Dhagash Shah

Passionate about investing, business models, books and geoolitics.

[Blume Ventures @BlumeVentures]

Vikram Gawande (@vikramg05) breaks down India's IPO activity for May & June on Decoding Exits 🎙️

DRHPs filed:
🌶️ Pushp Brand - hing to IPO
⚡ @DTPLIndia - EV & electrical systems
🏦 Arohan Financial - microfinance for the masses
👟 Gaurik Fashion - branded retail operator
💳 InCred Holdings - NBFC backed by KKR & Zerodha

🔔 @Kissht_EMI rang the bell and the stock climbed

💰 Post-IPO block trades: @_groww, @Lenskart_com, @delhivery, @PineLabs all saw investors exit meaningfully

🌱 @honasa_india (Mamaearth) paid its first dividend - new-age companies are growing up

Public markets remain the primary liquidity engine for Indian VC/PE. The thesis holds.

Watch the full video here: https://t.co/8JzYnDbmsr

@BKartRed @AshishFafadia @sanjaynath @sajithpai @arpiit @saritaraichu @mitul_am @riashroff @mehtaalok @DhagashS @RinushreeS @gauthamsiv

[Blume Ventures @BlumeVentures]

🎙️ Decoding Exits is back, May '26 edition.
@BKartRed breaks down what's moving in India's M&A universe this month:
🌿 Emami × Vedix + SkinKraft - staged buyout, performance-linked. Classic playbook.
🥗 Wingreens × Safe Harvest - share swap, farmer supply chain, pre-IPO breadth
💳 Freo × IndiaLends - top-of-funnel meets licensed lending
📊 Oxyzo × GoldenPi - SME NBFC expands into retail wealth
🤖 Romeo Bravo × Zeko - US hospitality tech buys Indian AI layer
🏗️ JSW One × BuildNext - full-stack construction platform, IPO-bound

🌍 US Bonus: QXO × TopBuild - blockbuster deal signals the same wave is coming to India

Watch the full video here: https://t.co/mHXmFbBoXT

@AshishFafadia @sanjaynath @sajithpai @arpiit @saritaraichu @mitul_am @riashroff @mehtaalok @DhagashS @RinushreeS @gauthamsiv

[Blume Ventures @BlumeVentures]

Scale gets the headlines. What happens after listing rarely does.

Vikram Gawande and Dhagash Shah from our Growth Investments team tracked 377 companies from IPO to FY25, across revenues, margins, cash flows, valuations, and employee costs.

Here are some things that stood out:

- Multiple compression is not an exception. Rather it’s the base case. Median P/S fell from 3.4x at listing to 3.0x by FY25.

- Across nearly every sector, companies were valued more richly at listing than two years later. We observed revenue growth (and not multiple expansion) to be a reliable compounder.

- Small caps quietly outperformed. 16% market cap CAGR over the decade, against 9% for mid-caps and -11% for large-caps.

We recently published Part 2 of our report on Insights from Mainboard IPOs.

If public markets are on your horizon, as a founder, investor, or both, the report is worth the read: https://t.co/VVzlZGMSsd

@BKartRed @AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05 @DhagashS

[Blume Ventures @BlumeVentures]

In this month's edition of the Decoding Exits series, @BKartRed (Karthik) highlights a packed two months of M&A activity across India's startup and consumer ecosystem, from legacy brand revivals and home services consolidation to big-ticket wellness acquisitions by FMCG and pharma giants.

Here are the highlights:

💊 @HUL_News acquired the remaining 49% of @ozivanutrition for ₹824 Cr, valuing it at ~₹1,680 Cr (~3.5x FY25 revenue)

💊 USV picked up ~80% of Wellbeing Nutrition for ~₹1,260 Cr at a ~₹1,580 Cr valuation, pharma expanding into consumer wellness

🏨 The Indian Hotels Company Limited (IHCL) acquired 51% of Brij Hotels, adding a boutique experiential leisure brand to its portfolio

🏥 @novoholdings picked up a 49% stake in Surya Hospitals India, valued at ~₹1,000–1,200 Cr

🖱️ @zebronics acquired iBall India's brand and IP, a nostalgic accessories brand getting a second life under a stronger operator

🌾 Unnati acquired 51% of Gramophone, consolidating the agri-tech input space

🏠 Pync (backed by Accel, Bharat Founders Fund) was absorbed by Snabbit as home services heats up.

🍫 Reliance Consumer Products acquired Manna, with ~80% now held by Reliance

🏦 BLS E-Services Ltd acquired Atyati Technologies (~₹155 Cr), a fintech for rural segments with ~₹400 Cr in FY25 revenue

📊 @Rainmatterin took a 51% stake in @PensionBox for $2M, giving early investors a full exit

🍿 @PicturesPVR sold 4700BC to Marico Limited, an interesting case when strategics sell to strategics when a brand outgrows its parent's DNA

🚛 Bertelsmann Investments became a majority shareholder in LetsTransport, leading a $20–25M investment to build a wider logistics platform beyond trucking

Watch the full video here: https://t.co/vC7JfmS1Zl

@BKartRed @AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

[Blume Ventures @BlumeVentures]

Going public used to be a decade-long journey. That's changing, fast.

@Priyamouli1812 (Priyamvada) from the Mint recently featured Blume’s 11 years of IPO report, authored by @vikramg05 (Vikram) and @DhagashS (Dhagash) from our Growth Investments team, unpacking how India's IPO landscape has evolved over the last 11 years.

The standout datapoint: PE/VC-backed companies hit a median IPO age of just 12 years in 2025 — down from 17 years in 2024.

In conversation with @livemint, Vikram said, "We have been big proponents of companies with predictable and profitable P&L going public without waiting for a billion-dollar valuation milestone. As founders raise institutional capital, they need to keep in mind that they need to honour the liquidity requirements of these investors in future."

With a dozen Blume portfolio companies eyeing public markets in the next 3 years, this is a trend we're watching — and building for.

👉 Read the full Mint piece: https://t.co/tGLS8qUxWQ

@BKartRed @AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

[Blume Ventures @BlumeVentures]

In a special episode from our monthly “Decoding Exits” series, @vikramg05 (Vikram) from our Growth Investments Team, highlights how India's IPO and exits Markets evolved in 2025.

This shift signals a fundamental maturing of India's venture ecosystem, where IPOs are transitioning from capital-raising events to meaningful liquidity mechanisms for early investors.

Key highlights from 2025:

- 21 PE/VC-backed companies raised ₹52,514 crore (~$6B) through mainboard IPOs

- PE/VC companies represented only 20% of IPOs by count, but 30% of total issue value

- ₹76,000+ crore ($8.75B) in realized liquidity through IPO and post-IPO exits

- Average monthly liquidity of ~$730 million demonstrates predictable exit windows

- Larger IPOs (>₹10,000 cr market cap) commanded significantly higher valuations

The bottom line: India's exit environment is no longer episodic or sentiment-driven. It's increasingly grounded in fundamentals, profitability, and disciplined execution.

Read the full report and watch Vikram's complete analysis here: https://t.co/SgYj3QiPYK

@BKartRed @AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

[Blume Ventures @BlumeVentures]

2025 ‘Decoding Exits’ M&A Year in Review 🎯

In April 2025, @BKartRed (Karthik), Partner at Blume, launched our monthly exit commentary series to track and analyse India's startup M&A landscape. Nine months and 48 deals covered later, here's what defined our ‘Decoding Exits’ series last year.

By The Numbers

- 37 full acquisitions (sub-$100M majority stake deals)
- 6 majority-stake acquisitions (>50% sold)
- 2 minority-stake strategic investments
- 3 acqui-hires (many more flew under the radar)

Here are some notable deals that shaped the year:

🚗 @myspinny (Fund II) acquired @gomechanicindia for ~₹450 Cr, adding nationwide servicing to its existing second hand car business.

🐕 @Nestle's ~$100M investment in @DroolsIndia catapulted the pet care brand to a near-billion dollar valuation, putting India's explosive pet care market firmly on the radar.

📦 Locus (Fund II) acquired by Ingka Group | IKEA (IKEA's parent) - our portfolio company helping IKEA save ~€100M through last-mile optimization.

🍛 Devyani International Limited acquired 80% of Biryani By Kilo for ~₹420 Cr, highlighting the potential for multi-city food businesses to achieve significant exit outcomes.

And much more!

Watch the full year-end recap breaking down patterns, surprises, and what to expect in 2026 👉https://t.co/sEzasJif5Q

Big thanks to @DhagashS (Dhagash) from our Growth Investments team for the stellar research that powered this series all year.

@AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

[Blume Ventures @BlumeVentures]

In this month's episode of "Decoding Exits", @BKartRed (Karthik) takes us through the key M&A deals that happened in the month of September 2025. From the bittersweet acquisition of @Pepperfry by TCC Concept, to @amazon's strategic move in acquiring axio, and @HunchVentures complete buyout of Jamie Oliver's India restaurant business - September was a frenzy of M&A activity.

Here are the key deal insights :

- New Chapter for Pepperfry: The pioneering furniture startup, entered a new phase with TCC Concept. The company, which began with Norwest's initial backing and grew into one of India's leading furniture retailers over its 12-year journey, will see its brand catalog and Omni Channel Studios continue under TCC's stewardship.

- E-commerce Giant's Lending Play: Amazon's acquisition of Axio (formerly Capital Float) at 0.75-1x loan book value strengthens the e-commerce giant’s BNPL and checkout financing capabilities.

- Restaurant Brand Consolidation: Hunch Ventures' full ownership acquisition of Jamie Oliver's India business, buying out IMM's stake, sets the stage for a ₹200 crore expansion plan across 14 outlets.

- Global Benefits Platform Expansion: Pluxee's acquisition of @ProEves adds a crucial childcare network of 7,000+ centers to its multi-benefit stack, expanding its reach to 3.5M consumers and strengthening its position in India's corporate benefits landscape.

- Global Media Tech Integration: @MinuteMediaLTD acquires @VideoVerseHQ's AI-powered 360-degree stack for sports highlight creation and monetisation, complementing its Sports Illustrated and Players Tribune platforms while deepening its technological infrastructure.

- Retail Chain Expansion: Sanjay Ghodawat Group's acquisition of @DusMinute , the neighborhood convenience store chain, aims to expand from 40 to 160+ stores, showing consolidation in local retail.

Watch the full analysis to understand what these movements signal for founders and investors: https://t.co/daWOSnp4SG

@BKartRed @AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

[Blume Ventures @BlumeVentures]

August 2025 IPO Digest: Six Companies File ₹10,400 Cr DRHPs

In this month’s episode of “Decoding Exits”, @vikramg05 (Vikram) from Blume’s growth investment team highlights six PE/VC-backed companies that filed their DRHPs in August. From a founder who changed his name to sound more Italian, to Fractal Analytics' near-death experience while choosing a CEO, these stories are as compelling as their numbers.

Here is what you’ll find in this episode:

@fractalai Empire Expansion: ₹5,000 Cr IPO
From near-death experience to a ₹21,000 crore valuation, Fractal's remarkable turnaround story demonstrates the potential of India's enterprise AI capabilities.

@Kissht_EMI Disrupts Traditional Lending: ₹1,650 Cr IPO
Breaking away from conventional CIBIL scores, Kissht's innovative 'Kissht Score' leverages social profiles and utility payments to democratise lending with a ~₹4,000 crore AUM.

@MolbioDx 's TB-Fighting Success Story: ₹1,400 Cr IPO
Recognised by WHO for their role in TB diagnosis, Molbio's journey from diagnostic innovation to a ₹12,500 crore valuation showcases India's healthcare technology leadership.

@CleanMax_Ofc Green Energy Revolution: ₹5,200 Cr IPO
Transforming from a simple solar panel installer to a strategic CFO partner, CleanMax's innovative approach to renewable energy solutions is reshaping corporate sustainability.

@varmora's Global Tile Empire: ₹1,050 Cr IPO
With Carlyle's backing and a strategic brand positioning, Varmora Granito has evolved into a major player in domestic and export markets for premium surfaces.

@nephroplus's Patient-First Innovation: ₹800 Cr IPO Born from a patient's blog to India's leading dialysis chain, NephroPlus's journey showcases how personal experience can drive healthcare transformation.

Watch the full analysis to understand what these movements signal for founders and investors: https://t.co/4KUBpatClM

@BKartRed @AshishFafadia @sajithpai @sanjaynath
@arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

[Saurabh Malhotra @MalhotraSaurabh]

Quite a relief to see a full-strength Indian squad leave for England despite the hectic IPL season 🤩

[Dhagash Shah @DhagashS]

Shoes how much the fitness levels have improved. All of them have played a lot of cricket over the last 12-14 months.

[Saurabh Malhotra @MalhotraSaurabh]

Quite a relief to see a full-strength Indian squad leave for England despite the hectic IPL season 🤩

[Nidhi Razdan @Nidhi]

Retweet if you’re relieved this campaign is finally over

[Bayer 04 Leverkusen @bayer04_en]

We would’ve won the 2018-19 Premier League title if our points were worth double in England

[Pratik Sinha @free_thinker]

PM Modi is asked to recite a recent poetry of his in the @NewsNationTV intvw. He asks for HIS file which is duly handed over, and he starts fiddling with a bunch of papers. The paper on which there's a printed copy of a poetry also has a printed question on the top.

1/3

[David. @Rooney_esque]

How the fucking hell did José Mourinho finish 2nd with this absolute pile of shite? Best achievement in football history, absolute miracle worker. #mufc