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  • CRED Case Study: Business Model, Marketing Strategy, Financial, and SWOT Analysis

    CRED Case Study: Business Model, Marketing Strategy, Financial, and SWOT Analysis

    CRED didn’t enter the fintech space with a product. It entered with the idea that good financial behavior deserves recognition. Launched in 2018, CRED quickly gained a reputation for being the best fintech platform for India’s top credit card users. It wasn’t just about paying bills, but about being part of a trusted community.

    This CRED case study looks beyond the surface to understand what made a credit card payment app feel premium. With exclusive rewards and a members-only customer base, CRED built both loyalty and intrigue.

    But how sustainable is it? What powers the CRED Business Model, and how does a rewards-first app justify its massive valuation? Let’s unpack the brand that turned financial discipline into social currency.

    About CRED

    CRED is a Bengaluru-based fintech platform founded by Kunal Shah in 2018. It is a platform that allows individuals with high-credit scores to get registered and make payments while earning rewards. The various services offered by CRED include:

    • CRED Cash+ (short-term credit against mutual funds)
    • CRED Pay (payments using CRED coin or saved credit cards)
    • CRED Mint (peer-to-peer lending)
    • Rent payments
    • Curated e-commerce section called CRED Store

    The platform utilizes an AI-backed system to assess user’s credit behavior, verify eligibility, and tailor customized experiences. This technology enables CRED to maintain its premium user base. The platform also offers personalized suggestions, real-time tracking, and many more features.

    With a strong focus on design, exclusivity, and community, CRED has become one of India’s most distinctive fintech brands. Its app offers not just utility, but an elevated financial experience for credit-savvy users who value rewards, simplicity, and trust.

    CRED Valuation

    In May 2025, CRED raised $75 million in a Series G funding round. Existing investors, including GIC, Sofina, and RTP Global led it. This round brought the company’s total funding to over $1 billion across nine rounds. 

    The current valuation is approximately $3.5 billion, a sharp drop from $6.4 billion in 2022. Additionally, the company plans to launch an initial public offering (IPO) in the near future. 

    CRED Key Statistics (As of FY 24)

    MetricData
    Revenue₹2,473 crore
    User Base13 Million
    Monthly Transacting Users (MTU)11.5 Million, an increase of 34%
    Total Payment Value (TPV)₹6.87 lakh crore, which is a rise of 55%
    Operating LossesA fall of 41% to ₹609 crore
    Customer Acquisition Cost (CAC)Reduction of 40% approx.

    Currently, the company continues to focus on expanding its user base and enhancing monetization strategies. This is why it is essential to understand the company’s performance; a complete SWOT analysis of CRED is essential.

    Read Also: Zaggle Case Study: Business Model, Financials, and SWOT Analysis

    Business Model of CRED

    CRED primarily follows a Business-to-Consumer (B2C) model. This model targets individuals with high credit scores who use credit cards. The platform incentivizes responsible financial behavior, such as when the user pays bills on time and earns rewards. To drive engagement, it focuses on gamification and personalized experiences. 

    Recently, CRED has expanded into some Business-to-Business (B2B) services. These are primarily focused on corporate expense management through its Happay platform, which CRED acquired in 2021 for $180 million. But still, its core revenue stream and growth comes from B2C only.

    How Does CRED Work?

    CRED functions as an invite-only platform. Typically, a 750 credit score is needed to get accepted. Once the app is downloaded, the credit score is checked at the backend. If the same is found satisfactory, the user is onboarded.

    After onboarding, users can:

    • Pay Credit Card Bills: This is the primary feature. Users earn CRED coins on transactions.
    • Redeem Rewards: CRED coins can be used to claim exclusive offers and discounts on products from the CRED Store.
    • Access Financial Services: Users can access CRED Cash for instant credit, use CRED Mint for lending, and even pay rent via credit cards.
    • Monitor Your Credit Health: The app provides insights into your payment history. You can keep an eye on your credit card payments. CRED’s AI features help you track spend patterns and other card usage statistics with due date reminders on each payment.

    The system is designed to reward responsible financial behavior while offering access to curated financial tools and premium benefits.

    How Does CRED Earn?

    CRED’s business model is designed to generate revenue from multiple sources. While the app is free for users, its monetization comes from options like:

    • Financial services
    • Brand partnerships
    • Platform-based tools
    • Others

    If we dig in deeper, then here are the detailed revenue streams that CRED operates on:

    1. Lending and Interest-Based Products

    CRED earns revenue through CRED Cash, which offers short-term credit to users. It also facilitates peer-to-peer lending through CRED Mint, taking a service fee on interest earned.

    2. Transaction and Processing Fees

    Through features like RentPay, CRED allows users to pay rent using credit cards. A small convenience fee is charged on each transaction. Similarly, CRED Pay earns a merchant commission per successful order.

    3. Brand Collaborations and Sponsored Content

    Brands listed on the CRED Store pay for visibility through listing fees or commission on sales. Sponsored offers and reward placements also generate ad revenue.

    4. Subscription Revenue from Businesses

    After acquiring Happay, CRED now earns revenue by providing corporate expense management solutions for enterprises.

    These revenue streams together fuel CRED’s long-term monetization strategy.

    Read Also: Blinkit vs Zepto: Which is Better?

    Marketing Strategy of CRED

    CRED aims to position itself as not just a fintech platform, but one that helps people maintain good credit discipline. This is one of the reasons that its marketing strategies focus on keeping messaging simple, engaging, and interactive. Some of the notable marketing strategies of CRED are as follows:

    1. Exclusivity & Premium Positioning

    CRED targets high-credit-score individuals. It positions itself as an exclusive, aspirational platform. The brand’s slogan is “Not Everyone Gets It.” This reinforces a sense of privilege, making membership feel special and desirable.

    2. Creative & Viral Advertising

    The advertisements or creatives are mostly quirky. These ads are designed to entertain, spark conversation, and become cultural moments. This helps the brand stand out in a crowded fintech market. Additionally, it enables people to connect with the brand.

    3. Influencer & Social Media Engagement

    The brand collabs with celebrities, comedians, and influencers to amplify reach and credibility. Witty, on-trend content on platforms like Instagram, Twitter, and YouTube helps the CRED stay relevant among its user base.

    4. Event-Based Campaigns

    CRED runs major promotional campaigns. This is mainly during high-visibility events like the IPL. It uses contests and giveaways to drive user engagement and app downloads.

    5. Gamification & Rewards

    The CRED Coins rewards program incentivizes users to pay credit card bills through the app. This empowers repeated usage and loyalty with exclusive offers at times.

    6. Educational Content

    CRED also educates its niche audience about financial management through engaging content. This builds trust and positions CRED as a leader in personal finance applications.

    Here are some notable advertisements by CRED that captured audience attention greatly.

    Rahul Dravid – “Indiranagar ka Gunda” (IPL 2021)

    This ad became a cultural phenomenon. It featured the usually calm cricketer Rahul Dravid losing his temper in traffic and declaring himself “Indiranagar ka Gunda.” This unexpected portrayal instantly went viral, sparking widespread discussion on social media.

    Rahul Dravid – “Indiranagar ka Gunda” (IPL 2021)

    Bollywood Auditions (2020)

    This was an ad featuring celebrities like Anil Kapoor, Madhuri Dixit, and Govinda. All of them were auditioning for a CRED commercial. The theme was poking fun at themselves and the idea of celebrity endorsements. The self-deprecating humor and unexpected scenarios resonated with viewers. This helps in setting CRED apart from conventional fintech advertising.

    Read Also: IRCTC Case Study: Business Model, Financials, and SWOT Analysis

    Financial Analysis of CRED

    Financial MetricsFY 2024FY 2023FY 2022
    Revenue (₹ Crores)2,473 1,484422
    Net Profit/Loss (₹ Crores)-1,644 -1,347 -1,279 

    User Growth and Engagement

    • CRED’s monthly active user (MAU) base reached 13 million in November 2022. It has maintained a steady customer base of 13 million for 16 consecutive months, up to early 2024.
    • By FY24, some reports estimated the total user base at 16 million. This reflects a year-on-year growth of about 58%. However, new user growth has remained stagnant for a while now.
    • The average monthly transacting user performs around 20 sessions per month.
    • CRED’s share in UPI transaction volume doubled from 0.5% to 1% between April 2023 and March 2024. Its share by value increased from 1.5% to 2.3% in the same period.
    • As of March 2025, CRED processed 144 million UPI transactions. These transactions are worth ₹55,000 crore. It is now ranking seventh in UPI transaction volume in India.

    Financial Performance

    • Revenue rose sharply from ₹422 crore in FY22 to approximately ₹1,500 crore in FY23. It further increased to ₹2,473 crore in FY24.
    • Operating losses went from ₹1,024 crore in FY23 to ₹609 crore in FY24. This was mainly due to reduced marketing and customer acquisition costs.
    • Net losses increased modestly, from ₹1,347 crore in FY23 to ₹1,644 crore in FY24.
    • CRED reduced its customer acquisition cost by approximately 80% over 4 years. It also achieved a 27% reduction in marketing expenses in FY23.
    • Cash reserves stood at around ₹2,050 crore in FY23. This provides a runway for continued operations and growth.

    Other Key Metrics

    • The average value of UPI transactions on CRED declined from ₹13,000 in January 2022 to ₹3,400 in March 2024. This is mainly due to the platform diversifying into smaller merchant and utility payments.
    • CRED’s product expansion has increased cross-selling opportunities, although the core user base remains stable.

    Major Achievements of CRED

    CRED has been able to stand out due to its persistent efforts and strategic approach. Some of the major achievements of CRED that you must know are as follows:

    • Rapid Revenue Growth: CRED’s revenue surged by 66% to ₹2,473 crore in FY24. It is estimated to reach around ₹3,000 crore in FY25, reflecting strong financial momentum.
    • Large and Engaged User Base: By June 2024, CRED reported 13 million monthly active users and processed 144 million UPI transactions worth ₹55,000 crore in March 2025. This makes it the seventh-largest UPI payment app in India.
    • Product Diversification: CRED evolved from a credit card bill payment platform into a financial super app. It is now offering UPI payments, utility billing, vehicle management, travel, wealth management, and loans against mutual funds.
    • Strategic Acquisitions: The company expanded its portfolio by acquiring platforms like Happay (expense management), CreditVidya (lending), Spenny (investments), and Kuvera (wealth management).
    • Strong Funding and Valuation Milestones: CRED became a unicorn within three years. It has raised over $1 billion from global investors. Also, despite a recent valuation reset to $3.5–$4 billion, it remains one of India’s most valuable fintech startups. 

    Read Also: Haldiram’s Case Study: Business Model, Marketing Strategy, Financial, and SWOT Analysis

    SWOT Analysis of CRED

    Now that you have all the basic details for CRED, let us complete a detailed SWOT analysis for better understanding. So, here are the things that you must know:

    Strengths

    • Unique value proposition: CRED incentivizes timely credit card bill payments with rewards. This fosters financial discipline and strong user engagement through gamification and exclusive offers.
    • Strong brand identity and reputation: CRED is a premium and aspirational brand and is recognized for its innovative marketing strategies. It has created partnerships with leading brands.
    • Loyal and affluent user base: The platform attracts high-credit-score users. This makes it appealing for premium partnerships and targeted financial products.

    Weaknesses

    • Limited user base: CRED primarily serves credit card holders. This excludes a large segment of the Indian population that doesn’t use credit cards.
    • High dependence on rewards: User engagement is heavily tied to the attractiveness of rewards. So, if these diminish, user retention could suffer.
    • Profitability challenges: Despite strong revenue growth, CRED remains loss-making, with high operational and marketing costs.

    Opportunities

    • Service and market expansion: CRED can diversify into personal loans, insurance, investments, and target non-credit card users (e.g., UPI, debit card holders).
    • Data-driven personalization: Leveraging big data analytics and AI can enhance user experience and retention. 
    • Partnerships and international expansion: It can collaborate with e-commerce platforms and explore new geographies, unlocking new growth avenues.

    Threats

    • Intense competition: The fintech landscape is crowded, with new entrants and established players constantly trying to increase their market share.
    • Regulatory risks: Changes in digital payments or credit card regulations could impact operations and growth.
    • User fatigue: Over-reliance on rewards and gamification can lead to declining engagement as the novelty wears off.

    Read Also: One MobiKwik Systems Case Study: Business Model, Financials & SWOT Analysis

    Conclusion

    CRED has transformed how creditworthy users manage their finances in India. By blending design, exclusivity, and financial tools, it has built a brand that feels aspirational yet useful. Its journey from bill payments to a full-fledged fintech platform reflects smart product offerings and bold marketing. 

    While profitability remains a challenge, strong revenue growth and product expansion indicate long-term promise. With IPO plans ahead, CRED’s next phase will test its ability to scale sustainably. Its story offers a clear example of how user trust, community, and consistency can shape success in the fintech space.

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    FAQs

    1. What is CRED?

      CRED is a fintech company that rewards users for paying credit card bills and offers lending, investment, and premium financial services.

    2. Who can join CRED?

      Only users with a credit score above 750 can join CRED, making it an exclusive platform for financially responsible individuals.

    3. How does CRED make money?

      CRED earns from lending, transaction fees, brand listings, financial product commissions, and B2B services.

    4. Is CRED profitable?

      Not yet. CRED has reduced losses and increased revenue. Yet, it is still working toward long-term profitability and financial stability.

    5. What makes CRED different from other fintech apps?

      CRED offers exclusive rewards and financial tools to users with high-credit scores, thereby promoting responsible financial behavior, making it different from other apps that promote discretionary spending.

  • Haldiram’s Case Study: Business Model, Marketing Strategy, Financial, and SWOT Analysis

    Haldiram’s Case Study: Business Model, Marketing Strategy, Financial, and SWOT Analysis

    Haldirams is India’s most popular snack brand today, which started in Bikaner in 1937. Due to the traditional taste and quality, this brand gradually spread across the country and today it has made its mark at the international level as well.

    In this case study, we will learn about Haldirams’ business model, marketing strategy and do financial analysis and SWOT analysis on how this brand achieved such a great position on its own.

    Haldiram’s: An Overview

    Haldirams started in 1937 from a small snacks shop in Bikaner, Rajasthan, founded by Ganga Bhishan Agarwal, fondly called ‘Haldiram Ji’. He introduced Bhujia with a unique taste and crunchiness, which soon became popular among the people.

    Over time, Haldirams expanded its business and set up its production plants in cities like Kolkata, Nagpur, and Delhi. Today, the company is headquartered in Noida, Uttar Pradesh.

    Haldirams has a product portfolio of over 400 items, including snacks, sweets, frozen foods, ready-to-eat meals, bakery items and beverages. Some of the major products are:

    • Aloo Bhujia, Moong Dal, Chana Chur
    • Gulab Jamun, Rasgulla, Sohan Papdi
    • Ready-to-Eat Curries, Biryani, Paratha
    • Cookies, Biscuits, Fruit Juices

    The company has also taken its products internationally and today it exports its products to more than 100 countries, including the US, UK, UAE, Australia and Canada. Haldirams aims to take the Indian taste to the global audience. The secret of the company’s success lies in its quality, traditional taste and innovation. Haldirams has proved that if quality and consumer preference is taken care of in the product, then even a small business can become a global brand.

    Read Also: Zepto Case Study: Business Model and SWOT Analysis

    Haldiram Business Model

    Haldirams has adapted its business model over time to suit the ever-changing needs of consumers. It is not just a brand, but the result of a well-planned strategy in which every step has been taken thoughtfully.

    • Product Diversity and Innovation: Haldirams has always maintained diversity in the product range. Along with traditional namkeen and mithai, the brand is now also focusing on bakery, instant meals, health snacks and other items. Products like millet-based and low-oil snacks have also been included in view of the demand of the health-conscious customers.
    • Distribution strength: Haldirams’ reach is not limited to just grocery stores. It now extends to malls, cafe style outlets, online marketplaces and airport food courts. The company has started reaching out to new consumers through its website and quick delivery platforms (such as Swiggy Instamart and Zepto).
    • Revenue Sources
      • FMCG Retail: Packaged snacks and sweets have high demand.
      • QSR and Dining: Haldirams also caters to its customers through its restaurants and outlets.
      • International Trade: The company now exports its products to 100+ countries.
    • Investments in Operations and Technology: Haldirams has set up modern factories in multiple locations with automated production lines, food safety protocols and IoT-based quality tracking. Along with this, the company is starting a new plant in Bihta, Bihar to meet the demand of Eastern India.
    • Franchise Model and Global Mindset: The company’s expansion model is completely based on B2B and franchise partnerships, which makes it easy to enter new cities and countries at low-cost. Haldirams makes products according to local taste in each market, which allows it to take the taste of Indian snacks global.
    • Financial moves and brand value: In March 2025, Singapore-based Temasek agreed to buy nearly 10% of Haldiram’s for around $1 billion, putting the brand’s valuation close to $10 billion. It clearly shows how much international investors value and trust the Haldiram brand.

    Haldirams’ business model is a powerful combination of traditional values ​​and modern mindset, which has made it a household name not only in India but across the world.

    Read Also: Bikaji Foods Case Study – Product Portfolio, Financial Statements, & Swot Analysis

    Marketing Strategy of Haldiram

    Haldirams never relied on heavy ad campaigns. Their focus was always on letting the product speak, not promotions. But as the market changed, they adapted their strategy with the times  without losing their original identity.

    • Low Cost Branding Campaigns: Initially, Haldirams relied more on in-store presence and word-of-mouth than TV advertising. Branded displays in stores, attractive packaging, and taste that speaks for itself — these were their first promotions. Their customer relationship was so strong that the brand spread on its own.
    • Smart Social Media approach: Now Haldirams is also quite active on social media, but not over-promotional. They share short reels, recipe ideas and creative content related to festivals on platforms like Instagram and YouTube. Their focus is on connecting with real people, not with flashy ads, but relatable stories.
    • Targeted campaigns and regional connect: They don’t run the same campaigns everywhere. In South India, their campaigns are localised and connect with their local customers. Their way of linking their product with the local culture during festivals is very natural and effective.
    • Direct connection with the customer: Haldirams responds to customer comments on social media, takes feedback and incorporates it in new products. Also, with offers like attractive discounts, buy-one-get-one and limited edition packs during festivals, they keep people engaged without trying to sell forcefully.

    Haldirams’ marketing strategy is more relatable and down to earth than flashy or trendy. They not only maintain their product quality and taste, but also their place in people’s hearts and that’s their real win.

    Financial Analysis of Haldiram

    1. Financial Performance

    Below is a summary of Haldirams’ financial performance:

    Financial MetricFY 2024
    Revenue (₹ Crore)12,800
    Net Profit (₹ Crore)1,400

    FY 2024 metrics were widely reported and financial data of previous years is not publicly available as it is a private company.

    2. Investment and expansion plans

    Following Temasek’s investment, Alpha Wave Global and Abu Dhabi’s International Holding Company (IHC) have also invested in Haldirams. The investment will support the company’s expansion plans in international markets such as the US, Middle East and the UK.

    3. Market position:

    Haldirams holds around 13% of the Indian snacks market, making it a leader in the sector.

    4. Future strategy

    • Merger of entities: The Delhi and Nagpur-based entities are being merged, which will bring uniformity in operations and increase the possibility of an IPO in the future.
    • IPO preparation: Haldirams may move towards a public listing in the near future, which is likely to raise capital and increase brand value.
    • New product segments: The company is also focusing on healthy snacks, millet-based foods and gluten-free products to keep pace with changing consumer trends.

    Read Also: Blinkit Case Study: Business Model, Financials, and SWOT Analysis

    SWOT Analysis of Haldiram

    Haldirams’ business model looks simple, but it is backed by a strong strategy and a keen understanding of the market. Below we will look at their strengths, where there is scope for improvement, and what they need to keep in mind going forward:

    Strengths

    • Strong Brand Image: Haldirams’ name is associated with taste and trust. The brand value they have built over decades is their biggest strength today.
    • Diverse product range: From sweets to snacks, instant foods and healthy options – there is something for every age and taste.
    • Wide network: Haldiram’s products are easily available from big cities to small towns, and now even in the US and Europe.

    Weaknesses

    • Low presence in South India: The company has a strong customer base in North and West India, but its reach in South India is still limited.
    • Low visibility in media: Haldirams’ marketing is still a little quiet. While other brands are running high-visibility campaigns, Haldirams mostly adopts a conservative approach.

    Opportunities

    • Growing demand for healthy food: People are now moving towards healthy snacks  and Haldiram’s can expand business operations rapidly in this category.
    • Expansion in foreign markets: There is a lot of demand for Indian snacks in foreign markets. If Haldirams launches some new variants according to the local taste preferences there, then there is a huge opportunity.

    Threats

    • Growing competition: New brands are coming in the FMCG sector every year. Moreover, established players like Bikanervala, ITC, and Britannia are now competing directly with Haldiram.
    • Changing customer preferences: Today’s customers are not only looking for taste, but also health and innovation. Haldirams needs to experiment a little with its traditional image.

    Haldirams has a strong customer base, but with time they need to work on their weak points and adopt new market trends. If they take the right decisions on healthy food, innovation and regional strategy in time, then they will remain on top of the Indian snack industry in the coming years.

    Read Also: Nestle India Case Study: Business Model, Financial Statement, SWOT Analysis

    Conclusion

    The story of Haldirams is an inspiring journey from a small namkeen store to becoming a global brand. By combining traditional taste with modern packaging and innovative thinking, it has won the trust of crores of people in India and abroad. Its business model which includes a diversified product line, strong distribution and smart marketing makes its business operations sustainable. Even in the rapidly changing food industry, Haldirams has constantly upgraded itself, which proves its resilience and foresight.

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    5CAMS Case Study: Business Model, KPIs, and SWOT Analysis

    FAQs

    1. How did Haldiram start its journey?

      Haldirams started in 1937 as a confectionery and snacks shop in Bikaner, Rajasthan.

    2. What is Haldiram’s current revenue?

      Haldiram’s revenue in FY 2024 was around ₹12,800 crore.

    3. Is Haldiram planning for an IPO?

      The company may launch an IPO in future; however, it cannot be confirmed.

    4. Who recently invested in Haldiram?

      Temasek took a 10% stake in Haldirams in March 2025.

    5. In which countries is Haldiram present?

      Haldiram’s products are available in more than 100 countries including the USA, UK, Middle East and Asia.

  • BHEL vs BEL -Best Defence and Manufacturing Sector Stocks

    BHEL vs BEL -Best Defence and Manufacturing Sector Stocks

    When it comes to investing, investors look for government-owned companies operating in industries which have high growth potential. Their performance is directly linked to government spending. Bharat Heavy Electricals Limited and Bharat Electronics Limited are two major entities operating in different sectors to cater to the demand for equipment used in power, infrastructure, and the defence sector.

    In this blog, we will provide you with a comparison between BHEL and BEL, and based on such a comparison help you determine which stock is suitable for you.

    Overview of BHEL Stock

    In 1956, a company named Heavy Electricals (India) Limited was established with an aim to manufacture heavy electrical equipment in India. The first plant was set up in Bhopal. Considering the high demand for heavy electrical equipment, it was decided to set up three additional plants and to manage them, BHEL was formed. BHEL or Bharat Heavy Electricals Limited, established in 1964, is a state-owned enterprise primarily manufacturing equipment for the power and transmission sector. BHEL was merged with Heavy Electricals (India) Limited in 1974. BHEL has executed various projects across 76 countries. The company has 16 manufacturing plants, spread across the country, and 2 repair units. The company is the sole supplier of nuclear turbines in India. In recent years, it has expanded in the renewable energy sector. The company’s headquarters are situated in New Delhi.

    Product Portfolio

    BHEL is one of the largest manufacturers of power plant equipment. The product portfolio of BHEL includes the following:

    • Equipment for Thermal Power Plants: It manufactures boilers, steam turbines, boiler feed pumps, etc.
    • Equipment for Hydro Power Plant: Hydro Turbines, Hydro Generators, etc.
    • Equipment for Gas-based Power Plants: Gas Turbines are manufactured by BHEL for this segment. 
    • Equipment for Nuclear Power Plants: BHEL is the only company in India that manufactures steam generators, reactors and control equipment for nuclear plants.
    • Other Sector: It also manufactures various industrial equipment such as high voltage transformers, electric motors, traction motors, etc.

    Overview of BEL Stock

    Bharat Electronics Limited was founded in 1954 as a public sector undertaking, under the Ministry of Defence. The company is primarily engaged in providing electronic equipment for the Indian armed forces. The company has been given the status of Navratna by the Government of India. Its wide range of products includes communication devices, electronic warfare systems, night vision devices, etc. The company exported defense equipment worth $2.63 billion in FY2024, an increase of 32.5% over the past year. The company is also active in the non-defense segment and manufactures key components for railways, metro, civil aviation, antennas, etc. Its headquarters are situated in Bangalore.

    Product Portfolio

    The product portfolio of Bharat Electronics Limited is as follows:

    • Defence Related Products: It manufactures various defence-related products such as radars, missile systems, communication devices, jammers, naval systems, avionics, etc.
    • Non-Defence Related Products: It manufactures crucial components and equipment such as antennas, jammers, solar energy solutions, signalling systems for the transport sector, cyber security solutions, etc.

    Read Also: List Of Best Defense Stocks in India

    Comparison of Market Details – BHEL and BEL

    ParticularsBHELBEL
    Current Market Price (₹)248383
    Market Capitalisation (In ₹ Crores)86,2122,80,220
    52 Week High (₹)335386
    52 Week Low (₹)176230
    Book Value (₹)7127
    Face Value of Share (₹)21
    P/E Ratio (x)16152.7
    (As of 22 May 2025)

    Performance Comparison of BHEL and BEL

    ParticularsBHELBEL
    1 Month8.40 %26.42 %
    6 Months5.59 %36.55 %
    1 Year-18.03 %35.23 %
    5 Years908.15 %1724.45 %
    YTD6.12 %30.49 %
    (As of 22 May 2025)

    Inference: Based on the returns mentioned in the table above, we can conclude that BEL has posted higher returns than BHEL on each timeframe whether it is long term or short term.

    Income Statement Comparison

    ParticularsBHELBEL
    Total Revenue28,80424,511
    Total Expenses27,36917,402
    Profit After Tax4745,287

    (As of March 2025)

    Inference: Bharat Heavy Electricals Limited has recorded higher revenue than BEL for FY 2025, however, BHEL has incurred relatively higher expenses, therefore its Profit After Tax is lower than BEL’s Profit.

    Balance Sheet Comparison

    ParticularsBHELBEL
    Total Assets68,08340,831
    Current Liabilities28,22519,752
    Other Liabilities15,1351,105
    Reserves & Surplus24,02519,242
    (As of March 2025)

    Inference: The above table indicates that BHEL has higher assets than BEL, however, it also has higher liabilities.

    Cash Flow Statement

    ParticularsBHELBEL
    Cash Flow from Operating Activities2,191586
    Cash Flow from Investing Activities-2,730616
    Cash Flow from Financing Activities-856-1,696
    (As of March 2025)

    Inference: BHEL has a high cash flow from operating activities, but has a significantly negative investing cash flow as compared to BEL.

    Read Also: Best Small-Cap Defence Stocks in India

    Key Performance Ratios

    ParticularsBHELBEL
    Basic EPS (INR)1.537.28
    Operating Profit Margin (%)5.0629.90
    Net Profit Margin (%)1.6722.24
    ROE (%)2.1526.64
    ROCE (%)3.6033.72
    Debt to Equity (x)0.360
    (As of March 2025)

    Inference: The comparison of key performance ratios indicates that BEL has significantly better profit margins and other return metrics compared to BHEL.

    Shareholding Pattern

    ParticularsBHELBEL
    Promoter (%)63.1751.14
    FII (%)7.1917.56
    DII (%)16.3520.88
    Others (%)1.521.1
    (As of 31 March 2025)

    Inference: FIIS holds a significant stake of around 17% in BEL, whereas in BHEL, promoters hold 63.17%, which is comparatively higher than BEL.

    Which Stock is Better?

    Identifying which stock is better between Bharat Electronics Limited and Bharat Heavy Electricals Limited is difficult if you do not know your investment objective and risk profile. Both are public sector undertakings (PSU), yet they have different, distinct characteristics. BHEL is primarily operating in the power and energy sector and provides a wide range of equipment for thermal, hydro, gas, and nuclear power plants, in addition to defence equipment, and transport sectors. 

    On the other hand, BEL primarily operates in the defence sector and manufactures defense equipment like radars, missile systems, warfare technologies, and communication systems. BHEL has higher revenue compared to BEL, but has posted comparatively less profit. A detailed fundamental analysis of both companies is required before making an informed decision. Moreover, the investor’s risk tolerance and investment goal will determine which stock is ideal and it is advised to consult a financial advisor before investing.

    Read Also: Top Defence Stocks to Watch After Operation Sindoor

    Conclusion

    On a concluding note, despite being well-known government-owned companies with important roles in India’s defence and infrastructure sector, they differ significantly in performance and future outlook. BEL focuses more on defence-related equipment, and is a debt-free company with higher profit margins, whereas BHEL operates in a more capital-intensive industry. Performance of both depends on the budget allocation announced towards power, infrastructure and defence sector. Both of them offer a great investment opportunity for investors, yet carry certain risks. Therefore, it is advisable to consult with your financial advisor before making any investment decision.

    One can easily invest in both the shares using Pocketful’s advanced trading application without paying any brokerage on equity delivery. So open a free demat account with us now.

    Frequently Asked Questions (FAQS)

    1. Who is the current CEO of BHEL?

      As of 22 May 2025, Mr. Koppu Sadashiv Murthy is the chairman and managing director of Bharat Heavy Electricals Limited (BHEL).

    2. Which stock is suitable for long-term investment, BHEL or BEL?

      BEL has better KPI metrics than BHEL along with a higher market capitalization, but investing in either of them requires thorough research.

    3. Which is the best company between BHEL and BEL?

      Based on past returns, market capitalisation and profit margins, etc. Bharat Electronics Limited is a better company to invest in when compared with BHEL. However, investment in either of them requires careful analysis of their financial performance and investors risk profile for which you should consult a financial advisor.

    4. Is BHEL a government company?

      Yes, Bharat Heavy Electricals Limited is a central government company. As of 31 March 2025, the central government holds around 63.17% stakes in this company.

    5. Is BEL a large-cap company?

      Yes, as of 22 May 2025, the market capitalization of Bharat Electronics Limited stood around 2,80,220 crores, and it belongs to the large-cap category.

  • Meesho Case Study – Key Stats, SWOT Analysis & Marketing Strategy

    Meesho Case Study – Key Stats, SWOT Analysis & Marketing Strategy

    When e-commerce in India meant big brands like Amazon or Flipkart, Meesho chose a different path: social commerce. It is a platform that gives small towns, homemakers and small traders an opportunity to do business online without stock, without capital. Started in 2015, Meesho has become India’s fastest-growing social commerce brand today with over 170 million users. Its zero-commission model connects new entrepreneurs to the mainstream of digital India. In this case study, we will learn Meesho’s business model, marketing strategy, financial statistics, and SWOT analysis.

    About Meesho Company

    Meesho is an Indian e-commerce platform founded in 2015 by Vidit Aatrey and Sanjay Barnwal. The Bengaluru-based company operates under Fashnear Technologies Pvt. Ltd.

    Meesho aims to provide India’s small merchants, especially women and housewives, an opportunity to do business online without any investment. The platform enables the sale of products through social media channels such as WhatsApp, Facebook, Instagram.

    Meesho Key Statistics (As of 2025)

    MetricData
    Annual Transacting UsersApproximately 187 million unique users as of December 2024
    Total Orders (Apr–Dec 2024)Around 1.3 billion orders placed
    Active SellersOver 400,000 annual transacting sellers
    Revenue (FY24)₹7,615 crore (~$917 million), a 36% YoY growth
    Operating Cash Flow (FY24)Positive ₹232 crore (~$28 million)
    Website Traffic (March 2025)Approximately 38.5 million visits

    Business Model of Meesho

    Meesho has reinvented the traditional model of e-commerce in India. While platforms like Amazon and Flipkart connect customers and brands directly (B2C model), Meesho’s model is more democratic and society-centric; it is called the C2C (Consumer to Consumer) or Social Commerce model.

    How Does Meesho Work?

    • Reseller-based model: Anyone (especially women and small merchants) chooses products from the Meesho app and shares them on social media like WhatsApp, Facebook or Instagram. When a customer places an order, Meesho delivers the product directly to the customer. The reseller neither has to maintain stock nor worry about delivery—this is called the inventory-light model.
    • Zero-commission policy: Meesho does not charge any commission to sellers, making it affordable for small merchants and new entrepreneurs.

    How Does Meesho Earn?

    • Logistics and shipping charges: Meesho charges sellers for delivery and keeps a portion of it.
    • Advertising services: Sellers can run ads on Meesho to promote their products to more customers, which earns Meesho revenue.
    • Float income: Meesho holds the amount received from customers for a few days before paying the sellers, earning interest.

    Read Also: Flipkart Case Study- Business Model and Marketing Strategy

    Marketing Strategy of Meesho

    Meesho has further strengthened its marketing strategy in 2025 by adopting new ways to connect with consumers on both digital and regional levels.

    • Meesho’s Marketing Strategy (2025): An Innovative Approach for Digital India Meesho has further strengthened its marketing strategy in 2025 by adopting new ways to connect with consumers at both the digital and regional levels.
    • WhatsApp & Social Media: Rather than big campaigns, Meesho empowered everyday users to be brand ambassadors. Using WhatsApp, Facebook, and Instagram, resellers shared products with their own network, making the shopping experience personal, familiar, and direct
    • Referral and reseller-based user acquisition: Meesho has successfully added new users through its referral programs. Users will add friends and family to the platform, thereby increasing the user base.
    • Regional Content and Advertising in Local Languages: Meesho has strengthened its hold in local markets by presenting ads and content in various Indian languages. This strategy has been particularly effective in regions where English penetration is limited.
    • Influencer and Meme Marketing: Meesho has partnered with a variety of influencers, including micro and macro influencers. Additionally, the brand recognition among young consumers has increased by using memes and trending content.
    • IPL 2025 Campaign: ‘Apna Cricket Adda’: Meesho launched the ‘Apna Cricket Adda’ campaign during IPL 2025, an effort to unite small businesses and shops during the cricket season.

    Financial analysis of Meesho

    Financial Metrics FY 2024 FY 2023FY 2022
    Revenue (₹ Crores)₹7,615₹5,735₹3,240
    Net Profit/Loss (₹ Crores)₹53 (Adjusted Net Loss)₹1,569 (Adjusted Net Loss)₹3,248 (Net Loss)

    Orders and User Growth:

    • Meesho fulfilled around 1.34 billion orders in FY24, up 30% from the previous year.
    • As of April 2025, the company has over 187 million users, that is, one in nine Indians has shopped on Meesho.

    Funding and Valuation: 

    • So far, Meesho has raised a total of $1.36 billion in funding.
    • The company raised $270 million in fresh funding in 2025 and its valuation is now close to $4 billion.

    Gross Merchandise Value (GMV) and Logistics: 

    • Meesho’s GMV run rate in FY25 has reached $6.2 billion.
    • Valmo, its logistics service, now delivers more than half of the orders itself.

    Read Also: Amazon Case Study: Marketing Strategy, Product Portfolio and Pricing Strategy

    Major achievements of Meesho 

    Some of the major achievements of Meesho are listed below:

    • Women got a new identity: Meesho is not just a shopping app, but has become a new opportunity for millions of women. So far, about 30 lakh women have started their own small business by joining this platform. The special thing is that many of these women never used to earn anything before – today they are earning from their home, through their phone. This change is not just economic, it is a strong step towards self-reliance.
    • App downloads and rapidly growing user base: Meesho’s app has been downloaded more than 50 crore (500 million) times so far, which makes it one of the most used ecommerce platforms in the country. The special thing is that most of its users are from Tier 2 and Tier 3 cities – that is, Meesho has reached the real heart of India.
    • Huge number of active customers: By the end of 2024, the number of users who shopped on Meesho in a year had crossed 187 million. If we look at the population of India, every eighth person has bought something from Meesho. Such a large number clearly shows that Meesho has now become a well-known name even in small cities and towns.
    • Strong network of Vendors and Sellers: More than 11 lakh sellers are associated with Meesho. About 80% of these people are starting to sell online for the first time. Meesho has connected these small businessmen directly to Digital India, without any shop or big capital. This is the reason why this platform is spreading rapidly in rural and semi-urban areas of India.

    These achievements of Meesho are not just statistics – they are part of the change that is making every household a part of Digital India. Whether it is women empowerment, small shopkeepers or the growing trust in online shopping across the country, Meesho has made its mark on every front.

    Read Also: Blinkit vs Zepto: Which is Better?

    SWOT Analysis of Meesho

    SWOT Analysis of Meesho

    Strengths

    • Simple model of social commerce: Meesho has given thousands of small merchants and housewives the opportunity to start an online shop without any major investment using platforms like WhatsApp, Facebook, and Instagram.
    • Seller network spread across every city: More than 11 lakh sellers are associated with Meesho in more than 5,000 cities of India, giving the brand reach to remote areas.
    • Diverse product range: From fashion to electronics and household products Meesho offers a lot of options in every category, which forces customers to come back again and again.
    • User-friendly app interface: Its mobile application is so simple to use that even a first-time online shopper can easily use it.

    Weaknesses

    • Quality imbalance: Due to supply of goods from different sellers, the quality of the products is not the same every time, which increases customer complaints.
    • Delivery and logistics problems: Problems like not getting timely delivery and delay in return pickup are common in small towns and villages.
    • Limitations of brand identity: Meesho’s identity is still not that strong in front of ecommerce giants like Flipkart and Amazon.
    • Dependence on only one country: Meesho is currently completely dependent on the Indian market, due to which international expansion remains a challenge.

    Opportunities

    • Opportunity to expand in new countries: Meesho can easily implement its business model in markets like South Asia, Africa, and Latin America, where social commerce is still new.
    • Investment in AI and technology: With tools like artificial intelligence and machine learning, Meesho can further improve its user experience.
    • Entry into new categories: By entering areas like grocery, healthcare and digital services, Meesho can increase its revenue and user base.
    • Eco-friendly initiatives: By focusing on sustainable packaging and eco-friendly products, Meesho can create an image of a responsible brand.

    Threats

    • Tough competition: The competition from other platforms like Flipkart, Amazon’s GlowRoad forces Meesho to update its strategy frequently.
    • Changes in government regulations: Changes in laws or data policies related to e-commerce can affect Meesho’s operations.
    • Effect of economic instability: If a recession-like situation occurs in the country, customers may reduce spending, which affects sales.
    • Cybersecurity threat: Being a digital platform, there is always a risk of data theft or cyber attack.

    Meesho has given a new direction to social commerce by making it popular in India. Now it needs to strengthen its existing model, invest in technology and also enter the international level by increasing the brand value.

    Read Also: Blinkit Case Study: Business Model, Financials, and SWOT Analysis

    Conclusion

    Meesho has set a new benchmark in the field of social commerce in India. In just a few years, it has moved away from the traditional e-commerce model and created a platform where millions of women and small sellers are able to run their online business without capital investment. By 2024, the company has significantly increased its revenue and has also succeeded in reducing losses.

    Going forward, Meesho’s focus will be on improving technology, customer experience and logistics. Meesho can be seen as a role model for upcoming companies in emerging markets, especially where small businesses need digital support.

    S.NO.Check Out These Interesting Posts You Might Enjoy!
    1Zara Case Study: Business Model and Pricing Strategies
    2CAMS Case Study: Business Model, KPIs, and SWOT Analysis
    3TCS Case Study: Business Model, Financial Statement, SWOT Analysis
    4Hindustan Unilever Case Study: Business Model, Financials, and SWOT Analysis
    5Vedanta Case Study: Business Model, Financial Statement, SWOT Analysis
    6Kalyan Jewellers Case Study

    Frequently Asked Questions (FAQs)

    1. What is Meesho’s business model?

      Meesho works on the social commerce model where people can sell products through social media without keeping any stock.

    2. How does Meesho earn revenue?

      Meesho earns revenue from logistics and shipping fees, advertising services, and float income.

    3. Is Meesho profitable in 2025?

      In FY2024, Meesho recorded a revenue of ₹7,615 crore and a net loss of ₹53 crore.

    4. How is Meesho different from Amazon and Flipkart?

      Meesho focuses on social selling and small sellers, while Amazon and Flipkart are traditional e-commerce.

    5. Can anyone become a seller on Meesho?

      Yes, anyone can become a seller on Meesho with just a GST number and a bank account.

  • Asian Paints vs Berger Paints – Which is Better?

    Asian Paints vs Berger Paints – Which is Better?

    When it comes to giving our homes a fresh new look, Asian Paints and Berger Paints are usually the first names that come to mind. They’re not just paint companies; instead, they’re part of almost every Indian household’s renovation story.

    But have you ever wondered how these two giants compare when it comes to business performance, product range, and market presence? While both offer vibrant colours and reliable quality, their journeys, strategies, and financials tell very different stories.

    In this blog, we’re exploring a head-to-head comparison of Asian Paints and Berger Paints, looking at everything from history and financials to innovation and customer appeal. Whether you’re a curious homeowner, a student, or an investor, you’ll find some colourful insights here!

    Asian Paints – Company Overview 

    Asian Paints isn’t just the biggest paint brand in India; it’s one of the most loved too. If you’ve ever thought about giving your walls a fresh coat or revamping your space, chances are you’ve come across their bold colours, smooth finishes, or that memorable line: “Har Ghar Kuch Kehta Hai.”

    But there’s more to Asian Paints than just paint. Over the years, they’ve stepped into the world of home decor and design, offering everything from wallpapers and textured finishes to bathroom fittings and modular kitchens through their Sleek and Ess Ess brands.

    History

    • It all started in 1942, in the middle of World War II, when four friends, Champaklal Choksey, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil, decided to start a small paint company in Mumbai.
    • At a time when big foreign companies dominated the market, Asian Paints quickly stood out for its affordable pricing and strong dealer network.
    • During the 1950s, Asian Paints launched Gattu, which became their signature character and was designed by R. K. Laxman to make paint advertising engaging for Indian households.
    • Asian Paints became a market leader as it established itself with the help of innovative strategies and powerful branding alongside an extensive collection of paint finishes.
    • Asian Paints now operates as a global corporation that maintains production facilities in more than 25 locations across Asia and the Middle East while serving clients in over 15 countries.

    Read Also: Asian Paints Case Study: Business Segments, KPIs, Financials, and SWOT Analysis

    Berger Paints – Company Overview 

    Berger Paints India Ltd. is one of India’s most trusted paint manufacturers. Berger Paints stands out as a familiar household brand for wall paints, wood coatings, waterproofing solutions, and industrial finishing products.

    They offer everything from simple whitewash options to high-end designer textures and eco-friendly paints. Whether you’re a homeowner, an interior designer, or a builder, Berger has something in its catalogue for everyone.

    History

    • Started in 1760 in the UK by Lewis Berger, who originally made pigments for artists.
    • In 1923, a paint company named Hadfield’s (India) Ltd. was established, which was acquired by Berger in 1947 and renamed to British Paints (India) Ltd., marking the entry of Berger Paints in India.
    • The company changed hands a few times before becoming Berger Paints India Ltd., with its headquarters in Kolkata.
    • It was eventually acquired by the Dhingra family, who still run the business today.
    • Over the years, Berger has expanded both in India and internationally, with manufacturing units, R&D centres, and a growing presence in countries like Nepal, Bangladesh, and Poland.

    Comparative Study of Asian and Berger Paints

    ParticularsAsian PaintsBerger Paints
    Current Price (₹)2,352574
    Market Cap (₹ Crores)2,25,59466,957
    52-W High (₹)3,395630
    52-W Low (₹)2,125438
    FII Holdings as of March 202512.22%5.75%
    DII Holdings (as of March 2025)15.58%10.11%
    Book Value (₹)20252.8
    PE Ratio57.456.7
    (Data as of 16 May 2025)

    Financial Statements Comparison of Asian and Berger Paints

    Profit & Loss Statement Comparison

    ParticularsAsian PaintsBerger Paints
    Total Income36,18211,262
    Total Expenses28,7629,668
    Net Profit5,4241,128
    (All values are in INR crores and the data is as of March 2024)

    Balance Sheet Comparison 

    ParticularsAsian PaintsBerger Paints
    Current Liabilities8,5002,362
    Current Assets17,5374,318
    Reserves & Surplus18,6325,262
    (All values are in INR crores and the data is as of March 2024)

    Cash Flow Statement Comparison

    ParticularsAsian PaintsBerger Paints
    Cash Flow from Operating Activities6,1031,591
    Cash Flow from Investing Activities-2,517-398
    Cash Flow from Financing Activities-2,982-1,068
    (All values are in INR crores and the data is as of March 2024)

    Inference

    1. Asian Paints is the market leader as it brings in nearly 3x the revenue and over 5x the profit of Berger Paints.
    2. Berger Paints, though smaller, is still a strong No. 2 in India’s paint industry and has been growing steadily year after year.
    3. Asian Paints has a slightly better profit margin, which shows its efficiency and pricing power.
    4. Both companies have solid pan-India and international presence, but Asian Paints leads in scale, innovation, and diversification. 

    Key Performance Indicators (KPIs)

    ParticularsAsian PaintsBerger Paints
    Basic EPS (₹)56.9510.02
    Operating Profit Margin (%)20.9014.23
    Net Profit Margin (%)15.2810.07
    Return on Equity (%)29.1521.7
    Return on Capital Employed (%)34.6326.54
    Debt-to-Equity (x)0.060.04
    (Data as of March 2024)

    Which Company Is Better? 

    It depends on what you’re looking for.

    If we’re talking about scale, innovation, and brand power, Asian Paints is the winner. It’s bigger and more diversified and has built a strong emotional connection with Indian homeowners over the years.

    But that doesn’t mean Berger Paints is far behind. It’s a strong, fast-growing player that holds a significant market share, especially in certain regions and categories. It’s more focused, lean, and steadily expanding.

    So, while Asian Paints leads the race overall, Berger Paints is worth keeping an eye on.

    Read Also: List Of Best Paint Stocks in India

    Conclusion 

    When it comes to choosing between Asian Paints and Berger Paints, there’s no one-size-fits-all answer. Asian Paints leads the paint industry in innovation and has a strong brand presence. But Berger Paints has carved out its own space, growing steadily.

    Whether you’re picking a reliable paint for your home or comparing the two as an investor, both brands bring something valuable to the table. Think of Asian Paints as the seasoned pro and Berger as the agile challenger—each with its own strengths.

    In the end, it’s all about what matters most to you: consistency and scale, or potential and momentum. Investors are encouraged to carefully assess their investment goals and risk tolerance, and conduct thorough research, preferably with the guidance of a financial advisor, before considering an investment in Asian Paints or Berger Paints.

    Frequently Asked Questions (FAQs)

    1. Which company is bigger in terms of revenue, profits, etc.: Asian Paints or Berger Paints?

      Ans. Asian Paints is the clear leader in terms of revenue, market share, and brand presence as compared to Berger Paints.

    2. Who is the owner of Berger Paints (India)?

      Ans. Berger Paints (India) is owned by the Dhingra brothers, Kuldip Singh Dhingra and Gurbachan Singh Dhingra.

    3. Which paint brand has better profit margins?

      Asian Paints generally has slightly higher profit and operating margins than Berger Paints.

    4. Is Berger Paints a good brand?

      Definitely. Berger is the second-largest paint company in India and is trusted by millions.

    5. Who has a larger market share?

      Asian Paints holds over 50% of India’s paint market, while Berger has a total market share of 20%.

  • Maruti Suzuki India Vs Hyundai: Which Car Stock is Better?

    Maruti Suzuki India Vs Hyundai: Which Car Stock is Better?

    The Indian four-wheeler auto segment is primarily dominated by two companies: Maruti Suzuki India Limited and Hyundai India Motor Limited. Both of these companies offer a wide range of passenger vehicles, including hatchbacks, sedans, SUVS, etc. Maruti was listed in 2003, whereas Hyundai India was listed on the Indian Stock Exchange in 2024; therefore, the long-term returns of both cannot be compared. However, there are certain other parameters that can be considered while comparing both of them.

    In this blog, we will help you find the answer to the question of which stock is better among Hyundai India Motor Limited and Maruti Suzuki India Limited based on various parameters.

    Overview of Maruti Suzuki India Limited

    Maruti Suzuki India Limited was established in 1981, and initially it was known as Maruti Udyog. It was a joint venture between the Government of India and Japanese automaker Suzuki Motor Corporation and eventually became its subsidiary. Now, it is one of the largest passenger vehicle manufacturers in India. The company holds a prominent position in the Indian passenger vehicle market and holds around 42% market share as of FY 24. Maruti Suzuki has manufacturing units in Gurgaon and Manesar and is planning to commence operations at a new plant in Kharkhoda, Haryana. Maruti Suzuki has invested a huge amount in localising the manufacturing of batteries by signing an MOU worth 150 billion yen with the Government of Gujarat. The company exports its cars to over 100 countries across the globe. The company’s headquarters are situated in New Delhi.

    Business Model

    • Maruti Suzuki India Limited’s core business is manufacturing and selling vehicles. It offers a wide range of cars to every customer segment. The segments covered are entry-level hatchbacks, compact cars, sedans, SUVs and MPVs.
    • The company distributes their product through two channels: Arena, which sells budget-friendly cars, and NEXA, which caters to the needs of premium customers.
    • It offers other services like selling pre-owned cars through True Value, insurance broking, financing, driving schools, and selling accessories and spare parts.

    Read Also: Maruti Suzuki Case Study: Business Model and Marketing Strategy

    Overview of Hyundai Motor India Limited

    Hyundai Motor India Limited is a wholly owned subsidiary of the South Korean company, Hyundai Motor Company. It started its operation in India in 1996 and soon became India’s second-largest car manufacturing company by sales, just behind Maruti Suzuki. The company has two plants situated in the state of Tamil Nadu, with an annual combined capacity of more than 8 lakh units. The company also acquired a plant in Talegaon, which was earlier owned by General Motors India. The company offers a diversified portfolio of passenger vehicles to its customers, which includes hatchbacks, sedans, SUVs, and electric vehicles. It is the largest exporter of cars in India, and it exports its products to over 92 countries. It also set up a Research and Development centre in Hyderabad, which primarily focuses on innovating passenger vehicles. The company launched its IPO in 2024, which was one of the largest IPO of the year. The headquarters of Hyundai Motor India Limited is situated in Gurugram, Haryana. 

    Business Model

    • The company’s core revenue source is selling passenger vehicles, and catering to the needs of different customers who wish to have a hatchback, sedans, SUVS, and electric vehicles. 
    • It also has a strong dealer network of more than 1,500 dealers spread across India.
    • The company also offers maintenance, service, accessories and spare parts through their service centres.

    Read Also: Hyundai Motor India Case Study: Business Model, Financial Statements, And SWOT Analysis

    Comparison of Market Details

    ParticularsMaruti Suzuki India LimitedHyundai Motor India Limited
    Current Market Price (₹)12,6151,757
    Market Capitalisation (In ₹ Crores)3,96,5551,42,661
    52 Week High (₹)13,6801,970
    52 Week Low (₹)10,7251,542
    Book Value (₹)3061161
    Face Value of Share (₹)510
    P/E Ratio (x)27.424
    (As of 12th May 2025)

    Performance Comparison

    ReturnMaruti Suzuki India LimitedHyundai Motor India Limited
    1 Month6.50%6.39%
    6 Months13.30%-2.46%
    1 Year-0.39%NA
    5 Years147.53%NA
    YTD12.64%-2.21%
    (As of 11th May 2025)

    Inference: In the short term, Hyundai Motor India has underperformed as compared to Maruti, which has been a consistent performer in the longer period. However, it would be unfair to compare the price performance of both companies as Hyundai was recently listed.

    Income Statement Comparison

    ParticularsMaruti Suzuki India LimitedHyundai Motor India Limited
    Sales 1,41,85869,829
    Total Revenue1,45,95171,302
    Total Expenses1,28,58762,904
    Profit After Tax13,2346,060
    (As of March 2024)

    Inference: As of March 2024, Maruti Suzuki India Limited has outperformed Hyundai Motor India Limited both in terms of revenue and profit. 

    Balance Sheet Comparison

    ParticularsMaruti Suzuki India LimitedHyundai Motor India Limited
    Current Assets22,63416,124
    Non-Current Assets92,71710,225
    Total Shareholder Funds85,63610,666
    Current Liabilities25,95226,349
    Non-Current Liabilities3,7632,686
    (As of March 2024)

    Inference: Maruti Suzuki India Limited has more than 4x the assets of Hyundai Motor India Limited and almost equivalent total liabilities.

    Cash Flow Statement Comparison

    ParticularsMaruti Suzuki India LimitedHyundai Motor India Limited
    Cash Flow from Operating Activities16,8019,251
    Cash Flow from Investing Activities-11,864-10,090
    Cash Flow from Financing Activities-4,062-15,930
    (As of March 2024)

    Inference: Maruti Suzuki India Limited has a higher cash flow from operating activities, whereas, Hyundai Motor India Limited has a significantly higher cash outflow from financing activities, when compared to Maruti.

    Key Performance Ratios

    ParticularsMaruti Suzuki India LimitedHyundai Motor India Limited
    Operating Profit Margin (%)12.2412.02
    Net Profit Margin (%)9.328.67
    ROE (%)15.7556.81
    ROCE (%)19.4262.89
    Debt to Equity (x)00.07
    (As of March 2024)

    Inference: Being a company that is aggressively expanding, Hyundai Motor India Limited has better ROE and ROCE, but the net and operating profit margins of Maruti Suzuki India Limited are higher.

    Shareholding Pattern

    ParticularsMaruti Suzuki India LimitedHyundai Motor India Limited
    Promoter (%)58.2882.50
    FII (%)14.967.17
    DII (%)23.647.01
    Public (%)2.623
    (As of March 2025)

    Inference: Hyundai Motor India Limited has higher promoter holdings. But FIIS holds only a 7% stake in it, whereas they hold around 15% stake in Maruti Suzuki India Limited.

    Read Also: Mahindra & Mahindra vs Tata Motors: Which is Better?

    Which Stock is Better?

    Maruti Suzuki India Limited focuses on reliability and affordability, whereas Hyundai Motor India Limited focuses on modern design and advanced features. However, in terms of revenue and profit, Maruti Suzuki is ahead of Hyundai by a long way. However, in terms of ROE and ROCE, Hyundai Motor is ahead of Maruti Suzuki India Limited. On the other hand, Hyundai Motor India Limited has already launched its electric vehicles, and announced its plans to manufacture them in India. Maruti Suzuki India Limited is focusing on the affordable passenger vehicle segment and dominates the segment. However, it is advisable to consider the risks which the automobile sectors have, such as cyclical business, production cost, government regulations, etc. Choosing the best stock depends on the investor’s risk profile. An aggressive investor can go for Hyundai Motor India Limited, and Maruti Suzuki India Limited is suitable for conservative investors. It is advised to consult a financial advisor before investing.

    Conclusion

    On a concluding note, Maruti Suzuki India Limited offers stability to your portfolio during market downturns and has the potential to deliver moderate returns. Hyundai Motor India Limited can be considered an aggressive investment option as it presents high risks in the form of higher debt to equity ratio, which can result in high volatility. However, it is always best to consult your investment advisor before making any investment decision.

    One can easily invest in both the shares using the Pocketful mobile application, where you can buy them without paying any brokerage on delivery. So open a free demat account with Pocketful now.

    S.NO.Check Out These Interesting Posts You Might Enjoy!
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    4ITC vs HUL: Comparison of India’s FMCG Giants
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    Frequently Asked Questions (FAQs)

    1. Who is the current CEO of Maruti Suzuki India Limited?

      The current managing director and CEO of Maruti Suzuki India Limited is Hisashi Takeuchi, he was reappointed for an additional three-year term from 1st April 2025.

    2. Among Maruti Suzuki India Limited and Hyundai Motor India Limited, which stock is suitable for long-term investment?

      Both companies belong to a large-cap category, but Maruti Suzuki is considered more stable when we compare the returns of the last year. Also, Maruti Suzuki India Limited has a higher market capitalisation when compared with Hyundai Motor India Limited.

    3. Which is the best company between Maurit Limited and Hyundai Motor India Limited?

      Both companies can be suitable for different types of investors as Hyundai Motor India Limited is primarily focusing on growth through its EV plans, whereas Maruti Suzuki India Limited is focusing on providing more stable returns and giving regular dividends.

    4. Which company has the higher FIIS holding among Maruti Suzuki India Limited or Hyundai Motor India Limited?

      As of 31st March 2025, FIIs hold a 14.96% stake in Maruti Suzuki India Limited, whereas their stake in Hyundai Motor India Limited is only 7.17%, which indicates that FIIs has a higher holding in Maruti Suzuki India Limited.

    5. Is Hyundai Motor India Limited a large-cap company?

      As of 12th May 2025, Hyundai Motor India has a total market capitalisation of 1,42,661 crores, and belongs to the large cap category.

  • Devyani International Vs Sapphire Foods – Which is Better?

    Devyani International Vs Sapphire Foods – Which is Better?

    Fast food has become a huge part of our daily lives, whether it’s a quick lunch at KFC, a pizza party at Pizza Hut with friends, or a cheeky Taco Bell run. But have you ever wondered who runs all these popular chains in India?

    That’s where Devyani International and Sapphire Foods come in. These two companies are the powerhouses behind your favourite quick-service restaurants, operating hundreds of outlets across India and even overseas.

    In this blog, we’ll break down who they are, how they got started, and how they stack up against each other financially. Think of it as a behind-the-scenes look at the business of burgers, pizzas, and beyond!

    Devyani International – An Overview 

    Devyani International Ltd. (DIL) is one of the biggest names in India’s quick service restaurant (QSR) space. If you’ve ever grabbed a bite from KFC, Pizza Hut, or Taco Bell in India, chances are it was operated by them! They’re one of the largest franchisees of Yum! Brands in the country and also run some homegrown food brands like Vaango, The Food Street, and Masala Twist.

    A Quick Look at Their Journey

    • Started in 1991, Devyani International is part of the RJ Corp Group, headed by Ravi Jaipuria, a major player in the food and beverages industry.
    • They teamed up with Yum! Brands early on, bringing Pizza Hut and later KFC to Indian diners.
    • In 2011, they launched Vaango, their own South Indian vegetarian restaurant chain.
    • Over the years, they expanded outside India too, you’ll find their outlets in Nepal and Nigeria.
    • Currently, the company operates 941 KFC restaurants, 572 Pizza Hut outlets and 179 Costa Coffee stores in India.
    • In 2021, they went public with a highly successful IPO, and their shares were listed on the NSE and BSE.
    • Since then, they’ve been growing fast, opening new outlets in big cities and small towns alike, and putting a lot of focus on online orders and delivery.

    Sapphire Foods – Overview 

    Sapphire Foods is one of the big names behind some of your favourite quick-service restaurants in India and nearby countries. They run a large number of KFC, Pizza Hut, and Taco Bell outlets across India, Sri Lanka, and the Maldives. So, if you’ve ever enjoyed a crispy bucket of chicken or a cheesy slice of pizza, there’s a good chance Sapphire Foods was behind it.

    A Quick Look at Their Journey

    • The company was initially incorporated as Samarjit Advisors Pvt. Ltd in 2009, but was later renamed as Sapphire Foods in 2015.
    • In 2015, the company made a big move by acquiring over 270 KFC and Pizza Hut stores in India and Sri Lanka.
    • Since then, they’ve grown fast, opening restaurants in more than 106 cities and spreading to places like Sri Lanka and the Maldives too.
    • Currently, the company operates 429 KFC restaurants and 319 Pizza Hut outlets in India.
    • In 2021, they went public, and their shares were listed on the Indian stock markets.

    Read Also: Swiggy Vs Zomato: Business Model, Marketing Strategies, Strengths, and Financials Compared

    Comparative Study: Devyani International vs. Sapphire Foods

    ParticularsDevyani InternationalSapphire Foods
    Current Price₹177₹316
    Market Capitalization (₹ Crores)21,35110,167
    52-Week High₹223₹401
    52-Week Low₹130₹242
    FII Holdings as of March 202510.46%30.42%
    DII Holdings (as of March 2025)16.87%38.51%
    Book Value₹9.66₹42.4
    PE Ratio1,592413
    (Data as of 6 May 2025)

    Financial Statements Comparison of Devyani International and Sapphire Foods 

    Income Statement 

    ParticularsDevyani InternationalSapphire Foods
    Total Income3,5882,627
    Total Expenditure3,3982,456
    EBIT190170
    Net Profit-951
    (All the values are in INR crores unless stated otherwise)
    Income Statement of Devyani International and Sapphire Foods  

    Balance Sheet

    ParticularsDevyani InternationalSapphire Foods
    Current Liabilities911444
    Non-Current Liabilities2,6731,056
    Current Assets486363
    Non-Current Assets4,4462,477
    Equity Share Capital12064
    Reserves & Surplus9101,275
    (All the values are in INR crores unless stated otherwise)
    Balance Sheet of Devyani International and Sapphire Foods  

    Cash Flow Statements

    ParticularsDevyani InternationalSapphire Foods
    Cash Flow from Operating Activities592448
    Cash Flow from Investing Activities-1,550-186
    Cash Flow from Financing Activities889-212
    (All the values are in INR crores unless stated otherwise)
    Cash Flow Statements of Devyani International and Sapphire Foods  

    Key Performance Indicators (KPIs)

    ParticularsDevyani InternationalSapphire Foods
    Basic EPS (₹)0.398.30
    Operating Profit Margin (%)8.276.58
    Net Profit Margin (%)-0.272
    Return on Equity (%)4.483.94
    Return on Capital Employed (%)7.317.13
    Debt-to-Equity (x)0.860.02

    Devyani International vs Sapphire Foods: Which Company is Better? 

    Honestly, it depends on what you’re looking at.

    If we’re talking size and revenues, Devyani International definitely has the edge. It runs more outlets, makes more money, and has a few extra brands under its belt. It’s also been in the game longer, which shows in its wider reach and stronger numbers. However, the business reported a net loss in March 2024.

    But Sapphire Foods isn’t far behind. It’s growing steadily, runs high-performing outlets, and has a solid presence in international markets like Sri Lanka and the Maldives. It seems to focus more on quality over quantity and is playing the long game.

    So, is one better than the other? 

    Devyani is winning on scale and operating margins, and Sapphire has a significantly higher EPS. It is hard to pick one as both companies have long-term potential if you’re betting on India’s growing appetite for fast food. 

    Inference:

    1. Devyani operates more outlets across countries, which reflects in its higher revenue.
    2. Sapphire is more focused on efficiency and operates stores in select international markets like Sri Lanka and the Maldives.
    3. Devyani International posted a net loss of ₹9 crores in March 2024, in contrast to a net profit of ₹51 crores for Sapphire Foods.
    4. Both companies are strong franchise operators for Yum! Brands, but Devyani also operates some in-house brands, which gives the company more diversification.

    Based on the above information, deciding between the two companies for investment can be a tough decision and it is advised to consult a financial advisor before investing.

    Read Also: ITC vs HUL: Comparison of India’s FMCG Giants

    Conclusion 

    Both Devyani International and Sapphire Foods are doing a great job serving millions of customers across India and beyond. While Devyani is ahead in terms of revenues and number of outlets, Sapphire is playing it smart with a focus on growth and efficient operations.

    At the end of the day, whether you’re grabbing a crispy KFC bucket or biting into a cheesy Pizza Hut slice, you’re enjoying the results of two well-run companies working hard behind the scenes. So next time you’re at one of these places, you’ll know a bit more about the business that’s serving you. When it comes to selecting between the two, it can be a tricky decision and it is advised to consult a financial advisor before investing.

    Frequently Asked Questions (FAQs)

    1. Who owns Devyani International?

      It’s part of the RJ Corp group, which is headed by Ravi Jaipuria, a well-known name in the food and beverage world.

    2. Devyani International vs Sapphire Foods: Which company is bigger?

      Devyani International is ahead right now since it has more outlets, more revenue, and a higher market capitalization.

    3. Do Devyani International and Sapphire Foods operate outside India too?

      Yes! Devyani has a presence in Nepal and Nigeria, while Sapphire is active in Sri Lanka and the Maldives.

    4. Who has more stores in India?

      Devyani International, by a good margin. They are operating over 1,600 outlets, while Sapphire has around 700 outlets.

    5. How can I invest in Devyani International and Sapphire Foods?

      Both companies are listed and available for retail investors to invest if you’re interested in the food and QSR space. But do not forget to consult your financial expert before making any investment decision. 

  • Ather Energy Case Study: Business Model, Financials, and SWOT Analysis

    Ather Energy Case Study: Business Model, Financials, and SWOT Analysis

    Ather Energy offers modern electric scooters that come with advanced technology to attract customers looking for sustainable and smart mobility solutions. From their eye-catching design to advanced features and the growing network of charging stations, Ather is a name that’s gaining popularity in the EV space.

    In this blog, we will learn about how they’re revolutionizing the EV space and their strengths. Furthermore, we will analyze their business model, risks, and the marketing strategy they use to keep their customer base growing. 

    Ather Energy: An Overview 

    Ather Energy is an Indian startup that’s reimagining what electric scooters can be. They’re not just building EVs, but are making them smart, stylish, and internet-connected two-wheelers that are fun to ride and good for the planet. From the sleek design to the technology-packed dashboard and even their charging network (called Ather Grid), they’ve built everything in-house with a clear focus on quality and user experience.

    Their scooters, such as the Ather 450S, 450X, and the high-performance 450 Apex, have a futuristic design, great performance, and make city commutes easy and convenient. 

    Ather Energy

    A Brief History 

    A brief history of the Ather Energy is given below:

    • 2013: Ather was started by two IIT Madras graduates, Tarun Mehta and Swapnil Jain, who wanted to build India’s first truly smart electric scooter. It was a forward-thinking idea, as EVs are eco-friendly, but they hadn’t gained popularity at the time.
    • 2014–2015: After getting support from IIT Madras and early investors (including Flipkart’s founders), Ather started to pick up steam. Hero MotoCorp also came on board, giving them a strong boost.
    • 2018: After years of research and hard work, Ather launched its first scooters, the Ather 340 and Ather 450, in Bangalore. These weren’t your average scooters as they had touchscreen dashboards, onboard navigation, and were connected to the cloud, which attracted people’s attention.
    • 2020: Enters the Ather 450X: faster, smarter, and more powerful. Ather began expanding beyond Bangalore and brought its scooters to other cities across India.
    • 2021–2023: Ather kept growing, opening new showrooms (they call them “Experience Centres”) and expanding their charging network. They also rolled out Over-The-Air (OTA) software updates for your scooter, just like your smartphone.

    At its core, Ather is all about changing the way we move. They’re building electric scooters that people want to ride, not just because they’re sustainable, but because they’re fun, fast, and packed with tech. It’s the kind of company that’s not just thinking about the next scooter; instead, they’re thinking about the future of commuting.

    Read Also: Ola Electric Case Study: Business Model, Financials, and SWOT Analysis

    Business Model of Ather Energy

    The business model of Ather Energy can be summarized in the following 5 points:

    1. Direct Sales of Smart Electric Scooters

    This is the core of their business. Ather designs and manufactures electric scooters like the 450S, 450X, and 450 Apex, and sells them through:

    • Company-owned Experience Centres
    • Franchise-owned retail outlets
    • Online platform (you can book a test ride or buy directly)

    They focus on premium, technology-heavy scooters that attract urban commuters who want performance and sustainability in one.

    2. Ather Grid – Charging Infrastructure

    Ather has built its public charging network called Ather Grid, which is available in multiple cities. It was free to use initially, but currently Ather charges ₹1/min + GST. This helps support not just Ather owners, but eventually the wider EV community too.

    3. Subscriptions & Services

    Ather offers monthly plans for smart features on its scooters, including:

    • Navigation
    • Remote diagnostics
    • Ride statistics
    • OTA (Over-the-Air) software updates
    • Ather Connect app access

    These plans range from basic to pro-level, giving users a choice and recurring revenue for the company.

    4. After-Sales & Servicing

    They run a strong after-sales network with doorstep service options and maintenance plans. Customers can sign up for;

    • Annual service packages
    • Extended warranty
    • Roadside assistance

    5. Strategic Partnerships & B2B Opportunities

    Ather also explores:

    • Partnerships with corporates, delivery fleets, and tech platforms
    • Collaborations with governments for EV adoption incentives
    • EV financing and insurance tie-ups through third parties

    Read Also: Suzlon Energy Case Study: Business Model, Financial Statement, SWOT Analysis

    Marketing Strategy of Ather Energy

    1. Experience-First Marketing

    Instead of hard selling, Ather focuses on letting people experience the product:

    • They’ve built “Experience Centres” in cities across India—not just showrooms but interactive spaces where people can test-drive, explore the tech, and learn about EVs.
    • Test rides are important to convert potential customers. Once people try the scooter, they often get hooked on the performance and features.

    2. Strong Brand Positioning

    Ather positions itself as:

    • Premium but not luxury
    • Tech-driven and futuristic
    • Sustainable without being preachy

    3. Content & Digital Marketing

    Ather is heavy on content, using platforms like YouTube, Instagram, and LinkedIn to:

    • Showcase real user stories
    • Share product explainer videos
    • Post behind-the-scenes R&D and software updates
    • Educate the public on EVs and sustainability

    They make complex concepts, such as battery efficiency and range, easy to understand and fun to follow.

    4. Word-of-Mouth & Community Building

    Ather has cultivated a passionate user base that spreads the word:

    • They host community rides, events, and meetups
    • There’s even a name for their fanbase—“Ather Community”
    • Existing users often act as unofficial brand ambassadors

    They also listen closely to customer feedback, which builds trust and loyalty.

    5. Localized Launch Campaigns

    When entering new cities, Ather runs targeted marketing campaigns that combine:

    • Outdoor ads (billboards, bus stops, metro stations)
    • Digital ads focused on local demographics
    • Local influencer collaborations and test ride events

    Financials Analysis of Ather Energy

    Income Statement

    ParticularsFY 2024FY 2023FY2022
    Total Income1,789.101,801.80413.8
    Total Expenses2,674.202,666.30757.9
    Loss for the Year-1,059.70-864.5-344.1
    (All the figures mentioned above are in INR crores)

    Balance Sheet

    ParticularsFY 2024FY 2023FY 2022
    Total Non-Current Assets684.1668.5526.1
    Total Current Assets1229.41308.3292.5
    Non-Current Liabilities291.2343.6199.3
    Current Liabilities1076.41019.5394.4
    (All the figures mentioned above are in INR crores)

    Cash Flow Statement

    ParticularsFY 2024FY 2023FY2022
    Net Cash Used in Operating Activities-267.60-871.30-228.4
    Net Cash Used in Investing Activities-228.10-135-6.6
    Net Cash Generated from Financing Activities633.21,317.40230.7
    (All the figures mentioned above are in INR crores)

    Important Highlights

    • Profitability: The company remains in a loss-making phase, but the narrowing losses in FY24 are a positive sign.
    • Cash Flow Concerns: The increasing cash burn and rising debt levels highlight the need for prudent financial management.
    • Market Dynamics: Ather’s market share has slightly declined, indicating intensified competition in the E2W segment.
    • Strategic Investments: The IPO funds are meant for expansion and innovation, which are critical for long-term growth.

    SWOT Analysis of Ather Energy

    SWOT Analysis of Ather Energy

    Strengths

    • In-house innovation: Ather designs and builds most of its components, such as batteries, software, and dashboards, which gives it better quality control and a unique product.
    • Strong brand image: Seen as premium, tech-savvy, and futuristic, it is one of the few EV brands in India that is well-known.
    • Smart features & connectivity: OTA updates, touchscreen dashboards, app integration, these things make Ather scooters feel like the “iPhones of EVs.”
    • Ather Grid charging network: Building its fast-charging network gives Ather a big edge in convenience and customer loyalty.
    • Loyal customer base: Ather has created a passionate community of users who often promote the brand through word-of-mouth.

    Weaknesses 

    • Higher price point: Compared to traditional scooters or entry-level EVs, Ather scooters are pricey, which can limit public adoption.
    • Limited service & retail network (in some areas): Despite expanding fast, Ather still doesn’t have the reach of legacy two-wheeler brands.
    • Dependence on urban markets: The product positioning is heavily tailored around urban, tech-forward consumers, and is not as appealing in rural or price-sensitive markets.
    • Production scale limitations: Compared to giants like Hero or Bajaj, Ather still has a relatively small manufacturing footprint.

    Opportunities 

    • Expanding into Tier 2 & Tier 3 cities: As awareness about sustainability and EV infrastructure improves, these areas are becoming more open to the adoption of EVs.
    • Launching more affordable models: A more budget-friendly scooter could open up a much wider customer base.
    • Fleet and delivery partnerships: Tapping into B2B use (like food delivery or ride-share fleets) can boost volume and visibility.
    • Global expansion: Ather has the potential to enter Southeast Asia or Africa, where EV two-wheelers are starting to gain traction.
    • Government policies & incentives: Ongoing support for EVs (like FAME II) helps reduce prices and boost demand.

    Threats 

    • Tough competition: Legacy brands (like TVS, Bajaj, Ola Electric, and Hero) are now in the EV race with huge budgets and distribution power.
    • Policy changes: If government subsidies are reduced or withdrawn, prices may rise, and demand could slow.
    • Battery/raw material supply chain issues: Global shortages or rising costs of lithium and other EV materials could impact production.
    • Customer expectations rising fast: As EV adoption grows, customers expect faster charging, longer range, and lower prices, which makes staying ahead a constant challenge.

    Read Also: Tata Motors Case Study: Business Model, Financials, and SWOT Analysis

    Conclusion 

    Ather Energy has created a unique space for itself in India’s electric vehicle market by focusing on innovation, quality, and smart technology. With its bold design, internet and bluetooth connected features, and strong community of users, Ather has gone beyond just building scooters and helped spark a movement toward smarter, cleaner mobility. While the brand faces tough competition and some challenges, its commitment to continuous improvement and customer experience keeps it ahead on the road to success. If Ather can keep balancing performance, price, and reach, it’s well on its way to becoming a household name in the future of urban transport.

    S.NO.Check Out These Interesting Posts You Might Enjoy!
    1HDFC Bank Case Study: Business Model, Financial Highlights, and SWOT Analysis
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    4BPCL Case Study: Business Model, Product Portfolio and SWOT Analysis
    5Titan Case Study: Business Model, Financials, and SWOT Analysis

    Frequently Asked Questions (FAQs)

    1. How do you charge an Ather scooter?

      You can charge at home or use Ather Grid, their fast-charging network available in many cities.

    2. Is Ather more expensive than other scooters?

      Yes, it’s priced higher than average, but it offers advanced tech, performance, and low running costs.

    3. Can I buy Ather scooters online?

      Yes, you can book online and choose home delivery or pickup from a nearby Ather’s Experience Centre.

    4. When is the Ather Energy IPO open for subscription?

      The IPO opened on April 28, 2025, and will close on April 30, 2025.

    5. Is Ather Energy profitable?

      No, Ather Energy is currently not profitable. The company plans to use the IPO proceeds to scale operations and reduce debt.

  • Blinkit Case Study: Business Model, Financials, and SWOT Analysis

    Blinkit Case Study: Business Model, Financials, and SWOT Analysis

    In today’s fast-paced world, convenience isn’t just a luxury; it’s a must. That’s why online grocery delivery services have exploded in popularity, with Blinkit (you might remember it as Grofers) leading the charge. As life gets busier, more of us are looking for ways to save time without compromising on quality.

    In this blog, we’re taking a closer look at Blinkit’s journey: the wins, the hurdles, and the technology behind their 10-minute grocery delivery promise. Moreover, we will learn about what makes Blinkit keep going and what it says about where e-commerce is headed.

    Blinkit: An Overview 

    Blinkit didn’t pop up overnight. It all started in 2013 when Grofers was founded by Albinder Dhindsa and Saurabh Kumar, with a focus on making grocery shopping simpler. Over time, they grew beyond groceries, offering everything from household essentials to personal care products.

    Their shift from Grofers to Blinkit wasn’t just a name change; instead, it marked a whole new way of thinking. The company moved from regular delivery schedules to an instant delivery model, perfect for customers who don’t like to wait.

    At the heart of Blinkit’s operations are dark stores: local, hyper-efficient warehouses packed with products ready for speedy dispatch. Their model depends heavily on smart technology, data-driven logistics, and a hyperlocal supply chain to make those ultra-fast deliveries possible.

    Business Model of Blinkit

    Here’s how it all works:

    1. Dark Stores Are the MVPs

    Instead of sourcing your groceries from big warehouses far away, Blinkit uses small local warehouses called dark stores. These mini-warehouses are packed with popular items and are spread all over the city, so whenever you place an order, it’s already close to you.

    2. Smart Technology Behind the Scenes

    Blinkit isn’t just about fast legs; it’s about fast brains, too. Their systems predict what their customers are likely to order, so dark stores stay stocked with exactly what customers want when they want it. Also, real-time inventory updates mean you don’t end up ordering something that’s out of stock.

    3. Delivery 

    Most deliveries are done on electric vehicles. It’s not just speedy, it’s also a lot more eco-friendly than sending out trucks for small orders.

    How Blinkit Makes Money?

    Blinkit generates revenue through:

    • Delivery Fees: Sometimes you pay a small delivery fee, especially if your order value is small.
    • Product Margins: Just like regular stores, Blinkit makes a margin on every item it sells.
    • Partnership Deals: Brands sometimes pay Blinkit to promote certain products in the app, like those “featured” snacks you suddenly feel like buying.

    Blinkit’s business model is all about thinking small (local warehouses) to deliver big (instant convenience).

    Read Also: Zepto Case Study: Business Model, Financials, and SWOT Analysis

    Marketing Strategy of Blinkit

    Blinkit knows that getting your groceries fast is great, but first, they have to make sure you think of them when you’re hungry, running low on essentials, or just too lazy to go to the store. These objectives are achieved through their high performing marketing team. Their marketing campaigns are all about speed, relatability, and showing up exactly when you need them.

    1. Speed is the Focus 

    Blinkit’s main selling point is its superpower: 10-minute delivery, and they make sure you never forget it. Every campaign, every ad, every social media post reminds you that whatever you need, you can get it faster than making a cup of tea. Their famous tagline? “Everything Delivered in Minutes.” Simple, catchy, and perfectly on-brand.

    2. Memes, Humour, and Real Talk on Social Media 

    Blinkit doesn’t act like a serious company online. Their social media is filled with memes, funny tweets, pop culture references, and jokes with which you can completely relate. They know their audience well: busy millennials, students, young professionals, and their campaigns speak to them.

    Some examples:

    • Funny tweets about last-minute cravings.
    • Relatable memes about running out of snacks at 2 AM.
    • Quick polls and questions that start conversations to keep the brand relevant among customers.

    3. Influencers That Feel Like Friends

    Instead of throwing money at huge celebrities, Blinkit often teams up with relatable influencers who are the ones you feel like you could have a coffee with. Collaborating with local influencers for promotions helps Blinkit establish an instant connection with its clients.

    4. Targeted Promotions

    Blinkit knows when you’re most likely to crave a quick grocery run, such as just before dinner, late-night for snacks or during a Sunday afternoon. They send well-timed push notifications, app alerts, and discounts to nudge you right when you’re most likely to click “Order Now,” which is a smart and exceptional business strategy.

    Read Also: Swiggy Vs Zomato: Business Model, Marketing Strategies, Strengths, and Financials Compared.

    Read Also: Blinkit vs Zepto: Which is Better?

    Financial analysis of Blinkit

    Financial Metrics FY 2024 FY 2023 FY 2022
    Revenue             
    (₹ crores)    		2,301724.2236.1 
    Net Profit          
    (₹ crores)    		Data not disclosed(1,078.9)(1020.1)

    Inference 

    Blinkit’s revenue numbers have been moving in the right direction. Credit goes to more people jumping on the instant delivery bandwagon (especially in big cities). Blinkit’s sales have grown steadily year after year. Their partnership with Zomato (who now owns Blinkit) gave them a huge boost both financially and strategically. It helped Blinkit access more resources, better technology, and a massive customer base already used for quick deliveries.

    Key Highlights 

    • Gross Order Value (GOV): ₹12,469 crore, which is a huge 93% jump compared to last year!
    • Total Orders: They completed 203 million orders, growing by 71% year-on-year.
    • Monthly Active Customers: Blinkit now serves around 5.1 million active customers each month, which is a 73% increase!
    • Average Daily GOV per Store: On average, each store pulled in about ₹7,97,000 every day
    • Number of Stores (as of March 2024): They’ve expanded to 526 stores, adding 149 new ones this year.
    • Warehouse Space: Their warehousing capacity hit 4.8 million square feet, growing by 28%. That’s a lot of room for snacks and veggies!

    The company posted an adjusted EBITDA loss of ₹103 crore, which is about 15.7% higher than the ₹89 crore loss they reported in Q3 last year. To compare, Blinkit’s loss in the previous quarter (Q2 FY25) was much lower, just ₹8 crores.

    The bump in losses isn’t too surprising either, as the quick commerce space is growing fast, and Blinkit faces tough competition, from players like Zepto, Swiggy Instamart, Flipkart Minutes, Bigbasket now, JioMart, and even Amazon getting ready.

    Read Also: D Mart Case Study: Business Model and Marketing Strategy

    SWOT Analysis of Blinkit

    Strengths 

    • Lightning-Fast Delivery: Blinkit’s biggest flex is its promise of delivering essentials in under 10 minutes. That’s a serious game-changer for busy, convenience-loving customers.
    • Strong Brand Recognition: After rebranding from Grofers, Blinkit made sure everyone knew its name, especially through smart social media campaigns and catchy promotions.
    • Smart Tech and Logistics: Behind the scenes, Blinkit runs on the latest technology, which includes real-time inventory tracking, AI-powered demand prediction, and optimized delivery routes.
    • User-Friendly App: Their app is easy to navigate, quick to recommend your favourite things, and packed with a wide variety of products.

    Weakness

    • High Operational Costs: Superfast deliveries aren’t cheap. Setting up multiple dark stores and maintaining a large delivery fleet burns cash.
    • Limited Product Range: Compared to full-fledged grocery stores or hypermarkets, Blinkit’s product variety can feel a bit limited, especially in non-metro areas.
    • Service Area Restrictions: Instant delivery works best in big cities. Expanding to smaller towns without losing speed is a real challenge.

    Opportunities 

    • Expansion into New Cities: There’s still a huge untapped market in Tier 2 and Tier 3 cities if Blinkit can crack the logistics puzzle.
    • More Product Categories: Blinkit could start delivering other things too, like pharmacy items, bakery items, quick bites, flowers, etc.
    • Sustainability Push: Eco-friendly delivery methods like electric bikes and green packaging could win over today’s environment-conscious customers.

    Threats 

    • Fierce Competition: The grocery delivery war is heating up, with players like BigBasket, Zepto, and even Swiggy Instamart fighting for the same customers.
    • Thin Profit Margins: Fast delivery models are expensive, and profits can be razor-thin if costs aren’t carefully managed.
    • Changing Customer Expectations: Today, it’s 10 minutes. Tomorrow, people might expect groceries in 5 minutes. This can be harmful to the delivery person as keeping up with rising demands could get tricky as well as risky.

    Read Also: Zomato Case Study: Business Model, SWOT Analysis, and Financials Explained

    Conclusion 

    Blinkit’s journey from Grofers to a 10-minute delivery giant shows just how important it is to stay flexible and keep the customer at the heart of everything. By embracing new technology, rethinking logistics, and staying focused on user experience, Blinkit isn’t just keeping up; they’re setting the pace. As the battle for instant delivery heats, the company’s ability to innovate, adapt, and keep customers at the heart of everything they do will decide how far they can go.

    S.NO.Check Out These Interesting Posts You Might Enjoy!
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    Frequently Asked Questions (FAQs)

    1. What is Blinkit?

      Blinkit (formerly Grofers) is a company that offers services to deliver groceries and other essentials to your doorstep, usually in 10 minutes or less!

    2. How does Blinkit deliver so fast?

      They have small local warehouses (called dark stores) scattered across cities, so your order is packed and sent from a spot close to you.

    3. What can I order on Blinkit?

      Almost everything you’d find at a neighbourhood grocery store — fruits, veggies, snacks, dairy, cleaning supplies, personal care items, and more.

    4. Where is Blinkit available?

      Right now, Blinkit mainly operates in big cities and metro areas across India and they’re expanding fast. 

    5. Is there a delivery charge?

      Sometimes! Small orders might have a delivery fee, but bigger orders often get a free delivery. 

  • BluSmart Shutdown & Gensol Scam: ₹262 Crore Scam That Shook India’s EV Sector

    BluSmart Shutdown & Gensol Scam: ₹262 Crore Scam That Shook India’s EV Sector

    India’s electric vehicle revolution makes up a vital component of the country’s journey towards zero carbon emissions. The EV movement started when companies Gensol Engineering and BluSmart Mobility introduced their plans for sustainable technology-based zero-emission cab rides in the metro cities of India. 

    Who knew that the clean-technology ecosystem of India would face substantial damage because of financial mismanagement, alongside fund diversion and regulatory misconduct discovered behind its eco-friendly exterior?

    This blog explores the BluSmart-Gensol scam, along with the resulting consequences and its implications on India’s electric vehicle industry.

    Background on Gensol Engineering & BluSmart

    Gensol Engineering: Founded in 2007 and based in Ahmedabad, Gensol Engineering Limited focuses on delivering integrated solar energy solutions. They offer services like engineering, procurement, and construction for solar projects. They also provide technical consultancy and carbon credit advisory services.

    In recent years, Gensol has ventured into electric vehicle manufacturing and leasing to deliver clean energy transportation solutions.

    BluSmart Mobility: Back in 2019, Anmol Singh Jaggi, Puneet Singh Jaggi and Puneet K Goyal came together to start BluSmart Mobility. It was established as India’s first ride-hailing service that was completely electric.

    The company operates mainly in urban hubs such as Delhi NCR, Mumbai, and Bangalore, and provides a fleet of electric vehicles that promote zero-emission transportation solutions. It also got attention from big players like BP Ventures and ResponsAbility Investments, who decided to invest in it. The company also collaborated with Tata Motors and Tata Power for buying 10,000 EVs and development of electric charging infrastructure respectively.

    The business operations of Gensol Engineering and BluSmart Mobility were closely-connected to each other. Here is how they are related;

    • Anmol Singh Jaggi plays an important role in both companies, i.e., he is the managing director of Gensol Engineering and a Co-founder of BluSmart Mobility. His brother, Puneet Singh Jaggi, is also a key management personnel in both companies.
    • Gensol Engineering offered financial backing and essential infrastructure for BluSmart’s operations.
    • Gensol provided electric vehicles and the technology setup that BluSmart needed for operating their fleet of EVs. BluSmart’s operations relied significantly on Gensol for both vehicle procurement and maintenance. 

    Timeline of the Gensol-BluSmart Scam 

    SEBI conducted a forensic investigation in April 2025 that revealed a multi-crore financial scam triggered by the promoters of Gensol Engineering through improper EV financing, which affected BluSmart Mobility’s business operations directly. Gensol presented itself as an innovative ESG-centric company until its fraudulent actions became widely known, thereby creating doubt on sector governance and regulatory scrutiny practices in India.

    The timeline of the scam is as follows:

    1. Loans Taken for the Procurement of EV

    Gensol took out a loan of ₹978 crore from different lenders, two of which were government-backed IREDA and PFC. The money was supposed to be used to buy electric cars and lease them to BlueSmart Mobility. 

    2. Diversion of Funds

    Rather than being allocated for the purchase of electric vehicles, a major portion of the funds was redirected to buying luxury real estate, personal expenses unrelated to business activities, and only a fraction of the EVs were procured. 

    3. Layering & Cover-Ups 

    The money trail was deliberately concealed using a network of shell companies and a series of intercompany transactions.

    BluSmart made it look like they had more leased electric vehicles than they did, probably to bring in more investments.

    Read Also: Scam 1992: Harshad Mehta Scam Story

    How Was The Scam Uncovered?

    A detailed timeline about how the scam came to light is mentioned below:

    1. On March 3 and 4, 2025, the credit rating agencies Care Rating Limited and ICRA Ltd. decided to lower the credit ratings they gave for the company’s loans and credit options. They dropped the ratings to ‘D’, the lowest rating possible because the company was behind on its debt payments. 

    2. ICRA stated that documents shared by Gensol regarding its debt servicing were falsified, raising concerns about its corporate governance and liquidity position. 

    3. On March 5, 2025, Gensol put out an investor release on the stock exchange, and it was signed by their CEO, Anmol Singh Jaggi. In this release, the company clarified that it had no involvement in the falsification claims made by the rating agencies. 

    4. SEBI then asked the credit rating agencies for information about the downgrade of the ratings given to Gensol. 

    5. The CRAs mentioned that, based on recent news about BluSmart Mobility (which is connected to Gensol) defaulting on bond payments on February 24, 2025. This kicked off a review of the ratings assigned to the instruments of Gensol.

    6. The CRAs mentioned that when they asked for the term loan statements, Gensol gave them statements from all the lenders except for the IREDA and PFC. However, Gensol shared some conduct letters that supposedly came from these two companies. These letters mentioned that Gensol has been keeping up with its loan payments.

    7. CARE mentioned that Gensol asked to take back the ratings that were given to them. To back this up, Gensol provided a no-objection certificate that they claimed was issued by their lenders.

    8. However, after checking with IREDA and PFC about the conduct letters and NOCs, both lenders denied issuing such letters. SEBI then requested detailed information from the lenders about the debt service status of loans granted to Gensol, including loan sanction letters and account statements.

    9. After looking over the details from the lenders mentioned, it was noticed that the company has had several instances where it did not keep up with the loan payments.

    10. It was noted that out of ₹ 977.75 crores taken as loan by the company from IREDA and PFC as term loans, ₹663.89 crores was for buying 6,400 electric vehicles.

    11. In its response, Gensol admitted that it had acquired only 4,704 electric vehicles, falling short of the 6,400 EVs for which it had previously obtained funding. Additionally, Go-Auto Private Limited confirmed that it sold 4,704 EVs to the company for a total of ₹567.73 crores. After this, the financial statements of both companies were examined. Upon examination, it was observed the company has also availed the additional equity contribution of 20%, taking their total loan amount to ₹829.86 crores. Based on these figures, the company only used ₹567.73 crores out of ₹829.86 crores, which shows ₹262.13 crores of funds unaccounted for.

    12. The analysis revealed that after the money was sent from Gensol to Go-Auto to buy electric vehicles, it often ended up with Gensol or was sent to companies linked to Anmol Singh Jaggi and Puneet Singh Jaggi, who are the promoters and directors of Gensol, which was later used for unrelated expenses. 

    13. The promoters of Gensol used funds to buy a luxury apartment in the Camellias, DLF, Gurgaon. This was achieved through layered transactions, and the apartment is owned by a firm named Capbridge Ventures LLP, whose designated partners are Anmol Singh Jaggi and Puneet Singh Jaggi.

    14. Looking at how Gensol used the loans they got from the lenders, SEBI concluded that the company did not handle the funds properly and barred the company’s promoters from securities markets and from holding any key position in any listed company.

    Read Also: Satyam Scam Case Study: Know The Story Indians

    Impact of Gensol-BluSmart Scam on Stakeholders

    Impact of Gensol-BluSmart Scam on Stakeholders

    The impact of the Gensol-BluSmart scam on stakeholders is mentioned below:

    1. Financial Losses & Loss of Trust 

    Equity Investors, like BP Ventures and responsAbility, took some big hits on their valuations. Gensol’s stock price fell, causing significant losses for shareholders. Venture capital firms are taking a fresh look at how they can better evaluate green energy startups in India. 

    2. Sudden Unemployment 

    Thousands of drivers suddenly found themselves without jobs when BluSmart decided to halt its operations. There has been no clear information on severance packages, any outstanding bonuses, or if they are planning to take back the vehicles. A lot of drivers were dependent on their jobs to pay loans or support their families. 

    3. Service Disruption & Refund of Wallet Balances 

    Riders with prepaid credits in their BluSmart wallet accounts experienced a complete service outage. The company has pledged to issue refunds within 90 days; however, trust has been eroded. People are now unsure about trusting new green mobility apps that do not show much transparency. 

    4. Possible NPAs & Regulatory Backlash

    Banks & NBFCs that lent money to Gensol for their EV fleet are now facing issues with loans that are not being paid back, which have now become NPA. 

    Consequences 

    The consequences of the Gensol-BluSmart scam are mentioned below:

    1. The two brothers are now prohibited from serving as directors or in key management roles at Gensol or any other publicly listed company until further notice. 

    2. They are prohibited from buying and selling or trading any securities, in any form or manner, until further notice. 

    3. If they have any open positions in exchange-traded derivatives contracts as of the date of the Order, they are required to close or square off these positions within 7 days of the Order date or by the contract’s expiration, whichever happens first. 

    4. The parties involved are allowed to settle their payment obligations for transactions that happened before the end of the trading on the date of the Order. 

    Implications for India’s EV Sector

    The Gensol-BluSmart scam has had a negative impact on the India’s EV sector as highlighted below:

    • Investor Sentiment Dented – Global investors who were enthusiastic about India’s green mobility efforts are now being a bit more careful. ESG investments are going to need stricter audits and transparency. Early age EV startups may encounter hurdles when it comes to securing funding. 
    • Expect Stricter Regulatory Oversight – One can expect tighter regulations coming from SEBI, RBI and NITI AYOG regarding, use of EV related loans and subsidies, fleet ownership documentation, etc. 
    • Trust Deficit Among Stakeholders – EV ride-hailing companies may now struggle to bring new drivers on board. Customers might be stressed about getting refunds and whether they will get reliable services. 

    To sum it up, although this incident is certainly a negative event, India’s EV ambitions, such as achieving 30% EV adoption by 2030, remain intact. 

    Conclusion

    The Gensol-BluSmart scam is an important event for the EV sector as the company’s unethical practices have resulted in erosion of investor trust. However, the scam will not stop India’s EV mission, but is an opportunity to create a more transparent and accountable environment that attracts investors. The upcoming EV growth phase depends heavily on the development of advanced technologies alongside transparent accounting practices.

    Read Also: Financial Scams in India: Types, Resolution, and Awareness

    Frequently Asked Questions

    1. What is the Gensol Engineering scam about?

      It is about the company’s misuse of funds acquired for purchase of EVs for personal use and unrelated business expenses. 

    2. Who are the key people involved in the scam?

      Anmol Singh Jaggi and Puneet Singh Jaggi, directors of Gensol, are the key people involved in the scam.

    3. How is BluSmart connected to the scam?

      BluSmart leased EVs from Gensol and allegedly overstated EV leasing numbers to inflate its fleet size and operational capacity. 

    4. What action did SEBI take against Gensol Engineering promoters?

      SEBI banned the Jaggi Brothers from serving as a key management personnel of any publicly listed company and barred them from the securities market. 

    5. What cities were affected by BluSmart’s shutdown?

      Major cities like Delhi NCR and Bengaluru were affected by the BluSmart shutdown.

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