Framework
Two D2C beauty brands at the same revenue — one valued at three times sales, the other seven. Growth used to be the whole story. Now it's CM2: the margin left after the product, the ad and the shipping.
14 Jun 2026
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D2C teardown
Everyone quoted Zepto's ₹5,905 Cr loss. The line that carries the 690-page filing is on page 162 — advertising revenue, ₹49 Cr to ₹1,636 Cr in two years.
11 Jun 2026
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D2C teardown
Zepto stocks 20k products a store. Blinkit carries 50k — and the smaller shelf has the higher in-stock rate. Inside a fixed-size dark store, breadth and availability pull against each other.
7 Jun 2026
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Framework
An RBI rate move changes your interest bill by about ₹20 lakh. Tightening your working-capital cycle is worth ten times that — and it's the number you actually control.
4 Jun 2026
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Career & craft
Coke rate at Vedanta, truck utilisation at Rivigo, NIM net of credit cost at Groww, repeat rate at Moxie. The metric changes by industry; the question never does.
31 May 2026
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Framework
Two founders, the same ₹100 Cr valuation — one takes home crores more. The gap was in four clauses underneath the headline: the option pool, liquidation preference, anti-dilution, and control.
28 May 2026
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D2C teardown
Nykaa's own brands grew 65% while the platform grew 27%. The company with the most data in Indian beauty still had to buy a brand and rent a face — because a brand is the one moat a platform can't shortcut.
24 May 2026
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Personal finance
₹10 crore of life cover for about ₹54,000 a year — bought at 29. The three decisions underneath term insurance most people quietly get wrong.
21 May 2026
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Inside the room
Every bank quoted a different rate. None of them quoted the real one. How a ₹10Cr facility went from 13.68% to 11.06% — ₹26L a year, recurring.
17 May 2026
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D2C teardown
₹106 Cr in profit. ₹235 Cr in loss. Same company, same year. Reading Urban Company's FY26 the way an operator does.
14 May 2026
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D2C teardown
Blinkit makes ₹1.35 per order. Instamart loses ₹76. Same category, same delivery promise — the gap isn't a quarter, it's structural.
10 May 2026
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Inside the room
On 27 March I broke a ₹25Cr FD two days from quarter-end. Penalty: ₹4.6L. Net after the swap: ₹8L+. The cheapest edge in treasury isn't information — it's attention.
3 May 2026
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D2C teardown
India's largest listed D2C brand reported all-time-high revenue and nearly doubled profit. Both true — neither tells you if the business works. The four numbers I read in any D2C quarterly, in order.
30 Apr 2026
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Framework
A CFO's monthly personal-finance review — four things, in order. First Sunday of every month. 30 minutes. One sheet.
23 Apr 2026
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Personal finance
I'm a CA and a CFA, and Head of Finance at a VC-funded D2C brand. And I still spend real time every month managing my personal cashflow. Earning well doesn't solve cashflow — it complicates it.
19 Apr 2026
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