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There's a culture in Big4s - if someone leaves office at 6PM, the managers ask "half-day kya" ? EY will undertake a massive campaign internally, to undo the damage this episode has done to them; In the short-term, there will be 'forced' relaxations on work-hours; there will be Friday fun events; there will be some sponsored yoga & breathing lessons; they will even ask you to bring your family to office saying 'we are one big family'; After exactly 3 months, things will be back to where they were because intrinsically these places are toxic by design.

A businessman lives 5x below his networth; a salaried person lives 5x more than his networth. Reason: certainty of cashflows.

In India, if you are, - not involved in a property dispute - have a healthy marriage - are in good health You are perhaps among top 1% of the population.

If you are, - in India - in your 20s - have the urge to get into manufacturing Get a small set-up going & start manufacturing engineering goods for exports. Cater to the OEMs and large exporters. You will thank me in 10 years. India's engineering exports is a $100 Bn industry anticipated to quadruple in next 6 years to ~$400Bn. It's place in India's growth-story can never be overemphasized. Even if you start with 25lacs annual turnover you will grow to a 5cr business in reasonable time. This is way better than fighting for roles at enslavement centers. One can manufacture everything from fasteners, valves, pumps to machineries. (See exhibit for list)

For the un-initiated, EY India is not a real company. Its just an Indian family firm who has signed-up to adopt the brand and policies of a global structure. Mr Rajeev Memani is the un-contested emperor of a famiky-run kingdom which he 'bequeathed' from his father in a very controversial succession battle in 2003. In fact, his ascent to the Chairman of EY Indja saw the exit of top Andersen partners giving birth to one of India' best tax firms - BMR. So, it was quite expected of the man to issue a statement of the kind.

Reportedly, pani-puri vendors are also getting GST notices based on RazorPay/Phonepe transactions, asking them to comply. If you are a small business owner running an informal set-up accepting payments on UPI apps then, please register under GST and comply. 👇

The Birlas want a slice of the Indian paints’ pie. And they are going after the market-leader, Asian Paints. 1. Just 2 months ago, this nondescript store near my house carried an exclusive Asian Paints board for over 10 years. But today, I saw a new one.. 👇 Piqued by curiosity, I dug deep and found that a battle-ground is being set for a match between Asian Paints & a new entrant from the Aditya Birla Group – Opus Paints

Airports are supposed to be 'shitty' because they are just a transit point. In India people don't understand that the cost of having fancy airports ultimately shows up on the airfares. Facts: SF airport is owned by the state. Many fancy airports in India are owned by capitalists.

After analysing the ice-creams market in India, I have come to this conclusion that one cannot build a profitable ice-cream company in India without owning the milk supply-chain. Almost all of the leading (profitable) players incl Amul, Arun, HUL, MotherDiary source the key ingredient (milk) from co-operatives or milk unions and most-importantly ice-creams is not a primary product for these companies. Snapshot of a decade old company trying to crack the ice-cream game through venture-capital without owning the milk supply-chain 👇

India has 35 Lakh truck operators & Blackbuck is already serving 1/4th of them through their platform. One of those few (truly) SaaS companies to have come out of India. As I have said before, IPOs are to be seen as a beginning and not the end. I skimmed through their RHP and here's what I found. 👇

Bain Capital report says, both Germany & Japan are expected to see a major decline in working-age population; If you are in college right now, instead of asking your parents money for that iPhone, just join a German or Japanese language class; make use of this labor arbitrage and thank yourself later in life; India will still have many graduates left to cater to the domestic demand; Source: Bain capital.

Rare Rabbit - A story of how companies can ride the 'premiumisation' wave in India if they get the CM1 & CM2 right. > 25+ years old company. Was largely earning from exports. Stable GMs of 65%+. Net margins of ~5-6%. But high-risk. Not a sexy business to be in. > 2nd generation comes & takes the risk of catering to the domestic premium market. Opened EBOs (exclusive branded outlets) starting in 2015. Spent efficiently on advertisements. Rest is history. > Tatas made a bid for Rs 2400 Cr which failed. Later Gruhas & A91 Partners invest 500 Cr at approximately ~2500 Cr valuation. IMportant: Trent trades at 25x their FY24 revenue whereas Rare Rabbit fetched only 4x their FY24 revenues. Perhaps, private markets offer the best value for money to investors. ❓ How you ask ? Ans: Higher ASP + Excellent ROAS - The ASP for products is in the range of ~1500/-+ - The ROAS is in excess of 5 for the last 3 years. If you are D2C builder, this case-study is a must have in your weekly meetings.

There’s a crisis waiting to implode in China’s EV industry and India must take advantage of it. International Energy Agency (IEA) in it’s ‘Global EV Outlook 2024’ has claimed that in 2023, China has used less than 40% of the batteries it produced which implies that 60% of the batteries produced by China were lying unutilised. Secondly, China’s installed capacity for battery manufacturing is multiple-times more than the global demand. (Specifically, installed manufacturing capacity for cathode and anode active material was almost 4 and 9 times greater than global demand in 2023.) This has led to a supply-demand mis-match resulting in a sharp fall in prices of Lithium Carbonate mineral, a primary ingredient in the EV batteries, in the last few months.

Is Uber's exit from India imminent now ? Or will the global management relegate India to a 'crucible' for innovation and keep the lights-on ? 1. Uber Inc reported revenues of $19 Bn from ride-hailing in fiscal 23 apart from their delivery business which contributed another . India contributed <1% to Uber's global revenues 👇

There's a culture in Big4s - if someone leaves office at 6PM, the managers ask "half-day kya" ? EY will undertake a massive campaign internally, to undo the damage this episode has done to them; In the short-term, there will be 'forced' relaxations on work-hours; there will be Friday fun events; there will be some sponsored yoga & breathing lessons; they will even ask you to bring your family to office saying 'we are one big family'; After exactly 3 months, things will be back to where they were because intrinsically these places are toxic by design.

Reportedly, pani-puri vendors are also getting GST notices based on RazorPay/Phonepe transactions, asking them to comply. If you are a small business owner running an informal set-up accepting payments on UPI apps then, please register under GST and comply. 👇

Airports are supposed to be 'shitty' because they are just a transit point. In India people don't understand that the cost of having fancy airports ultimately shows up on the airfares. Facts: SF airport is owned by the state. Many fancy airports in India are owned by capitalists.

A businessman lives 5x below his networth; a salaried person lives 5x more than his networth. Reason: certainty of cashflows.

If you are, - in India - in your 20s - have the urge to get into manufacturing Get a small set-up going & start manufacturing engineering goods for exports. Cater to the OEMs and large exporters. You will thank me in 10 years. India's engineering exports is a $100 Bn industry anticipated to quadruple in next 6 years to ~$400Bn. It's place in India's growth-story can never be overemphasized. Even if you start with 25lacs annual turnover you will grow to a 5cr business in reasonable time. This is way better than fighting for roles at enslavement centers. One can manufacture everything from fasteners, valves, pumps to machineries. (See exhibit for list)

After analysing the ice-creams market in India, I have come to this conclusion that one cannot build a profitable ice-cream company in India without owning the milk supply-chain. Almost all of the leading (profitable) players incl Amul, Arun, HUL, MotherDiary source the key ingredient (milk) from co-operatives or milk unions and most-importantly ice-creams is not a primary product for these companies. Snapshot of a decade old company trying to crack the ice-cream game through venture-capital without owning the milk supply-chain 👇

In India, if you are, - not involved in a property dispute - have a healthy marriage - are in good health You are perhaps among top 1% of the population.

For the un-initiated, EY India is not a real company. Its just an Indian family firm who has signed-up to adopt the brand and policies of a global structure. Mr Rajeev Memani is the un-contested emperor of a famiky-run kingdom which he 'bequeathed' from his father in a very controversial succession battle in 2003. In fact, his ascent to the Chairman of EY Indja saw the exit of top Andersen partners giving birth to one of India' best tax firms - BMR. So, it was quite expected of the man to issue a statement of the kind.

The Birlas want a slice of the Indian paints’ pie. And they are going after the market-leader, Asian Paints. 1. Just 2 months ago, this nondescript store near my house carried an exclusive Asian Paints board for over 10 years. But today, I saw a new one.. 👇 Piqued by curiosity, I dug deep and found that a battle-ground is being set for a match between Asian Paints & a new entrant from the Aditya Birla Group – Opus Paints

Is Uber's exit from India imminent now ? Or will the global management relegate India to a 'crucible' for innovation and keep the lights-on ? 1. Uber Inc reported revenues of $19 Bn from ride-hailing in fiscal 23 apart from their delivery business which contributed another . India contributed <1% to Uber's global revenues 👇

Bain Capital report says, both Germany & Japan are expected to see a major decline in working-age population; If you are in college right now, instead of asking your parents money for that iPhone, just join a German or Japanese language class; make use of this labor arbitrage and thank yourself later in life; India will still have many graduates left to cater to the domestic demand; Source: Bain capital.

Vietnam, a nation as large as Rajasthan & as populous as Bihar, is doing better than India, in foreign trade. 2 economies 'joined at the hip' from a cultural & geographical standpoint given that both got independence from foreign rule at the same time. Yet one is distinctly ahead. - Vietnam is less than a tenth of our size, but has consistently maintained a trade surplus over the last 6 years; - India on the other hand has done the exact opposite; it has maintained a deficit consistently for the last 6 years; - India's obsession with private consumption is skewing the balance of trade against us and will deliver a deadly blow, before we even realise;