With ~$ 150 Mn invested till 2017, we see $ 525 Mn rushes in after 2018
#PolicybazaarIPO Long thread: There is monetary printing by RBI, there is lending by banks & finally there is the Indian IPO. “Foreign owned” company with ~1 Bn investment is selling “Indian” unicorn to “savvy” Indians for $ 6.2 Bn. Want to know how this printing works? Let’s go-
With ~$ 150 Mn invested till 2017, we see $ 525 Mn rushes in after 2018
Enter IPO bankers a couple of months later & they value the company at $ 6.2 Bn
What kind of a favor is that? Why do they need US investment bank for this just before IPO?
Without bonus issue in June 2021, each share would have costed Rs 50,000. Heard of circular valuation?
The DRHP devotes significant weight to mark & Sullivan report on Indian insurance. See the snapshot below:
It adds reasons – under-penetrated market, demographic dividend, need for life insurance, blah blah. So what’s wrong with this?
Life insurance was to grow 8 times from 2011 to 2020 to a premium of Rs 20 lac Cr
Most within industry know that it not feasible. But it does help bullish IPO, never mind
Let’s examine this myth in view of life insurance that is almost ~60% of revenue for PB. Life ins is a people intensive push business.
How can #policybazaar scale digitally when 65% costs are employee expenses?
Revenue = Salesmen x policies sold x avg premiums. Can't beat this equation. Have you ever bought a ULIP on your own?
But magically, the promotional exp reduce in IPO year. How? Ask Zomato & Paytm. Same trick.
Assume a 15% profit margin in distant future, the PE works out at ~ 306. So how about banks that earn similar revenues from brokerage?
PolicyBazaar with just Rs 1000 Cr (fee income) revenue is asking $ 6 Bn !
First, PB is 70% insurance biz. Second, the PB revenues have been growing on “outsourcing services” & “Online consulting”. What's that story
If banks can’t have loan growth, brokers like #paisabazar can’t grow more on their backs.
Suddenly, revenue seems to go up with a fall in employee costs & promotion expenses. This one-year fall raises more questions than it tries to answer
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The American business community is speaking with a unified voice - NAM called to invoke the 25th Amendment; the Business Roundtable and Chambers of Commerce urge a peaceful transition of power; all have denounced last week's violence. What might this mean? A few implications:
1/
This isn't just PR - bad politics is bad for business. Here, the Harvard Business Review makes the business case for democracy (leading essay by
Historically, business has been a crucial ally for democracy. Mark Mizruchi shows how business helped secure democracy after WII, through organizations like the Committee for Economic Development (see also his @NiskanenCenter paper: https://t.co/xoqUUN1nCD)
3/
My book examines how business groups formed to lobby against patronage and corruption, and in favor of institutional reform, in the 19th c. (https://t.co/FnNhZUupBG)
For a summary of business’s role in American democracy over the 20th century, see
Today, corporations are cutting off PAC $$ — Wall St banks (JPMorgan Chase, Goldman Sachs, CitiGroup), big tech (Microsoft, Facebook). Many more corps have suspended donations to members of Congress who contested the certification of election results last week
5/
1/
This isn't just PR - bad politics is bad for business. Here, the Harvard Business Review makes the business case for democracy (leading essay by
Historically, business has been a crucial ally for democracy. Mark Mizruchi shows how business helped secure democracy after WII, through organizations like the Committee for Economic Development (see also his @NiskanenCenter paper: https://t.co/xoqUUN1nCD)
3/
My book examines how business groups formed to lobby against patronage and corruption, and in favor of institutional reform, in the 19th c. (https://t.co/FnNhZUupBG)
For a summary of business’s role in American democracy over the 20th century, see
Today, corporations are cutting off PAC $$ — Wall St banks (JPMorgan Chase, Goldman Sachs, CitiGroup), big tech (Microsoft, Facebook). Many more corps have suspended donations to members of Congress who contested the certification of election results last week
5/
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👨💻 Last resume I sent to a startup one year ago, sharing with you to get ideas:
- Forget what you don't have, make your strength bold
- Pick one work experience and explain what you did in detail w/ bullet points
- Write it towards the role you apply
- Give social proof
/thread
"But I got no work experience..."
Make a open source lib, make a small side project for yourself, do freelance work, ask friends to work with them, no friends? Find friends on Github, and Twitter.
Bonus points:
- Show you care about the company: I used the company's brand font and gradient for in the resume for my name and "Thank You" note.
- Don't list 15 things and libraries you worked with, pick the most related ones to the role you're applying.
-🙅♂️"copy cover letter"
"I got no firends, no work"
One practical way is to reach out to conferences and offer to make their website for free. But make sure to do it good. You'll get:
- a project for portfolio
- new friends
- work experience
- learnt new stuff
- new thing for Twitter bio
If you don't even have the skills yet, why not try your chance for @LambdaSchool? No? @freeCodeCamp. Still not? Pick something from here and learn https://t.co/7NPS1zbLTi
You'll feel very overwhelmed, no escape, just acknowledge it and keep pushing.
- Forget what you don't have, make your strength bold
- Pick one work experience and explain what you did in detail w/ bullet points
- Write it towards the role you apply
- Give social proof
/thread
"But I got no work experience..."
Make a open source lib, make a small side project for yourself, do freelance work, ask friends to work with them, no friends? Find friends on Github, and Twitter.
Bonus points:
- Show you care about the company: I used the company's brand font and gradient for in the resume for my name and "Thank You" note.
- Don't list 15 things and libraries you worked with, pick the most related ones to the role you're applying.
-🙅♂️"copy cover letter"
"I got no firends, no work"
One practical way is to reach out to conferences and offer to make their website for free. But make sure to do it good. You'll get:
- a project for portfolio
- new friends
- work experience
- learnt new stuff
- new thing for Twitter bio
If you don't even have the skills yet, why not try your chance for @LambdaSchool? No? @freeCodeCamp. Still not? Pick something from here and learn https://t.co/7NPS1zbLTi
You'll feel very overwhelmed, no escape, just acknowledge it and keep pushing.
Oh my Goodness!!!
I might have a panic attack due to excitement!!
Read this thread to the end...I just had an epiphany and my mind is blown. Actually, more than blown. More like OBLITERATED! This is the thing! This is the thing that will blow the entire thing out of the water!
Has this man been concealing his true identity?
Is this man a supposed 'dead' Seal Team Six soldier?
Witness protection to be kept safe until the right moment when all will be revealed?!
Who ELSE is alive that may have faked their death/gone into witness protection?
Were "golden tickets" inside the envelopes??
Are these "golden tickets" going to lead to their ultimate undoing?
Review crumbs on the board re: 'gold'.
#SEALTeam6 Trump re-tweeted this.
I might have a panic attack due to excitement!!
Read this thread to the end...I just had an epiphany and my mind is blown. Actually, more than blown. More like OBLITERATED! This is the thing! This is the thing that will blow the entire thing out of the water!
Tik Tok pic.twitter.com/8X3oMxvncP
— Scotty Mar10 (@Allenma15086871) December 29, 2020
Has this man been concealing his true identity?
Is this man a supposed 'dead' Seal Team Six soldier?
Witness protection to be kept safe until the right moment when all will be revealed?!
Who ELSE is alive that may have faked their death/gone into witness protection?
Were "golden tickets" inside the envelopes??
Are these "golden tickets" going to lead to their ultimate undoing?
Review crumbs on the board re: 'gold'.
#SEALTeam6 Trump re-tweeted this.