On Vmart I did not like management decision to lower ASP and instead of focusing on premiumisation they are focused in value growth so an investor I do not like the fact that they are compromising on margins, I know the founder is focused on the value segment and want to target lower middle class and also he is visionary and smart I just do not like this strategy, though valuations are cheap and although Lime Road is making losses I think the intent was right and they did not overpay for Limeroad acquisition it just did not workout well and they have realised their mistakes and focused on reducing their loses.
Also I am not very confident about about their MOAT, only comfort is valuations.
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