Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.</li>
<li>ONDC-Enabled Pincode could disrupt <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> food delivery and grocery businesses.</li>
<li>Loyal restaurants may choose to offer discounts via ONDC, putting pressure on <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  and <a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> to compete bringing back cash burn and discounting. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.
ONDC-Enabled Pincode could disrupt Zomato (ZOMATO IN) food delivery and grocery businesses.
Loyal restaurants may choose to offer discounts via ONDC, putting pressure on Zomato (ZOMATO IN)  and Swiggy (1255298D IN) to compete bringing back cash burn and discounting. 


Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

<ul>
<li>The near term impact of ONDC on OFD platforms like Zomato &amp; Swiggy is limited, longer term they will have to move from platform to a network centric model.</li>
<li>An external shock will be required to drive faster ONDC adaption as we have seen in the case of UPI.</li>
<li>Logistics companies especially the ones with express capabilities are likely beneficiaries in case ONDC scales up rapidly. </li>
</ul>


The near term impact of ONDC on OFD platforms like Zomato &amp; Swiggy is limited, longer term they will have to move from platform to a network centric model.
An external shock will be required to drive faster ONDC adaption as we have seen in the case of UPI.
Logistics companies especially the ones with express capabilities are likely beneficiaries in case ONDC scales up rapidly. 


India Food Delivery - Bracing for Disruption (ONDC)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kansai Electric Power / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, the usual year end deal flow appears to be picking up with US elections now out of the way.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/kansai-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:18907:1" rel="noopener">Kansai Electric Power (9503 JP)</a> launched a large primary offering, while <a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> did the same in India.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, the usual year end deal flow appears to be picking up with US elections now out of the way.
On the placements front, Kansai Electric Power (9503 JP) launched a large primary offering, while Varun Beverages (VBL IN) did the same in India.


ECM Weekly (18th Nov 2024) - SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.</li>
<li>Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).</li>
<li>Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.</li>
</ul>


It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.
Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).
Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.


NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

Go Digit General Insurance / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In this note, we will talk about the lockup dynamics and possible placement.


Go Digit IPO Lockup - Promoters and Investors Could Look to Sell in the US$2.1bn Release

India

Bundl Technologies Private Limited provides food ordering and delivery services. The Company operates a fleet of delivery personnel who pick up orders from restaurants and deliver it to customers. Bundl Technologies serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Swiggy (1255298D IN)

Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Emergence of ONDC and PhonePe's Pincode app likely to disrupt food delivery and grocery businesses of Zomato and Swiggy, bringing back cash burn...

Pranav Bhavsar

India Food Delivery - Bracing for Disruption (ONDC)

ONDC is set to offer customers more options, alter business models for online food delivery players and provide a tailwind for express logistic...

Pranav Bhavsar

ECM Weekly (18th Nov 2024) - SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

Comments made by Bloisi in a recent interview with the Financial Times have weighed on the discount, reiterating whether it was the right approach...

DMA

Go Digit IPO Lockup - Promoters and Investors Could Look to Sell in the US$2.1bn Release

Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)