IDEAS home Printed from https://ideas.repec.org/a/sae/woemps/v39y2025i5p1247-1268.html

‘Lived Capitalisation’: How Speculative Finance Shapes the Social and Financial Lives of ‘Gig’ Workers in Bengaluru, India

Author

Listed:
  • Kaveri Medappa

    (University of Oxford, UK)

Abstract

This article examines how speculative investments in platform businesses generate acute financial risks and the threat of downward social mobility for platform-based cab drivers and food delivery workers in Bengaluru, India. Informed by ethnographic research, this article departs from predominant understandings of platform workers’ experiences at ‘the point of production’ and investigates ‘gig’ workers’ social and financial lives as mediated by platform capital. The concept of ‘lived capitalisation’ demonstrates how debt-fuelled platform business models produce worker dependency on platforms, drive workers to make unsustainable financial and social investments and result in income declines for workers, thus adversely impacting the social reproduction of worker households. This concept foregrounds the concrete – and gendered – effects of financialised business models that deepen workers’ dependence on debt, financial products and subjectivities to sustain everyday social reproduction. This article also advances understandings of ‘capitalisation’ and ‘assetisation’ by centring workers’ experiences of these financial logics.

Suggested Citation

  • Kaveri Medappa, 2025. "‘Lived Capitalisation’: How Speculative Finance Shapes the Social and Financial Lives of ‘Gig’ Workers in Bengaluru, India," Work, Employment & Society, British Sociological Association, vol. 39(5), pages 1247-1268, October.
  • Handle: RePEc:sae:woemps:v:39:y:2025:i:5:p:1247-1268
    DOI: 10.1177/09500170251343277
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/09500170251343277
    Download Restriction: no

    File URL: https://libkey.io/10.1177/09500170251343277?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Sudeep Jain & Daniela Gabor, 2020. "The Rise of Digital Financialisation: The Case of India," New Political Economy, Taylor & Francis Journals, vol. 25(5), pages 813-828, July.
    2. Kaveri Medappa, 2023. "Rethinking Mutual Aid Through the Lens of Social Reproduction: How Platform Drivers Ride Out Work and Life in Bengaluru, India," Journal of South Asian Development, , vol. 18(3), pages 383-408, December.
    3. Aditi Surie & Lakshmee V. Sharma, 2019. "Climate change, Agrarian distress, and the role of digital labour markets: evidence from Bengaluru, Karnataka," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 46(2), pages 127-138, June.
    4. Charles Umney & Mark Stuart & Ioulia Bessa & Simon Joyce & Denis Neumann & Vera Trappmann, 2024. "Platform Labour Unrest in a Global Perspective: How, Where and Why Do Platform Workers Protest?," Work, Employment & Society, British Sociological Association, vol. 38(1), pages 3-26, February.
    5. Trang Thi Quynh Dinh & Janne Tienari, 2022. "Brothers and broken dreams: Men, masculinity, and emotions in platform capitalism," Gender, Work and Organization, Wiley Blackwell, vol. 29(2), pages 609-625, March.
    6. Andrea Pollio, 2019. "Forefronts of the Sharing Economy: Uber in Cape Town," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 760-775, July.
    7. K. Sabeel Rahman & Kathleen Thelen, 2019. "The Rise of the Platform Business Model and the Transformation of Twenty-First-Century Capitalism," Politics & Society, , vol. 47(2), pages 177-204, June.
    8. Liliana Doganova & Fabian Muniesa, 2015. "Capitalization devices: business models and the renewal of markets," Post-Print hal-01212438, HAL.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sarah Cook & Uma Rani, 2025. "Platform Work in Developing Economies: Can Digitalisation Drive Structural Transformation?," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 68(2), pages 395-416, June.
    2. Aditya Ray, 2024. "Coping with crisis and precarity in the gig economy: ‘Digitally organised informality’, migration and socio-spatial networks among platform drivers in India," Environment and Planning A, , vol. 56(4), pages 1227-1244, June.
    3. Dr. P. Gopikrishna & Dr. J Anil Premraj & Dr. A. Manikandan & Dr. M. Vinothkumar & R. Ajayendra & Dr. S. Raja & Chen Chen E. Dasigan & R. Nivardhan & D. Harish & Dr. A. Rushikesava & M.Venkata Sai Kou, 2024. "A Study on Techno-Nationalism, an Emerging Trend in the 21st Century India [Une étude sur le techno-nationalisme, une tendance émergente dans l'Inde du 21e siècle]," Post-Print hal-04504278, HAL.
    4. Enachescu Vladimir-Aurelian, 2025. "Exploring The Long-Term Shifts In Consumer Engagement With Nonbanking Financial Services In A Hybrid Digital Economy," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 196-206, April.
    5. Mohamed Mousa & Walid Chaouali & Monowar Mahmood, 2023. "The Inclusion of Gig Employees and their Career Satisfaction: Do Individual and Collaborative Job Crafting Play a Role?," Public Organization Review, Springer, vol. 23(3), pages 1055-1068, September.
    6. Sara Maric & Elke S. Schuessler & Laura Thäter, 2025. "Neither Employment nor Self‐Employment: Avenues Towards Functional Platform‐Mediated Work Systems," British Journal of Industrial Relations, London School of Economics, vol. 63(2), pages 287-304, June.
    7. Fang, Xia & Zhang, Yun & Lv, Shuqing & Tan, Longxin, 2025. "Does digital finance spatial correlation drive income convergence?," Economic Modelling, Elsevier, vol. 153(C).
    8. Andrea Coveri & Claudio Cozza & Dario Guarascio, 2025. "Blurring Boundaries: An Analysis of the Digital Platforms-Military Nexus," Review of Political Economy, Taylor & Francis Journals, vol. 37(4), pages 1632-1663, August.
    9. Dolata, Ulrich, 2023. "Industrieplattformen: Eine neue Form der Handlungskoordination in der Wirtschaft," Research Contributions to Organizational Sociology and Innovation Studies, SOI Discussion Papers 2024-01, University of Stuttgart, Institute for Social Sciences, Department of Organizational Sociology and Innovation Studies.
    10. Jelke R. Bosma, 2022. "Platformed professionalization: Labor, assets, and earning a livelihood through Airbnb," Environment and Planning A, , vol. 54(4), pages 595-610, June.
    11. Dolata, Ulrich & Schrape, Jan-Felix, 2022. "Platform architectures: The structuration of platform companies on the Internet," Research Contributions to Organizational Sociology and Innovation Studies, SOI Discussion Papers 2022-01, University of Stuttgart, Institute for Social Sciences, Department of Organizational Sociology and Innovation Studies.
    12. Dimitar Anguelov, 2026. "Steering FinTech: Techno-industrial policy for the data-driven economy in China’s Greater Bay Area," Environment and Planning A, , vol. 58(2), pages 274-302, March.
    13. Li, Rongda & He, Jing, 2024. "FinTech development and household resilience to negative income shocks: The role of informal risk sharing," International Review of Economics & Finance, Elsevier, vol. 94(C).
    14. Grimshaw, Damian & Bertranou, Fabio & Gontero, Sonia & Urrutia, Antonia, 2024. "Negociación colectiva coordinada y multinivel: experiencias internacionales y opciones de políticas para Chile [Coordinated and multilevel collective bargaining: international experiences and policy options for Chile]," MPRA Paper 121701, University Library of Munich, Germany.
    15. Dolata, Ulrich, 2024. "Industry platforms: A new mode of coordination in the economy," Research Contributions to Organizational Sociology and Innovation Studies, SOI Discussion Papers 2024-02, University of Stuttgart, Institute for Social Sciences, Department of Organizational Sociology and Innovation Studies.
    16. Mike Hodson & Andrew McMeekin & Andy Lockhart, 2025. "From platform capitalism to strategic place-based platformisation?," Environment and Planning A, , vol. 57(6), pages 810-825, September.
    17. Peter Gahan & Peter Turnbull, 2025. "Employment systems in the twenty‐first century," British Journal of Industrial Relations, London School of Economics, vol. 63(1), pages 71-87, March.
    18. Timo Seidl, 2022. "The politics of platform capitalism: A case study on the regulation of Uber in New York," Regulation & Governance, John Wiley & Sons, vol. 16(2), pages 357-374, April.
    19. Franziska Cooiman, 2024. "Imprinting the economy: The structural power of venture capital," Environment and Planning A, , vol. 56(2), pages 586-602, March.
    20. Tian Liu & Lan Liao, 2024. "Can farmers’ digital literacy improve income? Empirical evidence from China," PLOS ONE, Public Library of Science, vol. 19(12), pages 1-14, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:woemps:v:39:y:2025:i:5:p:1247-1268. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: http://www.britsoc.co.uk/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.