What a year it's been.

After a long hiatus and when we thought we'd closed the curtains for good, First Principles came back in April 2025 for Season 3. And what made this comeback so special? Simple: Rohin was genuinely excited to be back in the interviewing chair.

That excitement is infectious. It showed up in every conversation and every question. This year, he sat down with eight incredible CEOs and founders who opened up about their journeys, their philosophies, their wins, and their struggles. These were deep, candid conversations about what it really takes to build something meaningful.

In this special wrap episode, Rohin looks back at all eight conversations from 2025. He gives you the context about what it was really like sitting across from each guest, the moments that surprised him, the insights that stuck with him and then we play you the clips that mattered most. Think of it as a guided tour through the year's best moments.

And here's the thing we're most proud of: First Principles has been named one of Apple's Best Shows of 2025. It's testament to you, our listeners, who make this more than just a podcast. You make it a community.

And next year? It's going to be even better. More intriguing guests. More candid discussions. More first principles thinking applied.

Here are all eight episodes from 2025:

Episode 42: Vidit Aatrey on building a problem-first mindset into Meesho’s culture

Episode 43: Sahil Barua on why Delhivery is the antithesis of moving fast and breaking things

Episode 44: Manish Sabharwal of Teamlease on creating great ancestors, India’s development journey and ‘regulatory cholesterol’

Episode 45: Ultraviolette Automotive’s Narayan Subramaniam on tinkering, designing and learning by discarding

Episode 46: Anand Jain of Clevertap on starting with nothing and learning, building and leading as you go along

Episode 47: Trilegal’s Rahul Matthan on the firm, the partnership, and the principles

Episode 48: Indiagold’s Deepak Abbot on turning a nation’s ‘dead asset’ into credit scores and working capital

Episode 49: Ixigo’s Aloke Bajpai on using empathy, customer experience, and resilience to both survive and thrive

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Once again, thank you for listening to First Principles. Check out our newsletter and discover more at here.
You can email us at [email protected] to share your thoughts, suggestions or anything else.

This episode was produced by Uddantika Kashyap and mixed and mastered by Rajiv CN, our in-house audio engineer.

See you next year,
Team First Principles

Hello and welcome back to First Principles. This is the part 2 of the 49th episode since we started, or the 8th episode of season 3.

In this episode, I sit down with Aloke Bajpai, Group CEO of Ixigo, one of India's fastest-growing and most downloaded travel platforms. While most Indian OTAs followed the Western template of flights-first followed by hotels, Aloke and his co-founder Rajnish took a radically different path. The one that would take nearly 14 years before Ixigo became a full-blown OTA.

Aloke takes us through Ixigo's unconventional journey, starting as a meta-search engine in 2007 that couldn't raise funding for over a year. We explore how the insight that 96% of Indians don't fly, led them to build a train-first platform, spending four years creating utility features without any monetization. He breaks down the technical innovation behind solving India-specific problems. Right from predicting waitlist confirmations using machine learning to creating a crowdsourced running status system using cell tower IDs when GPS and internet failed along railway tracks.

A central theme is resilience through empathy. Aloke shares how near-death experiences during the 2008 global financial crisis and COVID-19 shaped Ixigo's culture. We discuss the founder's decision to go to zero salary, the whiteboard moment where the entire team transparently decided on salary cuts, and the contrarian choice to proactively refund customers during COVID even when the company was running out of money. Finally, Aloke argues that peace of mind, not tickets, is what travel companies should really be selling.

Hello and welcome back to First Principles. This is the part 1 of the 49th episode since we started, or the 8th episode of season 3.

In this episode, I sit down with Aloke Bajpai, Group CEO of Ixigo, one of India's fastest-growing and most downloaded travel platforms. While most Indian OTAs followed the Western template of flights-first followed by hotels, Aloke and his co-founder Rajnish took a radically different path. The one that would take nearly 14 years before Ixigo became a full-blown OTA.

Aloke takes us through Ixigo's unconventional journey, starting as a meta-search engine in 2007 that couldn't raise funding for over a year. We explore how the insight that 96% of Indians don't fly, led them to build a train-first platform, spending four years creating utility features without any monetization. He breaks down the technical innovation behind solving India-specific problems. Right from predicting waitlist confirmations using machine learning to creating a crowdsourced running status system using cell tower IDs when GPS and internet failed along railway tracks.

A central theme is resilience through empathy. Aloke shares how near-death experiences during the 2008 global financial crisis and COVID-19 shaped Ixigo's culture. We discuss the founder's decision to go to zero salary, the whiteboard moment where the entire team transparently decided on salary cuts, and the contrarian choice to proactively refund customers during COVID even when the company was running out of money. Finally, Aloke argues that peace of mind, not tickets, is what travel companies should really be selling.

Hello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. This is part 2 of the conversation.

The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.

That same data-driven curiosity is what led Deepak to walk away from corporate life in 2019. He was clear: he didn't want to just manage; he had years left to actively "build products, you know, with my own hands". What he built was Indiagold, targeting the massive opportunity of gold in a market VCs often dismissed as an 'old economy product'.

In this episode, Rohin sat down with Deepak Abbot, co-founder of Indiagold, to discuss how they are transforming India's massive $1.5 trillion gold reserve—an asset often locked away and doing nothing—into a productive force. Deepak calls this gold a "dead asset" and explains that Indiagold’s mission is to change the mindset around it. They are not just giving gold loans; they are monetising a secured asset for the 250 million Indians who are excluded from formal credit due to thin or non-existent credit scores. By enabling customers to safely leverage their gold reserve, the company helps jumpstart a formal credit history and provides essential working capital.

Listen in as Deepak charts his operator-to-founder journey, shares how he navigated initial VC skepticism, and details the strategy behind turning a seemingly archaic commodity into a modern fintech solution for one of India’s most fundamental credit problems. Plus, a fascinating look inside a unique company culture, including why Indiagold operates without a CEO.

*****

This episode was mixed and mastered by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions, and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

*****

Hello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3. This is part 1 of the conversation.

The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.

That same data-driven curiosity is what led Deepak to walk away from corporate life in 2019. He was clear: he didn't want to just manage; he had years left to actively "build products, you know, with my own hands". What he built was Indiagold, targeting the massive opportunity of gold in a market VCs often dismissed as an 'old economy product'.

In this episode, Rohin sat down with Deepak Abbot, co-founder of Indiagold, to discuss how they are transforming India's massive $1.5 trillion gold reserve—an asset often locked away and doing nothing—into a productive force. Deepak calls this gold a "dead asset" and explains that Indiagold’s mission is to change the mindset around it. They are not just giving gold loans; they are monetising a secured asset for the 250 million Indians who are excluded from formal credit due to thin or non-existent credit scores. By enabling customers to safely leverage their gold reserve, the company helps jumpstart a formal credit history and provides essential working capital.

Listen in as Deepak charts his operator-to-founder journey, shares how he navigated initial VC skepticism, and details the strategy behind turning a seemingly archaic commodity into a modern fintech solution for one of India’s most fundamental credit problems. Plus, a fascinating look inside a unique company culture, including why Indiagold operates without a CEO.

*****

This episode was mixed and mastered by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions, and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

*****

Hello and welcome back to First Principles. This is the 47th episode since we started, or the 6th episode of season 3.

In this episode, I sit down with Rahul Matthan, a co-founder of Trilegal, one of India’s largest and most successful full-service law firms. While Rahul starts by questioning if a lawyer can be an entrepreneur, the conversation unfolds into a masterclass on the patient, principled art of building a lasting institution.

Rahul provides a rare, inside look into the unique challenges of building a professional services firm—a business where the people are the product. He breaks down the counterintuitive models Trilegal adopted to foster a culture of collaboration over individual stardom. We explore their radical “all-equity partnership” and the “lockstep” compensation model, designed to de-risk the firm from becoming dependent on individual “rainmakers” and to align everyone’s incentives towards collective success.

A key theme is the power of compounding principles. Rahul explains how foundational decisions made 25 years ago, such as not naming the firm after its founders and instilling a “firm before self” ethos, were critical for long-term, sustainable growth. He also shares the story behind Trilegal’s exponential 3X growth during the COVID period, attributing it not just to market demand but to a crucial, planned transition from a founder-led management to a new leadership team built for scale.

Finally, Rahul offers a nuanced and critical perspective on the impact of AI on the legal profession. He argues that the real disruption won’t be in replacing senior experts, but in hollowing out the training ground for junior associates, posing a fundamental challenge to the apprenticeship model that professions rely on.

*****

This is the 2nd part of my conversation with him.

*****

This episode was mixed and mastered by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions, and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

In this episode, Rohin Dharmakumar sits down with Rahul Matthan, a co-founder of Trilegal, one of India’s largest and most successful full-service law firms. While Rahul starts by questioning if a lawyer can be an entrepreneur, the conversation unfolds into a masterclass on the patient, principled art of building a lasting institution.

Rahul provides a rare, inside look into the unique challenges of building a professional services firm—a business where the people are the product. He breaks down the counterintuitive models Trilegal adopted to foster a culture of collaboration over individual stardom. We explore their radical “all-equity partnership” and the “lockstep” compensation model, designed to de-risk the firm from becoming dependent on individual “rainmakers” and to align everyone’s incentives towards collective success.

A key theme is the power of compounding principles. Rahul explains how foundational decisions made 25 years ago, such as not naming the firm after its founders and instilling a “firm before self” ethos, were critical for long-term, sustainable growth. He also shares the story behind Trilegal’s exponential 3X growth during the COVID period, attributing it not just to market demand but to a crucial, planned transition from a founder-led management to a new leadership team built for scale.

Finally, Rahul offers a nuanced and critical perspective on the impact of AI on the legal profession. He argues that the real disruption won’t be in replacing senior experts, but in hollowing out the training ground for junior associates, posing a fundamental challenge to the apprenticeship model that professions rely on.

This episode was mixed and mastered by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions, and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

Hello and welcome back to First Principles. I’m thrilled to bring you episode 46, my conversation with Anand Jain, the co-founder of Mumbai-headquartered customer engagement platform CleverTap.

Anand and I were once colleagues at the media conglomerate Network 18. He got out before I did.

In 2013 he and two of his colleagues, Sunil Thomas and Kondamudi, left Network 18 and decided to fire up their respective laptops and code a new customer engagement platform. In just a few months, WizRocket, as it was then called, found its first – albeit non-paying customer. Then, in fairly short order, word-of-mouth driven inbound Seed and Series A investments.

Over time it became Clevertap, raising over $180M in VC funding and becoming a globally used and respected product.

As it turns out though, one of Clevertap’s operating philosophies is, well, First Principles. A strong reason is because Anand himself is a strong believer in it.

At the age of 12 he lost his dad. Thus, at an age when kids are taught to focus only on studies, Anand started tinkering, repairing and learning computer programming to earn money to put food on the table.

His first business was a scheduling system for lawyers in Ahmedabad, written in FoxPro. That was in 1994.

His friends in college called him “khurpechi” in Hindi. Literally, that’s a person who uses a khurpi – a gardening tool – to turn soil over to weed crops or plants. Colloquially though, that’s a person who is curious, restless and is always meddling around with things that don’t concern them directly.

Along the way, Anand co-founded Burrp, one of India’s first restaurant review portals, which got acquired by Network 18. While he was building and running Burrp, he also started manufacturing and selling pigeon spikes to shops, because he noticed there was no one doing that in India!

“I shouldn’t be here,” he told me. Why, I asked. He is not very smart, he replied. He doesn’t have good educational pedigree. He did not even study computer science formally. But, he said, he is extremely hard working and believes that anything can be learnt through hard work and perseverance.

You can see why First Principles is a concept that is dear to Anand.I asked him how happy he was on a scale of 10. He said 10.

I asked him if he’d ever thought of retiring. He said never. Life is too short to not have fun, he said.

Indeed, it is. So let’s dive into episode 46, with Anand Jain, co-founder of Clevertap.

This is part 2 of my conversation with him

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This episode was produced by Hari Krishna, with mixing and mastering by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

Hello and welcome back to First Principles. I’m thrilled to bring you episode 46, my conversation with Anand Jain, the co-founder of Mumbai-headquartered customer engagement platform CleverTap.

Anand and I were once colleagues at the media conglomerate Network 18. He got out before I did.

In 2013 he and two of his colleagues, Sunil Thomas and Kondamudi, left Network 18 and decided to fire up their respective laptops and code a new customer engagement platform. In just a few months, WizRocket, as it was then called, found its first – albeit non-paying customer. Then, in fairly short order, word-of-mouth driven inbound Seed and Series A investments.

Over time it became Clevertap, raising over $180M in VC funding and becoming a globally used and respected product.

As it turns out though, one of Clevertap’s operating philosophies is, well, First Principles. A strong reason is because Anand himself is a strong believer in it.

At the age of 12 he lost his dad. Thus, at an age when kids are taught to focus only on studies, Anand started tinkering, repairing and learning computer programming to earn money to put food on the table.

His first business was a scheduling system for lawyers in Ahmedabad, written in FoxPro. That was in 1994.

His friends in college called him “khurpechi” in Hindi. Literally, that’s a person who uses a khurpi – a gardening tool – to turn soil over to weed crops or plants. Colloquially though, that’s a person who is curious, restless and is always meddling around with things that don’t concern them directly.

Along the way, Anand co-founded Burrp, one of India’s first restaurant review portals, which got acquired by Network 18. While he was building and running Burrp, he also started manufacturing and selling pigeon spikes to shops, because he noticed there was no one doing that in India!

“I shouldn’t be here,” he told me. Why, I asked. He is not very smart, he replied. He doesn’t have good educational pedigree. He did not even study computer science formally. But, he said, he is extremely hard working and believes that anything can be learnt through hard work and perseverance.

You can see why First Principles is a concept that is dear to Anand.I asked him how happy he was on a scale of 10. He said 10.

I asked him if he’d ever thought of retiring. He said never. Life is too short to not have fun, he said.

Indeed, it is. So let’s dive into episode 46, with Anand Jain, co-founder of Clevertap.

This is part 1 of my conversation with him

-

This episode was produced by Hari Krishna, with mixing and mastering by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

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My first introduction, and indeed my ongoing and recurring one, to Ultraviolette has been personal. For years, driving by the Inner Koramangala Inner Ring Road from where I stay to Indiranagar, the Ultraviolette showroom would always catch my eye on the left. I used to constantly wonder about those really cool bikes hanging from cables in the double-ceiling office, intrigued by what kind of bikes they were.

Coincidentally, Ultraviolette was founded in the same year that The Ken also started. We've both been in Bangalore, both in a similar part of town, for most of that time. And yet, this was our first time meeting in the ninth year of our respective journeys. As Narayan himself beautifully put it, when you're chasing larger goals, time truly goes by incredibly quickly. We'll delve into what that means for a founder and how they perceive the passage of time when building an organisation from the ground up, because, as Narayan notes, time is the biggest limiting factor for a startup, encompassing money and talent, as founders are always trying to "buy time".

We explored Ultraviolette's foundational vision, how his engineering education laid a strong foundation, and how it fostered a passion to build things from an early age, even tinkering with electronics and DIY systems, their early funding challenges when VCs deemed their ambition "a little too risky" in the early stages, as they were trying to compete with entrenched players.

Narayan is also the head of design at Ultraviolette, so naturally, the conversation went in the direction of him defining the Ultraviolette brand's core pillars as design, technology, and performance, with the promise of "bringing you the future faster than the competition".

He shared Ultraviolette’s ambition to expand to Europe this year and address a significant market gap for compelling electric mid-segment motorcycles at price parity with internal combustion engines.

Narayan also revealed that his colleagues often describe him and his co-founder and childhood friend, Niraj, as "paranoid," driven by a deep attention to detail. He constantly pushes his team to ask, "Have we found the optimal solution after discarding all other possibilities?"

The journey of Ultraviolette is one that defies conventional wisdom.

Welcome to First Principles. 

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This episode was produced by Hari Krishna, with mixing and mastering by Rajiv CN.

Write to us at [email protected] with your feedback, suggestions and guests you would want to see on First Principles.

If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.