‘Make trends your friends’, say thought leaders at IIMBue 2025
From sports to capital markets and from DPI to GCCs, experts discuss the shifting realities and soaring possibilities for India
3 AUGUST 2025, Bengaluru: Day Two of the IIM Bangalore Alumni Association’s Leadership Summit, IIMBue 2025, opened with a keynote by Dr Pramod Varma, Co-Chair at Center for DPI and CTO, EkStep, on Digital Public Infrastructure and India’s Global Blueprint.
Focussing on emerging trends in this sector like user-centric credentializing, the finternet and the internet of value, Pramod noted that in just a decade, India had leapfrogged by leveraging technology to transform its marketplace. “This is a non-linear shift driven through a set of Digital Public Infrastructure (DPI) efforts like mass formalisation, frictionless payments and trusted personal verifiable data sharing through Digi Locker.” However, he also acknowledged the challenges like fragmented micro-economies, high transaction costs, and low trust that remain.
Stating that India has a unique model of inclusive economic growth, Pramod credited factors like enabling policy, digital infrastructure and market innovation. “Shared infra increases velocity and interoperability induces competition in India,” he observed, adding that the time has come to reimagine DPIs that are more universal and user-centric and can leapfrog 190+ countries and 9+ billion people.
“One needs patience, capital and the attitude to treat trends as friends. Look for opportunities to join such a movement without losing sight of what is coming. Contribute in whatever way you can,” Pramod told business leaders, entrepreneurs and executives in the room.
IIMBue 2025
The who’s who of business, government, academia and society continued to share their perspectives on ‘Shifting Realities and Soaring Possibilities’ for India at IIMBue 2025.
Fireside conversations and curated break-out sessions covering topics ranging from Digital Public Infrastructure to the Future of Capital Markets to the Business of Sport to Defence Tech to GCCs in India, by well-known industry chieftains and entrepreneurs, and sports writers and spiritual leaders, marked Day Two of the conclave, which was attended by a record number of IIM Bangalore alumni from across the world.
IIMBue 2025 partnered with EnaAble India to make the conclave inclusive through audio descriptions of visual content, live captioning of talks, ramps and accessible washrooms, low-level tables in the dining area, noise-canceling earphones and inclusion volunteers. For the first time, the conclave also has a venture pavilion and an author’s nook, showcasing the work of the IIMB alumni.
Earlier in the day, Subodh Patil, Co-Convener of India, spoke of the genesis and structure of IIMBAA and urged delegates to spread the word about IIM Bangalore’s vibrant alumni network and its role in energizing the Institute through its collaboration with IIM Bangalore’s Alumni Office.
DPI & India’s Global Blueprint
Dr Pramod Varma’s keynote was followed by a conversation he had with Rahul Matthan, Partner at Trilegal. Sharing the growth numbers of UPI adoption and Aadhar ID issuances in just 15 years, Rahul spoke of the population scale shift. “We should always design for the next 15-20 years but for implementation today,” remarked Pramod. “India is now looking to build DPI for the world, and DPI, as a word, has moved into common vocabulary,” said Rahul, to which Pramod agreed that it is indeed a tectonic shift where the world is coming to see shared infrastructure as a lever to accelerate innovation. “Tech has never been the moat; it all lies in the execution,” opined Pramod.
When asked if ONDC will be an Amazon-slayer, Pramod was categorical that ONDC will address the challenges posed by a fragmented marketplace. “A protocol-driven expansion of the market will drive 100x growth. This is a multi-platform game and protocol is the fabric stitching these platforms together.”
A shoutout to Namma Yatri
Explaining the layering of accessibility (purple rides) in the ride-hailing app in Bangalore, Namma Yatri, Dr Pramod Varma hailed the impact of Beckn as an open-source platform and the efforts of the NGO, EnAble India, in making the transport app accessible to people with disabilities. He gave a special shoutout to the autorickshaw drivers on the app in Bangalore who took to purple rides with enthusiasm and made it a benchmark for inclusive mobility.
From Ideas to Institutions
Nithin Kamath, CEO & Founder of Zerodha & Rainmatter and Sahil Barua, Co-Founder, MD & CEO of Delhivery, spoke with Mainak Chakraborty, CEO of GPS Renewables, and offered a quick recap of their journey as founders of reputed enterprises, giving glimpses of what it takes to innovate at scale. Although Nithin and Sahil took two different routes (one, bootstrapped; the other funded), they both believe control comes from expertise, not ownership. “Building a business is a lonely journey so learn to have fun”, said Nitin, who began trading at 17 and built Zerodha around his core competency. Our purpose, as a company, is to help Indians make better money decisions.” Echoing Nithin’s thoughts, Sahil said purpose is a key driver/ motivator apart, of course, from stock options! “A country as large as India deserves several Delhiverys and hopefully, we will build more of them,” remarked Sahil, quipping that a good insight he has got is that Indians really need lessons in writing addresses even though “our creative delivery persons still track that yellow house next to the ‘kirana’ shop!”
On Zerodha’s no-advertisement policy, Nithin said it was a conscious move. “We don’t want to recover money spent in this manner from our customers”, though he acknowledged this may not work for new businesses today. On nurturing a calm company culture, both agreed that it was a matter of putting people first. “We don’t want our people to feel burnt out. We don’t have work-related conversations on weekends and after work hours on weekdays,” said Nithin. Sahil urged management students to know that there is a world outside of plum placements. “Make interesting career choices.”
When asked how one should choose co-founders, Nithin and Sahil said they were both lucky they chose family and closest friends, respectively! “In 2009, I had a bad year when trading the markets and decided to stop in frustration. But Nikhil, my younger brother, continued trading. Ever since, he has been the one making all the money decisions and I make the business decisions. Our paths do not intersect! That keeps the business up and running.”
On navigating the AI wave, Sahil said he thinks most commercial-grade AI currently in the market is “junk”. “Having said that, I am keen on seeing use cases in business.” Nithin wondered what the role of the broker would be if everyone built custom platforms.
Walking the balance
In his conversation with Prof. Vasanthi Srinivasan, Chairperson, IIMBx, on ‘Increasing Consciousness – Navigating the clutter’, Padma Bhushan awardee, Kamlesh D Patel (Daaji) of Global Guide of Heartfulness, described his journey from pharmacist to entrepreneur to spiritual guide as “a seamless” one. “I have always advocated the integration of the material world and the spiritual one. The most vital thing in life – heartfulness – must come at no cost (fee/ price) but you pay with your life (efforts, dedication).” Remarking that “any lazy man can meditate in the silence of the mountains”, he said the challenge lies in meditating and being peaceful in the rough and tumble of life. “This deliberate pursuit (of meditation) will make you extremely efficient, proficient and intuitive.”
The conversation was followed by a brief session of meditation and an emphatic reminder from Daaji on the power of the heart in finding divinity and peace.
Keynote by Madhabi Puri Buch
“Because there are embedded risks, there are huge opportunities for super specialised risk transfer mechanisms to evolve,” observed Madhabi Puri Buch at IIMBue 2025. Speaking on ‘Charting the Future of Capital Markets in India’, she shared what three decades of working in financial markets had taught her. Presenting the dual-core market evolution model, she named enduring principles and dynamic trends as drivers of market evolution. She also put forth the entrepreneur’s 10-question checklist for creating markets of the future.
In conversation with Prof. Venkatesh Panchapagesan, Professor of Finance & Accounting, and Chairperson of IIMB Real Estate Research Initiative, she went on to discuss the opportunities for super specialised market instruments. Having spent many years being a broker, Madhabi also affirmed the continued relevance of intermediaries. “The consumer will continue to need simplicity. Somebody has to translate the complexities of the interface to the consumer, and that’s the job of the intermediary,” she said.
The Business of Sport: Where Capital, Tech & Entertainment Converge
Sharda Ugra, Senior Sports Journalist, Vishal Jaison, Co-Founder, Baseline Ventures, Srinath T.B., General Manager and Head of Operations at Sunrisers Hyderabad, and Venkatesh Sreenivasan, CEO of Nexus Consulting and IIMB alumnus, engaged in an animated discussion on the evolution of athlete management, licensing, and sports leagues. Vishal noted the rise of endorsement and non-endorsement deals fueled by social media and equity-based partnerships. "From a sports tech perspective, sports is heavily under-penetrated and hence there are huge opportunities, especially in consumer", he said.
Srinath said the focus now is on enhancing the fan experience in the stadium. For instance, parking, ticketing, tie-ups with metro etc. From the sponsorship standpoint, teams are offering engagement across multiple channels. “In the matter of merchandising, we are not there yet because there are multiple counterfeits, but there is an opportunity for co-branded merchandise with lifestyle brands. There is also plenty of opportunity to create exclusive behind-the-scenes digital content through apps and more. It’s time to think out of the box when it comes to making brands relevant beyond the two-month window, when it comes to IPL, like team lounges, wellness centres, and spas, etc. The essential idea is to increase the number of touchpoints that brands/ teams have with their fans.”
Sharda identified 2008’s IPL as the big inflection point for commercialization in sport, and credited private players like Olympic Gold Quest and Mittal Trust for elevating Olympic preparation in 2004–05. “This move guilted the government into doing something serious for elite athletes.” On the changing face of content creation, Sharda said there will always be space and scope for good writing. “Younger journalists are using technology very interestingly to tell great stories. A career in sports journalism today calls for the reporter to have multiple skills and multi-dimensional interests.”
Srinath also underlined the role of AI and analytics in scouting, injury prevention, and managing IPL’s logistical complexity. “There is plenty of opportunity for tech and AI. IPL is a logistical nightmare. AI can definitely help in figuring the optimal way to handle all that travel. It can also help in umpiring,” he added.
Break-out sessions
IIMBue 2025 concluded with four riveting break-out sessions. Durga Das, Founder and CEO, AeroNero; Ganesh Shankar, Founder and CEO, FluxGen; Harsh Jain, CEO and Co-Founder, Carbonstrong, took questions on Clean Tech while Shiva Subramanian, Founder and CTO, Biopeak Wellness; Khaleel Udyawar, Co-Founder and CTO, Oivi; and Vivek Rajagopal, Group Chief Analytics and AI Officer, Narayana Health, discussed Health Tech trends. Ajay Kumar IAS, Former Defence Secretary of India; Rahul V, Co-Founder and CBO, Sanlayan; and Dr. R Shivaraman, Co-Founder, Big Bang Boom Solutions, analyzed the future of Defense Tech. The break-out session on Alternate Careers featured Srikanth Narasimhan, investment banker turned Founder and General Secretary, Bengaluru Navanirmana Party; Samina Bano, IIMB’s Distinguished Alumna and Founder and Director, Rightwalk Foundation; and Saumil Majumdar, Co-Founder, CEO and MD, Sportzvillage.
The GCC Mini Conclave had Prof. Srivardhini K Jha, Chairperson, NSRCEL at IIM Bangalore, in conversation with Jay Doshi, MD & CIO of British Telecom (Corporate units); Kingshuk Banerjee, Head of Hitachi R&D Centre India; Smitha Hemmigae, ANSR; Hitesh Garg, NXP Semiconductors; and Rekha Radhakrishnan, London Stock Exchange Group.
Click here for photo gallery
‘Make trends your friends’, say thought leaders at IIMBue 2025
From sports to capital markets and from DPI to GCCs, experts discuss the shifting realities and soaring possibilities for India
3 AUGUST 2025, Bengaluru: Day Two of the IIM Bangalore Alumni Association’s Leadership Summit, IIMBue 2025, opened with a keynote by Dr Pramod Varma, Co-Chair at Center for DPI and CTO, EkStep, on Digital Public Infrastructure and India’s Global Blueprint.
Focussing on emerging trends in this sector like user-centric credentializing, the finternet and the internet of value, Pramod noted that in just a decade, India had leapfrogged by leveraging technology to transform its marketplace. “This is a non-linear shift driven through a set of Digital Public Infrastructure (DPI) efforts like mass formalisation, frictionless payments and trusted personal verifiable data sharing through Digi Locker.” However, he also acknowledged the challenges like fragmented micro-economies, high transaction costs, and low trust that remain.
Stating that India has a unique model of inclusive economic growth, Pramod credited factors like enabling policy, digital infrastructure and market innovation. “Shared infra increases velocity and interoperability induces competition in India,” he observed, adding that the time has come to reimagine DPIs that are more universal and user-centric and can leapfrog 190+ countries and 9+ billion people.
“One needs patience, capital and the attitude to treat trends as friends. Look for opportunities to join such a movement without losing sight of what is coming. Contribute in whatever way you can,” Pramod told business leaders, entrepreneurs and executives in the room.
IIMBue 2025
The who’s who of business, government, academia and society continued to share their perspectives on ‘Shifting Realities and Soaring Possibilities’ for India at IIMBue 2025.
Fireside conversations and curated break-out sessions covering topics ranging from Digital Public Infrastructure to the Future of Capital Markets to the Business of Sport to Defence Tech to GCCs in India, by well-known industry chieftains and entrepreneurs, and sports writers and spiritual leaders, marked Day Two of the conclave, which was attended by a record number of IIM Bangalore alumni from across the world.
IIMBue 2025 partnered with EnaAble India to make the conclave inclusive through audio descriptions of visual content, live captioning of talks, ramps and accessible washrooms, low-level tables in the dining area, noise-canceling earphones and inclusion volunteers. For the first time, the conclave also has a venture pavilion and an author’s nook, showcasing the work of the IIMB alumni.
Earlier in the day, Subodh Patil, Co-Convener of India, spoke of the genesis and structure of IIMBAA and urged delegates to spread the word about IIM Bangalore’s vibrant alumni network and its role in energizing the Institute through its collaboration with IIM Bangalore’s Alumni Office.
DPI & India’s Global Blueprint
Dr Pramod Varma’s keynote was followed by a conversation he had with Rahul Matthan, Partner at Trilegal. Sharing the growth numbers of UPI adoption and Aadhar ID issuances in just 15 years, Rahul spoke of the population scale shift. “We should always design for the next 15-20 years but for implementation today,” remarked Pramod. “India is now looking to build DPI for the world, and DPI, as a word, has moved into common vocabulary,” said Rahul, to which Pramod agreed that it is indeed a tectonic shift where the world is coming to see shared infrastructure as a lever to accelerate innovation. “Tech has never been the moat; it all lies in the execution,” opined Pramod.
When asked if ONDC will be an Amazon-slayer, Pramod was categorical that ONDC will address the challenges posed by a fragmented marketplace. “A protocol-driven expansion of the market will drive 100x growth. This is a multi-platform game and protocol is the fabric stitching these platforms together.”
A shoutout to Namma Yatri
Explaining the layering of accessibility (purple rides) in the ride-hailing app in Bangalore, Namma Yatri, Dr Pramod Varma hailed the impact of Beckn as an open-source platform and the efforts of the NGO, EnAble India, in making the transport app accessible to people with disabilities. He gave a special shoutout to the autorickshaw drivers on the app in Bangalore who took to purple rides with enthusiasm and made it a benchmark for inclusive mobility.
From Ideas to Institutions
Nithin Kamath, CEO & Founder of Zerodha & Rainmatter and Sahil Barua, Co-Founder, MD & CEO of Delhivery, spoke with Mainak Chakraborty, CEO of GPS Renewables, and offered a quick recap of their journey as founders of reputed enterprises, giving glimpses of what it takes to innovate at scale. Although Nithin and Sahil took two different routes (one, bootstrapped; the other funded), they both believe control comes from expertise, not ownership. “Building a business is a lonely journey so learn to have fun”, said Nitin, who began trading at 17 and built Zerodha around his core competency. Our purpose, as a company, is to help Indians make better money decisions.” Echoing Nithin’s thoughts, Sahil said purpose is a key driver/ motivator apart, of course, from stock options! “A country as large as India deserves several Delhiverys and hopefully, we will build more of them,” remarked Sahil, quipping that a good insight he has got is that Indians really need lessons in writing addresses even though “our creative delivery persons still track that yellow house next to the ‘kirana’ shop!”
On Zerodha’s no-advertisement policy, Nithin said it was a conscious move. “We don’t want to recover money spent in this manner from our customers”, though he acknowledged this may not work for new businesses today. On nurturing a calm company culture, both agreed that it was a matter of putting people first. “We don’t want our people to feel burnt out. We don’t have work-related conversations on weekends and after work hours on weekdays,” said Nithin. Sahil urged management students to know that there is a world outside of plum placements. “Make interesting career choices.”
When asked how one should choose co-founders, Nithin and Sahil said they were both lucky they chose family and closest friends, respectively! “In 2009, I had a bad year when trading the markets and decided to stop in frustration. But Nikhil, my younger brother, continued trading. Ever since, he has been the one making all the money decisions and I make the business decisions. Our paths do not intersect! That keeps the business up and running.”
On navigating the AI wave, Sahil said he thinks most commercial-grade AI currently in the market is “junk”. “Having said that, I am keen on seeing use cases in business.” Nithin wondered what the role of the broker would be if everyone built custom platforms.
Walking the balance
In his conversation with Prof. Vasanthi Srinivasan, Chairperson, IIMBx, on ‘Increasing Consciousness – Navigating the clutter’, Padma Bhushan awardee, Kamlesh D Patel (Daaji) of Global Guide of Heartfulness, described his journey from pharmacist to entrepreneur to spiritual guide as “a seamless” one. “I have always advocated the integration of the material world and the spiritual one. The most vital thing in life – heartfulness – must come at no cost (fee/ price) but you pay with your life (efforts, dedication).” Remarking that “any lazy man can meditate in the silence of the mountains”, he said the challenge lies in meditating and being peaceful in the rough and tumble of life. “This deliberate pursuit (of meditation) will make you extremely efficient, proficient and intuitive.”
The conversation was followed by a brief session of meditation and an emphatic reminder from Daaji on the power of the heart in finding divinity and peace.
Keynote by Madhabi Puri Buch
“Because there are embedded risks, there are huge opportunities for super specialised risk transfer mechanisms to evolve,” observed Madhabi Puri Buch at IIMBue 2025. Speaking on ‘Charting the Future of Capital Markets in India’, she shared what three decades of working in financial markets had taught her. Presenting the dual-core market evolution model, she named enduring principles and dynamic trends as drivers of market evolution. She also put forth the entrepreneur’s 10-question checklist for creating markets of the future.
In conversation with Prof. Venkatesh Panchapagesan, Professor of Finance & Accounting, and Chairperson of IIMB Real Estate Research Initiative, she went on to discuss the opportunities for super specialised market instruments. Having spent many years being a broker, Madhabi also affirmed the continued relevance of intermediaries. “The consumer will continue to need simplicity. Somebody has to translate the complexities of the interface to the consumer, and that’s the job of the intermediary,” she said.
The Business of Sport: Where Capital, Tech & Entertainment Converge
Sharda Ugra, Senior Sports Journalist, Vishal Jaison, Co-Founder, Baseline Ventures, Srinath T.B., General Manager and Head of Operations at Sunrisers Hyderabad, and Venkatesh Sreenivasan, CEO of Nexus Consulting and IIMB alumnus, engaged in an animated discussion on the evolution of athlete management, licensing, and sports leagues. Vishal noted the rise of endorsement and non-endorsement deals fueled by social media and equity-based partnerships. "From a sports tech perspective, sports is heavily under-penetrated and hence there are huge opportunities, especially in consumer", he said.
Srinath said the focus now is on enhancing the fan experience in the stadium. For instance, parking, ticketing, tie-ups with metro etc. From the sponsorship standpoint, teams are offering engagement across multiple channels. “In the matter of merchandising, we are not there yet because there are multiple counterfeits, but there is an opportunity for co-branded merchandise with lifestyle brands. There is also plenty of opportunity to create exclusive behind-the-scenes digital content through apps and more. It’s time to think out of the box when it comes to making brands relevant beyond the two-month window, when it comes to IPL, like team lounges, wellness centres, and spas, etc. The essential idea is to increase the number of touchpoints that brands/ teams have with their fans.”
Sharda identified 2008’s IPL as the big inflection point for commercialization in sport, and credited private players like Olympic Gold Quest and Mittal Trust for elevating Olympic preparation in 2004–05. “This move guilted the government into doing something serious for elite athletes.” On the changing face of content creation, Sharda said there will always be space and scope for good writing. “Younger journalists are using technology very interestingly to tell great stories. A career in sports journalism today calls for the reporter to have multiple skills and multi-dimensional interests.”
Srinath also underlined the role of AI and analytics in scouting, injury prevention, and managing IPL’s logistical complexity. “There is plenty of opportunity for tech and AI. IPL is a logistical nightmare. AI can definitely help in figuring the optimal way to handle all that travel. It can also help in umpiring,” he added.
Break-out sessions
IIMBue 2025 concluded with four riveting break-out sessions. Durga Das, Founder and CEO, AeroNero; Ganesh Shankar, Founder and CEO, FluxGen; Harsh Jain, CEO and Co-Founder, Carbonstrong, took questions on Clean Tech while Shiva Subramanian, Founder and CTO, Biopeak Wellness; Khaleel Udyawar, Co-Founder and CTO, Oivi; and Vivek Rajagopal, Group Chief Analytics and AI Officer, Narayana Health, discussed Health Tech trends. Ajay Kumar IAS, Former Defence Secretary of India; Rahul V, Co-Founder and CBO, Sanlayan; and Dr. R Shivaraman, Co-Founder, Big Bang Boom Solutions, analyzed the future of Defense Tech. The break-out session on Alternate Careers featured Srikanth Narasimhan, investment banker turned Founder and General Secretary, Bengaluru Navanirmana Party; Samina Bano, IIMB’s Distinguished Alumna and Founder and Director, Rightwalk Foundation; and Saumil Majumdar, Co-Founder, CEO and MD, Sportzvillage.
The GCC Mini Conclave had Prof. Srivardhini K Jha, Chairperson, NSRCEL at IIM Bangalore, in conversation with Jay Doshi, MD & CIO of British Telecom (Corporate units); Kingshuk Banerjee, Head of Hitachi R&D Centre India; Smitha Hemmigae, ANSR; Hitesh Garg, NXP Semiconductors; and Rekha Radhakrishnan, London Stock Exchange Group.
Click here for photo gallery