First Principles

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Jaydeep Barman of Rebel Foods on why his business is 'misunderstood'—and why that's a good thing

First Principles

Rebel Foods was incorporated in 2015. Before that it was Faasos and Faasos has been around since 2004. But co-founder and CEO Jaydeep Barman says back in 2004 when he and his co-founder Kallol Banerjee started it, they didn’t look at it as a means of living. It existed to some extent, primarily, to fulfil their own craving for good Calcutta rolls as Pune, where both of them were living at the time, didn't have any nice joints for the same. A few years after starting it both of them left it behind to go and do their second MBAs from INSEAD and after completing it Jaydeep went on to work for McKinsey in London and Kallol headed to Bosch in Singapore. But the dream of having their own company brought them back to Pune in 2011 and this time they were serious about making Faasos huge. They wanted to make it a QSR chain in the image of McDonald’s and Dominos of the world, but catering to the Indian taste buds. They raised some venture capital and got a few angel investors and decided to fire up their journey to growing their store numbers and serving great food. But this journey hit a roadblock when they grew too fast and revenue didn’t match up growth on a per store basis. This is when they had the first of their ‘lightbulb moments or epiphanies’ as Jaydeep calls them. Infrastructure or setting up a restaurant on the high street was a fixed cost that made it hard for Rebel Foods to scale beyond a point. So they decided to enforce a change in how they do business by taking away this fixed cost component and just investing in making food in a kitchen ideally in a location where rent is low. This decision was aided by customer insight as well. When they ran a survey nearly 74% customers said they had never been to a Faasos outlet or they had been to it once. So they piloted the cloud kitchen or ghost kitchen concept, which meant you just have a kitchen which fulfils orders and no storefront or dine-in area, in Mumbai and it worked and they haven’t turned back from there. There were two more lightbulb moments which have made Rebel Foods what it is today. What were those? Find out that and a lot more in this episode full of a lot of 2x2 matrix examples, possibly one of the most fun brand origin stories, how Rebel Foods intends to become the world’s largest Internet restaurant and priceless insights into the world of serving food without a restaurant that you and I can dine-in. Welcome to First Principles – The weekly leadership podcast from The Ken. Let’s get started. If you want to know more about our Narrative Workshops – here is who are our trainers, what do we do and how we do it. This year, we have a few slots open for companies. Sign up here! Also, how are you finding First Principles podcasts? What do you like? What can we improve? What do you think? Write to us at fp@the-ken.com.

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Part 2: Chetan Maini of SUN Mobility on finding his 'true north', again

First Principles

When Chetan Maini – co-founder and chairman of SUN Mobility – stepped down as Mahindra Reva CEO in 2015, he wasn’t thinking what was the next venture to start. In fact even though he stepped down he was still involved in the space. His time was still spent in understanding the possibilities electric mobility could unlock for the world and how these possibilities were being explored around the world. He was still involved in setting up and innovating the Formula E division at Mahindra, he still helped Anand Mahindra every now and then on strategic matters in Mahindra’s electric division, he was working with the government, he also helped the BMTC take a part of its fleet electric and the list goes on. One could say he stepped down to get a better view of the possibilities in electric mobility. He was not looking for opportunities actively during this period, he was merely synthesising what possibilities were feasible. He did travel across the world during this break but even during that time he was looking at the electric mobility solutions and innovations that were present in the places he visited. He realised the possibilities in battery swapping as an alternative to charging and filed patents long before he became part of what is SUN Mobility today. In the first part of our conversation with Chetan we discussed broadly how the sector has evolved, what SUN Mobility has set out to achieve, how their BaaS or Battery as a Service model is an alternative to charging your vehicle and a whole lot more. In this episode we discuss how Chetan figured out what was next for him, the mental models he applies at SUN Mobility, how he’s built a team that speaks its mind and a lot more. Welcome to First Principles – The weekly leadership podcast from The Ken. Let’s get started.

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From succeeding in overcrowded markets to creating customer delight, five founders share their secrets

First Principles

What does your company do? There are many ways to answer this question. Most founders have a really good answer, some have a meandering one. Well, let’s just say it’s always a compelling answer. This week we have five founders to answer that question on a broader range. They function in very competitive sectors and are successfully making their mark in their respective sectors by innovating and more appropriately reinventing the wheel. First up, we have newly inducted Shark, Radhika Gupta of Edelweiss Asset Management telling us what her company does for its customers, and what she doesn’t want her customers to not do through a great example. Next up, we have Lalit Keshre of Groww, who is very clear who the target consumer for his company is. Starting off as robo-advisory and then pivoting into the mutual fund sector and now on their way to become a complete financial services platform. We have another Shark from the Shark Tank panel featured in this episode. Ritesh Agarwal of Oyo Rooms has built Oyo in his own words into a leading global hotel brand. But that’s not all it is as he went on to add further. Next up, we have Kartik Jayaraman, who founded Waycool, a food and agritech company  at the age of 40. He started off  with the simple explanation: We’re a supply chain company. At our heart that’s what we do. After that he got into the nitty gritty of what Waycool does. Lastly, we have Niraj Singh of Spinny, who is busy building in a space that has many competitors, old and new, and he explained how he’s servicing the aspirational class of the country by delivering something the competitors couldn’t. If you want to read more about our Narrative Workshops – here is who are our trainers, what we do and how we do it. This year, we have a few slots open for companies. Sign up here! Welcome to First Principles—the weekly leadership podcast from The Ken. Let’s get started.

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Part 2: Harsh Mariwala of Marico on experimenting with learning, fitness and leadership at 72

First Principles

Our guest for this episode has a very specific weekly routine.  Pilates - once a week. Strength training - once a week. Aqua therapy - once a week Functional training, swimming, breathing exercises, meditating daily with just a little trouble Golfing three times a week followed up with posture exercises  And very recently, experimenting with intermittent fasting. Maybe you’re imagining a very specific type of person. A really fit, disciplined person – perhaps, a fitness influencer? Well, you ‘re kind of right. You could say the person I’m talking about is very much an influencer. And he’s fit too. He’s huge on LinkedIn, where he is part of the Top Voice program. On Twitter or X, he has close to a million followers. He’s very popular online. So, really, if you think about it, he could turn into a fitness influencer if he wanted to. But, here’s the thing. We're not talking about a young, health obsessed fitness influencer. This is the routine of a 72-year-old, health obsessed, and I must add restless founder and Chairman of Marico, Harsh Mariwala. Welcome to First Principles, the weekly leadership podcast from The Ken. I’m your host Rohin Dharmakumar and this is part 2 of my conversation with Harsh Mariwala. This is episode 45 of First Principles–The Ken’s weekly leadership podcast. Let’s get started. Let’s begin.