TANLA'S GROWTH

Tanla Platforms Ltd.
CMP 948 Rating Unrated

INDSEC Management Meet Note Target Unrated Upside Unrated
STOCK DETAILS Platforms; Way to growth ahead!

Bloomberg code TANLA:IN
We interacted with the management of Tanla Platforms Ltd., to discuss the company’s business model and outlook, and
Market Cap (Rs. bn) 134
gain an in-depth visibility of future business plans.
Market Cap (USD bn) 1.7
Sector Software Products Company Profile: Tanla Platforms Ltd. is a Hyderabad-based CPaaS solutions provider. Founded in 1999, Tanla Platforms was
Index S&P BSE 500 the first company to develop and deploy A2P (Application-to-Person) SMSC (Short Message Service Center) in India. As one
52 w High/Low 2,094.4/780.0 of the world’s largest CPaaS players, it has processed 800 bn+ interactions annually. Currently, it is the CPaaS market leader
Avg Monthly Turnover (Rs.mn) 358.2 in India with revenue market share of 42% (as on 31st Mar,2022). Tanla’s platform, Turbloq has around 63% of volume mar-
Shares in Issue (mn) 135.7 ket share. This platform processes India’s A2P (Application-to-Person) SMS traffic via blockchain technology, thus making it
BSE Sensex 52,266 the world’s largest Blockchain use case. Another of its platform, Wisely, an enterprise grade platform offers private, secure,
NSE Nifty 15,557 and trusted experiences for enterprises and mobile carriers. The company is an Enterprise segment market leader with
SHAREHOLDING PATTERN 30%+ market share in India. It has 1,300 customers across segments such as Banking, e-Commerce, Healthcare, Consumer
% Jun-21 Sep-21 Dec-21 Mar-22 Goods, Social Media & Retail, Financial Services, Information Technology etc. About 60% of overall revenues is being contrib-
Promoter 42.29 42.51 43.74 43.74 uted by 50 of its top 100 customers, retained for more than 5 years. Dasari Uday Kumar Reddy is the Founder of Tanla
Pledge - - - -
Platforms Ltd. He is also the Chairman and CEO of the Company. The company renamed itself to ‘Tanla Platforms’ from ‘Tanla
FII 12.90 13.35 13.47 13.46
Solutions’ in 2020. Recently, the company has done a strategic partnership with Kore.ai to offer conversational AI solutions
DII 1.62 1.63 0.05 3.03
Others 43.20 42.51 42.74 39.77 on Wisely. This will aid in better business communication for enterprise-customer interactions with the power of artificial
intelligence based Natural Language Processing (NLP) system.
FINANCIALS
Rs. Bn FY21 FY22 FY23E* FY24E* Karix boosted Tanla’s enterprise business (92% of rev): In 2018, Tanla Platforms signed a definitive share purchase agree-
Revenue 23.4 32.1 39.6 48.1 ment to acquire 100% stake of Karix Mobile and its wholly owned subsidiary Unicel from GSO Capital Partners, a Blackstone
EBIT 4.0 6.6 8.4 10.5 Company, at an enterprise value of Rs. 3.4 bn. Post-acquisition, the enterprise business took a sharp turnaround. With the
EBIT(%) 16.8 20.6 21.2 21.8 strong leadership of Karix Mobile in business cloud communication provider, Tanla became one of India’s leading enterprise
Adj. PAT 3.6 5.4 6.5 7.8 cloud communications providers with marquee customers across segments such as banking, insurance, automotive, DTH,
Adj. PAT (%) 15.2 16.8 16.4 16.2 retail, consumer products, e-commerce, m-commerce, and the government. This strategic acquisition leveraged Tanla’s
Adj. EPS 25.3 39.7 48.0 57.5 strong telecom carrier partnerships and Karix’s enterprise selling expertise to build a comprehensive solutions portfolio. Tan-
EV/Sales (x) 5.5 3.7 3.2 2.6 la also acquired 100% stake in Gamooga in 2019 at an enterprise value of Rs. 485 mn. These both acquisitions enabled Tanla
*Bloomberg consensus estimates to provide end-to-end customer experience suite to further strengthen its strong position in the CPaaS industry.
Konpal Pali Saral Seth
Platform business (8% of rev); business with higher gross margins: In FY22, Tanla handled 800bn interactions/year via its
Research Associate VP—Institutional Equities
konpalp@indsec.co.in sarals@indsec.co.in platforms. Tanla Platforms recently developed two platforms namely, Trubloq and Wisely. Trubloq is the world’s first block-
+91 22 6114 6109 +91 22 6114 6139
JUNE 24, 2022
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INDSEC
Key Highlights
Tanla Highlights: Wisely Highlights:
 800 bn Interactions/year  Engineering partnership

with Microsoft for developing Wisely
 Revenue market share:- 42%
 Exclusive multi-year partnership with VIL for
 DLT volume market share:- 63% the entire international messaging traffic
 Number of > Rs.10Mn+ customers :- 192  Exclusive partnership with Truecaller for Busi-
 60%+ of total revenues contributed by 50 out of ness messaging
top 100 customers
 Strategic partnership with Kore.ai to offer
 Revenue grew at a CAGR of 28.5% over FY20-22 Conversational AI Solutions
 Gross profit grew strongly (CAGR - 67.4%) over Wisely platform
Trubloq Highlights:
FY20-22
 World’s first blockchain-enabled CPaaS stack
 Only profitable CPaas Indian player
 1bn average daily transactions
 Led to 44% decrease in SPAM complaints

Karix Highlights:
 Volume market share: - 63%
 Enterprise segment market
leader Gamooga Highlights:
 Market share in India:- 30%+  AI powered Omni-Channel Marketing Automation
Platform
Trubloq’s ecosystem
Few of Karix’s leading customers

Few of Gamooga’s leading customers
Source: Company, Indsec Research EMISPDF in-jhp02 from 114.143.247.214 on 2022-06-27 15:10:36 BST. DownloadPDF.
Page 2
INDSEC
Management Meet Note
Fig.1. Tanla’s Business Mix chain-enabled CPaaS stack. This platform was developed on distributed ledger technology
(DLT). It was launched post the mandate passed by TRAI (Telecom Regulatory Authority of
Pl a tform,
7.9% India) to handle unsolicited commercial communications (UCC) using blockchain technology
and to filter out spam and fraud messages for enhanced security. Since its introduction in Sep-
tember, 2020, this platform has processed 270 bn+ interactions (Daily average of 1.06 bn
transactions) so far with 50,000 enterprise registrations. It owns 63% volume market share as
on 31st Mar,2022. Similarly, on quarterly basis, Trubloq handles ~73 bn per quarter, thus it
Enterprise , handles 20-25 bn transactions per month. In March,2022, Trubloq handled 32 bn transactions
92.1% which is the highest number of transactions so far. Hence, we believe that Tanla’s platforms
are highly scalable given the high number of transactions it can handle smoothy. Tanla’s lat-
est platform, Wisely, was developed after partnering with Microsoft as an engineering partner
Fig.2. Quarterly Platform’s business revenues has grown consistently on as part of its one-platform strategy. This platform aims to deliver multiple communication
YoY basis; Platform revenue’s growth picked up momentum post the intro- channels with end-to-end data encryption. Tanla has launched early access program for Wise-
duction of Trubloq platform ly-Truecaller Business messaging with signups across leading retail, BFSI and e-Commerce en-
terprises. Tanla has entered into an exclusive multi-year partnership with for deployment of
800.00 Wisely and Vodafone Idea (Vi) is currently live on Wisely Network to enhance performance for
the entire international messaging traffic. Recently, Tanla also announced exclusive partner-
ship with Kore.ai to offer Conversational AI Solutions on Wisely. Kore.ai offers enterprise-
600.00
grade, end-to-end, no-code conversational AI platform and AI-first solutions that allow enter-
prises to design, build, test, host, deploy and manage virtual assistants, process assistants and
400.00 conversational digital applications for optimized customer, employee and agent experiences
across voice and digital channels. The Kore.ai Experience Optimization Platform (XO) supports
on-premise and cloud deployments for more than 35 channels in 100 languages. Kore.ai also
200.00 brings with it an experienced and dedicated team to jointly accelerate product development
and go-to-market (GTM) with Tanla in India and other focus geographies. The conversational
209 463 687
0.00
AI market is growing at a rate of ~21% CAGR (source: Market Digits) while the Indian market
Q4FY20 Q4FY21 Q4FY22 itself is expected to grow at a rate of 25% CAGR (source: Gartner, Expert Interview). Thus, we
Platform Revenue (Rs. Mn)
believe that Tanla has a huge growth opportunity in the conversational space.
Asset-light business model: Tanla Platforms operates an asset-light business model with ma-
Source: Company, Indsec Research jor cost including Cost of Services (71.7% of rev in FY22). This cost includes service transaction

Page 3
INDSEC
Fig. 3. Quarterly Revenue growth trend of Enterprise business on YoY business fee paid to mobile carriers and other suppliers. It is predominantly applicable on the enter-
9,000.00 prise business and very less for the platform business. This cost as % of sales has seen a
downward trend with the robust growth in overall revenues. Thus, the company is able to
maintain its Gross Margins in the range of 22%-24%.
6,000.00
Broad-based industry focus: Each of Tanla’s platform has to handle huge number of transac-
tions/interactions on daily basis. The company caters to BFSI clients, aggregators, retail, e-
commerce, healthcare, consumer goods, social media, financial services and IT. Company
3,000.00
currently has 1,300 customers across segments. Being a CPaaS provider, the company’s
platforms do have unique capabilities such as SPAM messages reduction, omni-channel expe-
5,012 6,023 7,844
0.00 rience etc. which makes it useful for clients. Given, there has been increase in online transac-
Q4FY20 Q4FY21 Q4FY22 tions amid the COVID-19 crisis, enterprises are in dire need to include online modes as a way
Enterprise Revenue (Rs. Mn) of communication to connect with their end customers.
Fig. 4. Platform business is a high margin business amid lower cost of services Fig. 5. Enterprise business is the major contributor to overall revenues
involved as compared to Enterprise business
96.1% 95.6% 96.0% 95.9% 94.4% 92.7% 92.9%

91.1% 92.6% 92.6% 92.0%
97.4% 97.5% 95.7% 95.1% 95.7% 94.5% 94.4% 96.0% 92.6%
90.9% 94.6%
24.6% 22.7%
17.1% 15.7% 18.4% 20.1% 18.7% 19.1% 22.1% 21.0% 22.1%
5.6% 7.3% 7.1% 8.9% 7.4% 7.4% 8.1%
3.9% 4.4% 4.0% 4.1%
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22
Platform Gross Margin (%) Enterprise Gross Margin (%)
Platform as % Rev Enterprise % of rev
Page 4
INDSEC
Fig. 6. Number of customers in different revenue categories has been increasing indi- Fig. 7. A healthy representation of revenue (Rs. Mn) across all client categories.
cating aggressive client mining Revenue growth has occurred across clients of different revenue categories.
189 192
175
159
149 146
129 136
114
128 139
112 127
97 105 99
94 82
29 43 36
26 29 36 32 34
26
9 6 10 11 12 13 19 18 17 9,660 11,879 17,906 5,851 7,018 8,510 2,865 3,390 4,621
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22
500 Mn+ customers 100 mn to 500 Mn customers 10 Mn to 100 Mn customers
Rs. 500 Mn+ Rs. 100 mn to Rs. 500 Mn
FY20 FY21 FY22
Rs. 10 Mn to Rs. 100 Mn All three segments
Fig. 8. Consistent revenue growth; reducing revenue concentration mix of top 20 Fig. 9. New client addition and the incremental revenue from them, thus indi-
customers cating Tanla’s strong capabilities to attract customers and the demand for their
services
72% 25,000
68% +6.32%
20,000
15,000
64% 63%
61% 10,000
+11.3% +31.2%
259 270
5,000 167
13,279 14,784 19,401 572 950 1,010

56% 0
FY20 FY21 FY22 FY20 FY21 FY22
Revenue (In Rs. Mn) Revenue Concentration (%) Revenue (In Rs. Mn) Number of new clients
Page 5
INDSEC
Fig. 10. Strong operating cash flows and improving D/E ratio trend Focused on organic growth: In the last 24 months, Tanla has not done any acquisition and
focused more on creating platforms in-house. Even going forward, management wants to
6,000.00 0.00 grow organically with being open to small tuck-in acquisitions. With Wisely in focus, the com-
pany believes that it will grow organically much faster with its one-platform strategy. The aim
5,000.00 -0.10
of the acquisitions will be to complement their Wisely strategy.
-0.23
4,000.00 -0.20
-0.29 Aggressive Client mining: Tanla has ensured to mine existing clients and add new clients sim-
3,000.00 -0.30
ultaneously. The revenues from clients belonging to different revenue categories has grown
2,000.00 -0.40 every quarter. Also, the number of clients in each category has also increased indicating the
conversion of clients to higher revenue bucket via aggressive mining. In terms of new client
1,000.00 -0.50
2,392 5,610 addition, the company has successfully added clients every quarter and thus the revenue ad-
0.00 -0.60 dition has also increased as well on quarterly basis. The revenue concentration from top 20
-304 -0.65
-1,000.00 -0.70 customers has also decreased for the company from 70% (Q1FY21) to 61% in Q4FY22. How-
FY19 FY20 FY21 ever, the revenues from these top 20 customers have continued growing over the past 8
CFO (Rs. Mn) Net Debt/Equity (x) quarters.
Strong financials: The company has been able to generate positive operating cash flows over
FY20-22. Also, the company is debt-free, thus indicating that the company depends on equity
rather than on leverage to finance its assets, which is a sign of healthy financials.
Source: Engati, Indsec Research

Page 6
INDSEC
Valuation & View
Valuation: At CMP of Rs. 948, Tanla Platforms trades at a EV/Sales of 3.9x to its FY22 revenue. We
believe that Tanla Platforms has a strong market presence (42% revenue market share) in India as
a CPaaS player. The company possesses platforms which are capable of providing data security to
its clients. In terms of margins, Tanla has asset-light model, the costs are being managed with ro-
bust revenue growth. The company has a cash-rich position and net debt free as well which makes
it attractive for investors. In the long-term, Tanla plans to increase revenue share from its
Platforms platform business (high margin business) with an aim to launch platforms in the next 11 months.
We believe that COVID-19 crisis expediated the usage of digital technologies into one’s business
Platform Description
to tap into wider customer base. Also, the company aims to grow organically with fewer tuck-in
World's first blockchain-enabled CPaaS acquisitions which will ensure that company will further grow with its exceptional technological
Trubloq
stack, with 62% volume market share capabilities. The CPaaS industry is not over-crowded with players and thus, it gives immense
One-platform which delivers private, se- opportunities to players such as Tanla Platforms to expand their market share.
Wisely cure and trusted communication experi-
ences for the entire ecosystem Key Risks:
1. Obsolete technology poses as a risk as the CPaaS need to keep updating their platforms
with latest technologies.
Acquisitions 2. Competition from telecom operators who are developing their own CPaaS platforms.
Enterprise
Company Year Description Value (Rs. 3. Security and compliance rules imposed by government across the world, makes it cumber-
Bn) some for players to develop platforms.
Mobile engagement and Com-
Karix 2018 3.4
munications provider
Gamooga 2019 Marketing Automation Platform 0.5 Fig. 11. Peer Comparison
EV Sales (Rs.
Domestic Peers CMP (Rs.) Mcap (Rs. Bn) EV/Sales (X) EV/EBITDA (X) P/E
(Rs. Bn) Bn) FY22
Tanla Platforms 948 134 126 32 3.9 18.0 24.7
Route Mobile 1,194 79 69 20 3.5 31.6 47.6
EV Sales (Rs.
Global Peers CMP Mcap (Rs. Bn) EV/Sales (X) EV/EBITDA (X) P/E
(Rs. Bn) Bn) CY21
Twilio $ 97 1,385 1,084 210 5.2 NA NA
Sinch AB 38 kr 248 336 139 2.4 22.7 33.4
Source: Bloomberg

Page 7
INDSEC
CPaaS Industry
CPaaS industry has undergone a massive change over

the years. Currently, CPaaS has rather became an
integral part of any enterprise with the rising usage of
smartphones and further internet availability across the
globe. Thus, these factors have created a market with
unexplored opportunities for the CPaaS players. The ever
-increasing customer base and the urgency to include
usage of digital technologies into business are few fac-
tors which has let to the uprise in demand for communi-
cation platforms.
Enterprises have preferred SMS to communicate with its

end customers given they are easy to send offline. How-
ever, with the availability of internet connectivity, OTT
messaging apps such as WhatsApp are becoming popu-
lar as a way to communicate to customers. Along with
SMS, voice calls, video calls etc. are also used as commu-
nication tools by enterprises to engage customers.
CPaaS players are thus providing omni-channel
platforms that can allow integration of all forms of com-
munication onto their platforms with clients’ APIs. The
advancement in technology has allowed CPaaS players
to create platforms via usage modern technologies such
as blockchain, AI etc. to make them more reliable, safe
and secure.
Source: RedSeer, Indsec Research EMISPDF in-jhp02 from 114.143.247.214 on 2022-06-27 15:10:36 BST. DownloadPDF.
Page 8
INDSEC
Highlights
Top line has grown at a CAGR of 28.5% over FY20-22 EBITDA has grown at a CAGR of 94.5% over FY20-22 indicating
35.00 93.5% 100.0% robust revenue growth with maintaining cost at same levels
30.00 8.00 25.0%

21.8%
80.0%
7.00
25.00 18.5% 20.0%
6.00
60.0%
20.00
5.00 15.0%
15.00 36.9% 4.00 9.5%
40.0% 9.6%
26.8% 10.0%
10.00 3.00
20.5%
20.0% 2.00
5.00 5.0%
10.0 19.4 23.4 32.1 1.00
0.00 0.0% 1.0 1.9 4.3 7.0
0.00 0.0%
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
Revenue (Rs. Bn) Y-o-Y Growth (%) EBITDA (Rs. Bn) EBITDA Margin (%)
Gross margins has expanded significantly over FY20-22 Profitability improved significantly over FY20-22
9.00 30.00% 6.00 20.0%

16.8%
8.00 23.9% 15.2%
25.00% 5.00
7.00 15.0%
20.5%
4.00
6.00 20.00%
10.0%
5.00 14.1% 3.00
11.7%
15.00%
4.00 7.7 2.00 3.0% 5.0%
3.00 10.00%
4.8 1.00
2.00 0.0%
0.3 -1.6 3.6 5.4
2.7 5.00%
1.00 0.00
1.2 FY19 FY20 FY21 FY22 -5.0%
0.00 0.00% -1.00
FY19 FY20 FY21 FY22
-8.4%
-2.00 -10.0%
Gross Profit (Rs. Bn) Gross Profit Margin (%)
Adj. PAT (Rs. Bn) Adj. PAT Margin (%)
Page 9
INDSEC
INDSEC Rating Distribution
BUY : Expected total return of over 20% within the next 12-18 months.
HOLD : Expected total return between 0% to 20% within the next 12-18 months.
SELL : Expected total return is negative within the next 12-18 months.
NEUTRAL: No investment opinion, stock under review.
Note: Considering the current pandemic situation, the duration for the price target may vary depending on how the macro scenario plays out. Therefore, the duration which has been mentioned as a period of 12-18
months for upside/downside target may be higher for certain companies.
DISCLOSURE
DISCLOSURE
BUSINESS ACTIVITIES:
Indsec Securities and Finance Limited (ISFL) is a corporate member of BSE (Equity, WDM segment), of NSEIL (Equity, WDM, Futures & Options and Currency Derivative segments) and has also secured membership of the MSEI Exchange (Currency
Derivative Segment) vide registration No. INZ000236731. ISFL is an AMFI Registered Mutual Fund Advisor (MRMFA) vide Registration Number 9194. ISFL is also a Depository Participant of the National Securities Depository Limited (NSDL) and a
SEBI registered Portfolio Manager. With this setup ISFL is in a position to offer all types of services in the securities industry.
Since inception company’s focus has been on research. In view of its research capabilities ISFL focused mainly on institutional business and is today empaneled with most of the local financial institutions, insurance companies, banks and mutual
funds. ISFL has grown from being a medium size broking outfit to become one of the largest capitalized Indian broking company offering the complete range of broking services.
ISFL was incorporated on 28th July 1993 and doesn’t have any associates/ subsidiaries. ISFL is a registered Portfolio Manager under SEBI (Portfolio Managers) Regulations, 1993 vide registration No. INP000001892.
DISCIPLINARY HISTORY:
• No material penalties / directions have been issued by the SEBI under the securities laws, SEBI Act or Rules or Regulations made there under
• No penalties have been imposed for any economic offence by any authority.
• No material deficiencies in the systems and operations of the Company have been observed by any regulatory agency.
• There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Company or its Directors, principal officers or em-
ployees or any person directly or indirectly connected with the Company.
DECLARATION:
• ISFL/Research Analysts or their associates or their relatives do not have any financial interest in the subject company (ies);
• ISFL/Research Analysts or their associates or their relatives do not have actual or beneficial ownership of 1 % or more in the subject company (ies);
• Directors may have actual or beneficial ownership of 1 % or more in the subject company (ies);
• ISFL/Research Analysts or their associates or their relatives do not have any material conflict of interest in the subject company(ies) at the time of publication of this document;
• ISFL has not received any compensation from the subject company (ies) in the past twelve months;
• ISFL has not managed or co-managed public offering of securities for the subject company (ies) in the past twelve months;
• ISFL has not received any compensation for investment banking or merchant banking or brokerage services or any other service from the subject company (ies) in the past twelve months;
• ISFL has not received any compensation or other benefits from the subject company (ies) or third party in connection with this document;
• None of the research analysts have served as an officer, director or employee of the subject company (ies);
• ISFL has not been engaged in the market making activity for the subject company (ies);

Page 10
INDSEC
DISCLOSURE
GENERAL TERMS AND CONDITION/ DISCLAIMERS:
This document has been issued by ISFL and is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of security.
This document has been prepared and issued on the basis of publicly available information, internally developed data and other sources believed to be reliable. However, we do not guarantee its accuracy and the information may be incomplete
and condensed. Note however that, we have taken meticulous care to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the analyst nor any other employee of our company is in any way responsible for
its contents. The Company’s research department has received assistance from the subject company (ies) referred to in this document including, but not limited to, discussions with management of the subject company (ies). All opinions, projec-
tions and estimates constitute the judgment of the author as of the date of this document and these, including any other information contained in this document, are subject to change without notice. Prices and availability of financial instru-
ments also are subject to change without notice. While we would endeavor to update the information herein on reasonable basis, we are under no obligation to update or keep the information current. Also, there may be regulatory, compli-
ance, or other reasons that may prevent us from doing so.
Securities recommended in this document are subject to investment risks, including the possible loss of the principal amount invested. Any decision to purchase/sale securities mentioned in this document must take into account existing public
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Tanla Platforms Ltd.

CMP 948 Rating Unrated

STOCK DETAILS Platforms; Way to growth ahead!

 800 bn Interactions/year  Engineering partnership

 Led to 44% decrease in SPAM complaints

Few of Karix’s leading customers

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96.1% 95.6% 96.0% 95.9% 94.4% 92.7% 92.9%

13,279 14,784 19,401 572 950 1,010

Source: Engati, Indsec Research

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CPaaS industry has undergone a massive change over

Enterprises have preferred SMS to communicate with its

30.00 8.00 25.0%

9.00 30.00% 6.00 20.0%

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GENERAL TERMS AND CONDITION/ DISCLAIMERS:

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