Z47
August 12, 2021

Co-founder Disputes

A conflict within the founding team is a situation that unfortunately arises more often than not, but when conflict does occur amongst two or more founders, how should one tackle it?

Tune in to hear how Avnish Bajaj thinks about it.

Salonie:

So Avnish, I’m a founder and I have some misgivings about my cofounder.

Avnish:

Too late.

Salonie:

No but really, what should I do because this is a very common –

Avnish:

But sadly, it might be too late, it might be too late. And I’ve seen way too many stories playout and generally 80-90% have been situations where its still not worked and our advice always has been please try to make it work but the sad reality is – that’s why I said it might already be too late.

But even for the 20% chance that it may work, it’s worth giving it a shot. And I think the framework in my head is, is it attitude or its aptitude? Are you not getting along, and you have questions because of which of these, if it’s both, I don’t think it’s working. If it is attitude but you think the persons aptitude is great, which we have seen in some situations, that could be fixed. But that then depends on is the person a growth mindset person or a fixed mindset person, are you able to get through to them? say that I’m feeling lonely in doing this alone, why aren’t you stepping up.

So, it’s still worth taking the 20% shot. I would say do it very, very quickly, don’t wait, the minute you have that question in mind you need to address it, I’m not saying the relationship is over, but you need to figure out all of this stuff very, very quickly, it can disable an organization if it’s not handled quickly and correctly. Worst case if it doesn’t work, my other two cents is be generous and be graceful. These things people are giving their life to it and karmically I believe it all goes around in circles. So, I would be very generous but, in that situation, be generous, graceful and decisive.

For more information, write to us: namaste@Z47.com.
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Co-founder Disputes

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A conflict within the founding team is a situation that unfortunately arises more often than not, but when conflict does occur amongst two or more founders, how should one tackle it?

Tune in to hear how Avnish Bajaj thinks about it.

Salonie:

So Avnish, I’m a founder and I have some misgivings about my cofounder.

Avnish:

Too late.

Salonie:

No but really, what should I do because this is a very common –

Avnish:

But sadly, it might be too late, it might be too late. And I’ve seen way too many stories playout and generally 80-90% have been situations where its still not worked and our advice always has been please try to make it work but the sad reality is – that’s why I said it might already be too late.

But even for the 20% chance that it may work, it’s worth giving it a shot. And I think the framework in my head is, is it attitude or its aptitude? Are you not getting along, and you have questions because of which of these, if it’s both, I don’t think it’s working. If it is attitude but you think the persons aptitude is great, which we have seen in some situations, that could be fixed. But that then depends on is the person a growth mindset person or a fixed mindset person, are you able to get through to them? say that I’m feeling lonely in doing this alone, why aren’t you stepping up.

So, it’s still worth taking the 20% shot. I would say do it very, very quickly, don’t wait, the minute you have that question in mind you need to address it, I’m not saying the relationship is over, but you need to figure out all of this stuff very, very quickly, it can disable an organization if it’s not handled quickly and correctly. Worst case if it doesn’t work, my other two cents is be generous and be graceful. These things people are giving their life to it and karmically I believe it all goes around in circles. So, I would be very generous but, in that situation, be generous, graceful and decisive.

We are excited about the innovation and growth opportunities in this sector.

If you are considering building in the footwear space, we’d love to chat.
Drop us a line at consumer@matrixpartners.in

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Index Performance

+28.1%
Since Jan 2024
NIFTY 500
+19.0%
Since Jan 2024

Z47^fortyseven is up +23.9% since its January 2024 base date, versus Nifty 500's +18.4%, ahead by 550 bps.

The cohort moved +4.7% over the month versus Nifty 500's +2.5%, leading by 220 bps.

Anchored in domestic demand and rising digital adoption, the cohort remained resilient amid global headwinds.

Consumer Tech was the best-performing sector at +9.2% last month, driven by sustained growth in consumer demand and strength in consumer-internet platforms.

Largest Constituents  ·  The Names That Anchor The Index

1.
Eternal
Quick-commerce leadership and continued investment
▲ +12.8%
2.
Groww
Broking market-share gains and margin-funding growth.
▲ +10.4%
3.
Lenskart
Store densification and margin expansion.
▲ +2.4%

Top Gainers  ·  Key Drivers

1 MONTH RETURN
1.
CarTrade
Auto-marketplace dominance and a cash-rich balance sheet.
▲ +59.4%
2.
 Amagi Media Labs
Profitability turnaround and AI-led cloud media adoption.
▲ +31.4%

Top Laggards  ·  Key Drivers

1 MONTH RETURN
1.
Fractal Analytics
Enterprise AI spending trends and post-listing share supply.
▼ -10.8%
2.
MedPlus Health
Pharmacy-margin pressure and competitive intensity.
▼ -6.6%

Key Themes  ·  Latest Results

In Q4FY26, Z47^fortyseven's cohort grew top line ~39% YoY, more than 3x the broad market's ~12% growth.

Operating leverage lifted net margins around 500 bps into positive territory, even as broad-market net margins remained roughly flat.

With 40 of 47 companies now profitable, the cohort reflects a broader shift toward profitable growth over growth at any cost.

AI adoption runs deeper across this cohort than in the broader market, with companies using it to drive growth and reshape demand, not just improve efficiency.

Cash generation is increasingly defining the winners, enabling market leaders like Eternal, CarTrade, and PB Fintech to fund acquisitions and expansion from their own balance sheets.

Market & Macro Context

The cohort saw several block deals this month, including sizeable stake sales in Lenskart, Delhivery, Honasa, and Shadowfax.

Ownership continues to shift from foreign investors to domestic institutions, creating a more durable shareholder base.

AI remained the defining technology investment theme, driving capital deployment across both private and public markets.

IPO Takeaway · Kissht

Listed May 2026

A modest listing pop followed by strong post-listing gains reinforced the market's preference for asset quality and disciplined underwriting over pure loan-book growth.

The listing helped reset perceptions around unsecured lending, creating a constructive valuation anchor for the issuers that follow.

The buyer mix was a notable positive — strong participation from long-only domestic institutions supporting a durable post-listing ownership base.

Net Read

Fundamentals continued to strengthen across the cohort, with growth, margins, and cash generation improving in tandem.

Performance dispersion widened, with profitability and earnings quality increasingly distinguishing the strongest performers from the rest.

Disclaimer

Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.

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