Consumer
May 2, 2024

Team Building Lessons with Ashish Kashyap

Ashish Kashyap needs no introduction. The first country head for Google in India, before he turned entrepreneur, Ashish is a serial founder. He's founded and scaled marquee Indian internet startups PayU (ibibo Pay), GoIbibo, redBus, before starting his most recent FinTech venture, the super app, INDMoney.

Ashish was a guest on Matrix Moments People First with Rupali, where he shared startup and team-building learnings from his journey across the companies he's built.

Here are some of the highlights:

One question founders must ask themselves when deciding to start a tech company: Can I bring a proof-of-concept product or an MVP in the market in 2 months? One doesn’t need a very large team for that. If I can do that and get momentum, next I can aim to get PMF and start getting a strong team in place.

Ashish's framework for hiring early teams: Ashish says that early teams need to believe in the mission, and founders need to hire for energy & attitude far more than skill-set. People with the right mindset and motivation will be able to pick up the needed skills. When starting up, it's important to get the right idea and the right team in place. Early teams need to execute fast, often in ambiguous circumstances – so get people who can execute in ambiguity. Asked about his management style in the rapid fire, Ashish was quick to say "quick decision making".

Build vs. Buy vs. Borrow: Ashish is firmly on the side of Build – because that's the only way you can learn. Teams should build, scale, fail, then build better. Micro-failures are very important.

Ashish was our host, Rupali's skip manager during her stint at redBus and their easy camaraderie got Ashish sharing his convictions & learnings about the right way to build technology businesses in India. Tune in to the learnings-packed episode from someone who has built successfully multiple times and don't miss the rapid fire round.

For more information, write to us: namaste@Z47.com.
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Team Building Lessons with Ashish Kashyap

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Ashish Kashyap needs no introduction. The first country head for Google in India, before he turned entrepreneur, Ashish is a serial founder. He's founded and scaled marquee Indian internet startups PayU (ibibo Pay), GoIbibo, redBus, before starting his most recent FinTech venture, the super app, INDMoney.

Ashish was a guest on Matrix Moments People First with Rupali, where he shared startup and team-building learnings from his journey across the companies he's built.

Here are some of the highlights:

One question founders must ask themselves when deciding to start a tech company: Can I bring a proof-of-concept product or an MVP in the market in 2 months? One doesn’t need a very large team for that. If I can do that and get momentum, next I can aim to get PMF and start getting a strong team in place.

Ashish's framework for hiring early teams: Ashish says that early teams need to believe in the mission, and founders need to hire for energy & attitude far more than skill-set. People with the right mindset and motivation will be able to pick up the needed skills. When starting up, it's important to get the right idea and the right team in place. Early teams need to execute fast, often in ambiguous circumstances – so get people who can execute in ambiguity. Asked about his management style in the rapid fire, Ashish was quick to say "quick decision making".

Build vs. Buy vs. Borrow: Ashish is firmly on the side of Build – because that's the only way you can learn. Teams should build, scale, fail, then build better. Micro-failures are very important.

Ashish was our host, Rupali's skip manager during her stint at redBus and their easy camaraderie got Ashish sharing his convictions & learnings about the right way to build technology businesses in India. Tune in to the learnings-packed episode from someone who has built successfully multiple times and don't miss the rapid fire round.

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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