Delhi pricked the Bengaluru bubble
What makes Delhi startups resilient, and what happens to Bengaluru?
The Ken Podcast
Have Delhi startups pulled ahead in the race and claimed the startup capital title from Bengaluru?
Subscribe to The Ken’s premium plan and download our beautiful apps for iOS, ipad or android to tune in. Or sign up to Two by Two with a monthly subscription for early access to full episodes on Apple Podcasts.
The conventional wisdom is that Bengaluru is India’s Silicon Valley. It’s the cradle of India’s tech revolution. First there was Infosys and Wipro on the IT services side. Then when startups become cool and hip, the default location to get it all started was also Bengaluru.
Take the leaders across sectors, and you’ll see they belong to Bengaluru — Flipkart, InMobi, Swiggy, PhonePe, Myntra, Ola, Amazon, Unacademy, Byju’s…and much more.
But of late, it looks like something has changed. There’s now a sentiment that Bengaluru is for people who “want to” build startups, but Delhi is for people who build businesses.
Delhi companies are the ones who seem to be gutsier, more resilient, and stronger. The list of tech companies that have gone public — Zomato, Paytm, Mamaearth, Infoedge, Delhivery, have one thing in common i.e Delhi.
Why is this distance so wide? Do cities really influence businesses that much?
What makes Delhi startups resilient, and what happens to Bengaluru?
Our guests for this episode have stories that might make you agree.
Our first guest is Prashant Singh, who’s the Head of Product at JAR, in Bengaluru. He’s spent 20 years in Delhi, where he set up his own startup and sold it to Paytm. He’s now in Bengaluru, and he’s not convinced that a city can affect a company’s future…but he remembers the early building days of Delhi – a city with a get-thing-done attitude and massive “ops chops.”
Our second guest is Arnav Gupta, who heads engineering at JioCinema. He has also founded and sold his own edtech startup, as well as led the engineering and product for the Zomato app. Arnav worked in Delhi before VCs pulled him to Bengaluru – and now that he’s spent a few years here, he knows what sort of companies only Bengaluru can give birth to, and why.
Joined by hosts Rohin Dharmakumar and Praveen Gopal Krishnan, our guests discuss the unique cultural context each city adds to a business, why it’s causing a rivalry, and what this means for the Indian startups ecosystem, going forward.
(If you’re not a premium subscriber you can listen to a 30-minute version of this episode on Spotify, Apple Podcasts, Amazon Music or wherever you get your podcasts)
This episode of Two by Two was produced by Anushka Mukherjee. Hari Krishna is our lead writer and researcher, and our resident sound engineer Rajiv C N is the audio producer.
What did you think of the episode? Write to us at [email protected] with your opinions and suggestions.
And what that says about how far Eternal can push its norm-defying acts
The Walmart-backed company commands nearly half of India’s digital-payments landscape. But its financials trail its smaller, listed rival
As the logistics firm plans to pour IPO money into new warehouses and long leases, incumbents are squeezing returns from assets they locked in when land was cheaper, and rents were lower
The Ken has learnt that the Centre is holding deeper discussions on allowing private schools to run as for-profit entities to encourage transparency and long-term steady growth
A complex system with feedback loops that pulls us towards a future we imagine possible
Private labels meet brand ambition
So far, only Wechat seems to have cracked the code to creating an apps-within-an-app ecosystem. Can AI take it to the rest of the world?
The IT services firm is seeking a secondary listing to match the valuation of its Indian rivals. But logistical and regulatory challenges lie in the way
The co-founder on how Darwinbox grew quietly before it grew big
In this episode, we unpack the rise of what we are calling the “fitness warrior”. This is a new professional archetype where work follows the same logic as sport: optimise, train, perform.
As India’s data law kicks in, WhatsApp outreach is getting regulated, and a new compliance market is emerging fast
The IT services firm is seeking a secondary listing to match the valuation of its Indian rivals. But logistical and regulatory challenges lie in the way
The Sequoia-backed cross-border remittance startup Aspora wants to win over 15 million NRIs at all costs, and it has to decide which cost it wants to bear—regulatory or cross-border realities
The Supreme Court’s recent guidelines and a state’s AI mandate hint at a fragmented overhaul—one testing whether tech can cut through decades of procedural drag
Here are the ones—whether it’s The Nutgraf, Long and Short, or Trade Tricks—that you didn’t expect
Here are the stories that our subscribers read and shared the most in 2025
Here are some of the episodes—across our six different podcasts—that listeners loved
Do you know anyone else who would like to listen this podcast?
Share this episode with them.