Life Notes #83: Reliving the IndiaWorld Story

Over the past few days, many friends and colleagues sent me a link to an X post by Parimal. It told the IndiaWorld story. [And also this on LinkedIn from Akash.]

I have written about IndiaWorld in my book and discussed it in many interviews. But Parimal’s account is perhaps the best and most succinct one I have come across. We have never met or spoken, and yet he got the essentials right: the stock data arriving on floppy disks, the cricket scores keyed in by hand from the TV broadcast, the road trip back from a temple in Rajasthan when Bhavana and I came up with the idea of separate Indian-named sites. His knack for storytelling shows up wonderfully in the post.

Reading it brought back many memories from a life I had lived three decades ago.

IndiaWorld came after multiple failures in my early entrepreneurial career. Until then, I had known only failure. I had spent more than 18 months on Image Workbench and had just a couple of orders to show for it. Bhavana and I had just had an arranged marriage and barely knew each other. My confidence was at its lowest point. IndiaWorld was not just another venture; in many ways, it was my last chance to prove to myself that I could build something that worked.

It was a huge challenge. We were the first with India-centric portals, but I was addressing an audience of NRIs spread across the world rather than people I could meet locally. It was an entirely bootstrapped operation. After the first year, we also had well-funded competitors. There was no margin for error. There were many landmines to be negotiated, and a single mistake could be fatal.

Some of those moments come back vividly. I sent nearly 100 letters to publishers asking for free content. Only a handful said yes, but those few built the foundation. Then there was the domain crisis. I watched two years of work and our early-mover advantage wash away, and I sat numb at home, unable to see a way out. It was Bhavana who suggested we go to a temple. That was the first time I asked God for help. There were also my many attempts to raise money, every one of which failed. At the time, each rejection felt like a verdict. Only later did I see that the lack of capital forced us to be profitable, and that profitability is perhaps why the ending happened at all.

And yet Bhavana and I managed it, with our team. Bhavana did far more than support me from the sidelines. She was in the thick of it, even writing movie reviews for the site. The team grew to 20, and the thirteen sites became daily habits for Indians around the world.

The ending, of course, was surreal. It was something I could never have imagined in those years of failure. I still remember what Bhavana told me the day after the deal: that we should think of ourselves as custodians of God’s money, and that there was a purpose for it which I had to figure out.

One line in Parimal’s post stayed with me. He wrote that today’s startup mythology has almost no living memory of that version of the Indian internet. He is right. For many of my colleagues at Netcore, IndiaWorld is a story they have heard, not a time they lived through. For me, it is still very much a lived memory.

Even today, when I am in a challenging situation (and there are many), I ask myself, “How would the Rajesh of IndiaWorld have reacted?” I think I know the answer. He would have closed the door that wasn’t working, without much sentiment. He would have looked for the one move that mattered, the crux. He would have read every customer email himself. And because he had so little to lose, he was rarely afraid.

Of course, I am not the same person, and the world is very different. The internet then was a blank page; today, AI is rewriting the page we thought was already written. But some learnings carry forward and are timeless.

Thanks, Parimal and Akash, for taking me back, for a brief time, to a period in my life that I can never forget. We rarely get to hear our own story told back to us by a stranger. When it happens, it reminds us that the past is not really behind us. It is the ground we still stand on.

Also see: Life Notes #53: The 1990s, Life Notes #65: Yeses Matter, Not the Nos, My Life System #56: Crisis and Crux – 1, My Life System #30: Religion and God

Thinks 2089

WSJ: “Without CIA funding that helped keep NeXT afloat in the ’80s, Steve Jobs might not have made a triumphant return to Apple—and the iPhone might not have its foundational operating code.”

CrimeReads: The Best Crimey Short Story Collections in Recent Years. “Some of the entries on this list are stone-cold crime collections, very classic. We’ve got books of whodunnits, locked room mysteries, puzzles… you name it Now, are there some collections on here that you might not technically call crime but still have atmospheric thrillery elements or genre-bending components? Yes. There’s some sci-fi stuff here, some literary fiction-ish stuff going on, even some magical realism afoot. I like a broad spectrum of themes! Some of these collections are by a single author, while others are edited anthologies. Some are written in English, while others are in translation.”

NYTimes: ““The Rest Is History” is the most popular history podcast in the United States, Britain and Australia, with some 30 million downloads and streams a month…How did it become such a juggernaut? And what does it say about our tumultuous, accelerated present, a time of news fatigue and thrumming anxiety over the future, that so many of us are drawn to a show about the past? There is reassurance, of course, in reminding ourselves that humans have survived difficult times before. There is the pure escapism of immersing yourself in, say, six riveting episodes about Mary, Queen of Scots, as I did when I first latched on to the podcast. And then there are the podcast’s hosts, Tom Holland, 58, and Dominic Sandbrook, 51, who give the show a charm all of its own.

Aswath Damodaran: “As the AI story has unfolded, there have been reams written about it, for and against, and almost as much said about it on television and podcasts. In spite of being so much in the news, the debate about AI, in my view, has gone off the track with advocates and skeptics often talking past each other, with advocates focusing on its “huge” potential market, and skeptics zeroing in on massive upfront investments as “too large”, with each side claiming the high ground and labeling the other side as cultists (AI advocates) or Luddites (AI skeptics). There is a great deal of cherry picking of the data on both sides, with the optimists focusing on usage statistics (level and growth) and the pessimists on capital spending and current profitability (or lack of it). This post is not about proving one side right and the other wrong, but about closing the loop and making it a discussion of AI as a business.”

Life Notes #82: A57

I recently upgraded my mobile from the Samsung A52 to the Samsung A57. There was nothing wrong with it except perhaps the battery life. After a scary incident where my iPad just refused to reboot, I decided that 3-4 years was good enough for a device. (I did manage to get the iPad battery replaced and it started working again.) So, I decided to go in for a new phone.

I wanted something which was an almost exact replica of my A52. After some discussions with a couple of friends and ChatGPT, I settled on the A57. I didn’t have to learn anything new; it’s the “same old.”

This is deliberate. We are sold upgrades as transformation – a new interface, new gestures, new places for everything. But for a device I use for a narrow set of things, every change is a cost, not a benefit. The best upgrade is the one that gives me a working battery and asks nothing else of me. The hours I would have spent relearning where things are is the real price of a “better” phone, and it never shows up in the comparison charts.

Many people ask me why I don’t use an iPhone. As it turns out, I had bought an iPhone in the US a few months after it was launched in 2007, and then had a colleague at work jailbreak it so I could use it in India! For some reason, a couple of devices after that, I switched to Android and Samsung, and have stayed loyal.

I don’t use the mobile as much. I always carry my iPad and notebook in my BB wherever I go, so the activities I do on the mobile are quite limited – WhatsApp, email when I am away from a desktop, and a handful of utility apps. As I wrote in My Life System #16: Digital Devices, my devices are not my life; the spiral notebook and pen are. The mobile is the least important of my primary devices, which is precisely why the upgrade decision could be so boring.

Perhaps that is the test I would offer for any device: if replacing it is an event, it has too much of your life in it. Mine took an evening’s research and no adjustment at all – which is exactly how I want it.

Thinks 2088

NYTimes: “The act of engaging with written texts — the basis of our cultural, political and intellectual life for over 500 years — is not coming to an end. It’s changing to meet new needs by offering the kinds of experiences digital technologies can’t provide: synchronous, IRL encounters with other human beings. In other words, the future of reading is a party.”

FT: “India is rapidly installing solar panels and, helped in part by investment from large groups such as Adani and Tata, now has the world’s third-largest solar capacity. Solar supplied 9.4 per cent of total demand in 2025, according to green energy think-tank Ember. This has helped to meet rising power demand during the day, driven in part by air conditioning as people try to cope with summer temperatures that reach well above 40C. But the country’s combined wind, nuclear, hydropower and battery storage resources are not enough to cover night-time demand, meaning that once the sun fades more coal-fired power stations have to kick back in.”

NYTimes: “After roughly two decades of ultralow interest rates, a period of rapid readjustment is ahead for the United States, the world’s largest economy and most important financial system…Rates are being driven higher by a variety of forces. Stubborn inflation is being exacerbated by the war with Iran and there are questions about how forceful the Federal Reserve will be to tame it. Aggressive borrowing by artificial intelligence companies and hopes that the A.I. boom will lead to faster economic growth in the future. And long-brewing concerns about the federal government’s ability to manage its mounting debt load, which this week topped $40 trillion for the first time.”

Atanu Biswas: “Tintin or Asterix? Two ways of seeing the world through comic-book genius…Tintin makes us curious. Asterix makes us irreverent. Tintin tells us to discover the world. Asterix reminds us not to take its powerful people too seriously.”

Life Notes #81: Singapore Vacation

We had not taken a family vacation for 4 years. With Abhishek in the US, summers were at home and winters were too short to go anywhere. This time around, we finally decided to take one – so Singapore. I had to go to Bali for GAMS and we then converged on Singapore. I had plenty of Marriott Bonvoy points accumulated to cover part of the stay at the Orchard Road Marriott (Tang Plaza) – we couldn’t have asked for a better location.

After New York, Singapore is our favourite vacation destination. We like the big cities – they have something for all of us. And in both New York and Singapore, Jain food is not a problem. Of the numerous options, we zeroed in on Balaji Bhawan, right across from Mustafa. They had plenty of options and just the right taste to suit all of us.

This time, we skipped the Sentosa attractions. We walked around Orchard Road, did Bugis Street, Holland Village, Mustafa, IMM Outlets (got a great price on new ASICS shoes), and Chinatown.

Kinokuniya was once again a favourite, as it has been. Its collection is unparalleled, and in each of my three visits, I found interesting books which I had not come across. While Kitab Khana is the Mumbai equivalent, the scale of Kinokuniya is absolutely amazing.

Abhishek and I also did what we used to do when he was a kid: take a long bus ride to a random destination. One of the mornings, we did just that for a couple of hours, and went across Singapore in perhaps the best possible way: the upper deck of a bus! What struck me was how little the ritual needed to change. The boy who once needed lifting to see over the rail is now studying in New York, and yet there we were, two hours of no particular destination, watching a city go by. Some of the best things one does with children do not have to be outgrown – they just have to be repeated.

Singapore’s taxi drivers always provide interesting stories. One of them told us about the construction that’s underway to connect the North and South. (Mumbai too is seeing its fair share of construction in the past decade with the Coastal Road, Metro, and more. We had stagnated for far too long.) Cities need to reinvent themselves and Singapore has done it very well through the years, since the first time I stepped there in May 1992 on my return to India after my four years in the US.

Overall, it was a good short break, and left me longing for more. When I am with Bhavana and Abhishek, I am a bit keyed up to ensure everything goes right for them – which is perhaps its own kind of holiday.

Thinks 2087

WSJ: “Should AI become far cheaper to deploy, the so-called Jevons paradox, named after a 19th-century economist, would likely take hold. That would mean people respond to lower costs simply by using the technology more, eating up just as much if not more computing power. That is one reason chip companies have largely welcomed open-weight models.”

Ajay Shah: “The transition away from some price controls was a milestone in Indian economic history. It was achieved by looking past narrow desires in price control, and understanding the consequences of price controls for Indian economic growth. The management of the dollar/rupee exchange rate requires the same maturity. The costs encompass fiscal burdens, inflation volatility, stunted financial markets, systemic risk, and degraded state capability. Exchange-rate policy is not a narrow concern of monetary-policy strategy. It is a fundamental choice about the broader economic-growth strategy. India requires a modern financial system, a capable state with high accountability, and a private sector focused on innovation rather than government arbitrage. The path to Indian economic success begins with a full reckoning of the costs of exchange-rate management.”

Technology Review: “Transformers are starting to show their age. Many of the recent advances in LLMs, such as the development of so-called reasoning models and their ability to handle large amounts of input at once, are not neat extensions of that core technology but workarounds that patch over some of its fundamental flaws. A growing number of scientists and engineers are now asking what’s coming next. LLMs are not going anywhere, but the way they get built is up for grabs.”

WSJ: “Something inherent in the human psyche still pushes us fiercely toward the rabbit warrens of outlier theories. Mythmaking is still a large part of how people understand the world, even if they now apply it to suspicions about the powerful institutions and advanced systems they no longer trust…A well-read person grows body armor against the rigid conspiracy theorist, against flat artificial intelligence that manipulates without emotion. It is no coincidence that humanity shot forward when Gutenberg invented his printing press. Books are super fuel for the human mind, the mightiest intellect on earth. And right now, that intellect needs all the collective nutrition it can find.”

Life Notes #80: Benne

Until recently, I had never eaten (or even heard of) a Benne dosa. And then “Benne – Heritage Bangalore Dosa” opened its outlet at Sukh Sagar (in Mumbai) a few months ago. And what an experience it was! The entire process – ordering on a screen, self pick-up, standing and eating, and all done in under 30 minutes at under Rs 200 a person.

While I have been eating dosas for as long as I can remember (both in restaurants and at home), the Benne dosa was so very different. The restaurant’s own site asks what actually makes a dosa memorable – the butter, the crunch, the masala, the chutney, the hands that serve it – and settles on the idea that it is all of these at once. As Wikipedia explains, the benne dose is a Davanagere speciality made by working butter into a batter of parboiled rice, black gram and puffed rice, cooked traditionally on a wood-fired griddle, and served with still more butter and coconut chutney. It is smaller and softer than the dosa most of us grew up with.

I then did some more research. The dish has a history longer than the chain that brought it to me. It traces back to 1928 in Davanagere, where a woman named Chennamma began selling dosas at a street-side stall near a drama theatre. From there it travelled to Bangalore, where institutions built their reputations on it – Central Tiffin Room in Malleshwaram has been serving benne masala dosas since the 1920s, and Vidyarthi Bhavan in Gandhi Bazaar since 1943. What is new is not the dosa but its reach: a regional dish from central Karnataka is now something Mumbaikars queue up for on a Sunday morning. India’s food map is being redrawn by people willing to carry a hyper-local speciality a thousand kilometres and bet that others will love it too.

The other aspect of the experience is how the restaurant chain has turned the eating experience on its head. Self-order and self-pickup. Almost like a QSR. And the stand-and-eat helps them process a lot more customers (and presumably, keep the prices low).

Though this, too, is less an invention than an import. Bangalore’s darshinis – self-service vegetarian fast-food counters – emerged in the early 1980s, more than a decade before McDonald’s came to India, and worked out the same economics from first principles: no waiters, no table service, a small footprint, and customers who eat standing and leave. What Benne has done is take that format, give it a design language and a brand, and put it in a city that pays for the high rents! The founders, Akhil Iyer and Shriya Narayan, came from outside the restaurant business entirely – he a producer, she a psychologist – which may be exactly why they saw the opportunity. The constraint is the strategy: a tiny space with high turns can charge Rs 200 and still work.

I have already gone back twice after the first experience and expect to do so many times more!

Thinks 2086

NYTimes: “India’s working-age population, already the world’s largest at nearly one billion, grows by about 12 million people a year. For families with money to spare, education is one of the few apparent routes out of low-paid farming and wage labor. The best option is a place at one of the country’s highly competitive public universities. For those who cannot get in, private colleges offer another route. That industry has exploded. The number of private colleges tripled in the decade after Mr. Modi became prime minister in 2014. By 2024, India had 45 million students in higher education, up 41 percent from a decade earlier, according to a government survey. More than two-thirds of all students attend private institutions. But the expansion of higher education has far outpaced the creation of good jobs.”

WSJ: “People who switch employers a lot are often seen as red flags. New evidence suggests they get up to speed much faster than others.”

Manu Joseph: “When a system is rotten, a diligent person endures by digging deep into the quirks of his own personality. Some good things happen in India because some people are eccentric.”

FT: “China is beginning to construct its own self-sustaining, internally reinforcing AI ecosystem — and is increasingly offering it abroad. Beijing’s geopolitical foothold in critical infrastructure is increasing and countries adopting Chinese AI will, over time, absorb Chinese approaches to technical standards and governance principles…The original China shock came with the manufacturing revolution that followed the country’s entry into the World Trade Organization. China shock 2.0 was the cleantech wave of solar panels, batteries and electric vehicles. China shock 3.0 has been the diffusion of Chinese digital technology, from ecommerce to recent AI models. China shock 4.0, now on the horizon, will be quite different. It will be based not only on the export of Chinese technology but on China’s approach to innovation as a national project.”

Life Notes #79: GAMS Bali and Bangkok

In the space of a month, I travelled for two of our customer events: the Global Agentic Marketing Summit in Bali (for our South-East Asian customers) and in Bangkok (for our Indian customers). The name has changed over the years — from Hashout to MGS (Martech Global Summit) to GAMS. [See Life Notes #66: MGS Colombo and Life Notes #21: MarTech Global Summit.]

The names themselves tell the story of our industry. Hashout was about email and engagement. MGS was about the whole martech stack, and about going global. GAMS is about agents doing the work that marketers until recently did by hand. Three names in a few years is not restlessness about branding — it is the rate at which the ground under marketing is moving. I am curious what we will be calling it two summits from now.

I like these events because of the interaction with customers (and prospects) in a relaxed setting, and the opportunity they give me to share my thinking on martech on the opening day. I typically start working on my deck a few weeks in advance, bringing together the latest thinking from my blog essays and showcasing the new product thinking at Netcore. This time, I tried a new approach to the presentation: instead of the standard PPT, I decided to do HTML. Over the past few months, I have moved away from the static deck to one that’s more interactive. I can click and show within a slide, and it’s so much easier to make and edit with Claude.

The intimate nature of these events is great for relationship building. I did 9 1:1 meetings in Bangkok, which helped me understand the marketer’s lens much better. This is a time of change as AI and agents transform CRM and retention marketing. The drudgery of marketing is being replaced by a new excitement — the ability to build deeper and better relationships which can deliver profitable growth and eliminate the AdWaste caused by reacquisition.

The other aspect of these events that I like is the travel. Of late, my US visits have gone down (in fact, none for the past 2 years), so the long flights which I relish for deep thinking and reading have not been happening. Bali was an overnight flight to Singapore, and then a 2.5-hour flight onwards. (The return was via Singapore for a brief vacation with family.) For Bangkok, I chose the afternoon flight so I got 4+ hours of contiguous time to think, read, and write.

Both summits ended with the same thing: people lingering. Long after the last session — in the lobby, at dinner, at the breakfast table the next morning — marketers who could have got the whole deck by email were still there, talking. We spent two days discussing how agents will handle the millions of conversations a brand has with its customers. And then we proved, without meaning to, that the conversations which matter most are still the ones you have in person.

Thinks 2085

NYTimes: “Wars are a crucible that very often exposes changes in the physics of the world around us — who has power, who doesn’t have power and how power is being wielded. Nothing better captures the new power equation produced by this war than Trump’s unhinged and obscene rant at the Iranian leadership for not bending to his bombs. This new physics of war is equally present in the conflicts between Ukraine and Russia, Hezbollah and Israel, Hamas and Israel and the Houthis and everyone else. My summary of this new dynamic is that the small can now act really big, really accurately and really inexpensively. And while the big can also act really small, really accurately, it is far more expensive for them to do that while bearing the burden of vast legacy arms systems. The net advantage, for the moment, seems to be to the small.”

SaaStr: “If I were running CS at a B2B company right now, I’d stop treating usage as the primary signal and start asking a different set of questions about every account. How many jobs do we do for this customer? An account that uses you for one narrow workflow is more exposed than an account with lower total usage across five workflows, whatever the seat count says. Single-job accounts get absorbed first. Is this customer building? If your champion is spending their week in Replit, Claude, or Lovable, they are one conversation away from an agent offering to do your job instead. That’s how our sponsor pages, our heat mapping, and our staff meeting all got rebuilt in the last month. Can our data get out and our agents get in? Marketo is deprecating the API we needed and we’d have blown through the rate limits in an hour, which made them unusable for us regardless of features. Agent-hostile architecture is a churn cause on its own now.”

Mint: “As AI gets embedded in the operating fabric of organizations, acquiring a competitive advantage will depend less on building systems than on deciding which systems must be built. Companies that consistently discard weak assumptions before they become expensive commitments are likely to fare better, as would those that reward sceptics who ask inconvenient questions as readily as they reward engineers who deliver working models. While understanding grows abundant, judgement is becoming scarce. This is the reality businesses must confront.”

FT: “K-Pop fans, meme pages, political theorists and occultists devote themselves to creating the world they would like to see. This begins with an understanding of how ideas now spread. Our music, language, aesthetics and politics all emerge from amorphous pockets of algorithmic space — and they can all be manipulated.”