As we try to wind down this year, Rohin and Praveen do something they’ve never done before: go through every single episode they recorded this year. All 48 of them. In 60 minutes.

The rules were simple. Each host had 10 points to build their personal top 10 list for the year. No take-backs, and no pre-discussion. It was a completely live, vibe-based recording where they figured it out as they went.

What follows is a rapid-fire sprint through the year. From Amazon India’s struggles to the electric car slowdown, from B-school placements to the rise of quick commerce dark stores, and from Razorpay versus Juspay to the chaos of concert infrastructure in India. They cover it all—the hits, the misses, the prescient calls, and the episodes they wish had gone differently.

Along the way, they debate whether episodes were too speculative, too early, or just not memorable enough. By the end, they’re locked in a tight race with only five episodes left and one point each remaining.

Because it wouldn't be Two by Two without a matrix, we plotted the results of their debate. Take a look at the graphic to see which episodes they both loved (the green zone) versus their personal favourites.

It is chaotic, nostalgic, and a perfect preview of what 2025 looked like through the lens of Two by Two.

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This episode was produced by Uddantika Kashyap and mixed and mastered by Rajiv CN, our resident sound engineer.

With 48 episodes in the books, this is the perfect starting point for anyone looking to catch up on the defining business stories of 2025. If you liked this sprint through the year, please share it with someone who loves a good deep dive.

Have your own "vibe-based" arguments about our list? We’re all ears. Reach out at twobytwo@the-ken.com or leave a comment.

The popular narrative often blames Gen Z for a lack of ambition, but is it the millennials who are truly suffering from “ambition fatigue”?

This week on Two by Two, the conversation takes its lead from The Ken’s deputy editor, Arundhati Ramanathan’s recent and concerning article, “Indian Tech Companies are Spawning an Ambitionless Generation”.

Hosts Rohin Dharmakumar and Praveen Gopal Krishnan sit down to discuss how to solve this cross-generational problem and bring the “fire back in the belly”, with or without burning the midnight lamp.

They explore the striking ambition gap between driven founders/CEOs and their often-indifferent employees. Is this growing apathy a fault of the corporate environment and a lack of opportunity, or is the responsibility for finding purpose solely on the individual?

Can the corporate world reignite ambition, and can it truly rise from the dead? Joining the hosts to tackle this multifold issue are three experts:

Gaston Schmitz

Gaston is a partner/executive and founder coach at the Asian Leadership Institute, guiding senior executives at Fortune 500 companies and high-growth startup founders across 30+ countries. With over 20,000 hours of experience, he employs a personalised approach rooted in mindfulness and neuroscience to help leaders expand their perspective and identify blind spots.

Vipul Nanda

Vipul is the director of product marketing at Databahn. His professional history includes significant roles at major fintech platforms, including a tenure as director of product marketing at Cashfree Payments and product marketing manager at Razorpay. Additionally, Nanda is the co-founder of the GoPMM community for product marketers in India and holds an advisory position with Antler.

Arundhati Ramanathan

Arundhati is the deputy editor at The Ken. Based in Bengaluru, she is a seasoned journalist who focuses on in-depth, long-form stories about India's startup ecosystem, entrepreneurship, and the fintech industry. Her work often explores the significant trends and challenges impacting the tech landscape, such as venture capital, founder strategies, and shifts in workforce dynamics.

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Additional reading:

‘Indian Tech Companies are Spawning an Ambitionless Generation’ by Arundhati Ramanathan
https://the-ken.com/story/indian-tech-companies-are-spawning-an-ambitionless-generation/?t=251112092335

Last episode Gaston was in- ‘Where AI can and can’t replace human coaching’
https://the-ken.com/podcasts/two-by-two/where-ai-can-and-cant-replace-human-coaching/

Warren Buffet’s shareholder letters
https://www.berkshirehathaway.com/letters/letters.html

Marshall Goldsmith’s 6 daily questions
https://www.marshallgoldsmith.com/post/six-daily-questions

The Three Signs of a Miserable Job: A Fable for Managers by Patrick Lencioni
https://www.goodreads.com/book/show/749937.The_Three_Signs_of_a_Miserable_Job

Finite and Infinite Games by James P. Carse
https://www.goodreads.com/book/show/189989.Finite_and_Infinite_Games

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This episode was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, family and colleagues who would be interested in listening. And if you have more thoughts on the discussion, we’d love to hear your arguments as well. You can write to us at twobytwo@the-ken.com.

What is the “listing pop” that everyone is chasing, and does it still matter six months later? This simple question is the starting point for a deep look into the current boom in the Indian Initial Public Offering (IPO) market. Despite a massive influx of investor wealth, the standards for companies going public have significantly dropped.

In this episode of Two by Two, co-hosts Rohin Dharmakumar and Praveen Gopal Krishnan are joined by their colleagues, The Ken’s finance editor, Anand Kalyanaraman, and deputy editor, Seetharaman G to explore how the initial “IPO event” relates to a company’s long-term performance. They discuss how high valuations from private investors are merely being validated at the public listing. They also examine the rise of “flipping”—the practice of quickly selling IPO shares for a profit—a tactic now accepted by many large institutions as just part of “the game”.

The episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, colleagues, and anyone else who might be interested. And if you have thoughts on the discussion, particularly what IPO companies did we miss out on that you know are living happily ever after, write to us at twobytwo@the-ken.com. We’d love to hear from you.