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

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<h2>About India Channel Insight</h2>
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<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
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<p>For this insight, we focus on <a href="https://www.smartkarma.com/entities/easemytrip" target="_blank" data-smartkarma-citation="entities:28897:1" rel="noopener">EaseMyTrip (0896537D IN)</a> with an objective to understand it's on-ground competitiveness; <a href="https://www.smartkarma.com/entities/matrimony-com" target="_blank" data-smartkarma-citation="entities:22922:1" rel="noopener">Matrimony.com (MATRIM IN)</a> where Q3 is hinting at a change in stance compared to our earlier view and a sourcing channel of <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN) </a>to understand the growth prospects ahead. </p>
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About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we focus on EaseMyTrip (0896537D IN) with an objective to understand it's on-ground competitiveness; Matrimony.com (MATRIM IN) where Q3 is hinting at a change in stance compared to our earlier view and a sourcing channel of Trent Ltd (TRENT IN) to understand the growth prospects ahead. 


India Channel Insight | Easemytrip, Matrimony.com, Trent

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/matrimony-com" target="_blank" data-smartkarma-citation="entities:22922:1" rel="noopener">Matrimony.com (MATRIM IN)</a> has been a pioneer in the Indian match-making industry, being an industry leader since decades. Given the leadership position, the onus on the digitalisation and the window created by the pandemic through social distancing etc., the company was expected to flourish in the last one year especially. However, this was not the case and in fact Matrimony was hit hard as operations, margins were left dented. Additionally, the company suffers from few balance sheet and governance issues as well.</p>

Matrimony.com (MATRIM IN) has been a pioneer in the Indian match-making industry, being an industry leader since decades. Given the leadership position, the onus on the digitalisation and the window created by the pandemic through social distancing etc., the company was expected to flourish in the last one year especially. However, this was not the case and in fact Matrimony was hit hard as operations, margins were left dented. Additionally, the company suffers from few balance sheet and governance issues as well.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/bumble-inc" target="_blank" data-smartkarma-citation="entities:31309:1" rel="noopener">Bumble (BMBL US)</a> a US-headquartered women-centric dating app is expected to complete its IPO shortly. IPO price and valuation are well covered by Insight provider <a href="https://www.smartkarma.com/profiles/douglas-kim" target="_blank" data-smartkarma-citation="accounts:342" rel="noopener">Douglas Kim</a> in his Insight <a href="https://www.smartkarma.com/insights/bumble-inc-ipo-you-ve-got-mail-fast-forward-23-years" target="_blank" data-smartkarma-citation="insights:47950" rel="noopener">Bumble Inc IPO - "You've Got Mail" Fast Forward 23 Years</a> .</p>
<p>In this Insight, we look at the less disclosed and understood Bumble's India operations along with exploring the revenue potential the market offers. Our on-ground surveillance suggests this is one market and region to watch out and can potentially be one of the key drivers of revenue growth in the future.</p>

Bumble (BMBL US) a US-headquartered women-centric dating app is expected to complete its IPO shortly. IPO price and valuation are well covered by Insight provider Douglas Kim in his Insight Bumble Inc IPO - "You've Got Mail" Fast Forward 23 Years .
In this Insight, we look at the less disclosed and understood Bumble's India operations along with exploring the revenue potential the market offers. Our on-ground surveillance suggests this is one market and region to watch out and can potentially be one of the key drivers of revenue growth in the future.

Bumble (BMBL US) | Swipe Right to Access World's Second-Largest Market

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

<p>This insight aims to dwell into the operations of the leading matchmaking platform in India - <a href="https://www.smartkarma.com/entities/matrimony-com" target="_blank" data-smartkarma-citation="entities:22922:1" rel="noopener">Matrimony.com (MATRIM IN)</a> .</p>
<p>Having gained the first-mover advantage in the matchmaking market in India, Matrimony.com holds its ground as the market leader by a huge margin. With the global pandemic pushing more and more people to turn to the internet for all their needs, the company is attractively placed with structural tailwinds for the business. </p>
<p>However, hardly any growth in paid subscribers, poor capital allocation primarily on account of lower margins and concentrated holders with little float keeps us at bay but we believe that this script is a one to keep a close watch on. </p>

This insight aims to dwell into the operations of the leading matchmaking platform in India - Matrimony.com (MATRIM IN) .
Having gained the first-mover advantage in the matchmaking market in India, Matrimony.com holds its ground as the market leader by a huge margin. With the global pandemic pushing more and more people to turn to the internet for all their needs, the company is attractively placed with structural tailwinds for the business. 
However, hardly any growth in paid subscribers, poor capital allocation primarily on account of lower margins and concentrated holders with little float keeps us at bay but we believe that this script is a one to keep a close watch on. 

Matrimony.com (MATRIM IN) | Not yet a Perfect Match

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

<p>Matrimony is involved in online marriage matchmaking and marriage-related services. About 95% of their revenue is through matchmaking and 5% is through marriage-related services. The company is a leading player operating since 1997 and is headed by Murugavel Janakiraman who holds about 50% of shares.  Among its peers, Matrimony has the highest revenue. Key growth drivers are increasing younger population and increased digital literacy due to higher internet penetration, easy availability and lower cost of data. The company is currently trading at 41x its PE FY17, 34x FY18 and 30x FY19 and seems overvalued given the patchy growth outlook.</p>

Matrimony is involved in online marriage matchmaking and marriage-related services. About 95% of their revenue is through matchmaking and 5% is through marriage-related services. The company is a leading player operating since 1997 and is headed by Murugavel Janakiraman who holds about 50% of shares.  Among its peers, Matrimony has the highest revenue. Key growth drivers are increasing younger population and increased digital literacy due to higher internet penetration, easy availability and lower cost of data. The company is currently trading at 41x its PE FY17, 34x FY18 and 30x FY19 and seems overvalued given the patchy growth outlook.

Matrimony.com: A Leader in Indian Online Matchmaking

India

Matrimony.com owns and operates matrimony websites. The company offers matrimony and matchmaking services through its matrimony websites and outlets. 

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Matrimony.com (MATRIM IN)

India Channel Insight | Easemytrip, Matrimony.com, Trent

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. For this insight...

Pranav Bhavsar

Forensic Analysis: Matrimony.com

Matrimony was hit hard as operations, margins were left dented. Additionally, the company suffers from few balance sheet and governance issues as...

Nitin Mangal

Bumble (BMBL US) | Swipe Right to Access World's Second-Largest Market

In this Insight, we look at the less disclosed and understood Bumble's India operations along with exploring the revenue potential the market offers.

Pranav Bhavsar