Real estate buzzing 🔥
More IPOs coming, Cosmetic win, and Political perfume.
Market summary: 📊
India slammed the brakes on Tuesday, pulling back the enthusiasm a notch and taking the fizz out of IPO bids. US landed in the red too, again, despite some pretty solid earnings.
US:
S&P 500 - down 0.35%
Nasdaq - down 0.71%
India:
Nifty 50 - down 0.13%
Sensex - down 0.19%
What’s brewing hot? ☕
✅ Problems in the $HOOD — 5M users’ email addresses were stolen from Robinhood in a new data breach. 2M more had their full names attached, and a few hundred users had their financial and other identifiable information stolen. Robinhood is already struggling from a total collapse in businesses after the YOLO gang has burnt through all live savings — with user engagement and trading activity falling off a cliff, and these complications add more to the mix. Stinky!
✅ Bacc with a bang — unsure if its pent up savings or just millennials returning back to the comfort (and privacy) of city life, but India’s real estate market showed strong comeback for the last 3 months. Residential real-estate sales jumped 46% YoY, while commercial leasing jumped 140% YoY (by volume). Diwali-fervor may have helped. Plenty riding on the rapid recovery of the industry, especially given the organized and unorganized sector that solely relies on it.
Somewhat a lousy news day with a whole bunch of little things… Lets do a quick rundown!
Latent View IPO opens today 💰
India’s IT-revolution of the 90s met the global big-data boom of the past decade and a host of promising analytics consulting shops cropped up nationwide. Latent View was one such — which will try to raise ₹600 crores from the public markets.
Founded in 2006, the company offers the standard bill of data consulting services (from analysis, management, to data engineering) for retail, industrial, financial, and tech industries. Last year, the business made ₹306 crores in revenues, a bit squeezed due to COVID, but growing a modest 3-4% prior to that.
Profits for last year came in at ₹91 crores, growing 24% YoY — unlike your favorite growth startup. 🤷♀️ Link to the annual report.
Bottomline — if you’d bet on India as a tech outsourcing hub, continued strength of the dollar, and the rise of the data economy, secure that bag!
Content always pays bills 💵
Good Glamm Group, the company that runs beauty website MyGlamm, became India’s 35th unicorn after raising $150M for a Series D from Prosus Ventures.
Good Glamm runs 3 major beauty and personal care platforms — MyGlamm in cosmetics, Moms&Co in new-mother goods, and Baby Chakraa in baby products — all of which took a content-to-commerce approach to pitch their wares, leading with extensive partnerships with influencers and customers.
Currently, the business makes about $120M in revenues, and is apparently on its way to $250M for the next 12 months. Not bad!
Worth calling — Good Glamm recently acquired ScoopWhoop, the lifestyle digital media brand. You can expect aggressive expansion into other categories.
Meanwhile, crypto keeps pulling the $$ 👇
Bitmart, a homegrown crypto-exchange, is in talks to raise a $20 million Series B from Alexander Capital Ventures, at a $300 million valuation.
Never used it, never heard about it, but the platform claims 5 million users, processing over $1.5 billion trading volume. By now we know better than to take Indian crypto-stats at face value tho... so that’s that. Revenues for the first half of 2021 topped $65M apparently.
Mahindra delivers in a tough time 🚗
Expectations with automobile companies are pretty shallow in the market right now, given semiconductor shortages and production issues — but Mahindra surprised against all odds.
Revenues grew a nice 15%, and Profits nearly tripled. Mahindra’s renewed portfolio of passenger cars is selling well, and demand for farm equipment showed a decent rebound after COVID too. In total, 99.3K vehicles were delivered.
Most importantly, unlike the auto-players so far, Mahindra’s management said the semi shortages were easing up a bit going ahead — first in the game to offer any positive commentary.
EV promise — Mahindra expects to have 30% of its vehicle line up in EVs by 2027. The company also said it's open to raising outside money to fund the venture.
Closing out — it’s Roblox in Facebook’s rearview mirror 🎮
12-year-olds think they’re way too cool for FB (or even the gram), and that’s helping social gaming platform Roblox make bank! Roblox’s stock jumped 30% yesterday within minutes after the company doubled its revenues and reported solid engagement numbers.
Roblox now has 47.3 million daily active users, up 31% YoY, who spend a total of 11.2 billion hours on the platform, up 28% YoY. To put that into context, Facebook, very evidently, has been struggling to keep young users hooked… and you can see where this is headed.
Bottomline — always watch what the kids are hooked onto. Peter Lynch would’ve liked that!
What else are we snackin’ 🍿
💳 Crypto spending - Mastercard launched crypto-linked card for the Asia Pacific region, to allow users to convert digital assets into fiat currency directly while shopping at retail.
🛍️ Shop Live - Myntra will bring live video-commerce to its platform, bringing select influencers to sell to an audience through its app.
🤝 Politics goes D2C - Akhilesh Yadav launched a Perfume, kicking off Samajwadi party’s D2C empire lol. Twitter obviously held a field day, but we may not be too far from merch being a credible source of $$ in politics.
Hit that 💚 if you liked today’s issue.
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