The Nutgraf

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BUSINESS
UPDATED WEEKLY

The audio edition of The Ken’s popular weekend newsletter, The Nutgraf. Every Saturday, author and host Praveen Gopal Krishnan reads aloud his latest edition where he synthesizes and tells a story about the most interesting thing that happened that week in India’s business, tech and startup scene.

4 HR AGO

AI breaks the blood-brain barrier

This episode of The Nutgraf was first published on 24 May. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings. Subscribe to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ The blood-brain barrier is one of the human body’s most important ‘features’. A similar barrier existed in the tech world. But now, with the rise of agentic AI, platforms have been looking to take things a step further. For example, Google has changed its privacy policy so it could read Google documents that its users created using its platform. Meta went after all your social posts. Everything was fair game. Everything was eaten. The next to be devoured isn’t content—it’s e-commerce. Praveen Gopal Krishnan elucidates in this episode of The Nutgraf. Tune in. P.S. You can also read the edition: https://the-ken.com/the-nutgraf/ai-breaks-the-blood-brain-barrier/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

14 min
14 JUN

Build AI and they will ask you to go

This episode of The Nutgraf was first published on 17 May. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings. Subscribe to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ Job cuts in tech happen all the time, but this felt different. Microsoft didn’t get rid of its employees for the usual reasons—poor performance, macroeconomic conditions, or lower-than-expected earnings. In fact, recently, Microsoft’s share prices were trading at close to its all-time high. If you wanted to, you could easily make the case that Microsoft, the most valuable company in the world, was in the most powerful and dominant position in its history. And at that point, what did Microsoft do? It eliminated human roles to focus on investing in machines instead. Tune in to this edition of The Nutgraf as Praveen Gopal Krishnan delves into the many intricacies of AI layoffs. P.S. You can also read the edition here: https://the-ken.com/the-nutgraf/build-ai-and-they-will-ask-you-to-go/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

12 min
7 JUN

Can Rapido become Ola before Ola becomes Rapido?

This episode of The Nutgraf was first published on 10 May. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings. Subscribe to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ Earlier in May, Ola’s investors slashed Ola's valuation to $1.2 billion—a drop of over 80% from its peak in 2021. On the other hand, at least one of the investors of rival Rapido believes that Rapido is worth $1.1 billion. Even if you ignore the specific valuations, the trend has been uncontestable. Ola is falling, Rapido is climbing, and now, their paths crossed in a moment of reversal. How did this happen? Well, there are two theories for it, explained Praveen Gopal Krishnan in this episode of The Nutgraf. Tune in. Update: At 3:40, we incorrectly mention that Rapido raised $200 billion from Westbridge Capital in September 2024. The correct figure is $200 million. P.S. You can also read this edition here: https://the-ken.com/the-nutgraf/can-rapido-become-ola-before-ola-becomes-rapido The Ken articles referenced in the episode: Krutrim is whatever Ola wants it to be - https://the-ken.com/the-nutgraf/krutrim-is-whatever-ola-wants-it-to-be/ Here's how the Swiggy, Zomato duopoly might crack - https://the-ken.com/the-nutgraf/we-just-found-out-how-to-break-the-swiggy-zomato-duopoly/ How Ola and Uber are being disrupted in Bengaluru - https://the-ken.com/the-nutgraf/how-ola-and-uber-are-being-disrupted-in-blr/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

13 min
31 MAY

ONDC is losing

This episode of The Nutgraf was first published on 3 May. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings. Subscribe to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ Recently, there was a fallout between the National Restaurant Association of India (NRAI) and the Open Network for Digital Commerce (ONDC). The NRAI, India’s largest restaurant body, put a hold on onboarding new members onto the platform. Well, it had several reasons to be unhappy. After all, it's pretty undeniable that ONDC was struggling to make its model work, especially in food delivery. In this episode of The Nutgraf, Praveen Gopal Krishnan explored the reasons behind the rising discontent—and why ONDC was losing. Tune in. You can also read this edition here - https://the-ken.com/the-nutgraf/ondc-is-losing/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

11 min
24 MAY

The melting ice-cream curve

This episode of The Nutgraf was first published on 26 April. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings. Subscribe to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ For over a decade, startups were religiously pursuing hockey stick growth. But in 2025, we discovered that was not true anymore. Startups weren’t growing like they used to—so we were discovering newer, more unfamiliar curves. Most strikingly, we now knew what the shape of the downward curve looked like. How startups and companies responded to the pressures of a new environment where growth was no longer easy could be represented through a melting ice-cream curve. And it had three distinct stages. Praveen Gopal Krishnan explained in this episode of The Nutgraf. Tune in. ------ You can also read this edition here: https://the-ken.com/the-nutgraf/the-melting-ice-cream-curve/ Earlier edition referenced here: https://the-ken.com/the-nutgraf/founders-are-choosing-respawning-over-resistance/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

15 min
17 MAY

Blusmart and the dogs that didn’t bark

This episode of The Nutgraf was first published on 19 April. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings by subscribing to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ______ Around the middle of April, Blusmart informed customers that it was temporarily pausing operations. This came after Sebi alleged that two out of the EV firm's three co-founders were involved in financial impropriety. What the markets regulator discovered in its investigation or the arcane methods of how the founders orchestrated this scheme was, frankly, less interesting. Instead, it was the broader response to this that was much more fun to talk about. As Youtube view counts often demonstrate, reaction videos can often be much more enthralling than the event itself. And the response to news about the Blusmart collapse was strikingly consistent. In some ways, Indian businesses, startups, and media personalities have built and monetised a content economy that's ultimately conformist, unremarkable, and post hoc. Praveen Gopal Krishnan explored how in this edition of The Nutgraf. Tune in. ______ You can also read this edition here - https://the-ken.com/the-nutgraf/blusmart-and-the-dogs-that-didnt-bark/ Read 'Blusmart’s relationship with co-founder’s listed company could prove costly' here - https://the-ken.com/story/blusmarts-relationship-with-co-founders-listed-company-could-prove-costly/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

12 min
10 MAY

Ola Electric didn’t stop digging

This episode of The Nutgraf was first published on 12 April. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings by subscribing to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ How many vehicles does Ola Electric actually sell in a month? Nobody knows the answer. In February 2025, the firm sold 25,000 scooters, but only 8,390 were registered on the government’s VAHAN portal. This discrepancy existed due to a renegotiation of contracts with two firms that carry out registration of vehicles for the EV maker. If you are a public company in the business of making automobiles and you’re in the middle of a bad narrative—as Ola Electric has been—the timing of this was… unnecessary. Most people are already spooked about your company’s performance. Now, you’re messing around with the one reliable source they had to track how you’re doing and creating room for all kinds of conspiracy theories to take root. For Ola Electric, this was the definition of a self-goal. So why do it? Praveen Gopal Krishnan explains in this episode of The Nutgraf. Tune in. ------ You can also read this edition here: https://the-ken.com/the-nutgraf/ola-electric-didnt-stop-digging/ Edition referenced in the episode: 'Are Trump's tariffs a crisis or an opportunity for India?' - https://the-ken.com/podcasts/two-by-two/no-easy-moves-is-india-facing-a-crisis-or-an-opportunity/ From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

17 min
29 APR

India is the mark

This episode of The Nutgraf was first published on 5 April. Unlock immediate access to the latest episodes and all of The Ken’s audio offerings. Subscribe to The Ken’s Premium plan at the-ken.com/pricing/, or purchase a monthly audio subscription for The Ken Premium on Apple Podcasts (Rs 299 in India). ------ Earlier this month, Piyush Goyal, India's commerce minister, kicked the hornet's nest with his comments on the country's startups. Essentially, Goyal’s main complaint was… “why are Indian startups like this? Just look at China." As the minister’s remarks went viral, India’s startup leaders, executives, and thought leaders took a break from making Studio Ghibli-style AI images and decided to hop on the next trend—posting their thoughts on Goyal’s comments on Linkedin and X. Most of them were variants of—“Don’t blame startups, look at how many jobs we created”, or “China also started with food delivery before they built deep-tech companies”, or the more aggressive version: “Maybe you should help startups instead of blaming them.” A few leaders, quite predictably, even agreed with the minister and exhorted startups to take it as “constructive criticism”. These were all valid points of view, but they don't answer the most intriguing part of it all—why did Goyal say what he said? Praveen Gopal Krishnan explains why in this episode of The Nutgraf. Tune in. P.S.: You can also read this edition here: India is the mark From original podcasts to writer-narrated versions of our subscriber newsletters, you can now listen to The Ken each day. Discover them all at the-ken.com/podcasts. You can also subscribe to The Ken Premium on Apple Podcasts for an easy monthly price (Rs 299 in India). The channel will include ALL our premium podcasts and audio.

15 min

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The audio edition of The Ken’s popular weekend newsletter, The Nutgraf. Every Saturday, author and host Praveen Gopal Krishnan reads aloud his latest edition where he synthesizes and tells a story about the most interesting thing that happened that week in India’s business, tech and startup scene.