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This case study is related to start-up post-listing investment analysis. Through this case study, students will be able to perform the business analysis guided by the Venture Evaluation Metric tool, perform financial analysis using the discounted cash flow methods and perform investment analysis recommendation with justifications from the business and financial analysis performed above.

This case study sets out the study of a scalable start-up, Zomato, which is a successfully listed start-up firm in India. Despite the start-up development success in the pre-listing, the firm has exhibited a continuous unprofitable finance performance in the post-listing and has further experienced a volatile share price performance, both of which have puzzled existing and potential investors. In addition, some analysts are in the opinions that the firm share price valuation have been inflated with overvaluation since in the initial public offering stage and remain traded with overvaluation in the market. Notably, considering the negative indicators mentioned above, investors are concerned about long-term sustainability of the firm business and financial performance. In the context of post-listing investment, the following questions are material to investors: What is the realistic growth trajectory for Zomato in the medium term? What is Zomato’s share fair value in the medium term? Can one see opportunities or risks ahead of investing in Zomato’s shares? What will be the investment strategy for new investors?

This case study is suited to bachelor’s and master’s level in business schools studying entrepreneurial finance analysis.

Teaching notes are available for educators only.

CSS 1: Accounting and finance.

The learning outcomes of this study are as follows: ■ understand organizational turnaround and its sustainability;■ applying the understanding of turnarounds to distinguish between operational and strategic levers of a turnaround strategy; ■ analyze and evaluate past and present turnarounds from a sustainability perspective; and ■ formulate managerial actions to make turnaround sustainable.

Braithwaite Company Ltd. (Braithwaite) was a specialized engineering firm headquartered in Kolkatta, India. It primarily undertook structural steel fabrication to make railway wagons and bridge structures. It was incorporated as a private enterprise almost a century back. However, since its nationalization five decades ago, it has been operating as a public sector undertaking (PSU) under the aegis of Indian Railways, a department of the Government of India. The case documents the past three decades of the firm’s journey, during which it experienced three episodic turnarounds. Details of the first two turnarounds are presented as the background, in light of which sustainability of the third turnaround is to be examined. The case explores the sustainability of organizational turnarounds from the perspective of the current Chairman and Managing Director (CMD), the case protagonist. Braithwaite underwent financial and operational distress in 1992, 2005 and 2015 and negotiated them under different leaders. These leaders from diverse backgrounds used distinct tactics and strategies to bring about organizational turnarounds. The case provides data and information to assess the sustainability of the third turnaround. Hence, it allows a class to explore the paradoxical observation that while “turnaround” inherently implies sustenance of good performance over time, turnaround sustainability is not spontaneous in the real world. The case deals with the performance issues of PSUs, which make significant contributions to the national economy in the case of emerging economies (for example, 5%–8% of the Indian National gross domestic product is contributed by PSUs; https://swarajyamag.com/ideas/psus-are-crucial-for-indias-growth-but-only-if-they-play-a-strategic-role). Under government ownership and management, the poor performance of PSUs is often attributed to bad decision-making by its top management. In contrast, Braithwaite’s top management’s sound contextual decision-making resulted in a jump in its performance during each turnaround phase, but unsound fundamentals resulted in the unsustainability of the turnarounds. Hence, the case enables an exploration of the unique challenges faced by PSU that emanate from legacy roles, monopolistic markets and dual purpose – the concurrent pursuit of profits and social welfare. Consequently, the case allows an examination of the reasons for the distress of PSUs and the viability of turnaround strategies in the context of the broader Business–Government–Society landscape in emerging economies.

The case is written for use in the MBA elective course covering “Strategic Revival and Turnaround Strategies.” It can be used at the beginning of the course to identify reasons for organizational failure/distress or in the later part of the course to discuss the implementation of operational and strategic turnaround strategies.

Teaching notes are available for educators only.

CSS 10: Public Sector Management.

The learning outcomes are as follows: to decipher the role of technology in the supply chain management (SCM); to understand the importance of supply chain integration with various stakeholders in the supply chain in increasing efficiency and effectiveness; and to comprehend the challenges in the implementation of technology in SCM.

This case study presents Haryana’s challenges in implementing the digitization of the supply of food grains to the public. Mr Srinivas, a consultant to the Department of Food and Public Distribution, is required to suggest the future roadmap while accounting for the challenges faced in the digitization of the distribution of grains to the public in the state of Haryana. The students are expected to use the information given in the case and exhibits to discuss and critically think about the various stakeholders involved when change initiatives are implemented on an organizational level and recommend solutions based on the voices of various internal stakeholders.

Postgraduate/Masters in Business Administration/Masters in Management.

Teaching notes are available for educators only.

CSS 9: Operations and Logistics.

After reading and discussing the case, the participants would be able to: apply 7S and VRIO framework for online furniture retail; evaluate the profitability of horizontal versus vertical marketplaces for selling furniture online; articulate the challenges faced by online furniture retailers; discuss the applicability of technology to enhance customer experience in online furniture retail; and discuss the omni-channel strategy which online furniture companies can adopt.

Although furniture has traditionally been an unorganized category, the online furniture platforms have been on an upward curve since past few years. Digitization of economy and usage of smartphones to access internet had given a thrust to online purchases. This case on Wakefit Innovations Private Limited is intended to provide the readers with the business and marketing insights of selling furniture using online platform. The readers will be able to understand how retailing furniture using e-commerce is full of challenges and how various marketing activities have helped Wakefit improve their customer base. The readers can discuss the advantages and disadvantages of horizontal versus vertical e-commerce marketplaces and various challenges associated with online furniture retailing. Whether Wakefit should continue setting up experience centres and the benefits that could accrue by usage of virtual reality, augmented reality and data analytics are additional dimensions which can be discussed by the readers. The case will benefit the professionals in understanding the challenges and marketing strategies used by online furniture retailers and the same can be replicated by other players in this sector.

This case is suitable for students enrolled for full credit course on e-commerce at post graduate level. The case can be discussed towards the middle of the course once the students have studied different formats of e-commerce marketplace.

Teaching notes are available for educators only.

CSS 8: Marketing.

Prayas is a unique healthcare initiative, launched in India by Sanofi-Aventis, a French multinational pharmaceutical company, with the objectives of updating the medical knowledge of doctors in semi-urban and rural areas, bridging the gap between diagnosis and treatment, and making available quality medicines at affordable prices. This case discusses the evolution of the Prayas model from its inception to its current state, and the company's business strategies around it. Cognizant of the success of Prayas, many competitors of Sanofi-Aventis are actively developing and implementing similar models. The company's top management team has to respond to the competitive threat.

The learning outcomes of this study are as follows:

Teaching Objective 1: Students will describe specific characteristics of the rural market in India and will draw out the differences vis-a-vis the urban markets.

Teaching Objective 2: Students will describe about the push versus pull strategy and various channels of distribution in rural areas.

Teaching Objective 3: The students will explain the 4As of the rural marketing mix and apply the same in the context of the case.

Teaching Objective 4: The case can be applied with respect to the health-belief model to help students analyse the behaviour change model.

Teaching Objective 5: Students will analyse the challenges associated with supply chain and logistics in rural areas.

This case study looked at a start-up company Rugved Hygienecare Industries Private Limited and their sanitary napkin brand “Abolee” designed and targeted for rural women in India. Onkar Charegaonkar and Mithila Charegaonkar started this venture in December 2017, realizing that sanitary napkins solved a greater purpose of helping women hygienically manage menstruation, and at the same time, there was no threat to this product because over a period of time, it became a necessity of life. Onkar and Mithila believed in giving back to the society and at the same time generate revenue for their company. Onkar and Mithila needed to make a decision with respect to the distribution structure for Abolee to improve penetration in different rural areas of Maharashtra. Onkar and Mithila needed to strategize to create a remarkable impact in the rural areas. There were multiple challenges that were faced by Abolee, such as: creating awareness about hygienically managing menstruation options among women, ensuring that women consumers continue to use hygienic menstruation management material, creating a preference for Abolee among women consumers and deciding on whether to focus on driving sales through existing channel partners or to invest in finding out alternative avenues for selling “Abolee” in rural areas.

This case study was primarily written for understanding rural marketing aspects of marketing management courses at both the undergraduate level and the postgraduate level. This case study also indicated about the role of gender and its impact on consumer behaviour in rural areas. Although this case study was related to the rural Indian market, it can also be related to other emerging economies.

Teaching notes are available for educators only.

CSS8: Marketing.

The context of the case presents an account of how corporate social responsibility (CSR) initiated by Lawrence & Mayo (L&M), a company dealing in optical frames for 140 years, helped to build brand equity, image and identity, creating a strategic advantage against competition. The case had a deep-rooted theoretical association with a theory such as the triple bottom line theory (three Ps: profit, people and planet) on CSR. The case helps to understand and clarify the role of CSR in brand equity. It also gives an insight into the value and culture of L&M, and its impact on various stakeholders, namely, employees and customers.

This case is related to the CSR orientation of L&M and its impact on brand equity. As a brand, L&M is over 140 years old and has a dynamic and trending optics market in India. There is a dilemma in the company around the impact of CSR on brand equity, customer engagement and company goodwill. This case focuses on maintaining and improving brand equity, identity and image through CSR initiatives.

Undergraduate and postgraduate students, essential for students focusing on Marketing and CSR disciplines.

Teaching notes are available for educators only.

CSS 8: Marketing.

After completing the case, the students shall be able to do the following:▪ explain the key features and roles associated with non-governmental organizations (NGOs; comprehension);▪ describe major activities/programs run by Kilkaari-Bachpan Ki (knowledge);▪ describe the challenges faced by not-for-profit, non-governmental and voluntary organizations operating at a local level (knowledge);▪ developing TOWS matrix for Kilkaari’s strengths, weaknesses, threats and opportunities to provide strategies for making the necessary change (analysis);▪ explain the change management strategies used by Kilkaari during COVID-19 using Kurt Lewin’s model (analysis); and▪ develop recommendations for the problems faced by Kilkaari (evaluation).

As a result of the global COVID-19 pandemic, the entire world was left in shambles. The epidemic has had a profound impact on the way organizations used to function. It compelled all sectors and companies to change their working methods and move closer to virtual conceptions. Organizations that were able to adapt to the new environment have thrived, while the rest have struggled and continue to struggle. In today’s world, embracing virtual scenarios is more about perseverance and consistency than it is about making a conscious decision. Organizations such as NGOs have limited financial and non-financial means to adapt to such changes, and some of them were unable to suffice during the tough times.Despite this, the current case study focuses on the NGOs’ path during the pandemic: Kilkaari-Bachpan Ki. The NGO’s primary objective is to provide underprivileged children with free access to education. The current scenario illustrates how the Kilkaarians (team members of Kilkaari) modified their behavior in response to the crisis. To be used in an organizational behavior course, the case is intended for management students. Kurt Lewin’s model of change, which includes unfreezing, mobility and refreezing, can be understood by students. For this research, the authors use a case-study approach to explore how the organization responded when faced with a crisis.

This case is suitable for undergraduate students learning organizational behavior course, strategic management and also relevant to social work courses (social entrepreneurship/NGOs).

Teaching notes are available for educators only.

CSS 6: Human resource management.

AuthBridge is a leading Background Screening & Risk Assessment Company. Founded in 2005, its mission is to be among the top and dominant in every line of business it undertakes with its creative, continually improving solutions. AuthBridge has 200 clients in 2015, and wishes to grow to serve 2000 clients by 2020. The case outlines the process it has adopted till date, and the journey of entrepreneur in terms of how he reached there. The founder faces the dilemma of whether he should scale this business model in other countries (emerging markets?) and what part of his model should be imitated and what part adapted. Through this case learners can understand the entrepreneurial journey of a serial entrepreneur and how he identified an opportunity in the market. The case also enables classroom discussions on developing a business model from the scratch, and how to set up efficient processes in a new venture.

The case is suitable for all post-graduate students and executives doing a course in human resource management (HRM). The case will enable these students to apply concepts such as inclusion, empowerment, glass ceiling, in business situations involving women. It will help them to trace the evolution path for women employees who have the traits to lead a department or organisation and assume entrepreneurial roles.

The case study is particularly beneficial for MBA students specialising in HRM focussed on leadership and training. It can be used in courses such as gender and entrepreneurship for students of MBA entrepreneurship and MBA family business management. As the case is written in India, it can explore the gender issues in emerging markets surreptitiously. Most importantly, the case addresses COVID-19 perspective adequately, to teach modules embedded in main courses of any MBA program.

PRISM World Pvt Ltd is a leading training and consultancy firm in Delhi, India. The firm is owned and managed by a young woman Dr Anubha Walia. She started her career as a human resource manager in leading Indian companies, but somewhere down the line, she felt the job was not allowing her to realise the fullest potential. The Indian corporate training industry was male dominated with self-serving men, supporting the “glass ceiling”. To break the barrier, Anubha opened her training firm founded on the basis of a new philosophy, which should serve the ideals of helping and promoting women in workplace. This new philosophy was called PRISM. Anubha provided an inclusive environment which allowed her trainers to grow and feel empowered in a gender-biased industry.Very recently, when COVID-19 pandemic happened, female trainers were under tremendous strain as training requirements completely dried up, and they were rendered jobless. Most of these educated young women had small kids and paid monthly installments for their home loans, sharing the financial burden with their husbands. Some mature trainers were single women who had to support themselves through savings in these difficult times. But Anubha’s sense of empowerment at PRISM helped these women to do things which made their livelihoods turnaround even in uncertain circumstances. PRISM philosophy made a turnaround too. While employees were thinking of abandoning their companies and vice-versa, trainers at PRISM went for free webinars to draw clients to their firms and changed the concept of training and delivery in corona times.PRISM acquired a new meaning of wellness and spirituality in these difficult times and soared ahead successfully.

The case study hopes to achieve the following pedagogical objectives: 1. To educate students on manners and traits of women entrepreneurs. Besides, the usual difficulties of financing and running a business, women face adversities at home in the form of lack of access to working capital, trust deficit amongst family and friends. Basically, lack of support system to propels women into the tougher role of an entrepreneur graduating from a regular employee. Gender becomes a disability, which women had to fight in the workplace. The case introduces the PRISM philosophy as a unique methodology to inculcate inclusivity in work environment leading to women empowerment. 2. To outline all issues related to ‘glass ceiling” – the barrier which existed in the corporate world for businesswomen. Students need to know about problems women faced in the business environment as well as shortcomings within themselves, which can make them unproductive. 3. To align students first hand with the challenges of COVID-19 pandemic, specific to women. The case talks about educated young and mature women in Anubha’s firm PRISM, fighting for lost livelihood owing to reduced levels of business. But women are known to be highly resilient and empowered in the right direction will turnaround the situation in their favour.

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

The case has tremendous social implication for educated working women in traditional patriarchal Indian societies. Though a sizeable percentage of women have achieved higher education and started working in a male-dominated corporate world, only a small number of them are visible as entrepreneurs and/or leaders. Every woman needs to trace her journey from an employee to an entrepreneur or a CEO to assume a position of leadership. This case can be an eye opener for many such ambitious women who can build small- to mid-size businesses in a short span of time. Digital intervention is very important in COVID times to stay afloat. The author has shared links for many videos which can disseminate ideas for digital transformation in businesses. The case tries to showcase an ideal inclusive environment which will propel women to achieve their latent goals and desires breaking the 'glass ceiling.'

CSS 3: Entrepreneurship.