Z47
December 3, 2021

Hiring an in-house head of talent

At the early stages, building your company's recruitment muscle is paramount to its growth, but is an in-house head of talent a necessity to accelerate this process? Tune in for key insights on team building & recruitment from Avnish Bajaj & Rajinder Balaraman.

Rajinder:

Do I need an inhouse head of talent and if so when?

Avnish:

I think this is one, where we should actually include some of the links because there is a lot of good stuff out on the internet about recruiting as a muscle for the company, including from David Skok.

So, I would say one of the core things you’re doing early in your company, is building a team towards getting PMF. In my view and this is evolved over a period of time, just like you won’t outsource your tech and your product, don’t outsource your recruitment.

So, if this is a core asset of what you need to do, so I have a little bit of a nuanced view on pre PMF companiesversus post PMF. I think if you have a pre-PMF and maybe you may have taughtme this term there is something called as RPO, recruitment process outsource and you can insource that, so basically you don’t hire your own person because that itself might take time.

But one of the recruiters you are working with, their recruiter is essentially on your roles. They are dedicated to you; they do all the filtering. There’s a lot of process management that goes into it and saves a lot of time.

So, I think the number one resource you are building outside of your tech product and all of that is your people. Please don’t outsource, please spend more on it, in terms of enforcing it. Post PMF it's very clear you need to have it in-house, right?

Now that doesn’t mean you are not using consultants, but they are force-multipliers for you. you have your in-house people because nobody understands the DNA of the company, what is actually required than a person who is sitting inside a company.

And you know we try to do a lot of recruitment for our companies, and you manage that function. But I think that companies should ultimately have somebody in-house because they will find that they will cut through a lot of process cycles and speed up, speed up both the quantity and the quality.

For more information, write to us: namaste@Z47.com.
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Hiring an in-house head of talent

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At the early stages, building your company's recruitment muscle is paramount to its growth, but is an in-house head of talent a necessity to accelerate this process? Tune in for key insights on team building & recruitment from Avnish Bajaj & Rajinder Balaraman.

Rajinder:

Do I need an inhouse head of talent and if so when?

Avnish:

I think this is one, where we should actually include some of the links because there is a lot of good stuff out on the internet about recruiting as a muscle for the company, including from David Skok.

So, I would say one of the core things you’re doing early in your company, is building a team towards getting PMF. In my view and this is evolved over a period of time, just like you won’t outsource your tech and your product, don’t outsource your recruitment.

So, if this is a core asset of what you need to do, so I have a little bit of a nuanced view on pre PMF companiesversus post PMF. I think if you have a pre-PMF and maybe you may have taughtme this term there is something called as RPO, recruitment process outsource and you can insource that, so basically you don’t hire your own person because that itself might take time.

But one of the recruiters you are working with, their recruiter is essentially on your roles. They are dedicated to you; they do all the filtering. There’s a lot of process management that goes into it and saves a lot of time.

So, I think the number one resource you are building outside of your tech product and all of that is your people. Please don’t outsource, please spend more on it, in terms of enforcing it. Post PMF it's very clear you need to have it in-house, right?

Now that doesn’t mean you are not using consultants, but they are force-multipliers for you. you have your in-house people because nobody understands the DNA of the company, what is actually required than a person who is sitting inside a company.

And you know we try to do a lot of recruitment for our companies, and you manage that function. But I think that companies should ultimately have somebody in-house because they will find that they will cut through a lot of process cycles and speed up, speed up both the quantity and the quality.

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%
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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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