Tejeshwi Sharma (马迪杰)

@tejeshwi_sharma

Growth Investing @ Sequoia India. Ex-Tencent. Stanford. Learning Lifer. Optimism salesman. Views personal tejeshwi.sharma@sequoiacap

Bengaluru South, India
Vrijeme pridruživanja: kolovoz 2015.

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  1. Prikvačeni tweet

    Indian Market size (2025): Ecom $130B, O2O/Travel: $60B, Digital ads: $16B, Entertainment: $20B Applying 1x multiple on e-com, 1.5x on O2O, 10x on ads and 5x on entertainment, total market cap potential is $500B (in commerce + advertising alone) by 2025.

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  2. (4/4) 7. Burn rates are high: Indian start-ups are probably burning $8B/year. For India startup Inc to be worth $1T in 8-10 years, we need min $30B in profits. For comparison, top 50 Nifty companies have a combined PAT ~$50B. Long journey ahead for us. We will get there!

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  3. (3/4) 5. Exits picked up momentum: In the absence of reliable data, my back of the envelope suggests (based on public data), Indian VCs exited position worth >$3.5B in 2019. If anyone has better data, pls share 6. Valuations across staged went up by 20-30%: anecdotal

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  4. (2/4) 17/900 companies that raised capital account for 50% of $ deployed 4. Sectoral fragmentation: Probably the first year when consumer internet speaks for <50% of total funding. Fintech and SaaS are growing share CC

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  5. (1/4) 2019 India VC funding review 1. Most prolific year so far: $14B invested vs. $10B in 2018 2. Check size getting larger: Average seed/Series A/Series B check size has increased 20-30% 3. Power law applies: 24 $100M+ rounds /1000+ total account for 48% of total $ deployed;

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  6. Not that far off. YT did $15B in ad revenues in 2019, run-rating closer to $20B now. Subs revenue should be $1.5-2B more.

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  7. Go Thiem! We got him, d-Joker.

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  8. Some shocking facts/stats from Appannie state of mobile report 2020: 1. AliExpress is among the top 5 shopping apps in the US 2. 25% of Netflix users in US already have Disney + 3. YouTube music has 77M subscribers 4. India accounts for ~50% of Tiktok's total time spent

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  9. (2/2) 4. Livestreaming e-com becomes mainstreamed: Accounts for 7.5% of Alibaba's singles day GMV 5. VC investments decline y-o-y for the first time in the last 5 years, indicating the ecosystem has matured

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  10. (1/2) Key milestones for China tech in 2019: 1. Rural economy goes online: PDD crosses $100B GMV 2. Short video comes of age: Douyin has 400M DAUs and Kuai 200M+ DAUs 3. China tech goes global: TikTok the most downloaded app on iOS in the US and possibly has 100M+ MAUs in India

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  11. At times, Spotify's recommendation engine can really surprise you. May feel like Spotify has known you for many many years.

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  12. Q: Will the fittest or the richest survive in 2020? A: Starts ups are like athletes running a marathon. They need both nutrition and fitness to be able to win. Neither of the two by itself suffices. Capital is the nutrition and fitness is economic model.

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  13. V thoughtful piece on SaaS scale up "ability to build a high ACV go to market machine is a moat for SaaS companies"

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  14. Moglix is marrying the best of software and e-commerce capabilities to build a unique phygital infrastructure for enterprises in India. Brings meaningful efficiency to India manufacturing Inc as we prepare to be a $5T economy.

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  15. Demystifying CC economics. $30 PAT per active card and $1000 market cap / active card.

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  16. China E-com challengers: 1. : $240B GMV in 2018 (350M buyers) 2. Pinduoduo: $120B LTM GMV as of 3Q'19 (500M+ buyers) 3. Surprise surprise, Wechat Miniapps: $120B GMV in 2018 (300M DAUs for Wechat Miniapps) 2 and 3 have evolved in the last 4 years.

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  17. Someone corrected me: an Indian-American.

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  18. Asked a India-American PM who's in India these days on a trip: What about India has left an impression? Answer: 1) Optimism - Folks believe tomorrow will be better than today 2) ecosystem seems very close knit - everyone knows everyone else

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  19. FMCG 2.0 is here and now. is the leader of the pack of companies attempting to build consumer products for digital India. Terminal value of Indian consumer behemoths is slowly but definitely shifting.

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  20. Clarification : not saying value has been destroyed in food, rides and co-working. Saying that WTA is not strong in these categories.

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  21. (2/2) WTA may go down as the biggest fallacy of the smartphone era. WTA stems from network effects, which is unbrechable only when it is same-side (social media). Cross side network effects (platform/aggregator) are considerably weaker and don't lead to WTA.

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