Two by Two (Private)

What’s the dumbest thing about hospitals that we still tolerate in 2025? This simple question kicks off a deep dive into the broken core of the Indian healthcare system. From confusing X-ray pricing and misaligned incentives that prioritise “sick-care” over healthcare, to the irritating experience of endless queues and fragmented records, the problems are deeply entrenched in the system. 

In this episode of Two by Two, co-hosts Praveen Gopal Krishnan and Rohin Dharmakumar talk to two founders who are not just trying to patch the system, but rebuild it from the ground up. Varun Dubey of Superhealth and Mayank Banerjee of Even Healthcare are both creating smaller, hyperlocal, and experience-focused hospitals. They break down how they’re unbundling the bloated cost structures of traditional hospitals, redesigning the patient journey, and realigning incentives by putting doctors on full-time salaries with ESOPs. 

The conversation explores the difficulty of disrupting the current healthcare system and the challenges of scaling innovative models that prioritise patient well-being and affordability. 

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, write to us at [email protected]. We’d love to hear from you.

In this episode of Two by Two, we map out a viable AI strategy for India that plays to its unique strengths, not its weaknesses. Co-hosts Rohin Dharmakumar and Praveen Gopal Krishnan sit down with Chaitanya Chokkareddy, co-founder and CTO of Ozonetel–a cloud-based communication platform providing call-centre solutions—who presents a contrarian view: India’s current focus on acquiring GPUs is a flawed, capital-intensive race it cannot win. Instead, the real, defensible moat lies in India’s cultural and linguistic data.

We dive deep into why a “data sets over GPUs” strategy is crucial to prevent the cultural exclusion of a billion people, how it impacts the very way we learn and feel, and why India’s massive IT services industry is sitting on a goldmine for building the next generation of AI agents.

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, write to us at [email protected]. We’d love to hear from you.

*****

Additional reading

Airtel fights spammers. And Truecaller's business model

In this episode, we sit down with Ishendra Agarwal, founder and CEO of Giva, to unpack his mission to democratise fine jewellery in India. We look at how Giva is rapidly scaling its omnichannel presence with over 270 stores and targeting Rs 850 crore in revenue, all while catering to the modern consumer’s desire for accessible, fashionable pieces. 

Co-hosts of Two by Two Rohin Dharmakumar and Praveen Gopal Krishnan take a deep dive into the transitioning shift caused by lab-grown diamonds (LGDs). The conversation tackles one core industry debate: can LGDs, dismissed by some legacy players, ever hold emotional value as heirlooms, or are they purely a fashion statement? Ishendra also makes an emphasis on the importance of brand and design and how they will be the ultimate differentiators in a commoditising market. 

We also explore Giva’s operational innovations, from using AI in design to their “Giva Go” quick-commerce model for last-minute gifting. For anyone interested in consumer brands, market disruption, and the future of the jewellery, this is an unmissable discussion.

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, write to us at [email protected]. We’d love to hear from you.

India’s fintech-based NBFC lending sector offers many lessons. Three early pioneers—Capital Float (now Axio), Zestmoney, and Lendingkart—raised significant amounts of venture capital, built solid momentum, and achieved growth and penetration. They pivoted, explored multiple opportunities, and yet, ultimately had to sell out. 

In this episode of Two by Two, co-hosts Rohin Dharmakumar and Praveen Gopal Krishnan are joined by guests Shivashish Chatterjee, co-founder of DMI Group, and Arundhati Ramanathan, The Ken’s deputy editor. Together, they discuss the business models of these lenders—including balance sheet lending and the rise of “buy now, pay later”—and what lessons can be learned for the future of India’s fintech lending ecosystem.

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, write to us at [email protected]. We’d love to hear from you.

Additional reading

Axio—a fintech dream comes to an end https://the-ken.com/kaching/axio-a-fintech-dream-comes-to-an-end/

In this episode of Two by Two, co-hosts Praveen Gopal Krishnan and Rohin Dharmakumar are joined by Ayyappan Rajagopal, founder and CEO of the quick-commerce platform Firstclub. A veteran of India’s e-commerce sector with leadership roles at Flipkart, Myntra, and Cleartrip, Ayyappan shares his vision for a differentiated experience in the crowded quick-commerce market. While existing platforms are highly transactional and compete on speed and discounts, Firstclub aims to be a curated, discovery-led platform offering high-quality products. 

For brands, Firstclub positions itself not just as a retailer, but as an extended distributor and brand-building partner. It works closely with brands, associating only with those whose stature and target consumers align with its curated vision. 

For consumers, Firstclub is drawing inspiration from the Costco model by planning a membership-based system to build a loyal customer base and offer superior products at better value. 

Delve into this conversation to understand how Firstclub is carving out its unique space in the quick-commerce landscape. 

*****

Additional reading

1,500 stories about India’s complex relationships with Swiggy Instamart, Blinkit, Zepto, and Bigbasket
Are we seeing the unbundling of quick commerce?

In this episode, co-hosts Praveen Gopal Krishnan and Rohin Dharmakumar sit down with Munaf Kapadia (VP of growth and marketing, Natfirst), and Arjun Anjaria (founder, Unbox Health) to discuss the challenge posed by misleading food labels in India and the resulting deterioration in consumer trust. 

Unbox Health uses independent lab testing to verify product claims, creating an objective D to A+ rating scale based on label accuracy, toxicity, and nutritional profile. While Natfirst, and its consumer app Truthin, interpret the data already on product labels—analysing ingredients, additives, and processing levels—to provide a simple 1 to 5 star rating with the goal of empowering “conscious consumers” who want to know what’s in their food. 

Arjun and Munaf, with several years of combined expertise in this domain, help us understand the rocky terrain of consumer labeling in India by breaking down the current regulatory landscape, the ineffectiveness of existing penalties for mislabeling, and much more.

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, write to us at [email protected]. We’d love to hear from you.

How does the India head of a global, category-creating giant view its future in arguably its most complex market?

In this candid episode of Two by Two, we sit down with Prabhjeet Singh, the president of Uber India and South Asia, to deconstruct the company’s biggest strategic challenges and ambitions in the country.

Prabhjeet breaks down Uber’s “barbell strategy”—a delicate balance of serving both premium customers with services like Uber Black and cost-conscious users with affordable options. We dive deep into the evolving competitive landscape, moving beyond the traditional Uber vs. Ola duopoly to discuss the disruption from players like Rapido and Namma Yatri, who are challenging the commission-based business model. Prabhjeet addresses how Uber navigates this complex environment, including the tricky regulatory and taxation issues that create a non-level playing field.

The conversation expands to Uber’s grander vision as a multi-modal platform, not just a ride-hailing app. Prabhjeet reveals a surprising insight: Uber’s courier service is now one of its fastest-growing verticals in India, born from a “hack” during the pandemic. We also explore innovative new revenue streams, from the recently launched Uber Teens for secure rides to a fascinating new feature allowing driver-partners to earn extra income by completing AI-based micro-tasks during their downtime.

Finally, we touch upon the long-term future, discussing the viability of self-driving cars on Indian roads and the constant push-and-pull of regulatory innovation. This is a rare, unfiltered look into the operational and strategic engine of Uber India as it navigates growth, competition, and its own evolution.

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, we’d love to hear from you. Write to us at [email protected].

While India produces millions of graduates every year, the stark reality is that many remain underemployed, and some are increasingly turning unemployable. Contrary to popular belief, this is not merely a problem facing social science or non-STEM students. Data from the past decade shows that 40% to 50% of engineering graduates from Indian universities have not been placed in jobs, underlining the worrying gap between academic education and industry requirements. This is just one of the challenges India’s youth face in transitioning from a fairly uniform school system to career-oriented education. 

Aggravating this issue is the critical gap in career awareness among Indian students. While the modern economy offers over 20,000 career paths, 93% of students are familiar with only seven traditional roles, including doctor, engineer, lawyer, or teacher. 

This mismatch between what traditional degrees offer and modern job-market demands is the focus of this animated episode of Two by Two, where co-hosts Rohin Dharmakumar and Praveen Gopal Krishnan are joined by two experts in the field of education—Maheshwer Peri, founder and CEO of Careers360, and Abhishek Ghosh, clinical researcher and career counsellor at No Herd Mentality.

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer. 

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, we’d love to hear from you. Write to us at [email protected].

*****
Additional reading:
India’s demographic dividend as a time bomb

Abhishek Ghosh’s blog: No Herd Mentality

Whatsapp is the fastest and the best way to reach hundreds of millions of Indians, which makes it a dream distribution channel for everybody. But its owner Meta maintains an iron grip on its APIs, pricing, and policies, making it a risky place to build. This is Whatsapp’s double life. 

This deadlock is why Whatsapp is universally used but not universally loved by India’s users. It’s why startups have an opportunity in front of them, but one shrouded in doubt. 

In this episode, we have two wonderful founders who are building companies on top of Whatsapp and have their own reasons to try to break this deadlock. Swapnika Nag is co-founder and CEO of Periskope, an AI platform supercharging sales and operations on Whatsapp, and Dharmesh Ba is founder of October Chat, which builds AI agents for Whatsapp. With co-hosts, Rohin Dharmakumar and Praveen Gopal Krishnan, they unravel the risks and rewards of building on one of the world’s most popular messaging apps.  

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer. 

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, we’d love to hear from you. Write to us at [email protected].

Additional reading

Dharmesh Ba’s substack: https://newsletter.theindianotes.com/