Great write up! Business seems interesting but few things are concerning;
- They are paying interest of more than 1 Cr on borrowings of 5.3 Crs. Interest rate comes to around 20%. Isn’t that too high ?
- Their margins are not stable. They are fluctuating too much. Do we know what the average margin profile of the company is?
- Promoter holding which is already low is decreasing even further. It seems like they had some VCs and seed investors who might have cashed out after the IPO.
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