The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 1,011 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Shenoy: Yes Bank AT1 Bonds Were Completely Written Down to Zero
“Jab yes bank mein trouble hoa, then 80 bonds were written down to zero. To na apko interest milla na principle.”
Shenoy: Indian Small-Cap Earnings Growth Matched Their 3x Valuation Rise
“In the year of the year, the companies, the market cap, two 51 to 500, versus the multiple today, is the same. Matlab, their valuations have gone up three X. Their earnings have gone up three X. That means from 2019 to now, which is roughly five years, three a…”
Srikantaiah: Chinese dams cannot drain the Brahmaputra because 80% is Indian rainfall
“However, rest assured that if we are able to manage the Brahmaputra, which falls within India, we will not lose much water to the Chinese Dreams of building dams because roughly 80% of the water that flows in the Brahmaputra actually is rainfall which falls on…”
Srikantaiah: Bangalore's water board employs zero hydrogeologists despite 500,000 city borewells
“Just to give you an example, the Bangalore Water Supply and Storage Board does not have a single hydrogeologist. The city has 500,000 bore wells at least. It pumps out six hundred million liters per day. But the institution does not have a single hydrogeologis…”
Rangarajan: India never sold gold in 1991, only pledged it as collateral
“We never sold gold. We only sent out gold To be used as a security akin to which we borrowed. And as soon as we repaid that thing, the gold became ours. There was no idea at any time to sell gold, to only to pledge gold and the pledge of gold borrow money.”
Unrestrained Bank Lending From 2006 to 2012 Drove India's NPA Crisis
“So there was a period from 2006 up to about 12, so five, six years, when in response to a slowing growth, the authorities of that time basically opened up the banks and basically said, you go and blindly lend everywhere. And so some part of that capacity creat…”
Sharma: 40% of Indian Unicorns Are Domiciled in the US or Singapore
“You know, 40% of our unicorns are technically not Indian at all, right? They are Singaporean or American.”
Shenoy: Indian Stock Trading Volume as a % of GDP Peaked in 2007
“In 2006, if you believe it, as a percentage of GDP, more stocks were traded in 2007 than they are now.”
Cashfree was India's first payments company to launch bulk payouts
“We were the first payments company in India to launch payouts. No one had payouts back then.”
Sinha: UPI Adoption Triggered a Big Rise in Phishing and Scams
“Risk and fraud is another big area that we see emerging due to the launch of UPI and making digital payments more and more convenient. We also saw a big rise in terms of all the incidents around, you know, scamming people or people losing money because of all …”
Sacheti: Titan's 2018 99-crore primary round carried a punitive valuation
“Over a period of time, Titan then did a secondary in sorry, another primary in 2018. They put 99 crores in the company, and we were really shafted on that valuation. And that cost me a lot at that point.”
Goyal: Late-stage venture funding will collapse in 2023
“I think 2023 is going to be a very hard time. What that means is that as public comms correct, or have corrected, I'm sorry, you will see that the late stage funding is going to go for a toss totally.”
Goyal: Profitability has replaced growth as primary driver of US SaaS multiples
“The biggest driver of multiples today is whether you're profitable or you're not profitable, right? Sentiment has changed.”
Pitti: EaseMyTrip stayed profitable without convenience fees while rivals lost money
“Our unit economics is so strong that even, even pandemic could not you know, we are so resilient that even pandemic could not make us a loss making company. That, that I think is the biggest mode, and because we are so, so robust, we are so capital efficient, …”
Mittersain: In-app purchases will dominate Indian gaming revenue by 2026
“So I think in the next three to five years, you will see in-app being the predominant source of revenues for gaming in India.”
Lunia: Indian IT salaries have not grown at all in 20 years
“IT salaries haven't grown at all in the last 20 years, right?”
Lunia: Indian seed funds haven't found unicorns in crowded hype sectors
“None of us, you know seed funds have discovered a unicorn. Ever in these spaces, right? So if you look at you know, our good friends Karthik at Bloom, Orias, Rehan, none of us have so far got a unicorn, right?”
Reddy: India will produce a dozen billion-dollar B2B companies by 2025
“I think we'll have a dozen of them by 20, 25.”
Tandon: US healthcare creates $500B in annual administrative bloat
“And then if you just look at what we call work tax or admin bloat and admin expense, probably about half a trillion dollars. So there's like five hundred billion dollars worth of exhaust that the system creates.”
Tandon: Healthcare transaction costs run at 15% to 20%
“That, that system runs at, you know, two to three percent cost of transact. Healthcare probably runs at 15 to 20% cost of transact. So there's so much room to make it more efficient and look and feel more like a credit card swipe.”
Tandon: Agentic AI resolves healthcare claim denials in seconds
“I think the thing that many health systems haven't realized is just how we gentick some of these models have gotten in terms of solving tasks end to end, getting a claim back, reading the contents, reading the patient's demographic file and their chart history…”
Tandon: HCA cited AI appointment gains and reduced denials on earnings calls
“And HCA talked about this in their earnings call. I think a couple of our other customers have now talked about this on earnings calls as well. They've seen the productivity lift very clearly in terms of the number of appointments that a physician can do. And …”
Uber built the world's first machine learning feature store
“We had worked on the feature store at Uber, and we had built the world's first feature store, and we literally coined the term.”
India's education loan penetration is just 5% of a $100B market
“The penetration for education spends would be close to five percent, as in five percent of loans in overall education as spends, which is close to around a hundred billion dollars.”
Subramanian: Amagi had $5M left when shutting down a growing legacy business
“We had raised about almost twenty five million dollars by then. We had spent twenty million dollars. We had five million dollars at the bank. I remember the distinct conversation that we went to the board and said, we want to shut this business down, and we do…”
Enterprises are abandoning fine-tuning for frontier models with context management
“What I'm seeing more and more is there's a lot more people going into the no fine tuning camp than a couple of years ago for very high value enterprise use cases.”
Keshavachar: India has invested roughly $1 billion into rare earth manufacturing
“Now the government has invested approximately a billion dollars into rare earth extraction and manufacturing.”
Kamath: Smallest AI's Pulse speech-to-text operates at 64ms latency
“So we have this amazing voice model that converts voice to text called pulse. It's a speech to text model runs in real time 64 milliseconds latency lot of other features like emotion detection, gender detection, bunch of other things, right?”
Padval: Cohere refused hyperscaler capital to stay cloud-neutral
“They didn't take investment from any of the hyperscalers. They had opportunities to do that, but they chose not to. So give the user and the enterprises a choice of any cloud. Rather than be tied to one cloud.”
Padval: NVIDIA CEO Jensen Huang manages 60 direct reports
“He has 60 reports. I don't know any CEO who can manage 60 reports, but I think Jensen can.”
Rekhi: India created FVCI venture framework following TiE advocacy
“So they passed a law to allow the FVCA foreign venture capital asset class, right? Which made it very easy for people to invest in India.”
Ghosh: Indian IT Services Generate $400B and a $1.2T Broader Economy
“The revenue coming into India from services
BPO, IT, non-IT is about four hundred billion. The total economy around the services economy, if you add the families and the schools and the hospitals and everything else is 1.2 trillion.”
Dodda: Gartner and Forrester offer free vendor analyst briefings without paid contracts
“It's not necessary to be a customer of Gartner or Forrester to be actually invest into the analyst relations. So Gartner, Forrester, all of them have the ability to kind of, for you to kind of request a briefing with any of the analysts for free, by the way. T…”
Ahluwalia: India's house-price-to-income ratio is 11, double the global benchmark
“House price to income ratio is at 11 nationally, far above the global benchmark of five.”
Kumar: China spends 22 times more on R&D than India
“They spend today three percent of GDP on R and D. We spend .6%.65%. They are five times bigger. So they're spending 22 time more on R and D than India's doing.”
Kumar: Micro Enterprises Account for 97.5% of Indian MSME Employment
“So these sixty million micro units employ 97.5% of the MSME employment. And we are killing the micro sector only.”
Makhija: The dropship model grew to half of India's e-commerce market
“Dropship model actually pre-pandemic was about 10, 12%, has now become nearly half the e-commerce market.”
Sikri: India now buys 40% of its imported oil from Russia
“After all, you know, if you're buying 40% of our imported oil from there, it's a lot.”
Atluri: Zen's systems neutralized drones during Operation Sindhu
“So in Operation Sindhu, our system, our systems were used, and we effectively blocked the drones from, ah, entering into our space, and we were able to get them down.”
Atluri: IDDM Defense Policy Awards Indian IP Owners Single-Vendor Contracts
“So the Mr. Parikar was able to get that IDDM indigenously designed. Developed and manufactured category was created under which if the company has developed the IP, they will be given first preference. And if even if there are a single vendor, the order will b…”
Rajeev: Kerala rose from 28th to 1st in Ease of Doing Business
“Earlier our ranking was 28 in ease of doing business, that is business reforms action plan. That is exclusively based on feedback, hundred percentage feedback. Now, Kerala is number one in, ah, business reforms action plan that is ease of doing business.”
Rajeev: Kerala created over 350,000 small enterprises in three years
“We could establish more than 3.5 lakhs small enterprises within three years. That is empowering women. 31 percentage are women entrepreneurs.”
Rajeev: Kerala religious sites routinely cross-host Hindu, Muslim, and Christian devotees
“You can, this festival of Islam, they can use the temple premises also for this Iftar. And at the time of Pangala, one of the big festivals in Tiruvanduram, the Muslim and Christian church are open. For the devotees of the temple.”
Manickam: India's semiconductor market is 100% reliant on foreign imports
“We have an Indian market, right? Which is basically owned by foreign companies today, right? It's all a hundred percent imported from semiconductor standpoint.”
Ahluwalia: India is 12 generations behind in chip tech, up from two
“In 1987, India was just two years behind the latest chip manufacturing technology. Today we are 12 generations behind”
Manickam: Indian Governments Fund 70% to 75% of Semiconductor Projects
“50% from central government, states, 20, 25%. So 70, 75%, right, is coming from the governments, right, all this.”
Garg: Zomato will steal market share when Swiggy raises money this year
“They will have to go this year to raise money. And whenever that happens, Zomato will again take market share away.”
Batti: Public SaaS sales efficiency magic numbers have fallen to 0.5
“So one simple metric like sales and marketing efficiency, magic number. I think, 20, 20, 21, 22, I think if you guys have track, it was like.73, point, even eight range. That means every dollar you spend on sales and marketing, you get .7 back net. Today, if y…”