“India has 140 crore people, and if X% can become customers because of Y% in a developed country,” is a dangerous line of thinking for founders and investors.

While building for up to 3% of English-speaking affluent Indians is easier, it’s much harder and complex beyond that. Something we are pondering at Zerodha as well.

I guess the right way to think of this is, India is many countries in one. What works in one state or region may not work in another.

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