The Nutgraf

This edition of The Nutgraf was first published on 14 June, 2025

Faith-funding is when founders change roles and become VCs to invest in their own companies. 

Like fantasy monarchs who ride back into the battlefield to defend the castle when the walls are crumbling around their hidden vault of gold, these founders protect their stakes and even double down when others retreat.

It was viewed with suspicion, and for good reason—a founder putting money into their company is a sign that they couldn’t convince someone else to do the same. 

Over the last few months, faith-funding hasn’t just become palatable, it’s become more powerful. 

Praveen Gopal Krishnan delves deeper in this episode of The Nutgraf. Tune in.

P.S. You can also read the edition here.

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This episode of The Nutgraf was first published on 7 June. 

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It’s almost a clichè these days to call Aggarwal as the Indian Elon Musk, particularly because it’s no longer evident if the comparison is meant to be complimentary or derogatory. 

But the one thing that Tesla and Ola Electric have in common is that both these brands seem to have been hit, and are less desirable in the minds of their consumers. 

These parallels don’t just extend to their EV companies, but it goes beyond that…to their other companies. 

Praveen Gopal Krishnan delves further in this episode. Tune in. 

Alternatively, you can read the full edition here: Bhavish Aggarwal is finally India’s Elon Musk - https://the-ken.com/the-nutgraf/bhavish-aggarwal-is-finally-indias-elon-musk/

Earlier The Nutgraf edition 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/

One channel. Every show. No more switching feeds.

Follow The Ken on Apple Podcasts or tune in on The Ken app.

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). 

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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.

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). 

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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.

This episode of The Nutgraf was first published on 31 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). 

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If you’re a B2B AI startup in India, your biggest problem isn’t revenue, costs, profit or even talent — it’s time-wasters. 

Like most things in life, this seems to be a uniquely Indian problem.

And they are right to be frustrated by this. 

However, they also believe that this is a problem only faced by them. 

This is where they are wrong.

Praveen Gopal Krishnan explained why in this episode of The Nutgraf. Tune in.

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You can also read the edition here.

Learn more about The Ken’s Narrative Workshops here: https://the-ken.com/learning/

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.

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). 

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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.

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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.

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). 

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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/

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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). 

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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.

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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.

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). 

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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.

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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.

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).

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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.