I have been invested in the stock since CMP was 55. My rationale for investment was not that this can go and challenge any of the existing big tech players or that their business can’t be replicated. But I see counter examples to this theory quite often.
Zoho is a perfect example. Bootstrapped and replicating the product mapped to Google’s offering. A bootstrapped company going $ 1Billion+ offering what Google already does? Seems next to impossible except that it’s happened.
Furthermore, even if we consider Zoho to be an exception that proves the rule, I personally realistically don’t expect this to take on AWS head-on. But all I expect this to do for now is to becomes a run of the mill mid cap company where the CEO/CFO make a quarterly appearance on television like all companies and just … exist. Nothing exemplary.
My play for this company is that I have an in at a market cap of ~ 90 crore. If it does become an average 9000 cr m-cap company, I would’ve 100x my investment. I can live with that 
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There are potential boosters dormant like Data Retention Policy, Atmanirbhar Bharat, incidents related to cloud infra hostility with foreign big tech (risk of Russia’s payments being cutoff in the conflict or their infra being confiscated worldwide is a serious national threat) contributing to strong push by GoI to go indigenous.
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