Two by Two

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  Connecting 110 Dots (Season Finale) 15.10.2026 1sa 18dk

  “If you had to pick out of all these patterns and themes that we spoke about, which one are you the most sure about for the next season?Two by Two is taking a short break before Season 3 starts in November, and for the season finale, the table gets flipped. Snigdha Sharma, who hosts Daybreak, The Ken’s daily news podcast, went back through both seasons of the show, pulled out the themes it keeps returning to, and put Praveen Gopal Krishnan in the guest's chair.He discusses some of the themes India will see play out in the next couple of years, like how duopolies across quick-commerce, ride-sharing and food delivery will face pressures and continue to innovate to hold out. Or how legacy companies like HUL and Bajaj Finance tell us about our understanding of assets, and how that’ll play out. And of course, what exactly is the new urban Indian, and how will they continue to shape culture, cities and much more.Two by Two will be on a short break, and will be back with Season 3 in November.All of it leads back to a concept Praveen first wrote about six years ago in The Nutgraf: India’s California users, a group of roughly 10 million people whose habits shape the country's consumer tech, its startups and its culture. 
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  The hyperindependent Bangalorean walks into a hospital rave 17.09.2026 1sa 9dk

  On 22 August, a hospital in Bengaluru hosted a “rave party” in its corridors, with kombucha and hospital props. Enough people were bemused and outraged. A week later, a "peptide party" was cancelled the day before it happened, after Karnataka's drug regulator asked what exactly was in the mocktails and later conducted raids. These are just a small flavour of the kind of strange, unusual events that are happening in the city. There are others : like invite-only house parties with AI-generated cocktails, people opening up their living rooms for strangers to come in and listen to music, running clubs, and people who make a habit of sitting in Cubbon Park reading different books, together, without speaking. This summer, a new kind of Bangalorean has come to the forefront - they want to be around people, but never with people. And brands have noticed.This episode is about what happens when people who crave ambient belonging meet brands  that are ready to push the envelope to find noise. The hyperindependent Bangalorean has moved here for a job, lives with flatmates they found on an app, is self-reliant to a fault, and is yet lonely in a very specific way. They will fill in a Google form to attend a party but won't accept an invitation to one. Then come the brands, who have discovered that fifty solitary attendees who are ready to experiment with something bizarre are worth more as a story than actually doing the work of crafting an event that’s worth their money and time. Praveen puts this theory to two people who have spent years building events and curating spaces in Bengaluru. Karthik Balakrishnan runs Underline Centre, a community space in Indiranagar that hosts a film club, improv, board games and origami meetups, and which he describes as "a daycare centre for adults". Arpan Peter is the founder and CEO of Foreward Lifestyle and Experiences, a culture IP house behind the India Jazz Project and The Shift, a bar-culture platform whose ₹4,000 Secret Shift evenings sell out before anyone knows where they are.Together, they try to answer the question of what happens when the hyperindependent Bangalorean walks into a hospital rave party. 
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  Three times Uber said no to leaving India 10.09.2026 58dk

  In February of 44 BC, Mark Antony offered Julius Caesar a crown in front of a Roman crowd, and Caesar pushed it away. Antony offered it again; Caesar refused again. One more offer came from Anthony and Caesar refused it for the third time, yet again. Rome cheered. Uber has been offered a way out of India three times in eight years. By SoftBank and Ola in 2018, by a phantom acquisition-merger with Ola in 2022, and by Rapido this May, and three times it has refused. Each time the objection was the same: Uber would not become a minority shareholder in a business someone else runs.Praveen tells the eight-year story through two conversations recorded before the Rapido talks with Uber: Two by Two's own September 2025 interview with Prabhjeet Singh, then president of Uber India and South Asia, who explains the "number one or number two" doctrine, declines to disclose India's numbers, and describes a market where "a certain dollar amount has to be redistributed"; and Nikhil Kamath's August 2025 interview with Uber CEO Dara Khosrowshahi, the Uber explicitly acknowledged Rapido. Uber calls India a must-win market. The question we ask in this episode is what does Uber really want in IndiaReferences Uber India has run the race and stayed the course. Can it change the game? : Episode 58, the full conversation with Prabhjeet Singh.Uber, Ola, Rapido — the 3 wheels of India's post-Covid auto race
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  Nykaa would rather be premium than be fourth 03.09.2026 1sa 11dk

  Inside Myntra, there’s a spreadsheet that lists the competitors it’s tracking closely. Nykaa Fashion is not on it.  To find it, you open a dropdown called "others" and scroll past Shoppers Stop, LimeRoad and Club Factory. That is where India's biggest fashion platform files Nykaa's fashion business, eight years after Nykaa promised its IPO investors that fashion would be the second engine.Except this past quarter, Nykaa Fashion made money for the first time in its existence. Its GMV grew 30% last year and crossed ₹4,900 crore, H&M chose it for a marquee launch and became the platform's number one brand within months, and Nike handed it something almost no global brand hands anyone — its entire India digital storefront, run end to end. And finally, Nykaa was profitable, but just about. How did this happen?Nykaa decided to stop competing with Myntra altogether: walk away from the discount war, wind down the private labels, and go premium.Praveen tells the story of Nykaa's two acts in fashion through two conversations — with Aalok Dubey, who has spent thirty years building brands in India, on what premium actually means and why platforms keep falling for private labels; and with Nuha Bubere, who reported The Ken's story on the turnaround, on what Nykaa changed and why Myntra still isn't looking. And together, the story is about Nykaa - which has chosen a different path for itself, and what comes next.  ReferencesNykaa finally fixed fashion, and investors came rushing back. Myntra still sees no reason for panic — by Nuha Bubere, The Ken.
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  Ather's Rs 1 lakh scooter walks into TVS and Bajaj's market 27.08.2026 1sa 6dk

  Ather took eleven years to sell its first half-million scooters, watched Ola raise more money and build bigger factories, and cut its own valuation by 44% to get its IPO away. Since then, it’s been on a tear, building factories, scaling, and now it’s at the point where it’s ready for the biggest challenge yet: this week it’s launching a new platform aimed at the ₹1 lakh scooter mass market. There’s a reason why nobody has gotten this far. TVS leads the market. Bajaj is second and already makes money on electric. Both entered EVs once Ather had proved the demand, and between them they now hold about half the market, funded by profitable petrol businesses. So Praveen asks his two returning guests the question: what happens when Ather takes the fight to TVS and Bajaj’s home ground? Kunal Khattar, founder of Advantage, an early-seed fund that has spent a decade betting India's EV transition will be won by startups and Narayan Sundaraman, independent strategy and brand advisor, most recently head of marketing at Bajaj Auto, are surprisingly optimistic about Ather’s chances — but with caveats. Together, they discuss how Ather got here, how it found the resilience to stay where it is right now, and what lies ahead for India’s most promising EV company. References: https://the-ken.com/podcasts/two-by-two/ather-energy-was-a-pioneer-can-it-also-be-a-leader/
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  Rewind : The numbers behind OpenAI, Gemini, and Perplexity’s deals with Phonepe, Jio, and Airtel 20.08.2026 1sa 28dk

  No new episode this week, we're on a break. So, here's one from November 2025 that just became relevant again: Perplexity's free year with Airtel has begun expiring, and the numbers are just being reported: https://techcrunch.com/2026/08/18/perplexitys-free-ai-offer-left-it-with-millions-more-users-in-india/Listen back to what we predicted and how things panned out.------This week, Two by Two debuts a new format: “Reverse engineering the playbook.”Hosts Rohin Dharmakumar and Praveen Gopal Krishnan attempt to crack the math behind this recent wave of AI-telco partnerships in India. Why are companies like Perplexity, Google, and OpenAI racing to bundle their expensive premium subscriptions with Airtel, Jio, and Phonepe? To decode the economics, they are joined by two industry experts with firsthand experience managing these exact types of deals: Chandrashekhar Vattikuti (ex-CPO of Inmobi and SVP of their Telco Cloud business) and Prakash Deep Maheshwari (head of product at Grab and former director of growth for Netflix in India and Southeast Asia).The group explores whether Indian telcos are desperate for differentiation or simply cashing in on a gold rush where the smartest move is to sell shovels–or in this case, subscribers. Prakash argues this is a classic Prisoner’s Dilemma: once one telco bundles an AI service, the others have no choice but to follow.They also break down the actual structure of these deals, from minimum guarantees to the marketing halo the partnerships create. The conversation gets into why OpenAI likely entered these deals “kicking and screaming” to protect its platform ambitions, while Chandra offers a reality check on whether these massive user numbers will actually stick around once the free periods end.Episodes referenced in the conversation: 1. ‘Do we even need product managers?’– Two by Two episode 13 with Chandrashekhar Vattikuti 2. ‘Threat models, using taste to defend margins, ChatGPT’s ‘collab’ with Phonepe’- Zero Shot episode 9
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  2025 Year-end special 25.12.2025 54dk

  2025 is done. Forty-eight episodes. Hundreds of guests. Endless banter between Rohin and Praveen.This year, Two by Two covered stories from Bengaluru to the world including business, tech, and everything in between. We didn't just stick to the usual. We asked about people, trends, and the things others weren't paying attention to. We brought on guests who didn't rehearse their answers and tried to make sense of things as they happened.Some episodes turned out to be prescient. Some were messy. Some sparked arguments in our inbox. All of them tried to do what we set out to do: spot hidden connections, ask unasked questions, and figure out what's really going on.This final episode is Rohin looking back at six moments from the year with clips from conversations that stood out. Between each one, he adds context and some behind-the-scenes perspective on why it mattered.Here are the episodes featured:Episode 26: Zomato, Swiggy, and the rise of the 10-minute "dark" caféEpisode 31: Airtel fights spammers. And Truecaller's business modelEpisode 47: Who broke Bengaluru, and how do we fix our cities?Episode 50: In an AI age, India does not have an open source strategyEpisode 51: The invisible whale that capsized India's leaky options boatsEpisode 66: What will bring ambition back from the dead?To everyone who listened, argued with us, sent guest suggestions, or just stuck around, thank you. Next year, we're coming back with everything that makes Two by Two what it is, but bigger and better. Maybe even a few surprises. Stay tuned.There won't be an episode next Thursday. We will return on January 8th, 2026.See you in the new year.________This episode was produced by Uddantika Kashyap and mixed and mastered by Rajiv CN, our resident sound engineer.If you liked this episode of Two by Two, please share it with your friends, family and colleagues who would be interested in listening. If you have suggestions for guests, episodes or even changes we could make. Please write to us at [email protected] or comment below.
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  60 seconds for every 2025 episode 18.12.2025 54dk

  As we try to wind down this year, Rohin and Praveen do something they’ve never done before: go through every single episode they recorded this year. All 48 of them. In 60 minutes.The rules were simple. Each host had 10 points to build their personal top 10 list for the year. No take-backs, and no pre-discussion. It was a completely live, vibe-based recording where they figured it out as they went.What follows is a rapid-fire sprint through the year. From Amazon India’s struggles to the electric car slowdown, from B-school placements to the rise of quick commerce dark stores, and from Razorpay versus Juspay to the chaos of concert infrastructure in India. They cover it all—the hits, the misses, the prescient calls, and the episodes they wish had gone differently.Along the way, they debate whether episodes were too speculative, too early, or just not memorable enough. By the end, they’re locked in a tight race with only five episodes left and one point each remaining.Because it wouldn't be Two by Two without a matrix, we plotted the results of their debate. Take a look at the graphic to see which episodes they both loved (the green zone) versus their personal favourites.It is chaotic, nostalgic, and a perfect preview of what 2025 looked like through the lens of Two by Two.______This episode was produced by Uddantika Kashyap and mixed and mastered by Rajiv CN, our resident sound engineer.With 48 episodes in the books, this is the perfect starting point for anyone looking to catch up on the defining business stories of 2025. If you liked this sprint through the year, please share it with someone who loves a good deep dive.Have your own "vibe-based" arguments about our list? We’re all ears. Reach out at [email protected] or leave a comment.
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  Deepavali Break 23.10.2025 1dk
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  No Explainers, No Takeaways: One Year of Two by Two 31.07.2025 1sa 12dk

  Join Rohin and Praveen as they celebrate the one-year anniversary of the 2x2 podcast, reflecting on 52 episodes of business and strategy discussions. This special ‘vibes’ episode looks back at their journey creating Two by Two, the evolution of the show, and future plans, deviating from their usual topic-focused format.Praveen shares key meta-narratives he picked from the past year, including a "desperation-driven convergence" where companies like Flipkart and Phonepe try to become each other. He also highlights themes such as the government shaping markets as a "competitor" or through "artificial constraints", and a "great career existential crisis" impacting roles from engineers to marketers. Other themes include the "destruction and retreat of big tech in India", the podcast's contrarian framing of topics, and a focus on India's "livability crisis", addressing issues like urban infrastructure and air pollution.We’d love to hear what you think about Two by Two as well. You can write to us at [email protected].
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  2024 Year-end special 26.12.2024 56dk

  Welcome to the year-end special edition of Two by Two.We’ve released 22 episodes of Two by Two since our inaugural edition in July. We’ve covered an incredible breadth of counterintuitive topics framed as, well, two by twos. Would Flipkart become Phonepe before Phonepe became Flipkart? Did Delhi prick Bengaluru’s bubble? Is the golden era of the software engineer over? Why is health insurance broken? How will Ola and Uber avoid ‘death by a thousand cuts’? Why is Zepto behaving like a gold medallist? Can venture capitalists do no wrong? Dmart versus the challengers at the gates. AI and the impending disruption of Indian SaaS. We’ve had incredible fun exploring these ideas with a bunch of really sharp, experienced and opinionated guests. Finding guests who don’t hesitate to speak their minds and state unpopular truths has been one of the hardest things. Far, far tougher than finding interesting topics. We owe all our guests a huge thanks for trusting us. Far too many professionals and leaders prefer to stick to rehearsed and predictable talking points in public these days.We’d started Two by Two with the ambition to operate at the intersection of curiosity and synthesis. Each week, we said we’d spot the hidden connections and unasked questions. We’d identify the cast of players and their motivations. We’d bring in incredible people to discuss these with. We’d try to answer simple yet fundamental questions like, what is going on, why is it happening, who gains and who loses, and where is all of this leading to?By always asking questions. Always connecting the dots. Always being unfiltered and uninhibited.We wanted Two by Two to be ‘your personal investigative brain’. In 2025 we hope to make Two by Two even more interesting and unpredictable. Yes, at its core it will still be a weekly podcast. But I’m excited at the possibility of doing so much more by involving our subscribers, listeners and readers in these endeavours. We want to make Two by Two ‘our collective investigative brain’. And hosts Rohin Dharmakumar and Praveen Gopal Krishnan will continue to do so with a new episode every Thursday.To listen to all episodes of Two by Two, consider subscribing to The Ken’s Premium plan, which in addition to the podcast, will also get you access to our long-form stories, Premium newsletters and visual stories.If you just want access to Two by Two, you can do that as well on Apple Podcasts with a paid subscription.Two by Two is also a free weekly newsletter published every Friday. You can sign up for it here. Listen to all Two by Two episodes here:1. Will Flipkart become Phonepe before Phonepe becomes Flipkart? - https://the-ken.com/podcasts/two-by-two/will-flipkart-become-phonepe-before-phonepe-becomes-flipkart/2. Why has all the excitement and disruption gone out of startups? - https://the-ken.com/podcasts/two-by-two/why-has-all-the-excitement-and-disruption-gone-out-of-startups/3. Is Zepto a gold medallist or a bronze medallist? - https://the-ken.com/podcasts/two-by-two/is-zepto-a-gold-medalist-or-a-bronze-medalist/4. Delhi pricked the Bengaluru bubble - https://the-ken.com/podcasts/two-by-two/delhi-pricked-the-bangalore-bubble/5. Swiggy needs to reclaim its past glory - https://the-ken.com/podcasts/two-by-two/swiggy-needs-to-reclaim-its-past-glory/6. Is the golden era of the (software) engineer over? - https://the-ken.com/podcasts/two-by-two/is-the-golden-era-of-the-software-engineer-over/7. Google Pay: Big. Successful. Vulnerable - https://the-ken.com/podcasts/two-by-two/google-pay-big-successful-vulnerable/8. Private coaching is eating away at schooling - https://the-ken.com/podcasts/two-by-two/private-coaching-is-eating-away-at-schooling/9. Why Stripe could not become the Stripe of India? - https://the-ken.com/podcasts/two-by-two/why-couldnt-stripe-become-the-stripe-of-india/10. Health insurance in India is ripe for disruption - https://the-ken.com/podcasts/two-by-two/health-insurance-is-ripe-for-disruption/11. Netflix and its last growth market - https://the-ken.com/podcasts/two-by-two/netflixs-last-growth-market/12. Ather Energy was a pioneer. Can it also be a leader? - https://the-ken.com/podcasts/two-by-two/ather-energy-was-a-pioneer-can-it-also-be-a-leader/13. Do we even need Product Managers? - https://the-ken.com/podcasts/two-by-two/do-we-even-need-product-managers/14. How will Ola and Uber avoid ‘death by a thousand cuts’? - https://the-ken.com/podcasts/two-by-two/how-will-ola-and-uber-avoid-death-by-a-thousand-cuts/15. The relentless rise of the government as a competitor - https://the-ken.com/podcasts/two-by-two/the-relentless-rise-of-the-government-as-a-competitor/16. What does the future hold for Ola Electric? - https://the-ken.com/podcasts/two-by-two/what-does-ola-electrics-future-hold/17. Can venture capitalists do no wrong? - https://the-ken.com/podcasts/two-by-two/can-venture-capitalists-do-no-wrong/18. Dmart versus the challengers at the gate - https://the-ken.com/podcasts/two-by-two/dmart-versus-the-challengers-at-the-gate/19. Marketing is eating itself from the inside - https://the-ken.com/podcasts/two-by-two/marketing-is-eating-i...
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  Happy Deepavali! 31.10.2024 3dk

  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 aren’t a premium subscriber yet, you can listen to one of our older episodes which we’ve unlocked for you. In fact, in the latest unlocked episode, we argue, debate, and discuss what Netflix needs to do to win in its last growth market — India.Netflix's last growth market. (Full republished episode for free users available on Spotify | Apple Podcasts | Amazon Music | Youtube)By the way, if you’re in the mood for something other than two-by-twos and business models, why don’t you head over to Daybreak, The Ken’s daily podcast?Just last week, our colleagues Snigdha and Rahel did an amazing episode where they spoke to multiple people to understand why women freeze their eggs.Successful women are freezing their eggs. And that's on men. (Spotify | Apple Podcasts | Amazon Music | YouTube Music)If you have suggestions for potential future episodes, we’re all ears. We’re also all ears if you have recommendations for interesting guests we can invite to the show—guests who know their stuff and aren’t afraid to speak their minds, even if it goes against conventional wisdom. Write to us at [email protected].