Thread by @jshilanjanm

@DineshAgarwal led 26-year-old @IndiaMART is truly killing it! 🚀🚀🚀

I sliced and diced the platform’s mind-blowing numbers over the last 3 days.

Here is all that I learned 👇

In last 4yrs,
👏 Revenue/month: Rs 80cr | Up ~85%
👏 Profit/month: Rs 27cr | Up ~185%

How?
Outstanding jump in paying subscribers:
✨ 80% up in the Top-8 cities (~1.1L users)
✨ 60% up in the cities with >5L people (~53k users)

It has also begun attracting paying subscribers in cities with <5L population.
✨ 50% up in last 2yrs alone (~33k users)

More importantly, growth in paying users hasn’t meant lower quality.

It has been able to onboard big fishes & grow their biz.

Monthly revenue from Top-1% users is up by ~300% in last 4yrs! 🚀🚀

✨ 150% growth in monthly avg revenue per user (ARPU) to Rs 70k

✨ Contribute 18% to revenues; 8% before

And revenue per month from Top-10% users is up by ~115% in the same time! 🚀

✨ 35% growth in monthly ARPU to Rs 19k

✨ Contribute 46% to revenues; 40% before

Meanwhile, revenue from the Bottom-90% users too has grown by a decent ~65% in this time.

✨ Contribute 36% to revenues; 52% before

The nos. validate the substantial growth in high-quality paying subscribers 👏👏👏

But, what’s driving such growth in revenues from Top-1% and Top-10% paying users?

It’s only possible if IndiaMart gets them more biz. And that’s exactly what IndiaMart cracked!

✨ It raised its marketing by 5-6x in last 4yrs

✨ This drove ~110% growth in buyers on the platform

✨ This translated into more biz for paying subscribers

✨ And that’s assured subscriber stickiness & growth

Such a beautiful story 🙌

And, it gets better.

It now has a leaner & meaner corporate management.

👥 Down 19% from 173 people, the team now has ~140 folks

🫰 Rs 20L monthly profit/head; up ~205% in 4yrs

🙌 Speaks volumes about the strong talent density

It has also doubled down on hiring more tech & product folks.

👥 Up 60% in 4yrs, the team is now ~850 people big

🫰 Rs 3.3L monthly profit/head; up ~80% in 4yrs

🙌 Profit/head has grown so strongly, despite team expansion

I have truly fallen in absolute admiration of Dinesh Agarwal and team for this flawless and grounded execution.

And as an individual public market investor, I wish such an analysis was also possible for businesses like @zomato @Paytm @policybazaar @MyNykaa etc.

But, they don’t even come close to the data disclosure standards of @IndiaMART .

Could be cuz they intend to:

❓ avoid greater scrutiny

❓ hide non/bad performance on key metrics

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#DineshAgarwal #IndiaMart #Stocks #IndianStocks #StockMarkets