Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<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>'s  IPO valuation has reportedly been lowered to USD11.3 billion versus initial USD15 billion, creating a sharp contrast with Zomato's USD 26 billion enterprise value despite comparable scale.</li>
<li>Market volatility, weak investor sentiment, upcoming U.S. elections, and Zomato’s USD1 billion QIP may have driven Swiggy to cut its valuation.</li>
<li>Swiggy is expected to begin IPO marketing mid-next week, with the IPO opening on November 6th and listing on November 13th.</li>
</ul>



Swiggy (1255298D IN)'s  IPO valuation has reportedly been lowered to USD11.3 billion versus initial USD15 billion, creating a sharp contrast with Zomato's USD 26 billion enterprise value despite comparable scale.
Market volatility, weak investor sentiment, upcoming U.S. elections, and Zomato’s USD1 billion QIP may have driven Swiggy to cut its valuation.
Swiggy is expected to begin IPO marketing mid-next week, with the IPO opening on November 6th and listing on November 13th.


Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> 's proposed USD 1 billion fundraise highlights several potential risks for Quick Commerce players, including <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> .</li>
<li>Beyond heightened competition, majority foreign-owned Quick Commerce businesses including Swiggy could face regulatory hurdles if classified as multi-brand retail, limiting their foreign ownership.</li>
<li>Investors may fear about Swiggy’s regulatory risks and profitability struggles in this competitive landscape, which could dampen investor enthusiasm and IPO valuation.</li>
</ul>



Zomato (ZOMATO IN) 's proposed USD 1 billion fundraise highlights several potential risks for Quick Commerce players, including Swiggy (1255298D IN) .
Beyond heightened competition, majority foreign-owned Quick Commerce businesses including Swiggy could face regulatory hurdles if classified as multi-brand retail, limiting their foreign ownership.
Investors may fear about Swiggy’s regulatory risks and profitability struggles in this competitive landscape, which could dampen investor enthusiasm and IPO valuation.


Swiggy IPO: Zomato's USD 1bn Fundraise Signals Looming Quick Commerce Challenges

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In this note, we talk about the not-so-positive aspects of the deal.


Swiggy Pre-IPO - The Negtives - Neither Food nor Quick Commerce Was the Largest Revenue Driver

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy Limited</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Swiggy Limited is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In this note, we talk about the positive aspects of the deal.


Swiggy Pre-IPO - The Positives -Fast and Diversified Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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<li>
<a href="https://www.smartkarma.com/entities/crizac" target="_blank" data-smartkarma-citation="entities:41120:1" rel="noopener">Crizac (CRIZAC IN)</a> is looking to raise US$120m in its upcoming India IPO.</li>
<li>Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
In this note, we talk about the company’s historical performance.


Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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Swiggy (SWIGGY IN)

Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play

Swiggy's IPO valuation lowered to USD11.3 billion, citing market volatility and uncertainty. Zomato's USD1 bn QIP could have impacted too. Steep...

Devi Subhakesan

Swiggy IPO: Zomato's USD 1bn Fundraise Signals Looming Quick Commerce Challenges

Swiggy may face potential regulatory challenges in Quick commerce apart from a prolonged intense competition with well funded players. This could...

Devi Subhakesan

Swiggy Pre-IPO - The Negtives - Neither Food nor Quick Commerce Was the Largest Revenue Driver

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Swiggy Pre-IPO - The Positives -Fast and Diversified Growth

Swiggy Limited is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play

​Swiggy's IPO valuation lowered to USD11.3 billion, citing market volatility and uncertainty. Zomato's USD1 bn QIP could have impacted too. Steep...

Devi Subhakesan

Swiggy IPO: Zomato's USD 1bn Fundraise Signals Looming Quick Commerce Challenges

Swiggy may face potential regulatory challenges in Quick commerce apart from a prolonged intense competition with well funded players. This could...

Devi Subhakesan

Swiggy Pre-IPO - The Negtives - Neither Food nor Quick Commerce Was the Largest Revenue Driver

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Swiggy Pre-IPO - The Positives -Fast and Diversified Growth

Swiggy Limited is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Swiggy's IPO valuation lowered to USD11.3 billion, citing market volatility and uncertainty. Zomato's USD1 bn QIP could have impacted too. Steep...