- Core anti thesis is not on the growth, it is on the margins.
Zomato, Swiggy today take anywhere between 20-25% from restaurants on the overall bill.
ONDC run models (magicpin, Ola) charge much lesser, and are scaling up fast.
Try reducing revenue from 20% of GMV to 12% for Zomato, and see the magic on valuations. - Almost entire pre-IPO shareholding of Zomato has now been sold. This is not an anti thesis but important to note that all those shareholders who invested and held till the IPO, sold as the post IPO lock-in ended.
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