Dear reader, 

This is my last week steering The Signal and associated publications. 

Three years ago this month, five of us came together to start a company that took over the publication of this newsletter, which was born in the throes of the pandemic. All of us save one were first-time entrepreneurs. Our agenda was to build a new-age media company that vibed with a young, digital-first generation but resonated with an older cohort (what’s a startup memo without some jargon, eh? 😉) too. The Signal is edgy, not flippant. It’s serious, not heavy. The three years have been deeply satisfying despite the insomnia and nerves typical of a steep learning curve (sprinkling some vintage management spiel 😄). We scored on the metrics too 😎. 

Our audience survey of October 2023 revealed the high quality of readership the newsletters and podcasts attracted in a crowded media market. More than a third of our readers are mid-career professionals. Another 15% are senior and C-suite executives, founders, or partners in leading firms. Over 22% are students, largely from professional colleges and top universities. We reach every IIM and IIT, for instance. 

All told, The Signal now has 85,400 readers, a fifth of them outside India. (psst: we unsubscribe those who don’t read us for a while). Another 10,800 readers subscribe to The Playbook, the Friday newsletter anchored by Venkat on the business of sports. Soumya writes The Impression, a newsletter on the media and entertainment business, which reaches 8,000 subscribers. Shorbori, Manaswini (who recently moved to a new company), and Anup built The Signal Daily podcast into a listener’s favourite, with upwards of 25,000 downloads a month. It is the top editors’ pick on Apple Podcasts (hey 👋advertisers, are you listening?).

In 2022, the five co-founders were joined by 32 investors 🫡 who generously infused seed capital, helping us expand and grow to where we are today. There were many highs and lows in our journey. Unfortunately, The Signal caught the financial chills in the startup funding winter of last year. In March 2024, it merged with The Core, a news features site focussed on mature businesses founded by financial journalist Govindraj Ethiraj, who will now steer your favourite morning newsletter. 

My colleagues Roshni P Nair, executive editor and the longest-serving teammate, John Chacko, and Anup Semwal, the veteran and cub of the team, respectively, are also bidding adieu on June 30. 

I believe we have succeeded in building The Signal into a newsletter with a unique character and voice that informs and delights you every morning. It will continue to keep its daily 8 AM appointment with you. The new leadership will keep you posted about any changes to the newsletters and podcasts. 

A big thank you to my team members past and present, co-founders, investors, and audience for playing a crucial part in shaping The Signal. 

It has been a great ride. 

Thank you.   

Cheers, 

Dinesh Narayanan,

Managing Editor