Cash is cash whether manufacturing or a tech company. Even the old time manufacturing company will perish if there is no demand for its product.
It still holds major market share on merchant side. Coming to moat- It do enjoy some network effects.
It has a very good wealth management application , which is growing. If some cannot value it’s business model – no bookmyshow, makemytrip, easemytrip etc cannot be valued as well. It also has a Japanese pay pay which is valued at ~3.5 k crores.
Why are we just treating it like a failed venture.
Coming to 22k crore valuation – come on guys capital intensive commodity businesses with no moat at all are trading at 3x price to sales.
Anyways, I may be completely wrong. Thanks for responding🙂.
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