Z47
November 24, 2021

When to hire a chief of staff?

What does a 'chief of staff' role entail, and when is the right time to hire one? Startup India's C-suite has increasingly been hiring for this role - but what is the definition of a 'chief of staff' and when should you hire one? A few thoughts from Avnish Bajaj & Rajinder Balaraman on the 'chief of staff' role, and what the benchmark of this role is across the various stages of a company. Tune in.

Rajinder:

What exactly is a chief of staff role and when do I need it?

Avnish:

So I hadn’t heard of this term for companies, obviously all of us have heard it in the context of the U.S president and watching some of those shows. And then heard about it may be 2-3 years ago. And we need to define it and it is very different from an EA, the Executive Assistant.

Who is sometimes more—may be executive assistance in the US context may be a little bit like that, but in India, secretaires are also called that.

So I would say when you realize, and my benchmark will be the following. So chief of staff should spend time on managing tactical coordination for you, which across functions, which depends on the stage of the company.

So my benchmark will be, assuming you have 6 /7/ 8 direct reports and you have certain scale of a company. And setting up meetings and all of that is a secretary’s job, but interfunctional coordination, if you find your time going into that, you need a chief of staff.

Inter-disciplinary coordination, which does become an issue right? It could be that you know, this guy will just bundle up a bunch of decisions and bring to you and khat, khat, khat, you go through that and its done. It could be the follow ups, it could be getting people more aligned. it could be getting things done which in your presence just creates a bar a little bit higher.

Rajinder:

Alignment also.

Avnish:

Alignment, so I think chief of staff is an administrative role but the best one’s, so it sounds more tactical. But the best ones can be very strategic. And if you hire somebody, I would say and again we should share some links on this, because I think the information out there is better than what we can provide.

The best one’s are people who would, if they had more experience, they would actually be in your senior management. Be a L – 1, and in some cases the chief of staff transition into that role, they can go and run a new business. So that’s the caliber, starts off more with tactical but can be very strategic in longer term if used well.

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November 24, 2021

When to hire a chief of staff?

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What does a 'chief of staff' role entail, and when is the right time to hire one? Startup India's C-suite has increasingly been hiring for this role - but what is the definition of a 'chief of staff' and when should you hire one? A few thoughts from Avnish Bajaj & Rajinder Balaraman on the 'chief of staff' role, and what the benchmark of this role is across the various stages of a company. Tune in.

Rajinder:

What exactly is a chief of staff role and when do I need it?

Avnish:

So I hadn’t heard of this term for companies, obviously all of us have heard it in the context of the U.S president and watching some of those shows. And then heard about it may be 2-3 years ago. And we need to define it and it is very different from an EA, the Executive Assistant.

Who is sometimes more—may be executive assistance in the US context may be a little bit like that, but in India, secretaires are also called that.

So I would say when you realize, and my benchmark will be the following. So chief of staff should spend time on managing tactical coordination for you, which across functions, which depends on the stage of the company.

So my benchmark will be, assuming you have 6 /7/ 8 direct reports and you have certain scale of a company. And setting up meetings and all of that is a secretary’s job, but interfunctional coordination, if you find your time going into that, you need a chief of staff.

Inter-disciplinary coordination, which does become an issue right? It could be that you know, this guy will just bundle up a bunch of decisions and bring to you and khat, khat, khat, you go through that and its done. It could be the follow ups, it could be getting people more aligned. it could be getting things done which in your presence just creates a bar a little bit higher.

Rajinder:

Alignment also.

Avnish:

Alignment, so I think chief of staff is an administrative role but the best one’s, so it sounds more tactical. But the best ones can be very strategic. And if you hire somebody, I would say and again we should share some links on this, because I think the information out there is better than what we can provide.

The best one’s are people who would, if they had more experience, they would actually be in your senior management. Be a L – 1, and in some cases the chief of staff transition into that role, they can go and run a new business. So that’s the caliber, starts off more with tactical but can be very strategic in longer term if used well.

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

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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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