Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>DoorDash's latest earnings for Q2 2025 presents a comprehensive view of the company's current performance, strategic focuses, and the challenges it faces.</li><li>Key highlights positively impacting DoorDash's performance include the accelerated growth in its U.S. marketplace orders.</li><li>This growth is attributed to improvements in product offerings, enhanced personalization, and the increased adoption of DashPass.</li></ul>

DoorDash's latest earnings for Q2 2025 presents a comprehensive view of the company's current performance, strategic focuses, and the challenges it faces.Key highlights positively impacting DoorDash's performance include the accelerated growth in its U.S. marketplace orders.This growth is attributed to improvements in product offerings, enhanced personalization, and the increased adoption of DashPass.

DoorDash Expands Beyond Restaurants–Could Retail & Non-Food Be Its Next Big Growth Engine?

<ul><li>DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and challenges.</li><li>The first quarter of 2025 demonstrated significant growth and ongoing investment in expanding its global footprint through strategic acquisitions.</li><li>In terms of financial performance, DoorDash saw a continuation of growth trends, with consistent gains in gross order volume (GOV) and earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring operational efficiency.</li></ul>

DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and challenges.The first quarter of 2025 demonstrated significant growth and ongoing investment in expanding its global footprint through strategic acquisitions.In terms of financial performance, DoorDash saw a continuation of growth trends, with consistent gains in gross order volume (GOV) and earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring operational efficiency.

DoorDash Inc.: How Autonomous Delivery Initiatives Could Potentially Redefine Logistics Within The Food Delivery & Broader E-Commerce Sectors!

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.</li>
<li>ONDC-Enabled Pincode could disrupt <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> food delivery and grocery businesses.</li>
<li>Loyal restaurants may choose to offer discounts via ONDC, putting pressure on <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  and <a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> to compete bringing back cash burn and discounting. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.
ONDC-Enabled Pincode could disrupt Zomato (ZOMATO IN) food delivery and grocery businesses.
Loyal restaurants may choose to offer discounts via ONDC, putting pressure on Zomato (ZOMATO IN)  and Swiggy (1255298D IN) to compete bringing back cash burn and discounting. 


Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

<ul><li>DoorDash has been making significant headlines with its proposed $3.6 billion acquisition offer for UK-based Deliveroo, signaling its continued ambition to expand beyond the U.S. market.</li><li>The deal, offering Deliveroo shareholders £1.80 ($2.40) per share, would value Deliveroo at approximately GBP2.7 billion, or around $3.6 billion.</li><li>Deliveroo's board has indicated that it would be "minded to recommend" the offer if a firm bid is made under those terms.</li></ul>

DoorDash has been making significant headlines with its proposed $3.6 billion acquisition offer for UK-based Deliveroo, signaling its continued ambition to expand beyond the U.S. market.The deal, offering Deliveroo shareholders £1.80 ($2.40) per share, would value Deliveroo at approximately GBP2.7 billion, or around $3.6 billion.Deliveroo's board has indicated that it would be "minded to recommend" the offer if a firm bid is made under those terms.

DoorDash Makes a Bold $3.6 Billion Move: Is Deliveroo the Missing Piece for Global Domination?

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

DoorDash Expands Beyond Restaurants–Could Retail & Non-Food Be Its Next Big Growth Engine?

DoorDash's latest earnings for Q2 2025 presents a comprehensive view of the company's current performance, strategic focuses, and the challenges...

Baptista Research

DoorDash Inc.: How Autonomous Delivery Initiatives Could Potentially Redefine Logistics Within The Food Delivery & Broader E-Commerce Sectors!

DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and...

Baptista Research

Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Emergence of ONDC and PhonePe's Pincode app likely to disrupt food delivery and grocery businesses of Zomato and Swiggy, bringing back cash burn...

Pranav Bhavsar

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.

Sumeet Singh

DoorDash Makes a Bold $3.6 Billion Move: Is Deliveroo the Missing Piece for Global Domination?

DoorDash has been making significant headlines with its proposed $3.6 billion acquisition offer for UK-based Deliveroo, signaling its continued...

Baptista Research

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