Startup

Risk Report
March 30, 2021

Tyke Technologies
Private Limited
Founded in January 2021

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 400
 Contents

Executive Summary 1

Key Strenghts & Risks 4

The Product 5

The Market 6

The Industry 7

The Business Model & Financials 8

The Leadership 9

The Regulatory Environment 10

Appendix 1: The Exit Strategy 11

Appendix 2: Organization Structure 13

Disclaimer & Limitations 15

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice.
Executive Summary

TOPIC REMARKS

Industry • Fin-tech: Digitizing Startup Investing

Stage of Startup • Early Stage, Pre- Revenue

Business Overview • Online marketplace for startups to raise funds from retail
investors
• Aim to increase accessibility and liquidity in the startup-
funding industry by removing the barriers to entry for retail
investors
• Earns by levying a fee on the buy and the sell side of the
transaction, and hence seems like a sustainable business
model with strong margins
• High dependence on the campaigns’ success for raising
funds
• Investor expectation of consistency of returns and
mismatch in demand-supply for investor’s exit will be
critical factors to watch

Market Size & • Huge Total Addressable Market, due to a budding Indian
Opportunity Start-up ecosystem
• On demand side, high disposable income and an
opportunity to diversify in different asset classes works in
favour of Tyke
• Lack of awareness about start-up investing amongst retail
investors may deter the growth
• Competition risk seems to be high as any traditional angel
network / venture capital may create a similar platform
with its resources and expertise

Unique Selling • One of the first few platform for start-up investing, that
Points have digitized the end- to –end cycle of fund raising from
pitching to issuance of securities
• First platform in India to offer start-up investing with
accessibility to small investors
• Small ticket size (Rs. 5,000 to Rs. 20,000) , that reduces
Investor risk to the minimum
• Built the platform in a manner to support information
dissemination, education and awareness in an easy,
equitable and compliant manner

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 1
Executive Summary

TOPIC REMARKS

Product and • User friendly and secure platform with a simple step
Technology Roadmap by step guidance process to create a marketable
campaign, connects with a set of investors, handle the
legalities of investor documents and handle the flow of
funds digitally well
• Future plans to open up an Academy and Networking
options on their platform, currently also providing lots of
information on the process, instruments, risks involved

Leadership • Young team with little experience, however, they are

Assessment ready to take on this knotty problem of fund raising
vide a digital platform
• Experienced advisors on board, whose endorsement of
this innovative idea strengthens the brand

Financial Projections • If all the assumptions work, Revenues projected to the

and Funding Strategy tune of a few crore rupees in 2 years, with margins as
high as half of the top-line
• Sustainable, Asset light model hence low funding
requirement to sustain the business, thus low long term
financing risk
• Plan to raise funds to take care od salary, marketing,
research and platform costs
• Once the business starts growing, they will need to bring
in experienced professionals for fund management,
audit and profit retention

Key Entity Level • As per Tyke’s management, they comply with all the
Risk existing laws and regulations. However, start-up funding
through retail investors may give rise to scrutiny, as
there are strict laws for private placement defined
under Companies Act 2013. Any new regulations and
laws may disrupt the business
• However, the management has displayed strong logical
abilities to navigate through such challenges, as and
when presented

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 2
Executive Summary

TOPIC REMARKS

Key risks, • Limited Information: Too early to comment on practical

For an early stage serviceable market size, abilities to capture the market,
Start-Up investment and quantification of any values
• Liquidity: Lack of demand due to low levels of awareness
about the Start-up, and start up investing as an asset class
• Lack of Control: Limited or no control in decision making /
voting rights of the start-up
• Failure Risk: Being a new innovative idea, on a large
scale - the product is yet to be tested, market is yet to be
established, traction is to be seen, investor interest is to
be gauged, there is a chance of losing all the money in a
Start-up

Exit Strategy • Depending on the success of the Start Up, any kind of
For an early stage redemption / liquidity event can happen, leading to a good
Start-Up investment or a bad exit for the investor
• Good Exit: Launch of an IPO, Strategic Sale, Buyback,
Private Sale, Redemption in next fund raising round
• Bad Exit: Lack of attractive private investors , angels , VC
funds or strategic acquirers, the worse being Bankruptcy

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 3
Key Strenghts & Risks

First Digital Startup-Investing Marketplace for Retail

Investors in India

Low Ticket Size and

Higher Liquidity for Investors via convenient exit options

Huge Market Size and Opportunity

Sustainable and Scalable Business Model

Lack of experience with scaling and marketing a startup

High competition risk due to low barriers of entry

Market Adoption risk

New Laws/Regulations may affect the business in future

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 4
The Product

Overview Key Risks

FULLY ONLINE PLATFORM: Tyke is the first Indian
company to build a completely online marketplace
for startups for raising funds, and for retail investors
to invest in this high return, high risk asset class.
The startups are assessed and validated holistically,
and only the ones with huge potential are chosen to
be listed on the platform, post proper due diligence
by Tyke. Once vetted, TYKE provides education,
awareness , a platform with step by step guidance to
create a marketable campaign, connects with a set
of investors, and handles the legalities of investor
documents, helping the startup at every step of the
fund raising cycle.
ACCESSIBILITY TO A NEW ASSET CLASS FOR
INVESTING - STARTUPS: Startup investing
traditionally has only been accessible to HNIs due
to its large investment size and niche network. Tyke
aims to remove these barriers to investment for
retail investors by offering low investment threshold
(starting INR 5000/-) and give access to invest in new
innovative startups vide a simple digital process.
RISK OF RETURNS: Good returns are an important
factor to attract more investors to any asset
class. However, early-stage investing is a high-risk
business, and to maintain consistently high returns
on every deal will be an unfair expectation and may
act as a deterrent. Though the management has
a strict criteria of choosing the startups, one that
helps them identify ideas with higher potential, there
will be huge variance in the returns of every startup.
LACK OF AWARENESS OF INSTRUMENT: Tyke
plans to issue a convertible instrument to the
investor, i.e., T-SAFE (Simple Agreement to Future
Equity), in lieu of the investment. The management
has created content around the instrument, giving
all necessary information to the investor. However,
lack of understanding about the same may act as a
challenge initially, unless the market is warmed up.

LIQUIDITY: Besides accessibility, Tyke also plans

to provide liquidity to the investor, i.e., one need not
be invested in the startup for elongated tenors, as
they provide the investor with exit options every six
months.

TIE-UPS: Tyke has gone through a Beta testing

stage, has taken feedback from a lot of investors,
and has a positive outlook on the market demand.
The company has also tied up with various
incubators, like 10,000 Startups India, Firefly, Peddle
Start, Mumbai Angels, gaining access to budding,
innovative startups.

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 5
The Market

Overview Key Risks

The market size and opportunity is in favor of Tyke
as the Indian economy and the Indian startup
ecosystem continue to expand.
DEMAND SIDE:
• HIGHER DISPOSABLE INCOME OF THE
TARGET SEGMENT: On an average, the earning
of an Indian has increased ~30% from FY15
to FY19 along with an increase in the number
of people earning per family. Further, people
today are looking for investing in more than just
fixed deposits and provident funds, creating an
opportunity for startup funding to be established
as an asset class for investment of disposable
income.
• EXPOSURE TO ONLINE PLATFORMS: There
is a huge exposure of informative content on
all kinds of online platforms that has broken
the barriers for good. The access to internet
connections, cheaper mobiles and data, will
really help the startups on the platform, and Tyke
itself to grow. The people in Tier I, and even Tier
II cities have become more aware of investing
v/s savings, and the fully digital platform of Tyke
would act as a catalyst to establish the market
of startup-investing.
• LACK OF AWARENESS: Lack of awareness
about investing in startups, via an online platform
and no big brand associations, may lead to a
lack of demand, which is a key factor to running
a marketplace for startups. Although, Tyke aims
to create awareness about startup investing by
simplifying the concepts and educating investors
through its academy, we still believe it will take
a while before the bulk of population feels
comfortable to invest in this new asset class.
• HIGH COMPETITIVE RISK DUE TO LOW
BARRIERS TO ENTRY: Barriers to entry in
this market are not too huge for a new player,
and especially for traditional angel networks /
venture capital funds, who have easier access to
investors and technical and financial resources,
may create such a platform on their own.
However, the mark of a good business model
is the presence of healthy competition, and
the market size seems huge enough to fit in a
number of players.

SUPPLY SIDE:

• BUDDING INDIAN STARTUP ECOSYSTEM:

India has witnessed launch of more than
55,000 startups to date with more than 3,200
startups raising $63 Bn (~INR 441,000 crore)
in funding in the last five and half years alone
(2014-19). With huge Corporates as well as the
government providing grants, mentorship and
funding support, there is a clear shift towards
entrepreneurial mindset.

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 6
The Industry
Overview
• ENABLERS: With financial inclusion and
enablement through increase of smartphones,
internet connectivity, Aadhaar enabled eKYC, a
bank account for all (PMJDY), scalable platforms
to transfer money (IMPS, UPI, BBPS), customer
expectations are shifting towards a more
cashless, real-time, digitized approach, leading
to a rapid rise in financial technology (FinTech)
products and adoption in India.
• INVESTMENT: The FinTech industry has
received US$ 8 billion of investments across
1081 deals in the last 4 and a half years from
Q1FY15 to Q2FY20.
• KEY INVESTORS interested in this sector are
foreign players like SoftBank, Alibaba, Berkshire
Hathaway, Sequoia Capital, SAIF Partners,
Ribbit Capital, Indian players like Flipkart, Times
Internet, PremjiInvest, India Quotient, Zerodha as
well as banks like SBI (LendingKart) and HDFC
(smallcase).
• TYKE, falls under the INVESTMENT TECH
SEGMENT of the FinTech industry, which is
though in nascent stages, has seen growth
rate of 120% from FY15 to FY19, the highest
amongst all other segments, had US$ 83 million
of investments in H1FY20 with an average
ticket size of US$ 7.6 million
INVESTMENTS CAGR (%)
FINTECH SEGMENT
(US$ million)
Digital 4617
Alternative Lending 1695
Insurance-Tech 750
Investment-Tech 466
Regulatory-Tech 403
Bank-Tech 43
(Source: FinTechs in India – Key trends by Deloitte, Dec 2019)
(Source: https://inc42.com/features/which-are-the-most-successful-fintech-startups-in-india)
(Source: https://www.cfcunderwriting.com/en-gb/resources/articles/2019/11/top-5-risks-for-fintech-businesses/)
All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice.
Key Risks
With the opportunities, a FinTech business is also
exposed to these risks:
• PROFESSIONAL LIABILITY: For any company
providing financial services, especially who
offer new financial products, new distribution
models,s negligent advice to a customer is
a common risk, adding an extra liability risk is
third-party negligence.
• REGULATORY ENVIRONMENT: New technology,
new products and new distribution channels
bring opportunities, but also new regulatory
exposures, major risk is keeping pace with the
regulators’ latest updates.
• THEFT OF FUNDS: High volumes and value of
transactions, implementation of new technology,
leaves them vulnerable to theft, by an employee
or external party.
• CYBER RISK: FinTech companies are prime
targets for cyber criminals. Network security,
data breaches or even a denial-of-service attack,
leading to damages and rectification costs
• TECHNOLOGY FAILURE: Heavy reliance on
technology infrastructure means firms can
be vulnerable, and customers are unable to
access services resulting in lost income or lost
customers.
KEY/UPCOMING PLAYERS
17% PayTM, Freecharge, MobiKwik
103% LendingKart, Faircent, i2iFunding
58% Policybazaar
120% Zerodha, Smallcase, ETMoney
-1% DigiLocker, CustomerXPs, IDfy
-18% Fino PayTech, Happay
7
Business Model & Financials
Overview
• SUSTAINABLE BUSINESS MODEL: STRONG
MARGINS: The company plans to charge a
percentage fee on the buy side and the sell
side of the transaction on the funds raised in
every round of fundraising, at a very low cost of
marketing, reaching out to the investors and other
operations, making the model commercially
feasible and sustainable on itself. The capital
required by the Company is not huge and will
be used purely to attract good talent, marketing
creating awareness and build a robust platform,
which is the need of the hour to boost awareness
and revenues.
• MINIMUM DEFAULT RISK: Default risk is
minimum, given that the entire fund flow cycle is
being handled on the Tyke platform and hence,
they have the access to recover fees for each
successful campaign.
• ASSET LIGHT MODEL & LOW BREAK-EVEN:
As of now, Tyke business amodel is not capital
intensive, the main costs it will incur will be in
the development of its platform and emplaoyee
costs. At the moment and going forward, the
key employees are also compensated with
a balance of fixed salary and stock options,
hence lowering the burn every month; it seems
that Tyke will be able to break-even with every
approximately successful deal, thus making the
model sustainable on its own in the long term.
All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice.
Key Risks
• HIGHLY DEPENDENT ON THE SUCCESS OF
THE CAMPAIGN: Any campaign that is not
successful in raising the funds that it targets
may be scrapped and all the time, money and
resources invested in it are a loss to the platform.
Hence, it will be important to see that the ratio
of unsuccessful versus successful campaign is
minimal. The selection criteria of startups and its
marketing plan would be of utmost importance
here
• LACK OF A CLEARLY DEFINED GO-TO-MARKET
STRATEGY: Though the startup is in early
stages and has had good traction from word of
mouth marketing and collaborations, however,
the product is almost ready and they plan to
launch in a few weeks and a clearly laid out
and executed go-to-market strategy can make
an entrepreneur’s journey bed of roses or a bed
of thorns, lack thereof. The matters are further
complicated due to regulatory restrictions.
• LACK OF EXIT OPTIONS: There could be a
situation of mismatch between demand and
supply, and the investor may not be able to
exercise his exit option at a desired value.
This risk is further enhanced by the regulatory
constraint which does not allow active marketing
for investment in the startup.
8
The Leadership

Overview Key Risks

• ENTREPRENEURIAL MINDSET: The key • LACK OF EXPERIENCE: The key team is

management personnel of Tyke have shown young, with little experience in critical skills
various aspects required for an entrepreneur like Marketing or scaling up a startup, they are
to succeed - from decision making abilities to learning every aspect on the job, which may
problem solving skills to come up with such an work against them in creating and sustaining the
innovative idea, navigating the various challenges demand side. It would also be a challenge, once
presented by the law or the market, and we take big players enter the space and try to capture a
comfort in the fact that this will be the key to share of the market, with their tried and tested
their success. Every member of Tyke, we have strategies, resources and demand creation. The
interacted with has displayed a positive attitude team has indicated that they will take on board
and the ability to work hard required to be put an experienced marketing agency, and up-skill
up with, in the chaotic journey of a startup. The themselves too, though timing is crucial here.
team is young, with no huge liabilities as of now The experienced advisors will also act as a
and seems fit to take on this huge challenge. sound-board for Tyke in navigating through the
challenges.
• ALIGNMENT BETWEEN THE FOUNDERS AND
KEY PERSONNEL: Like too many cooks spoil
the dish, too many decision makers sometimes
take the ship down. However, each member
of the team has defined responsibilities from
Operation, to Technology as well as Legal. Also,
the key people have shown willingness to grow
along with Tyke’s trajectory, and have shared
the vision of the Founder, which is indicative of
positive team dynamics. We need to see how
the top management drives the same positive,
empowering culture as the team grows.

• ADVISORS ON BOARD: Having investors and

board members with real world experience of
running a successful enterprise, especially within
a similar industry, can be incredibly beneficial as
they bring with themselves invaluable contacts,
expertise and advice. Mr. Navin Surya (presently
Founder and Director at SoHum Bharat Digital
Payments Private Limited, a FinTech industry
Leader) and Mr. Ajay Rajan (currently Senior
Group President, Global Head of Transaction
Banking Group, Bullion & TASC Business at
YES Bank has twenty five years of experience
in Banking and FinTech sector), have expressed
their interest in coming on board with Tyke,
strengthens the brand further and is a big vote
of confidence for Tyke.

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 9
The Regulatory Environment

Overview Key Risks

CORPORATE STRUCTURE, TAXATION AND • REGULATIONS ON TYKE: CURRENT SEBI

OWNERSHIP DETAILS: REGULATIONS: Tyke has clearly represented
that it is not a stock exchange, nor it intends to
• Type of Entity: Private Limited Company get recognized as one, it is not authorized by the
• CIN No.: U74999MH2021PTC353592 capital markets regulator to solicit investments,
it is not registered as an Alternative Investment
• Date of incorporation: 15 Jan 2021 Fund or a Collective Investment Scheme, it is
not giving any investment advice to the public
• Company PAN: AAICT3598B for selling and buying any financial securities,
• Company GST: Not yet registered nor is it charging any kind of interest . It is purely
providing a digital platform to facilitate fund
• IP, Trademark and Brand registrations: Not yet raising, vide private placement for startups.
registered Though, any changes in regulations in the future,
may bring Tyke under scrutiny of the regulators,
• Last Financial Year Balance Sheet (Un/Audited): which may disrupt or change the course of their
Not Applicable business then.
• Debt as on 28 Feb 2021: Nil • REGULATIONS ON STARTUPS ON THE
• Related Party Transactions: Nil PLATFORM: COMPLIANCE WITH COMPANIES
ACT 2013: As per Tyke management, their
proposed mechanism is in compliance with
CAPITALIZATION TABLE (As shared by Tyke
all the laws and regulations with respect to
management)
private placement under Companies Act with
respect to each startup, that is raising funds
COMMON PERCENTAGE OF on the platform. However, the big deal size,
NAME
STOCK SHAREHOLDING
involvement of retail investor money and use
Mrs. Chandni
44,000 87% of an online platform for equity funding is a
Mehra
disruptive idea as compared to the traditional
Mr. Naveen private placement market and exposes them to
2,000 4%
Surya
a different regulatory interpretation. Hence, it is
Mr. Ajay
Rajan
2,000 4% critical to see how they maintain their compliant
Mr. Purav
structure with every deal, especially with growth
750 1%
Bubna in investor volumes.
Mrs. Pinky
Tejwani 2,000 4% • CONFIDENTIALITY ISSUES: Transparency in
the marketplace will be critical - however, it may
TOTAL 50,750 100.0%
lead to leak and misuse of sensitive information,
innovations and processes, hence exposing the
Tyke team to unnecessary legal liabilities. At the
same time, it is good to note that Tyke ensures its
process is structured to support data protection.
They also ensure contractual indemnification of
the company, in case of occurrence of any such
issues

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 10
Appendix 1: The Exit Strategy

LIKELY EXIT OPTIONS

GOOD EXITS BAD EXITS

• Launch of an IPO • Company goes Bankrupt

• Merger / Acquisition with a Strategic • Company faces Slow growth

Investor
• Hence large waiting period for any
• Subsequent Fund Raising returns for investors
- Sell to VCs / other Angels
- Sell to other investors • No Buyback by the Company

• Buyback by the Company • No Investor interested in Private

placement
• Private Sale
- Offer on Tyke Platform
- Offer to known investors

HISTORICAL RETURNS & HOLDING PERIOD

According to a study conducted on AngelList1 dataset, by Abraham Othman, published in Dec 2019 on Startup
Growth and Venture Returns:
• Investors in startups have earned from Nil return to 520% of returns
• It is critical to understand that any extreme returns are exceptional cases (Like Apple, Google of the
world come only once in a century)
• Average IRR of all the investments was found to be 35%
• Average holding period was a little more than 3 years
• These studies only show historical returns earned by investors in startup investing, and there is no data to
predict this will be replicated in future

IRR2 (% P.A.) MULTIPLE (Times) EFFECTIVE DURATION (years)

Range

Minimum 0% 1.0X 0.4

Maximum +520% 115X 6.4

Averages

Mean +35% 2.7X 3.1

Median +21% 1.7X 3.0

(Source: https://angel.co/pdf/growth.pdf)
1. AngelList is a U.S. based platform for investing in startups
2. IRR is the Internal Rate of Return on an investment

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 11
Appendix 1: The Exit Strategy

Understanding Safe Notes:

As per the Founder of Thinking Legal, a Delhi based
Corporate law firm, vide an article published on
June 20203:
Simple Agreement for Future Equity (“SAFE”) notes
were introduced by Y Combinator in 2013, since
then SAFE Notes have been used by startups raising
seed funding
SAFE is an agreement between an investor and a
company which gives a right to the investor to claim
future equity in the company
The advantage of a SAFE note is that the valuation
of the startup doesn’t have to be done at the time of
the initial investment
The investor receives future equity shares at the
occurrence of a priced round of equity financing,
dissolution event or liquidation event
Types of SAFE Notes
1. Fixed Conversion at a future date
2. Valuation Cap, no discount
3. Discount, no valuation cap
4. Valuation cap and discount
As per Tyke, In case a SAFE note is issued at a
discount cap of 20% then at the next round of
fund raising, if and when it happens successfully
the investor will be given an opportunity to get a
discount of 20% on the Valuation at that time

Benefits of Using SAFE Notes

• Faster closing of transactions due to
standardization of terms and condition with little
room for negotiation
• Operations flexibility for the Start up due to
simplicity and absence of pre-defined terms and
maturity date he board of the startup, so there is
more operational flexibility for the founders

Drawbacks of Using SAFE Notes

• Risks: There is a chance that the investment
will never convert to equity since future round of
funding is uncertain. Also, SAFE notes will rank
lower than debt in case of a liquidation
• Lower returns: As SAFE notes do not accrue
interest, the startup may not be incentivized to
close future rounds of equity at the earliest as it
can use that capital without paying interest
• Regulatory Constraints: Venture funds
registered in India are required to exit from their
investments within a pre-determined timeframe.
SAFE notes may not be feasible for these funds
due to the uncertainty of exit.

3. Source: https://medium.com/@vaneesa/should-indian-startups-raise-funds-through-safe-notes-1936aac90a67

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 12
Appendix 2: Organizational Structure

KEY MANAGEMENT

Chief Executive Officer &

1. Karan Mehra
Authorized Signatory

2. Purram Tejwani Legal Head

3. Purav Bubna Chief Marketing Officer

4. Tushar Khurana Chief Technological Officer

ADVISORS

1. Naveen Surya Investor/Mentor

2. Ajay Rajan Investor/Mentor

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 13
To,
Karan Mehra
Tyke Technologies Private Limited
Mumbai – 400 002
Maharashtra

April 7, 2021

Dear Sir,

The Startup Risk Report (“Report”) has been prepared in connection with our services for Due Diligence of
Tyke Technologies Private Limited (“Tyke” or “the Company”).

This Report has been prepared solely for Tyke in connection with the purposes stated herein and should not
be relied upon for any other purpose.

The exercise includes assessment of the business model of Tyke, based on the financial projections, pitch
deck, accounting, taxation, legal information, growth plans and market research provided by the Company.

The scope of this report is subject to analysis and interpretation of Management estimates and all the other
information provided by the Company, research of any other available public information, and any information
received from any references shared by the Company to assess the key strengths and risks of the business.
While our work involves analysis of financial information and/or accounting records, it does not include an
audit in accordance with generally accepted auditing standards. Moreover, any information in the Report has
not been subjected to checking or verification procedures.

None of the Services or any content in the Report constitutes any legal opinion; we are not registered investment
advisors and this Report does not constitute any investment advice; we do not make any recommendation to
buy or sell any kind of financial securities in this Report.

The scope of work of this exercise is limited to the information provided by the Company and any other
available public information up to the Diligence Date only, for overall reasonableness.

By its very nature, the research and its output cannot be regarded as an exact science and the conclusions
arrived at in many cases will necessarily be subjective and dependent on the exercise of judgments.

We have based any comments and expressed opinions solely on information provided by the Company’s
management, references, directly or indirectly through the Company. We are not responsible for the
completeness or accuracy of any such information or for confirming any of it.

For The Enriched Solutions

Vidushi Grover
April 7, 2021

All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice. 14
Disclaimer & Limitations
1. This Disclaimer and Limitations forms part of the
Startup Risk Report, also referred to as “Report”. For
the avoidance of doubt, the term “Report” includes
the information and other content forming part of the
Report. This Report does not constitute an offer of
services.
2. We are not aware that any user intends to rely on the
Report or of the manner in which a user intends to
use the Report. In preparing our Report we have NOT
taken into consideration the objectives or particular
needs of any particular user.
3. It is made abundantly clear that the Report is not
intended to and does not constitute any kind
of investment advice. The Report is not an offer
to sell or an offer to purchase or subscribe any
investment in any securities, instruments, facilities
or solicitation of any kind or otherwise enter into any
deal or transaction with the entity to which the Report
pertains. The Report should not be the sole or primary
basis for any kind of investment decision within the
meaning of any law or regulation of any country. We
are not authorized or registered under any regulatory
body to give any kind of Investment advice.
4. Any information in this Report is based on
information and estimates provided by the Start-
up Management, research of any other available
public information, and any information received
from any references shared by the Company to
assess the key strengths and risks of the business.
All opinions thus stated are subjective and may vary
from one person to another. By its very nature, the
research and its output cannot be regarded as an
exact science and the conclusions arrived at in many
cases will necessarily be subjective and dependent
on the exercise of judgments. There is, therefore, no
indisputable single value.
5. Any information in the Report are statements of
opinion as of the date they are expressed and not
statements of fact or recommendations to purchase,
hold, or sell any securities/ instruments or to make
any investment decisions. Any opinions expressed
here are in good faith, are subject to change without
notice, and are only current as of the stated date of
their issue. We assume no obligation to update its
opinions following publication of the Report for any
changes in law, regulation or Company activities.
6. We have based any comments as to the functional
or technical capabilities of any products/ services in
use or being considered by you solely on information
provided by the Company’s management, officers,
agents and references. We are not responsible for the
All the contents of this Report are based on information provided by the Start-up Company, Tyke Management or is
public in nature, it is not intended to give any kind of investment advice.
completeness or accuracy of any such information
or for confirming any of it.
7. 7. Any information contained in the Report is not a
substitute for the skill, judgment and experience of
the user, its management, employees, advisors and/
or clients when making investment or other business
decisions. The recipients of the Report should
rely on their own judgment and take their own
professional advice from registered investment
advisors, merchant bankers or registered valuers,
or any other professionally qualified advisors
before acting on the Report in any way. ENSO or its
associates may have other commercial transactions
with the company/entity.
8. Neither ENSO nor its affiliates, third party providers,
as well as their directors, officers, partners,
employees or agents (collectively, “ENSO Parties”)
guarantee the accuracy, completeness or adequacy
of the Report, and no ENSO Party shall have any
liability for any errors, omissions, or interruptions
therein, regardless of the cause, or for the results
obtained from the use of any part of the Report.
Each Enso Party Disclaims any and all express or
implied warranties, including, but not limited to, any
warranties Of merchantability, suitability or fitness
for a particular Purpose or Use. In No Event shall
any ENSO Party Be Liable To Any party for any
direct, indirect, incidental, exemplary, compensatory,
punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including, without
limitation, lost income or lost profits and opportunity
costs) in connection with any use of any part of
the Report even if advised of the possibility of such
damages.
9. ENSO receives compensation for writing the Report
from the Company being analyzed or the platform,
Tyke Technologies Private Limited (“TYKE”). That
being said, we have tried to capture each material
aspect, with an unbiased mind.
10. ENSO and its officers or agents do not act as a
fiduciary. We have obtained information from the
management of the Company being analyzed. While
the Report involves analysis of information, we do not
perform an audit and undertake no duty of checking
or independent verification of any information. We
receive and / or rely on the information shared by the
Company verbally or in writing.
11. This Report should not be reproduced or redistributed
to any other person or in any form without a prior
written consent of ENSO and TYKE.
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