Ambit - Internet - New Age Tech - Conference Takeaways - Dawn of A New Era - Dec'21

Internet & New Age Tech
CONFERENCE TAKEAWAYS December 27, 2021
Dawn of a new era Valuation classification of

participated companies
No. of
In our first Internet & New age conference, we hosted 23 new age Valuation category
Companies
businesses across InsurTech, HealthTech, Auto marketplaces, EdTech, Unicorns (USD1bn+) 6
Ride hailing, Logistics, SaaS, FinTech, D2C Media & entertainment,
Soonicorns (USD0.5-1bn) 3
Gaming, B2B e-commerce, FoodTech and AgriTech. The event was
Century Club (USD0.1-0.5bn) 7
attended by 400+ investors from 190 marquee funds. New age
business are approaching problem solving as : (i) enhancers of Minicorns (USD1-100mn) 7
traditional businesses – BetterPlace, Bijak, BlackBuck, GoMechanic,
Gramophone, LogiNext, Pristyn Care, Turtlemint; (ii) disruptors of
existing models – ElasticRun, KrazyBee, Shadowfax, Dunzo, Spinny; (iii)
blue ocean/new business models – Cure Foods, Plum HQ, UpGrad, Loco,
MPL, Nodwin, Pocket Aces, Pratilipi, Zetwerk, Rapido. Enabling factors
like large internet user base, under-penetrated markets, buzzing
entrepreneurial ecosystem and backing of private capital will drive fast
scale-up. With leadership yet to be established across most segments,
ability to navigate low affordability and still drive higher customer
acceptance are key factors to watch to ascertain longer term winners. Research Analysts
InsurTech: Insurance is a push-product with customers confused on options Ashwin Mehta, CFA
and advisors restricted on products to sell. TurtleMint is leveraging its platform +91 22 6623 3295
to enable financial advisors to sell better and ease post sales management. ashwin.mehta@ambit.co
With formalization of the economy, group health insurance is seeing rapid
Vamshi Krishna Utterker
growth from ~20% penetration currently; Plum is tapping this opportunity
through offerings for underserved SMEs/startups. +91 22 6623 3047
vamshikrishna.utterker@ambit.co
HealthTech: Indian HealthTech industry is valued at USD1.9bn (<1% of
overall healthcare industry) in 2020. This is expected to grow at 39% CAGR to Vivekanand Subbaraman, CFA
USD5bn by 2023. Pristyn Care is one of the largest companies in this area +91 22 6623 3261
trying to simplify the surgery experience of customers. vivekanand.s@ambit.co
Auto marketplace: Aftersales and used car markets have been highly Prashant Nair, CFA
fragmented and are ripe for disruption by organized players. Companies like +91 22 6623 3171
Spinny/GoMechanic are primarily focused on addressing consumer pain-points prashant.nair@ambit.co
of lack of trust and inferior customer experience.
Alok Shah, CFA
EdTech: India’s EdTech market is broadly classified as (i) Pre K12; and (ii) Post +91 22 6623 3259
K12 segments. Pre K12 segment is expected to post higher growth (86% CAGR
alok.shah@ambit.co
over CY19-22E) but also has significantly high competition. Post K12 segment
is expected to see ~53% CAGR over CY19-22E. Upgrad is South Asia’s largest Ankit Gor
high education program adding value to a user’s career. +91 22 6623 3132
Ride hailing: While Uber/Ola dominate cabs segment in India, 2 wheelers are ankit.gor@ambit.co
the primary mode of transport for most of India. Bike taxi players are very Sumit Shekhar
popular in SE Asia and Africa where per-capita income is low, similar to India.
+91 22 6623 3329
Players like Rapido are trying to connect with NHB users to leverage similar
opportunity in India (~400mn addressable population). sumit.shekhar@ambit.co
Ashish Kanodia, CFA

Logistics & SaaS: With the rise of e-commerce/quick commerce, logistics tech
has seen significant tailwinds with global enterprises spending USD530bn on +91 22 6623 3264
logistics & transportation (~8% CAGR). Players like Loginext are primarily trying ashish.kanodia@ambit.co
to optimize last-mile delivery, reverse logistics and route-optimization.
Ajit Kumar, CFA
FinTech: While banks primarily address the formal economy, FinTech players +91 22 3043 3252
have innovated with unique products like BNPL, small-ticket loans to college- ajit.kumar@ambit.co
going students and SME/MSMEs by leveraging data. FinTech market in India is
Dhruv Jain
expected to grow at 24.6% CAGR over CY21-26E, reaching USD111bn by
2026. Krazybee is one of the prominent players leveraging this opportunity. +91 22 6623 3177
dhruv.jain @ambit.co
pratik.sethi@ambit.co
Ambit Capital and/or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, investors should be aware that Ambit Capital may
have a conflict of interest that could affect the objectivity of this report. All Investors including US Investors should not consider this report as the only factor in making their investment decision.
Please refer to the Disclaimers and Disclosures at the end of this Report.
D2C Media & entertainment: While premium OTTs are disrupting linear TV by
attracting younger audiences, Youtube still has ~90% market share in India among
OTTs. Indian content creators (e.g. Pocketaces), especially in vernacular media, are
leveraging this route to reach wider audiences on mobile with average Indians
spending 4.6hrs/day on mobile, of which 45% is for entertainment purposes. Pratilipi
is a publishing platform for Indian languages with global ambitions.
Gaming & E-sports: Indian gaming market is estimated at ~USD2.2bn and is
expected to grow at ~30% CAGR over the next 5 years, reaching ~USD7bn. New
forms of gaming such as HyperCasual, Social games, Esports and, Real money games
are expected to outperform market growth. Paid gamers are expected to reach
~240mn over next 5 years from 96mn in 2021 aided by growth in new paid user
proportion from 40% in 2020 to 50% in 2021. Nodwin, Loco and MPL benefit from
these trends .
HR Tech: While larger HRMS players like SAP and Workday are focused on
enterprises and white-collar workers, there is a significant opportunity in similar
softwares for 150mn+ blue-collar workers at 0.1mn enterprises with market
opportunity being pegged at ~USD30bn, which is relatively untapped. Players like
BetterPlace, Apna and Work India are trying to address this market.
B2B E-commerce: While duopoly has fairly been established in horizontal B2C e-
commerce and verticalized players like Nykaa specializing in their own niches, B2B e-
commerce is still untapped (~USD700bn in 2020). This is also due to highly
verticalized requirements of enterprises, companies like Zetwerk, Infra.market,
ElasticRun are targeting manufacturing, construction and FMCG supply-chain/
logistics while others like Udaan are addressing the requirements of SMEs.
FoodTech: While Swiggy and Zomato largely dominate the ecosystem as
aggregators, there are other players like Freshmenu, Rebel foods, Curefoods, Box8,
Charcoal eats etc. which are end-to-end integrated from running cloud-kitchens to
last-mile delivery using either their own fleet or leveraging larger aggregators.
AgriTech: The Indian Agritech market is estimated at USD24bn and companies like
Ninjacart (backed by Flipkart and Walmart), Gramophone and Bijak have offerings
ranging from managing complete farm to fork supply chain, farm management
solutions and trading platform for agriculture produce/commodities, respectively.
December 27, 2021 Ambit Capital Pvt. Ltd. Page 2

CONTENTS
InsurTech ………………………..……………………………………………………………..5
HealthTech ……….……………………………………………………………………………..7
Auto marketplace ……………………………………………………………………………..9
EdTech ……….………………….……………………………………………………………..11
Ride hailing ……..…………….……………………………………………………………..13
Logistics ……….………………..……………………………………………………………..14
SaaS ……….…………………….……………………………………………………………..17
FinTech ………..………………..……………………………………………………………..20
Media and D2C content publishing ……….………………………………………………23
Gaming & E-sports …………………………………………………………………………..24
B2B E-commerce ……….……..……………………………………………………………..27
FoodTech ………..……………..……………………………………………………………..28
Agri-Tech ………..……………..……………………………………………………………..30
Turtlemint ………..……………..……………………………………………………………..32
Plum Insurance ……….……….……………………………………………………………..33
Pristyn Care ………..…………..……………………………………………………………..34
Spinny ………..………………….……………………………………………………………..35
GoMechanic …………………………………………………………………………………..36
UpGrad ……….………………………………………………………………………………..37
Rapido ………..………………….……………………………………………………………..39
LogiNext ………………………..……………………………………………………………..40
Shadowfax ……………………..……………………………………………………………..41
Blackbuck ……………………….……………………………………………………………..42
Dunzo ……….…………………..……………………………………………………………..43
KrazyBee …………………………….…………………………………………………………44
Pocket Aces Pictures ……….….……………………………………………………………..45
Pratilipi ……….………………………………………………………………………………..46
Nodwin Gaming ……………….……………………………………………………………..47
Loco ……….…………………….……………………………………………………………..48
Mobile Premier League ……….……………………………………………………………..49
BetterPlace ……………………..……………………………………………………………..50
Zetwerk ………………………………………………………………………………………..51
ElasticRun ……….……………..……………………………………………………………..52
Curefoods ……….……………..……………………………………………………………..54
Bijak ……….…………………….……………………………………………………………..55
Gramophone ……….………….……………………………………………………………..56

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InsurTech
Exhibit 1: The Indian insurance market is expected to grow Exhibit 2: The insurance market is primarily driven by
at 17.8% CAGR over FY20-30E traditional financial advisors and brokers.
Life Health Motor Other

USDbn 527.0 6%
27.0 Financial advisors
35.1 9%
33.8
Banca and OEMs
25% Direct and Others

60%
431.1
102.7 8.1 Brokers and Web
8.1 Aggregator
77.0 9.5
FY20 FY30E
Source: PB Fintech RHP, Ambit Capital research. Note USD-INR at 74 Source: Turtlemint, Ambit Capital research
Exhibit 3: InsurTech companies have diverse business models as aggregators, online brokers, online only insurance
companies and distribution platforms
Particulars PolicyBazaar Coverfox Acko Turtlemint
Insurance platform for
Online and offline insurance IRDA licensed insurance Pure-play digital insurance
Business model distributors, Banca and
broker. broking services provider company.
Fintechs
Founding date 2008 2013 2017 2015
Employees (2020) 7,310 521 353 1,129
Valuation (US$mn) 5,835 229 1,100 NA
Total funding raised (US$mn) ~1,200 55 450 130
Source: Company, Tracxn, Craft.com, Ambit Capital research.
Exhibit 4: Funding and valuation data for Turtlemint

Date Amount ($ mn) Valuation ($ mn) Investors
Apr-15 0.1 1.8 Blume ventures
Feb-16 1.8 Nexus venture partners
Dec-16 7.0 19.9 Sequoia capital, Nexus venture partners, Blume ventures
Jul-18 25.1 58.7 Sequoia capital, Nexus venture partners, Blume ventures
Dec-19 0.4 Trifecta Capital
Apr-20 3.0 136.0 Sequoia capital, Nexus venture partners, Blume ventures
Aug-20 16.6 155.0 America family ventures, Sequoia capital, Nexus
Nov-20 30.0 GGV capital, American family ventures, MassMutual ventures
Mar-21 46.0 Jungle ventures, Sequoia capital, GGV capital
Source: Tracxn, Company, Ambit Capital research
Turtlemint:
Turtlemint is the largest insurance distribution platform in India, founded in 2015.
The company depends on insurance agents for distribution and has 120k agents on
its platform across ~74% of country’s pincodes. ~60% of premium is generated from
beyond top-30 cities. It believes that with product sales being influenced by advisors,
its approach would lead to better product-requirement fit from customers’ perspective
compared to primarily price-based comparison approach of other online aggregators.
The company has 2 product offerings – (i) MintPro (POSP platform) and (ii) Turtlefin
(Distribution platform). With regulations enforcing open architecture (sale of multiple
distribution products through Banca channel), need to manage sales through multiple
channels is leading to demand for products like Turtlefin. Currently 10 banks and 3-4
fintechs use this SaaS offering generating USD30mn premium run-rate.

Plum HQ:
Plum is an Insurtech start-up that leverages technology to provide group health
insurance solutions to SMEs and start-ups that are not serviced by established players.
Employer provided insurance is the largest segment in health insurance but has also
seen the least innovation; Plum hopes to emerge as a leader by providing hassle free
and less expensive solutions. For this, it is leveraging technology to make group
employee insurance more accessible (even to companies with two employees),
transparent and affordable (as low as `85 per employee per month) and convenient
to use for both employers and employees.
Exhibit 5: Summary of company-wise conference takeaways

Sector Company Key takeaways
 Turtlemint's business model is hinged on (i) Strong distribution network of financial advisors who influence sale of
InsurTech Turtlemint insurance products resulting in better product-requirement fit as compared to pure-play online aggregators; (ii)
Generating proprietary content and distributing via advisors for lead generation; (iii) Providing API layer for large
banks/fintechs to manage multiple channel sales.
 It offers 2 products (i) MintPro – Enables advisors access to content for lead generation and products for
conversion/policy management; and (ii) Turtlefin – SaaS based API assurance product that enables better control of
product distribution for banks/fintechs. The company has invested USD35mn on its platforms till-date.
 Currently, 35% of business is from Life & Health and remaining from motor insurance. The company expects premium
run-rate to reach USD350mn by 4QFY22E and USD1bn by FY25E.
Plum HQ  Plum leverages technology to provide group health insurance solutions to SMEs and start-ups that are not serviced by
established players.
 It expects health insurance penetration to increase to ~80-100% by CY30 from ~20% currently.
 The company has been growing at ~100% QoQ with monthly insurance premiums of USD1mn+. It has onboarded
over 1,000 companies (~80% of customers coming in via referrals). It hopes to grow from ~20k lives covered in CY20
to ~200k lives by end CY21 and ~10mn lives by CY25.
Source: Company, Ambit Capital research

HealthTech
Exhibit 6: Indian healthcare market set to grow at a rapid Exhibit 7: Small & mid-sized private hospitals make up
pace over next few years (` trillion) over 50% of hospital revenues in India
9
8
Govt
7
hospitals,
6 35%
5
4 Small-Mid
Pvt
3 Hospitals,
2 55%
1
Large Pvt
0
Hospitals,
FY16 FY21E FY22P FY25P
10%
Source: Crisil Source: Crisil, Ambit Capital Research
Exhibit 8: Split of Elective Surgeries in India Exhibit 9: 85% of surgeries in standalone hospitals
Vascular Anesthetics Organized

4% 4% Corporate
Urology Hospitals,
11% 15%
Laproscopy
39%
Gynaec
21%
Ortho Small
4% Standalone
Opthal Proctology ENT Hospitals,
8% 5% 4% 85%
Source: Company Source: Company
Exhibit 10: Pristyn has seen strong growth over last 30 Exhibit 11: Pristyn expects to hit 100k surgeries in FY27,
months implying 1.4% market share
45 40x Surgeries ('000s) Market share (RHS)

40
120 1.6%
35
1.4%
30 28x 100
1.2%
25 80
1.0%
20 60 0.8%
15 0.6%
40
10 0.4%
5 20
0.2%
0 0 0.0%
Monthly Surgeries Revenues FY22 exit FY27 exit
Source: Company Source: Company

Pristyn Care:
Founded in 2018, Pristyn Care is a surgery-focused health-tech company that offers
end-to-end patient management via an asset-light model. While primarily focused on
secondary care surgeries currently, it aspires to evolve into a comprehensive
accountable care organization to become a one-stop shop for everything healthcare
related that a patient would need.

 It partners with small and mid-sized hospitals to use the latter’s operating theatre capacity and surgical infrastructure
HealthTech Pristyn Care and provide elective surgical services to patients. It is present in ~40 cities with over 150 clinics, tie-ups with over 500
hospitals and ~200 full-time doctors.
 It aims at solving key issues being faced by (i) Patients - end-to-end support including cab pick up & drop, hospital
admissions, hospital paperwork and approvals etc; and (ii) Hospitals - raising occupancy levels by helping with patient
acquisition through its digital platform.
 It targets is to hit 100k monthly surgeries by FY27E, translating into 1.4% market share and ~USD1bn+ revenues.
Contribution margins have trended in 25-27% range after factoring in customer acquisition cost and the company
remains hopeful of maintaining it in future as well.

Auto marketplace
Exhibit 13: Used car sales CAGR at 16.3% over Exhibit 14: Increased penetration of adjacencies like
FY21-26E is expected to be higher than ~9% CAGR for new financing, insurance and after sales to aid in additional
car sales revenue opportunity for marketplaces
8.3 Auto financing penetration

India US
16.3% 86%
CAGR
75%
4.0 4.2 3.9

3.6 3.8
37%
17%
FY17 FY18 FY19 FY20 FY21 FY26E New car Used car
Source: Indian blue book, Ambit Capital research Source: CarTrade RHP, Ambit Capital research
Exhibit 15: B2C used car sales and insurance have higher take rate as compared to rest of the value chain
Digital Revenue opportunity
As of FY20 TAM (USDbn) Take rate Comments
penetration (USDmn)
New car advertising 1.2 14% 75 Google/FB at 60% share
Used car - B2B 19.8 18% 5% Combined B2B and B2C
356
Used car - B2C 19.8 18% 15% market opportunity
Inspection & valuation 30

Financing 13.9 18% 5% 125
Insurance 2.4 20% 473
Total ~1,060
Source: CarTrade RHP, Ambit Capital research. Note: Assumed 4.4mn used cars are sold at ATV of USD4500. Financing – assumed 70% is the potential financing
need of used cars sold. Insurance – assumed 70% of cars are insured.
Exhibit 16: Global peer business models – Global business models which have focussed on taking the whole used car
buying process online have scaled faster and created more value
Revenue CY19/FY20
Global Description
(USDmn)
Continental Europe – Online B2B (96%) - Auto1 and Online C2C(4%) – AutoHero. Auto1 similar to Cars24 and
Auto1 Group 3,824
AutoHero similar to Spinny.
Full stack online used car player – Vehicle acquisition through customers, auctions and off lease/rental, quality
Carvana screening, data analytics for pricing, runs own reconditioning units and logistics. Also has own vending infra and 3,940
financing arm.
Auto research and shopping website that assists users in comparing local listings for used and new cars, and to
Cargurus 589
contact sellers (Similar to CarTrade/CarDekho listings model)
Positioned as an e-commerce services that handles entire transaction rather than just being a P2P market place.
Vroom 1,192
Runs a hybrid model compared to Carvana, where parts of the chain are own and part managed by third party.
Omni Channel model – Used card vehicle retailer that sells and finances used vehicles across both online and
Carmax 20,320
offline.
Provides independent and interactive content to automobile buyers and owners. Largest automotive website in
Autohome 1,203
China. Owned by PingAn. Similar to Cargurus/cars.com/autotrader classified model
Carsales.Com Automotive, two-wheeler and marine classifieds 396
Auto Trader Automotive classified business 369
Cars.Com Automotive classifieds website 607
Source: Ambit Capital research

Exhibit 17: Indian auto marketplace business models

Indian Description
CarTrade Online auto classifieds platform, also serving as an offline B2B marketplace
Online B2B market place, which takes up the inventory by buying from used car sellers (primarily retail users) and sells to dealers. It also
Cars24
provides financing services through its NBFC arm. Now expanding into C2C.
Online classifieds, B2C/B2B used car marketplace that is also involved in financing and insurance services. 2x size of CarTrade in new
CarDekho nd
car classified and financing is 2 largest business.
Spinny Online B2C market place, which takes up used vehicle inventory, refurbishes and sells it
Droom Marketplace for new and old vehicle transactions, purely online focused
Mahindra First
Franchisee model, offline used car dealer with 160+ franchisees, 1000 outlets and presence across 430+ cities
Choice
Exhibit 18: Revenue drivers of different domestic used car players

CarTrade CarDekho Cars24 Spinny Droom
New car classifieds (Primarily digital
Y Y Y
advertising by OEMs)
Used car classifieds Y Y Y
Used car marketplace - Online B2B Y Y Y
Used car marketplace - Online B2C Y Y Y
Used car marketplace - Offline B2B Y
Valuation and inspection services Y Y Y Y
Financing and Insurance Y Y
Source: Company, Ambit Capital research. Note: CarDekho and Cars24 have had plans of facilitating own book
financing. While inspections for own purpose are done by all. CarTrade also provides these services to external
customers. In our view, CarTrade’s marketplace is significantly more offline.
Spinny:
Spinny is a full stack used car retailer. According to the company, the domestic used
car industry is estimated at ~USD30bn which could grow to ~USD55bn by CY25,
implying 15%+ CAGR. The company believes that ~96% of used car buyers in India
are dissatisfied with the experience given lack of trust and accountability in the
market. Spinny aims to disrupt the industry with full control of user experience led by
its full stack approach from procurement and refurbishment to sale. Owing to its
unique business model, Spinny delivers AOV of `500k, ~2x of other used car peers.
To facilitate sales, the company typically maintains ~45 days of used car inventory on
its books. It aims to retail ~5.5k cars per month by Mar-22, >2x present run rate led
by increased distribution and higher scale.
GoMechanic:
GoMechanic (GM) is India’s leading network of technology enabled multi-brand
workshops. With car servicing at authorized service centers being expensive for most
car owners, GM aims to provide high quality servicing at relatively low cost through
its network of 600+ workshops. Also, GM supplies genuine parts to local workshops
as ~80% of servicing requirements pertain to genuine spare availability. Additionally,
GM aims to enhance its customer value proposition by providing low cost servicing
and also to the workshops, by improving their utilization. Also, GM supplies genuine
parts to local workshops as ~80% of servicing requirements pertain to genuine spare
availability.
Auto
Spinny
Spinny is trying to improve overall buying experience of used cars and with the market being highly fragmented, sees
marketplace significant scope of disruption by players that can control the end-to-end buying experience
 Spinny initially operated a C2C model but later pivoted to B2C as the earlier business model had inferior buying
experience. It now procures cars post rigorous inspection refurbishes them in-house and provides fixed price assurance,
doorstep delivery and buyback offers. Its current business model requires it to have a ~45 day used car inventory
 Spinny has AOV of ~`500k, ~2x that of peers and is looking to retail ~5.5k cars per month by Mar-22. Aspirational
gross margin for the business would be at 17-18% with long-term EBITDA margins of ~7.5%
 GoMechanic (GM) aims to provide high quality servicing at relatively low cost through its network of 600+ workshops.
GoMechnanic Also, GM supplies genuine parts to local workshops as ~80% of servicing requirements pertain to genuine spare
availability.
 Workshops on the platform have grown ~5x to 600+ in past two years and are expected to cross >2k workshops by
FY26. GM is also increasing its footprint to 90+ cities by FY26E (vs 60 presently)
 It is focused on increasing share of private label parts within overall spares portfolio, which would be improve business
take rate from ~25% presently to ~45% by FY26E. It aims to clock USD1.5bn GMV by FY26E from USD100mn currently

Edtech
Exhibit 20: EdTech market growth up to K12 segment Exhibit 21: …while post K12 segment is expected to see
would post ~86% CAGR in 2019-22… ~53% CAGR over the period
Grade 9-12 Grade 6-8 Grade 1-5 Test prep: Government Test prep: Other professions
Technical Skilling Higher Education
US$1700mn
2000 US$1800 mn
1600 12%
14%
1500 7%
1200
34% 19%
800 1000
US$500 mn
US$265mn 500 5% 60%
400 54% 12%
32% 6%
12%
62% 71%
0 0
2019 2022E 2019 2022E
Source: RedSeer, Ambit Capital research Source: RedSeer, Ambit Capital research
Exhibit 22: Edtech user growth is expected to be driven by increased internet

penetration and spends on education and continuous learning
Number of Edtech users (mn)

120 110.5
100
80
60
40
25.0
20
0
2019 2022E
Source: RedSeer, Ambit Capital research
Exhibit 23: Funding and valuation data for Upgrad

Date Funding raised (US$mn) Valuation (US$mn) Investors
Mar-15 1 Unilazer ventures
Feb-16 3 Unilazer ventures
Jan-17 4 Unilazer ventures
Jan-18 2 Unilazer ventures
Mar-19 6 Unilazer ventures
Aug-20 7 IIFL
Apr-21 120 Temasek holdings
Apr-21 40 496 International finance corporation
May-21 103 680 Amit Mahensaria, Manish Kumar, Alok Choudhary
Aug-21 185 1,200 Temasek, IFC, IIFL
Source: Tracxn, Ambit Capital research

UpGrad:
UpGrad is South Asia’s largest higher education platform. It was established in 2015
with initial focus on upskilling and eventually enhanced its offerings with certificate,
diploma, undergrad and master’s courses. The company’s offerings across users’
learning curve provide strong network effects, aiding in greater mindshare and
promoting stickiness on the platform. The company’s vision is to add meaningful
value to a user’s career/learning journey.

EdTech UpGrad  UpGrad typically offers courses with 6-24 month duration largely aimed at reskilling/upskilling learners/professionals in 18-45
age group. It currently offers 85+ courses on its platform and has presence in India, US, UK and Singapore.
 It plans to add 20 more partnerships with US universities, with most of them being ranked among top-25. ~75% of the fees
collected from a course is retained by UpGrad and the rest is shared with universities, as compared to ~50% takerate of
competitors.
 It expects to reach USD350mn ARR by Mar-22 (350% growth YoY) and has ~70% gross margin. It aspires to grow at 100-120%
growth rate with break-even being achieved in next few quarters

Ride hailing
Exhibit 25: With vehicle ownership being significantly lower, India is expected to see
higher adoption of on-demand mobility, especially in 2W segment
% Population using Mobility and Vehicle ownership
Size of bubble represents population of USA

Vehicle Ownership
China
Russia
India
Indonesia
India will eventually move in this direction
% of population using on-demand mobility
Exhibit 26: Rapido funding and valuation data Exhibit 27: Rapido financials
Amount (` mn) FY17 FY18 FY19 FY20
Valuation
Date raised Investors
(US$mn) Revenue 0 8 98 922
(US$mn)
Apr-15 0.2 1.3
Outbox Ventures YoY growth (%) nm 1153% 839%
Astarc Ventures, Advantage Incubators, EBITDA (74) (102) (540) (2,572)
Mar-16 1.1
Tessellate Tech, Ankit Nagori
Astarc Ventures, Advantage Incubators, EBITDA margin (%) - -1297% -550% -279%
Jan-17 1.2
Pawan Munjal, Abhimanyu Munjal PAT (75) (103) (533) (2,436)
Advantage Incubators, Integrated
Mar-18 0.9 16 Source: VCC Edge, Ambit Capital research
Capital, Abhimanyu Munjal
Advantage Incubators, Astarc Ventures,
Dec-18 10.0
Integrated Capital, Abhimanyu Munjal
Westbridge Capital, BAce Capital,
Aug-19 54.2 143
Integrated Capital, Nexus Ventures
Nexus Ventures, Westbridge Capital,
Aug-21 52.0 235 Pawan Munjal, Shell Ventures, Yamaha
Motors, Kunal Shah
Source: VCC Edge, Ambit Capital research
Rapido:
It is India’s largest 2W ride sharing platform (~2.5x of nearest competitor). Bike taxis
are more popular in Indonesia/Vietnam/Thailand/Africa where average transaction
sizes are low while cabs are more popular in US/China/Russia. Convenience and
affordability of first-mile/last-mile will likely drive penetration. Additionally, Rapido is
also aiming to diversify into on-demand logistics, which would also aid in improving
rider utilization on the platform.
Ride hailing Rapido

 Largest 2W ride-sharing platform in India, offering convenience and affordability of first-mile/last-mile transportation. It also
provides auto rickshaw ridehailing and on-demand logistics for companies like Swiggy/Zomato and JioMart
 The platform has scaled up from <3k order/day in Apr-18 to 350k+ order/day pre-Covid (Feb-20). The business has
recovered to pre-Covid levels by Sep-21 and the company expects doubling of daily rides by Dec-21
 Average ride distance on the platform was at 5-6km and is priced at `9-10/km. Over next 2 years, this might increase to `11-
12/km. The platform has a ~20% take rate in B2C (bike taxi) on an average ticket size of `55 and 7% on the B2B business
with average ticket size of `45. Currently, the platform has GMV ARR of USD100mn and is expected to reach USD2.5bn over
the next 5 years.

Logistics
Exhibit 29: 3PL penetration in India is lower than emerging Exhibit 30: 3PL supply chain market size is larger in
economies like Brazil industries where supply chains are more evolved
3PL as a % of overall market 3PL market size in India - FY17 (Rs bn)
120
12%
100
10%
80
8% 60
6% 40
20
4%
0
Cars &
Engg.
components
Organized
tractors
2W & 3W
FMCG &
Bulk
commerce
Pharma
2%
FMCD
UVs
CV &
retail
Auto
E-
0%
US Japan Europe China Brazil India
Source: Industry reports, Ambit Capital research Source: MLL DRHP, Ambit Capital research
Exhibit 31: Rise of e-commerce demand would aid in greater Exhibit 32: With traditional FMCG players too launching
traction in 3PL supply chain D2C brands, new opportunities might emerge in this area
E-commerce
Measures being taken by companies
B2C segments
 Havells highlighted that within 9 months of becoming
Consumer
aggressive on ecommerce platforms, they became
durables
#1 in multiple categories
 Whilst they have not highlighted their supply chain
plans for D2C business, it might open opportunities
for 3PL B2C players
 Bajaj recently signed deal with Mahindra Logistics to
manage their entire supply chain
 Companies like Marico have been launching digital
Consumer focused brands like Coco Soul, Pure sense, just hertz
staples and Beardo to accelerate their presence in the e-
commerce space
 Companies like Dabur have launched some of their
brands on the D2C space such as Apple cider
vinegar, Odomos and their Shampoo
 Traditional players are looking at new age players
like Mama earth, WOW and Botanica to scale up this
part of their business
Source: Ambit Capital research Source: Ambit Capital research
Exhibit 33: Shadowfax funding and valuation data Exhibit 34: Shadowfax financials
Amount (INRmn) FY17 FY18 FY19 FY20
Valuation
(US$mn) Revenue 317 764 1,614 3,228
(US$mn)
Kunal Bahl, Rohit Bansal and YoY growth (%) 141% 111% 100%
Jul-15 0.3
others
EBITDA -288 -199 -405 -913
Aug-15 8.5 28 Eight Roads Ventures
EBITDA margin (%) -90.8% -26.1% -25.1% -28.3%
Dec-16 10.0 33 Eight Roads Ventures
NGP Capital, Qualcomm Ventures, PAT -285 -213 -395 -908
Aug-18 22.0 76
InnoVen Capital Source: VCC Edge, Ambit Capital research
Flipkart, Eight Roads Ventures,
Nokia Growth Partners,
Dec-19 60.1 219
Qualcomm Ventures, Mirae Asset-
Naver and IFC
Source: Tracxn, Ambit Capital research

Exhibit 35: Dunzo funding and valuation data Exhibit 36: Dunzo financials
Amount (` mn) FY17 FY18 FY19 FY20 FY21
Valuation
(US$mn) Revenue 10 2 8 275 459
(US$mn)
Aug-15 0.6 2 Blume Ventures YoY growth (%) -84% 385% 3484% 67%
Nov-16 1.6 4 Blume Ventures, Aspada EBITDA (104) (208) (1,680) (3,320) (2,178)
Blume Ventures, Aspada, EBITDA margin (%) -1,055% -13,184% -21,938% -1,210% -475%
Nov-17 12.5
Google Ventures
PAT (108) (219) (1,689) (3,384) (2,257)
Nov-18 2.4* Alteria Capital
Blume Ventures, Aspada, Source: VCC Edge, Ambit Capital research
Nov-18 21.8
Google Ventures
Jul-19 7.7* Alteria Capital
Google Ventures, 3L Capital,
Oct-19 45.1 200
STIC, Lightbox Ventures
3L Capital, Google Ventures,
Aug-20 35.0 245
Lightbox Ventures
Nov-20 3.4* Alteria Capital
Jan-21 1.4* Alteria Capital
Source: VCC Edge, Ambit Capital research. Note: * Venture debt funding
Exhibit 37: Blackbuck funding and valuation data Exhibit 38: Blackbuck financials
Amount (` mn) FY17 FY18 FY19 FY20
Valuation
(US$mn) Revenue 5,366 8,888 17,907 22,296
(US$mn)
Jul-15 4.4 Accel, Flipkart YoY growth (%) 66% 101% 25%
Flipkart, Tiger Global, Accel EBITDA (819) (1,108) (3,091) (4,208)
Dec-15 25.0
India, DST Global
IFC, Accel India, Flipkart, DST EBITDA margin (%) -15.3% -12.5% -17.3% -18.9%
Dec-16 70.0
Global, Tiger Global PAT (865) (1,167) (3,450) (4,455)
Sep-17 7.7* Innoven Capital
Sequoia, Accel India, IFC,
Sep-18 148.8 950 Flipkart, DST Global, Tiger
Global, Sands capital
Nov-19 7.0* Trifecta
May-20 3.3* Trifecta
Jul-21 67.0 1,020 IFC, Sands capital
Source: VCC Edge, Ambit Capital research; Note: * Venture debt funding
Shadowfax:
Shadowfax was founded in 2015 and is among the fastest growing 3PL services
providers. It initially started as reverse logistics partner for enterprises and has
significantly higher wallet share in this segment. It is the only player with capabilities
across food, grocery, E2E, pharma and captive e-commerce. The success of the
platform has been driven by ability to aggregate demand from customers across
categories and on the supply side through last-mile delivery aggregation capabilities.
Blackbuck:
Founded in 2015, Blackbuck is an online marketplace focused on organising and
transforming the FTL (full truck load) ecosystem by moving transactions online. Indian
FTL supply base is very fragmented with average truck ownership of 2.2 trucks/truck
owner, with most of the drivers being employees, vs China where most are owner-
drivers, resulting in a need for Fleet Management Services. It has 37% market share
on the supply side (truckers) and 18% market share on demand size (shippers). With
its large supply base, Blackbuck’s USP is to enable quick and easy discovery and
matchmaking of trucks to the Shippers when a load is posted on the platform.
Dunzo
Dunzo was founded in 2015 as a hyperlocal P2P delivery platform and has diversified
into online food, grocery and medicine delivery space. It is currently doubling down
on quick commerce especially fresh segment but hopes to co-exist with players like
BigBasket which have materially different ordering frequency and AOV. The company
has committed USD350-400mn to setup 400 darkstores across top-25 cities.


 Shadowfax is market leader in hyper-local and instant logistics and is the only player with capabilities across food,
Logistics Shadowfax grocery, E2E, Pharma and captive e-commerce. The company started off as a reverse logistics provider and has
significantly higher wallet share with clients in reverse logistics services.
 It has presence in over 600 cities across (7000+ pincodes; ~37% of total) and delivers over 600k order/day enabled
by 80k+ monthly active transacting partners.
 The company has seen doubling of revenues on an annual basis and is currently at USD140mn ARR. Its gross margins
are at 18% (10-15% in food delivery while being higher in grocery and ecommerce) and expect to be CM positive after
excluding the indirect costs in FY22, reaching EBITDA margin positive by next year.
 Blackbuck is an online marketplace focussed on organising and transforming the FTL ecosystem by moving transactions
online. It was founded in 2015 and currently has about 37% of Indian truckers on its platform (1.5 mn truckers).
Blackbuck
Further it continues to add 2-3% truckers every month on its platform. 18% of shippers (demand side) transact on the
platform
 Its USP is to enable quick and easy discovery and matchmaking of trucks to the Shippers when a load is posted on the
platform.
 Owing to government led digitization efforts (FASTag, e-way bills), costs relating to delays have reduced by ~15%. This
is expected to further reduce going forward as more road infrastructure gets built.
Dunzo
 Started as a hyperlocal P2P delivery platform and has pivoted to 1P model, diversifying into online food, grocery and
medicine delivery space.
 It plans to setup mini-warehouses within 2.5-3 km radius, stocked with most frequently ordered items/SKUs (1.8-2k
SKUs) to delivery grocery in sub-20 min duration
 The company plans to setup 400 darkstores in top-25 cities, investing USD350-400mn over the next 2 years with
significant focus on delivering fresh. It currently has an AOV of `420-450 and take rate of ~11-12% which is expected
to increase to ~15-16%. It expects to make contribution margin of 5-6%

SaaS
Exhibit 40: Indian SaaS companies have evolved from addressing traditional use cases like CRM and sales management to
new-age and advanced use cases like Cybersecurity, DevOps etc
SaaS Maturity
SaaS 1.0 SaaS 2.0 SaaS 3.0
Progression
Companies that are born in SaaS but are
Companies that did not start as SaaS but These companies are also SaaS-native but
competing with traditional software
are transforming to SaaS because of the catering to new-age cases that are in existence
players and serving known verticals and
need of the market because of digital technologies
use cases
Product transformation- Transitioning from Product differentiation- leveraging tech to Product leadership- creating new product
Product
software to SaaS compete in the global market categories and establishing leadership
Traditional use cases like CRM, Sales and Focus on use cases like collaboration, Inventing new age use cases like Cybersecurity,
Use Cases
Marketing, HCM, SCM etc. Analytics, Security, etc. DevOps, SaaSOps, Automation
Expanding into other geographies like Europe,
Market Mostly India Global, with a major focus on US
APAC
Customer C-Suite stakeholders Business units Individual users
Product-led GTM, community-driven sales,
Sales Inside sales and field sales Tech-enabled sales, channel sales
remote sales
New-age talent focusing on cutting-edge
Talent Traditional IT services talent Skilled in software engineering
technologies
Funding Mostly self-funded or angel investment Rising interest from VCs Increasing share of global VCs and PEs
Source: Chiratae-Zinnov report
Exhibit 41: Global SaaS market is expected to grow at ~30% CAGR over CY20-25E to
USD400bn+ while penetration of Indian SaaS is expected to double by CY25E
assuming growth sustains at current levels of 51% CAGR
Global SaaS market (USDbn) [LHS]

Indian SaaS penetration (current growth)
Indian SaaS penetration (aggressive growth)
18.8%
500 20%
400 401
15%
300
10%
10.5%
200
108
5%
100 40 4.9%
2.5%
0 0%
CY15 CY20 CY25E
Source: Chiratae-Zinnov report, Ambit Capital research

Exhibit 42: Indian SaaS ecosystem is booming with 1000+ Exhibit 43: Availability of talent across key digital areas
active companies in 2020 (~2x of 2015) and aggregate would drive growth for Indian SaaS
revenue of USD5.3bn vs USD1bn in 2015
Others, 5% AI/ML & Big
App
development Data, 19%
, 17%
Cybersecurity
, 13%
Cloud, 27%
IoT, 18% RPA/Automat

ion, 1%
Source: Chiratae-Zinnov report, Ambit Capital research Source: Chiratae-Zinnov report, Ambit Capital research
Exhibit 44: India currently has 11 SaaS unicorns, most of which are vertical agnostic
Company Description
Browserstack Software (Cloud and Web) testing platform
Chargebee Subscription billing and revenue management
Druva Data protection for Data centres
Freshworks CRM/Helpdesk & ITSM software
AI based autonomous systems to automate O2C (Order to cash) and Treasury
Highradius
processes
Icertis Contract Management
Sales readiness platform that enables onboarding, product training and coaching of
MindTickle
sales teams
API development platform; Currently the most valued as per latest private funding
Postman
(USD5.6bn). Freshworks's successful IPO exceeds its valuation
Zoho* CRM, project management and invoicing
Vertical Saas
Innovaccer Healthcare data analytics
Zenoti Cloud software for salons, spas and medspas
Source: Ambit Capital research. Note: *Zoho is bootstrapped Indian SaaS company
Exhibit 45: Key technology areas in logistics industry and spend distribution
Trends % contribution Comments
Improves efficiency, transparency and aids in real-time visibility of goods, condition monitoring, and fleet &
Internet of Things 17%
inventory management
Robotics 11% Increases the speed and accuracy of supply chain processes and reduces human error
Warehouse Increased efficiency, speed, and productivity by reducing human interventions, using technologies such as robotic
11%
automation picking, automated storage and retrieval (ASRS), and put-wall picking, automated guided vehicles, etc
Blockchain 10% Offers security through decentralized ledger system and addresses traceability and related challenges
AI 14% AI/ML technologies help companies to deal with demand fluctuations and allow better supply chain planning
This is inefficient and is a major contributor of total logistics costs but is the crucial part of supply-chain as it is
Last mile delivery 11%
directly impacts customer experience
Provide insights for the improvement of warehouse productivity, performance management, and optimal
Data analytics 9%
utilization of logistical resources
Allow for pay-per-use models requiring low capital investment, minimizing the risk and cost of IT infrastructure
Cloud computing 8%
maintenance
Autonomous vehicle 5% Improve vehicle safety and helps in increasing the efficiency in first and last mile delivery
Elastic logistics 4% Enables companies to handle supply chain operations with more efficiency during demand fluctuations.
Source: StartUS insights, Ambit Capital research

Exhibit 46: Classification of logistics tech companies Exhibit 47: Loginext funding and valuation data
Business Players Amount raised Valuation
Date: Investors
(US$mn) (US$mn)
Transportation
Manage data and bring Ramco, Project44, Apr-15 0.5
Management
visibility to customers Descartes, Fourkites
Services Sep-15 10 Paytm, Alibaba
Filed Management Manage on-ground fleet Servicemax, Servicetitan,
Plug and play tech
Services and provide allied services Servicepower Jun-19 Undisclosed
centre
Route Optimisation Paragon, Route4Me,
Routing using AI Jan-20 39 100 Tiger Global, Steadview
Software Routific
Source: Tracxn, Ambit Capital research Source: Tracxn, Ambit Capital research
Exhibit 48: Loginext financials

(` mn) FY17 FY18 FY19 FY20
Revenue 32 74 154 131
YoY growth (%) 131% 108% -15%
Expenses 204 157 192 248
- Employee expenses 116 93 97 77
- Advertising 8 2 2 6
Other income 22 14 17 7
PBT (150) (69) (21) (110)
Tax (0) 0 - 2
PAT (150) (69) (21) (112)
Source: Tofler, Ambit Capital research
LogiNext:
LogiNext is an end-to-end logistics management and SaaS platform that helps
enterprises primarily in retail & commerce to automate fulfillment and last-mile
delivery services. The company’s asset-light approach coupled with ability to target
and expand materially within enterprise clients is expected to drive robust growth.
Further, the company might see tailwinds from improving traction of Indian SaaS
companies aided by cost arbitrage and availability of talent.
BetterPlace: Blue collar workforce management
Founded in 2015, BetterPlace’s SaaS offering for the blue collar segment addresses
pain points of employers and employees. It plays a complementary role to blue-collar
job boards like Apna, Work India, Vahan and Jobhai, by helping organisations
onboard and manage their blue collar workforce. Its data-driven approach results in
continuous product improvements and productivity gains for its customers. BetterPlace
is leveraging its role as a bridge between employers and blue collar employees by
facilitating distribution of financial products like health and vehicle insurance, loans
and investments. It is doubling down on sales investments and will take its tools to
global markets like Indonesia and Philippines. It also forayed into the US market
through the acquisition of Oust Labs, a SaaS company providing upskilling solutions
for a distributed workforce.
SaaS BetterPlace
 Most HRMS tools like Workday, Successfactors (SAP) and DarwinBox are designed for white collar employee management while
management of blue collar employees requires a very different set of tools, an area that BetterPlace is trying to address
 HRMS is BP’s most popular product at present and is seeing rapid adoption given productivity gains for its customers. HRMS
accounts for ~80% of BP’s current revenue.
 It is looking to expand in South Asian markets like Indonesia and Philippines. Through its acquisition of Oust Labs, it has also
built a presence in the US market. It claims to have richer data sets than dedicated blue collar job boards like Apna and Work
India.
LogiNext  LogiNext helps enterprises effectively compete with new-age companies by enhancing their logistics technology capabilities.
 LogiNext has 50 enterprise customers, 20 mid-tier and 50 additional SMB clients. It derives 90% of revenue from enterprise
clients while 85% of revenue is Product licensing revenue. The company prefers enterprise clients to mid-market given (i) Longer
contract durations; (ii) Better expansion opportunities.
 LogiNext is currently targeting a TAM of USD4.3bn (Transportation Optimization SaaS spends), growing at 19% CAGR and
works with clients primarily in CPG/Retail, e-commerce, logistics and chemicals & manufacturing industries.

FinTech
Exhibit 50: Indian FinTech valuations are expected to be ~3x by CY25E from CY20 levels of USD50-60bn
Source: Pitchbook, Venture Intelligence, BCG, Ambit Capital research; Note: Decacorns – USD10bn+ valuation; Unicorns – USD1bn+ valuation; Soonicorns –
USD0.5-1bn valuation; Century Club FinTechs – USD0.1-0.5bn valuation; Minicorns – USD1-100mn valuation; Early stage FinTechs - <USD1mn
Exhibit 51: Narrowing of gaps vs peers on penetration would be a key growth driver
Peer Peer
India
Average Max
Payments 24 379 523
Insurance 0.9 4.1 8.5
Lending 34 67 84
Mutual Funds 13 66 120
Source: Ovum, Swiss Re, Oxford Economics, Statista, TRAI, BIS, IRDAI, AMFI, BCG, Ambit Capital research. Note:
Peer group includes US, UK, Germany and China; Payments – Average number of cashless payments per
inhabitant per annum – 2019; Insurance penetration is proxy of Total non-life premium/national GDP; Lending –
Total credit to households (as% of GDP – 2019); MF assets as % of Nominal GDP – 2019

Exhibit 52: Overall personal loans market in India Exhibit 53: Small ticket size personal loans (<` 0.1mn)
market in India
Portfolio Outstanding (` bn) Portfolio Outstanding (` bn)
397 412
6,446
5,364
267
4,093
FY19 FY20 FY21 FY19 FY20 FY21

Source: CRIF, Ambit Capital research Source: CRIF, Ambit Capital research
Exhibit 54: No of overall personal loans in India Exhibit 55: No of STPL loans in India
Active Loans (mn) Active Loans (mn)
40
20
34
17
21
FY19 FY20 FY21 FY19 FY20 FY21

Exhibit 56: Overall personal loans market share by value- Exhibit 57: STPL market share by value- NBFCs dominates
Banks dominates overall personal loans STPL market
NBFCs, Foreign Others, 6%
15% Banks, 0%
Foreign PSBs, 25%
Banks, 1%
Private
Banks,
Others, 4%
37%
NBFCs,
49%
Private
Banks, 20%
PSBs, 43%

KrazyBee
KrazyBee was founded in 2016 and offers personal loan, salary advance, cards and
BNPL through its innovative new generation technology platform to college-going
students, salaried and self-employed professionals. It has tie-ups with various
financial technology platform providers to provide credit services. KreditBee has its
own digital lending platform hosting ~15 banks/NBFCs, including AU SFB Fincare
SFB, MAS Financial, Cholamandalam etc. On this platform, ~60% of the loans are
originated by these banks/NBFCs partners while remaining 40% is its own book.

FinTech KrazyBee  The company offers personal loans with ticket size ranging from `1k to `0.2mn. Its target customer segment is self-
employed and salaried people employed with SME/MSMEs (roughly equal mix).
 KreditBee is its digital lending platform having~15 partners (NBFCs+Banks). On this platform, ~60% of the loans
are originated by these banks/NBFCs partners while remaining 40% is KrazyBee's own book
 It also leverages its technology by offering APIs to lenders (used by ~35 clients) and expects it to reach beyond 75 by
FY22.

Media and D2C content publishing

Exhibit 59: Indians spend more time on their mobile Exhibit 60: …with majority of time being spent on
devices than the global audience (2020)… entertainment where Pratilipi/Pocket Aces play
Average hours spent on mobile per day per user Time spent with media Percentage of time spent on mobile
per week (hrs) by category
5.2
4.8 4.6 Search, News and
4.4 Print TV Mobile Social, Media, 2%
3.9 3.7 Message,
3.6 3.6 3.5 Finance ,
3.1 2.9 34% 2%
2.6
Shopping,
4%
28
Others,
13%
Russia
S Korea
China
Brazil
US
UK
Japan
Indonesia
India
Canada
France
Germany
4
2 Entertain
ment, 45%
Source: FICCI-EY report 2021, Ambit Capital research Source: PocketAces, Ambit Capital research
PocketAces and Pratlipi – capital efficient approach

Both PocketAces (video) and Pratlipi (Indian language publishing) appear very bullish
on monetizing IP that they own and are pressing ahead with innovations like
podcasting and influencer marketing. They also pointed out that the Indian subscriber
is now keen on paying for content they love. Interestingly, both companies battled
entrenched, deep pocketed incumbents and have built a credible business model with
limited capital. Whilst Pratilipi is emerging as a play on the creator economy and will
go global, PocketAces focus is on creating new IP formats and induction of new talent
into the media industry via influencer marketing and shows that it produces.

D2C Media & Pocket Aces  PA has multiple channels for content formats like web series (Dice), short videos (Filter Copy), Lifestyle (Gobble),
entertainment Pictures Infotainment (Nutshell). It has been able to capture young TG with a base of 31mn subscribers.
 PA is trying to create high quality, youth oriented content in a capital efficient manner (only $8mn capital invested
since angel funding in 2013), which is still lacking despite enough OTT platforms available, in the management's
view.
 PA works with influencers and helps them run advertising campaigns and casts them in short videos. The
engagement is on income sharing basis and PA earns 25% gross margins and 20% net margins here. It has 70%+
gross margin in D2C content business
 Pratilipi publishes mid and long-form Indian language UGC and has ~40k writers and reach of ~33-34mn readers.
Pratilipi It draws readers through a combination of referrals/SEO (organic) and Facebook acquisition. The time spent by a
Pratilipi reader has increased to 74-75mins
 Unlike Chinese publishing players which verticalised by genre, Pratilipi remained horizontal as users want to
consume content across multiple genres. Its most popular genres are suspense and thrillers, romance and horror and
Para natural content (top-3 genre cumulatively account for 30% of readership).
 Started monetizing only a few months back. Subscription is the most popular monetization model. It is aggressively
foraying into other formats like audio books, podcasts and comics. It acquired IVM Podcasts and The Write Order
(physical publishing) recently.

Gaming & E-sports

Exhibit 62: Indian gamer population is expected to Exhibit 63: Indian gaming market is expected o grow at
increase by 1.75x over CY20-25E ~25% CAGR over FY21-26E aided by strength in RMG and
IAP
800 Gamers in India (mn)
700 RMG IAP Ad Revenue Others
700
600 USDbn
Accelaration 0.3
500 due to 450 0.7
COVID 400
400
2.1
300 250
200
0.1
100 0.1 0.3 3.7
0.3 0.6
0.5
0 0.8 0.9 1.2
2018 2020 2021E 2025E
FY19 FY20 FY21 FY26E
Source:RedSeer, Ambit Capital research
Source: RedSeer, Ambit Capital research. Note: RMG – Real Money
Gaming; IAP – In-app Purchases
Exhibit 64: Globally gaming market is almost as big as television…
Gaming (global, all platforms) Television

Music (Global Film (Home and
(Cable, Satellite,
recorded and Live global box office)
250 Console PC Mobile '19-'23 201 IPTV, DTT)
218 CAGR music)
(2%)
200 CAGR
Mobile: 12%
146
150
PC: 6% 8% 186
93 CAGR
100 6% 101
CAGR 75
50 Console: 12% 58
46
0
CY15A CY19A CY23E CY15A CY19A CY15A CY19A CY15A CY19A
Source: MPL, Ambit Capital research
Exhibit 65: Indian gaming market was just ~11% that of Television in CY20 but is
expected to grow at ~4x that of TV over CY20-23E
` bn 2019 2020 2021E 2023E CAGR 2020-23
Television 787 685 760 847 7%
Digital media 221 235 291 425 22%
Print 296 190 237 258 11%
Online gaming 65 76 99 155 27%
Filmed entertainment 191 72 153 244 50%
Animation and VFX 95 53 74 129 35%
Live events 83 27 53 95 52%
Out of home media 39 16 22 32 27%
Radio 31 14 23 27 24%
Music 15 15 18 23 15%
Total 1,823 1,383 1,730 2,235
Source: FICCI-EY 2021 report, Ambit Capital research

Exhibit 66: Understanding the esports ecosystem
Source: EY 2021 report, Ambit Capital research
Unlike conventional games which aren’t owned by anyone, an e-sport game is

owned by its publisher (e.g. BGMI-Krafton). These games are popularized by
tournament organisers like Nodwin Gaming (akin to BCCI for cricket) who conduct
events: national, regional and international. Unlike conventional sports, esports
enable users are to interact with game players in a real-time and ongoing basis even
if there are no competitive tournaments in play. To cater to streamers (players) and
fans, specialized broadcasters like Loco have emerged. Globally, gaming industry
revenue is nearly equivalent to that of television and comfortably exceeds the film
and music industries.
Build in India, scale globally
The common thread among the companies we hosted is their desire to scale up
internationally after validating their business models in India. The Indian market has
challenges like low perceived willingness among consumers to pay and play and lack
of judicial and regulatory support. We believe that successful upscaling both in India
and in their global market forays would depend on:
 The ability of gaming companies to popularize and mainstream mobile gaming
among Indians overcoming often stated critique of screen addiction and
gambling. Engagement with government would help.
 Adapting to the realities of the respective markets and localization.
 Willingness to continuously invest in game features, tournaments (including prize
monies) and build highly interested and engaged communities.
In India, gaming forms ~5% of the media and entertainment industry (2020). But it’s
growing very fast and catching up with larger traditional media like print.
Nodwin:
Founded in 2014, Nodwin is building an esports ecosystem in India, South Asia,
Middle East and Sub-Saharan Africa by creating IPs, content and conducting
tournaments in partnership with global tournament operators like ESL and Activision,
Valve, Krafton and Tencent. It monetises from media rights, brand sponsorships,
merchandising, ticketing and offline events. Nodwin is betting big on the acceptance
of hard-core and mid-core games among Indians and believes that the global
mainstreaming of esports (e.g. medal events in the 2022 Asian games) will be a key
tailwind. It is also expanding into South Asia, Middle East and Africa, replicating its
success in India.

Loco:
Since PocketAces creates content IPs across platforms, the founders learnt early that
some content verticals require a dedicated platform. India had none as the largest
player, YouTube, was a horizontal broadcaster. Hence Loco was incubated in
PocketAces and recently spun off separately. It is looking to build a community of
gamers comprising streamers and viewers with specialized interactivity features like
one-click integration for streamers and engagement tools for viewers like virtual
gifting, exclusive chats and in-stream quizzes. It expects to monetise through a mix of
advertising and transactions.
Mobile Premier League (“MPL”):
MPL was founded in 2018 by serial entrepreneurs, Sai S and Shubham M, who
previously worked at established gaming companies like Zynga. Its integrated gaming
‘Super App’ offers >70 unique games across four categories (Casual Games, Poker,
Rummy and Fantasy) on a single mobile app to more than 5mn Cash Playing Monthly
Active Users (“CPMAUs’). MPL rides on the wave of gamers’ increasing willingness to
wager small amounts of money (<`10/transaction) to participate in competitive Paid
Competitions for cash prizes. MPL has ambitions to expand globally and to become
the preferred global arena for paid competitions and is currently operational in India,
Indonesia and the USA.
Gaming & Nodwin  Krafton (publisher of BGMI and PUBG) is a shareholder in Nodwin. It also owns marquee esports IP like Nodwin India
E-sports Gaming Premiership, where it partners with ESL, global leader in esports.
 Nodwin doesn’t have exclusive rights to organize events for popular esports but its events have the highest prize
money in India as it has created strong content and format IPs like ESL India and Esports Mania driving larger
audience helping to draw marquee sponsors like Viacom18 and Airtel for its events
 Setting up own platform is very capital intensive (~US$500mn estimate) and hence, Nodwin isn’t planning to change
strategy and will be doubling down on partnerships with gaming viewing platforms. It is profitable with 10.1% EBITDA
margin in FY21.
Loco  It believes a focused platform can provide specialized features for content creators (game streamers) and viewers.
Further boost for the business came when Chinese competitors were banned in India in 2019.
 Loco works with multiple game publishers like Activision, Supercell, Krafton (strategic shareholder), Garena etc, and
esports IP owners like Nodwin, the most popularly streamed game on its platform is BGMI, which accounts for 70% of
Indian esports consumption.
 Loco presently has 30k gamers on its platform and hopes to scale up the same to ~200k by enabling one-click
integration for streaming.
Mobile Premier  MPL is Asia's largest paid competitions platform. Its integrated platform approach aggregates content and player
League liquidity, allowing it to drive superior engagement and retention rates relative to its peers
 Its ML-led matchmaking engine enables it to organize ~500mn tournaments monthly, matching players (~5mn cash
paying MAUs) of similar skill levels against each other in real time and charges an average platform cut of ~10%.
 MPL is also looking to add new 3rd party games to its platform, which would have a larger revenue opportunity
despite lower gross margins. MPL believes that the potential of the paid competition market globally is US$40-50bn
including US$7-10bn in India.

B2B E-commerce
Zetwerk:
Founded in 2018, Zetwerk has rapidly scaled up as it solved a complex market
problem - reliable delivery of high mix, low volume products. Its custom built digital
manufacturing platform helps customers (mostly large enterprises) convert their
digital designs into physical products. Zetwerk is able to tap abundantly available and
fragmented supply across manufacturing processes like metal fabrication, CNC
machining and die casting. It carries out an extensive technical due diligence of the
entrepreneur running the SMB and carves out orders to multiple SMBs to ensure
reliable delivery. As SMBs become familiar with Zetwerk’s system and meet its
delivery standards, Zetwerk’s engagement increases. It is also providing SMBs
benefits of scale like volume discounts on raw material sourcing. It sees a long-
runway for growth as global companies retool their supply chains to ‘China+1’ and is
expanding internationally both in terms of customers and manufacturing locations.
ElasticRun
It was founded in 2016 by Sandeep Deshmukh, Shitiz Bansal and Saurabh Nigam.
ElasticRun is an eB2B platform enabling brands to reach kirana stores located in rural
India through its online platform (bundles ordering, processing, payment, brand &
store aggregation, data analytics, etc). While FMCG companies are incrementally
targeting rural markets by introducing rural relevant products, distribution
infrastructure has been impeding growth. ElasticRun is trying to solve the problem
with an asset light model by partnering with local entrepreneurs to fulfill logistic
requirements. It has tied up with more than 250k kirana outlets and on-boarded
100+ brands including top FMCG firms. ElasticRun differentiates from competition by
ensuring its distribution does not lead to channel conflict for FMCG companies.

B2B E-
Zetwerk  It is a managed marketplace solution for manufacturing and runs an asset-light model that enables mid-to-large
commerce enterprises to convert their digital designs into physical products.
 Majority of Zetwerk’s manufacturing is India based due to low cost of labour and high quality, in certain areas like
aerospace and non-steel material, it also has a supply base in Vietnam for critical industrial components and apparel.
 Zetwerk has been successful in attracting several US manufacturers which had a base in China. It has 100+ clients in the
US and is planning to expand further internationally whilst manufacturing in India. It always has operated with positive unit
economics and has turned EBITDA positive in the recent past.
ElasticRun  It enables brands to reach kirana stores located in rural India through its online platform. It has an asset light model and
partners with local entrepreneurs to fulfill logistic requirements.
 The company operates in 300+ cities in nearly all Indian states, has tied up with more than 250k kirana outlets and on-
boarded 100+ brands including top FMCG firms.
 It is looking to exceed GMV of USD1bn by end of this FY22 and USD10bn by FY26E. The company is current operationally
profitable and aspires to be net profitable by end of FY22.

FoodTech
Exhibit 69: India food delivery market is nascent vs US/ Exhibit 70: Platform to consumer growth continues to
China but has strong growth prospects outpace restaurants in online delivery
Food Delivery Size (USD bn) Food delivery orders (mn) Platform to Consumer (USD bn)
20 Restaurant to Consumer (USD bn)
120 600
100 500
15
80 400 9.7
60 300 10
4.8
40 200
5 0.3
8.4
20 100 5.4
4.4
- - 0
India US China 2016 2020 2025P
Source: Ambit Capital research, Zomato RHP Source: Ambit Capital research, Burger King Prospectus
Exhibit 71: Peers overview in cloud kitchens

Brand Total Funding Employee
Peers Investors
Count ($mn) Count
Curefoods 10 13* 250-500 Iron Pillar, Nordstar Partners
Qatar Investment Authority, Coatue, Alteria Capital, Goldman Sachs, Lightbox,
Rebel Foods 10 517 5000-10000
Sequoia Capital India, InnoVen Capital
Freshmenu 1 26 500-1000 Lightspeed India Partners, InnoVen Capital, Brand Capital and Zodius Capital
Source: Company website, Crunchbase, VCCEdge, Ambit Capital research; *USD-INR rate of 74
Exhibit 72: Cure Foods: Average order value from cloud Exhibit 73: Cure Foods: Own channels contribute ~30% of
kitchens and restaurants (targeted) revenue with rest from aggregators
600 Average Order Value (`) Sales Breakup - By Channel (%)

500
500
Own
400 Channel,
350
315 30%
300
200
100
0 Aggregator
s, 70%
Current AOV Targeted AOV Restaurant AOV
(Tgt)
Source: Company, Ambit Capital research Source: Company, Ambit Capital research
Exhibit 74: CureFoods Funding details

Funding Amount Raised
Date Investors
Round (USDmn)
Iron Pillar Capital Mgmt, Nordstar Partners Ltd, Adil Alana,
Aug-21 Series A 13
Binny Bansal, Kunal Shah, Lydia Jett, Rashmi Kwatra

Cure Foods
Cure Foods is a cloud kitchen company which started its operations in 2020 after
spinning off the EatFit brand from CultFit. Curefoods is designed to be a cloud
kitchen aggregator with focus on acquiring and operating a wide range of brands
across multiple cuisines. Curefoods focuses on acquisition of profitable, online-
focused food brands across a wide range of cuisines. It focuses on acquiring top 3-4
brands in every location it operates in and build a portfolio around these brands.
Curefoods currently owns brands across different cuisines such as EatFit (anchor
brand of the portfolio), Aligarh House, Yumlane and Masalabox. It currently has 10
brands on its platform and has further signed 15 more LOIs, with plans of taking the
count to 25 by 2021-end. While expanding to new locations, Cure Foods typically
starts with an 800-1000 sq. ft. kitchen and places their top brands there and scales it
up as it gains traction.

FoodTech Cure Foods  Curefoods started its operations in 2020 after spinning off the EatFit brand from CultFit. It is designed to be a cloud
kitchen aggregator with focus on acquiring and operating a wide range of brands across multiple cuisines.
 Currently, 30% of revenue comes from own channels with the rest coming from other aggregators and targets to
generate about 80% of traffic on its own websites/app and engage customers better.
 It is currently present across 8 cities and operates about 75 brand kitchens and plans to take this count to 200+
brand kitchens by end of CY22E. On average, a 1000 sq. ft. kitchen can generate about `5mn in revenue per month
and deliver an EBITDA margin of ~10%

Agri-Tech
Exhibit 76: Agri GVA (constant prices) grew at 4% Exhibit 77: Agri-Tech opportunity is huge
170,000
CAGR 4% 20,401
19,686
18,871
18,400
24,000
204
FY18 FY19 FY20 FY21 Total market Addressable market Current market size
opportunity (US$ (US$ mn) of Agritech (US$
Agriculture GVA (Rs bn)
mn) mn)
Source: RBI, Ambit Capital research Source: EY, Ambit Capital research
Exhibit 78: PE/VC investments rushing in to capture the Exhibit 79: Potential market across segment (US$mn)
market
CAGR 53% 329

12
Agri-Tech market segment
296
potential (USD bn)
219
4.1 3.4 3
1.7
91
and output market
Market Linkages -
management and
Financial Services
farm management
Supply chain tech
Agriculture and
for farming
community
farmoutput
traceability
Precision
Quality
linkage
2017 2018 2019 2020

(US$ mn)
Source: IBEF, Ambit Capital research Source: EY, Ambit Capital research
Exhibit 80: Multiple business models at play*
Source: Praxis, Ambit Capital research, *Note: Gramophone is also present in Marketplace & e-distributor and Farmer Advisory segment

Exhibit 81: Competition overview

Particulars Gramophone Ninjacart Way Cool Dehaat Bijak
Provider of end-to end Online B2B
Online platform providing Offers supply chain &
E-distributor of farm farming services marketplace to trade
Business model farm input products and trading platform for
Products. to the farming agriculture
information to the farmers vegetables and fruits
Communities. commodities
Founding date 2016 2015 2015 2019 2019
Employees (2020) 247 2,569 1,016 452 162
Total funding raised (US$mn) 21.5 222 99.4 162 14.8
Source: Company, Tracxn, Ambit capital research. Note- Total Funding = Total Disclosed Equity Funding (Pre-exit)
Exhibit 82: Funding data for Bijak

Amount raised Valuation
Date Investors
(US$ mn) (US$ mn)
Oct-19 2.6 - Surge, Omidyar Network India, Omnivore,
RTP Global, Omnivore, Omidyar Network India, Sequoia
Mar-20 12.2 -
Capital India's Surge, and Better Capital
Source: Tracxn, Company, Ambit Capital research
Bijak
Bijak is a B2B platform for agricultural commodity trading that gives buyers and
sellers better prices, increased working capital, and optimized logistics. It was
founded in Apr-19 by Nikhil Tripathi, Manish Jakhotia and Nukul Upadhye. Apps like
Bijak help the user access buyers and sellers that are beyond the state that the user
operates in. Once the transaction takes place, Bijak records the data. Using AI, it is
able to pre-empt demand which helps them in making recommendations to the
buyers and suppliers using the app. Most of Bijak’s users tend to be buyers and
sellers of semi-perishable goods such as potato, onion and tomatoes. It also
facilitates provision of credit to its users primarily for working capital needs and
charges a commission from the lending partners.
Gramophone
Gramophone was founded in 2016 by Mr. Tauseef Khan and Mr. Nishant Vats. It is a
data-driven full-stack technology platform that makes farming intelligent and
empowers farmers to enhance their income. Gramophone has established itself as a
complete farm management solution provider right from soil-testing to post-harvest
management through its proprietary agronomy platform and e-commerce channel. It
is gradually scaling up its presence in Rajasthan, Chhattisgarh and Maharashtra after
having initiated operations in Madhya Pradesh. It also plans to enter into farm credit
management and crop insurance in the future, thereby marking its presence in the
whole agriculture eco-system.
AgriTech Bijak
 Bijak deals with agriculture value chain’s 3 major issues (i) Lack of information; (ii) Limited access to technology; and (iii)
Limited access to credit. It is spread across 27 states/UTand help in better discovery of suppliers and buyers for its users.
 Bijak app records ~9,000 tonnes of agriculture commodity transaction on a daily basis with 30k+ buyers and sellers on
the app and deals in 110+ commodities. Most users are mandi aggregators with farmers forming less than 15% of user
base
 Procurement of agri-commodities using Bijak app in 1QFY22 was to the tune of USD500mn. For first time users, Bijak
charges a commission of 4-5%, users who regularly trade using Bijak are charged 0.5-1.5%. Fruits and vegetables is a
major commodity segment with ~40% of the overall mix.
 Gramophone connects more than 100 districts on its platform. There are nearly ` 3bn of farm produce listed on the
Gramophone Gram Vyapaar. Apart from facilitating trading between farmers and buyers, Gramophone also buys produce directly from
farmers against the demand of food processors.
 Gramophone has more than 1.2 million farmers on its platform (10% market share in Madhya Pradesh) out of which 10-
15% farmers are commercially connected with the company.
 Key growth levers are increasing digital penetration (50% in next 18 months), customer’s wallet share, retention rates,
geographical footprints and harvest management. These would aid in revenue growth from an average of ` 45mn/month
revenue in FY21 to ` 250mn/month by the end of FY22E. Current AOV is at `3.8k/customer

Turtlemint UNLISTED
Digital hues to a traditional business
We hosted cofounder Mr. Dhirendra Mahyavanshi and CFO Mr. Badri
Quick Insight
Sanjeevi. Mr. Mahyavanshi has 19 years of experience in insurance with 9+
Analysis
years in InsurTech (6 of which were at Turtlemint). Turtlemint is an insurance
platform for distribution of insurance, founded in the year 2015. With 60% of Meeting Note 
the distribution happening through advisors, the company launched News Impact
‘MintPro’ to offer customer education, recommendation, real-time policy
issuance, policy management and claims management. Another ~35% of the
market (primarily Banca and Direct channel) is being addressed by its SaaS
offering (Turtlefin). The company expects to touch a premium run-rate of
USD1bn+ by 2025 (~4x of current run rate) and enrol 500k advisors on the
platform (~4x from 120K currently). Of the advisors on the platform,
currently 15-20k are full-time advisors contributing 70-75% of the business
and are expected to reach 70k by FY25.
Key takeaways:
Creating content-led technology platform for insurance distribution
Turtlemint is the largest insurance distribution platform in India. The three key growth
engines for the company are: (i) Distribution network of financial advisors; (ii)
Proprietary content distributed via advisors for lead generation; and (iii) API layer for
large banks/fintechs. The company has 2 product offerings: (i) MintPro – Enables
advisors access to content for lead generation and products for conversion/policy
management; and (ii) Turtlefin – SaaS based API assurance product that enables
better control of product distribution for banks/fintechs. With regulations enforcing
open architecture (sale of multiple distribution products through Banca channel),
need to manage sales through multiple channels is leading to demand for products
like Turtlefin. Currently 10 banks and 3-4 fintechs use the SaaS offering, generating
USD30mn premium run-rate.
Strong distribution network to aid in greater penetration
The company currently has 120k agents on its platform covering ~74% of the
country’s pincodes and generates 60% of premium outside of Top-30 cities. Financial
advisors on the platform are typically in the age group of 35-40 years with 1-2 years’
experience in insurance industry. The company expects to touch 500K agents by
2025.
Enabling value-based decision making over price-based comparison
With product sales being influenced by advisors, the company expects better product-
requirement fit from customers’ perspective compared to primarily price-based
comparison approach of other online aggregators. According to the management,
this essentially mitigates mis-selling of products and also is favourable for insurers
that have higher value-add or better claims ratio etc. Improving earnings, ability to
sell multiple brands and multiple products are the key value propositions of the
platform to attract and retain agents. Agent churn is higher in Year 1 but post that
stickiness of agents would be around 80% and agents typically have a payback period
of less than a year. The platform enables agents to distribute all insurance products
except ULIPs.
Highly scalable platform with limited cash burn
The company has invested USD35mn on Turtlemint platforms till date. It currently has Research Analysts
revenue run-rate of USD60mn and premium run-rate of USD240mn, which is Ashwin Mehta, CFA
expected to reach USD350mn by 4QFY22E. Currently, 35% of the business is from ashwin.mehta@ambit.co
life & health and 65% from motor insurance premia. Motor insurance further consists Tel: +91 22 6623 3295
of 12-15% 2W insurance, 35-40% PV and the rest (~10%) CV. It expects to reach Vamshi Krishna Utterker
USD1bn premium by FY25E with 500k agents on the platform. vamshikrishna.utterker@ambit.co
Tel: +91 22 6623 3047

Plum Insurance UNLISTED

Taking group health insurance to all
Quick Insight
We hosted Mr. Abhishek Poddar, co-founder of Plum, at our conference. Plum
is an Insurtech start-up that leverages technology to provide group health
Analysis
insurance solutions to SMEs and start-ups that are not serviced by
established players. Employer provided insurance is the largest segment in Meeting Note 
health insurance but has also seen the least innovation. Plum hopes to News Impact
emerge as a leader by providing hassle free and less expensive solutions. It
has grown ~100% QoQ, clocks USD1m+ monthly premiums and onboarded
1,000+ companies (~80% via referrals). NPS at 79 is well ahead of -50 to 50
range for industry and it hopes to grow from 20,000 lives covered in 2020 to
200,000 lives by 2021-end and 10m lives by 2025. Longer term, it aspires to
be the default healthcare app for customers by adding services such as
wellness, health check-ups, online consultations etc. on its platform.
Key takeaways
Focusing on underserved SMEs and start-ups segments
Plum is an insurtech start-up that leverages technology to provide group health
insurance solutions, especially to SMEs and start-ups that are not serviced by
traditional, established players. Plum believes that sharply rising healthcare cost
makes health insurance a necessity in India and penetration could increase to 80-
100% by 2030 from ~20% currently. Group health coverage provided by employers
is likely to be the largest segment but has also seen the least innovation and the
company hopes to emerge as a leader by leveraging technology to provide a hassle
free and less expensive solution for its clients.
Leveraging a much smoother customer experience to gain share
Plum has leveraged technology to make group employee insurance more accessible
(even to companies with two employees), transparent and affordable (as low as `85
per employee per month) and convenient to use for both employers and employees.
It uses a lot of data driven underwriting, fraud checks and adverse selections to offer
pricing that is one third of that available in the market. It claims to have reduced the
purchase process from 60 days to 60 seconds by integrating with insurance
companies for eKYC, pricing and health ID issuance and made the administration
process error free through API integration with insurance partners. It has also
reduced the claims process to under five minutes by moving the entire process online.
Scaled up rapidly in a short time, sees healthy growth ahead
Plum has been growing at ~100% QoQ and is clocking monthly insurance premiums
in excess of USD1mn. It has onboarded over 1,000 companies, ranging from very
small companies with under 10 employees to larger start-ups, with ~80% of
customers coming in via referrals from other customers who have experienced the
differentiated process and claims experience. The company claims to have an NPS of
79 (vs. -50 to 50 for the industry) and hopes to grow from ~20k lives covered in
CY20 to ~200k lives by end CY21 and ~10mn lives by 2025.
Longer-term plan: End-to-end healthcare service provider
Plum considers what they are building now as a distribution framework on which they
can add on many more services over time with the objective to make themselves the
default healthcare app for their customers. Overall spend on healthcare is 4-5x of
health insurance spend and the company is targeting this larger pie over time. This
could include services such as wellness, health check-ups, doctor consultations etc. in Research Analysts
addition to health insurance at the time of hospitalization. Over the next five years,
Prashant Nair, CFA
these could be much larger revenue drivers than insurance for the business.
prashant.nair@ambit.co
Tel: +91 22 6623 3171
Ashwin Mehta, CFA
ashwin.mehta@ambit.co
Tel: +91 22 6623 3295

Pristyn Care UNLISTED

Asset light play on secondary care surgeries
Quick Insight
We hosted Mr. Prabhat Agarwal, CFO at Pristyn Care at our Internet & New
Age Business conference. Pristyn Care is India’s largest full stack asset light
Analysis
surgery provider. While primarily focused on secondary care surgeries
currently, it aspires to evolve into a comprehensive accountable care Meeting Note 
organization to become a one-stop shop for everything healthcare related News Impact
that a patient would need. The business has scaled up rapidly since it was
founded in 2018, in terms of network (40+cities, 150+clinics, 500+ partner
hospitals) as well as business (28x monthly surgeries, 40x revenues in last 30
months) and management has a ~USD1bn+ revenue target by FY27. Ability
to solve challenges faced by various stakeholders viz. patients (smooth end
to end experience, quality care), hospitals (occupancy of surgical
infrastructure) and doctors (aid patient acquisition) positions it well to gain
share in a fragmented healthcare market.
Key Takeaways:
Unique, asset-light play on secondary care surgical services
Pristyn Care is a surgery focused health-tech company and rents excessive operation
theatre capacity and surgical infrastructure of a hospital to perform surgeries for its
patients via Pristyn care’s own surgeons. The company partners with small and mid-
sized hospitals to use the latter’s operating theatre capacity and surgical
infrastructure and provide elective surgical services to patients. It is present in ~40
cities with over 150 clinics, close to 200 full time doctors and tie-ups with over 500
hospitals. It attempts to leverage technology to solve key challenges faced by different
stakeholders viz. hospitals, patients, doctors. in the healthcare ecosystem.
Solving key challenges faced by patients, doctors and hospitals
While Pristyn is primarily focused on the patient’s journey, it also solves some of the
key challenges faced by small-mid-sized hospitals as well as doctors. For the patient,
Pristyn provides end-to-end support i.e. not just the surgery but also a smooth
experience including cab pick up & drop, seamless hospital admissions, paperwork
and approvals etc. At the same time, it helps partner hospitals by aiding the process
of raising occupancy levels and allows doctors to focus on clinical outcomes and
continuous learning by helping with patient acquisition through its digital platform.
Scaled up rapidly in a short period of time, sees healthy growth ahead
Pristyn Care was founded in 2018 and has ramped up to have operations in over 40
cities in a short period of time. The management believes it has 0.2% market share in
surgeries currently (FY22 exit rate), having clocked 28x growth in surgeries over the
last 30 months that has, in turn, translated into 40x growth in revenues over the
same time frame. The target is to hit 100,000 monthly surgeries by FY27, translating
into 1.4% market share and ~USD1bn+ revenues. Contribution margins have
trended in the 25-27% range after factoring in customer acquisition cost and the
management is hopeful of maintaining this range in future as well.
Longer term plan: comprehensive Accountable Care Organization
Over time, Pristyn plans to expand into adjacent areas and emerge as a
comprehensive Accountable Care Organization i.e. be a one-stop shop across the
entire patient journey including consultations, diagnostics, medicines and even
tertiary care services. More than demand and availability of beds / doctors, the
management sees aligning infrastructure and services with Pristyn’s quality standards Research Analysts
as the biggest challenge to growth over the medium to long term.
Prashant Nair, CFA
prashant.nair@ambit.co
Tel: +91 22 6623 3171
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Spinny UNLISTED
Disrupting the Indian used car market
We hosted Mr. Niraj Singh, co-founder and CEO of Spinny, a full stack online
Quick Insight
user car retailer. The company shared its outlook for the ~USD30bn domestic
used car industry in India and growth potential for Spinny. According to Mr. Analysis
Singh, ~96% of used car buyers in India are dissatisfied with the experience Meeting Note 
given lack of trust and accountability. Spinny aims to disrupt the industry News Impact
with full control of user experience led by its full stack approach from
procurement and refurbishment to sale. Owing to its unique business model,
Spinny delivers AOV of `500k, ~2x of other used car peers. To facilitate sales,
the company typically maintains ~45 days of used car inventory on its books.
Spinny expects the domestic used car market to grow to ~USD55bn by CY25,
implying >15% CAGR. It aims to retail ~5.5k cars per month by Mar-22, >2x
present run rate, led by increased distribution and higher scale.
Key takeaways
Used car market growing rapidly, but fragmented and ripe for disruption
The domestic used car market is ~USD30bn and Spinny expects it to touch
~USD55bn by CY25 and /~USD100bn over the next eight years. This translates into
>15% industry CAGR, indicating superior growth outlook for used car retailers having
a technological edge. The industry is ripe for consolidation, with market share of
largest domestic used car franchise dealer at just ~2.2%. Also, ~96% of consumers
are dissatisfied with the present used car buying experience due to lack of trust,
transparency and accountability. These characteristics provide scope for players who
can control the whole buying experience to disrupt the fragmented market and grow
faster vs industry.
Full stack model enables players to provide enhanced user experience
Different business models like C2B, B2C, B2B and C2C exist in the domestic used car
market. Spinny initially was also operating through a C2C managed market model.
However, this resulted in poor car buying/selling experience for customers as per the
management given lack of transparency, quality and accountability. Hence, while it
continued to sell only to retail customers, it pivoted to a full stack business model,
providing an enhanced customer experience. Now, Spinny procures cars post 200
point rigorous quality check and refurbishes the cars in-house. It provides fixed price
assurance, doorstep delivery and buyback offers, improving trust and convenience. To
facilitate sales it does need to keep a ~45 day used car inventory.
Scalable business model with unit economics set to improve with rising scale
Aspirational gross margin for the company is 17-18%, at which contribution margin 1
(CM1) would stand at 10-10.5%. The company accounts for all transaction costs like
call center, manpower, logistics, insurance renewal etc. to arrive at CM1.
Refurbishment cost is ~3%. In addition, Spinny expects cost of customer acquisition
(CAC) to be limited to 1.2-1.3% in the long run as brand awareness improves, which
would result in CM2 of ~9%. Thus, management expects long-term EBITDAM of
~7.5% post accounting for corporate overheads. Spinny has AOV of ~`500k, almost
double vs peers led by focus on quality, transparency and accountability, coupled with
engagements only with retail customers (not dealers).
Footprint expansion and capacity additions to drive strong growth
Spinny has grown ~25x in the last 2.5 years, with 2.5k cars per month being retailed Research Analysts
currently vs 90-100 cars in Apr-19. Demand momentum continues to be strong with Ashwin Mehta, CFA
the only bottleneck to growth being additional capacity for warehousing, ashwin.mehta@ambit.co
reconditioning, insurance etc. which is being currently undertaken. It is expanding its Tel: +91 22 6623 3295
footprint through the hub and spoke model to penetrate deeper into tier-2/3 cities. It Karan Kokane, CFA
is also set to launch a new premium used car offerings “Spinny max” which will karan.kokane@ambit.co
further add to its AOVs. The company is looking to retail 5.5k cars p.m. by Mar-22. Tel: +91 22 6623 3028

GoMechanic UNLISTED
Finding its sweet spot
We hosted Mr. Abhishek Menon, Sr. VP, strategy & corporate development,
Quick Insight
at GoMechanic (GM), India’s leading network of technology enabled multi
brand workshops. With car servicing at authorized service centers being Analysis
expensive for most car owners, GM aims to provide high quality servicing at Meeting Note 
relatively low cost through its network of 600+ workshops. Also, GM supplies News Impact
genuine parts to local workshops as ~80% of servicing requirements pertain
to genuine spare availability. Through its business model, GM is able to add
value to not only the customers by providing low cost servicing, but also to
the workshops, by improving utilization. GM has strong growth visibility led
by growing its distribution footprint to 90+cities (vs 60 now), rising share of
private label spare parts and addition of new local workshops. This it expects
to lead to 15x/2x jump in GSV/take rate by FY26.
Key takeaways
Focusing on addressing key aftermarket pain points to drive growth
The domestic auto aftermarket challenges are twofold: 1) servicing challenges and 2)
spare parts & accessory availability challenges. On the services front, there is systemic
oversupply of unorganized small workshops, which results in utilization of just 15-
20%, amidst volatile footfalls. On the parts front, lack of timely access to genuine
spares parts, given limited demand prediction and supply chain linkages leads to lack
of price uniformity for spares. This is further aggravated by ~80% of servicing &
repair consisting of spare parts requirement itself. GM aims to address both
challenges simultaneously by bringing unorganized workshops into its fold.
Value addition for entire ecosystem through quality servicing at lower prices
Cost of servicing at auto OEMs’ authorized service centers is relatively high. Hence, in
a price sensitive market like India, bulk of the car owners are looking for cheaper
alternatives to service their cars post couple of years of ownership. However, lack of
transparency and consistency in servicing quality at local workshops is the key hurdle
for greater adoption. GM not only ensures quality servicing for customers, but also
offers lower price points vs authorized service centers. Partner workshops benefit from
higher utilization given demand leads generated by GM, access to genuine spare
parts and demand forecasting, leading to optimized inventory. GM gets commissions
for lead-gen and also on supply of spare parts to workshops.
Scalable model with visibility for further improvement in unit economics
Workshops on the platform have grown ~5x to 600+ in past two years and are
expected to cross >2k workshops by FY26. GM is also increasing its footprint to 90+
cities by FY26E (vs 60 presently), through increased distribution network. Moreover, it
is focused on increasing share of private label parts within overall spares portfolio,
which would be a key driver for improving business take rate from ~25% presently to
~45% by FY26E, given higher margin on private label spares. Thus, with increase in
workshops and footprint leading to gross sales value (GSV) rising from ~USD100mn
to ~USD1.5bn by FY26E, coupled with almost doubling of take rate, GM has visibility
for sharp improvement in overall business unit economics ahead.
Entry into newer growth verticals provides optionality for further growth
Apart from servicing leads and sale of spare parts, GM is also betting on cross sale of
insurance products for car owners to further fuel its growth. The company is servicing
~50k cars across its 600+ workshops and is thus looking to capitalize from the data
generated to sell appropriate insurance products to its customers. It is also engaged Research Analysts
in educating customers about insurance benefits and is currently working with three Ashwin Mehta, CFA
insurance companies to roll out an insurance product soon. If successful, this should ashwin.mehta@ambit.co
further add to the growth potential of the company ahead. Tel: +91 22 6623 3295
Karan Kokane, CFA
karan.kokane@ambit.co
Tel: +91 22 6623 3028

UpGrad UNLISTED
Targeting lifetime learning opportunity
We hosted Mr. Gaurav Kumar, Head of Corporate development, M&A and
Quick Insight
Strategy at UpGrad. UpGrad is South Asia’s largest higher education
Analysis
platform, established in 2015 with initial focus on upskilling and eventually
enhanced its offerings with certificate, diploma, undergrad and master’s Meeting Note 
courses. The company’s offerings across users’ learning curve provide strong News Impact
network effects, aiding in greater mindshare and promoting stickiness on the
platform. The company’s vision is to add meaningful value to a user’s
career/learning journey. To this end the company has augmented its
offerings through inorganic route to address whitespaces. This has helped
the company reach ~2x the scale of its nearest competitor in Higher
EdTech/upskilling space. It remains optimistic on the growth in EdTech.
Key takeaways:
Curated content across age groups promoting network effects
The company offers courses typically with 6-24 month duration, with 85+ courses
offered and presence in India, US, UK and Singapore. The company offers programs
across age groups: (i) Courses targeted for college students in 18-21 age group; (ii)
Degree/undergrad/postgrad aimed at the 21-28 age group; (iii) Upskilling/Test prep
programs aimed at 25-45 age group. The platform currently has 60-70k+ active
learners who typically spend 12 months on a course with a fee of USD3.5-4k. 80% of
the learners on the platform are from organic channels, of which ~43% of overall
learners were either repeat/referred on the platform. It indicated that learners have
completion rate of 90%+ on the platform.
Expects further consolidation and stronger tie-up between global peers
The company expects further consolidation in the sector and sees increased global
interlinkages between players in India, US, and rest of the world. It indicated that
some of its deals/partnerships underway globally would come to fruition over the
period of 3-6 months and has made 6 acquisitions over past 2 quarters. While, it is
not present in K-12 segment, it indicated that foray into this space is possible but
timeline is uncertain.
Greater control over content aiding in higher realizations
In addition to Indian universities, the company currently has partnerships with 6
universities in the US and plans to add 20 partnerships with most of them being
among top-25 universities. ~75% of the fees collected from a course is retained by
upGrad and the rest is shared with universities. This compares to ~50% take rate vis-
à-vis most of the competitors. Higher share is primarily due to upGrad owning IP and
designing & developing majority of the curriculum in-house. Typical breakeven period
for a course would be 12-18 months. While business remains predominantly B2C,
B2B segment launched 3 quarters ago has been seeing good traction and is expected
to grow at 500-700%, albeit on a smaller base, reaching INR400-500mn monthly
run-rate over next 3-4 quarters. It acquired KnowledgeHut (short duration, low ARPU
business). It also owns a university now as part of its expansion plans.
Secular tailwinds and higher stickiness aiding in healthy unit economics
The company’s revenue is currently at USD250mn ARR and expects to reach
USD350mn ARR by Mar-22 (350% growth YoY). The business has ~70% gross margin
Research Analysts
with university royalties being among the largest cost components while scale has
aided in lowering delivery costs. It indicated that its CAC was not material on overall Ashwin Mehta, CFA
portfolio basis (newly launched courses would have higher CAC). The company Tel: +91 22 6623 3295
aspires to grow at 100-120% growth with breakeven being achieved in the next few
quarters. Vamshi Krishna Utterker
Tel: +91 22 6623 3047

Exhibit 84: Increasing inorganic moves to address whitespaces

Renamed
Acquired company Business Objectives and synergies
as
The Gate Academy

Upgrad
Largest GATE coaching academy
 16mn students and TAM of USD8bn of which ~1-2% is online
Jeet  Had 1k enrolments in first month (Sep-21)
Rekrut India Upgrad Rekrut Recruitment company
 To help learners achieve their career outcomes
 265% increase in career transitions in 1Q and ~300% in 2Q
Impartus Upgrad Campus University SaaS platform
 Works with 270+ colleges and universities in India
 Building a product focused at campus grads (~41mn students)
 A third of revenue each from India/US/ROW
Knowledge Knowledge
Short term skilling provider  Programs are more short-term and have lower ARPU and is complementary
Hut Hut to Upgrad’s current offerings
 Primarily for user acquisition and upsell opportunity

Rapido UNLISTED
Ride sharing for NHB users
Quick Insight
Rapido’s co-founder and CEO Mr. Aravind Sanka expects 2W ride-sharing in
India to pick up across markets. Bike taxis are more popular in Analysis
Indonesia/Vietnam/Thailand/Africa while cabs are more popular in
US/China/Russia. Rapido is the largest bike taxi app in India (2.5x that of Meeting Note 
closest competitor) and has crossed 100mn rides with presence across 100+ News Impact
cities. Guwahati, Patna and Vijayawada are larger markets within tier-2
while Bangalore and Hyderabad are the larger one within metros. Rapido’s
subscription product (power pass) has seen decent adoption (~25% of users)
and has also aided in driving higher ride frequency. The management
indicated that power pass users’ have ~3x the ride frequency of normal uses
(4-5 rides/month). Currently, the company is focused on expanding
operations to newer cities (Mumbai, Pune, Delhi etc).
Key takeaways
Convenience and affordability of first-mile/last-mile to drive penetration
While cabs have been used for office/leisure commute, Rapido’s platform is generally
used by daily commuters to school/college or for first/last-mile transportation. Rapido
is primarily a two-wheeler ride-sharing platform (63% of GMV) and also offers: a)
On-demand logistics by partnering with Swiggy/Zomato or grocery companies like Jio
Mart (16% of GMV) and b) Auto rickshaw ride hailing (21% of GMV). The platform
has reached 8mn monthly transactions with ~13mn cumulative transacting users
over the past 2 years. The company has 250k monthly active captains (drivers) and
has onboarded 500k+ drivers over past 6 months (similar to cumulative scale of
Uber+Ola over past 10 years). The scale has been achieved primarily by leveraging
technology with ~90% of on-boarding done remotely and ~75% within 2 hours. In
addition, to ensure safety of customers, the company restricts drivers from exceeding
a particular speed limit on the platform.
Recovery to pre-Covid levels aided by shift away from public transport
The platform has scaled up from <3k orders/day in Apr-18 to 350k+ orders/day pre-
Covid (Feb-20). The company indicated that the business recovered to pre-Covid
levels in Sep-21. This has been driven by shift away from public transport modes
despite recovery in primary customer segment (office/college commuters) still
lagging. With further recovery, it expects doubling of daily rides by Dec-21.
Embracing EV to enhance rider partners’ earnings
The management indicated that drivers typically travel for 120km per day and most
use their existing vehicles. Hence, switching costs are higher. However, with tie-ups
with fleet operators, it intends to provide EVs to drivers that currently don’t own a
vehicle. Currently, the platform has 500 EVs and the company believes that drivers
could enhance earnings by up to 25% driven by `4-5k/month fuel cost savings.
Significant scale achieved despite limited cash burn
The company indicated that it had achieved significant scale despite just USD15mn
spend on marketing aided by ~70% of user traffic on the platform being organic and
50%+ users being first-time ridesharing users. The management indicated that ~85%
of transactions are from repeat users on the platform. The company indicated that
average ride distance on the platform was 5-6km and is priced at `9-10/km and
expects it to settle at `11-12/km over next 2 years. The platform has ~20% take rate
in B2C (bike taxi) on an average ticket size of `55 and 7% on the B2B business with Research Analysts
average ticket size of `45. Currently, the platform has GMV ARR of USD100mn and it
Ashwin Mehta, CFA
expects to reach USD2.5bn over the next 5 years. ashwin.mehta@ambit.co
Tel: +91 22 6623 3295
Tel: +91 22 6623 3047

LogiNext UNLISTED
Leveraging enterprise logistics SaaS opportunity
LogiNext Founder & CEO, Mr. Dhruvil Sanghvi, at our conference, was bullish
Quick Insight
about the prospects for Indian SaaS players with the current ecosystem being
Analysis
analogous to Indian IT post Y2K. He indicated that companies’ ability to
onboard clients faster would determine successes within Indian SaaS while Meeting Note 
the market opportunity might not be a limiting factor to growth. LogiNext News Impact
was born from Mr. Sanghvi’s experience of working with larger enterprises,
which made significant investments in technology but saw limited benefit.
LogiNext is an end-to-end logistics management and SaaS platform that
helps enterprises primarily in retail & commerce to automate fulfillment and
last mile delivery services. The company’s asset-light approach coupled with
ability to target and expand materially within enterprise clients is expected
to drive robust growth.
Key takeaways
Indian SaaS opportunity to be similar to Indian IT post Y2K
The management expects cost arbitrage, customer comfort with cloud services and
availability of talent to be the primary drivers of growth for Indian SaaS companies. It
does not see GTM presence onshore or near-shore to be a major constraint and
expects significantly higher sales happening from teams based in India. It sees similar
opportunity for Indian SaaS players as Indian Services vendors had leveraged couple
of decades ago.
LogiNext is well placed to benefit from logistics transformation at enterprises
Logistics Tech companies are further classified as (i) Route Optimization Software –
Routing using AI; (ii) Transportation Management Software – Manage data and bring
visibility to customers; and (iii) Field Services Management Software – Manage on-
ground fleet and last mile connect. LogiNext helps enterprises effectively compete
with new-age companies by enhancing their logistics technology capabilities. It has a
single platform (Multi-tenant software) capable of running multiple workflows like
Order scheduling, ETA calculation, real-time tracking, rescheduling, notifications,
payments etc., processes which were traditionally done by TMS (Transportation
Management Software) like Oracle, SAP or custom built software. LogiNext has 50
enterprise customers, 20 mid-tier and 50 additional SMB clients. It derives 90% of
revenue from enterprise clients and 85% from product licensing revenue.
Strong client retention coupled with ‘land & expand’ strategy to drive growth
The company’s GTM typically requires 3-4 months to sign a deal. The process
typically includes (i) Lead generation (30 days); (ii) Product demos (15 days); (iii)
Contract negotiation (30 days); and (iv) Integration & Go-live (30 days) with typical
ACVs at USD250-500k, up from USD50-100k 3 years ago. The company indicated
that net dollar retention rate was 110%+ and churn, if at all, typically happens in the
first 3 months of a deal being signed. The management indicated that most of its
clients were larger enterprises while 30% would be mid-market companies. The
company prefers enterprise clients to mid-market given (i) Longer contract durations;
(ii) Better expansion opportunities. Its top client saw ARR scaling-up from USD50k 3
years ago to USD1mn+ currently and it is targeting USD5mn+ ARR over next 3 years,
demonstrating ‘land & expand’ capabilities.
Research Analysts
Large TAM and building capabilities in adjacencies to aid in scale-up Ashwin Mehta, CFA
LogiNext is targeting a TAM of USD4.3bn (Transportation Optimization SaaS spends), ashwin.mehta@ambit.co
Tel: +91 22 6623 3295
growing at 19% CAGR and works with clients primarily in CPG/Retail, e-commerce,
logistics and chemicals & manufacturing industries. Further, it sees opportunity in Vamshi Krishna Utterker
payment processing automation which would add a transactions layer to its current vamshikrishna.utterker@ambit.co
Tel: +91 22 6623 3047
SaaS business model.

Shadowfax UNLISTED
‘Infinite Flex’ to e-commerce platforms
We hosted Mr. Vaibhav Khandelwal, Co-founder and CTO and Mr. Praveen
Quick Insight
Kumar, CFO at Shadowfax. The company was founded in 2015 and is among
Analysis
the fastest growing 3PL services provider. According to management, the
company’s ability to shift its supply between categories and meet demand Meeting Note 
provides ‘Infinite flex’ to its e-commerce partners. For this, the company uses News Impact
LTTP technology which has higher tracking frequency and leverages its own
data and API to estimate ETA. This has enabled the company to batch 30% of
orders while strictly adhering to SLAs (e.g. 30 minutes for food delivery).
Further the management indicated ongoing innovations in drone delivery as
future avenues for growth. The company plans to double its coverage from
7k+ Pincodes currently over the next year. This coupled with increasing
market share in existing categories and foray into newer ones would aid in
growing ARR by ~10x by Mar-26.
Key takeaways
Hyper-local logistics market leader with strong reverse logistics capability
Shadowfax is the market leader in hyper-local and instant logistics. It is the only
player with capabilities across food, grocery, E2E, Pharma and captive ecom. The
success of the platform has been driven by ability to aggregate demand from
customers across categories and on the supply side through last-mile delivery
aggregation capabilities. The company started off as a reverse logistics provider and
the management indicated that it has significantly higher wallet share with clients in
reverse logistics services. The company has presence in over 600 cities across (7000+
pincodes; ~37% of total) and delivers over 600k order/day enabled by 80k+ monthly
active transacting partners. Pincode coverage is expected to go 2x over the next year
Seamless onboarding, flexibility & earnings visibility to drive rider retention
The company continues focus on seamlessly onboarding of riders onto the platform.
The management claims to offer greater flexibility (delivery of category of choice -
food, grocery, e-commerce shipments) and better earnings to riders as compared to
other platforms. This, according to the management would be despite marginally
lower realization per delivery in certain segments, which is recouped through better
utilization given category diversification.
Tech integration with enterprises provides visibility on recurring revenue
The company integration with major e-commerce players allows it to influence end-
customer experience ensuring better sustainability of business. For e.g. ‘f Qck’ (90
minute express delivery service by Flipkart) is delivery driven by Shadowfax’s tech
framework. The company uses LTTP instead of HTTP technology for its platform, which
has been used in satellite communication and has much higher frequency of tracking
(10-15 seconds) without significant battery drain. Also, it doesn’t use Google maps
API and instead uses internal API and leverages its own data to provide ETA.
Market-share gains and forays into new categories to drive ~10x ARR growth
The company’s revenues, doubling on an annual basis, are currently USD140mn
ARR. The company had ~USD67mn revenue in FY21. To reach this scale it has raised
USD85mn over past 5 years and has consumed USD60mn till date. Its gross margins
are at 18% (10-15% in food delivery while being higher in grocery and ecommerce)
and the management indicated that the company has turned contribution margin Research Analysts
positive even after excluding indirect costs in FY22. It expects to reach EBITDA margin Ashwin Mehta, CFA
positive by next year. The company expects to reach USD550mn ARR by Mar-24 and ashwin.mehta@ambit.co
USD1.3bn by Mar-26. This would be driven by increase in market share from current Tel: +91 22 6623 3295
4% to 13% by FY26E aided by grocery market share at 17% and bike taxi share at Vamshi Krishna Utterker
16%. Further the company plans to launch a new category every year. vamshikrishna.utterker@ambit.co
Tel: +91 22 6623 3047

Blackbuck UNLISTED
Digitizing trucking
Quick Insight
We hosted Uttam Kumar Garodia, CFO at Blackbuck. Blackbuck is an online
marketplace focussed on organising and transforming the FTL ecosystem by
Analysis
moving transactions online. Founded in the year 2015, Blackbuck currently
has about 37% of Indian truckers on its platform (1.5 mn truckers). Further it Meeting Note 
continues to add 2-3% truckers every month on its platform. These truckers News Impact
currently execute about 18mn transactions on its platform every month with
an annualised aggregate GTV in excess of USD7bn. Currently, only its fleet
management services are being monetized and Blackbuck aims to monetise
other services going forward. Blackbuck is initially focussed on monopolising
the Long haul FTL segment (7.5T and above) on its platform; and
subsequently it plans to move into the smaller trucks/LCVs as a natural
extension of its strategy. The company aims to touch revenues of USD1bn
with 50%+ contribution margins in the next three years.
Key takeaways
Focus on creating the largest online trucking market place
 Blackbuck aims to become the largest online trucking platform in India. It aims to
digitize the largely unorganized USD150bn FTL market through creating an
online market place.
 Indian FTL supply base is very fragmented with an average truck ownership of 2.2
trucks/truck owner. Moreover, these owners employ drivers (unlike China where
90% are owner drivers) which gives an opportunity for Fleet Management
Services. Further the shipper base is fragmented with multiple brokerage layers
(unlike USA) and hence provides impetus for a marketplace offering.
 In terms of India Market share, Blackbuck currently has 37% of the truckers
(supply) and 18% of shippers (demand) transacting on its platform. Bulk of
Blackbuck’s revenue at the moment is from its fleet management services.
Supply of trucks
 With its large Supply base, Blackbuck’s USP is to enable quick and easy discovery
and matchmaking of trucks to shippers when a load is posted on the platform.
 On its app, fleet owners list their trucks with live tracking and other relevant data.
The shipper finds the relevant fleet on the platform with an option to rate and
review the trucker post end of the transaction.
Challenges involved in supply chain infrastructure and road linked issues
 Shipments get delayed owing to poor road infrastructure related issues
 Another issue is the supply chain infrastructure at corporates’ end which leads to
trucks being delayed by hours/often days outside their warehouses/factories
awaiting loadings/unloading.
 However, owing to government led digitization efforts (FASTag, e-way bills), costs
relating to delays have reduced by ~15%. This is expected to further reduce
going forward as more road infrastructure gets built.
Research Analysts
Dhruv Jain
Dhruv.jain @ambit.co
Tel: +91 22 6623 3177
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Dunzo UNLISTED
Pivot to urban India’s convenience store
We hosted Mr. Kabeer Biswas, Co-founder & CEO of Dunzo. Dunzo was
Quick Insight
founded in 2015 as a hyperlocal P2P delivery platform and has diversified
Analysis
into online food, grocery and medicine delivery space. The company sees
local kiranas as key competition even as it coexists with players like Meeting Note 
BigBasket given materially different frequency and average ticket size of News Impact
orders. It expects to invest USD350-400mn in online grocery delivery over the
next 24 months and set up 400 darkstores aimed at capturing increased
share of user spends through a differentiated fresh segment offering across
top-25 cities. Further, the management expects to increase advertising and
launch private labels on the platform to increase realizations per order. This
coupled with its ability to batch orders would aid in achieving profitability.
Key takeaways
Daily and weekly essentials currently key drivers of demand
With consumer goods (Fresh, grocery and staples) driving significant portion of
transactions, the company has now pivoted to a 1P model and plans to setup mini-
warehouses within 2.5-3 km radius. These mini-warehouses would be stocked with
most frequently ordered items/SKUs on the platform leveraging the insights obtained
from the data of historical buying patterns. Further, to realize its promise of sub-20
min delivery, the warehouses are optimized to pack orders in under 70secs.
Pivot to 1P model focused on grocery to aid in significant TAM expansion
The management believes that 1P model would be more successful despite limited
assortment of products (1.8-2k SKUs) that can be delivered, given better customer
experience and ability to directly source USD10-15mn ‘fresh’ inventory per city would
aid in ability to better price as compared to local stores. The strategy pivot enables it
to address significantly higher TAM across top-25 cities, which spend USD100bn on
food and grocery, of which USD4.5bn is expected to shift online. It expects to expand
GMV from USD200mn currently to USD1.5bn driven by expansion using darkstores,
moving up the supply chain, offering advertising and private labels.
Better demand forecasting & faster delivery to be an edge over competition
The company plans to set up 400 darkstores in top-25 cities over the next 2 years
with significant focus on delivering fresh, give the category’s higher frequency of
ordering. Darkstores would be set-up on a franchisee model with operations
controlled by the company. The company sees local kiranas to be primary
competition and expects to shift customer ordering towards its platform aided by
better demand forecasting and faster delivery.
Significant investments over next 2 years but with roadmap to profitability
User acquisition has been key part of Dunzo’s strategy pivot, with the company
indicating 98% of customers and 92% of weekly ordering users are organic. CAC for
the business is `100 while CAC (per activated user) is at `240. The company expects
payback period of 12 months assuming 30% of activated users retain ordering twice
weekly. Dunzo has an AOV of `420-450 and take rate of 11-12%. With increased
advertising revenue (up from 0.5% of GMV to 2.5% of GMV over next 2 years) and
sale of private labels, it hopes to increase commissions to 15-16% (including
pilferage). With delivery aggregation, cost of delivery is expected to decrease to `40-
41. Post marketing, support and discounts, the business is expected to make a
contribution margin of 5-6% given currently the company makes a contribution
Research Analysts
margin (CM) of 6-8% in its best micromarkets. Newer micromarkets would take 5-6
months to attain decent volumes and turn CM positive. The company expects to invest Ashwin Mehta, CFA
USD350-400mn over 24 months to expand across 25 cities. Tel: +91 22 6623 3295
Tel: +91 22 6623 3047

KrazyBee Services Pvt. Ltd. UNLISTED

Digital banking on offer
We hosted Mr. Madhusudan Ekambaram, Founder and CEO of KrazyBee
Services Pvt. Ltd. Started in 2016, KrazyBee offers personal loan, salary
advance, cards and BNPL through its innovative new generation technology
platform to college-going students, salaried and self-employed Personal Loan,
Salary Advance,
professionals. It has tie-ups with various financial technology platform Online purchase
providers to provide credit services. KreditBee is its own digital lending Key products
loan,
platform hosting ~15 banks/NBFCs including likes of AU SAAS based APIs,
SFB/Cholamandalam etc. It also acts as market place for selling insurance Insurance Platform
Mr. Madhusudan
products. Its SAAS services through offering APIs provide another revenue Ekambaram
driver with current service line to ~35 clients. Founders Mr. Karthikeyan
Krishnaswamy
Wide offerings to different set of customers: The company offers personal loans Mr. Vivek Veda
of ticket size ranging from only `1k to `0.2mn. The target customer segment is self- Ex- Huawei,
employed and salaried both with roughly equal mix as of now. Most of the salaried Background Ex- Huawei,
Ex-Edelweiss Capital
customers are employed with SME/MSMEs with salary range of `20-30k per month. ICICI Bank,
Self-employed customers are from Kirana shops, bakery, tea sellers, delivery boys Mirae Asset Venture,
and workers from gig economy. The company offers flexi loans of up to `15k with 2-3 Investors
Arkam Ventures,
months repayment period to these set of customers. For premium salaried customers, Alpine Capital
Premji Invest
it offers PL up to `0.2mn with tenor 3-7 years. For self-employed premium customers, Northern Arc Capital
the cap is `80k-0.1mn. It has ~35mn registered customers out of which 7mn are
eligible to take loans of which >2mn are active customers.
Tie-up with digital Fintech lending platforms: The company has tie-ups with
various Fintech platforms for providing credit solutions. KreditBee is its own lending
digital platform having~15 partners (NBFCs+Banks) which includes likes of AU SFB,
Fincare SFB, MAS Financial, Cholamandalam etc. On this platform, ~60% of the
loans are originated by these banks/NBFCs partners while remaining 40% is its own
book (KrazyBee).For these partner Banks/NBFCs, the company promise a hurdle rate.
Fintechs are not competitors of banks: Mr. Ekambaram is of the view that
Fintechs in India is largely serving unbanked segment thus it offers complementary
business to banks. Unbanked segment in India is huge in terms of size compared to
developed countries where most of Fintechs offer services to existing bank customers.
Only 25-30% of India’s entire population has their credit footprints/history with credit
bureau thus providing huge growth runway for Fintechs.
BNPL act as customer acquisition channel: Mr. Ekambaram is of the view that
BNPL at standalone level does not make sense from revenue perspective. One can
use BNPL channel for customer and credit data acquisition to offer better other credit
and value added offerings in future. BNPL and flexi loans also help in improving trust
factor with the customers which is quite low initially in these segments.
SAAS services are another revenue item: The company leverages its technology
by offering APIs to lenders. Its APIs are being used by ~35 clients as of now and the
company expects it to reach beyond 75 by FY22. This provides another revenue driver
for the company.
Managing risk with multiple criteria/rules: It follows multiple criteria for risk
assessment as most of the customers are new to credit. For example, it has very low
approval rate ~8%-10% and rely on high number of multiple data sources compare
to bank’s limited data source. It also has set up more than 100 rules for customers’
acquisition/customer profiling/credit profiling. It provides more than 80% loans to
Research Analysts
repeat customers thus reducing its risk of customer default on repayment.
Ajit Kumar, CFA
Robust collection system: In the first 7 days, company employs ROBO calls to the ajit.kumar@ambit.co
customers for collection. After that there are two ways of collection - Physical and Tel: +91 22 3043 3252
legal. ~80% of the lending happens in top 40 cities where physical collection is the Pankaj Agarwal, CFA
primary mode. Rest ~20% of the lending happens in the interior part of the country pankaj.agarwal@ambit.co
where legal collection is the primary mode. Tel: +91 22 3043 3206

Pocket Aces Pictures UNLISTED

Riding on the digital content consumption wave
Quick Insight
Pocket Aces’ (PA) co-founder, Aditi S, CFO, Kunal L and VP Finance and
Corporate Strategy, Anupriya S outlined their belief of providing content to
Analysis
users wherever they choose to consume content. Unlike TV broadcasters
which have their own OTT platforms, PA’s content is everywhere as viewer Meeting Note 
attention is scattered. It has three businesses: own content distributed across News Impact
platforms, content created for OTT platforms and influencer management.
Unlike traditional media companies that are people centric, PA is process
oriented and leans heavily on data insights for its content and talent. While it
currently monetises via brand tie-ups and sale of content to OTT platforms, it
is soon launching new products for advertisers, subscription for users and
D2C merchandise. It is also solving the media industry’s crucial supply
bottleneck problem by incubating new talent.
D2C content, own IPs, grab viewer attention and earn high margins: PA has
multiple channels for content formats like web series (Dice), short videos (Filter Copy),
Lifestyle (Gobble), Infotainment (Nutshell). Since it appeals to a different TG than the
TV viewer, it’s able to capture young TG viewership (31mn subscribers). It engages
with the Chief Marketing Officers of brands, which pay for the content and release
marketing. Unlike TV, PA’s ads in its content aren’t intrusive but have high viewer
recall. This results in high advertiser retention and steady contracts that provide PA
revenue visibility and the ability to have a content programming calendar. PA owns
the IP, earns high margins (70%+ gross margins) and enjoys excellent unit
economics. The company aims to launch more and more channels to grow.
Influencer management is a scalable business: Given its strong relationship with
brands, PA works with influencers and helps them run advertising campaigns and
casts them in short videos. PA earns a share of this income rather than charging
influencers talent management fees. PA earns 25% gross margins and 20% net
margins here. It views this business as a scalable and non-linear play as it doesn’t
need to produce content (influencers do it themselves) and can draw more top
influencers as it succeeds.
OTT content; career progression for talent and high visibility for PA: Riding on
the wave of increased content investments, PA has created `500mn worth of OTT
series’ for all the leading platforms. It takes its concepts to platforms, which are then
whetted. If a platform decides to commission a show, then PA gets paid upfront for
the content. This business provides healthy EBITDA margins (15%) and allows PA to
create annuity revenue streams as platforms get it to commission content with
regularity including production of multiple seasons of some shows (e.g. ‘Little
Things’). PA is also able to give its talent like Ayush Mehra to progress from short
form content to episodic OTT content.
An antithesis to broadcast OTT platforms: PA firmly believes that its model of
creating content that’s platform agnostic is the right approach as it helps get viewers
everywhere. It is of the view that there are enough OTT platforms present but those
are lacking high quality, youth oriented content. This is the problem PA is trying to
solve in a capital efficient manner (only $8mn capital invested since angel funding in
2013). Not owning a platform doesn’t deprive PA of insights as it gets a lot of metrics
for the content it distributes via YouTube and Facebook. To scale up its business, the
company is now looking to raise capital in a Series C round.
Research Analysts
Vivekanand Subbaraman, CFA
vivekanand.s@ambit.co
Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Pratilipi UNLISTED
Scripting success in Indian languages
Quick Insight
Ranjeet, co-founder of Pratilipi, said that his company is looking to build an
ecosystem for user generated content. Publishing mid and long-form Indian
Analysis
language content was the first use case it tackled and Pratilipi now has ~40k
writers and 33-34mn readers across languages. Recently it forayed into Meeting Note 
audio (podcasts) and comics. It is betting on the creator economy and News Impact
extensibility of IP across audio, video, merchandise and events. Having
tasted success in India with publishing, Pratilipi has the largest repository of
Indian language content; it is also planning to expand internationally. It is
betting on monetization via super-fans (subscription) but will eventually look
to sweat IP. Contrary to conventional wisdom, it is quite confident of the
Indian consumer’s ability and intent to pay for content.
Drawing content creators is the big challenge: In the initial part of its journey (till
12-18 months ago), Pratilipi was focused on building an Indian language UGC
platform. It did so by focusing extensively on building a network. The supply side was
important to vital to build as readers (demand) would stick only if there was fresh
content available continuously. Creators, in turn, would stick around only if they
would get recognition and eventually monetise. Pratilipi draws readers through a
combination of referrals/SEO (organic) and Facebook acquisition. It has now become
the largest Indian language publisher and is hence able to draw the best of creators.
Strong recommendation engine drives increased engagement: The time spent
by a Pratilipi reader has increased to 74-75mins as Pratilipi has been very effective in
recommending new stories. Unlike Chinese publishing players which verticalised by
genre, Pratilipi remained horizontal as it saw that users wanted to consume content
across multiple genres. Its most popular genres are suspense and thrillers, romance
and horror and Para natural content. But the top-3 genres collectively account only
for 30% of readership as user interests are varied. With 21-22% consumption, Hindi
is the most popular language of content consumption, followed by Marathi, Bengali
and Malayalam, which account for 14% each.
Monetisation experience is recent but very encouraging: Pratilipi started
monetizing only a few months back. The most popular monetization model is
subscription – fans pay for early access of fresh content of their favourite creator(s).
Pratilipi also has a premium version which allows highly engaged readers to get early
access to content of authors across the platform. It purchases IP from top creators (the
top 0.1%) and sweats them across formats like video (e.g. Midnight Lily, an MX Player
show), comics and podcasts.
An ecosystem play on the creator economy: Having successfully established a
UGC play for Indian language writers, Pratilipi is aggressively foraying into other
formats like audio books, podcasts and comics. It acquired IVM Podcasts and The
Write Order (physical publishing) recently. It is confident of building out these
separate brands, viz. IVM Podcasts and IVM comics, as it doesn’t start from scratch. It
has a steady stream of IP supply that can be leveraged for these formats. Whilst in the
near-to-medium term, subscription will be the major monetization lever, it is very
positive about sweating IP assets in the long-run. Ranjeet isn’t particularly worried
about Pratilipi’s local rivals and draws inspiration from the ecosystem approach
followed by Tencent (China), Naver, Kakao (Korea) and Disney (USA). But Pratilipi
would have to compete with these firms if it expands internationally.
Research Analysts
Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Nodwin Gaming UNLISTED

Riding the esports wave
Sidharth (Sid) K, CEO of Nodwin games, is enthused by the increased societal
Quick Insight
acceptance of esports. With a youthful demographic and viewership that is
only overshadowed by Indian cricket/IPL, Sid believes that monetisation will Analysis
follow. That said, even now, Nodwin is profitable (10.1% EBITDA margins in Meeting Note 
FY21) and can potentially improve on the same as the industry scales up. News Impact
Capital isn’t the entry barrier but ability to build communities and establish
connect with publishers is. Nodwin dominates the Indian and South Asian
markets and counts the global leader in esports (ESL) and established game
publishers like Krafton (known for PUBG/BGMI) as its partners. Sid believes
that Nodwin can ride on the industry’s tailwinds and sustain profitable
growth (75% revenue growth in FY21).
Betting on the mainstreaming of esports: After being conducted as
demonstration events in the 2018 Asian Games, eight esports events will carry
medals in the 2022 Asian Games. Several countries globally and in Asia have
recognized esports as official sports. Nodwin and esports industry participants are
engaging with the Sports Ministry to do the same in India. Sid believes that official
recognition will improve sport development at the grassroots level. Unlike card games
where there are regulatory/judicial risks of curbs (e.g. the recent Karnataka
Government ban), esports don’t have any regulatory risks.
Top notch partners, strong IP and rising popularity to drive growth: Nodwin
counts Krafton, publisher of popular games like BGMI and PUBG, as a shareholder. It
also owns marquee esports IP like Nodwin India Premiership, where it partners with
ESL, the global leader in esports. Since publishers want their games to be available
everywhere, Nodwin doesn’t have exclusive rights to organize events for popular
esports. But its events have the largest prize money in India as it has created strong
content and format IPs like ESL India and Esports Mania. Further, it has vast
experience in organizing multiple seasons of these events. Hence it is able to appeal
to a draw passionate gamers and a large audience. This in turn helps it draw
sponsors for media rights like Viacom18 and brands like Airtel for event sponsorship.
Sid is very gung ho about media rights and sponsorships that will help Nodwin clock
rapid revenue growth in tandem with the rising popularity of esports.
Forward integration into a platform will require capital and entails sacrifice:
Nodwin will have to forego media rights, a sizeable revenue stream if it wishes to
build a gaming platform. The platform’s ad/subscription monetisation should offset
this loss. Since YouTube (90%+ market share in India presently) and Loco (Krafton is
a shareholder here too) are focused players whilst other global companies like
Facebook and Twitch are waiting in the wings, Sid believes that setting up a platform
will be very capital-intensive (~US$500mn estimate). Hence, Nodwin isn’t planning
to change tack and will double down on partnerships with gaming viewing platforms.
Esports prize pools in India would overtake IPL in 5 years: Globally esports
prize pools are now much larger than that of popular sports that have an affluent
audience like tennis. Esports events of Fortnite, a popular global game, alone exceed
US$100mn in prize money, higher than the combined prize money of the four grand
slams in tennis. With viewership second only to IPL and Indian cricketing events and
rising, Sid expects Indian esports prize pools to exceed that of IPL in the next 5 years.
Research Analysts
Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Loco UNLISTED
Building India’s own gaming platform
Experience with creating content in PocketAces (PA) led founders Ashwin S
Quick Insight
and Anirudh P (A&A) to believe that there is an opportunity for a verticalised
Analysis
gaming platform in India. Loco now has 30k streamers and 10mn+
registered viewers and is the second largest gaming platform in India after Meeting Note 
YouTube. With a large audience of 200mn MAUs streaming games in India, News Impact
Loco sees an opportunity to emerge as the destination for a gaming content
hungry populace as it builds supply. It is betting on interactivity and product
differentiation to draw more supply and build a large community of
streamers and viewers to emerge as India’s leading esports platform.
Convinced of the need for an ‘Indian esports’ platform: Whilst YouTube
presently dominates esports’ live streaming, A&A believe that only a focused platform
can provide specialized features for content creators (game streamers) and viewers.
Unlike US and China, which are PC and console gaming markets, mobile games
dominate India. 2019 was a breakout year as mass market smartphones became
good enough to support mid-core and hardcore games like first person shooters (FPS)
and racing. Loco also got a big fillip when Chinese competitors were banned in India.
It believes that Twitch is over-indexed to the US and is PC focused whilst YouTube’s
live streaming feature is lacking in specialized features for esports. On Loco,
Nodwin’s Call of Duty (an FPS game) tournament drew manifold the live viewers that
YouTube managed to attract.
BGMI, the cricket of esports, accounts for majority of consumption: whilst Loco
works with multiple game publishers like Activision, Supercell, Krafton, Garena etc,
and esports IP owners like Nodwin, the most popularly streamed game on its
platform is BGMI, which accounts for 70% of Indian esports consumption.
Incidentally, Krafton, is a strategic shareholder in Loco. It views Nodwin as a partner
and isn’t interested in content production and event management. Rather, it would
like to see more and more Nodwins emerge so that esports draw more viewers and
gamers.
Superfan and specialized features to drive adoption: the key difference
between esports and real world sports is that the former is a lot more participative.
Fans can watch their favourite gamer’s stream and even engage with them 1x1. Loco
presently has 30k gamers on its platform and hopes to scale up the same to ~200k
by enabling one-click integration for streaming. It offers a host of engagement tools
for streamers and viewers like virtual gifting, exclusive chats, in-stream quizzes, polls,
mini-games among streamers and their fans, enablement of giveaways through
virtual tools and battle-up (viewers get to play with streamers). Loco is building more
features like doing lessons with streamers, video greetings with streamers etc. It is
working on blockchain tools to drive adoption of skins and other digital merchandise
via NFTs. It is of the view that provenance of will be a lot easier with Blockchain.
Judicious mix of advertising and transactions to drive monetisation: Globally,
streaming platforms have followed varied monetization models. E.g. US is ad
dominated whilst China is transactions dominated. Loco sees the need to build both
revenue models; it has drawn brand advertisers like Gillette for its show ‘Charcha
with Thagwa’ and introduced soft currency like gold (can be earned with viewing) and
diamonds (available on purchase). The soft currency can be used to engage with
streamers and acquire stickers. Ads are high gross margin (80%) whilst transactions
have lower margins (~20% gross margins) owing to app store taxation.
Research Analysts
Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Mobile Premier League UNLISTED

Asia’s largest paid competitions gaming platform
Mobile Premier League (“MPL”) is Asia’s largest Paid Competitions platform.
Quick Insight
MPL’s integrated platform approach aggregates content and player liquidity,
allowing it to drive superior engagement and retention rates relative to its Analysis
peers – as highlighted by Joseph Wadakethalakal (Joe), Head Corporate Meeting Note 
Development & Investor Relations. Joe shared that a user’s monetization News Impact
profile and retention rate improve significantly as they engage across
multiple categories on the MPL platform. MPL has bet big on the transactions
economy underpinned by robust smartphone and digital payments
infrastructure (UPI) and gamers’ increasing willingness to stake real money
to win games. It is a leader in Paid Competitions in India, US and Indonesia
with ~5mn cash playing MAUs and US$2.1bn annualized GMV. It is building
on its India and Indonesia successes to enter the US market, where it is
seeing rapid growth and user monetization at levels higher than its core
India business. It aspires to be the global leader in Paid Competitions.
Focus on game PAYERS rather than players…: MPL believes that gamers are
fundamentally more engaged when real money is at stake and has succeeded at
acquiring game payers (users who deposit Cash) at a low CAC with its vast collection
of >70 games across four categories (Casual Games, Poker, Rummy and Fantasy). Its
machine learning-led matchmaking engine enables it to organize ~500mn
tournaments monthly, pitting players of similar skill levels against each other in real
time. MPL India gets an average platform cut of ~10% for organizing these
tournaments and see further upside for this to improve significantly. It has high gross
margins since MPL has economic ownership across the majority of the games on its
platform. Its ability to engage and monetize its large and growing user base has
clearly surpassed expectations with ~5mn cash paying MAUs.
…and gamers rather than poker/rummy players: Unlike focused card gaming
companies that attract hardcore Poker/Rummy players looking to earn a living off the
game, MPL focuses on acquiring Casual Gaming Players and driving greater
monetization through cross-sell to other categories across Rummy, Poker & Fantasy.
Its matchmaking engine pits users of the same skill level against each other ensuring
an even and fun contest and drive higher engagement levels.
Come for the casual games and stay for the competitions: User GMV increases
manifold as participation across categories increases (MPL has four categories:
Casual Games, Poker, Rummy and Fantasy). MPL believes that its success in GMV and
best-in-class user retention is due to its integrated platform approach, which
aggregates gaming content and player liquidity in a single mobile app. By pooling
user liquidity on a single mobile app, MPL is able to efficiently offer synchronous
mobile gaming formats which drive far higher retention/monetization relative to
asynchronous gaming formats.
The world is MPL’s playground: MPL believes that games have no language and
has succeeded in acquiring users and promoting its platform in markets like
Indonesia and the US. But the nuances of its offering differ with each market; e.g. in
the US the cards business is very small (<20% of GMV) but Match 3 puzzles, Baseball
and Bowling are big. MPL is also looking to add new 3rd party games to its platform.
Whilst this may lead to lower gross margins, it would give the company a bigger
revenue opportunity. MPL believes that the potential of the paid competition market
globally is US$40-50bn including US$7-10bn in India.
Research Analysts
Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

BetterPlace UNLISTED
Blue-collar tech stack
Quick Insight
Pravin A, co-founder of BetterPlace (BP) argues that even the largest
employers presently manage their blue collar employees with analog tools. Analysis
Both ends of the blue collar market, supply and demand, are broken.
BetterPlace’s SaaS solutions empower employers with HRMS tools like Meeting Note 
verification, onboarding, training and attendance and partner services like News Impact
insurance. It currently works with over a thousand employers and is
leveraging on rich data insights to continuously improve its offering. It
complements staffing firms and blue collar job boards as it helps
organisations manage blue collar workers who are hired from all sources. It
plans to expand globally and recently acquired a US company, Oust Labs, a
SaaS company providing upskilling solutions for a distributed workforce.
A US$30bn untapped market opportunity: 150mn+ blue collar workers
(including gig economy employees) work with ~0.1mn enterprises, each of whom
employ over 100 people. These enterprises face challenges in managing their
attrition prone blue collar workforce and still rely on analog tools like paper registers.
Most HRMS tools like Workday, Successfactors (SAP) and DarwinBox are designed for
white collar employee management. But management of blue collar employees
requires a very different set of tools. BP’s solution is designed for this segment. It
believes that organisations can potentially spend ~US$100/blue collar employee per
annum on managing their blue collar workforce. This incorporates efficiency gains
from digitization. BP believes that allied services like health insurance, vehicle
insurance, credit and financial investment products have low penetration among the
blue collar segment. It sees an additional US$100/employee revenue opportunity for
distributing these products.
HRMS is BP’s most popular product at present…: BP started off with onboarding
and verification tools in 2015. It then layered other solutions like attendance and
training and created a bundled HRMS solution. It keeps adding new solutions like
payroll services that it recently launched. Despite being near-live, its services are
scalable and digital in nature. It doesn’t have any manual fulfillment in its offering.
BP was able to build these applications with machine learning, phonetic and semantic
search tools. As it onboards more and more employees, the efficacy of its tools
improve. HRMS accounts for ~80% of BP’s current revenue.
…and finds rapid adoption given productivity gains for its customers: In 4-6
weeks, BP is able to acquire small organisations (500-1000 employees) where
purchase decisions are taken by the founder. It is able to acquire such customers via
digital marketing. With large organisations, the sales cycle is longer (12-20 weeks).
BP is investing in sales infrastructure as large enterprises’ acquisition requires direct
sales efforts. It also relies on channel partners like JLL or the Karnataka Security
Association for customer acquisition. It is able to rapidly scale up billing with its
clients who increase their reliance on its tools as they get comfortable working with
them. BP usually inks three year contracts with quarterly cash collections.
Won’t build a job board but will take its SaaS tools to global markets: BP
believes that Covid has provided a huge tailwind to the gig economy and adoption of
digital tools. It is looking to expand in South Asian markets like Indonesia and
Philippines. Through its acquisition of Oust Labs, it has also built a presence in the US
market. It isn’t keen on forward integration into a job board and candidate sourcing
Research Analysts
as it believes that the capital needs are much higher. Moreover, it has richer data sets
than dedicated blue collar job boards like Apna and Work India. Vivekanand Subbaraman, CFA
Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Zetwerk UNLISTED
Riding on the China+1 wave
Zetwerk, a managed marketplace solution for manufacturing, was
Quick Insight
represented by Amrit, co-founder, Pranav S, Head-Corporate Development
Analysis
and Peeyush A, Head-Sales Strategy. It runs an asset-light model that
enables mid-to-large enterprises to convert their digital designs into physical Meeting Note 
products. It is also solving vital supply-side challenges like low capacity News Impact
utilization (40-50%), unreliable and costly sourcing for SMBs. Supply rather
than demand is the bigger challenge as Zetwerk is only able to cater to 30-
50% of the demand it gets. It is banking on the shift of global supply chains
riding on China+1 and the ‘Make in India’ wave. It is also gung-ho about
manufacturing shifting to high mix and low volume custom builds from low
mix, high volume builds and enables brands to shorten their design and
delivery cycle. Rather than offer the lowest cost solution, Zetwerk focuses on
speedy delivery and efficient project management.
Zetwerk’s key roles; matchmaking, pricing and fulfillment: Zetwerk receives
high mix and low volume designs from its customers. It then identifies the right SMB
which is technically capable of manufacturing the same. Its loads its own margin,
SMBs’ margin and liquidity costs on the cost of the product. Finally it takes the
responsibility of the fulfillment providing its customers complete visibility from the
time of order placement to transaction completion. It has built a technology platform
that enables real-time sharing of order updates and the ability to visually track the
product build across stages. Majority of Zetwerk’s business pertains to industrial
products for large clients like L&T, KEC, JSW Group and global companies like
Hitachi, Toyo and Flsmith. It recently forayed into apparel for consumer brands.
Supply side is the key bottleneck: Whilst SMBs suffer from low capacity utilization
and unpredictable demand, Zetwerk is careful in onboarding. It does a thorough
technical assessment, collecting 200-250 data points from the supplier. It then
distributes customer orders to multiple SMBs (6-10 suppliers) which work in tandem
to fulfill the order. Zetwerk is usually able to utilize 3-5% of manufacturing capacity of
new SMBs. Basis the SMBs’ performance, it scales this up to 15-20% in the next 4-6
quarters. As suppliers become familiar with Zetwerk’s systems and fulfill its
expectations, the partnership grows and sometimes becomes strategic. Since a large
part of the industrial work comprises die casting and steel-based fabrication, Zetwerk
has emerged as a large steel buyer. It has negotiated volume discounts with large
manufacturer, some of which it passes on the SMBs.
Easy to offer manically services once manufacturing is solved for: Zetwerk
believes that manufacturing isn’t just a transaction. It is the most complex part of the
problem it’s solving and hence it believes that it can layer other solutions like credit,
working capital financing and logistics easily. As Zetwerk successfully and reliably
delivers ancillary products to its large customers, it is able to get orders for critical
and high margin components also. Whilst majority of Zetwerk’s manufacturing is
India based due to low cost of labour and high quality in certain areas like aerospace
and non-steel material, it also has a supply base in Vietnam for critical industrial
components and apparel.
Build in India for the world: Zetwerk has been successful in attracting several US
manufacturers which had a base in China. It has 100+ clients in the US and is
planning to expand further internationally whilst manufacturing in India. The
changing global geopolitical scenario and favourable regulations (PLI schemes) have
made India a viable alternate sourcing destination for categories like electronics. Research Analysts
Whilst Zetwerk always operated with positive unit economics, it has turned EBITDA Vivekanand Subbaraman, CFA
positive as well in the recent past. It plans to reinvest in its business by doubling down vivekanand.s@ambit.co
on specialized manufacturing capability. Tel: +91 22 6623 3261
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

ElasticRun UNLISTED
Unlocking rural kirana
Quick Insight
Founded in 2016 by Sandeep Deshmukh, Shitiz Bansal and Saurabh Nigam,
ElasticRun is an eB2B platform enabling brands to reach kirana stores
located in rural India through its online platform (bundles ordering, Analysis
processing, payment, brand & store aggregation, data analytics, etc).
ElasticRun has an asset-light model by partnering with local entrepreneurs to
Meeting Note 
fulfill logistics requirements. The company operates in 300+ cities in nearly News Impact
all Indian states, has tied up with more than 250k kirana outlets and on-
boarded 100+ brands including top FMCG firms. ElasticRun differentiates
from competition by ensuring its distribution does not lead to channel conflict
for FMCG companies. Having established unit economics, the company is
geared to expand its portfolio by tying up with apparel, pharma and
consumer durable companies. The company has till date raised funding of
USD130.5mn from investors such as Kalaari, Naspers, NVP, Schroder etc.
Industry overview
Rural India contributes ~40% to overall FMCG sales but houses 55-60% Indians. This
clearly calls for scope to increase penetration into rural India. Therefore, FMCG
companies are incrementally targeting rural markets by introducing rural relevant
products, affordable price points and increasing awareness. However, impeding this
rural growth is the distribution infrastructure. Currently, FMCG companies are unable
to directly reach rural kiranas as distribution in rural India is largely unorganized
through fragmented wholesalers and traders (refer exhibit 85). This leads to higher
cost to serve, poor product availability and assortment. Coming to the rescue of
FMCG companies are new e-B2B distributors such as ElasticRun, Udaan, Store King
etc. These e-B2B distributors are providing brands direct access to rural kiranas in a
cost-effective way and replacing the traditional distribution channel. Hence, brands
are incrementally tying up with these e-B2B distributors for expanding their rural
reach and presence.
Exhibit 85: e-B2B distributors provide FMCG companies direct access to rural kiranas
Research Analysts
Alok Shah, CFA
alok.shah@ambit.co
Tel: +91 22 6623 3259
Ashwin Mehta, CFA
Source: Ambit Capital research Tel: +91 22 6623 3295

Key takeaways
Unleashing large unorganized rural market
As per the company, there are 12mn kirana stores in India out of which FMCG
brands are able to directly reach only the 2mn stores located in urban areas. The
remaining 10mn kirana stores are located in rural areas which are currently serviced
by unorganized and fragmented players such as distributors, wholesalers, traders etc.
Due to location in hinterlands and small ticket size, it is uneconomical for FMCG
companies to directly serve these rural kiranas. ElasticRun plans to connect FMCG
companies to these 10mn rural kiranas and unlock the USD600bn rural consumption
opportunity.
Low cost operational model
Instead of building their own distribution network, ElasticRun partners with local
entrepreneurs in rural areas and equips them with its proprietary tools and
technology (online platform for demand prediction, data science, supply assurance &
tracking and other operating tools). The local partner/entrepreneur can operate
under his existing infrastructure and is not required to make any upfront investment.
ElasticRun also leverages these partners for last mile deliveries of e-com platforms,
which generates additional fee income. Having established a seamless distribution
platform, ElasticRun eventually is looking to expand its portfolio by partnering with
Pharma, Apparel, Consumer durable, etc companies as well.
Leveraging technology end-to-end
Order generation, processing and fulfillment are all undertaken on ElasticRun’s app.
Basis past history, the company is able to preempt sales trend, undertake pre-
ordering which helps in better fill rates both for retailers and FMCG cos.
Other bundled services offered
Apart from solving for rural distribution needs for FMCG companies, ElasticRun also
offers packages to FMCG companies which would like to seek real time data and
consumer insights of its own brands, industry analysis as well as competitive
intelligence. Considering that all FMCG companies are seeking real time data, this
offering according to us is a monetisable valuable tool.
Credit, the missing link, also being offered to Kiranas
For rural kiranas, today the missing link for them to scale up and hold higher
inventory is the requirement of capital. Tie-ups with eB2B distributors is solving that
problem since these platforms are offering them credit and/or have an existing tie-
ups with banks/NBFCs that can offer credit to retailers against inventory.
Ensures there is no channel conflict
FMCG companies are increasingly getting conscious of channel conflict and are
taking steps to avoid it. Due to this, it is crucial for eB2B distributors to alleviate this
concern. ElasticRun ensures to provide access to only newer stores which are currently
not being serviced by existing channel; i.e. incremental sales for brands through
ElasticRun will be from net new store additions and not from existing stores. However,
ElasticRun mentioned that it is not the same for other B2B distributors that are
winning existing retailers through higher margins. This leads to channel conflict and
cannibalization of brand distribution which ElasticRun wants to stay away from.
Fastest growing rural kirana B2B platform
Initially it took some time for ElasticRun to educate/convince brands to onboard them,
but post that management believes that growth has been phenomenal. It achieved
10x growth in the last 15 months. It on-boarded the highest number of brands last
year with nearly every major brand tying up with them. The company is looking to
cross GMV of USD1bn by end of this fiscal and USD10bn over the next 4 years. It is
current operationally profitable and aspires to be net profitable by end of FY22.

Curefoods UNLISTED
Cloud’s the limit for this aggregator
Quick Insight
We hosted Ankit Nagori, the founder of Curefoods, a cloud kitchen company
which started its operations in 2020 after spinning off the EatFit brand from Analysis
CultFit. Curefoods is designed to be a cloud kitchen aggregator with focus on Meeting Note 
acquiring and operating a wide range of brands across multiple cuisines. The News Impact
company is present across 8 cities and operates about 75 brand kitchens and
plans to take this count to over 200 brand kitchens by 2022-end. It recently
acquired 7 new brands and took the count to 10 with plans to add further 15
more brands by 2021-end. Along with this, they are also assessing foraying
into restaurants to deliver a more experiential element to its customers.
Key takeaways
Core business focus towards chasing inorganic opportunities
Curefoods focuses on acquisition of profitable, online-focused food brands across a
wide range of cuisines. It focuses on acquiring top 3-4 brands in every location it
operates in and build a portfolio around these brands. Curefoods currently owns
brands across different cuisines such as EatFit (anchor brand of the portfolio), Aligarh
House, Yumlane and Masalabox. Running a variety of brands under its own banner
gives it the advantage of becoming a multi-brand platform serving various varieties
and cuisines to customers (rather than building own brands).
Brand selection based on compatibility with strategy
Curefoods acquires only profitable brands driven largely by online deliveries (~95%
revenue from online channels) which generate revenues in the range of `50mn-
400mn/year. They acquire these brands at a valuation of about 1-2x of annual sales.
Recently, they purchased 7 brands and took the count to 10 with brands including
EatFit, Aligarh House, Yumlane, Masalabox, Pizza 997 AD, Paratha Box, Cakezone,
Olio, Crusto and Ammi’s Biryani. It has already signed 15 more LOIs, with plans of
taking the count to 25 by 2021-end. Brands are not limited to any specific cuisines as
Curefoods targets to operate a wide variety of options under its portfolio while also
helping in dealing with any brand fatigue.
Growth with expansion of brand portfolio
Curefoods currently runs about 75 brand kitchens across India (25 kitchens). By
2022-end, they intend to expand to about 200 brand kitchens as they continue to
acquire more brands and open more kitchens. Currently, 30% of revenue comes from
own channels with the rest coming from other aggregators with goals to generate
about 80% of traffic on its own websites/app and engage customers better. In line
with chasing other growth opportunities, Curefoods plans on foraying into the
physical restaurant business which can provide its customers a more experiential
element. To pursue these initiatives, it plans to raise about $100mn over the next 12
months; with about $30mn in the short term and $70mn by mid-2022 (composition
will be $80mn equity and $20mn debt).
Kitchen metrics improve with scale
Curefoods witnesses a nonlinear progression in growth as brands are added to the
portfolio. Progression moves with 1 brand needing a 600 sq. ft. kitchen, 5 brands
needing about 1200 sq. ft. kitchens and 8 brands needing about 1400 sq. ft. space,
thereby improving per sq. ft. metrics in the process. When entering new locations, Research Analysts
Curefoods starts with an 800-1000 sq. ft. kitchen usually and place their top brands
Ashish Kanodia, CFA
there and scale it up as it gains traction. On average, a 1000 sq. ft. kitchen can ashish.kanodia@ambit.co
generate about `5mn in revenue per month and deliver EBITDA of `0.5mn (~10% Tel: +91 22 6623 3264
restaurant EBITDA margin).
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Bijak UNLISTED
We hosted Bijak’s cofounder Mr Mahesh Jakhotia. Mr Jakhotia has been an
entrepreneur and investment banker across various companies such as Quick Insight
Avendus Capital, MYFIT Tech, etc. Bijak, founded in April 2019, is a B2B
market place for suppliers and buyers involved in India’s vast agriculture
Analysis
value chain. Bijak facilitates a more transparent and liquid manner through
which counterparties can work. Bijak deals with agriculture value chain’s 3 Meeting Note 
major issues – lack of information, limited access to technology and limited News Impact
access to credit. As a marketplace which is spread across 27 states/UTs, it is
able to help in better discovery of suppliers and buyers for its users. Through
its lending partners, it is able to provide credit, especially working capital
credit to its users.
Key takeaways
 India’s agriculture market: India has one of the largest agricultural markets in
the world as 480mn are employed in the agricultural sector, out of which 120mn
are farmers. There are nearly 250mn rural internet users, 25% have smartphones
and there are more than 125 agriculture mobile apps in the country.
 App traffic: Bijak app itself records 9,000 tonnes of agriculture commodity
transactions on a daily basis with more than 30,000 buyers and sellers on the
app. They are present in 25 States/UTs which form roughly 800 regions in the
country and deal in more than 110 commodities. Most of the users are mandi
aggregators. Farmers form less than 15% of the user base as logistics can prove
too costly for small and marginal land-holding farmers.
 Price discovery: Apps like Bijak help the user access buyers and sellers that are
beyond the state that the user operates in. Once the transaction takes place,
Bijak records the data. Using AI, it is able to pre-empt demand which helps them
in making recommendations to the buyers and suppliers using the app.
 Semi-perishable items: Most of Bijak’s users tend to be buyers and sellers of
semi- perishable goods such as Potato, onion and tomatoes. Fruits and
vegetables have become a major segment of commodity in the last few months,
reaching up to 40% of the overall mix.
 Volumes and commission: Procurement of agri-commodities using Bijak app in
1QFY22 was to the tune of USD500mn. For first time users, Bijak charges a
commission of 4-5%, users who regularly trade using Bijak are charged 0.5-1.5%.
 Customer review mechanism: Bijak keeps track of reviews received by buyers
or sellers of the app. This involves reviews on quality of the commodity, rejection
of past sellers’ commodity etc.
 Lending partners: Bijak also facilitates provision of credit to its users primarily
for working capital needs and charges a commission from the lending partners. It
provides relevant data from its extensive data base to its lending partners too.
Research Analysts
Sumit Shekhar
sumit.shekhar@ambit.co
Tel: +91 22 6623 3329
Ashwin Mehta, CFA
Tel: +91 22 6623 3295

Gramophone UNLISTED
A full-fledged agritech platform
We hosted Gramophone’s cofounder and CEO Mr. Tauseef Khan. Mr. Tauseef
Quick Insight
graduated from IIT Kharagpur in 2009 and has been associated with the
Analysis
agriculture business since then and post his Masters in 2014 from IIM-A, he
cofounded Gramophone in 2016 with Mr. Nishant Vats. Gramophone is a Meeting Note 
data-driven full-stack technology platform that makes farming intelligent News Impact
and empowers farmers to enhance their income. Gramophone has
established itself as a complete farm management solution provider, from
soil-testing to post-harvest management through its proprietary agronomy
platform and e-commerce channel. It is gradually scaling up its presence in
Rajasthan, Chhattisgarh and Maharashtra after initiating operations in MP.
It also plans to enter farm credit management and crop insurance in the
future, marking its presence in the whole agriculture eco-system.
Key takeaways
Providing complete solutions to farmers
Gramophone started as a personalized farm management application for farmers. It
digitized crop information and built an algorithm around it to help farmers in
managing their farm efficiently. Besides the digital channel through its app, it has
other touchpoints like ‘Gram Uday Centers’ (local retail and fulfilment centre), village
representatives (VR) and phone support through call centres to disseminate
information and connect with farmers. Agronomy intelligence platform helps farmers
in soil testing, crop input (e.g. crop nutrition, crop protection) recommendations and
crop cycles. ‘Gram Bazaar’ interface enables purchase of recommended inputs while
‘Gram Vyapaar’ interface enables post-harvest sales of crops.
Multiple growth levers at play in rural agronomy
Gramophone has more than 1.2 million farmers on its platform (10% market share in
Madhya Pradesh) out of which 10-15% farmers are commercially connected with the
company. Growth levers like increasing digital penetration (50% in next 18 months),
customer’s wallet share, retention rates, geographical footprints and harvest
management is helping the company grow its revenue from an average of
`45mn/month revenue in FY21 to `250mn/month expected by the end of FY22. The
profitability is also improving with backward integration, efficient logistics
management, managing white labels on the input recommendations platform and
right product mix. The current AOV (average order value) averages near
`3,800/customer.
Collection centres for post-harvest management
Gramophone is planning to build last mile collection centres which will manage post-
harvest crops. The VRs will act as village level aggregators. The collection centres will
be crop and geography specific and will focus on non-perishable/semi-perishable
goods. VRs enable aggregation of produce, which is listed on the Gram Vyapar
section of the Farmer App. Farmers are able to reach out to a verified network of
3000+ traders and processors listed on the platform across 50+ mandis. The Gram
Vyapar marketplace gives Gramophone realtime information on Mandi arrivals and
price movements which acts as a proprietary intelligence for the trade decisions of its
Output Business.
Managing rural e-commerce and last mile delivery
Research Analysts
Gramophone connects more than 100 districts on its platform. There are ~`3bn of
Ankit Gor
farm produce listed on the Gram Vyapaar. Apart from using its app to facilitate ankit.gor@ambit.co
trading between farmers and buyers, Gramophone buys these produce directly from Tel: +91 22 6623 3132
farmers against the demand of food processors. On the input side, goods are
Ashwin Mehta, CFA
delivered to farmers through more than 300 retailers and village representatives. It ashwin.mehta@ambit.co
has its own physical centre (warehouse cum retail center) which caters to 3-4 districts. Tel: +91 22 6623 3295
The company aims to increase distribution by enrolling 5,000 retailers on the
platform in the next 6-12 months. Gram Uday Centres also play a key role in

facilitating trade by providing warehousing and retail presence closer to the farming
ecosystem. There are two modes of delivery: a) retail centres where the company
saves on logistics cost (7-10%) which is passed on to retailers and b) own delivery
through representatives. Gramophone has built a proprietary network of ‘Village
Representatives (VR)’ who act as trust centres and has enabled deeper reach to
farmers by empowering VRs to enable transactions through the Gram Konnect mobile
app. Gram Konnect application enables Farm Management, Input Commerce and
Last Mile Delivery on a single platform. It provides multiple revenue generating
opportunities for the network of VRs. The products are delivered within 24-48 hours
by the VRs.
Improving margins via strong execution on private labels
Gramophone has launched private labels in the Hardware, Crop Protection and Crop
Nutrition categories where the blended product margins are greater than 50%. It
aims to launch Seeds in the next fiscal year. Due to a high brand presence and
advisory led approach the private label sales have reached 25% share of revenue in
CP, 60% in Hardware and 10% in CP category. Gramophone has the potential to
improve the margins by 5% in next 12 months and further increase by 10% as the
private label mix increases to 30%+ in next 18-24 months.
Monetisation of agronomy services
Gramophone has shown early signs of monetisation of agronomy services by
launching a premium version of Farm Management Services to the farmers. Its early
focus on building a strong agronomy intelligence engine has enabled it to introduce
the premium version of Farm Management solutions. Farmers have now started
paying for advisory services. The company aims to add 5000 farmers to paid
subscription in the current financial year. It has also observed that there is a positive
impact on increasing the wallet share of input purchase by 2x for farmers who
subscribe to the farm management solutions. Gramophone aims to add more
languages on its app to make this as a pan-India offering in the next 12 months.

Institutional Equities Team

Research Analysts
Name Industry Sectors Desk-Phone E-mail
Nitin Bhasin - Head of Research Strategy / Accounting / Home Building / Consumer Durables (022) 66233241 nitin.bhasin@ambit.co
Ajit Kumar, CFA, FRM Banking / Financial Services (022) 66233252 ajit.kumar@ambit.co
Alok Shah, CFA Consumer Staples (022) 66233259 alok.shah@ambit.co
Amandeep Singh Grover Mid/Small-Caps / Hotels / Real Estate (022) 66233082 amandeep.grover@ambit.co
Ankit Gor Mid-Caps / Chemicals / Textiles / Packaging (022) 66233132 ankit.gor@ambit.co
Ashish Kanodia, CFA Consumer Discretionary (022) 66233264 ashish.kanodia@ambit.co
Ashwin Mehta, CFA Technology (022) 66233295 ashwin.mehta@ambit.co
Bharat Arora, CFA Strategy (022) 66233197 bharat.arora@ambit.co
Dhruv Jain Mid-Caps / Home Building / Consumer Durables (022) 66233177 dhruv.jain@ambit.co
Eashaan Nair Economy / Strategy (022) 66233229 eashaan.nair@ambit.co
Gaurav Jhunjhunuwala Media / Telecom / Oil & Gas (022) 66233227 gaurav.jhunjhunuwala@ambit.co
Jaiveer Shekhawat Mid/Small-Caps (022) 66233251 jaiveer.shekhawat@ambit.co
Jashandeep Chadha, CFA Metals & Mining / Cement (022) 66233246 jashandeep.chadha@ambit.co
Karan Khanna, CFA Mid/Small-Caps / Hotels / Real Estate (022) 66233251 karan.khanna@ambit.co
Karan Kokane, CFA Automobiles / Auto Ancillaries (022) 66233028 karan.kokane@ambit.co
Kumar Saumya Chemicals (022) 66233242 kumar.saumya@ambit.co
Mitesh Gohil Banking / Financial Services (022) 66233197 mitesh.gohil@ambit.co
Namant Satiya Consumer Staples (022) 66233259 namant.satiya@ambit.co
Nancy Gahlot Strategy / Forensic Accounting (022) 66233149 nancy.gahlot@ambit.co
Pankaj Agarwal, CFA Banking / Financial Services (022) 66233206 pankaj.agarwal@ambit.co
Parth Majithia Strategy / Forensic Accounting (022) 66233149 parth.majithia@ambit.co
Pratik Matkar Banking / Financial Services (022) 66233252 pratik.matkar@ambit.co
Prashant Nair, CFA Healthcare (022) 66233171 prashant.nair@ambit.co
Satyadeep Jain, CFA Metals & Mining / Cement (022) 66233246 satyadeep.jain@ambit.co
Sumit Shekhar Economy / Strategy (022) 66233229 sumit.shekhar@ambit.co
Vamshi Krishna Utterker Technology (022) 66233047 vamshikrishna.utterker@ambit.co
Vinit Powle Strategy / Forensic Accounting (022) 66233149 vinit.powle@ambit.co
Vivekanand Subbaraman, CFA Media / Telecom / Oil & Gas (022) 66233261 vivekanand.s@ambit.co
Sales
Name Regions Desk-Phone E-mail
Dhiraj Agarwal - MD & Head of Sales India (022) 66233253 dhiraj.agarwal@ambit.co
Bhavin Shah India (022) 66233186 bhavin.shah@ambit.co
Dharmen Shah India / Asia (022) 66233289 dharmen.shah@ambit.co
Abhishek Raichura UK & Europe (022) 66233287 abhishek.raichura@ambit.co
Pranav Verma Asia (022) 66233214 pranav.verma@ambit.co
Shiva Kartik India (022) 66233299 shiva.kartik@ambit.co
Soumya Agarwal India (022) 66233062 soumya.agarwal@ambit.co
USA / Canada
Hitakshi Mehra Americas +1(646) 793 6751 hitakshi.mehra@ambitamerica.co
Singapore
Sundeep Parate Singapore +65 6536 1918 sundeep.parate@ambit.co
Production
Sajid Merchant Production (022) 66233247 sajid.merchant@ambit.co
Sharoz G Hussain Production (022) 66233183 sharoz.hussain@ambit.co
Jestin George Editor (022) 66233272 jestin.george@ambit.co
Richard Mugutmal Editor (022) 66233273 richard.mugutmal@ambit.co
Nikhil Pillai Database (022) 66233265 nikhil.pillai@ambit.co

Explanation of Investment Rating - Our target prices are with a 12-month perspective. Returns stated are our internal benchmark
Investment Rating Expected return (over 12-month)
BUY We expect this stock to deliver more than 10% returns over the next12 month
SELL We expect this stock to deliver less than or equal to 10 % returns over the next 12 months
UNDER REVIEW We have coverage on the stock but we have suspended our estimates, TP and recommendation for the time being NOT
NOT RATED We do not have any forward-looking estimates, valuation, or recommendation for the stock.
POSITIVE We have a positive view on the sector and most of stocks under our coverage in the sector are BUYs
NEGATIVE We have a negative view on the sector and most of stocks under our coverage in the sector are SELLs
NO STANCE We have forward looking estimates for the stock but we refrain from assigning valuation and recommendation
Note: At certain times the Rating may not be in sync with the description above as the stock prices can be volatile and analysts can take time to react to development.
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Ambit - Internet - New Age Tech - Conference Takeaways - Dawn of A New Era - Dec'21

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Ambit - Internet - New Age Tech - Conference Takeaways - Dawn of A New Era - Dec'21

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Internet & New Age Tech

CONFERENCE TAKEAWAYS December 27, 2021

Dawn of a new era Valuation classification of

Ashish Kanodia, CFA

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Life Health Motor Other

25% Direct and Others

Exhibit 4: Funding and valuation data for Turtlemint

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Exhibit 5: Summary of company-wise conference takeaways

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Vascular Anesthetics Organized

45 40x Surgeries ('000s) Market share (RHS)

Source: Company Source: Company

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Exhibit 12: Summary of company-wise conference takeaways

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8.3 Auto financing penetration

4.0 4.2 3.9

Inspection & valuation 30

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Exhibit 17: Indian auto marketplace business models

Exhibit 18: Revenue drivers of different domestic used car players

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Exhibit 22: Edtech user growth is expected to be driven by increased internet

Number of Edtech users (mn)

Source: RedSeer, Ambit Capital research

Exhibit 23: Funding and valuation data for Upgrad

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Exhibit 24: Summary of company-wise conference takeaways

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% Population using Mobility and Vehicle ownership

Size of bubble represents population of USA

India will eventually move in this direction

% of population using on-demand mobility

Source: Company, Ambit Capital research

Ride hailing Rapido

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Exhibit 39: Summary of company-wise conference takeaways

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Global SaaS market (USDbn) [LHS]

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IoT, 18% RPA/Automat

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Exhibit 48: Loginext financials

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Payments 24 379 523

Insurance 0.9 4.1 8.5

Mutual Funds 13 66 120

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FY19 FY20 FY21 FY19 FY20 FY21

FY19 FY20 FY21 FY19 FY20 FY21

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Exhibit 58: Summary of company-wise conference takeaways

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Media and D2C content publishing

PocketAces and Pratlipi – capital efficient approach

Exhibit 61: Summary of company-wise conference takeaways