DSP's Tawakley warns Amazon's success is being misused to justify loss-making D2C bets

DSP Asset Management CIO Anish Tawakley pushes back on the winner-takes-all playbook driving Indian D2C and PLI-led capex valuations, arguing Amazon's outcome is the exception, not the template. He signals a preference for proven profitability over narrative-led growth stories.

— Filed Sat, 30 May, 2026, 02:46 IST · Source Moneycontrol · Results · Updated

DSP's CIO Anish Tawakley criticizes valuations of loss-making D2C brands and PLI-driven capex stories, arguing Amazon's success is misused to justify them. He prefers proven profitability over winner-takes-all narratives, signaling caution on Indian D2C investment thesis.

Why this matters

DSP's CIO is publicly questioning the valuation framework applied to India's D2C and PLI capex stories, signalling a profitability-first allocation stance amid heavy investor enthusiasm for new-age consumer and manufacturing names.

Retail-company signals steady at 1,429 over the last 90 days.

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