Dmart, the retail group in India, is absolutely number one on vision, execution, and consistency. Dmart opened its first supermarket in Mumbai’s Powai suburb in 2002. Like Walmart in the US, it adopted a deep discounting strategy, offering its customers low prices every day. Today, it has 381 stores. In spite of offering its customers the deepest discounts, Dmart’s net profit numbers beat the best among its global peers. Yet analysts and investors have been becoming increasingly bearish of...

We’ve unlocked this episode for our Basic and Free subscribers for a limited time. Listen to it on your favourite streaming platform for a limited time. Ola and Uber are in a “late-stage duopoly”. After spending billions and billions of dollars, they have finally secured pole positions in ride-sharing in India. Both of these companies together control 70% of the market and they have created network effects that make it much harder for anyone to enter and compete with them. However, this...

For the last 24 months, the default way in which startups were exposed to venture capital and its effects has been, in many ways, paused. There's a slowdown. Venture capital funding for the first nine months of this year is down 7% over a similar period last year per Tracxn. There have been news stories about layoffs, company shutdowns, and downrounds at various companies from a time when unicorns were being born every three months or so. Capital is abundant. A lot of dry it remains...

We have unlocked the full and unedited version of episode 13, which we released on October 10th for Premium subscribers of The Ken on The Ken’s mobile app and Apple Podcasts. Now, you can stream the full episode on Spotify, Amazon Music, YouTube or wherever you listen to your podcasts for free for a limited time. If you are a Product Manager, especially in India, you’re probably going through a crisis of faith and existence. As a career, Product Management in India has gone through multiple...

Ola Electric's woes just don’t seem to be stopping. From angry customers to its mercurial CEO getting into online spats as pressure mounts, many of its problems stretch seemingly beyond its control today for it to make a quick turnaround and change the narrative. And this is hurting its valuation significantly, both in the private and public markets. Just this week, Ola Electric's price fell below its listing price Ola Electric can and should take credit for making EV two-wheelers common on...

We have unlocked the full and unedited version of episode 12, which we released on October 3rd for Premium subscribers of The Ken on The Ken’s mobile app and Apple Podcasts. Now, you can stream the full episode on Spotify, Amazon Music, Youtube or wherever you listen to your podcasts for free for a limited time. Ather Energy is the third-largest seller of electric two-wheelers in India. Founded in 2013, Ather Energy is known to have kicked off the electric two-wheeler wave in India. They came...

Happy Deepavali, dear listeners! On account of Deepavali, the Two by Two team is also taking a small break. But don't worry; we'll be back with our regular programming next week. Until then, you can always listen to past episodes of Two by Two that you haven't gotten around to yet. If you're a Premium subscriber listening to this on The Ken’s mobile app or on Apple podcasts, you can just scroll down and listen to any of our episodes in their full, unedited form. On the other hand, if you...

We have unlocked the full and unedited subscriber version of episode six which we released on September 26 for Premium subscribers of The Ken on The Ken’s app and on Apple Podcasts. Now you can stream the full episode on Spotify, Amazon Music , Apple Podcasts or wherever you get your podcasts for free for a few weeks. Netflix is trying hard to crack the Indian market. Ever since the US streaming giant entered the country it has been hard at work to make an impact. And over the years they’ve...

What happens when the government plays the role of regulator, policymaker, and operator? The government has played a pivotal role in establishing and promoting Digital Public Goods (DPG) and Digital Public Infrastructure (DPI) in the past decade and a half, and there have been few which have been integral in our daily lives in more ways than one. The reason why these solutions exist is plain and simple: There emerged companies which disrupted the landscape of finance, commerce, mobility and...

We have unlocked the full and unedited subscriber version of episode six, which we released on September 19th for Premium subscribers of The Ken on The Ken’s app and on Apple Podcasts. Now, you can stream the full episode on Spotify, Amazon Music, Apple Podcasts, or wherever you listen to your podcasts for free for a few weeks. The fastest growing segment of insurance in India is individual health insurance. It’s growing steadily at a, well, healthy pace of 20% annually.  But scratch just a...

Ola and Uber are in a “late stage duopoly”. After spending billions and billions of dollars, they have finally secured pole positions in ride sharing in India. Both of these companies together control 70% of the market and they have created network effects that make it much harder for anyone to enter and compete with them. However, this particular situation is facing some new challenges and just like how Uber and Ola conquered city after city using a disruptive model and technology, the...

[This episode which we released on September 12 for Premium subscribers of The Ken on The Ken’s app and on Apple Podcasts is now available to listen for free for a limited time. Stream the full episode on Spotify, Amazon Music , Apple Podcasts or wherever you listen to your podcasts.] It seems like ‘invite only’ is a rite of passage for Stripe. If Stripe entered India with an invite-only step, then it seems reasonable to assume that it’s leaving India on the basis that it’s doing invite-only...

If you are a Product Manager, especially in India, you’re probably going through a crisis of faith and existence. As a career, Product Management in India has gone through multiple eras — in the early days, PMs struggled to explain to people what they actually did. Think about all the people you’d imagine who work at a software company. Marketing. Engineering. Sales. Analytics. Design. You can explain what they do to your grandmother. But the one exception to the rule is Product Management....

We have unlocked the full and unedited subscriber version of episode eight which we released on September 05 for Premium subscribers of The Ken on The Ken’s app and on Apple Podcasts. School education is a fundamental right in India. An average Indian child spends 10-12 years in schools. And for most parents and families, the money they spend on educating their child is one of the largest over time. And yet, school education is slowly becoming (or perhaps being made) irrelevant in the next...

Ather Energy is the third largest seller of electric two-wheelers in India. Founded in 2013, Ather Energy is known to have kicked off the electric two-wheeler wave in India. They came in with a great product which offered the best of software and hardware on a two-wheeler. And over a decade of its existence Ather has delivered on its promise of a great product which will create a “magical experience” for its customers. Ather spent years building their own electric two-wheelers from the...

We have unlocked the full and unedited subscriber version of episode six which we released on August 29 for Premium subscribers of The Ken on The Ken’s app and on Apple Podcasts. Now you can stream the full episode on Spotify, Amazon Music , Apple Podcasts or wherever you get your podcasts for free for a few weeks. Google Pay is India’s second largest UPI app with a market share of 38%, with 500+ crore transactions a month. It’s one of the world’s mightiest companies, and yet, we argue that...

Netflix is trying hard to crack the Indian market. Ever since the US streaming giant entered the country it has been hard at work to make an impact. And over the years they’ve learnt a thing or two about how the Indian streaming space functions. Netflix is also not shy about expressing how it sees India as its last growth market. Most of the other geographies it has saturated its reach to a large extent, but India has always been a pain point for it to get a leg up on. So much so, that the...

We have unlocked the full and unedited subscriber version of episode four which we released on August 22 for Premium subscribers of The Ken and on Apple Podcasts. Now you can stream it wherever you listen to your podcasts for free for a few weeks. Software engineering careers used to be a ladder. You studied for 4 years, got a job as a fresher, and could virtually take for granted a steady career filled with learning opportunities, salary hikes, and role promotions. In fact being an engineer...

The fastest growing segment of insurance in India is individual health insurance. It’s growing steadily at a, well, healthy pace of 20% annually.  But scratch just a little beneath the surface and things don’t appear so rosy. Of the 20% annual growth in revenue, nearly 15% comes from medical inflation. Meaning, existing customers paying higher premiums each year because the costs of treatments are going up. The growth in the number of customers each year is just around 5-6%.  Health insurance...

We have unlocked the full and unedited subscriber version of episode four which we released on August 15 for Premium subscribers of The Ken and on Apple Podcasts. Now you can stream it wherever you listen to your podcasts for free for a few weeks. The Swiggy of 2024 is a shadow of its former self.  Boxed in by younger, nimbler and hungrier competitors from all sides, it has been defending itself for so long that it seems to have forgotten how to play offense.  It wasn’t always like this....

It seems like ‘invite only’ is a rite of passage for Stripe. If Stripe entered India with an invite-only step, then it seems reasonable to assume that it’s leaving India on the basis that it’s doing invite-only again. Over seven years, Stripe, the world’s mightiest fintech, currently valued at $70 billion (and at $95 billion at its peak), could not make a dent in India. It had a great product, a massive untapped opportunity in India, and didn’t have much competition. And yet, it failed....

We have unlocked the full and unedited subscriber version of episode four which we released on August 8 for Premium subscribers of The Ken and on Apple Podcasts. Now you can stream it wherever you listen to your podcasts for free for a few weeks. The conventional wisdom is that Bengaluru is India’s Silicon Valley. It’s the cradle of India’s tech revolution. First there was Infosys and Wipro on the IT services side. Then when startups become cool and hip, the default location to get it all...

12 years of schooling is losing out to private coaching as entry into India’s colleges gets increasingly centralized via entrance exams.    School education is a fundamental right in India. An average Indian child spends 10-12 years in schools. And for most parents and families, the money they spend on educating their child is one of the largest over time. And yet, school education is slowly becoming (or perhaps being made) irrelevant in the next step that comes after that: college. The...

We have unlocked the full and unedited subscriber version of episode three which we released on August 1 for Premium subscribers of The Ken. Now you can stream it wherever you listen to your podcasts for free for a few weeks.  In 2021, as the pandemic still raged on and we washed our vegetables and supplies before consuming them, a young delivery startup promised that you can get all your groceries – everything you need – delivered right to your doorstep. In 10 minutes.  This was pretty...