Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

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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>
<div class="content-highlight">
<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>
</div>


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. 


FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

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