The Indian IT Compounding Machine Has Stopped Compounding

Bookings grew 10% in FY26. Revenue grew 2%. Headcount fell. The four assumptions that made the sector a buy for a decade have weakened at the same time…

May 3 • Manish Singh

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April 2026

How Big is India's E-commerce Market? Don't Ask Bain.

Bain has been updating its answer since 2020. The answer keeps getting smaller.

Apr 10 • Manish Singh

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Speaking Volumes

The world's frontier AI labs are racing toward voice interfaces. India has been building the training ground for a decade without knowing it.

Apr 7 • Manish Singh

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March 2026

Distribution Is Still Destiny

India still rewards whoever is easiest to find, easiest to trust and easiest to replenish.

Mar 23 • Manish Singh

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India's Insurance Commission Problem

The regulator wants to cut what distributors earn, but distributors are the only reason protection gets sold at all.

Mar 10 • Manish Singh

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February 2026

In Defense of India's IT Industry

The cost of electricity does not run an enterprise.

Feb 26 • Manish Singh

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Indian Payments' Most Durable Revenue Line?

India's payment platforms earn more from renting speakers than from UPI.

Feb 19 • Manish Singh

15

PhonePe's $15 Billion IPO and the Cost of Building on Government Rails

India's largest payments company has comparable financials to the rival it was supposed to have surpassed.

Feb 3 • Manish Singh

21

January 2026

Netflix Said To Have 20 Million Paying Subscribers in India

Amazon Prime Video has more than three times the subscribers as Netflix in India, according to HSBC.

Jan 22 • Manish Singh

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The Mystery of Reliance's Quick Commerce Growth

The rest of the industry is not feeling it.

Jan 17 • Manish Singh

22

Peak Exits, Peak Anxiety

It was the best of times, it was the worst of times.

Jan 8 • Manish Singh

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December 2025

The AI Revolution Needs Plumbers After All

How Indian IT learned to stop worrying and sell the AI shovel

Dec 26, 2025 • Manish Singh

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