Thanks Vishwas. If you read carefully, their replies make for an even more damming case.

Patanjali Pahwa

The infra is to help merchants sell the tail because they don't need help selling the head, which is what the company insisted on an on-record interview.

Patanjali Pahwa

They don't really buy something else. They buy the same thing but make a transaction of the same value to get a discount etc. You're giving people an opportunity to game the system. It also tells you about these customers. They are not loyal. They want a deal.

Patanjali Pahwa

Thank you for reading Giriraj. Yes, that is a valid question. My answer to you is during the 7-10 years, there was great volatility in the currency prices. The conversions were done for the sake of simplicity. Also, a lot of it is probably leveraged as well.

Patanjali Pahwa

Thanks for reading Praneet. I agree that Paperboat's constant evolution may have caused a disconnect. That's an excellent point. About the first, I understand that they are self-sustaining products but about the rest I wouldn't go so far. I would love to discuss this over email, if that helps.

Patanjali Pahwa

Thanks Saurbah. I'll get back to you on that.

Patanjali Pahwa

Yes, Aditya, by FIIs.

Patanjali Pahwa

Hey Shikher, Appreciate your opinion. But it is important to look at the life cycle of a venture capital. In this case, we also gave you a behind-the-scenes update of what's happening in a company that was once a unicorn. Anyway, thank you for reading and subscribing.

Patanjali Pahwa

Hi Prateek, could you expand on which instances of Rs 500 a day and Rs 500 a month have thrown you off?

Patanjali Pahwa

Dear Bhuvan, Thank you for reading and writing in. Also, I am sorry you feel this was a letdown. I'll try to address your questions as briefly as I can. Point one: JBL. You have answered your own question. He knew his dhanda. Not the new one he was trying to do. He supplied JBL speakers to retailers. Do you see small kirana stores stocking JBL speakers? The market he was targeting was brand new. The credit system was different. The way goods move is different. The price of sound systems aren't as dynamic. It is really isn't the same business. Similar but not the same. So, he did had a steep learning curve here. Point two: You take cabs? Ola or Uber. You may pick Ola consistently. That's the first app you check. But you peek into the other ones just to see if there is a better price. That's your loyalty. You may be loyal to Ola but you check the price. Now, if I started a new ride-hailing company, Pat cabs. Will you download and furiously transact? You won't, you want to know if I am legit. That's brand creation. You have taken two different points at different stages of JBL's lifecycle and tried to conflate it, and have come up with a contradiction. Again, thank you for writing in. If you like, we could talk about this over email, I am at first name@the-ken.com.

Patanjali Pahwa

Good call but still to break into the big four, I would say.

Patanjali Pahwa

Companies that add a technology play to food are food tech companies. So, in effect, a Bira or a Paperboat may be interesting food companies but have very little tech play. Food tech firms in India are reserved to delivery companies and cloud kitchens.

Patanjali Pahwa