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Angel Investor (Individual)

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Investments

14

Portfolio Exits

1

About Sumit Jain

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Latest Sumit Jain News

Daily Voice | Telecom sees strong shift in free cash flow generation capability, says this chief investment officer

Nov 17, 2022

Despite the upcoming investments in 5G, the sector is witnessing a strong shift in its FCF generation capability that could translate into healthy deleveraging. Sunil Shankar Matkar Sumit Jain of ASK Investment Managers "We are positive on the telecom space in general. We believe that despite the upcoming investments in 5G, the sector is witnessing a strong shift in its free cash flow generation capability that could translate into healthy deleveraging," Sumit Jain of ASK Investment Managers with over 16 years of experience in Indian equity markets says in an interview to Moneycontrol. He feels industry dynamics are turning favourable with multiple levers of growth for the sector including shift toward 4G/5G, tariff hikes, and market share gains. On the RBI role going ahead, the Deputy Chief Investment Officer at ASK Investment Managers says given the sticky nature of inflation so far, the RBI may continue its interest rate hiking cycle for now. Further, the RBI action may be more data dependent and they will continue to monitor the inflation trajectory to take incremental actions, says Jain, who manages the Indian Entrepreneur Portfolio with total assets of over $2.5 billion. Excerpts: Do you think one should still stay away from new-age tech companies, listed since last calendar year, given the negative profitability? Related stories Markets don't differentiate between new age or old-age businesses. It’s the character of the business, the longevity of its cash flow, and growth thereof that determines the value and the value creation. It is not about near-term cash losses or cash profits. Most of the technology firms are in early habit formation stage, which entails significant investment in developing technology, brand, customers, refining algorithm to ensure customer stickiness, payoffs of which are known only over long period of time. While most of the new-age tech businesses may be loss making today, it is important to look for businesses that can get unit economics right. Thus, it is imperative to get the monetization engine right on a recurrent basis. It is important to understand whether the high engagement is leading to habit formation and repeat usage. Repeat usage in market where opportunity is large, unit economics is favourable can provide a good direction of structural profitability and cash flow generation potential and the eventual capital efficiency – key tenets of value creation for any business. Digital adoption should continue to rise and will throw open lot of opportunities in future. However, focus must be on right business model. Do you expect another 75-bps hike in interest rates by the US Federal Reserve in December policy meeting after October US inflation and other economic data points? We have recently seen some moderation in US CPI number. US CPI was down from 9.06 percent in June 2022 to 7.75 percent in October 2022. While US Fed may continue to tighten interest rates in the near term, the drivers of inflation have started to turn. Prices of major commodities have corrected from highs. Supply chains have started to normalize. Global Freight Indices, even though are higher versus pre-Covid-19, have fallen sharply. Housing prices have also started to cool off. This should lead to inflation pressure easing gradually and thereby impact on the interest rates. Spanner in the works can be if we see incremental supply shocks. Do you think the Reserve Bank will continue its interest rate hike cycle in rest of financial year considering the current economic data points and global environment? Since May 2022, the RBI has raised the repo-rate by 190 bps to 5.90 percent and will continue to take cues from its global counterparts, including the US Federal Reserves to tame the currently stubborn inflation. CPI-based retail inflation which has started showing signs of moderation since May, has again firmed up to 7.4 percent in September 2022. Inflation continues to remain higher than the target of 4 percent with +/-2 percent tolerance band. Given the sticky nature of inflation so far, RBI may continue its interest rate hiking cycle for now. Further, RBI action may be more data dependent and they will continue to monitor the inflation trajectory to take incremental actions. Is the bulk of rupee depreciation pressure against the US dollar over? While the rupee has depreciated 9.3 percent in this current year-to-date (CYTD), its performance has been one of the better ones among large economies.

Sumit Jain Investments

14 Investments

Sumit Jain has made 14 investments. Their latest investment was in Fixcraft as part of their Angel - II on July 7, 2021.

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Sumit Jain Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/29/2021

Angel - II

Fixcraft

Yes

2

7/13/2021

Angel

AdmitKard

$1.3M

Yes

8

5/10/2021

Seed

Eekifoods

Yes

3

5/20/2020

Angel

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10

3/9/2020

Seed VC

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$99M

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10

Date

7/29/2021

7/13/2021

5/10/2021

5/20/2020

3/9/2020

Round

Angel - II

Angel

Seed

Angel

Seed VC

Company

Fixcraft

AdmitKard

Eekifoods

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Amount

$1.3M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

8

3

10

10

Sumit Jain Portfolio Exits

1 Portfolio Exit

Sumit Jain has 1 portfolio exit. Their latest portfolio exit was Joe Hukum on July 20, 2017.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/20/2017

Acquired

$99M

10

Date

7/20/2017

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

10

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