Went down this rabbit hole & learnt something new.
Long before terrazzo became a luxury trend in Europe & US, Indian craftsmen were hand-casting, curing, grinding, & polishing these floors for homes, schools, railway stations, and government buildings.
Process to make them is interesting.
Waste broken marble chips are mixed with cement, cast into place, cured, then ground & polished multiple times until stone beneath comes alive. Every floor ends up with its own unique pattern. No two are ever identical.
Beautiful engineering imo. And sustainable. Terrazzo is making a comeback!
Now, every time I see mosaic flooring, I'll be reminded that India has always had world-class manufacturing hiding in plain sight.
This week, two PE funds invested in schools, Vitruvian bought stake in K12 Techno and KKR invested in Pathways Gurgaon
But legally, schools in India are required to be non profits by law, no profits, no dividends. So why are PE funds investing in them?
Well, the answer lies in the structure of India’s private school ecosystem
Usually the core school entity remains a non-profit, but then there are these layers of associated companies which are for profit, and they act like service providers and vendors for the non profit entity.
For example, the non profit (school) pays for the service of its own associated for profit company for uniforms, textbooks, real estate, transport, etc
Profits accumulate at the vendor level, not the school trust.
This creates a legal and efficient channel for cash flows, and eventually, returns for investors.
And there have been many deals like this by PE in India’s school ecosystem:
-Kedaara invested Rs 1200 cr in Orchids Intl
-KKR invested Rs 1475 cr in EuroKids, EuroSchools, Lighthouse Learning
-Gaja Capital invested in Kangaroo Kids
It is a long list!
I have compiled it below for you
Pathways in Gurgaon was one of the pioneering IB schools in India
Started in 2003, it became a magnet for upwardly mobile Indian families
School is being acquired for 1,500 Cr with an EBIDTA of 110 Cr
Just a single school operates like an insanely profitable scaled startup
Imagine PVNR at the beginning of his PM tenure. Economy - bankrupt
Punjab - burning
Kashmir - bleeding
Assam - fighting
Brought things under control in five years.
Half Lion in name. Full lion in life.
Remember Khalistanis were Taliban before world knew Taliban. In 1990’s they enforced dress code for women, started ‘Khalsa courts’, forced change in language/ schools, banned singing of National anthem. And got away with much of it till KPS Gill arrived on the scene.
1. As controversy over Diljit Dosanjh-starrer ‘Satluj’ escalates, #CutTheClutter traces the story of Jaswant Singh Khalra, the activist kidnapped and murdered by cops. The episode also tells the story of the bloodiest years in Punjab & the state’s fight against terror.
2. Khalra was kidnapped on 5-6 September 1995. At that time, he was running a campaign to collect municipal cremation records of unidentified bodies, trying to establish patterns of illegal killings & secret cremations. The data was collected from municipal crematoria in Amritsar, Majitha & Tarn Taran.
3. The number they added up was 2,059 such cremations. This was multiplied by the number of prominent crematoria in the state & the number arrived at was 25,000. NHRC was finally given a list of 2,097, & they could establish that 109 of these had died in police custody.
4. Now, where had this situation arisen from, because nothing happens in a vacuum. In 1995, this was at the tail end of terrorism/militancy/insurgency, whatever you want to call it, in Punjab. Its nasty peak was 1990-91 — the gun ruled & ordinary life disappeared after sunset. Fear had frozen Punjab. There was no govt, no institutions. Only 2 things functioned — police & terrorists.
5. And, terrorism was not simply about killings; the idea was to control society, much like the Taliban later. So, the national anthem was banned, music was banned, the Hindi language was banned, skirts, trousers & dresses were banned &, of course, they wanted to change school curricula. Journalists weren’t spared either.
6. There are countless stories of brutal killings. For example, of Nirmal Kanta, the principal of a govt school in Rajpura. Or, of activist Manjeet Singh Babbu. Or of AK Talib, the station director AIR. Or, of course, of Gen. AS Vaidya.
Watch #CutTheClutter, Episode 1860: Row over Diljit Dosanjh’s Satluj, Khalra, and the bloodied years that took Punjab there

https://t.co/axH0aJnyMt
Request people to see this
Thank you Shekhar Gupta for sharing the horror of Khalistani terrorism in old days
Terrorists had banned girls from wearing skirts in school
A school headmistress begged for some time for the poor kids to buy salwar kameez
They shot her in the belly
Anyone in India today who tries to create sympathy for Khalistani terrorists is a monster
A daycare employee at Capgemini's Bengaluru campus couldn't bear the abuse of the kids at the centre.
She reported it to supervisor, but instead of taking action, they fired her. She then became a whistleblower and leaked videos that exposed the abuse.
In the videos, toddlers were made to sit inside the drum of a front-loading washing machine, had water sprayed into their mouths using a toilet jet spray, were locked inside bathrooms, and were forced into narrow, water-filled pipes to frighten them. The videos triggered outrage, forcing authorities to act.
Today, according to media reports, the police have arrested the whistleblower only for allegedly "leaking sensitive videos." Lol! What a system! A poor woman with a clear conscience stood up to the powerful and went public, not for personal gain or with any malicious intent, but solely to protect those children. And she's the one who gets arrested.
So Jio and Airtel made a combined profit of ₹68,000 crore in a year, and now they are planning to increase prices again by 10-15%?
Indian telecom is truly a daylight robbery. The govt needs to stop taking magnesium glycinate, instead wake up, and end the duopoly.
America can fight wars & still host the biggest event on earth so flawlessly. It’s an exceptional country with zero historical baggage, which has scooped the most hardworking & smart top 1% of every nation.
Quality of Highways are concerning when you are cruising at 100kmph.
These contractors should be made accountable and publically shamed. @nitin_gadkari
See the jumping Car 🚗👇😐
Nitin Gadkari may have accidentally achieved what every Make in India campaign could not.
White collar urban Indians who call an electrician to change a switch are now opening toolboxes, watching petrol chemistry hacks, and doing garage R&D like refinery consultants.
Ethanol blending created India's maker movement.
Had a 2 wheeler ram into my car at a signal last month. He was trying to run away so I held on to his scooter and caught hold of him.
He asked me to let him park on the side so we can settle this. I trusted him with it. He tried running away again. I had his pillion in my grasp and could’ve pulled him out of the bike.
Chose not to. Calmed myself down. No street fight is ever worth it. You just don’t know who tf you’re dealing with. And you will find yourself in front of someone who possibly has nothing to lose.