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

In this multi-part series, we discuss some of the upcoming and most recent 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.
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. 
This insight focuses on <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>, India's most valued ed-tech unicorn.

In this multi-part series, we discuss some of the upcoming and most recent 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.
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. 
This insight focuses on BYJU'S (1391510D IN), India's most valued ed-tech unicorn. 

India Tech IPOs | Where Do You Go? | BYJU's - Shopping Its Way to Glory

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/788/original/image_19843735021632971070220.png?1632971071" class="editor-image img-responsive" data-smartkarma-image-id="232788"></figure>
<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

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

EdTech in Asia has been booming with increase in investor interests over the last two years. While China has seen a faster adoption and development in this space, other countries in Asia are also advancing very rapidly on the back of the pandemic-driven demand. Fueled further by significant investments, particularly from venture capital, the Asia (ex-China) EdTech market has been rapidly expanding. We think there are a lot of positive drivers, including demographic, socio-economic, political, cultural and governmental factors, behind the high growth rate of Asian EdTech and support its encouraging prospects. However, there are also many challenges need to be overcome by the EdTech enterprises so that they can thrive in the long-term.Outside of China, there are already two unicorns in Asia and both are from India - <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> and <a href="https://www.smartkarma.com/entities/sorting-hat-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34354:1" rel="noopener">Unacademy (1434617D IN)</a> and there are some potential newcomers from Southeast Asia striving to make themselves into the list. We believe with further growth in EdTech adoption and the influx of EdTech investments in Asia, there are numerous opportunities for the sector to advance. Besides the two Indian names, we also look into interesting names including <a href="https://www.smartkarma.com/entities/zenius-education-pt" target="_blank" data-smartkarma-citation="entities:34355:1" rel="noopener">Zenius Education (1783734D IJ)</a>, <a href="https://www.smartkarma.com/entities/xseed-education-pte-ltd" target="_blank" data-smartkarma-citation="entities:34356:1" rel="noopener">XSEED Education (1256190D SP)</a>, <a href="https://www.smartkarma.com/entities/cialfo" target="_blank" data-smartkarma-citation="entities:34359:1" rel="noopener">Cialfo (1432512D SP)</a>, <a href="https://www.smartkarma.com/entities/topica-edtech-group" target="_blank" data-smartkarma-citation="entities:34357:1" rel="noopener">Topica Edtech Group (1679740D VN)</a> and <a href="https://www.smartkarma.com/entities/pt-ruang-raya-indonesia" target="_blank" data-smartkarma-citation="entities:34358:1" rel="noopener">Ruangguru (1522782D IJ)</a>. We think many of them are poised to become more meaningful players going forward, and serve as important role models for future development of EdTech in the region.<h2>What's Original?</h2>This Smartkarma Original addresses the latest developments of EdTech industry in Asia (ex-China) and will take experience from China as reference. In particular, its focus will be mostly on South and Southeast Asian countries. We highlight comprehensively the positive trends and driving factors behind the rapid growth of EdTech in Asia and discuss the key challenges. With EdTech development still in a comparatively early stage in the region, the company section of this Original focuses primarily on unlisted names. We look at their background, business model, management team, moats and challenges, financing arrangements and latest developments. We will finish up by looking at the emerging trends which will shape the industry in the medium-term. It is our intention that this Original will be an important reference Insight for the sector with unique coverage of key unlisted EdTech plays in Asia (ex-China).

EdTech in Asia has been booming with increase in investor interests over the last two years. While China has seen a faster adoption and development in this space, other countries in Asia are also advancing very rapidly on the back of the pandemic-driven demand. Fueled further by significant investments, particularly from venture capital, the Asia (ex-China) EdTech market has been rapidly expanding. We think there are a lot of positive drivers, including demographic, socio-economic, political, cultural and governmental factors, behind the high growth rate of Asian EdTech and support its encouraging prospects. However, there are also many challenges need to be overcome by the EdTech enterprises so that they can thrive in the long-term.Outside of China, there are already two unicorns in Asia and both are from India - BYJU'S (1391510D IN) and Unacademy (1434617D IN) and there are some potential newcomers from Southeast Asia striving to make themselves into the list. We believe with further growth in EdTech adoption and the influx of EdTech investments in Asia, there are numerous opportunities for the sector to advance. Besides the two Indian names, we also look into interesting names including Zenius Education (1783734D IJ), XSEED Education (1256190D SP), Cialfo (1432512D SP), Topica Edtech Group (1679740D VN) and Ruangguru (1522782D IJ). We think many of them are poised to become more meaningful players going forward, and serve as important role models for future development of EdTech in the region.What's Original?This Smartkarma Original addresses the latest developments of EdTech industry in Asia (ex-China) and will take experience from China as reference. In particular, its focus will be mostly on South and Southeast Asian countries. We highlight comprehensively the positive trends and driving factors behind the rapid growth of EdTech in Asia and discuss the key challenges. With EdTech development still in a comparatively early stage in the region, the company section of this Original focuses primarily on unlisted names. We look at their background, business model, management team, moats and challenges, financing arrangements and latest developments. We will finish up by looking at the emerging trends which will shape the industry in the medium-term. It is our intention that this Original will be an important reference Insight for the sector with unique coverage of key unlisted EdTech plays in Asia (ex-China).

Asia (Ex-China) EdTech: A Deep-Dive into the Bonanza

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

China-based after-school tutoring stocks saw the bulk of their equity value evaporate as authorities decided to turn the regulatory heat on this sector and also requiring the players to operate as non-profits. As the after-tremors of this move reverberate across the investment space, are the multibillion-dollar valuations of India's rapidly growing edtech players at risk? Well-known private equity players ranging from Sequoia Capital to Tiger Global have invested in India's fast-growing online education players - notably, <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>  (valued at USD16.5 Bn) and Unacademy (valued at USD 2Bn) amongst others.In this insight, we discuss if India's rapidly growing online education sector is vulnerable to regulatory risks similar to that faced by after-school tutoring companies in China and how this could potentially affect large online tutoring players like Byju's and Unacademy. We also look at leading investors in this space - and how they could be impacted.

China-based after-school tutoring stocks saw the bulk of their equity value evaporate as authorities decided to turn the regulatory heat on this sector and also requiring the players to operate as non-profits. As the after-tremors of this move reverberate across the investment space, are the multibillion-dollar valuations of India's rapidly growing edtech players at risk? Well-known private equity players ranging from Sequoia Capital to Tiger Global have invested in India's fast-growing online education players - notably, BYJU'S (1391510D IN)  (valued at USD16.5 Bn) and Unacademy (valued at USD 2Bn) amongst others.In this insight, we discuss if India's rapidly growing online education sector is vulnerable to regulatory risks similar to that faced by after-school tutoring companies in China and how this could potentially affect large online tutoring players like Byju's and Unacademy. We also look at leading investors in this space - and how they could be impacted.

Can After Tremors of the China Tutoring Sector Shakeup Impact India EdTech?

India

Think & Learn Pvt Ltd, doing business as BYJU, provides online educational services. The Company offers technology based education platform for primary and secondary school subjects, overseas and domestic test preparation courses, engineering, medicine, and more. BYJU operates in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYJU'S (1391510D IN)

India Tech IPOs | Where Do You Go? | BYJU's - Shopping Its Way to Glory

This insight focuses on BYJU'S (1391510D IN), India's most valued ed-tech unicorn. We disagree with two of BYJU'S state operating metrics and...

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

Asia (Ex-China) EdTech: A Deep-Dive into the Bonanza

The Asia (ex-China) EdTech industry is still in early stage of boom and there are positive factors driving its outlook. In this Original, we look...

Osbert Tang, CFA

Can After Tremors of the China Tutoring Sector Shakeup Impact India EdTech?

Assess the vulnerability of online education players in India to regulatory risks given China after-school-tutoring players' experience. Should...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)