WhiteHat Jr Intro Deck

Update: Apr 18th

1
 Agenda

1 Company Vision & Results

2 Expansion Plans

3 Series B Funding Request

4 Q&A

2
In 15 months, WhiteHat Jr has grown to ~$25MM Annualized Bookings;
growing exponentially MoM with all metrics exceeding plan significantly
Unprecedented MoM Growth All metrics exceeding plan significantly
with no seasonality
$3,711
Actual Index
Plan (From March (Actual vs
MIS) Plan)

Gross Bookings ($) $0.7M $1.9M 2.7x

38% MoM CAGR

$1,785
Total Students (#) 9,753 11,922 1.2x

Total Teachers (#) 650 935 1.4x

1st Time ARPU $192 $420 2.2x

$613 Upgrade & Renewal
50% 74% +24pp
$333 (%)

NPS 50 68 +18
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20
LTV: CAC 3:1 4.8:1 1.6x
Gross Bookings (in 000's)
Operating Cash Flow - $0.5Mn +$0.3Mn +$0.8Mn

*Assuming $1=₹74; Amount includes GST

3
(1) 1 USD = INR 74
15 Months Time for Operational Cash
Flow Breakeven
 Massive Category Tailwinds leading to unprecedented broad-based appeal
Appeal across India Metro & Non- Appeal across Income Segments
Metro
~43% Customers from India Non-Metro (H2 2019) >70%+ Customers pay < INR 100,000 in Annual School Fees

8%

Metro 27% < INR 30k

43% Non-Metro INR 30-60k
57% 44%
21% INR 60-100k
> INR 100k

Appeal across Age Groups Appeal across Geographies

US Bookings: Blockbuster start with 8.2x LTV:CAC Ratio
Salience across Age Groups
$331 K

Ages 6-9 270%

MoM CAGR
32% 36% Ages 10-13

Ages 14-17 $66 K

33% $23 K

Jan-20 Feb-20 Ma r-20

4 (1)
(2)
(3)
NPS Survey March 2020
RedSeer Consulting
1 USD = INR 74
 Vision: Enabling a Generation to Create versus Consume

TECH CREATORS TODAY = FRONTIER LEADERS TOMORROW

SPACE TECH: MAN’S EXPLORATION IN SPACE
1ST Anti Bullying App Sign Language App 1st Eye Testing App

LIFE TECH: EXTENDING HUMAN LIFE

Mae Mae, 9 Years Hirranya Rajani, 7 Years Garvit Sood, 8 Years

CONVERGENT TECH

5
 3-Pronged Rapid Category Creation Strategy:
Kid Delight, Parent Value, Teacher Excellence

“Wow” Kid-Delight Curriculum
Project Based Learning with Daily
Output Focus
Interactive Game Design
Inspiring a generation to
CREATE VS. CONSUME
Top 99h Percent Teacher
“Big & Obvious” Parent Value
“Non-Coder to Coder”
Dramatic, Urgent Category Creation
Innovation~5x Funnel Expansion
100 Online Applicants
20 Phone Qualification

7 Demo 1
Rigorous
3 Demo 2 Recruiting
PlayStore App Creation
Demo 3
2

Conversion
1
Training
Space Tech Simulations World
• World-Class LMS
• Deep Mentorship Class
• Thriving Community Training

Deep Tech Enabled Foundation: India’s Largest Tech-Enabled Live Operation

6
 Huge Untapped Global Opportunity: $35 Billion+ Market in India and US
Alone (1/2)

India Total Addressable Market

WhiteHat Jr. Current User Base ~
Avg. School Spend INR 60,0003 METHOD 1 : 6-17 Year Old’s in urban METHOD 2: 6-17 Year Old’s
HH’s with Income > ₹1 Mn1 urban HH’s paying >₹30k in
8% school fee2
27%
Urban Households earning Urban Kids going
> ₹1M/Year to School

44% 74 Mn

21% 29 Mn Kids with annual

spending on school
Schoolkids in
> ₹1M
> ₹60k ₹30k -
income HH
<INR 30,000 ₹60k
INR 30,000 - INR 60,000
INR 60,000 - INR 100,000 22 Mn 7 Mn + 15 Mn
>INR 100,000
Market for White Hat ~22 Mn ~22 Mn

Total Addressable Market Size : 22 Mn*$4004 = $9 Bn

School Going Children : 6-17-Year-Old

(1) Source : BCG Report – Going for Gold, Company Analysis

7 (2)
(3)
Source : NSS Survey 2014, Company Analysis
NPS Survey Mar 2020
(4) March-20 India
 Huge Untapped Global Opportunity: $35 Billion+ Market in India and US
Alone (2/2)

US Total Addressable Market

WhiteHat Jr. Current US User Base-
Majority Users > $80K+ METHOD : 6-17 Year Old’s in
HH’s earning more than US$80k
3%
6% 5%
5%
US HH Earning More than
Average of $80K Per Year
35%
53Mn
46% School Going
Kids in HH
Earning
Average of
<$30K $80K Per Year
$30K - $50K
26Mn
$50K - $80K
$80K - $125K
$125K - $200K
Market for White Hat ~26 Mn
$200K+

Total Addressable Market Size : 26 Mn*$1000 (At $20 Per Class) = $26 Bn

*School Going Children : 6-17-Year-Old

8 (1) NPS Survey Mar’20
Source: Consumer Expenditure Survey (2018) – US Bureau of Labor Statistics; NCES; US Department of Education, Company Analysis
 WhiteHat Jr Disciplined Unit Economics Focus enabling capital efficient
global blitz-scaling opportunity
Obsessive Unit Economics Focus Most Capital Efficient Model in India
from Day 1 EdTech History
Overall Business Per Student Economics
11 170 38 62
Funding ($ Mn) raised
$421 to achieve $2mn 109
Monthly Bookings1
$366 84

Months since inception to achieve

$56
68

$2mn Monthly Bookings1

$183
$166
$183 15
$16

ARPU (incl Taxes ARPU (net Direct Cost Gross Profit Students and Contribution
taxes) taxes) Teacher Ops Margin

Sales Efficiency Vs Leading Online

CAC (Digital Marketing)2 $119 4.5x1 K-12 EdTech Peers
First Time Contribution / CAC 1.4x
Gross Margin % 50%
Contribution Margin LTV $569
15 Months Time To Operating Cash Flow
Break-Even
LTV/CAC 4.8x (Mar-19)
(1) Analysis from company public data, financials
(2) Includes all performance, sales and trial costs. Excludes Branding and Long-Term Testing Expenses.
9 (3) Contribution Margin LTV = Contribution Margin based on actual renewal rates.
(4) 1 USD = INR 74
 WhiteHat Jr Deep Passion Brand Status among students leading to
Record EdTech student Metrics
Online Daily Addictive Offline Celebration Record Platform Engagement
Engagement: Projects, Accomplishment Milestones
Gamification & Community MoM Organic Word-of-mouth
Registrations Growth
10,291

7,188

5,944

Jan’20 Feb’20 Mar’20

Record
74%+ Renewals

Lowest Ever
<3% Refund

10
 Tangible, Measurable Student Outcomes dramatically enhancing parent
value perception

Deep Character
Change

Transformed Logic &

Mathematical Ability Math: Geometry: Physics: Molecular Chemistry:
Calculator App Car Motion App Earth’s Orbit App Trash Sorter App

Applied Coding
Creation

C8: Professional Game C48: PlayStore App C144: Space Simulations

11
 WhiteHat Jr ”non-coder to coder” learning systems enabling highly
qualified, massively scalable supply pool~ 10MM in India alone
Current Teacher Base: Non-Coders; 70% WhiteHat Large, Qualified Supply Pool Available
Jr Primary Employment ~ 10MM in India alone
Source: All India Survey on Higher Education

<15% with Coding Related 70%+ Married with deep

Education Background work-from-home needs
Est. pool
Est. # of with B2+ Est. pool with
15%
26% Selected <50 yr language good vernacular
45% Courses Females skills* language skills*

85% 29% UG in Arts,

Commerce & 30.5 M x 10% 3.0 M x 20% 6.1 M
Management
Married With Kids
Coding Non Coding
Married Without Kids
Unmarried UG / PG in
Science 6.4 M x 15% 1.0 M x 30% 1.9 M
~70%+ WhiteHat Jr Primary disciplines
Employment
UG / PG in
Engineering and
Only Teach on WHJ 3.9 M x 25% 1.0 M x 50% 1.9 M
16% Computer
9% Employed full time Applications
7% Employed part time
69% Total Supply
Pursuing Professional 40.8 M 5.0 M 9.9 M
Pool
Development Education

*Based on CEFR language proficiency; A study conducted by Aspire showed only 25% students had > B2 level skills
We have assumed for science grads, it would be lesser at 15%, and even lower at 10% for all other programs
12 (1) Teacher Survey on 16 April 2020 : N= 535
 WhiteHat Jr Very Attractive Financial option for Teachers
Class Paid Students Average pay

Guaranteed Conversion
1 30 Total Pay Incentive
Month
60 Rs 500/sale

TRIAL
10 (Rs. 500 x 12)
12
100% TRIAL
30% N0-shows Rs 10,000 Rs 6,000
10% N0-show Tech
100% 60% Completed Classes Total Pay: Rs 16,000

Total Paid Students Trial Class Conversion

Month 2 12 students x Fee Incentive
8 classes/month x
12 + 8 Rs 275/class)
64 students x
Rs 50/class)
Rs 500/sale
(Rs. 500 x 8)
50% TRIAL
TRIAL

PAID

New paid
student
50% PAID
Rs 26,400 Rs 3,200 Rs 4,000
Total 20
50% Total Pay: Rs 33,600

Paid Students
Month 3 Total 20 students x
8 classes/month x
Paid

Rs 275/class)
100% PAID
20
Rs 44,000

100% Total Pay: Rs 44,000

.
*Assumes 40 hrs./week teaching = 40 hrs. slots of Max 49 hrs Slots. Earnings may go up or down depending on doing more or less than 40 hrs slots
13
 High Teacher Retention >95% from “non-gig economy like” career and
learning path fostering deep community
Career Path: “Non-Gig Economy-like” Career Path Learning Path: Robust Learnings Systems with
fostering deep mentorship and community Certifications
Learning System for 100% Curriculum: All Classes, Projects

Lifetime
Achievement –
ESOP Holder
Panzy Saran

Director
Teacher
Shruthee Steffi
Jathar

Mentor Teacher c
Aspirational Certification
Afra Raheem Hawo Jakarta D

Abhilasha N Anisha J Sushma P Sarika R Suzana T

Mentee Teacher

Seetha Monica P Manisha G Hetal P Anisha J Certified Game Development Certified App Development
Lakshmi Teacher Teacher
14
 Robust Technology Layer Is A Great Moat For Rapidly Scaling
Operation
India’s Largest Tech-
Enabled Live Operation:
~95% Fulfillment
End-to-End Class-to-Experience
Automation: 6,000+ daily classes with
93% fulfillment and <2 Minute TAT on
issues with live feedback.
Global 24x7 Scheduling with
vernacular mapping: Students from 17
Countries mapped with location-language
matching.
Proprietary “flight overbooking”: ML-
Based probability adjusted booking for
95% Teacher Utilization
100% Inside Sales Process: 160,000+
leads handled by a team of ~100+ sales
personnel with minute-by-minute sales
tracking
15
World-Class Growth
Hacking: Rapid MoM
Organic Growth
Free Website with <3 Second TAT
for every registered student:
85,000 Websites generated,
280,000+ shares
Referral Engine: 18 Referral
touchpoints in user journey from
registration; 53,000+ Referral
Registrations ; 41,000+ large affiliate
educator engine, generating 100+
registrations/day
Upcoming World’s Largest Kids
Community: Projected 1 Million
Registrations with weekly
hackathons
Tech-Driven Enhanced
Student, Teacher
Experience
Gamification Engine: Points system
for classes, projects for Daily, Addictive
Engagement
9-Step Teacher Recruitment
Software: Fully automated, 7-day
teacher go-live cycle with 4.5 Star+
Candidate Experience
Teacher Mentor-Mentee Software:
100% Teachers Mapped to Mentor with
pre-defined activities in 1:5 ratio.
 Overall Year 1 Learning Summary: Far-Wider Market than Anticipated
WhiteHat Jr Proposition : KID-DELIGHT + EXTREME PARENT VALUE
= Attracted broad-based segments

Competitive / Test 1st Grade 8th Grade 12th Grade

Prep Market

Initial Market Hypotheses– future

academically inclined parents
• Pitch: “300% Concentration
Improvement
• 75% Logic Improvement”

Other Kids New Market: 8TH-12TH seeing

(Non Test-Prep) Massive Interest from non-JEE
academically inclined
New Market: Significant Interest from • Pitch: 1st Structured AI
“creatively” inclined parents Course for Kids—”21 year
• Pitch: “Your kid will become a olds getting $1 MM straight
creator for life”—Novelist, Artist, out of college”
Entrepreneur

16
 Agenda

1 Company Vision & Results

2 Expansion Plans

3 Series B Funding Request

4 Q&A

17
 4 Year Growth Strategy: $500 Mn+ Annualized Gross Bookings by scaling
proven business model/geography only
FY Ending Annualized Gross Bookings
Business Mix : Annualized Gross Bookings
(in $ Mn)
Mar’20
$513 Mn

17%

India 1:1
$23 Mn
US 1:1
177% $337 Mn
CAGR 83%

Mar’24
$175 Mn

28% India 1:1

$69 Mn $513 Mn US 1:1
$23 Mn 57% India 1:2
15%
FY20 FY21 FY22 FY23 FY24

18 1 USD = INR 74
 Significantly Improved Unit Economics from 1:2 and US Scaling
Mar’20 Mar’24

India 1:1 US 1:1 India 1:1 US 1:1 India 1:2

Blended Blended
in $ (86%) (14%) in $ (62%) (12%) (26%)

ARPU net of Taxes 337 541 366 ARPU net of Taxes 389 537 253 370

Direct Cost 186 164 183 Direct Cost 186 147 127 166

Gross Margin 150 377 183 Gross Margin 202 390 126 204

Gross Margin % 45% 70% 50% Gross Margin % 52% 73% 50% 55%

Ops Cost 14 30 16 Ops Cost 16 9 12 14

Contribution
136 347 166 Contribution Margin 186 381 114 190
Margin
Contribution Contribution
40% 64% 45% 48% 71% 45% 51%
Margin% Margin%

LTV 477 1,144 569 LTV 652 1,258 400 657

CAC1 119 117 119 CAC1 120 216 60 115

LTV: CAC Ratio 4.0x 9.8x 4.8x LTV: CAC Ratio 5.4x 5.8x 6.7x 5.7x

(1) Includes all performance, sales and trial costs. Excludes Branding and Long-Term Testing Expenses.
(2) Contribution Margin LTV = Contribution Margin based on actual renewal rates.
19 (3) 1 USD = INR 74
 Series B Financial Plan
Students (#)
Quarter Apr-Jun'20 Jul-Sep'20 Oct-Dec'20 Jan-Mar'21 Apr-Jun'21 Jul-Sep'21 Oct-Dec'21 Jan-Mar'22 Apr-Jun'22 Jul-Sep'22 Oct-Dec'22 Jan-Mar'23
New Students 12k 14k 17k 22k 31k 39k 48k 58k 68k 79k 90k 102k
Cumulative Students 22k 33k 46k 63k 86k 115k 151k 195k 244k 301k 364k 434k
Teachers 2k 3k 4k 5k 7k 9k 12k 15k 18k 22k 26k 31k

Gross Bookings ex Taxes (in $ Mn)

Quarter Apr-Jun'20 Jul-Sep'20 Oct-Dec'20 Jan-Mar'21 Apr-Jun'21 Jul-Sep'21 Oct-Dec'21 Jan-Mar'22 Apr-Jun'22 Jul-Sep'22 Oct-Dec'22 Jan-Mar'23
New Students 4.4 5.4 6.3 8.1 10.9 13.9 16.8 20.1 24.3 28.2 32.3 36.5
Upgrades 1.2 2.2 3.4 4.6 5.8 7.4 9.4 11.9 15.0 18.1 21.3 24.8
Subscriptions 0.1 0.3 0.6 1.0 1.4 2.1 2.9 3.8 4.9 6.2 7.7 9.2
Refunds (0.2) (0.3) (0.3) (0.4) (0.5) (0.6) (0.8) (0.9) (1.2) (1.4) (1.6) (1.8)
Total Gross Bookings 5.6 7.7 10.0 13.3 17.7 22.7 28.3 34.8 43.0 51.1 59.7 68.7

Cash Profitability (in $ Mn)

Quarter Apr-Jun'20 Jul-Sep'20 Oct-Dec'20 Jan-Mar'21 Apr-Jun'21 Jul-Sep'21 Oct-Dec'21 Jan-Mar'22 Apr-Jun'22 Jul-Sep'22 Oct-Dec'22 Jan-Mar'23
Contribution Margin 2.8 3.8 5.0 6.6 8.6 10.9 13.3 16.1 19.6 22.9 26.2 29.6
Net Profit / Loss (0.7) (1.5) (4.0) (5.7) (5.5) (4.2) (3.6) (2.0) 2.5 5.2 8.0 10.8

Accounting Profitability (in $ Mn)

Quarter Apr-Jun'20 Jul-Sep'20 Oct-Dec'20 Jan-Mar'21 Apr-Jun'21 Jul-Sep'21 Oct-Dec'21 Jan-Mar'22 Apr-Jun'22 Jul-Sep'22 Oct-Dec'22 Jan-Mar'23
Revenue 2.7 4.2 6.1 8.4 11.4 15.3 20.0 25.6 32.4 39.9 48.4 57.6
Contribution Margin (0.1) 0.4 1.1 1.7 2.3 3.4 5.0 6.9 9.0 11.7 14.9 18.5
Net Profit / Loss (3.5) (4.9) (7.9) (10.6) (11.8) (11.6) (11.9) (11.2) (8.1) (5.9) (3.3) (0.3)

20 1 USD = INR 74
 Agenda

1 Company Vision & Results

2 Expansion Plans

3 Series B Funding Request

4 Q&A

21
 Series B Application of Funds: 67% against proven market for mass
scaling and defensibility; 33% in new product/market R&D

All Amounts in USD Mn

$6-8mn

$2-4mn
$2-4mn

$30mn
$7-9mn

$8-10mn

Branding Expense Technology Platform Teacher Academy New Initiatives General Corporate Purpose Total

• Proprietary • Testing: • Cash Buffer

• Includes • Build High Quality
Coding Platform − New Products • Potential to
Community & ATL Supply of
• Visual AI for deep − New Markets acquihire platform
Advertising Teachers
user feedback − New Channels to scale quickly

22
 Extremely Strong, Committed Management Team: Ex
IIT/Blue Chip
Curriculum Team:
Karan Bajaj Pranab Dash Computer Science +
(CEO, Founder) (CTO) Early Childhood Experts

Gauri Parulkar (Beginner)

• Discovery India CEO, bestselling
novelist
• Selected Top 40 Under 40 (Fortune US;
Ad Age US); Top 35 Under 35 (India
Today).
• Education: BIT, IIM
• Lead Technology Team at various
startups and created scalable systems.
• 20+ Years Technology Experience
• Education: NIT Warangal, B Tech
Computer Engineer; Founder,
Kids Science Quotient
Dr. Farida Umrani (Intermediate)
IIT Computer Research Scientist;
K8 Computer Curriculum Expert

Rahul Dagariya Pratik Vimal

(VP, Operations)
• Director, Oyo Rooms. Management
Consultant, Top Tier
(VP, Product)
Abhijeet Gawande (Advanced)
Engineer; K12 Robotics/ML Expert
• Senior Product Manager, Amazon;
Head, Product Tapza

• Education: IIT BHU, B Tech • Education: IIT Kanpur, B Tech + M Tech

Rajeev Jha (Professional)
Fellow, Advanced Game Design pro.

23
 Appendix

24
 WhiteHat Jr Disciplined Unit Economics Focus enabling capital efficient
global blitz-scaling opportunity
Mar’20 India Unit Economics Mar’20 US Unit Economics

$397 $568

$337 $541
$61 $27

$150 $376
$136 $346
$186 $164
$14 $30

ARPU (incl Taxes ARPU (net Direct Cost Gross Profit Students and Contribution ARPU (incl Taxes ARPU (net Direct Cost Gross Profit Students and Contribution
taxes) taxes) Teacher Ops Margin taxes) taxes) Teacher Ops Margin

CAC (Digital Marketing)2 $119 CAC (Digital Marketing)2 $117

First Time Contribution / CAC 1.1x First Time Contribution / CAC 3.0x
Gross Margin % 45% Gross Margin % 70%
Contribution Margin LTV $477 Contribution LTV $1,144
LTV/CAC 4.0x LTV/CAC 9.8x

25 (1)
(2)
Excludes Branding, Ghosting, Testing Expenses
1 USD = INR 74
 Strong unit economics, driven by 75% cohort retention and 264%
Dollar Revenue Retention
Cohort level retention & LTV for
March 2020 – India Students March 2020 India 1:1

First payment per student ex-GST $337

$303
Average number of classes 51.8

Direct Cost $186

$586 $1,226
Gross Margin $150

$337 Gross Margin % 45%

Average First First Upgrade Second Upgrade Lifetime Revenue Ops Cost $14
Payment (ex-GST) per user
Contribution Margin $136
First First Second
Overall
Payment Upgrade Upgrade
Contribution Margin% 40%
User Base 100% 74.6% 55.7%
Rev per CAC1 $119
Purchase $337 $785 $544
Rev per Orig DRR 264%
Users $337 $586 $303 $1,226

Avg. Credits 52 115 101 194 LTV $477

DRR 100% 174% 264% 264% LTV: CAC Ratio 4.0x

(1) Excludes Branding, Ghosting, Testing Expenses

26 (2)
(3)
1 USD = INR 74
DRR (Dollar Revenue Retention) is total incremental value on First Payment
(4) 1 Credit = 1 Hour Class
 India 1:2: Proven product theses will allow access to
Incremental 11.5MM Kids/$3.5 Billion
New 1:2 Product enables access to Incr. 11.5 MM Kids
WhiteHat Jr Price Elasticity ~2x
25% Current Product New Product
Portfolio Portfolio
20% 20,000, 20% No. of
(1-to-1 Offering) (1-to-2 Offering)
Schoolkids
Conversion (%)

15% $500/student/yr $300/student/yr

30,000,
10% 10.40% >60K
School 7M 7M
5% Fee

0%
18,000 23,000 28,000
Price for 48 Classes in INR
30K-60K
School
Fee 15M 3.5M* 11.5M
May-19 Oct-19

Total Student Size 10.5M 11.5M

Total Market Size ~$5.3Bn ~$3.5Bn

*50% WHJ users paying below Rs. 60k in School Fee

27