Nirvana Laha (@nirvana_laha) profile picture

Curious individual | Student of the equity markets VP - https://teapawt.org/t.co/PFfT3KJl9j Guest writer @ Congruence Advisers

Bangalore
Joined May 2012
Photo by Nirvana Laha (@nirvana_laha)Photo by Nirvana Laha (@nirvana_laha)Photo by Nirvana Laha (@nirvana_laha)Photo by Nirvana Laha (@nirvana_laha)Photo by Nirvana Laha (@nirvana_laha)Photo by Nirvana Laha (@nirvana_laha)
Replying to @LarissaFernand
Sentiment is one thing, and market performance is yet another. I think if whatever has happened in small and midcap in Oct 2026 (the relative underperformance) continues for some more time, then sentiment for even domestic retail investors will start to worsen. The jury is still out on this. As far as this being the worst sentiment ever for India, few occasions come to mind. First, in 2008, the mortgage crisis culminated in the global financial crisis emanating from the US. Their market declined 30%. Our market declined over 60%, A mini credit crisis of our own, especially in the real estate sector, followed by capital outflows and it was further followed by terror attacks in Mumbai and India's largest corporate scandal (i.e., Satyam). I heard some experts express utter dismay, "Why should FIIs ever return to India?" On a 1 trillion market cap, 16 billion of selling resulted in a complete meltdown. There is no domestic market, pathetic governance and there is no free float. It's a one-way street. FIIs have learned the hard lessons. They will never invest back into India. Second, in 2013, India was already dealing with telecom spectrum allocation-related scams (2G), the coal scam, and what was called phone banking. That was followed by yet another corporate scandal, which is related to the National Spot Exchange, and ended with India being classified as part of the Fragile Five because of poor external macro and lack of competitiveness of the economy. In August 2013, Nifty was a full 1,500 points lower than the peak made in Jan 2008, and the rupee went all the way down to the 67-69 range from about 50 a couple years earlier. Finally, in 2020, in March, when the markets declined with the onset of COVID-19, India was the worst-performing market in the initial decline, nearly 40%. What was the narrative? - Extremely humid tropical climate - High density of population - Extremely poor medical infrastructure - Poor hygiene and social protocols India would be the worst-affected economy in the world. We all know too well what happened after each of these occasions. I have seen India being called a basket case at least three to four times in my 27 years. I am not too proud about it or sanguine about it, but it serves investors well not to get carried away by extreme narratives.
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Nirvana Laha retweeted
Loving our new Live Concall feature on Screener.in. No need to search for dial-in numbers and go through the hassle of registering/dialling in, etc
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Nirvana Laha retweeted
"Why has it taken you nine years, rather than nine months, to deliver this rallying cry for startups?!" I have been wanting to answer a version of this question in public for some time. I'll also share some insights from building a life for myself in India as a Canadian. Firstly, @AaryamanVir and I started RuntimeBRT in July of 2025, so we've only really been at this for ~15 months (a short while in the grand scheme). But what we've been able to pull off together has been nine years in the making. When I first moved to India in 2017, I didn't realise I was moving here properly. It was not supposed to be a permanent move. I didn't know I'd meet the love of my life in India (she's from Mizoram, which is why I live in Aizawl), I didn't know I'd father two wonderful children here, and I certainly could not have predicted the direction my career has taken. In 2017, I had just dropped out of college. I was studying photography, which is one of the few things in life that has ever really captivated me. Not because I wanted to monetise it — I do not come from a business family and never knew any entrepreneurs growing up — but because it served as a creative outlet through which I was able to explore the world around me. I quit my professional photography program because I knew if I didn't quit — if I graduated and got a certificate — that I'd probably use that certificate to get a semi-normal job. Doing so would have been the path of least resistance, but I didn't want a normal job. I didn't want a normal life. I was terrified of the boredom that seemed to pervade the careers of so many adult professionals. I intuitively understood that a large majority of people are not satisfied by their careers, and I was deeply determined to avoid falling into that same trap. I probably would have gravitated towards startups, had I know what a startup was. At the age of 20, I don't think I'd ever heard the word before. However, the alternative of working a normal job for a normal salary was a life of uncertainty. That was scary too. Very scary. So scary that the fear of not knowing what to do with one's life actually fuels a large part of the postsecondary education industry (in my opinion). Many kids go to college not because they intrinsically want to, but because they don't know what else they'd do. Even if they do have a dream that deviates from the well-trodden path, they may not have enough self-confidence to go all-in on that dream. They're young, inexperienced, and "that's not how the world works kid!" In spite of my inexperience and uncertainty, I burned the bridge to a degree by dropping out. I wasn't running towards anything in particular. Rather, I was running away from convention. And to a 20-year-old from Canada, India was textbook unconventional. I moved here with my DSLR and a tiny portfolio of photographs. I spent a lot of time doing street photography in and around Delhi. Much of 2017 and early 2018 consisted of me putting myself in uncomfortable social situations with strangers to see if I could capture moments with my camera that felt deeply human. These street photography outings were where I first fell in love with India and its people. Reinterpreting your note about how picture abhi baaki hai, I have attached some pictures that I took during this chapter of my life. My photography eventually led me to a wedding in Rajasthan where I was the unofficial photographer. I met my former co-founder at that event. He saw me taking pictures and asked me if I had videography experience too. I told him that I did. That's when he shared one of his dreams with me: he wanted to build a YouTube channel celebrating Indian startups. He wasn't very good with cameras though and needed someone who could help with shoot and editing. I didn't even know what a startup was. I had never heard of Bengaluru. I was totally oblivious to the thriving ecosystem of young people in India who were trying to create value from scratch. But I said yes, and that yes fundamentally altered the trajectory of my life. We launched that YouTube channel, Backstage with Millionaires, on January 1st of 2019, and spent the next six years growing it to a million subscribers. I'd like to think that I'm a fairly hardworking, stubborn person. When I put my mind to something, nothing can stop me. Some of you reading this are probably aware of other life stories of mine that prove this point. But building a social media brand to 1M+ followers was, hands down, one of the hardest things I've ever done, and I don't think I would have been able to pull it off without a mission. Here's what that mission was, and here's how it found me. Through my videos, I kept meeting young Indian men and women who wanted to build things. They had been told by their parents, teachers, and society at large that "that's not how the world works kid!" But rather than listening to the voice of authority, they had forged an alternative path for themselves by getting into business. "If that's not how the world works, then I'm going to change the world." What audacity! I didn't (and still don't, really) have any business experience, yet I found that these entrepreneurs were just like me! Rebels. Dreamers. Risk takers. Idealists. Hard workers. I was incredibly inspired by their stories. India ain't Canada or the States! Choosing to build here takes guts. These founders were living life on their own terms. I realised that my mission was to help them actualise their vision in any way I could. Initially there wasn't much I could do to assist them. We ended 2019 with a very small audience of ~2,000 subscribes. But as the years went on, and as we got better at making content, and as the audience grew, I began to realise that the videos my team and I were making were having a meaningful impact! Founders from the furthest corners of India would reach back out after a video went viral and thank us for helping them to reach investors, hire talent, and sell their products to customers. I was helping them, in a small way, to change the world. And this work felt very important to me. There is no greater purpose in life (in my opinion) than serving others. It may be the entire point of life, actually. Starting up is also one of the hardest things you can do. It takes everything to build a business. Everything. It's especially hard in India. Founders face many unique obstacles in this subcontinent that they probably wouldn't need to face elsewhere. Being able to ease that burden a bit by giving them visibility was and is very fulfilling for me. Aaryaman and I reconnected in early 2025. He and @RahulSanghi1 had been building Tigerfeathers for a couple of years at that point. We shared a mission, even though we had been working in isolation. We all believe that India's Age of Audacity is upon us. We also believe that the disruptive companies this age is ushering in aren't being talked about enough by India's existing news media industry (who seem laser-focused on politics, conflict, Bollywood gossip, and other TRP-friendly topics). Aaryaman suggested that by joining forces, we could better-fulfil the duty that the press had failed in. I agreed. We started @RuntimeBRT in July of 2025 and have grown our audience to ~3 lakh collective followers in 15 months. We don't use gimmicks or growth hacks. We show it how it is. What we have found is that there's a real hunger for candid, informative, dense videos about what's actually happening in Indian tech. I'm immensely grateful to Aaryaman for his belief, support and vision. As many have said in their replies to your post, he is indeed the goat. I'm also thankful to you, @anandmahindra, for spotlighting our work at RuntimeBRT and giving oxygen to so many hardworking Indian founders and teams. Your support is invaluable. India needs more people of your stature to take an active role in fostering technological innovation. Indeed, the picture isn’t over yet! India's Age of Audacity has only just begun, and it's being led by her youth.
Caleb, I want to thank you and your partner at @RuntimeBRT, Aryaman Shah, for being such incredible cheerleaders for this exploding startup ecosystem! But I can’t resist a light-hearted question: Why has it taken you nine years, rather than nine months, to deliver this rallying cry for startups?! 🙂 Seriously, though, you guys are wonderful sutradhaars of this revolution. And perhaps your most powerful message of all? “Picture abhi baaki hai, mere dost!” A phrase I’m sure you’re very familiar with by now…
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Nirvana Laha retweeted
You can now listen to live Concalls directly from Screener. Just click and join, no need to dial any number. This one was really fun to develop as we didn’t know the iPBX in our office was capable of doing this.
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Vivek bhai’s piece got me thinking about something else. How expensive is a home in India relative to the country’s per capita income? India’s nominal GDP per capita is roughly $2,700. A ₹1 crore apartment ($113,000) is 42 times India’s GDP per capita. Using a standardised 70 m² apartment (about 753 sq ft), the latest available city-price data globalpropertyguide.com/squa… and 2025 World Bank GDP-per-capita figures give these approximate ratios: Mumbai: 87 times GDP per capita. Bangalore: 37× Chennai: 32× New Delhi: 30× Hyderabad: 25× Shanghai: 29 times. Beijing: 24 times. Tokyo: 10 times. Paris: 13 times. London: 10 times. Berlin: 7 times. New York: 8 times. San Francisco: 8 times. Los Angeles: 6 times. We are building cities where housing costs have run far ahead of the country’s level of development.
Rehne ko ghar nahi My column in the Mumbai Mirror. Large Indian cities need homes which are priced between Rs 20 lakh to Rs 50 lakh. But such homes are rarely built. Maybe no one is interested. Maybe the math doesn’t work. Maybe they don’t want the math to work. Indeed, it isn’t the higher EMI that makes homes in Indian cities unaffordable, but the high prices they command. The problem with housing affordability isn’t that the Reserve Bank of India has raised the repo rate by 25 basis points. The problem is that the house already costs Rs 80 lakh to begin with. There are multiple reasons for the same. State governments find it easier to tax the buying and selling of homes through stamp duty than get homeowners to pay a reasonable property tax regularly. Builders are often fronts for politicians or have tie-ups with them, and thus need to finance local and state government elections. This gets built into the price. Land prices in cities are high. Bureaucrats want their cut. Given the lack of real investment opportunities in the economy and the headaches that come with it, many rich like the idea of investing in real estate. Hence, high home prices are a symptom of the weaknesses in India’s economic system. mumbaimirror.com/opinion/reh…
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Nirvana Laha retweeted
What?!?!?! The US punishes India for importing fuel from Russia and threatens 100% tariffs on other countries that do so. And then Trump blithely announces the US is doing the same?
The United States is now importing fuel from Russia, per President Trump.
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After a hiatus of 6 months, we will soon be restarting this series of business research notes with higher momentum Resuming in a few days...
Announcement We recently started a research series on microcap stocks and emerging stocks. We will be writing detailed business research notes on 2-3 stocks every month. Subscribe for free updates Please RT in your network congruenceadvisers.com/micro…
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Antibody Drug Conjugates are the next big thing in oncology. The first wave of comemrcialisation has happened, the next wave will happen over the rest of the decade. The category will probably become 40-50bn$ by value by 2035.
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The most successful ADC till date, Enhertu, has global sales of 5bn$. But the total Drug-Linker requirement against that sale value is only ~15KG. So even though the CDMO sells DL at millions of $ per kg, the total value capture is small because of volumes
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Another example of the divergence of innovator revenue and profits from CDMO revenue and profits in high value treatments
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🚨 EXCLUSIVE: Manchester City found guilty on virtually all charges relating to breaches of Premier League financial regulations. #MCFC expected to appeal against verdict issued by independent commission. Sanctions undecided, process ongoing @TheAthleticFC nytimes.com/athletic/7049721…
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Nirvana Laha retweeted
Insurance in India is mostly sold & not bought. Sellers sell when they have incentives. If insurance sellers don't sell insurance, they will sell something else. If insurance companies don't have sellers selling insurance, they sell less insurance. An insurance regulator's incentives are typically to enable insurance companies to sell more insurance rather than less.
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Nirvana Laha retweeted
For decades, Kaziranga lost rhinos to men who knew the ground better than the rangers chasing them. Then someone changed the odds. In 2022, for the first time in 45 years, it went a full year without losing one. Read on. 1/12
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**Antithesis #2: Arvind Fashions** This is the second post in our Antithesis series. The idea is simple — we look at businesses that we like, but where we decided not to invest. Arvind Fashions is a good example. We like the business. We still didn't buy the stock.
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This is an excellent point from the CEA AI is ‘sawing off' the junior work that builds future managers, CEA Anantha Nageswaran The concern, he said, goes beyond whether students are trained to use AI tools. If junior employees no longer learn through routine assignments, management education will have to find other ways of developing judgement. “For a century, we learn judgement on the job, slowly through apprenticeship…and if AI removes the apprenticeship, where will the next generation of judgement be?” he said. moneycontrol.com/news/busine…
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Nirvana Laha retweeted
#WATCH | Nepal | Rescue workers rescue one person from inside the tunnel of the Trishuli 3A hydel project Video source: Secretariat of the Ministry of Energy, Water Resources and Irrigation, Govt of Nepal
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His parents named him Antariksh. In Sanskrit, it means space. He grew up, watched someone close to him spend six hours in a cancer ward connected to a drug drip, and spent the next phase of his life figuring out why that infusion could not be shorter. The answer was gravity. The answer to gravity was orbit. Keytruda, one of the most powerful cancer immunotherapies in the world, takes five to six hours to enter the bloodstream because the drug molecule is too large and unstable to inject quickly. It is large because Earth's gravity creates defects when the crystal forms, limiting how concentrated and uniform the final drug can be. Merck, in a collaboration with NASA, grew a higher-quality, easier-to-inject version of the same molecule on the International Space Station, where there is no gravity to interfere. The infusion that could be shorter already exists. It just has to be made in orbit. Antariksh Parichha read roughly 300 papers. Then he started a company. Serendipity Space was founded in 2024 in Bhubaneswar, Odisha, alongside Jivitesh Debata and Dr. Monica Ekal, who brings research experience from Germany's DLR and NASA. They call themselves a pharma company that goes to space, not a space company doing pharma. The distinction is intentional and precise. In March 2026, the team flew Alchemy, their autonomous pharmaceutical factory, on a stratospheric balloon in partnership with TIFR's Balloon Facility in Hyderabad. The system executed drug crystallization processes in near-space conditions, preserved the crystals through re-entry, and the payload was recovered intact. The first experiment of its kind conducted in India. The balloon is not orbit and near-space is not true microgravity, but the hardware worked, the avionics worked, and the recovery capsule worked. What flew over Hyderabad was proof that Alchemy survives the journey to where it needs to go. "On Earth, gravity disrupts crystallisation, creating defects that reduce solubility and effectiveness. In microgravity, these constraints disappear," Parichha said. From pre-seed funding in July 2025 to near-space demonstration took less than twelve months. Somewhere in India tonight, a cancer patient is connected to a six-hour infusion. The molecule inside it was already made better in space nine years ago. Antariksh Parichha is building the factory that makes it that way at scale. His parents chose the right name.
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Nirvana Laha retweeted
I am not a big streamer, however, as the son of a Nepali father, today during my TT stream at 17:00 CET, I will still attempt to do a fundraiser for the disaster relief fund for Nepal. Below is the link to the Prime Minister’s Disaster Relief Fund. I will be making a donation myself as well, and I am sure every contribution will be appreciated. pmdrf.nchl.com.np/index.html
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