Indiamart Intermesh – Indian Alibaba?

I am still studying this company. Initial impressions arent very positive.

1. Most suppliers use free option, that’s typical of Indian mindset. I myself try my best to avoid paying.

2. Top 1% and Top 10% subscribers contribute significantly to the revenues.

3. Huge churn in the subscribers in Silver category.

I fail to understand how can they convince people to pay up. Growth in subscriber base alone is not enough in my opinion.

Monopoly and network effect are all fine, asset light model is also positive but I don’t think there is enough growth, margin of safety or revenue visibility in my humble opinion. Accounting division hardly contributes to revenue so far.

Adjusted for the Other income,PAT margin was 14% for Q3FY23, does it really offers enough value at 50+ PE .

Would love to counterpoints from those who are positive on the stock.