Will the angel tax be the death knell for startup funding? Host Mugdha Variyar explores this setback for startups as worry of valuations take centre stage. Who is the best evaluator, what is the best method and why are FEMA and Income Tax norms in contradiction? The Morning Brief gets answers from across the ecosystem we speak to  

- Siddarth Pai, Co-Chair of Regulatory Affairs Committee - IVCA and Founding Partner - 3one4 Capital 
- Akhilesh Ranjan, Former member, CBDT, Advisor Tax Policy, PwC
- Nikunj Bubna, Founder and CEO -  TheWowBox India Pvt. Ltd,
- Meyyappan Naggappan, Partner Tax Practice, Trilegal

Credits: Narendra Modi Youtube Channel, India Today Conclave, ANI News, CNN-News18, 

If you like this episode from Mugdha Variyar, check out her other episodes on The Gig Economy Gets Grimmer, Will the digital rupee gain currency in India? and more! 

You can follow our host Mugdha Variyar on her social media: Twitter and Linkedin

Catch the latest episode of ‘The Morning Brief’ on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Google Podcasts.

Will the angel tax be the death knell for startup funding? Host <a href="https://economictimes.indiatimes.com/etreporter/author-mugdha-variyar-479245129.cms">Mugdha Variyar</a> explores this setback for startups as worry of valuations take centre stage. Who is the best evaluator, what is the best method and why are FEMA and Income Tax norms in contradiction? The Morning Brief gets answers from across the ecosystem we speak to  
- <a href="https://www.linkedin.com/in/siddarthpai/">Siddarth Pai</a>, Co-Chair of Regulatory Affairs Committee - IVCA and Founding Partner - 3one4 Capital  - <a href="https://www.linkedin.com/in/akhilesh-ranjan-2b385960">Akhilesh Ranjan</a>, Former member, CBDT, Advisor Tax Policy, PwC - <a href="https://www.linkedin.com/in/nikunjbubna">Nikunj Bubna</a>, Founder and CEO -  TheWowBox India Pvt. Ltd, - <a href="https://www.linkedin.com/in/meyyappan-nagappan-6426b8b6">Meyyappan Naggappan</a>, Partner Tax Practice, Trilegal
Credits: <a href="https://www.youtube.com/watch?v=vuS4yTpoH_k">Narendra Modi Youtube Channel</a>, <a href="https://www.youtube.com/watch?v=I54aayXEKhs">India Today Conclave</a>, <a href="https://www.youtube.com/watch?v=onngPCPK040">ANI News</a>, <a href="https://www.youtube.com/watch?v=OW1mwpz8xc4">CNN-News18</a>, 
If you like this episode from Mugdha Variyar, check out her other episodes on <a href="https://open.spotify.com/episode/2Z00RvB7SJ82R3PmVCCNk5?si=f55850689497434a">The Gig Economy Gets Grimmer</a>, <a href="https://open.spotify.com/episode/3PDypmbnKQjGXQoW3r4Ed0?si=540bd94fd215498a">Will the digital rupee gain currency in India?</a> and <a href="https://open.spotify.com/show/6PL5kfPbwURBEu6fHCVTOL?si=2ad9b5e6fbc748fc">more</a>! 
You can follow our host Mugdha Variyar on her social media: <a href="https://twitter.com/Mugdha_Variyar">Twitter</a> and <a href="https://www.linkedin.com/in/mugdha-variyar-97387625/">Linkedin</a> 
Catch the latest episode of ‘The Morning Brief’ on<a href="https://www.etplay.com/etplay"> ET Play</a>,<a href="https://economictimes.indiatimes.com/podcast?from=mdr"> The Economic Times Online</a>,<a href="https://open.spotify.com/show/6PL5kfPbwURBEu6fHCVTOL?si=26ec0fbfa7134fea"> Spotify</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777"> Apple Podcasts</a>,<a href="https://www.jiosaavn.com/shows/the-morning-brief/1/GNPiFQD2xpY_"> JioSaavn</a>,<a href="https://music.amazon.in/podcasts/f378141f-9afb-495d-83da-9b08ec5047ac/the-morning-brief"> Amazon Music</a> and<a href="https://podcasts.google.com/feed/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNjBiMmU5MjYtZTVmOC00YjkwLWE0NjUtYWVmOTAxMTYzMDAxLzk1ZmQ3YzU5LTc5MGQtNDk2ZS1iYmRlLWFlZjkwMTE2N2ZlNC84YWU1NDc2My05OTI1LTQwY2EtOGMzZC1hZWY5MDExNjdmZmIvcG9kY2FzdC5yc3M?sa=X&amp;ved=2ahUKEwi2gOG4la36AhUvjtgFHcdWDU8Q9sEGegQIARAC"> Google Podcasts</a>.

To make sense of the week’s hottest stories in business, economy, politics and markets, journalists from the Economic Times chat with reporters and industry leaders in this thrice-weekly (Tuesday, Thursday, Friday) podcast.

The Morning Brief

Angel Tax, the demon that haunts startups

Is BRICS real power or just geopolitical noise

Has BRICS expansion diluted its core power

Strategic independence in BRICS looks unlikely

Dedollarization noise or a real BRICS shift

What India must guard against in BRICS

India’s BRICS priorities under Jaishankar

How India walks BRICS West tightrope

BRICS leadership amid India China tensions

Can India balance BRICS and the US

What BRICS chairmanship delivers for India

Conclusion

Credits

India assumes the BRICS chair amid profound contradiction. What began as an emerging economies coalition has become an unwieldy 10-nation bloc including Gulf states, Egypt, and Ethiopia bound more by grievance than vision. Host Anirban Chowdhury speaks with Alicia García-Herrero, chief economist at Natixis, and former BRICS Sherpa Sanjay Bhattacharya to explore whether BRICS can deliver tangible cooperation or remain trapped in anti-Western posturing. For India, the chairmanship means navigating between dollar-defiant Russia and hegemonic China while preserving Western partnerships. External Affairs Minister S. Jaishankar's "inclusive development" focus signals intent, but execution trumps rhetoric. The bloc's value lies in widening the negotiating table, not replacing existing systems. India's test: shaping BRICS without being shaped by it, proving genuine multipolarity requires Indian leadership, not Chinese dominance masquerading as collective action. The world watches whether Delhi extracts concrete benefits from this proving ground.

Listen in:

You can follow Anirban Chowdhury on his social media:X and Linkedin

Check out other interesting episodes like: When Grinch Almost Stole Gig Workers' Christmas, How Will a Volatile ₹ Impact You in 2026?, How Quick Commerce is Triggering a Health Crisis for Gen Z, India’s Labour Law Reboot, Viral to Valuation: Building Women’s Cricket as a Brand and much more.

Catch the latest episode of ‘The Morning Brief’ on The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Youtube.

India assumes the BRICS chair amid profound contradiction. What began as an emerging economies coalition has become an unwieldy 10-nation bloc including Gulf states, Egypt, and Ethiopia bound more by grievance than vision. Host Anirban Chowdhury speaks with Alicia Garc&iacute;a-Herrero, chief economist at Natixis, and former BRICS Sherpa Sanjay Bhattacharya to explore whether BRICS can deliver tangible cooperation or remain trapped in anti-Western posturing. For India, the chairmanship means navigating between dollar-defiant Russia and hegemonic China while preserving Western partnerships. External Affairs Minister S. Jaishankar's "inclusive development" focus signals intent, but execution trumps rhetoric. The bloc's value lies in widening the negotiating table, not replacing existing systems. India's test: shaping BRICS without being shaped by it, proving genuine multipolarity requires Indian leadership, not Chinese dominance masquerading as collective action. The world watches whether Delhi extracts concrete benefits from this proving ground.
Listen in: You can follow Anirban Chowdhury on his social media:<a href="https://twitter.com/AnirbanET">X</a> and<a href="https://www.linkedin.com/in/anirban-chowdhury-b5067219/"> Linkedin </a>Check out other interesting episodes like:<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000744214065"> When Grinch Almost Stole Gig Workers' Christmas</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000742733036"> How Will a Volatile ₹ Impact You in 2026?</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000740924439"> How Quick Commerce is Triggering a Health Crisis for Gen Z</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000738734300"> India&rsquo;s Labour Law Reboot</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000738205536"> Viral to Valuation: Building Women&rsquo;s Cricket as a Brand</a> and<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777"> much more</a>.
Catch the latest episode of &lsquo;The Morning Brief&rsquo; on<a href="https://economictimes.indiatimes.com/podcast?from=mdr"> The Economic Times Online</a>,<a href="https://open.spotify.com/show/6PL5kfPbwURBEu6fHCVTOL?si=26ec0fbfa7134fea"> Spotify</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777"> Apple Podcasts</a>,<a href="https://www.jiosaavn.com/shows/the-morning-brief/1/GNPiFQD2xpY_"> JioSaavn</a>,<a href="https://music.amazon.in/podcasts/f378141f-9afb-495d-83da-9b08ec5047ac/the-morning-brief"> Amazon Music</a> and<a href="https://www.youtube.com/@theetpodcasts"> Youtube</a>.

BRICS at the Helm: India’s Moment, and Its Multilateral Test

AI epicenter what is real and what is hype now

Is investing harder how does he find real clue

One metric that proves a firm is real not hype

How do you price AI risk as big labs crush now

Are you avoiding inflated AI bets to stay sane

Surge of Indian founders building AI startups?

Is the startup scene getting younger 

Which AI startups are led by researchers today

Do big funds crowd out small AI seed bets now?

Best and worst of AI boom from SF investor now

Silicon Valley is experiencing its biggest platform shift in decades, but beneath the frenzy lies a brutal correction in progress. An early-stage AI investor reveals the uncomfortable truths emerging from the epicenter of the boom. Host Swathi Moorthy talks to Apoorva Pandhi, Managing Director of Zetta Venture Partners about why the honeymoon is over. What began as wild experimentation now faces merciless ROI demands. Startups are securing nine-figure valuations with little more than demos. The mortality rate between seed and Series A has never been higher. Each breakthrough from major AI labs creates an instant graveyard of obsolete startups entire business models evaporate overnight. This isn't typical market turbulence. Researchers, not traditional founders, now command the power. Mega-funds are abandoning late-stage discipline to chase seed deals with oversized checks. The math has broken. And at the heart of it all: a dangerous gap between what AI companies are worth and what they can actually deliver. The reckoning won't be gradual, it's already underway, and most won't see it coming.

You can follow Swathi Moorthy on her social media: X and Linkedin

Check out other interesting episodes of ET in the Valley: ET in the Valley:  Grant Lee, Co-Founder & CEO of Gamma, ET in the Valley: Databricks Co-founder Patrick Wendell, ET in the Valley: Replit Founder and CEO Amjad Masad, ET in the Valley: ElevenLabs Co-Founder Mati Staniszewski and much more.

Catch the latest episode of ‘The Morning Brief’ on The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Youtube.

Silicon Valley is experiencing its biggest platform shift in decades, but beneath the frenzy lies a brutal correction in progress. An early-stage AI investor reveals the uncomfortable truths emerging from the epicenter of the boom. Host Swathi Moorthy talks to Apoorva Pandhi, Managing Director of Zetta Venture Partners about why the honeymoon is over. What began as wild experimentation now faces merciless ROI demands. Startups are securing nine-figure valuations with little more than demos. The mortality rate between seed and Series A has never been higher. Each breakthrough from major AI labs creates an instant graveyard of obsolete startups entire business models evaporate overnight. This isn't typical market turbulence. Researchers, not traditional founders, now command the power. Mega-funds are abandoning late-stage discipline to chase seed deals with oversized checks. The math has broken. And at the heart of it all: a dangerous gap between what AI companies are worth and what they can actually deliver. The reckoning won't be gradual, it's already underway, and most won't see it coming. You can follow Swathi Moorthy on her social media: <a href="https://x.com/kpswathi?utm_source=chatgpt.com">X</a> and <a href="https://www.linkedin.com/in/swathi-moorthy-1a628115/?utm_source=chatgpt%2Ecom&amp;originalSubdomain=in">Linkedin</a>
Check out other interesting episodes of ET in the Valley:<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000738448473"> ET in the Valley:&nbsp; Grant Lee, Co-Founder &amp; CEO of Gamma</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000737335976"> ET in the Valley: Databricks Co-founder Patrick Wendell</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000736346116"> ET in the Valley: Replit Founder and CEO Amjad Masad</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000735309153"> ET in the Valley: ElevenLabs Co-Founder Mati Staniszewski</a> and<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777"> much more</a>.
Catch the latest episode of &lsquo;The Morning Brief&rsquo; on <a href="https://economictimes.indiatimes.com/podcast?from=mdr">The Economic Times Online</a>,<a href="https://open.spotify.com/show/6PL5kfPbwURBEu6fHCVTOL?si=26ec0fbfa7134fea"> Spotify</a>, <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777">Apple Podcasts</a>, <a href="https://www.jiosaavn.com/shows/the-morning-brief/1/GNPiFQD2xpY_">JioSaavn</a>, <a href="https://music.amazon.in/podcasts/f378141f-9afb-495d-83da-9b08ec5047ac/the-morning-brief">Amazon Music</a> and <a href="https://www.youtube.com/@theetpodcasts">Youtube</a>.

ET in the Valley: Apoorva Pandhi, MD at Zetta Venture Partners

Devyani–Sapphire to form India’s biggest QSR

How Devyani-Sapphire deal was valued and done

Cost synergies and trends in Devyani-Sapphire

 Why is this important? 

Will Pizza Hut catch up with KFC after merger

How Devyani highways complement Sapphire malls

Will QSR mergers reshape India’s food market?

Will Devyani-Sapphire become a price maker?

Biggest operational risk after the QSR merger

Will overlapping KFC stores be shut or merged?

Does mega QSR branding still work with Gen Z?

Do mid sized QSR chains survive this wave?

India's quick service restaurant sector witnessed a seismic shift as Devyani International and Sapphire Foods merged to create the country's largest listed QSR platform with over 3,000 stores and consolidated revenue exceeding ₹7,800 crore. The deal brings KFC and Pizza Hut operations under one franchisee, promising annual synergies of ₹210-225 crore and positioning the entity as a formidable challenger to Jubilant FoodWorks' Domino's empire. But size alone won't guarantee success. As India's food services market fragments with regional players and artisanal chains disrupting legacy brands, the combined entity faces a critical question: can it deliver the agility needed to compete in an increasingly brand-agnostic landscape where Gen Z consumers show little loyalty? Host Anirban Chowdhury talks to ET’s Ratna Bhushan and Ankur Bisen, Management Consultant, Author And Senior Partner At The Knowledge Company about how the merger unlocks significant cost advantages and operational efficiencies, yet becoming bigger also makes you vulnerable at the edges. The next two years will reveal whether this consolidation creates a QSR powerhouse or simply a larger target for market disruption.


You can follow Anirban Chowdhury on his social media: Twitter and Linkedin

Check out other interesting episodes like: When Grinch Almost Stole Gig Workers' Christmas, How Will a Volatile ₹ Impact You in 2026?, How Quick Commerce is Triggering a Health Crisis for Gen Z, India’s Labour Law Reboot, Viral to Valuation: Building Women’s Cricket as a Brand and much more.

Catch the latest episode of ‘The Morning Brief’ on The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Youtube.

India's quick service restaurant sector witnessed a seismic shift as Devyani International and Sapphire Foods merged to create the country's largest listed QSR platform with over 3,000 stores and consolidated revenue exceeding ₹7,800 crore. The deal brings KFC and Pizza Hut operations under one franchisee, promising annual synergies of ₹210-225 crore and positioning the entity as a formidable challenger to Jubilant FoodWorks' Domino's empire. But size alone won't guarantee success. As India's food services market fragments with regional players and artisanal chains disrupting legacy brands, the combined entity faces a critical question: can it deliver the agility needed to compete in an increasingly brand-agnostic landscape where Gen Z consumers show little loyalty? Host Anirban Chowdhury talks to ET&rsquo;s Ratna Bhushan and Ankur Bisen, Management Consultant, Author And Senior Partner At The Knowledge Company about how the merger unlocks significant cost advantages and operational efficiencies, yet becoming bigger also makes you vulnerable at the edges. The next two years will reveal whether this consolidation creates a QSR powerhouse or simply a larger target for market disruption.
 You can follow Anirban Chowdhury on his social media:<a href="https://twitter.com/AnirbanET"> Twitter</a> and<a href="https://www.linkedin.com/in/anirban-chowdhury-b5067219/"> Linkedin </a>Check out other interesting episodes like: <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000744214065">When Grinch Almost Stole Gig Workers' Christmas</a>, <a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000742733036">How Will a Volatile ₹ Impact You in 2026?</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000740924439"> How Quick Commerce is Triggering a Health Crisis for Gen Z</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000738734300"> India&rsquo;s Labour Law Reboot</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777?i=1000738205536"> Viral to Valuation: Building Women&rsquo;s Cricket as a Brand</a> and<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777"> much more</a>.
Catch the latest episode of &lsquo;The Morning Brief&rsquo; on<a href="https://economictimes.indiatimes.com/podcast?from=mdr"> The Economic Times Online</a>,<a href="https://open.spotify.com/show/6PL5kfPbwURBEu6fHCVTOL?si=26ec0fbfa7134fea"> Spotify</a>,<a href="https://podcasts.apple.com/in/podcast/the-morning-brief/id1568661777"> Apple Podcasts</a>,<a href="https://www.jiosaavn.com/shows/the-morning-brief/1/GNPiFQD2xpY_"> JioSaavn</a>,<a href="https://music.amazon.in/podcasts/f378141f-9afb-495d-83da-9b08ec5047ac/the-morning-brief"> Amazon Music</a> and<a href="https://www.youtube.com/@theetpodcasts"> Youtube</a>.

India's Mega QSR Merger

Angel Tax, the demon that haunts startups

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