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The Founder's Personal Checklist #1: Does Your Idea Solve a Problem, or Just a Pain?
"Every startup founder has a good idea — that's never the bottleneck. The real question is whether solving the problem creates enough economic impact to sustain a business. Two founders taught me this last month: one built an 'AI CFO' while seeking advice from human finance pros themselves; another, building a platform for teachers, had the courage to say it wasn't a startup — it was a nonprofit. Here's checklist item #1 for every founder."
Rajangam Jayaprakash
Sep 17 min read


Udaan's Cap Table Math: When the Money Raised Outruns the Money Left - A critical look at valuation, dilution and the real story behind India's most-funded B2B unicorn's IPO push
Udaan has raised $2–2.5B over its lifetime — more than its current private valuation of roughly $0.8–1.3B, down from a $3.2B peak. Founders hold just 12.43% of the cap table. FY25 losses (₹1,055 cr) still exceed the latest equity round, revenue fell 20%, and an offshore bond default triggered insolvency proceedings in Singapore. The IPO push looks less like a growth story and more like investors engineering a documented exit at a marked-down price.
Rajangam Jayaprakash
Aug 268 min read


Cryptocurrencies series 7# "I Made Mistakes, Not Fraud": The Billion-Dollar Alibi of FTX founder that Insults Everyone's Intelligence
"Sam Bankman-Fried sat on a witness stand in a Manhattan federal courtroom, faced a jury, and offered the defence of a man who backed his car into a mailbox. Asked point blank if he defrauded anyone, he said no. Asked if he took customer funds, he said no. He conceded, almost generously, that he'd made 'a number of small mistakes and a number of large mistakes.' The biggest one, he explained, was not having a proper risk management team."
Rajangam Jayaprakash
Aug 254 min read


When "Entrepreneurship" Is Just Allowance With a Press Release: A Case Against "Lazy or Greedy Business Journalism" covering Teen-Founder
"ET Panache's viral story on a teenage 'AI startup founder' with a Burj Khalifa office ignores the one detail that matters: who actually paid for it. This critique argues the coverage conflates a parent-funded venture with a self-sustaining business, rewards spectacle over scrutiny, and misleads young readers about what real entrepreneurship requires. A pointed look at why financial journalism owes readers better due diligence — not just a dazzling headline." Lazy or greedy b
Rajangam Jayaprakash
Jul 65 min read


The Curious Case of ADAG: When Executives Go to Jail Before the Promoter Reaches the Chargesheet
The unfolding investigations surrounding the Reliance Anil Dhirubhai Ambani Group (ADAG) have thrown up an uncomfortable question for India's enforcement architecture: how is it that senior executives are being arrested, interrogated, and chargesheeted while the group's principal promoter, Anil Ambani, remains largely outside the immediate prosecutorial spotlight in several of these proceedings? This is not an argument about guilt or innocence. The law must ultimately determi
Rajangam Jayaprakash
Jun 54 min read


When Independence Becomes a Legal Fiction: The Curious Case of Promoters' Cousins as Independent Directors
Independence Becomes a Legal Fiction I. Background: A Governance Question That Should Never Have Been Necessary Indian corporate governance has spent the better part of two decades trying to strengthen the institution of the independent director. Every major corporate scandal—from Satyam to governance controversies involving listed entities across sectors—has reinforced one central lesson: minority shareholders need credible voices in the boardroom that are insulated from the
Rajangam Jayaprakash
Jun 45 min read


David vs Goliath in Indian Fitness: How Habuild’s Quiet Discipline Challenges Curefit’s Capital-Fuelled Empire
David vs Goliath in Indian Fitness: How Habuild’s Quiet Discipline Challenges Curefit’s Capital-Fuelled Empire
Rajangam Jayaprakash
May 114 min read
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