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>Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.</li><li>In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.</li><li>As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.</li></ul>

Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.

<ul><li>Wander hit $30M in revenue run rate in 2024, up 200% YoY.</li><li>Wander moved in 2023 from its asset-heavy approach to a fully-managed model.</li><li>The upside case for Wander is that by aggregating the supply of the top 1% of vacation rentals, they can drive predictable high-value bookings through their own channel.</li></ul>

Wander hit $30M in revenue run rate in 2024, up 200% YoY.Wander moved in 2023 from its asset-heavy approach to a fully-managed model.The upside case for Wander is that by aggregating the supply of the top 1% of vacation rentals, they can drive predictable high-value bookings through their own channel.

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

<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>, operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.</li>
<li>The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.</li>
<li>Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.</li>
</ul>



WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.


WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

<ul><li>Sacra estimates Wander hit $30M in revenue run rate revenue in 2024, with a 30% month-over-month GMV growth rate.</li><li>Wander's Eastern region properties generate roughly approximately $129,000 more in annual revenue per property than competitors, achieving 68% higher ADR ($1,028 vs $613).</li><li>While gross margins are estimated between 50-60%, Wander likely operates at a net loss as it invests in growth.</li></ul>

Sacra estimates Wander hit $30M in revenue run rate revenue in 2024, with a 30% month-over-month GMV growth rate.Wander's Eastern region properties generate roughly approximately $129,000 more in annual revenue per property than competitors, achieving 68% higher ADR ($1,028 vs $613).While gross margins are estimated between 50-60%, Wander likely operates at a net loss as it invests in growth.

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

Smartworks Coworking Spaces / Equity Capital Markets

Smartworks Coworking Spaces (SMARTWOR IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartworks-coworking-spaces-ltd" target="_blank" data-smartkarma-citation="entities:43882:1" rel="noopener">Smartworks Coworking Spaces Ltd (1742134D IN)</a> is looking to raise about US$120m in its India IPO.</li>
<li>It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Smartworks Coworking Spaces Ltd (1742134D IN) is looking to raise about US$120m in its India IPO.
It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.
In this note, we talk about the company’s historical performance.


Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

United States

WeWork Inc. provides co-working spaces for individuals and entrepreneurs. The Company offers private offices, office suites, headquarters, and custom build out options to fit a variety of office needs, as well as desk spaces and conference rooms. WeWork serves customers worldwide.

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WeWork (WEWKQ US)

$400M/year Oneworld Of Housing

TL;DR: After evolving from a card company to a hybrid payments processor and proptech SaaS, Bilt now handles rent payments for 70% of the top-100...

Sacra

Ritz Carlton Of Vacation Rentals

TL;DR: By vertically integrating unique vacation rentals with luxury hotel-like amenities, Wander is betting that it can make the economics of...

Sacra

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

Primer: Wander - 14 Feb 2025

Marketplace for luxury vacation rentals with hotel-style amenities and direct booking model

Sacra

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

$400M/year Oneworld Of Housing

TL;DR: After evolving from a card company to a hybrid payments processor and proptech SaaS, Bilt now handles rent payments for 70% of the top-100...

Sacra

Ritz Carlton Of Vacation Rentals

TL;DR: By vertically integrating unique vacation rentals with luxury hotel-like amenities, Wander is betting that it can make the economics of...

Sacra

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

​WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

Primer: Wander - 14 Feb 2025

Marketplace for luxury vacation rentals with hotel-style amenities and direct booking model

Sacra

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...