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

Equity Bottom-Up

<ul>
<li>In this "Beyond 280", we speak to an Industry Channel with an objective to understand long term revenue growth potential for SaaS company like <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>
</li>
<li>We also discuss how one should look into early lock-up releases. (One of the reasons we believe for recent stock price pressure)</li>
<li>Based on our discussion, we believe the opportunity size and growth potential is intact, weakness on account of events like lock-up releases could be attractive entry points. </li>
</ul>


In this "Beyond 280", we speak to an Industry Channel with an objective to understand long term revenue growth potential for SaaS company like Freshworks (FRSH US)

We also discuss how one should look into early lock-up releases. (One of the reasons we believe for recent stock price pressure)
Based on our discussion, we believe the opportunity size and growth potential is intact, weakness on account of events like lock-up releases could be attractive entry points. 


Beyond 280 | Freshworks (FRSH US) - Conversation with an Industry Channel

Equity Capital Markets

RHP overviews and information about <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN)</a>'s business is widely covered both on this platform as well as across the internet (Twitter/Youtube). 
This Insight assumes that Nykaa's broader business and IPO specific details are well known and hence focus is on earning power of the business, forecasts and valuations. 
The inspiration for this insight is Naval's legendary thread - How to Get Rich (without getting lucky)
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RHP overviews and information about FSN E-Commerce Ventures (Nykaa) (1003622D IN)'s business is widely covered both on this platform as well as across the internet (Twitter/Youtube). 
This Insight assumes that Nykaa's broader business and IPO specific details are well known and hence focus is on earning power of the business, forecasts and valuations. 
The inspiration for this insight is Naval's legendary thread - How to Get Rich (without getting lucky)


Nykaa IPO | Can It Make You Rich? (Without Getting Lucky)

Private Capital Markets

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<h2>Where do we go?</h2>
In this multi-part series, we discuss some of the upcoming tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought. 
Companies covered in this Insight are <a href="https://www.smartkarma.com/entities/paytm-mobile-solutions-pvt-ltd" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>; <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S (1391510D IN)</a>; <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN) </a>and <a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a> 
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 
<div class="content-highlight">
NB: This is a multi-part insight in order to improve readability as the companies covered represent different industries and each of them may attract different types of investors. 
</div>


Where do we go?
In this multi-part series, we discuss some of the upcoming tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought. 
Companies covered in this Insight are Paytm (PAYTM IN); BYJU'S (1391510D IN); FSN E-Commerce Ventures (Nykaa) (1003622D IN) and Flipkart Online Services (1398508D IN) 
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 

NB: This is a multi-part insight in order to improve readability as the companies covered represent different industries and each of them may attract different types of investors. 


India Tech IPOs | Where Do You Go? | Paytm - Second Life

<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a> is not just India's first to be listed SaaS unicorn, but also among the fastest to reach $100 mn in ARR. 
In this Insight, we share our takeaways from speaking to close channels in two of India's most sorted unicorns Browerstack and soon to be listed <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a> with an objective to understand the Industry growth potential, availability of talent and why Freshworks could continue to grow at a scorching pace. 
For the sake of brevity, basic information about the FRSH's products and management overview will not be covered in this insight.

Freshworks (FRSH US) is not just India's first to be listed SaaS unicorn, but also among the fastest to reach $100 mn in ARR. 
In this Insight, we share our takeaways from speaking to close channels in two of India's most sorted unicorns Browerstack and soon to be listed Freshworks (FRSH US) with an objective to understand the Industry growth potential, availability of talent and why Freshworks could continue to grow at a scorching pace. 
For the sake of brevity, basic information about the FRSH's products and management overview will not be covered in this insight. 

Freshworks IPO | Channel Insight - Your SaaS SuperStar

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Salesforce competitor Freshworks is riding the wave of hot Indian IPOs, looking to raise roughly $940m (depending on overallotment and pricing) at a valuation of roughly $9bn. The company’s positioning is interesting and growth has been rapid.

Salesforce competitor Freshworks is riding the wave of hot Indian IPOs, looking to raise roughly $940m (depending on overallotment and pricing) at a valuation of roughly $9bn. The company’s positioning is interesting and growth has been rapid.

United States

Freshworks Inc. provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks. The Company offers multi-product support, a knowledge base, self-service portal, community forums, and tools to leverage mainstream social media for customer support. Freshworks serves customers worldwide.

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Freshworks (FRSH US)

Beyond 280 | Freshworks (FRSH US) - Conversation with an Industry Channel

We speak to a SaaS executive to understand Industry trends & early lock-up releases. We believe pricing pressure on account of events like lock-up...

Pranav Bhavsar

Nykaa IPO | Can It Make You Rich? (Without Getting Lucky)

Inspired by Naval's legendary thread, this Insight is an attempt to use his analogy to provide a different perspective on Nykaa 's IPO along with...

Pranav Bhavsar

India Tech IPOs | Where Do You Go? | Paytm - Second Life

In this multi-part series, we discuss upcoming and most recent tech IPOs from India. The focus is based on candid, anecdotal observations and is...

Pranav Bhavsar

Freshworks IPO | Channel Insight - Your SaaS SuperStar

In this Insight, we share our takeaways from speaking to close channels in two of India's most sorted unicorns Browerstack and soon to be listed...

Pranav Bhavsar

Freshworks IPO – Fresh and Juicy

freshworks is riding the wave of hot Indian IPOs, looking to raise roughly $940m at a valuation of $9bn and the company’s positioning is...

Mio Kato

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