Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Turo generated $958M in revenue in 2024, up 9% YoY.</li><li>Turo’s growth slowed further to 9% YoY, but the company is still profitable.</li><li>Turo is left standing as the only major player in peer-to-peer car sharing.</li></ul>

Turo generated $958M in revenue in 2024, up 9% YoY.Turo’s growth slowed further to 9% YoY, but the company is still profitable.Turo is left standing as the only major player in peer-to-peer car sharing.

<ul><li>Weee! hit $1.013B in revenue in 2024, up 25% from $810M in 2023.</li><li>As Weee! has grown from 9 states to delivering 40K daily orders across the entire contiguous United States, Sacra estimates Weee! generated $1B in revenue in 2024, up 25% from $810M in 2023.</li><li>With Americans increasingly consuming ethnic foods—e.g., Korean food consumption among non-Asians is up 127% since 2017—Weee!’s customer base has become 30% non-Asian American.</li></ul>

Weee! hit $1.013B in revenue in 2024, up 25% from $810M in 2023.As Weee! has grown from 9 states to delivering 40K daily orders across the entire contiguous United States, Sacra estimates Weee! generated $1B in revenue in 2024, up 25% from $810M in 2023.With Americans increasingly consuming ethnic foods—e.g., Korean food consumption among non-Asians is up 127% since 2017—Weee!’s customer base has become 30% non-Asian American.

<ul><li>Sacra estimates Swiggy hit $1.3B in revenue in 2023, up 36% year-over-year.</li><li>Swiggy has tailwinds from India&#39;s growing digital economy and rising consumer spending power.</li><li>Swiggy&#39;s core food delivery business still has significant room for growth as internet and smartphone penetration increases across India.</li></ul>

Sacra estimates Swiggy hit $1.3B in revenue in 2023, up 36% year-over-year.Swiggy has tailwinds from India&#39;s growing digital economy and rising consumer spending power.Swiggy&#39;s core food delivery business still has significant room for growth as internet and smartphone penetration increases across India.

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>Instacart reported its third-quarter financial results for 2024, showcasing solid performance with both Gross Transaction Value (GTV) and adjusted EBITDA exceeding guidance.</li><li>The company posted an 11% year-over year growth in GTV, driven by a 10% increase in order volume and a 1% increase in average order value.</li><li>Advertising and other revenue also grew by 11% year-over-year, despite some large Consumer Packaged Goods (CPG) brands reducing their spending.</li></ul>

Instacart reported its third-quarter financial results for 2024, showcasing solid performance with both Gross Transaction Value (GTV) and adjusted EBITDA exceeding guidance.The company posted an 11% year-over year growth in GTV, driven by a 10% increase in order volume and a 1% increase in average order value.Advertising and other revenue also grew by 11% year-over-year, despite some large Consumer Packaged Goods (CPG) brands reducing their spending.

Maplebear Inc. (Instacart): Will Its Expansion of Ad Platform & Retail Media Network Be A Potential Game Changer? - Major Drivers

<ul><li>Sacra estimates that Swiggy generated $1.3B of revenue in 2023, up 36% year-over-year.</li><li>The tough economics of food delivery in the Indian market led to competitors with lower market share like Uber Eats, Ola ($340M in 2023), Foodpanda, and TinyOwl shutting down or being acquired.</li><li>Swiggy's upside case hinges on becoming a "super app" for urban Indian consumers, integrating food delivery, grocery, and other on-demand services to capture a larger share of the $50B Indian food services market.</li></ul>

Sacra estimates that Swiggy generated $1.3B of revenue in 2023, up 36% year-over-year.The tough economics of food delivery in the Indian market led to competitors with lower market share like Uber Eats, Ola ($340M in 2023), Foodpanda, and TinyOwl shutting down or being acquired.Swiggy's upside case hinges on becoming a "super app" for urban Indian consumers, integrating food delivery, grocery, and other on-demand services to capture a larger share of the $50B Indian food services market.

United States

Instacart Inc. provides online grocery shopping services. The Company allows customers to select groceries through an online application platform from various retailers and have them delivered by personal shoppers. Instacart serves customers in the United States.

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Instacart (CART US)

Turo At $958M Revenue

TL;DR: As traditional car rental giants struggle with debt and fleet management, Turo has emerged as the dominant player in peer-to-peer car...

Sacra

Weee! Vs. Instacart

TL;DR: Starting as a WeChat group-buying service for Asian groceries, Weee! has evolved into a vertically-integrated online ethnic supermarket...

Sacra

Primer: Swiggy - 07 Dec 2024

App for food, grocery, and parcel delivery in urban Indian markets

Sacra

Maplebear Inc. (Instacart): Will Its Expansion of Ad Platform & Retail Media Network Be A Potential Game Changer? - Major Drivers

Instacart reported its third-quarter financial results for 2024, showcasing solid performance with both Gross Transaction Value (GTV) and adjusted...

Baptista Research

Swiggy At $1.3B Revenue

TL;DR: Sacra estimates that Swiggy generated $1.3B of revenue in 2023, up 36% year-over-year, as they race Zomato (NSE: ZOMATO, $1.66B revenue) to...

Sacra

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