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

Private Capital Markets

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<h2>Where do we go?</h2>
<p>In this multi-part series, we discuss some of the upcoming tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought. </p>
<p>Companies covered in this Insight are <a href="https://www.smartkarma.com/entities/paytm-mobile-solutions-pvt-ltd" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>; <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S (1391510D IN)</a>; <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN) </a>and <a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a> </p>
<p>Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. </p>
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<p><em><strong>NB: </strong>This is a multi-part insight in order to improve readability as the companies covered represent different industries and each of them may attract different types of investors. </em></p>
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Where do we go?
In this multi-part series, we discuss some of the upcoming tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought. 
Companies covered in this Insight are Paytm (PAYTM IN); BYJU'S (1391510D IN); FSN E-Commerce Ventures (Nykaa) (1003622D IN) and Flipkart Online Services (1398508D IN) 
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 

NB: This is a multi-part insight in order to improve readability as the companies covered represent different industries and each of them may attract different types of investors. 


India Tech IPOs | Where Do You Go? | Paytm - Second Life

Thematic (Sector/Industry)

<p>We spoke to the store manager of Reliance Digital, an electronics retailer part of Reliance Retail, a wholly-owned subsidiary of <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> and a store of Tata Croma, also an electronics retailer part of Infiniti Retail, a subsidiary of the Tata Group.</p>
<p>Our objective was to understand the current operating environment and consumer sentiment especially now due to the onset of the festive season in India. </p>

We spoke to the store manager of Reliance Digital, an electronics retailer part of Reliance Retail, a wholly-owned subsidiary of Reliance Industries (RIL IN) and a store of Tata Croma, also an electronics retailer part of Infiniti Retail, a subsidiary of the Tata Group.
Our objective was to understand the current operating environment and consumer sentiment especially now due to the onset of the festive season in India. 

India Channel Insight | Reliance Digital, Tata Croma (Electronics Retailers)

Equity Bottom-Up

AU Small Finance Bank Limited / Equity Bottom-Up

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<p>In the postcard series, our objective is to understand the macro environment shaping India and to assess the on-ground progress on its ambitious plan to reach USD 5 trillion from the current USD 2.7 trillion economy.</p>
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<p>In this Postcard, we present our key takeaways from the interactions in Jaisalmer, a tourist hotspot in the state of Rajasthan.</p>
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In the postcard series, our objective is to understand the macro environment shaping India and to assess the on-ground progress on its ambitious plan to reach USD 5 trillion from the current USD 2.7 trillion economy.


In this Postcard, we present our key takeaways from the interactions in Jaisalmer, a tourist hotspot in the state of Rajasthan.


Postcard from Jaisalmer | Changing Consumers, Shifting Gears

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<p>This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. </p><p><strong><em>Companies mentioned this week:</em></strong></p><p><a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a></p>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:Tencent (700 HK), Flipkart Online Services (1398508D IN), Meituan (3690 HK)

Global Emerging Markets Weekly: 6 August 2021

Telco/Internet specialist

Kirk Boodry

Redex Research

<p>Google is reportedly close to acquiring smartphone settlements company Pring for ¥20-30bn which would open the door for it to offer a mobile payments service in Japan directly linked to bank accounts. And that is the appeal of Pring which is a relative minnow in the Japanese payments market with &lt;1mn users but has relationships with a wide range of Japanese financial institutions. Google is not a global fintech player but it has had some success in a few markets like the US and India whilst it has started to expand in Europe, and now apparently, Japan. Competitively, the major domestic players with vast consumer ecosystems are formidable competition but Google connects to half of all smartphone users through Android and has merchant relationships through its Internet advertising business.</p>

Google is reportedly close to acquiring smartphone settlements company Pring for ¥20-30bn which would open the door for it to offer a mobile payments service in Japan directly linked to bank accounts. And that is the appeal of Pring which is a relative minnow in the Japanese payments market with &lt;1mn users but has relationships with a wide range of Japanese financial institutions. Google is not a global fintech player but it has had some success in a few markets like the US and India whilst it has started to expand in Europe, and now apparently, Japan. Competitively, the major domestic players with vast consumer ecosystems are formidable competition but Google connects to half of all smartphone users through Android and has merchant relationships through its Internet advertising business.

Japan Fintech - Google Push into Mobile Payments Could Raise Competitive Intensity

India

Flipkart Online Services Private Limited owns and operates e-commerce website. The Company provides books, movies, music, games, consoles, televisions, mobiles, digital cameras, computers, network components, software, peripherals, apparel, shoes, and kitchen appliances. Flipkart Online Services serves customers in India.

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Flipkart Online Services (1398508D IN)

India Tech IPOs | Where Do You Go? | Paytm - Second Life

In this multi-part series, we discuss upcoming and most recent tech IPOs from India. The focus is based on candid, anecdotal observations and is...

Pranav Bhavsar

India Channel Insight | Reliance Digital, Tata Croma (Electronics Retailers)

We spoke to the store manager of Reliance Digital, Tata Croma, to understand the current operating environment and consumer sentiment especially...

Pranav Bhavsar

Postcard from Jaisalmer | Changing Consumers, Shifting Gears

In this Postcard, we present our key takeaways from the interactions in Jaisalmer, a tourist hotspot in the state of Rajasthan.

Pranav Bhavsar

Global Emerging Markets Weekly: 6 August 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Japan Fintech - Google Push into Mobile Payments Could Raise Competitive Intensity

Google is considering an acquisition that would allow it to compete directly in JP mobile payments. It lacks a direct consumer business but Android...

Kirk Boodry

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