Shubham S.'s Linkedin Analytics

I entered an office in Vietnam, only to be greeted by all female floor. Everytime I visit Ho Chi Minh, It humbles me. Invariably, my mind wanders off to comparison with Delhi/Bengaluru/Mumbai which have similar GDP/capita. 🍍Women led businesses Above 60% of the urban workforce is women in Vietnam (slightly lower in Ho Chi Minh) I entered an SME’s office, only to be greeted by all female floor. It must have been over 50 ladies, all at their desks at 8am. My subsequent visit to other offices, observing street vendors favored this statistic. 🍍Safety of tourists You aren’t bothered by touts or unpleasant stares. Tourists are well regarded and there is a national pride in keeping them happy. 🍍Burst of energy. It’s fast. There is something in the air you can’t put in an excel sheet. Maybe it’s the growing economy or relatively younger population. For me all other SEA capitals pale in comparison. Back home, Mumbai or Bengaluru would far exceed the size and energy. 🍍More coffee shops than customers, JK. HCM: over 10k coffee shops! Bengaluru, even Singapore, is a baby in coffee scene with a few hundred stores. And they pride themselves on local produce and local coffee chains. ————— While Indian cities far exceed in private economic growth, there is some room on public infrastructure, cleanliness and tourism. Our politicians travel overseas for urban infra training yet a lot is missing in execution. I hope we catch up. #shubhamspeaks

Fukushima tsunami disaster My ex-boss was part of the team that built the water treatment plant of Fukushima Nuclear Plant that eventually got damaged in the 2011 Tsunami. As the tsunami left the cooling system damaged, the reaction went out of control, radiation spread, and the whole town had to be evacuated. Shops were left, and homes were abandoned just as they were. Even after 6 years of the incident, my ex-boss was still working with the restoration team, not because of the job scope, but because of a sense of duty. Unfortunately, his child had a terminal disease, yet the sense of duty was so strong that he would treat Fukushima restoration as equally important. He would travel to north Japan from Tokyo just to help out. My mind cannot fathom his grit. A few are built better, and most Japanese I have worked with have a strong sense of national pride and communal harmony. Something that's eroding in other places. #shubhamspeaks

My first corporate lesson in humility was in Japan. My boss, a 70 year old guy, apologised to me. Yes, I was embarrassed to the core. Back in 2014, I was in Japan for my first job. 🍍I was a bit of a snob for being the only person from my region to land that role. While the whole project was supposed to happen in English language, That’s not the norm. Everyone used Japanese. My boss was a veteran in power-plants but English language wasn’t his strong suit. He took pains to translate a document from Japanese to English just for me, 🍍And I had the audacity to correct his translated version not once but twice, in public. He used to sit right across a cubicle partition from me. And I pointed the mistakes out by stupidly smiling at him waving the piece of paper in hand. Culturally, that was a dumb move. 🍍It’s a shame to err in public in Japan. But to my surprise, he walked right around the partition and apologised at my seat. ‘’Gomen ne, Shubham san, mo ikkai yatte mimasu!’’ ‘’Sorry Shubham, I will try again.’’ I wished to disappear at that moment. He could have chosen to be bossy. I came from a background where only a few practised perfection and only a few had this kind of humility. This was a life changing experience. He mentored me like a father over the years I spent there. 🍍Lesson learnt: Stay humble, keep learning and appreciate when someone goes out of their way to do you a favor. PS: He looked a bit like Agent K from Men in Black. #shubhamspeaks

What's the common thread between 🍍 Blu Smart (India's best ans to Uber) -related party transactions , missing $250+ mil loan for alleged personal use, 🍍Efishery Indonesia -claim of 5x revenue to have $1B valuation, fake accounts for investors vs actuals, duping the likes of Softbank, Temasek 🍍Byju's network of shell companies and go from $22bn to a collapse. The common thread? Auditors, the supposed gatekeepers, asleep at the wheel. We treat audits like gospel truth. Management provides the data, auditors sign off, and everyone moves on. But when such cases arise, they leave thousands of employees retrenched. Anyway, FIIs are cautiously treading developing markets like India/Indonesia/SEA and such cases tarnish the whole ecosystem. The solution isn't more audits. It's better audits. 🍍 Deep dives: Forensic accounting, not just surface-level checks. 🍍Independence: If your auditor is also your consultant, your incentives are misaligned. 🍍Skepticism by investors: Do random checks; ask for details other than financials (such as Shopify access, POS data). Like many of you, I love Blu Smart on my every trip to Delhi. It's such a heartbreak to see this unfold. #shubhamspeaks

“We’re going to 5X our coffee sales without raising a single dollar.” I didn’t come up with that. A founder I met running a profitable business, broke down one of the most capital-efficient playbooks I’ve seen in the F&B space. They were at 2 stores in Singapore, ~$50K/month each and grew to 8 locations in SG and also overseas. And here’s how they’re scaling to $5M+ ARR — with just 4 people in HQ. No fluff. No fat. Here’s the plan — and what I think, 🍍 Step 1: Fix the margins — margin is your Series A Before growing revenue, they pushed EBITDA from 3% → 18%: • Cut rent via mall group deals (exclusivity plays) • Dropped COGS by roasting locally • Leaned out labor with semi-automatic ordering • Sold prepaid 10-coffee passes and used QR-based loyalty • Kept HQ tight — only 4 full-timers running ops, marketing, finance, and supply. 💬 My take: I love this. Most brands overbuild HQ too early. These guys flipped it — keep the center lean, make the stores sweat. But mall deals and roasting aren’t magic wands — you need leverage and real volume for those to pay off. 🍍 Step 2: Kiosks instead of just cafés CapEx drops from $250K to ~$75K. Office towers, MRT stations, food court edges. High-margin if you know what you’re doing. 💬 My take: Lower risk, faster payback — I get it. But kiosks only work if you’ve already built demand. Otherwise, you’re just “that new stall next to the waffle guy.” 🍍 Step 3: Each store is also Website Fulfillment Centre They use every store to sell: • Cold brew bottles + subscriptions on Shopify 💬 My take: This is where things get interesting. If the product’s tight and the cart lands, it’s a killer flywheel. If not, it’s a leaky bucket. Final thought? This is one of the leanest, most disciplined coffee growth stories I’ve seen. And it’s working. But here’s what I know Margins scale a business. But only experience keeps it alive. You can be profitable, fast, and multi-channel — but if your coffee’saverage or your service is off, Singapore customers will bounce fast. ----------- If you are building a QSR and need to brainstorm, DM me. #shubhamspeaks

Best businesses aren’t sold, they’re bought. They aren’t made to flip. They are built to last and happen to change hands with scale. Example: 🍍Haldiram’s in India and it’s multiple suitors. 🍍Flash coffee expanded to over 200 stores, collapsed and now being rebuilt with entirely diffrent ops and ethos. Ruthlessly focused on Indonesia and same store sales growth. Saying no to franchising to let the new ops mature. 🍍Foodsta kitchen Singapore (ALT pizza, Now pizza and Nasi and Mee)’s focus on building solid backend operations first and scaling its top brands SLOWLY is another example. QSR’s margins are wafer thin and only backend solid ops can make the brand, Attract investors/acquirors. 🍍So best brands aren’t sold but bought. ——— I love the QSR/FMCG food space, happy to chat if you operate in this domain. Or if you just love pineapples. 🍍 #shubhamspeaks

I am meeting new QSR brands but most commonly do this mistake: 🍍Over index on marketing spends If your franchisees are struggling. Instead of: Fixing procurement to reduce COGS Fixing customer experience thru better hiring 🍍You bring in a marketing agency to make more noise about your already broken ops and experience. A 2-3% ebitda goes to negative in the hope of new crowd. New crowd comes but at a high CAC and leaves underwhelmed. Slow claps! 🍍It’s surprising why new Brands or new founders are unwilling to spend time, get hands dirty and make franchisees better. It’s tough. Yes. QSR looks sexy but it’s damn difficult to build a scale. ———————— I interview over 30 people just to select the right scooper. Our google ratings have improved. #shubhamspeaks

QSRs are losing a major battle. The future of QSR chains is digital. Over 40% orders are digital. 🍍And the delivery apps know it. Their leverage will increase further as they have more data, better service. Unfortunately, QSRs have the apps but the interface, marketing and service are shabby. In Singapore for example Domino’s, McD, Chagee, etc have the following ratings between 1.6 to 2.5 stars on app store, while delivery apps are 4+. 🍍According to a BCG report, Indonesians order 2x more on Grab etc vs brand apps. The focus might be on more brick n mortar stores to grow the business. but the easier solution is to fix the digital native sites and apps and then draw customers in. Smaller stores + solid native apps may unlock future growth. Chinese brands are nailing it. 🍍Btw, Do you prefer Uber Eats/Grab/Zomato etc or order from the QSRs directly? I love studying QSR/FMCG Food, if you are an operator in the space, let’s connect over ice creams. #shubhamspeaks

The sleeping giant is waking up. % of food dollar spent on QSRs (such as McD, Pizza Hut etc) in urban centers: 2025 🍍India 6–7% US 15–18% Singapore 14–16% Thailand 8–12% 🍍Vietnam 8-9% 2035 est. 🍍India 12-15% US 18-19% Singapore 15–17% Thailand 8–12% 🍍Vietnam 16–18% India and Vietnam will lead the pack in the QSR growth as they urbanize more like the US and Singapore. With a huge urban population, India has an edge. We are seeing Private equity and VC money flowing into this Home-grown brands ramping up Increase in Entry Price Point products in the menu (10% to over 15%) 50%+ sales coming from digital to meet demand. Also, adopting more better-for-you yet affordable options on the menu should further elevate the growth. What's your view? #shubhamspeaks

Tried fried insect. Tastes like puffed rice/ jhaal muri. My family has abondoned me after this. ——————— Singapore Food Agency approved 16 insect species in 2024. After cellular meat and this, Singapore is becoming hub of new frontiers in food. Objectively, what’s the difference between eating chicken and insect? Culturally, a lot! Would you try it? PS: Various cultures have insects in their diet, it is yet to get mainstream. I not sure if I would try it again. #shubhamspeaks

India vs Indonesia's coffee chains throw up an interesting contrast. 🍍 Delivery vs offline sales Indonesia: Delivery 70% India: Delivery 20-30% 🍍Food vs Beverage Revenue Share Indonesia: Food forms only 11-20% of the revenue. India: 50%. 🍍Cost to open a small store Indonesia: USD 30K India: Similar 🍍Per capita consumption (est): Indonesia: 300 cups/annum India: 30 cups/annum 🍍Consumer Behavior. Indonesia: App-based coffee ordering is preferred in Indonesia, driven by loyalty programs. India: Nascent stages; nurture customers by offering wider food options pushing the Av. order value higher. I am not sure whether India will be the next China in coffee consumption. It surely can replicate Indonesia via quick commerce. —————————- I live & breathe food businesses, let’s have a chat if you are building something in the space. #shubhamspeaks

Here's why cafes die in Singapore malls: Average monthly revenue: $40,000 COGS (33%): $13,000 Rental and utilities: $16,000 Manpower (3-4 people): $10,000 Maintenance: $500 Payment channel fees (2%): $800 Miscellaneous $500 🍍 Net profit/loss= -800 Considering you have taken a loan at 7% and capex of $300,000 Good luck in getting this money back. 🍍 Cafes only work for multi-location concepts. 🍍 It is a death trap unless you have $1-2 mil in setting up 3-4 stores quickly. To any new brand or individual franchisee of overseas cafes/coffee chains, Avoid malls, validate through pop ups or neighborhoods. Cheers! ----------- I love speaking to QSR/FMCG food guys, if you are an operator, let's chat. #shubhamspeaks

When I was in school, someone told me you can’t speak English. I changed that. 🍍I wrote my own debates/speeches in English and Hindi. And won many awards. When I was in university, my HoD told me your research is useless because I wasn’t pandering to him nor giving a cut of my grants. I changed that. 🍍My research got published and I went to Seoul. My ex-boss in Japan, well meaning guy, told me you can’t survive in a commercial field. 🍍I started my sandwich business, worked at restaurants and held commercial roles. Today someone challenged me again. It was a casual remark but It has reignited the fire to build something enviable. Let’s go! Has a snide remark fired you up? —————————————- PS: For Indians, I am the old school naagin who remembers the offenders. For others, the north remembers. #shubhamspeaks

Another day, another Kind Kones opening. This time at Sunway Pyramid, Kuala Lumpur. Congrats to the team for bringing this to life. Many more loading… #shubhamspeaks