one of the top drivers of this growth.

Now at first glance, it seems like a win-win for both the borrower and the bank. But there’s a catch. This surge has come with a lot of scrutiny from the RBI.

Tune in.

*This episode was first published on Jan 15, 2025

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why India’s ultra-rich are keeping it in the family — and out of VC funds

The Ken — Tue, 20 May 2025 07:39:54 +0530

Family offices—the ultra-rich who used to hand over their money to VCs and wish them well—are now wondering why they ever bothered. Why did they pay someone to do what they could do themselves, on their terms?

Their primary gripe? The funds are not returning money.

Of course, the so-called middlemen in this scenario aren't too pleased. After all, they are losing a substantial amount of business in the process.

But it all boils down to one thing – who’s running the money.

Tune in.

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Third time unlucky — why Softbank pulled the plug on Oyo’s latest IPO attempt

The Ken — Mon, 19 May 2025 02:00:00 +0530

At first glance, things seem to be really looking up for India’s very own budget-friendly hotel chain Oyo. It’s had some pretty big wins in the last few months.

So why then is its eventual IPO still the subject of such widespread speculation?

The Ken's Deputy Editor Seetharaman G put it quite well in the latest edition of his newsletter on the Indian stock market, ‘Long and Short’. He said – ‘few companies are as good as Oyo Hotels at not going public’.

Its listing has been a few years in the making. It first filed in 2021. Then again in 2023. And then it was just about to give the share sale another shot when its largest shareholder, Softbank, threw a spanner in the works.

Here's the thing — between the delayed IPO, top notch rivals, and demanding investors, things will only get harder for Oyo.

Tune in.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

How the Pahalgam attack sent banks scrambling to clean up digital payments

The Ken — Fri, 16 May 2025 04:00:00 +0530

Just two days after the Pahalgam terror attack, alarm bells went off inside India’s financial system. A stern message from an HDFC Bank executive summed up the mood: “They may come for us now.”

The national security tragedy triggered a sudden and sweeping crackdown on India’s digital payments ecosystem. Behind closed doors in Delhi, top officials from the Finance Ministry, Home Affairs, and the Reserve Bank of India launched a coordinated push to track suspicious merchant activity online like gambling, betting, drug trafficking. The idea was to follow the money all the way to its possible links with terror funding.

The fallout? Payment aggregators are scrambling, banks are under intense pressure, and merchant screening firms are suddenly flooded with work. Everyone’s rechecking everything.

But who's the collateral damage?

Tune in.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

Why Zara India needs to go solo or go home

The Ken — Thu, 15 May 2025 04:00:00 +0530

Zara and Tata’s retail arm, Trent, have been partners for 15 years. But that relationship might be coming to an end because Zara’s not pulling its weight anymore. Its share of Trent’s overall sales has dropped from 28% to just 10% in six years. Its rivals like H&M and Uniqlo have moved faster, reached more cities in a much shorter time span.

Meanwhile, Trent’s been busy. It used what it learned from Zara and built something better. Zudio, its budget fashion brand, just hit $1 billion in sales in FY25. It’s fast, affordable, and everywhere. Now, Trent’s planning to upgrade Westside into a premium brand to go head-to-head with Zara and H&M.

How Zara lost its edge and what did Trent get right?

Tune in to find out.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

Angel One is reinventing itself. But just sponsoring IPL and targeting HNIs won't cut it

The Ken — Wed, 14 May 2025 02:00:00 +0530

One clear sign that Angel One—India’s third-largest discount broker—is serious about reversing its fortunes is that it bought itself a front-row seat at India’s most expensive distraction: the Indian Premier League.

That’s ambitious. Especially for a company that just flunked its latest earnings test.

Between fiscal year 2020 and 2024, Angel One proudly nuked its full-service past—no more phone calls, no more reports, no more advisers—and became a pure-play discount broker. Just an app, an order button, and some notifications. When the markets were roaring, that was enough.

But now, not quite. Enter Plan B: be a super-app.

Tune in.

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Using Swiggy, Zepto, or Cred? They have access to at least 150 apps on your phone

The Ken — Tue, 13 May 2025 06:00:00 +0530

In March this year, a software developer that goes by Pea Bee online published a blog rather ominously titled ‘Everyone knows all the apps on your phone’.

Now, the fact that apps have a lot of your data may not be a surprise to you. We’ve been pretty cavalier about our data for some time now. Remember Digi Yatra?

But the scary thing is that Indian companies are equally nonchalant about the user data they collect. The result? Data-security breaches have been on the rise.

So what is a data conscious Indian customer to do?

Tune in.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

Physics Wallah’s Rs 15 lakh ‘BTech’ comes without a BTech degree

The Ken — Mon, 12 May 2025 07:17:44 +0530

Physics Wallah’s brand new initiative, the PW Institute of Innovation, was pitched as an alternative to the tough IIT route that didn’t compromise on quality or career prospects. It even came with a scholarship, a residential campus in Bengaluru, and a shot at a good job after graduation. On paper, it looked like the perfect deal.

However, students who signed up had to juggle a confusing mix of courses, keep up with a changing curriculum, and struggle through administrative chaos. Even basic things like internships, placement support, and faculty consistency didn’t materialise the way they were promised.

For a company known for making quality education affordable, this was a far cry from its coaching roots.

But Physics Wallah isn’t just running an institute anymore, it’s a company preparing for the stock market.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

How a Bangalore biotech quietly built a blindness breakthrough in under $10 million

The Ken — Fri, 09 May 2025 08:12:48 +0530

Eyestem, a 14-member biotech startup from Bengaluru is turning heads in global pharma circles. With just $10 million and a modest 1,200 sq ft office, it has developed a promising cell therapy for dry age-related macular degeneration (AMD)—a condition that leads to blindness and has no cure. Early trial results are not only encouraging, they’re outperforming billion-dollar competitors in the West.

But this isn’t just about scientific innovation. It’s about doing more with less. Eyestem’s founders set out with a bold goal: to build a cutting-edge treatment that’s actually affordable, especially for Indian patients. Think world-class therapy in under $10,000. In the current world of cell and gene therapies, where treatments often cost hundreds of thousands of dollars and remain out of reach for most, it is next to impossible.

How did Eyestem achieve this and what does this means for the future of biotech in India?

Tune in.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

‘Don’t call if markets are down’ — the PMS fund delivering returns the big city boys can’t match

The Ken — Thu, 08 May 2025 06:00:00 +0530

Nagpur-based Counter Cyclical Investments doesn’t waste time with handholding. The six-year-old firm has a reputation for being quite cut and dry with its clients.

Consider some gems from the ‘who should invest with us’ long-list. “Those who won’t disturb us by calling us for reassurance everytime the market falls.” “We don’t have any provision for a relationship manager. Once you have taken an informed decision to invest in our PMS, please avoid calling us. Those who are looking for regular correspondence and active interaction, may please stay away.”

Now, if you think moneyed investors—the kind who have to put in at least Rs 50 lakh to be a part of Counter Cyclical—are put off by the insolence, you’re wrong. Counter Cyclical’s assets under management have shot up over 10X in the past three years, and its customer count has grown by leaps and bounds.

Why? The only scheme—a small-cap one —run by the six-year-old fund house is a chart-topper with five year annualised returns of, believe-it-or-not, 78%.

Tune in.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

The hunger games are raging but Zomato just won't take the bait

The Ken — Wed, 07 May 2025 02:00:00 +0530

Four months ago, food delivery giant Zomato decided to run an experiment. If you are a regular patron of the app, you may have noticed a tab called ‘Quick’ appear, that promised 15-minute deliveries in a bunch of metropolitan cities like Bangalore, Mumbai and Delhi NCR.

Now, the company’s founder and CEO made an interesting statement last year that explains why it would choose to try out this experiment. He was asked a question about how quick commerce has changed customer expectations around food delivery. And he said, quite simply – “Blinkit is fast, but that has made Zomato seem slow.”

He has a point. You may recall that Zomato subsidiary Blinkit launched its in-house 10-minute snack delivery service called Bistro last year, just one day after the very popular Zepto cafe was launched. Swiggy Instamart meanwhile, launched a similar service called Snacc.

In many ways, 2024 was the year 10-minute food delivery became the next frontier of quick commerce.

Naturally, the biggest food delivery giants in the country did not want to be left behind. So while Zomato launched Quick, Swiggy rolled out its own ultra-fast delivery service, Bolt.

But here’s where things get interesting. While announcing its Q4 results last week, Zomato announced that its four-month experiment was very quickly coming to an end. In a letter to shareholders, Deepinder Goyal explained that they just could not see a path to profitability without compromising on customer experience.

The Ken's COO and the host of Two by Two Praveen Gopal Krishnan explains what changed.

How to build companies that last when their employees don’t

The Ken — Tue, 06 May 2025 05:40:16 +0530

Thanks to AI, economic disruptions, mass layoffs, and a bunch of other fun things, the 40-year career is no longer something you can take for granted. And that fundamentally changes the nature of our careers. No one embodies that change more than the Gen Z workforce.

Young employees are now seeking a job, not a career. They don't join organisations to retire from them. Instead they see them merely as a step along the way.

Which is why, the most rigid companies, known for being forts of loyalists, are loosening up to accommodate the needs of younger generations.

Tune in.

Daybreak is looking for a talented audio journalist with at least two years of experience. Check out the role here.

India wants the spotlight at the world’s top school exam. It just won’t step on stage

The Ken — Mon, 05 May 2025 02:00:00 +0530

The world’s “most respected” test of school education—the Programme for International Student Assessment or PISA—began this March. 90 countries are on the list including China, Vietnam and some of the poorest nations in the world. But India? We’re sitting this one out. In fact, India hasn’t touched PISA in 16 years!

The last time it did, in 2009, India ranked 72nd out of 73 countries. Only Kyrgyzstan did worse. Ever since, the country has been quietly working behind the scenes to fix its education system through a slow and steady effort to modernise how students are tested. The government set up Parakh, an ambitious body under NCERT, to bring all of India’s 69 school boards on the same level and align with global standards.

But can a country as huge and diverse as India really move away from rote learning to a system that values real-world problem solving and critical thinking?

Tune in.

If you have any thoughts or questions about this episode, send them to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

Can LIC do to health insurance what Jio did to telecom?

The Ken — Fri, 02 May 2025 02:00:00 +0530

The Life insurance Corporation of India or LIC is now stepping into a sector where more than 860 million Indians or nearly 60% of the population still has no coverage. The insurer signalled its big move into health insurance in March this year with a major acquisition—49% of Manipal Cigna, a private health insurer, in a deal valued at over ₹3,500 crore.

And here’s where things get really interesting.

This is LIC we are talking about. It doesn’t need to chase quarterly returns or exist to make shareholders rich. It exists to do things, to fix things and show up when the government needs a nudge—or a battering ram. And in a country where trust, access, and affordability in healthcare are still broken concepts for most, a battering ram could be exactly what’s needed.

In this episode, we are look at LIC’s entry into health insurance and how the rest of the sector is bracing itself. Because if LIC gets this right, it won’t just be another player in the market. It could be the market.

If you have any thoughts or questions about this episode, send them us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

Ather’s IPO is a plot twist. Not a finale

The Ken — Thu, 01 May 2025 08:40:36 +0530

Ather Electric once pioneered the electric two wheeler segment. But now it has fallen behind its competition like Ola Electric and TVS Motor in terms of market share.

To make matters worse, its recent IPO saw a lukewarm response from investors. One thing is clear -- up until now, Ather’s focus has been on building superior products, loaded with features and a smooth user experience. But to take things to the next level, Ather will have to build a more compelling narrative.

How did it get here? What's next for the EV maker?

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Why Delhivery’s Ecom Express deal is both tactical and desperate

The Ken — Tue, 29 Apr 2025 02:00:00 +0530

Earlier this month, India’s largest third party logistics company, Delhivery, acquired its biggest rival Ecom Express in a $165 million distress sale. The acquisition could not have come at a better time for both parties.

Things have been tough for Ecom for some time now. The company, in fact, called off its IPO plans just this February, about six months after filing the papers and ended up laying off hundreds of its employees.

Meanwhile, Delhivery has been soldiering some tough times too. By acquiring its floundering rival, Delhivery seems to be going all out to claw back some business. But is that enough?

Tune in.

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Software glitches are turning Mahindra’s new EVs into high-tech paperweights

The Ken — Tue, 29 Apr 2025 02:00:00 +0530

Mahindra’s new EVs the XEV 9e and BE6 were marketed as software wrapped in metal. They promised the future. Things like augmented reality heads up display, auto park assist, a triple screen dashboard, an in car camera, and a digital key based on near field communication.

But now, that long list of cutting edge features is proving to be a real bottleneck for the company. The Ken spoke to at least a dozen frustrated buyers of Mahindra’s new electric twins, who haven’t yet received their cars despite promised deliveries.

Why? Well, the reason apparently is a software update. Buyers have found that the digital keys they were handed at the showrooms just wouldn’t work. Touchscreens were freezing, Cameras were glitching. The list goes on.

Tune in.

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Driverless trucks have pushed India’s first unicorn of 2025 into an existential crisis

The Ken — Mon, 28 Apr 2025 05:00:00 +0530

In January this year, Netradyne, the logistics AI startup, became India’s first unicorn of 2025 after it raised $90 million in series D funding.

You see, it did not take it long to realise that its sweet spot is the long-distance trucking segment. It serves over 3,000 customers across eight countries, including the likes of Amazon, Shell, Indian Oil and Greenline Mobility. And it all began with one rather primitive prototype. Of course, now it has morphed into a compact device with a built-in GPU, up to four cameras, and a disembodied voice alerting drivers not to crash the vehicle.

The Ken reporter Abhirami G found herself in the backseat of one of Netradyne’s test cars in Bengaluru's Whitefield neighbourhood. The driver of the car was a Netradyne employee. And as he weaved through the traffic, the company’s signature always-on surveillance cameras didn’t just watch his every move, but also apparently “understood” and “analysed”. As he drove, he was generating the precious training data that powers the company’s bread and butter. Apart from making roads safer, this whole system also doubles up as a driver’s best legal defence in times of trouble. The company’s executive Vice president of Engineering Teja Gudena said that on multiple occasions, it has saved drivers from liability by proving their innocence in accidents.

Apart from its new-found unicorn status, it reportedly managed to clock Rs 1,000 crore in revenue in 2023. It also currently has a stronghold in the US and other major global markets. Reaching all of these milestones within nine years is pretty remarkable. But despite all that success, Netradyne is now grappling with an existential crisis. Because now, driverless vehicles are no longer science fiction, they are a logistical inevitability. And that leaves Netradyne in a rather tricky spot.

Tune in.

This episode was first published on Feb 13, 2025

ITC’s 24 Mantra deal and organic foods’ unending wait for glory

The Ken — Fri, 25 Apr 2025 06:00:00 +0530

In this episode we fill you in on three standout stories from the past week.

First, what ITC’s acquisition of 24 Mantra means for the larger organic food market;

Next, Musk’s latest attempt to save Tesla;

And finally, why Blusmart’s unravelling was an eventuality we all chose to ignore.

Check out the newsletter and podcast mentioned in this episode:

The latest edition of Trade Tricks

The Nutgraf: Blusmart and the dogs that didn’t bark

Indigo's stocks maybe flying high but passenger patience has hit turbulence

The Ken — Thu, 24 Apr 2025 07:11:12 +0530

On 9 April, as the world reeling from the tariff standoff between America and China, one Indian company quietly made history.

The stocks of InterGlobe Aviation, the parent company Indigo, India’s top budget airline, hit an all-time high. For a brief moment, Indigo wasn’t just India’s largest airline—it became the most valuable airline in the world. More than Delta even.

Back home though, meanwhile, a different story has been playing out. Thousands of Indian flyers have been complaining online about broken luggage, rude crew, overbooked flights. When cricket commentator Harsha Bhogle tweeted his frustration about Indigo’s service, more than a thousand people replied to his tweet with their own horror stories.

Has Indigo stopped caring about its passengers?

But why would it? It flies nearly 9 million people a month.

The clues, as it turns out, lie inside a grey building in Gurgaon that my colleague Rounak Kumar Gunjan visited recently.

This is Indigo's training centre called iFly where hundreds of young trainees, often barely in their twenties, are taught how to serve tea at 30,000 feet.

Tune in

How a made in Punjab jeera-flavoured soda is popping the Coke-Pepsi-Parle bubble

The Ken — Wed, 23 Apr 2025 06:00:00 +0530

Here’s the thing about the Indian carbonated beverage market – for decades now it has been a two, sometimes three horse race dominated by everyone’s favourite black coloured colas. Pepsi, Coca Cola and Thums Up.

But in the last year or so, a 160-ml bottle of cumin-flavoured soda has managed to do what very few bottled beverages could. It has challenged the Indian beverage industry’s holy trifecta – the Coca-Cola-Pepsi-Parle Agro trio.

The crazy thing is, this isn’t some massive global brand that has just entered the Indian market. It’s a seven year old desi brand launched by three cousins in Punjab that was largely unknown until about a year ago. We are talking about Lahori Zeera.

Tune in.

Biyani’s retail empire flamed out. His daughters seek redemption in birthing new brands

The Ken — Tue, 22 Apr 2025 06:52:09 +0530

In 2021, Ashni and Avni Bayani, the scions of industrialist Kishore Biyani’s Future Group, launched their own venture – a startup studio called Think 9 Consumer Technologies.

The concept was simple – they would incubate new brands across categories like apparel, beauty, health and wellness and food; and then use common teams for marketing, technology and even product development.

Why? Well, according to an executive from the startup studio, the end goal is to be able to build them into sizable businesses in 5-7 years and then exit. It’s called the roll-up modelled and it was pioneered by a US-based consumer good company called Thrasio.

For the Bayani sisters, this isn’t just another venture. It’s a full blown comeback. You see around the time they launched Think9 Consumer Technologies, their father’s business empire – the Future Group – was falling apart. It eventually went bankrupt in 2022 and sold everything lock, stock and barrel to Reliance Industries.

So the sisters have a point to prove. But unfortunately not everything is working in their favour.

For starters the roll up model they based their business on has been stuttering for some time now. Remember Thrasio? Well it filed for bankruptcy just last year.

Tune in.

Turns out someone has to pay for free UPI

The Ken — Mon, 21 Apr 2025 08:12:25 +0530

On 19 March, the Indian government slashed incentives for UPI transactions by more than half to Rs 1,500 crore for FY25.

The system is clearly showing signs of strain.

While UPI continues to post record volumes—18 billion transactions in March alone—many are asking an uncomfortable question:

Can India maintain its digital payments miracle without letting the infrastructure collapse under its own weight?

Tune in.

Do you think people will stop using UPI if there is a small fee involved?

Send your answers to us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

The career ladder is broken. What’s your next step?

The Ken — Fri, 18 Apr 2025 02:00:00 +0530

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 retirees

Lessons from past students who graduated during economic downturns

The Ken is hosting a subscriber event! Join Two by Two hosts Rohin Dharmakumar and Praveen Gopal Krishnan and three distinguished guests as they discuss broken career ladders, shortening career spans, and collapsing organisational structures. Buy tickets here.

When cricket and Koffee aren’t enough, JioHotstar wants to make 'Sparks' fly

The Ken — Thu, 17 Apr 2025 07:36:30 +0530

What happens when India’s biggest streaming platform decides it’s no longer satisfied with just airing Koffee with Karan and cricket? And it now wants to take on YouTube and Instagram?

You get Sparks–an ambitious experiment by Jiohotstar that’s is set on winning over Gen Z viewers, one short video at a time.

In February, right before the IPL kicked off, Jiohotstar launched Sparks. It is a free, creator-led platform of bite-sized episodes featuring the likes of Tanmay Bhat, Zakir Khan, Ranveer Brar, and Elvish Yadav. On paper, it might sound like just another experiment with content. But it is actually a marked product shift the platform is making after its merger with Disney’s India business. And at the heart of this strategic move is a 25-member team that includes former top executives from YouTube and Instagram.

But let’s be real. This is like David trying to beat not one, but two Goliaths, that too on their home turf. Add to that the fact that this is a space where the rules are always shifting, creators are supremely loyal, and content never sleeps

In today's episode, host Snigdha Sharma is joined by The Ken reporter Rounak Kumar Gunjan who dug deeper to find an answer to one big question: can a streaming giant reinvent itself as a scroll-worthy destination?

Tune in.

If you have any thoughts or questions about this episode, send them us as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

Lenskart built its empire on franchisees. Now it’s battling them in courts

The Ken — Wed, 16 Apr 2025 06:00:00 +0530

In 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 across the country.

You see, for the last few years, many of them have had observed a similar, pretty disturbing pattern. They’ll set up their stores with Lenskart’s blessings. And then things start getting weird.

Tune in.

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Scaler wanted to do for tech education what Masters' Union did for the MBA. AI had other plans

The Ken — Tue, 15 Apr 2025 06:00:00 +0530

Back 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.

McKinsey, Bain, and BCG welcomed AI with open arms. Creativity is the first casualty

The Ken — Mon, 14 Apr 2025 06:41:45 +0530

Welcome to the world of consulting in 2025. AI is everywhere—from writing reports and making decks to crunching numbers. But you’d think the likes of McKinsey, Bain, and BCG would be worried about AI, right? Because AI reduces the knowledge gap between them and their clients. Turns out, instead of resisting it, they’re going all in.

The ones feeling the heat are junior most employees—the consultants. Timelines are shrinking and expectations are going up. Creativity? Who cares about that anymore. A former Bain manager told The Ken about an instance when a senior partner wanted a full client assessment by the next day. Normally, this would take weeks to pull off. The result? Rushed work and fancy words that sound good but don’t really say anything substantial. And worst of all—there is no time to fact-check. There seems to be a real disconnect between what senior leaders think AI can do, and what it actually does.

So what happens when the industry famous for having all the answers is now taking shortcuts using a chatbot? Also, what happens when clients find out?

Q for listeners: If 90% of your job could be done by AI, what would you focus on to stay valuable?

Send us your answers as texts or voice notes on Daybreak’s WhatsApp at +918971108379.

‘Boys will be boys’ — Trump, tariffs and the dismantling of global trade

The Ken — Fri, 11 Apr 2025 06:00:00 +0530

In this episode, we talk about the global trade war that stopped before it started.

First, we talk about US President Donald Trump's decision to reverse the "reciprocal tariffs" on almost every country in the world, except one.

Next, we talk about why India had little choice but to offer concession after concession to the US.

Finally, we unpack the long term and short term impact of the tariffs on the Indian economy.

Check out the newsletters and podcasts mentioned in this episode:

The latest edition of The Nutgraf by Praveen Gopal Krishnan — India is the mark
Two by Two feat Mohit Satyanand — Are Trump's tariffs a crisis or an opportunity for India?

Minimalist was the glow-up Hindustan Unilever's skincare line needed

The Ken — Thu, 10 Apr 2025 06:00:00 +0530

One of the largest deals to acquire a D2C brand took place in January this year. India’s largest manufacturer of consumer good, Hindustan Unilever acquired the skincare company Minimalist, a 90% shareholding for nearly Rs 3000 crores.

Homegrown startup beauty brands have been on a roll in India. Scores and scores of new age skincare brands have cropped up since the pandemic and all of them harp on the science of it. And their whole appeal is transparency. Transparency about the ingredients that go into each of their products.

Among all of them, Minimalist is the one that really stands out. It is an active ingredients based skincare company that sells things like niacinamide, retinol, Vit C, glycolic acid, and salicylic acid. It launched around the end of 2020, and within a span of eight months, it built a 1000 crore rupee business. What’s even more surprising that the brand has remained in the green, meaning profitable, from the very first month itself.

For years, legacy brands like, HUL, Ponds, and Loreal have been selling products with similar ingredient--the only difference being they either didn't launch them in India or the kept the names hidden away in tiny fonts at the back of the bottles.

It was Minimalist that came around and broke that mould.

And now, seeing the success of brands like Minimalist, legacy brands are rethinking their strategy.

Case in point: Hindustan Unilever

The company’s has been wanting to turn its beauty and well-being portfolio into a “high-growth" premium category for a while now and the acquisition of Minimalist is a big step in that direction.

But how did Minimalist manage something that a giant like HUL couldn't?

Tune in.

**This episode was first published on January 27, 2025

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

From Medimix to Apsara Ice Creams — scions of family-run businesses are done building just another ‘parent’s brand’

The Ken — Wed, 09 Apr 2025 06:00:00 +0530

Indian family businesses contribute more than two-thirds to India’s GDP. 70 per cent. That’s amongst the highest in the world. And that number is expected to go up to as much as 85 per cent in the next 20 years.

Yet, today a lot of these companies are at a crossroads. You see, many of them have realised that they can’t just carry on as they always have. Business as usual isn’t going to work anymore. Think of brands like Medimix, or Baidyanath syrups. Iconic names for sure, but they are increasingly being bracketed as “parent’s brands”.

The next gen leaders of these companies have recognised this. They’ve realised that to have a shot at winning they are going to have to break off on their own. That too in a world that looks very different from when their family businesses were first founded.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Zerodha and Groww wanted to disrupt mutual funds. But they're stuck in first gear

The Ken — Tue, 08 Apr 2025 06:00:00 +0530

For a while now, the new kids on the block in India’s $750 billion mutual fund industry have been trying to really shake things up.

The likes of Navi, Zerodha and Groww have been dreaming of a big disruption. And a couple years ago, they thought they had found the answer to their prayers. A playbook that would catapult their growth.

They were convinced passive investing is the future. They had good reason to believe so. Last year, passive funds won the big game in the US, where—for the first time ever—they overtook active funds in assets under management (AUM). Blackrock and Vanguard built empires on this shift. So, naturally, the question is: why not in India?

Well, things haven't worked out quite how they had hoped.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

China built the solar energy empire. India’s building the green hydrogen rebellion

The Ken — Mon, 07 Apr 2025 05:00:00 +0530

Despite the recent upheaval in clean tech efforts, governments around the world are investing billions into green hydrogen. Analysts are calling it the missing piece in the clean energy puzzle, especially for industries that can’t run just on batteries or solar power.

But the future of green hydrogen may not be decided in Silicon Valley or Europe or even China. It might come from a factory just outside Bengaluru where a little-known American startup called Ohmium is building sleek, modular machines, the size of a fridge. These are designed to split water into hydrogen and oxygen using nothing but renewable electricity.

Ohmium’s unique technology called PEM (proton exchange membrane) electrolysers—are compact, scalable, and fast becoming the system of choice for green hydrogen production.

But can India really lead the global green hydrogen race and will Ohmium be the company to take us there?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Cult turned amateur gym rats into fitness fanatics. Now they are paying in injuries

The Ken — Fri, 04 Apr 2025 05:00:00 +0530

As fitness studios exploded across Indian cities after the Covid pandemic, Cult.fit rose to prominence on the back of its fun, accessible classes that appealed to sedentary urbanites.

Meanwhile, doctors noticed a sharp rise in workout-related injuries. Majority of those injured fell in the "most vulnerable" 35-45 age bracket.

What's going on? The Ken reporter DVLS Pranathi explains.

Tune in.

Question for listeners:
Whose responsibility is it to make sure you don’t suffer from any injuries when you start your fitness journey? Is it yours or Cult's? Or do you think it's both?

You can send in your answers to our Whatsapp number 8971108379. Also if you have any questions for Pranathi, you can send them on the same number as a voice note or a text message.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Groceries were just the beginning. Your 10-min delivery app is now selling your screen time

The Ken — Thu, 03 Apr 2025 05:00:00 +0530

India's biggest quick-commerce apps, Blinkit, Zepto, and Swiggy, have become prime real estate not just for regular FMCG brands but also for financial services, stock-trading apps, and even real-money gaming platforms.

The top three players are already making Rs 3 to 3,500 crore rupees in annual ad revenue. And that, dear listeners, is about half of what Amazon India made from ads in FY24, despite having way more users.

In today’s episode, host Snigdha Sharma speaks to The Ken reporter Gaurav Bagur about how quick commerce apps have become the new battleground for India’s ad money and our attention span.

Tune in.

Question for listeners:
Think of the times when you're on your phone everyday and tell us three instances where no one is trying to sell you anything.

You can send in your answers to our Whatsapp number 8971108379. Also, if you have any questions for Gaurav, you can send them on the same number as a voice note or a text message.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

India's AI mission could be transformative. But it's dead set on becoming Deepseek

The Ken — Wed, 02 Apr 2025 06:00:00 +0530

Back in January, when China’s Deepseek R1 model stunned the world with its performance and low training cost, India was thinking only one thing – how do we beat it? How do we become a global AI superpower?

But when it comes to the AI race, India has been stuck at the starting line for quite a while now. Its approach has largely been to throw things at the wall in the hope that something eventually sticks.

Now, Deepseek has really amped up the pressure. India’s electronics and IT ministry, or Meity, has swung into action. It has been announcing housekeeping steps for the country’s year-old AI mission at a speed that can match the language model advances hitting the headlines.

But in the process, the actual goal of the mission has become more incoherent than ever.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Private companies have stumbled upon a goldmine — Bengaluru's water crisis

The Ken — Tue, 01 Apr 2025 06:00:00 +0530

On January 29 of this year, Denta Water and Infra Solutions – a company that specialises in groundwater recharging projects – listed on the bourses.

Three weeks later, the Bangalore Water Supply and Sewerage Board, or BWSSB, issued a set of guidelines to address what has become pretty much inevitable every summer in the city – a full blown water crisis.

Now, those may seem like two completely random developments to you. But actually, there is a connection there. Because today, both the BWSSB and Denta Water have a vested interest in solving Bangalore’s water crisis. But one has had more luck than the other.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Blusmart’s unfair advantage has now become its biggest roadblock

The Ken — Fri, 28 Mar 2025 06:00:00 +0530

In this episode we fill you in on three standout stories from the past week.

First, we talk about the unravelling of Blusmart, India's first EV ride hailing platform;

Next, the private banking and wealth management boom in India;

And finally how India’s ad agencies got raided over alleged price-fixing three days before country’s biggest marketing event, the IPL.

Check out the stories and podcasts mentioned in this episode:

Everyone’s looking for a private banker. Have you seen one?

An IPL Whodunit

Hari Menon has to save Bigbasket from itself

The Ken — Thu, 27 Mar 2025 02:00:00 +0530

In January this year, nearly every single employee of the OG E-grocer Big Basket received an email from their CEO, Hari Menon. It was supposed to be a rallying cry. The Tata-owned e-grocery giant had finally—after much hemming and hawing—embraced quick commerce.

For a long time, Bigbasket didn’t care much for quick commerce. Menon himself dismissed it in April 2023 as unnecessary and “thrust upon” consumers.

But now the Tata board has had enough. Quick commerce isn’t just a fad anymore, it is the industry. Which is why, the pressure is on for Big Basket to make up for lost time and get back on the right track. And that’s going to take a whole lot more than just an email.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

With an IPO around the corner, Phonepe’s biggest strength is becoming its Achilles heel

The Ken — Wed, 26 Mar 2025 06:00:00 +0530

Phonepe is all set to debut in the public market in the second half of FY26. That perhaps seems like the natural next step for the fintech giant. After all, it commands nearly half of the market share in UPI transactions today.

Between 2020 and now, it has gone from catering to one in five Indians to one in three. And yet, the path to its IPO isn’t quite as simple as you would think. In fact, it’s a tough road ahead for the company.

And that’s precisely because of the one thing Phonepe is best known for – payments. You see, as much as 96% of Phonepe’s topline in the last financial year was thanks to Phonepe’s payment business.

You’re probably wondering what’s wrong with that. After all, payments were what put Phonepe on the map. Fair point. But the thing is, being over reliant on payments could hurt Phonepe.

Think about it. If anything about the payments business were to go south, it would be almost impossible for Phonepe to pivot in time. Which is why the key is to diversify. And it’s not like Phonepe hasn’t tried. Five years ago it launched its own financial services arm – Phonepe insurance.

But unfortunately, today, there still isn’t much to brag about.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

India's only listed credit-card company is a revolving door of embattled CEOs

The Ken — Tue, 25 Mar 2025 07:51:35 +0530

Every two years, SBI Cards, India’s only listed credit card company, valued at $9 billion, appoints a new CEO. This time, it's going to be Salila Pande, a career banker who has been with SBI for over 30 years. On the 1st of April, she will take the reigns from her predecessor, Abhijit Chakravorty.

However, it is going to be a tough few years for her. And the reason is like an open secret amongst SBI Cards executives.

They just don’t get along with any of their CEOs in general.

Tune in to find out why.

Tell us what you thought of this episode on WhatsApp at +918971108379

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Could a cashback convince you to change your go-to UPI app?

The Ken — Mon, 24 Mar 2025 05:00:00 +0530

Remember that time in 2022 when India’s top digital payments companies Phonepe, Paytm*, and Bharatpe were in a no-holds-barred turf war? Looking back, it seemed like there was news almost every other day about some tiff between the three market leaders. In fact, former managing director of Bharatpe, Ashneer Grover, has spoken on record about “street fights” between companies’ employees over QR codes.

A little more than two years later, there’s only calm. QR code scuffles are over. No one is beating each other up.

Both the peer-to-merchant and peer-to-peer payments space have settled down into a tripartite peace. Phonepe, Google Pay, and Paytm—in order of market share—are the clear leaders. This raises some interesting questions: How many UPI apps do you have on your phone? And do you have a favourite one? We may have multiple, but only one of them is ever really used. No amount of cashbacks or fancy user experiences make people want to switch to something else.

Is it brand loyalty that is preventing users from churning out of old platforms and into new ones? A former Paytm executive told The Ken, “There is zero brand loyalty for UPI payments apps…”

Well then, what is happening?

*Paytm founder Vijay Shekhar Sharma is an investor in The Ken
*This episode was first published on December 30, 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Haldiram's vs Bikaji just got spicier

The Ken — Fri, 21 Mar 2025 06:00:00 +0530

In this episode we fill you in on three standout stories from the past week.

First, why the fight between every Indian’s favourite namkeen brands Haldiram’s and Bikaji just got spicier;

second, the controversy around Urban company’s newest pet project;

and finally, the latest from Two by Two where our colleagues Rohin and Praveen discuss what the fourth wave of tech exports from India will look like.

Check out the stories and podcasts mentioned in this episode:

The latest edition of Long and Short
Why India's biggest employer of women gig workers refuses to listen to its own workforce
Two by Two: Ultrahuman and Kuku FM have broken out

The Ken is hosting its first live subscriber event! Join two long-term and contrarian CEOs, Nithin Kamath of Zerodha and Deepak Shenoy of Capitalmind, as they discuss the mental models, decision making frameworks, and potential outcomes related to a very real possibility: an extended stock market winter that lasts 24 months or more. Click here to buy your tickets.

How pharma companies are chasing newer, better, easier profits by going the FMCG way

The Ken — Thu, 20 Mar 2025 07:22:48 +0530

Pharma is slow, complicated and tangled in regulatory approvals and compliances. But, consumer healthcare is fast moving, has far fewer rules and enjoys better margins. Under the umbrella of consumer healthcare you will find a plethora of categories and products – all of which claim to improve some aspect of health or well being. Think supplements, or over the counter medications like Crocin or Sanofi’s own Allegra, even things like protein bars.

These are products that you can toss into your shopping cart and purchase without the hassle of a prescription.

Last year, Sanofi India decided to demerge its consumer arm and list it as a separate entity – Sanofi Consumer Healthcare. Sanofi even gave it a shiny new label: FMCH, or fast-moving consumer healthcare. And this approach seems to be working out well for the French company. Sanofi Consumer Healthcare has been picking up some of the slack. By Q1 of 2024, it was already contributing 30 per cent of Sanofi SA’s total sales and -40 per cent of its operating profit.

But Sanofi didn’t invent this move. Zydus Lifesciences figured it out back in 2008 when it created Zydus Wellness, the entity behind Sugarfree and Glucon-D. And after that, we saw giants like GSK and Johnson & Johnson follow suit. But here’s the thing about Sanofi. Unlike Zydus, which clearly separates its pharma and consumer-health businesses, Sanofi blurs the line. A lot of its pharmaceutical products are being recategorized and sold as consumer care.

Tune in.

Why India's battery dreams are losing charge

The Ken — Wed, 19 Mar 2025 06:00:00 +0530

About three years ago, the government decided that it wanted India to become a global powerhouse in cell manufacturing. So it went ahead and dangled a very juicy carrot for companies to produce batteries locally. It promised over Rs 18,000 crore in subsidies for anybody who would help it make its battery dreams come true by the end of this decade.

Cut to now, three years later, and those dreams are very quickly losing charge. You see, by now the government should have technically already disbursed Rs 2,700 crore to beneficiaries.

But in reality, not even 1 per cent of that has reached any of them. Merely Rs 24 crore has been spent by the government this far, and most of it has gone towards paperwork, site visits and tender process. That's it. What's going on?

Tune in.

Private schools are seeing a drop in enrolment. Where did the kids go?

The Ken — Tue, 18 Mar 2025 06:00:00 +0530

Private schools across the country are going through quite a crisis right now.

Just last month, The Ken reporter Atul Krishna saw this play out first hand at a budget private school called Blossoms in Bangalore. During a visit to its campus, he learnt that its once packed classrooms are now thinning down year after year. From 1,5000 students about five years ago, the count is less than half od that now. And unfortunately, the school’s principal Shashi Kumar predicts that that number will only drop further.

Blossom’s is just a small piece of a much bigger puzzle.

Between 2023 and 2024 alone, overall school enrolments across the country registered its steepest drop in five years. The enrolment numbers dropped by…wait for it…10 million. And funnily enough, private schools, which make up less than one third of all schools in the country, saw a drop of over 2.2 million student enrolments.

That begs a rather obvious question – Where have all the children gone?

Tune in.

IV drips move from hospitals to spas—to ‘fix’ the elite’s hangovers and hair loss

The Ken — Mon, 17 Mar 2025 06:19:00 +0530

IV drip therapy has gone from being a fad among celebrities like the Kardashians, to becoming the wellness treatment for the uber rich. There is a growing consumer interest in quick, customisable wellness solutions and plush clinics across the country are cashing in on it. Whether you are looking to treat a hangover, get glowing skin, lose weight or simply optimise your overall well being – there is an IV infusion for you.

The catch, of course, is that these treatments can cost anywhere from Rs 2,500 to Rs 80,000 per session. But the exorbitant prices of these treatments has hardly been a deterrant for its target audience. In fact, if anything, it’s only shot up to fame.

The Ken reporter DVLS Pranathi spoke to multiple cosmetic clinics – from Kaya, to others like Reviv, Elixir Wellness and Kosmoderma. All of them see IV treatment as their key to tapping into India’s steadily growing health and fitness industry. In fact, today, some of these clinics are doling out thousands of IV drips every month.

But in a country where the cost of healthcare is through the roof, and regulations around IV drips are still in the grey, this treatment is just as controversial as it is aspirational.

*This episode was first published on January 2, 2025

Will Starlink in India pull off what giants Airtel and Jio couldn't?

The Ken — Fri, 14 Mar 2025 02:00:00 +0530

In this episode we fill you in on some of the biggest business and tech stories from The Ken newsroom.

We will talk about Reliance and Airtel’s latest deal with Space X’s Starlink Internet; how Dhan, the stock broking underdog, is defying all odds; and finally, we discuss the market for treating farmed animals humanely.

Stay tuned

Check out the stories and podcasts we mentioned in this episode:
Dhan is the stock-broking underdog that Chryscapital and Hornbill are after. But why?
How big is the market for treating farmed animals humanely?

The future of work is…whatever you don’t want to do

The Ken — Thu, 13 Mar 2025 02:08:33 +0530

If there’s one thing urban Indians love to do, it is delegate. Today there’s all manner of apps for anything even vaguely resembling a chore. Need someone to deep clean your house? Or a stand-in for the driver that called in sick? Well, there’s an app for it.

The Ken’s deputy editor Seetharaman G recently pointed out how all of this is possible only because of an ever-growing army of gig workers constantly whizzing around cities and towns across India for wages that are abysmally low.

In many ways it is a never ending loop. As stable jobs continue to vanish, millions of young Indians are turning to odd jobs instead. They are fuelling a booming gig economy, where startups – both big and small – are turning even the smallest chores into business opportunities.

Naturally, venture capitalists can’t get enough. They have been pouring tens or billions of dollars into gig driven startups. They are directly and indirectly betting big on this endless supply of underpaid workers to keep these business models afloat.

The stats are pretty alarming. Today, 13 per cent of all tech funding is fueling this vast eco system of odd jobs on demand. It all paints a pretty dismal picture. Because it’s starting to seem like the future work is taking care of everything you don’t want to do.

Tune in.

Why Curefoods is dead set on expanding its menu beyond salads

The Ken — Wed, 12 Mar 2025 02:00:00 +0530

When the Bengaluru-based Cloud kitchen operator Curefoods went ahead and acquired the distribution rights for the American donut and coffee brand Krispy Kreme in December last year, a lot of people were naturally quite surprised.

Given the company’s roots in the fitness startup Cult fit, you would assume that it would be in Curefood’s best interest to promote all things “healthy”. Even its flagship brand up until now, Eatfit, is popular on delivery platforms for its healthy, clean food options.

But turns out, that’s not the path this cloud kitchen operator wants to walk down anymore. It is now dead set on expanding its menu beyond just salads. And the only way to do that is by giving people what they really want — junk food.

Tune in.

SUVs are taking over India — one accident, one parking spot at a time

The Ken — Tue, 11 Mar 2025 06:00:00 +0530

After years of being associated with powerful politicians and menacing goons thanks to Bollywood films, SUVs are now undergoing a makeover. At car dealerships across the country, they are now being positioned as the ultimate family car — a fortress that can keep your loved ones safe on treacherous Indian roads.

The word on the street, according to multiple sales executives and industry insiders, is that Indian carmakers are deliberately positioning these vehicles as rolling citadels. And it's working. SUVs are now outshining hatchbacks in annual sales.

But this love for SUVs among buyers is like the inexplicable craze around skinny jeans—no one likes them except the manufacturers and the ones in them. Simply put, more SUVs on the road mean more worry for everyone else.

Tune in.

Swiggy's post-IPO pains are a lesson for rich Indians playing the pre-listing game

The Ken — Mon, 10 Mar 2025 02:04:02 +0530

When the much-awaited Swiggy IPO took place in November last year, many HNIs make put in their money into the company. Some made smaller investments of more than Rs 2 lakh and the others who bought stocks for over Rs 10 lakh. But they weren’t buying stocks because they believed in the real value or long-term potential of these shares. They bought them because they assumed someone else will buy them at an even higher price.

The Ken reporter Suprita spoke to a VP of a Bengaluru-based unicorn. They told him that they just though they were getting a good deal at a discounted price. They even sold off some of their SIPs and even their Zomato shares. When many HNIs buy unlisted stocks before a company's IPO, they drive up the stock price. But once the pool of these HNI buyers dries up, the bubble bursts.

It is the theory of greater fools and it played out during Swiggy's IPO when brokers pitched Swiggy shares as a piece of India’s hottest food-delivery and oldest quick-commerce giant, that too at a discount.

But a discount to what?

Because Swiggy’s market capitalisation is right now stands at under $9 billion as compared to its listing valuation of $13 billion.

So what happens to HNIs like the unicorn VP who bought Swiggy shares before its IPO?

Tune in.

'I am the Byju of Byju's and I am here now'

The Ken — Fri, 07 Mar 2025 02:00:00 +0530

In this episode we fill you in on some of the biggest business and tech stories from The Ken newsroom.

We’ll talk about the latest development in the Byjus story; how Reliance’s Campa is taking on the Coke-Pepsi duopoly; and finally, the battle between YouTube and streaming companies to be the next television.

Stay tuned.

Check out the stories and podcasts we mentioned in this episode:
The latest edition of Ed Set Go
Pepsi’s biggest bottler is pouring more cola to fight Reliance’s Campa

Two by Two

How the MG Windsor left Tata and Hyundai behind to become India's top-selling EV

The Ken — Thu, 06 Mar 2025 06:53:16 +0530

This year the JSW MG Windsor became the highest selling electric car in India. It recently even managed to outperform Tata’s most popular offerings like the Nexon and Punch EV. It recorded total sales of over 10,000 units in a single quarter, beating all the models from Tata, Mahindra, and Hyundai.

The obvious question here is – what did MG do differently? And the answer is simple – by doing for EVs what Reliance did for cell phones in the early 2000s.

Tune in

Why IITs and NLUs are setting up their own companies

The Ken — Wed, 05 Mar 2025 06:00:00 +0530

Over the past few years, public universities here in India have been stuck in a rather difficult position. For decades, they were almost entirely dependent on state funding to keep the lights on.

But now the state funding has steadily been drying up. So now, they have no choice but to fend for themselves. But legacy institutes like IIT Bombay, IIT Madras and IIT Delhi have found a workaround.

They are all taking a page out of the Ivy league playbook and setting up their own endowment funds. In this episode we delve into what that means and why it isn't as easy as it may sound.

Stay tuned.

Deepseek cracked open AI. India’s AI plumbers are loving it

The Ken — Tue, 04 Mar 2025 06:00:00 +0530

Up until recently, for most enterprises the default choice ended up being ChatGPT maker Open AI's models. That was mainly since for a long time there were no serious alternatives.

Then, in came Deepseek R1. It proved that other models could compete and even win against OpenAi, that too at a fraction of its price. So now its the one that’s nudging enterprises to think twice before paying OpenAi for its services.

And as a byproduct of that, over the last few months, the entire AI ecosystem has been moving from the one size fits all approach to picking the best tools for the job. Basically that means getting multiple models to work together.

There is a huge opportunity here. Not for consumer-AI startups that were once dominating funding charts, but instead for LLMops businesses. These are companies that glue together large language models or LLMs and optimise hardware and software to speed up computation processes. In the near future, these companies could potentially grow faster than ever before.

Tune in.

The death of the independent doctor

The Ken — Mon, 03 Mar 2025 06:59:23 +0530

Young independent doctors in India are stuck between a rock and a hard place. Take F M, a 32-year-old psychiatrist who has a clinic in South Mumbai. She’s spent a third of her life slogging through medical schools and internships to finally earn her super-specialised degree. But two years into her private practice in a posh South Mumbai area, she wonders if being a doctor is really worth it.

Nearly 50% of the total medical seats in India are in private and deemed medical colleges, which don’t come cheap. Sheetal Shrigiri, gynecologist and counselor at a coaching center for medical-entrance exams told The Ken an MBBS degree at a private college costs anything between Rs 50 lakh and Rs 1 crore.

Apart from the financial burden of the degree itself, once they become doctors, there is increasing competition from hospital chains and also the pressure of having a social media presence and to deal with.

Tune in.

*This episode was first published on September 30, 2024

Trump's tariff spree and what it means for India

The Ken — Fri, 28 Feb 2025 06:00:00 +0530

In this episode we fill you in on some of the biggest business and tech stories from around the world.

We’ll talk about US President Donald Trump’s trade war threat and what it means for India and why Meta is suddenly doubling down on its Indian market. Finally we will take you through some of our favourite offerings from The Ken’s newsroom this week.

Check out the stories and podcasts we mentioned in this episode:

Netradyne made a $1.3B business out of surveilling drivers. Now, it must focus on driverless cars
Nutgraf: Here's how the Swiggy, Zomato monopoly could crack

Two by Two: Airtel fights spammers. And Truecaller's business model.

How Wooden Street is challenging furniture giants in India with its Goldilocks game plan

The Ken — Thu, 27 Feb 2025 07:50:24 +0530

Ten years in the business and the custom furniture maker Wooden Street has left its older peers far behind. If you ask the company’s founder and chief executive Lokendra Singh Ranawat, he will tell you that the Covid pandemic was when the company's fortunes changed.

Within two years of the pandemic, the company’s top line nearly quadrupled to Rs 130 crore. It also claims to have closed the 2024 financial year with a revenue of Rs 340 crore. The company has also managed to attract global investors, including the likes of Premji Invest. In December 2024, Wooden Street raised a little over Rs 350 crore in a series C round – which happens to be one of the largest investments into India’s home and furniture segment in a long time.

The founder says, around this time, everyone became a Pinterest-inspired interior designer. Ranawat noticed people were constantly thinking of new ways to spruce up and upgrade different parts of their homes.

And it’s that newfound obsession with home improvement that proved to be the wind beneath Wooden Street’s wings. And what set Wooden Street apart from its peers was its customisation strategy that it calls the ‘Goldilocks zone’.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Wework India is moving away from what it knows best — co-working

The Ken — Wed, 26 Feb 2025 06:00:00 +0530

By now, we are all aware of the WeWork story. We know how the company grew to become synonymous with coworking spaces thanks to its lavish network of offices around the world. How these offices were once packed with young techies playing pool and sipping beer. And how, eventually, it all came crashing down. The company, once valued at 47 billion dollars, was brought to its knees.

But here in India, the WeWork story has been playing out drastically differently. The workspace provider’s India business is thriving. In fact, it is currently prepping for an IPO.

It has managed to get to this point only because it is everything that its global sibling is not. More importantly, it realised somewhere down the line that it’s better to ditch the frills and be a boring office space provider for all sorts of clients, not just the startup crowd. The pivot is now towards managed office spaces.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Diamonds with a side of champagne — how Zoya finally hacked the luxury jewellery business

The Ken — Tue, 25 Feb 2025 06:00:00 +0530

How do you sell diamonds to the ultra rich? Well, Zoya, the luxury jewellery brand from Tata-owned Titan Company can give you a masterclass.

The Zoya playbook isn't focussed solely on designing and selling premium jewellery. Turns out, it’s all about the experience. From champagne brunches, to luxury cruises — the brand stops at nothing when it comes to nurturing its client relationship.

For 15 years, Zoya, the ultra-luxury jewellery brand from Tata-owned Titan Company, wasn’t so much a business as an expensive exercise in patience. A handful of boutiques, a tiny customer base, and no profits. Now, suddenly, things are different.

As of FY25 Zoya is finally profitable. But here’s the problem: luxury is having a moment in India. Tiffany, Cartier, and Bvlgari—all want a bigger slice of the pie.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How the govt gave the elderly free health cover, and insurers a reality check

The Ken — Mon, 24 Feb 2025 06:19:09 +0530

In October 2024, the government of India launched the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, a health insurance coverage for all senior citizens aged 70 and over, regardless of income. This is big news for healthcare in India because for the longest time, this is exactly the age group that has pvt insurance companies have been ignoring.

To give you a clearer picture, a person aged over 60 years pays anything between Rs 30,000–50,000 as annual premium for coverage as low as 5 lakh rupees. Even policies for Rs 6–10 lakh are harder to find and cost Rs 40,000–70,000 annually. That’s about 5X the premium someone younger would pay for the same coverage. And it’s not just the high premiums; these policies are of little help to seniors when they need it the most.

In fact, more than four out of every five people aged above 60 aren’t covered by any insurance at all. Only 20% of those over 45 years have a health cover. And the rest are just out there vulnerable to emergencies. The reason being: high premiums and meagre coverage.

Tune in.

**This episode was first published in November 2024

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

In the run-up to IPL, there's a conflict brewing between OTT platforms & advertisers

The Ken — Fri, 21 Feb 2025 06:00:00 +0530

In November 2024, one of India's biggest FMCG companies, Hindustan Unilever, started getting a barrage of complaints from its consumers, who said they were seeing the same Dove and Surf Excel ads repeatedly on OTT platforms during a single watch session. Some of them were shown the same ads as many as 150 times within a week.

Now, with the IPL around the corner, HUL—which spends nearly Rs 4,000 crore on ads annually—couldn’t afford to ignore these complaints. So what followed was a series of investigations. And what they discovered has opened a real can of worms for not just JioHotstar, the platform that will be streaming the IPL, but OTT platforms in general.

The big issue is a serious mismatch between what was promised and what’s actually being delivered for ad campaigns, according to seven insiders from HUL, Disney, and other industry rivals who spoke to The Ken.

So what happens when a big spender starts feeling like it's not getting what it signed up for during the biggest streaming event of the year? The Ken reporter Rounak Kumar Gunjan speaks to Daybreak hosts Snigdha and Rahel.

Tune in.

Listen to 'One Billion in 10 Minutes', our new mini series based on The Ken's inaugural case competition.

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How Tata landed a Punch on Maruti and also buried Nano’s ghost

The Ken — Thu, 20 Feb 2025 05:00:00 +0530

Back in 2009, Tata launched an egg-shaped four seater hatchback that it was convinced would redefine mobility for the masses, Tata Nano. Initially priced at just Rs. 1 lakh, it was designed as the dream ride for the lower middle class. It was a bold and ambitious that unfortunately didn't quite take off. Auto experts say it was because of a combination of factors. But perhaps the biggest learning from the Nano fiasco was that car ownership in India isn’t just about wheels. It’s about status.

Now, almost two decades later, Tata Motors has managed to dethrone India’s largest passenger carmaker, Maruti, to officially become the public’s favourite. And it’s all because of how it has positioned itself since the Nano. Take one of its most successful models, Tata Punch, for example. Last year, this compact SUV became the country’s best selling car. It managed to beat the iconic Maruti Wagonr and Swift which previously took the top spot for several years now.

So how did Tata Motors get here? In this episode we dive into its journey from the Nano to the Punch.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How a four-year-old homegrown company is helping Mango and Next change the fashion game

The Ken — Wed, 19 Feb 2025 06:00:00 +0530

The global fashion industry is shifting dramatically. Brands like Zara that once ordered a minimum of 6,000 pieces per style, have dramatically reduced their orders to about 600 pieces. And it isn’t just a quantity thing, production timelines have shrunk from 150 days to less than half of that.

The result? Well, fresh designs every two weeks. This shift in the industry was made possible because of middlemen like Groyyo, who get small factories to manufacture clothes in small batches in record time.

The company’s strength lies in what other larger factories find challenging. When a brand places an order for 500 pieces to be readied in 60 days, large factories—those capable of producing batches of at least 2,000 garments—typically struggle to justify the operational adjustments required.

This isn’t the first time the textile industry has seen such moves. Other B2b Fasionplatforms like Geniemode and Fashinza also went down the same path but ended up burning over 100 million dollars trying to digitise this unorganised space. But Groyyo managed to recognise exactly what they were missing – a focus on international markets.

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A hair away from unicorn status, but Juspay just can't catch a break

The Ken — Tue, 18 Feb 2025 02:00:00 +0530

It has been a confusing year so far for the payment processor, Juspay. On the upside, it is one step closer to unicorn status thanks to a possible 150 million dollar funding round. But at the same time, it has also been getting the cold shoulder from several fintechs that once were a core part of its business.

It all began just a few months ago, in December, when the Walmart-owned payment aggregator Phonepe said it would discontinue support from all third-party payment orchestration platforms. Soon after, Razorpay and Cashfree followed suit and severed ties with Juspay.

So now merchants have to decide – do they stay the course with Juspay or jump ship? The stakes are at an all time high. Because their decision could reshape the very structure of the payments industry.

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Every summer in India is a race against AC shortage. This year will be no different

The Ken — Mon, 17 Feb 2025 07:08:10 +0530

Last year’s heatwave was great for the AC business—demand was over the roof and inventories were wiped out. Voltas, which sells the most room air conditioners in India, saw revenue jump 60% in the March quarter. Contract manufacturers like Blue Star, Amber Enterprises, and PGEL made 50–100% more money. This year too is going to be a long, hot summer. Air-conditioner makers know this. But they also know that, despite all their efforts to prepare this time, they might run out of air conditioners by mid-April.

The same thing that happened last year will happen in 2025.

You see, there are tiny but really important things that make an AC an AC like compressors, cross-flow motors. Suddenly, they were in short supply last year. Some manufacturers ended up airlifting emergency shipments—instead of regular shipping. You could think of this as the business equivalent of ordering from a quick-commerce platform at midnight: expensive, kind of desperate, but necessary. Overall the industry lost the sale of a million and a half units because of this.

And this year could be worse because AC sales are projected to jump another 20%, crossing 12 million units.

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Inside the world of parent-approved desi dating apps

The Ken — Fri, 14 Feb 2025 02:00:00 +0530

Desi dating apps are vying for parental approval. And their strategy seems to be working.

A couple months ago, Agrima Srivastava, a 29-year-old media professional from Lucknow, had an awkward conversation with her mother. She wanted to know if Agrima had ever heard of Indian dating apps, Aisle and Better Half.

That was the first time Agrima had an open conversation with her mother about her love life. She told her that she was on dating apps, but homegrown ones like Aisle and Better half, were "just too serious". Funnily enough, the very reason Agrima was hesitant to get on an Indian dating app is why her mom approved of it.

And Agrima's mom isn't alone. Many Indian dating apps have positioned themselves as the perfect stop gap between casual dating and marriage. It allows people the autonomy to choose their own partner without their parents getting involved, while also connecting them with a pool of potential partners from similar communities and upbringings. It's like parent-approved dating.

How do they work? And do Indian dating app users need them?

Tune in to find out.

Netradyne built a $1.3 B empire tracking drivers. Now it has to go driverless

The Ken — Thu, 13 Feb 2025 07:00:00 +0530

Last month, Netradyne, the logistics AI startup, became India’s first unicorn of 2025 after it raised 90 million dollars in series D funding.

The Ken reporter Abhirami G recently found herself in the backseat of one of Netradyne’s test cars in Bengaluru's Whitefield neighbourhood. The driver of the car was a Netradyne employee. And as he weaved through the traffic, the company’s signature always-on surveillance cameras didn’t just watch his every move, but also apparently “understood” and “analysed”. As he drove, he was generating the precious training data that powers the company’s bread and butter. Apart from making roads safer, this whole system also doubles up as a driver’s best legal defence in times of trouble. The company’s executive Vice president of Engineering Teja Gudena said that on multiple occasions, it has saved drivers from liability by proving their innocence in accidents.

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What does it take to sell makeup to men?

The Ken — Wed, 12 Feb 2025 02:00:00 +0530

It’s 2025 and the idea of “masculinity” has undergone a complete overhaul. You see, after several product life cycles, the men’s grooming business has reached a stage where brands aren’t just formulating shampoos and body washes exclusively for men. They are also coming up with compacts and concealers, and a bunch of other makeup products targeted at men.

In fact, in the last decade or so, India has actually become the biggest market in the Asia Pacific region for beauty products for men.

And yet, nothing much has changed about how these brands pitch their products to men.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

We are now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Zepto to its employees — 'Who wants to be a millionaire?'

The Ken — Tue, 11 Feb 2025 02:00:00 +0530

Over the next three to five years, Zepto wants to be known as the startup that created the most multimillionaires.

Which is why these days, the standard pitch that people applying for VP-level roles at the startup get is as follows: "Would you like to create generational wealth? Think 50-100 crores in just four years." That’s what Zepto HR has been promising these applicants. They’ve been making it seem like bagging a job at Zepto is like winning a lottery ticket.

And it’s not just bravado.

By “generational wealth”, the company means offering Employee Stock Ownership Plans or ESOPs to senior executives, based on their performance.

But it comes at a price.

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How facial-recognition firms turn public deals into private gold

The Ken — Mon, 10 Feb 2025 07:25:43 +0530

Indian startups are making the most of the increasing demand for surveillance by securing high visibility government contracts. But while these can boost a startup's profile, government projects are unpredictable and often difficult for smaller startups to win.

As a result, there is a shift underway — private clients are becoming increasingly crucial for profitability.

This divide between public and private contracts is forcing these surveillance startups to do a fair bit of monkey balancing. How are they pulling it off?

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**This episode was previously published in December, 2024

Can an army of Indian engineers help Microsoft take on Nvidia?

The Ken — Fri, 07 Feb 2025 02:00:00 +0530

Nvidia’s dominance in the AI market is forcing Big Techs like Microsoft to produce chips of their own. So, the software giant is changing its tack in hiring from Indian colleges.

The Ken reporter Abhirami G joins host Rahel Philipose in this episode.

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All you need to know about your Cibil score

The Ken — Thu, 06 Feb 2025 03:02:21 +0530

In this episode, we try to demystify these credit bureaus and their mystery calculations that decide our fate.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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Subway is slowly doing away with what makes it Subway. Choice.

The Ken — Wed, 05 Feb 2025 02:00:00 +0530

*This episode was originally published on 17 September, 2024.

Subway, the globally popular sandwich-eatery chain, is now grappling with sweeping changes in India—and not for the better. For one, the world’s largest quick-service restaurant (QSR) brand is moving away from the franchise model it has operated under for the past 25 years. In doing so, it’s also shedding the very thing that made it popular in the first place: choice.

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Why India's scheme to make every Indian fly never took off

The Ken — Tue, 04 Feb 2025 02:00:00 +0530

Back in 2016, the government launched a scheme called UDAN. It stands for Ude Desh Ka Aam Nagrik, which roughly translates to every ordinary citizen will fly. This was a scheme that promised affordable, hassle free air travel to tier-2, 3 and 4 cities across the country.

But eight years later, flying in and out of smaller towns and cities could not be more cumbersome. Direct flights are rare, and cancellations and delays are constant. So, that prompts the question – where did Udan go wrong?

A report by the Comptroller Auditor General shows that more than half of the 770 odd approved flight routes under the scheme had not even commenced operations by March 2023. This largely had to do with two things – inadequate airport infrastructure and the lack of flights.

But now the government is trying to fix it.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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How Mokobara and friends forced VIP and Safari to rethink the suitcase

The Ken — Mon, 03 Feb 2025 02:00:00 +0530

Startups like Mokobara, Nasher Miles, Assembly, and Uppercase have turned luggage into an aspirational lifestyle product with smart social-media marketing and a vibrant aesthetic.

But that slice has been growing quickly, and that’s enough to get the old guard nervous.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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You are a quick commerce company. You have a billion dollars. How do you win?

The Ken — Fri, 31 Jan 2025 02:00:00 +0530

'As the battle for winning 10-minute deliveries heats up, so do the stakes. Pick one of five quick commerce companies. Determine what winning looks like. Write your solution’

That was the challenge we threw at some of India’s smartest, most ambitious and creative students from top business schools across the country. In our brand-new mini series 'One Billion in 10 Minutes', you will hear their ambitious and creative pitches – all rooted in the real world and centred around five quick commerce platforms that have completely changed the way we all shop.

The six-episode mini series goes live on Monday, February 3. But before that, we thought we would give you a sneak peak here on Daybreak. Check out the first episode of the series, where two teams — Metamorphosis from IIM Ahmedabad and Voldemort from IIMK Kozhikode — go head to head with their billion dollar strategies for the OG quick commerce platform, Big Basket.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

We are now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

How designers are going from backrooms to boardrooms at companies

The Ken — Thu, 30 Jan 2025 04:00:00 +0530

A new generation of designers is on the rise. These designers are expected to be a lot more than just “one trick ponies”. The new-age ‘Designer X’ is expected to bring a little bit of everything to the table. They understand the basics of sustainability, how their designs would impact things like climate change and culture. And they would also generally know a little bit of coding too.

And that is because the whole perception of design has shifted. Just last month, IIT Delhi announced a new certificate course in design thinking. It quoted multiple reports explaining why aspirants should take it. One of them was a 2023 Deloitte report that said companies that integrated design thinking in their innovation process brought new products to market 50 per cent faster than others and saw 2.5 X more revenue growth.

The latest batch of design generalists are the products of a new era of design education that has been sweeping through India’s universities. As of now, about a dozen have started their own design schools. Some of these universities are leaning into the industry’s demand for a well-rounded designer.

But now that more universities have entered the picture and generalist designers are becoming a dime a dozen, landing good jobs is going to get tougher as the job market matures.

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*This episode was previously published on November 4, 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

From managing migraines, to treating IBS — why thousands are choosing devices over drugs

The Ken — Wed, 29 Jan 2025 02:00:00 +0530

Nothing can dampen a vacation like a chronic migraine. Sunayani Sarkar, a 22-year-old biotechnology student learnt this the heard way during a trip to the Andaman and Nicobar islands last year. A month of terrible migraines later, her doctor suggested she try out a wearable device called Nerivio, developed by Pharma major Dr Reddy's through a partnership with an Israeli bio tech firm called Theranica Bio Electronics.

The device connects to an app via Bluetooth and controls the electronic pulses sent to the arm. It also stores the patient’s data to track migraine episodes over a period of time. It seemed simple enough and Sunayani’s migraines weren’t getting any better, so she decided to give it a go.

She isn’t alone. Turns out in the last few years, the market for devices to treat and manage chronic and non communicable diseases has been blowing up. Despite its high costs, thousands of Indians are opting for digital therapeutics to manage their migraines better and monitor heart health. And company's like Dr Reddy's and Lupin are making the most of it. And why wouldn't they? After all, it opens the doors to bundled products, robust patient data and a chance to be pioneers in global healthcare.

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From luxury cars to lunch with celebs — wealth managers are going all out to woo the ultra-rich

The Ken — Tue, 28 Jan 2025 02:00:00 +0530

Welcome to the world of luxury-lifestyle management, where firms like RedBeryl, Indulge Global, and Quintessentially play the role of concierge for their ultra-wealthy clients, making the impossible possible.

Now this sort of thing has become even easier for the rich. Because their wealth managers are also taking care of some of these requests.

It isn’t a one -off thing. Companies like RedBeryl, Indulge GLobal, Quintessential – all of which play the role of concierge for their ultra wealthy clients – are increasingly partnering with wealth managers to edge out competition and increase their clientele.

In today’s episode, we dive into how wealth managers are finding new ways to delight the ultra-rich.

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Why Minimalist was the missing piece in Hindustan Unilever's skincare game

The Ken — Mon, 27 Jan 2025 08:10:57 +0530

One of the largest deals to acquire a D2C brand took place last week. India’s largest manufacturer of consumer good, Hindustan Unilever acquired the skincare company Minimalist, a 90% shareholding for nearly 3000 crore rupees.

It was Minimalist that came around and broke that mould.

And now, seeing the success of brands like Minimalist, legacy brands are rethinking their strategy.

Case in point: Hindustan Unilever

The company’s has been wanting to turn its beauty and well-being portfolio into a “high-growth" premium category for a while now and the acquisition of Minimalist is a big step in that direction.

But how did Minimalist manage something that a giant like HUL couldn't?

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Roti ✓ Kapda ✓ Makaan? Should young Indians still believe in the home ownership dream?

The Ken — Fri, 24 Jan 2025 04:07:19 +0530

And what's behind these record-breaking property prices anyway?

Tune in to find out.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Why investors can't get enough of Zepto

The Ken — Thu, 23 Jan 2025 06:35:39 +0530

FROM THE ARCHIVES (This episode was first published July 1, 2024)

The Economic Times reported yesterday that Zepto, the quick-commerce startup, is in talks to increase the size of its initial public offering to $800 million-$1 billion. Zepto earlier planned to raise $450 million through the issue. Even when it entered the quick commerce scene for the first time in 2021, Zepto was a disruptor. Now, it is the third largest company in the market after Blinkit and Swiggy Instamart. Last year, it secured its biggest funding ever at a US$3.6 billion valuation, mainly from its existing investors.

Venture Intelligence, a data provider told The Ken that the US$660 million funding was the largest bet made by VCs in Indian startups in 2024.

What did Zepto do to get all this attention from investors?

Tune in.

Also listen to:

Daybreak: Why we date, marry, or breakup with Swiggy Instamart, Blinkit, Zepto & BigBasket

How Acko beat Godigit with just 15 health-insurance agents

The Ken — Wed, 22 Jan 2025 02:00:00 +0530

A dialogue from Munnabhai has become the ultimate source of inspiration for Acko, a digital general insurer.

"When someone’s dying, do they necessarily have to fill out forms?"

The Ken spoke to multiple Acko executives who said that this line is frequently repeated in meetings of its 21-month-old retail health insurance business. The inspiration seems to be working.

Despite being new to the retail health insurance game, the company was able to sell health insurance policies worth about Rs 51 crore in the segment. That’s 40 per cent more than Godigit, which is listed and had the advantage of being around longer.

Most people who understand this space are thrown off by the route it has gone down. You see, conventionally, the industry has depended heavily on agents and point of sale personnel to sell policies. But Acko has no interest in this approach.

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The government is pushing for e-buses. But private bus operators are not hitching a ride

The Ken — Tue, 21 Jan 2025 02:00:00 +0530

A bunch of startups are not entering the booming Indian e-bus ecosystem and becoming overnight successes. Just take the case of EKA mobility. Before 2023, EKA was barely a company. It was more the R&D wing of Pinnacle Industries, which is a major manufacturer of seating and interiors for legacy automakers like Tata Motors and Ashok Leyland.

But when the government launched the PM E-Drive subsidy back in September, everything changed for Eka Mobility. The five-year-old startup turned into a full-fledged EV manufacturer. Eka Mobility is one among many beneficiaries of the EV wave here in India. But naturally, it does not come without its challenges.

Which is why, despite India’s e-bus ambitions slowly gaining momentum thanks to government funding, the private sector has barely put its foot on the pedal.

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Why Ola Electric went from leader to laggard in record time

The Ken — Mon, 20 Jan 2025 02:00:00 +0530

Last week, Ola Electric’s shares saw a three-day slump after the Central Consumer Protection Authority asked the company for more documents for its investigation against it post receiving thousands of consumer complaints. But shares going up and down is regular stuff right? Not for Ola Electric.

The company went public in August 2024 at a debut price of Rs 76 becoming the only startup that went public at a lower price.

In his newsletter The Nutgraf, my colleague Praveen said it was a bold decision which paid off for Ola Electric. You see, when startups go for an IPO, it becomes clear that most of the value has already been extracted when it was private, leaving little for public investors. If it were shown to you as a graph, you’d see a sharp fall in growth post going public. That is the usual trend.

But Ola Electric dodged it thanks to its lower debut price. This is exactly what makes its falling share prices a matter of concern. And somewhere in the middle of all this is CEO Bhavish Aggarwal's public perception.

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Quick commerce is helping brands thrive but can brands afford the success?

The Ken — Fri, 17 Jan 2025 02:00:06 +0530

A couple years ago, quick commerce platforms were the place to be for up and coming brands across the country. Just a little sliver of real estate on a rapid delivery app was enough to put them on the map.

But now, many of these brands are very quickly realising that success on a Blinkit or a Zepto is a double edged sword. With it comes high commissions, marketing fees, and the constant pressure to never run out of inventory.

Some brands have now had enough.

How did it get here? The Ken reporter Nuha Bubere explains.

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What's really driving India's obsession with ranking the richest?

The Ken — Thu, 16 Jan 2025 05:38:41 +0530

In fact, at this point, it's safe to say that it has replaced Forbes as the most trusted choice for bankers and wealth managers. Hurun has managed to turn showing it off into a cultural trend despite the fact that wealth is often wrapped in secrecy in a country like India. So what’s really driving India’s obsession with ranking the richest? Hurun India has grown way beyond its original rich lists, creating rankings for just about everything you can think of—from self-made entrepreneurs to top art collectors. They even track billionaires by zodiac signs.

Today we look at Hurun India beyond just these lists— a closer look at the behind the scenes relationship it has with wealth-management firms, and how it keeps the ultra-rich happy.

*This episode was previously published on November 18, 2024

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AI can make loan approvals a piece of cake. So why is the RBI against it?

The Ken — Wed, 15 Jan 2025 02:00:00 +0530

Now at first glance, it seems like a win-win for both the borrower and the bank. But there’s a catch. This surge has come with a lot of scrutiny from the RBI.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The Microsoft vs Nvidia battle, powered by an army of Indian engineers

The Ken — Tue, 14 Jan 2025 02:00:00 +0530

On the 25th of November 2024, just five days before the placement drive began at the Indian Institute of Technology, Madras, a new role was suddenly added to the student’s placement portal. Tech giant Microsoft was looking for a bunch of promising silicon hardware engineers.

This was the first time Microsoft was hiring for this particular role. And it wasn’t just looking at the top tier IITs like IIT Madras. Students at IIT-ISM Dhanbad in Jharkhand, saw the same exact thing happen.

Why, you may ask? One word. Nvidia. Until now, companies like Microsoft, Amazon and Google have been the most direct beneficiaries of the AI revolution. But the Nvidia monopoly in the AI chip market is preventing these tech companies from making as much money as possible. Microsoft wants to change that.

That’s exactly where a team of freshly minted hardware engineers comes in. The company is hiring graduates who know hardware programming to test and design its own chips.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

10-minute delivery is making Zepto, Swiggy, and Blinkit disrupt themselves

The Ken — Mon, 13 Jan 2025 06:53:58 +0530

2024 was the year of the 10-minute delivery. We think we didn't need it but the likes of Zepto, Swiggy Instamart, and Blinkit proved us wrong. While other companies were struggling to find funding, these quick-commerce companies were raising billions of dollars and reporting double-digit, sometimes even triple-digit annual growth rates.

In December, Zomato’s quick-commerce subsidiary, Blinkit made a strategic move in the rapidly growing quick food delivery market space. It launched ‘Bistro’, a platform that will deliver food and beverages within 10 minutes. Interestingly, this was just a day after its competitor Zepto introduced the Zepto Cafe. Swiggy too already has a 10-minute food delivery service called Bolt, and unlike the others, it is inside their original app.

Is this just another indulgence or has quick commerce reached a point where players are so paranoid that they’re trying to hold on to customers who think that a food delivery that takes 40 minutes is too slow?

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Also, listen to: Why we date, marry, or breakup with Swiggy Instamart, Blinkit, Zepto & BigBasket

Tell us what you thought of this episode. You can text us your feedback on WhatsApp at +918971108379

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The Big Fat Sustainable Indian Wedding

The Ken — Fri, 10 Jan 2025 02:00:00 +0530

Welcome to the big fat sustainable Indian wedding!

Over the last few years, sustainability has become a big buzz word in the wedding industry. Multiple wedding planners told Daybreak that couples are now increasingly asking for more ‘sustainable’ alternatives while planning their big day — from offsetting the carbon footprint of the event, to setting up compost pits in the middle of their wedding venues.

This growing environmental consciousness makes sense. You see, as beautiful and fairytale-esque the typical Indian wedding is known to be, it is also infamously wasteful.

But here's the thing — while some couples may be thinking about ‘sustainability’ more than before, the numbers tell a whole different story. Indian weddings aren’t getting any smaller. They are bigger and more expensive than ever before. About Rs 6 lakh crore was spent on weddings in 2024. That’s a 40 per cent increase from the previous year. And that’s not all – data shows that one in every 100 of those weddings had a budget of over Rs 1 crore.

So how does sustainability co-exist with the grandeur of the Indian wedding? And can it? Daybreak host Rahel Philipose speaks to Ashwin Malwade, founder of Greenmyna, a sustainable event planning company, and Anirudh Gupta, the co-founder of Climes, a climate tech company.

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Indigo's the winner of the skies and the stock market. But it's still walking on eggshells

The Ken — Thu, 09 Jan 2025 02:00:00 +0530

At the end of 2024, Indigo, India’s largest airline, was voted as the airline of the year by Centre for Aviation (CAPA) at the 2024 Global Aviation Awards for Excellence. And then just a couple of weeks later, the airline was in for a rude shock when a survey by a German consumer-rights group ranked it among the worst 10 airlines in the world. Indigo, of course, refuted the findings of the survey and cast doubts on the credibility of the agency that released it.

Monthly data from aviation regulator DGCA had scored Indigo high on punctuality and low on customer-complaint ratios, and it was a big deal “for an airline of its size and scale of operations”.

But you see, that is exactly where the problem lies—size and scale.

Tune in!

Correction: In the episode, the host said SpiceJet is not listed. That is factually incorrect. The error is regretted.

Bold Care and Mymuse are going where Durex and Manforce never could

The Ken — Wed, 08 Jan 2025 02:00:00 +0530

The sexual wellness industry has long been shrouded in taboo. But now, thanks to quick commerce, getting a stamina supplement or a massage wand has become as effortless as ordering a packet of milk.

In the process, the long standing dominance of the old guard – the likes of Durex, Manforce and Score – has also been challenged. That's because these quick commerce platforms shone a light on the many upstarts that have entered the market in the last few years. These brands are breaking the long held taboos associated with sexual wellness and entering the mainstream by doing what others never could.

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Indian universities are done being backbenchers in the global rankings race

The Ken — Tue, 07 Jan 2025 02:00:00 +0530

For an Indian university, a spot on the QS Rankings list could change everything. It would mean they belonged to the same elite club as the Cambridges and Oxfords of the world.

But to nab that spot, universities are stopping at nothing — from admitting more foreign students, to paying top dollar to hire consultants and purchasing seats at conferences. But in the process some fear these universities are neglecting their bread and butter — academics.

How did we get here? What's behind this growing obsession with climbing up the global ranking ladder?

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Could your home loan lender be stealing from you? The secret EMI inflator you didn't know about

The Ken — Mon, 06 Jan 2025 08:03:59 +0530

Last month though, things went crazy in Delhi NCR's real estate market. A DLF penthouse property in Gurgaon, a little over 16,000 square feet in size, sold for a mind-blogging Rs 190 crores. Just the stamp duty was Rs 13 crores, apparently.

What really shocked the internet though was the per-square-foot price—Rs 180,000. When The Ken reporter Rounak Kumar Gunjan first came across it, he immediately forwarded the news article to some of his friends who are planning to buy flats to give them a sense of the madness out out there. But his frinds, he says, pulled off a UNO reverse.

Because they told him something else about India’s real-estate space that was even more intriguing. An increasingly common sinister pattern in home loans that he has since confirmed with two bankers and two insurance industry executives.

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On Shah Rukh Khan, dal-sabzi feminism, and the emotional-state of an economy ft. Shrayana Bhattacharya

The Ken — Fri, 03 Jan 2025 02:00:00 +0530

Today’s episode dives into a fascinating book called Desperately Seeking Shah Rukh: India’s Lonely Young Women and the Search for Intimacy and Independence, by Shrayana Bhattacharya, an economist with the World Bank’s Social Protection and Labour unit for South Asia. In this groundbreaking work, Shrayana unpacks the economic and social realities of Indian women through the stories of ten individuals from vastly different backgrounds—an upper-caste engineer, a flight attendant, a Muslim garment worker, and a tribal domestic worker, among others.

But, you may wonder, where does Shah Rukh Khan fit into all this? And why would an economist care about a Bollywood superstar? For Shrayana, Shah Rukh Khan isn’t just a fan obsession, he’s a research method. And through it, she discovered that the one unifying thread among these women was their love for the actor. So he became the lens through which she explored their dreams, struggles, and aspirations. For one woman, he symbolises professionalism and for another, he embodies the hope of breaking free from social barriers.The book offers a unique, raw glimpse into the everyday battles Indian women fight for independence, economic liberty, and basic dignity. Shrayana also reveals how the actor represents the spirit of economic liberalisation in India—a figure who carries the promise of opportunity and upward mobility.

In this episode, host Snigdha Sharma chats with Shrayana about the phenomenon of Shah Rukh Khan, the shifting role of women in India’s economy, the concept of “dal sabzi feminism,” the economics of “chik-chik,” and so much more.

Tune in!

Youtube is Saregama’s superpower—and its kryptonite

The Ken — Wed, 01 Jan 2025 02:00:00 +0530

2024 was a defining year for Saregama, one of India’s oldest music labels.

This is a company that has been around for well over a century. For a long time now, it has been associated with the kind of music your parents and grandparents grew up listening to – the classics, evergreen Bollywood numbers, Ghazals, Carnatic music…you get the drift.

But this year, something changed. Saregama made it clear that it was done banking on old melodies alone. It has been on a mission to make fresh hits. And that mission has largely been successful thanks to Youtube.

But there is a flip side to this strategy. In the Youtube-Saregama relationship, the former holds all the power.

Tune in.

You can buy an EV in China. But can you afford to insure it?

The Ken — Tue, 31 Dec 2024 02:00:00 +0530

*This episode was originally published on September 24, 2024

Half of the world’s electric cars are on China’s roads, thanks to a wave of smart incentives for both consumers and manufacturers, such as tax breaks and purchase subsidies. The payoff is tangible: the smog that once shrouded some major cities has lifted, and road noise has dropped significantly.

But it brought unexpected costs and challenges that nobody saw coming.

Tune in

Why people don’t change their UPI apps even when they hate them

The Ken — Mon, 30 Dec 2024 08:29:19 +0530

A little more than two years later, there’s only calm. QR code scuffles are over. No one is beating each other up.

Is it brand loyalty that is preventing users from churning out of old platforms and into new ones?

A former Paytm executive told The Ken recently, “There is zero brand loyalty for UPI payments apps…”

Well then, what is happening?

*Paytm founder Vijay Shekhar Sharma is an investor in The Ken

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak 2024 — Episodes that soared and stumbled

The Ken — Fri, 27 Dec 2024 02:09:36 +0530

As 2024 draws to a close, Daybreak hosts Snigdha and Rahel look back at some of their biggest hits and misses this year.

Check out the episodes that made it to their round up.

Hits —

Rahel's choice: Successful Women are Freezing Their Eggs and That's on men
Snigdha's choice: Why India's Biggest Employer of Female Gig Workers Refuses to listen to its own workforce
Audience choice: What do women really want? A F*** off fund

Misses —

Rahel's choice: Are run clubs like rehab for the chronically online?
Snigdha's choice: Why aren't we scared of chemicals in our skincare anymore?
Audience choice: How India's 40-somethings are redefining career longevity?

And that's a wrap! We will be back with new episodes next year.

Stay tuned!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What happens when you bring Rs 2 crore to the Delhi-NCR house hunt?

The Ken — Thu, 26 Dec 2024 07:00:00 +0530

The real-estate market of Delhi-NCR is an anomaly. The Ken spoke to a bunch of potential homebuyers who are looking for premium apartments with budgets of up to 2.5 crore rupees. Real-estate experts are telling them to give up on their dreams. Lately, the national capital has been facing an acute supply crunch of new housing projects, especially in the mid-premium segment (80 lakh to 2 crore rupees) depending on the city. Delhi NCR has witnessed the sharpest fall in inventory in this segment in the last few years.

Real-estate prices in turn have shot up far beyond the reach of most buyers. But it’s not like demand for housing has gone down because of these sky high prices. People are still buying tens of thousands of these mid-premium houses in and around Delhi.

So the obvious question then is: why aren’t more residential housing units being built?

*This episode was first published on 12 Sept 2024

Dmart and Zudio walked so Vishal Mega Mart could run

The Ken — Tue, 24 Dec 2024 02:00:00 +0530

No one was surprised by Vishal Mega Mart’s stellar market debut last week. After all, institutional and retail investors oversubscribed 27X to the Rs 8,000 crore IPO. So when it listed at a considerable premium, most people saw it coming.

But, how did the 23-year-old value retailer get to this point?

Well, in the last few years, Vishal, which has 70 per cent of its stores in tier 2 and smaller cities, has managed to outpace its rivals in the same space, such as Vmart and V2 Retail.

Today, it pegs itself in the same league as Dmart and Trent, despite the fact that the retailer is still much smaller in scale. But this comparison has given Vishal a compelling story to tell about itself.

In this episode, we delve into Vishal Mega Mart’s current position in India’s retail landscape.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Chaayos is doing everything to be the anti-Starbucks

The Ken — Mon, 23 Dec 2024 06:00:00 +0530

For most Indians, a cup of good chai is a comfort that’s accessible. Coffee chains, on the other hand, are mostly premium. And it all adds up when one considers the fact that Indians consume 20 cups of tea for every cup of coffee. But we live in a time when opulence and luxury makes us go google eyed. In the Indian consumer market, premiumisation is no longer a choice. Even chai cafes chains don’t really have an option but to take the premium path.

But Chaayos, the largest tea cafe chain in India, has decided not to go where the wind blows. And Nitin Saluja, the 40-year-old founder of Chaayos, says that this decision is actually based on its customers.

Over the last two years, nearly 200 of them have clearly indicated their unanimous opinion to the company: don’t become like Starbucks.

Tune in.

** This episode was first published on 18 July 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak 2024 Wrap Part 2: Writers' picks

The Ken — Fri, 20 Dec 2024 04:00:00 +0530

This isn't your usual Daybreak Friday episode.

Considering it's the end of the year, we thought we’d ask the reporters in our newsroom to talk to us about the stories they liked best. This week, we have DVLS Pranathi and Shristi Achar on the show.

They share two of their favourite stories — First, Pranathi tells us about an unconventional new homegrown footwear company started by three former Puma executives.

Next, Shristi speaks to us about why Karnataka’s EV battery making ambitions are stuck in low gear.

Shristhi's recommendation: How the stock market is fuelling India’s grandest-ever wedding season

How the unassuming category manager came to rule the world of quick commerce

The Ken — Thu, 19 Dec 2024 04:00:00 +0530

Naturally, brands are aggressively courting them, with over 30,000 requests every month for just 150 slots. From hosting parties to taking them out for drinks, brands are pulling out all the stops.

Meanwhile, category managers are urging brands to invest more in ads and marketing to stay competitive.

Tune in.

Chief digital officers eat chief information officers for breakfast

The Ken — Wed, 18 Dec 2024 02:00:00 +0530

You see, digital transformation has become THE buzzword for corporate India. And in the process, the CDO has become part of the companies top leadership.

But the question is — where does that leave the CIO?

Tune in.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

XLRI introduced India to management studies. But now it's done being just another B-school

The Ken — Tue, 17 Dec 2024 02:00:00 +0530

Back in 1949, XLRI introduced India to management studies. Since then, it has managed to become one of the most sought after B-schools in the country. For decades, it was like the dependable elder statesman of Indian management education.

But now, XLRI wants to be anything but just another business school.

In the last two decades, there has been an explosion of MBA seats across the country. Now, XLRI doesn’t want to simply add more management seats mindlessly. It wants to introduce programmes it thinks are relevant. Some of which, have nothing to do with management studies at all.

What's going on?

Tune in.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

As surveillance tech blows up, startups face a unique paradox

The Ken — Mon, 16 Dec 2024 03:00:00 +0530

India can't get enough of surveillance technology.

Indian startups, meanwhile, are making the most of this trend by securing high visibility government contracts. But while these can boost a startup's profile, government projects are unpredictable and often difficult for smaller startups to win.

As a result, there is a shift underway — private clients are becoming increasingly crucial for profitability.

This divide between public and private contracts is forcing India’s surveillance startups to do a fair bit of monkey balancing. How are they pulling it off?

Tune in.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

Dead mall rising: The life and death of Indian shopping centres

The Ken — Fri, 13 Dec 2024 02:30:00 +0530

The golden age of the Indian shopping mall is over.

There are at least 400 malls across the country. But a growing proportion of them are either dead or on life support. A report by real estate consultant firm Knight Frank found that the number of ghost malls in the country rose from 57 in 2022 to 64 in 2023. That’s about 1 in almost six malls. The report estimates that between 2022 and 2023, the loss of value due to the rise in ghost malls was around 800 million dollars, so that’s close to 7,000 crore rupees.

In this episode, Daybreak host Rahel Philipose is joined by Gulam Zia, senior executive director at Knight Frank and Abhishek Bansal, the Executive Director of Pacific Development Corporation to understand the ins and outs of the mall business — why some succeed and others fail.

Tune in.

India’s second-largest logistics player is hurting after putting all its eggs in one basket

The Ken — Thu, 12 Dec 2024 06:54:59 +0530

For a while now, some of the biggest players in India’s third-party logistics industry have been riding on the success of e-commerce unicorn Meesho. As of 2023, it accounted for over half of the 2.5 billion shipments that were being handled by third-party logistics players. Companies like Delhivery and Ecom Express happily rose to the occasion and partnered with Meesho to handle all its order deliveries.

For logistics companies this was a dream come true because most of the other major e-commerce players in India – like Flipkart and Amazon – take care of all their logistics in-house.

But earlier this year, Meesho announced the launch of Valmo, its own in-house logistics arm. Naturally, third party logistics partners are nervous. But no one is more shaken up than Ecom Express.

Tune in.

**This episode was first published on September 2, 2024.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

Tata and ITC are harvesting what small organic-food brands cultivated for years

The Ken — Wed, 11 Dec 2024 02:00:00 +0530

A couple years ago the biggest challenge for an organic food brand was convincing consumers that their products were worth the premium they were paying for them. It was naturally a gargantuan task, particularly in a price sensitive market like India.

But for the brands that stood their ground, believing that the Indian market would one day come around to organic eating, well, their moment has finally arrived. And how.

There is a growing market for organic products, here in India. This space is actually more exciting than it has ever been before.

In fact, big FMCG brands like Tata and ITC have now swept in for a slice of the vegan, cruelty free pie. On one hand, this helped the Indian organic food market to grow at an average rate of 25 per cent annually. But on the other, it has intensified competition in this space. And in the process, smaller, new-age brands seem to be getting the short end of the stick.

Is there room for everyone?

Tune in.

Why the clock is ticking for Indian smartwatch makers

The Ken — Tue, 10 Dec 2024 02:00:00 +0530

It really isn’t a great time to be a smartwatch brand in India. Pun intended. You see, the market for smartwatches in India has gone from seeing dizzying highs to depressing lows, all within the span of one year.

Just last year in September, at least 17 million people had placed orders for smartwatches across the country. Everyone seemed to want to get their hands on one. And the two brands that were largely credited for this new craze were Boat and Noise.

But now, a little over a year later, all those people who were frantically buying smartwatches last year aren’t buying them anymore. What’s more is that the likes of Boat and Noise – brands that had dominated the market thus far and set all sorts of new records – are now losing their sheen. They have very steadily been losing market share to a handful of new entrants.

What changed?

Tune in.

Tata wants to make iPhones in South India by copying China's dorm labour model. Here's why it won't work

The Ken — Mon, 09 Dec 2024 07:20:01 +0530

What put iPhone city on the map is that it produces more than half of the world’s iPhone’s every single year. The global demand for the Apple iPhone has only increased over the years. To keep up with that demand Foxconn hires up to 200,000 workers – a mix of migrants and college students – to make sure that the assembly lines keep running. Especially during the peak season which happens to begin right around now, from September to February.

Iphone city is the perfect example of the China manufacturing playbook. It is what propelled China to emerge as the world’s manufacturing hub. It’s pretty simple – Foxconn and companies like it build these large facilities, pack millions of migrant laborers into dorms near their facilities, and get them to work long hours, in often tough conditions.

But now things are changing. More and more global companies are adopting a China-plus-one strategy. And India is becoming a favoured alternative.

And as the focus shifts our way, manufacturers in India are pretty much replicating the same China labour model. But this model has an indigenous problem.

Tune in

**This episode was first published on September 26, 2024.

Daybreak 2024 Wrap Part 1: The Ken writer's picks

The Ken — Fri, 06 Dec 2024 02:30:00 +0530

This isn't your usual Daybreak Friday episode.

Considering it's the end of the year, we thought we’d ask the reporters in our newsroom to talk to us about the stories they liked best. This week, we have Rounak Kumar Gunjan and Aakriti Bhalla on the show.

They share two of their favourite stories — The first is a fascinating story by Rounak about how a tiny discount caused an uproar inside IRCTC or the Indian Railway Catering and Tourism Corporation. The second is by Aakriti about how Pepsico managed to make Sting the energy drink of India.

Tune in.

P.S. We want to know how and where you shop. When was the last time you went to a shopping mall? What did you buy? Write to us on WhatsApp. Our number is 8971108379

Curious about the story Rounak mentioned on the show? Check it out here.

Flipkart wants to do with electronics what Blinkit and Swiggy did with groceries

The Ken — Thu, 05 Dec 2024 05:00:00 +0530

It has been about four months since Minutes, Flipkart's all new quick-commerce service was launched in Bangalore. But Flipkart isn’t doing e-commerce the old fashioned way. It’s not taking on the likes of Blinkit or Swiggy Instamart directly by promising speedy grocery deliveries. Instead, its big focus is electronics.

It is a space that quick-commerce giants like Blinkit, Swiggy and Zepto – have all dipped their toes in. But Flipkart wants to take things to the next level. Like one Flipkart manager told The Ken, the company is trying to increase the width rather than the depth of the electronics category. The idea is to give more options to customers, but in limited quantities.

But while it may not be taking on Blinkit and Swiggy Instamart directly, Flipkart does have another major challenger – Croma, India’s second-largest electronics retailer. And courtesy a partnership with Big Basket, Croma is also getting into the quick commerce business.

However, building the capability to deliver large electronics, that too in volume, is not an easy task. So how do they plan to do it?

Tune.

Listen to the latest episode of Two by Two here

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Why FMCG giant Hindustan Unilever has never really screamed for ice cream

The Ken — Wed, 04 Dec 2024 02:30:00 +0530

There’s a running joke at Hindustan Unilever's Mumbai Headquarters. If a new hire is assigned to the ice cream division, it’s immediately clear that they aren’t in the company’s inner circle. But if you’re handed Surf Excel, Brooke Brond, or Glow & Lovely, it means you are in the big leagues.

Right now, that pecking order is clearer than ever. Just last month, the FMCG giant went ahead and decided to demerge its ice cream business. The decision has already received in principal approval from the company’s board. Assuming that it clears all the other approvals and procedures, it would mean that refrigerator staples like Magnum, Cornetto and Kwality Walls will all come under a separately listed entity.

This at a time when the ice cream space has been heating up…not literally of course. New age players like Hocco, NIC and Noto have all entered the market and collectively contributed to a sort of ice cream renaissance. So, shouldn’t HUL be focussing on growing its ice cream business rather than isolating it?

Tune in.

Listen to the latest episode of Two by Two here

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

India set up a new body to fix medical education. It now needs to fix that body

The Ken — Tue, 03 Dec 2024 02:30:00 +0530

Four years ago, India set up a new body to fix medical education. It was called the National Medical Commission (NMC) and it was meant to replace the Medical Council of India and bring reforms in this sector. The goal, at the time, was to bring some order to the chaos.

But so far, it seems like the body has only been able to do the opposite. Between vacancies, a series of poor decision and a general lack of coordination — the laundry list of criticism from people in the medical fraternity is only getting longer.

It seems like the body that was meant to cure medical education in India, is dealing with a chronic illness of its own. But is it terminal?

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Are banks done with India's credit card frenzy?

The Ken — Mon, 02 Dec 2024 07:25:43 +0530

For the last five years, India’s new-found love for plastic has been pretty visible. More than 100 million credit cards had been issued by banks by Feb 2024.

Banks, as we all know, are in a rush to sell more and more credit cards. To do this, they use a whole gamut of attractive offers. For example, free access to airport lounges became all the rage for the longest time. The footfall at these lounges went up significantly till banks slowly realised it was getting a bit too expensive. Which is why they started reigning these offers in.

Now, believe it or not, banks are slowly cutting down on the number of credit cards they’re issuing. In October 2025, banks issued less than half the number of credit cards they issued last year at the same time.

The most obvious reason for lenders being careful is a decision the RBI took in November last year. It increased the risk weight on credit-card receivables of banks and NBFCs. For banks, it was raised from 125% to 150%, and for non-banks from 100% to 125%.This basically meant that lenders would have to set aside more capital for their credit-card receivables.

But in this episode, we look at the trajectory of two lenders which rely heavily on credit cards—RBL Bank and SBI Card. Clearly, there is a lot more going on behind the scenes.

Tune in

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Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Why India's biggest employer of women gig workers refuses to listen to its own workforce

The Ken — Fri, 29 Nov 2024 06:37:26 +0530

A decade ago, when platforms like Urban Company entered the scene, they were seen the beacon of hope for thousands of women like Selvi and Nisha, two beauticians based in in Bangalore—finally, an avenue that offered them the financial independence and support their families without the cost flexibility. Now, over one third of the platform's workers are female making it the largest employer of women gig workers in India.

But in the last few years, the same workers have been raising their voices against the unfair nature of their job—from the one-sided ratings system of the app that makes female gig workers entirely dependent on customers and the arbitrary blocking of their accounts to the lack of basic safety and more.

Their requests and demands seem to be falling in to deaf years. The Ken reached out to Urban Company with questions regarding these issues but so far we haven't received any response.

In today’s episode, we will try to understand why Selvi, Nisha and thousands like them are so angry with the very company that was once a source of freedom for them.

Tune in.

Episode cover art by Kavipriya OG

Listen to the latest episode of Two by Two here

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How regional jewellery brands are trying to beat Tanishq at its own game

The Ken — Thu, 28 Nov 2024 04:18:26 +0530

For more than two decades, India’s jewellery industry has been dominated by one name and one name only – Tanishq. The Titan-owned brand has managed to become the go-to jewellery store for people across the country. Some may even call it the gold standard, literally.

But since last year, things have been changing. Tanishq’s dominance is being challenged. Not by some massive international player or any other pan-India brand. Nope. Instead, it is regional players that are starting to dim Tanishq’s shine. You may have noticed all the Malabar Gold and Kalyan Jewellers ads and billboards that have popped up in the last year or so. Both are regional brands that have really been giving Tanishq a run for its money.

The funny thing is all of these regional brands have risen to the top by doing exactly what Tanishq does best. They are literally hijacking Tanishq’s own playbook. And in the process, what was once Titan’s exclusive territory, with its 8% market share in a sea of unorganised competition, is now getting crowded.

Tune in.

**This episode was first published on August 20, 2024

Listen to the latest episode of Two by Two here

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Did someone just find the US$533 million that Byju’s lost?

The Ken — Wed, 27 Nov 2024 06:37:55 +0530

Bloomberg recently published a damning report about Byju’s according to which Byju Raveendran, the edtech’s founder, allegedly tried to convince an American businessman to leave the country so he wouldn't have to testify in a federal court about the suspicious activities he saw while working for the edtech.

However, William R Hailer, the businessman, filed a declaration in the US Bankruptcy Court in Delaware, where he said: ““Raveendran arranged a ticket for me to Dubai on Emirates out of Chicago Illinois to avoid testifying and to be out of the country as an excuse if required to testify.”

Now, if you’ll remember, in Sept this year, the highest court in Delaware, USA had upheld a ruling by a lower court that said the edtech firm Byju’s had indeed defaulted on infamous $1.5 billion loan. Which basically meant , that the lenders could demand full repayment, and take control of Byju’s US entity Byju’s Alpha Inc, and also appoint Timothy Pohl, Alpha Inc’s court-appointed CEO, as its sole director.

In this episode based on the latest edition of The Ken's newsletter Ed Set Go, we delve into the latest twist in the Byju's saga.

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Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Why Mamaearth is stuck with dead stock and mounting losses

The Ken — Tue, 26 Nov 2024 02:00:00 +0530

In the June quarter of 2024, Honasa Consumer, the maker of Mamaearth, decided to launch this new project called Project Neev. The idea was to bring about a foundational change in the way the company operates, especially distribution.

For context, Mamaearth hit the bourses in October last year when everyone else who had IPO plans had decided to hold them off for a bit. But Varun Alagh, the CEO and co-founder of Mamaearth, was of the firm opinion that the timing was perfectly ripe.

Things seemed to be going alright until this month when Honasa Consumer reported its first loss ever since it went public. Everything points to the massive change in the company’s distribution strategy. It decided to dump all its super-stockists or distributors for an in-house sales team that would take care of it. Basically, all the middlemen were kicked out.

The company estimated a one-time hit of Rs 50 crore in inventory losses because of this shift. But Alagh himself admitted in an interview with The Economic Times that the real damage was closer to Rs 70 crore.

And former distributors allege that the real picture is much worse. They estimate that there are stocks worth Rs 300 crores lying unsold and unclaimed.

In today’s episode, we’ll delve deeper into what this change in distribution strategy has led to for Mamaearth and its former stockists.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Are school-fee loans the next goldmine for Indian fintechs?

The Ken — Mon, 25 Nov 2024 02:00:00 +0530

Regular CBSE schools just don’t cut it anymore for the aspirational middle class parents in India. But considering how the annual fees at most of these schools can range anywhere between Rs 3 lakh to Rs 25 lakh, sending a child to one of them is no joke. Almost 90 per cent of parents who take the step can’t afford to pay the full fees up front. In fact, for most, even paying half the fee in one go is not an option.

In come the fintechs. Companies like Grayquest, Jodo and Leo1 are partnering with a growing number of schools to offer a simple solution to these aspirational parents – zero cost EMIs.

How does it work? And what’s in it for the fintechs?

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

The murky world of money mules and how they fuel India’s Rs 2,500 crore fraud economy

The Ken — Fri, 22 Nov 2024 06:30:52 +0530

The world of cyber fraud has gotten even murkier thanks to a slick new tech service that is streamlining fraud for scammers and making them even harder to track down. This new concept is called ‘Mule-as-a-service’ or MaaS. It’s kind of like a plug-and-play fraud tech where service providers are able to deploy an army of mules on behalf of cybercriminals. These mules are people who lend their bank accounts to move dirty money for cybercriminals. The scary thing is this mule network is getting smarter about leaving no money trail for authorities to follow.

More often than not, these mules are ordinary people from low income groups who sign up to make a quick buck, without realising just how dangerous the whole business is.

Daybreak hosts Snigdha and Rahel are joined by The Ken reporter Rounak Kumar Gunjan and Dhiraj Gupta, co-founder of the fraud-protection firm MfilterIt, about how this network works and why regulators have been struggling to keep up.

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How lenders like Navi resort to extreme borrower surveillance to keep their A game on

The Ken — Thu, 21 Nov 2024 05:00:00 +0530

If you’ve ever taken a loan from a non bank or an NBFC, the EMI is usually auto-debited from your account every month. But if you missed a payment, you know what usually goes down. You are inundated with phone calls from your lender and maybe agents even start visiting your home. Not an ideal situation for you or your lender.

But now, your lender can just monitor your account and deduct the money as soon as it comes into your account…all thanks to that auto-debit permission you granted. Earlier, only a bank could do this when it lent money to its account holder. But now non-banks can do it, too. A fintech executive told The Ken that this tool will soon become business as usual in every lender’s tool box. But things are still not there yet since the banks are not predictably sharing the statement data or their servers are down.

And here’s where account aggregators come into the picture. These aggregators are a newly-created class of licensed companies by the Reserve Bank of India. They basically help businesses exchange financial information about a user after taking the user’s consent.

Meanwhile, Navi Finserv, a four-year-old non-bank, was quite particular about how fast it could help its users take out a loan. Navi’s co-founder and CEO Sachin Bansal—who previously co-founded the Flipkart —believes “banking should be as easy as going on Swiggy and ordering food”. So to amp up both disbursals and collections, Navi and others like it are counting on account aggregators. But being able to access a borrower’s bank statement at any given time is a powerful collection tool.

And the problem is how Navi has been using this power.

Tune in.

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Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How do you get people to switch to electric cars? Take the subscription route

The Ken — Wed, 20 Nov 2024 02:00:00 +0530

In many ways, electric vehicles today are where mobile phones were in the early 2000s.

It’s December 2002. Mobile phones have entered the market, but the average Indian is still pretty sceptical. Cell phone connections are patchy and more importantly expensive. Devices themselves were unwieldy, limited and again…expensive. Basic services like sending a text, or a voice mail, or call waiting were considered ‘add-on services’ and they needed to be purchased separately.

So most people thought it just wasn’t worth the investment. That was until Reliance came in and changed everything. Back then, Mukesh Ambani launched Infocomm. The idea was to make telephone calls in India as cheap as sending a postcard. And it worked. Slowly, as costs started to drop, more and more people saw sense in adopting mobile phones, and eventually abandoning landlines altogether.

This episode is by no means a history lesson. But that context was important. Because India is almost exactly where it was back then. Except, the device they are on the fence about is now electric vehicles. And the company in question now is JSW MG Motor. Funnily enough, the solutions that JSW is coming up with are eerily similar to the Reliance strategy back then.

It's biggest proposition? A subscription plan for your EV battery.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

As the Gen AI race heats up data centres, water becomes the new air

The Ken — Tue, 19 Nov 2024 01:00:00 +0530

Cloud, streaming, generative AI… while all of these are increasingly becoming hot topics of discussion, data centres—the large, boxy buildings that house high-powered computers—are looking for innovative solutions to stay cool.

The advent of GPU processing has opened an opportunity for a handful of foreign companies to throw their hat into the ring. Their proposition? Liquid cooling.

So far, air cooling has been the preferred way to keep data centres cool. Like its name suggests, it is the process of using air to keep these centres cool. Liquid cooling does just that but with water.

It’s more efficient and largely believed to be a better way of cooling. But change does not come easy. Many data centre operators here in India believe it is riskier than air cooling. But with AI technology advancing the way that it is and GPUs growing more popular, they may soon not have a choice.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Hurun's turned ranking India's ultra-rich into a mini-industry

The Ken — Mon, 18 Nov 2024 06:00:00 +0530

Hurun India began curating rich lists a decade ago. Now, it has moved up ahead of ranking giants like Bloomberg and Forbes with 17 lists so far. It has a Global 500 list, similar to Bloomberg’s Billionaire Index. In fact, at this point, its safe to say that it has replaced Forbes as the most trusted choice for bankers and wealth managers. Hurun has managed to turn showing it off into a cultural trend despite the fact that wealth is often wrapped in secrecy in a country like India. So what's really driving India's obsession with ranking the richest?

Hurun India has grown way beyond its original rich lists, creating rankings for just about everything you can think of—from self-made entrepreneurs to top art collectors. They even track billionaires by zodiac signs.

Today we look at Hurun India beyond just these lists— a closer look at the behind the scenes relationship it has with wealth-management firms, and how it keeps the ultra-rich happy

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Are run clubs like rehab for the chronically online? Daybreak joined one to find out

The Ken — Fri, 15 Nov 2024 03:11:00 +0530

Last Sunday, the Daybreak team joined a run club! Why, you ask? For research, of course.

We wanted to understand the recent run club renaissance, that has taken social media by storm since the beginning of the year. Run clubs, in the traditional sense, have been around for decades now. But now, something has shifted. The new generation of runners is younger, less experienced, and relentlessly social.

Young people are looking for new avenues to meet people in real life and to connect offline. This isn't just limited to running. Social clubs in general are really having their moment. These are clubs that are centred around an activity — like hiking, painting, reading, even knitting. In search of meaningful relationships, sometimes even love, they are putting down their phones and pursuing hobbies like never before.

But what led to this sudden resurgence of social clubs? Was it the pandemic? Loneliness? Social media fatigue? Or something else entirely?

Tune in to find out.

Special thank you to the 56 Run Club for collaborating with us for this episode. You can follow them on Instagram to get the latest updates on their runs and events.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Swiggy prepared for its IPO

The Ken — Thu, 14 Nov 2024 07:20:41 +0530

On November 13, food delivery giant Swiggy made its public debut. It listed with a 8% premium over its IPO price of Rs 390 on NSE at Rs 420 and was oversubscribed by nearly four times.

While it's a bit early to comment, investors are not making strong bets on it yet. Hust to give you context, when Zomato went public, its IPO was oversubscribed by 38 times. This could be because the company is still posting losses on a consolidated level and is expected to be 2-3 years away from reaching profitability. It took Swiggy nine years till its food delivery business finally turned profitable last year.

Today, we revisit an episode of Daybreak in which we’d talked about what was happening behind the scenes of Swiggy’s IPO preparation.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Startups can't get over venture debt. But the lenders are getting pickier

The Ken — Wed, 13 Nov 2024 07:08:25 +0530

For quite a while now, the Indian startup ecosystem has really been feeling the pinch. People in the know call it the funding winter. These are periods of tremendous financial insecurity for startups, particularly now.

You see, for the last five years ago, the startup funding culture here in India was like a rollercoaster that was only going up. But now the scenario has changed considerably. After a dream run, big-ticket equity funding has slowed down and once sky high valuations are very quickly coming back to Earth.

These startups still need the money, obviously. But they have realised that raising a round of funding may not be as easy as it once was.

But they have found their knight in shining armour. In comes ‘venture debt’. These are essentially loans that go to VC-backed startups. A lot of the startups in the Indian ecosystem are thirsty, and venture debt is increasingly proving to be the refreshing splash they needed amid this funding drought.

But there's a catch.

Tune in.

CMOs are a dying breed. Nykaa, Nestlé India, and others are living proof

The Ken — Tue, 12 Nov 2024 01:00:00 +0530

Last year, Nykaa decided to reshuffle its marketing structure after the company’s previous Chief Marketing Officer (CMO) exited the company.

Instead of immediately filling the spot, Nykaa decided to break the role apart and have two marketing heads. One to look at performance marketing – the more technically, data-driven side of e-commerce, and another as the head of organic marketing – the creative, freewheeling stuff.

The move sent out a clear message: a singular CMO is no longer necessary.

This isn’t exclusive to Nykaa. Several online-first companies – Firstcry, Ixigo, Yatra – have been running without a CMO. But for decades CMOs have been seen as the charming, confident face of the company responsible for all things brand-building.

What's changed?

Tune in.

Indian govt's free senior health cover exposes the dark side of private insurance

The Ken — Mon, 11 Nov 2024 01:00:00 +0530

Last month, in October 2024, the government of India launched the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, a health insurance coverage for all senior citizens aged 70 and over, regardless of income. This is big news for healthcare in India because for the longest time, this is exactly the age group that has pvt insurance companies have been ignoring.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What does it take to launch a budget skincare brand today? 30 days and a penchant for marketing

The Ken — Fri, 08 Nov 2024 05:00:00 +0530

Ever since the pandemic, the world of skincare has witnessed nothing short of a revolution. Almost overnight, that jar of Ponds cold cream that had stood the test of time on dressing tables across the country was replaced by elaborate six-step skincare routines.

The legacy brands we grew up with – the likes of Loreal, Ponds, Johnson and Johnson – were dethroned almost overnight. In their place came an explosion of new brands. Today, everyone wants some skin in the game. Traditional FMCG companies like Tata, Marico, Dabur and Godrej all want in. So much so, that it's hard to keep a tab on the list of D2C skincare brands available in the market now.

But what does it take to launch a skincare brand? Turns out, not a lot. All you need is a contract manufacturer, 30 days, and a penchant for marketing.

Tune in.

We are hosting our first live recording! If you are in your 20s, like to run or just enjoy meeting new people, sign up for The Ken X 56 Run Club. This is for our Bengaluru-based listeners only. We meet at 7:30 am near Tonique on Kasturba Gandhi road.

How India's young millionaires are defying family norms to create new sources of wealth

The Ken — Thu, 07 Nov 2024 02:08:59 +0530

Lately, new breed of millionaire heirs have been dabbling with family offices in India . These are entities that exist solely to manage the fortunes of these ultra-rich families. While these offices have been around in some of the world’s biggest financial capitals for a long time now, in India, they are catching on now . What’s really interesting is that these single and multi family offices haven’t just been popping up in big metro cities, they are also gaining popularity in tier 2 cities like Surat, Ludhiana, Lucknow, Coimbatore and the like.

This largely has to do with the growing number of rich people in a lot of smaller cities and towns. A byproduct of this seems to be the rise in family offices. In the last six years alone, the number of family offices in India has shot up from 45 to 300.

Some of these function like a seed-stage venture capital firm and invest money to the tune of hundreds of millions of dollars.

Tune in.

**Correction: In this episode the host mistakenly referred to Nishant Batra as someone who leads investments at Catamaran, whereas he works for Dholakia Ventures. We apologise for the error.

Daybreak Unwind recommendations for 'favourite translated novels.'

Rahel: The Vegetarian by Han King
Hangwoman by KR Meera

Snigdha: The Legends of Khasak by OV Vijayan
There's a Carnival Today by Indra Bahadur Rai

Listeners: Ghachar Ghochar by Vivek Shanbag

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Youtubers are dominating Indian living rooms by taking a page out of the TV playbook

The Ken — Wed, 06 Nov 2024 02:00:00 +0530

Here’s a riddle inspired by true events. We all know that pay TV subscribers have been declining for a while now. But at the same time, overall TV viewership has only been increasing. How can that be?

Well, for that we have Youtube to thank. In the first half of 2024, Indians spent 8 trillion minutes watching videos. More than 90% of this was on Youtube. Now, generally when someone says the words ‘watch on youtube’ you imagine a mobile phone or a laptop right? That seems to be changing as a lot more people are watching Youtube videos on their TV sets. In Uttar Pradesh alone, Youtube reaches about 90 million households through connected television sets.

And here’s the surprising part. This is roughly equal to or more than the reach of television programming.

Youtube is now entering TV territory, by luring viewers into watching new format shows. Like comedian Samay Raina’s “pointless reality show” India’s got latent. Eight episodes have been aired since June, and so far, they’ve gotten up to 4X more views than the channel’s nearly 4 million subscriber base.

Many similar Youtube channels are offering their subscribers TV like programming to keep them hooked. Plus, what makes them really stand out is that most often than not, these shows are better produced, that too on cheaper budgets.

Looks like its time for TV channels to buckle up and fight for the throne...or couch!

Tune in.

We are hosting our first live recording! If you are in your 20s, like to run or just enjoy meeting new people, sign up for The Ken X 56 Run Club. This is for our Bengaluru-based listeners only. We meet at 7:30 am near Tonique on Kasturba Gandhi road.

In India’s IPO market, this small city in Gujarat calls the shots. Just look at Hyundai

The Ken — Tue, 05 Nov 2024 05:00:00 +0530

Last month, India’s second largest automaker – Hyundai – went public. But this was not your run of the mill IPO. This was widely speculated to be the largest public listing ever seen in the Indian stock market. So there was naturally a lot of hype around it.

But on October 17, just hours before Hyundai’s public issue was set to close, most stock market circles across the country were stumped. There was a growing sense of disbelief. Panic even. Because only half of the nearly Rs 28,000 crore offer had been subscribed until then. This was a far cry from the 90 per cent threshold that had to be crossed.

The IPO eventually had a pretty listless listing on October 22. Despite all that hype.

Now naturally, that left a lot of people wondering what could have gone wrong? What prompted so many retail investors to keep away from the Hyundai IPO?

Well, a lot of it had to do with what transpired in Rajkot in the run-up to issue. This isn’t just about Hyundai. This small city in Gujarat has a big role to play in India’s IPO market.

Tune in.

Can the designer who made your mobile phone addictive also make you use your phone less often?

The Ken — Mon, 04 Nov 2024 04:00:00 +0530

But now that more universities have entered the picture and generalist designers are becoming a dime a dozen, landing good jobs is going to get tougher as the job market matures.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak Special: What do women really want? A 'f*** off fund'

The Ken — Fri, 01 Nov 2024 05:00:00 +0530

*This episode was originally published on July 12, 2024

Have you ever heard of a 'f*** off fund'? Or better yet, do you have one?

For the uninitiated, it is a sum of money that women should ideally set aside to get out of a difficult situation – think toxic job, abusive relationship or family situation, you get the drift.

The term was coined by freelance writer, Paulette Perhach, in 2016. We recommend that you read her powerful essay on financial independence. The idea is for it to give you enough power, confidence and control to literally be able to say “f*** off” and walk away.

You are probably thinking, ‘great in theory, but how do I actually build one for myself?’. We have got you covered. In this special episode of Daybreak, Chaitra Chidanand, the co-founder of Salt, a financial services platform for women, demystifies f*** off funds and how you can get one.

Tune in

Suggested reading

A F*** Off Fund: the most important female prep, Reddit

"The FOF has saved me and my kids a few times. Health crisis. Unemployment. Violence. S**t happens. But just as important—having a FOF means you can act from a position of power, not fear, not subservience."

Warren Buffett Invests Like A Girl? Forbes

"Buffett has always said that it’s temperament--not intellect--that makes you a great long-term investor. When you look at studies that have been coming out in the last 10 years about how men and women invest, what you see is that women tend to naturally have this temperament that creates long-term investing success."

For Women With Money Issues, an A.D.H.D. Diagnosis Can Be Revelatory, NYT

'But because activities like planning or budgeting don’t usually give people with A.D.H.D. a dopamine hit, they can find it harder than neurotypical people to get started or stick to accounting activities. This results in extra costs — paying cancellation fees for missed appointments or late fees for not opening a bill on time, or losing refunds because we missed the deadline for returning an unwanted purchase.'

For feedback, write to us at podcasts@the-ken.com

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Apple and HDFC Bank decided to break up their exclusive relationship

The Ken — Thu, 31 Oct 2024 01:00:00 +0530

In the 2024 financial year, Apple sold products worth $8 billion in India. This was a third more than the previous year.

But how did a premium company like Apple that hates giving discounts sell products worth 8 billion dollars in a country as price sensitive as India? Apple obviously knew that its phones were unaffordable for most people in India?

It found an answer was easy financing. After the Covid-19 outbreak in 2020, Apple made financing tie-ups with banks a mainstay. And one of the most important deals Apple made was with India’s largest private sector lender, and leading credit card issuer HDFC Bank. In fact, it was one of the costliest deals HDFC had. Thanks to it, HDFC customers have been enjoying exclusive cashbacks on Apple products ever since.
Here’s the bad news. The deal between Apple and HDFC is now over.

What happened?

Tune in.

Rapido is taking on the Ola-Uber duopoly by being everything they are not

The Ken — Wed, 30 Oct 2024 02:30:00 +0530

For a whole decade, Ola and Uber dominated the cab-hailing market. But cut to 2024 and that scenario is shifting. Both these companies are drifting. And a third contender – Rapido – is making the most of it.

Both homegrown Ola and US-based Uber are dealing with a unique set of problems. The whole ride-hailing business seems to have taken a backseat for Ola, which is now knee deep in the electric vehicles business. Meanwhile, for Uber, the problem is stagnation.

And those factors combined have taken a toll on their combined marketshare. The big two’s combined dominance has come down to around 60-70 per cent from over 90 per cent three years ago.

But there’s a huge opportunity here for nine-year-old Rapido. Which the cab aggregation newbie is making the most of.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

From luxury cars to lunch with celebs — wealth managers are going all out to woo the ultra-rich

The Ken — Tue, 29 Oct 2024 02:30:00 +0530

Now this sort of thing has become even easier for the rich. Because their wealth managers are also taking care of some of these requests.

In today’s episode, we dive into how wealth managers are finding new ways to delight the ultra-rich.

Tune in

Is Zomato declaring war in the quick commerce space?

The Ken — Mon, 28 Oct 2024 08:06:53 +0530

Zomato planning to raise 8,500 crore rupees again. This comes just three years after its grand IPO where it had raised almost the same amount. The company's stock prices have doubled in the last ten months.

Interestingly, this fundraise is going to be through a qualified investment placement or QIP when a listed company raises capital from domestic markets without the need to submit any pre-issue filings to market regulators. Only qualified institutional investors are allowed to participate in this kind of a fundraise. All this just as rival Swiggy is prepping for its IPO. And the quick-commerce trio—Blinkit, Instamart, and Zepto are gearing up to expand beyond the metros and into smaller cities. Plus new, deep-pocketed companies like Reliance Retail and Flipkart are also joining into the race. In a letter to shareholders, founder and CEO Deepinder Goyal wrote that the fundraise is intended to ensure a “level playing field with competitors who continue to raise additional capital” and to “strengthen its balance sheet”. There was no mention of how the funds would be used.

At first, this seems like Zomato declaring war in the quick-commerce space. Some analysts believe it could be a move to show the market that it has a balance sheet that is the “strongest of all.

But is that all there is to it?

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Successful women are freezing their eggs. And that’s on men

The Ken — Fri, 25 Oct 2024 02:42:37 +0530

If all the women of the world had a collective wallet where we could put in a penny for every time we heard the words “your biological clock is ticking,” we could move to Venus and run our own planet.

But as unfair as it may be, it is true. There is an ideal time period in a woman’s life when she can have a baby. Or when she is the most “fertile.”

Unlike men who are biologically not limited by such constraints, women are born with a limited number of eggs. And turns out, this number of eggs sees a drastic decline after the age of 37. And when we say drastic, we mean drastic.

But in the 1980s, scientists figured out how to freeze women's eggs. They developed a process called oocyte cryopreservation. It took thirty years for the procedure to become widely available. Today, a growing number of women are opting for the procedure.

Most people assume that women freeze their eggs so they can buy time to achieve professional success. Women who freeze their eggs are often envisioned as 'career-driven', 'power hungry', and ambitious. But, egg freezing is an intense process. It is invasive, it is painful. It takes a toll on women not just physically but mentally as well. Plus, it is expensive.

So why do women freeze their eggs?

Hosts Snigdha and Rahel went to Dr Marcia Inhorn, a professor at the University of Yale and author of Motherhood on Ice to find out.

Tune in.

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Truecaller beat Trai to the punch with spam-call fix

The Ken — Thu, 24 Oct 2024 07:04:31 +0530

For a country that boasts of its digital public goods infrastructure like Aadhar and UPI, it is a wonder why telecom has been so ignored. After nearly 1500 crore rupees of was reportedly lost to digital fraud in the financial year 2024, the govt’s Trai is finally scrambling to catch up with CPAN or the Calling Name Presentation (CNAP) service, its own version of Truecaller.

Truecaller, the Swedish call-screening company, meanwhile, has been holding the fort for a while now. Users count on it to save them from spam and fraud calls. While TrueCaller maybe looking like a hero in this situation, it is a private company after all. It is using this opportunity to make money from both users and businesses.

But its success in India is also built partially on how inadequate privacy laws are in India. The company has been accused of breaching data privacy norms in the past.

Can TRAI replace Truecaller?

Tune in.

(This episode was first published in July, 2024)

DAYBREAK UNWIND RECOMMENDATIONS for "coming of age"

Rahel: Big Mouth, Netflix
Snigdha: The Lives of Girls and Women by Alice Munro and Lady Bird (2017)
Atish Deore: The works of PL Deshpande, a Marathi author and playwright
Shubhangi: Derry Girls (2018)
Brijesh: Where The Crawdads Sing by Delia Owens

Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite translated books."

How NRI quota became the golden ticket to med school for rich Indians

The Ken — Wed, 23 Oct 2024 02:00:00 +0530

Late last month, the Supreme Court made a very strong statement about NRI quotas at medical colleges. It essentially said that the whole thing was a fraud.

But the thing is, since the Supreme Court called it out, the practice has only gotten murkier. So The Ken reporter Alifiya Khan conducted an investigation. She scoured several social networking sites only to find countless posts promising seats in medical institutes to aspirants who scored way below the required cutoff and even those who were hardly eligible for the NRI quota.

The only requirement? Well, applicants need to be ready to cough up some big bucks. The Ken wanted to see if there was something to these claims. So Alifiya went undercover. She posed as the sibling of a Maharashtra-based MBBS aspirant, with a measly NEET score of 180. She then contacted four education consultancies. And all of them, quite unsurprisingly, had boilerplate replies. The running thread – regardless of your score, they would hook you up with a medical college.

And yet, most people high up in medical colleges don’t want to let go of NRI quota. Because in many ways it is what keeps the whole system afloat. What’s going on?

Stay tuned.

Why the RBI's two-year-old Innovation Hub is intimidating fintechs

The Ken — Tue, 22 Oct 2024 07:41:19 +0530

There is an unusual one-of-kind competition brewing within the Indian fintech space. It is so disruptive that its leaving founders and chief executives of some of India’s biggest fintechs feeling pretty intimidated and also helpless.

The funny thing is, the brains behind this new competitor that’s left the whole industry feeling pretty blindsided is the Reserve Bank of India itself. It is a wholly-owned subsidiary of the banking regulator. And it’s called the Reserve Bank Innovation Hub or RBIH.

The RBIH has been around for two years now. It's a first-of-its kind sort of company, because it is led by a central bank. Now, perhaps its closest counterpart, would be the National Payments Corporation of India or NPCI. We all know it for creating the unified payments interface or UPI. The NPCI is owned by a consortium of banks, whereas the RBIH is wholly owned by the regulator.

It’s raison detre is simple: it’s meant to accelerate innovation across the financial sector.

But unlike the NPCI, which collaborates with lenders in some way or the other to develop its products, the RBIH asks lenders to participate. But for the most part, a lot of fintech founders say that it works in a silo.

Tune in.

We are now on WhatsApp at +918971108379! Text us or send us a voice note to tell us what you thought of this episode.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What makes Cred an 'unusual' fintech?

The Ken — Mon, 21 Oct 2024 07:20:08 +0530

Earlier this month, CRED, released its financials for the year ended March 2024 at a press conference. Cred claims to have about 13 million monthly active users. For the financial year ended March 2024, it saw revenue rise more than 60% to nearly $300 million, and losses shrink by around 40% to about U$70 million. Plus, its monthly transacting users grew by more than 30%.

Shah said how it's the top 10% of households who drive 60% of consumption. Even with UPI, he said, it was the top 30–40 million that drove billions of UPI transactions. And out of that target audience, Cred claims to have about 13 million monthly active users.

But Cred says it does not present the option to take a loan for many of its users. And while a little more than a third of them are qualified to borrow, only about 10% have taken on a loan. According to Shah, Cred has taken a deliberately conservative approach here, which is what makes Cred unusual and 'popular with the chief risk officers of banks in India.'

Tune in.

We are now on WhatsApp at +918971108379! Text us or send us a voice note to tell us what you thought of this episode.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

You don't need a prescription to buy an i-pill. What if that changed?

The Ken — Fri, 18 Oct 2024 01:07:47 +0530

A little more than a week ago, we read a really strange piece of news. Apparently, an expert committee recommended the Drugs Controller General of India (DCGI) to ban the over the counter sale of emergency contraceptive pills like i-pill and Unwanted 72. They suggested women should be only allowed to access it with a doctor’s prescription because of concerns over side effects.

This was weird for many reasons. One, levonorgestrel, which is what these pills contain, is one of the safest emergency contraceptives available in the world. It is approved by WHO and the FDA. In fact, it is so safe, that even breastfeeding women can take it.

Second, these emergency contraceptive pills are already a part of the Indian govt’s family welfare programme. It was approved by the DCGI back in 2001. Ten years later, the ministry of health even made it a part of the ASHA workers drug kit.

Much to the relief of women, the DCGI came up with a clarification a few days later saying no such ban was going to take place. But the news brought us face to face with the possibility that something as life-changing as the emergency pill—the one saving grace women have when it comes to their reproductive rights and bodily autonomy—could be taken away, just like that.

Despite our progressive policy on the matter and the fact that more than 60% of emergency contraceptive pills in our country are sold over the counter, women often hesitate to buy it themselves. The fear of judgment and shame comes in the way of access.

In this episode, hosts Snigdha Sharma and Rahel Philipose talk to two experts, Vinoj Manning, the CEO of the Ipas Development Foundation, and Leeza Mangaldas, a sex educator and author of The Sex Book, about about this chasm that exists between our seemingly progressive policies and our actual society and its attitude towards emergency contraceptive pills and women's reproductive rights.

Tune in!

We are now on WhatsApp at +918971108379! Text us or send us a voice note to tell us what you thought of this episode.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Theobroma's dilemma: how to continue scaling while staying true to the 'artisanal' identity

The Ken — Thu, 17 Oct 2024 01:06:56 +0530

Back in 2004, two sisters, Kainaz and Tina Messman, decided to turn their life-long passion for food and baking into a full fledged business. They set up Theobroma, a small cafe tucked away in a corner of Mumbai’s posh Colaba. Today, there are more than 200 Theobroma outlets in over 30 cities across the country.

The bakery chain’s evolution has been nothing short of remarkable. It has managed to build a profitable business that too in a category known to have products with one of the shortest shelf lives. The chain now commands a valuation of well over Rs 3,000 crore. In fact, investors like Chrys Capital, Bain Capital and Carlyle Group are queueing up to buy the 20-year-old brand.

But being in the big leagues has meant changing up its strategy. Over the years, Theorobroma has cut down the number of baked and semi-baked items on its menu, and instead filled their shelves with longer lasting products like cookies.

It’s been able to do that because of its massive, centrally located commissaries. And these strategic shifts have paid off big time. Because now investors are valuing the company at 7-9X its revenue. All of this is good news for its current promoters, the Messman sisters and the private equity investor ICICI Ventures, which invested $20 million between 2017 and 2019. Both are likely to exit with handsome returns.

But once that happens, where would that leave Theobroma? Most industry experts say that sailing through with new owners is no picnic.

Tune in.

Daybreak Unwind recommendations for folk songs:

Rahel: Genda Phool, Delhi 6, 2009
Snigdha: Sketches of Darjeeling by Bipul Chettri, 2014
Anushka: Mor Bani Thanghat Kare by Jhaverchand Meghani
Hari: Kalakkatha Sandana Meram by Nanjamma

**Correction: Snigdha mistakenly said Mame Khan instead of Mangey Khan while talking about the Manganiyar singer's death. The error is deeply regretted.

Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "coming of age."

Are two struggling denim brands enough to build a poor man's Reliance brands?

The Ken — Wed, 16 Oct 2024 01:00:00 +0530

Today, most conventional or slow clothing brands like Lee, Wrangler, United Colours of Benetton, Pepe Jeans and Levi’s are facing a tough new reality where they aren’t just trying to outperform each other. They are also up against fast fashion brands that are now dominating the industry.

In the process, many of these slow brands have lost relevance in the larger scheme of things.

In this episode we are going to talk about two of these brands in particular – Lee and Wrangler. Both are international brands that were launched in India in the late 80s and early 90s. But neither really took off.

But now, they are trying to make a comeback. And behind this comeback is a Bengaluru based retail company called Ace Turtle. It wants to build a mini version of Indian conglomerate Reliance Brands Limited. That’s a pretty ambitious goal, considering the brands in their lineup couldn’t be more different.

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Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite folk songs."

Zomato is on a collision course with India's largest ticketing platform — Bookmyshow

The Ken — Tue, 15 Oct 2024 01:00:00 +0530

Earlier this year, Zomato acquired ticketing platform Paytm Insider. With this, Zomato was able to take its 'going out' strategy to the next level.

Since 2018, Zomato has been holding live events. You have probably heard of its its massive carnival-style event called Zomaland. The idea behind it is simple: a big part of going to a movie, or a music festival, or pretty much any live event is the food and drinks.

So by being associated with live events, Zomato is able to expand the company’s reach from just restaurants to other spaces where food and beverages are consumed. The Insider acquisition takes this to a whole other level. It will place Zomato in the big leagues and really shake up India’s live-events sector.

But so far, this has been a space dominated by one player – BookMyShow. For a long time now, it has been the default choice for both users and big artists because it offers discoverability and visibility like no one else does.

But at the same time, it has also been facing some heat for not providing a great customer experience. Case in point: the recent Coldplay fiasco.

This is exactly where a formidable rival like Insider could come in and shake things up. In fact, Zomato’s shadow is already looming.

Tune in.

Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite folk songs."

Why the PM's internship scheme is stressing out corporate India

The Ken — Mon, 14 Oct 2024 07:38:18 +0530

The PM’s internship scheme wants to provide 10 million internships to freshly minted students over the course of the next five years. Students from premier institutes like IITs and IIMs or students with professional degrees like CA, CMA or masters are not allowed to apply. The idea is to address India’s problem of youth unemployment by making students from lower socio-economic backgrounds employable and giving them real world exposure. It sounds great. If it is implemented well, the scheme has the potential to challenge deep-rooted hiring biases that exist in the job sector in India.

However, 10 million interns in five years is making corporates uneasy. They’re overwhelmed because they don't know how many interns they can hire. Two million interns per year between 500 odd top companies is a lot and corporates are unsure if they have the resources and the bandwidth to train and retain these interns and then deal with another two million pool the following year. The scheme opened up for signing up to students on Saturday, Oct 12. Within one day more than 1 and a half lakh students had already registered according to news reports.

But because the scheme doesnt really have a sector specific approach, it is highly likely that we have a problem-solution mismatch coming our way.

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Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite folk songs."

Is turning into a B-school the natural next step for liberal arts pioneer Ashoka University?

The Ken — Fri, 11 Oct 2024 05:00:00 +0530

Back in 2014, Ashoka University introduced India to the concept of a liberal arts education. The private research university, tucked away in Sonipat, Haryana, came along at a time when the cracks in India’s higher education system were starting to become pretty glaring.

It positioned itself as everything a conventional Indian college was not. Ashoka promised to offer ‘holistic, liberal, multidisciplinary, and interdisciplinary’ education. Simply put, it was offering choice. And that simple yet powerful promise is what made it stand out.

But ten years later, it is facing new pressures.

The latest phase of the Ashoka story is not one that a lot of people may have seen coming. It's marked by a stronger focus on business and sciences than ever before.

Case in point: the university’s thriving entrepreneurship department. In the last few years, it has become one of the most popular courses on offer. A big reason for its popularity is because students think signing up for courses like these will make them more ‘employable’. And that, fundamentally goes against what Ashoka stands for.

So now, Ashoka is facing a dilemma: Should it give in to parental pressure and start acting like a business school, driven by placements and employability? Or should it just stay the course?

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Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite folk songs."

Reliance wants to combine Hotstar and JioCinema into one mega app. Is it really a good idea?

The Ken — Thu, 10 Oct 2024 07:40:02 +0530

About a month ago, news broke about Reliance's plans to merge Disney+ Hotstar with JioCinema after their Star-Viacom18 merger. While the merger is pending approvals from the Competition Commission of India, data from Google Play Store data shows Disney+ Hotstar had over 500 million downloads while JioCinema had over 100 million downloads.

While the idea makes sense from a consumer's perspective who has to deal with too many subscriptions and too many choices, things don't quite add up from a strategic perspective for Reliance.

Tune in.

DAYBREAK UNWIND RECOMMENDATIONS for "favourite murder mystery."

Snigdha: We Have Always Lived in The Castle by Shirley Jackson
Rahel: Nancy Drew by Carolyn Keene (The Phantom of Venice)
Devansh: Blood on the Tracks by Shūzō Oshimi
Venkat: Agent Sai Srinivasa Athreya, 2019 (movie)
Vaidehi: Glass Onion: A Knives Out Mystery
Rohith: Jane Jaan, 2023 (movie)
Ashish: Sharp Objects by Gillian Flynn
Hari: Dial M for Murder

Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite folk songs."

Guess who is helping the government keep drug prices in check

The Ken — Wed, 09 Oct 2024 04:00:00 +0530

So far, buying medicines in India has been a complete minefield. Allow me to elaborate with the help of a completely plausible hypothetical scenario. Say you catch the flu one day and need 75 mg of the antiviral drug Oseltamivir. More often than not, we don’t really check the price tag of these drugs. But what if I told you the prices can swing anywhere between Rs 30 and Rs 125 per capsule, depending on the manufacturer and the doctor prescribing it.

Now, variable pricing is not really a revelation. It’s a pretty common practice. The government caps the price of nearly 400 essential drugs through the National List of Essential Medicines. But that’s where the oevrsight ends. Generally, non-essential drugs remain outside this price cap.

The National Health Authority, the body which runs India’s public health insurance scheme, Ayushman Bharat, is now looking for digital pharmacy partners to promote pricing transparency. The aim is to tackle this overcharging crisis.

So in September, it went ahead and enlisted Marg ERP, a leading provider of pharmacy inventory software as one such partner. Now Kaushal Shah, founder of Evitalrx, revealed that even his cloud-based pharma software firm is on track to join the initiative in the coming weeks.

But here’s the thing. This one click solution is still a long way off.

Tune in.

Don't forget to send us your recommendation for this Thursday’s Unwind segment. The theme is “your favourite murder mystery.” Send them to us on WhatsApp as a voice note or as a text message. The number is +9189711-08379

Why Doon School and Mayo College are no longer the obvious choices for India's elite

The Ken — Tue, 08 Oct 2024 04:00:00 +0530

Back in the day, being from one of India’s prestigious boarding schools – the likes of Doon or Mayo – was the ultimate stamp of honour. Most of these schools were established close to a century ago, during British rule. And for the longest time, they were infamous for taking that legacy pretty seriously.

In fact, that was exactly why they remained the go-to destination for India’s elite. But now, things are changing. In the recent past, the likes of Doon and Mayo have had to change their approach. They are now fighting to stay relevant. And the reason for that is the exponential growth of international schools and foreign boarding schools across the country.

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All you need to know about India's most-hyped GenAI company

The Ken — Mon, 07 Oct 2024 06:56:35 +0530

Sarvam, a generative AI startup based out of Bangalore, managed to raise more than $50 million from investors like Peak XIV and Khosla Ventures, in less than 6 months after it was launched last year.

Last month, Sarvam released a range of new multilingual products—Al agents, voice and text models, and a workbench aimed at legal professionals. Enterprise customers who used Sarvam's services are satisfied with the performance of its products. But developers have flagged issues with its voice-based models. Even the text model is primarily trained on synthetic data which could lead to nonsensical answers if left untested.

With increasing competition in this space, surely, Sarvam is going to address the product issues in later releases.

Tune in.

Can cheap seats come with extra legroom? We ask the man behind India’s first budget airline

The Ken — Fri, 04 Oct 2024 10:27:05 +0530

Every time you take a domestic flight and don't have to break a fixed deposit to buy a ticket, you have Captain GR Gopinath to thank. In 2003, he launched Air Deccan, India's first budget airline. Before that, only the rich and powerful could afford to fly. So, planes were like mini 5-star hotels – you would be waited on hand and foot, would have access to luxurious lounges, get served gourmet food. And of course, it came with an outrageous price tag to match.

With Air Deccan, flying was finally democratised. And soon enough, others followed. Everyone wanted to copy the Air Deccan playbook.

Cut to now. The only successful airline in India at the moment have followed the budget route, with Indigo as the market leader. On the surface, things look great. India is home to the third largest domestic aviation market by volume. Domestic passenger numbers have more than doubled in the last decade. In June alone, more than 13 million people flew domestically.

But if everything is going right behind the scenes? Then why is the flying experience getting so bad?

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Why do women freeze their eggs? Take the survey here.

India's largest non-bank is a prisoner of its own growth

The Ken — Thu, 03 Oct 2024 06:00:33 +0530

Phone calls from Bajaj Finance offering loans are almost inescapable and the non-bank has been facing quite a backlash for it.

But telecalling has been an enduring sales channel for the company which boasts of a loan book worth nearly $30 billion. And despite the massive size of its loan book, it’s been growing at a phenomenal rate.

But now, Bajaj Finance has become a prisoner of its own growth rate. It has to maintain it anyhow.

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How Birkenstocks went from being a clunky, orthopaedic sandal to the new it-shoe

The Ken — Wed, 02 Oct 2024 06:00:00 +0530

Not so long ago, Birkenstocks were considered the antithesis of high fashion. For the longest time, the 250-year-old German brand’s characteristic chunky sandal was seen as nothing more than an orthopedic shoe meant for hippies and old people.

And then, everything changed. In the last decade or so, Birkenstock had a major glow up. It all started with the brand deciding not to settle for being just another comfortable but cringey sandal anymore.

So to make Birks cool the brand began collaborating with high-end fashion designers like Rick Owens, Valentino and Dior. Very quickly celebrities and influencers caught on. They were suddenly being spotted walking out of the gym, or a cafe with a pair of birks on.

And just like that, a trend was born. The orthopedic sandal, built more for comfort than for style, was the new it-shoe.

Now, the Birk craze has found its way to India.

Tune in.

This episode was originally published on July 16

Why do women freeze their eggs? Take the survey here.

Meet the unlikely winners of India's quick commerce boom. Local brokers.

The Ken — Tue, 01 Oct 2024 04:00:00 +0530

India's biggest quick commerce players — Blinkit, Instamart, and Zepto — are on a mission. They are frantically hunting for properties they can convert into dark stores.

Dark stores are an integral part of any quick commerce strategy. Especially now, that the lines between quick commerce and e-commerce are very quickly blurring. People aren't just ordering pantry staples anymore. They are also placing orders for high value goods like headphones and full blown air conditioners. So, dark stores have to cater to these evolving needs.

And things are even more heated now that Walmart-backed Flipkart and Amazon have entered the quick commerce race.

All that hype adds up to a mad dash for real estate, especially in tier-2 cities like Lucknow and Jaipur in north India and Nagpur in central India. And the unlikely winners in all of this are property owners and local brokers.

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Why do women freeze their eggs? Take the survey here.

Why half of India's young doctors are drowning in debt

The Ken — Mon, 30 Sep 2024 04:00:00 +0530

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Why do women freeze their eggs? Take the survey here.

Daybreak News Wrap: Musk vs Brazil; why we can't trust online news; and Meta's cool new sunglasses

The Ken — Fri, 27 Sep 2024 11:33:46 +0530

In this episode of Daybreak, hosts Snigdha and Rahel try something new — instead of the usual monologue or interview, they cover three of the biggest social media stories from around the world.

The first is Brazil's ban on the Elon Musk-owned microblogging platform, X. The feud between Musk and Supreme Court Justice Alexandre de Moraes traces back to April, when the judge ordered the suspension of dozens of accounts for allegedly spreading disinformation. Musk refused to comply and the row that followed was, well, unhinged. It ultimately led to Musk shutting shop in Brazil and Moraes ordering the local telecom agency to block access to X across the nation of 200 million. A somewhat similar situation arose in India back in 2020, but it unfolded very differently.

Next up, host Snigdha dives into a recent study by the International Panel on the Information Environment that flags owners of social media platforms as one of the biggest threats to a trustworthy news environment online

And finally, host Rahel shares some of the biggest announcements from Meta Connect 2024. Spoiler: one was a pair of augmented-reality sunglasses that looked a lot like classic Ray Ban wayfarers, but worked essentially like a mini computer you could wear on your face.

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Daybreak is now on WhatsApp at +918971108379. Don't forget to take our egg freezing survey.

P.S. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite murder mystery."

If you have feedback on our new news wrap format, please write to us on WhatsApp or send us an email at rahel@the-ken.com, Snigdha@the-ken.com

Check out the story about Starlink, host Rahel mentioned during the episode.

Why replicating China's iPhone city model in India is a short-term fix for a long-term problem

The Ken — Thu, 26 Sep 2024 08:03:10 +0530

But now things are changing. More and more global companies are adopting a China-plus-one strategy. And India is becoming a favoured alternative.

And as the focus shifts our way, manufacturers in India are pretty much replicating the same China labour model. But this model has an indigenous problem.

Tune in

DAYBREAK UNWIND RECOMMENDATIONS for "best opening lines in a book or a film."

Nicholas: 100 Years of Solitude by Gabriel Garcia Marquez
Story he refers to: The Most Memorable Annual Pig Parade of Kharagpur
Rahel: The Book Thief by Markus Zusak
Prithu: The Hitchhiker's Guide to The Galaxy by Douglas Adams
Avinash: Pride and Prejudice by Jane Austen
Ruhi: Harry Potter and the Philosopher's Stone by J.K Rowling
Brady: Rounders (film, 1998)
Sayan: The Fellowship of the Ring, J. R. R Tolkien
Sameer: Gangs of Wasseypur (film, 2012)
Sumit: Slaughterhouse-Five by Kurt Vonnegut
Rohin: The Body by Stephen King
Snigdha: The Haunting of Hill House by Shirley Jackson

Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "favourite murder mystery."

Is Flipkart bringing a knife to the fintech gun fight with Super.money?

The Ken — Wed, 25 Sep 2024 04:00:00 +0530

Back in 2022, e-commerce giant Flipkart’s 35 billion dollar universe was left with a gaping fintech hole after the payments app Phonepe was spun off. There a brief period, after that, when it wasn’t clear whether Flipkart would ever try to dip its toes in consumer payments play again.

But then again, this is Flipkart. Here is a company that has a finger in every pie – from online travel, fashion, quick commerce, logistics, even medicine delivery. Some may say it was only a matter of time before the company filled that gap and took another big fintech bet.

That time came in June, when Flipkart launched Super.money, a credit-first unified payments interface app. Emphasis on credit-first. But the thing is, right now, credit is a hill everyone is queueing up on.

So, does Flipkart stand a chance?

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Don't forget to send us your recommendation for this Thursday’s Unwind segment. The theme is “your favourite opening line from a book or film.” Send them to us on WhatsApp as a voice note or as a text message. The number is +9189711-08379.

You can buy an EV in China. But can you afford to insure it?

The Ken — Tue, 24 Sep 2024 05:00:00 +0530

But it brought unexpected costs and challenges that nobody saw coming.

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Don't forget to send us your recommendation for this Thursday’s Unwind segment. The theme is “your favourite opening line from a book or film.” Send them to us on WhatsApp as a voice note or as a text message. The number is +9189711-08379.

Inside Flipkart: a high-pressure workplace thanks to its IPO dreams. And Walmart

The Ken — Mon, 23 Sep 2024 06:03:00 +0530

A few years ago, Flipkart CEO Kalyan Krishnamurthy had set a target of 40% growth across all categories for Flipkart. But in 2023, it was still stuck at 20%. So the company is now on a mission. It wants to push growth, gain market share, and turn a profit.

So in January 2024, Flipkart's top execs along with the CEO came together for a meeting to outline a roadmap for 2024. Krishnamurthy wanted Flipkart to introduce a loyalty programme for top spenders, give out more incentives to ensure customer loyalty, push up transaction numbers and average order sizes, and also focus on brands.

In the same meeting he also admitted that the company had faced quite a few hurdles the previous year but he was sure they’d make a comeback and hit profitability before the IPO.

But here’s the thing, prepping for an IPO often has long term effects on a company’s culture. And the cracks are already beginning to appear inside Flipkart.

Tune in.

**This episode was first published on 6 May, 2024

How a cab driver from Hyderabad became the face of India’s 8 million gig workers

The Ken — Fri, 20 Sep 2024 05:00:00 +0530

Meet Shaik Salauddin, a 38-year-old cab driver from Hyderabad, who is fighting for the rights of eight million gig workers from across the country.

While India's gig economy is burgeoning, the workers on whose backs it is built barely enjoy any rights or legal protections. Salauddin realised this early on and in 2019, after five years of relentless pursuit, the Indian Federation of App-based Transport Workers (IFAT) was born. With over 25,000 members working for aggregators like Uber, Amazon, and Zomato, through IFAT, Salauddin is redefining the way we look at trade unions. To begin with, the union has no political affiliations. Instead, Salauddin encourages all of its members to understand power structures and approach the right people to drive change.

Thanks to his efforts, two states, Karnataka and Rajasthan, have introduced legislations to protect the rights of gig workers. Others like Kerala are working on their own.

In this episode, hosts Snigdha and Rahel speak to Salauddin himself and to Prof. Vinoj Abraham from Labour Economics at the Centre for Development Studies in Thiruvananthapuram to understand the significance of Salauddin's work and why it is important to protect gig workers.

Tune in.

A special shout out to Hari Krishna, from the Two by Two team, who kindly agreed to dub parts of this episode. Thank you, Hari!

Fill in Akshaya's Happiness Survey here

A new Indian startup is ditching the sportswear playbook to score a Puma-sized win

The Ken — Thu, 19 Sep 2024 05:00:00 +0530

For nearly two decades, Abhishek Ganguly worked as the managing director of Puma, the German athleisure brand in India. In that period alone, the brand’s revenue shot up from Rs 20 crore to close to Rs 4,000 crore. Under Ganguly, Puma even managed to beat its longtime rival Adidas to become a market leader.

In 2023, Ganguly decided to quit and start his own venture called Agilitas Sports with two of his colleagues from Puma, Atul Bajaj and Amit Prabhu. Within a year, Ganguly’s company has managed to rack up more than Rs 700 crore in revenue.

The way Ganguly and his co-founders got to this point is interesting. Instead of doing the obvious thing and launching their own sneaker brand, Ganguly did something quite odd. Something, that even the biggest sportswear brands in the world – Nike, Reebok, Adidas – have never even attempted.

Last September, Agilitas bought India’s largest sportswear contract manufacturer, Mochiko shoes. This is the company that manufactures shoes for international brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon – the works. Ganguly’s logic behind owning the factory is simple – he wants whole pie and not just a slice of the margin.

He told The Ken's DVLS Pranathi that having the additional manufacturer’s margin in a price-sensitive market like India is worth its weight in gold. But there is a reason giants like Puma and Adidas don’t go down this road—taking care of manufacturing in-house is a logistical nightmare. That’s why most brands outsource to companies that are equipped to do it, like Mochiko.

But Agilitas is dead set on bringing the entire operation in-house. It’s convinced it can work and has also managed to convince VCs that there is merit in controlling both manufacturing and distributing.

Investors are betting on the Ganguly-Bajaj-Prabhu trio to pull off another Puma-sized victory.

But will the other shoe drop?

Tune in.

**The host mistakenly said a decade instead of two decades when referring to Abhishek Ganguly's stint at Puma. The error is regretted.

Fill in Akshaya's Happiness Survey here

DAYBREAK UNWIND RECCOMENDATIONS FOR COMFORT FOOD SPOTS

Rahel: Kappa Chakka Kandhari, Bangalore,
Unnamed food truck at Utorda Beach, South Goa

Snigdha: Alu Dum from Bari's tuck shop near Loreto Convent, Darjeeling
Thukpa at Kunga's, near Planter's Club, Darjeeling
Ghee Podi Dosa from Umesh Refreshments, Indiranagar, Bangalore

Satyam: Litti Chokha, Jai Mata Di Food Stall, HSR Layout, Bangalore

Shayanika: Dosa and Puliyogare Rice at 3 Trees Cafe, Upper Dharamkot, Dharamsala

Rahul: Egg fried rice at Tenzin Kitchen, Koramangala

Akshaya: Okonomoyaki and fried tofu sushi at Dahlia, Chennai

Bajaj Finserv wanted to make waves in healthcare. So, it bought a wobbly ship.

The Ken — Wed, 18 Sep 2024 05:30:00 +0530

Back when it was launched in 2020, Bajaj Finsev Health had a clear plan: it wanted to provide a complete healthcare package to its consumers.

And it did that by happily playing a supporting role in India’s booming healthcare industry.

Here's what Bajaj Finserv Health does. It is essentially a health management platform. So it facilitates things like doctor consultations and health checkups to its 400-odd corporate clients. Simple enough.

But four years later, the company’s vision has evolved. They want to take things to the next level. It’s clearly sick of playing a supporting role. So it has decided to step into the spotlight. The first step was to acquire 22-year-old Vidal Healthcare, which is a third party administrator.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

PS. While you're here, here's the happiness survey for the season finale of The First Two Years.

Subway is slowly doing away with what makes it Subway. Choice.

The Ken — Tue, 17 Sep 2024 05:28:15 +0530

Subway, the globally popular sandwich-eatery chain, is now grappling with sweeping changes in India—and not for the better. For one, the world’s largest quick-service restaurant (QSR) brand is moving away from the franchise model it has operated under for the past 25 years. In doing so, it’s also shedding the very thing that made it popular in the first place: choice.

Tune in.

Don't forget to send us your recommendation for this Thursday’s Unwind segment. The theme is “comfort food at your fav spot in the city.” Send them to us on WhatsApp as a voice note or as a text message. The number is +9189711-08379.

Why the Big Billion Days sale can make or break Flipkart's quick-commerce dreams

The Ken — Mon, 16 Sep 2024 07:18:31 +0530

Last month, a Twitter post a Bengaluru-based IT professional about getting a laptop delivered from Flipkart went viral on social. The reason? Flipkart’s quick delivery arm called Minutes that went live in select cities had delivered it to him at a Starbucks cafe in 13 minutes.

But Minutes is Flipkart’s third attempt at quick delivery. And the real test is actually around the corner when the Big Billion Days sale goes live at the end of this month. During the sale, daily order volumes usually go up by nearly 140%, which makes delivery delays unavoidable. Flipkart’s delivery partners who work with its logistics and supply-chain arm, Ekart Logistics, are stretched thin. And now its going to get even more challenging because Flipkart is going use the same delivery personnel for Minutes.

Not only is Ekart going to help Flipkart with quick delivery, it is also supposed to be helping it manage its dark stores. Can Flipkart finally strike the right balance between its e commerce and quick commerce business?

Tune in.

What happens when you sell education like shampoo? Byju's knows

The Ken — Fri, 13 Sep 2024 05:00:00 +0530

Back in the late 2000s when Byju's was founded, it was best known for teaching students how to 'hack' competitive examinations like the CAT. They taught students how to work backwards from the answer and use a bunch of shortcuts to get the highest score possible. The art of 'hacking' examinations was something that the company's founder, Byju Raveendran, was the master of. Or at least that's how the Byju's origin story goes.

It all started back in the early 2000s when Byju, an engineer from a small town in Kerala, began helping his friends with the CAT exam. Every time he would sit for the exam, he’d score in the 100th percentile. This was when he sharpened his ability to teach-the-test. The lore spread and Byju's was created. By 2022, its valuation hit $22 billion. The company was on a dream run.

The real trouble began when Byju’s began applying this hack method to its growth with unrealistic sales targets and billions of dollars in loans.

Fast forward to now, on Sept 17 2024, the Supreme Court of India is going to hear a plea against the NCLAT's stay on insolvency proceedings against Byju’s.

In this episode, we dive into the Byjus saga. How did it get here? And who is to blame? Hosts Snigdha and Rahel speak to Olina Banerji, who covers education for The Ken. Subscribe to her newsletter, Ed Set Go.

If you've been wondering what The Ken is all about and why our subscribers love us, here is your chance to find out. Check out our special 30-day trial curated just for you

Sky-high real estate prices in Delhi NCR are making even the well-off feel broke

The Ken — Thu, 12 Sep 2024 05:00:00 +0530

So the obvious question then is: why aren’t more residential housing units being built?

From listeners:
Praveen: Partner (2007)
Sravan: The Intern
Anish: Lord of the Rings trilogy

From hosts:
Snigdha: The Perfect Couple

Rahel: Call Me Bae

Daybreak is now on WhatsApp at +918971108379. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "comfort food from your favourite spot in town."

How do you get JEE aspirants to stay in school? Hire 200 IITians.

The Ken — Wed, 11 Sep 2024 05:30:00 +0530

India's tuition republic came into the picture to fill the gaps in the education system. First and foremost: they promise to get you into the college of your dreams. That simple but powerful promise has made this a Rs 58,000 crore industry.

But there is a flip side to this. It puts traditional schools in a rather precarious position. Students start trickling out of the system after class 10. Their parents transfer them to junior colleges or schools with integrated coaching models so they can focus on cracking competitive exams.

One school has had enough of this. It's tackling attrition by taking on these coaching centres directly. The first step? Hiring 200 IITians.

Tune in.

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What has two wheels, runs on electricity, and is Ola Electric's next big bet?

The Ken — Tue, 10 Sep 2024 06:00:00 +0530

On Independence Day this year, just six days after it went public, Ola Electric launched three new electric motorbikes. This was a bold move, especially considering that electric vehicles haven’t really clicked with the Indian audience yet.

The exception to that rule has been electric two and three wheelers, which had some unexpected success in tier-2 India. But motorcycles are not scooters. People still prefer their 125cc ICE bikes. So, it’s a difficult space to break into. But if there is one thing we know about Ola Electric, it’s that the company does not shy away from making bold business decisions.

It has its sights set on becoming the next Hero Splendor. Has Ola Electric bitten off more than it can chew?

Tune in.

India's newest unicorn, Rapido, is betting on a subscription model

The Ken — Mon, 09 Sep 2024 05:00:00 +0530

Three days ago, Rapido, the bike taxi company, became India’s latest unicorn after it raised $200 million at a valuation of over $1 billion. The funding round which was led by WestBridge Capital also saw new investors put in their money into the company. In an interview to the ET, CEO Aravind Sanka said that the funds will be used to expand Rapido's newly launched four-wheeler taxi service, which competes with Ola and Uber.

But here’s the thing.

Ever since it started, Rapido has consciously stayed away from venturing into the cab business. Until last year was happy to stay in the bike taxi lane and beat Ola and Uber there even though that it managed to do it, often, at the expense of customer safety. Now it has forayed into cab-hailing but it is trying a different route.

Instead of commissions, its driver partners pay it a subscription fee.

Tune in.

Red tape and lawsuits: Big tech has a big problem

The Ken — Fri, 06 Sep 2024 06:16:11 +0530

"Google is a monopolist and it has acted as one to maintain its monopoly."

Last month, Judge Amit P Mehta of of US District Court for the District of Columbia delivered a historic ruling against one of the biggest technology companies in the world. Google was accused of abusing its dominance by paying the likes of Apple and Samsung billions of dollars to make its search engine the default option on their smartphones and browsers.

It is being called the biggest antitrust case of the century. And this is only the beginning. The Google ruling comes amid a growing anti-big tech sentiment. The general consensus is that this tiny group of companies — Google, Amazon, Apple, Meta and Microsoft — have grown too big and too powerful.

These companies are deciding what we see on the internet — the news we consume, the information we have access to, what we buy and who we buy from. At some point, everyone got a little wary of these companies. They started seeing some real threats to their power in the form of antitrust lawsuits and regulations. Suddenly, their every move was being scrutinised.

Have we gone too far? Manjushree RM, Senior Resident Fellow at Vidhi Centre for Legal Policy, weighs in on the pushback against big tech, and how India is keeping up with it all.

P.S The Ken's podcast team is hiring! Here's what we're looking for.

Daybreak is now on WhatsApp at +918971108379. Send us a hello with your name and since when you've been listening to us and be a part our community. Also, if you have any recommendations for this Thursday's Unwind segment, send them to us as texts or voice notes.

Want to be part of the Daybreak community? Introduce yourself here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What happened to Dunzo?

The Ken — Thu, 05 Sep 2024 05:00:00 +0530

Dunzo, the Reliance Retail-backed quick delivery company, let go off 75% of its workforce in fresh round of layoffs earlier this week.

But for the longest time, Dunzo has been an anomaly. Its a small company that has managed to make its name a verb. Like Google but Google is a giant. Its revenue was just $7 million dollars in the year that ended in 2022. For perspective, Zomato made more than 70 times that amount in the same period, But it did not matter. Because it changed our lives and it became the kind of consumer brand that tech companies who do anything for.

To understand the unravelling of Dunzo, we need to go back to two years ago when Dunzo was on a high.

Tune in.

P.S Don't miss our brand new Thursday segment, DAYBREAK UNWIND, in this episode!

This week's recommendations:

From listeners:
Ashish: The Bear
Joy: Panlong aka Coiling Dragon
Ishan Sarkar: The Peanut Butter Falcom
Apurva: Blue Eye Samurai

From hosts:
Snigdha: Invisible Planets: 13 Visions of The Future of China edited and translated by Ken Liu
The Worst Person in The World

Rahel: Sisters in Sweat

Daybreak is now on WhatsApp at +918971108379. Send us a hello with your name and be a part of the Daybreak community. For next Thursday's Unwind, send us your recommendations to us as texts or voice notes. The theme is "comfort food from your favourite spot in town."

It made perfect sense for Zomato to go down the fintech route. Until it didn’t.

The Ken — Wed, 04 Sep 2024 06:00:00 +0530

There was once a time, not very long ago, when every company wanted to be a fintech. Food delivery, ride hailing, e-commerce – companies that you would not otherwise associate with financial services.

And when you think about it, it does add up. A couple years ago, fintech was where the money was at. Indian fintechs received nearly 9 billion dollars in funding in calendar year 2021. It was one the hottest sectors in the country.

The inside joke among venture capitalists was how founders could raise a round of funding just by mentioning “financial services” in their pitch deck. What were earlier standalone businesses would now exist as mere features on their apps. People in the industry came up with a catch-all term – fintech-as-a-feature. Take Ola for instance.

Zomato seemed to be going down that path too. In 2022, it had applied for a non-bank financial company or NBFC licence with the Reserve Bank of India.

But since then, things have changed. From 2022 onwards, the amount of money being raised by fintechs has dipped considerable. In 2022, they raised about 5.4 billion dollars, then in 2023, this amount fell to 2 billion.

What's going on?

Tune in to find out.

P.S The Ken's podcast team is hiring! Here's what we're looking for.

Daybreak is now on WhatsApp at +918971108379. Send us a hello with your name and since when you've been listening to us and be a part our community. Also, if you have any recommendations for this Thursday's Unwind segment, send them to us as texts or voice notes.

Want to be part of the Daybreak community? Introduce yourself here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Health fintechs have cracked the 'cashless insurance' dream. How long before the bubble pops?

The Ken — Tue, 03 Sep 2024 05:30:00 +0530

In the last decade, the number of people covered by health insurance has more than doubled.

Of course, big hospitals – both the state funded ones and the private ones that look a lot like five-star resorts – are making the most of it. They are really raking it in.

But there is a sizeable chunk of the healthcare system that is left out. The small, private hospitals that make up nearly 85 per cent of the industry. This is the ‘missing middle’. It’s disorganized and severely underfunded. It’s also stuck in a bureaucratic maze of claims and reimbursements.

The patients that rely on these facilities are very often stuck between subsidised schemes and private insurance. But here’s the thing – where there is chaos there is also huge opportunity.

Opportunity that a new crop of health fintechs have identified. Enter Gmoney, Digisparsh, Healthcred, and Carepay. All of them are waiting to disrupt the ‘cashless insurance’ space.

They’re coming to the rescue with plans to connect the dots between insurers, hospitals, and patients.

Tune in.

P.S The Ken's podcast team is hiring! Here's what we're looking for.

Want to be part of the Daybreak community? Introduce yourself here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Meesho is making India’s second-biggest logistics player's biggest fear come true

The Ken — Mon, 02 Sep 2024 05:00:00 +0530

For logistics companies this was a dream come true because most of the other major e-commerce players in India – like Flipkart and Amazon – take care of all their logistics in-house.

Now, Meesho has announced the launch of Valmo, its own in-house logistics arm. Naturally, third party logistics partners are nervous. But no one is more shaken up than Ecom Express.

Tune in.

P.S The Ken's podcast team is hiring! Here's what we're looking for.

Want to be part of the Daybreak community? Introduce yourself here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak Special: Despite what Ola Electric may claim, China is driving the global EV movement

The Ken — Fri, 30 Aug 2024 05:00:00 +0530

When it comes to electric vehicles, China is the crownless king. Nothing new there.

But what was news to us was when Bhavish Aggarwal recently announced at an event that his company, Ola Electric, is the world’s largest electric two-wheeler manufacturer and the fourth-largest EV company in the world.

It left everyone scratching their heads for a few seconds until they noticed the fine print at the bottom of the powerpoint slide — marked with an asterisk, in tiny lettering, it said excluding China.

But you can't exclude China from the EV conversation because for the last decade it has been leagues ahead of the rest of the world. The Chinese government has been pushing for EV adoption — and all of its efforts have paid off. Multiple studies and surveys have found that China’s EV market is now the biggest in the world.

But it's not all sunshine and rainbows. While India is still in its teething phase as far as electric mobility is concerned, China is well into its teens, and we all know puberty comes with a whole set of its own problems. In China’s case it’s price wars, record breaking insurance premiums, and a threat to data privacy.

Are there lessons here for India? In this episode, we speak to two people from The Ken newsroom, who have been covering the EV space extensively — Nathan Narde and Lu Zhao.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Want to be part of the Daybreak community? Introduce yourself here.

Are you a good, bad, or an ugly customer? Myntra knows

The Ken — Thu, 29 Aug 2024 07:28:01 +0530

A big reason when we choose to buy online instead of going to a store depends on how easy the e-commerce company makes it to return stuff. So far, with most companies, all you have to do is ask for a return on the app or website and someone comes to your doorstep and picks it up.

While e-commerce companies have been wooing you with the option, in reality they hate returns because reverse logistics are a costly affair for them.

Which is why e-commerce platforms like Ajio and Myntra are changing their return policies. Some are even blocking some customer accounts.

But are customers ready to give it up yet?

Tune in.

* This story was previously featured on Daybreak in April, 2024

P.S Don't miss our brand new Thursday segment, DAYBREAK UNWIND, in this episode!

This week's recommendations:

Snigdha:
To read: The Buddha in the Attic by Julie Otsuka
To watch: Kalki 2898 AD

Rahel:
To watch and listen: Hanumankind – Big Dawgs | Ft. Kalmi

Daybreak is now on WhatsApp at +918971108379. Send us a hello with your name and be a part of the Daybreak community. Also, if you have any recommendations for next Thursday's Unwind, send them to us as texts or voice notes.

Why Rentomojo & Furlenco need to refurbish their strategy

The Ken — Wed, 28 Aug 2024 06:00:00 +0530

There was once a time, not too long ago, when you could walk into a young working professional’s rented home in a tier-1 city, and all the furniture would look pretty familiar.

About a decade ago, everyone and their uncle was renting furniture from the two OG rental platforms Rentomojo and Furlenco. It just made sense.

When Rentomojo and Furlenco were launched about a decade ago, they were like an answer to a lot of people’s prayers. It was a great deal – your fridge, washing machine, king sized bed and more would be delivered right at your doorstep. Use them for as long as you need, and return them when you are done.

Cut to 2024, and things have changed. They are struggling to stay relevant.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Want to be part of the Daybreak community? Introduce yourself here.

Want a gold loan? Lenders will break every rule in the book to get you one

The Ken — Tue, 27 Aug 2024 06:00:00 +0530

Lenders are flouting every rule in their books to cater to the rising gold-loan demand.

Thanks to the collusion between lenders and borrowers at some of the branches, one in ten gold loans every month is sanctioned through malpractices—like tweaking weight and misreporting purity of gold, said two industry executives.

In this episode, we delve into the murky world of gold loans and what often goes wrong when borrowers seek them out.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Want to be part of the Daybreak community? Introduce yourself here.

Sachin Bansal’s loan offer: take money, let Navi peek into your bank account for years

The Ken — Mon, 26 Aug 2024 04:32:27 +0530

But now, your lender can just monitor your account and deduct the money as soon as it comes into your account…all thanks to that auto-debit permission you granted. Earlier, only a bank could do this when it lent money to its account holder. But now non-banks can do it, too. A fintech executive told The Ken that this tool will soon become business as usual in every lender’s tool box. But things are still not there yet since the banks are not predictably sharing the statement data or their servers are down.

Meanwhile, Navi Finserv, a four-year-old non-bank, is quite particular about how fast it can help its users take out a loan. Navi’s co-founder and CEO Sachin Bansal—who previously co-founded the Flipkart —believes “banking should be as easy as going on Swiggy and ordering food”. So to amp up both disbursals and collections, Navi and others like it are counting on account aggregators. But being able to access a borrower’s bank statement at any given time is a powerful collection tool.

And the problem is how Navi is using this power.

Tune in.

If you're interested in working for The Ken's podcast team, apply here

Daybreak Special: How Indian travel agents are gaming the visa process

The Ken — Fri, 23 Aug 2024 05:00:00 +0530

The pandemic disrupted everyone's travel plans. But now, everyone is travelling with a vengeance and it's really overloading the systems.

With visa appointment slots hard to come by, travel agents have turned securing visa dates into a profitable business. Meanwhile, embassies and consulates are trying hard to limit the wait list.

And at the center of this anxiety-inducing maze is one company called VFS global that handles the visa application process for more than 150 of the world’s 195 countries, including India.

In this post pandemic era of the so-called revenge travel, VFS is where the dreams of many travelers’ go to die. For many Indian travellers, VFS is like the mean gatekeeper not letting them get to their dream destination.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Want to be part of the Daybreak community? Introduce yourself here.

Here's what you should know about UPI's latest payments feature

The Ken — Thu, 22 Aug 2024 07:13:57 +0530

What really makes UPI successful? The number of transactions. In FY2024, for example, more than 130 billion transactions were carried out through UPI. But it's not enough. UPI needs more and more to the point where now it has become a transaction-hungry monster. And NPCI National Payments Corporation of India (NPCI), government body that runs UPI has to constantly come up with ways to feed this ever-hungry monster.

Its latest offering is delegated payments. Earlier this month, Reserve Bank of India Governor, Shaktikanta Das, announced that non-UPI users, like elderly people or teenagers or anyone who does not have a way to transact via UPI, can use another UPI user’s account and spend through it.

While many payments platforms are excited about this new feature, there are some serious issues that may become roadblocks later.

Tune in to find out.

What does Awfis know about co-working that Wework doesn’t?

The Ken — Wed, 21 Aug 2024 05:00:00 +0530

Many thought the fall of WeWork – as quick and public as it was – was the final nail in the coffin for the fledgling coworking space business. But a few years later, the pandemic is over and people are finally making their way back to their workplaces.

The end of work from home has given the coworking space a new lease on life and one Delhi-based startup in particular is really standing out.

Awfis, a nine-year-old flexible workspace company, is breaking pretty much every rule in the coworking space playbook. And it seems to be working out pretty well for the company.

Tune in.

Listen to the latest episode of Two by Two here

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Tanishq wrote the gold-retail playbook. Kalyan Jewellers hijacked it.

The Ken — Tue, 20 Aug 2024 05:00:00 +0530

Tune in.

Listen to the latest episode of Two by Two here

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Are Meta and Google doing enough to stop online frauds?

The Ken — Mon, 19 Aug 2024 06:19:50 +0530

Tech platforms like Google, Meta, or even e-marketplaces such as Olx are increasingly becoming hotbeds of online advertising scams in India. People have been losing anything from a few thousands to even a few crore rupees to cyber crime syndicates who have proficient, tech-savvy members.

The amount of money consumers have reported losing to fraud that originated on social-media platforms has skyrocketed since 2017. Last year alone, people reported losing more than $1.2 billion to fraud that started on social media.

What are big techs like Google and Meta doing to prevent these crimes? Is it enough?

Tune in to find out.

**This episode is a rerun and was first published on Nov 27, 2023

Listen to the latest episode of Two by Two here

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

India Olympics 2036: It's all fun and games till you become host

The Ken — Fri, 16 Aug 2024 05:00:00 +0530

In Mumbai last year, Prime Minister Narendra Modi announced that India was entering the bid to host the Summer Olympic Games in 2036. Yup, bidding happens more than a decade before the actual event. Because that’s how long it takes to prep a city for the Olympics. At the same event, PM Modi said hosting the games India is the “age-old dream and aspiration of 140 crore Indians”.

You see, the prestige associated with hosting the Olympics is undeniable…many would say, it is priceless. If you think about it, for a developing country, is the ultimate flex, right?

But in the end, is it really worth it? Sports economist Andrew Zimbalist does not think so. He has devoted much of his career to exposing the dark underbelly of the Olympics.

Tune in.

P.S. The Ken podcast team is looking for a talented podcast producer and an audio journalist. If you fit the bill or know someone who does, please apply!

How an e-ticket discount has become IRCTC's Achilles' heel

The Ken — Wed, 14 Aug 2024 05:00:00 +0530

For many in the Indian Railway Catering and Tourism Corporation (IRCTC), this year’s Union Budget announcement was a damp squib.

On 23 July, several officials from the ticketing-and-catering arm of Indian Railways waited for over an hour, with the collective hope that Finance Minister Nirmala Sitharaman would quash the discounts on UPI payments.

The reason behind their discontent is that the discount has cost IRCTC an arm and a leg. The company has lost Rs 40 crore in revenue. But despite all of the pushback, this year’s Budget did not mention revoking the mandate anywhere.

So, what’s going on? And why isn’t the government backing down?

Tune in to find out.

P.S. The Ken podcast team is looking for a talented podcast producer and an audio journalist. If you fit the bill or know someone who does, please apply!

IVF treatment can break the bank. So how are states offering it for “free”?

The Ken — Tue, 13 Aug 2024 06:00:00 +0530

Fertility rates in India are not looking good. In fact, it has fallen below the necessary replacement fertility level, which is basically the total fertility rate at which a population exactly replaces itself from one generation to the next, without migration.

So to nip the issue in the bud, state governments are now stepping in to offer what private equity-backed fertility centres would otherwise charge lakhs of rupees for: IVF treatment for free.

If it sounds too good to be true, that’s because it is.

Tune In.

Coaching giant Allen Career Institute's Kota stronghold may soon become history

The Ken — Mon, 12 Aug 2024 05:00:00 +0530

Every year, nearly three lakh students flock to the city of Kota in Rajasthan, the coaching capital of the country. Almost half of them enroll themselves at Allen Career Institute, a 36 year-old pioneering coaching centre that was last valued at over 1 billion dollars.

Lately, Kota’s reputation has been under question because of the frequent student suicides.

This has obviously affected the number of students coming in and for the first time in its history, the coaching giant Allen is seeing a fall in its admissions. And its no small dip. Admissions have dropped by over 35% to around 80,000. But here’s the interesting part. This isn't restricted to Allen institute in kota alone. Its happening in other cities too.

Actually two years ago, VCl investment firm Bodhi Tree Systems came into the picture and Allen began expanding the number of campuses outside Kota. Now, in total, there are over 200 of them and at least, one-third are new. The company’s CEO Nitin Kukreja told The Ken that Allen entered 16 new cities like Patna and Lucknow last year alone. A senior teacher at Allen Kota told us that for a centre to be profitable, it needs at least 4,000–5,000 student enrolments. But right now, Allen is not even seeing half of this. At least half a dozen senior Allen staffers and competitors told The Ken that a big chunk of these new centers are losing money. Staff pays have taken a hit but Allen is also hiring staff in new cities with a possible plan of shifting base out of Kota.

In today’s episode we take a look at what’s happening inside one of the country’s latest test prep giants.

Tune into to Two by Two's latest episode, 'Delhi pricked the Bengaluru bubble' here

Merit vs diversity: The lines are being drawn. What side is your company on?

The Ken — Fri, 09 Aug 2024 05:00:00 +0530

The search for an ideal workplace is a bit like finding El Dorado — that land of endless wealth and opportunities. Like El Dorado, 'the ideal workplace' also, well, seems like a myth. But that doesn't stop people from striving to find one.

This is a conversation that goes right back to the birth of the modern corporation. From the civil rights movement in the US, to the evolution of trade unions in India – throughout history, people have fought for a fair and equitable workplace. One that has equal opportunities for everyone, where everyone feels seen and heard, and no one is treated differently because of where they come from or who they are.

Eventually, the century-long battle for the ideal workplace finally boiled down to three core values – diversity, equity and inclusion or DEI. But here’s the thing about DEI – it comes and goes in waves. And it usually takes an extreme incident to trigger the pendulum to swing towards DEI.

And when the pendulum swings to the other side, DEI’s alter ego, that has been lurking in the shadows all along, finally makes its entrance. Lately, its been popularly known as MEI — merit, excellence and intelligence.

Right now, we are bang in the middle of yet another wave of the DEI vs MEI debate. In the last few weeks, giants like Microsoft, Google, Meta have majorly scaled down their DEI initiatives. Some have even laid off entire DEI teams. Naturally, many are of the opinion\ that DEI is on its deathbed.

The repercussions of all of this are being felt here in corporate India where a watered down version of DEI was just about getting started. But now that it has hit a wall in the West, what does that mean for us?

To find out hosts Snigdha and Rahel speak to two women who are trying to fix this broken system but in very different ways. Christina Dhanuja, author, DEI strategy consultant and the founder of Dalit History Month and Naiyya Saggi, the co-founder of The Good Glamm Group, a unicorn startup based out of India.

Tune in.

For feedback, write to us at podcasts@the-ken.com

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Banks are coming to 'save' you from defaulting on your credit card bills. Here's why you need to watch out

The Ken — Thu, 08 Aug 2024 07:22:00 +0530

From September 2, IDFC Bank’s credit card customers will only have to pay 2% of the total bill amount every month instead of the earlier 5%. The bank has reduced the minimum amount due (MAD). Even Axis Bank did this last year in November.

This means for customers, there are lesser chances of being tagged as a defaulters which hurts their credit score. Why are banks doing this?

Two bankers told The Ken that the main reason why banks or lenders are reducing MAD is because of rising defaults. India has been warming up to the idea of credit. In fact, now its come to a point where debit card usage is declining. Online credit card spending in India rose by 20% in the last one year to reach more than ₹1 lakh crore in March this year. But for banks or lenders this also means that the associated non-performing assets (NPAs) have started to become a cause for concern. This is why lowering the limit for defaults will help banks.

But for customers, there is more to it than meets the eye.

Tune in

Cars24 is turning into a full-blown fintech. Its core business is taking a backseat.

The Ken — Wed, 07 Aug 2024 05:00:00 +0530

The last nine years have been quite a wild ride for Cars24. It has gone from being a consumer-to-business auction platform for dealers to buy used cars, to becoming a consumer-to-consumer marketplace for used cars.

It has seen its fair share of highs and lows along the way. Off late, once again, the business has been floundering. But Cars24 is dealing with it by undergoing its most intense and unexpected makeover yet. It seems to be transforming into a full-blown fintech.

The startup got a non-bank license to finance used cars half a decade ago. Back then, its financing arm was meant to be a lever to sell more cars. But now it is much more than that.

Tune in.

RBI dug a pit for Razorpay. Razorpay just built a ladder.

The Ken — Tue, 06 Aug 2024 05:30:00 +0530

Last year, the central bank banned Razorpay and a bunch of its competitors, like PayTM, Cashfree and PayU, from onboarding new merchants until they were able to secure a payment aggregator license. Till then, they all had in principal approvals for the license. But the RBI stepped in and said they had to stop onboarding merchants until they actually got the license.

It was only in December that the RBI lifted the ban after Razorpay finally received the license.

Obviously, it was a big day for Razorpay. All of the employees who had already left for the day came straight back to office. They all knew exactly what they had to do because they had been planning for this day for months now.

Razorpay had a big opportunity to gain marketshare. In the last seven months since the RBI lifted the embargo, it has been in recovery mode. And in the process, it has fundamentally changed as a company.

Tune in.

Why Jupiter may become just another pesky bank app

The Ken — Mon, 05 Aug 2024 08:28:06 +0530

Jupiter, the Mumbai based neobank, went from a $70 million valuation in 2019 to a $700 million valuation in just two years. Venture capitalists, along with fintech founders, continue to believe in neobanks. A report by Statista predicts that the transaction value across neobanks in India is will cross $150 Bn by 2027.

Jupiter, a leader in the space, quadrupled its user base to two million in just a year in 2022. Thanks to its efficient user experience to access banking products like savings accounts or fixed deposits, many 20- and 30-year-olds are drawn to Jupiter. They use the platform to park their money, make small transactions, and invest with features like a sub-account to park funds for different saving goals or flexi-SIP payments.

But RBI clipped its wings, like it did for other fintechs. Since Jupiter realised the regulator also doesn’t like startups calling themselves a “bank” in any form unless they are licensed to be one, it began the journey of itself from a neo bank into a non-bank. And Jupiter had been trying to get its non bank license from RBI ever since it started operations but it only got last year.

But building its own loan book is turning out to be an expensive affair. And in the process of getting its finances in order, Jupiter may just about become another annoying bank app.

Tune in.

Listen to the latest episode of Two by Two, 'Is Zepto a gold medalist or a bronze medalist?' here.

Daybreak Special: Ozempic isn't approved in India yet. We speak to someone who got it anyway

The Ken — Fri, 02 Aug 2024 05:00:00 +0530

"I am willing to take the risk and give this drug a shot, for I've tried and tested almost all anti-obesity means myself—and even failed at some. As a first step, I am banking on other Ozempic users’ experience."

Meet Alifiya Khan, a health and education reporter at The Ken. Last month, she published a story on Ozempic, the 'miracle' weight-loss drug, and how easy it is to procure despite not being officially cleared for sale by the Indian government.

But this isn’t just another health story. Alifiya herself has been suffering from obesity for more than a decade now. For her procuring Ozempic wasn't just to further a story. She needed it for herself. After trying every fad diet, weight loss pill, and non-invasive procedure, to Alifiya, Ozempic is the light at the end of the tunnel.

In this episode, she joins hosts Snigdha and Rahel to share her story.

Tune in.

P.S. Not sure if you heard, but we hit 1 million downloads this month! We could not be more excited and grateful to you, our listeners. Could you do us a favour? Could you fill in this form and share your feedback? Also drop us a rating!

P.P.S. The Ken's podcast team is hiring! We are looking for a producer as well as a podcast host with at least 4-5 years of experience in the field. If you are interested or know someone who would be, please write to snigdha@the-ken.com with 'Application for The Ken Podcasts' in the subject line.

Bengaluru’s solution for its traffic mess that tech couldn’t fix: even more tech

The Ken — Thu, 01 Aug 2024 05:39:59 +0530

A few days ago, an X user shared a screenshot of Google Maps depicting how it would be faster to walk than drive from a particular place to another in Bengaluru. After all, the city is best known for two things: great weather and terrible traffic. The so-called Silcon Valley of India is the sixth slowest city in the world! How is it then that no one has come up with some innovative tech-based solutions?

Actually, they have. But you’ll be surprised to know that one the key reasons why the city's traffic troubles never seem to end is because the focus has mostly been only on tech driven solutions.

Tune in.

**This episode was first published on 19 Feb, 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Will alternate schools ever become mainstream in India?

The Ken — Wed, 31 Jul 2024 07:34:38 +0530

Microschools are basically a modern twist on the concept of a one-room school house. So smaller classes, student-led learning, a flexible curriculum, the works.

So for instance, if traditional schools teach the photosynthesis phenomenon through textbook readings, a microschool would nudge students to conduct interactive experiments with plants and light.

In most of these schools, there’s no fixed curriculum. Its personalised as per the needs of each student. Sounds ideal right?

Except for the fact that they are way more expensive than a regular school. And then there's the question of higher education. Sure these kids may be able to think more critically than a CBSE student, but what happens when they go to college? Or if they have to transfer to a traditional school at some point?

Despite these questions, more and more parents are embracing this new school of thought. Could it really be the next best thing in education?

Tune in.

VCs think ice cream is a dish best served cold and sugar free. Newbie Hocco says hell no.

The Ken — Tue, 30 Jul 2024 06:00:00 +0530

Craving a low-cal, zero-sugar, guilt free tub of ice cream? Well then, Hocco isn't for you.

The ice cream brand, founded by Havmor scion Ankit Chona, takes great pride in making and selling ice cream the old fashioned way. It's a brave choice considering low-cal ice cream is really having its moment. VCs seem to believe that ice cream is a dish best served cold...and sugar free.

But Chona is sticking to his guns. And if the numbers are anything to go by, his bet seems to be paying off.

Tune in.

All you need to know about Ola Electric's IPO

The Ken — Mon, 29 Jul 2024 07:25:28 +0530

On Friday this week, we’re going to see one of the largest IPOs of 2024 by a new-economy company. The Bhavish Aggarwal-led Ola Electric is all set to make its debut in the stock market. The IPO which has been in the works for sometime is expected to value the company at a little over $4 billion. Aggarwal is due to sell almost 38 million shares as part of the offer for sale which is nearly 20% lower than what the company had indicated in its DHRP.

The company is a leader in the two wheeler EV space in india with more than one third of the market share. Of course, getting here has been no cakewalk for Ola Electric. Just last month it was reported that the company was planning to let go of 400-500 employees to streamline its operations before the listing.

In this episode we go over some of the highlights from the company's offer document.

Tune in.

P.S. Check out the most recent episode of Two by Two, our brand new business podcast, where the hosts ask: why has all the disruption and joy gone out of startups? Stream on Spotify, Apple Podcasts or other platforms!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Gen Zs are powering astrology’s billion dollar glow up. Has science left the building?

The Ken — Fri, 26 Jul 2024 05:00:00 +0530

The global astrology market today is worth nearly $13 billion. In India alone, the online astrology market is estimated around $100 million and is expected to grow ten times in the next five years or so.

But this isn’t astrology as we’ve known it. In the last few years, astrology has had a facelift and it’s largely thanks to Gen Z. They have rediscovered it and turned it into a full blown cultural moment. Meme pages, Astro Twitter, mercury retrograde—astrology has become a pop culture phenomenon, not just here in India but across the world.

New-age astrology apps like Co Star and Pattern give you the option of checking whether your “vibes” match with your friend or love interest. It's like modern-day kundli matching. And Gen Zs are here for it and more. They’re also using astrology apps to check what stocks to put their money on, for their appraisal season—basically, anytime they have to make a decision, big or small.

We wanted to know why the Gen Z, a generation that’s been recognised for its hyper-awareness about things like climate change, politics, governance is embracing astrology so passionately despite all of its very well documented flaws as a pseudoscience. Also, how are astrology app makers are responding to this trend?

To find out, we spoke to two Gen Zs—Misha Verma, a 22 year-old 2D animator from Bengaluru and Khushi Singh, a 23 year-old UI/UX designer from New Delhi who part times as a tarot reader, the founder of an AI-powered astrology app called Melooha, Vikram Labhe, and Nakul Shenoy, a mentalist based out of Bengaluru.

Tune in!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Byju’s growth-hacked its way to bankruptcy court

The Ken — Thu, 25 Jul 2024 07:04:40 +0530

Once valued at $22 billion, Byju's, is undergoing insolvency proceedings initiated by the National Company Law Tribunal. This is over a $19 million payment default to the Board of Control for Cricket in India. Byju’s could now see a potential buyout or liquidation. It gets worse. A couple of days ago, one of the largest foreign investors in India, the Qatar Investment Authority, requested the Karnataka High Court to block founder Byju Raveendran’s personal assets.To say things are bad is an understatement.

The first question that comes to mind is, of course, what happened. But that’s a story that’s been told too many times. Instead, today, we tell you what Olina Banerji, The Ken's edtech expert and writer of our popular newsletter, Ed Set Go, wrote about Byju’s in the latest edition.

She took us back to see what made Byju’s the company it became in the first place and the legacy it is leaving behind.

Tune in.

P.S. – Check out the first episode of the latest addition to our podcast slate, Two by Two, on Spotify, Apple or YouTube!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Healthify is trading the local treadmill for a global marathon

The Ken — Wed, 24 Jul 2024 06:00:00 +0530

Healthify saw immense success during the pandemic. Its revenues more than doubled in FY 2022. And it adds up when you think about it. With millions of people stuck at home and gyms shut, Healthify’s virtual fitness and nutrition plans were pretty ideal.

But once gyms reopened, home workouts didn’t cut it anymore. And unfortunately, Healthify really bore the brunt of it. The following year, revenue growth slowed down considerably and losses began to soar.

But the company's leadership seems undeterred. In fact they want to expand business to the United States, where it will be up against established healthtechs like Noom and MyFitnessPal.

The company seems to be pinning its hopes on the US market as somewhat of a hail Mary pass.

Once the toast of town, Bira is now brewing more trouble than beer

The Ken — Tue, 23 Jul 2024 06:00:00 +0530

In 2015, Bira 19 introduced India to craft beer. In the process, the brand started the conversation around taste and quality. It very quickly blew up and became the cool new beer to drink at a bar or a party.

The craft beer brand also managed to become a hit among investors. It bagged $450 million in funding from the likes of Japanese beer and beverage company Kirin Holdings and venture capital giant Peak XV Partners, formerly known as Sequoia Capital.

But somewhere along the way, the brand seems to have lost direction. In the last few years, Bira has been in short supply at liquor retailers and pubs. And to make matters worse, former Bira executives and industry insiders say that the company’s dealing with a major cash crunch and its supply chain is in a dire state.

All of this at a time when the company is reportedly planning to go public. Bira CEO Ankur Jain recently said that Bira is planning its IPO in 2026.

But will he be able to get his business in order by then? And more importantly, what went wrong?

Tune in to find out.

Why HDFC customers can bid adieu to exclusive cashbacks on Apple products

The Ken — Mon, 22 Jul 2024 07:13:02 +0530

In the 2024 financial year, Apple sold products worth $8 billion in India. This was a third more than the previous year.

Here's the bad news. The deal between Apple and HDFC is now over.

What happened?

Tune in.

Daybreak Special: Zomato’s the investor’s favourite billion dollar baby. Could Swiggy beat it post-IPO?

The Ken — Fri, 19 Jul 2024 05:00:00 +0530

With Swiggy set to go public soon, the quick commerce space in India is starting to look more and more like a wrestling match. Going to head to head against Swiggy is the only listed quick commerce platform in the country, its arch rival Zomato.

Both companies are doing exactly the same thing but somehow Zomato managed to leave Swiggy far behind. Swiggy’s market share has dropped considerably in the last few years both in quick commerce and food delivery. Now, not only is Zomato listed, its share prices have been going through the roof and Blinkit has become the jewel in its crown.

So does Swiggy, the OG of food delivery in India, stand a chance?

To find out, hosts Snigdha and Rahel invite The Ken's Deputy Editor Seetharaman G to the studio.

Tune in.

P.S. – Check out the first episode of the latest addition to our podcast slate, Two by Two, where the speakers discuss the rivalry between Flipkart and Phonepe, on Spotify, Apple or YouTube!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Wind's blowing towards all things luxe in India. But Chaayos isn't going there

The Ken — Thu, 18 Jul 2024 05:00:00 +0530

For most Indians, a cup of good chai is a comfort that's accessible. Coffee chains, on the other hand, are mostly premium. And it all adds up when one considers the fact that Indians consume 20 cups of tea for every cup of coffee. But we live in a time when opulence and luxury makes us go google eyed. In the Indian consumer market, premiumisation is no longer a choice. Even chai cafes chains don’t really have an option but to take the premium path.

Over the last two years, nearly 200 of them have clearly indicated their unanimous opinion to the company: don’t become like Starbucks.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. – Check out the first episode of Two by Two, where the speakers discuss the rivalry between Flipkart and Phonepe, on Spotify, Apple or YouTube!

Not such a Great Place To Work after all?

The Ken — Wed, 17 Jul 2024 05:00:00 +0530

About two months ago, something pretty bizarre happened at the India office of Great Place to Work. At about 2:30 am on May 28, the board of the organization was summoned for a Zoom call.

But the timing of the Zoom call wasn’t what was so alarming. At one point during the conversation, the founder, Prasenjit Bhattacharya, asked everyone to leave the call.

Everyone except for Yeshasvini Ramaswami, the chief executive of the company. Just a few moments later, Prasenjit told her that she was being fired.

You see, this isn’t the first time a CEO has been fired. But the way that this particular incident played out went against everything that Great Place to Work has stood for for so long.

What's going on?

Tune in

How Birkenstock became the Bata for India's elite

The Ken — Tue, 16 Jul 2024 05:00:00 +0530

And just like that, a trend was born. The orthopedic sandal, built more for comfort than for style, was the new it-shoe.

Now, the Birk craze has found its way to India.

Tune in.

Flipkart wants top fashion brands to dance to its new tunes. Do brands have a choice?

The Ken — Mon, 15 Jul 2024 07:07:33 +0530

Flipkart, the Walmart owned e commerce giant, is on an overdrive to achieve profitability to realise its dreams of going public.

To do this, it has tasked its category managers in fashion and lifestyle with squeezing more business out of brand partners. In fact, Flipkart is also using its own Myntra to get better leverage with these brands. The list of brands Flipkart is negotiating with includes Nike, Adidas and Puma, Woodland, Casio, and the Indian fashion retail giant Aditya Birla Fashion Retail Limited (ABFRL).

Brands are resisting but they can only do so much because the kind of reach Flipkart gives them is unmatched. It has a registered customer base of more than 400 million.

Does this mean that these brands have to give in to Flipkart’s demands?

Tune in.

Daybreak Special: What do women really want? A 'f*** off fund'

The Ken — Fri, 12 Jul 2024 05:00:00 +0530

Have you ever heard of a 'f*** off fund'? Or better yet, do you have one?

For the uninitiated, it is a sum of money that women should ideally set aside to get out of a difficult situation – think toxic job, abusive relationship or family situation, you get the drift.

Tune in

We would also love to hear your take on f*** off funds. Please take our survey.

Suggested reading

A F*** Off Fund: the most important female prep, Reddit

Warren Buffett Invests Like A Girl? Forbes

For feedback, write to us at podcasts@the-ken.com

Amul made India the world’s top milk producer. Its next target is protein

The Ken — Thu, 11 Jul 2024 06:41:36 +0530

According to the ICMR every individual should consume at least 48 grams of protein everyday. But in India, 8 out of every 10 of people dont meet their daily protein requirement. However, there is no denying the fact that awareness about the significance of what is often called the building block of life has increased after the pandemic. People are actively looking to include protein rich foods in their diet.

Even the govt has pitched in. In 2020, the govt started an initiative to celebrate a National protein Day every year in February to increase awareness about the importance of protein in India

And that’s where Amul wants to come in.

The dairy giant wants to use a key dairy byproduct—whey—to sell protein to a population that is hungry for it

Tune in.

**This episode was first published on 28 Feb, 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

How Paisabazaar is spoiling PB Fintech’s profitability party

The Ken — Wed, 10 Jul 2024 09:19:08 +0530

Things were going really well for Paisabazaar, until the Reserve Bank of India stepped in and hit it where it hurts. The RBI told banks to clamp down on the unsecured loan segment – which happens to be Paisabazaar’s bread and butter.

The regulator has discouraged lenders from small-ticket collateral free loans. And of course lenders know better than to ignore the RBI’s directive.

So for Paisabazaar that meant its lending partners started shying away from unsecured loan leads. After a dream run, growth started slowing down. The company knew it had to do something and fast.

Tune in

The great B-school placement drought is hitting Masters' Union where it hurts

The Ken — Tue, 09 Jul 2024 06:00:00 +0530

Students pay hefty fees for an alt MBA from Masters' Union with the confidence that by the end of the course, they will be one step closer to their dream job, and more importantly their dream salary.

Except, that isn’t what ended up happening for a majority of students in the batch of 2024. Classes ended a few weeks ago and most of the students are yet to land job offers.

You see, it has been a tough year for India’s business schools. Even the IIMs and ISBs of the world have struggled to get a majority of their students placed at top companies.

And in this tough climate, Masters’ Union, which has always positioned itself as a challenger to the IIMS, is facing a bigger crisis than any of its peers. Because placing its students isn’t just a matter of pride for the company, it's also crucial to its financial model.

Tune in.

Why is Truecaller protecting you from spam calls instead of TRAI?

The Ken — Mon, 08 Jul 2024 06:31:34 +0530

For a country that boasts of its digital public goods infrastructure like Aadhar and UPI, it is a wonder why telecom has been so ignored. After nearly 1500 crore rupees of was reportedly lost to digital fraud in the financial year 2024, the govt's TRAI is finally scrambling to catch up with CPAN or the Calling Name Presentation (CNAP) service, its own version of Truecaller.

Truecaller, the Swedish call-screening company, meanwhile, has been holding the fort for a while now. Users count on it to save them from spam and fraud calls.

While TrueCaller maybe looking like a hero in this situation, it is a private company after all. It is using this opportunity to make money from both users and businesses. But its success in India is also built partially on how inadequate privacy laws are in India. It company has been accused of breaching data privacy norms in the past.

Can TRAI replace Truecaller?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak Special: Why crazy rich Asians are buying one way tickets out of China

The Ken — Fri, 05 Jul 2024 05:00:00 +0530

More than 15,000 millionaires are most likely leave China for good this year, according to the latest report by Henley and Partners, a UK-based investment migration consultancy.

This largely has to do with the fact that being a multi-millionaire in China is almost like living with a target on your back. Multiple cases of the wealthy disappearing, the most well-known of which was Alibaba's Jack Ma, are testament to this. Basically one can be rich but not too rich, especially when the Chinese economy is struggling with a slowdown. So if millionaires are not disappearing under mysterious circumstances, they are desperately trying to protect their assets at all costs.

India too happens to be the third on the Henley list of top countries facing a millionaire exodus. It is expected to lose about 4,000 millionaires this year. But unlike China, this isn’t very concerning because this number has dropped since last year and also because India is also generating more millionaires than it is losing. In many ways, you could say, India stands today where China was 10 years ago.

And that’s exactly why we need to understand what is happening in China.

In this episode, Daybreak hosts Snigdha and Rahel speak to The Ken's Southeast Asia editor Brady NG about what's going on in our neighbourhood.

Tune in.

Brady’s book recommendation: House of Leaves Mark Z. Danielewski

Artwork by Adhithi Priya Rajagopal

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Zomato and Zepto are doing for EV battery swapping what the govt isn't

The Ken — Thu, 04 Jul 2024 06:00:00 +0530

For quick delivery apps like Zomato and Zepto that are often questioned for their carbon footprint, switching to electric vehicle or EV fleets is not just a matter of being environmentally conscious, it is also economically more feasible.

But here’s the thing. While takes about four hours to charge an electric scooter from zero to full using a slow charger and approximately 15 minutes for a fast charger, battery swapping which literally takes two mins.

Which is why delivery company drivers for whom speed means money, battery swapping is a better option than charging. Quick commerce companies have understood this and they’re partnering with these companies. For example, Zomato and Zepto have both partnered with Battery Smart, a Delhi-based network of battery-swapping stations for EVs.

Plus, this comes at a great time because these battery swapping companies are attracting a lot of VC money despite the general VC funding crunch lately. And VCs are loving the fact that quick commerce giants are tying up with these battery swapping companies.

So, you’d think that that government must be doing everything it can to give battery-swapping service providers support to expand right?

Turns out, that is not really the case.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Sugar.fit's diabetes 'reversal' plan is anything but sweet

The Ken — Wed, 03 Jul 2024 06:00:00 +0530

Cult.fit backed Sugar.fit very boldly promises to completely “cure” diabetes in as little as six months.

It also promises unlimited consultations with top doctors, daily fitness classes, the works. All for about Rs 30,000. That’s a small price to pay for a diabetes-free life. So of course, thousands sign up for it.

But if you ask a healthcare professional they will tell you that reversing diabetes completely just isn’t possible. So what is Sugar.fit up to?

Tune in to find out

P.S. While you are here, check out the latest episode of The Ken's careers podcast The First Two Years. Host Akshaya Chandrasekaran delves into how to transition from grunt work to real work.

Nobroker is no longer no broker

The Ken — Tue, 02 Jul 2024 06:00:00 +0530

Demand for high-end living is on the rise and Nobroker's subscription plan just doesn't cut it anymore. So it introduced a new postpaid plan to entice wealthy property owners.

Funnily enough, the way it works is pretty much how traditional brokers earn their brokerage. This goes against the basic premise with which Nobroker was started almost a decade ago.

So why has Nobroker switched up its strategy? And why is it going down the road it was so fundamentally against?

Tune in to find out.

What's making investors go googly-eyed for Zepto?

The Ken — Mon, 01 Jul 2024 05:00:00 +0530

When it entered the quick commerce scene for the first time in 2021, Zepto was a disruptor. Now, it is the third largest company in the market after Blinkit and Swiggy Instamart. Recently, it secured its biggest funding ever at a US$3.6 billion valuation, mainly from its existing investors.

Venture Intelligence, a data provider told The Ken that the US$660 million funding is largest bet made by VCs in Indian startups this year. And now, The Ken's sources say that Zepto is planning to raise another round from “top-tier global VCs” at a US$5 billion valuation.

What did Zepto do to get all this attention from investors?

Tune in.

Also listen to:

Daybreak: Why we date, marry, or breakup with Swiggy Instamart, Blinkit, Zepto & BigBasket

TFTY: How to get people to listen to you when you have no authority or title?

Daybreak Special: Stoa School is dead. Long live altMBAs.

The Ken — Fri, 28 Jun 2024 06:00:00 +0530

Four years, 15 cohorts, and roughly 1,500 students later, Stoa School has shut down. The poster child for alternative business-school education in India is no longer accepting new students.

What went wrong? And what does it mean for India's altMBAs?

Tune in to find out.

P.S. While you are here, check out the latest episode of The Ken's careers podcast The First Two Years, where host Akshaya Chandrasekaran delves into how to build trust with colleagues who don't trust you.

At-home blood tests are soaring, and throwing up wrong results

The Ken — Thu, 27 Jun 2024 05:00:00 +0530

The pandemic, as brutal as it was, forced a lot of businesses to double down on convenience and accessibility. Whether it was your online education or quick deliveries or at home blood tests. Just to be able to skip that dreaded visit to a hospital or a diagnostic centre meant so much to most people.

Accredited labs popped up all over promising to come right to your doorstep and collect your samples from the comfort of your home and that too for super affordable prices. Healthians, a testing lab startup has seen bookings triple since the pre-pandemic era. Now, the company handles 12,500–13,000 bookings daily, with nearly 75% of its business coming from home collections.

But while home tests are gaining popularity, whether you can trust them 100% is still under question. Phlebotomists and runners hold the keys to a sample’s fate and accuracy.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Bain is switching up its strategy in India. It’s 'cutting the excess fat.'

The Ken — Wed, 26 Jun 2024 07:19:15 +0530

On June 3, about 200 employees of the American management consulting firm Bain and Company’s India division received a rather ominous calendar invite.

They each would have a 10-minute meeting with HR. But no one, other than the heads of the regional offices and the head of HR, knew what the meeting was about.

During the meeting, they were all told they were being laid off. The layoffs took the consulting community by surprise, because it just wasn’t a very ‘Bain’ thing to do.

What's going on? Tune in to find out.

P.S. While you are here, check out the latest episode of our careers podcast The First Two Years, where host Akshaya Chandrasekaran delves into how to build trust with colleagues who don't trust you.

Are Reliance's deep pockets enough for Tira to steal Nykaa's crown?

The Ken — Tue, 25 Jun 2024 06:00:00 +0530

Nothing about Nykaa is strictly its own anymore.

Back when it went public, it had no real rivals in the beauty space. But since then, things have changed.

Last year, India’s largest retailer, Reliance Retail, officially entered the beauty space. It launched an omnichannel beauty retail platform called Tira

Reliance isn’t playing around. In the last year, it has made one thing clear: it wants to completely shake up the country’s beauty segment.

But even the Reliance legacy to back it up, Tira’s success in this space isn’t a given.

Why young coffee chains like Third Wave cluster around Starbucks

The Ken — Mon, 24 Jun 2024 05:00:00 +0530

More than a decade has passed since Starbucks came to India. But the world’d biggest coffee chain has been struggling to achieve profitability. In the latest financials, the company saw its slowest sales growth in India since the pandemic.

So far, Starbucks has managed to open around 400 outlets across the country. Meanwhile, Third Wave, a much smaller specialty coffee startup that started around eight years ago, already has more than 100 stores around the country. Its new CEO Rajat Luthra recently announced that that chain plans to open 50 new outlets in existing markets. Third Wave has more than doubled its operating revenue in the last financial year. In the year before that, it saw its revenue grew more than fourfold. It raised $35 million in a funding round led by private equity firm Creaegis in September last year.

How far can a startup like Third Wave go against a a 50 year-old global coffee powerhouse with the backing of Tata?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak Special: Hey Siri. Is Apple late to the AI party?

The Ken — Fri, 21 Jun 2024 06:00:03 +0530

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 here, check out the latest episode of our early careers podcast 'The First Two Years', aka TFTY. In it, host Akshaya Chandrasekaran talks about how to fight for your next promotion.

What's Airtel's weapon in its new fintech war against Jio? Your SIM card

The Ken — Thu, 20 Jun 2024 06:39:06 +0530

The newest battle ground between Bharti Airtel and Reliance Jim is financial services. Airtel already has two thriving ventures. The first is the seven-year-old Airtel Payments Bank which happens to be one of the three profitable payments banks in India. And the second is new financial entity called Airtel Finance which is mainly aimed at Reliance Jio’s fintech disruptor, Jio Financial Services.

The one year old Airtel Finance has already serviced loans worth $300 million. It seems do be doing pretty well. In fact, just last month, in an earnings call, the Airtel boss, Gopal Vittal talked about how Airtel Finance was shaping up really well. He said It served 400,000 car and loan products in FY24.

The story is similar with Airtel Payments Bank. It registered its highest-ever annual revenue of more than $250 million in FY24 and also grew its deposits by 50% from the year-ago levels. The bank has been adding nearly a million new customers every month.

But all of this comes at a time when India’s other fintechs are struggling with profitability.

Apart from the fact that Jio is still leading, there is one more thing that sets the two of them apart from each other. Jio Financial Services’ focus is to lend to B2B players and engage in asset-management services.

Airtel, meanwhile, is taking a different path. The company is using the oldest tool it has—SIM cards—to partner with lenders for consumer-centric products like loans and credit cards.

But why SIM cards? The answer lies in the Airtels nearly thirty year old distribution network.

Tune in.

Titan’s Caratlane & Bluestone started at the same time. But one sparkles brighter than the other

The Ken — Wed, 19 Jun 2024 06:39:45 +0530

Bluestone and Caratlane set out with the same dream. They both wanted to sell everyday fine jewellery online.

This was a pretty alien concept in a country like ours, where gold and diamonds are seen more as an asset rather than just an accessory. And for a lot of people, buying gold and diamonds online is completely out of the question, even today.

But both these companies were committed to the idea that there was space for fine jewellery online. And turns out they were right. Today, pretty much any major jeweller you can think of is selling their jewellery online.

But somewhere along the way, they went on completely different trajectories.

Is AI in cancer care just hype or the real deal?

The Ken — Tue, 18 Jun 2024 06:00:00 +0530

AI algorithms for cancer screening are being developed around the world.

Most medical professionals will agree that there is tremendous potential here. If developed properly, AI can potentially detect various cancers at very early stages – which would make it easier to treat cancer and possibly even increase chances of survival.

But all of that is great in theory. In reality, the general consensus amongst the medical community is that AI-led cancer screening just isn’t there yet. When it comes to screening, accuracy is everything. And There’s a long way for this technology to go before it is able to detect cases of cancer with close to perfect accuracy.

Four-year-old Minimalist does for skincare what L’Oréal couldn’t

The Ken — Mon, 17 Jun 2024 07:00:12 +0530

Last week, Foxtale, an Indian D2C skincare company secured an $18 million funding in its series B round. Meanwhile, news also broke that the Deepika Padukone-led 82°E is planning to raise around $6 million from new and existing investors. Scores of new age skincare and beauty brands have cropped up since the pandemic and all of them harp on the science of skincare and their whole appeal is transparency.

Among them one brand stands out: Minimalist. It is an active ingredients based skincare company that sells products named after the ingredients like niacianamide, retinol, glycolic acid, salicylic acid, etc. It launched around the end of 2020, and within a span of eight months, it built a 1000 crore rupees business.

But for years, legacy brands like Ponds and Loreal have been selling products with similar ingredients. The only difference was they either didn't launch them in India or they kept the ingredient names hidden away in tiny fonts at the back of the bottles.

Minimalist came around and changed that. And now, seeing the success of brands like Minimalist, legacy brands are rethinking their strategy.

Tune in.

Also listen to: Daybreak Special: Why aren't we scared of chemicals in our skincare anymore?

Daybreak Special: How India's 40-somethings are redefining career longevity

The Ken — Fri, 14 Jun 2024 05:00:00 +0530

There is something really concerning happening to India’s 200-million strong workforce. Nearly half of them, who are above the age of 45, have reached a point in their careers where they may have to retire much earlier than they planned. Against their will.

In a nutshell, the usual career span that would last anything between 40 to 50 years even has been slashed by half almost….. to just 20 or 25 years.

But this isn’t something that a lot of 40 and 50 year olds are taking lying down. They are figuring out ways to hack the system so they can stay “forever employable”. And in the process, conventional career trajectories are starting to change.

Like one 38-year-old CXO put it, “Growth—be it in a profession or in life—is not equivalent to moving up a single, well-defined ladder.”

Daybreak hosts Snigdha and Rahel speak to The Ken reporter Vanita Bhatnagar about these new career trends.

Tune in.

What's making Zomato bet big on Blinkit?

The Ken — Thu, 13 Jun 2024 06:40:26 +0530

Zomato, the food delivery giant is all set to infuse more than $35 million into Blinkit. But not too long ago, Blinkit, the grocery delivery platform that was formerly known as Grofers, was on the verge of dying. It was the first year of the pandemic and the demand for quick commerce was at its peak. Grofers wanted to join the bandwagon but it didnt have the money.

A year later in June 2021, it got its shot in the arm with a $120 Mn infusion from Zomato. A year later, in 2022, Zomato decided to go all the way in and acquired Blinkit for nearly $600 million.

It was not been all smooth sailing even after that.

But somehow, Blinkit has managed to crack the quick commerce market and become a leader.

How?

Tune in.

*This episode was first published on March 6, 2024

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What do health insurers have against pregnancies?

The Ken — Wed, 12 Jun 2024 06:14:58 +0530

When 29-year-old Deepa delivered a healthy baby boy six months ago, she thought her health insurance would cover her hospital expenses. But unfortunately, it barely covered 1/3rd of the Rs 1 lakh bill. So she ended up using her corporate health insurance that offered a higher limit.

And this isn’t a one off. The Ken spoke to 13 women from six different cities who delivered babies in the last couple of years. Most of them had experiences just like Deepa. Seven of them said they got their maternity expenses covered by corporate health insurance, either their own or their spouses. And that’s despite having their own personal health cover in place.

Luckily for Deepa and the seven women we spoke to, they had some form of corporate health insurance in place. But in a country like ours, that’s a luxury. Only about 200 million out of the 1.4 billion citizens of this country have access to it. That’s pretty abysmal.

In this episode, we delve into what health insurers have against pregnancies.

Tune In.

Why Cleartrip could learn a thing or two from old school travel agents

The Ken — Tue, 11 Jun 2024 06:00:00 +0530

When e-commerce giant Flipkart acquired online travel aggregator (OTA) Cleartrip back in 2021, the hope was that it would be able to turn things around. Cleartrip had hit rock bottom. And in many ways the only way from there on was up.

But things haven’t quite played out as Flipkart and Cleartrip had hoped. One big reason is that Cleartrip under Flipkart may have veered too far away from what makes an OTA an OTA — the OG tried-and-tested strategies that made us keep going back to old school travel agents back in the day.

Tune In.

Energy drinks are the hot new category in India and PepsiCo's Sting is its king

The Ken — Mon, 10 Jun 2024 07:15:09 +0530

Last year, Indians collectively drank nearly 600 million litres of energy drinks. This was almost 30X more than 2018. Among all the go to drinks in India, lately energy drinks have become super popular. People seem to clearly be attracted to their appeal as stimulants.

And what’s crazy is that these drinks have become an alternative to chai at tea stalls for office goers. And even for daily wage workers who have to work in this insane heat, they are often a cheaper meal replacement. For the more privileged, they’re also cocktail mixers at parties.

As of 2023, PepsiCo's Sting had 90% of the market share in energy drinks in terms of volume. It's been doing so well that Varun Beverages, the company that bottles and distributes for PepsiCo in India, became the hottest FMCG stock in the country. Its saw its share price rise by more than 1000% per cent in the last five to six years.

But the ones driving this growth are the country’s youth, who are often unaware of the contents of the drink and the heath risks that come along with it.

Tune in

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak Special: Inside the world of 'datrimonial' apps in India

The Ken — Fri, 07 Jun 2024 05:49:04 +0530

Desi dating apps are vying for parental approval. And their strategy seems to be working.

How do they work? And do Indian dating app users need them? We speak to Chandni Gaglani, the head of Aisle and three dating app users to find out.

Tune in.

P.S. while you are here, why don't you check out The Ken's early careers podcast, The First Two Years. You can listen to it here.

What is suddenly sending shivers down the spines of 350,000 CAs?

The Ken — Thu, 06 Jun 2024 06:00:00 +0530

It has been a tough couple of years for India’s Chartered accountants.

This was and to some extent still is one of the most sought after jobs in the country.

But lately, the amount of risk involved in their work has been amped up considerably.

And as a result, CAs have been resigning left, right and centre.

The reason this is happening is because the auditing industry has been undergoing a major shake-up.

And behind this shakeup is a relatively new, independent audit regulator called the NFRA, or the National Finance Reporting Authority.

The NFRA has set all sorts of records in the last two years. Since 2022, it has debarred 78 auditors and imposed close to Rs 20 crore in penalties.

Tune in.

Why reining in financial influencers is a Catch-22 problem

The Ken — Wed, 05 Jun 2024 07:55:30 +0530

According to a survey by S&P, more than 75% of Indian adults do not understand basic financial concepts. The gap is 5% more when it comes to women.

So the rise of financial influencers who simplify complex financial jargon and provide investment advice is not really surprising. But often, they underplay risks and overplay returns, and try to ride the market waves.

In fact, SEBI, the market capital regulator, has been receiving many complaints and is working on creating a framework of strict guidelines to bring them under its control.

But reining these ‘finfluencers’ in is a bit of a catch-22 situation.

Tune in.

EVs aren’t everybody's cup of tea. Maruti-Toyota are making the most of it.

The Ken — Tue, 04 Jun 2024 10:47:26 +0530

Since 2021, Toyota and Maruti have been engaged in somewhat of a marriage of convenience.

The terms were pretty simple. Toyota would share its hybrid technology with Maruti Suzuki. In exchange, Toyota would get to re-enter the pocket-friendly segment.

So what this meant was that the non-premium Toyota cars sold were actually built by Maruti. And the fully hybrid cars sold under the Maruti label were built by Toyota.

This arrangement has worked well for both companies for multiple reasons. The biggest of which is the growing popularity of hybrid vehicles in India in the recent past.

But in the process, EV makers seem to be losing big time.

Tune in.

P.S. While you are here, why don't you check out the latest episode of The First Two Years, The Ken's early careers podcast. It's a good one! Akshaya talks about how to network without seeming desperate. Check it out here.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why free airport lounge access is not so free anymore

The Ken — Mon, 03 Jun 2024 07:24:10 +0530

Credit card companies, in their rush to sell more and more cards use a whole gamut of attractive offers—the most popular one being free access to airport lounges. Thanks to this and the sharp rise in domestic air travellers, airport lounges saw of footfall of over 8 million people in 2022.

What was once an exclusive service became a top-selling feature, even for non-premium cards issued by banks. Lounge access became overused and an expensive bill to foot for credit card issuers.

Now, one after the other, major banks are revising their lounge policy. But retracting the freebie altogether is not a risk banks can afford to take.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why we date, marry, or breakup with Swiggy Instamart, Blinkit, Zepto & BigBasket

The Ken — Fri, 31 May 2024 05:00:00 +0530

In today’s special Friday episode, The Ken’s Praveen Gopal Krishnan (aka PGK) joins hosts Snigdha and Rahel to talk about India’s complicated relationship with 10 minute delivery apps. They talk about how these apps are shaping our economy and society at large, and more importantly how we, as users, are shaping them.

Why do we pick a particular app, what makes us switch to another one and what makes us abandon them all together?

PGK asked his readers just that in a recent survey he carried out in his weekly newsletter, The Nutgraf. You can check it out here.

You can also check out the Bangalore floods edition Snigdha mentioned, here.

Listen to Kabir Biswas talk about Dunzo and the quick delivery business on First Principles.

If you're curious about the time everyone except Zepto assumed quick commerce was dying, click here.

P.S Tell us what you thought of this episode.
a) Was the subject interesting enough for you?
b) Did you enjoy the conversation?
You can write to us at podcasts@the-ken.com.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

After UPI, NPCI feels the pressure to build its next hero product

The Ken — Thu, 30 May 2024 06:00:00 +0530

At the time of demonetisation, the country was desperately seeking an alternative to cash. And a payments regulator called NPCI or the National Payments Corporation of India, was our unexpected knight in shining armour.

The NPCI managed to launch UPI at just the right time. This was a revolutionary, once in a generation product that really put the NPCI on the map.

Over the years, UPI also became a huge political asset for the Central Government. That’s evident from the fact that political leaders, including the PM, have made it a point to repeatedly endorse UPI.

But nearly two general elections later, the pressure is on for the NPCI to come up with a new product, the next UPI. And the NPCI is really feeling the pressure.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Wakefit and other new-age mattress companies are selling you sleep

The Ken — Wed, 29 May 2024 07:58:50 +0530

New-age D2C mattress brands like Wakefit and The Sleep Company have successfully made orthopaedic mattresses into a mass product. They are changing the landscape of the mattress market in India with their innovative science and tech based approach and clever marketing techniques.

Wakefit, for example, literally offers a “sleep internship" where all you have to do is "sleep for 9 hours everyday for a hundred days and earn up to 10 lakh rupees."

It's come to a point where even older and bigger mattress makers have had to adapt these changes and start selling these orthopedic mattresses.

But is this really about the science or more about the selling?

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Can Xiaomi, a smartphone maker, be the next Tesla?

The Ken — Tue, 28 May 2024 06:13:00 +0530

A couple months ago, Xiaomi released a new product – the SU7. This wasn’t a smartphone, or any other gadget that you would have otherwise associated with the Chinese company. The SU7 is actually Xiaomi’s first-ever Electric Vehicle.

Now, this is a major milestone for Xiaomi. It has become the first smartphone maker to successfully launch an EV. Funnily enough, this is something that many smartphone makers and technology companies – from Apple to Samsung – have tried to do but failed at. Until now.

But what do smartphone makers have to do with EVs?

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

By the way, have you listened to The Ken's early careers podcast, The First Two Years? In the latest episode, the show's host Akshaya Chandrasekaran talks about how to navigate work friendships. You can check it out here.

Why banks love to shower you with reward points

The Ken — Mon, 27 May 2024 06:50:26 +0530

Indians have really been warming up to credit cards lately. More than a 100 million credit cards are in circulation in India as of now. And this rise has a lot to do with the benefits customers get: cash back deals and reward points that you can collect and redeem for anything from flight tickets to stays at fancy resorts.

But between the two, cashbacks are a more straightforward method of making the most of your credit card. Availing reward points, on the other hand, requires a combination of skill and patience.

And between the two, there’s one that banks actually don’t like.

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Daybreak Special: The Pharmeasy Investigation

The Ken — Fri, 24 May 2024 06:00:00 +0530

In this week's Daybreak Special episode, hosts Snigdha Sharma and Rahel Philipose speak to The Ken's Shivani Verma about her investigation into Pharmeasy's dubious business practices.

The once IPO-bound company is under the scanner for its 'unethical' ways of upselling alternative medicines and supplements. Everyone – from Pharmeasy's own pharmacists, to the doctors who call behalf of the company to validate a customer's prescription – are under pressure to sell these supplements.

The saga began with Pharmeasy’s 2021 acquisition of Bengaluru-based e-pharmacy Medlife, where former executives noted a similar trend of upselling alternatives and supplements. This comes amid ballooning losses and immense pressure from investors to show profitability.

So what's the deal? Why is Pharmeasy going down this route?

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. Daybreak episodes drop daily now :)

What happens when your grocery delivery apps start selling you iPhones & water coolers?

The Ken — Thu, 23 May 2024 07:30:54 +0530

Thanks to Swiggy and Blinkit, it’s gotten to a point where getting everything – from your groceries to a literal water cooler – delivered to your doorstep within minutes has become pretty routine. Something we expect.

But there is so much going on behind the scenes to make that delivery possible. Like one executive told The Ken, it’s a combination of solid logistics and precise inventory management.

Pulling that off with just groceries that you can easily throw into a carrier and strap on to a bike is one thing. But then you go and add things like water coolers, mixer grinders, even iPhones to the mix. It sounds like a logistical nightmare.

But it’s a nightmare that quick commerce apps like Blinkit, Swiggy Instamart and Zepto have dived headfirst into. They are becoming everything stores, almost like ‘mini Amazons’. And with that, the very nature of quick commerce is changing.

Why does Digiyatra have a new app? The real reason is a scam

The Ken — Wed, 22 May 2024 06:00:00 +0530

If you were flying sometime last month, you may have noticed, staff from Digiyatra, the contactless, biometric entry system at airports, were repeating the same thing over and over again to passengers at the entrance: “The old app is discontinued, please download the new app.” Passengers were only given this information at the airport. None of them received any notifications or SMSes.

Apart from inconveniencing passengers, this also sent alarm bells ringing among some of them. Because, think about it. Usually you're asked to update an app, not delete it and download a new one, right?

Anyway, most attributed it to some kind of a tech upgrade, which was also what Digiyatra Foundation (DYF), the company that runs the app said. Apparently, it was a part of their plan to expand to a larger user base.

But you know what? That’s not the real reason. Behind it all, is a scam.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. Daybreak episodes drop daily now :)

Why every payment aggregator should be scared of Phonepe

The Ken — Tue, 21 May 2024 06:29:00 +0530

No other payment aggregator has been able to pull off what Phonepe has in less than a year.

Its nearly 50 per cent market share is obviously a huge draw for new merchants. And in the last couple years, its been able to onboard some pretty big names like Bharti Airtel and IRCTC.

But the bigger the client, the more ruthless their demands. At the end of the day, they are only loyal to the aggregator that promises them the lowest prices and highest success rates.

So how does PhonePe make sure that it stays on top? And where does that leave everyone else?

Tune in.

Correction: The host mistakenly referred to NPCI as NCPI towards the end of this episode. We apologise for the error.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. Daybreak episodes drop daily now :)

Why even well-funded startups can't resist the lure of Shark Tank India

The Ken — Mon, 20 May 2024 06:42:59 +0530

The lure of appearing on the popular reality show on national television is so strong that even startups that already have been funded by VCs and institutional investors want to get on Shark Tank. In fact, investors themselves are asking their founders to go on the show.

Money or funding is not the goal for these startups. It's the marketing opportunity they want.

But Sony, the producer of the Shark Tank is trying its best to make sure that the show doesn't lose its real purpose: to be an investment platform.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. Daybreak episodes drop daily now:)

Daybreak Special: Why aren't we scared of chemicals in our skincare anymore?

The Ken — Fri, 17 May 2024 06:00:00 +0530

Contrary to its name, the US-based skincare brand 'The Ordinary' pulled off something pretty extraordinary when it was launched in 2016. From the beginning, it was all about transparency. It veered away from fancy packaging, instead opting for simple labels that list out all of the main ingredients, or 'actives', that were used to make the product.

And just like that, the brand managed to demystify active ingredients for everyone!

This kicked off somewhat of a skincare revolution around the world, including in India. Today, anyone who understands skincare knows what active ingredients are and which one is best suited for their skin. Suddenly, hyaluronic acid, niacinamide, AHAs and BHAs are all part of common parlance.

But it took more than just 'The Ordinary effect' to get here.

Daybreak co-hosts Snigdha Sharma and Rahel Philipose speak to Shamika Haldipurkar, the founder of premium skincare brand d'you, and Vasudha Rai, former beauty editor of Harper's Bazaar and skincare content creator, to unpack this change in perception.

If you have already listened to this episode, please give us your feedback here.

Correction: The host mistakenly referred to The Ordinary as a US-based company instead of Canada. The error is regretted.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. Starting this week, Daybreak episodes drop daily :)

Globally sanctioned Chinese companies rule India's $5 billion surveillance market

The Ken — Thu, 16 May 2024 07:35:48 +0530

CP Plus, one of the most popular CCTV camera-makers in India, gets 80% of its supplies for its parent company, Aditya Infotech Ltd (AIL), from the Chinese security-equipment manufacturer Dahua Technology.

Dahua and Hikvision, another Chinese surveillance-tech firm, are facing sanctions in the UK, US, Australia, and other countries, for their connection to the Chinese government.

But in India growing surveillance tech market, both these companies enjoy more than a 50% market share. And bringing them under control is turning out to be complicated for the government.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Meesho wants big brands in its basket. But brands think Meesho is like a 'village dukaan'

The Ken — Wed, 15 May 2024 06:57:19 +0530

A few days ago Meesho closed the first tranche of its $600 million funding round by securing $275 million. The e-commerce unicorn has impressed investors lately thanks to its sustainded operating growth and the reduction in its monthly burn rate.

Over time, the platform has built a kind of dominance in India’s smaller cities and towns that become the envy of its competitors —all thanks to its super affordable unbranded products.

But now, Meesho wants to boost its profits. For it, it's relying on something that’s a bit out of character for it. It is betting big on Meesho Mall, a space dedicated to legacy and D2C brands.

But with small-businesses and unbranded products embedded in to its very DNA, is Meesho ready to take the big brands route?

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The bank locker, as you know it, is crumbling

The Ken — Tue, 14 May 2024 06:00:00 +0530

You may be surprised by how often bank lockers are robbed. According to Finance Ministry data, close to Rs 200 crore has been stolen from locker facilities in the last three years alone.

This is pretty disconcerting, especially considering that for the longest time the bank locker has been considered the safest place to store your most precious valuables.

It also doesn’t help that every aspect of locker management in banks – from actually opening your locker, to eventually closing it – is extremely complicated.

The Supreme Court recognised this. In 2021, it passed an order that was meant to make lockers more secure. After that, the RBI issued a new set of guidelines on locker management.

But three years later, experts say the RBI guidelines are protecting banks more than customers.

So, the question is: Is your locker really the best place to store your valuables?

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Gaurav Munjal wants to save Unacademy by doing what he once ‘hated’

The Ken — Mon, 13 May 2024 08:13:26 +0530

When Gaurav Munjal started Unacademy, the edtech unicorn, he hated the offline coaching business. Edtech companies have tried to stay away from offline because of a number of reasons like low profit margins and huge capital.

But with the edtech downturn, Gaurav Munjal, finally admitted to the press that he’d been wrong and had overestimated the online business. This came at a time when Unacademy's online business was free falling. So the edtech shifted focus to its offline coaching network which now makes up 50% of its business. From celeb endorsements to massive discounts on its fee, the edtech is doing everything it can to counter its rivals like Allen and Aakash Institute.

Unacademy is changing its very DNA but experts are raising questions about the long-term sustainability of the business.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Debit cards will be obsolete soon but SBI still wants to save them

The Ken — Fri, 10 May 2024 07:12:50 +0530

When it comes to debit cards and ATM networks, no one can beat the State Bank of India. But being the market leader of debit cards in India is actually turning out to be a problem for the public lender.

With Indians becoming more open to credit cards and UPI swamping the market, debit cards are dying a slow death. In fact, a lot of industry experts agree that debit cards, in their current physical form, may actually become obsolete in the coming decade. And by being the biggest player in this market that is fading away, SBI is also taking the largest beating from its decline.

But instead of cutting its losses, SBI is still doggedly trying to save this dying product.

Why?

Tune in

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

P.S. -- Tell us your stories of great friendships at work here!

Why is Darth Vader selling toothpaste for Dabur?

The Ken — Wed, 08 May 2024 07:20:41 +0530

With increased competition within the country, the world leader of Ayurveda brands, Dabur, is looking to acquire and expand. It wants to change its story and focus on a new target consumer.

For example, the company's toothpaste brand Dabur Herb'l Charcoal recently collaborated with Disney for its Star Wars franchise and hired Darth Vader as its chief innovative officer. Just last year in October, it also acquired a 51% stake in Badshah Masala, one of the country’s leading spices companies.

But why is the over-hundred years old established company trying so hard to change its narrative?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Aditya Birla Fashion has a new hack for growth. Except it could also destroy its business

The Ken — Tue, 07 May 2024 06:00:00 +0530

Aditya Birla Fashion is arguably one of India's most complex listed retailers.

It has dozens of really diverse fashion brands and retail formats under it.

On one hand it has high-end luxury labels like Sabyasachi and Tarun Tahiliani, and on the other, it also owns the retail chain Pantaloons and labels like Allen Solly, and Louis Phillip — names that we all know because they are accessible to most people.

Now, you would think this we-have-something-for-everyone strategy must be working out great for Aditya Birla Fashion, right?

Turns out, that’s not quite true. In fact, it's having this opposite effect. Experts in the industry say it’s almost like the company has an identity crisis.

What's going on at Aditya Birla Fashion?

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Walmart's tightening grip and IPO dreams are pushing Flipkart staffers to the edge

The Ken — Mon, 06 May 2024 06:37:40 +0530

So in January this year, Flipkarts top execs along with the CEO came together for a meeting to outline a roadmap for 2024. Krishnamurthy wanted Flipkart to introduce a loyalty programme for top spenders, give out more incentives to ensure customer loyalty, push up transaction numbers and average order sizes, and also focus on brands.

In the same meeting he also admitted that the company had faced quite a few hurdles the previous year but he was sure they’d make a comeback and hit profitability before the IPO.

But here’s the thing, prepping for an IPO often has long term effects on a company’s culture. And the cracks are already beginning to appear inside Flipkart.

Tune in.

Also listen to: What Swiggy's IPO prep means for its employees

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Cab companies gave big EV orders to Tata Motors. Why don't they have more EVs in their fleets then?

The Ken — Fri, 03 May 2024 07:16:24 +0530

Even though EV sales just make up a fifth of the Tata Motors’s overall sales, the automobile-maker is still the reigning giant of India's growing EV ecosystem. It is also leading the cab industry’s shift to EVs.

Over the next 3 to 5 years, it has promised to sell at least 50, 000 EV four wheelers to cab companies. Based on the deal made over a year ago, half of them are meant for Uber. But it's been over a year since the deal with Uber and only 4000 Tata EVs are up and running in Uber's fleet?

Did Tata Motors make a miscaculation?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

“If our country’s leaders are still at it at 73, why should I retire?”

The Ken — Wed, 01 May 2024 07:06:00 +0530

Nearly half of India’s 200 million workforce that is over the age of 45 suddenly has the sword of an involuntary retirement hanging over their heads. These are loyal employees from sectors like pharma, retail, manufacturing, and banking who are dealing with shorter career spans but for whom retirement is not a voluntary choice.

Those aged between 40-60 years are facing long periods of joblessness after quitting or losing a job. But finding a job has become increasingly difficult for them and it is leading to a lot of stress and financial issues.

In a nutshell, their career span has shortened from more than 40 years to just 20 or 25 years.

Why is this happening?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Cult.fit wants to be more like Decathlon

The Ken — Tue, 30 Apr 2024 06:00:00 +0530

In the last decade or so, French retailer Decathlon has managed to completely change how most of us shop for anything sports and fitness related.

It replaced mom and pop sports stores by becoming a one-stop shops for all things sports and fitness related. Cult.Fit wants to pull off just that with the help of its in-house athleisure and fitness equipment brand, Cult.sport.

But it doesn’t help that it’s been a pretty rocky ride for Cult.Sport this far. The brand hasn’t really taken off the way Cult had hoped.

So with its heart set on an IPO, is Cult’s retail project a good idea? Or could it just end up being a distraction?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The switch to EVs is great for the environment. And hackers too.

The Ken — Mon, 29 Apr 2024 07:54:19 +0530

More people switching to Electric Vehicles (EVs) is not just great for our environment, it's great for hackers too. As EVs become more popular, hackers are constantly looking for opportunities to exploit the widening network of digitally connected vehicles. Between 2018 to 2021, incidents related to breach of cybersecurity in the auto industry rose by more than 200%. And it is only going to get worse in the coming years.

In India though, it is not much of a concern yet due to the low penetration of EVs so far. But it won’t remain that way for long without proper safeguards in place.

The Digital Personal Data Protection (DPDP) Act 2023 is a step in the right direction, but it is not enough.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Employees are feeling the squeeze as Swiggy preps for its stock market debut

The Ken — Fri, 26 Apr 2024 08:04:37 +0530

A damning investigative report about Swiggy recently revealed how the foodtech giant has been depriving its delivery workers of their health insurance coverage if their ratings fall.

It comes at a time when the company is prepping to make its stock market debut to raise more than a billion dollars. Earlier this week, Swiggy also got the official green flag for the IPO from its shareholders.

But so far, only its food delivery business is profitable. So now, the company is running on overdrive to hit profitability before it goes public.

And Swiggy employees are bearing the brunt.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why retail chemists in India wanted BJP manifesto to include an e-pharmacy ban

The Ken — Wed, 24 Apr 2024 07:26:00 +0530

A few weeks ago, retail chemists got together to draw BJP's president JP Nadda's attention to the dangers of e-pharmacies. AICOD urged BJP to promise to include this ban in their election manifesto, along with a ban on discount advertising. They said e-pharmacies should be done away with nationwide to protect public health and prevent drug abuse among the youth.

However, this isn't the first time that offline chemists have approached the government to express their woes against e-pharmacies. In fact, they have been lobbying so hard for that the government was forced to shelf the much-required policy on the online sale of drugs saying the matter was "sensitive."

But e-pharmacies aren't taking this lying down either. What can bring an end to this long-drawn battle?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The US is ready to pay for NSFW Hindi audio content, but India isn’t

The Ken — Tue, 23 Apr 2024 06:00:00 +0530

When you think of the average unicorn-status startup, PocketFM — a homegrown audio streaming platform — is somewhat of an anomaly. Its main claim to fame? Very dramatic, borderline NSFW Hindi fiction audio series’.

Its content can best be described as ‘masala’ entertainment. And yet, millions of listeners tune in every day to listen to stories like ‘I love you monster’, or ‘Karan Arjun reloaded’, or ‘Millionaire Ghar Jamaai’. While all this may not be your cup of tea, it has really worked for PocketFM. So much so that the company is now just inches away from a $1 billion valuation.

Ever since it was launched in 2018, PocketFM has taken some pretty risky business decisions. Like in late 2021, when it decided to enter the US market.

But even though most of its big, bold bets paid off overseas, there is one thing PocketFM has been struggling to do. And you’ll surprised to hear this: Despite such an enviable user base, and investors buzzing around it, in India, PocketFM is struggling to get users to actually pay for its content.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Uber can't be green without its fleet partners

The Ken — Mon, 22 Apr 2024 07:58:19 +0530

In the last few years, companies like Everest that manage cab fleets have become the silent battalion in Uber’s army of cabs. In fact, 90% of Everest’s fleet is with Uber.

This, of course, has helped Everest grow its revenues and both seem to have found their relationship to be mutually beneficial. Everest gets to run its assets on a high demand platform. And for Uber, it become so much easier to manage its cars.

So Uber is deepening its ties with Everest, especially with Uber Green in mind. But as Uber gives more control to the fleet management company, the basics of the ride hailing business could change forever.

Tune in

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

RBI's policy shift will crush Visa-Mastercard's rule. But will Rupay take advantage?

The Ken — Fri, 19 Apr 2024 07:31:34 +0530

Last month, the Reserve Bank of India directed credit card issuers or banks to not sign exclusive contracts with card networks, like Visa and Mastercard, that restrict them from using other networks. The RBI did this because it said consumers deserve to have the freedom of choice.

This new rule will be effective from early September and it will change the credit card game as we know it.

For starters, the American card network giants Visa and Mastercard who together have been dominating 90% of the market for forty years now will no longer be sitting easy. The directive is also bad news for co-branded credit cards, one of the most popular products in the financial-services market.

But for home-grown Rupay, this is great news. It's almost like the government has created a fast lane for it. But will Rupay take it and win?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why it's a bad time for Campus to be India's top sports shoes brand

The Ken — Wed, 17 Apr 2024 07:23:40 +0530

In 2021, Campus Activewear took away the top spot in India's athleisure-footwear market from Puma, thanks to its affordable and trendy sneaker offerings. And by May 2022, it became a publicly listed company. Within a span of five months after its listing, its valuation shot up to a staggering US$2.2 billion.

However, two years later now, its market capitalisation has nosedived to under US$890. The reason is a combination of factors including the slow down in demand and also, an ever-increasing number of competitors with similar offering.

But out of all its rivals, there is one that stands out–Abros. And it was co-founded by a man who worked with Campus for nearly three decades.

Tune in

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Is there room for deep fakes in democracy? AI startups seem to think so

The Ken — Tue, 16 Apr 2024 06:00:00 +0530

Just like every Lok Sabha election in the last 72 years, millions of people will vote for a new government over the next couple of weeks.

But there is one thing that really sets this election apart. Never before have political parties actively used Generative Artificial IntelIigence at this scale. It is a turning point in India’s electoral evolution.

Some AI startups in India have been developing hyper-personalised voter experiences for political parties. This comes at a time when Gen AI tools like deepfakes have become very sophisticated — to the point where even experts often struggle to tell what is real and what is not.

In the run-up to the election, when you are being bombarded with political content, videos and images, this can be very dangerous. Yet, there are barely any rules in place to regulate the use of this technology during the election process.

What does this mean for the world’s largest democracy?

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Paytm has a message for its lending partners and RBI

The Ken — Mon, 15 Apr 2024 06:52:00 +0530

In January, the RBI, more or less killed Paytm Payments Bank. But Paytm Bank was the backbone of its loan business, the same business that helped it recover from its post-IPO bloodbath.

Now, Paytm’s lending partners, on whom its loan business is dependent, are spooked They dont know if they should continue working with Paytm. Meanwhile, Paytm is doing its best to save what it can but Paytm Payment Bank is currently in limbo. Last week, Survinder Chawla, the MD and CEO of Paytm Payments bank also put in his papers.

So far, we don't know what is going to happen but there’s one thing we know for sure: Paytm is doing everything it can to separate itself from Paytm bank, which was once an integral part of its business.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

**Paytm’s founder Vijay Shekhar Sharma is an investor in The Ken

"Hello, I’m calling from Bajaj Finance. Do you want a loan?"

The Ken — Fri, 12 Apr 2024 07:32:00 +0530

Phone calls from Bajaj Finance offering loans are almost inescapable and lately, the non-bank has faced quite a backlash for it. But telecalling has been an enduring sales channel for the company which boasts of a loan book worth $28 billion. And despite the massive size of its loan book, it’s been growing at 30% for years. Now this rate is seeing a dip through.

Bajaj needs to maintain a 26-27% growth rate. Meanwhile, shifting its loan sourcing to its digital assets is going to take a while.

So those pesky calls are unlikely to stop anytime soon.

In this episode, we take a closer look at this Bajaj Finance’s annoying but successful system of tele-calling.

**This is a repeat episode since April 11 was a public holiday

A year and nearly 50 million transactions later, do we still want ONDC to win?

The Ken — Wed, 10 Apr 2024 06:55:00 +0530

It's been over a year since the govt launched Open Network for Digital Commerce (ONDC). The idea was to build the world largest e-commerce platform to check the monopoly of giants like Amazon and Flipkart. From ride-sharing and food delivery, to groceries, the platform can be used to buy and sell anything.

The platform is close to hitting the 50 million transactions mark now. And what stands out about it is its fascinating pricing strategy that makes ordering food on it as much as 45% cheaper than a Swiggy or a Zomato. Could ONDC make the two food delivery giants redundant?

While there is no easy answer to the question, what made us more curious was this: Do we want ONDC to win? And if it does then what could be the consequences?

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What happens to Byju's employees after they're laid off?

The Ken — Mon, 08 Apr 2024 08:46:32 +0530

Lat week, the struggling edtech giant Byju's laid off another 500 of its employees. This came along with a salary delay of three consecutive months. In his email to employees two months ago, Raveendran had written, “I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve."

With the latest round of layoffs though, the employee count at Byju’s has gone down from 15000 at the end of last year to around 13,000 now. This is the same company whose founder would boast about how Byju's was the largest startup employer in the country with a headcount of 55,000. The Ken had investigated what all of this means for Byju’s employees last year and we understood how they got the worst end of the stick. They told us they had been fired arbitrarily without any notice. In fact, some were being forced to resign.

Even this time, according to reports by The Economic Times, they were laid off without any notice. And like that wasn't enough, we also learnt companies have specifically been telling recruiters to avoid hiring Byju’s employees.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Bigbasket wasted its first-mover advantage

The Ken — Fri, 05 Apr 2024 08:03:53 +0530

In January this year, Tata Digital's BigBasket announced its rebranding for slotted delivery service to “Supersaver”, promising to deliver products in under two hours. Back when Tata had acquired the BigBasket at a reported valuation of $2 billion in mid-2021, the company was loss-making.

But for those at BigBasket, it was an opportunity to shift their focus back to the company’s core business: doorstep grocery delivery.

While it was a bit too late when Tata realised its new acquisition was left out from the quick commerce game, there was one game that BigBasket seemed to be clearly winning.

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Were you forced to sign up on DigiYatra? If yes, listen to this

The Ken — Wed, 03 Apr 2024 08:30:56 +0530

The government of India launched Digiyatra, a contactless, facial-recognition-based passenger-entry system, in December 2023. The idea was for those who sign up on the platform to avoid the tedious process of getting their ID and flight tickets checked by CISF personnel at airports.

But lately, stories of passengers being forced to sign up for the app are surfacing on social media. Just this week, there were reports of Digiyatra forcing users to move to a new app without notice. Meanwhile, airlines, which are important stakeholders to make the entire endeavour successful are unable to see any benefits for themselves.

Airports though see it as a great opportunity. In fact, multiple sources close to the implementation of Digiyatra told The Ken that the whole idea of Digiyatra came from airports themselves.

What’s in it for them?

Tune in.

Online shopping is no fun without free returns. But Myntra, Ajio hate them

The Ken — Mon, 01 Apr 2024 08:38:18 +0530

The entire logic of buying online instead of going to a store rests on e-commerce companies making it easy to return stuff. What if it doesnt fit me? What if it is damaged? Just ask for a return and someone comes to your doorstep and picks it up.

However, as it turns out, e-commerce companies hate returns because reverse logistics are a costly affair for them.

Now, the likes of Ajio and Myntra are changing their return policies. Some are even blocking some customer accounts. But are customers ready to give it up yet?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What happened to Pharmeasy?

The Ken — Fri, 29 Mar 2024 08:48:03 +0530

Earlier this week, the Competition Commission of India (CCI) cleared Manipal group chief Ranjan Pai's investment in online pharmacy PharmEasy. So far Pharmeasy, once the highest-valued Indian healthcare startup, has raised Rs 3,500 crore through a rights issue. But it raised this money at a 90 per cent discount to its peak valuation.

From $5.6 billion to $500 million!

All because it had to take another debt to pay off its previous debt. The second time though, interest rates were not zero.

What’s happened?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Can Swiggy and Zomato save train meals?

The Ken — Wed, 27 Mar 2024 06:00:00 +0530

Beyond the nostalgia associated with meals on trains, quite often, there are also horror stories. In fact, even a recent Parliament Panel report pointed out how food quality on Indian trains is compromised. The IRCTC (The Indian Railways Catering and Tourism Corporation) has been trying to figure out how to make food a more enjoyable experience on trains and more importantly, a solid source of revenue.

A decade ago, IRCTC launched its e-catering services. It now has a network of nearly 500 restaurant partners and close to 20 food aggregators. Catering makes up for more than 40% of IRCTC’s revenue every year. And its seems it will only go up because in the last few months, IRCTC has also tied up with two of the country’s food delivery giants, Zomato and Swiggy.

But while IRCTC has big dreams of catering to the 20 million passengers who take the train everyday, delivering food on trains is a logistical nightmare.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

How UPI will disrupt the credit card ecosystem

The Ken — Fri, 22 Mar 2024 06:00:00 +0530

Not long ago, Suhail Sameer, former BharatPe CEO had said UPI will do to credit what the likes of companies like BharatPe did to debit a few years back. India has more than 960 million debit cards in the country and only about 85 million credit cards.

But conditions in the credit market are headed towards a disruption because of UPI and there’s one area of the whole credit ecosystem where it is undeniably going to change the game. In fact, we could go out on a limb to say that credit via UPI could even end it.

Tune in to find out.

What a cyber criminal told us about KYC frauds

The Ken — Wed, 20 Mar 2024 05:00:00 +0530

More than 70% of fraudulent banking transfers in India are KYC-linked scams. A senior official at the Financial Intelligence Unit, a national agency responsible for analysing data on suspect financial transactions informed The Ken that KYC frauds amount to over Rs 900 crore ($108 million) per year.

One such fraudster who spoke to us on the condition of anonymity said, ““KYC is an easy trick to pull off. People have heard about banks freezing accounts due to non-compliance with KYC norms. So they get convinced, particularly those in smaller towns and cities.” In a span four years, this fraudster’s gang has stolen nearly Rs 50 lakh.

But the whole point of banks carrying out the elaborate KYC process is to protect their customers from fraud. How is then that this very process accounts for nearly two-thirds of fraudulent banking transfers in India?

Tune in.

Why mental health professionals are taking up courses on banking and finance

The Ken — Mon, 18 Mar 2024 08:27:04 +0530

Have you noticed how easy it has become to get loans? Whether you want to buy a whole house or you want to buy a pair of shoes, you can take an EMI for whatever you want.

And of course, in India, an aspirational country, this means we finally have a way to attain the standard of living we have dreamed of. In the year that ended in March 2023 household debt saw its second-highest surge since independence. It now makes up almost 6% of the country’s GDP.

But as indebtedness is rising, so are cases of harassment by recovery agents. In fact, now, it's come to a point where it is giving rise to a unique type of mental health crisis–unique enough for mental health professionals to take up courses on the basics of banking and finance.

Tune in.

Also listen to: How Mahindra Finance dealt with the RBI curb on recovering loans via third party agents

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The run-up to the IPO is changing Swiggy as we know it

The Ken — Fri, 15 Mar 2024 08:40:43 +0530

Swiggy has always been proud of the culture of innovation that it has fostered over the years for its employees. In fact, it is this very approach that helped it achieve the coveted unicorn status.

But with the IPO scheduled for this year and its pursuit to profitability, innovation is no longer being encouraged. It has become way more challenging for newer projects to take off.

And though it is natural for a company that is growing bigger to become more risk-averse, for Swiggy, this means a cultural shift that could change its very nature.

Tune in.

Why YouTube, Instagram creators pay the price for safety on social media

The Ken — Wed, 13 Mar 2024 08:01:39 +0530

From shadow-banning, content flagging, suspension and even account deletion, content creators are grappling with a variety of censorship methods on social media platforms—all in the name of maintaining community guidelines.

But with social media platforms relying more and more on AI and machine-learning tools identify and remove violating content, even content aimed at creating sexual, social, and political awareness ends up being taken down.

And sex-ed and news content creators on platforms like Instagram and Youtube are seeing their reach, discoverability, and income take a hit.

Tune in.

Why Kota's coaching-centre-capital tag is under threat

The Ken — Mon, 11 Mar 2024 08:36:52 +0530

After the pandemic years, Kota’s coaching industry saw an unprecedented boom. Money was pouring in from everywhere–from edtechs to investors. In the last five years, Kota saw about 2 lakh engineering and medical aspirants, on average, arrive from across the country.

Kota runs on stiff competition not just among the students but also among the scores of institutes that host and prep them. But since the past four months, Kota’s reputation has been on the line. Student admissions have dropped, with coaching-centre owners pegging it to be at least 20%.

The rising number of student suicides are one reason, of course. But there is more to why Kota may be one result away from losing its star position in the coaching business.

Tune in.

Vijay Shekhar Sharma’s loss—20M Paytm Fastags—is his ex-colleague’s gain

The Ken — Fri, 08 Mar 2024 06:10:00 +0530

As we know, Paytm* is in deep trouble but you know what they say about one man’s loss? It is another man’s gain.

When the RBI killed Paytm Payments Bank’s services, it also meant it could not to accept deposits or top-ups in its customer accounts, including wallets and Fastag. Fastag is India’s electronic toll-collection system. Its basically a Radio Frequency Identification (RFID) technology-enabled card that is fixed on a car’s windscreen. It helps in making toll payments directly from the customer’s bank account or wallet…like Paytm wallet

Now Paytm happened to account for over a quarter of 82 million Fastags in India and with this RBI directive, nearly 20 million of these Fastags will be leaving the Paytm ecosystem. And of course, there is someone who wants to cash in on it.

It is a 4 year old car services platform called Park+. And here’s the twist in the tale. Park+ was founded by Amit Lakhotia who was formerly at Paytm and he helped the company set up its payments business.

Tune in

Also listen to: What will Paytm do now?

*Paytm’s founder Vijay Shekhar Sharma is an investor in The Ken

How Blinkit's turned around its fortune under Zomato

The Ken — Wed, 06 Mar 2024 08:43:55 +0530

A few years ago, Blinkit, the grocery delivery platform that was formerly known as Grofers, was on the verge of dying. It was the first year of the pandemic and the demand for quick commerce was at its peak. Grofers wanted to join the bandwagon but it didnt have the money.

A year later in June 2021, it got its shot in the arm with a $120 Mn infusion from Zomato. Next thing we knew, Grofers had become Blinkit and also a unicorn company. And then in 2022, Zomato decided to go all the way in and acquired Blinkit for nearly 600 millions dollars.

However, it was not been all smooth sailing after that.

But somehow, Blinkit has managed to crack the quick commerce market and now, Blinkit is leading in terms of gross merchandise value (GMV). It currently boasts of close to a 40% share.

How?

Tune in.

The curious case of India's antitrust investigation against Google

The Ken — Mon, 04 Mar 2024 08:24:24 +0530

On Friday, Google removed a bunch of popular apps like Bharat Matrimony, Shaadi.com,Naukri.com and even some dating apps like Truly Madly and Quack Quack from its Playstore. The tech giant said it was because these apps were not compliant with its billing policy.

The impact was immediately felt in the stock market. For example, shares of Info Edge that owns Naukri and 99 acres fell 3% on Saturday

These apps were scrambling and somehow at the end of the day, the government intervened and we heard news that they have been reinstated.

The tech giant wanted to enforce its new billing policy. Google said in a blogpost on Friday that out of the developers using Google Play, only ten Indian developers did not to pay for the services and how allowing a few to receive different treatment creates an unfair environment and disadvantages other apps and games.

Now while all this comes after a Supreme Court ruling that had earlier refused to stop Google from removing non compliant apps from the Playstore, here’s the irony: Google itself has been found guilty of adopting anti-competitive or monopolistic practices in India.

Tune in.

Why Tata Motors doesn't want to make the Indigo-Indica mistake with its passenger EVs

The Ken — Fri, 01 Mar 2024 07:10:57 +0530

Tata Motors' EV subsidiary, Tata Passenger Electric Mobility Limited (TPEML), is prepping for a potential IPO in the next year or so. It wants to raise $1-2 billion. In the first half of 2023, Tata Motors dominated 75% of the passenger EV market share in India despite relentless competition from the likes of Mahindra & Mahindra and other newer rivals.

The auto-maker's revenue for FY23 stood at almost $8 billion. The not-so-secret secret behind this success Tata Motors' its Xpres-T EV sedan—the go-to for cab companies and fleet operators that are looking to switch to greener alternatives.

Xpres-T could easily to capture the cab market except Tata Motors maybe deliberately downplaying this bit of its success so far.

Tune into find out why.

How Amul is making "whey" for protein in India

The Ken — Wed, 28 Feb 2024 05:00:00 +0530

It was National Protein Day in India on February 27. The government initiative is meant to increase awareness about the importance of protein in India, a country where eight out of every ten of people don't meet their daily protein requirement. According to the ICMR every individual should consume at least 48 grams of protein everyday.

But after the pandemic, people are actively looking to include protein rich foods in their diet. And that’s where Amul wants to come in.

The behemoth wants to use a key dairy byproduct—whey—to sell protein to a population that needs more of it

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Your AC bill is unlikely to go down anytime soon. Here's why

The Ken — Mon, 26 Feb 2024 08:17:57 +0530

2024 is going to be the hottest month on record. Weather watchers have described the rise in new heat records around the world as “insane”, “total madness” and “climatic history rewritten”

India is also witnessing a surge in the demand for electricity in general. and the crisis is at its peak in the summers. As incomes rise and populations grow, especially in the world’s hotter regions, the use of air conditioners is becoming increasingly common. An estimated 10 million ACs were sold in India alone last year.

Naturally, electricity bills have skyrocketed and it's only going to get worse. We’ve already been warned that the growing demand for ACs is one of the most “critical blind spots” in the energy debate.

Meanwhile, a fascinating technology has emerged that can save 30 to 40% in energy consumption but it is struggling in the Indian market.

Tune in to find out why.

Why Swiggy's pre-IPO ad-revenue strategy has its restaurant partners complaining

The Ken — Fri, 23 Feb 2024 08:57:19 +0530

Advertisements on the food-delivery giant Swiggy are only growing in number and variety— from banners and icons to full-blown video ads. If you're wondering what id going on, it's all a part of Swiggy's preparation for its upcoming IPO. It needs to boost its revenue and ads are a great way to make more money with every order.

But while Swiggy is doubling down on its four year old advertising business to boost its topline, its restaurant partners are crying foul.

Tune in to find out why.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

The govt wants to move nutraceuticals under drug regulator's domain. Here's why

The Ken — Wed, 21 Feb 2024 08:08:06 +0530

India’s nutraceutical market is estimated to be worth $4-5 billion and the government expects it to be worth almost five times more in the next two years. As important as it is to monitor the rapidly growing market, regulations have not really kept up. In a post-pandemic world where preventive healthcare has become all the rage, a dangerous situation is being created. Health supplement makers are flouting RDA guidelines and consumers have been paying little attention.

Now, the health ministry of India is planning to move nutraceuticals from under the ambit of FSSAI, the food regulator to CDSCO, the drugs regulator. According to reports, the Ministry has also proposed forming a committee chaired by the Secretary of Health to address overlapping concerns between Nutraceuticals and Drugs.

Tune in to find out more.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Is tech the only answer to Bengaluru's traffic troubles?

The Ken — Mon, 19 Feb 2024 08:45:40 +0530

Bengaluru is best known for two things: great weather and terrible traffic. The Silcon Valley of India is the sixth slowest city in the world! How come no one has come up with some innovative tech-based solutions?

Actually, they have. But you’ll be surprised to know that one the key reasons why the city's traffic troubles never end is because the focus has mostly been only on tech driven efforts.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Why Licious had to lay off after all

The Ken — Fri, 16 Feb 2024 06:57:00 +0530

While most startups were facing a reckoning earlier last year with mass layoffs, Licious, the meat delivery platform, was sitting proud, unaffected. Both the founders, Hanjura and Gupta, were giving interviews talking about how their company had made no job cuts and how they did not want that kind of bad karma. It became the anomaly in a market that was seeing a bloodbath that going on all around.

But to be honest, the strategy of not laying off, didnt really help Licious. In fact, it saw some of its top talent at leadership positions leave the company.

And now, as it turns out, it may not be all good karma for Licious founders after all. The company has laid off 80 of its employees as a part of what its calling an operational reset.

What’s going on?

Tune in.

Recommended read: California users

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

What will Paytm do now?

The Ken — Wed, 14 Feb 2024 07:01:00 +0530

The Reserve Bank of India has barred Paytm from continuing all its banking services via Paytm Payments Bank after February 29. It's been operational since 2017 and its services include current and savings accounts, fixed deposits with partner banks, and balance in wallets, UPI, and FASTag, among other services.

The RBI has basically said it cannot take any more deposits or conduct credit transactions. This also means no top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls. And this means, Paytm has three challenges it needs to win…and all of it by the end of this month. First, it needs to figure out a nodal banking partner where it will hold fund on behalf of its customers. Then, it needs to untangle its business from Paytm Payments Bank. And finally, it needs to do all of this without losing its existing customers.

Each of these is more important than the other.

Tune in

How Shark Tank India has spawned an ecosystem of risky investments

The Ken — Mon, 12 Feb 2024 07:57:02 +0530

Season 3 of one of the country’s most popular reality TV shows, Shark Tank India, premiered on January 22, 2024. The show has given rise to a significant demand for startup investing. Investors are able to put in as little as Rs 5000 via online fundraising platforms like Tyke Invest and Infubiz. They offer investments in startups through Community Subscription Offer Plans.

But these fundraising campaigns are not subject to securities laws and investors in these instruments do not have any shareholder rights under the Companies Act, 2013.

This is creating a high-risk environment for small-time retail investors.

Tune in.

Freshworks is shedding its employee-first DNA to reach its $1 billion dream

The Ken — Fri, 09 Feb 2024 06:32:00 +0530

The results for the latest quarter for Freshworks are out and the US-based Saas company has beaten Wall Street estimates. It posted a revenue of nearly $600 million for FY 2023. Its losses, meanwhile, have narrowed by over 40%.

Just a year ago, the story was slightly different. In the same quarter in 2023, the company saw a decline in its net dollar retention rate. Even though the free cash flow was healthy and the revenue climbed 20%, it looked like the comapny was struggling to retain its customers.

Now of course, things have changed and this turnaround is all thanks to the rising demand for FreshWorks' AI-powered customer support and IT services products.

But there’s more to it. And it has to do with the company’s employee-first approach.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

How Indian women’s go-to drug, Meftal Spas, became a victim of its own popularity

The Ken — Wed, 07 Feb 2024 06:00:00 +0530

It wont be a stretch to say that the Meftal Spas is life-changing for those who suffer from dysmenorrhea. The medicine which is a combination mefenamic acid and dicyclomine was launched more than 40 years ago by Blue Cross Labs, an Indian pharma company. Meftal Spas enjoys the lion’s share of the market at nearly 90%.

But at the end of November last year, the Indian Pharmacopoeia Commission (IPC), an autonomous body under the Ministry of Health and Family Welfare, issued a drug safety alert on mefenamic acid—one of the two main components of Meftal Spas.

Soon after, many regular users started avoiding the medicine and some hospitals even stopped prescribing it. In fact, pharmacies saw a marked drop in Meftal Spas sales .

But media reports were misleading. While the advisory was about mefenamic acid, many media houses reported that the advisory was about Meftal Spas. And that is not all, many health professionals are questioning the govt advisory itself.

Tune in.

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

How Jio Financial is prepping to become India's top NBFC

The Ken — Mon, 05 Feb 2024 06:00:00 +0530

It took Bajaj Finance over 15 years to become the most valued NBFC in the country. And then came along Jio Financial Services Ltd (JFSL) and took the no. 2 position in a span of just two months. It is currently valued at more than $17 billion.

Its all set to take the top space. Currently, the company is on a serious hiring spree and it seems to have taken a particular liking to former ICICI Bank employees for its key executive roles. After all, a lot of its future success will depend on the team it builds.

But this is not the first time Reliance has tried its hands in the finance sector. The last time it did, things didn't really take off. What's different this time?

Tune in.

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Is the new tax regime for everyone?

The Ken — Fri, 02 Feb 2024 06:00:00 +0530

When the govt of India came up with the budget, taxpayers were given 2 options: move to the new tax regime or continue with the old one. The tax rates in the new regime were clearly lower.

But despite this, most chose to stick to the old regime. Even with comparatively higher tax rates the old tax regime has remained popular amongst Indian taxpayers.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Who is Domino's real rival?

The Ken — Wed, 31 Jan 2024 06:00:00 +0530

It was Dominoes that made delivery under 30 minutes a thing. Before Swiggy and Zomato came along, Domino’s was more or less the only place you could order in from. It showed Indians that pizza could be cheap and also enjoyed in our own houses.

Jubilant, the company that runs the Dominos franchisee in India has nearly 3/4ths of the pizza market share which is also why it is among the first to be affected down by the slowdown in consumption.

Jubilant’s shares have grown up by just under 3% in the past year. But its rivals—Westlife, Devyani, and RBA—have seen their value rise by a much bigger margin.

The Ken spoke to around 60 Domino’s customers and nearly half of them told us they have cut back on ordering from Dominos, because of the meagre toppings, other options, and of course, the shift to gourmet pizzas.

But are smaller pizza chains the really the only rivals Domino's is faced with right now?

Tune in.

The Byju’s saga so far

The Ken — Mon, 29 Jan 2024 06:55:22 +0530

Byju’s financials for the Financial year 2022, are finally out. Almost 2 years late.

And unsurprisingly, it doesn't paint a very pretty picture.

The edtech giant posted a consolidated loss of more than 8000 crore rupees on an operating revenue of around 5000 crores.

And that’s not all…its valuation has dipped from about 22 billion dollars in the last funding round to less than a billion now.

Its quite the fall.

Now the cash strapped company is desperately looking to raise $100 million via a rights issue as a lifeline but unfortunately everyone its gone to has outright said no.

And it is unlikely that it may work out in the future unless Byju’s submits its audited financials for FY 2023.

It missed its own Dec 2023 deadline for filing it.

Also, the sword of the 1.2 billion dollar term loan is still hanging over its heard.

Let’s catch up with the major developments so far.

What VC analysts do when there are few deals to make

The Ken — Fri, 26 Jan 2024 06:00:00 +0530

Happy Republic Day, dear listeners.

Today is a public holiday but if you're still tuning in, here is an older episode of Daybreak you might like:

All the twists and turns in the journey of startups have been well-documented since VC funding began drying up over the past year or so. In the first half of 2022, Indian startups received more than $17 billion dollars. But a year later in 2023. they just got a little over $5 billion.

What’s we’ve barely heard about, though, is what is happening to the funders of these startups and their foot soldiers—the VC analysts. With the slowdown, the day-to-day responsibilities of these analysts have changed and so has their approach towards dealmaking.

Tune in to find out.

Could the now dead Zee-Sony deal resurrect?

The Ken — Wed, 24 Jan 2024 08:12:31 +0530

From giving an extra month for “good-faith” negotiations a little over two years ago, to accusing Zee of breach of contract…the Sony Zee merger deal has seen its fair share ups and downs. It was supposed to be the country’s biggest entertainment merger worth $10 billion—two media behemoths were coming together.

Now though, the deal is buried six feet under. On Monday, Sony officially released a statement announcing the termination of the agreement. The next day, Punit Goenka, Zee’s CEO, was seen attending the Ram temple inauguration in Ayodhya where he told media: “I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders."

Sony, meanwhile, not only ended the deal, it also sought $10 million in damages on account of alleged breaches by ZEE. And to make matters worse, Zee shares have fallen by over 30 percent

How did things get here and what's next?

Tune in

**CORRECTION The host mistakenly said Sony is seeking $10 million dollars in damages on account of alleged breaches by ZEE instead of $90 million. The error is regretted

Investing in 'Ayodhya stocks'? Blind faith is not the answer

The Ken — Mon, 22 Jan 2024 06:00:00 +0530

The prime minister will be inaugurating the newly constructed Ram Temple in Ayodhya, Uttar Pradesh today. It's quite the event. In fact, PVR INOX, has even collaborated with a news channel to broadcast the ceremony live in more than 150+ cinemas in more than 70 cities across India. The who’s who of business, from Adani, Ambani, Tata, to Bollywood celebrities and sports stars like Tendulkar and Kohli are expected to attend the inauguration.

I dont think we have ever seen anything like this before and neither has the stock market.

The state govt of Uttar Pradesh has set aside about $10 billion for a decade-long redevelopment plan of the town. Ever since, it's almost like a gold rush amongst investors for stocks in big or small companies associated with Ayodhya. From Taj Hotels and IRCTC to Praveg, a small luxury tent company–some in the stock market believe these companies are in all set to become some of the biggest beneficiaries of this Ayodhya gold rush.

But experts are warning investors against this kind of blind faith. According to them, buying into event-related market swings does not make for a sound long-term investment strategy.

Tune in.

Robotic surgeries won't be affordable in India anytime soon. Here's why

The Ken — Fri, 19 Jan 2024 07:00:00 +0530

It was 20 years ago when doctors first used the help of a robot in India to carry out a complicated heart surgery at Fortis Escorts, New Delhi. Ever since, more than 100,000 robot assisted surgeries have been performed in the country. Patients are embracing these type of surgeries now than never before and why wouldnt they?

Who wouldn't want a less painful procedure, a shorter hospital stay, and most importantly lesser cuts?

But they cost more than 3 or 4 times than normal surgeries. And it was only in 2019, that the Insurance Regulatory and Development Authority of India (IRDAI) asked health insurance providers to cover modern treatments, including robotic surgeries.

And even after that, insurers are not keen on to covering them because they are expensive and the pricing is unregulated.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Loans were great until they brought along a mental health crisis

The Ken — Wed, 17 Jan 2024 06:22:54 +0530

Have you noticed how easy it has become to get loans? Whether you want to buy a whole house or you want to buy a pair of shoes, you can take an EMI for whatever you want.

Tune in.

Also listen to: How Mahindra Finance dealt with the RBI curb on recovering loans via third party agents

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why more than 100 Indian startups wrote to TRAI about net neutrality

The Ken — Mon, 15 Jan 2024 06:00:00 +0530

More than 100 Indian startups wrote to TRAI a couple of months ago urging it to maintain its unwavering support for net neutrality principles. This a tug of war began between tech companies including OTT platforms on one side and telecom companies on the other, began years ago.

Telecom and internet service providers believe that content and tech companies should pay them for disproportionate traffic. But tech and content companies argue that this would violate the principles of net neutrality.

Tune in to find out about this battle between telcos and content companies and how it affects net neutrality.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Sula shares are soaring

The Ken — Fri, 12 Jan 2024 07:34:24 +0530

Earlier this week, India’s biggest winemaker, Sula, saw its share price reach historic high. The winemaker controls more than half of the market share of India's domestic wine industry.

When it went for an IPO at the end of 2022, it was successfully subscribed by almost two and a half times.

So you might think the jump in the share price makes sense. Afterall, Sula dominates the wine market in India. But you see, India is not a wine drinking country in general. The share of wine in the country's total alcohol consumption is minuscule.

Turns out, the global brokerage CLSA saying Sula could rise 50% in the next year sent its shares soaring. But this was not because Sula Indians suddenly have become wine drinkers or because Sula has entered the new market.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Paytm wants to know: where are the merchants without QR codes?

The Ken — Wed, 10 Jan 2024 06:00:00 +0530

Paytm*, the fintech giant that was last valued at $16 billion would've never been able to get where it is now without its field agents. Field agents are to fintech payments companies, what delivery partners are to Zomato, Swiggy: their backbone.

Out of the 70,000 odd fintech field agents in India, Paytm has about 35000 of these all around the country. The fintech giant boasts of nearly 40 million registered offline merchants now thanks to the work of its agents.

But things are changing now. It's become very challenging for them to onboard new merchants, especially in urban areas, where there are barely any businesses left to tap. As for rural areas, which have a bigger share of untapped merchants, fintechs think its too expensive. Plus the growing competition amongst fintechs has made merchant loyalty difficult to maintain.

The market has become saturated and of course, who could be feeling the most pressure but these agents.

But what do fintechs expect them to do?

Tune in.

(*Paytm founder Vijay Shekhar Sharma is an investor in The Ken)

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

As UPI transactions hit record-high, it's time to get your guard up

The Ken — Mon, 08 Jan 2024 06:00:00 +0530

2023 turned out to be a landmark year for UPI (Unified Payments Interface) with the number of transactions crossing the 100-billion mark for the first time, according to the latest data released by the NPCI. The month of December alone saw more than 12 billion transactions. These numbers are testament to how UPI has revolutionized the way we use money.

As of now, there are more than 300 million users in India are using UPI to freely carry out their financial transactions with each other.

But did you know that your bank can block your account without a warning or any explanation based on your UPI transactions? And what's worst, you could even come under the radar of law enforcement authorities like the cyber crime police. Anyone who unknowingly makes a transaction, directly or indirectly, with a fraudster can be considered suspicious by authorities.

Meanwhile, banks and law enforcement agencies still haven't managed to figure out a standard operating procedure in dealing with such matters. This had led them to adopt a ‘block first, ask questions later’ approach that's been making the lives of innocent victims of financial crimes even harder.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Will the subscription model help Rapido grow its new cab business?

The Ken — Fri, 05 Jan 2024 06:00:00 +0530

Ever since it started, Rapido, the bike taxi company has consciously stayed away from venturing into the cab business. It was happy to stay in the bike taxi lane and beat Ola and Uber there even though that it managed to do it at the expense of customer safety.

Now, though, eight years later, Rapido has finally launched its own cab hailing service. Over the last six months or so, it ran a pilot project in Hyderabad and ended up with almost a 25% share of the city’s cab hailing market so last month, it decided to launch in two more cities, New Delhi and Bangalore.

What makes it different from Ola and Uber is that instead of commissions, it wants its driver partners to pay a subscription. Right now, Rapido only charges a subscription fee in Hyderabad, and drivers in the other two cities can use the platform for free for another few months.

The idea is to disrupt the market by making it a more economic deal for cab drivers whose earnings from Ola and Uber have been on a free fall since the last few years.

But disruption comes at a cost.

Tune in

Also listen to: Is Rapido trading passenger safety for growth?

The Flipkart-effect is not doing Myntra any good

The Ken — Wed, 03 Jan 2024 06:00:00 +0530

In 2023, more than 70 million new users downloaded the online shopping app Myntra. India’s leading fashion e-retailer owned by Flipkart has been on quite the discount giving spree lately. And we are not just talking about the year end and festive discounts. Since July, Myntra has 22 sales days every month. Its biggest rival, Reliance owned Ajio has no more than 14.

So you might think, Myntra must be raking in some crazy numbers in sales right?

Not quite.

From onboarding hundreds of sellers a month to regular strategic changes, Myntra is trying it all. And its sales growth is still slumping. A former business executive told The Ken, “the past 15 months have been bad for Myntra.” In fact, Myntra’s net loss jumped over 30% in the financial year ended March 31, 2023. It posted a net loss of nearly 800 crore rupees.

What is going on?

Tune in.

Listen to Anant Narayan talking about his stint as Myntra's CEO and more on First Principles here

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Best of 2023: Credit-card whizzes are beating banks at their own game

The Ken — Fri, 29 Dec 2023 06:00:00 +0530

For the last week of December, we are taking you back to some of the most popular Daybreak episodes of 2023. We'll be back with regular programming from January 3, 2024.

For a people who were quite averse to the whole concept of credit, Indians really seem to be developing a new found love for the piece of plastic and banks have been happy to ride the wave.

But lately they’ve been left quite baffled because they are being being beaten at their own game. A growing community of people are constantly finding hacks to take advantage of the loopholes in credit-card reward systems. For some of them , in fact, it’s going so well that they’ve turned their secret operations into lucrative businesses. Turns out they can make more money from it than their 9 to 5 jobs.

Meanwhile banks have realised they are being taken for a ride so some have taken extra security measures to keep such tricksters at bay.

Tune in.

Best of 2023: Why banks are now lining up to finance your study abroad

The Ken — Wed, 27 Dec 2023 06:00:00 +0530

For the last week of December, we are taking you back to some of the most popular Daybreak episodes of 2023. We'll be back with regular programming from January 3, 2024.

For the longest time public sector banks, as we know them, have been very reluctant about study abroad loans. And it was for good reason. They’ve suffered greatly because of education loans going bad.

Meanwhile, its a whole different story that was going on with non-banks. Study abroad loans accounted for about US$4 billion in the year ended March 2023. These were almost fully funded by non-banks like Credila and Avanse Financial. Their staregy was simple—sanction collateral-free as fast as possible. Over time they gained experience and most importantly, years worth of data.

Guess who is using all that data and experience gathered by non-banks to offer overseas education loans now?

The banks!

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The big takeaways from Telecom Bill 2023

The Ken — Fri, 22 Dec 2023 06:00:00 +0530

More than a year after the communication minister Ashwini Vaishnav had introduced a the draft version to the public, on Thursday, the Rajya Sabha passed the new Telecom Bill. Many hopes were pinned on it considering it was meant to replace the three archaic laws that had been governing India’s telecom sector.

The journey until here, however, was far from smooth. The draft version of the bill had left the industry divided and it actually received a record 900 comments. After many revisions, the bill has been passed. And while it enables structural changes that will empower telecom users and simplify complicated processes such as licensing, it also raises a some serious concerns.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

All you need to know about the Sony-Zee merger

The Ken — Wed, 20 Dec 2023 06:00:00 +0530

Two years ago, Sony’s India unit, Sony Pictures Networks, announced a merger with rival Zee Entertainment Enterprises Ltd. It was supposed to be the country’s biggest entertainment deal. The combined entity would own more than 70 TV channels, two video streaming services and two film studios. Ever since, Sony Liv’s subscriber base grew from 18 million to over 33 million.

With good original stories and unique non-fiction shows, alongside a strong partnerships strategy, Sony has been able to close the gap on market leaders such as Hotstar. Zee meanwhile has a formidable arsenal of regional content.

The combined strengths of the two platforms, Sony and Zee, could turn out to be a serious threat to other OTT giants. But much to their relief, as temporary as it maybe, the merger may not happen after all. Because Sony it is yet to agree to Zee’s 21st Dec merger deadline extension request.

Tune in.

Also in this episode: X's EU troubles continue

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Forward-thinking alone may not guarantee the success of India's indigenous mobile OS

The Ken — Mon, 18 Dec 2023 06:00:00 +0530

A few days ago Karthik Ayyar, the founder of an IIT Madras-incubated company that developed India’s first indigenous mobile operating system, BharOS, said his company is considering providing this technology for routers. BharOS is being launched as an alternative at a time when the tech giants like Google are under the scanner for anti-trust practices in India.

However, this is not the first time India is trying to develop an indigenous operating system, both for mobile and computer devices.

The failure of the OS projects in the past may hold some important lessons for anyone making a future attempt.

Tune in for the details.

Also in this episode: Jeff Bezos’ dream for the future of humanity.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Can Google's loss against Epic impact the anti-trust case against it in India?

The Ken — Fri, 15 Dec 2023 07:05:00 +0530

Google has been facing fines totalling billions of dollars for abusing its dominance not just in the Indian market but around the world. So the antitrust investigations launched against it in India last year didn't really come as a surprise for the tech giant.

The Competition Commission of India found Google guilty in two antitrust cases and asked it to pay close to $300 million in fines. More than half of this penalty was for exploiting its dominant position in the market for Android, which happens to power 97% of smartphones in India.

Google did manage to get a breather in June this year when the National Company Law Appellate Tribunal (NCLAT) quashed some key directives from the CCI. Google then approached the Supreme Court of India for the second time asking for all of CCI's directives to be withdrawn. While the case is still ongoing, Google lost a major anti-trust case in the US on Monday against Fortnite creator, Epic Games.

Experts believe this could the outcome of the anti-trust investigation in India.

Tune in.

P.S New Segment on Epic vs Google starts at 8:17.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What KYC frauds have to do with fear

The Ken — Wed, 13 Dec 2023 07:35:58 +0530

One such fraudster who spoke to us on the condition of anonymity said, "“KYC is an easy trick to pull off. People have heard about banks freezing accounts due to non-compliance with KYC norms. So they get convinced, particularly those in smaller towns and cities.” In a span four years, this fraudster's gang has stolen nearly Rs 50 lakh.

Tune in.

P.S Look out for our brand new segment in which we talk about Grok, Elon Musk's very own problem child.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why domestic phone makers aren't making the most of "Make in India"

The Ken — Mon, 11 Dec 2023 06:00:00 +0530

On Thursday last week, the Telecom Minister of India, Ashwini Vaishnaw, declared during a press briefing that mobile phone manufacturing worth $50 billion will take place in India in the current financial year. He also said that the total exports from the category will reach $15 billion.

A significant portion of this growth has to do with what the govt did three years ago. It launched a PLI scheme that aimed to make India the hub of mobile phone manufacturing. The idea was to boost large-scale manufacturing and to support domestic phone makers to become globally competitive.

But of the six companies that made the cut to claim the scheme’s incentives, only two are Indian.

Why is “Make in India” attracting more foreign phone makers than Indian ones?

Also, there's a surprise for you at the end of the episode.

Tune in!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Your ChatGPT-written résumé maybe reducing your chances of getting a job

The Ken — Fri, 08 Dec 2023 06:00:00 +0530

Recently, there was a study conducted by Hirepro called No résumés Please” where the firm went through 4 million CVs. They found nearly 85% of candidates were lying or exaggerating on their CVs in 2023.

Employers and hiring managers are having a tough time dealing with it. Another study found that around 40% of HR professionals actually think using AI during the hiring process is a dealbreaker. And turns out, it's not very hard for recruiters to tell the difference between a CV written by the applicant and an AI-generated one.

Should you stop using AI tools to write your CV then?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What Swiggy's IPO prep means for its employees

The Ken — Wed, 06 Dec 2023 05:00:00 +0530

Foodtech giant, Swiggy, wants to raise more than $1 billion through its public offering that is scheduled for mid-2024. For this it is going by its last funding round’s valuation of nearly $ 11 billion.

But why now? Because it is watching its biggest rival Zomato’s stock price finally recover this year with back-to-back profitable quarters. Earlier this year, Swiggy CEO announced in a blog post that Swiggy’s food delivery business has finally turned profitable after 9 years of its inception. And by March next year, the company as a whole aims to become profitable.

But the company suffered losses with more than $ 500 million in FY 2023.

How does it plan to become profitable by March 2024?

Tune in to find out.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Tata is gearing up to join the FMCG big league

The Ken — Mon, 04 Dec 2023 06:29:53 +0530

On Dec 1, 2023, Tata Consumer Products, Tata’s FMCG arm, announced a new CFO, Ashish Goenka. This hiring comes at a very interesting time because just about a month ago Tata Consumer Products or TCP approved the merger of 3 of its wholly owned subsidiaries—NourishCo Beverages, Tata SmartFoodz, and Tata Consumer Soulfull.

Lately, the company has been on quite a roll. Its been launching out a whole bunch of new products by the dozens. And most importantly, its financials are looking quite good. In the September quarter, it reported a net profit of more than 350 crore rupees.

But for the longest time, despite being a giant steel-to-software conglomerate, Tata’s consumer goods game was nowhere close to India's top FMCG companies. In fact, before 2019, it more or less stuck to selling just the essentials.

But now its shares have more than tripled. How is the company managing things at this speed?

Tune in to find out.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

You love credit card cashbacks but banks prefer giving you reward points. Here's why

The Ken — Fri, 01 Dec 2023 06:00:00 +0530

Nearly a 100 million cards are in circulation in India as of now, a 12% year-on-year rise. This rise has a lot to do with the benefits customers get: tempting cash back deals and reward points that you can collect and redeem for anything from flight tickets to staycations at luxury resorts.

Cashbacks though are pretty straightforward whereas availing reward points requires a lot of effort compared to cashbacks. And between the two, there’s one that banks actually don’t like.

Tune in to find out.

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Credit-card whizzes outsmart banks at their own game

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why being the leader of debit cards in India is bad for SBI

The Ken — Wed, 29 Nov 2023 06:53:56 +0530

The State Bank of India controls the biggest chunk of India's debit card market:. It also had the largest network of ATMs and CRMs (Cash Recycling Machines) spread across the country. And ATM withdrawals make up more than 80% of annual debit transactions so SBI seems to be clearly winning.

But being the market leader of debit cards in India is actually turning out to be a problem for the public lender. Debit cards might be ahead of credit cards in terms of circulation but they are dying a slow death in the Indian market. In fact, a lot of industry experts agree that debit cards, in their current physical form, may actually become obsolete in the coming decade.

So by being the biggest player in this market that is fading away, SBI is also taking the largest beating from its decline. But instead of cutting its losses, SBI is still doggedly trying to save this dying product.

Why?

Tune in to find out.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Cybercriminals are exploiting big-tech to dupe users. Who's responsible?

The Ken — Mon, 27 Nov 2023 06:43:59 +0530

What are big techs like Google and Meta doing to prevent these crimes? Is it enough?

Tune in to find out.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Personal loans helped Paytm make a comeback. But it can't rely on them anymore

The Ken — Fri, 24 Nov 2023 06:02:56 +0530

In November 2021, *Paytm’s parent company One97 Communications went public with a $2.4 billion IPO. What followed was a bloodbath for the fintech giant. In a span of a year after the IPO, Paytm’s stock lost 75% of its market value. No other large IPO in the last decade had seen such a bad fall in stock value within the first year of listing.

But last year, in a dramatic turnaround, Paytm saw its stock value go up by 90%. What could've Paytm possibly done to bring about this crazy turnaround?

It was personal loans. They’re the reason Paytm saw a more than 60% jump in revenue in the year ended March 2023. But now, Paytm can't rely on it anymore.

Tune in to find out why.

*Paytm’s founder Vijay Shekhar Sharma is an investor in The Ken

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Physics Wallah is risking the business it has built for the one that it wants to build

The Ken — Wed, 22 Nov 2023 06:34:47 +0530

On Monday, Physics Wallah fired over 100 of its employees and also announced it was going to hire more than a thousand more in the coming months. India's only profitable edtech unicorn is on a relentless expansion spree. So much so that its investors want it to slow down.

From establishing itself as the leader of NEET-JEE test preparation, Physics Wallah (PW) wants to dip its toes in a bunch of other areas—from banking and defence to civil services now. Not to forget short-term skilling courses and even tie-ups with schools.

Despite this hyper growth phase coming after PW became the only profitable edtech unicorn in the last financial year, cracks are appearing on its armour now.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

The D2C boom is over. Mamaearth's IPO is proof

The Ken — Mon, 20 Nov 2023 05:00:00 +0530

Varun Alagh, the CEO and co-founder the skincare company, Mamaearth, likes to think of his brand as an outlier. Just a day after Mamaearth’s parent company went public, on October 31, Alagh told The Economic Times that the company’s IPO was not going to meet the same fate as other new-age startups in the recent past.

The public market has been quite hostile lately and investors are especially steering clear of digital companies and startups. But despite this Mamaearth went ahead with its plan and became the first D2C brand to go public. Unfortunately though, its shares have been falling ever since.

What happened to Mamaearth is not isolated. It is the beginning of the end of the D2C gold rush.

Tune in to hear all about it.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The govt's U-turn on how to label fake news and misinformation on social media

The Ken — Fri, 17 Nov 2023 06:32:38 +0530

More than 160 million people in five states will be deciding their political future this month in India. Out of them, two states, Madhya Pradesh and Chhattisgarh, are set to go to poll today.

In any democracy, the run up to the elections is a very sensitive period where misinformation can spread like wildfire. Take what happened recently in Madhya Pradesh for example. A video of the BJP CM Shivraj Singh Chauhan went viral where he can be heard saying that his party will lose the election this time because people are really angry with the BJP. Turns out, it was a fake video. Just imagine the potential of such fake content going viral with AI and deep fakes. It is a scary thought.

So what is the government latest stance on dispelling fake news and misinformation especially during election time?

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

PVR Inox's new sub model wants to push occupancy. But it will likely end up with a 'house-not-full'

The Ken — Wed, 15 Nov 2023 07:10:04 +0530

PVR INOX posted a blockbuster quarter with triple the revenue from a year ago. Nearly 50 million Indians flocked PVR INOX theaters in the September quarter. A huge part of it is of course thanks to this year's big releases like Barbie, Oppenheimer, Gadar 2, and not to forget, the record-breaking performance of Shahrukh Khan’s Jawan. Just last Sunday, Salman Khan’s much-awaited Diwali release Tiger 3 also hit the big screen.

However, even though PVR INOX successfully crossed pre-pandemic revenues in the September quarter, there was one very important metric that it failed turn around: occupancy levels. So to solve the issue, it came up with a first-of-its-kind subscription plan called Passport. It allows movie-goers to watch 10 movies a month for Rs 699 only.

But it turned out too good to be true.

"Terms and conditions apply."

Tune in to find out more.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Byju’s $1.2 billion bad loan just cost it a unit in the U.S.

The Ken — Mon, 13 Nov 2023 05:00:00 +0530

Since last year, the edtech giant is facing the wrath of a group of creditors who had given it a $1.2 billion loan. They wanted it to immediately repay part of the loan.

On Friday, a Delaware judge in the US concluded that the lenders had properly cited the default on loan when taking over control of a unit of Byju’s. Basically Byju’s lost the case.

What could’ve triggered this lack of confidence amongst the creditors of the Edtech giant?

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Close to bringing in $10B in revenue this year, India's becoming the apple of Apple Inc's eye

The Ken — Fri, 10 Nov 2023 07:20:25 +0530

Last Friday Apple reported the sixth straight record quarterly revenue from iPhone sales in India. Its FY2023 revenue from the country now stands at almost $6 billion. In fact, analysts say that by the end of this year, especially with the festive season around, it is very close to hitting $10 billion. Apple’s share in India’s smartphone market is now estimated to have touched 6%. CEO Tim Cook while speaking about Apple's performance called the Indian market extraordinary.

But for over a decade since it launched in India, Apple's growth was sluggish to the point of being stagnant.

What brought about this turnaround?

Tune in.

Growth? ✓ Convenience?✓ Happy delivery partners? Swiggy's walking a tightrope

The Ken — Wed, 08 Nov 2023 05:00:00 +0530

It has taken Swiggy almost ten years and a whole lot of strategically planned moves to become the indispensable app that it is for us today.

But decisive moment for the delivery giant came three years ago in 2020 with the pandemic. Swiggy’s core food delivery business took quite the hit . It had no choice but to adapt quickly and branch out. It decided to build on its delivery experience and launched Instamart for groceries and Swiggy Genie for intra-city couriers.

The company is now valued at just under $8 billion dollars and has seen its revenue double to almost $600 million in the year ended March 2022. Putting itself on the fast lane to growth while delivering convenience to the urban consumer has really worked out for the company. Or at least so it seems.

Because in doing all of this, Swiggy might have forgotten the most important part of the equation- its 350,000 delivery partners.

Tune in.

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Why PhonePe is selling health insurance with funny World Cup ads

The Ken — Mon, 06 Nov 2023 06:21:31 +0530

If you’ve been watching the ICC Cricket World Cup, youve definitely seen the PhonePe one too many times. The payments giant paid Rs 150 crore to get these advertising rights. It is the biggest UPI payments company in the country with a 49% of the market share.

But why is a payments giant selling insurance and why health insurance to be specific?

You see, as big as the PhonePe might be, and even with a giant like Walmart behind it, profit margins in the the payments business are pretty slim. And with a possible IPO in the works, PhonePe had no choice but to diversify and so it did.

It launched its insurance vertical in 2020. However, three years have passed now and PhonePe’s insurance business has contributed just 1% to the company’s consolidated revenue for FY2023.

And yet PhonePe continues to pour money into it, mainly on health insurance part. Is it a conscious choice or is it because it has no choice?

Tune in.

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Why retail investors showed little interest in Mamaearth's IPO

The Ken — Fri, 03 Nov 2023 05:00:00 +0530

Yesterday, November 2, 2023, was the final day of Mamaearth-parent Honasa Consumer's IPO. The digital-first D2C sailed through with the price band fixed at Rs 308-324 per share.

With this, Mamaearth has become the first digital-first D2C company to take the public route. It is also the first unicorn company to do so it the last 18 months. From 2020 to 2022, Honasa saw its revenues double every yea and in 2022 it also became profitable. Compared to other established beauty and personal care brands, it also stands out because of how "aggressively" it has been launching new products or SKUs. This year, it's already shown a 25 crore rupees profit. If we go by these metrics alone, things looked quite promising for Mamaearth.

But its public issue was oversubscribed by 7.61X on the last day. And this was only because of the huge demand from qualified institutional buyers (QIBs).

Retail buyers seemed quite uninterested in Mamaearth's IPO. Why?

Tune in to find out.

Vivo is India's No.1 smartphone brand. But it can't celebrate the win just yet

The Ken — Wed, 01 Nov 2023 05:15:49 +0530

Vivo, the Chinese smartphone maker, was in the news earlier this month for arrests of its associates after it faced ED raids last year.

Despite this, Vivo became no.1 in India’s smartphone market, even ahead of Samsung and Xiaomi in the quarter ended June.

What’s more, unlike Xiaomi, which saw a sharp decline in its market share after raids in 2021, Vivo is still going strong.

But it can’t celebrate the victory just yet. Why?

Tune in.

World's first long-lasting male contraceptive is almost here

The Ken — Tue, 31 Oct 2023 05:00:00 +0530

The introduction of the contraceptive pill in the 1960s was one of the most significant events in the history of human society. It still left the burden of birth control largely on women.

Now, however, things are changing. The demand for male contraceptives is on the rise. Last week, in a major breakthrough, the Indian Council of Medical Research (ICMR) finished clinical trials for the world's first injectable male contraceptive. The trial proved that it is safe and highly effective without any serious side effects.

But why have big pharmaceutical companies not paid enough attention to the research on male contraceptives for all these years?

Tune in.

The delivery-partner fee you’ve paid, but haven’t really

The Ken — Mon, 30 Oct 2023 07:33:03 +0530

Delivery partners who work for Swiggy or Zomato are paid per order. The fee which includes variables like base fee, surcharge, etc, depends on how many kilometres they’ve travelled from pickup to delivery destination. These payments though, are never consistent and gig workers, who make our lives so convenient, struggle with earning a stable income.

So when Zomato says on their bill under the delivery partner fee, ‘fully goes to them for their time and effort,’ we appreciate it thinking the money we’ve paid has gone to the delivery partner.

Except, it doesn’t.

Tune in.

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How Bajaj's service-first approach is working out for it in the EV market

The Ken — Fri, 27 Oct 2023 07:33:22 +0530

According to latest numbers, Ola Electric, the leader of two-wheeler EVs in India, is losing market share—from 40 per cent in July to just 29 per cent in September. Bajaj Auto, meanwhile, has gained the most market share. It started with just a 4% share in April and now it has gone up to 11%.

Ola Electric maybe doing much better with more than 250,000 scooters sold so far but the discontent regarding its after sales services is getting louder. Bajaj, on the other hand, has had a more sustainable growth trajectory and it has a lot to do with its service first approach.

Plus, there’s one more thing that Bajaj has going for it that Ola Electric doesn't—the power of nostalgia. In 2020, it brought out its iconic Chetak scooter out of an early retirement in an all-new, high-tech, electric avatar.

How far can nostalgia and focus on service take Bajaj in the two-wheeler EV market?

Tune in.

(With script inputs from Diksha Munjal)

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Byju's new CFO quits in 6 months. Here's what you should know

The Ken — Thu, 26 Oct 2023 05:00:00 +0530

Two days ago, on Tuesday, India’s most famous edtech was in the news again. Byju’s Chief Financial Officer (CFO) Ajay Goyal quit the edtech barely 6 months after joining. It had taken Byju’s 16 months to find Goyal after its previous CFO PV Rao quit in December 2021 .

Goyal was hired only in April this year and had a tough task cut out for him: to help improve the company’s financial compliance is what Byju’s has been in a lot of trouble for. Goyal was to finalize the FY22 accounts and and issue the audited accounts as soon as possible. A little more than a week ago, we also heard news that Byju’s was expected to file the long-awaited financial results for FY22 later that week. But more than 10 days later there is no sign of the financials. Instead the edtech’s CFO who was incharge of getting those financials out has quit.

Thankfully though, in its statement, Byju's said that Goyal will complete work on Byju’s audited FY 22 financial statement before leaving, which means, that the FYY 22 financials will be out sooner than later. So in today's episode we take you back to the edtech's botched up FY 2021 financials so you know what to look out for in the next one.

Tune in.

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Why Disney may now want to hold on to Hotstar after all

The Ken — Wed, 25 Oct 2023 05:00:00 +0530

On October 14, a Saturday, Disney Hotstar set a world record: it saw the highest number of simultaneous viewers tune in for any format of cricket ever. The ICC World Cup match between India and Pakistan was streaming and it drew in 35 million viewers.

A week later, on Sunday, it broke that record too with the India-New Zealand match when 43 million viewers tuned in. The timing of this couldn't be better for the OTT giant which lost 21 million subscribers since last year when it lost the rights to IPL. Ever since Disney Hotstar executives in India were on a mission to prove to their California headquarters that its OTT business in India could be turned around.

But just a day later after hitting 43 million viewers, on October 23, Bloomberg reported Walt Disney may sell a controlling stake in the Disney Star business to Reliance Industries. While nothing about the deal is final yet, it does make one wonder about the timing of it all.

What is in this deal for Reliance and more importantly is it enough for Disney to hold on to Hotstar for now?

Tune in to find out.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Is India's e-rupee ready to be 'the currency of the future'?

The Ken — Mon, 23 Oct 2023 05:01:53 +0530

It's going to be a year since the Reserve Bank of India launched its very own Central Bank Digital Currency or CBDC. In fact, just a few days ago, RBI governor Shaktikanta Das, who has been leading India’s transition into digital payments while speaking at an IMF event touted CBDC, popularly known as the e-rupee, as the currency of the future.

Banks, and tech experts have said that it is an innovation that can drive financial inclusion, help digitise India’s economy, and simplify cross-border trade. After the launch, the RBI's aim was to hit 1 million retail CBDC transactions per day by December 2023.

But now, just a little more than a month away from the deadline, CBDC is lagging far behind its goal with just 10,000–18,000 retail transactions a day.

Is the e-rupee ready to be the currency of the future yet?

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Dabur is battling an identity crisis

The Ken — Fri, 20 Oct 2023 06:16:31 +0530

With increased competition within the country, the world leader of Ayurveda brands, Dabur, is looking to acquire and expand. It wants to change its story and focus on a new target consumer.

Just last year in October, it acquired a 51% stake in Badshah Masala, one of the country’s leading spices companies.

But how is the over-hundred years old company planning to reinvent?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Why BNPL platforms have become a playground for cybercriminals

The Ken — Wed, 18 Oct 2023 06:13:05 +0530

BNPL (Buy Now Pay Later) is becoming popular in India because it offers short-term financing options, financial flexibility, affordability, and smaller credit lines. In fact, the BNPL market expected to reach $35–40 billion by 2026 from $3.5–4 billion in 2021.

But unlike credit cards, BNPL services lack security and many customers are left vulnerable to vishing (voice phising) scams. Most of them are via Olamoney and Mobikwik ZIP. Meanwhile, more than two-thirds of cybercrimes in India are now online and vishing scams account for 5.3% of such crimes.

To make matters worse, there is little recourse for defrauded BNPL customers because proper consumer-protection guidelines are not in place. And even though they were scammed, many of them are being forced to clear their dues for transactions they never made.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

How a coffee startup is giving global giant Starbucks a run for its money in India

The Ken — Mon, 16 Oct 2023 05:57:41 +0530

In March this year, the world's largest coffeehouse chain, Starbucks, finally crossed the Rs 1,000-crore rupee revenue mark in India for the first time. So far, it has 350 outlets in India. Now, carrying a cup of Starbucks around has almost become like a lifestyle statement.

In many ways, Starbucks entered the Indian market with a huge advantage because India's undisputed coffee leader, Cafe Coffee Day (CCD), was already declining at the time.

But while Starbucks is looking at the bigger picture and hasn't managed to become profitable yet, an Indian coffee startup, Third Wave, has entered the scene and is giving the global coffee giant a run for its money.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

What is fuelling the growing band of de-influencers in India?

The Ken — Fri, 13 Oct 2023 05:30:46 +0530

Beets are a superfood today. Tomorrow it’ll be lemons. The internet is rife with misinformation especially about food and health related stuff. There are hundreds of influencers on your feed telling you what’s good for you.

But who’s telling you what’s bad and what doesn’t work? Maybe a keto diet worked for your friend but not for you. Take Dr Cyriac Abby Philips who goes by The Liver Doc on X or Twitter. Recently, he claimed there is no point in taking multivitamins.

He is a de-influencer and there are many like him who work towards breaking down myths. Often they’re faced with legal action and threats, yet most of them continue their work.

But what is really fuelling de-influencers?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Four in 10 quit Niti Aayog in a year. Time to think or tank?

The Ken — Wed, 11 Oct 2023 05:00:00 +0530

The NITI Aayog was created in 2015 to replace the decades-old Planning Commission. The idea was to adopt a more bottom-up approach to make India competitive in today's global economy. With CEO Amitabh Kant as the leader, the think tank progressed to become a thriving, open, and empowering space for public policy experts, including those from non-government backgrounds.

But ever since Kant's stint ended at the think tank in 2022, the walls between the leadership and non-govt employees at the think tank are getting thicker. From what appears, NITI Aayog is going back to the top down approach, quite like the Planning Commission back in the day.

This is making its non-govt employees quite unhappy. In fact 4 out of every 10 of them have quit this year.

Tune in.

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

The ICC World Cup is Disney+ Hotstar’s last chance

The Ken — Mon, 09 Oct 2023 06:07:41 +0530

Losing IPL rights last year to Jio and then dropping HBO content has cost Disney+ Hotstar at least 21 million subscribers in just a year.

The streaming giant though, decided that IPL or no IPL cricket is going to be its biggest customer acquisition funnel in 2023. And it looks like they are holding on to that strategy. The Asia Cup was streamed for free on Disney Hotstar. Now, the ICC Cricket World Cup is on and it's available on Disney Hotstar too. The OTT giant is offering free live streaming of the event to its mobile users.

But a lot of the new survival strategy, put together by the Disney Hotstar's head honchos, depends on how India does in the tournament.

Tune in.

CORRECTION: In the episode, the host mistakenly refers to the ICC Cricket World Cup as ICC T20 Cricket World Cup. The error is regretted.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Licious has enough money but not enough customers

The Ken — Fri, 06 Oct 2023 05:00:00 +0530

Licious, the online meat delivery platform, was India’s first direct to consumer company or D2C that achieved the unicorn status. It was valued at $1.4 billion two years ago and it had enough money to grow to Rs 100 crore of revenue per month, but its revenue has remained flat from the last two years.

Licious follows the premium pricing strategy. Its products are priced higher price than the average market but its customer base is ready to pay that extra amount because of the quality Licious delivers. But Licious is not being able to expand its user base to the larger meat eating population because of this very premium pricing strategy.

But it needs to deliver on a growth rate worthy of its billion dollar plus valuation.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

How the $17 billion-worth Jio Financial is gearing up to disrupt India's NBFC space

The Ken — Wed, 04 Oct 2023 07:19:25 +0530

But this is not the first time Reliance has tried its hands in the finance sector. The last time it did, things didn't really take off. What's different this time?

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Dunzo fans made it a verb. Then it became just another delivery firm

The Ken — Mon, 02 Oct 2023 06:44:12 +0530

What makes Dunzo unique is that one could never imagine a company its size to have the kind of influence it does.
In 2022, a $200 million funding from Reliance Retail sent the quick-commerce startup flying high. It began expanding its dark stores and even ran advertisements in IPL.

But the IPL led boom did not last long. The same year, the number and volume of orders began to decline. Dunzo was forced to recalibrate its focus and rethink its strategy.

Tune in!

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

The Kota factory is imploding and student suicides are not the only reason

The Ken — Fri, 29 Sep 2023 05:00:00 +0530

While it is partially because of the rising number of student suicides, it is not the only reason why Kota may be one result away from losing its star position in the coaching business.

Tune in.

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What VC analysts do when there are few deals to make

The Ken — Wed, 27 Sep 2023 05:00:00 +0530

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Why Airtel's Gopal Vittal is betting on younger and “hungrier” executives for top roles

The Ken — Mon, 25 Sep 2023 05:00:00 +0530

From the time it was the number one indian telecom company to braving the whole phase when Jio came around and disrupted the whole space. Its been a long, brutal competition for Airtel and Gopal Vittal has managed to bring Airtel back to health.

Meanwhile, he's spent years on finding and grooming the right talent to create the next generation of leaders at the telco giant. And now Airtel is undergoing a major reshuffle. As you would expect, it’s creating a sense of both excitement and stress.

Tune in.

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Credit-card whizzes are beating banks at their own game

The Ken — Fri, 22 Sep 2023 05:13:51 +0530

For a people who were quite averse to the whole concept of credit, Indians really seem to be developing a new found love for the piece of plastic and banks have been happy to ride the wave.

But lately they've been left quite baffled because they are being being beaten at their own game. A growing community of people are constantly finding hacks to take advantage of the loopholes in credit-card reward systems. For some of them , in fact, it's going so well that they’ve turned their secret operations into lucrative businesses. Turns out they can make more money from it than their 9 to 5 jobs.

Meanwhile banks have realised they are being taken for a ride so some have taken extra security measures to keep such tricksters at bay.

**Correction: The credit for this story was mistakenly attributed to Gaurav Noronha whereas the actual writer is Rounak Kumar Gunjan. We apologise for the error

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In the push to make social media 'safe,' Youtube, Instagram creators are collateral damage

The Ken — Wed, 20 Sep 2023 05:00:00 +0530

From content flagging, suspension, shadow-banning and even account deletion, content creators are grappling with a variety of censorship methods on social media platforms—all in the name of maintaining community guidelines.

And sex-ed and news content creators on platforms like Instagram and Youtube are seeing their reach, discoverability, and income take a hit.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

How Apple is building an army of 'faithfuls' in India

The Ken — Mon, 18 Sep 2023 05:00:00 +0530

For almost two decades, India was a stagnant market for one of the leading tech companies of the world. But in 2021, things changed and Apple’s sales graph in India began to rise upwards.

By 2022, Apple sold over 7 million iPhones in the country. And then in April, Apple CEO Tim Cook inaugurated India’s first Apple retail store in Mumbai. But compared to markets like the US and China, Apple’s numbers in India are far from substantial.

Yet, the company is looking to give Its Indian customers a premium experience, even if the sales don’t yet justify it.

Tune in.

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Why banks are suddenly lining up to finance your study abroad

The Ken — Fri, 15 Sep 2023 05:00:00 +0530

For the longest time public sector banks, as we know them, have been very reluctant about study abroad loans. And it was for good reason. They've suffered greatly because of education loans going bad.

Guess who is using all that data and experience gathered by non-banks to offer overseas education loans now?

The banks!

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Is Digiyatra more about cash than convenience?

The Ken — Wed, 13 Sep 2023 05:00:00 +0530

The government of India launched Digiyatra, a contactless, facial-recognition-based passenger-entry system, in December last year. The idea is for those who sign up on the platform to avoid the tedious process of getting their ID and flight tickets checked by CISF personnel at airports.

But lately, stories of passengers being forced to sign up for the app are surfacing on social media. Meanwhile, airlines, which are important stakeholders to make the entire endeavour successful are unable to see any benefits for themselves. Airports though see it as a great opportunity. In fact, multiple sources close to the implementation of Digiyatra told The Ken that the whole idea of Digiyatra came from airports themselves.

What's in it for them?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The “Big 3” consulting firms have a talent problem

The Ken — Mon, 11 Sep 2023 05:00:00 +0530

For the longest time, consulting at the “Big 3” strategy consulting firms—McKinsey, Boston Consulting Group, and Bain & Co.—is not only one the most sought-after careers but also one of the highest-paying jobs.

Five years ago, 30% of graduates from the top IITs with bachelors degrees chose consulting. For those from the IIMs in Ahmedabad, Bengaluru, and Kolkata, 35% of graduates chose a consulting job at one of these companies.

But ever since 2022, something’s changed. The Ken spoke to four placement coordinators of IITs and IIMs and they told us that these jobs, especially at the entry level, are not as popular anymore.

Why?

Tune in to find out.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Is Rapido trading passenger safety for growth?

The Ken — Fri, 08 Sep 2023 05:00:00 +0530

Lately, India's bike taxi leader, Rapido, has been in the news for all the wrong reasons. With numerous complaints of sexual harassment, theft, and even impersonation, the startup has been reckless with the safety of its customers, epecially women.

Despite these incidents, Rapido still enjoys a 60% share of the bike-taxi market in India. It clocks in as many as 750,000 rides every single day and yet, the level of scrutiny it deploys for the drivers on its platform is close to non-existent.

What’s is the bike-taxi not fixing these issues?

Tune in to find out.

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How Domino’s defied the might of Zomato and Swiggy

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

India has over 10,000 unemployed pilots but airlines can’t hire them

The Ken — Wed, 06 Sep 2023 05:00:00 +0530

Airlines in India, from Indigo to Akasa, are on a spree to expand their fleet. Around a thousand more aircrafts will be flying the Indian skies in the coming few years.

Usually, each aircraft usually requires a crew of at least ten or more pilots. This means we will need close to 10,000 pilots. But we already have 10,000 pilots waiting to be hired.

The problem is no airline wants to hire them.

Why?

Tune in to find out.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

There's more to Unacademy's U-turn than what meets the eye

The Ken — Mon, 04 Sep 2023 05:24:51 +0530

Last month, Unacademy did something very unsusal. It introduced a new policy, restricting how much its educators can engage online.
Ever since, Unacademy has either suspended or sent show cause notices to at least 50-60 of its teachers.

But Unacademy relied on its teachers to bring in students. It wanted them to be popular so it encouraged its teachers to work on methods to hack social media. It made them its sales force.

What made it make this U-turn and restrict the personal social media accounts of teachers? Many think the Karan Sangwan incident must've something to do with it but there is much more to it than what meets the eye.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Your EV is a computer on wheels and your data is its fuel

The Ken — Fri, 01 Sep 2023 05:00:00 +0530

Between 2018 to 2021, incidents related to breach of cybersecurity in the auto industry rose by 228%. In the next few years, this number is only expected to get worse.

In India though, it is not much of a concern yet due to the low penetration of EVs so far. But it won't remain that way for long without proper safeguards in place.

The Digital Personal Data Protection (DPDP) Act 2023 is a step in the right direction, but it has a long way to go.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Disney leaves Jio the keys to the kingdom

The Ken — Wed, 30 Aug 2023 05:51:03 +0530

A few months ago, multiple Hotstar executives had told The Ken the same thing. “IPL or no IPL, cricket is going to be the platform’s most important customer-acquisition funnel this year.” It seems Disney Star is holding on to that strategy. The Asia Cup is going to be streamed for free on Disney Hotstar from today onwards.

Even after losing the IPL's digital streaming rights, Disney+Hotstar is the leader of the Indian OTT space in terms of subscriber numbers. But OTT is a complex business and just having the largest subscriber base is not really enough, at least not in India.

In fact, Disney has been on quite the downturn in India. And the way its headed, it almost seems like its making space for Jio to come take its crown.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Sleepwell isn’t sleeping on the mattress business anymore

The Ken — Mon, 28 Aug 2023 05:00:00 +0530

The mattress industry in India this year is valued at around $2.5 billion and growing at a CAGR of 10%. Up to 9 million mattresses are sold in the country every year.

Among the top brands in the mattress market is Sleepwell, owned by Sheela Foam, the largest manufacturer of Polyurethane Foams (PU) in Asia Pacific. Despite having a fourth of the market share and conditions ripe for innovating and growing, the company had been in a limbo of sorts.

Until last month, when it announced it was acquiring a 95% stake in Kurl-On, another popular mattress maker.

What's in this deal for Sleepwell?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Byju’s had one escape route. Now, it is in limbo

The Ken — Fri, 25 Aug 2023 05:00:00 +0530

Over the course of a year or so, we’ve seen how one by one, the chances of Byju's survival have been narrowing down. However, there’s one thing that could possibly save it from falling apart: Aakash, the offline coaching chain that Byju’s had acquired in 2021 for a staggering $950 million.

Now, with its IPO upcoming in mid-2024, the struggling edtech giant has a lot riding on Aakash's success.

But Byju’s is turning out to become quite the troublesome partner for Aakash, no thanks to its aggressive sales tactics. These selling hacks are driving a wedge between the two teams on the ground and the plans to integrate have been put on hold.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How Tata’s using “innovation managers” to enter the FMCG race

The Ken — Wed, 23 Aug 2023 05:00:00 +0530

For the longest time, despite being a giant steel-to-software conglomerate, Tata’s consumer goods game was nowhere close to India's top FMCG companies.

Ever since 2019 though, when it decided to merge Tata Chemicals and Tata Beverages as Tata Consumer Products Ltd, the FMCG arm has been on a roll. In the recent financial year alone, it introduced more than 30 new products.

Meanwhile, Tata Consumer’s shares have more than tripled. The Nifty FMCG index also almost doubled. What changed?

Tune in to find out.

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Tutors have a troubled relationship with Unacademy. Here's why

The Ken — Mon, 21 Aug 2023 05:00:00 +0530

Last week, the edtech unicorn Unacademy fired Karan Sangwan, a law teacher for asking students to vote for educated candidates during elections in one of his video tutorials on YouTube. According to the edtech, Sangwan had breached the code of conduct by sharing his 'personal opinion.'

While this case is of a slightly different nature pertaining to one individual, Unacademy's relationship with its educators in general hasn't been great either.

With dwindling sales and a funding crunch, edtechs like Unacademy have made tutors their new sales force. Teachers are being forced to make viral content to meet targets but for many, it is too much to handle.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Nothing's coming in the way of Star Health's recovery. Not even angry customers

The Ken — Fri, 18 Aug 2023 05:00:00 +0530

A March 2022 report from the World Health Organization said that over 17% of households in India incur catastrophic health expenditures every year. And it results in the impoverishment of around 55 million people. Anyway, it's just about 37% of the population that actually has any form of health insurance.

In such circumstances, if the rate at which a health insurance company denies claims begins to rise, it is a matter of concern. Star Health, one of India's leading health insurers, had the highest number of claims outstanding among the standalone health insurance companies for the year ended March 2022. Aggrieved customers have been running from pillar to post for payouts, turning to social media and consumer courts for respite.

And yet, Star Health's new business is still growing and its retail policy renewal rate remained unaffected.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Reliance controls just 3 percent of India's retail market. It's still a big deal

The Ken — Wed, 16 Aug 2023 05:00:00 +0530

Reliance controls just 3% of India’s retail market. You might think it's a tiny share. But 80% of the retail industry is unorganised. And overall, the retail sector in our country is worth nearly 900 billion dollars. So to control even 3% of it is a big deal.

But it is refining and petrochemicals that is the Reliance's biggest business.

Why is it then that since the last three years, Reliance Retail is being made to headline the conglomerate's annual report?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Influencers promote products. What happens when they do the opposite?

The Ken — Mon, 14 Aug 2023 05:00:00 +0530

Beets are a superfood today. Tomorrow it'll be lemons. The internet is rife with misinformation especially about food and health related stuff. There are hundreds of influencers on your feed telling you what’s good for you.

But who’s telling you what’s bad and what doesn't work? Maybe a keto diet worked for your friend but not for you. Take Dr Cyriac Abby Philips who goes by The Liver Doc on Twitter. Recently, he claimed there is no point in taking multivitamins.

He is a de-influencer and there are many like him who work towards breaking down myths. Often they're faced with legal action and threats, yet most of them continue their work.

But what is really fuelling de-influencers?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Ola chose selling over servicing EVs. Bajaj disagrees

The Ken — Fri, 11 Aug 2023 05:00:00 +0530

After a delay of almost a year Ola Electric finally released its financials this week. The company was valued at $5 billion last year and so far it has raised nearly $800 million from investors, including Softbank. With a 40% market share, it is the leader of the two-wheeler EV market in India. It has already sold over 250,000 vehicles.

Ola Electric has set up 600 experience centres around the country where people can go take test rides. But the company only has 200 service centres. Its lack of focus towards after-sales servicing is upsetting customers. Plus, the financials point towards a 4X loss in FY 2022.

Meanwhile, its competitors like Ather and Bajaj are strategically going for a service-first policy.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

All set to enter India, Tesla seems to be learning a thing or two from Tata Motors

The Ken — Wed, 09 Aug 2023 05:00:00 +0530

Known for its high-end EV models, earlier this year, Tesla went on a cost-cutting spree. Six months ago, though, the EV maker was on the verge of shutting down its office in India.

But last week, the company took up a sprawling office space in Pune on a five-year-long lease. And last month, it was reported that Tesla plans to set up a factory in India with a yearly capacity of 5 lakh EV units.

Now, at a time when there is a general fall in EV prices, it is admittedly chasing growth—even if it comes at the cost of profitability.

In fact, the starting price range of Tesla models in India could be as low as US$24,000.

It looks like the EV-making global giant is picking up cues from the reigning giant of India's passenger EV market—Tata Motors.

Tune in to find out how.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why India's first law for gig workers doesn't live up to all the hype

The Ken — Mon, 07 Aug 2023 05:18:14 +0530

The voice of the gig worker is getting louder, and it's coming to a point where neither delivery companies nor the government can afford to ignore it for much longer.

Last month, the Rajasthan government came up with a new law that aims to establish a welfare board and a dedicated social security fund for platform-based gig workers in the state. One could say the new law sets a precedent for gig workers across the country.

However, that is so only if you take it at face value.

Once you look beyond the headlines and go through the technicalities of the law, it doesn't paint as rosy a picture for the aggrieved gig workers.

Tune in to find out more.

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Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

On UPI, you are who you transact with

The Ken — Fri, 04 Aug 2023 05:00:00 +0530

UPI or the Unified Payments Interface has revolutionised the way we use money. So much so that we don't think twice about freely accept financial connections with strangers. Since its launch seven years ago, 300 million users in India are on the UPI platform freely carrying out financial transactions.

But did you know that your bank can block your account without a warning or any explanation? And what's worst, you could even come under the radar of law enforcement authorities like the cyber crime police. Anyone who unknowingly makes a transaction, directly or indirectly, with a fraudster can be considered suspicious by authorities.

Meanwhile, banks and law enforcement agencies are yet to figure out a standard operating procedure in dealing with such matters. This had led them to adopt a ‘block first, ask questions later’ approach that's been making the lives of innocent victims even harder.

Tune in to find out more.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Byju’s employees are getting blocklisted by recruiters

The Ken — Wed, 02 Aug 2023 05:00:00 +0530

Once upon a time, not too long ago actually, Byju's was the world’s most valuable edtech. Now, though, it's in a big mess. And that’s putting it mildly.

However, Byju’s employees got the worst end of the stick because of all the company has been going through. The Ken spoke to employees who told us they were fired arbitrarily without notice. In fact, they said they are being forced to resign.

And like that wasn't enough to deal with, some companies have specifically told recruiters not to look at Byju’s employees.

Tune in to find out why.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why Microsoft India's most successful leader couldn't keep all his employees happy

The Ken — Mon, 31 Jul 2023 05:00:00 +0530

Last month, the global tech giant Microsoft India saw its revenue hit $3 billion, much closer to its $5 billion target by 2025. A Mumbai based sales leader told The Ken that in 2022, Microsoft India grew twice the growth of Microsoft globally.

Behind the company's success was Anant Maheshwari who had been leading it for the last seven years. Described as an aggressive salesman and hard taskmaster, while he took the Microsoft India to new heights, his leadership style left a section of employees feeling dejected.

What was going on inside the walls of the tech giant?

Tune in to find out.

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Everything that could've gone wrong is going wrong at Urban Company

The Ken — Fri, 28 Jul 2023 05:17:00 +0530

Nine years ago, Urban Company (then UrbanClap) disrupted the market and eventually went on to become Asia's largest home services marketplace. Last year, the US$2 billion company was ranked as one of the top-rated platforms for gig workers in Fairwork India Ratings.

But just a year later now, Urban Company partners are are protesting nationwide against the platform's arbitrary and unfair policies. Meanwhile, customers are growing increasingly unhappy with the services. The company is also grappling with losses and has been cutting costs to achieve profitability.

But the rising anger from both ends, customers and partners, is coming in its way and managing both is getting quite difficult.

Tune in.

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Credit-on-UPI is going to change credit card economics forever

The Ken — Wed, 26 Jul 2023 05:00:00 +0530

The fintech sector has been buzzing after the Reserve Bank of India (RBI) permitted credit lines on UPI a few months ago. From what we know so far, banks are likely to gain the most out of it.

But a credit line-backed UPI product will also change how customers use credit. While they might continue to choose credit cards for high-value purchases, for smaller purchases like groceries and clothes, they could very well start looking at the new product.

The whole rewards system which had been helping issuers draw huge numbers of credit-card users, is going to change with it. In fact, it may even come to and end.

Tune in.

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Tata Motors is leading the cab industry’s EV shift. But it hates the ‘cab car’ tag

The Ken — Mon, 24 Jul 2023 05:00:00 +0530

In the first half of this year, from January to June, Tata Motors had 3/4th of the passenger EV market share despite relentless competition from the likes of Mahindra & Mahindra and other newer rivals.

Its revenue for FY23 stood at almost $8 billion. The not-so-secret secret behind this success Tata Motors' its Xpres-T EV sedan—the go-to for cab companies and fleet operators that are looking to switch to greener alternatives.

Xpres-T could easily to capture the cab market except Tata Motors maybe deliberately downplaying this bit of its success so far.

Tune into find out why.

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Will the end of password sharing help Netflix get some chill in India?

The Ken — Fri, 21 Jul 2023 05:00:00 +0530

Yesterday, Netflix announced that it will be starting password sharing restrictions in India. The OTT giant will only allow users on the same internet connection to access a particular account. Anybody who is not a part of what its calling "Netflix Household" will not be able to access content.

While move did not come as a surprise since Netflix has already implemented it in many countries like the USA already, that it is using the same strategy in India, a market it has been struggling with for a while, is interesting.

Will this new move help Netflix get more subscribers in India?

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Maybe Pharmeasy’s founders weren’t crazy enough

The Ken — Wed, 19 Jul 2023 05:00:00 +0530

Pharmeasy, once the highest-valued Indian healthcare startup, is planning to raise money in a new round of funding at a 90% markdown from its previous valuation.

From $5.6 billion to $500 million.

All because Pharmeasy had to take another debt to pay off its previous debt. The second time though, interest rates were not zero.

What's going on?

Tune in.

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Reliance Retail shows why the unlisted market is not for the fainthearted

The Ken — Mon, 17 Jul 2023 05:00:00 +0530

From Rs 400 per piece in 2019, the shares of Reliance Retail, went up to Rs 4000 by 2021 in the unlisted market. Reliance Retail is India’s largest operator of supermarkets, apparel outlets, and electronics stores. And its shares were the hottest cake in the grey market for a while.

Many investors expected it go go for a public listing until a little more than a week ago when Mukesh Ambani threw in a surprise. The company said it would effectively cancel the holdings of its minority investors and offer them Rs 1,362 per share. Basically, Reliance Retail had cancelled its shares held by minority investors leaving them shocked and confused.

What made the company take this decision? And what should retail investors learn from this?

Tune in.

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Does the delivery-partner fee you pay 'fully go to them for their time and effort'? Nope

The Ken — Fri, 14 Jul 2023 06:00:00 +0530

Delivery partners who work for Swiggy or Zomato are paid per order. The fee which includes variables like base fee, surcharge, etc, depends on how many kilometers they’ve travelled from pickup to delivery destination. These payments though, are never consistent and gig workers, who make our lives so convenient, struggle with earning a stable income.

So when Zomato says on their bill under the delivery partner fee, 'fully goes to them for their time and effort,' we appreciate it thinking the money we've paid has gone to the delivery partner.

Except, it doesn't.

Tune in.

Cybercrime syndicates running ad scams are thriving on Google and Facebook

The Ken — Wed, 12 Jul 2023 06:00:00 +0530

Ad scams in India using tech platforms like Google, Meta, or even e-marketplaces such as Olx are becoming increasingly common and dangerously creative. People have been losing anything from a few thousands to even a few crore rupees to cyber crime syndicates who have proficient, tech-savvy members.

What are the likes of Google and Meta doing to prevent these crimes? Is it enough?

Tune in.

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The wild finfluencer party is finally coming to an end

The Ken — Mon, 10 Jul 2023 06:00:00 +0530

For many years, finfluencers have been enjoying an almost no-holds barred party in the Indian market since they operate outside Sebi's regulatory ambit. While there is no doubt about the importance of their role in combating India's rampant financial illiteracy, many often give advice that is generic, underplaying risks, and overplaying returns.

After reviewing several complaints, two weeks ago, Sebi Chairperson Madhabi Puri Buch was asked about Sebi's views on regulating influencers once again. This time she did put India's financial influencers on notice.

A SEBI circular seems to be on its way and finfluencers have good reason to be worried.

Tune in.

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Free airport lounge access helped sell more credit cards. Now its come to bite banks

The Ken — Fri, 07 Jul 2023 05:00:00 +0530

Credit card companies, in their rush to sell more and more cards use a whole gamut of attractive offers—the most popular one being free access to airport lounges. Thanks to this and the sharp rise in domestic air travellers, last year, airport lounges saw of football of over 8.5 million people.

What was once an exclusive service became a top-selling feature, even for non-premium cards issued by banks. Lounge access became overused and an expensive bill to foot for credit card issuers.

Earlier last month, Axis Bank, the country’s fourth-largest credit-card issuer, revised its lounge policy. But retracting the freebie altogether is not a risk banks can afford to take.

What are they doing then?

Tune in.

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Paytm's left the market divided with its turnaround hack

The Ken — Wed, 05 Jul 2023 05:00:00 +0530

Since November 2022, when Paytm shares dropped to an all-time low, the fintech giant has been on a steady recovery path. If all goes well, its share price may cross Rs 1000 soon.

But what's even more interesting is the sharp jump in its loan distributions in FY23. In the March quarter of the same year, Paytm distributed nearly 12 million loans worth over 1.5 billion dollars.

And last Friday, Paytm’s parent company even announced a partnership with Shriram Finance, an NBFC that's known for its deep understanding of risk and more importantly, its collections capabilities.

What's driving this prolific growth and how is Paytm growing its loan business in the post-FLDG era?

Tune in.

**Paytm founder Vijay Shekhar Sharma is an investor in The Ken

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Zomato has an edge over Swiggy. Here's why

The Ken — Mon, 03 Jul 2023 06:06:33 +0530

On Thursday, Kotak Institutional Equities, released a note and turns out, Zomato managed to maintain its lead over Swiggy with a 55% market share in the year 2022. Swiggy is at 45%.

Swiggy and Zomato have been constantly win the bigger share in India’s $5 billion food delivery market. But it was Swiggy that had the portion share just three years ago.

Inherently, both the food delivery companies are quite different from each other. And it is this difference that's been giving Zomato an edge lately.

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ICICI Bank's 'too much democracy' policy is causing its top talent to quit

The Ken — Fri, 30 Jun 2023 05:00:00 +0530

ICICI's stock has tripled since 2018—the year when ICICI’s current CEO Sandeep Bakhshi took over. Loans and deposits are growing strong, margins are healthy, and investors can’t seem to get enough of the blue-chip company. Bakshi joined at a time when the bank was reeling from the after-effects of his predecessor Chanda Kochchar's controversial exit.

The bank was experiencing a high rate of attrition and employees needed reassurance and stability. Bakshi gave them just that. He revamped the bank's HR policy, bringing about a democratisation with decisions like the standardisation of appraisals and tenure-based promotions.

All these moves made him quite the favourite amongst many current and even former employees. But it has also led to the creation of a faction of young disgruntled high-performers who feel they are not incentivised enough. And they are resigning.

Tune in.

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Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

What can BITS Pilani do that the IITs can’t?

The Ken — Wed, 28 Jun 2023 05:19:26 +0530

For decades, the 60 year old BITS Pilani, one of the most prestigious science and engineering institutions in the country, has been second to India's crown jewels–the IITs.

Now, the institute is on a mission under the leadership of its Group Vice Chancellor, V Ramgopal Rao. A syllabus revamp after a decade, a US$100M endowment fund from alumni, 10% of faculty from industry, allowing a year off for startups—BITS has taken some major leaps

It wants to be on the top with the IITs.

Tune in.

Recommended reading:

BITS Pilani is tired of playing second fiddle to IITs by Alifiya Khan

Another knockout punch for Byju's. This time from NBFCs

The Ken — Mon, 26 Jun 2023 05:24:12 +0530

Starting April, major non-banking financial companies (NBFCs), including Avanse Financial Services, Aditya Birla Finance, and Fullerton India, which lend to Byju’s’ customers, suspended loans for the edtech. These play an important role in allowing Byju's to make its sales to its customers via zero-interest EMIs.

With sales slowing down, the edtech desperately needs these financing options because its one year courses range from anything between Rs 20,000 to Rs 1.4 lakh. Not all its customers can afford to pay it all in one go. This is why Byju’s tied up with these NBFCs in the first place.

But now that the non-banks have left the building, what is the ailing giant doing to survive?

Tune in.

Recommendations:

Byju’s has one escape route

Indian lenders cut off Byju’s air supply by not lending to its users

Byju's auditor Deloitte says “I quit”

The Ken — Fri, 23 Jun 2023 05:00:00 +0530

On Thursday evening news broke that Deloitte, the biggest audit firm in the world, has resigned as Byju's statutory auditor. This couldn't come at a worse time for the edtech giant. Just hours before this, three of its key board members also tendered their resignations over differences with the company's founder.

It was in September last year when, after a long delay that raised many eyebrows, Byju’s had finally released its financials for the year 2021. The delay was because Deloitte was not satisfied with what Byju’s was presenting to them as a fair picture of their accounts. It gave it an "adverse opinion."

Months have passed since and there is still no sign of Byju's financials for FY2022. Worst still, the company's own projection of a Rs 10,000 crore revenue for the same year seems to be incorrect.

Tune in.

Recommendations:

The seven things you need to know about Byju’s FY21 financials

WTFinancials is going on at Byju's?

Byju’s is looking like a hedge fund

Indian lenders cut off Byju’s air supply by not lending to its users

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Indian pharma is in the news again. For all the wrong reasons

The Ken — Wed, 21 Jun 2023 05:19:26 +0530

Despite being called ‘the pharmacy of the world,’ time and again, the Indian pharmaceutical industry has received criticism for substandard quality. Last year, the deaths of children in Gambia and Uzbekistan were allegedly linked to cough syrups manufactured in India.

Yesterday, the WHO flagged seven more Indian-made cough syrups for containing toxic chemicals.

Why does Indian Pharma still struggle with quality control?

Tune in to find out.

Tata needs BigBasket to fulfill its retail ambitions

The Ken — Mon, 19 Jun 2023 06:38:07 +0530

When Tata acquired the e-grocer, BigBasket, at a reported valuation of $2 billion in mid-2021, the company was loss-making. For those at BigBasket, it was an opportunity to shift their focus back to the company’s core business: doorstep grocery delivery.

While it was a bit too late when Tata realised its new acquisition was left out from the quick commerce game, there is one game that BigBasket seems to be clearly winning.

Tune in to find out.

Recommended reading: Torn between growing competition and Tatas’ ambitions, $3.2B BigBasket is at a crossroads

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Why aren't insurance companies super busy after the Odisha train crash?

The Ken — Fri, 16 Jun 2023 06:13:37 +0530

The Indian Railways exclusively provides travellers a 10 lakh rupees worth insurance cover on booking train tickets online for less than half a rupee. Despite this, a large majority of Indian travellers are not covered by any form of travel insurance.

Just a little more than 30 crore lives were covered by general and health insurers for domestic travel, according to the annual report of India’s insurance regulator IRDAI.

Why?

Tune in

No, your refined cooking oil cannot be heart-friendly nor can it control your diabetes

The Ken — Wed, 14 Jun 2023 05:00:00 +0530

Over the years, the more health conscious we became, the more cooking oil-markers pushed different variations of words associated with 'health' in their branding. But they've been burying the caveat in the fine print.

For example, Adani Wilmar’s refined soybean oil goes by the brand name ‘Fortune Soya Health’ in bold letters on the front of the pack. But if you turn the pouch around, you'll notice at the back, in small tiny letters, it reads: “The word ‘health’ is only a brand name and does not represent the product's true nature.”

Tune in to find out how cooking oils brands available in the Indian market have been knowingly misleading consumers and how bad refined oils can be for you health.

Recommended reading: Fortune Vivo oil meets its inevitable sticky end

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

How many cars does it take to change Uber’s driver model? 10,000

The Ken — Mon, 12 Jun 2023 06:02:48 +0530

In the last few years post-pandemic, fleet-management companies like Everest have become the silent battalion in Uber's army of cabs. In fact, 90% of Everest's fleet is with Uber.

This, of course, has helped Everest grow its revenues by 150X. Both seem to have found their relationship to be mutually beneficial. Everest gets to run its assets on a high demand platform. And for Uber, it become so much easier to manage its cars. No need to deal with hiring and training drivers.

Now, Uber is deepening its ties with Everest, especially since it wants to roll out EVs. But as Uber gives more control to the fleet management company, the basics of the ride hailing business could change forever.

Quick commerce is dead? Zepto doesn't think so

The Ken — Fri, 09 Jun 2023 05:51:11 +0530

Just two years ago, quick commerce became all the rage. Now, it's slowly becoming a relic of the pandemic. The biggest names in the business have been tumbling over in the past few months. They've either been shutting down their quick delivery businesses or they're rolling back the number of their dark stores.

Meanwhile, Zepto, one of the leading quick delivery platforms that made ten minute deliveries a thing, is among the first in the Indian quick-commerce space that hasn’t had layoffs or store closures in recent times. Nor has it pivoted to new verticals.

In fact, its founder Aadit Palicha who spoke to The Ken told us he sees no reason to turn away from delivering groceries in minutes.

Tune in.

Recommended reading: Zepto is looking for a chair

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

WTFinancials is going on at Byju's?

The Ken — Wed, 07 Jun 2023 05:00:00 +0530

Last week, edtech giant Byju's saw its valuation come crumbling down from $22 billion to $8 billion. And June 5, 2023 happened to be the last day for the company to pay off a $40 million instalment on its highest unrated loan.

This is, of course, only a part of Byju's problems which range from bad press to a growth slump and a lot more. To say that Byju's is in a precarious position right now would be an understatement. The question to ask is: will it sink or swim?

There is one tiny glimmer of hope.

Tune in to find out.

Recommended reading: Byju’s is looking like a hedge fund

Ikea and Walmart are leading the resurrection of jute in India

The Ken — Mon, 05 Jun 2023 05:00:00 +0530

With the advent of plastic in the 1980s, the once-flourishing jute industry of India saw a slow demise. But lately, the tables seemed to have turned.

Countries are implementing more stringent ESG rules forcing global retailers like Ikea, Walmart, Tesco, etc to look for alternatives to plastic bags. India being the largest producer of jute is suddenly in focus. More than $120 million worth of jute bags were exported in the last financial year alone.

However, neighbouring Bangladesh, also one of the leading producers of jute is quickly catching up.

Tune in to find out more.

What happens if we kill Swiggy, Zomato, Ola, and Uber?

The Ken — Fri, 02 Jun 2023 05:00:00 +0530

When the govt launched Open Network for Digital Commerce (ONDC), the idea was to build the world largest e-commerce platform to check the monopoly of giants like Amazon and Flipkart. You could think of ONDC as the UPI of e-commerce. From ride-sharing and food delivery, to groceries, the platform can be used to buy and sell anything.

Lately, ONDC has been doing some interesting things with pricing. For example, someone ordered food on it for a price that was 45% lower than Swiggy. This, obviously, got thinking. Could ONDC kill the likes of Swiggy and Zomato and others?

While there is no exact answer to that because of a bunch of factors, what made us more curious was this: Do we want ONDC to win? And if it does then what could be the consequences?

Tune in to find out.

Govt's $3 billion boost for India's EV makers is trapped in ambiguity

The Ken — Wed, 31 May 2023 06:00:00 +0530

The government of India launched a $3 billion dollar production-linked incentive (PLI) scheme for automobiles to boost manufacturing, especially EV manufacturing, within India in 2022.

It was a win-win for both—EV makers had been eagerly waiting for beneficial subsidies and the government could use it to push domestic private investments and create jobs in the sector.

But more than a year has passed and the funds remain untouched. Not a single company selected under the scheme has qualified for the incentives, let alone received them.

Tune in to find out what's going on.

Recommended reading: Rajiv Bajaj has the last sigh on EV subsidies

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform.Subscribe for more exclusive, deeply-reported, analytical business stories.

How Apple is building an army of 'faithfuls' in one of the world’s most price sensitive markets

The Ken — Mon, 29 May 2023 05:00:00 +0530

For almost two decades, India was a stagnant market for one of the leading tech companies of the world. But in 2021, things changed and Apple's sales graph in India began to rise upwards.

By 2022, Apple sole over 7 million iPhones in the country. And then in April, Apple CEO Tim Cook inaugurated India’s first Apple retail store in Mumbai.

But compared to markets like the US and China, Apple's numbers in India are far from substantial. Yet, the company is looking to give Its Indian customers a premium experience, even if the sales don’t yet justify it.

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform.Subscribe for more exclusive, deeply-reported, analytical business stories.

Sony Liv is all set to disrupt OTT power dynamics post Zee merger

The Ken — Fri, 26 May 2023 06:00:00 +0530

A year and a half ago, Sony’s India unit—Sony Pictures Networks—announced a merger with rival Zee Entertainment Enterprises Ltd. Ever since, Sony Liv's subscriber base grew from 18 million to over 33 million.

The combined strengths of the two platforms, Sony and Zee, now threaten to change the pecking order of the country's OTT sector

Tune in.

How an Indian fintech is trying to find its mojo by not being a fintech

The Ken — Wed, 24 May 2023 06:00:00 +0530

Not long ago, being a fintech company in India meant having a promising future. Because people would always needed to make payments which is why it was assumed that building better products around these needs would ensure good business.

But it was not how things panned out. And the story of Instamojo, a promising fintech company is testament to that.

After 11 years of being in the business, it has decided it does not want to be a payments company anymore.

Jio and Airtel are fighting a new war to win 120M households

The Ken — Mon, 22 May 2023 05:00:00 +0530

In 2016, Jio invested more than $50 billion to roll out a 4G network across India. The move disrupted the telco sector leaving Airtel down at the second place. The other rivals didn't make it

The telecom sector was left in the hands of a duopoly. Now, there is a new war between these two giants and it is over home broadband.

In fact, the crown they’re fighting for is to be the go-to service provider for not just broadband but the whole works—a complete suite of entertainment, gaming, and home-surveillance services.

What are they up against and how are they prepping to win?

Tune in.

Recommended reading: Jio, Airtel brace for another epic price war. And it’s not for mobile users

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Who are the 'unhireables' of India's startup world?

The Ken — Fri, 19 May 2023 05:00:00 +0530

From amazing salary hikes and other perks being served on a silver platter just a year or two ago to now, when companies are using salary benchmarks to figure out whether they have overvalued employees—the startup ecosystem in India is going through a churn.

In fact, as many as a quarter of startup professionals might be what HR and hiring professionals are terming as 'unhireables' at this point.

Former overvalued startups that had gone on hiring sprees are now doing all they can to correct their mistakes while employees are resisting, waiting for things to settle with fingers crossed.

Tune in.

Recommended reading: India’s startup workplaces confront the rise of the ‘unhireables’

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform.Subscribe for more exclusive, deeply-reported, analytical business stories.

Dunzo fans made it a verb. Then it became just another delivery firm

The Ken — Wed, 17 May 2023 06:00:00 +0530

What makes Dunzo unique is that one could never imagine a company its size to have the kind of influence it does.

In 2022, a $200 million funding from Reliance Retail sent the quick-commerce startup flying high. It began expanding its dark stores and even ran advertisements in IPL.

But the IPL led boom did not last long. The same year, the number and volume of orders began to decline.

Dunzo was forced to recalibrate its focus and rethink its strategy.

Tune in!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Physics Wallah’s journey from master of one to jack of all trades could backfire

The Ken — Mon, 15 May 2023 05:03:10 +0530

India's youngest detect unicorn is on a relentless expansion spree. So much so that its investors want it to slow down.

Despite this hyper growth phase coming after PW became the only profitable edtech unicorn in the last financial year, cracks are appearing on its armour now.

Tune in.

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Namma Yatri is affordable and driver-focused, yet Ola and Uber remain unfazed

The Ken — Fri, 12 May 2023 08:29:06 +0530

Last year in October, the Karnataka government banned Ola and Uber autorickshaws after they were caught overcharging.

A month later a new app was launched and it was almost antithesis of Ola and Uber. It charged zero commission from drivers and no cancellation or surge charges from riders. Plus, the government supported it by saying it would be listed on its e-commerce behemoth, ONDC.

Yet, eight months later, Namma Yatri is not growing as much as expected in terms of registered drivers and users.

Tune in to find out more.

Also, listen to: Gaurav Munjal of Unacademy on being confrontational, paranoid and transparent

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

$1 billion or employee-first ? Freshworks confronts a choice

The Ken — Wed, 10 May 2023 06:00:00 +0530

Freshworks, one of the most successful SaaS companies that was listed on Nasdaq in 2021, wanted to hit $1 billion in annualised revenue by 2023. What made it stand out was also its employee-first approach.

That it took the company just 5 years to climb from $1 million in ARR in 2010 hit $100 million indicated that the target could've been achieved. but it's 2023, and Freshworks is only halfway towards the goal.

How is the company planning to pursue its profit goals?

Tune in to fine out.

Recommended reading: How Freshworks is going from being a ‘people-first’ to a ‘profits-first’ company
Subscribe to The Ken for more exclusive, deeply-reported, analytical business stories.

India's nursing brain drain: Why building more colleges won't stop the crisis

The Ken — Mon, 08 May 2023 06:00:00 +0530

The pandemic worsened the nursing crisis in India. If 35 nurses were required for every 10,000 people, India only has 25.

Exploitative work conditions and poor pay are making nurses migrate in huge numbers to other countries for better jobs. It is an exodus.

The government on its part its trying to solve the crisis by building more nursing colleges. But this is akin to a doctor treating the symptom instead of the disease.

Tune in to find out why.

Your health supplement could lead to your next health disaster

The Ken — Fri, 05 May 2023 06:00:00 +0530

India’s nutraceutical market is estimated to be worth $4-5 billion and the government expects it to be worth almost five times more in the next two years.

As important as it is to monitor the rapidly growing market, regulations have not really kept up.

And in a post-Covid world where preventive healthcare has become all the rage, a dangerous situation is being created. Health supplement makers are flouting RDA guidelines and consumers have been paying little attention.

Tune in to find out why you need to read the fine print before you buy your next dose of multivitamin gummies.

Recommended reading: How healthy are health supplements? India’s food regulator wants to find out

Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

Byju’s played the good game. It still didn’t matter

The Ken — Wed, 03 May 2023 06:00:00 +0530

Last week, a full search and seizure operation was carried out by the Enforcement Directorate on three offices of edtech giant Byju's. The $22 billion startup is being investigated under the Foreign Exchange Management Act.

The move comes at a terrible time for Byju's since it is already struggling with a long list of troubles including a potential debt crisis. The company still hasn't filed its financials for FY 2022.

In this episode, not only do we look back at Byju’s missteps, we also go over what it did right, and how it still did not matter.

Tune in.

Recommended reading: The seven things you need to know about Byju’s FY21 financials
Subscribe to The Ken for more exclusive, deeply-reported, analytical business stories.

The world of short-video creators in India is going through a major shakeup

The Ken — Mon, 01 May 2023 06:00:00 +0530

The launch of Chinese video content platform Tiktok in 2017 changed the social media landscape forever. The short video format became all the rage. Despite TikTok being banned in 2020, the format stayed and a range of Indian short-video apps came up.

Content creators from small towns and cities joined such platforms and for many it became a dependable source of income. Some were making as much as Rs 1 lakh a month.

But now, with advertisers slashing their budgets, platforms such as Moj and Josh are ending their exclusive deals with content-creators.

What seemed like a viable career option for thousands across the country is no longer the same.

Tune in.

Was Mankind Pharma's IPO a good idea?

The Ken — Fri, 28 Apr 2023 06:00:00 +0530

The initial public offering ((IPO) of Mankind Pharma Ltd opened for subscription on 25th April and closed just yesterday. The pharma major is reportedly eyeing a valuation of over $6.7 billion.

But in recent years, the Indian stock market has not been very kind to pharmas that have been listed. Since 2010, 17 of them have had IPOs, but four have delisted. Of the remaining, half are trading below their listing price.

Amidst this and the current economic state that is making many postpone their IPOs, Mankind still went ahead with its plan. Why?

Tune in to find out.

Is Vodafone Idea, India’s third largest telco, worth saving?

The Ken — Wed, 26 Apr 2023 06:00:00 +0530

In February this year, Vodafone Idea gave away a 33% stake to the Indian government and the government converted a part of its dues into equity. Many analysts though think even this cannot save the sinking telco.

Because the company still owes the government $23 billion and banks $1.5 billion. And it also needs $6 billion for an all-India network upgrade to roll out 5G.

Vodafone Idea has too much to deal with—a towering mountain of debt, a ruthless giant of a rival, and the merger with Idea that turned out to be a bad decision.

In today's episode, we look at the possible outcomes of how the saga of the struggling telco could end.

Tune in.

How e-pharmacies are living but still on the edge

The Ken — Mon, 24 Apr 2023 05:00:00 +0530

Ever since they came up a little less than a decade ago, e-pharmacies have been fighting a constant battle. On one hand there is the severe pushback from traditional pharmacy lobbies and on the other, the lack of a regulatory mechanism.

It was only in 2017 that the government officially acknowledged their existence. It was a small win, but a win nonetheless. But the draft e-pharmacy rules that the government came up with a year later were never notified.

Despite this, e-pharmacies continued operating and their importance was only highlighted further during the pandemic.

But in February this year, the Central Drugs Standard Control Organisation (CDSCO) sent show-cause notices to 20 e-pharmacies. These included Tata 1mg, Amazon, Flipkart, Reliance Retail-owned NetMeds, MediBuddy, Practo and Apollo.

However, e-pharmacies are here to stay.

Tune in to find out more

Google and Jio's cost-friendly phone ended up being a costly mistake

The Ken — Fri, 21 Apr 2023 06:00:00 +0530

In 2020, Google invested $4.5 billion in Reliance's Jio Platforms for a 7.7% equity. The flagship product of this alliance was a budget friendly 4G smartphone priced at Rs 6500 called JioPhone Next. The idea was to make the internet more accessible to millions of more Indians.

When it was launched, the telco was expected to sell at least 20 million devices in a year. But so far, it has sold only 2 million.

A tech giant and a telco giant coming together to make a pocket-friendly smartphone--the plan sounded perfect. What could've gone wrong?

Tune in to find out.

Swiggy’s 1000 crore plan to save itself from the delivery partner crisis

The Ken — Wed, 19 Apr 2023 06:03:35 +0530

The Blinkit delivery workers' strike that began last week has brought the spotlight back on the delivery personnel crisis in India. Just last year in July, Swiggy’s delivery partners in Bangalore too had gone on strike. Their issues range from wages to the lack of basic employee benefits.

With an IPO scheduled for 2024 and its 1000 plus crore rupee investment in the bike-taxi company Rapido, the stakes were high for the food delivery platform. It had to find a solution and it had to be soon. So, it came up with a plan.

It gave its delivery personnel the option to double as bike-taxis during non-peak hours. This was to incentivise them for doing more work in a day and also retain them during peak hours.

But can a food delivery rider deliver meals and also ferry people?

Tune in to find out.

(Edit note: Earlier, we mistakenly said Swiggy's investment in Rapido was 100 crore rupees instead of 1000 crore rupees. The error is deeply regretted)

Pandemic dealt a knockout punch to BookMyShow. Now it’s coming back with a new face

The Ken — Mon, 17 Apr 2023 06:00:00 +0530

BookMyShow has its share of testing times since its birth back in 1998. The last one came as the pandemic and brought the platform down to its knees. Year-on-year revenues fell to one seventh in FY21 and it had to cut down its employee size from over 1500 to just a little over 500.

To everyone's surprise, however, BookMyShow managed to not only survive but also recover quite swiftly.

But now, the company wants to become more than just a movie ticket-selling platform. It want to win the live events game.

Tune in!

Nykaa gambled on fashion. Was it worth the risk?

The Ken — Fri, 14 Apr 2023 05:04:19 +0530

After its listing, investors were almost bullish about Nykaa shares. And for good reason. The company has been a pioneer in normalising buying beauty and cosmetic products online. It showed profitability that the other listed tech companies were nowhere close to.

So in 2018, it decided to venture into fashion.

But things have been a bit shaky since last year. A week ago, Nykaa gave its investors a “revenue update” for the last quarter and it did not paint a very pretty picture. The company blamed the pullback in discretionary spending for the subdued growth in its fashion business.

This, however, is not the first time fashion has been the source of concern for the beauty and personal care e-commerce giant.

Was Nykaa's foray into fashion worth the risk?

Tune in to find out.

"Hello, I’m calling from Bajaj Finance. Do you want a loan?"

The Ken — Wed, 12 Apr 2023 06:00:00 +0530

Phone calls from Bajaj Finance offering loans are almost inescapable and lately, the non-bank has been facing quite a backlash for it.

But telecalling has been an enduring sales channel for the company which boasts of a loan book worth $28 billion. And despite the massive size of its loan book, it's been growing at 30% for years. Now this rate is seeing a dip through.

Bajaj needs to maintain a 26-27% growth rate. Meanwhile, shifting its loan sourcing to its digital assets is going to take a while.

So those pesky calls are unlikely to stop anytime soon.

In this episode, we take a closer look at this Bajaj Finance's annoying but successful system of tele-calling.

Regulating 'finfluencers' is a slippery slope

The Ken — Mon, 10 Apr 2023 06:00:00 +0530

According to a survey by S&P, more than 75 per cent of Indian adults do not understand basic financial concepts. The gap is more when it comes to women. 80%.

In fact, SEBI, the market capital regulator, has been receiving many complaints and is working on creating a framework of strict guidelines to bring them under its control.

But reining these 'finfluencers' in is a bit of a catch-22 situation.

Tune in.

How Disney+Hotstar is trying to fill the IPL-sized void

The Ken — Fri, 07 Apr 2023 06:00:00 +0530

With the digital streaming rights to IPL gone and the recent losses it posted, India's undisputed OTT leader is trying to figure out a new strategy to stay on top of the game.

As other OTT platforms around the world are consciously choosing to spend less on original programming, Disney+Hotstar is doing the opposite in India.

But is it enough to make up for the 30 million viewers it would get on average every day when the IPL was on?

Tune in to find out.

India’s TB patients can finally celebrate the end of Johnson & Johnson’s monopoly disguised as charity

The Ken — Wed, 05 Apr 2023 06:00:00 +0530

India’s patent office decided to reject pharma giant Johnson &Johnson’s appeal to extend the patent for a life-saving TB medicine called bedaquiline which is used to treat those with drug resistant infections.

But for a long time before this, Johnson & Johnson was enjoying a monopoly in India. Generic manufacturers could not make this life-saving medicine. The Indian government too, at the time, had decided to protect the pharma giant.

Not just that, Johnson & Johnson was also conveniently projecting itself as a charitable organisation through its health programmes.

What does the Indian govt’s decision mean for TB patients in India now?

NPCI's latest directive could prove to be a game-changer for Paytm

The Ken — Mon, 03 Apr 2023 06:00:00 +0530

If you had to compare all the online payment methods available to us, digital wallets like Paytm have gone through the roughest of waters. From being the life-saver during demonetisation to being left behind by UPI, digital wallets haven't had it easy.

But last week, UPI parent NPCI released a circular about the use of digital wallets that brought a ray of hope albeit after a bit of confusion. It had to do with certain charges being levied on transactions over Rs 2,000.

How could it work as a shot in the arm digital wallets and who is actually going to pay these new charges?

Diclaimer:
*Paytm’s founder Vijay Shekhar Sharma is an investor in The Ken.
*The Ken has been part of multiple programmes initiated by GPay parent Google for news organisations globally, including, most recently, its 2022 APAC Innovation Challenge.

Reliance is going after DTH and cable TV subscribers

The Ken — Fri, 31 Mar 2023 06:00:00 +0530

With the IPL set to begin today, a few days ago Jio announced a move that many say could be the next big disruption. The Reliance Group, which has the digital rights of the event, is streaming the games for free on its OTT platform, JioCinema.

The main goal is to get people to switch the traditional way of viewing cricket, especially IPL, from TV to digital streaming.

So on 27 March, Jio launched its most affordable fixed broadband plan yet. The plan offers unlimited data at 10 Mbps for Rs 198 per month. Before this, Jio was giving fixed broadband customers 30 Mbps bandwidth for Rs 399 a month.

Will the new broadband plan get enough viewers to switch to digital streaming?

Tune in.

Foreign phone makers are capitalising on "Make in India" but Indian firms are lagging behind

The Ken — Wed, 29 Mar 2023 06:00:00 +0530

The Indian government has set an ambitious goal with the Production Linked Incentive (PLI) program for mobile-phone manufacturing. By 2026, it aims to push the country's annual exports to a whopping $300 billion.

The idea is to boost large-scale manufacturing and to support domestic phone makers to become globally competitive.

But of the six companies that made the cut to claim the scheme's incentives, only two are Indian.

Why is “Make in India” attracting more foreign phone makers than Indian ones?

Tune in to find out.

Bringing millets back to our plates will take more than declaring 2023 the year of millets

The Ken — Mon, 27 Mar 2023 06:00:00 +0530

2023 has been declared the International Year of Millets after India, the largest producer of millets in the world, moved a resolution in the UN General Assembly.

The Prime Minister himself has been promoting the use of millets as a staple through various channels like Mann Ki Baat and the Global Millets Conference that was recently held in the national capital.

But making what were once called 'coarse grains' as the next big food trend is riddled with challenges and will take more than declaring 2023 the year of millets.

Tune in.

JioCinema's big IPL bet has advertisers in a fix

The Ken — Fri, 24 Mar 2023 06:00:00 +0530

After buying the digital rights for IPL for an eye-popping amount last year, Mukesh Ambani’s JioCinema wants to change the way Indians watch cricket. It wants to replace TV viewing with online streaming.

In order to pull it off, it came up with an almost disruptive move. It decided to make IPL streaming free

While viewership is expected to hit half a billion and ad impressions to quadruple after this, advertisers are skeptical about a host of unknown factors.

What are they?

Tune in to find out.

Why AC bills during summers are difficult to control

The Ken — Wed, 22 Mar 2023 06:00:00 +0530

The Indian Met Dept has predicted that 2023, especially between March to May, is going to be unusually hot for most parts of India. Air conditioners and electric fans account for nearly one fifth of the total electricity used in buildings around the world today.

Naturally, electricity bills have skyrocketed and it's only going to get worse.

Meanwhile, a fascinating technology has emerged that can save 30 to 40% in energy consumption but it's not being adopted as fast as it should be. Energy transitions are proving to be much more difficult than a smartphone upgrade.

Tune in

Shark Tank India is inspiring retail investors to pour in crores on risky investments

The Ken — Mon, 20 Mar 2023 06:16:51 +0530

Last week, Season 2 of one of the country’s most popular reality TV shows, Shark Tank India, came to an end. The show has given rise to a significant demand for startup investing.

Investors are able to put in as little as Rs 5000 via online fundraising platforms like Tyke Invest and Infubiz. They offer investments in startups through Community Subscription Offer Plans.

But these fundraising campaigns are not subject to securities laws and investors in these instruments do not have any shareholder rights under the Companies Act, 2013.

This is creating a high-risk environment for small-time retail investors.

Tune in.

The FAME subsidy is working just fine for India's EV sector

The Ken — Fri, 17 Mar 2023 06:00:00 +0530

A few months ago, a whistleblower alleged that some of the top EV makers in India were misusing the FAME subsidy. The government began an investigation and withheld the subsidy for multiple EV manufacturers.

Ever since, news stories have been reporting how the sale of EVs in India has declining and the FAME subsidy is under the spotlight for all the wrong reasons.

But the government is only trying to correct a past mistake. The impact of the subsidy on the rising penetration of EVs in the country can't be ignored. In fact, the criticism of FAME could actually end up hurting the EV sector in the long run.

Tune in.

Credit-card issuers can't count on their favourite users anymore

The Ken — Wed, 15 Mar 2023 06:00:00 +0530

For credit card issuers, 'revolvers' are the most profitable customers. They are users who carry over a balance from one month to another instead of paying the entire due amount.

These users pay as much as 40% interest per annum by revolving and help the credit card issuer make obscene amounts of profits.

But lately, dues from ‘revolvers’ have been falling. There is a shift in their behaviour pattern.

Tune in to find out why

India's electricity distribution companies are getting disintermediated

The Ken — Mon, 13 Mar 2023 06:00:00 +0530

With summer around the corner this year, the Indian government is scrambling to make sure the country does not face power outages.

But as this demand for power rises, the country is also working on increasing its green energy capacity. In fact, India is turning out to be one of the fastest to increase its renewable energy capacity.

The transition to green energy is not just about how electricity is produced, it is also about how it is consumed. India emerged as the biggest market for corporate power-purchase agreements (PPAs) in Asia-Pacific for the second year in a row.

This trend has the state-run discoms or power distribution companies seriously worried.

ITC's sin good is now fuelling the reversal in its fortunes

The Ken — Fri, 10 Mar 2023 06:00:00 +0530

ITC's stock had been lagging for years. Many institutional investors stayed away from ITC because the company's shares are considered sin stocks.

The company, meanwhile, has avoided acknowledging the importance of cigarettes, its mainstay business, in its communications.

But over the last year, the ITC stock has made a dramatic comeback. Suddenly, investors can't get enough of the company.

What changed?

Tune in to find out.

India's data privacy bill may infringe on your freedom of choice

The Ken — Wed, 08 Mar 2023 06:00:00 +0530

The fourth draft of the Digital Personal Data Protection Bill is all set to be presented in the Parliament during the ongoing Budget session.

While it makes a strong case for creating laws to prevent the personal information of citizens from being harvested and exploited, the Bill is playing blind to two Important factors.

This in turn could end up creating a crony-capitalist economy where an individual's freedom of choice is put at risk.

Tune in.

Why Big Pharma stayed away from developing male contraceptives

The Ken — Mon, 06 Mar 2023 15:16:09 +0530

The introduction of the contraceptive pill in the 1960s was one of the most significant events in the history of human society. But it still left the burden of birth control largely on women.

Now, however, things are changing. The demand for male contraceptives is on the rise.

But why have large pharmaceutical companies not paid enough attention to the research on male contraceptives for all these years?

Tune in.

P.S We apologise for the delay in the release of today's episode. We were faced with technical difficulties.

Chinese surveillance companies are prospering in India despite global sanctions

The Ken — Fri, 03 Mar 2023 06:00:00 +0530

CP Plus, a CCTV camera brand, procures 80% of its supplies for its parent company Aditya Infotech Ltd (AIL) from the Chinese security-equipment manufacturer Dahua Technology.

Dahua and Hikvision, another Chinese surveillance-tech firm, are facing sanctions in the UK, US, Australia, and other countries, for their connection to the Chinese government.

But in India’s growing CCTV market, which is said to be worth Rs.5000 crores, both these companies are flourishing. Bringing them under control is turning out to be a huge policy challenge for the government.

Tune in.

Why India hasn't met its solar energy goal yet

The Ken — Wed, 01 Mar 2023 06:00:00 +0530

In 2015, the current government set an ambitious target. It said we would have 100 GW of solar capacity by 2022 and 40% of it would come from rooftop solars or RTS. Back then, the country’s solar capacity was just 3.7 GW.

But as of October 2022, this capacity rose to only a little over 60 GW.

The main reason for this is the slow adoption of RTS. High transaction costs and lack of data about the long-term performance of RTS make it difficult to access loans for small-scale solar installations.

Tune in to find out more.

The battle between telcos and content companies over 'fair share'

The Ken — Mon, 27 Feb 2023 06:00:00 +0530

Years ago, a tug of war began between tech companies including OTT platforms and telecom companies.

The debate has now reached India and telecom regulator TRAI is expected releasing a consultation paper on the matter soon.

Will content companies like Google, Netflix have to compensate telcos in India?

Tune in.

Why it's time for Disney+Hotstar to level up in India

The Ken — Fri, 24 Feb 2023 06:00:00 +0530

Hotstar has remained the undisputed OTT leader in India boasting of half of India's 90 million paid OTT subscribers. A part of this success has come via the IPL streaming rights and from bundling with telecom and DTH service providers like Jio and Airtel.

But last year, Jio's Viacom 18 won the digital streaming rights of IPL, the largest cricket tournament in the world. Not just that Reliance's Jio also dropped Disney+Hotstar from most of its streaming bundles.

Why did Reliance choose to end this partnership and what does it mean for Disney+Hotstar?

Tune in to find out.

Why Indian Pharma struggles with quality control

The Ken — Wed, 22 Feb 2023 06:00:00 +0530

From February 26, the Union Health Ministry will organise a two-day 'Chintan Shivir' to explore ways to build trust on Indian drugs, cosmetics and medical devices.

Despite being called 'the pharmacy of the world,' time and again, the Indian pharmaceutical industry has received criticism for substandard quality. The most recent such incident was when the deaths of children in Gambia and Uzbekistan were allegedly linked to cough syrups manufactured in India.

Why does Indian Pharma still struggle with quality control?

Tune in to find out.

Is UPI ready to go international?

The Ken — Mon, 20 Feb 2023 06:00:00 +0530

With its phenomenal success, UPI has changed the way Indians interact with money.

Now, the NPCI along with other fintech platforms are making efforts to launch UPI for international use.

But the government needs to ensure UPI remains secure and reliable as it expands beyond the country's borders.

Note: In the previous version of this episode, the host mistakenly referred to NPCI as NCPI. The error is regretted and has been corrected.

The ray of hope in Zomato's grim quarterly numbers

The Ken — Fri, 17 Feb 2023 06:00:00 +0530

A few days ago, Zomato announced that it was withdrawing its services from 225 cities in India on account of "not so encouraging" performance.

Last week, the food tech giant also reported its financial results for the last quarter of 2022. It saw its losses soar 5X to nearly 350 crore rupees.

The volume of orders also declined during this period. But in these numbers there also lies hidden a glimmer of hope for the company.

Tune in.

Why Dabur is reinventing itself

The Ken — Wed, 15 Feb 2023 06:00:00 +0530

With increased competition within the country, the over-hundred years old Ayurvedic brand, Dabur, is looking to acquire and expand. It wants to change its story.

Just last year in October, it acquired a 51% stake in Badshah Masala, one of the country's leading spices companies.

But why does the world leader of Ayurveda brands need to reinvent itself?

Tune in.

India's new guidelines to stop fake reviews online are missing an important detail

The Ken — Mon, 13 Feb 2023 06:00:00 +0530

Whether it is to decide where to eat or what to buy, online reviews play important role. But fake reviews are turning out to be quite a menace.

To bring them under control, the Indian government released a set of guidelines for e-commerce platforms.

But they forgot to mention an important point.

Tune in to find out.

Why your holidays abroad are going to cost more

The Ken — Fri, 10 Feb 2023 06:00:00 +0530

Lately, Indians have been spending increased amounts of money on travelling to foreign countries. In the month of November last year, Indian travellers spent 1 billion dollars abroad.

The government and even regulator RBI took notice of the new trend.

And now, in the Union Budget 2023, a new tax has been added to overseas spending through the Liberalised Remittance Scheme (LTS).

Britannia's unfulfilled dairy dreams

The Ken — Wed, 08 Feb 2023 06:00:00 +0530

Britannia's market share has consistently been inching up over the last decade or so. And its shares have doubled in value in the past five years.

Apart from biscuits, the company also wants to crack the dairy business. But in the year ended March 2022, the biscuit giant’s revenue was nearly $1.7 billion and out of it only $60 million came from dairy.

Despite this, the biscuit giant has grand plans to expand its dairy business.

Tune in to find out more

Google Pay India needs an overhaul

The Ken — Mon, 06 Feb 2023 06:00:00 +0530

With a dipping market share and no leader in India, many in the industry say Google Pay is losing its agility in the country.

While the reasons range from slow roll-out of new features to overlooking merchants, one has played a big role in Google Pay's current position.

And it has a lot to do with the relationship it shares with its banking partners.

Tune in

Is the new tax regime for everyone?

The Ken — Fri, 03 Feb 2023 06:00:00 +0530

Even with comparatively higher tax rates the old tax regime has remained popular amongst Indian taxpayers.

The government, in the new budget, announced changes to incentivise the new regime.

However, what will suit taxpayers still depends a lot on whether they find the changes attractive enough.

Tune in.

Why Reliance Jio is eyeing a state government's pet project

The Ken — Wed, 01 Feb 2023 06:00:00 +0530

In the last three quarters, the revenues of India's largest telco have been seeing a steady slowdown.

A Rajasthan government's free-smartphones-for-women project came along just in time and won Reliance Jio managed to bag 60% of the contract value.

But now Jio is waiting, fingers crossed, for the new budget with reports of the government shelving the project.

If the project does come through, what would it mean for Reliance Jio?

Tune in to find out.

Nykaa's post-listing glory days are over

The Ken — Mon, 30 Jan 2023 06:00:00 +0530

From moment Nykaa went public on the stock exchanges in 2021, it became an investors’ favourite.

Its stock had listed at an 80% premium to its issue price of Rs 2,001 per share on the BSE. Its parent company FSN e-Commerce Ventures hit a valuation of 1 lakh crore rupees. And founder Falguni Nayar’s net worth tripled and turned her into a billionaire.

But lately, things have not been going so well for the fashion e-retailer. Its shares have been on a free fall.

Tune in to find out why.

Why BharOS needs to take lessons from the past

The Ken — Fri, 27 Jan 2023 06:00:00 +0530

BharOS is being launched at a time when the tech giant Google is under the government's scrutiny for adopting anti-competitive practices as the market leader in India.

But this is not the first time India is trying to develop an indigenous operating system, both for mobile and computer devices.

The failure of the OS projects in the past may hold some important lessons for anyone making a future attempt.

Tune in for the details.

Why edtechs need to rethink their aggressive sales strategy

The Ken — Wed, 25 Jan 2023 06:00:00 +0530

The edtech industry in India is facing a host of challenges from all directions, from a decline in funding to the emergence of formidable competition.

One that stands out, however, is the allegation of mis-selling and fraudulent loans. According to the Advertising Standards Council of India, 33% of the complaints filed with it in FY21-22 were related to the education sector.

And one of the reasons for this is the overly aggressive sales playbook. Byju's mastered it so successfully that many of its its peers followed suit.

But now with the government expressing concerns over these allegations, edtechs including Byju's need to rethink their sales pitch.

Tune in for the details.

Where are Indian patients getting their cancer drugs from?

The Ken — Mon, 23 Jan 2023 06:00:00 +0530

Despite winning the 'pharmacy of the world,' two out of five cancer patients in India have to borrow money and sell their assets to get treatment.

The price of many innovative patented oncology drugs in India are as high as in developed countries making them inaccessible for a large section of patients.

Where are Indian cancer patients turning to for cheaper cancer medicines?

Tune in to find out.

Why investors find it almost impossible to get money back from the IEPF

The Ken — Fri, 20 Jan 2023 06:00:00 +0530

Unclaimed funds at the government-run Investor Education and Protection Fund (IEPF) are likely to have risen to Rs 50,000 crore ($6 billion) by now.

But for an average investor, the settlement process is almost designed to discourage investors from claiming what's theirs.

Now, after the Supreme Court took notice post the filing of a petition, the IEPF Authority has asked all stakeholders for suggestions to make the entire process more efficient.

Tune in to find out why an average Indian investor finds it so difficult to recover their money from the IEPF.

How Mahindra Finance dealt with the RBI curb on recovering loans via third party agents

The Ken — Wed, 18 Jan 2023 06:00:00 +0530

For Mahindra Finance, the RBI directive against it couldn't have come at a worse time.

The rural financier had barely recovered from the effects of the lockdown since it had higher bad loans than its rivals. Add to that the dent on its reputation.

How did the NBFC deal with the RBI's restriction on using third party agents for repossession?

Tune in to find out.

How some edtechs are forcing tutors to drive sales

The Ken — Mon, 16 Jan 2023 06:00:00 +0530

With the funding crunch and slow growth, edtechs like Unacademy and Vedantu are giving teachers monthly targets to sell online courses to students.

Not meeting sales targets is reason enough for edtechs to fire teachers as part of cost-cutting exercises.

Tune in to find out how teachers are being forced to become the new sales force in some edtech companies.

How fried chicken helped McDonald’s become an investor’s favourite

The Ken — Fri, 13 Jan 2023 06:00:00 +0530

In May 2020, McDonald's decided to launch the McSpicy Fried Chicken in the southern states of India where majority of the population consumes meat.

Two year later, the shares of McDonald’s India franchisee, Westlife Foodworld, shot up by 40%.

Tune in to find out how fried chicken was one of the key drivers behind the fast-food chain becoming a the top-choice among public-market investors.

The antitrust case that forced Google to approach India’s top court

The Ken — Wed, 11 Jan 2023 06:00:00 +0530

Last year, the CCI found Google guilty in two of the four antitrust cases against the tech giant.

In one of the cases that involves Google's dominance in the Android OS market, the CCI has asked it to pay a fine of $161 million dollars.

Google approached the NCLAT contesting CCI's order, asking the tribunal to squash it but NCLAT declined. Now, Google has moved the country's top court.

What is the Android OS case all about?

Tune in to find out.

Why occupancy at the country’s largest multiplex chain is declining

The Ken — Tue, 10 Jan 2023 06:00:00 +0530

PVR, the country’s largest multiplex chain, made up for the pandemic-induced revenue loss by raising the prices of tickets and food and beverages.

But it saw its occupancy fall to the lowest levels in a decade even after movie theatres reopened at full capacity.

What is keeping India's theatres empty?

Tune in to find out.

How ZestMoney can help PhonePe meet its goals

The Ken — Fri, 06 Jan 2023 06:00:00 +0530

ZestMoney, the BNPL platform, is in the final stages of being acquired by online-payments giant PhonePe.

But ZestMoney has been unable to get enough scale online. Even after going offline, it failed to manage risks. It saw its losses shoot up by 3X in the last financial year.

PhonePe, meanwhile, has ambitions to expand by venturing into lending.

Can ZestMoney's loss be PhonePe's gain?

Tune in to find out.

How cooking-oil companies have been misleading consumers in India

The Ken — Wed, 04 Jan 2023 06:00:00 +0530

The packaged-food market is rapidly growing in India and along with it so is the edible oil market. It was estimated to be worth nearly Rs 2 lakh crores by the the end of March 2021.

Meanwhile, oil companies have been using the media and sneaky branding techniques for decades to tell consumers that their products are healthy.

But are they?

Tune in to find out.

What Sula's IPO means for its public-market investors

The Ken — Tue, 03 Jan 2023 06:00:00 +0530

After 23 years of business in India, Sula has grown to become the giant that dominates the Indian wine market.

Last month, the wine-maker decided to go public through an IPO. The money, however, went straight to some of the investors who cashed out.

And on Dec 22, when it listed on the stock exchanges, Sula’s stock opened flat and fell into discount.

What does the IPO mean for Sula's public-market shareholders then?

Tune in to find out

With inputs from Aayush Agarwal

Why Airtel is witnessing an exodus of its regional CEOs

The Ken — Fri, 23 Dec 2022 06:00:00 +0530

While the Indian telecom sector is expected to grow by 12.5 billion dollars every three years, the rate of attrition in the industry is at a six quarter high.

But the nature of the exodus is slightly different at Bharti Airtel, the country’s second largest telco.

Its regional CEOs who helped it fight the big war against Jio are leaving the company.

Tune in to find out why.

Why Metro Cash & Carry may exit India after almost 20 years

The Ken — Wed, 21 Dec 2022 06:00:00 +0530

70% of Metro AG’s business in India is made of kirana or mom and pop stores.

But despite being Metro’s core customer base in India, kirana stores are actually turning out to be the straw that's breaking the German retailer’s back.

Tune in to find out why.

With inputs from Aayush Agarwal

How SNBL startups are trying to make savings-led purchases cool again

The Ken — Tue, 20 Dec 2022 06:00:00 +0530

The looming threat of a recession, rising interest rates, and the RBI’s new guidelines for digital lending are proving to be a roadblock for buy now, pay later (BNPL) platforms.

But many new startups are using this as an opportunity to push consumers away from the more credit-centric models that encourage impulse buying towards a new, planning-based purchase model called save-now, buy-later (SNBL).

How does it work?

Tune in to find out.

Why creditors are losing faith in Byju’s

The Ken — Fri, 16 Dec 2022 08:18:27 +0530

India's most valuable startup breached the loan terms, including a September deadline for filing its results for FY 2022.

Byju's filings for the previous financial year, too, were delayed by one and a half years. And their last audit report does not paint a pretty picture of the company's financials for FY 2021.

Tune in to find out what is causing this lack of confidence amongst the creditors of the edtech giant

With inputs from Gaurav Tyagi

Why the ban on sale of loose cigarettes is not alarming investors

The Ken — Wed, 14 Dec 2022 06:00:00 +0530

More than 70% of the cigarettes that are sold in India are sold in loose and yet, no alarm bells went ringing in the tobacco industry when a ban on the sale of loose cigarettes was announced.

Will the ban even succeed in pushing down cigarette sales?

Tune in.

With inputs from Ayush Agarwal

The e-rupee is stuck between UPI and cash

The Ken — Tue, 13 Dec 2022 06:00:00 +0530

It’s been two weeks since the RBI launched a pilot version of the e rupee. But many things are still up in the air about it, including concerns about the anonymity of transactions and if it will hold against one of the largest digital payment systems in the world.

Tune in.

For more read: How will the e-rupee beat UPI?

Why communications ministry may be forced to revise the draft telecom Bill

The Ken — Fri, 09 Dec 2022 06:00:00 +0530

The draft telecom Bill introduced by Communication Minister Ashwini Vaishnaw in September this year had a lot of hopes pinned on it. The telecom sector in India is governed by archaic laws. One of them even goes as far back as 1885.

But the draft bill left the industry divided.

Why? And what are the changes that the government might be forced to introduce to the new bill?

Tune in to find out.

For more on this, read this report by Pratap Vikram Singh: 900 comments on draft telecom Bill may force communications ministry to make three key U-turns

Also, listen to this brand new episode of First Principles with NoBroker's Amit Agarwal

How Apple is winning India

The Ken — Wed, 07 Dec 2022 06:31:38 +0530

In the year that ended in March 2022, Apple saw its India revenue shoot up to an all-time high by 45%. But for the longest time Apple's growth in India was sluggish.

What's making Apple's fortunes in India turn around so drastically?

Tune in to find out.

For more on this, read this report by Soumyajit Saha: Indians’ love for the iPhone is stronger than ever. But Apple retailers are not happy

The curious case of Adani’s open offer to NDTV’s public shareholders

Snigdha Sharma — Mon, 05 Dec 2022 23:22:28 +0530

More than 53 lakh NDTV shares were tendered when Adani's open offer ended on Monday. But many of NDTV’s public shareholders sold their shares to Adani Enterprises at a price lower than the current market rate. Why?

Tune in to find out.

Also, read this edition of Ka-Ching by Anand Kalyanaraman: The puzzling case of NDTV investors selling shares below market price.