Reports filed from the field
Luxury Commerce Product Lab
A full product management case study on BlueStone's online jewellery commerce experience: a six-stage customer journey map synthesized from ten primary interviews, a competitive scorecard against CaratLane and Tanishq, a screen-by-screen teardown of the live purchase funnel, three fully-scoped PRDs (buyback transparency, a true cost calculator, and a proactive consultation trigger), and a KPI/experiment/AI-opportunity backlog grounded entirely in the research rather than generic growth-hacking ideas.
Eternal Limited (formerly Zomato Limited)
Initiation of coverage on Eternal Limited (NSE: ETERNAL) with a SELL rating and a base-case DCF fair value of Rs. 125/share, implying -58.2% downside from a CMP of Rs. 300. Blinkit has become ~70% of consolidated revenue and turned segment Adjusted EBITDA-positive for the first time in Q1 FY27, but FY26 net profit actually declined YoY despite revenue nearly tripling — a jump driven largely by an accounting change in how Blinkit recognizes revenue, not underlying business acceleration.
Meesho: Marketplace Growth, Seller Quality & Monetization
A first-90-days internal strategy diagnostic on Meesho's marketplace, covering supply-quality risk, the Tier-2+ customer opportunity, category whitespace, and the ad/logistics monetization engine. Core finding: Meesho's registered seller base has grown past 700,000 while average orders per seller are declining — a supply-dilution signature that caps per-seller economics even as headline GMV keeps growing. Closes with eight RICE-prioritized recommendations, led by category-level seller-density caps and a trust-weighted ad-ranking layer.
Nourish Snacks Pvt. Ltd. — Series A Investment Evaluation
Investment Committee memo recommending a CONDITIONAL BUY into Nourish Snacks' Series A: Rs 40 Cr at Rs 135 Cr pre-money (22.9% stake), structured across three milestone-gated tranches, against a founder ask of Rs 160 Cr. The memo's central finding is a 7-percentage-point gap between management's claimed FY28 blended gross margin (61%) and what the channel mix actually supports without own-label sourcing (54%) — a gap the entire profitability timeline depends on closing. Expected return: ~4x base case, 8-9x bull case, by FY30 exit.
Product Teardown: Blinkit
A full strategic teardown of Blinkit (formerly Grofers, now under Eternal): jobs-to-be-done analysis, customer segmentation, an end-to-end funnel from discovery to referral, the product's dark-store density moat, its growth loop, seven behavioral psychology mechanisms it leverages, a full business model canvas, competitive landscape against Zepto and Swiggy Instamart, a North Star metric framework, ranked risks, a 19-item RICE-prioritized improvement backlog, and ten closing strategic lessons.
Product Teardown: Swiggy
A full strategic teardown of Swiggy's food, grocery, and dining businesses: jobs-to-be-done analysis, five customer segments, a seven-stage funnel from discovery to referral, the logistics-density moat, growth flywheel and four growth loops, eight behavioral psychology mechanisms, a full revenue architecture and unit-economics breakdown, competitive landscape against Zomato, Blinkit, and Zepto, a North Star metric framework, six ranked risks, a P0/P1/P2 RICE-prioritized roadmap, and eleven closing strategic lessons.