Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst 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 newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

Zomato (ZOM IN) | Merchant Surveys - Operating Metrics and a Hidden Predator

Zomato (ZOM IN) | How to Avoid a Deliveroo

Zomato Pre-IPO - Peer Comparison - Listed and Domestic

Alibaba-Backed Zomato Buys Ubers’ Eats Business in India

Uber - 2021 Profitability a Beautiful Dream For Locked-Up Investors

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 Capital Markets

<a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" rel="noopener">Zomato (ZOM IN)</a> , a Gurgaon based start-up, is launching its IPO, which is perceived to be one of the most excited events in 2021. Such is the familiarity of this company, which is one of the pioneers in food-delivery cum restaurant aggregator tech platform in India. 
Zomato has increased multifold in the last decade. Backed by some of the headline investors which include but not limited to <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a> , <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> , <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber (UBER US)</a>, Ant Financial, Sequoia, Tiger Global, Fidelity etc., the company has reached a valuation of $5.9 bn in Feb'21. As the company becomes the ray of hope for several promising consumer tech and internet companies in India, the IPO is expected to be the one that receives great attention.
Zomato's revenues may have grown at the rate of knots since F18, it is imperative to know that the company is still at a cash burn stage, delivering negative EBITDA. But there are many more cautions one should be aware of, ranging from accounting changes to volatile balance sheet to poor investments. Like always, we do not comment on the valuation of IPO.

Zomato (ZOM IN) , a Gurgaon based start-up, is launching its IPO, which is perceived to be one of the most excited events in 2021. Such is the familiarity of this company, which is one of the pioneers in food-delivery cum restaurant aggregator tech platform in India. 
Zomato has increased multifold in the last decade. Backed by some of the headline investors which include but not limited to Info Edge India (INFOE IN) , Alibaba Group (9988 HK) , Uber (UBER US), Ant Financial, Sequoia, Tiger Global, Fidelity etc., the company has reached a valuation of $5.9 bn in Feb'21. As the company becomes the ray of hope for several promising consumer tech and internet companies in India, the IPO is expected to be the one that receives great attention.
Zomato's revenues may have grown at the rate of knots since F18, it is imperative to know that the company is still at a cash burn stage, delivering negative EBITDA. But there are many more cautions one should be aware of, ranging from accounting changes to volatile balance sheet to poor investments. Like always, we do not comment on the valuation of IPO.

Eternal

Zomato IPO: Caution Before Frenzy