Two by Two

For the last 24 months, the default way in which startups were exposed to venture capital and its effects has been, in many ways, paused. There's a slowdown. Venture capital funding for the first nine months of this year is down 7% over a similar period last year, per Tracxn.There have been news stories about layoffs, company shutdowns, and downrounds at various companies from a time when unicorns were being born every three months or so.Capital is abundant. A lot of dry powder remains uninvested everywhere, but it's just not getting invested at the same rate.Building and scaling a company is getting cheaper because of AI and LLMS, which can generate code, images, or just about anything that you want.And the biggest change—there's a focus on being profitable.If you’ve been a regular listener of Two by Two, you’d know that VCs have always managed to sneak into most, if not all, discussions on the podcast. Maybe not in the way they’d like to be represented in general, but they have been part of the conversation in some way, shape, or form.So when hosts Rohin Dharmakumar and Praveen Gopal Krishnan sat down for this week’s episode, they got two founders-turned-VCS to join in and say their piece on the role VCs plays in the world of startups. And what they need to be doing right. Manav Garg is the founder of Eka Software and co-founder of the operator-led Together Fund (Manav has previously appeared as a guest on the First Principles podcast as well), while Rajiv Srivatsa is the co-founder of Urban Ladder and now a founding partner at Antler India.Welcome to episode 17 of Two by Two.You can sign up for The Two by Two newsletter here—it's free!This episode of Two by Two was produced by Hari Krishna. Rajiv CN, our resident sound engineer, mixed and mastered this episode.New episodes are released every Thursday. So follow the show wherever you get your podcasts, and tell us what you think of the show.You can write to us at twobytwo@the-ken.com with your thoughts and suggestions.

Jinesh Gandhi, Research Director at Ambit, and Narayan Sundaraman, a marketing strategist with experience at Bajaj Auto, delve into the challenges Ola Electric faces in the competitive EV market. They discuss the recent stock decline and its implications for the company's future. Insights reveal key hurdles such as rising customer complaints and the necessity of a robust product portfolio. Additionally, they highlight strategic shifts in manufacturing and the importance of strong warranties to ensure product quality and market position.

Celebrate Deepavali with the team as they dive into the joy of the festival, emphasizing the importance of embracing its spirit responsibly. They reflect on memorable moments from past discussions and encourage listeners to share their thoughts for future content. The conversation also touches on Netflix's strategy to capture the Indian market, showcasing the dynamic interplay of culture and business. A delightful mix of festivities and insightful dialogue awaits!

In this discussion, Anupam Manur, an Economics Professor at Takshashila Institution, delves into the evolving role of government as a regulator and competitor in India. He examines how initiatives like UPI and Bharat Connect have transformed everyday life while questioning the implications of government intervention in markets. Manur also addresses the challenges of unemployment and pollution, evaluating the effectiveness of government initiatives in the digital economy. The conversation raises fascinating questions about competition and sustainability in a rapidly changing landscape.

In this discussion, Professor Srinivasan R, a strategy expert from IIM Bangalore, joins Nilesh Sangoi, former CEO of Meru Cabs, and Pradeep Puranam from Yulu, to unpack the ride-hailing duopoly in India. They delve into the emerging threats from EV fleets and innovative local competitors. The guests explore new business models, including subscription services and soft bidding, as well as the challenges that Ola and Uber face in maintaining their dominance amid rising competition and changing market dynamics.

Chandrashekhar Vattikuti, Chief Product Officer at InMobi with a rich background at Yahoo and Microsoft, joins Shreyas Srinivasan, Chief Product Officer at Paytm and founder of Paytm Insider. They delve into the evolving identity crisis facing Product Managers in India, sparked by funding cuts and AI rise. They question the necessity of Product Managers, tracing their transformation from ambiguous roles to structured disciplines. The discussion highlights the balance between data-driven strategies and genuine user experiences in product development.

The discussion highlights Ather Energy's pioneering role in India's electric two-wheeler revolution. It examines the company's impressive tech integration and strategic vision ahead of its IPO. Insights into consumer trends reveal a growing demand for premium electric vehicles among younger buyers. The conversation also addresses the competitive landscape against other players like Ola Electric. A focus on user experience, software capabilities, and regional preferences sheds light on the importance of innovation in achieving market success.

Netflix is on a mission to conquer the challenging Indian market, which it views as its last growth frontier. The service is adapting by lowering subscription prices while facing stiff competition from Jio Cinema and Disney+ Hotstar's extensive content libraries. The importance of authentic local storytelling and cultural nuances is highlighted as crucial to winning over Indian audiences. With a focus on local talent, Netflix aims to ramp up subscriber numbers and stands at a crossroads of innovation fueled by AI and data-driven strategies.

The podcast dives into the rapid growth of individual health insurance in India, revealing a troubling reliance on rising medical costs rather than genuine customer growth. With 70-75% of Indians uninsured, the discussion highlights systemic flaws that favor hospitalization over preventive care. The hosts address the marketing hurdles insurers face, the push for personalized coverage, and the urgent need for reforms. They also explore the tension between short-term profits and innovation, while advocating for a more accessible and customer-centric health insurance market.

Discover why Stripe, a fintech giant, struggled to make an impact in India despite its massive valuation. The discussion highlights the rise of fintech post-demonetization and the innovations that transformed the market. Explore the challenges Stripe faced, including regulatory hurdles and the need for local insights. Compare the agility of startups with the cautious approaches of established firms. Finally, dive into the contrasting journeys of Stripe and its competitors like Razorpay in the evolving payment landscape.