Vivek Maheshwari

Vivek Maheshwari covers the India Consumer & Internet sectors. He has a rich experience of over 18 years across Jefferies and CLSA. Prior to CLSA, he worked for Ernst & Young and ITC Limited. He is a qualified Chartered Accountant.

Internet

What I am Known For

• Vivek authors the ‘Internet Strategy’ series, which looks at cross sectoral themes across Internet categories in India.
• Covers Eternal (erst. Zomato), Swiggy and Nykaa, the key listed consumer internet names.
• Strong sector knowledge and good connection with industry experts, which allows to form a more informed view of the sector.
• Superior focus on thematic and analytical research, covering a range of structural trends.

How I am Different

• Authored a series of notes on Eternal (erst. Zomato) and quick commerce highlighting the rising competion in this fast growing industry
• Written deep-dive reports on unlisted names including Lenskart, Brainbees, Meesho, etc.
• Organised multiple conferences/tours which saw participation from new-age internet companies with diverse business models

Corporate & Strategic Access

• NDRs: FSN Ecommerce Management in USA (June 2025).
• Bus Tours: Retail Tour in Delhi (Sep 2025). Feet on street tour in Delhi (Sep 2025). Consumer Internet tour in Delhi (Sep 2025).

India Research

What I am Known For

• Vivek Maheshwari covers both consumer discretionary (QSR, retail, paints) and consumer staples, with a combined market cap of ~US$400bn.
• Focus on thematic notes, which aims to provide insights into the ‘real’ India, capturing cross-sectoral stories & on-ground anecdotes, through market & site visits, expert interactions, etc.
• Strong sector knowledge and good connect with industry leaders and experts, which allows to form a more informed view of the sector.

How I am Different

• Authored the report ‘Contrarian opportunities in Fallen Angels’ with non-consensus BUY recommendation for VBL, HUL and Asian Paints
• Authored candid and detailed interview pieces with CEOs under our ‘Getting Close & Personal’ series (Jubilant Foodworks, Nykaa)
• Authored multiple detailed thematic pieces on consumer-related topics such as Wedding, IPL, Kumbh Mela, etc.

Corporate & Strategic Access

• NDRs: FSN Ecommerce Management in USA (June 2025).
• Bus Tours: Retail Tour in Delhi (Sep 2025). Feet on street tour in Delhi (Sep 2025). Consumer Internet tour in Delhi (Sep 2025).