Rohit Khandelwal

Indian venture market has exploded. Someone reported that there are 800+ funds/networks/syndicates/ accelerators active in Indian venture market now. Not sure, if that number is correct but if you are an early stage tech founder on your fundraise journey, chances are, you would meet hundreds of people. While majority of the fund houses are doing incredible work and shaping the ecosystem. There are certain kinds of investors you need to identify & avoid to save time and stay focused: Sharing from my personal experience, top 5 such cohorts to avoid and the takeaways for the founders: 1. Data collectors: At early stage, you don't have historical data to present. Your projections are just that, Projections. I wasted one whole week discussing with a prospective angel investor on why the CLTV to CAC ratio is x, and not y. Takeaway: Discuss high level strategic numbers only without going into the details. None of the projections would be accurate anyway when rubber hits the road. 2. Document collectors: Met few folks, who would watch from the fences and ask for n number of documents, data rooms, statements without sharing the purpose of the ask or even revealing their investment intent. Takeaway: It is supposed to be a bi-directional conversation. Say 'no' often, till the time, an official relationship is established. 3. Valuer (! investor): At early stage, valuation is a function of multiple parameters, the opportunity itself, the team, or anything else except steady cash flows, because you don't have much. I wasted another week with a prospective investor trying to justify valuation, had to shut down that conversation, after both of us started quoting Aswath Damodaran and his valuation principles. Takeaway: Too much content on the internet for both parties anyway. Shouldn't be a bone of contention at early stages. 4. Facilitators posing as investors: Met numerous people, who would go to any lengths to pose themselves as serious investors, even buying paid media articles. Only to reveal at the last: The success fee. Takeaway: Avoid facilitators until Series A 5. Brokers posing as market makers: People posing as market makers sharing tons of gyaan on LinkedIn but are actually deal brokers looking to make quick %. Personal experience: Two rounds of conversation happened and then out of blue, they added a third party in the mail trail, someone who facilitates mergers & acquisitions. There wasn't even a single instance in the past conversations where we indicated any such intent. Takeaway: Avoid name & shame in public but at least share within founder communities. #venture #fundraise #startups #investing

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Who would invest in founders who have wasted $50M? Koo, an Indian microblogging platform, recently shut shop after raising $50M in capital. Everyone has their views on why Koo failed. IMO, the biggest reason behind its failure was a lack of PMF (Product Market Fit). Koo spent much money on marketing and didn’t build a product people wanted. It kept harping on nationalism, a Twitter for Indians, made in #India. This approach failed. However, this doesn’t mean Koo’s founders aren’t smart or intelligent. I wrote in an earlier post that we shouldn’t be surprised if Koo’s founders raise fresh capital for a new startup. To many of us, this might seem grossly unfair. Millions of smart, hardworking founders are struggling to raise capital while investors are backing failed founders who have wasted millions of dollars. How is that fair? It confirms the widely held belief that the #venturecapital industry is broken and corrupt where a few people with the right connections get all the capital while others don’t see a dime. It shows that the VC industry is a closed group, a cabal where who you know matters more than anything. While these are just complaints, most people who criticise VCs don’t understand how startup investing works. VCs welcome failures. They embrace them because they know failures are inevitable. When VCs invest in 20 #startups, they know 15 will fail. The goal is to invest in startups that can give them a 100x return. Failures are part of the game. They are unavoidable. The aim is to back founders who can build such 100x return companies. Hence, failures are not looked down upon in the VC industry. It’s similar to the American culture where society appreciates the people who take risks, and it easily accepts personal bankruptcies that result from this risk-taking approach. There’s no taboo in failing in the USA and the VC industry. I’m sure Koo’s founders have learnt from their mistakes. It’s an expensive mistake and not everyone is so lucky to have this luxury to spend $50M on their education. ;) However, most VCs will back Koo’s #founders because these founders know how to raise capital and they know how to not build and scale tech companies. Their past failures have improved their chances of future success. In the VC industry, Failure is Good.

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Thanks Bismah and Inc42 Media for the insightful coverage and deep dive into the vital role of operator VCs! Bismah's thoughtful analysis underscores the growing need for operator VCs in today's startup landscape. As an operator VC , I've witnessed firsthand how founders increasingly value more than just capital. They seek partners who bring operational expertise, strategic guidance, and an extensive network to the table. These elements are crucial for driving sustainable growth and navigating the complexities of scaling a business. At GrowthCap Ventures , we understand the unique challenges faced by early-stage startups, which is why we prioritize offering not just funding, but also hands-on support and access to our extensive network. Together, we're empowering founders to realize their vision and build transformative businesses. #OperatorVC #StartupEcosystem #Gratitude

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The e-commerce startup Meesho has raised $275 million in a new funding round, pushing its valuation to approximately $3.9 billion. This funding, part of a larger round expected to exceed $500 million, includes secondary transactions. Notable investors like WestBridge Capital and Norwest Venture Partners are participating in this round, joining Meesho's impressive list of backers, including Meta, Fidelity, Peak XV, Prosus Ventures, B Capital, and SoftBank. However, Meesho faces increasing competition, with Amazon India recently launching Bazaar, a special store featuring affordable fashion and lifestyle products. Despite this, Meesho's focus on an asset-light model and lower fulfillment charges has helped it capture nearly half of India’s annual 3PL e-logistics shipment. For the latest secondary coverage and trading SaxonWeber | ShareWell #secondaries #saxonweber

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VC is not rocket science but the high volume of information and the constant context switching makes it extremely difficult to manage efficiency & time. For this, I have realized that the right technology stack can be a game changer. Below are the key tools we have been using to streamline operations - sourcing, evaluation, and portfolio management. I would love recommendations on tools that might have helped others improve efficiency. 📰 Sourcing & Evaluation:- ▶ LinkedIn - Linkedin Premium & Sales Navigator are a must have to identify new founders building. ▶ Tracxn (Research Database) - With an increasing number of features, Tracxn has become the quickest go-to research tool. ▶ Taghash (CRM) - An easy to use and comprehensive CRM can save at least 1-2 hours a day. ▶ Otter.ai (Notetaking) – Seamless note taking and summary tool helps keep information organized. ▶ Phantom Buster (Lead Gen & Management) – For mass reach outs and streamlining reach outs based on key words. 📩 Communication & Co-ordination:- ▶ Calendar – I am obsessed with calendar management. While Calendly or another tool can be helpful, I use a simple google calendar to plan and colour code each day carefully. ▶Zoom – Has been instrumental in reducing travel time at least for initial due diligence. ▶ Substack – We use it for our fortnightly newsletter for mass communication and sharing industry insights. ▶ Intuit Mailchimp – More intimate communication and reporting requires carefully curated contact list. We have found mailchimp to be helpful here. 🗃 Reporting:- ▶Dropbox DocSend – Has helped in avoiding multiple email threads with different attachments while still ensuring transparency.

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🚀 From Even Healthcare to Healthify – Indian Startups Raised $187 Mn This Week🚀 This week 21 Indian startups raised $187 Mn, which includes 4 growth stage and 13 early-stage deals while 4 early-stage startups kept the transaction details undisclosed. In terms of the city-wise number of funding deals, Mumbai-based startups led with 9 deals followed by Bengaluru, Delhi-NCR, Pune, and Chennai. During the week, seed funding deals are on top, with 8 deals followed by Series A, pre-Series A, Series C, and Angel deals among others. The average funding in the last eight weeks stands at around $315.51 million with 28 deals per week. So, I put together a comprehensive guide that covers: - 📌 Key Startup Funding Highlights of The Week 📌 Growth/late-stage deals 📌 Early-stage deals 📌 City and Segment-Wise Deals 📌 Other Major Developments of This Week ➕ Follow Shilpi Kumari for more such insightful content. #startups #fundraising #fundingsuccess #investmentstrategy #founders #entrepreneurs #startupecosystem #fundingnews

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To be honest, most VCs in India have not found product market fit (PMF) yet. I believe, you have hit PMF as a VC when you have – 1. Top 1% founders are coming to pitch to you, 2. The founder is willing to take your money at a lower price than the market might give him/her. 3. You have built capabilities to pick the founder and market you want to invest in and the confidence to pass on deals that don’t align with your vision. Best example of this is YC , ~4.5% of the startups that have gone through Y Combinator since 2010 have become billion-dollar companies.  Founders don’t just take their money—they choose YC’s standard terms even after raising at a higher price from other VCs. That’s true PMF for a VC. #VC #PMF #funding

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{New pod 🎤} "𝐆𝐨𝐢𝐧𝐠 0-𝐭𝐨-1 𝐚𝐬 𝐚 𝐔𝐒-𝐈𝐧𝐝𝐢𝐚 𝐝𝐞𝐯 𝐭𝐨𝐨𝐥 𝐬𝐭𝐚𝐫𝐭𝐮𝐩" This episode is an in-depth discussion of going 0-to-1 as a US-India dev tool startup. We cover everything from how to identify market gaps, ways to think about dev tools MVPs, leveraging the India developer market to build global products, comparing various GTM channels like Hacker News, GitHub, Reddit, LinkedIn & open-source communities, learnings from shuttling between the US and India and finally, harnessing the power of open-source. Joining me for this discussion is Pranay Prateek, co-founder of SigNoz, an open-source observability platform that is native to OpenTelemetry and provides logs, traces, and metrics in a single pane of glass. He has been a developer in the past, worked in product roles in companies like Microsoft, and is a champion of open-source. TIME STAMPS: (00:47) Introduction to Observability (04:50) Identifying market gaps in dev tools (07:43) Leveraging the India developer market to build global dev tools (12:44) Acquiring the first set of US design partners as a US-India dev tool startup (17:34) Scoping out dev tools MVPs (28:36) GTM models for open-source dev tool startups (41:34) Learnings from shuttling between the US and India as a dev tools founder (49:41) Is YC relevant and helpful for US-India dev tool founders? (54:48) Harnessing the power of open-source in a dev tools startup YouTube - https://lnkd.in/g98wXYcT Spotify - https://lnkd.in/gH9Vkxq9 Apple Podcasts - https://lnkd.in/gbc8je-j An Operator's Blog - https://lnkd.in/gEaf5sX3

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my thoughts on this: i think lightspeed's report was dumb because while the facts and numbers they pulled were true and great to know, their conclusion slide (slide 2 or 3) showed that ultimately they don't actually believe in the region's potential. it concluded "SEA companies should be regional since day 1" instead of "global since day 1". they simply overfit to the past decade's data, and have a subconscious inferiority complex that prevents them from believing any SEA founder/company can do better than the past decade's SEA unicorns and become a *globally* important startup with great unit economics. they forgot that VC is about what is possible first and foremost, then what is probable. that's how you benefit from the power law. lightspeed report is all about probability. so disheartening to see it, and more disheartening to see gojek cofounder signing off on it. the bitter truth: the SEA tech startups that are unicorns mostly rushed to copy US or Chinese unicorns within months of the US/Chinese companies' breakout days, without doing the first principle thinking on "does this create $X in value in SEA and can we capture Y% of X and do X and Y, 2 independent variables, look attractive?" in other words, first gen SEA tech unicorn are built by founders who are great doers but not great thinkers. Travis Kalanick of Uber is a great think and a great doer. pardon me but the founders of Grab/Gojek were just doers. im sure they are capable thinkers, but they haven't applied it yet to creating anything massively valuable and original from the ground up. sad but true. the Lightspeed report looks at this truth and concludes SEA will fail to ever have thinker/doers, because it failed to have billion dollar thinker/doers in the past decade. i think this will further push away the talent that is indeed billion dollar thinker/doer but just needs an environment that doesn't doubt it every day. for the record, i absolutely believe it's possible to build a global tech giant from SEA today. it does not defy the laws of physics. to say this is impossible is to say nobody here will ever be great enough. the truth is, people who think that are the ones who are not great enough.

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💲💲 If you are a D2C Consumer Brand Startup you should know this VC that invests in pre-revenue stage Startups! 💰 VC Background: Meet Sauce VC a Cat II VC that launched their first fund in 2019 with a modest corpus of INR 60 Cr and since then launched 3 more funds and made 33 investments. Their recent INR 365 cr Fund launched in Aug'24 plans to invest in 20-25 consumer brands. They pick 6-7 selective investments annually out of 3000+ deck they get. However, their Fund I has a success rate of 50% (not a bad idea to invest in the fund if you are a UHNI). Infact their Fund IV was oversubscribed 3 times. 💰Notable Investments: Mokobora, Hocco Ice cream, Supertails, Innovist, The Whole Truth etc 💰Stage at which they invest: They invest even at pre-revenue stage to early traction stages. Ideally this VC invests at pre-seed to Series A. 💰What do they look for: Taking call at pre-revenue stage is really tough, especially in Consumer Brand segment. Hence, they look for founders who have deep experience in the segment either by the family background or by the founder's professional background. However, if the founder is not well-versed with the D2C game, they are cool with it. But the founder should know the segment, scope for new brands and plan to differentiate the brand. 💰Ideal cheque size: $ 1 Mn. But can go up to $ 5 Mn. 💰Investment Style: Sauce VC prefers working along with the founders to ensure the success of the Startup. They lead the rounds at pre-seed and Series A stages. Once the Startup is into Series B, they take a back seat and only participate in the following rounds. 💡 Hope this helps. Share it with some great founder of a consumer brand who is at early stages and needs to know this. If you want a warm-introduction, DM me or let me know in the comments. Bhavesh K Jatania Raunaq JaisinghaniAshish SharmaMohit Kanjwani

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I built a 4 step framework to understand the VC business. Access → Picking → Entry → Exit. It works for all types of VC’s irrespective of their size, industry focus & geography. Let us dig deep. 1. Access – Is the next Sachin Bansal coming to pitch to you? If not, it is NOT worth being in this business. Unlike the stock market, where anyone can open an account and start buying, in venture capital, you risk falling into the trap of adverse selection. This can significantly impact your IRR. To avoid this, it is essential to make sure the top 1% founders are pitching to you and you are seeing 80% of the deals in the market. 2. Picking – You receive 400 applications every month. Congratulations Most VC’s proudly flaunt this in their pitch decks – but are you actually seeing all 400 or just the ones referred to you. What if the next Sachin Bansal filled your application form but you never saw it? So seeing everything is a must but it is only the first step. The real challenge lies in picking the right market and founders that align with your investment thesis. 3. Entry – You Choose the Asset, But the Asset Also Chooses You. You might excel at sourcing the best opportunities and making the right picks, but if the founder doesn’t choose to take your money, all that effort is in vain. Without a strong brand, even if you nail steps 1 and 2, you’re still at risk of missing out on the top deals, which can ultimately lower your IRR. 4. Exit – The Final and Most Crucial Step After making 20, 30, or even 50 bets, the ultimate question is: What’s the exit math to ensure a strong return for your investors? How much ownership do you need, and what are the realistic odds of achieving the returns necessary to justify those investments? This is where most VC’s go wrong. Ultimately, you are only as good as your last deal. You have to track and make sure you are getting better at each of these – every quarter just like a start up would. If you’re an LP evaluating a fund, the important questions to ask are – 1) Are you seeing the best deals in the market? What are you doing to make sure you continue to see them. 2) How do you pick companies? Show us an investment memo? 3) Have you lost any deals, and if so, why? Found this useful? Let's continue the discussion in the comments. #vc #venturecapital #investing

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Another notable thing from the new Budget: Space sector gets 1000 cr ($120M) VC Fund allocation. This is a very important signal, even though the numbers are small in the context of capital requirement by the sector. I am a big believer of India owning the space sector worldwide over time in a manner similar to how we have owned the Technology services market. The talent pool and infrastructure (thanks to ISRO), emerging technologies around miniaturization, and evolving supply chain makes it one of the few spaces where India has a ‘right to win’. Strongly recommend more Entrepreneurs to participate in this area. Given the high capital requirements in the initial days (before monetization), it is a hard place for VCs to play but we will see innovation in capital structure over time (the Government allocation being one such evolution). And I am not only saying this, I actually brought a company to our Investment Committee (where I am also a member) making a case for Investment. We continue to look at the space and hope to cross the line sometime. https://lnkd.in/gzB9UUb8

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STARTING THE YEAR WITH A ROCKING NEWS!! Faad Capital is on the list of India's top startup investors of 2024 by Inc42 Media . 🙌 With 42 investments and over 50 CR deployed last year, we have continued our journey to support many notable companies and entrepreneurs.✅ Also, the year saw eight successful exits, strengthening our quest to create high-value capital for our LPs and stakeholders. 💰 All this would not have been possible without the support of rockstar partners, investors and stakeholders. 🙏 At 110+ portfolio companies now, we are all set. 2025, here we come! 💪 #startups #india #investors Karan Verma Dr.Dinesh Singh Neha Mourya Sanyam Jain Vatsal Lunawat Shivani Khare Abhilash Gupta Vansh Mittal

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Q-Commerce overtaking traditional e-commerce? Currently we are seeing a big boom in terms of the different SKUs being sold in Quick commerce apps like Zepto, Blinkit, etc. - Atomberg Technologies 's fans - Sony's PS5 - Samosa, Chai and what not - Digital Gold from Jar! Zepto is in talks to raise $300m for its broader ecommerce play. While Swiggy is preparing to file for an IPO this year, incumbent Flipkart is readying its entry into quick commerce. Zomato has invested $240 million in Blinkit over the last one year. Taking a step back, the lines between quick commerce and traditional e commerce have started to become increasingly blurred with QCom pretty much catering to every needs! Also, multiple reports suggest that QCommerce can potentially become bigger than traditional e commerce in India!  Case in point : According to Goldman Sachs, the valuation of Blinkit is greater than Zomato's core food delivery biz! Non-grocery boom in Q-Commerce: Categories including beauty, toys, health and electronics are witnessing robust sales growth on quick-commerce platforms overall. While the overall base for the new categories is still small, aggressive expansion by these players is starting to ensure a dominant presence for these categories. Plus AOV is higher which also comes with better margins, making it a win-win! Case in point: Zepto - 2x sales MoM in segments such as toys and electronics accessories - Beauty category expanded 3x QoQ - ~15% of Zepto’s $1.2bn annualised gross sales currently comes from non-grocery products (Source: Goldman Sachs) For several D2C quick commerce has become the fastest growth channel as well as the platform with highest customer engagement This is definitely a positive for the consumers and the Q-Commerce players, but is everything on the up and up?   As the demand for space on quick-commerce platforms skyrockets, niche D2C cos in segments like FMCG, beauty and personal care, and health and fitness are agreeing to pay a 30-45% commission on sales, besides shelling out on advertising and discounting on these Q-Com platforms. On top of the commissions, brands are also regularly spending around 20% of their total sales on ads on the platforms, and discounting their products by about 20-25% (totaling 60-70% revenue!). This is in stark contrast to the 10-20% commission that large FMCG cos pay these platforms reflecting the intense competition for visibility. The brand's scale and comparison with competitors are crucial considerations when it comes to new listings. On the positive side, smaller D2C brands have seen 40-60% total revenue coming from Q-Commerce compared to ~10-20% from traditional ecommerce, which is surprising! Essentially, Q-com currently has a BIIIG Bargaining power against new D2C brands and can essentially make or break their businesses! Is this sustainable on the long run? #ecommerce #quickcommerce #india #zepto #businessmodel #d2c #startups #LIPostingChallenge

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This post from Vaibhav Domkundwar beautifully shows how surviving long enough can position a startup to take advantage of an eventual tailwind. When we invested in Yulu, no one had a clue that Quick Commerce will become the next commerce phenomenon in the country after payments. Because Yulu intelligently survived, kept improving the product and is capital-efficient enough to be agile to market needs, it’s now befitting from QC tailwinds. Reminds me of what the Rippling founder once said - as a startup, just survive 10 years and the odds are that you will end up succeeding.

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🚀23 startups 💰~$600 Mn total funding 🌱17 early stage deals 🧑‍💻 11 key hiring 🤝 5 M&A 💵 2 ESOP buybacks Top funding ◾ Zepto: $350 Mn ◾Healthkart: $153 Mn Startup weekly round up by Shashank Pathak and Md Salman Ashrafi https://lnkd.in/gS4QrvNP

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Indian Startups Raised $171 Mn This Week . Here's series wise breakdown of funding Series B Bureau: A B2B Horizontal SaaS startup in Enterprisetech, raised $30 Mn from Sorenson Capital, PayPal Ventures, Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. Bizom: A B2B Vertical SaaS startup in Enterprisetech, secured $12 Mn from Pavestone VC and IndiaMART. HostBooks Limited: A B2B Horizontal SaaS startup in Enterprisetech, raised $5 Mn from Orange Orbit LLP. Series A Seekho: A B2C skill development startup in the Edtech sector, raised $8 Mn from Lightspeed and Elevation Capital. Arata: A B2C D2C startup in Ecommerce, secured $4 Mn from Unilever Ventures, BOLD, and Skywalker Family Office. Pre-Series A QuID : A B2B Lending Tech startup in Fintech, raised $4.5 Mn from Piyush Jain and MINTCAP. Confido: A B2B Healthcare SaaS startup in Healthtech, raised $3 Mn from Together Fund, MedMountain Ventures, Rebellion VC, DeVC, and Operators Studio. zunroof: A Solar Tech startup in Cleantech with a B2B-B2C model, secured $2.3 Mn from Godrej family office, ANBG Enterprise LLP, and Ravindernath Chadha. Quanfluence: A B2B Hardware & IoT startup in Deeptech, raised $2 Mn from pi Ventures, Golden Sparrow, and Reena Dayal. Mili: A B2B Fintech SaaS startup in Fintech, raised $2 Mn from Chiratae Ventures, BoldCap, Sparrow Capital, SFMG Wealth Advisors, Gregg Fisher, and Better Capital. MBG Card: A B2B Horizontal SaaS startup in Enterprisetech, secured $320K from Inflection Point Ventures, Velocity Revenue Based Financing, and Klub Revenue Based Financing. Seed Funding Curie Money: A B2C neobank in Fintech, raised $1.2 Mn from India Quotient. Fitsol: A B2B climate tech startup in Cleantech, raised $1 Mn from Transition VC. Pre-Seed Funding KiranaPro: A B2C hyperlocal delivery startup in Consumer Services, raised $188K from Yatish Talvadia, Vikas Taneja, TurboStart, Unpopular Ventures, Blume Founders Fund, and Snow Leopard Ventures. Fibroheal Woundcare Pvt Ltd: A B2C medtech startup in Healthtech, raised $741K. Undisclosed Series ZETWERK: A B2B enterprise services startup in Enterprisetech, raised $70 Mn. Veefin: A B2B Lending Tech startup in Fintech, secured $16 Mn. zingbus: A B2C transport tech startup in Travel Tech, raised $9 Mn from bp Ventures. Kissht: A Lending Tech startup in Fintech with a B2B-B2C model, raised funding from Sachin Tendulkar. Rebel Foods: A B2C hyperlocal delivery startup in Consumer Services, raised funding from KKR.

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Who exactly is losing market share in the hotly contest grocery commerce? I thought it must be the now-not-so modern retail, but I'm not so sure. Zepto raised $665 Mn at a valuation of $3.6 Bn, and is in talks to raise $250 Mn more. And their cofounder and CEO Aadit Palicha recently commented that they can beat DMart - Avenue Supermarts Ltd on GMV in the next 12-18 months. Swiggy Instamart also is growing, and Blinkit is likely to be more valuable than their owner Zomato itself - so they are all doing well, even if Dunzo isn't. Sure, no idea what JioMart Digital is doing, but deep pockets. Same with Tata Digital and their weird assortment forced to converge on Neu. bigbasket.com is trying to unlearn and relearn, and it just might. And Flipkart Grocery and Amazon Fresh are also upping their game - launching faster deliveries, discounts, improved fill rates, and selection. So I wonder if it is the modern-trade players? The likes of More Retail Private Limited, Spencer's Retail, STAR BAZAR, and SPAR Retail that are suffering? The nearest Spencer's to me is definitely a sore sight, now reduced to a shell of it's former glory - I think they aren't even replenishing inventory now. And we all know what happened to Big Bazaar - Future Retail. But Dmart itself isn't doing half bad - with pareto presence in just 23 cities, and no presence in UP (except NCR), Bihar, and West Bengal, they have considerable headroom, still. And they haven't yet quite solved for ecommerce, so while The Ken says that they are lost, they may find their way, eventually? I also don't think that the real consumption is growing, if at all, it may even shrink with the K-growth. Thus, some one _is_ losing share. And if it is not modern trade, then is it the regional chains? The single kiranas? The corner-store? The hand-cart? I'm not entirely sure because this data is hard to organize, and get. Would you know? Image created by AI in Microsoft Bing Copilot.

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