Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin is founder of Trudence Capital with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai.  Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Indian Accounting Research Analyst

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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

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<a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> 's announcement to acquire Blinkit (BCPL) for all-stock deal worth INR 44.5 bn has rattled the market price of the stock in the trading sessions that followed.</li>
<li>While the management focuses on the cost synergies and the bigger picture, the acquisition has left several doubts, including the valuation and cash burning nature of Blinkit.</li>
<li>More importantly, it is the corporate governance that should be looked at, especially since this is an indirect RPT, as mentioned in our earlier report <a href="https://www.smartkarma.com/insights/zomato-s-investments-game-stain-on-governance" target="_blank" data-smartkarma-citation="insights:63602" rel="noopener">Zomato's Investments Game: Stain on Governance</a>.</li>
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Zomato (ZOMATO IN) 's announcement to acquire Blinkit (BCPL) for all-stock deal worth INR 44.5 bn has rattled the market price of the stock in the trading sessions that followed.
While the management focuses on the cost synergies and the bigger picture, the acquisition has left several doubts, including the valuation and cash burning nature of Blinkit.
More importantly, it is the corporate governance that should be looked at, especially since this is an indirect RPT, as mentioned in our earlier report Zomato's Investments Game: Stain on Governance.


Zomato Blinkit Deal: Stains Get More Murky