re koe Peeled ec WINE TTS 0) 0 a sc Terns ye Gswicey Financial Performance Report, 2021 raatTable Of Contents CSCS ee ue UAT Meee ey India's Startup Economy: A Landscape 06 How India’s Top 100 Startups Performed Lae a ea) 08 Top 100 Indian Startups: Key Financial Performance Ciera ‘Aggregate Revenue And Expenditure Se USM ce scone) Doe ee Cu Ce cana a a eo Sn ec cS The Revenue-To-Expenditure Matrix: Top 100 indian Startups Sac ee eS er RO ene Pe unt Sa aa 24 Top Indian Startups’ Expenditure On Eas Investments By Top Indian Startups In Employee Benefits Re nea a ea 28 Indian Unicoms And Soonicorns: Financial Cen) EA Ce annuus e et VSM UE eo eM n Cay een nae cau eee RSC a aeIndia’s Internet An OverviewThe Rise Of India’s Digital Economy The Growing Number Of Internet Subscribers In India 1000 825Mn+ = 60% 842Mn Toa Number Of Inteet Penetration Smarghone Users _ iene Subserbers nina Ininda g inindia : $0.68 761 Minutes 305 Mn Per Bintemet Average Time Angin Uses Doing One a Cost In india User Spends On The Transactions In 3 Internet Every Month india z 3.24Bn $1.2 323 Mn+ UPrTiansacions Total Vale Of UPI Total Number Recorded in TFansactons Til Of ral nee, wove 2005-2016 —«2017~=—« OB «aT «2020 uly 2021 sly 2021 Subsorbers Calendar Year We Uitan me Rul Source: TRAI, NPCI, Bain and CompanyIndia’s Startup Economy: A Landscape 55,450 Bengaluru 70% Tolal Number Of Continues To Fell inNew Startup Internet Subsebers Speatheed Startup Launch 2020 Inindia Investments nindia $81 Bn 6,597 3,990 Total Funding Total FundingDeals Number Of Funded Raised y Startups Recorded ‘Startups in india m 66 100 Number Of indian Startups Entered Estimated Number Of Startups Acquired — TheUricom Club Unico In indi By 2023 $210 Bn Combined Valuation Of Indian Unicorns Note: Funding & MEA datas forthe period 201441 2021 Unicorns data as of 2 Aug 2021 Startup launch datas tl December 2020,How India’s Top 100 Startups Performed In FY20 $7.3 Bnt $3 Bnt 24 $9.8 Bn+ Total Revenue Total Losses Out Of 100 Startups Aggregate Recorded Incurred Are EBIDTA Positive Expenditure Zerodha $1.8 Bn $454 Mn+ $1.1 Bnt The Most Frugal Indian The Aggregate Spend On Aggregate IT Aggregate Advertising Startup Employee Benefits Expenditure Spend $31.2 Mn 181% $83 Mn 16+ Median Revenue Of Average Surge In Revenue Median Revenue Of Startups Are Planning Indian Soonicorns Between FY19 And FY20 Indian Unicorns IPOsWho Are These 100 Startups? $27 Bn 33% Funding Reised Til Share Of These 100 Startups In Total 12021 Indian Startup Funding Between 2014 ‘and HY 2021 13 34 Startups Have Raised More Than Of These 100 Companies Are $500 Mn In Funding Between 2014 Soonicarns to 2021 33 $159 Bn Cf These 100 startups Ae Combined Valuation Of These 100 Unicorns StartupsSCY MOM TET) Key Financial Performance IndicatorsFinancial Performance Of Top 100 Indian O08 In .o Peeeea ees 5 oe snes O a ee Sen5e SOsSO9 22508 OSES SSeS OSTop 100 Indian Startups Control Expenditure As IPOs Become The New Normal Between FY18 and FY19, the annual rise in aggregate expenditure was 76% 0 65% Value (in $ Bn) ‘Aggregate Revenue ‘Agutegate Expenditure mrvig mi vig m FY20 Source: Company Flings nc#2 Plus "Noe: Only companies included in our sample set are taken into consideration, Fipkrt isnot included in this analysis.Positive Unit Economics Remained A Distant Dream For The Indian Startup Ecosystem Only one out of four Indian startups had a positive operating profit margin in FY20 4 % & = 50x ¢3 2 2 = 100% a 2 5 : B 150% 34 5 2 E20 & & B 2s 2018 2019 2020 = 2018 2019 2020 Financial Year Financial Year Source: Company Flings, not? Pus "Note: Only companies included in our sample setae taken into consideration. Fipkart isnot included in this analysis.42 Fastest-Growing Indian Startups By Revenue (FY18 To FY20) eve Sharechat nn vse Udaan Detiaat beast Dunzo Gewcey Swggy Mamaearth = Qovean sugar Bounceshere FV vost: upton EX rpeok_upeek & Rezorpoy Razorpay Zooey Unacademy 2 A Hiometane HomeLane © eamuaner Infra Market E @shiprocket Shiprocket § iF cashtree Cashtree : (Bee, Urban Company [et Kot i cious Bayt oaiyhunt 2 Mobikwik g Quvance pce i cars24 E @orowve Phonepe RentoMojo 2 Ghovesoy Expy 1 Upgr © ninjacart Ninjacert a Chargebee é County Delight & Inshons @ewer Aner Energy 2 Purple walt Wakeft Carte zomato Zomato Rebel Foods mosis Mogi ‘NF boat Boat CashifyTees sug 1910 42 Fastest-Growing Indian Startups By Revenue (FY19 To FY20) eunce armauanet Quvsrace 21 120 “Times Sure 1 ‘obi wae Hometane keeabt Gsmicev Gerorens ‘CO tenskart 1Upcred Beeson Chargebec EEL zomato overs as, ‘osusene DeLHIUErY Ugeur eats O Pronere oi vio ters an company Uae ty hagebee etl Foote Zonsto ‘som carat py Dehivery Moa Phoreneenue Reene F200 Profitability Index - Top 42 Startups & Their Expenditure/ Revenue Ratios a Bo Oo | ee ey A leon Raein ——— oo ff NN 9 2 éRarorpay —Raxopsy —— = i VV Voi ot VA Toege ieee inmenth —05 sto 0) NN 9 kana —— tnt od VV 9 Sati Trent eS a ——— 4 DEH ey —— Te ot 73 li” ou —— Chk oe TT 3 Farce rows — Kc TT | 0 qe —— icerts cect 95S Bhesone — in Coy. TT 5 CReWIAO! canto — 2 oes ie el omen cathy — Th wakefit — Wakeft ——— ampmessaces Xoressbees 3 ot ht TT @eHaot detest —o- Oe TT |. aster —— Ke i TS |: INMOBI whos ——— mmo wes | ae oo TT oe et TT a mae —_Blcktuck —~Expense Index - Top 42 Startups With The Highest Expense Surge (FY19- slang. @zerwem Teer emer Aner egy OUNCE ——Bovncesare “ soipoctet WonAsuKeT Mat ss Homelane none eT 5 uo Rrpeck — pec 525 Dain Nedorty Vet 93 cious Put ys 15 . coemar Eoinjacart Nest 17 i Sor {S Cor@rade. corrode mmm 3 5 2 Ueban Company ea ye : Ung evan Uucateny 5 45 3 Cargetee BS Ouvsrsce — Ureoct—— mm 25 3 Lena FE @vettaat Detisat — E @swccy ‘Swiggy 2 moglix, Moghx boat OuUSPAY supp waferit (GaSe) corse mr casa ashe vss inditi nowt keeht Qovewiies — ronsetck Bisicts Wdobikwie — MobiKwik eRe Palace PhelateKey Insights ‘© The advent of the pandemic and the IPO rush among top Indian startups have underlined the importance of positive cash flow, profitability and the concept of frugality across business operations. © Among the 42 most cost-efficient startups in FY20, the number of ecommerce companies is the highest (11 out of 42). Out of the 11 ‘ecommerce startups mentioned in the graph, 45% are D2C brands. © Ecommerce, fintech and enterprise tech are the sectors with the maximum number of cost-efficient startups atthe top. Together, these three sectors accounted for 67% (28 out of 42) of the most frugal Indian startups in FY20. © Zerodha witnessed an exponential surge in revenue and expenditure in the financial year 2020, indicating that the company is aggressively betting on business growth and customer acquisition. Recently, the popularity of online trading in India has peaked, and a record 14.2 Mn demat accounts were opened in FY21 © The agaregate expenditure of the top 100 Indian startups stood at $9.8 Bn in FY20, a 34% surge compared to the $7.3 Bn recorded in the previous financial year. ‘* Among the top 42 Indian startups that witnessed the maximum surge in annual expenditure between FY19 and FY20, fintech startups had the highest count "Indian startups in fintech, ecommerce and hyperlocal delivery space saw the highest surge in annual expenditure between FY19 and FY20. As the addressable market across these sectors grew significantly due to the pandemic, startups operating in these segments were bulish on marketing and growth to leverage the newfound opportunityRevenue To Expenditure: Top 100 Indian Startups 1000.0 . 750.0 Total Expense (in $Mn) a 100.0 700.0 300.0 4000 500.0 Total Revenue (In $M) Note: The evenuetoexendtre representation of htop 10 startups inthis analyss helps enti he frontrunners scaling fst o expand thelr business reach. As more than ‘Indian startups ae planning fr POs by 2072, theres also a higher probably of naganc growth via mergers and acquisitions to gai a larger market share,How Indian Startups Are Spending On AdvertisingIndian Startups With High Ad Spending Power tant) (ot) se) (Ose) (BBE) (ines) ) Be) (Gos) (wm) (igeus) (Ouvsrsce) —gindSpnany over (amaeee) (ox) (ok) (aor) (a) (I) (PE) (eee) tem) Cas) (soma) Note: Only startups included in our sample set are featured here. Kaw) ¢ -) Geronns ) . Mobic) * Dv ) Car@rat With the growing capital inflow via revenues and investments, startups leveraging mainstream advertising, which bigcompanie eater dominated, Fom PL toprime ime ]eision Idan startups are everywhere, and ther marketing tals ee nolonge pent on cial alone ‘The average advertisement expend of Indian startups in FY20 was $223 Mn, 8% lower than $24 Na recorded in the previous financial yet The average sug in the afverisement spend of dan startune wae 260% between FY19 and FY2. Ezommee end itech starups ee the top advertises across the Indian starup ecorystom. Together, these two Sectors secouried for S8% (20 cut of the §2 ‘tartups) wih an adverising budget of $1 nan above.Indian Startups That Spent More Than $15 Mn On Advertising In FY20 Advertising Advertising Advertising Advertising “Rina aise Aare "Re rm) Picea ened 2456 an 208% |b infoedge 2785 23.94 6% TAT 15.08 604 149% | Bona 1845 44 * Gerorens ——24az mas 1188 | zomato — 18074 16597 * firstsly 436 143 113% @ehonere 138.51 176.66 20% COlenskart 15.11 8.80 Te Bbigbasket 20.17 2573 20% 16.03 993 on | 1930 2327 ae = on as 8 | pepperfry 178 a7 2% polieybazaar@ 37.86 73.24 3% Payim 198.17 456.66 sM% Gswiscy 40.86 10575 we Source: Company Flings, nct2 Plus Noe: Only companies included in our sample setae taken into considerationIndian Startups That Spent Between $5 Mn And $15 Mn On Advertising In FY20 i Senive apne Ch FOM | Cipentre apne WECM FY20 ($ Mn) FY19 ($ Mn) FY20 ($ Mn) FY19 ($ Mn) @uien 94 u 7 a “a ms mamaearth 6.2 12 427% 1 79 14% boat 6 2 an » on * Licious’ 67 26 162% oa 98 Ps ©) UpGrad 128 61 109% 85 89 aod Ceti 4S 83 75% 56 1 2% Wobikwik 128 100 ws Source: Company Flings, Inc Plus Note: Only companies included in our sample set are taken into consideration.Indian Startups That Spent Under $5 Mn On Advertising In FY20 : santa Mets caetan - om section Atha “gees ews opowne feast Pte it 36 as 86% @aner 7 0 om INMOBI 12 02 544% ‘@ HomeLane: 41 23 0% Neda 42 07 499% LJ wroreio, 32 19 7% B@UNCE 29 06 3a Car@rade_ 2.0 25 Be Uupstox 31 07 368% YE FURLENCO 12 1 dRazorpay 23 os. 37%. Nazar uu uu o @shuttl a5 13 161% {N ewestone 18 a 98 WewowcKarT 21 03 126% 7 26 a9 = eS as W 100% fankiwitatn 87 as se Chaayos 13 o7 93% © SHOPCLUES? 39 a7 60% prtile: 50 26 9%How Indian Startups Spent On IT In FY20 Brand zomato DeLHIUErY GO crorses Bdighadet infoedge icertis dusteiot teokdiow (CO lenskart policy bazaar @ IT Spend inFi20 (tn Me) $35805, $266 $1337 $8.36 $6.50 $5.66 $3.68 $319 $272 san $2.65 s2st S194 $1.93 $1.82 IT spend nevi (inn) s3aa2i sia.61 soe $561 $1.98 $4.16 $1.83 $301 $1.85 $2.82 gn $2.35 $1.30 $139 $0.98 Brand ow “eosMoPcLES O Bupesk ogi = B@UNCE lbobikwik emamaearth ozo TrSpend InFY20 (In Ma) S157 $143 $129 $1.09 $101 $070 $067 $065 $038 $032 $020 sors so18 sore S06 IT Spend inFvig (la $a) $0.98 $1.95 son sos7 sor soa $0.50 $0.36 $0.17 s0.10 sor soz $0.26 soz soa “The average surge in IT expenditure of the 36 startups in our sample set was ‘68%, With the growing tend of remote working across Indian startups due to the pandemic, we expect their IT budget ‘to grow further in FY21 and FY22. ‘The average IT expenditure of Indian startups in FY20 was $12.6 Mn, 12% higher than the $11.3 Mn recotded in Fvi9, ‘SaaS and enterprise software solutions will witness. the highest. growth in ‘expenditure. The estimated growth in FY21 is 13.6% compared to 2020 ‘According to Gartner forecast, the IT ‘expencituein India is projected to total ‘$819 Bnin FY21, an increase of 6% from $79.3 Bin FV20.Top Indian Startups’ Expenditure On Employee BenefitsTop Indian Startups’ Expenditure On Employee Benefits 20 Employee Benefit Expenses (§ Bn) Fg Fy20 Note: Oue othe unavasbltyof employee beret expense dat of ew straps, Only 95 companies out of he op 100 nan startups have been consiered for this analysis.Formal Employment Creation By Indian Startups Is Growing At A CAGR 12% 150,000 tes 00 @ $224 Min Total contribution of indian startups to the Employees’ Provident Fund Organization (EPFO) between FYI7 and FY20 ‘@ 449K Total number of EPFO accounts ‘opened by Indian startups in the past four years 100,000 50 © $479 The average annual contibution by ndian startups to an EPFO account 50,000 between financial year 2017 and 2020 25 (© 112K The number of EPFO accounts annually opened by Indian startups between financial year 2017 and 2020 Total No. Of Employees (As Per EPFO Data) 2017 2018 2019 2020 1H Total Number OF EPFO Accounts = Total EPFO Amount Note: This analysis is based on a sample set of 82 Indian startups and their EPFO filings between FY2017 and 2020.4.4x Surge In Per-Employee EPFO Contribution By Indian Startups In The Past Four Years [EPFO Contribution Per Employee (in $) & Fvi9 Fv20 "Noe: This analysis is based ona sample set of 82 Indian startups and their EPFO filings between FY17 and FY20.Indian Unicorns | Soonicorns Financial BenchmarkingThe State Of Unicorn And Soonicorns In India Shietwombnetviesin @) 59. Soonicorns a 99.3 Bn* Total Fundi $62 Bnt Total Funding Raised : s ing Raised 18 Fintech 11 Ecommerce 96 Consumer Services 26 Bengaluru © 14 DelhinoR 13 Mumbai_/ i. B © 10 Enterprise Tech Note Unicare A O24 aga 202164 Hk Shoples have been feed in calculstionshowev: a of 4 Aust they ae ale les tan $1 Bn Fipkrt. ie, Shops a acquired MakeMTp Zama, Crtaée and InlEdeare sted companies Zoo ag Mole yao nterng una cb ae eicewnTime Taken By An Indian Startup To Become A Unicorn Halved In The Past Decade . i {Startups founded inand before 2010 tookan average \__ oF 1yearsto Became s unico. frit hi Z tie (saps fondest 2010 tok an average ot reteset ) = ® ro nn$83 Mn Was The Median Revenue Of Indian Unicorns In FY20 mo reo a 25 so 5 Median Revenue (In $ Mn) Source: ne? Plus Note: This analysis based ona sample set of 30 Indian unicorns = $102 Mn Was The Median Expenditure __ Of Indian Unicorns In FY20 cms ro wo: 0 2 50 78 100 ns i Median Expense (n Mn)Indian Unicorns Recorded 266% Surge Indian Unicorns Recorded 226% Surge In Expenditure In FY20 In Revenues In FY20 ‘Top 100 Tngian| Indian ‘Svs Startups Indian Unicoens Indian Unicons ° 50 100 150 200 250 ° 100 200 300 Average Revenue Surge % (F¥19to FY20) ‘Average Expenditure Surge % (19 to FY20) Source: Inc&2 Plus Ret The tn ata aris ibsedon sample st of 30an companies whieh stu foveal dn startups bed ona ample set 100 Indian companies with $1 Mn+ revenue inFY20, CeValuation-To-Revenue Multiple: Selected Indian Unicorns Current Valuation FY20 Revenue sais (ins) (Sun) Yatton” | S88 Cosy suey Gan tp Matte (Ca S10 a7 2 Gswiccy se a 0 Bbiobasket s12 16 3 @eiesk 20 196 0 DELHIVErY S15 Co 4 | COlenskart_ s15 1 n BZERODHA $1.0 49 7 zomato $54 339 16 RIVIGO S11 ur 7 P firstepy 820 1m 6 Ssnapdeal s10 1 8 - Sdalighume 8.9 a 7 “inmost 9 » ”Current Valuation FY20 Revenue seine {atx} GnStn)Valuton SE (oo) not) aa Multiple Multiple infoedge 38 185, a Beeson 920 3% 57 31Pine Labs $20 96 a Oudaan xe 2 86 INFRA.MARKET $1.0 8 a icertis a oo policybazaar@ $1.5 n a © unacademy gra 2 “it © honepe 518 se a @sharechat 21 Fi ia Payim $15.0 456 3 CRED $22 2 893, @Razorpay $30 n 2 Note:The enterprise value (valuation) to revenue ratio (EV/R) is ¢ meric used to value a business. To caleulate the same, the total EV af business entity (equity value + total deb + prefered shares cash and equivalents) is divided by its annual revenue. The method is commonly used for early-stage or high-growth startups that donot have positive EBITDA, ‘The valuation of startups used inthe report are dated before 12 May 2021: : $48 Mn Was The Median Expenditure of $31.4 Mn Was The Median Revenue Of | Indian Soonicorns In FY20 Indian Soonicorns In FY20 ms i ms 0 10 cy 30 0 10 2 20 0 50 Median Revenue (i$ Nn) Median Expense (in$ Wr) ‘Source: Inc Plus Note: Ths analysis is based ona sample set of 34 Indian soonicoms.Indian Soonicorns Recorded 207% : Indian Soonicorns Recorded 212% Surge In Revenues In FY20 ‘ Surge In Expenses In FY20 ha ue ‘storie: ‘Startups - a einen ny arena sce tie Note:The sonicorn data analsisis based on 2 sample set of 34 Inia compares, whl the study of overall indian starupsibased ona sample et of 100 Indian companies wa $1 Mee reveruenFY20.How The Top 100 Startups SET Meer | Corporates/Traditional BusinessesFintech Startups Vs Private Banks Vs NBFCs India has seen a steady ise in fintechstartup-legacy banking partnerships over the years. And the enty of neobanks into the itech space has further catalysed these parinershps. Some notable collaborations include Ny0 tieup wth ICICI Bank and Yes Bank and Open joining hands with Kotak Mahinda Bank and ICICI ‘Bank. Interestingly most neobanking startups in India tr tote up with a consortium of banks for optimum growth over exclusive partnership. We expect greater adoption of fntech solutions such as neobanking, credit rik assessment and digital customer onboarding in the near future. Overall, the growing demand for ‘mobiles dgtal banking wil lead to greater collaboration opportunites for Indian fintech startups. The Inclusive And Utilitarian Nature Of Fintech Businesses Major Fintech Startups Planning For IPOs In A Year Help Them Grow At A Faster Pace Than Legacy Players. Or Two, Their Expenditure Growth Has Been Contained Top 10 Fintech Top 10 Startups Privete Banks Top 10 Top 10Fiatech Privete Banks ‘startups Top 10 Top 10 NBFCs NeFC's 0% 20% 40% 60s 80 os 0% 40% 60% 80% ‘Average Revenue Surge (FY19 to FY20) Average Expensiture Surge % (FY19 to FY20) Note:The op 10 rate banks and NGFCsin nda ae ranked on he bai of stock market capt ‘The top 10 itech tarps rom out database are ranked onthe basso FY20 revenue “Zeodha hasbeen exuded fom his anss Gu os exponential isin revenue and expenditure,Top 10 Fintech Startups Top 10 Private Banks ! Top 10 NBFCs Fray Valuation Revenue To: Fo Market jet Fran Market Remeto ‘Revenue (in $8n) Yautation ‘Revenue Capa. Matte Cap: ‘Revemse Capitals: | Maret Cap. ws ate (288) stonng a Mito; (389 sn 5) Mae Paytm — $456.5 $1600 351 GEES si66 $1077 65 Faxed $2.59 $45.96 12.8 Geuwesk 51950 $200 102 | Mrercreank $115 $583 50 QQ 12 $90 52 Pay $165.7 $2501 151 Qwowr $46 $461 107 Ora $740 $2434 3.3. MZERODHA si90 $100 67 Arson 987 909538 wean gn seas 22 of@usiness $96.6 $080 83 IndusindBank $39 $103.26 | se MN GOs S867 ST ‘Pine Labs $956 $200 209 | @emtman 515 565 44) Garments S198 SOLS A@Razorpay 3708 $3.00 424 @ IDBI sank $28 $5.6 020 Pte fe 2 1D polkybazaar@ $70.7 $1.80 21.2 GER wo mS coe Ste 2s OP ronepe $58.2 $1.50 945 on $35 4513 Romar 60.85 $1.56 1.8 swe. s07 04s 89 sos 1 70 | Gmosy — gase gus 46 Note: INR to USD exchange ate is 73.4Ecommerce Startups Vs Public Retail Companies While major retail companies such as Future Reta, Aditya Birla Fashion &Retall and athers piled up signiticant loses due to the Covid19 pandemic, ecommerce startups in Icia enjoyed an unprecedented surge in overall order volumes and revenue growth. The average revenue growth ofthe top 10 indian ecommerce startups was up by 59% in FY20 compared 1 FYI. We acknowledge that traitonaletalrs have higher opertional volumes, beter revenue value and more extended existence (compared to startup) that impact the YoY growth rate of revenue and expenditure. But given the growing adoption of ecommerce and the advent ofD2C brands, the overall shiftin consumer buying behaviour from brick-and-mortar stores to eetalis evident andi likely to continue in the post pandemic urban india forthe sake of convenience and safety Indian Ecommerce Startups Outshone Traditional Increasing Overheads And Deteriorating Operating Profit Retailers in Revenue Growth Between FY19 And Margins Will Force Traditional Retailers To Reduce Their FY20 Expenditure Further Ecoginbee| Ecogtnet ‘Serpe ‘Sips Tep10| Tepid compart complet a 20% a0 so 0 10% 20% a0 a ‘Average Revenue Surge % (FY19 to FY20) ‘Average Expenditure Surge % (FY19 to FY20) Note: ‘The tp 10 etal companies in nda are ranked on the basis of stock markt capitalisation. ‘The top 10 ecommerce startups from our database are ranked on the bass of FY20 revenuerao Vatgnen genet 0 Mes Rene ToptcommesceStatups Revenue liation” — TopTradtonalRetalers Revenue Capleton Mat Ca iz id (In $ Mn) (in an) Multiple Tea “ (in $ Mn) (in $ Bn) ‘Multiple . Flpkort sans $220 47 DMart a4 268 19 aw sa so a FUTURERETIL’ = 28 oa a ‘OO lenskart s13t ss 190 Ss a2 mn 2 stele firstey 122 $20 164 TREN = 1 7" © snapdeal si20 so aa Girvan 08 oa o2 baat $96 $03 aa ke ‘Windiamart $94 sos 8s Tr a oa 7 Suoprens Stor 05 oa a7 Ecastirvin se soa 1 Saas 1 a 6 pepperfry $36 $05 130 KKkCe 4 a2 2 (Kewesrove gos os | - aa a Note: INR to USO exchange rate is 724,Enterprise Tech Startups Vs Indian IT Companies According to @Covid19 impact survey conducted bythe Cl, a complete shutdown of operations was identified asthe biggest business constalt. As a result, ‘tational T players catering to local and global giants had to bear the brut. In contrast, Indias vibrant SMB ecosystem required technology solutions atthe atest to restrategse ther businesses, and multiple Sa companies from india and abrosd found a massive opportunity for their agile, cost-effective solutions that helped Indian SMBs survive and thrive. Today, lobe enterprise tech/Saa8 players such as Salesforce, Amplitude, Mnxpanel, HubSpot and others are quite blish abou the Indian marke. [Although Fortune 500 and government enterprises stil requir the big IT to provide custom tech solutions in areas like ERP, CRM, HRIS and asset tracking, the ‘growing scope of customising end integrating new-age SaaS products can dampen that demend, India’s Enterprise Tech Startups Outran The Country's IT _Enterprise Tech Startups In India Saw A 41% Rise In Giants By 34 Percentage Points In Terms Of Revenue Expenditure As They Chased Customer Acquisition And Growth Between FY19 And FY20 Brand Promotion pp roe cna cna ah Si Sat ro Joon mat EE — compat ° 1% 0% WA DR aka Average Revenue Surge %(FY19 10 FY20) Average Expenditure Suge (FY19 10 FY20) Note: ‘The top 10 T companies in Indi ae ranked onthe bass of stock market capitalisation Enteprice tech ctartupe are selected based onthe avalabiy of thet filings In India For enterprise tech startups, only the revenues and expenses of the India entitles have been consideredLogistics Tech Startups Vs Public Logistics Companies Supply chain isthe most integral part ofa business ecosystem and for along time this demand was largely catered by traditional logistics companies inthe county. Today as more new-age sectors such as ecommerce, dret-to;consume, space tech and others are on the rsein Indl, so isthe demand fora digital supply chain, A major competitive edge tat the logistic tech companies in India have ove ther trationalpariners is the use or technologies such as—interet of things (lo), AVML and RFID. This enables the logistics tech startups to delve superior transparency and control to their customers on ther logistics operations. However, in near future thre isa high probability that there wil more business business collaboration between traditional logistics companies and logistic tech startup also there are possibilities of aequlstion of aditionallogisties companies by startups chasing superior matket dominance The Digital Native Nature Of Logistics Tech Startups Unlike Their Traditional Counterparts, The High Growth Enable Them To Be More Efficient And Precise In Their Nature Of Logistics Tech Startups Will See More Operation Compared To Their Traditional Counterparts Expenditure On Operations And Expansion 19 ren nn wong sie ous oleh : ° mmm ee ee ‘Average Revenue Surge (F719 to FY20) Average Expenditure Surge % (F719 to FY20) wes ‘The ip 10 logistics companies in India are ranked on the bass of stock market capitalisation, ogists tech startups are selected based onthe evalabilty of her filings in india, Forenterprise tech startups, oni the revenues and expenses of ther indian entities have been consideredop 10 Logistics Tech Startup DELHIVErY = suacKivex epee RIVIGO SKPRESSBEES (BShiprocket porter F720 Reverue (In $M) 4069 s07 708 ura 1038 ns ne 243 18 47 Valuation (ln $ Mo) 1500 382 so0 1.950 404 us NA 55 100 Nia Top 10 Public Logistics Companies Fv20 Revenue (n$ Mo) gu sara $176 $370 $269 $233 $33 $40 37 sis Market Capitalisation {08 80) seat gsr $490 $307 $294 $216 $120 sia $85 9a Reverue-To Market Cap Matiple 48 Ml 28 09 10 09 a7 25 1 03 Note: INR to USD exchange rates 73.4Methodology ‘The oveal analysis inthe reports based on a sample set of top 100 Indian startups shortlisted onthe basis oftheir total funding, market penetration and media presence. In cases where the sample sizeof the analysis I different from top 100 is mentioned nthe notes, a the bottom ofthe page. Startups who had high ‘venture capital but their annual filings were not accessible tothe Inc4? team has nat heen included. The valuation of startups used inthe report are dated before 13 May 2021, ‘The st of 10 startups included in the analysis are: Bighasket Paytm carseat Delivery ‘Swigay Zomato Zoho Blackbuck Bildesk Rummy Circle Info Edge Ecom Express Pau Zerodha ustDial Rivigo| Lenskart Festery ‘Sapdeal Xpressbees business Boat Pine Labe Rebel Foods BookMyshow Razorpay Policy Bazaar Ninjacant Dalytont Inti Phonepe Livspace Moglx Mewipe Infra Market Cashity Zetwerk Mobikwik Zoomneat Pepperiy Utban Company Bluestone OneAssist Capital Flat CarDekio dean Paper Boat leerts Navi Technologies Wakefi Mik Mantra County Delight Grofers Capilary Tech Shiprocket Uparad Upstox Box8 BrowserStack Shut RentoMojo Ueious Cartrade Detaat Mamaearth Medgenome RateGain ‘ugar Bounceshare Cashtee Chaayos Shopclues CChargebee Purple Futlenco UUnacademy Bankbazaar Treebo Inshorts Ezetop Ccashkaro Narara mg ther Energy suspay Kissht ‘Sharechat Vedantu Cleartax Dunzo Rupeek EetySaary INDIFI Mobile Premier League red Hike LendingKert HomeLane Manthan,Inc& www.inc42.com eA ne ee ‘empower, connect & grow the indian Startup Ecosystem by providing a deep understanding of the startup economy through data-backed news and analysis. Inc42is the authoritative vice ofthe Indian Startup Ecosystem and it has brought to light the amazing stories of thousands of startup, entrepreneuts, Te ee ee eae Ce er en Indian startup ecosystem, having published more than 25,000 stories and touching the lives of more than 25 Million people in India evry month, Inc4 lus www.ine42.com/inc42plus ay ated eer Se) oy ee ae eer rowing information overload, Inc42 has led the charge on cutting through the noise and delivering DESIGN & INFOGRAPHICS Ce Per Inc42Plus our membership programme helps our members get ahead with unlimited access tothe ADDRESS TO ee Ce ecm ac Ce ae ae Eee ere ae erat ee eee ee eee el ere Cee ee CeciMEA ET tes ‘The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in this report is accurate and free from any discrepancies. 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