Daybreak

Urban Company’s IPO is off to a roaring start. Retail investors snapped up shares within an hour of the issue opening. By the second day, demand was more than five times the supply, and in the grey market, the stock was already trading nearly Rs.40 above its official price band. The company has reported its first-ever annual profit, rolled out new services like Insta Help and Revamp, and is raising nearly Rs.1900 crore to fuel its next phase of growth.

On paper, it’s a remarkable turnaround story. 

But there’s another side you won’t find in most headlines. Urban Company has built its business on the backs of gig workers. A majority of them are women who have been asking for things as basic as employment benefits, fair policies, and a share in the company’s success.

In this special episode, we revisit host Snigdha Sharma's earlier conversation with two such workers whose voices cut through the numbers.

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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.

Physics Wallah has filed for a ₹3,820 crore IPO earlier this week making it India’s first  edtech unicorn to go public. Founded by Alakh Pandey, the YouTube tutor turned entrepreneur, PW disrupted test prep with free videos and low-cost courses. It scaled into a unicorn with offline centres, AI tools, and millions of loyal students.

But as it steps into the public markets, Pandey’s cult-like persona, the company’s biggest strength, may also be its biggest risk.

Can a business built around one man survive investor scrutiny?

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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.

With ties to the US and China on shaky ground, India is leaning on a new partner—the UAE. The economic relationship has surged past $100 billion in FY25, and this surge has resulted in Indian companies from Tata to Omega Seiki Mobility setting up shop in the Emirates’ tax-free zones.

Attractive incentives like access to capital, world-class infrastructure, and geographical centrality are attracting Indian manufacturers abroad. But this raises a big question: is the UAE a launchpad for India’s global ambitions—or a risk to it’s own manufacturing dreams?

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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 Online Gaming Bill 2025 has wiped out India’s real-money gaming industry overnight. But the ripple effects extend far beyond fantasy cricket and poker tables.

For years, payment aggregators like Razorpay, PhonePe, Cashfree, and PayU quietly powered the industry’s explosive growth. They processed deposits, payouts, and billions of rupees in prize transfers every month. Real-money gaming wasn’t just another client vertical. It was their golden goose that delivered high margins in a hyper-competitive market.

Now, with the ban in place, these fintechs face a sudden revenue void. For some, gaming accounted for as much as 30% of net revenues. The loss comes just as many are prepping for IPOs, making the timing even more brutal.

So, what does the gaming ban really mean for India’s payments industry?

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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.

Giva is shaking up India’s jewellery market, long dominated by gold, with an unexpected bet on silver. Founded in 2019, the company has already grown into a $2 billion brand by targeting the massive but largely unorganized silver jewellery segment.

Unlike competitors such as Caratlane and Bluestone that built their businesses around gold and diamonds, Giva has leaned on an “affordable luxury” play—high-margin silver products, agile design cycles, and impulse-friendly purchases. 

But challenges loom. Rising silver prices could cut into margins, and its aggressive offline push will test whether silver can truly rival gold in a market steeped in tradition.

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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 is rolling out the biggest reform to its Goods and Services Tax since 2017. The GST Council has approved a new structure that takes effect on September 22. It will reshape how everything from household essentials to cars, insurance, and services are taxed. 

The government says GST 2.0 will simplify compliance and lower costs, but several states warn of heavy revenue losses and economists question the design. Markets have already responded with key sectors moving sharply. 

In this episode we go over what changes, who benefits, who loses, and whether GST 2.0 can deliver on the promise of a simpler tax system.

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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.

Harshjit Sethi, managing director at Peak XV and the firm’s AI investment lead, has resigned, marking yet another senior exit. His departure follows the exits of longtime partners Shailesh Lakhani and Abheek Anand, raising fresh questions about India’s largest venture-capital firm.

And the timing is striking: Peak XV is also on the verge of its biggest payday yet, with upcoming IPOs from Groww, Pine Labs, and Meesho that could deliver billions.

In this episode, we look at the paradox of Peak XV’s best year colliding with its worst, and what it means for its global ambitions.

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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.

A severe shortage of seats and difficult tests result in about 25,000 Indians flying abroad to get a medical degree. The problems begin afresh when they return. Instead of warm welcomes, graduates are met with screening tests with high failure rates, tedious registration procedures and even unpaid internships.

But, the thing is: India needs these doctors, and badly.

For every 1260 people, we have only 1 doctor–a stark departure from the WHO recommended 1:1000 ratio. However, bureaucratic mazes and a lack of infrastructural support put these young doctors in a difficult position.

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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 Peyush Bansal spent more than Rs 200 crore to buy back Lenskart shares from investors at a deep discount, it wasn’t just a bold trade. It was a rare  move few founders manage. He essentially clawed back equity before heading into an IPO.

And this extra stake pushed him into “promoter” status, a role many startup leaders once avoided but are now racing to embrace.

Why the sudden shift? What does it reveal about founders, investors, and regulators in India’s IPO boom?

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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.

From the very public Ambani family feud to the private struggles of the Raymond family, the transfer of wealth and power has often been messy.

With over 850,000 millionaires in India, and many of them looking to transition their wealth in the next decade, there's a growing, yet largely unaddressed market for a specific type of expert: the succession coach.

Part mediator, part therapist, part strategist—they do more than just advise. They keep dynasties from tearing themselves apart.

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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.