Independent research on the U.S. markets, Baptista Research

Baptista Research

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. 

We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging markets.</li><li>In 2025, dLocal demonstrated robust growth with total payment volume (TPV) reaching $41 billion, a 60% year-over-year increase, and revenue surpassing $1 billion for the first time.</li><li>The company’s TPV has grown at an 82% compound annual growth rate since 2020, with fourth-quarter TPV hitting $13 billion, a 70% year-over-year rise.</li></ul>

The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging markets.In 2025, dLocal demonstrated robust growth with total payment volume (TPV) reaching $41 billion, a 60% year-over-year increase, and revenue surpassing $1 billion for the first time.The company’s TPV has grown at an 82% compound annual growth rate since 2020, with fourth-quarter TPV hitting $13 billion, a 70% year-over-year rise.

dLocal: 410억 달러 규모의 총 거래액(TPV)을 기록하는 기업이 신흥 시장의 변동성에 직면하다

DLocal

dLocal: 410억 달러 규모의 총 거래액(TPV)을 기록하는 기업이 신흥 시장의 변동성에 직면하다