Conscious Mitthaiwalla’s founder was a young Indian entrepreneur who had reimagined his diabetes diagnosis into a purpose-driven venture in India’s sweets market. The Mumbai-based start-up had innovatively combined ingredient experimentation with the founder’s personal brand to deliver diabetes-friendly Indian sweets. As a result, it had witnessed strong early growth, even securing a breakthrough retail partnership. However, in April 2024, as the .....more

Schneider Electric (SE) acquired Larsen and Toubro (L&T) Limited’s electrical and automation business in 2020, with rights to use the L&T Switchgear brand for five years. As this period closed, SE began transitioning the portfolio to Lauritz Knudsen Electrical and Automation (LK), launching the new brand in May 2024. The change was about more than just legal or marketing; it was a shift in identity in one of SE’s most critical markets. Employees .....more

In August 2024, Richard Kung, the newly appointed director of Asian business at Akira Spring Co. Ltd. (Akira Spring), faced a critical negotiation. Akira Spring, a Japanese automotive springs manufacturer, was competing to provide components for a power back door system to Kern, a leading German automotive parts supplier. The deal was valued at €27 million and had potential for continued collaboration worldwide. What began as product specification .....more

In March 2025, Jamie Salter, founder and chief executive officer of Authentic Brands Group (ABG), faced a pivotal challenge. Forever 21’s US operating company, F21 OpCo LLC, had filed for its second bankruptcy in six years, closing all physical stores in its home market. While Forever 21’s intellectual property remained with ABG and international franchises continued to operate, the brand’s US collapse underscored risks of overexpansion, weak digital .....more

This case examines the strategic dilemma faced by the founder of Iceberg Organic Ice Creams (Iceberg) in September 2024 following an unsuccessful attempt to raise equity through Shark Tank India. Since its founding in 2013, Iceberg had experimented with scaling models, including company-owned, company-operated (COCO) growth and rapid franchise-owned, franchise-operated (FOFO) growth. While franchising enabled rapid expansion, it also exposed deep .....more

This technical note explores how finance professionals estimate firm value using relative valuation rather than intrinsic cash flow models. It places valuation decisions in contexts such as investment analysis, mergers and acquisitions, IPO pricing, and strategic planning, where timely and market-based benchmarks are critical. The note highlights the appeal of valuation multiples while emphasizing challenges related to peer selection, market efficiency, .....more

Groom Canine was a pet grooming venture launched in Gurugram, India, by Richa Maheshwari and Vikalp Srivastava. The startup earned a reputation for its pet-first approach, customized services, and growing market presence. As they were looking to scale the business, the founders sought financial backing. As a first step, Richa turned to her accountant to help prepare structured financial statements that could be presented to potential investors. The .....more

In 2025, Zomato—India’s leading food delivery platform—faced a channel conflict with its restaurant partners, represented by the National Restaurant Association of India. The conflict arose after Zomato launched its quick food delivery app, Bistro, which partners perceived as unfair competition due to private-label offerings and Zomato’s control over customer data. The company had to decide whether to scale back, negotiate with partners, or continue .....more

In September 2024, beauty and e-commerce retailer Nykaa E-Retail Ltd. (Nykaa) completed its acquisition of Kolkata-based skincare brand Dot & Key Wellness Private Limited (Dot & Key) by increasing its stake from 51 per cent to 90 per cent. Founded in 2018, Dot & Key had built its early success on transparent formulations, micro-detailed research and development (R&D), stimulating packaging, and a strong resonance with Generation Z .....more

In April 2024, an Indian retail investor was pondering over his investment portfolio, which consisted mainly of traditional fixed income instruments and cash equivalents. The investor wanted to diversify some of his incremental surplus cash toward equity mutual funds, hoping to achieve higher risk-adjusted returns. Based on his risk appetite level and investment goals, he selected five open-ended small cap mutual funds: HDFC Small Cap Fund, Quant .....more