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For over a decade, the Swedish caller ID company thrived on India’s lightly regulated digital ecosystem. Now, it faces some existential questions in its largest market.


Bharti Airtel’s ambitious plan for Airtel Money is a result of excess cash. The NBFC’s success will depend on how the parent battles the formidable rivals and India’s data privacy regulations.
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.