Chirag Modi @modic123 Twitter profile

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Chirag Modi

@modic123

2 years

OnlyFans 2021 financial metrics are just wild: - GMV: $4,800m - Revenue: $932m - Pre-tax profit: $433m Founder cashed out nearly $500m over the last 2 years. 💸💸💸

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Chirag Modi

@modic123

16 days

Lidl becoming a cloud infra provider wasn’t on my 2024 bingo card.

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Chirag Modi

@modic123

2 years

Investment Banking career in a nutshell - Analyst / Associate / VP / MD

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Chirag Modi

@modic123

2 years

Tech IPO activity over time. Not surprising but still crazy to see the actual data🤯

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Chirag Modi

@modic123

2 years

Each decade has a mega trade. What will it be for the 2020s? - AI? - Cleantech? - Something else?

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Chirag Modi

@modic123

2 years

It’s actually crazy how small the VC / startup world is. Good deeds are rewarded in ways you could never have predicted while bad ones come back to bite you. Always be nice and play the non-zero game. You never know when / how it will come back. ;)

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Chirag Modi

@modic123

2 years

1/ I am super excited to share that I have recently joined the growth stage investment team at @atomico , a multi-stage European VC fund. I look forward to backing exceptional founders at Series B and beyond in Europe as well as the US.

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Chirag Modi

@modic123

3 years

Tiger Global's investment pace is well documented by @TurnerNovak memes and @packyM newsletter. I built a simple website to track Tiger Global's private and public investments so that lazy VC twitter has a single source of truth for the ultimate🐯index.

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Chirag Modi

@modic123

3 years

Why do you only see the mistakes AFTER you have converted a PPT into PDF? 🥲

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Chirag Modi

@modic123

2 years

Pro tip to torture an ex-banker / ex-consultant: ask them to create a presentation using Google Slides on a Mac. 🤣

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Chirag Modi

@modic123

1 year

@Cokedupoptions @sarthakgh Buffett to back the CEO that flew commercial

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Chirag Modi

@modic123

5 months

Recently spent some time in SF. Some rough notes/ insights -

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Chirag Modi

@modic123

9 months

2 months old already 💚

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Chirag Modi

@modic123

2 years

Which large tech companies were effectively incubated by VC funds? Some examples: - Sutter Hill -> Snowflake ($50bn market cap) - Rocket Internet -> Zalando ($10bn market cap)

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Chirag Modi

@modic123

2 years

Only way to get a cab in London 😭

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Chirag Modi

@modic123

2 years

Super excited to finally share that we led a $120m Series C to partner with @jordiromero , @bernatfarrero , Pau and the rest of the @factorialhr team. 🚀🚀🚀 cc: @PhamRowen , @reidRMC , @Kfundvc , @creandum , @PointNineCap

Factorial adds $120M and doubles valuation to $1B to build enterprise-quality HR for SMBs |...

Big money for an HR startup targeting the little guys

techcrunch.com

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Chirag Modi

@modic123

2 years

What a difference one quarter makes for public SaaS...

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Chirag Modi

@modic123

3 years

SaaS multiples in context…

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Chirag Modi

@modic123

3 years

Finally met @ParikPatelCFA IRL. Samosa Capital LFG 🔥 🔥 🔥

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Chirag Modi

@modic123

3 years

@patrick_oshag - This is pretty awesome. HelloFresh putting the @bizbreakdowns podcast episode on the Investor Relations page. 😍

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Chirag Modi

@modic123

2 years

It is incredible how many US investors are coming to London at the moment. There seems to be strong momentum with a lot of US investors using London as point of entry to the European tech ecosystem. If you are coming to London, hit me up. Always keen to meet! 🙌

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Chirag Modi

@modic123

2 years

Interesting framework by @GoldmanSachs for investing in software across stages. There are 8 key factors and the framework is applicable for companies across stages. Would love to hear some thoughts on what else is important and what may be missing from the framework!

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Chirag Modi

@modic123

3 years

Truecaller - pretty impressive swing to profitability. PS: Quite interesting to find a Stockholm-listed tech company that effectively provides exposure to the advertising market in India (~70% of revenues).

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Chirag Modi

@modic123

2 years

@benedictevans OnlyFans is on🔥...

Chirag Modi

@modic123

2 years

OnlyFans 2021 financial metrics are just wild: - GMV: $4,800m - Revenue: $932m - Pre-tax profit: $433m Founder cashed out nearly $500m over the last 2 years. 💸💸💸

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Chirag Modi

@modic123

4 years

@andrew__reed I am more concerned with what Dollar Bill will do to the goose....

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Chirag Modi

@modic123

4 years

@paulg BANE TO THE RESCUE

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Chirag Modi

@modic123

2 years

Fascinating to see a VC-backed company (raised +600m) acquire a publicly listed company. Don't think there are many precedents for such deals!

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Chirag Modi

@modic123

16 days

@geet_k

How Lidl accidentally took on the big guns of cloud computing

A unit of Europe’s largest retailer is offering IT services to companies wary of big providers such as Amazon and Google

www.ft.com

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Chirag Modi

@modic123

2 years

London pub culture is just 🤩

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Chirag Modi

@modic123

4 years

@Beth_Kindig Very insightful and timely post. I recently developed a framework to assess the impact of a COVID/ economic downturn on SaaS companies. Would love to know your thoughts!

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Chirag Modi

@modic123

2 years

Idea: An open-sourced database of valuation / metrics / multiple on VC deals in Europe. What do we think?

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Chirag Modi

@modic123

4 years

Have always been very interested in semiconductors but found it to be a bit too "technical". Did a deep-dive this weekend and have collated some resources for beginners: 1. The global Semiconductor Value Chain:

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Chirag Modi

@modic123

2 years

Organising / attending so many events at the moment. 😅 I started my VC career during the pandemic and built relationships over Zoom. It is so awesome to finally meet everyone in person. 🚀 🚀

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Chirag Modi

@modic123

2 years

Every challenge is an opportunity. @plaffont and @GavinSBaker playing offense while everyone else is trying to figure out how to survive. Great @FT read on the state of late-stage / crossover investing:

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Chirag Modi

@modic123

2 years

What have been some of the largest outcomes ($1bn+ absolute return; highest MoM multiple) for European VCs? I can think of: @Accel -> @UiPath @IndexVentures -> @Adyen @balderton -> @Revolut Any other deals that come to mind?

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Chirag Modi

@modic123

3 years

I am a huge fan of @patrick_oshag and @InvestLikeBest @joincolossus podcast series. Given the high quality of businesses discussed on the podcasts, I was curious how the publicly listed companies performed after appearing on the podcast. The short answer is PRETTY WELL! ;)

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Chirag Modi

@modic123

2 years

Adjacent but interesting fact in light of Adobe's acquisition of Figma. Back in 2016, $CRM considered buying $ADBE as per a leaked board deck. $ADBE was trading at $50bn market cap. Now it is at $144bn... On a long enough time scale, every target becomes an acquirer. 🙃

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Chirag Modi

@modic123

3 years

Launching a new newsletter that provides a summary of Series A+ financing rounds in Europe on a weekly basis. If you want to stay up-to-date with new deals, please subscribe to the newsletter. Also grateful for feedback on format/content!

European Tech Weekly (Series A+ deals) - Week 5

12 Series A+ deals in the w/c 31 January 2022

europeantech.substack.com

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Chirag Modi

@modic123

2 years

This is an insane read on @bedrock 's journey with @Rippling . cc: @GeoffLewisOrg Outbid at Series A --> uncapped note --> got close to lead the Series B but never issued a TS due to Mar-20 crash --> finally co-led $250m Series D at $11bn in May-22...

Rippling is Built Different

bedrockcap.com

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Chirag Modi

@modic123

3 years

@buccocapital I actually did some analysis on the target operating model for SaaS companies (as per company disclosure). Never finished it but wanted to share the data. :))

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Chirag Modi

@modic123

2 years

Good overview of key metrics to assess consumer subscription businesses. 50%+ renewal rate (Y1) and 40% (Y2) are considered exceptional + <3 month CAC period (2021 data) Must be a lot lower now due to @Apple new rules around app renewals... Source:

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Chirag Modi

@modic123

2 years

Guess the business...

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Chirag Modi

@modic123

2 years

I started European Tech Weekly just 2 months ago and it is so awesome to see it slowly scale! I am planning to also interview founders in the future. But the most important question - CAN WE GET TO 1,000 subscribers asap??? 😅 Sign up here:

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Chirag Modi

@modic123

3 years

Love revisiting the leaked M&A target review deck (2016) from $CRM. Valuation now and back then: - HUBSPOT: $25bn vs. $2bn in 2016 - VEEVA: $40bn vs. $4bn in 2016 - ADOBE: $250bn vs. $50bn in 2016 Venture-like returns in public markets...

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Chirag Modi

@modic123

2 years

Super excited to finally announce that @atomico has co-led a $70m Series A with @balderton in TestGorilla to replace resumes. 📜🔫

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Chirag Modi

@modic123

2 years

1/ I am planning to write a deep dive on the notion of geo arbitrage (US -> Europe), particularly in fintech and consumer. De-risked models continue to attract a hell lot of capital in Europe. Some recent examples: - Gopuff / Faire / Thrasio / Square / Coinbase but FOR EUROPE

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Chirag Modi

@modic123

2 years

One of the benefits of rising rates is incremental float revenue. In the case of $BILL, every 100bps increase in federal funds equates to $30–35m im additional revenue…

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Chirag Modi

@modic123

2 years

1/ Awesome report on European unicorns by @dealroomco and @Affinity . Some fascinating (but maybe not surprising) observations. Five countries (UK, Germany, France, Sweden and Netherlands) accounted for 75% of the most valuable unicorns in 2021

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Chirag Modi

@modic123

3 years

Taking inspiration from the excellent @atomico ‘State of European tech’report, I think there is potential to create a ‘State of LISTED European Tech’ report. 👀

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Chirag Modi

@modic123

4 years

I just published my first @SubstackInc post!🥳In this post, I look at large-cap #European #tech (>€1bn market cap) in public markets. Subscribe here: . - A short thread with the data: (1)

Chirag Modi's Tech Notes | Substack

Making observations in European tech in public and private markets. Click to read Chirag Modi's Tech Notes, a Substack publication with hundreds of subscribers.

modi.substack.com

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Chirag Modi

@modic123

3 years

Time to start Panda Global. Already found the CIO. Just need to teach him how to sign 5 term sheets a day.

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Chirag Modi

@modic123

2 years

Time for a much needed break ☀️

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Chirag Modi

@modic123

2 years

Fascinating fireside chat with @EMostaque and @eladgil . Must-watch if you want to better understand the future of Gen AI. Touches on many topics, including its market potential, open-source vs closed-source models, AI safety and moats in AI stack.

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Chirag Modi

@modic123

3 years

Mom is visiting and made aloo ka paratha for lunch. Not sure how I can go back to Pret sandwiches now 🤣

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Chirag Modi

@modic123

2 years

VC-backed fashion models have struggled in public markets - $WRBY (raised $500m / market cap: $1.5bn) - $RENT (raised $500m / market cap: $350m) - $BIRD (raised $200m / market cap: $600m) - $REAL (raised $350m / market cap: $220m) - $FTCH (raised $1.6bn / market cap: $3bn)

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Chirag Modi

@modic123

3 years

1/ I just published my latest Substack post on $ALE / Allegro, #1 e-commerce platform in Poland with $16bn market cap.

ALLEGRO - Q1-21 Earnings Breakdown

#1 Polish E-commerce Platform with a $16bn Market Cap

modi.substack.com

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Chirag Modi

@modic123

2 years

@devinwenig @pmarca Tamagotchi but with Gen AI

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Chirag Modi

@modic123

2 years

Who is the Thoma Bravo / Vista equivalent for consumer internet? There seems to be a lot of interesting M&A targets in public markets right now...

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Chirag Modi

@modic123

3 years

Very excited to publish my latest company deep dive on @Wise that is planning to direct list in the UK tomorrow. There is just so much to like about its mission, business model, founding team ( @kaarmann , @taavet ) and financial metrics.

(Transfer) Wise - Company Deep Dive

Profitable Fintech Unicorn to direct list in the UK

modi.substack.com

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Chirag Modi

@modic123

3 months

@shak Know of instances in which SF VCs do the first call and take the next flight to meet the founders in Europe. That's the pace we need in European VC.

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Chirag Modi

@modic123

4 years

Really awesome @lunchclubai session with @eladgil . My personal takeaways in the thread below:

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Chirag Modi

@modic123

2 years

Including seed rounds for the first time! 👀 European Tech Weekly - Week 42, by @modic123

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Chirag Modi

@modic123

2 years

A list of publicly listed companies affected by the emergence of Generative AI. A quick thread! 👇 PS: Which ones have I missed?

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Chirag Modi

@modic123

2 years

Recently came across an interesting way to frame VC investing: There are only 10-15 companies in Europe that drive vintage returns irrespective of macro / other factors. The way to generate outsized returns is to (a) see, (b) access and (c) build conviction on those deals.

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Chirag Modi

@modic123

3 years

Interesting scenario analysis to showcase the impact of different discount rates on SaaS multiples.

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Chirag Modi

@modic123

5 months

Idea: start a fund. Call it DPI. If LPs ask questions, counter with “so you don’t like DPI!”? Easiest raise ever

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Chirag Modi

@modic123

3 years

One of my mid term goals is to create a tight community of fellow investors across the major economies to (a) identify new trends / investment theses faster and take a global view while investing local (b) identify localised versions of a model that works in a different geo

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Chirag Modi

@modic123

2 years

Just published the latest edition of European Tech Weekly. With 14 funding rounds announced last week, the slowdown in VC activity continues.

European Tech Weekly (Series A & beyond) - Week 22

14 selected European funding rounds announced last week

europeantech.substack.com

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Chirag Modi

@modic123

2 years

Great career advice for junior VCs from @AlokVasudev . Gotta ask yourself - how will you be better at sourcing, accessing and converting deals? Easier to find blue ocean but can also find an edge in red ocean.

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Chirag Modi

@modic123

2 years

Just published the latest edition of European Tech Weekly. 29+ selected seed+ deals were announced with $370m of capital being deployed in European Tech last week. Series A+ funding announcement have considerably slowed down over the last few weeks...

European Tech Weekly - Week 45

29+ selected seed and beyond rounds announced last week

europeantech.substack.com

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Chirag Modi

@modic123

2 years

2/ My new email is chirag @atomico .com and I would love to connect / reconnect with investors, founders, and operators in tech. :)

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Chirag Modi

@modic123

1 year

This kind of feels magical. @GlassHealthHQ

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Chirag Modi

@modic123

2 years

Just putting together the next edition of European Venture Weekly. Any notable funding rounds I missed? :)

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Chirag Modi

@modic123

2 years

From Twitter buddies across the pond to IRL meetings in London. This bird app is pretty awesome. cc: @naayl__

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Chirag Modi

@modic123

2 years

IT software spend by segment (as of 2022) - Application Dev & Deployment: $172bn (+17% yoy) - System infrastructure: $180bn (+13% yoy) - Application: $369bn (+13% yoy)

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Chirag Modi

@modic123

2 years

Not a surprise but most crossover funds/FOs I recently spoke to are spending time on their public book while reducing / halting private investments activity. Public tech selectively cheaper than the average Series C-F round (at least for now) Asset class arbitrage is fun.

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Chirag Modi

@modic123

2 years

Dinner with the gang! 🔥 cc: @const_hom @hkanji @zivreichert @jusstola @paullehair

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Chirag Modi

@modic123

3 years

Good overview of the preparation needed for quarterly earnings. Source: @gitlab / $GTLB

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Chirag Modi

@modic123

2 years

Always find reference calls fascinating. My takeaway is that exceptional founders AND investors are often seen as terrible employees, particularly at large organisations. Suspect it has sth. to do with an urge to mov fast and break things as well as not caring about hierarchy.

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Chirag Modi

@modic123

3 years

@patrick_oshag De Beers creating demand for diamonds has to be one of the best customer acquisition tactics.

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Chirag Modi

@modic123

2 years

I expect Defense Tech to be a huge market in the next 5 years. The question is who will invest and make some serious $$$. Most funds can't / don't want to touch this area.

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Chirag Modi

@modic123

3 years

Taking a week off work to dig deeper into several investment themes in public and private markets. Expect a lot more activity from me on Twitter as I use it as a learning diary / think out loud here. :)

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Chirag Modi

@modic123

2 years

BREAKING: European VCs announcing funding rounds in € because the funding round looks larger. 👀

unusual_whales

@unusual_whales

2 years

Well, we did it. The Euro hits 20-year low of $0.9951.

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Chirag Modi

@modic123

2 years

I feel that the ecosystem NEEDS a Fintech Funding Napkin. Help establish a framework to understand what it takes to raise capital in fintech - particularly this year. @PointNineCap 's SaaS and B2B marketplace funding napkins have shown the way. @chrija - Let's do this?

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Chirag Modi

@modic123

3 years

So happy to be in Helsinki for @SlushHQ . 😊

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Chirag Modi

@modic123

2 years

LHR at 5am on a Thursday. Either travel is back or airport operations are just inefficient 🤣

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Chirag Modi

@modic123

3 years

Which fund is the @a16z of Europe in regards to media activity / content production? Feels like there is an opportunity for localised content. It is not a vanilla project as people underestimate the work that goes into the consistency + quality of a16z content.

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Chirag Modi

@modic123

5 years

Interesting pilot of connecting two offices on different continents using @zoom_us . #GartnerSYM

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Chirag Modi

@modic123

2 years

How does the world look if the cost of clean energy is zero?

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Chirag Modi

@modic123

3 years

1) Unpopular opinion but only a very few tech investors are truly research-focused and come up with original investment theses. Everyone else is following and just digging into areas that are perceived as "hot".

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Chirag Modi

@modic123

4 months

Warburg Pincus, a large-cap PE fund, led the Series A round in $CRWD. They likely made $4bn+ on this investment when they sold post IPO. Their stake would be worth $16bn+ today. For comparison, Warburg's AuM is $82bn...

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Chirag Modi

@modic123

4 years

SaaS as a business model was arguably misunderstood / underestimated by institutional investors even 5 years ago. What are some other business models that are deeply misunderstood / underestimated today? cc: @patrick_oshag , @DennisHong17 , @_ram_

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Chirag Modi

@modic123

5 months

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Chirag Modi

@modic123

2 years

Great founder > thesis driven investing

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Chirag Modi

@modic123

3 years

Negative PCR test result after Slush. I must be immune to COVID. 😅

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Chirag Modi

@modic123

3 years

Interviewing @HenryLSchuck (CEO of $ZI) later tonight. We will be talking about Zoominfo's history, the importance of M&A in building Zoominfo, and life as the CEO of a publicly listed business. Any other topics we should touch on? Twitter, work your magic!

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Chirag Modi

@modic123

2 years

I think I found a real-time sentiment check for European fundraising environment: Outbound emails sent by European VC funds via @Affinity . "From Q4-21 to Q2-22, there was a 78% decrease in email activity. And there was a 35% drop in total email volume during the same period."

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Chirag Modi

@modic123

2 years

Who are the top network effects / marketplace investors / founders in Europe? On the investor side - am aware of the rockstars - @NFX , @FjLabs , @speedinvest and @sameer_singh17 . :))

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Chirag Modi

@modic123

4 years

Really enjoyed the Unscripted Session with @_ram_ and @jrichlive @GGVCapital . A short thread with my personal takeaways below

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Chirag Modi

@modic123

2 years

Complete list of UK unicorns by @Beauhurst . In total, there are roughly 60 unicorns in the UK as of Aug-22. Link:

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