The CapTable

11/08/2025

Snabbit, Pronto, and Urban Company’s Insta Help are racing to solve the same problem: What happens when your regular domestic help calls in sick?

The broader home services market—including cooking, laundry, and non-durable household repairs—is estimated at around $16 billion today for urban affluent households, with a CAGR of 12-14% through 2030.

Experts say that even if a part of the quick-commerce userbase shifts to quick service then it would be big enough.

The opportunity is also attracting e-mobility startups like Yulu and EVeez, who see themselves as essential infrastructure.

But as exciting as these services sound, pulling off a Zepto, Uber and Urban Company model together, day after day, job after job, within minutes isn’t easy.

Unlike quick commerce, which found daily relevance in users’ lives, quick home services face unique challenges that no amount of funding can easily solve.

Read the full story by Shivani & Pranav

Snabbit, Pronto and Urban Company’s Insta Help are racing to send househelp in minutes. But speed alone won’t cut it, dense urban localities, repeat users, and consistent quality are just as important for these services to scale

09/08/2025

India’s quick commerce race is heating up — but for Swiggy, the finish line is still far away. While competitors are eyeing profits, its Instamart arm is bleeding cash.
The new weapon? Maxxsaver — a ‘value zone’ designed to tempt you into bigger baskets, The bet: higher order sizes, fatter margins & fewer losses.

Early signs look promising, but there’s a catch — growth is slowing & rivals have been playing this bulk-buy game for years.
Can Maxxsaver indeed come to the rescue of Swiggy's Instamart?

Catch the full breakdown on The CapTable.
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07/08/2025

UPI crossed 500M daily transactions in Sept 2024 — but growth is now slowing.
Is India’s greatest fintech success story hitting a wall?
Today’s piece by Shailesh Jha looks at the problems and solutions to fix.

In H1 2025, UPI’s TPV growth was just 40% of H2 2024.
Meanwhile, infrastructure is creaking — tech failure rates are at 3-year highs.
Banks are reluctant to fund more capex without returns.

What’s holding UPI back?
20–25% of large P2P txns might be misclassified P2M
Cash use has stagnated (~40% of currency still in use) B2B digitization via BBPS has flopped (INR 17L txn value in May 2025!)

What could be the way forward? Find out more in today’s piece by Shailesh Jha.

How can India’s greatest tech innovation of the past decade balance inclusion and yet generate ample funds for the next stage of capex?

02/08/2025

Aam Panna, jaljeera and pudina soda - these are now power plays in a Rs 67,000 cr market.

From Lahori Zeera’s Rs 10 fizzy disruption to Pepsi and Coke scrambling to spice things up — desi flavours are fizzing their way to the top.

Gen Z is going big on local flavours and low on sugary colas. And legacy giants? They are battling for shelf space.

This isn’t just about taste. It’s about scale, pricing, and who dominates the next billion beverage moments.

31/07/2025

In India, academic startup founders are a rare breed.
Fewer than 24% raise Series A. Just 4% go beyond Series D.
But some defy the odds.

Prof. Satya Chakravarthy (IIT Madras) co-founded three deeptech ventures that made the WEF 2025 Tech Pioneers list:
-Agnikul: 3D-printed rocket engines
-GalaxEye: Multi-sensor satellite imaging
-The ePlane Co.: India’s first eVTOL air taxi

Meanwhile, Prof. Manoj Gopalkrishnan (IIT Bombay) built Algorithmic Biologics to scale COVID testing tech.

Seeded by Axilor, the startup is now developing advanced molecular computing tools for diagnostics.

What worked for these professors, while it’s difficult for others? More in today’s piece by Parvathi Benu.

Few academics manage to build scalable startups. The CapTable looks at two who defied the odds, shifting from lab work to market strategy and venture building.

30/07/2025

👓 Lenskart is heading for the bourses with a potential Rs 8,000 Cr IPO.

Its DRHP pulls back the curtain on one of India’s most recognisable D2C brands—and what lies beneath the omnichannel eyewear play.

Here’s what market watchers should note 🧵

Started online in 2010, Lenskart is now a global operator with over 2,700 stores across India, SEA, and the Middle East.

In FY25, it posted Rs 6,652 Cr in revenue and Rs 297 Cr in net profit—marking its first full-year profitability.

Physical retail now dominates.

Over 75% of eyewear units are sold via stores—not online. Lenskart is doubling down: Rs 272 Cr of IPO proceeds will fund new company-owned and company-operated stores; Rs 591 Cr will go towards lease and rent costs. Lenskart’s franchise store count has declined in recent years.

Global ambitions are serious.

International markets now account for 40% of Lenskart’s revenue, with its Japanese acquisition Owndays positioned as the face of its global expansion. The company is doubling down on this strategy with newer acquisitions like Spain-based Meller.

Not without risks:
⚠️ Factory capacity utilisation is still under 50%
⚠️ A franchisee filed a police complaint against top execs
⚠️ Significant raw material dependence on China

As Lenskart prepares for one of India’s biggest venture-backed IPOs, investors must ask:

Can a tech-enabled eyewear brand with offline DNA scale globally—and stay profitable doing it?

📍Full breakdown

Lenskart’s IPO documents lift the lid on how India’s largest eyewear brand is navigating global expansion, heavy infrastructure bets, and a business model that bets more on bricks over clicks.

29/07/2025

Walk into any supermarket’s health foods aisle and what do you see? Grim packets with gym bodies, chalky powders, and bars that feel like cardboard. Fitness and pleasure, apparently don’t mix.
Nikunj Biyani thought differently...

What if protein didn’t have to announce itself? What if it just sat quietly next to your favorite Lays packet?
That idea became SuperYou. Instead of chasing the fitness obsessed folks, they decided to chase everyday people—office workers, college kids, families.
In just 8 months they have sold: 8M wafers + 1M chips

SuperYou’s bet: Turn guilt-ridden snacking into ‘better-for-you’ moments. Protein wafers at Rs 60, chips at Rs 50. No palm oil, no added sugar.
With Ranveer Singh as Co-founder, they’re targeting the Rs 466B wafers and chips market, not just the Rs 50B protein market.

But quick commerce success can fool you. Half of SuperYou’s sales come from this route.
India’s real market, though, is offline—kiranas, general stores, neighborhood shops. That’s where scale happens.
The question: Can a quick-commerce darling become a mass-market brand?

SuperYou has the protein, the taste, and the marketing. But building true mass appeal? That’s where the real work begins.
Can it muscle its way into your snacking habits?

Kishore Biyani’s nephew, Nikunj, has joined hands with superstar Ranveer Singh to bet big on guilt-free snacking that promises protein without being too preachy. The quick commerce rush is real, but cracking the offline market will not be easy.

26/07/2025

Startups are going AI-first and 1 in 3 VC dollars now chases AI-native startups.

AI is changing the game for everyone, with VCs tearing up the old investment playbook. From leaner teams to faster growth, a new kind of startup is taking over — and investors are racing to keep up. The CapTable breaks down what’s really driving the AI gold rush.

24/07/2025

In early 2024, Paytm’s stock took a sharp hit after the RBI imposed severe restrictions on Paytm Payments Bank, halting core operations. The result? A dramatic drop in its stock price. This was Paytm’s harshest setback, and here's what happened next 👇

The RBI's action led to a loss of investor confidence, sending Paytm's stock down to Rs 317 by May 2024. This disrupted the company’s steady recovery after it had faced a lot of flak for its 2021 IPO, thanks to its lofty valuation.

However, this setback was a “blessing in disguise,” as an employee says. The company shifted focus to monetising its large merchant base and implemented cost-cutting measures, including leveraging AI to streamline operations and reduce expenses.

By the second half of 2024, Paytm’s stock price began to recover. Paytm also divested its stakes in some non-core assets, which helped the company strengthen its cash position.

On Wednesday, the stock ultimately hit a 52-week high, thanks to the company reporting its first-ever quarterly net profit (without a one-time gain).

Paytm’s pivot to merchant monetisation and cost optimisation has helped the company stabilise its finances. Revenue growth, improved operational efficiencies, and strong quarterly results contributed to renewed investor confidence.

While the RBI setback initially sent shockwaves through Paytm’s operations, the company’s strategic shifts appear to have played a role in its recovery. Today, the stock further jumped 3%. So what’s driving this recovery? All details:

After enduring heavy losses and regulatory setbacks, Paytm’s strategy pivot—shifting focus to merchant monetisation—has fueled its remarkable comeback. With a renewed focus on profitability, the company has found new momentum, sending stock prices soaring.

23/07/2025

Airtel is quietly joining the ranks of McKinsey and HUL—not in consulting or FMCG, but in producing top-tier leadership talent. Over the past decade, dozens of former Airtel execs have gone on to lead companies across sectors.

Many of today’s most competitive sectors demand speed and agility—traits Airtel executives honed during the brutal telecom wars of the last decade, especially in the fight against Jio.

Airtel isn’t just a telecom player—it’s also a tech and media company. This positioning has shaped the perception that Airtel leaders are highly adaptable to technology, a quality increasingly valued across industries.

Hiring heads point to Airtel’s structure—especially its pioneering circle-CEO model—and internal programmes that actively groom executives into leaders.

The sheer complexity of running a telecom business, particularly over the past decade, has equipped these leaders with the skills to thrive in sectors as diverse as logistics, QSR, diagnostics, and retail.

Read more:
https://the-captable.com/2025/07/airtel-telecom-executives-india-inc/

22/07/2025

Retail investors are rushing into the unlisted market, hoping to make a quick buck before companies go public. But many are walking away disappointed after buying high and watching stocks crash on listing day.

Take HDB Financial Services. Its unlisted shares were trading at ₹1,550. But when it listed, the stock opened at just ₹740. Swiggy and NSDL followed similar paths, with many retail investors left holding losses.

The unlisted market has no price bands or daily screens to show real value — just sentiment, hype, and FOMO. While early investors made money, many newcomers are learning the hard way that timing is everything.

The frenzy isn’t slowing down, but caution is starting to creep in.
Full story by Parvathi Benu here:

The frenzied pursuit of unlisted shares, driven by optimism and the fear of missing out, is ending in disappointment for many a retail investor, as listing-day prices often fall drastically short of expectations. Here’s a closer look at the fast-growing market for unlisted shares

21/07/2025

Razorpay built a $7.5B fintech giant by powering online payments across India.
But with margins compressing and an IPO on the horizon, it now faces a tougher question:
Can it become more than just a payments company?

Over 80% of Razorpay’s revenue still comes from its core payments engine.
But the economics are brutal—margins have reportedly dropped from ~100 bps to as low as 15.
Scale alone won’t cut it anymore.

To de-risk, Razorpay has built new verticals, just like most fintechs in India:
— RazorpayX for business banking
— Lending products for merchants
— A loyalty-led UPI app
But despite the ambition, these units make up only about 15% of revenue.

Razorpay isn’t alone. With UPI margins at near-zero, Indian fintechs are betting big on credit and value-added services.
PayU now makes 1/3rd of its revenue from credit products.
Razorpay wants to hit 40% non-payments revenue in 2 years.

But ex*****on is the real test.
Some acquired products, like payroll (Opfin), haven’t scaled as expected.
Others, like credit cards and loyalty apps, are still nascent.
Razorpay says it’s focused on sustainable growth, not cash-burning expansion.

IPO-bound and under scrutiny, Razorpay must show that its diversification bets aren’t just side gigs.
If one of India’s most-funded fintechs can’t build beyond payments, the industry may need to rethink its playbook.

Check out in today's read by Nikhil Patwardhan

Fintech giant Razorpay built an empire processing online transactions, but with margins reportedly shrinking and an IPO looming, it must soon prove that its other ventures are more than just interesting features.