Research

The Research Library

Independent research on emerging markets, fintech, and the companies worth watching before the story is fully priced in.

Spacetech

SatLeo Labs

October 12, 2026

SatLeo Labs put its first thermal payload in orbit in October 2026 and was valued at Rs 150 crore in May 2026. This memo tests what would need to go right for that price to work, with a neutral case and a bull case.

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Regulation & Policy

Tax Without Recognition

July 25, 2026

India taxes virtual digital assets at one of the highest effective rates in the world while refusing to define what they legally are. That combination has held since 2022. On 23 July 2026, it started to break.

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