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🇮🇳 Home Turf: Domestic Regulatory & Consumption Shocks
📉 Groww (-9%)
Founder Footprint: 👨💼 Lalit Keshre’s long-term bet on platform diversification faced a short-term regulatory test.
Catalyst: 📜 SEBI’s strict F&O reforms raised contract sizes to ₹15–20L and limited weekly expiries.
Impact: 💸 Cooled off retail option trading, hitting the platform’s primary revenue driver.
🚀 Zomato (+20%)
Founder Footprint: 👨💼 Deepinder Goyal’s aggressive push into hyper-local delivery proved to be the quarter’s biggest growth catalyst.
Catalyst: ⚡ Rapid urban adoption of 10-minute delivery via Blinkit.
Impact: 📈 Scaling dark-store density expanded margins faster than rising gig-worker costs.
👓 Lenskart (+32%)
Founder Footprint: 👨💼 Peyush Bansal’s vision of controlling both supply chain and storefront continues to pay off.
Catalyst: 🏗️ Local eyewear manufacturing incentives (PLI) + Tier-2/3 retail surge.
Impact: 🏪 High-margin offline store expansion drove market share gains.
🌐 Beyond Borders: Macro Realities & Enterprise Demand
🧳 MakeMyTrip (-12%)
Founder Footprint: 👨💼 Deep Kalra’s battle-tested strategy for cross-border expansion absorbed macro-economic drag.
Catalyst: 💸 20% remittance tax (TCS) on foreign tours + weak Rupee against the Dollar.
Impact: ✈️ Tax drag on outbound travel compressed dollar earnings on NASDAQ.
💻 Freshworks (+23%)
Founder Footprint: 👨💼 Girish Mathrubootham’s foundation for product-led growth positioned the firm to capture the enterprise rebound.
Catalyst: 🤖 Thawing US/EU enterprise IT budgets + embedded AI rollouts.
Impact: 📈 Enterprise software spend recovery unlocked steady ARR growth.
🛡️ Truecaller (+62%)
Founder Footprint: 👨💼 Alan Mamedi’s early emphasis on digital trust and compliance turned regulatory shifts into commercial gains.
Catalyst: ⚖️ India’s DPDP data privacy law + strict corporate anti-spam mandates.
Impact: 📲 Soaring demand for Verified Business IDs and stock buybacks boosted its Stockholm rally.
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