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

Private Capital Markets

<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.</li>
<li>The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.</li>
<li>Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.</li>
</ul>


The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.
The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.
Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.


India's Labor Code Reform: What Global Investors Should Know?

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

WeWork India Management Ltd / 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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. </li>
<li>
Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. </li>
<li>Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.</li>
</ul>


India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. 

Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. 
Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.


Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

<ul>
<li>Adani Group enters the airport ground handling sector, expanding its operations after Celebi’s exit. It aims to bid for major contracts and compete with established players.</li>
<li>India’s palm oil imports surged 87% in May due to low stocks and better prices, likely lifting global palm and soy oil prices in coming months.</li>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto (1936629D IN)</a> postpones its IPO to 2026, shifting focus to private fundraising and cutting cash burn amid growing competition and operational challenges.</li>
</ul>


Adani Group enters the airport ground handling sector, expanding its operations after Celebi’s exit. It aims to bid for major contracts and compete with established players.
India’s palm oil imports surged 87% in May due to low stocks and better prices, likely lifting global palm and soy oil prices in coming months.

Zepto (1936629D IN) postpones its IPO to 2026, shifting focus to private fundraising and cutting cash burn amid growing competition and operational challenges.


#159 India Insights: Adani Enters Ground Handling, Palm Oil Imports 87% Surge, Zepto Delays IPO

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)

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

India's Labor Code Reform: What Global Investors Should Know?

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

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

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

#159 India Insights: Adani Enters Ground Handling, Palm Oil Imports 87% Surge, Zepto Delays IPO

Adani Group expands into airport ground handling, India's palm oil imports surge, Zepto postpones IPO to 2026 for private fundraising amidst...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

India's Labor Code Reform: What Global Investors Should Know?

​India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

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

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

​India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

#159 India Insights: Adani Enters Ground Handling, Palm Oil Imports 87% Surge, Zepto Delays IPO

​Adani Group expands into airport ground handling, India's palm oil imports surge, Zepto postpones IPO to 2026 for private fundraising amidst...

Sudarshan Bhandari

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

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Adani Group expands into airport ground handling, India's palm oil imports surge, Zepto postpones IPO to 2026 for private fundraising amidst...