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Nikhil Subramaniam

Nikhil Subramaniam

Inc42

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Swiggy Enters The Cauldron

After a spell of running with the bulls, Swiggy is grappling with bears. The stock fell below its issue price…

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Nikhil Subramaniam

Ola Electric’s Slide 

Ola Electric has had a rough few months, going from a post-IPO high to crashing below its listing price and…

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Nikhil Subramaniam

The Bull Case For Indian Startups

This is the first edition of Inc42 Markets, a special Sunday newsletter that spotlights exclusive insights, deep analysis, and expert…

02.02.2025 4

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Nikhil Subramaniam

The Blinkit Paradox

Remember that scene from Christopher Nolan’s Inception? One of the main characters takes another on a walk up a staircase,…

26.01.2025 30

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Nikhil Subramaniam

Paytm Still Waiting For Revival, One Year After RBI Action

It’s been a curious past year for Paytm. Even as the fintech giant has shown improved financial performance on paper…

20.01.2025 2

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Nikhil Subramaniam

How Dunzo Lost Its Edge

November 2024: it was a cool evening in Delhi, when the general partner of a Bengaluru VC firm frantically sought…

19.01.2025 10

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Nikhil Subramaniam

Will 2025 Bring Springtime For Startup M&As?

Despite showing signs of a funding revival, the Indian startup ecosystem is in a peculiar place now. Most of the…

16.01.2025 2

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Nikhil Subramaniam

Zomato, Swiggy’s New Hunger

Zomato and Swiggy walk into a bistro, ask to see the menu and the kitchen, have a ‘Snacc’ or two…

12.01.2025 20

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Nikhil Subramaniam

Indian VC Funds In 2025: New Faces, New Models And New Horizons  

Investors expect a bullish year ahead for startup funding, but that doesn’t necessarily mean a great 2025 for venture capital…

09.01.2025 10

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Nikhil Subramaniam

Ather Energy’s IPO Speed Bumps

Ather Energy is entering 2025 on the cusp of an IPO, but now India’s EV pioneer needs to get out…

05.01.2025 5

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Nikhil Subramaniam

Paytm’s Roller-Coaster Year

Paytm’s 2024 was a mirror image of 2023. The fintech giant finished 2023 on a low after coming very close…

29.12.2024 6

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Nikhil Subramaniam

PhysicsWallah’s IPO Frenzy 

In August, when we last looked at PhysicsWallah’s product strategy, we said the company is the only game in town…

22.12.2024 4

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Nikhil Subramaniam

Zepto Hits Quick Commerce Gold

Till Friday evening, Zepto was largely among the headlines this year for its massive $1.3 Bn fundraise spree. But with…

15.12.2024 20

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Nikhil Subramaniam

Unacademy’s Big Test

What’s happening at Unacademy? Reports indicate that the company is close to an acquisition, but cofounder and CEO Gaurav Munjal…

08.12.2024 5

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Nikhil Subramaniam

Swiggy, Flipkart’s Growth Pill: Will Quick Commerce Disrupt Pharmacies Next?

Aman Priyadarshi claims his startup Plazza is building India’s first instant health app. The likes of Swiggy Instamart, Blinkit and…

06.12.2024 6

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Nikhil Subramaniam

With 30 Startups At Launch, ‘Startup Policy Forum’ Looks To Fuel India’s New Economy 

Even as Indian startups have grown in prominence through funding and milestones such as IPOs, engaging with policymakers and regulators…

05.12.2024 4

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Nikhil Subramaniam

Zomato’s INR 8,500 Cr Refuel

Swiggy just netted $1.35 Bn through its IPO, Zepto armed itself with over $1 Bn in VC funding this year,…

01.12.2024 4

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Nikhil Subramaniam

How Mamaearth Lost Its Glow

One of India’s most celebrated beauty brands Mamaearth and its parent Honasa Consumer are under immense pressure. The past month…

24.11.2024 2

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Nikhil Subramaniam

Swiggy, One Year From Now

Swiggy is now a publicly listed company and there’s no looking back. But this is not the Swiggy that we…

17.11.2024 2

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Nikhil Subramaniam

Ola Electric Hits A Bottleneck

Ola Electric has always run on the fast track in India’s electric vehicle race—but after going public, the Bhavish Aggarwal-led…

10.11.2024 4

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Nikhil Subramaniam

Swiggy Wears The Concierge Hat

Would you pay INR 50,000 to Swiggy to be your personal butler? Well, not quite a butler — that would…

27.10.2024 4

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Nikhil Subramaniam

Behind The Rise Of Family Offices Changing The Indian Startup Investment Landscape

As far as milestones go, the Indian startup ecosystem crossing the $150 Bn mark in funding in 2024 is a…

24.10.2024 2

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Nikhil Subramaniam

Rebel Foods’ EatSure Gambit

Food delivery in India is a two-bike race, but Rebel Foods is living up to its name by going a…

20.10.2024 4

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Nikhil Subramaniam

RBI Vs Fintech Startups Redux: Action Against Navi, DMI Finance Revives Debate

Zeta founder Bhavin Turakhia has long held a unique view on fintech in India. He believes that startups need to…

19.10.2024 2

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Nikhil Subramaniam

Is The Line Between Private Equity And VC Funds Blurring?

The line between venture capital and private equity in India is fading rapidly. More and more PE firms are looking…

17.10.2024 7

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Nikhil Subramaniam

Ola Electric Needs Servicing

We’ve seen founders clash with founders and even their investors, but last week brought a new experience as Bhavish Aggarwal…

13.10.2024 4

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Nikhil Subramaniam

India’s Deeptech Problem: Where Are The VCs Backing Startups Creating IP, Innovation?

India’s venture capital firms and fund managers often talk about innovation, but in the age of generative AI and deeptech,…

10.10.2024 8

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Nikhil Subramaniam

Zerodha, Groww’s Revenue Conundrum

One often gets asked: where are the profitable startups? Three recent examples come to mind, all coincidentally in the same…

06.10.2024 2

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Nikhil Subramaniam

From Valuation To Value: Indian VCs Shift The Gears

With one quarter to go in 2024, we are beginning to another inflection point in the Indian startup ecosystem, with…

03.10.2024 3

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Nikhil Subramaniam

BharatPe Vs Ashneer Grover: A Settlement Or Compromise?

Earlier today, fintech unicorn BharatPe claimed to have settled its two-year long legal dispute with former MD and cofounder Ashneer…

30.09.2024 3

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Nikhil Subramaniam

BookMyShow, Zomato And India’s Concert Mania

A few weeks ago, we asked whether Zomato overpaid for Paytm Insider and the ticketing business in the INR 2,048…

29.09.2024 4

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Nikhil Subramaniam

Why Indian Startups Need More Domestic LPs, Funds

India’s startup ecosystem has seen over $150 Bn in funding in the past decade. That is a phenomenal number by…

26.09.2024 3

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Nikhil Subramaniam

Amazon India Caught In Slow Lane

Ecommerce is not what it used to be before 2020. But Amazon India is stuck in the slow lane, in…

22.09.2024 2

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Nikhil Subramaniam

Equity On Discount: How The Startup Secondary Market Is Shaping Up For VCs, LPs

Festive season sales are right around the corner, and it’s not just ecommerce marketplaces offering discounts. In fact, many of…

19.09.2024 3

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Nikhil Subramaniam

OYO’s Big Swing

Our investor survey for H1 2024 showed Swiggy is the most hotly anticipated IPO of the year. But if OYO…

15.09.2024 2

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Nikhil Subramaniam

Indian VCs Asked To Spill The Beans On Deals With LPs 

India’s private equity (PE) and venture capital (VC) landscape is already bracing itself for a slew of changes — from…

12.09.2024 3

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Nikhil Subramaniam

Swiggy’s Litmus Test

Zomato’s food delivery platform is profitable, thanks to platform fees, and Zepto is on a tear on the quick commerce…

08.09.2024 3

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Nikhil Subramaniam

End Of Life Blues For India’s VC Pioneers

When we looked at the state of exits for venture capital funds in India last week, several fund managers —…

05.09.2024 4

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Nikhil Subramaniam

BharatPe Turns The Super App Switch On

It’s been nearly 10 months since we first peeked into BharatPe’s plans for the consumer fintech space. Those were the…

01.09.2024 10

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Nikhil Subramaniam

A Game Of Returns: Is India Finally Living Up To Its Exit Potential For Startup VCs?

There’s a change in the tune when it comes to the narrative around the Indian startup ecosystem for venture capital…There’s a change in the tune...

29.08.2024 10

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Nikhil Subramaniam

PhysicsWallah’s Product Gamble Continues

Edtech has taught us all a lesson in the past four years. It’s arguably easier to do one thing than…

25.08.2024 10

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Nikhil Subramaniam

Making Sense Of India’s Micro VC Boom

Is it a fad or the sign of the times in the Indian startup ecosystem? Whatever you may call it,…

22.08.2024 10

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Nikhil Subramaniam

Ride Over For Ola Cabs? 

We have seen Bhavish Aggarwal take to the stage and say many things in the past. The week gone by…

18.08.2024 2

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Nikhil Subramaniam

⁠Indian VCs Face The Test, Literally!

Fund managers and key personnel managing venture capital funds could soon be taking notes from YouTube tutorials and mugging up…

15.08.2024 2

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Nikhil Subramaniam

Flipkart Minutes & The Quick Commerce Olympics

Every four years, with the Olympics, we get to see spirit and competition that tend to become stories and legends.…

11.08.2024 4

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Nikhil Subramaniam

Ola’s House Of Unicorns 

Bhavish Aggarwal is in the thick of it. From Ola to Ola Electric and now Krutrim — the much-celebrated founder…

04.08.2024 1

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Nikhil Subramaniam

Zerodha, Groww In Revenue Storm 

The likes of Groww, Zerodha, Angel One and others have seen unprecedented growth in the past couple of years, adding…

28.07.2024 1

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Nikhil Subramaniam

Union Budget 2024: Bigger Focus On Consumer Spending Will Drive India Startup Story

Finance Minister Nirmala Stiharaman should be more than familiar with all the pre-budget expectations for the startup ecosystem by now.…

20.07.2024 2

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Nikhil Subramaniam

BYJU’S Vs Bankruptcy: Will The Edtech Giant Survive The Existential Insolvency Crisis?

There’s no end to the bad times at BYJU’S. Three new developments threaten to kill the edtech giant, once the…

18.07.2024 5

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Nikhil Subramaniam

Reliance Jio Turns Its Revenue Machine On

It’s hard to miss the Ambani family and Reliance this week. The unabashed opulence and the sheer scale of the…

14.07.2024 2

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Nikhil Subramaniam