Growing the Investments in India Tech Stack and New Age Internet and Ecommerce

Growing the Investments in India Stack and Ecommerce


QuoteUnquote with KK and Kevin T Carter, Founder and Chief Investment Officer, EMQQ Global, An Emerging Markets and Indian Exchange Traded Fund (ETF) on NYSE

Also Watch

What is ETFs?

Also Read

The Future of Indian Consumertech


Democratising Digital Commerce in India


Agri Revolution 2.0: Debunking the Poor Farmer Politics and Growing High Nutritional Food

Agri Revolution 2.0: Debunking the Poor Farmer Politics and Growing High Nutritional Food


QuoteUnquote with KK and Harish Damodaran, Agri Expert, Editor, Author

In this podcast we discuss the dire and immediate need for an Agri Revolution 2.0 in India. As our population is ageing and health acuity increasing towards food intolerance and diet restrictions, we now need to also start producing more nutritious and healthy food not just for the elite classes but the masses as India enters mid-income countries club and the food basket of the people of India improves towards better dietary habits and food consumption.  This may mean we may have to start growing new varieties of foods.

Also Read:

Also Listen: 

Health Issues from Food 

Celiac Disease

Food Allergies

Lactose Intolerance

Fake, Fakier, Fakiest? Who is going to Eventually Win the Race?

Fake, Fakier, Fakiest? Who is going to Eventually Win the Race?


QuoteUnquote with KK and Prof Salvatore Babones, American Author, Sociologist , China Expert, Associate Professor @ University of Sydney and Founder Indian Century Roundtable (ICR) Think Tank

In this podcast we discuss the fake narrative on economic, population, societal transformation, supply chain decoupling, labour and unemployment, control over private enterprises, technology, environmental issues, dedolarisation, digital currency, political narrative, negative propaganda, global dominance and iron fist between China under Authoritarian Xi Xinping and Democratic India under Fascist Modi using the PESTC framework and who will win the global race?  

What is Fake, Fakier, Fakiest?

Fake News | Kapil Khandelwal KK

With PM Modi in Sydney


Prof Salvatore Babones Meeting With PM Modi in Sydney
Prof Salvatore Babones Meeting With PM Modi in Sydney

Also Read:


Also Listen:

How are Things Moving? The Future of Mobility

How are Things Moving? The Future of Mobility


Confused about which personal mobility option to select. The traditional petrol/diesel option, or the hybrids or fully electric vehicles. The post covid scenario globally for the automotive and mobility industry is not so clear. QuoteUnquote with KK and Chetan Maini, Co-Founder and Chairman at Sun Mobility and Creator of Reva, India First Electric Car in 1999 we discuss about where the future of the automotive and mobility is moving. This is on the backdrop of Elon Musk and Tesla announcing a USD 10Tn investment to make the earth more sustainable. Chetan’s keynote presentation at Nasscom Product Conclave 10 years ago looked like a cut and paste in #Tesla Investor Day Presentation.

Tesla Investor Day

Sustainability of Delivery Apps

Zomato | Kapil Khandelwal KK

The Future of Indo-US Relations. Growing Positively by ‘Quad’rapuling

The Future of Indo-US Relations. Growing Positively by ‘Quad’rapuling


QuoteUnquote with KK and Dr. Mukesh Aghi, President and CEO, US-India Strategic Partnership Forum where we discussed Trump arrest, India’s NATO membership, US Visa issues, geo politics, trade, investment and fostering a growth-oriented relationship between the two countries.

Bidenomics and Pivoting Indo-US Geopolitics and Investments

Bidenomics | Kapil Khandelwal KK

Previous Podcasts

Asian Trade and Geo Politics in the Face of Russia-Ukraine Conflict

QuoteUnQuote with KK and Dr. Parag Khanna Founder & Managing Partner of FutureMap and Young Global Leader of the World Economic Forum

World in Biden Era – Indo-US Relations, Geopolitics and Investments

QuoteUnquote with KK and Sridhar Chityala, Chairman and Managing Partner Elevate Innovation Partners. He is a thought Leader on Indo-US GeoPolitics, Trade and Investments and globally recognized leader in the financial services industry on the future of Indo-US ties



Growing Human Connect Positively: A Playbook

Growing Human Connect Positively: A Playbook


In a world which is getting more lonelier, QuoteUnquote with KK provides a hug of “Human Connect” across various dimensions with Manoj Gursahani, Author, Business Coach, Global Strategist Home | Manoj K Gursahani (

The World Happiness Report from 2021 has been highlighting the increasing loneliness in the world and its impact on happiness in humans.

It’s in our human DNA and brain to connect with other humans as we are most evolved species on earth. Human connection lowers anxiety, depression, and suicide ideation, and how improving our connection with ourselves helps us better connect with others. Lily neurosciences.  cpp human capital did an international study in 2008 and they asked the question of people tell me about conflict do you have it in your life 85 percent of the respondents said yes they have conflict with other human beings at times in their life 29% nearly one-third say they have conflict with others in their life always or frequently they asked why is there conflict between you and others 49% nearly have said it’s because of personality clashes or ego as I study that I see for me that personality clashes is the result of ego. So does human connect vary human personality type to type. How do we increase our human connection quotient.


The Human Connect
The Human Connect

World Happiness Report 2022

Previous Podcasts

Blindspot : The Global Rise of Unhappiness: How Leaders Missed It?

QuoteUnquote with KK and Gallup Team

Rohit Kar, Relator | Restorative | Futuristic | Analytical | Significance

Kristjan Archer, Command | Competition| Activator | Achiever | Arranger

Book Link :

Good Governance and Happy Citizens

QuoteUnquote with KK and Dr Kiran Bedi, Author, Woman Leader, Social Activist, India’s first and highest-ranking Woman Police Officer, Asian Nobel Peace Prize Winner, Politician and Ex-Governor of Pondicherry

Book Link:

Common Man’s Happiness Economics

QuoteUnquote with KK and K. V. Subramanian, Ph.D., Professor of Finance, Indian School of Business; Ex Chief Economic Adviser, Govt of India

To Happiness & Beyond: Business Models for Delivering Beyond Happiness

QuoteUnquote with KK and Jenn Lim author of Beyond Happiness & CEO of Delivering Happiness (DH)

Karan Behl is Founder and CEO of Happiitude

Book Link:

Everlasting Peace and Happiness for the World in the ISKON Philosophy

QuoteUnquote with KK and Gauranga Das, Legendary Monk and Director of the Govardhan Ecovillage, and Co-President of the ISKCON Chowpatty temple

How Can Social Tech Ventures Deliver Better Impact and Happiness to Rural India – With or Without 5G?

QuoteUnquote with KK and Dr Aaditeshwar Seth, Author, Founder Gram Vaani, Associate professor in the Department of Computer Science and Engineering at IIT Delhi

Book Link:

Growing into the Space Frontiers

Growing into the Space Frontiers


QuoteUnquote with KK and Sanjay Nekkanti is the CEO and founder of Dhruva Space Private Limited, the company behind sending the private satellite into space from India 2023 

We have all dreamt about going into space. Listen to India’s space entrepreneur who dreamt it and launched India’s first private satellite into space. In this podcast, we discuss the India’s private space and satellite program, space research, innovation and start up ecosystem, growth opportunities for Indian space entrepreneurs, future space race and economy how can India win the race. 

Also Read:

Also Listen: 

The Oracle Returns



On December 20, 2021, Oracle Corporation and Cerner Corporation jointly announced an agreement for Oracle to acquire Cerner through an all-cash tender offer for $95.00 per share, or approximately $28.3 billion in equity value. Cerner is a leading provider of digital information systems used within hospitals and health systems to enable medical professionals to deliver better healthcare to individual patients and communities.

My Tryst with Cerner and Oracle Along with My Journey

Cerner has been a leader in the health information systems since it was founded as PGI & Associates (after its three founders Patterson, Gorup and Illig) who quit their jobs from Accenture (then Arthur Andersen) in 1980s.  I had the chance to work closely with Neil Patterson when Cerner expanded outside of US in Gulf region with the implementation at Saudi Aramco (now Saudi Aramco-John Hopkins) in early 2000s.

During the same time, I had worked with Oracle leadership in the Gulf region on several roll outs in the Government sector.

In early 2000s, Saudi Aramco, world’s largest producer of crude oil was migrating from mainframe environment and had embarked on world’s largest big bang implementation of SAP and corporate performance improvement program in the world. To migrate and manage its in-house healthcare delivery to its employees, contractors and their dependents in Kingdom of Saudi Arabia (KSA) and overseas, the choice was between SAP Healthcare and Cerner. Neil Patterson, the co-founder of Cerner made multiple visits to Dharan, the headquarters of Saudi Aramco to pitch and win the first major implementation overseas. That’s was the beginning of my personal friendship with Neil. As Neil would visit Dharan on quarterly steering body meetings, we would share a quiet dinner and discuss his vision about Cerner and his international growth initiatives before he boarded his private jet to Kansas City. Over the years, Cerner witnessed major growth outside of the US, including some inorganic growth acquisitions like Siemens HMIS and starting their offshore development centers in Bangalore, the largest base after Kansas City. Unfortunately, Neil succumbed to cancer in 2017. I lost a fantastic friend and mentor forever who had guided me in my career at different points in time.

While at KPMG Consulting in the Gulf, I made several bids with Oracle to the various governments in the Gulf. Oracle was great with their database and their product architecture; their major issue was that they lack clinical prowess to manage healthcare either in hospitals or with state healthcare. It was around this time that I was associated with Sam Rao who was Head of Business Development and Large Deals at Oracle. Although, he understood healthcare, but the product deficiencies of Oracle was just not a great fit for running eHealthcare initiatives for the population of GCC countries. Later Sam and I collaborated to start out XY Clinics (an innovative nutri-genomics and diagnostics venture) in GCC and India and had a great run and exit

Flash forward: Many of Cerner and Oracle leadership in the US and Rest of the world either worked with me or had been a partner with me on some of the healthcare initiatives. One of them being Dr John Glassier who I also invited on my podcast QuoteUnQuote With KK.

How Cerner Acquisition Helps Oracle and Vice-versa

Oracle has always had a weak presence in the clinical healthcare information management system. Although it has a great rooster of clients not only in the us but around the world. A mega-29 billion dollar deal will signal that Larry Ellison, Oracle’s founder is serious about getting a big leap into the healthcare sector once again. Its earlier acquisitions in healthcare were small and somewhere did not change Oracle in its ways of doing business with healthcare clients. Therefore Oracle Returns. In the post-pandemic era, as healthcare providers and Government healthcare systems, step up to spend more on their digital and clinical transformation, Oracle-Cerner would definitely be a very strong option. I am informed from my ex-colleagues and industry insiders that Cerner will be kept as a dedicated business unit within Oracle. This would be a very positive development both for Cerner and Oracle as independence of Cerner in the larger Oracle would be a critical success factor for this acquisition. As for Cerner, Neil vision and dream of taking Cerner globally as a leading healthcare information systems player will come true posthumously.

Wishing Oracle and Cerner All the Very Best in their combined journey!

QuoteUnquote with KK (Kapil Khandelwal) Season 2 premiers as the first podcast on Dailyhunt

India’s leading business podcast QuoteUnquote With KK ( produced by healthcare and investment industry veteran, Kapil Khandelwal of Toro Finserve LLP was launched on Dailyhunt, India’s #1 local language content platform, this month.  This podcast organises a virtual fireside chat with thought leaders around the world on various current issues and topics across business, economics, investments and socio-politics. The show successfully completed its first season comprising ten episodes with global thought leaders Mark Mobius, Parag Khanna, Rajeev Peshwaria and Mark Kahn, to name a few.

Kapil Khandelwal, as quoted in his podcast, shared “we have been listening to our listeners and in next year’s season, we’re going to run QuoteUnquote with KK on 2 tracks – Healthy and Wealthy. Healthy because of what we have gone through last year, and Wealthy because without a healthy world we cannot become a wealthy world. So, these are two very intermingled issues. We have lined up star speakers from different areas in healthcare and investments and current events and developments. On popular demand, we are going to run this podcast on a fortnightly basis. Our team is very excited to give more to the audience demands and feedback. QuoteUnquote with KK is available on global platforms like Spotify, iheart radio, Amazon. The strategic idea of our partnership with Dailyhunt is to provide access to Indian audiences looking for premium, short-format content. Additionally, Dailyhunt users will also be able to access all my blogs published on various subjects.”

Umang Bedi, Co-founder, Dailyhunt says, “Our 285+ million users challenge and inspire us to introduce formats that improve their experience on the platform. Communities socialized over content last year like never before, and Indian audiences are absolutely entitled to premium and intelligent content, regardless of their location or their network. I had the privilege of hosting a talk show with business leaders on Dailyhunt last year, and taking from its success, I’m quite confident that KK will enjoy an engaging and stimulating relationship with our users.”

On the launch occasion, Kapil Khandelwal, Father of offshore Quant Fund Investing in India and Managing Partner, Toro Finserve LLP, said, “I am glad to announce that India’s largest discovery platform, Dailyhunt is now hosting QuoteUnquote with KK. This will take the virtual fireside chat to over 285+ million monthly users on the Dailyhunt platform. I welcome the audience of Dailyhunt and am looking forward to interacting with them, on the platform”  

Season one of QuoteUnquote with KK, with all ten episodes, is now available on Dailyhunt.

Slide2 1
Dailyhunt Announcement

Why India is not selling its Healthcare Assets Under National Monetisation Pipeline (NMP) 2021?

National Monetisation Plan 2021


On 23 August 2021 the government announced a National Monetisation Pipeline of INR 6 tn, (~2.6% of GDP), aimed at monetising its brownfield infrastructure to fund greenfield ones. Most of these projects will be concentrated in the roads, railways, and power sectors and no monetisation of India’s healthcare assets. NMP provides the guide to funding the National Infrastructure Pipeline (NIP) announced by the Finance Minister on 31 December 2019. I had written an article on the NIP giving my observations and feedback on the NIP with respect to healthcare (see below).

National Monetisation Plan 2021 Sector Wise
National Monetisation Plan Sector-Wise

Why is Healthcare Assets Monetisation not Under NMP?

It has been clearly apparent from the Covid 19 pandemic the clear shortages in the bed supply whenever there was a spike in the Covid cases. The private sector just did not have the capacity to manage the situation, burdening the Government and its healthcare resources to step up. I had warned about the gross under supply of beds in my critique to the NIP, “As per one of our investment thesis on healthcare infra in India, to meet the global norms of 3 beds per 1000 population India needs an investment of $200 billion by 2025. This is approximately the total NIP projected across all the infra sectors. The current NIP shows a committed pipeline of $2.5 billion which is only through Center and State Governments. A gap of 99% of what needs to be invested for India to meet global norms for healthcare infra supply! Unlike roads which is hogging over 80% of NIP’s committed investments, healthcare infra is gestational. Therefore, there is a weak and lagging healthcare infra investment in India leading to demand gaps.” These concerns that I had voiced have come out to be true during the Covid pandemic. The issue here is not about how much to invest in healthcare infrastructure but the issue of would the Government want a political turmoil now to sell off its healthcare assets out. More importantly, for the monetization of healthcare assets, there are other regulatory and tax issues for the Government to iron out to be ready for this sector’s assets to be monetized.

I believe that it has been a prudent move by the Government to exclude healthcare out from the NMP.


National Infra Pipeline (NIP) – Where is the Healthcare Infra Connectivity like Roads for the Masses? (Published in Jan 2020 in VC Circle)


Over the last few months of 2019, the Government through various Ministries and industry bodies and Political Forum have tried to reach out to investors in healthcare infra to compile the pipeline of investments that are at various stages of implementation. This report was announced by the Finance Minster on 31 Dec 2019. We congratulate the Ministry of Finance in coming forward with the efforts in reaching out various stakeholders and sets the focus and discussions back on the economy.

While the report recognizes the fact that various mechanisms need to be put into place to debottleneck and fast track the investment process into infrastructure to meet our goals of a $5 trillion Indian economy by 2025 and be the second biggest economy in the world by 2050. It also recognizes the issues relating to land reforms, which the Government dropped out in earlier regime due to political opposition, financing, regulations amongst others. As India’s dedicated healthcare infra fund, we point out some of our observations and feedback on the report with respect to developing and funding healthcare infra in India.

Indian Healthcare Infra Economics

As per one of our investment thesis on healthcare infra in India, to meet the global norms of 3 beds per 1000 population India needs an investment of $200 billion by 2025. This is approximately the total NIP projected across all the infra sectors. The current NIP shows a committed pipeline of $2.5 billion which is only through Center and State Governments. A gap of 99% of what needs to be invested for India to meet global norms for healthcare infra supply! Unlike roads which is hogging over 80% of NIP’s committed investments, healthcare infra is gestational. Therefore, there is a weak and lagging healthcare infra investment in India leading to demand gaps.

While there is a further ripple effect of this investment on the wider economy in terms of job creation, healthy and productive population amongst others which we believe will be the second order issues that can be addressed as investment flows in. The key issue here is what measures the Government and Private Sector needs to take to accelerate the pace of investments and delivery of healthcare infra to the masses like road connectivity.

Key Policies and Measures to Attract and Boost Healthcare Infra Investments from Private Sector

GST Bottlenecks on Input Side with No Pass Thrus on Output Side

Any healthcare infra investments structure whether PPP or private with asset-lite models is taxed under GST. While there is no scope for pass thrus of these costs on the output side. Several representations to the Government on correcting this anomaly have been presented at the highest levels. Unless this is corrected, private sector participation investment is only a minor aggregate to the investments.

Interest Rates YoYo Regime

RBI in its efforts to contain the inflation has not directionally provided a proper guidance of interest rates over the last few years. These changes in interest rates are difficult to model and predict for our investors both Indian and foreign. Healthcare infra investments require a stable interest rates regime.

Bank Leverage for Healthcare Infra

Over the last few years of liquidity crisis with the banking sector, healthcare infra financing like other infra financing has been deprioritized by the banking system as a whole as very high risk. Our discussions with senior leadership with various top banks does not give any confidence that the worst is over for the healthcare infra sector bank financing with many still negative with the burden of NPAs of the past. A policy to establish healthcare infra as a priority sector for bank would be in positive direction.  

Pivoting Infra Models for Delivery of Ayushman Bharat

Ayushman Bharat is a positive step in Nation’s healthcare financing and delivery. However, the last report of Niti Aayug states that around 90% of all players in India owning healthcare infra employ less than 10 employees! Seriously, are these really hospitals delivering quality care? Given the current reimbursement rates, private sector participation in the whole scheme can only be marginal or absent in their current healthcare infra operating cost base. A more innovative low-cost infra investment model needs to be developed which some players are working towards to pivot towards the requirements of Ayushman Bharat.

Monetising Existing Gun Powder of Healthcare Infra

There is an approximately $45 billion of healthcare infra assets which are sitting on the books of Central and State Governments and Private and Social Sectors. Many of these require funding for upgrading and expanding their infra. Various archaic regulations and other operations bottlenecks are preventing investments flows into these existing healthcare infra from Indian and foreign investors.

Nine Men Cannot Produce a Baby in a Month (even in a test tube)

While healthcare infra is a highly gestational business, it is dependent on supply of adequate clinical and operational manpower from the investments in the education sector. The NIP duplicates the investments in AIIMs under health and education. A similar push is required in the education sector for private sector participation.

Social Stock Exchange – A Black Swan for Healthcare Social Infra

While working on the regulations for the Social Stock Exchange (SSE) with SEBI. There are several regulations that govern the social sector in terms of ownership of land and infra that need to be streamlined for a healthy investments in social health infra. We estimate that the addressable social ventures that would qualify to be listed on the SSE would potentially deliver an annual turnover to be around $5 bn on a conservative basis from various impact investors. If the regulations are streamlined, our expectations is that this would be increased by a multiple of 3X.

In Conclusion – Our Forward Looking and Safe Harbour Statements

While the NIP is a great exercise for setting the vision and strategy for the way forward. We believe that investor confidence is still muted and the dialogue between the Government and Healthcare Infra Investors and Operators need to be urgently set up for strategizing how the current estimates in NIP for healthcare infra can be boosted 100X to meet the current deficit to Healthcare Infra Connectivity like Roads for the Masses to meet the global norms.