Lalit Modi

It's funny, on our NFL episode, we came to the conclusion that the NFL is this perfect blend of communism and capitalism. And I was thinking, oh, maybe the IPL will be an even more perfect blend. No, it's the perfect blend of capitalism and religion. Yes.

It's funny, on our NFL episode, we came to the conclusion that the NFL is this perfect blend of communism and capitalism. And I was thinking, oh, maybe the IPL will be an even more perfect blend. No, it's the perfect blend of capitalism and religion. Yes.

We can't wait to see you there. And we can't wait to be there. Yep.

We can't wait to see you there. And we can't wait to be there. Yep.

Yes, just like how we say every company has a story, every company's story is powered by payments, and JPMorgan Payments is a part of so many of their journeys from seed to IPO and beyond.

Yes, just like how we say every company has a story, every company's story is powered by payments, and JPMorgan Payments is a part of so many of their journeys from seed to IPO and beyond.

Well, we start in the early 1990s with a colorful character, shall we say, named Lalit Modi. No relation to Nahendra Modi, the Prime Minister of India, but he is from another famous Modi family. Lalit is the son of the renowned Indian industrialist K.K. Modi. who had built a fairly large conglomerate in India, you know, in the vein of Reliance or Tata or whatnot.

Well, we start in the early 1990s with a colorful character, shall we say, named Lalit Modi. No relation to Nahendra Modi, the Prime Minister of India, but he is from another famous Modi family. Lalit is the son of the renowned Indian industrialist K.K. Modi. who had built a fairly large conglomerate in India, you know, in the vein of Reliance or Tata or whatnot.

Yeah, the industrial structure in India, at least to date, seems to be more like South Korea or Japan with the big conglomerates. Yep. But in this case, Modi's conglomerate primarily is based around the tobacco industry. And they have a JV partnership with Philip Morris and are one of India's leading tobacco and cigarette companies.

Yeah, the industrial structure in India, at least to date, seems to be more like South Korea or Japan with the big conglomerates. Yep. But in this case, Modi's conglomerate primarily is based around the tobacco industry. And they have a JV partnership with Philip Morris and are one of India's leading tobacco and cigarette companies.

So Lalit, as the heir apparent son in this family to this business, he gets sent to college in the U.S. for his education. First, he goes to Pace University, and then he transfers to Duke University. He ends up not finishing and coming back home and rejoining the family business. But when he comes back, inspired by his time at Duke and how basketball crazy Duke is, he's like...

So Lalit, as the heir apparent son in this family to this business, he gets sent to college in the U.S. for his education. First, he goes to Pace University, and then he transfers to Duke University. He ends up not finishing and coming back home and rejoining the family business. But when he comes back, inspired by his time at Duke and how basketball crazy Duke is, he's like...

Man, the thing that really struck me about America is how sports crazy everyone is there and how big a business sports is in America and how big the sports media business is around it. Yes. We should get into that.

Man, the thing that really struck me about America is how sports crazy everyone is there and how big a business sports is in America and how big the sports media business is around it. Yes. We should get into that.

Yep. And this is kind of the perfect time for it because here in the early 90s, Indian households are for the first time starting to get television. And so there hadn't been a sports culture. There certainly hadn't been a sports media culture in India up until this point, but it's fertile ground. So Lalit goes to the Walt Disney Company. Disney, of course, owns 80% of ESPN at this point in time.

Yep. And this is kind of the perfect time for it because here in the early 90s, Indian households are for the first time starting to get television. And so there hadn't been a sports culture. There certainly hadn't been a sports media culture in India up until this point, but it's fertile ground. So Lalit goes to the Walt Disney Company. Disney, of course, owns 80% of ESPN at this point in time.

And says, hey, my family has this JV with Philip Morris, you know, help them enter the Indian market. We can help you, Disney, do the same thing. And at first, it's not sports. It's not ESPN yet. It's Disney Disney. Kids movies, merchandise, entering the market that way. Yes. So in kind of a genius fashion, Lollet uses the sales force that the Modi company has for their tobacco products.

And says, hey, my family has this JV with Philip Morris, you know, help them enter the Indian market. We can help you, Disney, do the same thing. And at first, it's not sports. It's not ESPN yet. It's Disney Disney. Kids movies, merchandise, entering the market that way. Yes. So in kind of a genius fashion, Lollet uses the sales force that the Modi company has for their tobacco products.

They have 80,000, 100,000 sales reps that are going to convenience stores, corner stores, In every part of the country in India, this vast, vast country where the majority of people do not live in large cities, they've got a sales channel relationship into these stores distributing cigarettes.

They have 80,000, 100,000 sales reps that are going to convenience stores, corner stores, In every part of the country in India, this vast, vast country where the majority of people do not live in large cities, they've got a sales channel relationship into these stores distributing cigarettes.