Aviral Bhatnagar

After taking the CAT, I pinged a senior who was at IIM A.

“I attempted 26/30 in Quant and 27/30 in VA/LR“ I told him hopefully.

“Dude, you left 7 questions? No chance of getting more than 99 percentile even if you get all of them right“

I was targeting IIM A/B/C and his statement left me completely without hope.

Having given up, I dreaded the result day. All expectations were dashed. I stopped preparing for interviews.

On the day of the result, I requested my Dad to check the result. Expecting the worst - he came out of the room with what seemed like anger.

“You've scored 99.99! 100 percentile in VA! Why were you telling me you had no chance and stop preparing?“

The funny thing was - I even outscored my senior.

I learnt a big lesson that day - your context is only yours.

Nobody can predict the outcome of your situation better than you. Similarly, never predict the outcome for someone else as you will never have full context.

Listen to everyone, but always follow your own judgement.

If you look at people's DPs on Whatsapp, you begin to realize what truly matters.

It almost never is a picture of them at work or their career.

It almost always is with their kid, spouse, parent, sibling, close friend.

In the end, family is what matters.

My parents graduated in the late 80s from IIT Kanpur, which used to be the best IIT at their point in time

Computer Science closed at AIR 45, and there were 43 seats in CS, so they met (and were) some of the most brilliant minds of their time.

My mother was one of the five girls of her batch on campus, with the total strength being 550. I find this a feat truly amazing to achieve when girls doing science were laughed at or even barred.

For me, the IITs were never hallowed institutions, just great places with very brilliant people. Having studied there, I do see how them being from an IIT has greatly shaped my own life.

Early Days:

My father bought a computer before we had a car, when a PC was as expensive as a car. I was two and accustomed to the computer from that age. I also got my first LEGO set, and I was hooked. This was very different from the set of toys other kids had. I implicitly learnt how to stretch my imagination by exploring LEGO's infinite possibilities. The TV had just come into India, and in hindsight, I realised what a geeky kid I was, watching NatGeo and Discovery over the regular Cartoon Network. I grew up with an encyclopedia. In retrospect, this was mainly because of my parents.

Formative Years:

Growing up was fun. My reading habits and general exposure to information made me begin quizzing. My parents are approachable, and I could talk to them about anything. Unlike most parents who would usually force their children to study, my parents always let me decide what to do. I had quite a lot of freedom, which I sometimes misused, but that also taught me how to respect it. I took the JEE not because my parents were from the IITs but because it was something I liked to do. I loved Physics. I still do.

College:

I cleared the JEE, ranking better than my parents (my mother had the higher one!). I regularly get the no-credit “Parents IIT ke hai, usi liye ho gaya iska (Both his parents are IITians, so he would inevitably get in)“. My parents find it extremely funny, but to a large extent, that statement is correct. I was too unfocused, and they gave me a sense of direction. I talked to them about everything that happened. Even in my first year, I had a good idea of what was in store for me because they shared what was glorified and what was real. Having parents from the same college makes life simpler and negates a significant chance of getting disillusioned, which happens at key junctures.

Work:

My parents eventually evolved into friendly mentors. I was very close to Mom growing up, but I have grown increasingly close to Dad over the last decade. I've always seen them lead by example rather than instruction. They fought every battle in the trenches, celebrated every victory side by side. You realise how exceptional this is when you begin to see your parents as humans and not just superheroes.

I know, Mum that you are reading this and smiling, but it's just one small way of saying “Thank you for everything“.

India’s hottest consumer brand may not be in food or apparel, but 1,000 Cr home appliance fan Atomberg

Atomberg struggled to raise a single penny for 3 years. Compared to Havells, Crompton and Bajaj it is a rounding error. Investors struggled to see what a little company can do to 3 giants. Focusing on a product as “commoditized” as fans is bad tech strategy. Rather than a hot brand, it seems certain to be dead cold

But turning through its story reveals a gritty 10,000 Cr potential upstart disrupting an old industry

In 2012, Manoj Meena was in debt. After dropping an ISRO job from IIT Bombay, his entrepreneurial dreams were dimming. Few kilometres away, his collegemate Shibam Das was a struggling entrepreneur. Adversity brought the two together for an atom of an idea.

Atomberg was born

Despite their pedigree, this wasn’t a beautiful start. The duo struggled through ideas, running tech consulting to make ends meet. 3 ideas failed. Friends asked them to quit. 2 years passed. As the debt got worse, they struggled. For the world, failure was happening in slow motion.

But their consulting revealed a big gap in 10,000 Cr ceiling fans

Excited by the lack of innovation, Atomberg began R&D. Using BLDC, or Brushless Direct Current, AB's fans were dramatically efficient. Every household used a fan. Electricity was unreliable, expensive and a big cost. 45 million fans were there for the taking.

Yet investors didn’t touch them, daunted by the 3 big electrical daddies

Raising small from friendly angels, they went into production. But obstacles continued. No distributor wanted to sell a random fan from two youngsters. Running out of money, they stumbled upon Saurashtra’s ceramic industry. Electricity was on 24x7 running fans to dry ceramics. AB saved 2.5K/year/fan. Blown away by savings, few plants switched.

From the jaws of death, Atomberg was producing 30 fans/day in 2016

95% of the market was the giant B2C market. Having cracked B2B, AB needed to go B2C. Shunned by retailers, they listed on rising e-commerce platforms. Remote controlled, energy savers, the premium on AB’s fans was loved. As customers became fans, flywheel turned

After 5 years of grit, Atomberg was finally beginning to spin up

Raising a Series A of $10M in FY19, they clocked 37 Cr of revenue. In FY20, they reached 69 Cr. Enabled by the internet explosion of the pandemic, they rocketed to 144 Cr in FY21. Raising another $20M in end of 21, it reached 360 Cr in FY22.

By 2023, the company was on track to reach an astonishing 700 Cr

20x in 4 years for a “physical” product is hot velocity. Using digital marketing, R&D and excellent customer support increased customer love. AB moved to include kitchen mixers and smart locks. Using its brand love like the OGs, it catapulted into a massive $80Bn home appliances market

With its incredible story here (https://bit.ly/3Vqaf1V), Atomberg could spin a home appliances unicorn

Simple hack to watch Coldplay now that tickets in Mumbai are 1.1L:

Step 1: Have 1L in your bank account
Step 2: Pay 40K to Cathay Pacific to fly to Hong Kong
Step 3: Pay 20K for Coldplay tickets in HK
Step 4: Spend 30K on food and acco

Enjoy, and save 20K

Read well explained comic book format concepts on topics like PMF here: https://lnkd.in/e4UnX8E5

Here's our piece on PhonePe's iconic rise: https://lnkd.in/dXwEAzmR

Read my essay on wealth here: https://lnkd.in/dEy3Bxc7

HUL took 47 years to get to 1,000 Cr of revenue, MamaEarth took 7

HUL’s 52,000 Cr of revenue is 50x of MamaEarth today. MamaEarth’s profits of 14 Cr are paltry compared to HUL’s 9,000Cr. One brand of HUL makes more than MamaEarth. Saying them in the same breath is stupid, let alone compare them.

But confusing value with valuation misses the power of the 1.5 lakh crore startup ecosystem

HUL reached a revenue of ~100Cr in 1980, inflation indexed ~1,300Cr today. For ME to do that in 7 is incredible, while also turning profitable. HUL had the support of the giant Unilever, ME had to do it all by themselves. HUL’s EBIT % of 20% today is amazing, but it was 7% in 1995.

Building profitable, iconic companies takes decades

PayTm, Zomato, Nykaa have all collapsed 50%+ on the stock market since their IPOs. From being stock darlings to memes, the transition of these companies is complete. Yet, for all the memes, there is a more profound truth about these loss-making companies

Swiggy, Zomato, PhonePe, PayTm are all on our phones

While they are criticized publicly, the same people use them. Even more ironic is that people love their discounts but bash them for their losses due to discounts. The reality is that all these companies are valuable.

Whether or not their valuation is justified is a different story

I am not advocating investing in startup IPOs, a decision to be made with multiple factors. What I see people miss is the absolute uniqueness of how startups scale rapidly, enable, and simplify customer lives.

UPI is surprisingly the best case study here.

UPI’s explosion to 90Bn transactions in 6 years is something we are proud of. We tell the whole world about our achievements. But guess what - PhonePe, GPay and PayTm account for 96% of transactions. 0 of the 3 are profit-making entities. Startups that have created immense value.

But most startups die

96% of them don’t raise money. 0.1% of them become unicorns. A handful go public, a founder's dream. Having closely seen some of these journeys, I know it is tough. Zomato, Paytm, Nykaa’s journey has not ended once they went public. It is a new one, with more scrutiny, and more challenges.

Newly public companies will mature, as no long-term founder wants to destroy investor wealth

Startups do magical things. Creating $1Bn from nothing in 6 years is insane. Some founders may have bad intentions, but most are fighting honestly as underdogs

With my essays on building here (https://lnkd.in/ezjsQkD), respect, celebrate and enable the woman/man in the arena

Read the story of how MamaEarth went from 0 to a unicorn leading Indian internet brands: https://lnkd.in/dMzdhPAe

Here's Parle's iconic story to becoming a 50,000 Cr company: https://lnkd.in/dWASjivb

Read my essay on the IITs here: https://lnkd.in/ewrSkKTi

$170Bn Adobe is acquiring Figma for $20B

Figma's annual revenue run rate is ~$200M

~100x revenue multiple is for Figma's 100% growth

Figma charges ~$200/user/yr, which means Adobe is accessing 1M+ users

Largest private software takeover is to cement Adobe's design dominance

Just a friendly reminder in case you're letting your guard down:

The number of COVID cases is 50% higher than the peak of the 1st wave.

The fact that we are down from an insanely high number can be misleading.

Get vaccinated. Stay home. Stay safe.

AJVC had a goal of 1,000 startup applications at 12 months of fund launch, we have crossed that target in 2 days

The application data has been an eye-opening experience, teaching me the following:
- I seriously underestimated the demand for pre-seed capital in India, it is a huge, underserved market
- There is massive latent demand for pre-seed investments which is hidden because the teams haven't incorporated, 37% of applicants don't even have a company because of limited capital
- Entrepreneurs are not concentrated in one city, Bangalore tops but accounts for just 27% of teams, 13% of teams are outside big metros
- Quality of top teams and ideas is incredible; there is a lot of heart/soul in the applications
- Ideas are being tried in every sector including health, education, SaaS, food, media, logistics, the spread is incredible
- 80% of applicants came through social media, just 6% from referrals, which means that warm connects can be quite hard for founders
- Founders absolutely love the 3 mins it took to fill the form and want to hear a yes/no, what they are disheartened by is no response for months after effort
- Technology/data can be a serious enabler in pre-seed investing

I will endeavour to increase the number of teams we invest in every year. I also hope there is an emergence of more such funds - there is a lot to be done

India needs enabling entrepreneurship and the backing of courage over the next decade

AAP is probably the 4th party after BJP, Congress and CPI to win more than one State election

The most successful political startup of the last decade

Ravish Kumar's YouTube has rocketed to 89 lakh subscribers, bigger than India Today

His channel is now more than half of NDTV's 1.6 Cr, with orders of magnitude higher engagement

While NDTV's videos do ~10K on day 1, Ravish does 10 lakh

Stars no longer need media houses

Read my essay on why I am Long India here: https://lnkd.in/e2HvSYkz

Why do Flipkart and Amazon keep their Big Sale festivals on the same days?

Imagine you are a lemonade stand owner on a long beach.

You notice that customers come only from one side (let’s say the right side). Where would you place your shop?

On the right side.

Now, a friend of yours sees that you are doing pretty well. Where will your friend open her lemonade shop?

Exactly right next you, because she doesn’t want to lose customers who will come to you first.

What if you had customers coming in from both sides? Where would you place your stand?

Right in the centre.

Now think about your real life experiences. Why do you see McDonald's so close to Burger King? Or car stores right next to each other? Or furniture shops all on the same strip?

This is nothing but central place theory or the reason why malls or cities exist.

In “space“, you will be there where your competition is. You will do the same in “time“.

If your competition is attracting similar customers at a particular point in time, you will ensure that you are there as well. This is especially true if customers believe what you and your competition are selling are very similar. Later/farther than your competition means losing customers.

Amazon & Flipkart need to have their Sales on the same days, or they lose

“I am choosing the startup over the big company”

“Woah, that’s nice. What’s the offer like?” I asked my just graduating friend a couple of years ago

“9 lakhs, it’s around 4 lakhs lesser than the company. I know.”

“Interesting, so what’s driving your decision?”

“Man, we’re young right now and learning is really important. 3–4 lakhs today seems big, but is not a big sacrifice in the long run.”

“So you’re not driven by money?”

“Haha, no man. It doesn’t drive me, but I do think about it. I think learning today will reap a lot of benefits tomorrow, much larger than the 3–4 lakhs. That’s the bet, I guess.”

“Have you read about the time value of money?” I laughed

“I haven’t done that calculation, but I think investing in myself today is definitely going to be worth it”

When you’re young, and don’t have a family to support (usually the case) - it’s always better to put a larger value to learning than money.

By the time you’re older, you will be in the driving seat because you would have learnt so deeply, making money will be a byproduct of what you do.

Join our community (https://bit.ly/2G7v1AF) to meet like-minded people like this

I would come top of my class in school almost certainly from 1st to 3rd grade

DPS Kanpur was one of the best schools in the city. I was one of the best kids. My eyes always were on the bigger prize ahead. I wouldn’t notice most students except my close friends or the other toppers. After all, everyone believed I was destined for bigger things.

My streak of doing well in school continued long afterwards

I ended up at the top of my school in Pune in my 10th board exams. I was in the top 3 boys in the city. I was doing so well that it was clear nothing could stop me

I picked science, took the JEE, and made it to IIT Bombay

A few days after my result, and congratulations on my post, my Facebook message lit up. New message from an unknown person.

“Were you at DPS Kanpur in 1st standard?”

Of course, I was at DPS Kanpur. I reverted with the affirmative

“I was too. Do you remember me? What are you doing now?”

As you remember, I was one of the best kids. I hardly focused on who the others where. I replied confidently that I had done well and I was joining IIT Bombay.

“Oh, that’s awesome. I took science, too. Congrats. You must have got an amazing rank. What was it?”

Before the person finished typing the whole message, I continued with my confidence that my rank was 638

“Wow. I was just going to say I plan to join IIT Bombay or IIT Delhi. I got around 150”

150? Rank or marks? From DPS Kanpur, where I was top? This was suddenly the biggest plot twist I had experienced in my life. As I checked the rank list, it was the truth. From flying high for a decade, I had been beaten hands down. In a decade, I was topped by someone I hadn’t noticed. I learned a big lesson that day.

Whoever you may be, do not underestimate anyone

We regularly do this. NYT wrote an article in 2013 showing India with a cow, knocking to enter an Elite Space Club. Today, India is the first country to be on the Moon's South Pole. Everyone wrote off Jeff Bezos in 2000 when Amazon crashed. Today, it is the Everything Store. Your bright intern maybe the boss of a unicorn one day. Your quiet college mate may become a state’s chief minister.

Human potential is beautiful

I see this happen with startups all the time. The underdogs, that were ignored, eventually win. It is perhaps what fuels them. The outcome may not be visible in the short term. But eventually, individuals with determination and effort compound so dramatically, that they blow past everyone else.

Never underestimate anyone because over a 10-year time frame they may end up doing magic

RV College of Engineering charges 64 lakhs for a management quota seat in Computer Science

The average placement in the department is 11 lakhs, effectively taking a full 6 years of a young career to break even

Economics for students is broken, but clearly not for colleges

“What’s GoJek?” asked my brother as I wondered how an Indonesian internet upstart was hiring in India

Indonesia is developing, with 40% of India’s GDP. Its entire internet economy is smaller than Indian eCommerce. An Indonesian ride-hailing startup would be small compared to India’s internet giants

Turns out, GoJek is larger than Swiggy and Ola combined

GoJek is not just a ride-hailing app, it is Ola, Swiggy, UrbanClap, PayTm for Indonesia. Like China’s WeChat, GoJek is a super-app that is a one-stop-shop for all online. Its $10Bn valuation is built on one key principle

Being trustworthy

In GoJek’s early days, it utilized “Ojek” drivers to move people in Jakarta’s standstill traffic. By using bikes, not cars, and being localized, GoJek’s green riders became trusted. Users became loyal to predictable Ojek rides

GoJek used this trust to quickly add other services

Starting with food, it added e-commerce, beauty, recharges, payments. It acquired startups rapidly, including an Indian dev co. which is now its tech team. In 4 years, it has gone from 5K to 2MM daily orders

Indian apps like PayTm seek to be superapps, GoJek is already one. As it battles Grab, GoJek is innovating for Asia.

With a detailed story here (https://bit.ly/3hCNdAA), GoJek could be SE Asia’s No. 1 SuperApp

IIT JEE and UPSC are probably the biggest enablers of upward mobility in the world, because there is no way the wealthy can buy their way to a seat

What is some good advice for fresh graduates who are about to join the corporate world?

From my experience, I have found that there are just two things:

1. Social skills matter a lot more than you think
2. Technical skills matter a lot less than you think

Keep this in mind, and you’ll be absolutely fine.

Learn more about how Venture Highway's investment Kula is reimagining human capital: https://www.kula.ai/

When Bhavish of Ola told his parents he was starting a cab company:

“Why don't you start a respectable travel agency“

After graduating from IIT Bombay in CSE, the unsexiest thing to do in 2011 was manage cabs

But talented founders in unsexy markets build iconic companies

“I am choosing the startup over the big company”

“Woah, that’s nice. What’s the offer like?” I asked my just graduating friend a couple of years ago

“9 lakhs, it’s around 4 lakhs lesser than the company. I know.”

“Interesting, so what’s driving your decision?”

“Man, we’re young right now and learning is really important. 3–4 lakhs today seems big, but is not a big sacrifice in the long run.”

“So you’re not driven by money?”

“Haha, no man. It doesn’t drive me, but I do think about it. I think learning today will reap a lot of benefits tomorrow, much larger than the 3–4 lakhs. That’s the bet, I guess.”

“Have you read about the time value of money?” I laughed

“I haven’t done that calculation, but I think investing in myself today is definitely going to be worth it”

When you’re young, and don’t have a family to support (usually the case) - it’s always better to put a larger value to learning than money.

By the time you’re older, you will be in the driving seat because you would have learnt so deeply, making money will be a byproduct of what you do.

Tune in to my conversation with Ajinkya Kulkarni of Growfix (https://bit.ly/2WwWe56) as we discuss money, fintech and building startups.

Tune into our podcast about building PhonePe and more: https://lnkd.in/dzjpHKFn

Pune has leased 80 lakh sqft of warehousing this year, higher than Mumbai at 73 lakh and Delhi at 51 lakh

28 GCCs opened in November itself in Pune, beating even Bangalore in terms of velocity

Capacity building for space and talent is a leading indicator for city growth

I was curious to understand if PayTm's entrance into movie tickets was massively disrupting BookMyShow's dominance.

PayTm, through its 350MM+ users, is 10x bigger than BookMyShow's ~50MM. By adding a cashback or discount, PayTm has strongly incentivized its already existing user base to purchase tickets.

From having virtually no competition in movies, BMS would sell 13MM tickets, v/s 5MM sold on PayTm

But looking at BMS' focus as movies is missing the bigger picture.

BMS had been building capabilities to ticket for events since IPL 2009. Events are an intricate, complex activity v/s “standardized“ movies, and BMS was already two steps ahead.

BMS is compared to US' $10Bn GMV movie ticket platform Ticketmaster, but it is actually evolving into live events platform LiveNation. Which company owns TicketMaster?

LiveNation, of course.

Through its acquisition of Townscript, partnering with shows and building event capabilities, BMS has evolved into a far bigger giant

It is little wonder ~50% of its revenue comes from events, which are higher margin. It is expanding into live events in other geos. BMS plans to produce its own events, similar to “white label“ products such as Swiggy Pop or Amazon Basics.

BookMyShow will help you book every show, and it doesn't mean only movies

I love Pune as a city because it's good at everything and great/terrible at nothing

Classic jack-of-all-trades generalist city

VCs when founders ask for capital in this market:

Read my essay on health here: https://lnkd.in/eFpJSgq

If Apple products were companies:

iPhone: $210Bn rev = Microsoft
Services: $90Bn = Nestle
Big Screen: $60Bn rev = Unilever
Wearables: $40Bn = Coca Cola

Design, execution, distribution at an iconic level

India's GDP per capita was 70% of Pakistan's in 1992

In fact, the average Pakistani was richer than the Indian till 2004

Today, India's GDP per capita is 50% higher than Pakistan's

Pakistan today has $3Bn of reserves India has $600Bn, India's GDP is 10x

Good governance wins

Secret to long-term happiness in life probably is:

1. No smoking/drinking
2. Exercising regularly
3. Keeping body weight in check
4. Active and curious mind
5. Long term healthy relationships

5 is probably most important, and money isn't on the list

India has ~100 private $1Bn+ unicorns, generating a revenue of $36B and are worth $360B, a 10x multiple

Interestingly, India has ~280 public $1Bn+ companies, generating a revenue of ~$1.4Tn and are worth $2.7Tn, a 1.9x multiple

Private markets are clearly yet to correct

“We like everything about your company except you” said an investor to $1Bn Fractal founder Srikanth

Taken aback, the investor continued, “We will invest if you’re not the CEO as you’re not CEO material.”

Taken aback by this brutal feedback, the young founder Srikanth didn’t know what to do.

Having left a prestigious job after graduating from IIM Ahmedabad and IIT Delhi, Srikanth felt like starting Fractal was turning out all wrong

But as he began to ponder on the investor’s feedback, he realized the investor was right

It felt brutal because the observation was true

Srikanth had high IQ and an incredible ability to work hard. But he still needed to learn how to manage people and scale a company.

Rather than giving up, he decided to work on this even harder.

Fractal used to say it was “customer first”, whereas it wasn’t even listening to its customers. Employees were told it was a “good culture”, but Fractal did little to establish that.

Srikanth went about acting on the feedback to level up himself, and Fractal

What unfolded after this transformation was an epic 20 years journey. Getting marquee clients like Fortune 500 companies, it now generates 1,400 Cr of revenue

Little wonder it is worth 10,000 Cr and planning to IPO soon

With my conversation with Srikanth here (https://lnkd.in/dw8KYN_M), always remember that feedback is not a curse, but a gift to be cherished

FastTag is the quiet UPI:

FY17: 660 Cr
FY18: 3,300 Cr
FY19: 5,760 Cr
FY20: 11,290 Cr
FY21: 22,700 Cr
FY22: 38,041 Cr
FY23: 70,000 Cr

100x in the last 6 years, saving thousands of crores in fuel and time

Read my essay on career decisions here: https://lnkd.in/e8EFXNph

Porsche is tracking to sell 750 cars a year in India, at a likely average price of ~1.5Cr

1,000 Crs of sales by selling less than 1000 units, a turnover most Indian businesses would kill for

Fortune is at the top of the pyramid

Gyms are not only good for better fitness

People in gyms tend to be fitter and more keen to elevate their health

In the gym, you feel like everyone is so fit and you therefore up your fitness habits

Surrounding yourself with the right people can help you build better habits

Population of India: 1.38B
Population of Rest of 2023 WC Countries: 0.81B

New Zealand is so small Dharamshala is the only match location that has a population smaller than it

Quite crazy how large India's fan base is and how intimidating it would be to play in India

750K Indians have given up citizenship in the last 5 years:

- USA: 250K
- CAN: 92K
- AUS: 86K
- UK: 67K

These countries' per capita incomes are greater than $45K, 15x India's $2.5K

Assuming $45K per capita, just 750K rich Indians took ~$30Bn of GDP

Real economic drain

McKinsey alum founded cos:

1. OfBusiness ($5Bn)
2. Pharmeasy ($5Bn)
3. Udaan ($3Bn)
4. Cars24 ($3Bn)
5. Zetwerk ($3Bn)
6. InMobi ($1.5Bn)
7. Rebel ($1.4Bn)
8. 1mg ($1.2Bn)
9. Mensa ($1.2Bn)
10. DarwinBox ($1Bn)

Largest company source of Indian unicorn founders, with 10 worth ~$25Bn

I was puzzled by Reliance's sudden push to become a tech co

RIL seems legacy, offline, oil-to-chemical biz. “Infamous“ for being family-run, innovation appears scarce. Success is attributed to political influence. Noone would remotely consider it in a tech titan league

But peeling the onion turns the narrative upside down

RIL started thinking tech not in 2020, but 2002. It thought Internet when mobile was rare. It built not for the top 10%, but for the Bharat before it was cool. 10 years ago, it was bidding for 4G!

In 2013, RIL would audaciously bet $35Bn on India's digital future

For a tiny, but growing market, it seemed mad. But RIL was playing a long game. For a “legacy“ co, it innovated frugally, hired top tier and built for scale

Jio's launch uncovered RIL's carriage-content-commerce stack

RIL made 25+ acquisitions to power the 3Cs. Its digital push, struggled, lagging its offline heft. Identifying the gap, it found an ambitious digital titan struggling with Indian monetization

FB's tech and RIL's understanding define synergy

RIL's 3Cs make it unique. It has disrupted & created markets through tech. FB & PEs will elevate its status globally as a tech force.

With details here (https://bit.ly/2TgxCMG), Reliance's Big Tech pivot has been an ambitious, long term play.

We talk very little about UPI - it is probably the most incredible Indian tech story of the last few years

World-class, read more here: https://lnkd.in/dScXdtc7