Ep #10 | WTF is the Next Gen Thinking? Nikhil w/ Navya, Tara, Aadit & Kaivalya

1. 0:00 – 2:05

   Intro

   1. NKNikhil Kamath0:00

      [upbeat music] We started today trying to establish what people in your generation are thinking. [upbeat music]

   2. APAadit Palicha0:17

      All cameras rolling?

   3. TSTara Sutaria0:19

      Yeah.

   4. APAadit Palicha0:19

      Let's start.

   5. NKNikhil Kamath0:24

      Ready? So we're gonna spend the first five minutes today talking about how kids of today, the twenty-year-old Zepto guys- [chuckles]

   6. TSTara Sutaria0:36

      I think they've just reached-

   7. NKNikhil Kamath0:36

      can't figure out-

   8. TSTara Sutaria0:37

      [chuckles] I literally think they've just- I think they've just reached.

   9. NKNikhil Kamath0:40

      Are they here?

   10. TSTara Sutaria0:40

       I heard some noise.

   11. NKNikhil Kamath0:41

       It's not them, right?

   12. APAadit Palicha0:42

       No.

   13. TSTara Sutaria0:42

       Okay. Oh, okay.

   14. NKNikhil Kamath0:42

       Then it makes sense.

   15. TSTara Sutaria0:43

       Yeah.

   16. NKNikhil Kamath0:45

       Uh, Tara and Navya, I want to ask you guys, what is wrong with the youth of today that they can't make it to any place on time?

   17. TSTara Sutaria0:55

       Navya, take it away. [chuckles] I'm a part of the youth, so I don't want to comment [chuckles] 'cause I'm one of these people. I was also late.

   18. NKNikhil Kamath1:04

       You were not late, really.

   19. TSTara Sutaria1:05

       I was, like- You were kind of late. I mean, I wasn't as late as them-

   20. NKNikhil Kamath1:07

       Yeah.

   21. TSTara Sutaria1:08

       -but I was a little late. Were you late? 'Cause if you were late, then I was definitely late. [laughing] We were all late, to be honest, but I think they've taken the bar a little too high- I know-

   22. NKNikhil Kamath1:15

       Why, why is that?

   23. TSTara Sutaria1:16

       ... being that late. It's unacceptable. We should stand-

   24. NKNikhil Kamath1:18

       Naveli, when you guys go out-

   25. TSTara Sutaria1:19

       Mm.

   26. NKNikhil Kamath1:20

       -say, Tara and Navya are going on... going out to dinner with their respective friends.

   27. TSTara Sutaria1:25

       Mm-hmm.

   28. NKNikhil Kamath1:26

       If that respective friend was to make you wait an hour-

   29. TSTara Sutaria1:30

       Mm

   30. NKNikhil Kamath1:30

       ... what would you do?
2. 2:05 – 4:00

   Zepto Bros Arrive

   1. APAadit Palicha2:05

      I'm sorry.

   2. TSTara Sutaria2:05

      And we're dressed exactly the same. [chuckles] We're not wild guys.

   3. APAadit Palicha2:09

      Nice to meet you. Hello.

   4. TSTara Sutaria2:09

      Hi, nice to meet you. Hi, Navya. Nice to meet you.

   5. APAadit Palicha2:10

      Hi.

   6. TSTara Sutaria2:11

      Hi, Navya. Nice to meet you.

   7. APAadit Palicha2:12

      Good to see you guys. What's up? [exhales]

   8. TSTara Sutaria2:15

      Wow, everyone's really color coordinated today. Yeah.

   9. APAadit Palicha2:17

      I get, I get some- Bangalore sucks. I get some, uh, pause 'cause I got a fever, but now I'm feeling a bit better.

   10. TSTara Sutaria2:23

       Oh, wow.

   11. APAadit Palicha2:23

       So it's been... Yeah. I'm feeling a bit better, but I, whole day got ruined as a result of that.

   12. TSTara Sutaria2:27

       Gosh, do you want some medicine or something?

   13. APAadit Palicha2:29

       Yeah, I popped some paracetamol like before this one.

   14. TSTara Sutaria2:32

       Okay.

   15. APAadit Palicha2:33

       Yeah.

   16. NKNikhil Kamath2:33

       I can't say anything else now.

   17. APAadit Palicha2:34

       Yeah.

   18. NKNikhil Kamath2:35

       Mm.

   19. APAadit Palicha2:35

       He was like- I anticipate. I anticipate.

   20. TSTara Sutaria2:38

       Yeah. [laughing]

   21. APAadit Palicha2:38

       Yeah, I know, I know, I know.

   22. TSTara Sutaria2:39

       He was like, "I was sick and now-"

   23. APAadit Palicha2:41

       So we were also planning the right excuse, you know, to-

   24. NKNikhil Kamath2:43

       So someone- Oh, my God, did you just pull on that act?

   25. APAadit Palicha2:46

       Wow, if I... I mean, I have the, the paracetamol to prove it, so. [chuckles]

   26. TSTara Sutaria2:49

       Okay, that's fine.

   27. APAadit Palicha2:50

       I'm gonna-

   28. TSTara Sutaria2:52

       We believe you.

   29. APAadit Palicha2:52

       Yeah.

   30. TSTara Sutaria2:52

       We believe you.
3. 4:00 – 6:28

   Story of Zepto Bros

   1. NKNikhil Kamath4:00

      Huh?

   2. APAadit Palicha4:00

      I've seen the podcast. I was expecting this.

   3. NKNikhil Kamath4:02

      Yeah?

   4. APAadit Palicha4:02

      Yeah.

   5. TSTara Sutaria4:02

      [chuckles]

   6. APAadit Palicha4:02

      Big fans, man.

   7. NKNikhil Kamath4:03

      Yeah?

   8. APAadit Palicha4:03

      Big fans. [chuckles]

   9. TSTara Sutaria4:04

      [chuckles]

   10. APAadit Palicha4:05

       But, uh, KB, you wanna go first?

   11. KVKaivalya Vohra4:07

       Uh, both of our introductions are gonna end up being similar.

   12. APAadit Palicha4:09

       Yeah.

   13. NKNikhil Kamath4:10

       And how old are you guys now?

   14. KVKaivalya Vohra4:11

       Twenty.

   15. APAadit Palicha4:12

       Twenty-one.

   16. TSTara Sutaria4:12

       Which school did you guys go to?

   17. KVKaivalya Vohra4:13

       This was in Dubai.

   18. TSTara Sutaria4:14

       Oh, okay.

   19. KVKaivalya Vohra4:15

       Where do you want me to start?

   20. NKNikhil Kamath4:16

       Start from Dubai, where you went to school.

   21. KVKaivalya Vohra4:19

       So I was born in Bombay.

   22. NKNikhil Kamath4:20

       Mm-hmm.

   23. KVKaivalya Vohra4:20

       And then when I was about five, moved to Dubai, and we ended up in the same class in, like, the third grade. Um, Dubai was fun. Uh, a little bit sheltered, but fun.

   24. NKNikhil Kamath4:31

       Why sheltered?

   25. KVKaivalya Vohra4:32

       There's no crime there. It's like a bit of a bubble, uh, so-

   26. NKNikhil Kamath4:36

       It's changed now, no?

   27. KVKaivalya Vohra4:37

       Not really.

   28. NKNikhil Kamath4:38

       No?

   29. KVKaivalya Vohra4:38

       Not really. Now, in fact-

   30. NKNikhil Kamath4:40

       Uh
4. 6:28 – 7:29

   The Stanford Dropout Tale

   1. APAadit Palicha6:28

      Figured Stanford would be a, a good, good excuse to go there. Lucky enough to get in. Um, and so, yeah, that was supposed to be the beginning of the journey.

   2. NKNikhil Kamath6:35

      You got in together?

   3. APAadit Palicha6:37

      Yeah. I mean, he got in early. I, I didn't get in early. I got in through the regular decision cycle, so-

   4. NKNikhil Kamath6:41

      Mm.

   5. APAadit Palicha6:41

      -that's still... [chuckles]

   6. KVKaivalya Vohra6:43

      We were supposed to start in September of 2020.

   7. APAadit Palicha6:45

      Yeah.

   8. NKNikhil Kamath6:45

      Right. And did you go to college?

   9. KVKaivalya Vohra6:47

      No.

   10. APAadit Palicha6:47

       No, no, we effectively didn't. I mean, we-- so we were supposed to go. So March 2020, pandemic hits.

   11. NKNikhil Kamath6:52

       Mm.

   12. APAadit Palicha6:53

       Um, we were supposed to go, couldn't go, and we said, "Okay, we can start our, our college education online." Uh, but we had, like, four precious years in, like, Silicon Valley, so we said, "You know, if we're going to waste a year sitting on our, on our, uh, laptops in Dubai or Mumbai, it's not really worth it." And so we decided to take a year off, and, you know, we didn't really have anything planned for that year. A lot of our, lot of our friends had internships at Goldman or JP Morgan. Um, but we were... We just said, "Let's take a year off, figure out, you know, figure out what we can do." And yeah, that's when we started experimenting. But, yeah-

   13. NKNikhil Kamath7:27

       What was the first experiment?

   14. APAadit Palicha7:28

       So, I mean,

5. 7:29 – 9:31

   How KiranaKart started

   1. APAadit Palicha7:29

      we... So we, so we came to Bombay, uh, firstly, like, when the pandemic hit. Uh, came to Bombay, multiple reasons why. Family was here. Um, it was COVID, so we were staying in KV's house-

   2. NKNikhil Kamath7:40

      Mm.

   3. APAadit Palicha7:40

      -in, uh, in Andheri East.

   4. NKNikhil Kamath7:42

      Mm-hmm.

   5. APAadit Palicha7:42

      And so, yeah, that's basically where we were. So we were within reach of our family in Bombay, but we were staying alone, and we took a year off. March, April 2020, lockdown. Your local kirana, like, your local mom-and-pop shop was disrupted. The online guys were taking seven, eight days to deliver, and it was a pain, and most of our neighbors were elderly. And so we were on a WhatsApp group chat, and we just... we used to deliver for them because we had nothing else to do. Uh, so we delivered-

   6. NKNikhil Kamath8:08

      And you would charge a fee for this?

   7. APAadit Palicha8:09

      Initially, we didn't.

   8. NKNikhil Kamath8:10

      Mm.

   9. APAadit Palicha8:10

      That WhatsApp group grew. Uh, eventually, we started hitting that limit, uh-

   10. KVKaivalya Vohra8:14

       Two fifty-six.

   11. APAadit Palicha8:15

       Yeah, two fifty-six, KV remembers. But, uh, but yeah, yeah.

   12. NKNikhil Kamath8:18

       But each person could see what their neighbor was ordering?

   13. APAadit Palicha8:21

       Yeah, it was not very, [chuckles] not very-

   14. NKNikhil Kamath8:23

       [chuckles] Ideal.

   15. KVKaivalya Vohra8:24

       This is like a...

   16. NKNikhil Kamath8:25

       Uh.

   17. KVKaivalya Vohra8:25

       So my place was in this, like, it's called Share Punjab Colony.

   18. NKNikhil Kamath8:28

       Uh.

   19. KVKaivalya Vohra8:28

       It was just a bunch of Punjabis in, like-

   20. NKNikhil Kamath8:30

       Uh

   21. KVKaivalya Vohra8:30

       ... I don't know, fifty years ago, forty years ago or something. And so it's just a, I don't know, maybe a hundred, two hundred houses there.

   22. NKNikhil Kamath8:36

       Mm.

   23. KVKaivalya Vohra8:36

       So it's just the people within that.

   24. NKNikhil Kamath8:38

       Mm. Mm.

   25. KVKaivalya Vohra8:38

       And, like, two or three-

   26. NKNikhil Kamath8:39

       Mm

   27. KVKaivalya Vohra8:39

       ... sort of stores nearby that we would pick up and-

   28. APAadit Palicha8:42

       Yeah

   29. KVKaivalya Vohra8:42

       -drop stuff off.

   30. APAadit Palicha8:42

       And so that was that, and when it got to a certain point, we said, "Let's build an app out of it so we can scale this." And so we built out the first edition. It was called KiranaKart, and, yeah, it was basically a pick-up and drop service, and that's what... That's how we, we ended up building it out and started scaling over the course of, like, a couple of months. Um, and that's pretty much all we would do. We were, like, the customer support executives. We were the delivery partner, the, the delivery drivers. We were the guys that, you know, packed the orders for the, the store, and we used to do that for, like, sixty, seventy percent of the time. We've got some crazy stories. I'll save that probably for the podcast. Um, but that was the, that was the journey, and, like, as we were going through that, we interacted with customers so much, it became clear to us that if we really wanted to make something meaningful and scale this, we would have to... I mean, we would have to just control the customer experience end to end, and so that's when we started experimenting with dark stores.

6. 9:31 – 12:02

   Decoding Dark Stores & First Funding

   1. NKNikhil Kamath9:31

      What is a dark store?

   2. APAadit Palicha9:32

      Yeah, so you can think of it... You know, so a dark store is like a micro warehouse, or a... You can think of it like a supermarket, right? In the sense that you've got these aisles, but unlike a supermarket, it's tucked away in a back alley somewhere-

   3. NKNikhil Kamath9:42

      Mm.

   4. APAadit Palicha9:42

      -so not in a front-facing road. And instead of having customers moving around those aisles, you've got pickers and packers that are zipping around, they're packing the packages.

   5. NKNikhil Kamath9:48

      How big is a typical dark store?

   6. APAadit Palicha9:50

      It's about three and a half thousand square foot. I mean, we say three thousand square foot.

   7. KVKaivalya Vohra9:52

      Three thousand.

   8. APAadit Palicha9:53

      Yeah, carpet.

   9. KVKaivalya Vohra9:54

      Yeah.

   10. APAadit Palicha9:54

       Um, so we started experimenting with that, right? And the ex- I mean, not only did it help us deliver faster, assortment was meaningfully better, quality was meaningfully better, speed was in and the... or at least have, like, a better handle on, on pricing than we initially did.

   11. NKNikhil Kamath10:06

       So how did you go from delivering groceries on WhatsApp?

   12. APAadit Palicha10:10

       Yeah.

   13. NKNikhil Kamath10:10

       Did you guys start a company? Where did the money to start a dark store come from?

   14. APAadit Palicha10:14

       Yeah, yeah. No, sure. So, and when we started getting, like, very early traction, we applied to this [chuckles] and we actually met, met with, uh, who was the first investor in the company. We applied to this thing called, um, Contrair Capital. It was a fellowship, and it was a crazy idea for two kids sitting in Bombay. They basically said: "We'll give you forty lakhs for free, and, like, no questions asked. Just take forty lakhs-

   15. KVKaivalya Vohra10:32

       Yeah

   16. APAadit Palicha10:32

       ... if you're building something interesting."

   17. KVKaivalya Vohra10:34

       It's basically the... So in COVID-

   18. NKNikhil Kamath10:35

       Mm

   19. KVKaivalya Vohra10:35

       ... a whole bunch of people were taking gap years-

   20. APAadit Palicha10:38

       Mm. Yeah

   21. KVKaivalya Vohra10:38

       ... to start up or whatever.

   22. NKNikhil Kamath10:39

       Mm. Yeah.

   23. KVKaivalya Vohra10:39

       And so these guys said: "We'll pick five teams-

   24. NKNikhil Kamath10:41

       Mm

   25. KVKaivalya Vohra10:41

       ... that are working on something, that have taken time off of school."

   26. NKNikhil Kamath10:44

       Mm.

   27. KVKaivalya Vohra10:44

       So at that point, we're, like, a student-focused VC fund.

   28. NKNikhil Kamath10:47

       Mm.

   29. KVKaivalya Vohra10:47

       So they said: "We'll give fifty thousand dollars to five teams that are working on something in a gap year."

   30. NKNikhil Kamath10:51

       Is this still open? Can people apply?
7. 12:02 – 13:35

   Cracking Sales as Techies

   1. KVKaivalya Vohra12:02

      ... um, you have a chicken and egg problem, right?

   2. NKNikhil Kamath12:04

      Mm.

   3. KVKaivalya Vohra12:04

      For example, a food delivery business.

   4. NKNikhil Kamath12:06

      Mm.

   5. KVKaivalya Vohra12:06

      Either you have restaurants-

   6. NKNikhil Kamath12:07

      Mm.

   7. KVKaivalya Vohra12:08

      Uh, without restaurants, it's hard to get customers, and without customers, it's hard to get restaurants. So it's like a chicken and egg problem.

   8. APAadit Palicha12:12

      Yeah.

   9. KVKaivalya Vohra12:12

      And so we were like, we had that same thing.... and so we were like, "Okay, fine, which side do we solve first?" We said, "Let's solve the supply side." And so every day for those three months-

   10. APAadit Palicha12:21

       Yeah

   11. KVKaivalya Vohra12:21

       ... we would just go to a different neighborhood in Bombay. Like, one day it'd be Parel or Powai or Borivali or Colaba, and we just walk into as many of these kirana stores-

   12. APAadit Palicha12:29

       Yeah

   13. KVKaivalya Vohra12:29

       ... and try to convince them to join as a seller. Over those three months, we went to every single neighborhood.

   14. APAadit Palicha12:34

       Mm-hmm.

   15. KVKaivalya Vohra12:34

       We'd walk into stores all day, like morning to evening, and just do that. Um, so neither of us had any sort of background in sales.

   16. APAadit Palicha12:42

       Mm.

   17. KVKaivalya Vohra12:43

       But, like, trying to sell software to like a baniya is probably the best crash course in sales that anyone can want.

   18. APAadit Palicha12:48

       That's unbelievable.

   19. KVKaivalya Vohra12:49

       'Cause 10 out of 10 of them, eight will tell you to, like, "I don't know if I..." [beep] basically. [laughing]

   20. APAadit Palicha12:55

       [laughing] Yeah, yeah, yeah.

   21. NKNikhil Kamath12:55

       Exactly, yeah.

   22. APAadit Palicha12:55

       Also, forgiveness.

   23. KVKaivalya Vohra12:56

       And two of them will say, "Okay, fine, I'll download your app," and by the time you walk out, one of those two has deleted.

   24. APAadit Palicha13:00

       They're deleted, yeah.

   25. KVKaivalya Vohra13:01

       Right, and so... And they would give us feedback, though, on, like, what they need-

   26. APAadit Palicha13:04

       In good drive

   27. KVKaivalya Vohra13:04

       ... to improve.

   28. NKNikhil Kamath13:05

       Would their margins go down versus selling in-store?

   29. APAadit Palicha13:07

       Um, yeah, they did.

   30. KVKaivalya Vohra13:08

       Slightly-
8. 13:35 – 14:30

   Zepto's Massive Sales Growth

   1. NKNikhil Kamath13:35

      how much did you sell?

   2. APAadit Palicha13:36

      So by within 30 days of launching, 30 to 40 days, we got to about 300 orders a day, right? So we were doing like-

   3. NKNikhil Kamath13:43

      What is the average order?

   4. APAadit Palicha13:44

      Back then, it was like 280 rupees, to like-

   5. KVKaivalya Vohra13:46

      300 bucks

   6. APAadit Palicha13:46

      ... way back. We were doing 300 orders a day, very low AOV, but it scaled pretty quickly.

   7. NKNikhil Kamath13:52

      What is AOV?

   8. APAadit Palicha13:53

      Average order value.

   9. NKNikhil Kamath13:54

      Yeah.

   10. APAadit Palicha13:54

       WTF is AOV? But, uh, but yeah, so very low average order value. But we was, we were seeing product-market fit, and we would talk to customers, because we would be the ones doing the deliveries. We had set up, like, our own mini customer support center in, in KV's house, and his mom was not very happy about that. But we said-

   11. NKNikhil Kamath14:10

       And where did the 40 lakhs run out?

   12. APAadit Palicha14:12

       No, so, okay, in this process, uh, raised 40 lakhs, and then we kept, like, raising, like, 20 lakhs follow-up from, like, a couple of the other angel investors in Kartri's network. And then, when we got to, like, a certain scale, we got... Or not when we got a certain scale, we got to a certain level where it, it started looking like we were gaining momentum. We got,

9. 14:30 – 17:45

   Y Combinator & Initial Hurdles

   1. APAadit Palicha14:30

      uh, approached by Y Combinator, so this would've been late 2020. Uh, like-

   2. NKNikhil Kamath14:33

      And they would've done half a million or something.

   3. KVKaivalya Vohra14:35

      Hundred, yeah, it was 5K.

   4. APAadit Palicha14:36

      It was, it was 125K.

   5. NKNikhil Kamath14:37

      Mm.

   6. APAadit Palicha14:37

      It was 125K.

   7. NKNikhil Kamath14:38

      Mm. How does one apply to Y Combinator?

   8. KVKaivalya Vohra14:40

      They have a form. So they run two batches-

   9. NKNikhil Kamath14:42

      Mm

   10. KVKaivalya Vohra14:42

       ... every year.

   11. NKNikhil Kamath14:43

       Mm.

   12. KVKaivalya Vohra14:43

       January to March-

   13. NKNikhil Kamath14:44

       Mm

   14. KVKaivalya Vohra14:44

       ... and then July to September.

   15. NKNikhil Kamath14:45

       Mm.

   16. KVKaivalya Vohra14:46

       They have a bunch of questions. You fill them in and apply.

   17. NKNikhil Kamath14:49

       Mm.

   18. APAadit Palicha14:49

       Yeah, yeah.

   19. KVKaivalya Vohra14:49

       So-

   20. NKNikhil Kamath14:49

       And you meet them in person?

   21. APAadit Palicha14:51

       No, no, virtual.

   22. NKNikhil Kamath14:51

       In a non-COVID world?

   23. APAadit Palicha14:53

       Uh, sometimes, yeah.

   24. NKNikhil Kamath14:54

       Mm.

   25. KVKaivalya Vohra14:55

       So I think the interviews are virtual now, so they have, like, a 10-minute interview.

   26. NKNikhil Kamath14:57

       I've heard of this.

   27. KVKaivalya Vohra14:58

       Which is typically-

   28. NKNikhil Kamath14:59

       Typically at a coffee shop.

   29. APAadit Palicha15:00

       Yeah, like, before COVID, they used to come down to Bangalore and do it, uh, but they also do it virtually.

   30. NKNikhil Kamath15:04

       Okay, so 125K then.
10. 17:45 – 20:19

    Series A & Beyond

    1. APAadit Palicha17:45

       Yeah, so Nexus, um, they essentially did our Series A, and-

    2. NKNikhil Kamath17:50

       Mm

    3. APAadit Palicha17:50

       ... they were-- So this was actually like, we, we... So they approached us, and we told them, "Hey..." They said, "Okay, this business is interesting what you're doing, KiranaKart. 300 orders per day pretty quickly. Maybe you can scale." We actually, the first meeting, we told them, "We're going to shut this down. [chuckles] This doesn't work. Like we're talking to customers, and they're-

    4. NKNikhil Kamath18:04

       Mm

    5. APAadit Palicha18:04

       ... they're just telling us this doesn't work, right?

    6. NKNikhil Kamath18:06

       Mm.

    7. APAadit Palicha18:07

       Uh, so we're shutting it down." And that was the first meeting. Like, they, they said, "We, we're interested in funding you," and we said, "We're shutting this business down, so, like, don't fund us." Um, and then we started, and then they said, "Okay, if you're shutting it down, what are you going to do?"

    8. NKNikhil Kamath18:16

       Mm-hmm.

    9. APAadit Palicha18:16

       And we told them that we think this model has got better product-market fit. And so when we walked them through the thesis, we actually showed them the customer data-... they were like, "Okay, this is exciting." And that's when they funded us. So they put in, that was a $10 million Series A that they, that they-

    10. NKNikhil Kamath18:29

        When was that?

    11. APAadit Palicha18:30

        This was right before July 2021. From then, it went pretty crazy. So July '21, the first dark store we launched in Bandra went crazy.

    12. NKNikhil Kamath18:37

        Mm.

    13. APAadit Palicha18:38

        And we started growing, and these were good times. We started growing 100% a week.

    14. NKNikhil Kamath18:41

        Mm.

    15. APAadit Palicha18:41

        It was, like, crazy.

    16. NKNikhil Kamath18:42

        How do you match for that scale?

    17. APAadit Palicha18:44

        So-

    18. NKNikhil Kamath18:44

        You need physical people to deliver, right?

    19. APAadit Palicha18:46

        Yeah, yeah, so-

    20. NKNikhil Kamath18:47

        Or did you have idle drivers who were delivering one order an hour, and they just became-

    21. APAadit Palicha18:52

        Initially.

    22. APAadit Palicha18:52

        Yeah.

    23. APAadit Palicha18:52

        Initially. Yeah, yeah, we did.

    24. APAadit Palicha18:53

        That's how initially when we launched our dark store.

    25. APAadit Palicha18:55

        But yeah, so we're growing at 100, 150% a week. We raised, like, this $10 million Series A within 45 days of that. Again, without exag- like, it was, it was crazy, but within 45 days of that, we closed a $50 million Series B, and then the business started really going crazy. So-

    26. NKNikhil Kamath19:08

        This is post-COVID craziness.

    27. APAadit Palicha19:10

        Post-COVID craziness, right?

    28. NKNikhil Kamath19:11

        Mm.

    29. APAadit Palicha19:11

        Like, 150% a week, 200% a week. We were, like, multiplying the business every week. It was c- it was like un... It was un- like, we, we were barely sleeping.

    30. APAadit Palicha19:18

        Yeah.
11. 20:19 – 23:31

    Grocery Economics Explained

    1. NKNikhil Kamath20:19

       on your, say, unit economics-

    2. APAadit Palicha20:20

       Yeah

    3. NKNikhil Kamath20:21

       ... say, 75 rupees per hour-

    4. APAadit Palicha20:23

       Mm

    5. NKNikhil Kamath20:23

       ... driving cost at some point of time.

    6. APAadit Palicha20:25

       Mm.

    7. NKNikhil Kamath20:25

       How much are you passing on to your client today, and how much are you charging?

    8. APAadit Palicha20:29

       The dark stores that we, we work with, they do multiple times more throughput per square foot than any other format of commerce in the country, offline and online. So rent as a percentage of sales for us is nothing. It's one, one and a half percent. So the fixed cost base is so low because of how much throughput that we've been able to do within the same store, because of how, like, how much customer demand we see and the way that we've designed the stores.

    9. NKNikhil Kamath20:47

       Mm.

    10. APAadit Palicha20:48

        So throughput is crazy. Fixed cost is very low. And then on the variable cost side, which is the last-mile cost, all your per-order costs, that's something that we optimize, but we basically... Like, we've gotten it to a pretty good level right now. We basically make, you know, margins from the sale, and we make advertising income. So like a Unilever or Procter & Gamble will, will, you know, advertise on the platform. We make a meaningful amount of advertising income, uh-

    11. APAadit Palicha21:10

        'Cause it's a 100% margin business.

    12. NKNikhil Kamath21:12

        'Cause I was talking to Meesho, and they said delivery income is a big portion of their revenue.

    13. APAadit Palicha21:16

        Yeah.

    14. APAadit Palicha21:16

        Yeah, yeah.

    15. NKNikhil Kamath21:17

        So if you had to-

    16. APAadit Palicha21:18

        But- [chuckles]

    17. NKNikhil Kamath21:18

        ... break up your revenue into four quadrants-

    18. APAadit Palicha21:21

        Yeah

    19. NKNikhil Kamath21:21

        ... can you break that up?

    20. APAadit Palicha21:22

        It's three. I mean, it's, like, sales-

    21. NKNikhil Kamath21:23

        Mm

    22. APAadit Palicha21:24

        ... um, advertising income, and delivery fees.

    23. NKNikhil Kamath21:27

        Percentage?

    24. APAadit Palicha21:28

        Uh, yeah, so we're going into the trade secrets again. [laughing]

    25. NKNikhil Kamath21:31

        [laughing]

    26. APAadit Palicha21:31

        Uh, but, but, uh, yeah, so, like-

    27. APAadit Palicha21:34

        Sales-

    28. APAadit Palicha21:34

        ... sales is, like, the core, right?

    29. APAadit Palicha21:35

        Yeah.

    30. APAadit Palicha21:35

        Like, like, inventory sales is, like, what most of it is. And then ad income and delivery fees is, like, between 1 and 3% of the sales.
12. 23:31 – 27:07

    Navya’s Unconventional Career Choice

    1. NNNavya Naveli Nanda23:31

       at me? [laughing] People look here.

    2. NKNikhil Kamath23:32

       Okay, Navya, tell us something about you. I know you.

    3. NNNavya Naveli Nanda23:36

       Yeah, so I don't know. You're gonna have to hear this again.

    4. NKNikhil Kamath23:38

       Yeah. It's interesting how people think of themselves, 'cause it's very often now not how other people think of them.

    5. APAadit Palicha23:44

       Really?

    6. NNNavya Naveli Nanda23:45

       Yes, you're right.

    7. NKNikhil Kamath23:45

       What do you think of me, Nikhil? [laughing]

    8. NNNavya Naveli Nanda23:47

       I'll take it from there. I'll take it from there.

    9. APAadit Palicha23:47

       We should all talk about what do you think of Nikhil.

    10. NNNavya Naveli Nanda23:50

        I'll take it from there.

    11. NKNikhil Kamath23:52

        I think Navya is this very intelligent, very good-looking-

    12. NNNavya Naveli Nanda23:57

        Thanks

    13. NKNikhil Kamath23:58

        ... girl, born in a situation where life would have ideally taken her in another direction. But, uh, the fact that she's choosing not to do so leaves a lot of people intrigued, because to a layman, to people like us who have no exposure to-... fame and popularity like Bollywood affords somebody?

    14. NNNavya Naveli Nanda24:21

        Have you met the two of them recently? [laughing]

    15. SPSpeaker24:23

        [laughing]

    16. NNNavya Naveli Nanda24:24

        I think everyone knows who they are. Actually, I mean, when you say that, I, I actually, I don't know, a lot of people know this. I grew up in Delhi. I'm from Delhi.

    17. NKNikhil Kamath24:31

        Okay.

    18. NNNavya Naveli Nanda24:31

        So I'm not from Bombay. I didn't grow up in this whole environment that I think most people assume that I grew up in-

    19. NKNikhil Kamath24:37

        I'll, I'll add a bit of context. Your grandfather is Amitabh Bachchan.

    20. NNNavya Naveli Nanda24:41

        Yeah.

    21. NKNikhil Kamath24:41

        Grandmother is a MP.

    22. NNNavya Naveli Nanda24:43

        Yes.

    23. NKNikhil Kamath24:43

        The other side grandmother is someone who has a Guinness Book of World Record for selling 17,000 insurance policies in a day.

    24. NNNavya Naveli Nanda24:51

        Yes, she works in insurance.

    25. SPSpeaker24:53

        Wow! What, in a day?

    26. NKNikhil Kamath24:54

        In a day.

    27. SPSpeaker24:54

        What?

    28. NKNikhil Kamath24:55

        And her father runs a really large listed company called Escorts-

    29. NNNavya Naveli Nanda24:59

        Kubota now. Escorts Kubota.

    30. NKNikhil Kamath25:01

        Escorts Kubota, which does... Should I say agri machinery largely?
13. 27:07 – 31:51

    Navya's views on Privilege & Goals

    1. NNNavya Naveli Nanda27:07

       I mean, because I feel like I'm not the one who's the star. Like, I haven't done that work. I haven't gained that respect. I have- so I've, I have no right projecting that just because I come from somewhere. And I think that, like, every time people ask me that, "Oh, you run a nonprofit, and most privileged people or people from privilege run a nonprofit," I'm like, "You know, if you exclude whether I'm privileged or not and focus on what I do, then that's a completely different conversation altogether."

    2. NKNikhil Kamath27:34

       What is the trigger? Why nonprofit?

    3. NNNavya Naveli Nanda27:37

       The, the first answer to that is that whether I've come from the family I come from or not, whether I came from privilege or not, I think I'd still be doing what I'm doing. So for me, if I had to define myself, I would not say I'm a philanthropist. I'd say I'm a social entrepreneur because I'm essentially building businesses, but I'm not chasing profit, I'm chasing purpose. So I'm kind of like the middleman between being completely purpose-centric and profit-centric. I'm kind of in the middle.

    4. NKNikhil Kamath28:03

       Are you, are you capitalistic or socialist at heart?

    5. NNNavya Naveli Nanda28:06

       I'm kind of in the middle somewhere, because, see, essentially what I do on a day-to-day basis and everything I run, these, these are businesses, but we're not making profits, right?

    6. NKNikhil Kamath28:15

       Yeah.

    7. NNNavya Naveli Nanda28:15

       So it's, it's somewhere in the middle, and I, I mean, that's a conversation for later.

    8. SPSpeaker28:20

       Only Nikhil makes profit. Nobody else. [laughing]

    9. NNNavya Naveli Nanda28:21

       Yeah. [laughing]

    10. NKNikhil Kamath28:21

        Yeah. [laughing]

    11. SPSpeaker28:22

        Everybody else is trying their best.

    12. NNNavya Naveli Nanda28:23

        No, but somehow I feel that that's kind of, uh-

    13. NKNikhil Kamath28:25

        Can I, can I tell you something?

    14. SPSpeaker28:26

        Yeah.

    15. NKNikhil Kamath28:27

        You guys are 20 years old.

    16. SPSpeaker28:28

        Yeah.

    17. NKNikhil Kamath28:28

        I've, I've been doing the same job I do today, I'm 36, as a trader for 19 years.

    18. SPSpeaker28:34

        Oh, man.

    19. NKNikhil Kamath28:34

        I was just thinking about it when you were introducing yourself.

    20. SPSpeaker28:36

        You started when you were-

    21. NKNikhil Kamath28:37

        I've had the same job for how old you guys are.

    22. SPSpeaker28:40

        You guys-

    23. NKNikhil Kamath28:40

        So it's okay if I make a little bit of money. [laughing]

    24. SPSpeaker28:42

        Yeah. Fair enough. Okay, yeah.

    25. NNNavya Naveli Nanda28:43

        I mean, that's... E- everyone has to make money. That's-

    26. SPSpeaker28:45

        Fair enough.

    27. NNNavya Naveli Nanda28:46

        That's the basics of it. Um, so yeah, that's what my nonprofit does. So I was saying we have an entrepreneurship pillar where we have 25,000 women as of last month, and essentially what we do there is encourage entrepreneurship amongst women. So, um, for me, I also f- fundamentally believe to in- to encourage people to start businesses. It's more than just capital, it's more than just investment and finance. It has to be creating an ecosystem, so that's what we do. So the community is more about resources and how... So we partner with, like, um, ad agencies, legal firms, to give them access to resources that every founder, as you guys know-

    28. SPSpeaker29:28

        Yeah

    29. NNNavya Naveli Nanda29:28

        ... would, you know, probably need. Which is a very difficult thing for, you know, small-scale entrepreneurs to find access-

    30. SPSpeaker29:34

        Yeah
14. 31:51 – 39:08

    Navya’s Reflections

    1. NKNikhil Kamath31:51

       if you had to describe yourself in one line-

    2. NNNavya Naveli Nanda31:55

       [gasps]

    3. NKNikhil Kamath31:55

       ... personality-wise, not like, you know, we don't care.

    4. NNNavya Naveli Nanda31:57

       Personality-wise?

    5. NKNikhil Kamath31:58

       Yeah. Who is Navya?

    6. NNNavya Naveli Nanda32:01

       I'm quite an awkward person. [chuckles]

    7. NKNikhil Kamath32:03

       You're not.

    8. NNNavya Naveli Nanda32:04

       I am. I'm quite... I do a good job of covering it up-

    9. NKNikhil Kamath32:08

       Mm

    10. NNNavya Naveli Nanda32:08

        ... but I'm quite a, I'm quite an awkward person. I think it takes me time to get comfortable around people.

    11. NKNikhil Kamath32:14

        Right.

    12. NNNavya Naveli Nanda32:14

        And I think that comes from a lot of... Because I, I almost have this, like, I know what people think when I walk into a room, or I know what they expect me to be like, and I know what kind of perception they would have of me, so immediately there's, like-

    13. NKNikhil Kamath32:29

        Mm. Pressure.

    14. NNNavya Naveli Nanda32:30

        Yeah. So I think for me, it takes time to kind of get there. And I think even for people that I've become friends with or work with, it's taken them a while to kind of really get to know who I am, because I think there are a lot of preconceived notions, right? And I don't blame people for having those. I would have them if I met, you know, somebody else. And, you know, before meeting these guys, I thought they were fast and on time, but [laughing] -

    15. SPSpeaker32:51

        [laughing] Yeah.

    16. NNNavya Naveli Nanda32:52

        So, you know, you have, you do have-

    17. NKNikhil Kamath32:54

        How did we segue into that? Wow.

    18. SPSpeaker32:57

        Wow.

    19. NKNikhil Kamath32:57

        We were so good at something. [laughing]

    20. NNNavya Naveli Nanda32:58

        I said the two things that you need to sell, which is fast and on time, so I should-

    21. SPSpeaker33:02

        Yeah

    22. NNNavya Naveli Nanda33:02

        ... get a coupon. [laughing]

    23. SPSpeaker33:03

        Yeah, yeah, yeah. We're gonna get you a coupon.

    24. NNNavya Naveli Nanda33:05

        Well, you can't blame-

    25. NKNikhil Kamath33:06

        We'll do a billboard with that

    26. NNNavya Naveli Nanda33:06

        ... people for having, you know, preconceptions about you. So I think for me, that's always, I think, what creates the awkwardness, is that I walk into a room knowing what people are thinking already, and that's a very daunting feeling sometimes.

    27. NKNikhil Kamath33:20

        Wow. Interesting.

    28. NNNavya Naveli Nanda33:22

        Awkward-

    29. NKNikhil Kamath33:23

        Then?

    30. NNNavya Naveli Nanda33:23

        Not creative.
15. 39:08 – 40:10

    Tara's Artistic Childhood

    1. TSTara Sutaria39:08

       I took up theater very early in life because it was... the stage is- and musical theater is something that I'm just still completely obsessed with. And I remember doing this musical called Grease. It's, um, it's a really fun musical, and, [lips smack] and that's actually when I kind of came into my own and I felt like, "Okay, this is something I really, really love to do." Because I, at that point, trained in singing all of my life, actually longer than I had done ballet. So I had, like, the music thing and the, the dance training, and now the theater training to really figure out that that was possibly something that I wanted to do.

    2. NKNikhil Kamath39:41

       So no connection with Bollywood, but found your way there?

    3. TSTara Sutaria39:44

       Yeah, none at all. In fact-

    4. NKNikhil Kamath39:45

       That must be hard, right?

    5. TSTara Sutaria39:47

       It's very unusual. It's a very unusual place to be, because most people that I know in my line of work have grown up watching Hindi films, and, um, I actually didn't, neither of us, neither my twin. So Disney had come to India, uh, just prior to that, and I grew up being like a Disney baby, like so many young girls and boys were and are.

16. 40:10 – 43:51

    From Disney to Bollywood - Tara's journey

    1. TSTara Sutaria40:10

       And I was the ambassador for Disney in India at the time as well.

    2. NKNikhil Kamath40:14

       How many hours a week?

    3. TSTara Sutaria40:16

       It was, like, in my summer holidays. It was, like, for fun. They were, like, kind of not sure if that was something they would do.

    4. NKNikhil Kamath40:22

       Did you get paid a wage?

    5. TSTara Sutaria40:23

       Uh, I'm sure I did. [chuckles] I don't really remember. Um-

    6. NKNikhil Kamath40:26

       Does that change you?

    7. TSTara Sutaria40:28

       I don't think so. It really depends on-

    8. NKNikhil Kamath40:30

       If you start earning money at 16?

    9. TSTara Sutaria40:32

       It depends on how you perceive that at that age and what your thought process is about things like that. Uh, for me, it was just so much fun. Um, and Disney is a fantastic organization to work with, in any case. Uh, very particular and very mindful of how they treat people, and children especially, obviously. Um, and that was really, really fun, and it just, for me, it was just more time spent doing something that I grew up loving, rather than being in a school and being made to feel really small. Um, I remember when it was time to sort of graduate from college, I, um, I met my, my team, what grew to be my team.

    10. NKNikhil Kamath41:11

        By team, what do you mean?

    11. TSTara Sutaria41:12

        So in our industry, there are agents-

    12. NKNikhil Kamath41:15

        Mm.

    13. TSTara Sutaria41:15

        ... and, uh, in companies, there are agents-

    14. NKNikhil Kamath41:17

        Mm

    15. TSTara Sutaria41:17

        ... there are managers. [lips smack] And so I met my agent-

    16. NKNikhil Kamath41:21

        Mm

    17. TSTara Sutaria41:21

        ... um, and the owner of a company called Matrix, uh-

    18. NKNikhil Kamath41:25

        Mm

    19. TSTara Sutaria41:25

        ... Reshma Shetty.

    20. NKNikhil Kamath41:25

        Mm.

    21. TSTara Sutaria41:26

        And she introduced me to Karan, who became my guide and my mentor, and, uh, the producer for my first film. Um, and-

    22. NKNikhil Kamath41:35

        And how does that happen? How does somebody meet Karan, right? [chuckles]

    23. SPSpeaker41:38

        Yeah.

    24. TSTara Sutaria41:39

        I think- [laughing]

    25. NKNikhil Kamath41:39

        I'm assuming Karan.

    26. SPSpeaker41:41

        Yeah, right. [laughing]

    27. TSTara Sutaria41:42

        I think it was a unique experience, again, to be honest with you. Um, so I met with Reshma-

    28. NKNikhil Kamath41:47

        Mm

    29. TSTara Sutaria41:47

        ... and she, uh, knew that I was doing a lot of stuff in the theater. She had come to the Royal Opera House, where I hosted a concert, and I think she spoke with Karan, and Karan wanted to meet, and of course, we met, and it was the most, like, delightful first meeting ever. [lips smack] He asked me to sing in my first meeting with him, which was like...

    30. SPSpeaker42:08

        Like, on the spot?
17. 43:51 – 45:10

    Unveiling Bollywood’s Reality

    1. NKNikhil Kamath43:51

       to be, right, Bollywood? 'Cause there are so few positions that so many people are competing for. Like, I'll give you an example of my world.

    2. TSTara Sutaria43:57

       Mm.

    3. NKNikhil Kamath43:58

       I can build something-

    4. TSTara Sutaria44:00

       Mm

    5. NKNikhil Kamath44:00

       ... Aadit can build something else, KV can build something else.

    6. SPSpeaker44:02

       Not Zerodha.

    7. TSTara Sutaria44:02

       Mm.

    8. NKNikhil Kamath44:03

       It's not like we're competing for the same pie. Unlike Bollywood, where-

    9. TSTara Sutaria44:08

       Mm

    10. NKNikhil Kamath44:08

        ... there can be maybe 20 actresses and 20 actors, right?

    11. TSTara Sutaria44:11

        Sure.

    12. NKNikhil Kamath44:11

        On top.

    13. TSTara Sutaria44:12

        I mean, I, [sighs] it also depends on what your definition of competition is. I feel like I genuinely can't think of... Maybe that's 'cause I grew up with a twin sister. I really keep thinking about this, because a lot of us get asked this question a lot.

    14. NKNikhil Kamath44:25

        Mm.

    15. TSTara Sutaria44:26

        Um, in fact, it's more often than not the first question we're asked in an interview.

    16. NKNikhil Kamath44:30

        Which is?

    17. SPSpeaker44:31

        Is it competitive?

    18. TSTara Sutaria44:31

        About how competitive it is in, in a line of work like this. Uh, sure, it is. It depends on what you see for yourself and how you really perceive that competition. I genuinely don't think that there are... Till very recently there were boxes for everyone, right? Where, like, she's this, and she's that, and then she's only this, and she's only that, and she can't be this because she's that. There was always that sort of putting everyone in a box. Um, while a certain amount of that still exists, I, I do feel like I don't think any of us can truly do what the other does as well as the other does it. Everyone's figuring their own stuff out, and I don't think-

    19. NKNikhil Kamath45:08

        What's wrong with the industry

18. 45:10 – 46:10

    Flaws in the Movie Industry

    1. NKNikhil Kamath45:10

       overall?

    2. TSTara Sutaria45:11

       That's a-

    3. SPSpeaker45:11

       Great question

    4. TSTara Sutaria45:12

       ... great question. You just went right into it.

    5. SPSpeaker45:14

       Wow, you just-

    6. NKNikhil Kamath45:14

       Yeah, yeah, yeah

    7. SPSpeaker45:15

       ... you asked me, like, "What's your last mile cost?" Like, uh, it was like, uh, the same thing.

    8. TSTara Sutaria45:18

       In what way do you mean?

    9. NKNikhil Kamath45:19

       Well, I mean in the sense that if 1,000 rupees is going into making Bollywood movies-

    10. TSTara Sutaria45:27

        Mm

    11. NKNikhil Kamath45:28

        ... the net outcome is sub 1,000 rupees today.

    12. SPSpeaker45:31

        Oh, really?

    13. TSTara Sutaria45:32

        Well, it depends which film you're talking about.

    14. SPSpeaker45:33

        Well, are we talking about-

    15. SPSpeaker45:33

        Yeah.

    16. NKNikhil Kamath45:34

        I'm talking about all films together, the culmination.

    17. SPSpeaker45:36

        Are you talking about tier one? Like, what, what are you using to, like, segment that?

    18. NKNikhil Kamath45:38

        You know, tier one, two, three, everything.

    19. SPSpeaker45:39

        No, no, I'm saying, no, no, as in, like-

    20. NKNikhil Kamath45:40

        Mm

    21. SPSpeaker45:40

        ... what kinds of Bollywood film, like the big production houses, you're saying?

    22. NKNikhil Kamath45:42

        Doesn't matter, everything put together.

    23. TSTara Sutaria45:44

        All in general.

    24. SPSpeaker45:45

        Yeah, no, no, I'm trying to segment, like, indie stuff, 'cause indie stuff, most of them will fail, right?

    25. SPSpeaker45:49

        The budgets-

    26. TSTara Sutaria45:49

        Yeah?

    27. SPSpeaker45:49

        ... will also not be as high.

    28. NKNikhil Kamath45:50

        I think-

    29. SPSpeaker45:50

        No, no, I'm saying most indie films would not-

    30. NKNikhil Kamath45:52

        Okay, let me, let me reverse engineer this.
19. 46:10 – 47:46

    Changing Taste of Audience

    1. TSTara Sutaria46:10

       You know, I think it's because tastes are changing. Tastes have been changing for a while. Maybe sometimes we haven't really listened to what people really want to see and what people really want to hear. I feel a lot of it comes in the writing.

    2. NKNikhil Kamath46:20

       What do you think, what do you think will work in the future?

    3. TSTara Sutaria46:23

       Uh, [sighs] -

    4. NKNikhil Kamath46:25

       How are tastes-

    5. TSTara Sutaria46:26

       ... It's a really good question

    6. NKNikhil Kamath46:26

       ... of your generation changing?

    7. TSTara Sutaria46:27

       Um, you know, till, till a few years ago, and this is not to say that it doesn't exist anymore, because there will always be that aspirational quality that we want to... We want to look at the movies and go to the movies to feel better, and that's the- it's just how we are, right, as a people and, and as a world, not just in India. But there is this certain aspirational quality that I feel that we felt very strongly about till quite recently. Um, with the launch of OTT fl- platforms and, um, this term relatability, right, that we all talk about so much as, as the young people of this country, I just feel like that has changed the game. Wanting to look at whether it's dialogue, whether it's screenplay, whether that's performance, whether that's delivery, whether that's the way someone's styled on screen today, it all comes down to there's so much that goes into it, right? So I feel like when we're looking at the movies today, we, we care more for relatability rather than aspiration. That's a big gap that we've been figuring out how to fill, and we have figured it out wonderfully in some of our, in some of our projects and films, especially on OTT. Um, there's a lot more learning, I think, that a lot of us can do in terms of where, where stuff has really been missing.

    8. NKNikhil Kamath47:45

       If Tara

20. 47:46 – 49:10

    Sneak Peek into Tara's Upcoming Movie

    1. NKNikhil Kamath47:46

       had to make a movie next year, direct, produce, and make it-

    2. TSTara Sutaria47:49

       Mm-hmm

    3. NKNikhil Kamath47:50

       ... what would you make it about?

    4. TSTara Sutaria47:51

       So my next film is, is a film called Apoorva. It's the, the name of my character in the film. It's also my first solo lead film, which is something that's just really exciting.

    5. NKNikhil Kamath47:59

       Is it like a thriller? Is it a drama?

    6. TSTara Sutaria48:01

       It is a survival drama-

    7. NKNikhil Kamath48:03

       Mm

    8. TSTara Sutaria48:03

       ... of this young girl, and she's put in this, uh, God, it's so tricky not to say it, [laughing] -

    9. SPSpeaker48:10

       [laughs]

    10. TSTara Sutaria48:10

        ... uh, position that is very, very tricky, and how she sort of, uh, uses her wit and intelligence to save herself rather than being saved, which is something that, uh, we've seen for a long enough time in our movies. Um-

    11. NKNikhil Kamath48:22

        Do you resonate with that a bit more than you should in real life?

    12. TSTara Sutaria48:26

        Yeah, I think so, and I think a lot of young women and men, uh, will resonate with that, and I, and I hope that they do. Uh, it's not in a very preachy tone.

    13. NKNikhil Kamath48:34

        Mm.

    14. TSTara Sutaria48:35

        The film is very real. It's very raw. It's very different to anything that I've really done so far, which is why I'm so excited about it. It's also-... I, I don't look like myself in the film.

    15. NKNikhil Kamath48:44

        Agreed.

    16. TSTara Sutaria48:44

        I just don't, and- [smacks lips]

    17. SPSpeaker48:46

        She can't, she-

    18. SPSpeaker48:47

        You're waiting. [laughs]

    19. SPSpeaker48:48

        So watch the film only now. [laughing]

    20. TSTara Sutaria48:50

        She's trying to not tell us, so we're like, "How do you really-" [laughing]

    21. SPSpeaker48:52

        These questions are like, trying to get them.

    22. SPSpeaker48:54

        When does it, when does it come out?

    23. TSTara Sutaria48:56

        Right.

    24. SPSpeaker48:57

        She's, like, really trying not to reveal. [laughs]

    25. TSTara Sutaria48:59

        Um-

    26. NKNikhil Kamath48:59

        How many movies have you done, Tara?

    27. TSTara Sutaria49:01

        But if I were to make it-

    28. NKNikhil Kamath49:01

        Quite a few, right?

    29. TSTara Sutaria49:01

        This would be my sixth film.

    30. NKNikhil Kamath49:03

        Oh.
21. 49:10 – 50:20

    Tara’s Dream Project

    1. TSTara Sutaria49:10

       [inhales] If not something in this space, it would be a musical. I just feel like-

    2. NKNikhil Kamath49:13

       Mm.

    3. TSTara Sutaria49:14

       I- in my last film, I sang for myself 'cause I was playing a singer, but I would just-- that's something that I would really like to do. If I could act in it, like you said, and direct it, I have a certain vision in mind, um-

    4. NKNikhil Kamath49:25

       Will that be relatable, a musical?

    5. TSTara Sutaria49:27

       You can make it relatable-

    6. NKNikhil Kamath49:28

       Yeah.

    7. TSTara Sutaria49:28

       -you can also make it aspirational, because it-

    8. SPSpeaker49:30

       Would you want to, like, do a Hindi remake of-

    9. TSTara Sutaria49:32

       It's-

    10. SPSpeaker49:32

        -one of the big Broadway ones?

    11. TSTara Sutaria49:34

        I don't think you can do a Hindi remake.

    12. SPSpeaker49:36

        No?

    13. TSTara Sutaria49:36

        I think you can adapt certain elements from stories abroad, because the experience is so different, right?

    14. SPSpeaker49:41

        Sure.

    15. TSTara Sutaria49:41

        Um, m- musical theater there, musical theater here, I mean, there are some fantastic plays here and musicals here in Hindi that I absolutely adore. But, uh, the experience is too different to remake.

    16. SPSpeaker49:52

        Okay.

    17. TSTara Sutaria49:52

        So there is... You can take inspiration from films. I don't know if you guys have ever seen Burlesque or seen films like that, because you can do so much here. Um, like we were talking about the nightlife scene with jazz clubs and so much that was such a big, important part of the '80s and '70s and '90s, actually, in, in so many parts of India. If we can touch upon those subjects and topics and involve music, because as a people, we love great music.

    18. SPSpeaker50:17

        Yeah.

    19. TSTara Sutaria50:17

        That's something that I'd love to do. Nobody's doing it, and I'd love to do it.

    20. NKNikhil Kamath50:19

        Describe Tara as

22. 50:20 – 51:27

    Who is Tara, really?

    1. NKNikhil Kamath50:20

       a person. Same question I asked Navya.

    2. SPSpeaker50:22

       I failed.

    3. TSTara Sutaria50:22

       Oh, my God.

    4. SPSpeaker50:23

       You got that.

    5. SPSpeaker50:23

       Um, please succeed. [chuckles]

    6. NKNikhil Kamath50:24

       Like the, like the innate, honest truth.

    7. SPSpeaker50:29

       When you put it like that.

    8. SPSpeaker50:30

       No pressure. [chuckles]

    9. NKNikhil Kamath50:31

       See, we all have masks on.

    10. TSTara Sutaria50:32

        Yeah, yeah.

    11. NKNikhil Kamath50:33

        I think when-

    12. TSTara Sutaria50:33

        Absolutely

    13. NKNikhil Kamath50:33

        ... we talk about ourself, the person is a mask. The more popular you are, I think there are more masks.

    14. TSTara Sutaria50:41

        Mm-hmm.

    15. NKNikhil Kamath50:41

        So what is Tara-

    16. SPSpeaker50:43

        Behind the mask?

    17. TSTara Sutaria50:44

        Mm. Thank you so much. [laughing]

    18. SPSpeaker50:47

        [laughing] Yeah, that for us.

    19. TSTara Sutaria50:48

        Where is this going?

    20. NKNikhil Kamath50:50

        We're becoming a tribe now. We can all finish each other's sentences.

    21. SPSpeaker50:52

        I know. [laughing]

    22. SPSpeaker50:53

        You guys gotta start getting your own and... [chuckles]

    23. TSTara Sutaria50:55

        I'm just making fun of everyone I know. [laughing]

    24. SPSpeaker50:58

        [laughing]

    25. TSTara Sutaria51:00

        Oh, behind the mask, gosh, I think, not cool at all. Um, just not.

    26. NKNikhil Kamath51:06

        What is cool?

    27. TSTara Sutaria51:06

        Can't ever be. You know, the quintessential, like... I don't know any of these slang words that most people are using.

    28. NKNikhil Kamath51:14

        You think using slang words is cool?

    29. SPSpeaker51:16

        That's true.

    30. TSTara Sutaria51:16

        This is exactly-
23. 51:27 – 54:29

    Music Tastes

    1. TSTara Sutaria51:27

       to is frightfully old.

    2. SPSpeaker51:30

       What kind of music do you listen to?

    3. TSTara Sutaria51:31

       I listen to '50s, '60s, '70s. Yeah, uh, jazz-

    4. SPSpeaker51:38

       Okay

    5. TSTara Sutaria51:39

       ... R&B, pop.

    6. SPSpeaker51:40

       Nice.

    7. TSTara Sutaria51:41

       Essentially classical and semi-classical music.

    8. NKNikhil Kamath51:43

       What's wrong with the music of today?

    9. SPSpeaker51:44

       Doesn't have to say.

    10. SPSpeaker51:46

        Love it. Love it. [chuckles] Oh.

    11. SPSpeaker51:47

        You touched a very-

    12. SPSpeaker51:48

        It's great.

    13. SPSpeaker51:48

        You touched a nerve there.

    14. TSTara Sutaria51:49

        No, lots of it is great, I don't-

    15. NKNikhil Kamath51:50

        Is it all, like, drugs, sex, and money?

    16. TSTara Sutaria51:52

        No, I just don't relate with it.

    17. NKNikhil Kamath51:53

        I know all the hip hop songs are, right?

    18. TSTara Sutaria51:55

        You know, so many songs from the '80s and '90s are also about that.

    19. SPSpeaker51:57

        Yeah.

    20. NKNikhil Kamath51:57

        I think, I think KV and I, we dig that shit.

    21. SPSpeaker52:00

        Do you?

    22. SPSpeaker52:00

        My music taste is so very-

    23. TSTara Sutaria52:01

        Guys, think before you answer. [laughing]

    24. SPSpeaker52:02

        What is yours? [laughing]

    25. SPSpeaker52:03

        So my dad, my dad brought me up on, like, Dire Straits, Pink Floyd, The Doors-

    26. TSTara Sutaria52:06

        Nice.

    27. SPSpeaker52:06

        Nice

    28. SPSpeaker52:06

        ... all of that. I went to an Eric Clapton concert when I was, like, seven.

    29. TSTara Sutaria52:10

        Oh, bless you.

    30. NKNikhil Kamath52:10

        Wow!
24. 54:29 – 56:16

    What is the new generation up to?

    1. NKNikhil Kamath54:29

       [clears throat] So numbers: zero to 24 in India is 43% of our population, 24 to 44 is 31%, so I would assume below 30 is a good 50 to 60%, something on those lines?... A lot of you do not live, breathe, and go about your life in the manner that I did when I was twenty years old. Like, uh, cricket was a religion, Bollywood was killing it, shopping happened in person, uh, startups were new. You know, uh, back then, this concept of venture capital in itself was a novel idea.

    2. APAadit Palicha55:14

       Yeah. Right.

    3. NKNikhil Kamath55:15

       If you had to start a company, you had to figure out a way to either borrow or make money from the very beginning. So I wanna, like, come to each one of you and kind of figure out what your thoughts are about consumption in general in your space. Uh, I know I'm biased in my group, because you guys are not the norm, but to a certain extent, what people buy, what people shop for, I think is driven by what is cool, and that funnel happens to be very top-down. So I think getting to know how you spend time, what you shop for, where you shop for it, will be very interesting.

    4. APAadit Palicha55:52

       Right.

    5. NKNikhil Kamath55:52

       So I was having dinner recently, and I happened to be with somebody who runs a large fashion outlet, which aggregates fashion businesses.

    6. APAadit Palicha56:02

       Mm.

    7. NKNikhil Kamath56:03

       There was a guy who worked in e-commerce, CEO of a e-commerce brand. There was a guy who worked in electric vehicles. And I was sitting over dinner and talking to each of them, and they told me something has changed

25. 56:16 – 1:00:00

    Changing Consumption Patterns of New Gen.

    1. NKNikhil Kamath56:16

       in India, wherein consumption has slowed down drastically in the last one or two quarters. Uh, the numbers seem to show that Amazon is only growing by, say, 5% a year.

    2. APAadit Palicha56:27

       Sure.

    3. NKNikhil Kamath56:28

       Flipkart is maybe growing at 7, 8% or near 10%, but based on the fact that Flipkart sells electronics of high value, which seem to be growing.

    4. APAadit Palicha56:41

       Sure.

    5. NKNikhil Kamath56:41

       There is definitely a premiumization which is going on in the market, where the top end seems to be doing well and spending more money, but the middle and the bottom are not truly participace- participating in the cycle of consumption. So to the Zepto brothers-

    6. APAadit Palicha56:57

       Yeah, the Zepto brothers.

    7. NKNikhil Kamath56:57

       You cater to the middle more so than other people in your position. What do you guys see on consumption? I'm gonna ask you about tractors.

    8. APAadit Palicha57:05

       Yeah.

    9. SPSpeaker57:06

       Oh, great. Okay.

    10. APAadit Palicha57:07

        Okay, yeah. No, so look, I think the... So I think what this generation gets, that I think a lot of people haven't gotten, and, uh, generations of the past haven't gotten, is that good service does not mean premium or luxury. Like, good service is now like table stakes. And if you're not serving somebody well, that doesn't, that doesn't make you a budget player, it just makes you a player that's not seen very positively. So I think what, I think what this generation is going for is, like, good, high-quality service at, like, a reasonable cost, right? At, like, a, you know, on a, like, on a budget. Not, not nec- necessarily something that they have to trade up for or something that's luxury. But they, they are more demanding in that way. Like, they are not, you know... Just because they're getting something for cheap, they're not willing to go through shit for it, right? Like, they're- like, you know, that, that's traditionally, if you look at consumption past couple of decades, if you're getting something of value as a consumer, usually you have to fight for it, right? Like, I love DMart, by the way-

    11. NKNikhil Kamath58:02

        Mm

    12. APAadit Palicha58:03

        ... but DMart is an example, right? Phenomenal business, but if you wanna buy their products, it's a, it's a pain, it's a fight, right? You stand in line. There's no proximity. You've got to drive there, right? It's crowded. Cashiers might not be available. It's just not, like, a good feeling, right? That's, that's basically the cost of getting products for cheap, and that's been the philosophy before. But now, I think the way that this generation is, is thinking about consumption, is how do I get that value, but do it well in a way that's, that's served well? So that's, like, our ethos a little bit.

    13. NKNikhil Kamath58:39

        Are you seeing a change in rate of growth?

    14. APAadit Palicha58:42

        I mean, uh, the base is higher.

    15. NKNikhil Kamath58:43

        Mm-hmm.

    16. APAadit Palicha58:44

        Right? Like, we used to grow 100% a week, uh, compared to-

    17. NKNikhil Kamath58:47

        Compared to six months ago, how much are you growing it, percentage-wise?

    18. APAadit Palicha58:49

        Growing faster.

    19. NKNikhil Kamath58:50

        Mm.

    20. APAadit Palicha58:51

        Um, with, like, let's say the same expansion rate and the same level of marketing, we're actually growing a little bit faster. Some of it is because of structural efficiency. Some of it is because our customer experience is constantly improving, right? Like, they're always, always on improvement mode. Um, but we're not seeing anything structural that's holding us back, like, in the market. I think those are more discretionary categories, right? Like fashion. The vast majority of the categories we sell are non- not discretionary. It's, like, a lot of the day-to-day, that you need to just run your house. Yeah, people perceive us to be discretionary, but actually, when you become a Zepto customer-

    21. NKNikhil Kamath59:24

        You don't do any consumer durables, right? No capital goods, no consumer dur- you... Nothing with a long shelf life.

    22. APAadit Palicha59:30

        No, we do. So we have home needs, right?

    23. NKNikhil Kamath59:32

        Mm.

    24. APAadit Palicha59:32

        Like, like, ranging from stationery to, like- Yoga mats ... very basic apparel, yoga mats. Kitchen utensils. We do electronics. So electronics is one of the fastest-growing categories we have.

    25. NKNikhil Kamath59:41

        What is growing the fastest in electronics?

    26. APAadit Palicha59:43

        Within electronics. We're seeing the, the, the D2C electronics, the, the Boats of the world, the Noises- Noises, yeah ... of the world. Those are going really fast.

    27. NKNikhil Kamath59:51

        So you're competing with Flipkart there?

    28. APAadit Palicha59:53

        [chuckles] Yeah. I think we- But not high value. Like, not on the super high-value- Mm ... mobile phones and laptops and stuff.

    29. NKNikhil Kamath59:59

        Why isn't

26. 1:00:00 – 1:00:56

    Flipkart vs. Amazon: Are they the same?

    1. NKNikhil Kamath1:00:00

       Flipkart doing this? Structurally, your model is... I know why Amazon can't compete, right? Because they have one centralized warehouse where all the sourcing happens.

    2. APAadit Palicha1:00:11

       True.

    3. NKNikhil Kamath1:00:11

       Amazon buy, hold the inventory, then sell, and Flipkart connects.

    4. APAadit Palicha1:00:16

       Uh, they both are the same. Both are the same. Yeah, they're the same model.

    5. NKNikhil Kamath1:00:19

       But their story publicly is different.

    6. APAadit Palicha1:00:21

       Tactical difference, still the same f- fundamentally. To your question on why they aren't doing this, it's a good question. I don't know.

    7. NKNikhil Kamath1:00:28

       There must be a logical answer to that.

    8. APAadit Palicha1:00:30

       See, in the last two years, the, the media or the general sentiment around our model- Don't give it away. [chuckles] Yeah. Yeah. Has not been very positive. Everyone has said, you know, has written it off, 'cause globally also, most businesses-

    9. NKNikhil Kamath1:00:43

       You're talking about quick commerce?

    10. APAadit Palicha1:00:44

        Quick commerce. Yeah. Globally, most quick commerce businesses have shut down by now. All the ones that went crazy in the zero interest rate, 2020, 2021 era. It's like retail in that way. Most of them are shut down.

    11. NKNikhil Kamath1:00:53

        What distinguishes Zepto?

27. 1:00:56 – 1:03:20

    Zepto’s USP & Gaps in the Commodity World

    1. APAadit Palicha1:00:56

       Execution.... uh, discipline, rigor. Um, like a lot more, like we operated that, that Six Sigma, like, culture. Like, that's at least what we aspire to be, right? Like, if you read this book about Toyota.

    2. NKNikhil Kamath1:01:11

       Six Sigma, Black Belt-

    3. APAadit Palicha1:01:12

       Yeah

    4. NKNikhil Kamath1:01:13

       ... GE created it.

    5. APAadit Palicha1:01:13

       Yeah, yeah. We're trying to be like Toyota-

    6. NKNikhil Kamath1:01:15

       Mm

    7. APAadit Palicha1:01:15

       ... in that sense, right? We're a lot less, but we're a lot more left-brained.

    8. NKNikhil Kamath1:01:18

       Mm.

    9. APAadit Palicha1:01:18

       We're a lot more analytical, a lot more disciplined, and, like, this business is about that. It's about obsession with just better cost structures, like constantly improving it paisa by paisa, no silver bullets, right?

    10. NKNikhil Kamath1:01:30

        So if I were 20-

    11. APAadit Palicha1:01:31

        Yeah

    12. NKNikhil Kamath1:01:31

        ... and I'm trying to build a business for 20-year-olds-

    13. APAadit Palicha1:01:34

        Yeah

    14. NKNikhil Kamath1:01:35

        ... in your domain-

    15. APAadit Palicha1:01:36

        Yeah

    16. NKNikhil Kamath1:01:36

        ... where do you think the gaps are?

    17. APAadit Palicha1:01:38

        [sighs] Lots of gaps. I think the... Yeah, from our vantage point, like on categories, like, we're the fastest growing commerce platform in the country right now. So we can see, like, all these, these different categories from makeup to electronics to, like, cold grocery. Like, very boring answers is that there are commodities that should be branded that are not yet.

    18. NKNikhil Kamath1:02:03

        For example-

    19. APAadit Palicha1:02:03

        There's a big opportunity there.

    20. NKNikhil Kamath1:02:04

        What do you mean by commodities?

    21. APAadit Palicha1:02:05

        Like, uh, I would say dry fruits. Basic example. There should be, like, a large-scale D2C dry fruits brand.

    22. NKNikhil Kamath1:02:12

        Are you also considering rice, atta? These are commodities?

    23. APAadit Palicha1:02:16

        Those were comm- those were commodities-

    24. NKNikhil Kamath1:02:17

        Mm

    25. APAadit Palicha1:02:17

        ... until the Ashirvads of the world made them into brands, right?

    26. NKNikhil Kamath1:02:20

        For atta, maybe, no. For rice, not yet, right?

    27. KVKaivalya Vohra1:02:22

        India gave-

    28. APAadit Palicha1:02:22

        True. Yeah, yeah. Yeah, yeah.

    29. KVKaivalya Vohra1:02:23

        That's so-

    30. APAadit Palicha1:02:24

        Like-
28. 1:03:20 – 1:08:51

    Surprising Shopping Patterns

    1. NKNikhil Kamath1:03:20

       noted. Tara, what are your shopping patterns? Do you shop-

    2. TSTara Sutaria1:03:24

       Oh, dear.

    3. NKNikhil Kamath1:03:26

       Do you shop online? Do you shop-

    4. TSTara Sutaria1:03:27

       I-

    5. APAadit Palicha1:03:28

       Where do you buy groceries?

    6. TSTara Sutaria1:03:29

       You know, considering-

    7. APAadit Palicha1:03:31

       Ah.

    8. TSTara Sutaria1:03:31

       Considering-

    9. APAadit Palicha1:03:32

       Hey, she's a, she's a fan of, of Zepto. Putting it out there, guys.

    10. TSTara Sutaria1:03:35

        [laughing] She says she's-

    11. APAadit Palicha1:03:36

        Like, for the camera.

    12. NKNikhil Kamath1:03:37

        Did you-

    13. TSTara Sutaria1:03:37

        Yes, I am

    14. NKNikhil Kamath1:03:37

        ... did you look up if she shopped on Zepto before you came today?

    15. TSTara Sutaria1:03:39

        No, she told me.

    16. KVKaivalya Vohra1:03:40

        I looked at it, yeah.

    17. TSTara Sutaria1:03:41

        Yes, I did. I told you.

    18. APAadit Palicha1:03:42

        Well, if, when would...

    19. NKNikhil Kamath1:03:42

        But did you also look?

    20. APAadit Palicha1:03:42

        Where, where, where would I find I concept glass-

    21. TSTara Sutaria1:03:44

        Database, like [laughing]

    22. APAadit Palicha1:03:46

        ... Tara Sutaria orders on Zepto?

    23. NKNikhil Kamath1:03:47

        No, on your own database.

    24. TSTara Sutaria1:03:48

        Yeah, history is on Zepto.

    25. APAadit Palicha1:03:49

        On her own database?

    26. TSTara Sutaria1:03:50

        Yeah, totally did that.

    27. APAadit Palicha1:03:51

        Wow!

    28. TSTara Sutaria1:03:51

        Totally did.

    29. NKNikhil Kamath1:03:52

        Yeah, Tara.

    30. TSTara Sutaria1:03:53

        Uh, shopping patterns. Gosh, uh, till very recently, I was absolutely dreadful with my cellular. Like, really bad. Like, uh, there's a reason my friends say, "Oldie but a goldie," when it comes to me. Um, just really, really bad with most things on my phone. Uh, I am now much better at shopping online. A lot of my friends shop-
29. 1:08:51 – 1:11:41

    Youth's Unique Buying Trends

    1. NNNavya Naveli Nanda1:08:51

       Yeah, I think... I don't think a lot of young people are investing in buying things because they don't necessarily, like, see the value. I mean, at least I don't see the value in that. Like, I-

    2. APAadit Palicha1:09:00

       I'm not so sure. I think, there's a-

    3. TSTara Sutaria1:09:01

       I think it goes both ways.

    4. APAadit Palicha1:09:02

       Yeah.

    5. NKNikhil Kamath1:09:02

       Back in the day-

    6. TSTara Sutaria1:09:03

       There's a lot of people who have the aspiration.

    7. APAadit Palicha1:09:05

       A lot of them, where there's that aspirational-

    8. NNNavya Naveli Nanda1:09:07

       Yeah

    9. APAadit Palicha1:09:07

       ... sort of this thing, and-

    10. NNNavya Naveli Nanda1:09:08

        Yeah.

    11. TSTara Sutaria1:09:09

        And this rent thing is actually suddenly growing-

    12. NKNikhil Kamath1:09:12

        Mm.

    13. TSTara Sutaria1:09:12

        uh, even, you know, in Bombay, and I'm, I'm not sure about Delhi and other places, but I've, I've heard about these websites.

    14. APAadit Palicha1:09:18

        So the US also does this?

    15. TSTara Sutaria1:09:19

        Yeah, it started there, and it's, and it's beginning now.

    16. NKNikhil Kamath1:09:22

        Yeah, there are clothes that you can rent.

    17. TSTara Sutaria1:09:23

        Yeah.

    18. NKNikhil Kamath1:09:23

        There's everything you can rent-

    19. TSTara Sutaria1:09:25

        Yeah

    20. NKNikhil Kamath1:09:25

        ... furniture you can rent, clothes you can rent.

    21. TSTara Sutaria1:09:27

        Yeah.

    22. APAadit Palicha1:09:27

        But you know what people are spending money on? I'm getting the sense that it's a little bit more sensible, like, where people choose to be luxurious.

    23. NNNavya Naveli Nanda1:09:34

        Yeah.

    24. APAadit Palicha1:09:35

        It used to be slightly frivolous.

    25. NNNavya Naveli Nanda1:09:36

        Mm-hmm.

    26. APAadit Palicha1:09:36

        So you'd be luxurious on, like-

    27. TSTara Sutaria1:09:38

        Nice car

    28. APAadit Palicha1:09:39

        ... an outfit-

    29. NNNavya Naveli Nanda1:09:40

        Yeah

    30. APAadit Palicha1:09:40

        ... or a nice car, which was just, like, more-
30. 1:11:41 – 1:15:27

    The Complex World of Cinema Business

    1. APAadit Palicha1:11:41

       of films? Like, if I'm... Like, what's the, what's the future of, of the way people watch films? Is it just gonna be OTT? Does, like... Do the PVRs of the world still have legs to grow on? Do, like, what do you guys think? Like, from a consumption perspective, what do people our age want?

    2. TSTara Sutaria1:11:55

       You know, I really don't think you can... It's, it's just something you can't replace, that experience of-

    3. APAadit Palicha1:12:01

       Yeah, I totally agree.

    4. TSTara Sutaria1:12:01

       And as a people, it's something, you know, uh, uh, love OTT. I love OTT platforms. I love watching stuff on OTT platforms. All of us do, right? Um, but there's just something that you just can't take away about that experience that we've all grown up loving, uh, all age groups, anybody and everybody. The food aspect of it, the fact that you can actually come together as a community and a society and actually not have very many differences for a change-

    5. APAadit Palicha1:12:27

       Yeah

    6. TSTara Sutaria1:12:27

       ... and just sit together, be together for those two or three hours, and just forget everything that could possibly be worrisome that day.

    7. APAadit Palicha1:12:34

       Yeah.

    8. TSTara Sutaria1:12:34

       And there's so much to be worried about, especially in the last few years, I feel like. I can't wait for people to go back to the cinemas, and they are slowly flocking back.

    9. APAadit Palicha1:12:41

       No, it's interesting.

    10. TSTara Sutaria1:12:42

        Um, and-

    11. APAadit Palicha1:12:43

        But it's like, but, like, you know, for the people that are in a, a Tier 3 or a Tier 4 city-

    12. NNNavya Naveli Nanda1:12:46

        Yeah.

    13. NKNikhil Kamath1:12:46

        Yeah, I have a-

    14. APAadit Palicha1:12:47

        What about those folks?

    15. TSTara Sutaria1:12:48

        Sure, it is-

    16. APAadit Palicha1:12:49

        Like, have they, have they gone through PVR kind of experience in their, like, even in the past? Like, they would not-

    17. NKNikhil Kamath1:12:53

        They're watching his content episode.

    18. TSTara Sutaria1:12:55

        You know, so I probably wouldn't be the right person to comment on that because I haven't had that experience.

    19. NKNikhil Kamath1:13:00

        So I'll give you some data.

    20. APAadit Palicha1:13:01

        Okay. Yeah, yeah.

    21. NKNikhil Kamath1:13:02

        I've been an investor in PVR for a long, long time.

    22. APAadit Palicha1:13:05

        Yeah.

    23. NKNikhil Kamath1:13:06

        Uh, the thesis in India broadly was-

    24. NKNikhil Kamath1:13:09

        ... in America, the penetration of multiplexes. So in India, broadly, there are nine thousand screens.

    25. APAadit Palicha1:13:16

        Yeah.

    26. NKNikhil Kamath1:13:16

        About two thousand of them happen to be multiplex screens. The access to a multiplex in America is something like for every thirty to forty people, there's one multiplex or access.

    27. APAadit Palicha1:13:29

        Oh, wow!

    28. NKNikhil Kamath1:13:29

        I'm talking thirty to forty from all directions.

    29. APAadit Palicha1:13:31

        Yeah.

    30. NKNikhil Kamath1:13:32

        That number in China is probably one tenth of that, but in India, that number happens to be one hundredth of that.
31. 1:15:27 – 1:19:18

    Do People Pay for Premiumization?

    1. NKNikhil Kamath1:15:27

       every sector outside of groceries, because you guys are here, [claps] premiumization seems to be what is selling. I think people are coming to this decision that we arrived at this number for content business. We thought India has about ten million people who will pay ten dollars a month and over to consume content, any kind of content.

    2. APAadit Palicha1:15:52

       That's eight hundred rupees.

    3. NKNikhil Kamath1:15:54

       Eight hundred rupees. About forty million people will pay one dollars and upward for consuming some kind of content. The rest of India will lar- largely not be willing to pay to consume content.

    4. APAadit Palicha1:16:09

       Fair point.

    5. NKNikhil Kamath1:16:09

       So our hypothesis has very much been, not ours, but just society at large and companies and corporations, there are fifty million people in India that you're truly building a product for if you're going down the premiumization route. And the more premium you go, the higher the rate of growth seems to be.

    6. APAadit Palicha1:16:29

       Really?

    7. NKNikhil Kamath1:16:30

       That could be a factor of income inequality, that could be a factor of, you know-

    8. APAadit Palicha1:16:34

       No, but by premium, what do you mean? Like, do you mean higher prices or better experience?

    9. NKNikhil Kamath1:16:38

       Both. They come hand in hand.

    10. APAadit Palicha1:16:40

        So I, I'm, like, slightly-- I'm, I'm slightly cagey about the former.

    11. NKNikhil Kamath1:16:45

        Mm-hmm.

    12. APAadit Palicha1:16:46

        I think the higher price part, at least when, when, when we look at our business, people just won't pay. And it's like-

    13. NKNikhil Kamath1:16:52

        Like, groceries are different.

    14. APAadit Palicha1:16:54

        I guess so.

    15. NKNikhil Kamath1:16:54

        Groceries are essential-

    16. APAadit Palicha1:16:55

        But for the service

    17. NKNikhil Kamath1:16:56

        ... good, and I'm talking more about discretionary stuff.

    18. APAadit Palicha1:16:58

        Like, but even for the service, right? Like-

    19. NKNikhil Kamath1:16:59

        Hmm

    20. APAadit Palicha1:17:01

        ... like, ten-minute delivery. You know, people tell me, "So we've gone through this phase, right?"

    21. NKNikhil Kamath1:17:06

        Mm.

    22. APAadit Palicha1:17:06

        Ten-minute delivery is impossible. Nobody cares about ten-minute delivery. Phase two, and then phase, then we got past that. Phase three, ten-minute delivery will not make any money, which we're also getting past, right? But the, in that second phase-

    23. NKNikhil Kamath1:17:18

        At what scale does ten-minute delivery make money? What percentage of the population is using apps such as Zepto to shop?

    24. APAadit Palicha1:17:27

        Very small, like-

    25. NKNikhil Kamath1:17:27

        Very, very small.

    26. APAadit Palicha1:17:28

        Basis points.

    27. NKNikhil Kamath1:17:29

        What's the number?

    28. APAadit Palicha1:17:30

        It would be-

    29. SPSpeaker1:17:30

        Like way below one percent.

    30. APAadit Palicha1:17:31

        To give you the, to give you the exact number, it would be, like, about today, collectively, point three percent of grocery, thirty bps.
32. 1:19:18 – 1:28:10

    Social Media Blue Ticks, Scarcity Principle & Discovering Products

    1. NKNikhil Kamath1:19:18

       Instagram sold as much as forty-four million blue ticks, mostly to people in the age group of eighteen to thirty-four.

    2. KVKaivalya Vohra1:19:28

       India?

    3. NKNikhil Kamath1:19:28

       Why do- No, across the world.

    4. KVKaivalya Vohra1:19:29

       Across the world.

    5. NKNikhil Kamath1:19:29

       They made something like six hundred, seven hundred million in a day.

    6. NNNavya Naveli Nanda1:19:32

       My God.

    7. KVKaivalya Vohra1:19:33

       Wow!

    8. NKNikhil Kamath1:19:34

       Why are-

    9. KVKaivalya Vohra1:19:34

       Cheers.

    10. NKNikhil Kamath1:19:35

        Huh.

    11. KVKaivalya Vohra1:19:35

        That's crazy.

    12. NKNikhil Kamath1:19:36

        How important... I know this happened in China ten, twenty years ago. The perception of you on social media-

    13. NNNavya Naveli Nanda1:19:44

        Mm

    14. NKNikhil Kamath1:19:44

        ... started becoming more important than the real you.

    15. KVKaivalya Vohra1:19:46

        Yeah.

    16. NKNikhil Kamath1:19:47

        Uh, I know this is prevalent in the age group of thirty to thirty-five. Uh, like my age people also really care for this, but is that number significantly higher for twenty to thirty?

    17. KVKaivalya Vohra1:20:00

        Probably.

    18. NNNavya Naveli Nanda1:20:00

        Yeah, probably.

    19. SPSpeaker1:20:01

        Yeah.

    20. NKNikhil Kamath1:20:02

        So you're-

    21. SPSpeaker1:20:02

        And slightly under, I would also say. Slightly under twenty.

    22. KVKaivalya Vohra1:20:05

        Yeah, yeah, yeah. By this point, where it gets-

    23. SPSpeaker1:20:06

        Honestly

    24. KVKaivalya Vohra1:20:06

        ... unhealthy.

    25. SPSpeaker1:20:07

        Yeah.

    26. KVKaivalya Vohra1:20:07

        Yeah.

    27. NNNavya Naveli Nanda1:20:08

        I mean, there's-

    28. SPSpeaker1:20:08

        Which is unfortunate

    29. NNNavya Naveli Nanda1:20:09

        ... consuming Instagram in, at what, twelve, thirteen now? It's not even-

    30. SPSpeaker1:20:12

        Yeah, sometimes even younger, honestly.
33. 1:28:10 – 1:29:08

    UPI vs. Credit Card

    1. NNNavya Naveli Nanda1:28:10

       I, I use GPay for ev- I don't use a credit card. I don't use cash.

    2. NKNikhil Kamath1:28:14

       Really?

    3. KVKaivalya Vohra1:28:14

       Why is that?

    4. NNNavya Naveli Nanda1:28:14

       I use GPay for everything.

    5. NKNikhil Kamath1:28:15

       Why?

    6. KVKaivalya Vohra1:28:16

       It's easier.

    7. NNNavya Naveli Nanda1:28:16

       It's just easier. I use it for ordering stuff online. I use it for-

    8. NKNikhil Kamath1:28:20

       Oh

    9. NNNavya Naveli Nanda1:28:20

       ... food. I use it for an Uber. I'd use it for even if I'm going to buy, like, an ice cream on the road. I don't carry cash. I don't carry cards.

    10. KVKaivalya Vohra1:28:28

        I think UPI is like-

    11. NKNikhil Kamath1:28:28

        From a financial lens, a credit card is giving you interest-free credit for 30 days.

    12. NNNavya Naveli Nanda1:28:34

        I know, but I'm choosing convenience over-

    13. NKNikhil Kamath1:28:36

        Over having to remember to pay a credit card bill.

    14. KVKaivalya Vohra1:28:38

        But you know that interest fee... So the thing is, with, with UPI, the vendor ecosystem is so much better. So the amount of, what she just mentioned, getting ice cream on the road, the Uber driver, he won't accept a credit card.

    15. NNNavya Naveli Nanda1:28:49

        Yeah.

    16. KVKaivalya Vohra1:28:49

        So you just, you're just blocked, and you're just-

    17. NNNavya Naveli Nanda1:28:51

        You're just automatically ingrained into thinking that this is just the best and fastest way to-

    18. NKNikhil Kamath1:28:55

        Yeah.

    19. KVKaivalya Vohra1:28:56

        Yeah. Everything.

    20. NKNikhil Kamath1:28:57

        So what we're saying is, if you're building a business for Gen Z, UPI is your go-to payment point?

    21. KVKaivalya Vohra1:29:02

        Yeah.

    22. NNNavya Naveli Nanda1:29:02

        Yeah, for sure.

    23. NKNikhil Kamath1:29:03

        You should build for.

    24. NNNavya Naveli Nanda1:29:04

        Yeah.

    25. KVKaivalya Vohra1:29:04

        Content is gonna be part of the communication, part of the narrative, that's probably-

    26. NKNikhil Kamath1:29:06

        Is there one social media

34. 1:29:08 – 1:30:26

    Whats working in Social Media?

    1. NKNikhil Kamath1:29:08

       app which is more relevant today than others, uh, up until we become like China?

    2. KVKaivalya Vohra1:29:12

       Instagram.

    3. NNNavya Naveli Nanda1:29:12

       It depends on the demographic-

    4. NKNikhil Kamath1:29:14

       Go to streaming?

    5. KVKaivalya Vohra1:29:14

       Right

    6. NNNavya Naveli Nanda1:29:14

       ... you're looking at.

    7. NKNikhil Kamath1:29:14

       Just demographic.

    8. NNNavya Naveli Nanda1:29:14

       If you're looking at a younger demographic, I would say Instagram. If you're looking at, like, my mom, then, like, Facebook.

    9. KVKaivalya Vohra1:29:19

       No, but-

    10. NNNavya Naveli Nanda1:29:19

        And if you're looking at my grandmom, then YouTube.

    11. KVKaivalya Vohra1:29:21

        But we think about, like-

    12. NNNavya Naveli Nanda1:29:22

        It's like [laughing] ...

    13. NKNikhil Kamath1:29:22

        Really?

    14. NNNavya Naveli Nanda1:29:23

        Yeah.

    15. KVKaivalya Vohra1:29:23

        Oh, yeah, yeah. My-

    16. NNNavya Naveli Nanda1:29:24

        My grandmom-

    17. NKNikhil Kamath1:29:24

        YouTube is still

    18. NNNavya Naveli Nanda1:29:25

        ... literally surfs YouTube.

    19. NKNikhil Kamath1:29:26

        Yeah.

    20. KVKaivalya Vohra1:29:26

        It's nuts.

    21. NNNavya Naveli Nanda1:29:26

        But my mom will surf... Like, if you look at any mom in the country, she'll be on Facebook watching fake news.

    22. KVKaivalya Vohra1:29:31

        [laughing]

    23. NNNavya Naveli Nanda1:29:31

        And if you look at a Gen Z, they're on Instagram.

    24. KVKaivalya Vohra1:29:33

        So it's like far away.

    25. NNNavya Naveli Nanda1:29:34

        My grandmom every day is like, "Oh, I saw this on YouTube." And I'm like-

    26. KVKaivalya Vohra1:29:37

        So my grandmom-

    27. NNNavya Naveli Nanda1:29:38

        ... "Who watches YouTube?" And she's like, "I do."

    28. KVKaivalya Vohra1:29:40

        Yeah.

    29. NNNavya Naveli Nanda1:29:40

        So it's, it's really-

    30. NKNikhil Kamath1:29:41

        Yeah, Tara
35. 1:30:26 – 1:34:17

    Income and Inequality

    1. NKNikhil Kamath1:30:27

       from a Gen Z perspective of society? Uh, wage growth has largely lagged asset price growth.

    2. KVKaivalya Vohra1:30:37

       Yeah.

    3. NKNikhil Kamath1:30:38

       So let's assume in India, salaries are growing by 5%, but assets like your home, your equity, whatever investment you have, is growing at 10%. As long as that is the case, the wealthy will continue to get wealthier because they have the assets which are growing faster. How do you guys see that world? How do you... I know, I know you come from a fairly, I would not like to say how privileged, how, whatever, but I think it's fair to say everyone here is from a privileged background. And I think there's no point making it look like that is a bad thing. You're a circumstance of where you're born, and I don't think anybody can judge you for that. Uh, I think just life, right? But-

    4. NKNikhil Kamath1:31:24

       ... how do you think of income inequality in the ecosystem?

    5. APAadit Palicha1:31:27

       The answer to this is, like, employee- and we do this with pretty much everybody on the team-

    6. NKNikhil Kamath1:31:30

       Mm.

    7. APAadit Palicha1:31:30

       Employees owning some piece of equity.

    8. NNNavya Naveli Nanda1:31:32

       Yeah.

    9. APAadit Palicha1:31:33

       That's most, I mean, that's like, that's like- But that's hard to scale. No, no-

    10. NKNikhil Kamath1:31:35

        Yeah

    11. APAadit Palicha1:31:35

        ... you get to, like, you get to, like-

    12. NNNavya Naveli Nanda1:31:37

        And that is, that is very subjective to startups-

    13. APAadit Palicha1:31:40

        Yeah

    14. NNNavya Naveli Nanda1:31:40

        ... companies which are starting to grow, which is a very microcosm of-

    15. APAadit Palicha1:31:45

        Yeah. If you're creating value-

    16. NKNikhil Kamath1:31:46

        Mm.

    17. APAadit Palicha1:31:47

        -what you can do with your profit-

    18. NKNikhil Kamath1:31:48

        Hm

    19. APAadit Palicha1:31:50

        ... there should be some limitation there. Like, if you look at pre '80s in the US, you didn't have the ability-- you had very strict regulation on share buybacks, right?

    20. NKNikhil Kamath1:32:06

        Tell me broadly in society, there is income inequality. Current situation, this will continue to rise.

    21. APAadit Palicha1:32:12

        Mm.

    22. NKNikhil Kamath1:32:12

        What does the government do? A, how does the Gen Z feel about it? You said-

    23. APAadit Palicha1:32:18

        Yeah, look, see, I mean, to be honest with you, if you want to say broadly, the, it's like a sweeping, like, a sweeping enterprise reform, right? Like antitrust laws, right? That's one of the, that's one of the levers, right? Antitrust, uh, like what I just mentioned on like, you know, giving value back to, to employees on like... Yeah, and to an extent, tax, right? But then the tax itself, slightly suspect. Like, what does a tax accomplish?

    24. NKNikhil Kamath1:32:42

        Maybe you don't have to frame it as taxing an entrepreneur, but you could say property taxes.

    25. APAadit Palicha1:32:49

        Yeah, inheritance tax.

    26. NKNikhil Kamath1:32:49

        Taxes on inherited wealth.

    27. APAadit Palicha1:32:51

        Yeah.

    28. NKNikhil Kamath1:32:52

        Not taxes on... Taxes that will disincentivise people to earn a extra amount of money today-

    29. APAadit Palicha1:32:58

        Yeah

    30. NKNikhil Kamath1:32:58

        ... but taxes on money that has been in the equation for a long time.
36. 1:34:17 – 1:38:12

    Empowering Young Entrepreneurs

    1. NKNikhil Kamath1:34:17

       How do you inculcate them or how do you facilitate them by-

    2. NNNavya Naveli Nanda1:34:20

       Uh, I mean, if you're saying you-

    3. NKNikhil Kamath1:34:22

       providing capital

    4. NNNavya Naveli Nanda1:34:22

       ... the i- the, the solution is entrepreneurship, and, uh, twenty-four to thirty or whatever is sixty percent of the population, then how do you, how do you position entrepreneurship as an aspirational career-

    5. NKNikhil Kamath1:34:35

       Mm

    6. NNNavya Naveli Nanda1:34:35

       ... for a twenty-four-year-old?

    7. APAadit Palicha1:34:37

       We talk about that a lot.

    8. NKNikhil Kamath1:34:37

       I think we are doing that a little bit right now.

    9. NNNavya Naveli Nanda1:34:39

       Mm. No, but I'm saying that the, the reality for, say, like, we may be different. I'm saying the reality for Tier 2, Tier 3 is that, you know, their, their parents have spent a certain amount of money on an education. They, they graduate, they either do MBA, they go into engineering or whatever stream they're in. They graduate, and their immediate thought is not that, "I'm gonna take a financial risk and start-

    10. NKNikhil Kamath1:35:02

        Yeah, but-

    11. NNNavya Naveli Nanda1:35:03

        ... a company, but I'm gonna work for ten years, get a stable income-

    12. NKNikhil Kamath1:35:06

        Yeah

    13. NNNavya Naveli Nanda1:35:07

        ... and then maybe pay my parents back. Then once I get, you know, up to a certain level of salary, then maybe I will think about doing this on the side, see if that works, and then maybe switch to that if I see that this is something I can do, um, risk-free." I don't know if that is... At least that's what I feel-

    14. NKNikhil Kamath1:35:28

        I think like-

    15. NNNavya Naveli Nanda1:35:28

        ... is the mindset of a lot of college students today.

    16. NKNikhil Kamath1:35:31

        Yeah, yeah, I, I get you.

    17. NNNavya Naveli Nanda1:35:32

        They're not willing to take that risk.

    18. NKNikhil Kamath1:35:34

        If instead of the social cause that we all choose to come together on, a lot of people come together and choose causes around funding young, bright people who want to start a business, with not necessarily risk to reward in mind. That's an example. And even in the current ecosystem, you know, there are so many outliers. Like, I started earning a wage. I used that money to start trading. I used that trading money to do other things in life, and I started from a certain point, which is near zero. Uh, so the opportunities do exist. What I think we should do also in society is sell the narrative of being an entrepreneur.

    19. NNNavya Naveli Nanda1:36:15

        Mm.

    20. NKNikhil Kamath1:36:16

        Up until now, our role models in society were actors, they were cricketers.

    21. APAadit Palicha1:36:22

        Yeah.

    22. NNNavya Naveli Nanda1:36:22

        Yeah.

    23. NKNikhil Kamath1:36:22

        Uh, you're talking about roles where India can have 11 cricketers who played for the Indian team growing up.

    24. NNNavya Naveli Nanda1:36:29

        No, but to your point, I, I think also selling the narrative of entrepreneurs, but selling the narrative of not what the conventional entrepreneur has been-

    25. NKNikhil Kamath1:36:38

        Yeah

    26. NNNavya Naveli Nanda1:36:38

        ... for the longest time-

    27. APAadit Palicha1:36:39

        Yeah

    28. NNNavya Naveli Nanda1:36:39

        ... but who entrepreneurs really are today, which are nineteen, twenty-year-old kids.

    29. NKNikhil Kamath1:36:43

        Yeah.

    30. NNNavya Naveli Nanda1:36:43

        It could be a fifty-year-old-
37. 1:38:12 – 1:49:58

    Education Systems: Old vs. New

    1. KVKaivalya Vohra1:38:12

       wanted to do, haven't had the time to do it-

    2. NKNikhil Kamath1:38:13

       Mm

    3. KVKaivalya Vohra1:38:14

       ... is just to pick out, like, 100 of the smartest kids that normally would go work, like, some random job at a Google because of the stability."

    4. NNNavya Naveli Nanda1:38:21

       Yeah. Mm.

    5. KVKaivalya Vohra1:38:22

       "And say, 'I'll give you...'" I mean, it's US terms. You can, like, do the-

    6. NNNavya Naveli Nanda1:38:24

       Yeah

    7. KVKaivalya Vohra1:38:25

       ... translation to India, "But I'll give all of you $100,000 a year for 10 years. With that, do whatever you want," right? Um, so that at least that pressure of, "Okay, I need to-

    8. NNNavya Naveli Nanda1:38:36

       Yeah

    9. KVKaivalya Vohra1:38:37

       ... go work at a job," is done. He has the means to do it.

    10. NNNavya Naveli Nanda1:38:39

        Yeah.

    11. KVKaivalya Vohra1:38:39

        He should think about doing something like this.

    12. NKNikhil Kamath1:38:41

        Yeah. No, no, we are. We are planning this center where there's no educational requirement. We'll have our own process to get people in. We will train them with people who voluntarily give time, like all of us and many other friends of mine. We will house them. We will kind of, like, teach them about not what the syllabus of a college might be, but what technology and the skillsets that we think are relevant.

    13. NNNavya Naveli Nanda1:39:06

        Yeah.

    14. KVKaivalya Vohra1:39:07

        He is-

    15. NKNikhil Kamath1:39:07

        I can fund it to a certain extent, but I'm gonna go out to my friends and ask for help.

    16. NNNavya Naveli Nanda1:39:11

        Unfortunately, our education system gears us towards getting 95% or 94%-

    17. APAadit Palicha1:39:17

        Yeah

    18. NNNavya Naveli Nanda1:39:17

        ... in our exams, rather than on, you know, skills that we will actually use when we enter the workforce-

    19. APAadit Palicha1:39:23

        Yeah

    20. NNNavya Naveli Nanda1:39:24

        ... or when you are actually-

    21. APAadit Palicha1:39:25

        Yeah, yeah

    22. NNNavya Naveli Nanda1:39:25

        ... managing a company or working in a startup, and those are the softer skills that we talk about, and that's not emphasized on or taught. Um, it's very marks-oriented and-

    23. APAadit Palicha1:39:36

        Yeah

    24. NNNavya Naveli Nanda1:39:36

        ... outcome-oriented rather than experience, and I think that that's something that we have to, I guess-

    25. NKNikhil Kamath1:39:40

        I agree with you 100%.

    26. NNNavya Naveli Nanda1:39:41

        Yeah.

    27. KVKaivalya Vohra1:39:41

        Yeah.

    28. NKNikhil Kamath1:39:41

        I think conformity has been beaten down upon us by our predecessors for whom that worked.

    29. NNNavya Naveli Nanda1:39:49

        Mm.

    30. NKNikhil Kamath1:39:50

        I think the one big takeaway everybody building for Gen Z can take is being conformist-
38. 1:49:58 – 1:53:45

    Anecdotes from School

    1. APAadit Palicha1:49:58

       and I, I'm just using my own sort of life experiences and, and, and, like, that, that sort of ruthless competition-

    2. TSTara Sutaria1:50:04

       Mm-hmm

    3. APAadit Palicha1:50:05

       ... that, um, like, rigorous, unfair, extremely tough environment. Like, I came from a very competitive school.

    4. TSTara Sutaria1:50:14

       Mm-hmm.

    5. APAadit Palicha1:50:14

       I love-- I mean, I'm very grateful to my school. I came from a very competitive school.

    6. TSTara Sutaria1:50:18

       Mm-hmm.

    7. APAadit Palicha1:50:18

       And it was all about who could... who would be the best, like, academically, extracurricularly, from a sports perspective.

    8. SPSpeaker1:50:26

       Student of the Year.

    9. APAadit Palicha1:50:27

       In a way, but a lot less exciting, and, like, a lot less attractive people.

    10. TSTara Sutaria1:50:32

        [chuckles]

    11. APAadit Palicha1:50:32

        But, but in that world, right, like, I think the, the, [lips smack] you know, the... I don't think I would've even tried to do what I'm s- trying to do right now if it wasn't for that, like, somewhat, and I agree with you, somewhat, like, semi-toxic, like, aggressive line of sight.

    12. TSTara Sutaria1:50:55

        But then doesn't that affect you for the rest of your life? Because if you grow up with that toxicity, which I think we all have, it's not... I'm not putting this on you-

    13. APAadit Palicha1:51:02

        Yeah

    14. TSTara Sutaria1:51:02

        ... of course-

    15. APAadit Palicha1:51:03

        Yeah

    16. TSTara Sutaria1:51:03

        ... or your school.

    17. APAadit Palicha1:51:03

        You can, by the way, but, yeah.

    18. TSTara Sutaria1:51:04

        No, but I, I choose not to. [chuckles]

    19. APAadit Palicha1:51:05

        We'll find everybody else.

    20. TSTara Sutaria1:51:07

        I choose not to. [chuckles]

    21. APAadit Palicha1:51:08

        Yeah, yeah, yeah.

    22. SPSpeaker1:51:08

        Yeah, I, I, I-

    23. TSTara Sutaria1:51:08

        But don't you feel like you'll always have that, like, in you, that, that sense of I wanna be better, I need to be the best, that sort of-

    24. APAadit Palicha1:51:14

        Yeah

    25. TSTara Sutaria1:51:14

        ... which our generation struggles with so much?

    26. APAadit Palicha1:51:16

        But you know, the thing is, like, if-

    27. NKNikhil Kamath1:51:17

        Don't stop

    28. APAadit Palicha1:51:18

        ... if I wasn't doing what I was doing, I think I would be unhappy. Like, I was thinking about, and, like, I joke with KV about this all the time. Whenever we have a problem, I'm like, " [beep] we should've just got to Stanford," right? Like, that would've... Life would be so much easier.

    29. SPSpeaker1:51:31

        Yeah.

    30. APAadit Palicha1:51:31

        Right? Uh-
39. 1:53:45 – 1:56:50

    Childhood Challenges & Therapy

    1. APAadit Palicha1:53:47

       I mean, yeah, that's a wow.

    2. TSTara Sutaria1:53:49

       [chuckles] There we go.

    3. SPSpeaker1:53:50

       It's a googly, huh? It's like goes to the right.

    4. APAadit Palicha1:53:51

       It's a googly. Like, it was not easy.

    5. NKNikhil Kamath1:53:53

       Can I tell you, we are all such a factor of our childhoods.

    6. APAadit Palicha1:53:56

       Yeah, yeah, you're right. Yeah.

    7. TSTara Sutaria1:53:57

       One hundred percent.

    8. NKNikhil Kamath1:53:58

       This is something I've had all my life. I've not had a sense of self-worth-

    9. APAadit Palicha1:54:02

       Mm

    10. NKNikhil Kamath1:54:02

        ... and nothing makes me happy beyond a fleeting minute.

    11. APAadit Palicha1:54:07

        Really?

    12. NKNikhil Kamath1:54:07

        It's, it's hot for a minute-

    13. APAadit Palicha1:54:08

        Yeah

    14. NKNikhil Kamath1:54:09

        ... and then I need something else to chase, something new to do, some bigger mountain to-

    15. APAadit Palicha1:54:14

        You don't have long-term fulfillment?

    16. NKNikhil Kamath1:54:14

        Hmm?

    17. APAadit Palicha1:54:14

        You don't have that, like, long-term fulfillment after everything that you've built? Really.

    18. NKNikhil Kamath1:54:19

        I don't.

    19. APAadit Palicha1:54:19

        Wow.

    20. NKNikhil Kamath1:54:20

        And I'm ten years down the journey, and I can tell you this, that it won't come from anything you do outside or any other person, but from you going back to your childhood, figuring out deep, deep down, the truth is, it was not your fault.

    21. APAadit Palicha1:54:36

        Yeah, wait-

    22. NKNikhil Kamath1:54:36

        But I'll connect you to someone who'll really help. I'll tell you the thing with therapists- [chuckles]

    23. TSTara Sutaria1:54:40

        [chuckles] Nikhil.

    24. SPSpeaker1:54:41

        Nikhil, I think you could be a therapist, dude.

    25. APAadit Palicha1:54:42

        You should be a therapist.

    26. TSTara Sutaria1:54:43

        Yeah.

    27. APAadit Palicha1:54:43

        Yeah.

    28. NKNikhil Kamath1:54:43

        I'll tell you, I've been to a few, and the problem with therapy is nine out of ten are [beep] horrible.

    29. SPSpeaker1:54:49

        Mm.

    30. NKNikhil Kamath1:54:49

        Like, they are terrible.
40. 1:56:50 – 2:01:45

    Dealing with Founder’s Conflict

    1. APAadit Palicha1:56:50

       Yeah

    2. NKNikhil Kamath1:56:50

       ... which is a good digress from here. 65% of startups shut down 'cause the founders fight.

    3. NNNavya Naveli Nanda1:56:56

       [gasps]

    4. APAadit Palicha1:56:56

       Yeah.

    5. NNNavya Naveli Nanda1:56:57

       Egos.

    6. APAadit Palicha1:56:58

       I didn't know.

    7. NNNavya Naveli Nanda1:56:58

       Okay. [chuckles] But there are the Zepto brothers.

    8. SPSpeaker1:57:00

       Come on, brothers. [laughing]

    9. APAadit Palicha1:57:03

       Zepto brothers.

    10. NNNavya Naveli Nanda1:57:03

        The brothers.

    11. APAadit Palicha1:57:03

        Grocery.

    12. NKNikhil Kamath1:57:04

        Egos.

    13. APAadit Palicha1:57:04

        Grocery, man.

    14. NKNikhil Kamath1:57:05

        Egos. Okay, this is important to a lot of people who are starting companies in their 20s. How do you stop yourself from getting egoistic?

    15. APAadit Palicha1:57:15

        Hmm.

    16. NKNikhil Kamath1:57:16

        Uh, one will be more popular than the other.

    17. APAadit Palicha1:57:19

        Yeah.

    18. NKNikhil Kamath1:57:20

        At different times, it'll change.

    19. APAadit Palicha1:57:21

        Yeah.

    20. NKNikhil Kamath1:57:22

        One probably will, at some point, by virtue of outside influences, own more of the company than the other, be perceived in the company, in its own little bubble of hierarchy, in a different order than was the preconceived notion in different people's minds. How do you deal with all this?

    21. APAadit Palicha1:57:39

        Can I ask you that question?

    22. NKNikhil Kamath1:57:41

        Yeah, yeah, sure.

    23. APAadit Palicha1:57:41

        With, with Nitin, right?

    24. NKNikhil Kamath1:57:42

        Yeah.

    25. APAadit Palicha1:57:42

        How, how did you do that?

    26. NKNikhil Kamath1:57:44

        So we have the added advantage of being brothers.

    27. APAadit Palicha1:57:48

        Yeah.

    28. NKNikhil Kamath1:57:48

        And we do-

    29. APAadit Palicha1:57:48

        Yeah.

    30. SPSpeaker1:57:49

        Yeah, we're brothers, man.
41. 2:01:45 – 2:03:50

    Nikhil’s Brotherly Advice

    1. NKNikhil Kamath2:01:45

       older brother?

    2. APAadit Palicha2:01:45

       Please do. Yeah.

    3. NKNikhil Kamath2:01:46

       Like, when things happen so abruptly in life, uh, often we don't realize that-... our actions of yesterday, which used to be funny, today can be misconstrued to be something else altogether. 'Cause you've only been doing this for X amount of time-

    4. SPSpeaker2:02:03

       Yeah

    5. NKNikhil Kamath2:02:04

       ... but everything has changed. Like, a king's son-

    6. SPSpeaker2:02:08

       Yeah

    7. NKNikhil Kamath2:02:09

       - is prepared to be the king all his life.

    8. SPSpeaker2:02:11

       Mm-hmm.

    9. NKNikhil Kamath2:02:12

       But for people who are starting off first gen, uh, you might not take your actions so seriously, but, uh, society will not be so forgiving as-

    10. SPSpeaker2:02:25

        But tell me, Nikhil, on, on that point-

    11. NKNikhil Kamath2:02:27

        Mm, mm.

    12. SPSpeaker2:02:27

        - I, I actually wanna know, like, for all four of us here-

    13. NKNikhil Kamath2:02:29

        Mm.

    14. SPSpeaker2:02:29

        Like, what, what would your advice be? Like, all of us are doing... trying to do something else. Like, what, from your vantage point, as, like, the elder statesman [chuckles] Like, what is-

    15. SPSpeaker2:02:38

        Elder statesman. [laughing]

    16. TSTara Sutaria2:02:38

        Elder statesman? [laughing]

    17. SPSpeaker2:02:38

        The future prime minister of this country.

    18. NKNikhil Kamath2:02:40

        Professional advice, personal advice?

    19. SPSpeaker2:02:42

        Both.

    20. TSTara Sutaria2:02:43

        Both.

    21. SPSpeaker2:02:44

        I don't ask Nikhil his pro- uh, personal advice. [laughing]

    22. SPSpeaker2:02:47

        Oh, wow!

    23. SPSpeaker2:02:48

        Dude, there's that. [laughing]

    24. TSTara Sutaria2:02:50

        Y- you can give us both.

    25. SPSpeaker2:02:51

        But continue. Sorry.

    26. NKNikhil Kamath2:02:52

        Mm, professional advice would be what I just said, and I'm saying that more so 'cause I've experienced it. Keep that one group of friends who you are, you know, yourself with, but the lesser said, so much better than more being said-

    27. SPSpeaker2:03:11

        Yeah

    28. NKNikhil Kamath2:03:11

        ... outside of that. And I've learnt it the hard way, and I feel like, I feel like you should eliminate drama in your life. This is personal advice.

    29. SPSpeaker2:03:18

        Yeah.

    30. NKNikhil Kamath2:03:19

        So what I do as a exercise is, take all the people in your life, whoever is adding drama, write their name down, and just eliminate them from your life. Because situations are often dramatic, but more often than not, people are dramatic, and they draw that into your life.
42. 2:03:50 – 2:13:06

    Tara’s take on Content

    1. NKNikhil Kamath2:03:50

       amongst Gen Z?

    2. TSTara Sutaria2:03:51

       Mm.

    3. NKNikhil Kamath2:03:51

       Is the interest in Bollywood going down compared to 10 years ago?

    4. TSTara Sutaria2:03:57

       I don't think the interest in the industry is going down. I think... [laughing]

    5. SPSpeaker2:04:04

       [laughing] Nikhil's acting.

    6. SPSpeaker2:04:05

       [laughing]

    7. TSTara Sutaria2:04:08

       Oh, my God.

    8. NKNikhil Kamath2:04:09

       Oh, my God. [laughing]

    9. TSTara Sutaria2:04:11

       He's so fun like this.

    10. SPSpeaker2:04:13

        Yeah.

    11. TSTara Sutaria2:04:13

        I love it.

    12. SPSpeaker2:04:15

        Nikhil, what are you the title of this episode?

    13. TSTara Sutaria2:04:17

        That call.

    14. SPSpeaker2:04:17

        'Cause on the way here, we were trying to figure out what this... What are, what are you thinking?

    15. NKNikhil Kamath2:04:21

        What is the next generation thinking?

    16. SPSpeaker2:04:23

        Yeah, fair enough.

    17. TSTara Sutaria2:04:24

        Nice one.

    18. NKNikhil Kamath2:04:25

        Yeah, that's a good one.

    19. TSTara Sutaria2:04:25

        To the point.

    20. SPSpeaker2:04:26

        That's good.

    21. TSTara Sutaria2:04:26

        I like it.

    22. SPSpeaker2:04:27

        Yeah.

    23. TSTara Sutaria2:04:27

        We ourselves don't know what we're thinking.

    24. SPSpeaker2:04:29

        [laughing] Yeah.

    25. TSTara Sutaria2:04:30

        That's honestly the reality.

    26. NKNikhil Kamath2:04:32

        Tara, what's happening in... [laughing]

    27. TSTara Sutaria2:04:35

        [laughing] Try to k- try to keep a straight face. Yes, Nikhil?

    28. NKNikhil Kamath2:04:41

        So, Tara?

    29. TSTara Sutaria2:04:42

        Yeah.

    30. NKNikhil Kamath2:04:42

        What do you think about [censored] ? [laughing]
43. 2:13:06 – 2:17:39

    Marriage, Kids and beyond

    1. NKNikhil Kamath2:13:06

       or not? Aadit?

    2. APAadit Palicha2:13:07

       I'm very excited to have kids.

    3. NKNikhil Kamath2:13:09

       Yeah?

    4. APAadit Palicha2:13:09

       Yeah.

    5. TSTara Sutaria2:13:10

       Aw.

    6. NKNikhil Kamath2:13:10

       With marriage.

    7. APAadit Palicha2:13:10

       Yes.

    8. NNNavya Naveli Nanda2:13:10

       I will definitely get married-

    9. TSTara Sutaria2:13:12

       So sweet, prompt and spont

    10. NNNavya Naveli Nanda2:13:12

        ... and will definitely have kids.

    11. NKNikhil Kamath2:13:13

        By what age?

    12. NNNavya Naveli Nanda2:13:16

        That I don't know, but I'll definitely get married, and I will have kids, yeah.

    13. APAadit Palicha2:13:19

        30 to 35-ish.

    14. NKNikhil Kamath2:13:21

        Tara?

    15. TSTara Sutaria2:13:22

        At some stage, I'd love to be married, sure.

    16. APAadit Palicha2:13:24

        What I'm most excited about is having kids.

    17. TSTara Sutaria2:13:26

        That's so sweet.

    18. NNNavya Naveli Nanda2:13:26

        Sweet!

    19. APAadit Palicha2:13:27

        Not now, in 10 years-

    20. TSTara Sutaria2:13:28

        Same, same

    21. APAadit Palicha2:13:28

        ... but eventually.

    22. TSTara Sutaria2:13:30

        How sweet.

    23. NKNikhil Kamath2:13:31

        Kids.

    24. APAadit Palicha2:13:32

        Why, why are you guys so old laughing? [laughing]

    25. TSTara Sutaria2:13:35

        Pensive Aadit.

    26. NKNikhil Kamath2:13:36

        The thought of that.

    27. TSTara Sutaria2:13:38

        [chuckles] Kids.

    28. NKNikhil Kamath2:13:38

        Why, why, I'm... You guys are 20, 21 years old.

    29. APAadit Palicha2:13:41

        Okay, we are-

    30. NKNikhil Kamath2:13:42

        And I'm... Go on.
44. 2:17:39 – 2:23:55

    Woke Culture, Entitlement & Social Media

    1. NKNikhil Kamath2:17:39

       Everybody's fighting for rights, but very pe- very few people are equating how much they're contributing to the rights they deserve.

    2. TSTara Sutaria2:17:50

       Um, well, I think it's high time that we fight for certain rights that we haven't been able to fight for for a very long time.

    3. NKNikhil Kamath2:17:55

       For example?

    4. TSTara Sutaria2:17:55

       Uh, just equality-based rights, whether that's when it comes to, uh, the difference between what m- men and women get paid-

    5. NKNikhil Kamath2:18:03

       Mm-hmm

    6. TSTara Sutaria2:18:03

       ... in every sector, whether that's, um, difference in how we're treated, equality-wise, whether that's, um, you know, gender biases that we've had for so long, whether that is anything and everything that we're really standing up for. Um, I think it's really important that we do have a voice and that we're unafraid to talk about it. Um, I've been trying to do that in a bunch of interviews recently, where I feel like we haven't really touched upon so many topics, whether that's in the industry or outside, or even just as a young woman. So I think it's very important. Um, of course, when things like that are misused and spoken frivolously, that doesn't make sense to me. But I do think I'm an advocate of just rights for anybody that feels they have been treated unequally, so.

    7. NKNikhil Kamath2:18:49

       Makes sense.

    8. TSTara Sutaria2:18:50

       Yeah.

    9. NKNikhil Kamath2:18:50

       Uh, Navya, a lot of people say Gen Z is entitled and not very loyal. They prefer gig work. What are your opinions on that?

    10. NNNavya Naveli Nanda2:19:01

        I'm optimistic, so I don't believe that. I think that there's-

    11. NKNikhil Kamath2:19:04

        Do you experience it, though?

    12. NNNavya Naveli Nanda2:19:06

        No, I, I think-

    13. NKNikhil Kamath2:19:07

        Because you employ a lot of people as a-

    14. NNNavya Naveli Nanda2:19:09

        I do, but I... Like I said earlier, I think there's a lot of potential and not enough opportunities. Um, and I understand why. We have a very large population. I don't see why it's easy to give everybody an opportunity, but I think that there is a lot of potential, at least from [clears throat] what I've seen. I employ a lot of young people, I work with a lot of young people, and I speak to a lot of young people, and I think that, um, they're not given a chance, they're not given an opportunity, and if they were given one, I think that we'd be able to have a much larger conversation on this. Um, I also think that when it comes to entitlement, I think that, at least for Gen Z, we've in- inherited a world where there are a lot of issues, right? Whether it's with social issues, economical, or even political, I think that there are a lot of issues, and we are not given enough seats on the table to give our opinions on those issues. We do feel a certain limit of entitlement because we think that we're not given a chance to voice what we want, and if you're, if you're saying that 60% of our population is young people, then why are we not being given those-... uh, seats at those tables, whether it's at companies or whether it's at a political forum, or whether it's in entertainment or content. I think that enabling us to be a part of that conversation, [lips smack] um, or being a part of that- building that future. So I think that that's why that sense of, sense of en- entitlement comes in. Um, and like he said, he said that young people aren't taken seriously, and I think that I see that a lot, even when I, um... You know, I'm in the dev- development sector, but, um, even in the development sector, pe- young people are looked at upon as just being opportunistic or just trying to, you know, do what, like you said, wokeism, or we're considered to be too woke. But I think-

Episode duration: 2:36:46