Last month, the Reserve Bank of India directed credit card issuers or banks to not sign exclusive contracts with card networks, like Visa and Mastercard, that restrict them from using other networks. The RBI did this because it said consumers deserve to have the freedom of choice. This new rule will be effective from early September and it will change the credit card game as we know it.For starters, the American card network giants Visa and Mastercard who together have been dominating 90% of the market for forty years now will no longer be sitting easy. The directive is also bad news for co-branded credit cards, one of the most popular products in the financial-services market.But for home-grown Rupay, this is great news. It's almost like the government has created a fast lane for it. But will Rupay take it and win?Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

In 2021, Campus Activewear took away the top spot in India's athleisure-footwear market from Puma, thanks to its affordable and trendy sneaker offerings. And by May 2022, it became a publicly listed company. Within a span of five months after its listing, its valuation shot up to a staggering US$2.2 billion.However, two years later now, its market capitalisation has nosedived to under US$890. The reason is a combination of factors including the slow down in demand and also, an ever-increasing number of competitors with similar offering.But out of all its rivals, there is one that stands out–Abros. And it was co-founded by a man who worked with Campus for nearly three decades.Tune inDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories. 

Just like every Lok Sabha election in the last 72 years, millions of people will vote for a new government over the next couple of weeks.  But there is one thing that really sets this election apart. Never before have political parties actively used Generative Artificial IntelIigence at this scale. It is a turning point in India’s electoral evolution. Some AI startups in India have been developing hyper-personalised voter experiences for political parties. This comes at a time when Gen AI tools like deepfakes have become very sophisticated — to the point where even experts often  struggle to tell what is real and what is not. In the run-up to the election, when you are being bombarded with political content, videos and images, this can be very dangerous. Yet, there are barely any rules in place to regulate the use of this technology during the election process. What does this mean for the world’s largest democracy? Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

In January, the RBI, more or less killed Paytm Payments Bank. But Paytm Bank was the backbone of its loan business, the same business that helped it recover from its post-IPO bloodbath.Now, Paytm’s lending partners, on whom its loan business is dependent, are spooked  They dont know if they should continue working with Paytm. Meanwhile, Paytm is doing its best to save what it can but Paytm Payment Bank is currently in limbo. Last week, Survinder Chawla, the MD and CEO of Paytm Payments bank also put in his papers. So far, we don't know what is going to happen but there’s one thing we know for sure: Paytm is doing everything it can to separate itself from Paytm bank, which was once an integral part of its business.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.**Paytm’s founder Vijay Shekhar Sharma is an investor in The Ken

Phone calls from Bajaj Finance offering loans are almost inescapable and lately, the non-bank has faced quite a backlash for it. But telecalling has been an enduring sales channel for the company which boasts of a loan book worth $28 billion. And despite the massive size of its loan book, it’s been growing at 30% for years. Now this rate is seeing a dip through.Bajaj needs to maintain a 26-27% growth rate. Meanwhile, shifting its loan sourcing to its digital assets is going to take a while.So those pesky calls are unlikely to stop anytime soon.In this episode, we take a closer look at this Bajaj Finance’s annoying but successful system of tele-calling.**This is a repeat episode since April 11 was a public holiday

It's been over a year since the govt launched Open Network for Digital Commerce (ONDC). The idea was to build the world largest e-commerce platform to check the monopoly of giants like Amazon and Flipkart. From ride-sharing and food delivery, to groceries, the platform can be used to buy and sell anything.The platform is close to hitting the 50 million transactions mark now. And what stands out about it is its fascinating pricing strategy that makes ordering food on it as much as 45% cheaper than a Swiggy or a Zomato. Could ONDC make the two food delivery giants redundant?While there is no easy  answer to the question, what made us more curious was this: Do we want ONDC to win? And if it does then what could be the consequences?Tune in to find out.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Lat week, the struggling edtech giant Byju's laid off another 500 of its employees. This came along with a salary delay of three consecutive months. In his email to employees two months ago, Raveendran had written, “I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve."With the latest round of layoffs though, the employee count at Byju’s has gone down from 15000 at the end of last year to around 13,000 now. This is the same company whose founder would boast about how Byju's was the largest startup employer in the country with a headcount of 55,000. The Ken had investigated what all of this means for Byju’s employees last year and we understood how they got the worst end of the stick. They told us they had been fired arbitrarily without any notice. In fact, some were being forced to resign.Even this time, according to reports by The Economic Times, they were laid off without any notice. And like that wasn't enough, we also learnt companies have specifically been telling recruiters to avoid hiring Byju’s employees.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

In January this year, Tata Digital's BigBasket announced its rebranding for slotted delivery service to “Supersaver”, promising to deliver products in under two hours. Back when Tata had acquired the BigBasket at a reported valuation of $2 billion in mid-2021, the company was loss-making. But for those at BigBasket, it was an opportunity to shift their focus back to the company’s core business: doorstep grocery delivery.While it was a bit too late when Tata realised its new acquisition was left out from the quick commerce game, there was one game that BigBasket seemed to be clearly winning.Tune in to find out.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

The government of India launched Digiyatra, a contactless, facial-recognition-based passenger-entry system, in December 2023. The idea was for those who sign up on the platform to avoid the tedious process of getting their ID and flight tickets checked by  CISF personnel at airports.But lately, stories of passengers being forced to sign up for the app are surfacing on social media. Just this week, there were reports of Digiyatra forcing users to move to a new app without notice. Meanwhile, airlines, which are important stakeholders to make the entire endeavour successful are unable to see any benefits for themselves. Airports though see it as a great opportunity. In fact, multiple sources close to the implementation of Digiyatra told The Ken that the whole idea of Digiyatra came from airports themselves.What’s in it for them?Tune in.

The entire logic of buying online instead of going to a store rests on e-commerce companies making it easy to return stuff. What if it doesnt fit me? What if it is damaged? Just ask for a return and someone comes to your doorstep and picks it up. However, as it turns out, e-commerce companies hate returns because reverse logistics are a costly affair for them.  Now, the likes of Ajio and Myntra are changing their return policies. Some are even blocking some customer accounts.  But are customers ready to give it up yet?Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Earlier this week, the Competition Commission of India (CCI) cleared Manipal group chief Ranjan Pai's investment in online pharmacy PharmEasy. So far Pharmeasy, once the highest-valued Indian healthcare startup, has raised Rs 3,500 crore through a rights issue. But it raised this money at a 90 per cent discount to its peak valuation. From $5.6 billion to $500 million!All because it had to take another debt to pay off its previous debt. The second time though, interest rates were not zero.What’s happened?Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Beyond the nostalgia associated with meals on trains, quite often, there are also horror stories. In fact, even a recent Parliament Panel report pointed out how food quality on Indian trains is compromised. The IRCTC (The Indian Railways Catering and Tourism Corporation) has been trying to figure out how to make food a more enjoyable experience on trains and more importantly, a solid source of revenue. A decade ago, IRCTC launched its e-catering services. It now has a network of nearly 500 restaurant partners and close to 20 food aggregators. Catering makes up for more than 40% of IRCTC’s revenue every year. And its seems it will only go up because in the last few months, IRCTC has also tied up with two of the country’s food delivery giants, Zomato and Swiggy.But while IRCTC has big dreams of catering to the 20 million passengers who take the train everyday, delivering food on trains is a logistical nightmare.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Not long ago, Suhail Sameer, former BharatPe CEO had said UPI will do to credit what the likes of companies like BharatPe did to debit a few years back. India has more than 960 million debit cards in the country and only about 85 million credit cards.  But conditions in the credit market are headed towards a disruption because of UPI and there’s one area of the whole credit ecosystem where it is undeniably going to change the game.  In fact, we could go out on a limb to say that credit via UPI could even end it.  Tune in to find out.

More than 70% of fraudulent banking transfers in India are KYC-linked scams. A senior official at the Financial Intelligence Unit, a national agency responsible for analysing data on suspect financial transactions informed The Ken that KYC frauds amount to over Rs 900 crore ($108 million) per year.One such fraudster who spoke to us on the condition of anonymity said, ““KYC is an easy trick to pull off. People have heard about banks freezing accounts due to non-compliance with KYC norms. So they get convinced, particularly those in smaller towns and cities.” In a span four years, this fraudster’s gang has stolen nearly Rs 50 lakh.But the whole point of banks carrying out the elaborate KYC process is to protect their customers from fraud. How is then that this very process accounts for nearly two-thirds of fraudulent banking transfers in India?Tune in.

Have you noticed how easy it has become to get loans? Whether you want to buy a whole house or you want to buy a pair of shoes, you can take an EMI for whatever you want.And of course, in India, an aspirational country, this means we finally have a way to attain the standard of living we have dreamed of. In the year that ended in March 2023 household debt saw its second-highest surge since independence. It now makes up almost 6% of the country’s GDP. But as indebtedness is rising, so are cases of harassment by recovery agents. In fact, now, it's come to a point where it is giving rise to a unique type of mental health crisis–unique enough for mental health professionals to take up courses on the basics of banking and finance.Tune in.Also listen to: How Mahindra Finance dealt with the RBI curb on recovering loans via third party agentsDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

Swiggy has always been proud of the culture of innovation that it has fostered over the years for its employees. In fact, it is this very approach that helped it achieve the coveted unicorn status.But with the IPO scheduled for this year and its pursuit to profitability, innovation is no longer being encouraged. It has become way more challenging for newer projects to take off. And though it is natural for a company that is growing bigger to become more risk-averse, for Swiggy, this means a cultural shift that could change its very nature.Tune in.

From shadow-banning, content flagging, suspension and even account deletion, content creators are grappling with a variety of censorship methods on social media platforms—all in the name of maintaining community guidelines.But with social media platforms relying more and more on AI and machine-learning tools identify and remove violating content, even content aimed at creating sexual, social, and political awareness ends up being taken down.  And sex-ed and news content creators on platforms like Instagram and Youtube are seeing their reach, discoverability, and income take a hit.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

After the pandemic years, Kota’s coaching industry saw an unprecedented boom. Money was pouring in from everywhere–from edtechs to investors. In the last five years, Kota saw about 2 lakh engineering and medical aspirants, on average, arrive from across the country.Kota runs on stiff competition not just among the students but also among the scores of institutes that host and prep them. But since the past four months, Kota’s reputation has been on the line. Student admissions have dropped, with coaching-centre owners pegging it to be at least 20%.The rising number of student suicides are one reason, of course. But there is more to why Kota may be one result away from losing its star position in the coaching business.Tune in.

As we know, Paytm* is in deep trouble but you know what they say about one man’s loss? It is another man’s gain.When the RBI  killed  Paytm Payments Bank’s services, it also meant it could not to accept deposits or top-ups in its customer accounts, including wallets and Fastag. Fastag is India’s electronic toll-collection system. Its basically a Radio Frequency Identification (RFID) technology-enabled card that is fixed on a car’s windscreen. It helps in making toll payments directly from the customer’s bank account or wallet…like Paytm walletNow Paytm happened to account for over a quarter of 82 million Fastags in India and with this RBI directive, nearly 20 million of these Fastags will be leaving the Paytm ecosystem. And of course, there is someone who wants to cash in on it.It is a 4 year old car services platform called Park+. And here’s the twist in the tale. Park+ was founded by Amit Lakhotia who was formerly at Paytm and he helped the company set up its payments business.Tune inAlso listen to: What will Paytm do now?*Paytm’s founder Vijay Shekhar Sharma is an investor in The Ken

A few years ago, Blinkit, the grocery delivery platform that was formerly known as Grofers, was on the verge of dying. It was the first year of the pandemic and the demand for quick commerce was at its peak. Grofers wanted to join the bandwagon but it didnt have the money.A year later in June 2021, it got its shot in the arm with a $120 Mn infusion from Zomato. Next thing we knew, Grofers had become Blinkit and also a unicorn company. And then in 2022, Zomato decided to go all the way in and acquired Blinkit for nearly 600 millions dollars. However, it was not been all smooth sailing after that.But somehow, Blinkit has managed to crack the quick commerce market and now, Blinkit is leading in terms of gross merchandise value (GMV). It currently boasts of close to a 40% share.  How?Tune in.

On Friday, Google removed a bunch of popular apps like Bharat Matrimony, Shaadi.com,Naukri.com  and even some dating apps like Truly Madly and Quack Quack from its Playstore. The tech giant said it was because these apps were not compliant with its billing policy.The impact was immediately felt in the stock market. For example, shares of Info Edge that owns Naukri and 99 acres fell 3% on Saturday These apps were scrambling and somehow at the end of the day, the government intervened and we heard news that they have been reinstated.The tech giant wanted to enforce its new billing policy. Google said in a blogpost on Friday that out of the developers using Google Play, only ten Indian developers did not to pay for the services and how allowing a few to receive different treatment creates an unfair environment and disadvantages other apps and games.Now while all this comes after a Supreme Court ruling that had earlier refused to stop Google from removing non compliant apps from the Playstore, here’s the irony: Google itself has been found guilty of adopting anti-competitive or monopolistic practices in India.Tune in.

Tata Motors' EV subsidiary, Tata Passenger Electric Mobility Limited (TPEML), is prepping for a potential IPO in the next year or so. It wants to raise $1-2 billion. In the first half of 2023, Tata Motors dominated 75% of the passenger EV market share in India despite relentless competition from the likes of Mahindra & Mahindra and other newer rivals. The auto-maker's revenue for FY23 stood at almost $8 billion. The not-so-secret secret behind this success Tata Motors' its Xpres-T EV sedan—the go-to for cab companies and fleet operators that are looking to switch to greener alternatives. Xpres-T could easily to capture the cab market except Tata Motors maybe deliberately downplaying this bit of its success so far. Tune into find out why.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

It was National Protein Day in India on February 27. The government initiative is meant to increase awareness about the importance of protein in India, a country where eight out of every ten of people don't meet their daily protein requirement. According to the ICMR every individual should consume at least 48 grams of protein everyday. But after the pandemic, people are actively looking to include protein rich foods in their diet. And that’s where Amul wants to come in. The behemoth wants to use a key dairy byproduct—whey—to sell protein to a population that needs more of itTune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

2024 is going to be the hottest month on record. Weather watchers have described the rise in new heat records around the world as “insane”, “total madness” and “climatic history rewritten”India is also witnessing a surge in the demand for electricity in general. and the crisis is at its peak in the summers. As incomes rise and populations grow, especially in the world’s hotter regions, the use of air conditioners is becoming increasingly common. An estimated 10 million ACs were sold in India alone last year. Naturally, electricity bills have skyrocketed and it's only going to get worse. We’ve already been warned that the growing demand for ACs is one of the most “critical blind spots” in the energy debate. Meanwhile, a fascinating technology has emerged that can save 30 to 40% in energy consumption but it is struggling in the Indian market.Tune in to find out why.

Advertisements on the food-delivery giant Swiggy are only growing in number and variety— from banners and icons to full-blown video ads. If you're wondering what id going on, it's all a part of Swiggy's preparation for its upcoming IPO. It needs to boost its revenue and ads are a great way to make more money with every order.But while Swiggy is doubling down on its four year old advertising business to boost its topline, its restaurant partners are crying foul.Tune in to find out why.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

India’s nutraceutical market is estimated  to be worth $4-5 billion and the government expects it to be worth almost five times more in the next two years. As important as it is to monitor the rapidly growing market, regulations have not really kept up. In a post-pandemic world where preventive healthcare has become all the rage, a dangerous situation is being created. Health supplement makers are flouting RDA guidelines and consumers have been paying little attention.Now, the health ministry of India is planning to move nutraceuticals from under the ambit of FSSAI, the food regulator to CDSCO, the drugs regulator. According to reports, the Ministry has also proposed forming a committee chaired by the Secretary of Health to address overlapping concerns between Nutraceuticals and Drugs. Tune in to find out more.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

Bengaluru is best known for two things: great weather and terrible traffic. The Silcon Valley of India is the sixth slowest city in the world! How come no one has come up with some innovative tech-based solutions?Actually, they have.  But you’ll be surprised to know that one the key reasons why the city's traffic troubles never end is because the focus has mostly been only on tech driven efforts. Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

While most startups were facing a reckoning earlier last year with mass layoffs, Licious, the meat delivery platform, was sitting proud, unaffected. Both the founders, Hanjura and Gupta, were giving interviews talking about how their company had made no job cuts and how they did not want that kind of bad karma. It became the anomaly in a market that was seeing a bloodbath that going on all around.But to be honest, the  strategy of not laying off, didnt really help Licious. In fact, it saw some of its top talent at leadership positions leave the company.And now, as it turns out, it may not be all good karma for Licious founders after all.  The company has laid off 80 of its employees as a part of what its calling an operational reset. What’s going on? Tune in.Recommended read: California usersDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

The Reserve Bank of India has barred Paytm from continuing all its banking services via Paytm Payments Bank after February 29. It's been operational since 2017 and its services include current and savings accounts, fixed deposits with partner banks, and balance in wallets, UPI, and FASTag, among other services.The RBI has basically said it cannot take any more deposits or conduct credit transactions. This also means no top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls. And this means, Paytm has three challenges it needs to win…and all of it by the end of this month. First, it needs to figure out a nodal banking partner where it will hold fund on behalf of its customers. Then, it needs to untangle its business from Paytm Payments Bank. And finally, it needs to do all of this without losing its existing customers.Each of these is more important than the other.Tune in

Season 3 of one of the country’s most popular reality TV shows, Shark Tank India, premiered on January 22, 2024. The show has given rise to a significant demand for startup investing. Investors are able to put in as little as Rs 5000 via online fundraising platforms like Tyke Invest and Infubiz. They offer investments in startups through Community Subscription Offer Plans.But these fundraising campaigns are not subject to securities laws and investors in these instruments do not have any shareholder rights under the Companies Act, 2013.This is creating a high-risk environment for small-time retail investors.Tune in.

The results for the latest quarter for Freshworks are out and the US-based Saas company has beaten Wall Street estimates. It posted a revenue of nearly $600 million for FY 2023. Its losses, meanwhile, have narrowed by over 40%.Just a year ago, the story was slightly different. In the same quarter in 2023, the company saw a decline in its net dollar retention rate. Even though the free cash flow was healthy and the revenue climbed 20%, it looked like the comapny was struggling to retain its customers.Now of course, things have changed and this turnaround is all thanks to the rising demand for FreshWorks' AI-powered customer support and IT services products.But there’s more to it. And it has to do with the company’s employee-first approach.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

It wont be a stretch to say that the Meftal Spas is life-changing for those who suffer from dysmenorrhea. The medicine which is a combination mefenamic acid and dicyclomine was launched more than 40 years ago by Blue Cross Labs, an Indian pharma company. Meftal Spas enjoys the lion’s share of the market at nearly 90%.But at the end of November last year, the Indian Pharmacopoeia Commission (IPC), an autonomous body under the Ministry of Health and Family Welfare, issued a  drug safety alert  on mefenamic acid—one of the two main components of Meftal Spas.Soon after, many regular users started avoiding the medicine and some hospitals even stopped prescribing it. In fact, pharmacies saw a marked drop in Meftal Spas sales .But media reports were misleading. While the advisory was about mefenamic acid, many media houses reported that the advisory was about Meftal Spas. And that is not all, many health professionals are questioning the govt advisory itself.Tune in.Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories

It took Bajaj Finance over 15 years to become the most valued NBFC in the country. And then came along Jio Financial Services Ltd (JFSL) and took the no. 2 position in a span of just two months. It is currently valued at more than $17 billion.Its all set to take the top space. Currently, the company is on a serious hiring spree and it seems to have taken a particular liking to former ICICI Bank employees for its key executive roles. After all, a lot of its future success will depend on the team it builds.But this is not the first time Reliance has tried its hands in the finance sector. The last time it did, things didn't really take off. What's different this time?Tune in.Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories 

When the govt of India came up with the budget, taxpayers were given 2 options: move to the new tax regime or continue with the old one. The tax rates in the new regime were clearly lower.But despite this, most chose to stick to the old regime. Even with comparatively higher tax rates the old tax regime has remained popular amongst Indian taxpayers.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

It was Dominoes that made delivery under 30 minutes a thing. Before Swiggy and Zomato came along, Domino’s was more or less the only place you could order in from. It showed Indians that pizza could be cheap and also enjoyed in our own houses.  Jubilant, the company that runs the Dominos franchisee in India has nearly 3/4ths of the pizza market share which is also why it is among the first to be affected down by the slowdown in consumption. Jubilant’s shares have grown up by just under 3% in the past year. But its rivals—Westlife, Devyani, and RBA—have seen their value rise by a much bigger margin.The Ken spoke to around 60 Domino’s customers and nearly half of them told us they have cut back on ordering from Dominos, because of the meagre toppings, other options, and of course, the shift to gourmet pizzas.But are smaller pizza chains the really the only rivals Domino's is faced with right now?Tune in.

Byju’s financials for the Financial year 2022, are finally out. Almost 2 years late.And unsurprisingly, it doesn't paint a very pretty picture.The edtech giant posted a consolidated loss of more than 8000 crore rupees on an operating revenue of around 5000 crores. And that’s not all…its valuation has dipped from about 22 billion dollars in the last funding round to less than a billion now.Its quite the fall.Now the cash strapped company is desperately looking to raise $100 million via a rights issue as a lifeline but unfortunately everyone its gone to has outright said no.And it is unlikely that it may work out in the future unless Byju’s submits its audited financials for FY 2023.It missed its own Dec 2023 deadline for filing it. Also, the sword of the 1.2 billion dollar term loan is still hanging over its heard.Let’s catch up with the major developments so far.

Happy Republic Day, dear listeners.Today is a public holiday but if you're still tuning in, here is an older episode of Daybreak you might like:All the twists and turns in the journey of startups have been well-documented since VC funding began drying up over the past year or so. In the first half of 2022,  Indian startups received more than $17 billion dollars. But a year later in 2023. they just got a little over $5 billion.What’s we’ve barely heard about, though, is what is happening to the funders of these startups and their foot soldiers—the VC analysts. With the slowdown, the day-to-day responsibilities of these analysts have changed and so has their approach towards dealmaking. Tune in to find out.

From giving an extra month for “good-faith” negotiations a little over two years ago, to accusing Zee of breach of contract…the Sony Zee merger deal has seen its fair share ups and downs. It was supposed to be the country’s biggest entertainment merger worth $10 billion—two media behemoths were coming together. Now though, the deal is buried six feet under. On Monday, Sony officially released a statement announcing the termination of the agreement. The next day, Punit Goenka, Zee’s CEO, was seen attending the Ram temple inauguration in Ayodhya where he told media: “I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders."  Sony, meanwhile, not only ended the deal, it also sought $10 million in damages on account of alleged breaches by ZEE. And to make matters worse, Zee shares have fallen by over 30 percentHow did things get here and what's next?Tune in**CORRECTION The host mistakenly said Sony is seeking $10 million dollars in damages on account of alleged breaches by ZEE instead of $90 million. The error is regrettedDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

The prime minister will be inaugurating the newly constructed Ram Temple in Ayodhya, Uttar Pradesh today. It's quite the event. In fact, PVR INOX, has even collaborated with a news channel to broadcast the ceremony live in more than 150+ cinemas in more than 70 cities across India. The who’s who of business, from Adani, Ambani, Tata, to Bollywood celebrities and sports stars like Tendulkar and Kohli are expected to attend the inauguration.I dont think we have ever seen anything like this before and neither has the stock market.The state govt of Uttar Pradesh has set aside about $10 billion for a decade-long redevelopment plan of the town. Ever since, it's almost like a gold rush amongst investors for stocks in big or small companies associated with Ayodhya. From Taj Hotels and IRCTC to Praveg, a small luxury tent company–some in the stock market believe these companies are in all set to become some of the biggest beneficiaries of this Ayodhya gold rush.But experts are warning investors against this kind of blind faith. According to them, buying into event-related market swings does not make for a sound long-term investment strategy.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

It was 20 years ago when doctors first used the help of a robot in India to carry out a complicated heart surgery at Fortis Escorts, New Delhi. Ever since, more than 100,000 robot assisted surgeries have been performed in the country. Patients are embracing these type of surgeries now than never before and why wouldnt they?Who wouldn't want a less painful procedure, a shorter hospital stay, and most importantly lesser cuts?But they cost more than 3 or 4 times than normal surgeries. And it was only in 2019, that the Insurance Regulatory and Development Authority of India (IRDAI) asked health insurance providers to cover modern treatments, including robotic surgeries. And even after that, insurers are not keen on to covering them because they are expensive and the pricing is unregulated.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

Have you noticed how easy it has become to get loans? Whether you want to buy a whole house or you want to buy a pair of shoes, you can take an EMI for whatever you want.And of course, in India, an aspirational country, this means we finally have a way to attain the standard of living we have dreamed of. In the year that ended in March 2023 household debt saw its second-highest surge since independence. It now makes up almost 6% of the country’s GDP. But as indebtedness is rising, so are cases of harassment by recovery agents. In fact, now, it's come to a point where it is giving rise to a unique type of mental health crisis–unique enough for mental health professionals to take up courses on the basics of banking and finance.Tune in.Also listen to: How Mahindra Finance dealt with the RBI curb on recovering loans via third party agentsDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

More than 100 Indian startups wrote to TRAI a couple of months ago urging it to maintain its unwavering support for net neutrality principles. This a tug of war began between tech companies including OTT platforms on one side and telecom companies on the other, began years ago.Telecom and internet service providers believe that content and tech companies should pay them for disproportionate traffic. But tech and content companies argue that this would violate the principles of net neutrality.Tune in to find out about this battle between telcos and content companies and how it affects net neutrality. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

Earlier this week, India’s biggest winemaker, Sula, saw its share price reach historic high. The winemaker controls more than half of the market share of India's domestic wine industry. When it went for an IPO at the end of  2022, it was successfully subscribed by almost two and a half times.So you might think the jump in the share price makes sense. Afterall, Sula dominates the wine market in India. But you see, India is not a wine drinking country in general. The share of wine in the country's total alcohol consumption is minuscule.Turns out, the global brokerage CLSA saying Sula could rise 50% in the next year sent its shares soaring. But this was not because Sula Indians suddenly have become wine drinkers or because Sula has entered the new market.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

Paytm*, the fintech giant that was last valued at $16 billion would've never been able to get where it is now without its field agents. Field agents are to fintech payments companies, what delivery partners are to Zomato, Swiggy: their backbone.Out of the 70,000 odd fintech field agents in India, Paytm has about 35000 of these  all around the country. The fintech giant boasts of nearly 40 million registered offline merchants now thanks to the work of its agents.But things are changing now. It's become very challenging for them to onboard new merchants, especially in urban areas, where there are barely any businesses left to tap. As for rural areas, which have a bigger share of untapped merchants, fintechs think its too expensive. Plus the growing competition amongst fintechs has made merchant loyalty difficult to maintain.The market has become saturated and of course, who could be feeling the most pressure but these agents.But what do fintechs expect them to do? Tune in.(*Paytm founder Vijay Shekhar Sharma is an investor in The Ken)Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

2023 turned out to be a landmark year for UPI (Unified Payments Interface) with the number of transactions crossing the 100-billion mark for the first time, according to the latest data released by the NPCI. The month of December alone saw more than 12 billion transactions. These numbers are testament to how UPI has revolutionized the way we use money. As of now, there are more than 300 million users in India are using UPI to freely carry out their financial transactions with each other.  But did you know that your bank can block your account without a warning or any explanation based on your UPI transactions? And what's worst, you could even come under the radar of law enforcement authorities like the cyber crime police. Anyone who unknowingly makes a transaction, directly or indirectly, with a fraudster can be considered suspicious by authorities.  Meanwhile, banks and law enforcement agencies still haven't managed to figure out a standard operating procedure in dealing with such matters. This had led them to adopt a ‘block first, ask questions later’ approach that's been making the lives of innocent victims of financial crimes even harder.  Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.   

Ever since it started, Rapido, the bike taxi company has consciously stayed away from venturing into the cab business. It was happy to stay in the bike taxi lane and beat Ola and Uber there even though that it managed to do it at the expense of customer safety.Now, though, eight years later, Rapido has finally launched its own cab hailing service. Over the last six months or so, it ran a pilot project in Hyderabad and ended up with almost a 25% share of the city’s cab hailing market so last month, it decided to launch in two more cities, New Delhi and Bangalore.What makes it different from Ola and Uber is that instead of commissions, it wants its driver partners to pay a subscription. Right now, Rapido only charges a subscription fee in Hyderabad, and drivers in the other two cities can use the platform for free for another few months. The idea is to disrupt the market by making it a more economic deal for cab drivers whose earnings from Ola and Uber have been on a free fall since the last few years.But disruption comes at a cost.Tune inAlso listen to: Is Rapido trading passenger safety for growth?Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

In 2023, more than 70 million new users downloaded the online shopping app Myntra. India’s leading fashion e-retailer owned by Flipkart has been on quite the discount giving spree lately. And we are not just talking about the year end and festive discounts. Since July, Myntra has 22 sales days every month. Its biggest rival, Reliance owned Ajio has no more than 14.So you might think, Myntra must be raking in some crazy numbers in sales right?Not quite.From onboarding hundreds of sellers a month to regular strategic changes, Myntra is trying it all. And its sales growth is still slumping. A former business executive told The Ken, “the past 15 months have been bad for Myntra.” In fact, Myntra’s net loss jumped over 30% in the financial year ended March 31, 2023. It posted a net loss of nearly 800 crore rupees.What is going on?Tune in.Listen to Anant Narayan talking about his stint as Myntra's CEO and more on First Principles hereDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.

For the last week of December, we are taking you back to some of the most popular Daybreak episodes of 2023. We'll be back with regular programming from January 3, 2024.For a people who were quite averse to the whole concept of credit, Indians really seem to be developing a new found love for the piece of plastic and banks have been happy to ride the wave.But lately they’ve been left quite baffled because they are being being beaten at their own game. A growing community of people are constantly finding hacks to take advantage of the loopholes in credit-card reward systems. For some of them , in fact, it’s going so well that they’ve turned their secret operations into lucrative businesses. Turns out they can make more money from it than their 9 to 5 jobs.Meanwhile banks have realised they are being taken for a ride so some have taken extra security measures to keep such tricksters at bay.Tune in.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, analytical business stories.