Journey of InCred Credit Opportunities Fund - I

ICOF – I is off to a strong start and is outperforming across Fund Raise, Deployment, IRR Performance
and Near Deployment Deals

**including funded and/or deals under documentation stage 1

*** includes green shoe option (exercisable at ICOF’s option) in one of the already invested transaction
Update on ICOF – I: Underwriting
ICOF aims to create diversified portfolio of companies which are engaged in un-correlated business activities
Sectoral Representation
Current Portfolio Deals Under Execution

B2B Market Place Clean Tech (Equipment for EV)

Omnichannel Retail Lending to Self Employed
Personal Finance Logistics (3PL Services)
Clean Tech (Mobility Solutions)
D2C (Consumer Products)

ICOF’s investment thesis is anchored on identifying businesses which are a) institutionally backed b) have sufficiently long vintage and c) is unit economics profitable
Shareholding, Profitability & Vintage of

Institutional Year Since Last Equity Value

Profitability
Shareholding Incorporation (Rs cr)

Current Portfolio
Project Market 75.1% 7 EBITDA Level 4,140
Business

Project Retail 64.4% 11 EBITDA Level 2,334

Project Finance 63.3% 4 PAT Level 760
Project Hygiene 81.7% 10 CM Level 590
Project Cash 14.0% 5 PAT Level 560
Project Mobility 45.3% 4 CM Level 430

Deals Under Execution

Project Battery 40.0% 6 GM Level 2,000
Project Small 68.0% 13 PAT Level 500
Project Supply 92.0% 6 EBITDA Level 440

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2
 Update on ICOF – I: Structuring & Risk Management
ICOF has strict focus on structuring and risk management. Portfolio granularity and regular amortization are followed in order
to ensure portfolio is risk-managed and is not exposed to duration risk

Current Portfolio* Deals Under Execution*

Deal # 1 5% Deal # 1 5%
Deal # 2 5% 4%
Deal # 2
Deal # 3 5%
Deal # 3 5%
Deal # 4 3%
Sub-5%
Deal # 5 5%

Deal # 6 3%

Sub-5%

Current Portfolio – Current Portfolio –

Deal Structuring Cash Flow Profile
Tenor Coupon Principal Total CF Principal
Deal # 1 24m monthly monthly Dec-22 /M0 0% 0%
Deal # 2** 36m monthly monthly
May-23/M6 27% 20%
Deal # 3 17m monthly monthly
Nov-23/M12 59% 48%
Deal # 4 24m monthly monthly
May-24/M18 89% 74%
Deal # 5 18m monthly monthly
Nov-24/M24 105% 89%
Deal # 6 18m monthly quarterly

11
*Calculated on Base Size of ICOF – I (i.e. Rs 500 crs) 3
**9month moratorium on principal repayment
Update on ICOF – I: Well Defined Governance
Structure
ICOF follows stringent governance structure to filter and bring best investment ideas to its committee level for discussion and decision
making. This ensures that a deal passes through multiple “eyes” and “ears” before investment decision is made

Team Level Screening 53 deals

100%

CIO Level Screening 26 deals

c. 49%

Committee Out of which

Discussion • Rejected: 2
11 deals • Approved: 9
c. 23% • Invested: 6
• Under execution: 3

4
 Product Features
Fund Target Size Rs 500cr (with Rs 500cr as Green Shoe Option)

Investment Manager InCred Alternative Investments Private Limited

Sponsor InCred Capital Financial Services Private Limited

Sponsor Commitment 10% of Fund Target Size or Rs 50cr whichever is lower

Target IRR 17%+ in Rs Terms

Investment Period 18 months from final close, +6 months extension subject to approval

Term of the Fund 4 years from final close; Up-to 2 years extension with consent

Setup Costs & Operating Expenses One time set-up cost: 0.5% of fund size (flat); Operating expenses: 0.25% p.a. of fund size or actuals, whichever is lower

Management Fee 1.25%-2.0% p.a. depending on the contribution amount (Chargeable quarterly)

Hurdle Rate / Carried Interest 11% IRR in Rs Terms / 15% with 100% catch-up (50% catch-up for investors contributing Rs 5cr or more)

Credit Committee Portfolio Management Committee

Investment Team
(Recommendations) (Recommendations)

30+ 37+
20+ 16+ 5+ P. N. Prasad
Debashish Dutta Gupta
Saurabh Jhalaria Ankur Jain Rajul Kotadia Current: National E- Saurabh
Current: Conan’s Advisory
Chief Investment Officer Managing Director Associate Governance, Axis Bank Jhalaria
Ex: Citibank, Lehman
Ex: Deutsche Bank Ex: KKR, Edelweiss, WL Ross Ex: InCred NBFC Ex: SBI (Dy. MD)
20+
19+ 12+ 2 Krishnava Dutt
Vineeta Sharma Girish Rathor Identified Girish Rathor Ankur Jain Current: Argus Partners
Managing Director Director Analyst Ex: Amarchand, Luthra
Ex: KKR, Altico, ICICI Bank Ex: RattanIndia, Edelweiss Ex: E&Y

Investment Committee (Decision Making)

6+
Yash Tahilramani 23+
Sr. Associate Bhupinder Singh
Ex: Blacksoil, PwC Founder & Group CEO Saurabh Jhalaria Ankur Jain
Ex: Deutsche Bank

Denotes years of experience

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5
 Building A New Investing Category Within
Performing Credit Space

Beyond 18%
Venture Debt Funds &
Special Situation Funds

18%
InCred Credit Private Credit Funds
Opportunities Fund (Established
IRR Target

–I Corporates)

15%
Private Credit Funds
(Emerging Corporate and/or
Established Corporates)

12%

Upto 4 years from Final Close 5-7 years from Final Close 7+ years from Final Close

Fund Tenor

6
Source: InCred Alternatives’ Estimates
6
 PORTFOLIO DETAILS, DEALS UNDER EXECUTION,
SUMMARY TERMS & TEAM BIOS

Privileged & Strictly Confidential Registration Number: IN/AIF2/22-23/1111

For Discussion Purposes Only

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Portfolio Detail: Company #1 - Project Market
Business Overview Brief Financials

Tech-enabled B2B e-commerce platform serving packaging, vendor management

and supply chain automation needs of mid-size / large entities across 6
Description
consumption-linked sectors (fashion, pharma, consumer staples, consumer
discretionary, home & personal care, e-commerce / retail / supply chain)
Vintage Founded in 2015
HQ – Mumbai
Location
Operations - 1,500+ manufacturers, 450+ enterprise clients

• Sole operator in the non-cyclical, consumption-linked segment of the B2B

marketplace v/s peers in cyclical and capex-linked segments (industrial goods
Key USPs & services)
• Solving real-world problem of high vendor fragmentation levels and large SKU
spread via a platform-led approach

• Raised Rs 1,202cr equity till date

Equity-raise Details
• Last equity raise of Rs 820cr in Dec 2021 (Series D2) at a valuation of Rs 4,140cr

Shareholding Valuation (Rs Terms Particulars

Pattern cr) Facility Size Rs 25cr
End Use Company’s working capital requirements
Tenor 24 months (equal monthly amortization, no moratorium)
Shareholding Transaction
Security 1st pari-passu charge on fixed & current assets, brand, IP etc
Structure Overview
• Minimum unencumbered cash cover of 6 months
• Receivables (< 180 days) / total secured debt > 1.3x
Key Covenants
• Minimum equity infusion of US$ 50mm by Mar 2023
• Promoters to hold management control of Company

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 Portfolio Detail: Company #2 - Project Retail
Business Overview Brief Financials
Omni-channel (online + physical stores) jewellery retailing company that specializes in daily- Particulars (Rs cr) Units FY21 FY22 FY23P
Description wear/non-occasion wear gold/diamond studded jewellery; 8,200+ designs, high-quality Revenues Rs cr 269.1 510.2 939.9
online catalogue, and wide network of 103 stores Gross Profit Rs cr 74.2 154.4 282.3
Vintage Business started in 2011 EBITDA Rs cr (11.1) 3.9 68.6
Location HQ - Mumbai, Manufacturing units - Mumbai & Jaipur PAT Rs cr (13.8) (0.0) 40.0
Gross Margin % 27.6% 30.3% 30.0%
Stores 103 Stores (91 franchise/ 12 own) at more than 26 cities in India
EBITDA Margin % -4.1% 0.8% 7.3%
8,200+ designs across jewelry merchandise like earrings, rings, necklace, pendants, Net-worth Rs cr 28.0 86.7 203.6
Products
bracelets and other jewellery merchandise Total Debt Rs cr 40.3 105.2 248.8
In-store – 42% (out of which) GML Rs cr 33.5 82.6 172.8
Sales Mix
Online – 41% Payables Rs cr 37.2 44.0 115.9
(FY 22)
Corporate – 17% (largely gifting) Franchisee Deposits Rs cr 42.3 114.1 190.8
Raised Rs 555.6 cr of primary equity money till now Net Block Rs cr 12.0 30.4 93.2
Last round in May 2022; raised Rs 75 cr primary from a large Indian family Office at Inventory + Receivables Rs cr 93.0 225.6 480.0
Funding Details Cash + FDs Rs cr 50.6 99.3 196.6
valuation of Rs 2,334 cr (c.4.6x FY22 Revenues); in addition, same family office made
secondary purchase of equity of the company worth Rs 150 cr Debt (ex GML)*/Net-worth x 0.2 0.3 0.4
Debt (ex GML)*/EBITDA x - 5.9 1.1
Total Outside Liabilities/Net-worth x 6.0 3.9 3.2
*GML is 100% FD backed hence we have considered all ratios ex GML

Terms Remarks
Valuation Journey (Rs cr)
Investor I, Facility Size Rs 25cr
14.30% 2,33
Others, 28.80% Tenor 3 years
4
Investor VI,
Shareholding 5.60% Investor II, Moratorium 9 months principal moratorium
Transaction
24.90% 1,01
Structure Investor V,
770
0 Repayment Monthly amortization; monthly interest payable
Overview
5.80% Investor
Security Senior secured on fixed + current assets (pari-passu basis)
Investor IV1, III, 14.60%
6.00% May Nov May • TOL (ex-GML Loans)/ TNW <= 4.5x;
2020 2021 2022 • 3M cash cover: Free Cash + 3 Months Trailing EBITDA)/(3 months Debt Servicing + 3
Key Covenants months Forward Capex)
1. Investor IV made total investment of Rs 225cr : Rs 75cr by way of primary infusion and • (Working Capital/Debt raised for working capital purpose) > 1.2x;
Rs 150cr by way of secondary purchase from existing investors • (Inventory/Debt raised for working capital purpose) > 1.5x ;

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9
 Portfolio Detail: Company #3 - Project Finance
Business Overview Brief Financials
Borrower is a New age NBFC providing loans to young individuals, Metric Unit FY22A YTD FY23
Millennials and Genz (mostly new-to-credit). Target borrowers are Consolidated Level
Description
students, freelancers or salaried employees; Branch-less model, operating Disbursements Rs cr 14,288 14,089
through a digital platform AUM Rs cr 2,435 2,832
Net worth Rs cr 949 1,108
Vintage Founded in 2018 (NBFC license in Jan 2019) Borrowings Rs cr 1,593 1,318
Capital Adequacy Ratio (Tier 1) % 36.48% 42.00%
Location / Credit Rating HQ – Bangalore; CARE Rated BBB+ (Stable)
Product Mix Borrower's Level
Pay Card = 64.0%; Bank-transfer & Paytm = 33.6%; E-Com = 2.3%
(Aug 22) Disbursements Rs cr 6,515 6,121
Customers Mix (Aug 22) Salaried – 72.4%; Student – 15.8%; Others - 11.8% AUM Rs cr 1,948 2,143
Borrowings Rs cr 1,241 1,104
Funding Details (at Raised Rs 1,645.7 cr of primary equity money raised till now Net Worth Rs cr 537 667
HoldCo) Last equity round of Rs Rs 386cr in June 2022 at valuation of $1.5 Billion Cash / Liquidity Position Rs cr 337 499
Gross NPA Ratio % 1.50% 2.87%

Terms Remarks
Of HoldCo Facility Size Rs 25cr
HoldCo Tenor 17 months and 10 days
Repayment Monthly amortization; monthly interest payable
Moratorium Principal Moratorium of 2 months and 10 days
First exclusive charge on identified receivables with 1.1x cover
Security
Shareholding 100%
Guarantee: Corporate guarantee of HoldCo Transaction
The Capital Adequacy Ratio (Tier 1) shall not fall below 20%;
Structure Overview
Maximum permissible ratio of PAR 90 (on the Borrower’s entire portfolio including
receivables sold or discounted on a non-recourse basis) to Tangible Net worth <=15%.
Covenants

Borrower Maximum permissible ratio of the sum of PAR 90 and write-offs (on the Borrower’s entire
portfolio including receivables sold or discounted on a non-recourse basis) to Disbursements
during the preceding 12 months should not exceed 5%.

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10
 Portfolio Detail: Company #4 - Project Hygiene
Business Overview Brief Financials

Personal care FMCG company engaged in manufacturing, distribution & marketing of

Description
sanitary pads and diapers (for babies and adults); focus on Tier II / III markets of India

Product Extensions Baby Diaper, Adult Diaper, Hair Removal Cream (HRC)
Founders / Vintage XXX; founded in 20XX
Location HQ - ABC; Plant - XYZ
Current Capacity 750mm sanitary pads + 250mm diapers per year
Headcount 1,200, including 130 permanent & 300 contract labor
FY22A Sales Mix Sanitary Pads: 55%; Baby Diapers: 35%

FY22A Channel-wise Sales General Trade (GT): 79%, Modern Trade (MT): 10%, E-commerce: 11%

26 states and 150+ cities via 2,000+ distributors, 163+ super stockists, 13+ master
Distribution Network
stockists

Terms Remarks
Other Facility Size Rs 15cr
s,13… Tenor 24 Months
Founder, Investor I,
Shareholding 13.1% Repayment Monthly amortization; monthly interest payable
27.9% Transaction
Structure Security Senior secured on fixed + current assets (pari-passu basis) of 1.25x Overview
Total Debt / Net Worth < 1.5x
Investor III, 6m Cash Cover: Free Cash + 3 Months Trailing EBITDA)/(6 months
19.8% Investor II,
Debt Servicing + 6 months Forward Capex)
25.4% Covenants
Promoter to directly / indirectly hold > 10% stake (except in case of
primary infusion)
Equity Infusion of Minimum $ 20mn before 30th September 2023.
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 Portfolio Detail: Company #5 - Project Cash
Business Overview Brief Financials
Metric Unit FY22A YTD FY23 (Oct'22)
Description
Borrower: NBFC providing short-term unsecured personal loans to salaried Disbursements Rs cr 1,550.0 1,660.0
individuals through for a maximum of 1.5 years with ticket sizes of Rs 7k to Rs 400k.
Own Book Rs cr 1,461.0 1,562.0
Off Book Rs cr 90.0 98.0
Vintage Operational from Apr'17 (Licensed NBFC from Dec '17)
AUM Rs cr 715.0 1,025.0
Location/ Credit
Rating
HQ – Mumbai; ICRA Rated BBB (Stable) Nov '22 Own Book Rs cr 657.0 961.0
Off Book Rs cr 58.0 64.0
AUM Rs 1,025cr (94% On-book and 6% Off book)
Net worth Rs cr 285.0 298.0
Funding Details
Rs 258cr infused by Holding company till date with last infusion of Rs 140cr in Oct Borrowings Rs cr 448.0 783.0
'21 at a post-money valuation of Rs 560cr
Capital Adequacy Ratio (Tier 1) % 37.9% 26.1%
AUM Mix Cash / Liquidity Position Rs cr 63.0 33.0
P 90 - 22%, P 180 - 23%, P 270 - 34%, P 1 Year - 15% and P 1.5 Year - 6%.
(Oct ‘22) Gross NPA Ratio % 8.4% 6.8%

Terms Remarks
Shareholding of Hold Co. Facility Size Rs 25cr
Tenor 18 Months
Hold Co Repayment Monthly amortization; monthly interest payable
(i) Pari-passu floating charge on loans given by Company to it’s Borrowers with 1.2x cover (ii)
Security
Corporate Guarantee of Aeries Financial Technologies Private Limited
Shareholding 100 The Capital Adequacy Ratio (Tier 1) shall not fall below 20%;
Transaction
Structure % Maximum permissible ratio of PAR 90 (on the Borrower’s entire portfolio) to Gross Loan Portfolio Overview
Borrower <=18%.
Maximum permissible ratio of the sum of PAR 90 and write-offs (on the Borrower’s entire
Covenants portfolio) to Disbursements and AUM during past 12 months should not exceed 9% and 18%
respectively
Total Outside Liabilities to Total Net-Worth should not exceed 4x.
Equity Infusion of Minimum Rs 40cr before 31st January 2023.
No downgrade in any existing or future External Credit Rating.

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12
 Portfolio Detail: Company #6 - Project Mobility
Business Overview Key Metrics
India’s 1st and largest 100% EV cab-hailing platform with leased EVs, Metric Unit FY21A FY22A H1FY23
Description dedicated charging infra and salaried drivers inter-connected via No. of Cabs # 310 767 2,900
proprietary app-based tech
Dry Run3 % 59% 55% 49%
Vintage Founded in 2018
Revenue Rs cr 7 29 52
HQ – Gurugram
Location CM1 Margin4 % -88.7% -13.2% 15.0%
Operations - NCR (2,400 cabs), Bengaluru (500 cabs)
CM2 Margin % -276.7% -107.3% -60.1%
• For customers - No surge pricing and ride denials; Uniform experience EBITDA Rs cr -35 -47 -45
as Company responsible for cab maintenance and lease payments EBITDA Margin % -478.6% -162.7% -86.1%
• For drivers - Fixed pay + incentive model (1.4x higher pay than Ola /
Key USPs Gross Debt (Proforma) Rs cr 3 80 165
Uber’s driver-cum-owner model)
• Dedicated network of 2,200+ EV charging points
Cash / Liquidity Position Rs cr 10 121 214
• Low EV lease cost of c.10% from DFIs1
Equity raised till FY-end5 Rs cr 74 264 384
Fleet Expansion Visibility 2,200 new cabs confirmed to join NCR fleet by Mar 2023 Valuation Rs cr 180 430 4,0006
Raised Rs 384cr till now Valuation / Revenue x 25.7x 14.8x 38.4x
Funding Details
Last equity raise of Rs 120cr in May 20222 Gross Debt / Valuation % 1.7% 18.6% 4.1%

Terms Particulars

Facility Size Rs 25cr (Tranche 1: Rs 15cr, Tranche 2: Rs 10cr)

Tranche 2 to be post-Series B equity-raise of minimum US$50mm or before on mutually agreed timelines

End Use Company’s working capital requirements

Shareholding Transaction
Tranche 1 Tenor 24 months (equal quarterly amortization, no moratorium)
Structure Overview
Security / Collateral • 1st pari-passu charge on fixed & current assets, brand, IP etc

• Non-disposal of shareholding in its subsidiaries

1. Development Finance Institutions such as IREDA, EESL etc.
2. Valuation undetermined (at 20% discount to currently ongoing Series B equity round) • Minimum security cover of 1.2x
3. Dry Run: Ratio of non-revenue earning km / total km covered. Main driver of profitability. As Dry Run reduces with increasing cab fleet and
charging network, revenue and margins improve Key Covenants • Minimum 6 months of average monthly cash burn in form of an unencumbered cash
4. CM1 profitability achieved in Jul 2022 (1,900 cabs) for NCR. Expecting CM2 and EBITDA profitability by Mar 2023 (5,400 cabs) and May 2023
(6,400 cabs) respectively
5. Does not include ongoing Series B equity round with expected US$ 250mm fund-raise • Maximum Gross Debt / Tangible Net Worth of 1.1x
6. Expected valuation of ongoing Series B equity round
• Management control to remain with Promoters

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13
Deals Under Execution

Debt/Equity
S. No. Project Name Deal Size Brief Description Equity Valuation/Stack
Value
1 Project 25cr Business: Full stack integrated offering of 2/3W vehicle leasing along with battery Equity Value: Rs 2,000 cr 8.8%
Battery swapping solution; 4,000+ vehicles; 150+ swapping stations across 15 cities; 25 Institutional & Strategic
fleet customers; tie up with 10 leading OEMs; FY23E Revenues Rs 65 cr Shareholding: 40.0%
Deal: Growth; Security: Exclusive charge on EVs and Batteries

2 Project 20cr Business: Lending to women in rural India having presence across 10 states 390 Equity Value: 500 CRISIL BBB+
Small branches and 1.5mn customer base; have acquired other smaller MFIs for Institutional & Strategic Rated / Stable
inorganic growth and geographic expansion; FY23E Rs 360cr; PAT positive Deal: Shareholding: 68.0%
Onward lending; Security: Charge on loan book

3 Project Supply 25cr Business: 3PL end-to-end supply chain solutions; presence across 21 high growth Equity Value: Rs 440 cr 4.4%
centers across India; 7mn sft warehousing; 3,000 multi-size/weight trucks; Institutional & Strategic
marquee client base across e-commerce, auto & retail; FY23E Revenues Rs 350 cr; Shareholding: 92.0%
CM positive
Deal: Growth; Security: Charge on fixed and current assets

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14
 Deal Under Execution: Project Battery
Business Overview Brief Financials
Project Battery or ‘Battery’ is an electric Particulars (Rs cr) FY22 (Prov) FY23 (E) FY24 (E)
Borrower’s Description mobility enterprise, providing Mobility as a Service (MaaS) and Battery as a Service
Types of Vehicle:
(BaaS)
E-Rick - - 29
Founder/
Mr. ABC and Mr. XYZ in 2017 E-Auto - 90 846
Vintage
E-Loader 3W 900 4,400 11,600
Location HQ and manufacturing unit - Bangalore
E-Loader 4W - - 1,350
Scale Vehicles (2W/3w/4w): 2,900, Batteries: 9,700, Swapping Stations: 142 E-Bike - 9,000 99,308
Fleet Aggregator partners Total Vehicles Deployed 900 13,490 1,13,133
Zypp, Eveez, Zyngo, E-Scoot Mobility, Lets Transport, Magenta etc.
for MaaS Batteries Deployed 5,800 40,800 2,44,852
No. of Active Stations 83 911 3,493
OEM Partners for BaaS Mahindra Electric, Piaggio, Omega Seiki, Saarthi, Hero Electric etc
Capex Planned 440 530 2,249
Raised $ 90.8mn (of which $ 25mn is undrawn) of primary equity money till date Revenue from Operations 14 64 553
Funding Details Last equity round of $ 50mn (by Strategic Investor II) in FY22 at valuation of $
Gross Margin 13.9% 50.2% 59%
250mn

Fund-raise History Terms Particulars

Year-wise: Facility Size Rs 25 cr
Year Amt (USD mn) Key Investors Tenor 36 months; equal monthly payments post 3 month moratorium
FY17 0.0 (a) Exclusive charge on all the assets created out of Facility
FY18 2.8 Promoters (b) First pari passu charge on revenues / receivables of the Issuer
FY19 4.0 Security / (c) Corporate Guarantee of Hold Co. (Singapore), Associate Co.,
FY20 7.7 Promoters and Others
Collateral Ultimate Hold Co. (Mauritius) (CG of Ultimate Hold Co. (Mauritius) can be
Shareholding FY21
FY22
26.3
25.0
Promoters, Strategic I
Strategic II invoked only 30 days post the invocation of CG of Hold Co. (Singapore))
Transaction
Structure Sub-Total 65.8 Asset cover of 1.25x to be maintained at all times Overview
Undrawn 25.0 Strategic II  Total Debt/Net-worth < 3.25x. Total Debt will include guarantees
Total 90.8
issued by the Borrower / Issuer.
Investor-wise:  6M cash cover: Maintain (Free Cash Available (unencumbered) + 6
Investor Amt (USD mn)
Financial Months Trailing EBITDA + undrawn equity commitment)/(6 months Debt
Promoters 8.0
Covenants Servicing) greater than 1x; to be tested on quarterly basis. Undrawn equity
Strategic I 25.8 commitment will be based on the signed SHA / SSA for equivalent amount
Strategic II* 50.0 being shared by the Borrower / Issuer.
Others 7.0  Issuer shall raise/tie-up additional equity of at least USD 50 mn by
Sub-Total 90.8 30th April 2023

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15
 Deal Under Execution: Project Supply
Business Overview Brief Financials

Particulars (Rs cr) FY21 (A) FY22 (A) FY23E

Provides value added warehouse management services across 5.4mn sqft for ~45 marquee customers; focused on
Description Avg. Operational area (mn sqft) 4.2 5.2 5.7
providing its services to companies in E-commerce, consumer and automotive sectors
Revenues 176 291 348
Founder/ Founded in 2016, as a 92%:8% partnership between marque global financial investor (“Investor“) & an industry Gross Profit 13 26 45
Vintage veteran (“Promoter“) where the Investor has committed USD 125mn as an equity investment into the company EBITDA (19) (15) 2
PAT (27) (26) (16)
Location HQ - Mumbai, warehouses located across 21 cities across India
Operating Margin 7% 9% 13%
• Ecommerce – 40%
Sector-wise • Consumer - 36% EBITDA Margin -11% -5% 1%
Revenues • Auto – 18% PAT Margin -15% -9% -5%
• Others – 5% Net-worth 281 190 121
Warehouse Region- Debt 4 25 90
• West – 41%, North – 27%, South – 24%, East – 8%
wise
Net Block 25 23 38
• Multi format warehousing solutions
Investment in subsidiary 178 144 31
Solutions offered • WMS synced with customer’s ERP to enable real time tracking
• Unit cartonization, bundling / labelling, kitting & barcoding services Net Working Capital 11 20 59
Cash & Cash Equivalents 69 29 83

Particulars Terms
Facility size INR 25 Cr
Tenor 3 years with monthly principal repayments
Security / Senior secured on fixed assets and current assets (pari-passu with
Shareholding Transaction
Collateral remaining lenders)
Structure Overview
To be tested from 30th September 2023 onwards:
• On a half yearly basis, Total Outstanding Financial Debt < Rs 100 Cr
Key Covenants (Term Debt < Rs 50 cr) and Un encumbered cash > Rs 15 Cr
• On an annual basis, Total Outstanding Financial Debt / Total EBITDA
(after deducting Lease Repayments) < 4

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16
Important Disclosures
The contents of this document have been prepared for initial discussion only and may undergo change in the future and qualified in their
entirety by the Fund's private placement memorandum and the definitive documents to be entered into by the Fund ("Fund Documents"). Any
inconsistency between the contents of this document and the memorandum or the Fund Documents, the same shall be resolved in the favor
of Memorandum and the Fund Documents.
This document has not been approved by any supervisory authority and none of the required regulatory approvals referred to herein have
been obtained and may not yet have been applied for.
This document is distributed by InCred Alternatives Investments Private Limited (the “Company”) on a strictly confidential basis to a limited
number of sophisticated investors for general information purposes only. By accepting this document, the recipient acknowledges and agrees
that (a) this document includes confidential, proprietary, trade secret or other commercially sensitive information, and (b) it will, and will cause
its representatives, affiliates and advisors to, use the information contained herein solely for the purpose of evaluating the recipient’s interest
and for no other purpose and will not, and will cause its representatives, affiliates and advisers not to, divulge any information contained herein
to any other party without the Company’s express prior written consent. It cannot be copied (in whole or in part) and/or disseminated in any
manner. This document is not authorized for distribution to prospective investors of InCred Credit Opportunities Fund – I (the “Fund”) unless
preceded or accompanied by an effective private placement memorandum, contribution agreement and related documentation.
This document is for illustrative purposes only and does not constitute an offer or advice or invitation (express or implied) to purchase or
subscribe to any units, investment/ stocks in any funds managed by the Company in any jurisdiction and no part of it shall form the basis of or
be relied upon in connection with any contract or commitment whatsoever. No representation or warranty (expressed or implied) is made as
to, the completeness or correctness of such information or opinions contained herein and nothing contained herein should be relied upon as a
promise, representation or indication of the future performance. The content of this document is a summary only, is not complete, and does
not include all material information about the Fund managed by the Company, including potential conflicts of interest and risks associated
with an investment by the Company. (Cont’d)

34
17
Important Disclosures
Please refer to Fund documents for further information concerning the Fund. Investments are not deposits or other obligations, guaranteed
or insured by the Company or any of their affiliates/subsidiaries, and are subjected to investment risk, including the possible loss of the
principal amount invested. Past performance is not indicative of future performance, prices can go up or down. The trends contained in this
report are not a reliable indicator of future performance / trends for Fund.
Further, no offer to subscribe to units of the Fund will be made or accepted by the Fund prior to the grant of the registration by the Securities
and Exchange Board of India (“SEBI”). All performance and risk targets contained herein are subject to revision and are provided solely as a
guide to current expectations. There can be no assurance that the Fund or any other product described herein will achieve any targets or that
there will be any return on capital. Historical returns are not predictive of future results. Certain statements made in this presentation may
not be based on historical information or facts and may be "forward-looking statements", including those relating to the general business
plans and strategy of the Fund, its future financial condition and growth prospects, and future developments in its industry and its
competitive and regulatory environment.
The Company may earn fees and other compensation from prospective portfolio companies, advice on value, structuring, negotiating and/or
arranging financing for such transactions, earn fees for such transactions including but not limited to rendering wealth management services
to portfolio companies. The Company will ensure that the interest of all investors are paramount and all other interests / business activities
do not work against the investors’ interest.
Distribution of this document in some jurisdictions may be restricted or prohibited by law and regulation, and accordingly recipients of this
document represent that they are able to receive it without contravention of any unfulfilled registration requirements or any other legal or
regulatory restrictions. Recipients of this document in such jurisdiction should fully inform themselves about and observe all applicable legal
or regulatory requirements and InCred Alternatives Private Limited and its affiliates, directors, shareholders, managers, officers, employees,
agents and advisors, do not accept any liability to any person in relation thereto. If you have received this document and you are not the
person for whom it is intended, you should not rely on this communication or act on it.

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Thank You