India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Shadowfax Technologies / Equity Bottom-Up

<ul>
<li>Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for <strong>28-30% growth</strong> in FY27 and 6.7x scale-up in dark stores.</li>
<li>India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.</li>
<li>With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company <strong>building durable logistics moat.</strong>
</li>
</ul>


Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for 28-30% growth in FY27 and 6.7x scale-up in dark stores.
India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.
With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company building durable logistics moat.



Shadowfax: India's Quick Commerce Infrastructure Play

Thoughtful, Tactical, and Tangible Insights, All Things VC

All Things VC

Thoughtful, Tactical, and Tangible Insights

With All Things VC, I’m striving to connect the dots from our fast-paced world of venture capital and present it to you in a Thoughtful, Tactical, and Tangible (3T’s) manner.

Private Capital Markets

Imagine Marketing (boAt) / Private Capital Markets

<ul>
<li>Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT.</li>
<li>Before that, he spent over three decades in Indian consumer, most recently as the CEO and Managing Director of Godrej Consumer Products.</li>
<li>In this conversation, part of our India Series, Vivek breaks down why the playbook for building consumer companies in India is fundamentally different from the US or China, why the Indian consumer ecosystem is more nuanced than most global investors realize, and why the biggest talent gap in Indian startups today is not in building, but in scaling up.</li>
</ul>


Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT.
Before that, he spent over three decades in Indian consumer, most recently as the CEO and Managing Director of Godrej Consumer Products.
In this conversation, part of our India Series, Vivek breaks down why the playbook for building consumer companies in India is fundamentally different from the US or China, why the Indian consumer ecosystem is more nuanced than most global investors realize, and why the biggest talent gap in Indian startups today is not in building, but in scaling up.


India Is Not the Next China. India Is the Next India.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

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>Quick Commerce offers infinite TAM with rapid metro adoption, but requires endless investment in faster delivery times to remain competitive.</li>
<li>Delivery partners bear the operational burden, working long hours for modest pay while tech stacks across competitors remain largely similar.</li>
<li>Despite investor excitement, QC margins remain elusive due to high competition, homogeneous offerings, and limited pricing power compared to food delivery.</li>
</ul>


Quick Commerce offers infinite TAM with rapid metro adoption, but requires endless investment in faster delivery times to remain competitive.
Delivery partners bear the operational burden, working long hours for modest pay while tech stacks across competitors remain largely similar.
Despite investor excitement, QC margins remain elusive due to high competition, homogeneous offerings, and limited pricing power compared to food delivery.


Postcard from Bengaluru | Quick Commerce On-The-Ground

Research from Tech in Asia, Tech in Asia

Tech in Asia

Research from Tech in Asia

Tech in Asia (YC W15) is the largest English-language technology media company that focuses on Asia. From the latest news to the hottest trends and the boldest startups to the strongest titans, we cover everything tech in the region. Our goal is to build and serve Asia’s tech and startup community.

News from Tech in Asia

<ul><li>India’s quick commerce market is estimated to grow 15x by 2025 to hit a market size of nearly US$5.5 billion – large enough to propel prominent investors’ interest and gain the early-mover advantage.</li><li>One of the companies at the helm of this nascent yet flourishing industry is Zepto, a startup launched by two Stanford University dropouts, Aadit Palicha and Kaivalya Vohra.</li><li>The Y Combinator-backed startup promises 10-minute grocery deliveries, outpacing the delivery speeds of several ecommerce companies</li></ul>

India’s quick commerce market is estimated to grow 15x by 2025 to hit a market size of nearly US$5.5 billion – large enough to propel prominent investors’ interest and gain the early-mover advantage.One of the companies at the helm of this nascent yet flourishing industry is Zepto, a startup launched by two Stanford University dropouts, Aadit Palicha and Kaivalya Vohra.The Y Combinator-backed startup promises 10-minute grocery deliveries, outpacing the delivery speeds of several ecommerce companies

Indian Quick Commerce Startup Nears Unicorn Status with $200m Round

India

Zepto offers a 10-minute grocery delivery service through an e-grocery app that revolutionizes the grocery buying experience.

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Zepto (1936629D IN)

Shadowfax: India's Quick Commerce Infrastructure Play

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

India Is Not the Next China. India Is the Next India.

Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT. Before that, he spent...

All Things VC

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Postcard from Bengaluru | Quick Commerce On-The-Ground

Quick Commerce has huge market potential but faces challenges with delivery speed and profitability, as competition and pricing pressure limit...

Pranav Bhavsar

Indian Quick Commerce Startup Nears Unicorn Status with $200m Round

India’s quick commerce market is estimated to grow 15x by 2025 to hit a market size of nearly US$5.5 billion, large enough to propel prominent...

Tech in Asia

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shadowfax: India's Quick Commerce Infrastructure Play

​Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

India Is Not the Next China. India Is the Next India.

Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT. Before that, he spent...

All Things VC

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Postcard from Bengaluru | Quick Commerce On-The-Ground

​Quick Commerce has huge market potential but faces challenges with delivery speed and profitability, as competition and pricing pressure limit...

Pranav Bhavsar

Indian Quick Commerce Startup Nears Unicorn Status with $200m Round

India’s quick commerce market is estimated to grow 15x by 2025 to hit a market size of nearly US$5.5 billion, large enough to propel prominent...

Tech in Asia

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Quick Commerce has huge market potential but faces challenges with delivery speed and profitability, as competition and pricing pressure limit...