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India’s internet users have stopped growing

The Nutgraf is a 10-min newsletter sent at 10 AM IST every Saturday. It connects the dots and synthesizes one big event in business, technology and finance that happened over the week in India. In a way you’ll never forget.

This is a paid newsletter that’s available exclusively to The Ken’s premium subscribers.

Just 10 mins long Synthesis not analysis Sometimes memes

14 Jan, 2023

Read this edition online
A paid 🔒 weekly emailer that explains fundamental shifts in business, technology and finance that happened over the last seven days in India. In a way you’ll never forget. Sign up here
Good Morning [%first_name |Dear Reader%],

One of the consequences of the Great Funding Boom of 2021 was that we finally understood the natural limits of India’s internet market. As longtime readers know, I’ve written about two of these:

First, there’s India’s California users, numbering about 10 million users, who are the primary drivers of our internet economy. Back then, I wrote about how the number of active online purchasers in India is the population of Sweden, and why all consumer internet companies are fighting for these users.

 Second, there are about 10,000 software engineers, who represent the breadth and depth of India’s quality engineering talent. Remember, this was when companies were throwing everything from international world cup tickets to BMW bikes to get their hands on these engineers, only to promptly lay many of them off one year later.

Limits become apparent when there’s a surplus. That’s what happened in 2021. Everyone got a lot of money and suddenly went looking for online purchasers (to buy their products) and for developers (to make their products).

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How much longer can the foie gras-isation of startups continue?

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Google disagrees and commits. Now what?

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21 Jan, 23

How far can ChatGPT go to fool humans?

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