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Today's deal · India edition · Every number sourced

A kirana shopkeeper showing a generic QR code on a phone to a customer.
DEAL 004 — “CHIT”payments and commerce platform · IPO · India · Autumn 2021

The pitch

A shopper pays a merchant, books a ticket, or takes a loan through one consumer-and-merchant payments app that week.

The ask

They're asking ₹2,150 / share on a ₹183,000 million offer. ₹83,000 million of that is a fresh issue — new shares, so the company gets that cash. Last year they reported a loss of ₹17,010 million (FY21 restated loss).

filing · INR

The market

A house note that week said the government-backed real-time rail was making standalone wallets inconsequential.

The other chairs

  • The government-backed real-time rail already takes the payment.
  • Standalone wallets in the same category, already called inconsequential.

The shark question

If a distributor who cannot lend cannot make significant money, why write this cheque?

The cheque
₹183,000 millionfiling · INR
The price of the company
Not in the public numbers.
Does the company get the cash?
₹83,000 million of the ₹183,000 million offer is a fresh issue — new shares, so the company gets that cash.filing · INR
Are they making money?
Loss of ₹17,010 million (FY21 restated loss).filing · INR

Around the raise

  • Street treated this as the then-largest public offer, with profitability the primary concern for a still-loss-making platform.
  • A house note that week argued wallets were becoming inconsequential as the government-backed real-time rail rose, and that a distributor who cannot lend cannot make significant money.

Vs the field

A distributor across payments and adjacent products, not a balance-sheet lender: the same note said it cannot make significant money by merely being a distributor.

Why this is interesting

Largest payments platform in India by GMV in Fiscal 2021, at ₹4,033 billion, with 337 million registered consumers and 21.8 million registered merchants as of 30 June 2021.

Why you might pass

Revenue from operations fell to ₹28,024 million in Fiscal 2021 from ₹32,808 million in Fiscal 2020. Restated loss was still ₹17,010 million. The public is being asked to pay ₹2,150 a share for a business that has never reported an annual profit.

More from the filing
Offer price
₹2,150 / sharefiling · INR
FY21 revenue from operations
₹28,024 millionfiling · INR

Depth

Extra cited color. Opening a hint does not change the check, the deck, or the P&L. Paid depth later may wrap this unlock — never the score.

You've read a hundred “how they almost died” startup stories and never once found out whether you would have gotten it right — a post-mortem tells you nothing about your own judgment, because you already know the ending. This card takes the ending away first.

Nothing is invented

Every number on every card is the real company's real number at the real moment it raised, with a citation. If we can't source it, it doesn't ship.

Sixty seconds a day

One card, identical for every player in your region. One tap — invest or pass. No jargon required to make the call; all the finance arrives after you've committed.

Then run a whole fund

A simulated ₹100 crore corpus, twelve sequential India cards, checks in ₹1 crore steps. P&L only from cited same-round outcomes — we do not invent a MOIC. Run a fund

Questions

Are the companies and the numbers real?

Yes, all of them. Every card is a real company at a real funding moment, built from public sources — regulatory filings, S-1s, founder posts, reputable press — with a citation attached to every numeric claim. We anonymize the name, the founders, and the exact location and date. We never invent a number, round one for effect, or adjust one to make a card play better.

Won't I just recognize the famous companies?

Sometimes — and that's part of the fun. The name is stripped so you have to read the numbers first. Fund mode is twelve sequential India cards with a simulated corpus; it does not invent a MOIC.

Do I need to know venture finance to play?

Not for the daily deal — one card, one tap, no check sizing, no term sheets. The ₹100 crore fund run is the same idea at table length: you write or pass, then the cited round path opens.

Is it free? Will it be pay-to-win?

The daily deal is free and needs no account. If we ever charge, it will be for depth — deeper analysis, the case-study archive, richer post-run breakdowns. We've written a hard rule into our own build spec: nothing purchasable will ever touch a score, an attempt, or a deck. A leaderboard you can buy your way up is not a leaderboard.

What does the email form do?

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