Yashraj Vakil

As most folks are talking about a #stock market bubble, I thought it would be interesting to revisit the famous #Minsky model which explains the 5 stages of a #marketbubble. 1. Displacement: primarily a shift in market sentiment; can be a result of advancements in technology, changes in interest rates or innovations. 2. Boom: prices start to increase at a steady rate before attracting the attention of the media and setting the stage for a boom phase. As demand continues to rise, speculation keeps driving prices higher. 3. Euphoria: peak of the bubble when prices skyrocket and reach unsustainable levels setting irrational exuberance. Prices continue to rise with speculators expecting the momentum to continue. 4. Profit-taking: prices begin to fall, some investors may decide to take profits, increasing selling pressure. As prices are pushed lower with the unwinding of positions, market sentiment turns negative. 5. Panic: fear spreads as media headlines warn of doom and gloom, and demand continues to falter. Coming to the present situation, here are some facts about SME IPO's which makes me believe we are definitely in the "euphoria" stage: 1. 169 SME's have IPO'd this year (5 months to go!) vs 182 in 2023, 109 in 2022 and 54 in 2019 (ignoring the covid years). The previous time such large no of SME's IPO'd was 141 in 2018. 2. These 169 SME IPO's were oversubscribed an avg of 290 times 🤯 vs the 51 mainboard IPO's this year which were subscribed an avg of 29 times. 3. Following are the top 5 oversubscribed IPO's: - HOAC Foods, a ~10 outlet grocery company in NCR with brand name "Hari Om Atta Chakki" with ~15 Cr revenue- 2556x - Fonebox Retail, a multi-brand retailer of mobile handsets & home appliances with 150+ outlets in Gujarat and ~300Cr revenue- 2066x - Koura Fine Diamond Jewelry Limited, a gold & diamond jewelry wholesaler from Ahmedabad with 36 Cr revenue- 1534x - Amkay Products Limited, a medical equipment manufacturer (facemasks, nebulizers, adult diaper, thermometers etc) with ~30 Cr revenue - 1340x - Kay Cee Energy & Infra Limited, a transmission tower EPC company from Rajasthan with ~60Cr revenue- 1311x I am not against SME's tapping public markets but the amount of frenzy we are seeing from retail investors is crazy. From tulip mania in the 17th century to the GFC in 2007-08, every boom-burst cycle is essentially driven by greed and ends with the same outcome, although the market participants keep believing that this time it is different. Thanks to my colleague Sounak Biswas for highlighting this old video from the classic Jaspal Bhatti. https://lnkd.in/dT4rgRyv

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Zomato recently announced their acquisition of Paytm's entertainment ticketing business. How does one make such strategic choices? ❓ The first question in strategy is "where do we play?". ❇ In this case Zomato is exploring the space of "going-out" business. ❓The next question in strategy is "why do you want to play here?" ❇ The first reason is they want to expand their share of consumer wallet spend unlocking new growth avenues. ❇ Given they want to expand their share of wallet, there are many places they could get their share of wallet from - health & wellness, fuel, services & utilities etc. ❓Which then brings us to the third question in strategy "What are Zomato's strengths and where is the adjacency most natural?" ❇ There are multiple dimensions on which we can evaluate Zomato's strength. 👉 Zomato's core audience profile, the power users and therefore where do they most likely spend money. 👉 Zomato's infrastructure which consists of delivery fleet, network of restaurants, network of dark stores. 👉 Zomato's brand which stands for customer centricity, great user experience etc So given these aspects certain businesses lines don't fit in naturally, say for e.g fuel, education etc. It narrows down to a smaller subset - shopping, travel, movies&events, health & wellness, medicines etc. Given these choices, Zomato could have considered say medicine delivery, which leverages its infrastructure, warehouses etc with a deeper integrated play. Instead I hypothesise Zomato's lens for picking new playgrounds is focussing on what their core TG aspires to spend on and placing a bet on the growing population size of such a TG which is also more premium. That narrows down the focus to categories like shopping, travel, movies etc. ❓Which brings us to the next question, "What is the sequence of prioritisation & how to win?" Here looking at some macro trends help. ❇ According to a razorpay report on how India spends its money in FY23-24, AirTravel saw a 2.4x spike whereas movie tickets saw a 2.7x spike. For the sake of simplicity let's assume a choice was to be made between AirTravel and Movie Tickets ❇ Dimensions of evaluation can be frequency of event, margin structures, complexity of supply, competitive landscape et all. ❇ Airtravel could be anywhere between once a quarter to once a year. Whereas movies could be anywhere between once a week to once a month. ❇ Airtravel has more competition from makemytrip, cleartrip, ease mytrip et all whilst in the movie ticketing space BookMyShow has a ~55% marketshare and PayTM insider has ~45% marketshare. Purely from a frequency stand point, movie & entertainment tickets make for a better bet. Now Zomato has the option to either build this by themselves or buy. Content continued in comments section.... #strategy #business #productmanagement

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🚀 Zepto’s 'Shagun Ka Lifafa' Campaign: A Game Changer This Raksha Bandhan! 🎉 Zepto has truly outdone itself this Raksha Bandhan with their "Shagun Ka Lifafa" campaign, setting new benchmarks and delighting customers across India. This isn’t just another festive campaign—it’s a masterstroke in modern marketing, with a cultural twist that resonates deeply. Here’s why this campaign stands out and how it crushed records with 1 Million OPD on a super Sunday, surpassing their previous milestone of 0.7 Million OPD on their Third Anniversary which they recently celebrated: 🌟 Cultural Connection Meets Modern Excitement: Zepto beautifully marries tradition with innovation. The age-old custom of Shagun Ka Lifafa is reimagined with a modern flair—scratch cards with every delivery that promises big wins like cars, Dubai trips, and more! 🎁. By the way, I received upto 30% off on Real Juices and Rs.500 off on EMT. 🌟 Everyone’s a Winner: Unlike typical promotions, Zepto ensures no one is left empty-handed. Every order gurantees a lifafa, and every lifafa guarantees a prize, which not only boosts customer satisfaction but also builds strong brand loyalty. 🏆 I just placed one order on Zepto today, just to check whats the craze about the Lifafa, and I just went ahead to have this post written. 🌟 Strategic Partnerships: Collaborations with brands like Dabur, Easemytrip, Ariel, and Tide elevate the campaign, offering diverse and desirable prizes that appeal to all demographics. This strategic move adds immense value to each order. 🤝 Haldirams, Snickers, Hershey, McCain and not to forget BSC - Bombay Shaving Company - Gaurav Anand are few of many participating brands. 🌟 Creative Brilliance by Chandan Mendiratta: The campaign carries the hallmark of Chandan Mendiratta’s genius, from the catchy rap ad that perfectly encapsulates sibling love and banter, to the overall conceptualization of the lifafa. It’s all Chandan—every bit of it! 🎨✨ It has Chandan written all over the campaign. 🌟 Record-Breaking Numbers: With an astonishing 1 Million Orders Per Day, Zepto not only surpassed their previous records but also demonstrated their operational excellence. This achievement sets a high bar for what’s possible in festive marketing! 📈💥 As we look ahead to the upcoming festive season, the calendar at Zepto must be buzzing with new ideas. I’m on the edge of my seat to see what they come up with next to break even more records! Kudos to the entire Zepto team, and especially to Chandan Mendiratta, for crafting a campaign that’s not just memorable but monumental. 👏 🌟 Don't forget to check the usual banter between a brother & sister on the front of the lifafa. "you have no friends because.. you're lame" is my favourite one. #Marketing #Branding #RakshaBandhan #Zepto #Innovation #CustomerDelight #RecordBreaking Aadit Palicha Devendra Meel Kaivalya V. Chandan Mendiratta

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In today's fast-paced world, speed often trumps accuracy. A great example is the rapid rollout of digital payments post-demonetization. Remember how Paytm seized the moment with its full page ad blitzkrieg, quickly onboarding millions of users, while others were perfecting their solutions. This swift action allowed Paytm to dominate the market, showcasing that sometimes, speed in execution can outshine precision. At Futuready I have led by believing in quick, impactful actions to drive growth and innovation. Let's keep pushing the boundaries! 🚀

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#D2C Brands: #QuickCommerce—A Game-Changer or a Threat? Over the last 1-2 years, I’ve been urging D2C brands to embrace Quick Commerce (QC). Today, it’s no longer optional—it’s the most transformative shift in consumer behavior since marketplaces like Amazon and Flipkart emerged. If you still have the relationships and the window, this is land-grab time! How Did We Get Here? The Early Marketplace Era (Amazon/Flipkart): • These platforms disrupted traditional distribution, creating challenges for legacy brands. Sales attribution, conflicting regional offers, and the alienation of local distributors made it hard for older players to adapt - while customers were loving the home delivery (behaviour change #convenience over #familiarity) • Challenger brands thrived: Delivering to 1-2 locations with monthly POs, better margins, and national visibility. Marketplaces made them discoverable, even if delivery took 2-3 days (customers were still happy). The Shift to Quick Commerce: • QC has redefined online retail, emphasizing speed, convenience, and instant availability (huge change / #convenience over #novelty). • Unlike marketplaces, QC tilts the game in favor of older brands, thanks to: - Multiple delivery points engaging local distributors. - Weekly POs and instant stock replenishment, a system legacy players already excel at. - Profitable unit economics, making QC sustainable for established players. What Does This Mean for D2C Brands? The channel that once gave challenger brands a platform is now leveling the playing field—and if D2C brands don’t act fast, legacy players will reclaim dominance. Why? • QC’s dark store model stocks limited options, prioritizing what’s available fastest. • Customers won’t wait—they’ll pick brands they recognize or that are ready to deliver within minutes. Lessons from Abroad #Gorillas (Europe), a QC pioneer, opened doors for newer, niche brands. But legacy FMCG giants quickly leveraged their deep supply chains to stock dark stores at scale. With faster fulfillment, they edged out smaller brands, proving that in QC, availability and recall trump novelty. #Deliveroo (UK) disrupted grocery shopping with its Deliveroo Hop service, promising 10-minute deliveries. While niche brands initially gained visibility, large FMCG players reclaimed dominance, consistently stocking shelves to match consumer demand for speed. The result? Brands that couldn’t match delivery speed and availability lost ground—no matter how innovative they were. How Can #D2C Brands Win? To stay ahead in QC: • Be Available: If you’re not listed, you don’t exist. • Scale Inventory: Deliver weekly POs (or faster!) and meet QC’s demands for instant replenishment. • Leverage Speed: Build fulfillment systems that mirror legacy efficiency but with challenger agility. QC offers a window of opportunity for agile D2C brands—but that window is closing fast. It’s time to scale up or risk losing your spot to legacy giants. What’s Your Take?

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Zomato is reportedly nearing a deal to acquire Paytm's movie ticketing and events division for INR 1500 crores (approximately USD 200 million). The negotiations between Zomato and One97 Communications Limited, Paytm's parent company, are said to be in advanced stages. This strategic acquisition could diversify Zomato's offerings beyond food delivery, enhancing its presence in the entertainment sector. For Paytm, the sale would allow it to focus more on its core digital payments business, streamlining its operations. This move highlights a broader industry trend of tech companies expanding their service portfolios to capture a larger consumer market share.

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"It has been the most ordered dish on online platforms and there is no sign of any change to that in the foreseeable future. With demand for biryani continuing to grow on an already high base, delivery platforms are onboarding more restaurants that serve the fragrant, spiced dish of rice with meat or vegetables. Food companies which are specialising in the segment are also looking to expand to newer markets besides launching more Biryani varieties. According to the eighth edition of Swiggy’s ‘How India Swiggy’d’ report, India ordered 2.5 biryanis every second in 2023. “It's also the go-to dish for many first-time users, with about 2.49 million debuting on Swiggy with abiryani order. This year we have already seen a nearly 20% increase in the number of restaurants selling biryani,” a Swiggy spokesperson said. “To meet the rising demand, Swiggy is committed to expanding the availability and variety of biryanis,” the spokesperson added. The biryani segment has been growing at 20-25% year-onyear for Rebel Foods, said Ankush Grover, CEO for India and the Middle East. The company operates two brands in the biryani segment. “Our Behrouz Biryani brand is growing in early double digits. We have entered Patna, Guwahati Amritsar, Pondicherry, and Jamshedpur and are planning to launch in Jammu, Rajkot and other tier-II cities.” Grover said the company is also conducting a pilot in Mumbai for Mehfil e Behrouz. “We will arrange a buffet-like setup for people wishing to host a gathering through Behrouz, complete with table runners, kebabs and curries as accompaniments,” he added. House of Biryani chief executive Mohammed Bhol said the Mumbai-based chain will expand to Delhi and Pune and aims to cater to over 400,000 customers in one year. It aims to clock revenue of over ₹100 crore with 45 stores by December 2025. Vishal Jindal, cofounder of Biryani by Kilo, said the company has increased its outlet count as well as revenue over the last one year from around ₹220 crore to over ₹300 crore. “We have increased our night hours and would be looking at more dine-in and highway outlets this year. We have launched a Toofani category in Biryani which is delivered faster,” he added. Pradeep Shetty, president of the Federation of Hotel & Restaurant Associations of India, said his restaurant members are focusing a lot more on the biryani segment and are innovating on varieties and takeaways." https://lnkd.in/gV2wPVSm

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With India's OTT landscape shifting towards content syndication, marketers and brands have a unique chance to expand reach and connect deeply with a varied audience. This strategic move not only broadens content distribution but also opens doors for creative advertising and brand integrations across multiple platforms. By leveraging syndicated content, brands can craft a unified and compelling message that resonates strongly with consumers, enhancing brand loyalty and creating a lasting impact in a competitive digital market. #OTT #Content #Marketing

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Paytm in Talks to Sell Ticketing Business to Zomato in Strategic Shift Paytm is reportedly in talks with Zomato to sell its movie and events ticketing business. This move comes as Paytm focuses on its core fintech business after facing declining sales. Zomato, with its growing cash reserves, it's an opportunity to expand its food delivery offering by integrating events and ticketing into its app. For Paytm, the ticketing business is a growing but non-core vertical. While Paytm Insider saw revenue jump in FY23, it still represents a small portion of their overall income. Zomato, on the other hand, is already investing in this area with a dedicated "Events" tab and aims to diversify beyond food delivery. This potential deal reflects both companies' current positions. Paytm needs to streamline operations after regulatory hurdles, while Zomato seeks growth opportunities. Both companies have confirmed the discussions but no final agreement has been reached. This is a space to watch as the Indian food and entertainment landscape evolves. What do you think? #zomato #paytm #ecommerce

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I recently had a fascinating discussion on 3.0 TV, a channel at the forefront of Web3 journalism in India. We dove into the burgeoning Web3 gaming sector in India, a field that's just as thrilling as it is complex. India, with its rich gaming culture and a robust community of Web3 developers and startups, stands on the brink of becoming a leader in this innovative industry. The potential benefits are vast, promising opportunities for individuals and entities across all city tiers. However, we're facing some significant regulatory headwinds. Recent GST amendments, which took effect on October 1, 2023, have thrown us some serious curveballs. A striking example is Gameskraft, which was hit with a tax demand for INR 21,000 crores on funds held in trust for its users. These developments have sparked around 30 writ petitions across 11 high courts, all now escalated to the Supreme Court. This has created a precarious wait-and-see situation, where the pace at which the world moves won't slow down for us to sort our internal issues. The danger of losing our early mover advantage is real and pressing. What's clear is the urgent need for a robust, tailored regulatory framework that can nurture and not stifle growth in Web3 gaming. We can learn a lot from international models like Malta's, Singapore, Switzerland, amongst others, which might provide some valuable insights. A synchronized regulatory regime is crucial to disincentivize regulatory arbitrage seeking. Moreover, there is an immediate need for clarity on how GST impacts business models in the online gaming sector to prevent these models from being undermined. The risks of inaction are significant. Without the right regulatory support, we risk seeing Indian Web3 gaming companies relocate abroad, leading to brain drain and loss of valuable intellectual property. The financial implications are massive too—excessive demands could potentially drive this nascent industry out of India, and the government might not even achieve its revenue targets. Web3 games are likely to be the forerunners of what we will come to know as the metaverse, representing digital environments where economic and social dynamics play out in real-time, always-on virtual worlds. As with any emerging industry, early adopters set the standards and lead innovations. India has the potential to leverage its Web3 capabilities to influence various sectors globally, pioneering future business models. But this can't be done in isolation—the industry needs proactive policy engagement to flourish and achieve global leadership. Reflecting on all this, it's clear that India shouldn't chase short-term financial gains at the expense of stifling a promising industry. Thoughtful, supportive regulations could help cultivate a thriving Web3 gaming ecosystem within the country. Here’s hoping for wise decisions that harness our full potential and keep us at the forefront of digital innovation. https://lnkd.in/dMY_ahSw

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Super fun catching up with one-time arch-rival, co-conspirator, and now good friend Sanjay Swamy. Thanks for having me on the show Prime Venture Partners. It was fun looking back on how our journeys in fintech began before the term was even coined. Life is tough as an entrepreneur, sometimes it's good to look back and see how far we've come. #startups #entrepreneurship #entrepreneurs #nostalgia #earlydays #OGs #fintech #mcommerce #payments

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#acquired #DiversifyToThrive: This highlights Zomato's strategic move to expand beyond food delivery and explore new avenues for growth. It encourages businesses to adapt and diversify their offerings. #BeyondFood: This captures Zomato's ambition to become more than just a food delivery platform, venturing into the entertainment and experiences space. #SeamlessExperiences: This reflects Zomato's goal to provide a seamless and integrated experience for its users, now offering both food delivery and entertainment ticketing services. #ExpandingHorizons: This symbolizes Zomato's expansion into new markets and its commitment to providing a wider range of services to its customers. #AppetiteForGrowth: This signifies Zomato's hunger for growth and its continuous pursuit of new opportunities to expand its business.

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We've just wrapped up an incredible experience at SANOG 41 and Innog 7, right here in Mumbai at Trident Hotel Bandra Kurla Witnessing the convergence of tech enthusiasts, experts, and innovators under one roof has been truly invigorating. SANOG 41 and Innog 7 served as vibrant platforms, pulsating with the latest advancements and discussions in the tech and business realm. It was an incredible opportunity to connect with fellow network operators, ISPs, and industry experts as well as friends from across India and South Asia. The event was packed with insightful discussions, workshops, and presentations on the latest trends and challenges in networking, cybersecurity, and Internet technologies. I had the privilege to be a part of the panel discussion on the topic about the expansion of Internet Exchanges in India. These sessions provided valuable insights that will undoubtedly enhance our strategies and operations moving forward. The tech sessions at SANOG41 & INNOG7 were a highlight, offering deep dives into cutting-edge topics like Optimising Traffic Flow, Multicloud Networking, Distributed Latency Monitoring, etc. These sessions weren't just about learning; they were about unlocking new possibilities and strategies that will shape the future of our network operations. We were overjoyed to witness a diverse crowd of different ages, each contributing their unique perspectives and experiences, creating a rich tapestry of knowledge and innovation. DE-CIX India's presence at these sessions was met with tremendous enthusiasm and positivity, and the response to DE-CIX's Interconnection Platform was amazing. Engaging with like-minded people, exchanging ideas, and discovering the cutting edge of networking and technology has been an unforgettable experience. A big thank you to the organisers, speakers, and fellow participants who made SANOG 41 & INNOG 7 a huge success! Your passion and dedication inspire us to reach new heights, and we are honored to be on this journey with you. For us it was great to have Arnold Nipper and John Hill from our Global Team . #SANOG41 #INNOG7 #ISPAI #APRICOT #Networking #Cybersecurity #InternetTechnologies #KnowledgeSharing #Innovation #NetworkOperators #ISP #TechConference #LinkedInNetworking

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🌟 What a year it's been at Kirana Club! 🌟 Last financial year was not just another tick on the calendar for us at Kirana Club. We grew in numbers! reaching about 20 lakh retailers on our platform. We also saw incredible engagement and Kirana Club has become a go-to place for retailers to connect, share insights, and learn from one another. We also got to work with major names in #FMCG industry very early on in our journey! The feedback has been overwhelmingly positive, and it seems nearly every brand we've talked to—whether we've partnered with them directly or just had discussions—recognizes the value we're adding. For FMCG brands, the advantage of working with us is clear - They can reach and communicate with lacs of kiranas directly, without the usual delays and dilution caused by intermediaries like wholesalers and distributors. We're not just facilitating communication; we’re also helping brands with tactical and strategic initiatives like: ** Collecting quick market insights from the channel for brands ** Indexing buy and sell prices at the wholesaler and distributor levels ** Driving mass engagement and enhancing in-store visibility for retailers ** Tailoring communications to retailers based on their location, category & brand affinity, interests and behavior in the community Thanks to all our existing partners for the eventful year! Looking ahead, we're energized to build upon this momentum and make the next year more impactful! #GeneralTrade #Distribution #Wholesale #Insights #retail #kiranas #consumerinsights #offline #GTM #CIIFMCGSummit #Aahar2024 #AaharEvent #Gulfood2024 Anshul Gupta Aishwarya Jain Akash Bhargava💡Gaurav Tolani Aditi Tibarewal Charvi Verma Anshul Shivhare Shubhankar Mohan Aditya Kumar Hritik Sahoo Sanket Wable

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