Indian Case Studies for "The Strategy Engine"¶

50 Indian Business Case Studies: Strategic Analysis

CONGLOMERATES (5)¶

1. Reliance Industries/Jio - Platform ecosystem play transforming India's digital infrastructure¶

Category: Success | Industry: Telecom/Digital Services

Timeline: - Founded: 1966 (Reliance Industries); 2016 (Jio launch) - Key milestones: 4G launch disrupted telecom (2016); raised $20.5B from global investors (2020); 5G rollout (2022); world's largest data network (2024) - Current status: Active/Listed (NSE: RELIANCE)

Business Model: - Value proposition: Integrated digital ecosystem spanning connectivity, commerce, content, and cloud services - Revenue model: Subscription-based telecom, platform fees, advertising, digital services - Key metrics: Revenue INR 10.7L Cr FY25; 488M subscribers; 191M 5G users; $15.9B Jio Platforms revenue FY24

Strategic Analysis: - Key decisions: Free voice calls and data disruption; vertical integration across digital stack; massive infrastructure investment before monetization - Moat: Scale advantage, integrated ecosystem (connectivity + commerce + content), regulatory relationships, capital access

Key Lessons: 1. Deep pockets can fund market disruption through sustained losses until competitors capitulate 2. Platform businesses gain power through ecosystem lock-in across multiple touchpoints

Chapter Relevance: Platform Strategy, Market Disruption, Ecosystem Building, Capital Strategy

Sources: Reliance Industries Annual Report 2024; Statista Reliance Jio Data 2024

2. Tata Group - Global acquisitions creating diversified conglomerate¶

Category: Success | Industry: Diversified Conglomerate

Timeline: - Founded: 1868 - Key milestones: Tetley acquisition (2000); Corus Steel acquisition (2007); JLR acquisition for $2.3B (2008); Air India re-acquisition (2022) - Current status: Active (Multiple listed entities)

Business Model: - Value proposition: Trust-based brand spanning automobiles, steel, IT, hospitality, and consumer goods - Revenue model: Diversified across 30+ companies including TCS, Tata Motors, Tata Steel, Titan - Key metrics: JLR revenue GBP 29B FY24 (69% of Tata Motors consolidated revenue); Group combined market cap ~$365B

Strategic Analysis: - Key decisions: Patient capital approach to international acquisitions; maintained acquired companies' autonomy; long-term value creation over short-term returns - Moat: 150+ year brand trust, diversification across sectors, strong corporate governance, management depth

Key Lessons: 1. Post-acquisition success requires patience, capital commitment, and respect for acquired company culture 2. Brand trust built over generations creates sustainable competitive advantage across diverse businesses

Chapter Relevance: M&A Strategy, Corporate Governance, Brand Building, International Expansion

Sources: Autocarpro.in Tata-JLR Analysis; Tata Group Official Communications

3. Bajaj Group - Finance and auto diversification creating dual leadership¶

Category: Success | Industry: Finance/Automotive

Timeline: - Founded: 1926 (Bajaj Group); 1987 (Bajaj Finance) - Key milestones: Scooter dominance (1970s-90s); Bajaj Auto restructuring (2007); Bajaj Finance transformation into lending giant; digital EMI card innovation - Current status: Active/Listed (NSE: BAJFINANCE, BAJAJ-AUTO)

Business Model: - Value proposition: Affordable mobility (Bajaj Auto) and accessible consumer finance (Bajaj Finance) - Revenue model: Vehicle sales, consumer lending, insurance, deposits - Key metrics: Bajaj Finance AUM INR 4.04L Cr; 70.57M app installs; Bajaj Auto revenue INR 52,000+ Cr FY24; record profits

Strategic Analysis: - Key decisions: Strategic demerger into separate auto and finance entities; EMI card innovation democratizing consumer credit; focus on two-wheeler exports - Moat: Distribution network, credit risk management expertise, brand in mass market segments

Key Lessons: 1. Strategic demergers can unlock shareholder value by allowing focused management 2. Financial services can be built on manufacturing relationships and customer data

Chapter Relevance: Corporate Restructuring, Fintech Innovation, Market Segmentation

Sources: Bajaj Finance Annual Report FY24; Bajaj Auto Investor Presentations

4. Mahindra Group - Auto to tech transformation through strategic pivots¶

Category: Success | Industry: Auto/Technology/Agriculture

Timeline: - Founded: 1945 - Key milestones: Tractor market leadership (1980s); IT services expansion through Tech Mahindra; SUV leadership with Scorpio/XUV; Born Electric EV platform (2024) - Current status: Active/Listed (NSE: M&M, TECHM)

Business Model: - Value proposition: Farm equipment, SUVs, and enterprise technology solutions - Revenue model: Vehicle and tractor sales, IT services, financial services - Key metrics: Tech Mahindra revenue $6.1B FY24; M&M Finance AUM INR 1.02L Cr (24% YoY growth); significant EV investments

Strategic Analysis: - Key decisions: Federation model allowing business autonomy; early bet on SUV segment; strategic exit from non-core businesses; EV platform development - Moat: Rural distribution network, SUV brand positioning, diversified revenue streams

Key Lessons: 1. Federation model enables entrepreneurial management while maintaining group synergies 2. Knowing when to exit (two-wheelers, Ssangyong) is as important as knowing where to enter

Chapter Relevance: Portfolio Management, Strategic Exits, EV Transition, Federation Model

Sources: Mahindra Integrated Annual Report FY24; Tech Mahindra Investor Relations

5. Adani Group - Infrastructure empire building through asset-heavy strategy¶

Category: Ongoing | Industry: Infrastructure/Energy

Timeline: - Founded: 1988 - Key milestones: Mundra Port development (1998); Power generation entry (2006); Airport acquisitions (2019-21); Hindenburg crisis (2023); Recovery (2024) - Current status: Active/Listed (Multiple entities)

Business Model: - Value proposition: Critical infrastructure across ports, power, airports, and renewable energy - Revenue model: Asset-heavy infrastructure with long-term concessions and regulated returns - Key metrics: EBITDA INR 86,789 Cr (Dec 2024); 30% ports market share; 25% airport passenger traffic; world's largest solar company (#2)

Strategic Analysis: - Key decisions: Focus on essential infrastructure with high barriers to entry; aggressive debt-funded growth; vertical integration in energy value chain - Moat: Strategic infrastructure assets, regulatory licenses, scale in renewable energy

Key Lessons: 1. Infrastructure moats are sustainable but require managing political and regulatory risks 2. Concentrated ownership enables fast decision-making but increases governance scrutiny

Chapter Relevance: Infrastructure Strategy, Debt Management, Crisis Management, Regulatory Strategy

Sources: Adani Group FY24 Results; Business Standard Adani Portfolio Analysis

TRADITIONAL LEADERS (10)¶

6. HDFC Bank - Financial services moat through operational excellence¶

Category: Success | Industry: Banking

Timeline: - Founded: 1994 - Key milestones: Consistent growth through economic cycles; HDFC Ltd merger (2023) creating India's largest private bank; digital transformation - Current status: Active/Listed (NSE: HDFCBANK)

Business Model: - Value proposition: Reliable retail banking with superior service quality - Revenue model: Net interest income, fees, treasury operations - Key metrics: Market cap INR 15.35L Cr; Revenue INR 3.46L Cr; Profit INR 75,079 Cr; NIM 3.48% FY25

Strategic Analysis: - Key decisions: Conservative risk management; sustained technology investment; merger with parent HDFC creating largest mortgage + retail bank - Moat: Low cost of funds, branch network, credit underwriting expertise, switching costs

Key Lessons: 1. Consistent operational excellence compounds over decades into unassailable market position 2. Large mergers require careful integration to maintain service quality and culture

Chapter Relevance: Operational Excellence, M&A Integration, Banking Strategy

Sources: HDFC Bank Financial Results FY24; Screener.in HDFC Bank Analysis

7. ICICI Bank - Digital transformation driving competitive resurgence¶

Category: Success | Industry: Banking

Timeline: - Founded: 1994 - Key milestones: Aggressive corporate lending (2000s); NPA crisis and leadership change (2018); Digital-first transformation; balanced growth resumption - Current status: Active/Listed (NSE: ICICIBANK)

Business Model: - Value proposition: Universal banking with strong digital capabilities - Revenue model: Net interest income, digital banking fees, corporate and retail lending - Key metrics: Q2 FY25 PAT INR 12,948 Cr (+18.8% YoY); Deposits INR 14.97L Cr; Net NPA 0.42%

Strategic Analysis: - Key decisions: Shift from aggressive corporate lending to balanced retail-corporate mix; heavy technology investment ($1.1B annually); focus on AI/ML and cybersecurity - Moat: Digital platform capabilities, corporate relationships, improving asset quality

Key Lessons: 1. Banks can reinvent themselves through disciplined digital transformation 2. Leadership changes can enable strategic pivots when prior strategy proves unsustainable

Chapter Relevance: Digital Transformation, Turnaround Strategy, Risk Management

Sources: ICICI Bank Q2 FY25 Results; BusinessWire ICICI Digital Strategy

8. Hindustan Unilever - Distribution and brand moat defining FMCG dominance¶

Category: Success | Industry: FMCG

Timeline: - Founded: 1933 - Key milestones: Distribution network buildout (1970s-90s); premiumization strategy (2010s); D2C and digital transformation (2020s) - Current status: Active/Listed (NSE: HINDUNILVR)

Business Model: - Value proposition: Trusted brands across personal care, home care, and foods - Revenue model: Consumer product sales through extensive distribution - Key metrics: Revenue INR 61,442 Cr FY24; 85% portfolio in leadership positions; 1M+ retailers on Shikhar app; 30% digital demand share

Strategic Analysis: - Key decisions: Premiumization in beauty and personal care; D2C channel development; distribution digitization through Shikhar app - Moat: Unmatched distribution reaching 9M+ outlets, brand portfolio depth, Unilever global R&D access

Key Lessons: 1. Distribution networks built over decades create sustainable competitive advantage in FMCG 2. Digital transformation of traditional distribution can enhance rather than disrupt existing moats

Chapter Relevance: Distribution Strategy, Brand Portfolio Management, Digital Transformation

Sources: HUL Performance Highlights FY24; Statista HUL Revenue Data

9. Maruti Suzuki - Market dominance through affordability and distribution¶

Category: Success | Industry: Automotive

Timeline: - Founded: 1981 - Key milestones: Market leadership since inception; consistent 40%+ market share; SUV segment expansion; export leadership - Current status: Active/Listed (NSE: MARUTI)

Business Model: - Value proposition: Affordable, fuel-efficient cars with best-in-class service network - Revenue model: Vehicle sales, spare parts, service - Key metrics: Net Profit INR 13,955 Cr FY25 (all-time high); ~45% market share; 43% of India's passenger vehicle exports

Strategic Analysis: - Key decisions: Focus on entry-level and affordable segments; dual-channel strategy (Arena + Nexa); delayed EV entry but comprehensive powertrain strategy - Moat: Lowest cost manufacturing, 2,987+ Arena + 495+ Nexa outlets, 4,964+ service points, brand trust in value segment

Key Lessons: 1. Sustained market leadership requires continuous cost optimization and distribution investment 2. Multi-channel retail (Arena for mass, Nexa for premium) enables market expansion without brand dilution

Chapter Relevance: Cost Leadership, Distribution Strategy, Multi-Brand Architecture

Sources: Maruti Suzuki FY25 Financial Results; Business Standard Market Share Analysis

10. Asian Paints - Distribution network moat creating category leadership¶

Category: Success | Industry: Paints/Coatings

Timeline: - Founded: 1942 - Key milestones: Bypassed wholesalers for direct retail (1960s); tinting machines revolutionized retail (1990s); home decor expansion (2010s) - Current status: Active/Listed (NSE: ASIANPAINT)

Business Model: - Value proposition: Premium paints with unmatched color range and retail availability - Revenue model: Product sales through dealer network, home decor services - Key metrics: Revenue INR 35,495 Cr FY24; EBITDA margin 21.4%; 160,000+ retail touchpoints; 65,000+ dealers

Strategic Analysis: - Key decisions: Bypassing wholesalers to reach retailers directly (retaining 90%+ of MRP vs industry 60-70%); computer-aided tinting; home decor ecosystem - Moat: Dealer network 2x competitors, supply chain database built over decades, brand equity in premium segment

Key Lessons: 1. Channel innovation (bypassing wholesalers) can create lasting cost and margin advantages 2. Technology deployment (tinting machines) at retail level creates switching costs for dealers

Chapter Relevance: Distribution Innovation, Margin Optimization, Retail Technology

Sources: Asian Paints Investor Reports; Optionables Asian Paints Analysis

11. ITC - Diversification journey from tobacco dependency¶

Category: Ongoing | Industry: Diversified (FMCG/Hotels/Paper)

Timeline: - Founded: 1910 - Key milestones: Tobacco dominance (1900s-2000s); FMCG diversification with Aashirvaad, Sunfeast (2000s); hotels and paperboards expansion; recent acquisitions (Yoga Bar, Mother Sparsh) - Current status: Active/Listed (NSE: ITC)

Business Model: - Value proposition: Diversified portfolio across cigarettes, FMCG, hotels, paperboards, and agribusiness - Revenue model: Multiple segments with cigarettes driving profits, FMCG driving growth - Key metrics: Revenue INR 69,446 Cr FY24; Cigarettes 38% of revenue but 78% of profits; FMCG target INR 1L Cr by 2030

Strategic Analysis: - Key decisions: Using cigarette cash flows to fund FMCG diversification; backward integration in agribusiness; hotel premiumization - Moat: 75% cigarette market share, distribution network, brand portfolio across price points

Key Lessons: 1. Diversification from declining core requires patience and sustained investment 2. High-margin legacy businesses can fund strategic transformation over long periods

Chapter Relevance: Portfolio Diversification, Cash Cow Strategy, ESG Navigation

Sources: ITC Annual Report FY24; Alice Blue ITC Revenue Analysis

12. TCS - IT services evolution into global technology leader¶

Category: Success | Industry: IT Services

Timeline: - Founded: 1968 - Key milestones: First IT company to reach $1B revenue (2003); $10B (2012); $20B brand value (2024); 607,000+ employees globally - Current status: Active/Listed (NSE: TCS)

Business Model: - Value proposition: End-to-end IT services and consulting with industry expertise - Revenue model: Long-term IT services contracts, cloud migration, digital transformation - Key metrics: Revenue $30B FY25; Brand value $21.3B (#2 global IT services); 30% growth in cloud offerings FY24

Strategic Analysis: - Key decisions: Global delivery model innovation; industry-specific solutions; hyperscaler partnerships (AWS, Azure, Google Cloud) - Moat: Scale, 150+ country presence, talent depth (607K employees), long-term client relationships

Key Lessons: 1. Global delivery model innovation can create industry-defining competitive advantages 2. Sustained R&D investment in emerging technologies maintains relevance across technology cycles

Chapter Relevance: Global Delivery Model, Talent Strategy, Technology Evolution

Sources: TCS Investor Relations FY25; Brand Finance IT Services Rankings

13. Infosys - Global delivery model pioneering offshore IT services¶

Category: Success | Industry: IT Services

Timeline: - Founded: 1981 - Key milestones: NASDAQ listing (1999); $1B revenue (2004); leadership transitions; Infosys Cobalt cloud platform; Topaz AI platform - Current status: Active/Listed (NSE: INFY, NASDAQ: INFY)

Business Model: - Value proposition: Digital services and consulting with focus on AI and cloud - Revenue model: IT services, digital transformation, consulting - Key metrics: Revenue $4.74B Q3 FY24; 62.1% digital revenue share; 40 clients with $100M+ annual revenue; 317,240 employees

Strategic Analysis: - Key decisions: Global delivery model spanning 24 countries; heavy investment in AI (Topaz) and cloud (Cobalt); 60.8% revenue from US market - Moat: Delivery network scale, client relationships, training infrastructure (Infosys Mysore campus)

Key Lessons: 1. Training infrastructure investments create sustainable talent pipelines 2. Platform investments (Cobalt, Topaz) help transition from services to solutions

Chapter Relevance: Global Delivery Model, Talent Development, Platform Strategy

Sources: Infosys Annual Report FY24; DCF Modeling Infosys Analysis

14. Pidilite - Category creation through Fevicol's brand dominance¶

Category: Success | Industry: Adhesives/Chemicals

Timeline: - Founded: 1959 - Key milestones: Fevicol launch (1959); carpenter community building (1980s-90s); Dr Fixit waterproofing; Pidilite Bazaar digital platform - Current status: Active/Listed (NSE: PIDILITIND)

Business Model: - Value proposition: Branded specialty chemicals across construction and consumer segments - Revenue model: Product sales through B2B (carpenters, contractors) and B2C channels - Key metrics: Revenue INR 13,140 Cr FY25; 70% market share in adhesives; C&B segment 80% of revenue

Strategic Analysis: - Key decisions: Building relationships with carpenters rather than consumers; category creation in waterproofing (Dr Fixit); three-tier strategy (Core/Growth/Pioneer) - Moat: Carpenter loyalty, brand synonymous with category ("Fevicol" = adhesive), distribution depth

Key Lessons: 1. B2B relationships with influencers (carpenters) can be stronger than B2C marketing 2. Making brand name synonymous with category creates ultimate defensibility

Chapter Relevance: Category Creation, Influencer Strategy, B2B Brand Building

Sources: Pidilite Annual Reports; Aberdeen Pidilite Case Study

15. Titan/Tanishq - Premium positioning in trust-deficit jewelry market¶

Category: Success | Industry: Watches/Jewelry

Timeline: - Founded: 1984 (Titan); 1994 (Tanishq launch) - Key milestones: Quartz watch disruption (1980s); Tanishq trust-based jewelry (1990s); Mia by Tanishq (2011); CaratLane acquisition (2016) - Current status: Active/Listed (NSE: TITAN)

Business Model: - Value proposition: Trusted jewelry with transparent pricing and purity guarantees - Revenue model: Retail jewelry and watches, franchisee operations - Key metrics: Revenue INR 50,000+ Cr FY25 (+22% YoY); Jewelry GMV INR 42,300 Cr FY24; 8.6% organized jewelry market share targeting 10-11%

Strategic Analysis: - Key decisions: Karatmeter introduction guaranteeing gold purity; studded jewelry focus improving margins; international expansion (Dubai, Chicago) - Moat: Trust in fragmented, largely unorganized market; retail experience; integrated design and manufacturing

Key Lessons: 1. Trust can be the primary value proposition in markets plagued by unethical practices 2. Premiumization in traditional categories requires solving consumer anxiety (purity guarantees)

Chapter Relevance: Trust-Based Differentiation, Premiumization Strategy, Retail Experience

Sources: Titan Annual Report FY24; Statista Titan Revenue Data

NEW ECONOMY - FINTECH (8)¶

16. Zerodha - Zero-brokerage disruption creating India's most profitable fintech¶

Category: Success | Industry: Fintech/Brokerage

Timeline: - Founded: 2010 - Key milestones: Flat INR 20 brokerage introduced; crossed 1M clients (2017); profitability without VC funding; $1B revenue milestone (FY24) - Current status: Active (Private, Bootstrapped)

Business Model: - Value proposition: Zero brokerage on equity delivery, flat fee for other trades - Revenue model: INR 20 per trade for intraday/F&O, interest on margin funding - Key metrics: Revenue INR 8,320 Cr FY24; Profit INR 4,700 Cr (56%+ margin); 12M+ clients; 20%+ of India's daily trading volume

Strategic Analysis: - Key decisions: Bootstrapped growth maintaining full control; technology-first approach; not chasing market share at expense of unit economics - Moat: Profitable unit economics, technology platform (Kite), trader community and education

Key Lessons: 1. Bootstrapped growth enables long-term thinking and sustainable business models 2. Disruption through pricing can be profitable with technology-enabled cost structures

Chapter Relevance: Pricing Disruption, Bootstrapped Growth, Unit Economics

Sources: Entrackr Zerodha FY24 Analysis; Business Standard Zerodha Results

17. Razorpay - Payments to fintech platform evolution¶

Category: Success | Industry: Fintech/Payments

Timeline: - Founded: 2014 - Key milestones: Y Combinator (2015); unicorn status (2020); $7.5B valuation (2021); payment aggregator license (2024) - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Simplified payment acceptance for businesses of all sizes - Revenue model: Transaction fees, subscription plans, lending, SaaS products - Key metrics: Revenue INR 2,501 Cr FY24; PAT INR 34 Cr (4.7x growth); TPV $180B annualized; 450,000 customers

Strategic Analysis: - Key decisions: Developer-first approach; expansion from payments to full-stack fintech; reverse flip to India headquarters - Moat: API ecosystem, merchant relationships, regulatory licenses, product breadth

Key Lessons: 1. Developer-centric products can achieve viral adoption among businesses 2. Expanding from single product (payments) to platform requires maintaining product excellence

Chapter Relevance: API Economy, Platform Evolution, Regulatory Navigation

Sources: Razorpay FY24 Financial Results; Inc42 Razorpay Analysis

18. PhonePe - UPI dominance through super-app strategy¶

Category: Success | Industry: Fintech/Payments

Timeline: - Founded: 2015; Acquired by Flipkart (2016); Spun off as separate entity (2022) - Key milestones: UPI market leadership (2020); Walmart backing; insurance and wealth management; Indus Appstore launch (2024) - Current status: Active (Private, $12B+ valuation)

Business Model: - Value proposition: Simple UPI payments with expanding financial services - Revenue model: Payment processing fees, financial product commissions, advertising - Key metrics: 48%+ UPI market share; 798Cr transactions Dec 2024; Revenue INR 4,910 Cr FY24 (standalone payments); 40 consecutive months market leadership

Strategic Analysis: - Key decisions: All-in bet on UPI; super-app expansion (insurance, investments, Indus Appstore); delaying IPO to build sustainable unit economics - Moat: UPI market share leadership, user base scale, Walmart backing

Key Lessons: 1. First-mover advantage in platform payments can create lasting market share 2. Super-app strategy enables monetization across multiple financial products

Chapter Relevance: Platform Strategy, Super-App Model, Regulatory Risk Management

Sources: Inc42 PhonePe 2024 Review; Entrackr PhonePe UPI Data

19. Paytm - Ecosystem challenges post-IPO and regulatory crisis¶

Category: Failure/Ongoing | Industry: Fintech

Timeline: - Founded: 2010 - Key milestones: Mobile wallet pioneer; demonetization growth (2016); largest Indian IPO (2021); RBI restrictions on Paytm Payments Bank (2024) - Current status: Active/Listed (NSE: PAYTM) - Under regulatory restrictions

Business Model: - Value proposition: All-in-one payments and financial services app - Revenue model: Payments, lending, merchant services, financial product distribution - Key metrics: Revenue dropped to $179.5M Q1 FY25 (from $280M YoY); Losses widened to $100M; Market cap crashed 90% from IPO peak

Strategic Analysis: - Key decisions: Aggressive expansion across multiple products; Payments Bank strategy; growth-at-all-costs model that led to compliance gaps - Moat: (Eroded) Brand awareness, merchant network

Key Lessons: 1. Regulatory compliance is foundational - growth without governance is unsustainable 2. Diversification across too many products can dilute focus and execution quality

Chapter Relevance: Regulatory Risk, Governance Failures, IPO Timing, Growth vs Sustainability

Sources: Fortune Paytm Analysis; Inc42 Paytm Crisis Coverage

20. CRED - Premium fintech targeting affluent users¶

Category: Ongoing | Industry: Fintech

Timeline: - Founded: 2018 - Key milestones: Rapid user acquisition with rewards; $6.4B valuation (2022); Kuvera acquisition for wealth management - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Rewards and premium experiences for credit card users - Revenue model: Lending (P2P, personal loans), brand partnerships, payments - Key metrics: Revenue INR 2,473 Cr FY24 (+66% YoY); Operating losses reduced 41% to INR 609 Cr; 12M+ monthly transacting users

Strategic Analysis: - Key decisions: High credit score filter (750+) creating premium user base; aggressive brand marketing; diversification into lending and wealth - Moat: High-quality user base, brand perception, 2.37% UPI transaction value share (highest per-user value)

Key Lessons: 1. Targeting premium segments can create differentiated positioning even in commoditized markets 2. Brand building through unconventional marketing (CRED ads) creates memorability

Chapter Relevance: Premium Positioning, Brand Marketing, Lending Unit Economics

Sources: Inc42 CRED Revenue Analysis; Entrackr CRED FY24 Results

21. PolicyBazaar - Insurance aggregation achieving profitability¶

Category: Success | Industry: Insurtech

Timeline: - Founded: 2008 - Key milestones: Pivot from lead generation to direct selling (2011); unicorn status (2018); IPO raising INR 5,625 Cr (2021); profitability (FY24) - Current status: Active/Listed (NSE: POLICYBZR)

Business Model: - Value proposition: Compare and buy insurance policies online with transparency - Revenue model: Commissions from insurers, renewals (85% margins), PB Partners B2B2C platform - Key metrics: PAT INR 64 Cr FY24 (first profitable year); Revenue INR 4,977 Cr FY25; 89% customer satisfaction; 3L+ PB Partners advisors

Strategic Analysis: - Key decisions: Pivot from aggregation to direct selling; PB Partners expanding reach to Tier ⅔ cities; heavy investment in customer experience - Moat: First-mover in insurance comparison, brand trust, renewal revenue stream

Key Lessons: 1. Regulatory pivots (from aggregator to broker) require business model flexibility 2. Renewal revenue creates compounding profitability in insurance distribution

Chapter Relevance: Marketplace Strategy, Regulatory Adaptation, Renewal Economics

Sources: PolicyBazaar FY24 Results; PB Fintech Investor Presentations

22. Digit Insurance - Digital-first insurance disruption¶

Category: Success | Industry: Insurtech

Timeline: - Founded: 2016 - Key milestones: First policy (2017); unicorn status; IPO (2024); "General Insurance Company of the Year" at AIIA (3^rd time) - Current status: Active/Listed (NSE: GODIGIT)

Business Model: - Value proposition: Simple, fast insurance with digital-first claims processing - Revenue model: Premium income across motor, health, travel insurance - Key metrics: GWP INR 7,941 Cr FY24 (+30% YoY); Profit grew 5x FY24; EBITDA margin 8%; ROCE 13%

Strategic Analysis: - Key decisions: Direct-to-consumer bypassing agents; cloud-based operations reducing costs; simplified products and claims - Moat: Technology platform, operational efficiency, brand trust for digital-native users

Key Lessons: 1. Insurance can be disrupted through UX simplification and digital-first claims 2. Low penetration markets offer significant runway for digital-first players

Chapter Relevance: Digital Disruption, Customer Experience, Insurance Innovation

Sources: Entrackr Go Digit FY24 Results; Inc42 Digit IPO Analysis

23. Jupiter/Fi - Neobanking challenges in regulatory environment¶

Category: Ongoing | Industry: Neobanking

Timeline: - Founded: 2019 (Jupiter) - Key milestones: Launch with Federal Bank partnership; NBFC license (2023); 2M+ users; exploring SBM Bank stake - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Digital-first banking experience for millennials and Gen Z - Revenue model: Interchange fees, lending through NBFC, premium subscriptions - Key metrics: Revenue INR 51.2 Cr FY24 (7x growth); Losses reduced 23% to INR 276 Cr; 2M+ users; $654M valuation

Strategic Analysis: - Key decisions: Bank partnership model (Federal Bank, Axis Bank); NBFC license enabling direct lending; salary accounts and rewards focus - Moat: (Limited) User experience differentiation, young user demographic

Key Lessons: 1. Neobanks in India face structural challenges without banking licenses 2. Partnership dependence limits control over customer experience and unit economics

Chapter Relevance: Neobanking Model, Regulatory Constraints, Partnership Strategy

Sources: Entrackr Jupiter FY24 Analysis; TechCrunch Jupiter Funding

NEW ECONOMY - E-COMMERCE/RETAIL (8)¶

24. Flipkart - E-commerce pioneer, Walmart's India bet¶

Category: Success | Industry: E-commerce

Timeline: - Founded: 2007 - Key milestones: First major Indian e-commerce; Big Billion Days innovation; Walmart acquisition for $16B (2018); PhonePe spinoff; $35-40B valuation (2024) - Current status: Active (Walmart subsidiary, ~85% owned)

Business Model: - Value proposition: One-stop online shopping with logistics infrastructure - Revenue model: Marketplace commissions, advertising, logistics services - Key metrics: Revenue ~INR 70,000 Cr FY24; GMV $8.5B+; ~40% Indian e-commerce market share; $35-40B valuation

Strategic Analysis: - Key decisions: Building own logistics (Ekart); fashion focus through Myntra; Flipkart UPI launch (2024); Google investment ($350M) - Moat: Logistics network, seller ecosystem, Walmart supply chain integration

Key Lessons: 1. Logistics infrastructure is essential moat in Indian e-commerce 2. Strategic acquirer (Walmart) brings patient capital and global best practices

Chapter Relevance: E-commerce Logistics, Platform Strategy, Strategic M&A

Sources: Morgan Stanley Flipkart Analysis; Inc42 Flipkart Valuation

25. Meesho - Social commerce democratizing e-commerce¶

Category: Success | Industry: E-commerce/Social Commerce

Timeline: - Founded: 2015 - Key milestones: Reseller model launch; zero-commission pivot; first profitable Indian horizontal e-commerce (FY24); IPO planned for 2025 - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Zero-commission marketplace enabling small sellers - Revenue model: Advertising from sellers, delivery charges, logistics services (Valmo) - Key metrics: Revenue INR 7,615 Cr FY24 (+33%); First profitability FY24; FCF INR 197 Cr; 187M transacting users; 80% orders from Tier 2+ cities

Strategic Analysis: - Key decisions: Zero commission when competitors charge 15%+; focus on Tier ⅔ cities; reseller network enabling social commerce - Moat: Seller ecosystem, Tier ⅔ city penetration, cost structure enabling low prices

Key Lessons: 1. Underserved markets (Tier ⅔) can be large enough to build billion-dollar businesses 2. Zero-commission can be sustainable with alternative monetization (advertising, logistics)

Chapter Relevance: Social Commerce, Tier ⅔ Strategy, Unconventional Monetization

Sources: Meesho Annual Report FY24; Inc42 Meesho IPO Analysis

26. Nykaa - Beauty platform building D2C ecosystem¶

Category: Success | Industry: Beauty/Fashion E-commerce

Timeline: - Founded: 2012 - Key milestones: First beauty-focused e-commerce; omnichannel expansion; IPO (2021); Dot & Key acquisition turning into "biggest D2C success" - Current status: Active/Listed (NSE: NYKAA)

Business Model: - Value proposition: Authentic beauty products with expert content and guidance - Revenue model: Product sales, owned brands (39% growth FY24), marketplace commissions - Key metrics: Revenue INR 6,386 Cr FY24 (+24%); GMV INR 12,446 Cr; Beauty GMV crossed $1B; EBITDA margin 5.4%

Strategic Analysis: - Key decisions: Content-led commerce building trust; owned brands (Dot & Key) improving margins; fashion expansion; Superstore B2B business (84% growth) - Moat: Beauty category expertise, authentic product guarantee, content ecosystem

Key Lessons: 1. Vertical e-commerce can succeed through category expertise and curation 2. D2C brand acquisitions can accelerate owned-brand strategy

Chapter Relevance: Vertical E-commerce, Content Commerce, D2C Strategy

Sources: Nykaa Annual Report FY24; Inc42 Nykaa Analysis

27. Lenskart - Omnichannel eyewear creating category leadership¶

Category: Success | Industry: Eyewear Retail

Timeline: - Founded: 2010 - Key milestones: Online-first launch; omnichannel pivot; Owndays acquisition (2022); $5.6B valuation (2024); IPO planned at $10B - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Affordable, fashionable eyewear through technology-enabled retail - Revenue model: Product sales (95% of revenue), services - Key metrics: Revenue INR 5,427 Cr FY24 (+43%); Loss reduced 84% to INR 10 Cr; 2,500+ stores globally; 60% gross margin

Strategic Analysis: - Key decisions: Vertical integration (own manufacturing); omnichannel (online + stores); international expansion (40% FY25 revenue); AI-powered fittings - Moat: Manufacturing control, omnichannel experience, technology (AI fittings, virtual try-on)

Key Lessons: 1. Vertical integration enables quality control and margin improvement 2. Eyewear requires omnichannel - online for discovery, offline for fitting

Chapter Relevance: Omnichannel Strategy, Vertical Integration, International Expansion

Sources: Entrackr Lenskart FY24 Results; TechCrunch Lenskart Analysis

28. DMart - Value retail efficiency creating sustained profitability¶

Category: Success | Industry: Retail

Timeline: - Founded: 2002 - Key milestones: First store Mumbai (2002); IPO at 100x oversubscribed (2017); consistent expansion; 365 stores (March 2024) - Current status: Active/Listed (NSE: DMART)

Business Model: - Value proposition: Everyday low prices on groceries and household items - Revenue model: Product sales with thin margins, high inventory turns - Key metrics: Revenue INR 50,789 Cr FY24 (+18%); Net profit INR 2,536 Cr; EBITDA margin 8.3%; 80% stores owned

Strategic Analysis: - Key decisions: EDLC/EDLP (Everyday Low Cost/Price) model; owning stores (80%) vs leasing; cluster-based expansion; limited SKUs for efficiency - Moat: Real estate ownership, operational efficiency, supplier relationships, customer trust

Key Lessons: 1. Owning real estate creates cost advantage and long-term value 2. Disciplined expansion (cluster-based) beats rapid footprint growth

Chapter Relevance: Value Retail, Operational Excellence, Capital Allocation

Sources: Avenue Supermarts FY24 Results; Business Standard DMart Analysis

29. Reliance Retail - Omnichannel scale reshaping Indian retail¶

Category: Success | Industry: Retail

Timeline: - Founded: 2006 - Key milestones: Multi-format expansion; JioMart launch (2020); Metro India acquisition; 19,340 stores (FY25) - Current status: Active (Reliance subsidiary)

Business Model: - Value proposition: Multi-format retail from value to premium across categories - Revenue model: Product sales across formats, JioMart e-commerce - Key metrics: Revenue INR 3.31L Cr FY25 (+7.9%); EBITDA INR 25,094 Cr; 19,340 stores; 349M customers; Only Indian in Deloitte Global Top 100

Strategic Analysis: - Key decisions: Multi-format strategy (Reliance Fresh, Trends, Digital, Jewels); JioMart omnichannel integration; acquisitions (Metro, Just Dial) - Moat: Store network scale, Jio ecosystem integration, supply chain, capital access

Key Lessons: 1. Multi-format strategy enables capturing multiple consumer segments 2. Omnichannel integration with telecom ecosystem creates unique competitive advantage

Chapter Relevance: Retail Strategy, Ecosystem Integration, Scale Advantages

Sources: Reliance Industries Annual Report FY25; Deccan Herald Reliance Retail Revenue

30. BigBasket - Grocery e-commerce pivoting to quick commerce¶

Category: Ongoing | Industry: Grocery E-commerce

Timeline: - Founded: 2011 - Key milestones: Pioneer of online grocery; Tata Digital acquisition (68% stake); BB Now quick commerce; pivot to quick commerce (2024) - Current status: Active (Tata Digital subsidiary)

Business Model: - Value proposition: Comprehensive online grocery with scheduled and quick delivery - Revenue model: Product sales, delivery fees, private labels - Key metrics: Revenue INR 10,062 Cr FY24 (+6%); Losses INR 1,415 Cr (reduced 20%); BB Now >50% of revenue; $2.7B valuation

Strategic Analysis: - Key decisions: Complete pivot to quick commerce (targeting Sept 2024); BB Now contributing 60%+ of sales; cost optimization under Tata - Moat: Tata backing, grocery expertise, supply chain infrastructure

Key Lessons: 1. Quick commerce is disrupting scheduled grocery delivery 2. Legacy players must pivot aggressively to survive category disruption

Chapter Relevance: Category Disruption, Pivot Strategy, Corporate Subsidiary Dynamics

Sources: Entrackr BigBasket FY24 Analysis; Inc42 BigBasket Quick Commerce

31. FirstCry - Baby products platform achieving omnichannel scale¶

Category: Ongoing | Industry: Baby/Kids E-commerce

Timeline: - Founded: 2010 - Key milestones: Category creation in baby e-commerce; IPO at $2.9B valuation (August 2024); 380 new stores planned - Current status: Active/Listed (NSE: FIRSTCRY)

Business Model: - Value proposition: One-stop shop for baby and kids' products with trust guarantee - Revenue model: Product sales (55%+ in-house brands), marketplace commissions - Key metrics: Revenue INR 7,659 Cr FY25 (+18%); GMV INR 9,121 Cr FY24; In-house brands 55%+ of business; $2.6B valuation

Strategic Analysis: - Key decisions: Multi-channel (online + stores + franchisees); high in-house brand mix for margins; Middle East expansion replicating India model - Moat: Category focus, trust in baby products, multi-channel presence

Key Lessons: 1. Trust is paramount in baby products - authenticity guarantees create loyalty 2. In-house brands critical for margin improvement in category retail

Chapter Relevance: Category E-commerce, Trust-Based Differentiation, International Expansion

Sources: FirstCry IPO DRHP; Chittorgarh FirstCry IPO Analysis

NEW ECONOMY - FOOD/DELIVERY (6)¶

32. Zomato - Food delivery profitability path through Blinkit¶

Category: Success | Industry: Food Delivery/Quick Commerce

Timeline: - Founded: 2008 - Key milestones: Restaurant discovery to delivery pivot; Blinkit acquisition (2022); profitability achieved (FY24); Blinkit becomes growth engine - Current status: Active/Listed (NSE: ZOMATO)

Business Model: - Value proposition: Food delivery and quick commerce platforms - Revenue model: Commissions from restaurants, delivery fees, quick commerce - Key metrics: Revenue INR 3,562 Cr Q4 FY24 (+73% YoY); PAT INR 351 Cr FY24; Blinkit GOV INR 9,421 Cr Q4 FY25; 45% quick commerce market share

Strategic Analysis: - Key decisions: Blinkit acquisition pivoting toward quick commerce; 2,000 dark stores target by Dec 2025; balancing food delivery profits with Blinkit investments - Moat: Delivery network, restaurant relationships, quick commerce leadership through Blinkit

Key Lessons: 1. Strategic acquisitions can pivot company trajectory (Blinkit transforming Zomato's future) 2. New businesses can be funded by profitable legacy operations

Chapter Relevance: M&A Strategy, Portfolio Transformation, Path to Profitability

Sources: Inc42 Blinkit Analysis; YourStory Zomato FY24 Results

33. Swiggy - Hyperlocal expansion through multi-vertical strategy¶

Category: Ongoing | Industry: Food Delivery/Quick Commerce

Timeline: - Founded: 2014 - Key milestones: Food delivery leadership; Instamart launch (2020); IPO at $11.3B (November 2024); path to profitability outlined - Current status: Active/Listed (NSE: SWIGGY)

Business Model: - Value proposition: Food delivery, quick commerce, and dining out services - Revenue model: Commissions, delivery fees, platform fees - Key metrics: Revenue INR 11,247 Cr FY24; Q2 FY25 revenue INR 3,601 Cr (+30%); Instamart GOV INR 3,382 Cr Q2 (+76%); Food delivery turned profitable Q2 FY25

Strategic Analysis: - Key decisions: Multi-vertical (food, Instamart, Dineout); aggressive Instamart expansion (609 dark stores); IPO funding for growth - Moat: Delivery fleet, restaurant relationships, urban customer base

Key Lessons: 1. Hyperlocal platforms can expand into adjacent categories 2. Capital markets provide growth funding when profitability path is clear

Chapter Relevance: Platform Expansion, Multi-Vertical Strategy, IPO Strategy

Sources: Inc42 Swiggy 2024 Review; YourStory Swiggy Q2 Results

34. Blinkit - Quick commerce pivot creating market leadership¶

Category: Success | Industry: Quick Commerce

Timeline: - Founded: 2013 (as Grofers) - Key milestones: Grofers to Blinkit rebrand (2021); 10-minute delivery focus; Zomato acquisition (2022); EBITDA positive (March 2024) - Current status: Active (Zomato subsidiary)

Business Model: - Value proposition: 10-minute delivery of groceries and essentials - Revenue model: Product margins, delivery fees, advertising - Key metrics: Revenue INR 2,300 Cr FY24; GOV INR 9,421 Cr Q4 FY25 (+134% YoY); 45% market share; 526+ dark stores

Strategic Analysis: - Key decisions: Pivot from scheduled delivery to 10-minute; dark store densification; category expansion beyond groceries - Moat: Dark store network, delivery efficiency, Zomato integration

Key Lessons: 1. Bold pivots (scheduled to instant) can redefine market positioning 2. Quick commerce unit economics improve dramatically with scale and density

Chapter Relevance: Business Model Pivot, Unit Economics, Platform Integration

Sources: Inc42 Blinkit Growth Analysis; Medianama Blinkit Expansion

35. Zepto - 10-minute delivery scaled through venture capital¶

Category: Ongoing | Industry: Quick Commerce

Timeline: - Founded: 2021 - Key milestones: Youngest unicorn ($1.4B at age 19-20 founders); $5B valuation (August 2024); $1.3B raised in 5 months; IPO planned 2025 - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: 10-minute grocery delivery with wide selection - Revenue model: Product margins, delivery fees, advertising - Key metrics: GMV $1B+ FY24 (INR 8,300 Cr); 140% revenue growth; 75% dark stores EBITDA positive; $5B valuation; 28% market share

Strategic Analysis: - Key decisions: Aggressive fundraising for expansion; dark store profitability focus (6 months vs previous 23); Zepto Cafe expansion - Moat: Operational efficiency, dark store unit economics, venture capital backing

Key Lessons: 1. Well-funded competitors can achieve rapid scale in winner-take-all markets 2. Unit economics can improve dramatically with operational excellence

Chapter Relevance: Venture-Funded Growth, Operational Excellence, Market Competition

Sources: TechCrunch Zepto Funding; Inc42 Zepto 2024 Review

36. Dunzo - Hyperlocal economics challenge leading to shutdown¶

Category: Failure | Industry: Quick Commerce

Timeline: - Founded: 2015 - Key milestones: Google's first direct India investment (2017); $744M peak valuation (2023); layoffs and crisis (2024); NCLT insolvency (2024) - Current status: Insolvency proceedings

Business Model: - Value proposition: Any-task delivery from any store - Revenue model: Delivery fees, commissions - Key metrics: Valuation collapsed from $744M to $25-30M; 75% workforce laid off; Reliance wrote off INR 1,645 Cr investment

Strategic Analysis: - Key decisions: Broad "any task" model diluted focus; failed quick commerce pivot; unsustainable cash burn despite $450M+ raised - Moat: (None remaining) First-mover advantage squandered

Key Lessons: 1. First-mover advantage means nothing without sustainable unit economics 2. Hyperlocal delivery requires extreme operational efficiency to survive

Chapter Relevance: Failure Analysis, Unit Economics, Competitive Dynamics

Sources: Inc42 Dunzo Insolvency; TechResearchOnline Dunzo Case Study

37. Instamart (Swiggy) - Quick commerce as strategic pivot¶

Category: Ongoing | Industry: Quick Commerce

Timeline: - Founded: 2020 (as Swiggy division) - Key milestones: Launch during pandemic; rapid dark store expansion; 605 stores (Sept 2024); targeting profitability FY27 - Current status: Active (Swiggy subsidiary)

Business Model: - Value proposition: 10-minute delivery leveraging Swiggy's delivery network - Revenue model: Product margins, delivery fees - Key metrics: GOV INR 3,382 Cr Q2 FY25 (+76% YoY); Revenue INR 513 Cr Q2 (+114%); 605 dark stores across 43 cities

Strategic Analysis: - Key decisions: Aggressive investment phase accepting losses; expansion to 1,000+ dark stores planned; category expansion beyond groceries - Moat: Swiggy delivery infrastructure, customer cross-sell, urban density

Key Lessons: 1. Food delivery platforms have natural adjacency to quick commerce 2. Investment phase requires clear path to profitability to sustain investor confidence

Chapter Relevance: Platform Extension, Investment Phase, Competitive Response

Sources: Inc42 Swiggy Instamart Analysis; TheArcWeb Instamart Revenue

NEW ECONOMY - MOBILITY (4)¶

38. Ola - Ride-sharing to EV manufacturing pivot¶

Category: Ongoing | Industry: Mobility/EV Manufacturing

Timeline: - Founded: 2010 (Ola Cabs); 2017 (Ola Electric) - Key milestones: Ride-sharing leadership; Etergo acquisition (2020); IPO (August 2024); 35% E2W market share; stock down 60% from peak - Current status: Active/Listed (NSE: OLAELEC)

Business Model: - Value proposition: Affordable electric two-wheelers for mass market - Revenue model: E-scooter and motorcycle sales, services - Key metrics: Revenue ~INR 5,000 Cr FY24; Loss INR 564 Cr Q3 FY25; 35% E2W market share; 407,673 units sold (2024)

Strategic Analysis: - Key decisions: Bold pivot from ride-sharing to EV manufacturing; vertically integrated manufacturing (Futurefactory); aggressive pricing - Moat: Manufacturing scale, brand awareness, distribution ambition (4,000 stores target)

Key Lessons: 1. Manufacturing is fundamentally different from platform businesses - execution challenges compound 2. Customer service in hardware can make or break brand perception

Chapter Relevance: Business Model Pivot, Manufacturing Strategy, Customer Service

Sources: Inc42 Ola Electric Analysis; RestOfWorld Ola Stock Analysis

39. Rapido - Bike taxi niche achieving unicorn status¶

Category: Success | Industry: Ride-sharing

Timeline: - Founded: 2015 - Key milestones: Bike taxi pioneer; auto-rickshaw expansion; unicorn ($1.1B) with $200M raise (2024); cab services launch - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Affordable two-wheeler rides for urban commuters - Revenue model: Subscription fees from drivers (replacing commission), service fees - Key metrics: Revenue INR 648 Cr FY24 (+46%); Losses reduced to INR 371 Cr; 2.3-2.5M daily orders; 61% bike taxi market share

Strategic Analysis: - Key decisions: Focus on underserved two-wheeler segment; subscription model for drivers (vs commission); expansion to cabs and quick commerce delivery - Moat: Bike taxi market leadership, driver network, subscription model economics

Key Lessons: 1. Niche focus (bike taxis) can build dominant position before expansion 2. Driver-friendly economics (subscriptions vs commissions) create supply-side advantage

Chapter Relevance: Niche Strategy, Two-Sided Marketplace, Expansion Strategy

Sources: TechCrunch Rapido Unicorn; Motilal Oswal Rapido Analysis

40. Cars24 - Used car marketplace building trust through technology¶

Category: Ongoing | Industry: Used Cars

Timeline: - Founded: 2015 - Key milestones: Full-stack model (buy-sell-finance); $3.3B peak valuation; international expansion; IPO planned - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Hassle-free used car buying/selling with trust guarantee - Revenue model: Transaction margins (4-5%), financing commissions, value-added services - Key metrics: Revenue INR 6,917 Cr FY24 (+25%); Losses reduced 65%; 11% gross margins (up from 3%); profitability expected in 12-18 months

Strategic Analysis: - Key decisions: Full-stack model (inspection, refurbishment, warranty); NBFC license for financing; cost rationalization (exiting difficult markets) - Moat: Inspection and refurbishment processes, financing capability, brand trust

Key Lessons: 1. Full-stack ownership improves unit economics but increases complexity 2. Used car marketplaces require trust through transparent processes

Chapter Relevance: Full-Stack Model, Trust Building, Path to Profitability

Sources: AIM Group Cars24 FY24 Analysis; StartupTalky Cars24 Business Model

41. Ather Energy - Premium EV manufacturing for discerning consumers¶

Category: Ongoing | Industry: EV Manufacturing

Timeline: - Founded: 2013 - Key milestones: Ather 450 launch (2018); experience centers; IPO at INR 321/share (May 2025); Factory 3.0 planned - Current status: Active/Listed (NSE: ATHERENERGY)

Business Model: - Value proposition: Premium electric scooters with best-in-class technology - Revenue model: Vehicle sales, charging network, software services - Key metrics: Revenue INR 1,754 Cr FY24; Loss INR 1,060 Cr; 11% E2W market share; 420,000 unit capacity

Strategic Analysis: - Key decisions: Premium positioning (vs Ola's mass market); in-house design (80% components); experience center-led retail; significant R&D (13% of revenue) - Moat: Technology leadership, premium brand positioning, charging network (Ather Grid)

Key Lessons: 1. Premium positioning requires sustained product excellence and customer experience 2. EV transition requires significant capital investment before scale economics

Chapter Relevance: Premium Positioning, R&D Strategy, Capital-Intensive Growth

Sources: Ather Energy IPO DRHP; Inc42 Ather IPO Analysis

NEW ECONOMY - SAAS/TECH (5)¶

42. Freshworks - First Indian SaaS on NASDAQ¶

Category: Success | Industry: SaaS

Timeline: - Founded: 2010 (as Freshdesk) - Key milestones: Chennai origins; US headquarters move (2018); NASDAQ IPO at $13B valuation (2021); narrowing losses toward profitability - Current status: Active/Listed (NASDAQ: FRSH)

Business Model: - Value proposition: Affordable, easy-to-use SaaS for customer and employee experience - Revenue model: SaaS subscriptions across CRM, ITSM products - Key metrics: ARR $760M+ FY24; Loss narrowed to $95M; Device42 acquisition for $230M; targeting $1B revenue

Strategic Analysis: - Key decisions: SMB focus vs enterprise; multi-product suite strategy; AI integration across products - Moat: Product simplicity, SMB relationships, multi-product ecosystem

Key Lessons: 1. Indian SaaS can compete globally with product-led growth 2. SMB market requires different go-to-market than enterprise sales

Chapter Relevance: SaaS Strategy, Product-Led Growth, International Expansion

Sources: Freshworks Investor Relations; Inc42 Freshworks Analysis

43. Zoho - Bootstrapped SaaS giant defying venture capital model¶

Category: Success | Industry: SaaS

Timeline: - Founded: 1996 (as AdventNet) - Key milestones: Bootstrapped growth; 55+ product suite; 100M users (first bootstrapped SaaS); $1.4B revenue (2024) - Current status: Active (Private, Bootstrapped)

Business Model: - Value proposition: Integrated suite of 55+ business applications at affordable pricing - Revenue model: SaaS subscriptions, Zoho One bundle - Key metrics: Revenue $1.4B (2024, +27%); Profit INR 2,836 Cr FY23; 100M users; 44.55% EBITDA margin; ~$12.4B valuation

Strategic Analysis: - Key decisions: Bootstrapped growth maintaining independence; build everything in-house (no acquisitions); rural office strategy for talent - Moat: Integrated suite (55+ apps), profitability, independence from investor pressure

Key Lessons: 1. Bootstrapped growth creates long-term strategic flexibility 2. Building integrated suites in-house creates seamless user experience

Chapter Relevance: Bootstrapped Growth, Product Strategy, Talent Strategy

Sources: GrowthX Zoho Business Model; GetLatka Zoho Analysis

44. InMobi - Adtech global expansion from India¶

Category: Success | Industry: Adtech

Timeline: - Founded: 2007 - Key milestones: India's first unicorn (2011); profitable (2016); Glance launch (2019); $8-10B IPO target (2025) - Current status: Active (Private, preparing IPO)

Business Model: - Value proposition: Mobile advertising platform with AI-powered targeting - Revenue model: Advertising revenue (CPM/CPC), Glance content platform - Key metrics: Revenue expected INR 5,810 Cr by March 2025; Glance revenue INR 614 Cr FY24 (+89%); 450M+ Glance users

Strategic Analysis: - Key decisions: Global expansion (70-80% revenue from North America); Glance lock-screen platform; AI investment through $100M debt funding - Moat: Advertising technology, Glance distribution (pre-installed on Samsung, Xiaomi), data assets

Key Lessons: 1. Adtech requires global scale - India alone insufficient for category leadership 2. Platform distribution (lock-screen) can create unique advertising inventory

Chapter Relevance: Global Expansion, Platform Strategy, AI Investment

Sources: InMobi Press Releases; Entrackr Glance FY24 Analysis

45. ShareChat - Vernacular social media achieving profitability¶

Category: Ongoing | Industry: Social Media

Timeline: - Founded: 2015 - Key milestones: Vernacular content focus; Moj short video launch (2020); $5B peak valuation (2022); ShareChat app EBITDA profitable (October 2024) - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Social media for India's non-English speaking majority - Revenue model: Advertising, livestreaming revenue (56% of total) - Key metrics: Revenue INR 718 Cr FY24 (+33%); EBITDA losses reduced 67%; ShareChat app 15%+ EBITDA margin; 180M MAU (ShareChat) + 160M MAU (Moj)

Strategic Analysis: - Key decisions: Vernacular-first for Tier ⅔ users; livestreaming monetization; aggressive cost optimization (50% server cost reduction) - Moat: Vernacular content library, creator ecosystem, Tier ⅔ user base

Key Lessons: 1. Vernacular markets are massive but require different content and monetization strategies 2. Technology optimization (codebase rewrite) can dramatically improve unit economics

Chapter Relevance: Vernacular Strategy, Content Platform, Cost Optimization

Sources: ShareChat FY24 Press Release; Entrackr ShareChat Financial Analysis

46. Dream11 - Fantasy sports market leadership¶

Category: Success | Industry: Gaming/Fantasy Sports

Timeline: - Founded: 2008 - Key milestones: Fantasy sports pioneer; unicorn status (2019); 220M+ users; defending legal challenges - Current status: Active (Private)

Business Model: - Value proposition: Skill-based fantasy sports with real money contests - Revenue model: Platform fees (15-25% of contest pools), advertising - Key metrics: Revenue INR 6,384 Cr FY23; Profit INR 188 Cr; 220M+ users; 80%+ fantasy sports market share

Strategic Analysis: - Key decisions: Cricket-first strategy in cricket-obsessed market; freemium to paid conversion; legal strategy defending skill-based classification - Moat: Market leadership, user base, brand (IPL associations), regulatory precedent

Key Lessons: 1. First-mover advantage in regulated markets creates lasting barriers 2. Sports alignment (cricket/IPL) creates powerful marketing leverage

Chapter Relevance: Gaming Strategy, Regulatory Navigation, Network Effects

Sources: StartupTalky Dream11 Business Model; Wikipedia Dream11

CAUTIONARY/EVOLVING (4)¶

47. BYJU'S - Growth vs sustainability crisis defining edtech failure¶

Category: Failure | Industry: Edtech

Timeline: - Founded: 2011 - Key milestones: Learning app launch (2015); $22B peak valuation (2022); auditor/board resignations (2023); insolvency proceedings (2024) - Current status: Insolvency/Restructuring

Business Model: - Value proposition: Engaging learning content through technology - Revenue model: Course subscriptions, tutoring fees - Key metrics: Valuation crashed from $22B to near-zero; Losses INR 8,245 Cr FY22; $2.5B+ spent on acquisitions

Strategic Analysis: - Key decisions: Aggressive acquisitions (Aakash, WhiteHat Jr) without integration capability; predatory sales practices; governance failures - Moat: (Destroyed) Brand awareness, content library

Key Lessons: 1. Growth-at-all-costs without governance leads to catastrophic failure 2. Acquisitions without integration capability destroy value 3. Founder accountability is essential - avoiding scrutiny compounds problems

Chapter Relevance: Failure Analysis, Governance, Sustainable Growth, M&A Integration

Sources: Inc42 BYJU'S 2024 Review; CNBC BYJU'S Rise and Fall

48. OYO - Aggressive scaling lessons leading to profitability focus¶

Category: Ongoing | Industry: Hospitality

Timeline: - Founded: 2013 - Key milestones: Rapid global expansion; $10B peak valuation (2019); pandemic crisis; profitability achieved FY24; IPO planned - Current status: Active (Private, preparing IPO at $7-8B target)

Business Model: - Value proposition: Standardized, affordable hotel stays - Revenue model: Revenue share with hotels, franchise fees - Key metrics: Revenue INR 5,389 Cr FY24 (flat YoY); First profit INR 230 Cr FY24; Q1 FY26 profit INR 200+ Cr; valuation dropped to $2.37B

Strategic Analysis: - Key decisions: Closure of 40% properties for efficiency; shift to revenue-share from minimum guarantee; employee costs cut 52%; focus on profitable markets - Moat: Technology platform, brand awareness, standardization processes

Key Lessons: 1. Hypergrowth without unit economics creates existential risk 2. Turnarounds require painful cost-cutting including workforce reductions 3. Delayed IPOs signal investor caution despite progress

Chapter Relevance: Turnaround Strategy, Unit Economics, Growth vs Profitability

Sources: Inc42 OYO 2024 Analysis; Unlistedzone OYO Financial Turnaround

49. Udaan - B2B marketplace navigating growth-profitability tradeoff¶

Category: Ongoing | Industry: B2B E-commerce

Timeline: - Founded: 2016 - Key milestones: Fastest Indian unicorn (2018); $3.2B peak valuation; pivot to profitability focus; valuation dropped 59% to $1.3B - Current status: Active (Private, VC-backed)

Business Model: - Value proposition: Digital wholesale marketplace connecting brands to retailers - Revenue model: Transaction margins, logistics services, credit facilitation - Key metrics: Revenue INR 5,707 Cr FY24 (flat); Losses INR 1,674 Cr (reduced 19%); EBITDA loss reduced 40%; valuation $1.3B

Strategic Analysis: - Key decisions: Aggressive cost-cutting (employee, logistics, marketing); focus on reducing losses over growth; debt funding for survival - Moat: (Limited) B2B relationships, logistics network

Key Lessons: 1. B2B e-commerce has thin margins requiring operational excellence 2. Growth without profitability path leads to valuation destruction 3. Cost-cutting without growth creates strategic dead-end

Chapter Relevance: B2B Marketplace, Unit Economics, Survival Mode Strategy

Sources: Entrackr Udaan FY24 Analysis; TheArcWeb Udaan Revenue

50. PhysicsWallah - Edtech differentiation through affordability¶

Category: Success | Industry: Edtech

Timeline: - Founded: 2020 (company); 2016 (YouTube channel) - Key milestones: YouTube to company transition; unicorn at $1.1B (2022); $2.8B valuation (2024); IPO filing (2025) - Current status: Active (Private, preparing IPO)

Business Model: - Value proposition: Affordable test preparation for middle-class students - Revenue model: Course fees (significantly below competitors), hybrid centers - Key metrics: Revenue INR 1,940 Cr FY24 (+160%); Loss INR 1,131 Cr (accounting adjustments); 4.4M paid users; $2.8B valuation

Strategic Analysis: - Key decisions: Affordable pricing (10-20% of competitors); YouTube community building; hybrid model (170 offline centers); Alakh AI for doubt resolution - Moat: Brand trust with mass market, affordable pricing, community engagement, founder credibility

Key Lessons: 1. Serving the 99% (mass market) can be more valuable than premium positioning 2. Community building (YouTube) creates organic customer acquisition 3. Founders with authentic connection to target audience create trust

Chapter Relevance: Affordable Innovation, Community Building, Edtech Differentiation

Sources: PhysicsWallah IPO DRHP; The Captable PW FY24 Analysis

SUMMARY BY CATEGORY¶

KEY STRATEGIC THEMES ACROSS CASE STUDIES¶

1. Distribution Moats: Asian Paints, HUL, Maruti demonstrate how distribution networks built over decades create sustainable competitive advantages

2. Platform Economics: Reliance Jio, PhonePe, Zomato show how platform businesses scale through ecosystem lock-in

3. Quick Commerce Revolution: Blinkit, Zepto, Instamart represent India's 10-minute delivery transformation

4. Governance Matters: BYJU'S, Paytm demonstrate catastrophic consequences of governance failures

5. Bootstrapped vs VC-funded: Zerodha, Zoho vs Zepto, CRED show different paths to scale

6. Tier ⅔ Opportunity: Meesho, ShareChat, PhysicsWallah prove mass market India is different business

7. Manufacturing vs Platform: Ola Electric's challenges vs PhonePe's success show different execution requirements

8. Turnaround Possibility: OYO demonstrates painful but possible path from hypergrowth to profitability

Last Updated: November 2024 Research conducted for "The Strategy Engine" book project