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PODCAST

Two by Two

The Two by Two podcast is a premium business podcast from The Ken that investigates, discusses and breaks down the most important business stories around you. Hosted from The Ken"s newsroom by business journalists Rohin Dharmakumar and Praveen Gopal Krishnan, Two by Two will feature guests and experts from across the industry and academia to talk about issues no one else is talking about.

business business news

All Episodes

1:17

Deepavali Break

Two by Two ·

2025/10/23

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68:52

Firstclub wants to be the Costco of quick-commerce

Two by Two ·

2025/09/25

In this episode of Two by Two, co-hosts Praveen Gopal Krishnan and Rohin Dharmakumar are joined by Ayyappan Rajagopal, founder and CEO of the quick-commerce platform Firstclub. A veteran of India’s e-commerce sector with leadership roles at Flipkart, Myntra, and Cleartrip, Ayyappan shares his vision for a differentiated experience in the crowded quick-commerce market. While existing platforms are highly transactional and compete on speed and discounts, Firstclub aims to be a curated,

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93:36

What happens when Indian consumers discover what they...

Two by Two ·

2025/09/18

In this episode, co-hosts Praveen Gopal Krishnan and Rohin Dharmakumar sit down with Munaf Kapadia (VP of growth and marketing, Natfirst), and Arjun Anjaria (founder, Unbox Health) to discuss the challenge posed by misleading food labels in India and the resulting deterioration in consumer trust. Unbox Health uses independent lab testing to verify product claims, creating an objective D to A+ rating scale based on label accuracy, toxicity, and nutritional profile. While Natfirst, and its

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82:37

Uber India has run the race and stayed the course....

Two by Two ·

2025/09/11

How does the India head of a global, category-creating giant view its future in arguably its most complex market?In this candid episode of Two by Two, we sit down with Prabhjeet Singh, the president of Uber India and South Asia, to deconstruct the company’s biggest strategic challenges and ambitions in the country.Prabhjeet breaks down Uber’s “barbell strategy”—a delicate balance of serving both premium customers with services like Uber Black and cost-conscious users with affordable

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87:36

What is the point of an undergraduate college...

Two by Two ·

2025/09/04

While India produces millions of graduates every year, the stark reality is that many remain underemployed, and some are increasingly turning unemployable. Contrary to popular belief, this is not merely a problem facing social science or non-STEM students. Data from the past decade shows that 40% to 50% of engineering graduates from Indian universities have not been placed in jobs, underlining the worrying gap between academic education and industry requirements. This is just one of the

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83:38

Whatsapp's double life

Two by Two ·

2025/08/28

Whatsapp is the fastest and the best way to reach hundreds of millions of Indians, which makes it a dream distribution channel for everybody. But its owner Meta maintains an iron grip on its APIs, pricing, and policies, making it a risky place to build. This is Whatsapp’s double life. This deadlock is why Whatsapp is universally used but not universally loved by India’s users. It’s why startups have an opportunity in front of them, but one shrouded in doubt. In this episode, we have two

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86:42

Which quadrant does India want UPI in?

Two by Two ·

2025/08/21

Launched in 2016, UPI now dominates retail digital payments in India, accounting for over 80% of the volume and processing a massive 300 million transactions every month. What began as a government-funded project is now a public utility. Unlike private companies like Visa or Mastercard, government-funded entities like the Internet or the World Wide Web are not typically judged in terms of profitability. Their vast economic and innovative benefits far outweigh their costs. Viewing UPI

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67:10

Will Indians pay for pest control as a service?

Two by Two ·

2025/08/14

In this episode of Two by Two, we discuss pest control. It’s an old industry with little to no innovation, but there’s reason to take notice.Currently valued at $1.8 billion, the market is projected to grow to $3.1 billion by 2033, clocking a steady annual growth rate of 15%.Private equity wants in. Two service providers have been acquired by UK-based Rentokil. One is Pest Control India (PCI), which was once the market leader. The other is Hicare, which was the second-largest

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70:15

Is India overvalued, under appreciated, or both?

Two by Two ·

2025/08/07

In the first episode of season two of Two by Two, we unpack India’s evolving economic story at a pivotal moment—amid global uncertainty and rising US tariff threats that some have dubbed India’s "second 1991 moment."We break down the promise and illusion of India’s economic outlook across two critical dimensions: macroeconomics and markets.The narrative of GDP growth powered by rising productivity is enticing. India stands alone as a large economy where labour, capital, and productivity are

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72:05

No Explainers, No Takeaways: One Year of Two by Two

Two by Two ·

2025/07/31

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

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85:55

Jio Blackrock wants it all

Two by Two ·

2025/07/24

In 2016, Mukesh Ambani stood on stage and made a promise that seemed impossible. Jio would give away data virtually free and still build a profitable business. The telecom industry laughed. Six years later, Jio had 450 million subscribers and had driven three major competitors into extinction or merger.Now imagine that same playbook applied to your money.Last year, when Jio partnered with BlackRock, the world's largest asset manager with over $10 trillion under management, most people saw

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91:40

The invisible whale that capsized India's leaky...

Two by Two ·

2025/07/17

In an unprecedented crackdown, India’s capital markets regulator SEBI has fined the global trading giant Jane Street over ₹4,800 crore, accusing it of systematically manipulating the Indian equity options market. The penalty—one of the largest ever imposed by SEBI—stemming from an investigation into just 21 trading days, could expand significantly, with potential illicit gains estimated between ₹30,000 and ₹40,000 crore still under review.First reported by Anand Kalyanaraman, The Ken’s

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82:39

Where AI can and can’t replace human coaching

Two by Two ·

2025/07/10

This episode of Two by Two was first published on 12 June 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium

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110:07

In an AI age, India does not have an open source...

Two by Two ·

2025/07/10

In the 50th episode of Two by Two, hosts Rohin Dharmakumar and Praveen Gopal Krishnan examine the contrasting open-source trajectories of China, the US, and India in the context of AI, and where India fell short.While China, despite being authoritarian, has surged ahead in open-source AI leadership with models like DeepSeek R1, India has fallen behind. The 2010s are framed as a “lost decade” for Indian open source, characterised by a vibrant tech ecosystem that failed to foster a meaningful

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74:32

Are we seeing the unbundling of quick commerce?

Two by Two ·

2025/07/03

This episode of Two by Two was first published on 05 June 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium

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79:37

GCCs vs Indian IT companies

Two by Two ·

2025/07/03

Microsoft, Amazon, Google, GS, JP Morgan Chase, Deloitte, Walmart, Bosch, Adobe, Target, Salesforce, AstraZeneca.What’s common to these dozen organisations? Other than the fact that they are, well, large, well-respected and innovative?They all operate their own development and innovation centres in India. Often sprawling campuses and offices across multiple cities, filled with Indian engineers, project managers, product experts, designers, HR, finance and, well, virtually every function

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82:47

Can Smallcase maintain its relevance in a changing...

Two by Two ·

2025/06/26

This episode of Two by Two was first published on 29 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium

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83:55

'Your duopoly is my opportunity' — India’s...

Two by Two ·

2025/06/25

Meesho, Rapido, and Zepto have managed to challenge what seemed like firmly established duopolies, such as Amazon and Flipkart, Uber and Ola, and Blinkit and Swiggy Instamart, respectively.The third-place player trying to break the duopoly with its ‘challenger DNA’ came in and caught up with the incumbents by targeting the unserved or underserved markets they overlooked, innovation, be it through providing a zero commission platform for sellers, delivering groceries in minutes or connecting

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95:58

Who broke Bengaluru, and how do we fix our cities?

Two by Two ·

2025/06/19

Bengaluru, India’s tech hub, is unfortunately also a poster child for urban chaos. A city bursting at the seams, where unplanned growth has pushed its infrastructure to breaking point. Imagine roads that can’t handle the sheer volume of vehicles, leading to traffic jams that eat away at hours of your day. It’s not a minor inconvenience; it’s a daily grind that impacts productivity and quality of life.And it doesn’t stop there. Bengaluru is constantly battling water scarcity. When the

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70:31

Reliance Retail pays the price for size

Two by Two ·

2025/06/19

This episode of Two by Two was first published on 22 May 2025.Premium subscribers of The Ken have full access to ALL our premium audio. They are available exclusively via The Ken’s subscriber apps. If you don’t have them, just download one and log in to unlock everything. Get your premium subscription using this link.Not a Premium subscriber? You can subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel includes ALL our premium

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