Arunasset Investment Services

𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀 𝗪𝗶𝘁𝗵𝗼𝘂𝘁 𝗩𝗮𝗹𝘂𝗲: 𝗛𝗼𝘄 𝗠𝘂𝘁𝘂𝗮𝗹 𝗙𝘂𝗻𝗱𝘀 𝗕𝗲𝗰𝗮𝗺𝗲 𝗘𝘅𝗶𝘁 𝗥𝗼𝘂𝘁𝗲𝘀 𝗳𝗼𝗿 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗨𝗻𝗶𝗰𝗼𝗿𝗻𝘀 A disturbing pattern is emerging in India’s capital markets. Mutual funds that once prided themselves on valuation discipline are now acting as exit vehicles for venture capitalists and promoters at sky-high prices. The case of Lenskart’s IPO illustrates this perfectly. The same fund managers who call Nvidia a bubble at 80× earnings have happily written cheques for a domestic retailer at over 240× P/E. The irony is obvious: Nvidia sits on decades of proprietary technology, patents, and ecosystem lock-in — a true moat. Lenskart, by contrast, has none. It sells imported frames and lenses through franchise stores and a website any competitor can replicate. There’s no technological edge, no IP, no supply-chain exclusivity — just brand marketing and distribution muscle powered by abundant capital. Yet it’s being valued richer than some of the world’s most defensible businesses. The justification is wrapped in buzzwords — “India consumption,” “digital retail,” “global expansion” — but the mechanics tell a different story. Dealers running the issue secure early anchor commitments from fund houses with whom they share long-standing relationships. Once a few marquee MFs sign on, that inflated valuation becomes gospel. The media calls it institutional validation; in reality, it’s a pre-arranged liquidity window that allows early investors to exit at a premium. According to the IPO’s anchor allocation filing, 21 domestic mutual funds across 59 schemes participated — together taking over a third (35.34%) of the anchor book. The list includes HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life, Mirae Asset, Franklin India, HSBC, WhiteOak Capital, Edelweiss, Bandhan, and Canara Robeco, among others. These are India’s most trusted fund houses — and yet they’re underwriting valuations that even Silicon Valley VCs would hesitate to justify. Look deeper, and the proceeds from many of these issues barely fund business expansion. They’re mostly secondary offers — cashing out venture capitalists and promoters. The risk is quietly passed on to retail investors through mutual-fund NAVs. A small allocation of about 0.3% in a “growth” or “consumption” fund may look harmless, but collectively it represents thousands of crores of retail savings underwriting private-equity exits. When mutual funds start paying venture-style prices for mature, low-moat businesses, they stop serving investors and start serving the exit needs of others. Retail capital deserves better — clear disclosure, genuine price discovery, and a return to first principles: buy businesses, not stories, and stop doing others a favour at the expense of your investors. #ArunassetView #MutualFunds #Investing #Markets #LenskartIPO #Valuations #IndiaMarkets #RetailInvestors

India holds the 3rd-largest rare earth reserves in the world — about 6.9 million tonnes, behind only China and Brazil. These minerals are essential for EV batteries, semiconductors, wind turbines, smartphones, missiles, radars, and space tech. #RareEarths #CriticalMinerals #MakeInIndia #AdvancedManufacturing

𝗜𝗻𝗱𝗶𝗮 𝗻𝗼𝘄 𝗵𝗮𝘀 𝗼𝘃𝗲𝗿 𝟭𝟱𝟬 𝗵𝗼𝗺𝗲𝗴𝗿𝗼𝘄𝗻 𝗔𝗜 𝘀𝘁𝗮𝗿𝘁𝘂𝗽𝘀 𝘀𝗵𝗮𝗽𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝘂𝘁𝘂𝗿𝗲 𝗮𝗰𝗿𝗼𝘀𝘀 𝗚𝗲𝗻𝗔𝗜, 𝗱𝗲𝗲𝗽𝘁𝗲𝗰𝗵, 𝗮𝗻𝗱 𝗲𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻 — 𝗰𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝘃𝗲𝗹𝘆 𝗿𝗮𝗶𝘀𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 $𝟭.𝟱𝗕 𝘀𝗶𝗻𝗰𝗲 𝟮𝟬𝟮𝟬. 🏆 Some standout names: 🔹 SarvamAI – building India’s first sovereign LLM under the IndiaAI Mission 🔹 Ola Krutrim – developing India’s own AI chips & Indic LLMs 🔹 Pixis, Observe.AI, and InVideo – redefining enterprise & content automation 🔹 Maieutic Semiconductor, QpiAI, Nexstem – pushing the frontiers of deeptech & hardware AI 💡 With the government’s IndiaAI Mission (₹10,372 Cr) and 38,000+ GPUs in the pipeline, the foundation for an AI-first India is stronger than ever. The next decade belongs to builders who combine India’s talent, data, and scale to create globally competitive AI products 🌍 ------ #AI #GenerativeAI #IndianStartups #DeepTech #Innovation #IndiaAI #StartupEcosystem

India’s digital economy isn’t just about UPI anymore. Credit cards — long seen as a premium product — are now becoming a mainstream spending tool, bridging convenience, cashback culture, and credit access. As banks compete through offers and fintech integration, spending velocity is emerging as a new indicator of consumer confidence. #IndiaDigitalEconomy #CreditCardsIndia #Fintech #DigitalPayments #UPIIndia #CashlessIndia #DigitalFinance #CreditGrowth #FintechIndia #DigitalIndia

𝐋𝐞𝐧𝐬𝐤𝐚𝐫𝐭’𝐬 𝐈𝐏𝐎 𝐢𝐬 𝐬𝐡𝐚𝐩𝐢𝐧𝐠 𝐮𝐩 𝐭𝐨 𝐛𝐞 𝐨𝐧𝐞 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐛𝐢𝐠𝐠𝐞𝐬𝐭 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫-𝐭𝐞𝐜𝐡 𝐬𝐮𝐜𝐜𝐞𝐬𝐬 𝐬𝐭𝐨𝐫𝐢𝐞𝐬. Early investors in Lenskart — including SoftBank, Alpha Wave Ventures, and Kedaara Capital — may see returns of 5× to 17× on their investment, with the company now valued at nearly ₹70,000 crore ($8 billion). Founded by Peyush Bansal in 2010, Lenskart’s journey from an online eyewear startup to a global omnichannel brand now spans 2,700+ stores, 99 lakh customers, and a strong international footprint across Southeast Asia and the Middle East. The IPO, worth ₹2,150 crore, will fuel its next phase of growth — expanding physical retail, upgrading tech infrastructure, and deepening its global presence. 💡 From startup to market leader, Lenskart’s story proves that patient capital and operational excellence still pay off — big time. #Lenskart #IPO #PeyushBansal #SoftBank #IndiaStartups #ConsumerTech #Investing #Growth #Entrepreneurship

𝗔𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴 𝘁𝗼 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝗦𝗶𝗴𝗵𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 (𝗡𝗜𝗥𝗬𝗔𝗧), 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗲𝘅𝗽𝗼𝗿𝘁 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗶𝗻 𝗙𝗬𝟮𝟱 𝗶𝘀 𝗵𝗲𝗮𝘃𝗶𝗹𝘆 𝗰𝗼𝗻𝗰𝗲𝗻𝘁𝗿𝗮𝘁𝗲𝗱 𝗶𝗻 𝗮 𝗳𝗲𝘄 𝗸𝗲𝘆 𝘀𝘁𝗮𝘁𝗲𝘀. These top 3 states are: 1) Gujarat: $116.3bn (29.9%) 2) Maharashtra: $65.9bn (16.9%) 3) Tamil Nadu: $52.1bn (13.4%) Cumulatively, these 3 states account for 60.2% of total exports and $234.3bn. #IndiaEconomy #Exports #Trade #EconomicGrowth #SupplyChain #Business #InvestorSight #Research #GlobalTrade 

India’s UPI ecosystem is booming, with PhonePe, Google Pay, and Paytm leading the charge. As of September 2025, these fintech giants dominate digital transactions, while new players like Navi, CRED, and Super.money are rapidly reshaping India’s cashless economy. ----- #UPI #DigitalIndia #Fintech #DigitalEconomy

Bhai Dooj, also known as Bhaiya Dooj, is a festival that celebrates the special bond between brothers and sisters. On this day, sisters pray for their brothers’ long life, happiness, and prosperity by applying a ceremonial tilak on their forehead, while brothers vow to protect and support their sisters. It signifies love, respect, and the eternal bond of care between siblings. 🌸✨ Happy Bhai Dooj! 🙏💫

Govardhan Puja, also known as Annakut, is celebrated the day after Diwali to honor Lord Krishna’s lifting of the Govardhan Hill to protect the people of Gokul from torrential rains. The festival signifies gratitude towards nature, humility, and the belief that sincere devotion and service outweigh mere rituals. On this auspicious day, devotees prepare and offer a grand variety of food items (Annakut) to Lord Krishna, symbolizing abundance and divine blessings. ✨ Wishing you and your family a joyous Govardhan Puja! May Lord Krishna bless your home with prosperity, harmony, and endless happiness. 🙏🌸

✨🪔 Wishing you a joyful Diwali filled with light, love, prosperity, and the blessings of Goddess Lakshmi. May your home shine with happiness and peace 🎆🌟