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

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Eternal (Zomato) Placement - Second Clean-Up by Antfin This Week, Will Lift the Overhang

Swiggy IPO Lockup - US$7.9bn Lockup Release

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a>  and <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a>  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.</li>
<li>Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.</li>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.</li>
</ul>



Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.

Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.


Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)