What is the path ahead for digital lending lending innovation? Matrix Partners India in association with BCG hosted a panel discussion on Lending with Lizzie Champman, CEO and Co-Founder, ZestMoney, Padmanabhan Balasubramanian, Partner, Protium, Ruchi Kalra, Co-Founder, OfBusiness & Oxyzo, Sumit Maniyar, Founder, Maniyar, and Vikram Vaidyanathan, Matrix Partners India, Moderated by Vipin V, BCG
What is the path ahead for digital lending lending innovation? Matrix Partners India in association with BCG hosted a panel discussion on Lending with Lizzie Champman, CEO and Co-Founder, ZestMoney, Padmanabhan Balasubramanian, Partner, Protium, Ruchi Kalra, Co-Founder, OfBusiness & Oxyzo, Sumit Maniyar, Founder, Maniyar, and Vikram Vaidyanathan, Matrix Partners India, Moderated by Vipin V, BCG
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.
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.
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.
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.
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.
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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