How Raj Shamani Built a ₹10 Crore Podcast Empire

Most creators launch podcasts as passion projects. Few manage to make money, let alone build a business. Raj Shamani turned his podcast Figuring Out into a multi-crore content engine that fuels his brand, companies, and investments.

Here’s how he did it—phase by phase—with numbers, examples, and lessons you can apply.

Phase 1: Laying the Foundation (2020–2021)

Strategy: Enter Early, Spot the Gap

In 2020, Indian content was dominated by short-form—Instagram Reels, TikTok (before the ban), and YouTube vlogs. Podcasts were largely unexplored, especially long-form conversations about business.

• Western podcasters like Joe Rogan and Steven Bartlett (Diary of a CEO) had proven that deep conversations could draw millions.

• Raj localized this concept: instead of Silicon Valley billionaires, he featured Indian entrepreneurs, founders, and creators who resonated with Indian youth.

Guest Strategy

Raj didn’t start with unknowns. He carefully chose guests with existing audiences:

• Ranveer Allahbadia (BeerBiceps): India’s first big YouTube podcaster.

• Aman Gupta (boAt): Popular after Shark Tank India.

• Other creators & entrepreneurs with 100K–1M+ loyal followers.

Every guest brought in their own distribution power. If 10% of Aman Gupta’s million-strong Instagram audience checked out the podcast, Raj got 100K new eyeballs overnight.

Numbers

• First 20 episodes: Averaged 50K–200K views.

• In 2020, even 10K views per episode was considered “big” for an Indian podcast. Raj was already 5–10x above that benchmark.

Lesson for New Creators

Don’t start by interviewing your friends. Start with guests who double as promoters. Your first 10 episodes should be “audience magnets,” not just good conversations.

Phase 2: Building Distribution Systems (2021–2022)

Strategy: Long-Form → Short-Form → Viral

Raj understood that 90% of people won’t commit to a 60-minute episode. But they’ll happily watch a 60-second clip.

• Every podcast (60–90 minutes) → 10–20 short clips.

• Clips pushed out on Instagram Reels, YouTube Shorts, and Twitter.

Example:

• A short clip with Aman Gupta titled “Why Indians Always Buy Cheap Products” went viral.

• Result: 5M+ views on Instagram, thousands funneled to the full YouTube episode.

SEO Optimization

Instead of fancy titles, Raj used search-friendly titles:

• “How Zerodha’s Nikhil Kamath Built a Billion-Dollar Company”

• “How Aman Gupta Built boAt into a Household Brand”

This meant his content showed up on YouTube when people Googled “Zerodha success story” or “boAt headphones story.”

Numbers

• Subscribers: From ~100K (early 2021) → ~700K by end of 2022.

• Average views: Grew from ~100K → 300K–500K per episode.

Lesson

Shorts aren’t your main product—they’re billboards for the real product: the full podcast.

Phase 3: Scaling to Mainstream (2022–2023)

Strategy: Consistency + High-Profile Guests + Trust

1. Consistency

   • Moved from one episode every two weeks → weekly drops.

   • Created a “Sunday ritual”—audiences began expecting content at the same time each week.

2. High-Profile Lineup
   Guests now included CEOs of India’s most admired startups:

   • Deepinder Goyal (Zomato) → 1.5M+ views episode.

   • Nikhil Kamath (Zerodha) → Among top-performing episodes.

   • Kunal Shah (CRED), Aman Gupta (boAt), and others.

3. Community Building
   Raj didn’t stop at YouTube.

   • On LinkedIn: shared key lessons from episodes.

   • On Instagram: behind-the-scenes stories and motivational snippets.

   • This converted casual viewers into loyal followers.

Numbers

• Subscribers: Crossed 1.5M by end of 2023.

• Spotify Ranking: Consistently Top 5 in India’s Business category.

• Average episode views: 500K–1M.

Lesson

Trust compounds. Weekly consistency + credible guests turn your podcast into a “default choice” for audiences.

Phase 4: Monetization Engine (2023–2025)

Strategy: Convert Attention Into Money

1. Sponsorships & Brand Ads

   • Brands pay ₹7–10 lakhs per episode for shoutouts or native ads.

   • With 4 episodes per month → ₹30–40 lakhs monthly (~₹4–5 crore annually).

   • Example: A fintech app sponsoring an episode to reach urban 18–35-year-olds.

2. Audio Monetization

   • Spotify & Apple pay revenue share.

   • Smaller stream (~₹2–3 lakhs/month), but adds credibility and boosts ranking.

3. YouTube AdSense

   • With Indian CPMs of ₹40–80 and 2–4M monthly views, Raj likely makes ₹4–6 lakhs/month in AdSense.

4. Cross-Promotion of Ventures

   • Raj runs House of X and invests in startups.

   • Guests often become partners, clients, or collaborators.

   • Example: D2C founders featured on his show could later partner with House of X.

5. Speaking & Personal Brand

   • Podcast credibility → Paid talks (₹2–5 lakhs/event), consulting, and book sales.

Numbers: Business Model (2025 Estimates)

Total Direct Revenue: ~₹4–5 crore/year
Indirect Impact: ~₹10 crore annually when deals and partnerships are factored in.

Lesson

The podcast isn’t just content—it’s a business funnel. Every episode builds both money and opportunity.

Phase 5: Dominance and Future (2025 onwards)

Raj isn’t stopping. His future moves:

• Expand formats: Live podcasts, event-style recordings.

• Go regional: Hindi or regional-language episodes to tap Tier 2/3 cities.

• International collabs: Indian founders with global relevance.

• Scale into media empire: Think production house, like Steven Bartlett did.

Key Lessons for Aspiring Podcasters

1. Leverage Guests: Your first audience comes from them.

2. Repurpose Content: Shorts are the billboards, podcasts are the product.

3. Consistency Wins: Weekly releases create habits.

4. Think Like a Business: Monetization isn’t just ads—it’s brand building, partnerships, and influence.

5. Play Long-Term: Growth looks flat until 50–100 episodes, then compounds.

Raj didn’t just start a podcast.
He built a content-to-business pipeline:

Episodes → Views → Trust → Sponsors → Partnerships → Wealth

And that’s why Figuring Out dominates the Indian podcast landscape today.