Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

Groww Tearsheet - Simplifying Investments and Savings

Pepperfry Tearsheet - Banking on Discovery

Cars24 Tearsheet - Leading Used Car Marketplace

FirstCry Tearsheet - India's Only "Surviving" Baby Products Retailer

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

Honasa Consumer  / Private Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-private-limited-mamaearth" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Mamaearth (1652951D IN)</a>'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  </li>
<li>Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. </li>
<li>COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  </li>
</ul>



Mamaearth (1652951D IN)'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  
Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. 
COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  


Honasa Consumer

Mamaearth Tearsheet - Going Beyond D2C