India's 100 unicorns
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Jul 24, 2021
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About This Presentation
India's 100 unicorns
Slide Content
CREDIT sus
India Market Strategy
100 Unicorns: India’s changing
corporate landscape
=
nn Aj, i arte Sra aga, Lech Gg, Aten Gupta Arab Mia,
ony Sea (ra a Gin Ba, Gas Bra pr Kt. Spa a Pk
CRE POS AE GG ES ror cons nog CLOSURES,
India Market Strategy
100 Unicorns: India’s changing
corporate landscape
=
nn Aj, i arte Sra aga, Lech Gg, Aten Gupta Arab Mia,
ony Sea (ra a Gin Ba, Gas Bra pr Kt. Spa a Pk
CRE POS AE GG ES ror cons nog CLOSURES,
Contents
2
24
2
ar
3
3
20
“2
2
24
2
ar
3
3
20
“2
Focus charts
Faure naan aqukyTundaing pre tops pub
onsssusese
Src Vai Ct Site
ia =
= sonnel bien
Figure 3 Turó of unicorns stated after 2008
rs
Se ui by nement
Figure 4:87% ofthe BSE-500 sated Before 2000
Sore OME, Oust Sine
‘gure 5 More han Gk ats were fundas 2018
end Sag)
Se Yi, Ct ite
Figure ambar of linates iaa o sharply
Faure naan aqukyTundaing pre tops pub
onsssusese
Src Vai Ct Site
ia =
= sonnel bien
Figure 3 Turó of unicorns stated after 2008
rs
Se ui by nement
Figure 4:87% ofthe BSE-500 sated Before 2000
Sore OME, Oust Sine
‘gure 5 More han Gk ats were fundas 2018
end Sag)
Se Yi, Ct ite
Figure ambar of linates iaa o sharply
100 Unicorns
India’s corporate landscape is undergoing a radial change due to a remarkable confluence of changes in
the funding. regulatory and business environment in the county over the past two decades. An
Unprecedented pace of new-company formation and innovation in a variety of sectors has meant a surge
in the number ofhighty-valued, as-yet uniste companies. While conventional Unicom sts show 30-35
names for India, cur exploration reveals 100 of them
‘Transformation inthe corporate landscape
gant 396 te compares wäh ion dors maña
bas atan, ae a now 100 ess nda wih a
embed maha agita of USE24O bn. Tno-Buds of
these tated ater 2005, whereas ely 46 of tested
fens wore ound hs cena, and as many a 112
stated bare 197, The sector pts hy rss:
in an tota Largo expected e-commerce, Fech,
‘duction techo, food dali nd mobi compares,
ars arandy grnin numberof such rin Sofware
aa Soo (a5) guning new-age dirkuen ard
listes, moden vado, bo-ech,phamacatcas, and een
lat conse bands berating tom acetato
paratalon ad females, Tha ar ny athe tp ofa
Fang prama of 80,000 stars na. uan ae
‘cremeraly now aly 10% of new compares formed
ry ur tant of ms up 10% 1 8 yeas. Tare
IS some geographical erty nthe des whete has rs
states, trough tees some concaritaton Banga,
Marbal an he Natera Cpl Regen (CR, Dah
‘The Enabler: Funding, faviructre, reguladon
The growth naty van comparas hs bon enabled by
atarge of ace (1) he natural shortage of ik al
an economy wih lon par capa wea hasbeen addesund,
bya sage in Gosty Kg) prat ey hese os
hae exceeded publ mas! arcatorsin each you of
aa decade) nea in dena and marga,
ard tert pont, TH 2005 ess han 16% of ans
fad aphore, versus 8% now, TOO ls pace have
ret access row du fo Gap data and tig
Smartphone pices (40% perataton row); (3) dep-eoted
Phyl tasse ange: neatly a habtata we
Fon one aves roads compares to ely hall
1 2000 nd al house ae lotto now ve pat Be
162001 franca ovation acta, cts de
té ag "nda stc, which has novato appeatons
ike UP bon a baa of unreal bank account acero
ms, anto bometiexO (Anda), ped by rater
ta ab; and) delepment of croatas
vor eect at row prove compete adria
‘rest gba peers or example in tchrlogy (A nT
olson) ad pharma bach oer nan fs can
Fw tls US3200-300 mn of ara) RED)
‘he Begining notte end ofunicom seeding
We a io seran Bt hae aczncantaton orcos:
Feed eme, Sa, Tec phama Bech and
‘rout data, addin tote came dt, sch
live das severos cats a de
‘Stoning sagen va unbaof SaaS rare bang den
byte changng rat of ste ad sofware deer
ardent average aval pal ad sobar
ones many of whom anal scored at wok had
bess ve. Slat e-commerce modem. ad
reg toi y o goverment ae Gig toral
Sarah mate but extra Hagenuk
at of wa els rate eu orne 6
‘land as og cage pora y ren ais
(harvard hee of oksond deu Scene,
hl chi was nya cosida sake dls
rublo caen rem, parc at yea aya.
lel ofperetatenhatmayhae taken ara yeas aan.
In hamarbeiec nd ach process pal ne
"Oran US 1688 Hai Man At ppotad be
ana lag andere system muchas pom
ad Each of ase erent cn contr ow D
‘ote and is cars nas vn
Avraous eye?
Inn tr tr seg repens, nn compar
‘eaten was qe song enn a 13605, Paula of
corso capt asa halos. The urged a eros
‘ef od p apd aces bt sonal Furt ete
Slide arf fna-onred ras bares. The
8500 mr cts me ego poe of tk capt
nat 1520) tea our cn mage osa
Paris, USS3580 bn me as ra ben cats.
‘ists cotizado the gon rubor olmlenaresn
Ira eo La Hgo et er eis) whch ad
stage o aa yrs a hs stared ai ot,
Une fr fauna, garer sl sesos spa
ree minted yo be oyen vas Es or
pato ut vectors dá ge moro rs ran
ras A
‘bear ar, oumidrneru wee ROA 120
(12% of DP ba gong ai. gatos ata,
cri trans alta 53% ort GOP 5
years The sence edo eco ele,
Imeroemer n cocine ao ar o
o mas in,
India’s corporate landscape is undergoing a radial change due to a remarkable confluence of changes in
the funding. regulatory and business environment in the county over the past two decades. An
Unprecedented pace of new-company formation and innovation in a variety of sectors has meant a surge
in the number ofhighty-valued, as-yet uniste companies. While conventional Unicom sts show 30-35
names for India, cur exploration reveals 100 of them
‘Transformation inthe corporate landscape
gant 396 te compares wäh ion dors maña
bas atan, ae a now 100 ess nda wih a
embed maha agita of USE24O bn. Tno-Buds of
these tated ater 2005, whereas ely 46 of tested
fens wore ound hs cena, and as many a 112
stated bare 197, The sector pts hy rss:
in an tota Largo expected e-commerce, Fech,
‘duction techo, food dali nd mobi compares,
ars arandy grnin numberof such rin Sofware
aa Soo (a5) guning new-age dirkuen ard
listes, moden vado, bo-ech,phamacatcas, and een
lat conse bands berating tom acetato
paratalon ad females, Tha ar ny athe tp ofa
Fang prama of 80,000 stars na. uan ae
‘cremeraly now aly 10% of new compares formed
ry ur tant of ms up 10% 1 8 yeas. Tare
IS some geographical erty nthe des whete has rs
states, trough tees some concaritaton Banga,
Marbal an he Natera Cpl Regen (CR, Dah
‘The Enabler: Funding, faviructre, reguladon
The growth naty van comparas hs bon enabled by
atarge of ace (1) he natural shortage of ik al
an economy wih lon par capa wea hasbeen addesund,
bya sage in Gosty Kg) prat ey hese os
hae exceeded publ mas! arcatorsin each you of
aa decade) nea in dena and marga,
ard tert pont, TH 2005 ess han 16% of ans
fad aphore, versus 8% now, TOO ls pace have
ret access row du fo Gap data and tig
Smartphone pices (40% perataton row); (3) dep-eoted
Phyl tasse ange: neatly a habtata we
Fon one aves roads compares to ely hall
1 2000 nd al house ae lotto now ve pat Be
162001 franca ovation acta, cts de
té ag "nda stc, which has novato appeatons
ike UP bon a baa of unreal bank account acero
ms, anto bometiexO (Anda), ped by rater
ta ab; and) delepment of croatas
vor eect at row prove compete adria
‘rest gba peers or example in tchrlogy (A nT
olson) ad pharma bach oer nan fs can
Fw tls US3200-300 mn of ara) RED)
‘he Begining notte end ofunicom seeding
We a io seran Bt hae aczncantaton orcos:
Feed eme, Sa, Tec phama Bech and
‘rout data, addin tote came dt, sch
live das severos cats a de
‘Stoning sagen va unbaof SaaS rare bang den
byte changng rat of ste ad sofware deer
ardent average aval pal ad sobar
ones many of whom anal scored at wok had
bess ve. Slat e-commerce modem. ad
reg toi y o goverment ae Gig toral
Sarah mate but extra Hagenuk
at of wa els rate eu orne 6
‘land as og cage pora y ren ais
(harvard hee of oksond deu Scene,
hl chi was nya cosida sake dls
rublo caen rem, parc at yea aya.
lel ofperetatenhatmayhae taken ara yeas aan.
In hamarbeiec nd ach process pal ne
"Oran US 1688 Hai Man At ppotad be
ana lag andere system muchas pom
ad Each of ase erent cn contr ow D
‘ote and is cars nas vn
Avraous eye?
Inn tr tr seg repens, nn compar
‘eaten was qe song enn a 13605, Paula of
corso capt asa halos. The urged a eros
‘ef od p apd aces bt sonal Furt ete
Slide arf fna-onred ras bares. The
8500 mr cts me ego poe of tk capt
nat 1520) tea our cn mage osa
Paris, USS3580 bn me as ra ben cats.
‘ists cotizado the gon rubor olmlenaresn
Ira eo La Hgo et er eis) whch ad
stage o aa yrs a hs stared ai ot,
Une fr fauna, garer sl sesos spa
ree minted yo be oyen vas Es or
pato ut vectors dá ge moro rs ran
ras A
‘bear ar, oumidrneru wee ROA 120
(12% of DP ba gong ai. gatos ata,
cri trans alta 53% ort GOP 5
years The sence edo eco ele,
Imeroemer n cocine ao ar o
o mas in,
££ We found 100 unicorns in India in a
diverse set of industries: not just the
usual technology or tech-enabled
sectors, but also in pharma/biotech and
consumer goods, benefiting from
formalisation and accelerating adoption.
diverse set of industries: not just the
usual technology or tech-enabled
sectors, but also in pharma/biotech and
consumer goods, benefiting from
formalisation and accelerating adoption.
List of Unicorns
inser Comer Carat ‘Spat Tachnages Crean)
Deck Fe Cia Creal ‘rer Boece
(rads heise rem rea oe Heat
Eran al Salone PAL even Frase Pramacelicas ear
Mu Sgra Conaatrg eo Lab acre
led Bandas £ Des (ABD) Cscetonay ras Pramacatale ear
Dow Deceteray Maceo Pramacouteds
RT Jens Utd Decretoray Mana op Heatcae
as Dscetiray Pamesa Haircare
aon Oscetonsy Southend pens
Oral Stas (ye ors) Dec a Mie ras
Peal ss Decir) Meda Ser Des eas
Fegan Decetoray Ot azar.
ia Comets Delay Page rare.
Vera Mega Nat Delay Cata me
Bes Enea (Book Son) Ecommerce Dal Ves me
Brandes Soc (rt) Bewer Since men
Caio (Saro utente PA LIGE somera bate Wen
Caza Esrerace rey Cage Wen
caer Emma Kassen ren
Peat Escanear in Wien
nt Ecaneerce Mee Wien
Naa Eat Ecuneratce MX ye Wien
Sipeart Goce Sipps (Sato), Excma Share Wien
Lat Tectretoges (tan Corgan) Ecommerce Son Wien
Era Ean East ust Wien
Sang Hat Tecrcogs (nacadory) Eaxaton Debian Pata ages
Sichatana Easton com Exess ages
Tin and Lean (y) East PES ages
CLP Wed Fams (nda) PL Er van ages
Gerke Gop Erg (la Cbs (an Tecnos PL) MED
Mn gy Er Où Bt ei ay
Raton Power Veet Er Zomea Meaty
Apr France Frans Brest Sus
entre Francs reg sus
Ba Das France ‘ra Daa Sahne sus
Fre Sty Sunes France Francas. Eee sus
rm Francs Frans sus
Hero reap id France. Heras Sas
Natera! ck Exchange Francas. 185 Sota sus
Pan Francs. seats sus
PrenePe France. ioacıer Sas
Pea Las Franc Posta sus
Ray Francs Zoro sus
Sa eat France. Zoo Sas
Zoe, Franc Hasame ‘Stes
ard Tectcloges (vga) Foodech Pate Prot Sales
Zarate Focas SPL tes Sages
Gas Furware Tececogy WPL) Garing ‘Ava Comergence Tests Teer
laGarest 47 (Rani) ong tios vis PA Lis Todas
inser Comer Carat ‘Spat Tachnages Crean)
Deck Fe Cia Creal ‘rer Boece
(rads heise rem rea oe Heat
Eran al Salone PAL even Frase Pramacelicas ear
Mu Sgra Conaatrg eo Lab acre
led Bandas £ Des (ABD) Cscetonay ras Pramacatale ear
Dow Deceteray Maceo Pramacouteds
RT Jens Utd Decretoray Mana op Heatcae
as Dscetiray Pamesa Haircare
aon Oscetonsy Southend pens
Oral Stas (ye ors) Dec a Mie ras
Peal ss Decir) Meda Ser Des eas
Fegan Decetoray Ot azar.
ia Comets Delay Page rare.
Vera Mega Nat Delay Cata me
Bes Enea (Book Son) Ecommerce Dal Ves me
Brandes Soc (rt) Bewer Since men
Caio (Saro utente PA LIGE somera bate Wen
Caza Esrerace rey Cage Wen
caer Emma Kassen ren
Peat Escanear in Wien
nt Ecaneerce Mee Wien
Naa Eat Ecuneratce MX ye Wien
Sipeart Goce Sipps (Sato), Excma Share Wien
Lat Tectretoges (tan Corgan) Ecommerce Son Wien
Era Ean East ust Wien
Sang Hat Tecrcogs (nacadory) Eaxaton Debian Pata ages
Sichatana Easton com Exess ages
Tin and Lean (y) East PES ages
CLP Wed Fams (nda) PL Er van ages
Gerke Gop Erg (la Cbs (an Tecnos PL) MED
Mn gy Er Où Bt ei ay
Raton Power Veet Er Zomea Meaty
Apr France Frans Brest Sus
entre Francs reg sus
Ba Das France ‘ra Daa Sahne sus
Fre Sty Sunes France Francas. Eee sus
rm Francs Frans sus
Hero reap id France. Heras Sas
Natera! ck Exchange Francas. 185 Sota sus
Pan Francs. seats sus
PrenePe France. ioacıer Sas
Pea Las Franc Posta sus
Ray Francs Zoro sus
Sa eat France. Zoo Sas
Zoe, Franc Hasame ‘Stes
ard Tectcloges (vga) Foodech Pate Prot Sales
Zarate Focas SPL tes Sages
Gas Furware Tececogy WPL) Garing ‘Ava Comergence Tests Teer
laGarest 47 (Rani) ong tios vis PA Lis Todas
££ The corporate landscape in India is
rapidly transforming: 66 firms in our list
did not exist till 2005, whereas 180 of
the BSE500 started before 1975.
rapidly transforming: 66 firms in our list
did not exist till 2005, whereas 180 of
the BSE500 started before 1975.
Transformation in the corporate
landscape
Fast growing and innovative (united fms are sprouting up in new sectors and locations across India:
many have rapidly gained scale
As groning blos Talar par ofi economy
ha rapid growing economy the matt capas of
Esto utes nda has sen oo (gue), making Ida.
he gest matt ably, and ely 7% any tom
being ho © largest, aer he US, Chia, HK Japan and
‘he UK The number of etd compares wih mart!
capstan above US$ En ar rn 10 306 wom Vin
2010 and jt 2 2005 (ie ©) Remake
ome standard uno ee which out sts fms
ad above USS] bn marion 20-35 compas, amore
gous ivestgaton reveals as mary a 100 cams
Ira, win aconbind valuation of USS24O En,
We spread cn wid, aking beyond he ronal
techclogy or techy enabled secs, whch ae
paced that ics, but dom comentan sac
Ike rotar ran, ode and pamaco
(modem tad, conser goods as wo as astuto (09
ten pote termal ergy generate) We scams or
red fs wi lage prof pode and tng ron
big he st ofistnants by majo phate gy,
‘vests dog no das news How, and rn mastrg
ver PE fem o mala sae hast was comprehen
Focusing ory o dass a aul eae: fers hat
gate sufi ac for raster get exci,
smc, a bait acrsemer ofthe ae oo making
fomi may same om und wh mein he
Inclusion: We node ms at mast ee ofthe vee
eva low
she sen à Aang round at valen exc
USS br
+ porte an EBITDAIn FY2O ha ae average
Valses multiples of ted peas, would ge ten à
‘alten netas of USB Bn 2
+ hoe teat ue round was ales han USB1 bo
“ama ima back, uth bush momento as been
‘sang sce then, ping higher cent aan
Exclusion We have exuded seal host had
tocas lud usen valaias, bl have sine then
Slgpadin tat buses, and have ete ala hada
“down ound ofall ave ene We so exude
fire at ae uba: of etd comparas We have ale
iclaed dan sss of al ms, sme of wich
fave coms aa. Some fre which en pean
‘ow prea nr, ster a ling marte wh
SPACE chang re capt bt de net he an
dean ass model are excluded
Figure 7 Market copaisation of ated equities has san
ma
sill
“aNSEPREREE ELE
RRERE
a sil li — Me o OPERA)
200
735333
Figure Eo ft Sone fee ae an sisi
till (| |
BERZER
ÉBBRREERRES
en UH cape
landscape
Fast growing and innovative (united fms are sprouting up in new sectors and locations across India:
many have rapidly gained scale
As groning blos Talar par ofi economy
ha rapid growing economy the matt capas of
Esto utes nda has sen oo (gue), making Ida.
he gest matt ably, and ely 7% any tom
being ho © largest, aer he US, Chia, HK Japan and
‘he UK The number of etd compares wih mart!
capstan above US$ En ar rn 10 306 wom Vin
2010 and jt 2 2005 (ie ©) Remake
ome standard uno ee which out sts fms
ad above USS] bn marion 20-35 compas, amore
gous ivestgaton reveals as mary a 100 cams
Ira, win aconbind valuation of USS24O En,
We spread cn wid, aking beyond he ronal
techclogy or techy enabled secs, whch ae
paced that ics, but dom comentan sac
Ike rotar ran, ode and pamaco
(modem tad, conser goods as wo as astuto (09
ten pote termal ergy generate) We scams or
red fs wi lage prof pode and tng ron
big he st ofistnants by majo phate gy,
‘vests dog no das news How, and rn mastrg
ver PE fem o mala sae hast was comprehen
Focusing ory o dass a aul eae: fers hat
gate sufi ac for raster get exci,
smc, a bait acrsemer ofthe ae oo making
fomi may same om und wh mein he
Inclusion: We node ms at mast ee ofthe vee
eva low
she sen à Aang round at valen exc
USS br
+ porte an EBITDAIn FY2O ha ae average
Valses multiples of ted peas, would ge ten à
‘alten netas of USB Bn 2
+ hoe teat ue round was ales han USB1 bo
“ama ima back, uth bush momento as been
‘sang sce then, ping higher cent aan
Exclusion We have exuded seal host had
tocas lud usen valaias, bl have sine then
Slgpadin tat buses, and have ete ala hada
“down ound ofall ave ene We so exude
fire at ae uba: of etd comparas We have ale
iclaed dan sss of al ms, sme of wich
fave coms aa. Some fre which en pean
‘ow prea nr, ster a ling marte wh
SPACE chang re capt bt de net he an
dean ass model are excluded
Figure 7 Market copaisation of ated equities has san
ma
sill
“aNSEPREREE ELE
RRERE
a sil li — Me o OPERA)
200
735333
Figure Eo ft Sone fee ae an sisi
till (| |
BERZER
ÉBBRREERRES
en UH cape
Ahighly diverse sectoral mix
The sectoral pl of es thet how a igh lel of
rorsieaton gute 9 shows he sl y rebrand
Fire 10by abo). Trelagal expected econeere,
educan echo (Each) fodtech and maby
Compares acc or es than a Mut ofthe ta
Trelsgestramber offre ar Sanos (at ro bar),
nin aude fou cmestona NBFCE (rom bario
Frans compare) nad a he igh Serapio
ran chology (Fech) companies: Quen e nique
ston dais fom fandalsaton ad athe save re
Worieaäng rari ntastucre suse n dal in
the thd secton of spa, is at sup
Sofware asa Seni (Saa) ihe Servo pros
gang compares, nsancetechlogy, and even re.
Age Seräuen and te hs nabo y eto
is lo ahun sli act be kiddin th at
In ation, tae ar purely convento) compar nat
ate going rapid a ay die, and e same re
band rom, man of indies, 0.9
ler, upeamng total hans, power of be and
rasos, or nen In packaged ood
lathe process of scoing these comeanies we cam
ose seva more in aad of hace categories tht a
innovative, fst rowing and Id by Song promoter, but
a notas eneugh yl tobe incas ns It
Corporate rejuvenation? Most fra started post-2005
hie tare area few kee tags patel fs
in coment busses Be he Nabil Stok
Exchange, Tannen CI (orsumer credit ata prod)
(of Paie Sects, mos of these fs have been fed
ta 2005 (igre 11) Theis noteworthy, ast 13% of
‘the BSESOD fs have tates ater 2000 igre 12), ad
36 had started too 1978 (o yr nai he lest
of ie epa’s autos was ber)
As we ae oly considering compares wih van nthe
nagcuhaoder m oxnss of USBI bn, and ony 33601
BBSEEOO ms cross hal och, isis an eraordnay
apsoe ofnew-conpary forma what has tadtonaly
Bown alow poor
Figure 10 Sectoral pl of unicos byvaue
ps
= SR = :
Ecommerce 108 ES a = m
= en
> SPS >
— Ann aco cer = Std nora ut
LI ae
ae Be
où ee a me
Sage QUE Cr re
The sectoral pl of es thet how a igh lel of
rorsieaton gute 9 shows he sl y rebrand
Fire 10by abo). Trelagal expected econeere,
educan echo (Each) fodtech and maby
Compares acc or es than a Mut ofthe ta
Trelsgestramber offre ar Sanos (at ro bar),
nin aude fou cmestona NBFCE (rom bario
Frans compare) nad a he igh Serapio
ran chology (Fech) companies: Quen e nique
ston dais fom fandalsaton ad athe save re
Worieaäng rari ntastucre suse n dal in
the thd secton of spa, is at sup
Sofware asa Seni (Saa) ihe Servo pros
gang compares, nsancetechlogy, and even re.
Age Seräuen and te hs nabo y eto
is lo ahun sli act be kiddin th at
In ation, tae ar purely convento) compar nat
ate going rapid a ay die, and e same re
band rom, man of indies, 0.9
ler, upeamng total hans, power of be and
rasos, or nen In packaged ood
lathe process of scoing these comeanies we cam
ose seva more in aad of hace categories tht a
innovative, fst rowing and Id by Song promoter, but
a notas eneugh yl tobe incas ns It
Corporate rejuvenation? Most fra started post-2005
hie tare area few kee tags patel fs
in coment busses Be he Nabil Stok
Exchange, Tannen CI (orsumer credit ata prod)
(of Paie Sects, mos of these fs have been fed
ta 2005 (igre 11) Theis noteworthy, ast 13% of
‘the BSESOD fs have tates ater 2000 igre 12), ad
36 had started too 1978 (o yr nai he lest
of ie epa’s autos was ber)
As we ae oly considering compares wih van nthe
nagcuhaoder m oxnss of USBI bn, and ony 33601
BBSEEOO ms cross hal och, isis an eraordnay
apsoe ofnew-conpary forma what has tadtonaly
Bown alow poor
Figure 10 Sectoral pl of unicos byvaue
ps
= SR = :
Ecommerce 108 ES a = m
= en
> SPS >
— Ann aco cer = Std nora ut
LI ae
ae Be
où ee a me
Sage QUE Cr re
‘As we css intel he nat stn, seal erabing
(ins Improv to boos the number of stags: an
‘stated 20,000 by 2019 Faure 15) These ince
(9) ala of sk captal wich ingroved meannghly
te 2005, (2) aati aceytem n oral ole sub
ant: amas umber of sofware eng
Flag te creation of Swan ara Servi, or 55
tape, cea aration fom caries fo produit tthe
ing ede of rnepor no he rer une ea of
Bank acute and realen ofthe “nda Sack’ erable
ran nova; beta road atu and media access
owed an ppertunty to Tomas and cora
tree undevopadmartten consumer good (D
‘apes cf meat rate by et generaton
entreprermos prod now cas to tart Busnases, or
pence professionals o jon hands wih pirate qui
investors in return tr tock and (@) a goer pides
row company fan nda (Pig 16), wth o ace
Cenpanie gemng to Y Sane jt 70k in 2012
‘Startups acount for areaoraby high 6-7 of hase
fas, are ato as san oer a past dcade with row
stataps etementaly 10% of he now ms estos
(Fago 15, Not every nan companys due a start.
Ag as anale ead ae ssa of sting lage
ms Sera hedine-gabbng And tansactons nte
2013-15 arto à gene ruber of start-ups in
016, ae mal ae Rdg eae
Tre dpi rag also USST-1O a shandttuse
Areas af sage of eat Sos han ae
Shen has sad ma aso tracto ha re
run bt, eacng lag nahen he auge du
2 has pg, Una And o USO tn CYZO19.
[the ro US$AB n of nd rad CY2020 ao o
‘te tdocomintret bras o Palace Indias
Hamas, a you sam 1338 transaction: dsp he
parda inca slowing drain be
feia mor ofthe ean os gue 16).
Irma tcholgy Serena aná hala
Cnet be he dominan sen 2020, Te deine
oh rm pes m prcntage me as bon te
tort ordi rom 1191 2008 lo ju 8 0120,
‘Staples sana roar gh 106 deal 2019, but ovale
po ds was ust USES mn. France and ates have
fewer deals bu the anage deal sc sage
oon
Figure 18 No.of art up ha surged in recent years
umber of stron
am
72
seusseass
Ta) inde TCHS
Sans Cp Cat ne
Figure 18: As has new-company registrations
2800
2000
ve
1e
oH
Figure 18 Stats" cmun or 7.10% of new tems
ang à étre opie
Sa Cd MEA Ct See
‘igre 16: Sectoral pt of dats In 62020
ster FAN
stay Seco pi din ZU
Sac VCC Ct ine
(ins Improv to boos the number of stags: an
‘stated 20,000 by 2019 Faure 15) These ince
(9) ala of sk captal wich ingroved meannghly
te 2005, (2) aati aceytem n oral ole sub
ant: amas umber of sofware eng
Flag te creation of Swan ara Servi, or 55
tape, cea aration fom caries fo produit tthe
ing ede of rnepor no he rer une ea of
Bank acute and realen ofthe “nda Sack’ erable
ran nova; beta road atu and media access
owed an ppertunty to Tomas and cora
tree undevopadmartten consumer good (D
‘apes cf meat rate by et generaton
entreprermos prod now cas to tart Busnases, or
pence professionals o jon hands wih pirate qui
investors in return tr tock and (@) a goer pides
row company fan nda (Pig 16), wth o ace
Cenpanie gemng to Y Sane jt 70k in 2012
‘Startups acount for areaoraby high 6-7 of hase
fas, are ato as san oer a past dcade with row
stataps etementaly 10% of he now ms estos
(Fago 15, Not every nan companys due a start.
Ag as anale ead ae ssa of sting lage
ms Sera hedine-gabbng And tansactons nte
2013-15 arto à gene ruber of start-ups in
016, ae mal ae Rdg eae
Tre dpi rag also USST-1O a shandttuse
Areas af sage of eat Sos han ae
Shen has sad ma aso tracto ha re
run bt, eacng lag nahen he auge du
2 has pg, Una And o USO tn CYZO19.
[the ro US$AB n of nd rad CY2020 ao o
‘te tdocomintret bras o Palace Indias
Hamas, a you sam 1338 transaction: dsp he
parda inca slowing drain be
feia mor ofthe ean os gue 16).
Irma tcholgy Serena aná hala
Cnet be he dominan sen 2020, Te deine
oh rm pes m prcntage me as bon te
tort ordi rom 1191 2008 lo ju 8 0120,
‘Staples sana roar gh 106 deal 2019, but ovale
po ds was ust USES mn. France and ates have
fewer deals bu the anage deal sc sage
oon
Figure 18 No.of art up ha surged in recent years
umber of stron
am
72
seusseass
Ta) inde TCHS
Sans Cp Cat ne
Figure 18: As has new-company registrations
2800
2000
ve
1e
oH
Figure 18 Stats" cmun or 7.10% of new tems
ang à étre opie
Sa Cd MEA Ct See
‘igre 16: Sectoral pt of dats In 62020
ster FAN
stay Seco pi din ZU
Sac VCC Ct ine
Transaction as in, decana and francis
cores o be ston in 2020 (gue 17) Over
"arsacto vas were ser, asthe aras das
bad Figure 18) Business momentum o mest of te
Fachrlgy and tch ana ne hough temanad abu,
din fat picked up mein n saver ses. Fr the
eco actors restr alld bad, but as
the mena corre o ec, and mediante gen
pects sao see uprados, dal may retar
Geographical spread is wide as well
Inthe pat fs have choca o ait ar operat offs
15 an of th mats as they glad seal. This primary
to tap into a gr talent po of sera management as
el as easy bal commet However, mot end
Tot Weg fons; esiring that Pass rest
the ct of eg, we End at about hal ef BSESOO kes
stustadin Marta, Den and Berga (gue 19), and
the 20% started outside te top TO ces
‘The spend of ce ear, with Bengala te
man! cnte (Faure 20), stowed say by Da NCR
and eros, Fine ems we concentrated Mamba and
Bengala. to fst eto the ropondeance of rar
sais ts ard persona, areata dun tthe
echo tant and aubrant VC coste, Segrante
that feos on enpart masts, o SaaS ard
‘Phamaceutas/BeTech hae most emergdin hu at
Paie bth human sous and ind esse n ac,
5 wal as gba corsa, tren, some SaS fs
ha aso emerged fom sl tours Some ofthe
cunsuner dsttenayrameshaveemagedin sale
or, athe gown hot busines natal Ors he
tho amas reales have gon on a ack of
‘Song oral matan Ta Nad and Kerala
Figure 17:1, Disrotonary financial ld by eal valve
: il
: nil |
10 . .
tell
RRRBSS ERREERE
Sarco Veet Co Sine
Figure 18 Quantum funding up due to deal saws
ll
1908 2007 200 ou 2019 IB HT ao
AD Aa SMN
Sauce VCC Cat Sa
Figure 18 Geographical pt ofthe BSE200
ron
Figure 20 Geographic pt of Unicorns Is ido too
segs
ns 7
more lt bylamarglcen
cores o be ston in 2020 (gue 17) Over
"arsacto vas were ser, asthe aras das
bad Figure 18) Business momentum o mest of te
Fachrlgy and tch ana ne hough temanad abu,
din fat picked up mein n saver ses. Fr the
eco actors restr alld bad, but as
the mena corre o ec, and mediante gen
pects sao see uprados, dal may retar
Geographical spread is wide as well
Inthe pat fs have choca o ait ar operat offs
15 an of th mats as they glad seal. This primary
to tap into a gr talent po of sera management as
el as easy bal commet However, mot end
Tot Weg fons; esiring that Pass rest
the ct of eg, we End at about hal ef BSESOO kes
stustadin Marta, Den and Berga (gue 19), and
the 20% started outside te top TO ces
‘The spend of ce ear, with Bengala te
man! cnte (Faure 20), stowed say by Da NCR
and eros, Fine ems we concentrated Mamba and
Bengala. to fst eto the ropondeance of rar
sais ts ard persona, areata dun tthe
echo tant and aubrant VC coste, Segrante
that feos on enpart masts, o SaaS ard
‘Phamaceutas/BeTech hae most emergdin hu at
Paie bth human sous and ind esse n ac,
5 wal as gba corsa, tren, some SaS fs
ha aso emerged fom sl tours Some ofthe
cunsuner dsttenayrameshaveemagedin sale
or, athe gown hot busines natal Ors he
tho amas reales have gon on a ack of
‘Song oral matan Ta Nad and Kerala
Figure 17:1, Disrotonary financial ld by eal valve
: il
: nil |
10 . .
tell
RRRBSS ERREERE
Sarco Veet Co Sine
Figure 18 Quantum funding up due to deal saws
ll
1908 2007 200 ou 2019 IB HT ao
AD Aa SMN
Sauce VCC Cat Sa
Figure 18 Geographical pt ofthe BSE200
ron
Figure 20 Geographic pt of Unicorns Is ido too
segs
ns 7
more lt bylamarglcen
ENT
Maceo Pharma
Wonder Coment
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Viaywada
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Maha Sao
Daves
yesh Eno
Maceo Pharma
Wonder Coment
‘ie tender
Bolos
Bao
Boston
Bromer Steck nta
‘tes
D'Dsca
Dreamın
Eros
tar
Drum ata
EmOne Fa
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Maha Sao
Daves
yesh Eno
££ The surge in private equity funding
has helped address the shortage of risk
capital; ground-up infrastructure
improvements (roads, electricity, data,
computing) have widened market access.
has helped address the shortage of risk
capital; ground-up infrastructure
improvements (roads, electricity, data,
computing) have widened market access.
The Enablers: Funding, infrastructure,
regulation
Not just rapid economic growth, but a range of enabling trends have helped the
growth of Unicon
surge in private funding, grassroots physical and virtual
connectivity, and set-up of digital infrastructure.
“Th got nigh sald compares has been enabled by
a tag of laos tat we exon ts seston: (1) he
ont pate eauty an ales he hago of sk
el Gosse lada, dis wage and
margas pararon; C) desgano da
tai. (improvement In goinchedinfastuchreike
tual roads and ocean (5 development of
‘ystems toto ad pharma tech
Sealy of ik capital sled: privat new > publ
The sarge in inate gay fos o In fs has been
sch hal pate mvt kang has evaded public
rattachent each yea of he ast dede gue
22) Tas may robe a permanent phenaenen, geen he
pray much grit and o ute markets, ut
Tic dente rota fake er
Wie pate gay Sms tapping into domestic poseo
capil ae emerge too (ner a an a Eur acon
he ep). much of arent ion Fr The ie
Spa equity hasbeen a goba end our past
dread (gue 23) and as parson and suo And,
tranagers sch fo arate assets har latins
respon 1 ocr bw inet rates, ky to poe,
“Tis tou has hoped adtessasiicantdhartage of ik
capi ina. Low percapia-GOP economies be a
ie gens sh of eqaty capta Not oly thy hae
lew wau pr capi (Fur 24, mos hache nes
Ina asas the nd they own, be hese Baye,
"she hey ca, a veia thay se, or gu Tra share
ftw wath in ran net i ow (Fur 26) Fuer,
ten bral wea Ast imustment teres fe
Posters ob cala arre ao dase: te
nk depots is ely beyond à cata quart of met,
and usaly ar he purchase la huso Pa hoses
bg tomes ey of thy nat un arose,
How dts hagan in ler conan whan thy wre at
‘hepa caplainoome andwealh ofa? Fest, o
ann of cuter developed makes oto that
“gar satus ocoored oe a mus enger pro,
ron aa 23% ayear ovr ertay o more
Vial ths accursed over 4 tod limo, an was
loo pode the vik capi necesay o france hs lel
‘growth To gow at 6-9 anal raf decades
‘bough one needs sean rg amours of sk cal.
Soma amargng mates (ren the US nto ay 19th
cary) ao sad de as ik ala, ad ad sever
Ena bus eydas in db. The Chinese medal of yo has
lore detras gro, ih Sato owner
Teng te ik of yates say when oa g ad
CPECEECT EE
GE
ae olay
Figure 25 Private
uy eas have en global too
E
on pc
Soc VE Ct sn
regulation
Not just rapid economic growth, but a range of enabling trends have helped the
growth of Unicon
surge in private funding, grassroots physical and virtual
connectivity, and set-up of digital infrastructure.
“Th got nigh sald compares has been enabled by
a tag of laos tat we exon ts seston: (1) he
ont pate eauty an ales he hago of sk
el Gosse lada, dis wage and
margas pararon; C) desgano da
tai. (improvement In goinchedinfastuchreike
tual roads and ocean (5 development of
‘ystems toto ad pharma tech
Sealy of ik capital sled: privat new > publ
The sarge in inate gay fos o In fs has been
sch hal pate mvt kang has evaded public
rattachent each yea of he ast dede gue
22) Tas may robe a permanent phenaenen, geen he
pray much grit and o ute markets, ut
Tic dente rota fake er
Wie pate gay Sms tapping into domestic poseo
capil ae emerge too (ner a an a Eur acon
he ep). much of arent ion Fr The ie
Spa equity hasbeen a goba end our past
dread (gue 23) and as parson and suo And,
tranagers sch fo arate assets har latins
respon 1 ocr bw inet rates, ky to poe,
“Tis tou has hoped adtessasiicantdhartage of ik
capi ina. Low percapia-GOP economies be a
ie gens sh of eqaty capta Not oly thy hae
lew wau pr capi (Fur 24, mos hache nes
Ina asas the nd they own, be hese Baye,
"she hey ca, a veia thay se, or gu Tra share
ftw wath in ran net i ow (Fur 26) Fuer,
ten bral wea Ast imustment teres fe
Posters ob cala arre ao dase: te
nk depots is ely beyond à cata quart of met,
and usaly ar he purchase la huso Pa hoses
bg tomes ey of thy nat un arose,
How dts hagan in ler conan whan thy wre at
‘hepa caplainoome andwealh ofa? Fest, o
ann of cuter developed makes oto that
“gar satus ocoored oe a mus enger pro,
ron aa 23% ayear ovr ertay o more
Vial ths accursed over 4 tod limo, an was
loo pode the vik capi necesay o france hs lel
‘growth To gow at 6-9 anal raf decades
‘bough one needs sean rg amours of sk cal.
Soma amargng mates (ren the US nto ay 19th
cary) ao sad de as ik ala, ad ad sever
Ena bus eydas in db. The Chinese medal of yo has
lore detras gro, ih Sato owner
Teng te ik of yates say when oa g ad
CPECEECT EE
GE
ae olay
Figure 25 Private
uy eas have en global too
E
on pc
Soc VE Ct sn
Gen an ern to boom dust yes of abandon
ala of bay aaa capta, na as been
Short of fc fa business needed FI bn of uy
Capt na hand of buses anes coud ard at
AS thse uricans (ated by mos est-gorraionweath
rears) sa deploy thor capa ths polen moda be
Ines oo a fw yur tna
Rs in telecom, data and smartphone penetration
Ta 200, fe han one in scan ada phone, and
ahi ral leery Today le ut 60, fal than
10% as rear a 2008 Figure 26) The rcan apparent
acne, partly ban ae et th drop n a
Sim usage. Wout a pone, economic sc is arte
‘chin, with cost acom Iiagas ar wel a nated
‘chon ne jb market mating age pats of he eccoomy
inane for as ret and ences,
Evan today products that east moro than Rs200-300/manh
pue capita sgl to teach penetran exceeding 70%.
Innovate pe pad be lon medal ta pred
creacion al ARPA ae ow ae Re30-40 makes the
indias more produce
‘Sindy, a sharp opin data pcs has dt a damatc
jump dita sage (que 27) Total data usage pr capa
In ra temars on, gen he very weak hd
‘broadband parta, bu nda adem moble data usage
‘This was enabled by aprecie op data cots in
‘2016-17, and appears 1 ba ablar row. En as Suede
lo roaband dt para res lady (ADO, one of
the unicas, operates m his space) hom lw bae, be
‘apd enn sarghoneounarenp (Fur 28) hae Bought
‘heap computing nd trou al, usaba net
‘anrmcy to o masse,
Roach sus no longer a batterie no jst for Boss
to-Consuer business mods m good (a9. grocers,
‘nodes and eons, oucaton, baal, but also
Business to-Busines opaco fr inne, frogs
spanel ke Ua coreg wh mins of etal
Soy, or area operator tacking tae tt
Figure 24 India has lor wealth par capita
on
oo
Woah per dut US, 2018
Figure 25 Financial share of wealth ow for poor nations
333338
BMD
BEBEBBEN
Sarco TRA Guat Sue
ala of bay aaa capta, na as been
Short of fc fa business needed FI bn of uy
Capt na hand of buses anes coud ard at
AS thse uricans (ated by mos est-gorraionweath
rears) sa deploy thor capa ths polen moda be
Ines oo a fw yur tna
Rs in telecom, data and smartphone penetration
Ta 200, fe han one in scan ada phone, and
ahi ral leery Today le ut 60, fal than
10% as rear a 2008 Figure 26) The rcan apparent
acne, partly ban ae et th drop n a
Sim usage. Wout a pone, economic sc is arte
‘chin, with cost acom Iiagas ar wel a nated
‘chon ne jb market mating age pats of he eccoomy
inane for as ret and ences,
Evan today products that east moro than Rs200-300/manh
pue capita sgl to teach penetran exceeding 70%.
Innovate pe pad be lon medal ta pred
creacion al ARPA ae ow ae Re30-40 makes the
indias more produce
‘Sindy, a sharp opin data pcs has dt a damatc
jump dita sage (que 27) Total data usage pr capa
In ra temars on, gen he very weak hd
‘broadband parta, bu nda adem moble data usage
‘This was enabled by aprecie op data cots in
‘2016-17, and appears 1 ba ablar row. En as Suede
lo roaband dt para res lady (ADO, one of
the unicas, operates m his space) hom lw bae, be
‘apd enn sarghoneounarenp (Fur 28) hae Bought
‘heap computing nd trou al, usaba net
‘anrmcy to o masse,
Roach sus no longer a batterie no jst for Boss
to-Consuer business mods m good (a9. grocers,
‘nodes and eons, oucaton, baal, but also
Business to-Busines opaco fr inne, frogs
spanel ke Ua coreg wh mins of etal
Soy, or area operator tacking tae tt
Figure 24 India has lor wealth par capita
on
oo
Woah per dut US, 2018
Figure 25 Financial share of wealth ow for poor nations
333338
BMD
BEBEBBEN
Sarco TRA Guat Sue
Better physica reach, household productivity
“The past 20 years have ao seen an econ in ala
weather td cor, cosy te Praia Marth
Sam Sate Yoana PMGSY) and several snr sta
Scheres(Figae 30) Nat eh has hs enabled bow
mb but als expansion of linen ratos fr lrg
Lim, a wala feet estacion producto fr he
silage, nt by of Say, pty and meat but alo
hundert and rd
“This acess ronds ao improved he bit poe
etic conectan, pushing Ida’ osea
ces one 100% fem less han 60% in 2001
(Figo 31). Vil nl ecnkcabn as been a
goverment poy ce a 19105, aci he ojecthe
nes a ral oad ntc tobe but
est than jt stig aie to ey hose, the aalabäty
cf poner has improved as wal, tom beng aval lo 58
hes a day to 20-23 hots a dyin most ts, and 24
aus a dyin some stats
‘Not only does esta extn the wei day ght
om oer souces separ), 2 6 lows prot
arr appances he fae taigrar, baton
(Sctos and riser gindars I be used mot housahad
Phe usage sz wel athe manteranos of hare networks
has alo proved dust thes charges
Phones, roads and elect have din he Slant
Tensa of a at we et woe abet m 2013,
‘Aleaptog in rancial penetration: the India Stack
da’ bi meri D system, Aaa, on has 1.29 bn
egal. Nat or has gear expanded state
ac, bu has cata read te cot of sting
(and conduing rana operates, string wih KYC
Vita Ada and moble phones, he nal esa
‘nally of bank acouns would at have bee pssble
(gu 32, Tis has alowed he goverment dar
‘sal translator poor, but a alowed lo anew open
check or nda’ rans system th aa Sch
Figure 28 Smartphone ownership has sen shay
ag
cil
ro pt he
arc TA it Sane
55309355
E
Figura 28 Aso boosting internet penetration
Figure 30 Road connectivity has surged es. ira
as
Langton nk)
|
aR
Sa CHE, Oust sane
Mi can ig cy
“The past 20 years have ao seen an econ in ala
weather td cor, cosy te Praia Marth
Sam Sate Yoana PMGSY) and several snr sta
Scheres(Figae 30) Nat eh has hs enabled bow
mb but als expansion of linen ratos fr lrg
Lim, a wala feet estacion producto fr he
silage, nt by of Say, pty and meat but alo
hundert and rd
“This acess ronds ao improved he bit poe
etic conectan, pushing Ida’ osea
ces one 100% fem less han 60% in 2001
(Figo 31). Vil nl ecnkcabn as been a
goverment poy ce a 19105, aci he ojecthe
nes a ral oad ntc tobe but
est than jt stig aie to ey hose, the aalabäty
cf poner has improved as wal, tom beng aval lo 58
hes a day to 20-23 hots a dyin most ts, and 24
aus a dyin some stats
‘Not only does esta extn the wei day ght
om oer souces separ), 2 6 lows prot
arr appances he fae taigrar, baton
(Sctos and riser gindars I be used mot housahad
Phe usage sz wel athe manteranos of hare networks
has alo proved dust thes charges
Phones, roads and elect have din he Slant
Tensa of a at we et woe abet m 2013,
‘Aleaptog in rancial penetration: the India Stack
da’ bi meri D system, Aaa, on has 1.29 bn
egal. Nat or has gear expanded state
ac, bu has cata read te cot of sting
(and conduing rana operates, string wih KYC
Vita Ada and moble phones, he nal esa
‘nally of bank acouns would at have bee pssble
(gu 32, Tis has alowed he goverment dar
‘sal translator poor, but a alowed lo anew open
check or nda’ rans system th aa Sch
Figure 28 Smartphone ownership has sen shay
ag
cil
ro pt he
arc TA it Sane
55309355
E
Figura 28 Aso boosting internet penetration
Figure 30 Road connectivity has surged es. ira
as
Langton nk)
|
aR
Sa CHE, Oust sane
Mi can ig cy
“Theda Stack, uk ia cosa and/or sled sets
sein ha deep wold ard Chia works wih
Ineoperail ares mpl sens. Forming e base of
the sack ar the JAM tly Jan Oran (Barking lr A),
Aadhaa (rique iomati 0) and Mebleconmochy,
which erable franc ems to rique any vial
vith th bark accounts nha totes anton war,
retro pasonerds(OTP) srt on mob phones. Corer
aná pracy aro al integrado he sack by design
‘Above ths aro aclcaton laos at lo patas Koon
Vos. Cirt (IC) es proie gta trago o Ds oa
nce ad ona Catal YC 195 ay oa mau ad
dao, me person a ue sam vico acess al NF
rode) as we as a pare appeaton or
Estos tanacios ta Urb Pets Harte (UPD
LP atone poorto-pee or man merchant payment wth
the carventnce of ending a message. UM tansactone
have been ging a rad pace, and have at
crossed Rs dy (Figo 39,
Inti process, as Indaleapkogs oe a uds based
Payment system, sagt ie the mure an dgl
Slam. a shat of dl tancactors has eased to
30% in PY2021 tom js 5% ln FY2OTG(Figue 3) Ms
hasbeen ed by sud 100% pls ont UP
‘tansactons, and orina growth in NPS (rimedate
Payment Sonico) which was fe pressor to UP.
Wh te card cote i i rong ay fom om
base, the al spread of smafehoras has ebd Foch
im to ara alarge number of mechants o UP bases
payments. Walt operatrs Ike Pay, WhalsApp Buses,
PhanaPa and Kralaboo sach ares have mre
rachats nad up an the POS machines sel up by al
barks culo he lst we decadas (Figura 6)
Net aupa Parle, whe most UPI parts ae
Porant-Persn (P2P), Porro echa (PAM)
ansacions has head become comparable tthe POS
transac (Figure 37)
Figure 32 Neary every housed has a bank acount
a Rented a eco
on
Figure 3: nda Stack buts on Asdhaar Jan Dhan
Cnam
Cana) ere
Combo) mr
AS 1
[tie tio Ms
CS
Faure 34 UP wansedtons (day average) na sharply
10 en
w
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AN
aren) elt) Gee Yo
Saree FO, Oud sine
2 sor
1500 E
EEEEREERE
it mee a — Sn gO HG
sein ha deep wold ard Chia works wih
Ineoperail ares mpl sens. Forming e base of
the sack ar the JAM tly Jan Oran (Barking lr A),
Aadhaa (rique iomati 0) and Mebleconmochy,
which erable franc ems to rique any vial
vith th bark accounts nha totes anton war,
retro pasonerds(OTP) srt on mob phones. Corer
aná pracy aro al integrado he sack by design
‘Above ths aro aclcaton laos at lo patas Koon
Vos. Cirt (IC) es proie gta trago o Ds oa
nce ad ona Catal YC 195 ay oa mau ad
dao, me person a ue sam vico acess al NF
rode) as we as a pare appeaton or
Estos tanacios ta Urb Pets Harte (UPD
LP atone poorto-pee or man merchant payment wth
the carventnce of ending a message. UM tansactone
have been ging a rad pace, and have at
crossed Rs dy (Figo 39,
Inti process, as Indaleapkogs oe a uds based
Payment system, sagt ie the mure an dgl
Slam. a shat of dl tancactors has eased to
30% in PY2021 tom js 5% ln FY2OTG(Figue 3) Ms
hasbeen ed by sud 100% pls ont UP
‘tansactons, and orina growth in NPS (rimedate
Payment Sonico) which was fe pressor to UP.
Wh te card cote i i rong ay fom om
base, the al spread of smafehoras has ebd Foch
im to ara alarge number of mechants o UP bases
payments. Walt operatrs Ike Pay, WhalsApp Buses,
PhanaPa and Kralaboo sach ares have mre
rachats nad up an the POS machines sel up by al
barks culo he lst we decadas (Figura 6)
Net aupa Parle, whe most UPI parts ae
Porant-Persn (P2P), Porro echa (PAM)
ansacions has head become comparable tthe POS
transac (Figure 37)
Figure 32 Neary every housed has a bank acount
a Rented a eco
on
Figure 3: nda Stack buts on Asdhaar Jan Dhan
Cnam
Cana) ere
Combo) mr
AS 1
[tie tio Ms
CS
Faure 34 UP wansedtons (day average) na sharply
10 en
w
55886
AN
aren) elt) Gee Yo
Saree FO, Oud sine
2 sor
1500 E
EEEEREERE
it mee a — Sn gO HG
Rapid growth in Trained manpower
Tre growth nna’ I senices indy tiger a
rca ninos na nares orge clage
A ate: 20 much ota thera mat an ocho a
‘he mba fads, rang dut of many sch
(ges hat cal ot cómpet placng thr graduates
(sgae 39) This ended up bag a marken
mechani fr weeding cut por Gay capa.
Many, ot mest ofthis het langes sl edad
fearing by séricos me: Dept london growth
dnd ofthe seco, ere ate now AB mn ne
trat brow programming andha ctra knnladge of
énaig or matan sofa
Ts ha pad ete te manpower te compris ig
technlogyledienevaten rotustnol-econany Sm
nids ut alo rouge Rms in ecommerce,
ran techy, dran techno a wal a
software product compares inthe Sofware as à Sone
(Saas) space
Ease-otdoing business and formalisation
Game tarts owen the tx base and sey the
Stand end companies has heed tsar
FON in segmens tat had sia tagmanahen and
malt. Soma of he changes tigeredby te
Simple of nds abou code and the ase 0 Doing
Bienes we ofrece vintage and ao ely oercorage
sera ae entrees fo emba en hat a
vents
net san we wl epee the sat paie
‘changes in sim sa hat hve armas and py
ong number of eins
Figure 36 Payment walt fms onboardng merchants
I i
DITES
Sao NEC Sine
Merchant om)
ee ME
oe I
Pau
Srmsos
‘igre 37: UPI PAM now comparable Lo POS spends
19:20 Ma 20 TO Aug 20 Sap 010 Nov 20
Soc Ct Sine
Figure 38 India adding 3. mn engineering graduates
pa
as
‘er go gio)
Sa CHE, Oust sane
igre 38: India employs Am engineers
ull :
BRBBBERRS
Erion (om) — Epi gee,
Tre growth nna’ I senices indy tiger a
rca ninos na nares orge clage
A ate: 20 much ota thera mat an ocho a
‘he mba fads, rang dut of many sch
(ges hat cal ot cómpet placng thr graduates
(sgae 39) This ended up bag a marken
mechani fr weeding cut por Gay capa.
Many, ot mest ofthis het langes sl edad
fearing by séricos me: Dept london growth
dnd ofthe seco, ere ate now AB mn ne
trat brow programming andha ctra knnladge of
énaig or matan sofa
Ts ha pad ete te manpower te compris ig
technlogyledienevaten rotustnol-econany Sm
nids ut alo rouge Rms in ecommerce,
ran techy, dran techno a wal a
software product compares inthe Sofware as à Sone
(Saas) space
Ease-otdoing business and formalisation
Game tarts owen the tx base and sey the
Stand end companies has heed tsar
FON in segmens tat had sia tagmanahen and
malt. Soma of he changes tigeredby te
Simple of nds abou code and the ase 0 Doing
Bienes we ofrece vintage and ao ely oercorage
sera ae entrees fo emba en hat a
vents
net san we wl epee the sat paie
‘changes in sim sa hat hve armas and py
ong number of eins
Figure 36 Payment walt fms onboardng merchants
I i
DITES
Sao NEC Sine
Merchant om)
ee ME
oe I
Pau
Srmsos
‘igre 37: UPI PAM now comparable Lo POS spends
19:20 Ma 20 TO Aug 20 Sap 010 Nov 20
Soc Ct Sine
Figure 38 India adding 3. mn engineering graduates
pa
as
‘er go gio)
Sa CHE, Oust sane
igre 38: India employs Am engineers
ull :
BRBBBERRS
Erion (om) — Epi gee,
£6 Several sector-specific changes like
ecosystem maturation in IT (for SaaS
and e-commerce), firms reaching scale
in pharma/biotech, and the India Stack
for FinTech are likely to accelerate
innovation.
ecosystem maturation in IT (for SaaS
and e-commerce), firms reaching scale
in pharma/biotech, and the India Stack
for FinTech are likely to accelerate
innovation.
The beginning, not the end of unicorn
seeding
We explore in detail the sectors that have a clutch of unicorns: FinTech, education,
SaaS, e-commerce, discretionary, and pharmaceuticals/biotech
FinTech
Financial services have low penetration in Inda. Over te past decade, capably has been improving step-by-
stop. Starting with universal banking access, spread of computing /iternet and Aachaar helped the
development ofthe Inia Stack. The growth in ita payments and data generation has now set the stage or
Innovative and scalable solutions across lending, insurance investing and wealth management.
"BOR of etal spends now rough dial means
Rig cn pub payrentsinactrcte, tal
payment have loapcggedn ind, gang = 105 over
thn past fw years oan anual payment rato of
UUSEIEO bn and now cone “30% of eal
tareacone We ote al UPI ma de ol hie
cases payment tan as opened up an
repara payment neto, largo och compares.
tin 4 yas o tht launches, Google Paya
Phone have but 5-10D mn vee each, enc
trough tet UPA based payment app fgets they
acc lo ES of tll UPL volumes, To dress
once on encanta and mongpay ks ough,
teca UPTssltregulakny bed, Natal Payment
Corporaon o Inda (NPCD, has propor a 20% market
shar cap par fm
Figure 4 Large user baa for walete/pament com,
oBEPEREE
Faure 1 PI nas ed surge à dial Wansacions
te un un ae UI,
Save FLO rt Sane
eeeee
5
Figure 42-75-10 mn user for Google Pay/PhonsPe
os.
de
ill 33383
Se Coma a NPI
3723327337
Figure Ai These two ar 00% of UI transactions
BURP eee
seeding
We explore in detail the sectors that have a clutch of unicorns: FinTech, education,
SaaS, e-commerce, discretionary, and pharmaceuticals/biotech
FinTech
Financial services have low penetration in Inda. Over te past decade, capably has been improving step-by-
stop. Starting with universal banking access, spread of computing /iternet and Aachaar helped the
development ofthe Inia Stack. The growth in ita payments and data generation has now set the stage or
Innovative and scalable solutions across lending, insurance investing and wealth management.
"BOR of etal spends now rough dial means
Rig cn pub payrentsinactrcte, tal
payment have loapcggedn ind, gang = 105 over
thn past fw years oan anual payment rato of
UUSEIEO bn and now cone “30% of eal
tareacone We ote al UPI ma de ol hie
cases payment tan as opened up an
repara payment neto, largo och compares.
tin 4 yas o tht launches, Google Paya
Phone have but 5-10D mn vee each, enc
trough tet UPA based payment app fgets they
acc lo ES of tll UPL volumes, To dress
once on encanta and mongpay ks ough,
teca UPTssltregulakny bed, Natal Payment
Corporaon o Inda (NPCD, has propor a 20% market
shar cap par fm
Figure 4 Large user baa for walete/pament com,
oBEPEREE
Faure 1 PI nas ed surge à dial Wansacions
te un un ae UI,
Save FLO rt Sane
eeeee
5
Figure 42-75-10 mn user for Google Pay/PhonsPe
os.
de
ill 33383
Se Coma a NPI
3723327337
Figure Ai These two ar 00% of UI transactions
BURP eee
‘Specialised POS termina/payment gateways for PEU
Parent, le going taste sti predominant used
tee POP (ar.o-Pas or Pasco Peron) paymante
(65% char). Mar are, Doms, spacaand POS teil
aná payer gateway which process an aevalsed
UUSB140 bn of cad and UM POM (Posen d- Merca?)
payment tareactens On he lle ade, plays uc
Pe Labs, Supe and Pay, compo “10-18% of ta
2M parent aná toga account ke 25% oft
POS mins tl he county, whereas Bl Desks
the rats lar nth one payant galena,
processing USSEO be ofl payment say
Finch unlocking consumer credit for >150 mn users
Hang cast a substan! uo bate, each and e
mene plays haw tated feng al
parsonalloareo sr torn cost to mente herve
Base most parar with ara NECE. A te
me te, many species Stl consume rare
have eorge, ron EM or BuyNow, Pay ate
(GNP crestor a POS terial (er fine payment)
as à payment mode en ect pags (lo aia) lo
more than 160 mn ues. Pam, pra and Amazon
Prod shat am cr (18-30 day) of 8-80 lr nine
Spends, log crease nunca plans especial when
‘Seat cad parto in ndarerans lw al 49 On e
(het hand pecas players such as Wane, LayPay.
Zest Money, Sr roe ansactonal rat with an
inter to pone Inge teu, higher Sch peearal are
fo ang atmen hang good rpaynert banca
‘Retail digi lending: US$TIO baby Sa
fetal dtl eg has dered -43% CAGR or pst
‘rn yet, rec USETTObnin sce y 2010. Ms hae
been by engen and om of many specalind
lar be pay day, SME incor! an NPL
(Ek Now, Pay Late ear who rere mary
through ter bzaoment (on nit tes fr sal
‘hel conaer/peroral are), ung aerate data
arcs fr unerring ares o cure who were
Piero ote fal eros don oa otros oc
Trey aso ged mere han a 20% maña co non
paca lean 420 + renard etal nae
Figure He Reta dial ening 00% CAO Im 7 peurs
Dit tending in na US$ ty
om |
sae pin
Figure 45 Share of FinToch ring across segments
Mil
Faure 48 Fech Ian chat sie I smaller.
Ara eka ae (As
ann
| WI
MEFCS |FisTechs | Banks | NEC |Fitecne|
pia
358888888
ES
Soc E
ÉÉEEFEE
Parent, le going taste sti predominant used
tee POP (ar.o-Pas or Pasco Peron) paymante
(65% char). Mar are, Doms, spacaand POS teil
aná payer gateway which process an aevalsed
UUSB140 bn of cad and UM POM (Posen d- Merca?)
payment tareactens On he lle ade, plays uc
Pe Labs, Supe and Pay, compo “10-18% of ta
2M parent aná toga account ke 25% oft
POS mins tl he county, whereas Bl Desks
the rats lar nth one payant galena,
processing USSEO be ofl payment say
Finch unlocking consumer credit for >150 mn users
Hang cast a substan! uo bate, each and e
mene plays haw tated feng al
parsonalloareo sr torn cost to mente herve
Base most parar with ara NECE. A te
me te, many species Stl consume rare
have eorge, ron EM or BuyNow, Pay ate
(GNP crestor a POS terial (er fine payment)
as à payment mode en ect pags (lo aia) lo
more than 160 mn ues. Pam, pra and Amazon
Prod shat am cr (18-30 day) of 8-80 lr nine
Spends, log crease nunca plans especial when
‘Seat cad parto in ndarerans lw al 49 On e
(het hand pecas players such as Wane, LayPay.
Zest Money, Sr roe ansactonal rat with an
inter to pone Inge teu, higher Sch peearal are
fo ang atmen hang good rpaynert banca
‘Retail digi lending: US$TIO baby Sa
fetal dtl eg has dered -43% CAGR or pst
‘rn yet, rec USETTObnin sce y 2010. Ms hae
been by engen and om of many specalind
lar be pay day, SME incor! an NPL
(Ek Now, Pay Late ear who rere mary
through ter bzaoment (on nit tes fr sal
‘hel conaer/peroral are), ung aerate data
arcs fr unerring ares o cure who were
Piero ote fal eros don oa otros oc
Trey aso ged mere han a 20% maña co non
paca lean 420 + renard etal nae
Figure He Reta dial ening 00% CAO Im 7 peurs
Dit tending in na US$ ty
om |
sae pin
Figure 45 Share of FinToch ring across segments
Mil
Faure 48 Fech Ian chat sie I smaller.
Ara eka ae (As
ann
| WI
MEFCS |FisTechs | Banks | NEC |Fitecne|
pia
358888888
ES
Soc E
ÉÉEEFEE
Povdng smal hot contra useczed edt has bean
‘he pinay age sagt fr alge seco diga
lant, they endo customer ung oie rect
‘eco Aca to daa or Espora, the rage kat
co o peral ans by FnTeche 002% ote average
{ket as or bank und 0. m cas o conser ral
loas. Tal sa o average hal as fr dal ders
increas, as they add ot ean ret wih ihe hat
Sov ad rare bates on onde ar und,
tals, and hate landing to xs on-dlnquat
Customers ap improve profablty, un bai asset
‘uly and cherie hg customer acu os
Digi Tenders worst impacted by COWD:
Rrepindii, Salons wore growing st 70-230 Yo
‘es perra, consumer and tues ans rg ao
Pera and almas underräng med, Trey ero
nac most by cows corset mare
et ocios aora delo ses bacon
‘Seman fons. Gent ik aba est Durant
volamos a0 now gay cont, and Beg blo
pro pudre nl, gone cana of hse
leans ao el o ene ai gro orders se he
comple bacon a pomp
‘he pinay age sagt fr alge seco diga
lant, they endo customer ung oie rect
‘eco Aca to daa or Espora, the rage kat
co o peral ans by FnTeche 002% ote average
{ket as or bank und 0. m cas o conser ral
loas. Tal sa o average hal as fr dal ders
increas, as they add ot ean ret wih ihe hat
Sov ad rare bates on onde ar und,
tals, and hate landing to xs on-dlnquat
Customers ap improve profablty, un bai asset
‘uly and cherie hg customer acu os
Digi Tenders worst impacted by COWD:
Rrepindii, Salons wore growing st 70-230 Yo
‘es perra, consumer and tues ans rg ao
Pera and almas underräng med, Trey ero
nac most by cows corset mare
et ocios aora delo ses bacon
‘Seman fons. Gent ik aba est Durant
volamos a0 now gay cont, and Beg blo
pro pudre nl, gone cana of hse
leans ao el o ene ai gro orders se he
comple bacon a pomp
EdTech
‘While India solved the enrolment problem last decade, education cutcomes continue tobe a challenge.
‘The advent of cheap computing. internet access, global innovations in pedagogy and the accelerated
adoption driven by the pandemic have boosted the business opportunity.
Total leamers base inindia iz 360m
anime of the ig acts wh a tota
learner ace of 380 nad toa eration spacing of
USO ni PYZO, Homes, sectors boon paged
gas quay o ec, ach tech
radar ad poor ear, Hone, ere ten
(ESTOS: sen a stan lo sore these kr,
Ea. te penton of nine adi (as % ota
(kan spend) has rend kw (ess tan 1%) depto
Se emngene of many Srs cr as 5-10 yeu,
EOI has acelerated the adoption of one emi
That sd, COMID-19 sun a the inci pti he
ctor wth enna bring sen seca apton th
(520 mn luar impacted bythe loc down and Seve
sac dancing measises than by gowenmet/asboris
do conan te pando Thee titane frend Se
udete and part 1 eahate Ba ons mode o learing
thus egy lowered the psychageal bares, Bj
ne ofthe lease EdTech companies in na, added 200
lies rt fer mane she In lok Sun compared
{ore 40 mn user tase the company aed he at 45
ire before In pardamie Uncademy, the saco most
abe EfTech na aa an 22% in evar
‘4ex-2000 which was Ou gr compared to the same
potodlas par. Thestorg gan inthe sector can ako be
end bythe cence verter om PENC 2020.
Re por POA Lao, tt EaToch dng n ba erased
by drs 058220 In 2020 compared 201.
Pe Re ae ad
cs gon
E | T |
Telnet Gé Meme Ment pers
Sac DCE ASHE ACTE, Mat ng, POA Lae
Faure 50: Toa ech funding in India crosse by dx 2020
Ta and tc scr US om
es — oO |_|
‘While India solved the enrolment problem last decade, education cutcomes continue tobe a challenge.
‘The advent of cheap computing. internet access, global innovations in pedagogy and the accelerated
adoption driven by the pandemic have boosted the business opportunity.
Total leamers base inindia iz 360m
anime of the ig acts wh a tota
learner ace of 380 nad toa eration spacing of
USO ni PYZO, Homes, sectors boon paged
gas quay o ec, ach tech
radar ad poor ear, Hone, ere ten
(ESTOS: sen a stan lo sore these kr,
Ea. te penton of nine adi (as % ota
(kan spend) has rend kw (ess tan 1%) depto
Se emngene of many Srs cr as 5-10 yeu,
EOI has acelerated the adoption of one emi
That sd, COMID-19 sun a the inci pti he
ctor wth enna bring sen seca apton th
(520 mn luar impacted bythe loc down and Seve
sac dancing measises than by gowenmet/asboris
do conan te pando Thee titane frend Se
udete and part 1 eahate Ba ons mode o learing
thus egy lowered the psychageal bares, Bj
ne ofthe lease EdTech companies in na, added 200
lies rt fer mane she In lok Sun compared
{ore 40 mn user tase the company aed he at 45
ire before In pardamie Uncademy, the saco most
abe EfTech na aa an 22% in evar
‘4ex-2000 which was Ou gr compared to the same
potodlas par. Thestorg gan inthe sector can ako be
end bythe cence verter om PENC 2020.
Re por POA Lao, tt EaToch dng n ba erased
by drs 058220 In 2020 compared 201.
Pe Re ae ad
cs gon
E | T |
Telnet Gé Meme Ment pers
Sac DCE ASHE ACTE, Mat ng, POA Lae
Faure 50: Toa ech funding in India crosse by dx 2020
Ta and tc scr US om
es — oO |_|
zara test proparatlon he largest aubsegment
The Ech ser in nda canbe stent no
1m Presscho (0-5 year) includes play schol, daycare
m Kot2and test competition (6:17 years:
‘plana sos aca and ones exam
peagaaton (onjnasing, mada ale entance
Sans, de)
(u Higher education (18-23 years: ross aná
nice cused en enge students o impror thr
Elodie raptor, pan
gent, te
im Continued learning (24+ years: rod and santos
oaısseden sl entancemens, cereators rguage
cones,
(m BB: products and cenas sldto cha, colleges,
campus ot that era em ool nine
Teange, enhance hae sedes, prova employee
produc ee
12a ee repara o age! ub-sagmantintne
EsTech space n nda aná as atvactd the most
Imastmars so a However, cond earings ander
(ran have alo winesndincreacdimestmerts ove
last 12 ron
Vie cun mast ofthe Each oa sur
dor demand bas, ae an zea vend towards
Personals bang wih mete engagement cuz
(unison entraran! and mace unge BI)
‘he cher ke tad magi ne sects onen.
Bj undated wen a ovat undng, casted WHat
“and Aaa nee n 2020 to panda
fing. are a madres at Bs big lo
peta 12 and st compatc lata, Tepe ft
USSIEO min ore fo aarghan ne market scr
"academy the ter ang Eech plan na, as
ao bean very ce in MAA ove at 12-18 marth, The
separy has made een ans sos 2020 wih the
ltet bah at of Tap Chet Feb 2021
mo | D
> Payo = Suplenedal = Frege © Forcoponte + B2Bsakste
PRE soi Suns Su magna seo
Eater Ssiesmort p> dewpment case,
E npr
9 ‘exam prep Le. Peep ‘raring + Onine learning
Cine, Ron modes,
CAT, ete. Bee training courses,
Each Sas,
Es
Fie SE dn prepa sc oO ng oh eta ae
ru an E st
2
ano
um
120
The Ech ser in nda canbe stent no
1m Presscho (0-5 year) includes play schol, daycare
m Kot2and test competition (6:17 years:
‘plana sos aca and ones exam
peagaaton (onjnasing, mada ale entance
Sans, de)
(u Higher education (18-23 years: ross aná
nice cused en enge students o impror thr
Elodie raptor, pan
gent, te
im Continued learning (24+ years: rod and santos
oaısseden sl entancemens, cereators rguage
cones,
(m BB: products and cenas sldto cha, colleges,
campus ot that era em ool nine
Teange, enhance hae sedes, prova employee
produc ee
12a ee repara o age! ub-sagmantintne
EsTech space n nda aná as atvactd the most
Imastmars so a However, cond earings ander
(ran have alo winesndincreacdimestmerts ove
last 12 ron
Vie cun mast ofthe Each oa sur
dor demand bas, ae an zea vend towards
Personals bang wih mete engagement cuz
(unison entraran! and mace unge BI)
‘he cher ke tad magi ne sects onen.
Bj undated wen a ovat undng, casted WHat
“and Aaa nee n 2020 to panda
fing. are a madres at Bs big lo
peta 12 and st compatc lata, Tepe ft
USSIEO min ore fo aarghan ne market scr
"academy the ter ang Eech plan na, as
ao bean very ce in MAA ove at 12-18 marth, The
separy has made een ans sos 2020 wih the
ltet bah at of Tap Chet Feb 2021
mo | D
> Payo = Suplenedal = Frege © Forcoponte + B2Bsakste
PRE soi Suns Su magna seo
Eater Ssiesmort p> dewpment case,
E npr
9 ‘exam prep Le. Peep ‘raring + Onine learning
Cine, Ron modes,
CAT, ete. Bee training courses,
Each Sas,
Es
Fie SE dn prepa sc oO ng oh eta ae
ru an E st
2
ano
um
120
Tech markets expected reach USG4 bn by 2025
Sn the igh under penton of one educaton and
‘herent legacy am in te carr! Gabon sytem,
EsTe ta e wel pated fe song gow ovr e
mad o eng tr. Further, COMID.19 as fact he
icon of one earring, Acordng to Blame Venture,
{re ola Ina VC Ane te EToch sparen nda.
2 son of th Eich marke war USSTEO rn n 2020
ic expected to reach USE tn by 2025.
That eld we beleve pce ports of cet feine wi
and 1 come down fe mass sale adoption, Fer eal
the cot of a due 10 mah and seiner pad =
EUSB3EO wich ger han average au ehe fee
BG ot K-12 students. Fuer, Tec pare wil
eed to deep credo mesa mach lo son
the altos ote ori eds,
Figure 83: EdTech martatin dia expected to grow by by 2025
nthe mab
Sn the igh under penton of one educaton and
‘herent legacy am in te carr! Gabon sytem,
EsTe ta e wel pated fe song gow ovr e
mad o eng tr. Further, COMID.19 as fact he
icon of one earring, Acordng to Blame Venture,
{re ola Ina VC Ane te EToch sparen nda.
2 son of th Eich marke war USSTEO rn n 2020
ic expected to reach USE tn by 2025.
That eld we beleve pce ports of cet feine wi
and 1 come down fe mass sale adoption, Fer eal
the cot of a due 10 mah and seiner pad =
EUSB3EO wich ger han average au ehe fee
BG ot K-12 students. Fuer, Tec pare wil
eed to deep credo mesa mach lo son
the altos ote ori eds,
Figure 83: EdTech martatin dia expected to grow by by 2025
nthe mab
Indian SaaS
Even as “software takes over the word”, the nature of softwares changing ass the process of software
‘development sales. Indian businesses, once relegated to services, are now making rap strides in
product development.
FF of technology unicorns are Sua
Compe he consumaintmet sc, Inn SaaS
‘sry has pa romana under he ra r mos pat ot
‘helt cad rl er wen th aren pando
(COVIO-19)acalerated he adoption of gl ecnaoay
ar pride an mpeh the idan Sua sat: Ter se
Caney 12 Pan SaaS rar ctf ota da leg
{ee gg the arras othe eter
Indian Seas companies have doubled over the ast
Ave years
The gues oft rem age ea SaaS copar tes back
2 2005 ch th npn of Zao lone by emerger
bt stars rx ac Fett (ato brown ae
Frec) Uri, Chagabe, bc, How,
He SS oot unid vr at pur
sh bar of SaaS compares Sting ag he
vod: Acting tthe cet Ban rept ce ab 7k
Faun SaaS compares one. eyes a.
Tre song ge nan Sa companies cante
treed
Vesta of trained professional Tho sss
a an snes actor e renareria eating à
rn ned et ace a, Bris mary al
tech ano ch compris ha opere a ack
ss RAD cres pda is a atest he
(gon oT me Ae pr Naso, os cren
angles wing he uns sch cd
Wi 25% ae ad ne gt ‘ae,
ta se Sn comer olsen ia aed TOOK
Sas poesias (512010,
=. Relatively economical costo business set up.
Cenpated io or tet businesses, he ntl cos of
sti Up a SaaS business tnt igh a the
fequeant ol wees à lon. À SaaS busness can
Lure and tete business cae wih he
riendas of enpayes bang n enge 69 e ow due
gt: Meno al Postman hd 260 employs en à
tected ses Cheng of USBIEOIM ang the
Cray USER O bn vation
Fur be slay lel dar ver fan at nob
ces cures suchas be US, UK a Adora
nina Su compares ae bog corporate
dador paces such as Canal Cerna has
‘Gregan cm of SaaS renato ida. Thre
0184 safe probe n Choma,
1 Increased adoption o digital technologies. The
emarganc ard adepton of ne tctreloges such as
lou mob, RPA Al aná rl ovr east 6-10
ats as na ny late increased partraton of ho
‘Saas Busnass modelb ae brought abot new
verbale/areas hare SaaS canbe plop, For
ample er see, AP ana, have bom
magra zen locus SaaS compare.
1 Increased availability of funding. VC ard PE Anno
has lo sad ir eat fe yrs wth sora of
{he uy oda SaaS compares esbihng thr
business medal, ths prong supp to the dan
Saas ecoytem
The vato of seme of he SaaS compares has een
re qomo he cert pardon
Figure 54 There re Ak Indian SaaS startups eurent (Skin Dec 2018)
Sa Tron Ban a Sart 2029
scope
E - >
Even as “software takes over the word”, the nature of softwares changing ass the process of software
‘development sales. Indian businesses, once relegated to services, are now making rap strides in
product development.
FF of technology unicorns are Sua
Compe he consumaintmet sc, Inn SaaS
‘sry has pa romana under he ra r mos pat ot
‘helt cad rl er wen th aren pando
(COVIO-19)acalerated he adoption of gl ecnaoay
ar pride an mpeh the idan Sua sat: Ter se
Caney 12 Pan SaaS rar ctf ota da leg
{ee gg the arras othe eter
Indian Seas companies have doubled over the ast
Ave years
The gues oft rem age ea SaaS copar tes back
2 2005 ch th npn of Zao lone by emerger
bt stars rx ac Fett (ato brown ae
Frec) Uri, Chagabe, bc, How,
He SS oot unid vr at pur
sh bar of SaaS compares Sting ag he
vod: Acting tthe cet Ban rept ce ab 7k
Faun SaaS compares one. eyes a.
Tre song ge nan Sa companies cante
treed
Vesta of trained professional Tho sss
a an snes actor e renareria eating à
rn ned et ace a, Bris mary al
tech ano ch compris ha opere a ack
ss RAD cres pda is a atest he
(gon oT me Ae pr Naso, os cren
angles wing he uns sch cd
Wi 25% ae ad ne gt ‘ae,
ta se Sn comer olsen ia aed TOOK
Sas poesias (512010,
=. Relatively economical costo business set up.
Cenpated io or tet businesses, he ntl cos of
sti Up a SaaS business tnt igh a the
fequeant ol wees à lon. À SaaS busness can
Lure and tete business cae wih he
riendas of enpayes bang n enge 69 e ow due
gt: Meno al Postman hd 260 employs en à
tected ses Cheng of USBIEOIM ang the
Cray USER O bn vation
Fur be slay lel dar ver fan at nob
ces cures suchas be US, UK a Adora
nina Su compares ae bog corporate
dador paces such as Canal Cerna has
‘Gregan cm of SaaS renato ida. Thre
0184 safe probe n Choma,
1 Increased adoption o digital technologies. The
emarganc ard adepton of ne tctreloges such as
lou mob, RPA Al aná rl ovr east 6-10
ats as na ny late increased partraton of ho
‘Saas Busnass modelb ae brought abot new
verbale/areas hare SaaS canbe plop, For
ample er see, AP ana, have bom
magra zen locus SaaS compare.
1 Increased availability of funding. VC ard PE Anno
has lo sad ir eat fe yrs wth sora of
{he uy oda SaaS compares esbihng thr
business medal, ths prong supp to the dan
Saas ecoytem
The vato of seme of he SaaS compares has een
re qomo he cert pardon
Figure 54 There re Ak Indian SaaS startups eurent (Skin Dec 2018)
Sa Tron Ban a Sart 2029
scope
E - >
1 Amore developed ecosystem Ove has dede ho
Iran SaaS ecoyatom has gárad srg wih he
parate fom many VCS/PE (ba ad oath
ferargence of ache age mes many gore!
por SS comi eben
asec and oe) Wo lo ith tha he cc
it gmat erez a ied craton of
the SiaS onsyctem nga. Accord o Naron, at
lost 2 ste hae ben load by be almas of
abo (buddy Sra Vet)
Figure 5% Funding fr Indian 55 companias hes improved considerably over he las ro yours.
“
me mo m BY MD mE DE me m7 we me am
Cons —onlcont
ete 20 du in 20 Sc Renu: pe camera ca
Figure 56 and, also he valuations of alan SaaS companies have surged
Eso
en
Tone ons)
Frets NO: Pam) OH nor 05)
one 0-20) = 20-2000) rome 02010)
Iran SaaS ecoyatom has gárad srg wih he
parate fom many VCS/PE (ba ad oath
ferargence of ache age mes many gore!
por SS comi eben
asec and oe) Wo lo ith tha he cc
it gmat erez a ied craton of
the SiaS onsyctem nga. Accord o Naron, at
lost 2 ste hae ben load by be almas of
abo (buddy Sra Vet)
Figure 5% Funding fr Indian 55 companias hes improved considerably over he las ro yours.
“
me mo m BY MD mE DE me m7 we me am
Cons —onlcont
ete 20 du in 20 Sc Renu: pe camera ca
Figure 56 and, also he valuations of alan SaaS companies have surged
Eso
en
Tone ons)
Frets NO: Pam) OH nor 05)
one 0-20) = 20-2000) rome 02010)
‘Product ofeings of indian SaaS companies have
‘volved over the last five years
Fe, nan SaaS compares hae nohedinther
produc ollie as wal Hom arcade a9. le tal
Irian SaaS companies were ral Icod on porn
produc ofings such as ERP of CRM souls, oe the
fast fe yess dan SaaS entries have expanded into
‘erica SaaS son (agora space nd vert
‘ch a ra logos, eather, tal te) and o o
mpeg hrohgi such ar AA, AL, sy ete
OOVD-1O has a acclratd demand lr SaaS sn
for otk fr home, bseess canny e-commerce
enablers tos ad other red serca evan wan the
Smet raha Indan SaaS compares r now bausang
cn ta crepes ad SMES coving bla wal a
Smet mas
Figur 87: an Sa companies have broadened the product fering o weial SaaS and emerging technololes
Figure 58: indian Sad companies ar now focusing on Both eteprises and SMS crs geographic
ope eran esse [ias oan ea
PP is Tie, Dit
ae il
en Sod men meta
Sa Bon rb us 020
‘volved over the last five years
Fe, nan SaaS compares hae nohedinther
produc ollie as wal Hom arcade a9. le tal
Irian SaaS companies were ral Icod on porn
produc ofings such as ERP of CRM souls, oe the
fast fe yess dan SaaS entries have expanded into
‘erica SaaS son (agora space nd vert
‘ch a ra logos, eather, tal te) and o o
mpeg hrohgi such ar AA, AL, sy ete
OOVD-1O has a acclratd demand lr SaaS sn
for otk fr home, bseess canny e-commerce
enablers tos ad other red serca evan wan the
Smet raha Indan SaaS compares r now bausang
cn ta crepes ad SMES coving bla wal a
Smet mas
Figur 87: an Sa companies have broadened the product fering o weial SaaS and emerging technololes
Figure 58: indian Sad companies ar now focusing on Both eteprises and SMS crs geographic
ope eran esse [ias oan ea
PP is Tie, Dit
ae il
en Sod men meta
Sa Bon rb us 020
“indian Sea market share aly Increase 1 5 by
Pas
esse 1 Nase, holte nan SS market
mas USSAS bn FYZOgenng at a uo guar CAGR of
30% fem USS2 1 Emi FYTE. Ao, the component of
amie rerun rorasad fon 21% n FYTBD 26% m
FO Furr, pure lay dan SaaS companies
contrate 70-72% of SaaS reer m PYZO whl the
coton fom gebal SaaS compares was 16-18% and
thatof dan erica powder mas 10.12%,
Accord to IC, th se ofthe San S maña (pleine
nd oem nase sofware) was USSLUES tin
2010 ans expected to gow at à eyes CAGR COTE
24) of 13.2% trash USSOTO Gt by 2024, Aka, te
prieta ol S59 oft sofa (ud ard
ran) is expected to cease to 51% by 2024 om
234% 12010. Nasseom asses herve fo pur
Pay dan SaaS comparo can rase by eto USS1S.
US$IS bn by FYZ5 tom USS25tnin FY20, suggetog
the mate she 0 pus play dan Sa compares coud
Incense toc by FYZS fom 22% in PYZO
Wi blow dan SaaS compares aro wo lad to
apio the song roth patenta nthe SS market
bal den byte hey compative adartage the Idan
IT sector enjoys. With the high alan malas that SaaS
companies ara compared sanas or ber
taste secs, dun to highly sca and ecuing
business mode ih igh mari, we see mate dan
‘SaaS eis emergng othe net 35 oars,
Figure Sind Sea revenue increased a a neun
‘hat 30% to usta Sony ato
mé tt
: a oF
Figure 60: Figure 12: Pureply indian SaaS companies
‘sccounted for 70-72% of Inds SaaS revenue
AS
Faure 61: Iba SaaS marta expected to grow ala
fue quar CAGR 01.14% by 202
Seas mat US)
> wis a pm
en
mo
‘ É i
Sten ate
Figure 62 Inden Sa revenue To grow by BUS.
YE bn by FY25, suggesting mara share ie of 3%
Ind Sa rro US$
‘ 2
es |
Pas
esse 1 Nase, holte nan SS market
mas USSAS bn FYZOgenng at a uo guar CAGR of
30% fem USS2 1 Emi FYTE. Ao, the component of
amie rerun rorasad fon 21% n FYTBD 26% m
FO Furr, pure lay dan SaaS companies
contrate 70-72% of SaaS reer m PYZO whl the
coton fom gebal SaaS compares was 16-18% and
thatof dan erica powder mas 10.12%,
Accord to IC, th se ofthe San S maña (pleine
nd oem nase sofware) was USSLUES tin
2010 ans expected to gow at à eyes CAGR COTE
24) of 13.2% trash USSOTO Gt by 2024, Aka, te
prieta ol S59 oft sofa (ud ard
ran) is expected to cease to 51% by 2024 om
234% 12010. Nasseom asses herve fo pur
Pay dan SaaS comparo can rase by eto USS1S.
US$IS bn by FYZ5 tom USS25tnin FY20, suggetog
the mate she 0 pus play dan Sa compares coud
Incense toc by FYZS fom 22% in PYZO
Wi blow dan SaaS compares aro wo lad to
apio the song roth patenta nthe SS market
bal den byte hey compative adartage the Idan
IT sector enjoys. With the high alan malas that SaaS
companies ara compared sanas or ber
taste secs, dun to highly sca and ecuing
business mode ih igh mari, we see mate dan
‘SaaS eis emergng othe net 35 oars,
Figure Sind Sea revenue increased a a neun
‘hat 30% to usta Sony ato
mé tt
: a oF
Figure 60: Figure 12: Pureply indian SaaS companies
‘sccounted for 70-72% of Inds SaaS revenue
AS
Faure 61: Iba SaaS marta expected to grow ala
fue quar CAGR 01.14% by 202
Seas mat US)
> wis a pm
en
mo
‘ É i
Sten ate
Figure 62 Inden Sa revenue To grow by BUS.
YE bn by FY25, suggesting mara share ie of 3%
Ind Sa rro US$
‘ 2
es |
E-commerce
ina lagged the word in e-commerce adoption challenged by weakintemat access, outdated payment
systems and a shallow market. This is changing rapidly. as e-commerce itself adapts to India.
E-conmare oreo ie det trat economy sectors
nina And car has bon rough vaso aces of
Cemnpetiin aná conolénto oe tat on yore
Capt ue hat rc Ane nt
Fiat with mae thn 70% mae ehe. Hower mo
rita Put oe campeones fe boon th Rance
Irducties oigo ares expands e-commerce
eine ne coming man,
From a lang ton gov poroso, th sector cantrues
to cl song pospac with e-commerce pnstaln at
65% ar of 2020 vc 30% for Cha
CUS
accelerated e-commerce adoption
Further, COMD-19 provided aboot oe come
pararon n 2020 (tines by 15%) as e-commerce
‘es inceaced y 28% YoY ue offre tal alos
nadia YoY ae ars lock down masses
irren ales actes on he eine palme Asa
‘ev ol etal les decis by 26% YoY in 2020
"Tra onde lobe sen fom ta ale contin of
cameron lo FMOS ees wich naraed tom 26% n 10
2020 à 18 n 302020 on an al ba as natos, À
create 8 4 to 80% 202020, Tre YOY o
IFC amas else eo sg stay, Card
‘areacten dia tom SBl cade ao shows monate
Sng onthe cone lame n 2020. The ha o cra
‘tal parano a 55% ing Apr Sp 2020
Figure 6: E-commerce penetration India mas 65% I
2020
eer USE. LHS) — à tt aden
Faure 68 Offering song growth prospects when
compared to China/S
E lis
Figure 6% Of real ales decinad In 2020 vda &
‘commerce winersed strong growth.
150% cos
100% 4008
so 200%
oo 00%
so Er
‘2015 2016 2017 2018 9019 270
ons 6 Y: LHS) — Orin Yo HS)
Sao mnt Ct no
ar US O O,
Sa Ennio Se
ina lagged the word in e-commerce adoption challenged by weakintemat access, outdated payment
systems and a shallow market. This is changing rapidly. as e-commerce itself adapts to India.
E-conmare oreo ie det trat economy sectors
nina And car has bon rough vaso aces of
Cemnpetiin aná conolénto oe tat on yore
Capt ue hat rc Ane nt
Fiat with mae thn 70% mae ehe. Hower mo
rita Put oe campeones fe boon th Rance
Irducties oigo ares expands e-commerce
eine ne coming man,
From a lang ton gov poroso, th sector cantrues
to cl song pospac with e-commerce pnstaln at
65% ar of 2020 vc 30% for Cha
CUS
accelerated e-commerce adoption
Further, COMD-19 provided aboot oe come
pararon n 2020 (tines by 15%) as e-commerce
‘es inceaced y 28% YoY ue offre tal alos
nadia YoY ae ars lock down masses
irren ales actes on he eine palme Asa
‘ev ol etal les decis by 26% YoY in 2020
"Tra onde lobe sen fom ta ale contin of
cameron lo FMOS ees wich naraed tom 26% n 10
2020 à 18 n 302020 on an al ba as natos, À
create 8 4 to 80% 202020, Tre YOY o
IFC amas else eo sg stay, Card
‘areacten dia tom SBl cade ao shows monate
Sng onthe cone lame n 2020. The ha o cra
‘tal parano a 55% ing Apr Sp 2020
Figure 6: E-commerce penetration India mas 65% I
2020
eer USE. LHS) — à tt aden
Faure 68 Offering song growth prospects when
compared to China/S
E lis
Figure 6% Of real ales decinad In 2020 vda &
‘commerce winersed strong growth.
150% cos
100% 4008
so 200%
oo 00%
so Er
‘2015 2016 2017 2018 9019 270
ons 6 Y: LHS) — Orin Yo HS)
Sao mnt Ct no
ar US O O,
Sa Ennio Se
High uergarised contbution presents strong growth
respect for one plattorms.
(ne of he kyurig aspects of th arta matt isthe
Pagas coon hom the organe eco esp
‘he oc pace The unan grt moe tan
SON of he total aan tal ast ve he sam kr
goss 06%. Aso, a eine cortan ngecayisn
[stale dt whe nror-goomy he ri conten
ithe teans, Vie ata at fons Shae of eto etal
market was 66% n 2020 Incas tom € 60% n 2019.
Wt oat mate govt un ogo back o 9-10 by
202), we lo oe omar maña! so nr canbe
EUSFIGD En 202, eran 10% tol eal ls
Senmasste goth paris nthe cay area Per
‘Seka has sen he mage of may etica ayas 89
East Goles, Naa et: Een estr otra
pare, sch as Pg and Amzen o mahng pea
invasion o avert. The cw ey rea pol
A moderaten olmamandpop ss sos torcida
Ivara rt and erbte todo st md dar.
Plane ates sg play ir a cogne
Wi enact o-commarcet remain ano the Lagos >
gts of a's rer at du oe tong gon
Prompt in rgnnd Fan etl ar, ha, sopor
francs of mare une nthe seco
Figure 67 E-commerce’ contribution to HOG ales has
‘need up in 2020
Figur 6: And alo has the share of one real spend
for Sl cards
Figure 68 Unorganisad segment is more than 80% of
tana rta marta.
Pen,
noes
Figur 70: hile the sae or grocny 96%.
3 D
Figure 71: Online coto in grocery isthe lowest
=
EM
Sar Bron, nit Sine
Figure 72: E-commerce market size di can
potential be <USSI0O bn by 202
130 u
Sore ont, 66, tt Si)
respect for one plattorms.
(ne of he kyurig aspects of th arta matt isthe
Pagas coon hom the organe eco esp
‘he oc pace The unan grt moe tan
SON of he total aan tal ast ve he sam kr
goss 06%. Aso, a eine cortan ngecayisn
[stale dt whe nror-goomy he ri conten
ithe teans, Vie ata at fons Shae of eto etal
market was 66% n 2020 Incas tom € 60% n 2019.
Wt oat mate govt un ogo back o 9-10 by
202), we lo oe omar maña! so nr canbe
EUSFIGD En 202, eran 10% tol eal ls
Senmasste goth paris nthe cay area Per
‘Seka has sen he mage of may etica ayas 89
East Goles, Naa et: Een estr otra
pare, sch as Pg and Amzen o mahng pea
invasion o avert. The cw ey rea pol
A moderaten olmamandpop ss sos torcida
Ivara rt and erbte todo st md dar.
Plane ates sg play ir a cogne
Wi enact o-commarcet remain ano the Lagos >
gts of a's rer at du oe tong gon
Prompt in rgnnd Fan etl ar, ha, sopor
francs of mare une nthe seco
Figure 67 E-commerce’ contribution to HOG ales has
‘need up in 2020
Figur 6: And alo has the share of one real spend
for Sl cards
Figure 68 Unorganisad segment is more than 80% of
tana rta marta.
Pen,
noes
Figur 70: hile the sae or grocny 96%.
3 D
Figure 71: Online coto in grocery isthe lowest
=
EM
Sar Bron, nit Sine
Figure 72: E-commerce market size di can
potential be <USSI0O bn by 202
130 u
Sore ont, 66, tt Si)
Discretionary
‘That rapid economie growth boosts discretionary demand is well understood. In india this has been
accompanied by govememnt support for formalisation, development of efficient advertising channels and
professional distibutors. Brand owners are developing in several categories.
‘Buona demand gen indseeionan goods
Inda GOP growth has been rely coast oe
ricos tne pee ence 1001: ove 90, 20, 1038 wel a
‘yar ea growth has aged 65-70%, Norina gon
lowed th last dread So fo down nto be
‘yom help Figure 7) Weakness PY (re
ari) was ton do to cores eso
tragedy rss he Mana stom he mate
seno row under may o. bg medium tem gout
tack tothe noma rang, Oupetomance our gba
yom inal hace paid has tan astra 57%
‘Steady excess" gow ove a sustained pac stats toad
acido GDP in realy lugo nai desp the
‘utpatamanceinprcrtage tems bong steady, nd
Seremertl use 8 al GOP has been steady cin,
fc arto bi of FY20 and FY21, salto fan again
gueto,
fab o sr decretar goods hs irene
tmeaiglly, een so nom nam has dampened
that tend abi Arda" cert lvl of as cp GOP
and sust gon, coupon el ser decretar
ens he in personal are (gute 7) canbe solar A
Slr end ehe et Sagan Ike spt gue
TD and package foods (Fee 6) Consurton of
procesos fod nthe tp 10% of he opus that
Fe md ung, and rl 3% of ha fod
procesos
api gronth nac semen has rod an appart
{eran tan to ette emesis: au It
‘aioe tere re nares Vin Coats, Haas,
Fado Bout, aná Alo londrs at have bt rang
East ovr mary years. Atte sxe mo, hore ae
rans of nw emegng names in fod prosesing and
‘ution parat, cl to growing ra amareness,
cab and shit om eo gran eps to
Packages ad branded goods,
‘Broad based and easier brand buling/äiibien
Evan as ect asa decada bach, the maña fr branded
ende was largely an hs was party Quo chlengee in
and baking (TV pertain a wel a nemspaper
‘readership ware moaty urban), arab (ow ral per
ta GDP mean iw penerabn l mest ago) and
baten cuts (ack of oad mason ttl penton
llagas and aqua repentant ich sed sup)
Chain costs, as vano the mos arranco!
‘Sento Astor ad eller) several ealngoies
The pañsables that nad a cha, a consumar
plano hat reed lcd hause, age pre of
‘en marke wer naccesatl
Fat, ng pls were moy nat natal
incas leat TV, teta each to
‘ea tne Pa on ain thee cee oe aka
(Sören se, Tas sl ads a bars 1 rt Sowas
(Sorten: a etal hana was igh Hager, as to
Se range of vor and avers. Most.
lange mp Parle sand the stan armas.
Figure 7: Stendy GDP growth and ouperarmance
Sav ot Een ut, Cnt
Figure 74 nds share of incremental ia! GP ing
rm stings | =,
ae pen ans Oman) \ | Force
‘That rapid economie growth boosts discretionary demand is well understood. In india this has been
accompanied by govememnt support for formalisation, development of efficient advertising channels and
professional distibutors. Brand owners are developing in several categories.
‘Buona demand gen indseeionan goods
Inda GOP growth has been rely coast oe
ricos tne pee ence 1001: ove 90, 20, 1038 wel a
‘yar ea growth has aged 65-70%, Norina gon
lowed th last dread So fo down nto be
‘yom help Figure 7) Weakness PY (re
ari) was ton do to cores eso
tragedy rss he Mana stom he mate
seno row under may o. bg medium tem gout
tack tothe noma rang, Oupetomance our gba
yom inal hace paid has tan astra 57%
‘Steady excess" gow ove a sustained pac stats toad
acido GDP in realy lugo nai desp the
‘utpatamanceinprcrtage tems bong steady, nd
Seremertl use 8 al GOP has been steady cin,
fc arto bi of FY20 and FY21, salto fan again
gueto,
fab o sr decretar goods hs irene
tmeaiglly, een so nom nam has dampened
that tend abi Arda" cert lvl of as cp GOP
and sust gon, coupon el ser decretar
ens he in personal are (gute 7) canbe solar A
Slr end ehe et Sagan Ike spt gue
TD and package foods (Fee 6) Consurton of
procesos fod nthe tp 10% of he opus that
Fe md ung, and rl 3% of ha fod
procesos
api gronth nac semen has rod an appart
{eran tan to ette emesis: au It
‘aioe tere re nares Vin Coats, Haas,
Fado Bout, aná Alo londrs at have bt rang
East ovr mary years. Atte sxe mo, hore ae
rans of nw emegng names in fod prosesing and
‘ution parat, cl to growing ra amareness,
cab and shit om eo gran eps to
Packages ad branded goods,
‘Broad based and easier brand buling/äiibien
Evan as ect asa decada bach, the maña fr branded
ende was largely an hs was party Quo chlengee in
and baking (TV pertain a wel a nemspaper
‘readership ware moaty urban), arab (ow ral per
ta GDP mean iw penerabn l mest ago) and
baten cuts (ack of oad mason ttl penton
llagas and aqua repentant ich sed sup)
Chain costs, as vano the mos arranco!
‘Sento Astor ad eller) several ealngoies
The pañsables that nad a cha, a consumar
plano hat reed lcd hause, age pre of
‘en marke wer naccesatl
Fat, ng pls were moy nat natal
incas leat TV, teta each to
‘ea tne Pa on ain thee cee oe aka
(Sören se, Tas sl ads a bars 1 rt Sowas
(Sorten: a etal hana was igh Hager, as to
Se range of vor and avers. Most.
lange mp Parle sand the stan armas.
Figure 7: Stendy GDP growth and ouperarmance
Sav ot Een ut, Cnt
Figure 74 nds share of incremental ia! GP ing
rm stings | =,
ae pen ans Oman) \ | Force
‘gure TE Tie Seve or paronal ae
Personal ore ou
oo Er oo am so ao
10000 Do ‘30900 pr sn won
Ppa cps)
Figure 77 The Scare for sis
Sets
10000 me ‘30900 pr Son Son
Sor Wa eo a, Brenn, Ct Sie
Personal ore ou
oo Er oo am so ao
10000 Do ‘30900 pr sn won
Ppa cps)
Figure 77 The Scare for sis
Sets
10000 me ‘30900 pr Son Son
Sor Wa eo a, Brenn, Ct Sie
Al tasa charges ate row ess severe, Speed
tution fs hae core up (ke Day ar Uan
in out, and mode tae gang share seal
alg ith correc, prog sun ft ren
‘eno rodas and ande a get Et wit the
‘aed or seal. Naw Sm md ny car on produc
aná randrg. ad the dso, fom smal-che/
Fuera SKUs (Stace Keoping Unt) he rakpiches
Forge lune How SKUs ke proceed fos,
Tos aby to tech a ir audenos rough amore
che ade chanel has ao improved a
nano paatalon in mary ares exceed TV/
paretaton Glow: ige 79) Chap data as ven
Lg obio vo owing, and proved rms th ity to
bande ep nto he nme ram bi mn
(Pago 8) and ban weas Pe 8
Figure TE Modem rada/a-commercs ging share
EREERERREERERERE
Den ee
33
Ii
Figure PE penetran low in india
pes
den
ony
Save We Ee Ost, rt Sate
Figure 60 Expanding averting each wth data Gora)
et ur creta
‘nso ge
Ao
«oe
sh eat 2012 my 2020 0014 uo
Sao WSS, Cit Sie
Figure BT: Expanding advertising reach (atar)
dad Ud ape
‘ence a abet
om all
ah Aa 202 may 29 attach
‘Se SSC ie
tution fs hae core up (ke Day ar Uan
in out, and mode tae gang share seal
alg ith correc, prog sun ft ren
‘eno rodas and ande a get Et wit the
‘aed or seal. Naw Sm md ny car on produc
aná randrg. ad the dso, fom smal-che/
Fuera SKUs (Stace Keoping Unt) he rakpiches
Forge lune How SKUs ke proceed fos,
Tos aby to tech a ir audenos rough amore
che ade chanel has ao improved a
nano paatalon in mary ares exceed TV/
paretaton Glow: ige 79) Chap data as ven
Lg obio vo owing, and proved rms th ity to
bande ep nto he nme ram bi mn
(Pago 8) and ban weas Pe 8
Figure TE Modem rada/a-commercs ging share
EREERERREERERERE
Den ee
33
Ii
Figure PE penetran low in india
pes
den
ony
Save We Ee Ost, rt Sate
Figure 60 Expanding averting each wth data Gora)
et ur creta
‘nso ge
Ao
«oe
sh eat 2012 my 2020 0014 uo
Sao WSS, Cit Sie
Figure BT: Expanding advertising reach (atar)
dad Ud ape
‘ence a abet
om all
ah Aa 202 may 29 attach
‘Se SSC ie
Pharmaceuticals/Bio-Tech
Indais witch to process patents between 1971 and 2005, and then the growth in the US generics
Industry have helped create a large and vibrant ecosystem of companies and people. With expanding R&D
‘budget pools. Indian industry i also now starting to move beyond generics.
‘Domestic pharma market supported cashews
Tre da dames rama mata has oun by 15% CAGR
cer lat 20 ars igre 82, dai most abraded
garer maña hh operator mags, sch
Its, ar, hat D, nos eh an de
‘les br millo decades soma, md to conse!
prestar ur th 10.12 eus patent pen at
Frot ge etes get Tee lee arc tro
(ere spat am of ach oe
rent tr domest mart has sen super ya
ead nues be number of deca (Fue ©)
tartar, a shortage ol doctors wing escri was and
romano a change. As media cage capaciyis
lose th under of dos al ae Are,
Parey ate reer lomo in medal den
Salary the ysl astur has proved
GUY wal, wih pate sar tring to
ines and meri nen chars coming up (gue)
‘Simi improremente ao bl in dag hans a wel
‘Gren bu heaters spring in rather and 60% of
that bag cut pocket, te goverment has bon booting
pub expendio on heats. The Ayhıman Sarat
leas scheme aunched a fem yas back focus on
era Caro and o aria schemes that meo much
‘alan sio. Ta goverment py now ion
inproing may caro nhasnuchr: a focus oe the next
Ro.
gure 82 Domestic nan maka grew 15% CAGR 2000-
E
BEBSREBEREBERSSEREERSE
ra — voran,
See CE nt Sn
Figure 6: Number of doctors in Indi has ben iting
om
om
om
om
om
Ma
PERERA
Prins pr 1000 peg)
gure 4: rate sector howl bed eapacty expandir
E tumble
Sane Na Cot ie
Figur 8: Practica day ent
5222 pharma employment thdedcorpontes O
mo =
al mm
Ann
Sore CME, Sse
Indais witch to process patents between 1971 and 2005, and then the growth in the US generics
Industry have helped create a large and vibrant ecosystem of companies and people. With expanding R&D
‘budget pools. Indian industry i also now starting to move beyond generics.
‘Domestic pharma market supported cashews
Tre da dames rama mata has oun by 15% CAGR
cer lat 20 ars igre 82, dai most abraded
garer maña hh operator mags, sch
Its, ar, hat D, nos eh an de
‘les br millo decades soma, md to conse!
prestar ur th 10.12 eus patent pen at
Frot ge etes get Tee lee arc tro
(ere spat am of ach oe
rent tr domest mart has sen super ya
ead nues be number of deca (Fue ©)
tartar, a shortage ol doctors wing escri was and
romano a change. As media cage capaciyis
lose th under of dos al ae Are,
Parey ate reer lomo in medal den
Salary the ysl astur has proved
GUY wal, wih pate sar tring to
ines and meri nen chars coming up (gue)
‘Simi improremente ao bl in dag hans a wel
‘Gren bu heaters spring in rather and 60% of
that bag cut pocket, te goverment has bon booting
pub expendio on heats. The Ayhıman Sarat
leas scheme aunched a fem yas back focus on
era Caro and o aria schemes that meo much
‘alan sio. Ta goverment py now ion
inproing may caro nhasnuchr: a focus oe the next
Ro.
gure 82 Domestic nan maka grew 15% CAGR 2000-
E
BEBSREBEREBERSSEREERSE
ra — voran,
See CE nt Sn
Figure 6: Number of doctors in Indi has ben iting
om
om
om
om
om
Ma
PERERA
Prins pr 1000 peg)
gure 4: rate sector howl bed eapacty expandir
E tumble
Sane Na Cot ie
Figur 8: Practica day ent
5222 pharma employment thdedcorpontes O
mo =
al mm
Ann
Sore CME, Sse
large and vibrant ecosystem is now in place
‘Alt the nodose of process patents in 1971, en of
thousands of tms wre setup: hor cpus processing
stemedats, prosa Luk gs and packagng malta
o Tomas ts buldng bras and ing Sts.
hast he ited ms now elo mor than 4008 workers
ental, hang gown ix oes the past decae Fare
89. The rober of itd fs mary tenes the runder
ollsted anes and so mode fet egloyment
Tis costo ttes adartgo of ils able or
fem, and many a tes one fm mag wh success na
matt (eg. Cipla, D Rey sand Rabari 1900 in
‘he US, eToerin Beat dns ating fr, on.
Ba sae toa,
‘strong growth in exports has helped wth scale.
“This ecosystem stp prods cpltve stengh in
per markets. While gout or the pas he yeas has
been sgh erin the domestic mal thas been
empty later gon inept markets aire
186) epa ae nam 72% of wrens fo hs nan
phamacnuicalnaisty Figue 87) Garate expats
fete some upon invests Hangs an regu
‘proved maraca plants,
Ati nt al of ree sles arn ana, primary
entrando gen. Homes, die he 49.50% prie
einer Is maracas aora male got pates
fa able tot 40% gross margins are posable, and
hen alugay instal les fra, the tow trough to
parate and net eos is meaning.
tans pharma has sen afew des cv past no
ade: thse apodo ihre whch Pen tact
an ear a) corgi, ping own ars one Be
ot sv er Ow ao ugh a eano we eng
{Pale pod Ando aporto te ny,
Innovations in sales and marketing
Viso the dome phamacautalndusty has cre somo,
cocon oe past deca, wih th share ofp 10
{ire ang tom 69% FVII to 78 non (Faure 80
sever deso pharmaceutical shaw used
iras sales and marketing tetris to sary expand
a mate, and hav nthe process son up he ahs
‘mera re Macia», rl Eeacn) appear nor et.
Industry has gained scale: can invest in RED now
o ares ogro, the RAD budgets of he industry have
‘ton fon RO E eRe 130 ba now (ige E) wth
era be ge ens ow hav sul RAD bye
‘rcendng USS200-260 mya, Va ot enough
15 develop new melee several arrow inesing
recu pharma pales.
dan trs a ds nastngin cone copos ke
Bin ey eg pacte in ha gag phases
a deepak rd ava of is in ich a or
Song pints go! Le Athen Bosamcns,
Figure 66 Pharma/biclach exports coins o rom
Figure BR Espot ae nw 72% of dusty reves
apte mann
Sao CUE, Cut Sie
10 pa ss
Save CE, ond Sane
Figure 85 RAD budgets of iain pharma fm ng
10600 ”
1000 ES
mo “
non >
on =
FRERE
— ana)
ten
Sue QUE Gti
‘Alt the nodose of process patents in 1971, en of
thousands of tms wre setup: hor cpus processing
stemedats, prosa Luk gs and packagng malta
o Tomas ts buldng bras and ing Sts.
hast he ited ms now elo mor than 4008 workers
ental, hang gown ix oes the past decae Fare
89. The rober of itd fs mary tenes the runder
ollsted anes and so mode fet egloyment
Tis costo ttes adartgo of ils able or
fem, and many a tes one fm mag wh success na
matt (eg. Cipla, D Rey sand Rabari 1900 in
‘he US, eToerin Beat dns ating fr, on.
Ba sae toa,
‘strong growth in exports has helped wth scale.
“This ecosystem stp prods cpltve stengh in
per markets. While gout or the pas he yeas has
been sgh erin the domestic mal thas been
empty later gon inept markets aire
186) epa ae nam 72% of wrens fo hs nan
phamacnuicalnaisty Figue 87) Garate expats
fete some upon invests Hangs an regu
‘proved maraca plants,
Ati nt al of ree sles arn ana, primary
entrando gen. Homes, die he 49.50% prie
einer Is maracas aora male got pates
fa able tot 40% gross margins are posable, and
hen alugay instal les fra, the tow trough to
parate and net eos is meaning.
tans pharma has sen afew des cv past no
ade: thse apodo ihre whch Pen tact
an ear a) corgi, ping own ars one Be
ot sv er Ow ao ugh a eano we eng
{Pale pod Ando aporto te ny,
Innovations in sales and marketing
Viso the dome phamacautalndusty has cre somo,
cocon oe past deca, wih th share ofp 10
{ire ang tom 69% FVII to 78 non (Faure 80
sever deso pharmaceutical shaw used
iras sales and marketing tetris to sary expand
a mate, and hav nthe process son up he ahs
‘mera re Macia», rl Eeacn) appear nor et.
Industry has gained scale: can invest in RED now
o ares ogro, the RAD budgets of he industry have
‘ton fon RO E eRe 130 ba now (ige E) wth
era be ge ens ow hav sul RAD bye
‘rcendng USS200-260 mya, Va ot enough
15 develop new melee several arrow inesing
recu pharma pales.
dan trs a ds nastngin cone copos ke
Bin ey eg pacte in ha gag phases
a deepak rd ava of is in ich a or
Song pints go! Le Athen Bosamcns,
Figure 66 Pharma/biclach exports coins o rom
Figure BR Espot ae nw 72% of dusty reves
apte mann
Sao CUE, Cut Sie
10 pa ss
Save CE, ond Sane
Figure 85 RAD budgets of iain pharma fm ng
10600 ”
1000 ES
mo “
non >
on =
FRERE
— ana)
ten
Sue QUE Gti
££ Wealth created by the unicorns for
mostly first-generation entrepreneurs
more likely to be invested again in new
start-ups, and also attract new
entrepreneurs as well as private equity
investors.
mostly first-generation entrepreneurs
more likely to be invested again in new
start-ups, and also attract new
entrepreneurs as well as private equity
investors.
A virtuous cycle?
In a country notorious for stifling entrepreneurship, new company formation had
been strong even pre-1991. The change came from availabilty of capital; wealth
from these unicorns can further speed up the process.
‘Not envepreneurship, but capital was a problem
Tomas have ban wítn onthe fia ing
‘uring and desing à business in da. Despite al, ven in
the 10206, the pace of new copay matin nas qute
stor, with de det gan h nunbars vay ya!
(Fiss 90, The rumbas oran gone companies
gan fom Seki 1950 o 22% by 1001, even atra the
res was amauncad Te may hve been because
soma regul asin had tdi the 1960 a.
Trae areas sing new company regtaton ata
to mear new buss formate eng fest p
subire soaters fo egal reasons (e recen
ST may haa necesstatd state subsidiarios noma
Bussen) Tat evades can lso us sal companies o
launder monay o cea eus cass eg, Goverment
crackdown on sel organes h recent yr to ad tax
basen as ld to fhe cee of several and me.
‘th diate he als mega agencies have
improwmd and such glace pos rason that
ont famalen of new companies has sowed abit
Nevertheless, it woud be mopicto tink hata nen
company regalos war fr sputous rar nde
Bushasses rot at med. The chaleng hg vas
¿tir accesso ik capil as dscuod ino sacınd
Clon of e part rom 1880-1992, vorge padup
Capt lr nr-gevrma ms was unchanged despite
abled intaton gue 1), As wit ber of
companies registered, tare ate charges nung pap
‘pit asa ecu of ek capably, but ts may
he best pony we he. Canals on capis (A
Conca of Capt Issues was etched in 1947 tl)
sche need fe mail approval may have hep ths
meer, a ls he teens fo omple ola,
re nda buenas ge, Homer, o sar
‘growth paid-up capa pr company inthe decades at
Fed, and ne cortnung accorten ahs number
gest al the ala o apta may have bean a
Escena, ande tring to get add none
Newest teintes fing pap capa as aio
‘eek capt sach mier rua gun den ey y
a gone galo ean eresuagng tard (Pe
2) Most becuse ote geneerteestg ts
rece en pt rene setas a cal pom ad
{som but became of estan porns and
Enpromente ek cata sb, e cha of gene
‘acu cit hs le sharply snc the 100: Fute 99)
We not, bower, at ine 2005, capil etn nto
‘government ns ha ban faster an pat compare,
Allain he st ve yeas, ths may hae been skewed by
lige e aptaeaton of PSU bank. Si slowing
gonthin he vaa sector maybe araecton of
Barknptses as wal as acl downta inate caper
Four 60 Granth nna fis ron since 10808
chan noma ot onen
st
3
Figure DT The ange mas in my of capital
Pu cota compar tr Pra compares
In a country notorious for stifling entrepreneurship, new company formation had
been strong even pre-1991. The change came from availabilty of capital; wealth
from these unicorns can further speed up the process.
‘Not envepreneurship, but capital was a problem
Tomas have ban wítn onthe fia ing
‘uring and desing à business in da. Despite al, ven in
the 10206, the pace of new copay matin nas qute
stor, with de det gan h nunbars vay ya!
(Fiss 90, The rumbas oran gone companies
gan fom Seki 1950 o 22% by 1001, even atra the
res was amauncad Te may hve been because
soma regul asin had tdi the 1960 a.
Trae areas sing new company regtaton ata
to mear new buss formate eng fest p
subire soaters fo egal reasons (e recen
ST may haa necesstatd state subsidiarios noma
Bussen) Tat evades can lso us sal companies o
launder monay o cea eus cass eg, Goverment
crackdown on sel organes h recent yr to ad tax
basen as ld to fhe cee of several and me.
‘th diate he als mega agencies have
improwmd and such glace pos rason that
ont famalen of new companies has sowed abit
Nevertheless, it woud be mopicto tink hata nen
company regalos war fr sputous rar nde
Bushasses rot at med. The chaleng hg vas
¿tir accesso ik capil as dscuod ino sacınd
Clon of e part rom 1880-1992, vorge padup
Capt lr nr-gevrma ms was unchanged despite
abled intaton gue 1), As wit ber of
companies registered, tare ate charges nung pap
‘pit asa ecu of ek capably, but ts may
he best pony we he. Canals on capis (A
Conca of Capt Issues was etched in 1947 tl)
sche need fe mail approval may have hep ths
meer, a ls he teens fo omple ola,
re nda buenas ge, Homer, o sar
‘growth paid-up capa pr company inthe decades at
Fed, and ne cortnung accorten ahs number
gest al the ala o apta may have bean a
Escena, ande tring to get add none
Newest teintes fing pap capa as aio
‘eek capt sach mier rua gun den ey y
a gone galo ean eresuagng tard (Pe
2) Most becuse ote geneerteestg ts
rece en pt rene setas a cal pom ad
{som but became of estan porns and
Enpromente ek cata sb, e cha of gene
‘acu cit hs le sharply snc the 100: Fute 99)
We not, bower, at ine 2005, capil etn nto
‘government ns ha ban faster an pat compare,
Allain he st ve yeas, ths may hae been skewed by
lige e aptaeaton of PSU bank. Si slowing
gonthin he vaa sector maybe araecton of
Barknptses as wal as acl downta inate caper
Four 60 Granth nna fis ron since 10808
chan noma ot onen
st
3
Figure DT The ange mas in my of capital
Pu cota compar tr Pra compares
‘Enrepreneurship by example
Capi rmason wae are he feof dace business
remets, tt the quam of mea crete by Ba
Gent op of uncom waa goes ma ory
‘rtroprenaues bu ale rat naw poo of cata,
A dussadietyin sacra schen. a's Io ere
‘apt wealth are 04) hasbeen a coli o pas
Furr, even thi weal as gay nn-Sranal stats
(Pago 9) the omer ofthe house andland nat
pasted trou generator reine a ban pat of
the py aa owen so ols and
ener Nat ran ares for most osa on
rage a oo onto seed sonable new hessen
The ceson of 100 econ a sot space of ne mear
that ge pt of capt ar reacting aw hands. Unie
the probes crated by te growth of ones in the
rap we, ie of wel raton can ct Be
pre fr the cera.
Toric 8 min cr It std blero 2010, oven i
the rem acclratn may hae cect nthe ast fo
yous. Whe sume tems in cr Ist ware farmed as recent
1352018 ard 2019, andthe Une tent became unico
hasbeen Sing global, woud take atest 7-10 yours
or most me to une ea.
The net business Jomaton tiggered by be sucess of a
much feted runs wuld ely show up in such Isa fon
Yous fom now. The acres ofc dscuscd in the
Pus sach shoul keep fe sce of he pe ataco
‘The aber ofmilonaes In na had stagnated fr several
yous, but has lad os apd nto lat to yours
au 90) a vend that we babe can pect fr seva
eze gong formar The number of Ura High Net Wort
Indus assets exceeding USSED mr) has boe rang
too, and is bang boost meaning by he suge In non
ine stated by fis-guneraionenrereneus. Een
at 1620% rosa comme cn average of ete
Business, ata ttl market cap of US$240 bn fr tos
hdd fens, USEGBED bn of ew wealth has teen
Seated. Not or sis lay o nse new businesses, but
3 meaningtd pt of he wrath ae yl end Up
‘erent targeting ble robles,
Figure 92 Growth im pai-ap capital ed Pre fm
han opal apt compan
{fu
Sauce MEA Coat Sie
29533333
Figur 9: Morgorerment share has continued o rizo
ot pua capt
EEES
arc MEA Cotino
Figure SE india total mesi has surged iaa yom
18
16
14
12
10
8
6
2
o
BESBSBERBSRERSERERSES
ratur (SS)
Se CS Ga Wash Pa, st Sine
Figure 05 Share ot an naci esas hg
BRRRRBERE
395933
BE
San CS Gt Wad ge, Ste
Capi rmason wae are he feof dace business
remets, tt the quam of mea crete by Ba
Gent op of uncom waa goes ma ory
‘rtroprenaues bu ale rat naw poo of cata,
A dussadietyin sacra schen. a's Io ere
‘apt wealth are 04) hasbeen a coli o pas
Furr, even thi weal as gay nn-Sranal stats
(Pago 9) the omer ofthe house andland nat
pasted trou generator reine a ban pat of
the py aa owen so ols and
ener Nat ran ares for most osa on
rage a oo onto seed sonable new hessen
The ceson of 100 econ a sot space of ne mear
that ge pt of capt ar reacting aw hands. Unie
the probes crated by te growth of ones in the
rap we, ie of wel raton can ct Be
pre fr the cera.
Toric 8 min cr It std blero 2010, oven i
the rem acclratn may hae cect nthe ast fo
yous. Whe sume tems in cr Ist ware farmed as recent
1352018 ard 2019, andthe Une tent became unico
hasbeen Sing global, woud take atest 7-10 yours
or most me to une ea.
The net business Jomaton tiggered by be sucess of a
much feted runs wuld ely show up in such Isa fon
Yous fom now. The acres ofc dscuscd in the
Pus sach shoul keep fe sce of he pe ataco
‘The aber ofmilonaes In na had stagnated fr several
yous, but has lad os apd nto lat to yours
au 90) a vend that we babe can pect fr seva
eze gong formar The number of Ura High Net Wort
Indus assets exceeding USSED mr) has boe rang
too, and is bang boost meaning by he suge In non
ine stated by fis-guneraionenrereneus. Een
at 1620% rosa comme cn average of ete
Business, ata ttl market cap of US$240 bn fr tos
hdd fens, USEGBED bn of ew wealth has teen
Seated. Not or sis lay o nse new businesses, but
3 meaningtd pt of he wrath ae yl end Up
‘erent targeting ble robles,
Figure 92 Growth im pai-ap capital ed Pre fm
han opal apt compan
{fu
Sauce MEA Coat Sie
29533333
Figur 9: Morgorerment share has continued o rizo
ot pua capt
EEES
arc MEA Cotino
Figure SE india total mesi has surged iaa yom
18
16
14
12
10
8
6
2
o
BESBSBERBSRERSERERSES
ratur (SS)
Se CS Ga Wash Pa, st Sine
Figure 05 Share ot an naci esas hg
BRRRRBERE
395933
BE
San CS Gt Wad ge, Ste
Major Icy nt in these bumsen ae tng, tau
soma phate Andng funds do tend to ha a real
candy camper Tho rubro USS! begs FOS
Swed in 201820 ae to the acento send and
haar the COVO-19 parie. Howe, sevens in
caret they o apt pt mans gong formar
Mining contibuñon To economie grow
Aggregating fe al he rico nc i the total era
teres come o Rad nn FRO. 12% of dats GOP
that year Ecommece, heu and dexetorsy
tite -50% tal reves, dept bung ery 20% of
teal companies. Ti due tothe pesar of compare
vith hiptcket home Gaules) bg units. pharma
Cserparis (nta, Macedo, Hetero) and pia On the
“or o, tech compari (ning SaaS) ad only B% of
the ross, dsplo bang a quer of fla compares,
M boca Mo de of fase fe ste ar 2010
And we at oxy sages of were oralen. Gin he
ru reruns of these burns, they tnd lo get
“aod ona miis from.
Fer compris where the daa fr the st two yar i
ala, agregas teens gen by 26% n FYZO Its
Sets for the ned fhe Yeas, as apps to be the
‘pecan ein oy vations, and supo by Pair ace
toon, moment reas i FTD can be 53% of
‘armen GOP.
Figure 06 Ring no filiales > more sk capital
=
=
¿all
ae tn a
SC ab Wa Ag Ont Site
‘Figure 07 Ne of USS bs IPOs dowedi 2019-20
Se VE it Sine
Figure 98 Revenues om the 100 companies
ee
an
apr ”
pus E =
ty 1. e
“Se e.
Set AR rato
pe na
as
‘igre 08: incremental sles a % of ncremental GDP
‘sree Rai a lona GOP
soma phate Andng funds do tend to ha a real
candy camper Tho rubro USS! begs FOS
Swed in 201820 ae to the acento send and
haar the COVO-19 parie. Howe, sevens in
caret they o apt pt mans gong formar
Mining contibuñon To economie grow
Aggregating fe al he rico nc i the total era
teres come o Rad nn FRO. 12% of dats GOP
that year Ecommece, heu and dexetorsy
tite -50% tal reves, dept bung ery 20% of
teal companies. Ti due tothe pesar of compare
vith hiptcket home Gaules) bg units. pharma
Cserparis (nta, Macedo, Hetero) and pia On the
“or o, tech compari (ning SaaS) ad only B% of
the ross, dsplo bang a quer of fla compares,
M boca Mo de of fase fe ste ar 2010
And we at oxy sages of were oralen. Gin he
ru reruns of these burns, they tnd lo get
“aod ona miis from.
Fer compris where the daa fr the st two yar i
ala, agregas teens gen by 26% n FYZO Its
Sets for the ned fhe Yeas, as apps to be the
‘pecan ein oy vations, and supo by Pair ace
toon, moment reas i FTD can be 53% of
‘armen GOP.
Figure 06 Ring no filiales > more sk capital
=
=
¿all
ae tn a
SC ab Wa Ag Ont Site
‘Figure 07 Ne of USS bs IPOs dowedi 2019-20
Se VE it Sine
Figure 98 Revenues om the 100 companies
ee
an
apr ”
pus E =
ty 1. e
“Se e.
Set AR rato
pe na
as
‘igre 08: incremental sles a % of ncremental GDP
‘sree Rai a lona GOP
66 The combined market capitalisation
of the 100 unicorns in our list is
US$240 bn; their annual revenues were
US$34 bn in FY20, ~1.2% of GDP.
of the 100 unicorns in our list is
US$240 bn; their annual revenues were
US$34 bn in FY20, ~1.2% of GDP.
List of firms
Allied Blenders & Distillers (ABD)
Decora Aral ta rath Rara
Reason fr inclusion: aha <US bn but ong roy sin
Company proa
The company rodues an sueles alot borage wth branded presence in ii, band, rum ad vo o Lay
Lean he Olla Cole whisky whch sl «Sa cies ana andwas ftrodundin TOBE. Koro Cuba Ne
founder of ABD was the manageg dreh o San Vilas with his eter Manu Chabia. Pat a ut Me Kore
habia tok he fear Chace band wah i a od Vay Maya na company ale Horizons Late, Me
shee Cia sit Rom Maya Grup and founded AD in 2008 wih ne sl and as lies One.
Funding history
“Te company hs ot asad nd so aan stoy naval. Valng at a count 1 std pense we estate
‘he company to be woth CUS$TEOm.
Management prof
Name Posten rote
Mero Char Force man as SD years pain Ao ty Fem 1987 Me tr
otura! Shaw Vilca rebel ved enge
‘spat Lie ha was othe sc vs carmen a 2005
eter ch war tr merge wh Unto Set
Sv Cay ts
Figure 100 Steady revenue growth with margin PAT CAGR Wom FYIT-19 has been 32%
Improvement
meo 5 os
ere US) EST ee ne HS Um A,
Sas Corny ta Event, Ct ae Suse Compay a dt ie
Allied Blenders & Distillers (ABD)
Decora Aral ta rath Rara
Reason fr inclusion: aha <US bn but ong roy sin
Company proa
The company rodues an sueles alot borage wth branded presence in ii, band, rum ad vo o Lay
Lean he Olla Cole whisky whch sl «Sa cies ana andwas ftrodundin TOBE. Koro Cuba Ne
founder of ABD was the manageg dreh o San Vilas with his eter Manu Chabia. Pat a ut Me Kore
habia tok he fear Chace band wah i a od Vay Maya na company ale Horizons Late, Me
shee Cia sit Rom Maya Grup and founded AD in 2008 wih ne sl and as lies One.
Funding history
“Te company hs ot asad nd so aan stoy naval. Valng at a count 1 std pense we estate
‘he company to be woth CUS$TEOm.
Management prof
Name Posten rote
Mero Char Force man as SD years pain Ao ty Fem 1987 Me tr
otura! Shaw Vilca rebel ved enge
‘spat Lie ha was othe sc vs carmen a 2005
eter ch war tr merge wh Unto Set
Sv Cay ts
Figure 100 Steady revenue growth with margin PAT CAGR Wom FYIT-19 has been 32%
Improvement
meo 5 os
ere US) EST ee ne HS Um A,
Sas Corny ta Event, Ct ae Suse Compay a dt ie
Anthem Biosciences
Heat Arras agan, Sapa]
Reason for inclusion Von US$ bn at latest EBTDA and mui
‘Compan rete
ntm Bioshncs, wich commenced operations in 207 a an Esport Orn Unt i Contact Reseach and
notation Sans Pode (CRISP). thas a butin capacy to howe Ik esescers and manche nv corner
uz aces fom fs to ss Bangalsu oer ey-stage dy dsconsy sendos wih secs encompassing
‘medal chemist, process charity, custom ibas, ds research and anal esearch and devaopart. Ove
‘year, he company has fear integrated no contract maruti, as leveraged fs cts competency ogc
ess dep rtrhonal nd mass product, Atha has ai produc orcas, wäh mare than al
VIO reverse aerung tom ts top he coer and the US maha
Funding story
“Tro No has opta aged an 9% taken eto o USSSS in Mar-2021, ang company USBI ns.
gure 102 Funding ito
tm Foundedin 2007 Tontas 1400
A on) + Em US$ mS)
‘Management pros
ame Posten Probe
Bresse Em On Pier ang An, de u cn ol tte con
‘deed tutta’ yore Hear dut meo we
rs Bacs, mar ds had bag. an Su log
de Tec, Go vs tad US 106
Gas Srta Oh Ste te Gare ae Aa sg ist ee,
Pre Seats ai bee anna nase Sg
Toy Macará nach Oman tor San
PA Ray Habs Ba Sen pc Peas nes
ES (Gi peng ter Fam om bu al rm ms dl mtg cd
Feed copy mt mar pen Tb
a
ie Ahr an Wer ER EN nO hah Tg ws HTS
Pert ane
m u 3S =
& a =
“me o m
ul -=pl | =
m = ps
a id Dan
Heat Arras agan, Sapa]
Reason for inclusion Von US$ bn at latest EBTDA and mui
‘Compan rete
ntm Bioshncs, wich commenced operations in 207 a an Esport Orn Unt i Contact Reseach and
notation Sans Pode (CRISP). thas a butin capacy to howe Ik esescers and manche nv corner
uz aces fom fs to ss Bangalsu oer ey-stage dy dsconsy sendos wih secs encompassing
‘medal chemist, process charity, custom ibas, ds research and anal esearch and devaopart. Ove
‘year, he company has fear integrated no contract maruti, as leveraged fs cts competency ogc
ess dep rtrhonal nd mass product, Atha has ai produc orcas, wäh mare than al
VIO reverse aerung tom ts top he coer and the US maha
Funding story
“Tro No has opta aged an 9% taken eto o USSSS in Mar-2021, ang company USBI ns.
gure 102 Funding ito
tm Foundedin 2007 Tontas 1400
A on) + Em US$ mS)
‘Management pros
ame Posten Probe
Bresse Em On Pier ang An, de u cn ol tte con
‘deed tutta’ yore Hear dut meo we
rs Bacs, mar ds had bag. an Su log
de Tec, Go vs tad US 106
Gas Srta Oh Ste te Gare ae Aa sg ist ee,
Pre Seats ai bee anna nase Sg
Toy Macará nach Oman tor San
PA Ray Habs Ba Sen pc Peas nes
ES (Gi peng ter Fam om bu al rm ms dl mtg cd
Feed copy mt mar pen Tb
a
ie Ahr an Wer ER EN nO hah Tg ws HTS
Pert ane
m u 3S =
& a =
“me o m
ul -=pl | =
m = ps
a id Dan
Aptus Finance
Francia Asis Gupta art ce
Reason fr Incusins Van <USB bn but ong gow since
‘Company patie
‘ats i Chen based hosing france company (HFC), pometudby MM Anandan ad incorpore in Dace
2000, The company tage bowers ae om the lw o mi nome egrets, wih an average ket te of about
20 8-0 mn tre! gecorahes as a sain sae of Tat Na, Pusher GA of bol), Karak,
nr Pradesh ar Telangana ha focus on al and samba eae Wi rg sad on slam
customer wi ted or o douerianyeaenc fai nome, and wih lied access und tom barks and lager
HFCs conoidatd ALM at on THI was RSS 3bn wth anel worth o SE. bn. Home ane acount x 50% 0
Back whe 15% is tods house construcion, neath o pase and Be ets wads LAP/SHE
Funding history
AptushadracadReO bn fom pates Capi na Francia sion Fund 2012, Two yas ltr, the
amegronn pate equity m Mg put acura Rel bn More rect, has and USSIE2 mn man egy
‘urn cud ed by using estr Westie Capital where new names ke tea and Sequoia putapaid. PE
fins row ald 255% stake m he company which aking to tp pul mates PY22
res
Eee =
‘ a
POOLE) + Eten Fm RS
Deere
Nae Posten rote
Año Chaman EMO Anand me Misa gap ceci wh on caos ot
nen, Ma va ace Ses (197.200) and mage este 2000.
of Ondara ueno an anc,
eue eacro Mealy has 20+ js laps das pray sold wy SKS
erties, irn MS Ger eran Mon Mas Teen
nied rd Ta Baby Oj ar arche g Camper
—
Far 1 i compounded SER GRR Fr TT ar oe
eat Soo
0 ee Es ra
aa | | A 3
EEE EEE een mom oo **
Bear a En
Sao Cap at ne Copy
Francia Asis Gupta art ce
Reason fr Incusins Van <USB bn but ong gow since
‘Company patie
‘ats i Chen based hosing france company (HFC), pometudby MM Anandan ad incorpore in Dace
2000, The company tage bowers ae om the lw o mi nome egrets, wih an average ket te of about
20 8-0 mn tre! gecorahes as a sain sae of Tat Na, Pusher GA of bol), Karak,
nr Pradesh ar Telangana ha focus on al and samba eae Wi rg sad on slam
customer wi ted or o douerianyeaenc fai nome, and wih lied access und tom barks and lager
HFCs conoidatd ALM at on THI was RSS 3bn wth anel worth o SE. bn. Home ane acount x 50% 0
Back whe 15% is tods house construcion, neath o pase and Be ets wads LAP/SHE
Funding history
AptushadracadReO bn fom pates Capi na Francia sion Fund 2012, Two yas ltr, the
amegronn pate equity m Mg put acura Rel bn More rect, has and USSIE2 mn man egy
‘urn cud ed by using estr Westie Capital where new names ke tea and Sequoia putapaid. PE
fins row ald 255% stake m he company which aking to tp pul mates PY22
res
Eee =
‘ a
POOLE) + Eten Fm RS
Deere
Nae Posten rote
Año Chaman EMO Anand me Misa gap ceci wh on caos ot
nen, Ma va ace Ses (197.200) and mage este 2000.
of Ondara ueno an anc,
eue eacro Mealy has 20+ js laps das pray sold wy SKS
erties, irn MS Ger eran Mon Mas Teen
nied rd Ta Baby Oj ar arche g Camper
—
Far 1 i compounded SER GRR Fr TT ar oe
eat Soo
0 ee Es ra
aa | | A 3
EEE EEE een mom oo **
Bear a En
Sao Cap at ne Copy
Atria Convergence Technologies
bes Vana i, Vial Sch
Reason fr inclusion Val USS! bn at las rept EBITDA and ty average EV/EBITO mle
‘Compan rete
‘ia Comaigance Tectndoges (ACT) home boadhandopart operating in 19 is andhas a customs bate ot
8 or Re amonget he gest nn back fed broadband operates a lada han -8% maña share Asher
broadband subsea bate has grow a 14% CAGR ovr e lat ve par, Adna, a company alo groves tal
cable TV tots subsurbrs Is eves, EBITDA an prof hae gim at 105%, 11% and 12% CAGR ovr uo peas
irn,
Funding hise
ta Cirergence Tetras rs USIEOO nin 2016 ande may ond (50%) y Tos Net and TA Arcos
Figure 108 Funding History
‘xn Fonded in 2018
o 88
PROB 1 202203 204208 06 20720 200 AI AI 2012 019 Ue DI 216 a7 2182019 20
ASA Eh Vaan US A
‘Management profes
tame Posen Profle
Sand ja Fora aná Decir Habas om 17 je of espana inte radica ner and od à
chars Sgen ogro tom Bauer men
a als co ra ACT, al ered on 17 ya a Ur rd HUL os
‘pda gp non it sc md secs, He ae
teenth ACT 12 ya
Sarah Majes COO Ne Moto monde aha fang m ACT Preto ACT, has
ot PES and Toa So ton oa ts stat MI Ho an
Parque and Calta vi ad pl a ton MBA ges on
Mit Sr Seen
Save Congr ds
Figure 108 ACT heme broadband Subscribers have Figure 110 ACT epeted -Rs6 bn EBITDA ln FYT@
‘ron a 18% CAR over ls ve yours and had 8% (ED)
marketshare m os
Broadband subs (rn) ]
CE
bes Vana i, Vial Sch
Reason fr inclusion Val USS! bn at las rept EBITDA and ty average EV/EBITO mle
‘Compan rete
‘ia Comaigance Tectndoges (ACT) home boadhandopart operating in 19 is andhas a customs bate ot
8 or Re amonget he gest nn back fed broadband operates a lada han -8% maña share Asher
broadband subsea bate has grow a 14% CAGR ovr e lat ve par, Adna, a company alo groves tal
cable TV tots subsurbrs Is eves, EBITDA an prof hae gim at 105%, 11% and 12% CAGR ovr uo peas
irn,
Funding hise
ta Cirergence Tetras rs USIEOO nin 2016 ande may ond (50%) y Tos Net and TA Arcos
Figure 108 Funding History
‘xn Fonded in 2018
o 88
PROB 1 202203 204208 06 20720 200 AI AI 2012 019 Ue DI 216 a7 2182019 20
ASA Eh Vaan US A
‘Management profes
tame Posen Profle
Sand ja Fora aná Decir Habas om 17 je of espana inte radica ner and od à
chars Sgen ogro tom Bauer men
a als co ra ACT, al ered on 17 ya a Ur rd HUL os
‘pda gp non it sc md secs, He ae
teenth ACT 12 ya
Sarah Majes COO Ne Moto monde aha fang m ACT Preto ACT, has
ot PES and Toa So ton oa ts stat MI Ho an
Parque and Calta vi ad pl a ton MBA ges on
Mit Sr Seen
Save Congr ds
Figure 108 ACT heme broadband Subscribers have Figure 110 ACT epeted -Rs6 bn EBITDA ln FYT@
‘ron a 18% CAR over ls ve yours and had 8% (ED)
marketshare m os
Broadband subs (rn) ]
CE
Bharat Biotech
Hate Babar haga Satan
Reason fr inclusion: Van USBI bn but tong gro ne COVID-I9
Company patie
Fundo 1996 by Kitna Eta, Era Beech Lt is n Ian technology company engagedin du decoy, ug
devoran, acera marlaching. be harapautcs,phamaceutals ard eal pet A dns 00% os trees
fem he vane sub set and has igh produ ncnraen with -E5 of russ asrung hm talus,
"ya ceja and ra pal acc. was ae of heist compas I dep vacas fr Chkungunyaand Za
ees lo delepad nda Rat neos COVID-19 acca, hich wa ganad emergency se aeration by DURE
Canoe Genel o Pa, Catal Ore Stared Cartel Organen Sousa of aa) in 2021
Funding history
“The frm has raced funding wor -USS1A mn so fin tho fom fants and een by rate equity estors— IC
Vero, Saca Ventures and neatora Finance Capa.
Figure
Founded in 1098 mess u,
ñ = mo
A En o en 2)
Management profes
Name. Posten ratte
[5 Chandlers Da aeg can
Beer ere on Uy ra Sc
RS a fa RES te y PO on Uy
Were Madre Ho so a arcos y a aed Urey
Soi Cri Cun
Sión Da rt Mage Dr Sa Baco or Bart ch. Sas apar tons pra
arcs mag ner Gent Sat a Bd ers
re m eto a antun aan ne
‘Sept om UCU Made, ona leide aunar ton ry
DER Cara eps gnats deman pelan on LSA, Ay
Sa Capa ts
Figure 112 Stable revenue growth prof of Bh
Bote.
Faure 113th steady improverentin margin pre
10 os
am =
um a
am 1 | m
Sora ms me rar me me ™ Fra pas eo ern ee ems
nm N gout 096) et © PAT ma PUS)
Hate Babar haga Satan
Reason fr inclusion: Van USBI bn but tong gro ne COVID-I9
Company patie
Fundo 1996 by Kitna Eta, Era Beech Lt is n Ian technology company engagedin du decoy, ug
devoran, acera marlaching. be harapautcs,phamaceutals ard eal pet A dns 00% os trees
fem he vane sub set and has igh produ ncnraen with -E5 of russ asrung hm talus,
"ya ceja and ra pal acc. was ae of heist compas I dep vacas fr Chkungunyaand Za
ees lo delepad nda Rat neos COVID-19 acca, hich wa ganad emergency se aeration by DURE
Canoe Genel o Pa, Catal Ore Stared Cartel Organen Sousa of aa) in 2021
Funding history
“The frm has raced funding wor -USS1A mn so fin tho fom fants and een by rate equity estors— IC
Vero, Saca Ventures and neatora Finance Capa.
Figure
Founded in 1098 mess u,
ñ = mo
A En o en 2)
Management profes
Name. Posten ratte
[5 Chandlers Da aeg can
Beer ere on Uy ra Sc
RS a fa RES te y PO on Uy
Were Madre Ho so a arcos y a aed Urey
Soi Cri Cun
Sión Da rt Mage Dr Sa Baco or Bart ch. Sas apar tons pra
arcs mag ner Gent Sat a Bd ers
re m eto a antun aan ne
‘Sept om UCU Made, ona leide aunar ton ry
DER Cara eps gnats deman pelan on LSA, Ay
Sa Capa ts
Figure 112 Stable revenue growth prof of Bh
Bote.
Faure 113th steady improverentin margin pre
10 os
am =
um a
am 1 | m
Sora ms me rar me me ™ Fra pas eo ern ee ems
nm N gout 096) et © PAT ma PUS)
BharatPe
Francie Asi Gupta, rasch
Reason for inclusion: Vaio <USS bn, bt song gow sce
‘Compan rete
Fade in 2018, BhartP enables UP-based payment acceptance fr merharts tough an er operable OR cade
vis UPI payment agp gas. bun Bee yas, has ortouted „mn marchar and processes USS1 à bn of
Payment array. Whit has acu SME marchant by bang alow xs payments sere pouder, is monsisaon
Teste on advancing ca omrcant onthe back of Tarzan ata paar wi bai and NECE. adacas
Short dzatonunsecued wan capta ard busines ans fo wp to RS Tin has expanded sucre lyaly cards
{er merchans trece ouster tin ad as als lurched POS terminal curd aceptara
Funding hit
Brara as rad a otal -USSOSO me dao and save at USEGOO mn. Rt Cap, tech Capa, gt
Pres, Coatve Management and Ampl ae the ay nests Bra,
Figure 116 Funding hito
¿co Foandedin 2018
1000301 0022008 208200820 20072008200 21020112012 2018 201201 2016 207 2018 2019 20002021
a
a ro
ares
= mn ne
Moe Cuisine Neger ehren di
Be
anta har ae
ne
Sure euren MAR
men
Fe mann Tan m
he La
, a
‘ =
= =
om = =
as = =
Saca Compay a Sore Compa dés
Francie Asi Gupta, rasch
Reason for inclusion: Vaio <USS bn, bt song gow sce
‘Compan rete
Fade in 2018, BhartP enables UP-based payment acceptance fr merharts tough an er operable OR cade
vis UPI payment agp gas. bun Bee yas, has ortouted „mn marchar and processes USS1 à bn of
Payment array. Whit has acu SME marchant by bang alow xs payments sere pouder, is monsisaon
Teste on advancing ca omrcant onthe back of Tarzan ata paar wi bai and NECE. adacas
Short dzatonunsecued wan capta ard busines ans fo wp to RS Tin has expanded sucre lyaly cards
{er merchans trece ouster tin ad as als lurched POS terminal curd aceptara
Funding hit
Brara as rad a otal -USSOSO me dao and save at USEGOO mn. Rt Cap, tech Capa, gt
Pres, Coatve Management and Ampl ae the ay nests Bra,
Figure 116 Funding hito
¿co Foandedin 2018
1000301 0022008 208200820 20072008200 21020112012 2018 201201 2016 207 2018 2019 20002021
a
a ro
ares
= mn ne
Moe Cuisine Neger ehren di
Be
anta har ae
ne
Sure euren MAR
men
Fe mann Tan m
he La
, a
‘ =
= =
om = =
as = =
Saca Compay a Sore Compa dés
Bhilosa Industries Pvt Ltd
Testes ann An. Kos Sarita
Reason for inclusion: aha >USEI baat oped EBITDA and ty average EV/EBIDA mie
‘Company patie
Eos nds Pate inte (PL) i promoted by M Rameshchunda T Jan (CMO) in 1988 adit started operations
161990 nthe nam ofBhosaTer-N-Tet Pat LAS Subsaqueny, the name ra company was charged to Else
Irdusties Pvaa Limited on 2 Fan 2007. Over th eas, tough cocos backward and Tomar apaay
‘ance, EPL has omarge as neo the deg tegrated players n e pester Haart am (PY) nain ba.
Tots arange of products such as pyser touts ar (PTV), partly sete yam (FOV), ay dawn yam OY),
Kate abies (CF) et. The company has marc fs located n Shas nthe Urin Teto) (U) of Dada
and Naga Hav
Management profes
Name Peston prole
Rana Chatman ZO Rae Jo bbs md ft rtorras has rios
Grass ct esperan e pes Hama yan PV noto
Seip Jan cco ‘Seep a sno ames an as einer y
(chen andra eters win asteminng lic) ashen
io crim adi tse ga doa te aan on
ars op nt e cae pedo ct
Rama dan Ont map tn Pares Jn hs ret aña PY
ray
San Corp a CAE Rat,
Figure 117 Elsa revenue gen LAON I FVIO due Figure 11: Bosa as been ring EBITDA margin of
te capacty pansion 121% over PYI719 pated
earn tts) — Rene ger nen —est Amen
Testes ann An. Kos Sarita
Reason for inclusion: aha >USEI baat oped EBITDA and ty average EV/EBIDA mie
‘Company patie
Eos nds Pate inte (PL) i promoted by M Rameshchunda T Jan (CMO) in 1988 adit started operations
161990 nthe nam ofBhosaTer-N-Tet Pat LAS Subsaqueny, the name ra company was charged to Else
Irdusties Pvaa Limited on 2 Fan 2007. Over th eas, tough cocos backward and Tomar apaay
‘ance, EPL has omarge as neo the deg tegrated players n e pester Haart am (PY) nain ba.
Tots arange of products such as pyser touts ar (PTV), partly sete yam (FOV), ay dawn yam OY),
Kate abies (CF) et. The company has marc fs located n Shas nthe Urin Teto) (U) of Dada
and Naga Hav
Management profes
Name Peston prole
Rana Chatman ZO Rae Jo bbs md ft rtorras has rios
Grass ct esperan e pes Hama yan PV noto
Seip Jan cco ‘Seep a sno ames an as einer y
(chen andra eters win asteminng lic) ashen
io crim adi tse ga doa te aan on
ars op nt e cae pedo ct
Rama dan Ont map tn Pares Jn hs ret aña PY
ray
San Corp a CAE Rat,
Figure 117 Elsa revenue gen LAON I FVIO due Figure 11: Bosa as been ring EBITDA margin of
te capacty pansion 121% over PYI719 pated
earn tts) — Rene ger nen —est Amen
Bigtree Entertainment (BookMyShow)
Ecommerce Vara Aja Ka Sanaa
Reason for inclusion: Von <USS bn, bt song gro ca
‘Compan proa
9 Tes Entrar PA Lie an nine movi and antetnmant hating Company is engaged in routing
cangrehensve cating, man, and ans sans. as rudes amas ard ever organisers, as mel as
armes, a completo ange of sans ough call cates ema keg, ick and a mebte dc aio
peas under the brand names Renta, Wt be, Cl Carte and Vta. Tha fm ouns and operates an ola ket
cing plato, Bosknyshow com, The company was founded 199 n Mamba
Funding hise
Bages has als tot of USS226 min date and was alud a USS2SO rain lat end of rg in 2019, Kha
boon hay Natwak18 Meda vestments, Aca Id, Web Hoärgs, Barato Capta da, Stipes Group and
TES Grom,
Figure VIS inthe Series funding In 2018 ire was valued at US$HO0 m
co Frundedin 1909
cor 10
- sen ston =
- Aa =
o à à o
20a a at HT
mem
ES pu ate
‘aap fan kin i tl oe y
Sen
mat fn ep li ee Sn at
Dina ein tare cents
E na apo ra
oa
ae cm on
RA A
ioe
= en Eng te
ne tem =
“all 2 HH:
A a un om CRECEN
Sac Cab, Ct Ste Sar Sat Cto
Ecommerce Vara Aja Ka Sanaa
Reason for inclusion: Von <USS bn, bt song gro ca
‘Compan proa
9 Tes Entrar PA Lie an nine movi and antetnmant hating Company is engaged in routing
cangrehensve cating, man, and ans sans. as rudes amas ard ever organisers, as mel as
armes, a completo ange of sans ough call cates ema keg, ick and a mebte dc aio
peas under the brand names Renta, Wt be, Cl Carte and Vta. Tha fm ouns and operates an ola ket
cing plato, Bosknyshow com, The company was founded 199 n Mamba
Funding hise
Bages has als tot of USS226 min date and was alud a USS2SO rain lat end of rg in 2019, Kha
boon hay Natwak18 Meda vestments, Aca Id, Web Hoärgs, Barato Capta da, Stipes Group and
TES Grom,
Figure VIS inthe Series funding In 2018 ire was valued at US$HO0 m
co Frundedin 1909
cor 10
- sen ston =
- Aa =
o à à o
20a a at HT
mem
ES pu ate
‘aap fan kin i tl oe y
Sen
mat fn ep li ee Sn at
Dina ein tare cents
E na apo ra
oa
ae cm on
RA A
ioe
= en Eng te
ne tem =
“all 2 HH:
A a un om CRECEN
Sac Cab, Ct Ste Sar Sat Cto
Bill Desk
Francia Asi pa Via Shan
Reason fr inclusion: Resin udn rund at sata US$ bo
‘Company rate
Freundin 2000, B Dass the lading parent gatenayin hia, processing US$SO bn of paynartsaeualy Ove the
past wo decades, has bul tps with 100+ gh lune dou, oa goremment bodies, teen, surance
eerpares, ar MF 2016, EN Desk acquted Loy Reward, all tard management sain provide to
tages, Toug Bl Des has bust „80% rahe hae nei card amar poet management in oa.
Funding history
El Desk has aed total of USS2E5 we at ands veda USBI bn, Genaral Aart, TA Assodates,Temassh,
Véa ae fe ky restora BA Des.
Four 122 Funding hito
soo Founded in 2000
= N = 220
w va
o A o
EU tm (A
Sa Copy ts
Management profies
Name. Posten ratte
ior MN Cond ACEO Sirhasuha a PSOM on IM Anbar funn Bl Ds. Vasu
‘ered wh TC itd run een
Ay Kush Cond acte He gadntadn decreas engnerng ken I Masa cometa his PED
‘om Loros, Prax to sing up Bi Oath, a wx wt Sl Capt
Milas ander Boden
Sa Capa ts
Figure 125: Perm gateway constutes wothrds of Figure 124 Bl Desk financials
1 revenu
mmo tout
eee D a Ota ted me)
to trago
Pr ES a”
Eee 2 u
no pr % mm ca oo
oom ==
en Pen
Francia Asi pa Via Shan
Reason fr inclusion: Resin udn rund at sata US$ bo
‘Company rate
Freundin 2000, B Dass the lading parent gatenayin hia, processing US$SO bn of paynartsaeualy Ove the
past wo decades, has bul tps with 100+ gh lune dou, oa goremment bodies, teen, surance
eerpares, ar MF 2016, EN Desk acquted Loy Reward, all tard management sain provide to
tages, Toug Bl Des has bust „80% rahe hae nei card amar poet management in oa.
Funding history
El Desk has aed total of USS2E5 we at ands veda USBI bn, Genaral Aart, TA Assodates,Temassh,
Véa ae fe ky restora BA Des.
Four 122 Funding hito
soo Founded in 2000
= N = 220
w va
o A o
EU tm (A
Sa Copy ts
Management profies
Name. Posten ratte
ior MN Cond ACEO Sirhasuha a PSOM on IM Anbar funn Bl Ds. Vasu
‘ered wh TC itd run een
Ay Kush Cond acte He gadntadn decreas engnerng ken I Masa cometa his PED
‘om Loros, Prax to sing up Bi Oath, a wx wt Sl Capt
Milas ander Boden
Sa Capa ts
Figure 125: Perm gateway constutes wothrds of Figure 124 Bl Desk financials
1 revenu
mmo tout
eee D a Ota ted me)
to trago
Pr ES a”
Eee 2 u
no pr % mm ca oo
oom ==
en Pen
BrainBees Solution (FirstCry)
erat arab Mia, Prat Ranger
Reason fo inclusion acer ung runa vation USS! bn
‘Compan rete
anaes oline Pa Li one and operates an orina «-commare pc, Fst om. as product in categories
Such as dio and aho, tj, Docks and compact disk (CD), chos sppes, thy paty Supl, baby apa,
feas and nrsng, bah and inca, ha and safe, baby gear, user mom ar male, and is. Te company
vas ona 2010 andi based Pune, Maharastra
Funding history
FretCy ha rada tota o USESOD ma at and was valued at US$. nin 2019, ha ben funded by Baton
Capa Varex,SoRBark, Chato Vorizes, Mahinda Paras, Shodet Adkeq Managment, Ratan Tala aora oes.
Figure 125 Grandes was valu a SSL Dn 2010
= Ba I
> sen ci 6 =
° Ser A °
Fang USE) Em Vi QS mR
iste ate
= vast na
James ha Foner dt Re NT Fan oc Po
ae
A A Stal D ya DOES
‘anor A
—
Faure 16 Sus tv own a CAG em ar Caliah ben cig
Set A
us a e
om ~
= = *
= Pr
| = 8 A
rer Teer era BIS ET HD.
lim) Gros Yor (RH ———
Sat Cong it Cit Site Sore Copa i Cit Ste
erat arab Mia, Prat Ranger
Reason fo inclusion acer ung runa vation USS! bn
‘Compan rete
anaes oline Pa Li one and operates an orina «-commare pc, Fst om. as product in categories
Such as dio and aho, tj, Docks and compact disk (CD), chos sppes, thy paty Supl, baby apa,
feas and nrsng, bah and inca, ha and safe, baby gear, user mom ar male, and is. Te company
vas ona 2010 andi based Pune, Maharastra
Funding history
FretCy ha rada tota o USESOD ma at and was valued at US$. nin 2019, ha ben funded by Baton
Capa Varex,SoRBark, Chato Vorizes, Mahinda Paras, Shodet Adkeq Managment, Ratan Tala aora oes.
Figure 125 Grandes was valu a SSL Dn 2010
= Ba I
> sen ci 6 =
° Ser A °
Fang USE) Em Vi QS mR
iste ate
= vast na
James ha Foner dt Re NT Fan oc Po
ae
A A Stal D ya DOES
‘anor A
—
Faure 16 Sus tv own a CAG em ar Caliah ben cig
Set A
us a e
om ~
= = *
= Pr
| = 8 A
rer Teer era BIS ET HD.
lim) Gros Yor (RH ———
Sat Cong it Cit Site Sore Copa i Cit Ste
BrowerStack
sus ann An. Kos Sarita
Reason for inclusion: Lat tring cud aa vauaton USE br, a tong business goat snc then
‘Compan patie
Faundadin 201, in Mara, Ets Std he indy eng co web and mob testing pat aris eld
pen by developers ass the globe. is el Tr dealers o arre at software eof bags and age to deplyin.
det dar aah qua product and ser exprnce To sare Is nod, Browser Sad, nales dewopers ost
as and ab appear across Massa of eal bie dee, bowser and opera seen. rowseStck
Pas bean boaltapped since Rs inception, aná bulla gba customer base pinay de fo devcpars'wor-ofmadh
Funding history
BrwserStck ated ata finde o the rt mein 2018 fem Anl Paras. The ound alte the company at
5800-800.
Four 128 Funding Hato
we Swi A etme 000
e so
200 001208 00 204200 208207 2000 208 2010 21 20182132014 DIS 2 DI 2182019 2
A + US me, D
Management profes
Name. Posten ratte
Phen Cota RCD Rah nd Nal Hap degre who whe sag
Compt scans a Bana, Porto Brown adh, cotas
Sun (rl a A pora otr ga) Osea rth ep
Ente aaa tnd one eg
company a er
Nm CofandECTO Pto Aroa rd Nl Agr il ren who me whe sing
‘amp nen sl Sant. Pro Bewer hy cote
‘Soak rf haft poned tr ea) aria (ne tp
8000 water y bal getty a no) aná Doncs aan
compr wth der)
Sa Cap ts
Figure 128 Operating matics
Metie ‘Comments
see Bota do 0 mn ets pr moh an owe uma 1 hora omar 2000 0 ces
Dr Bor seras recargar (AR) vs US mn at nd ton, ich ns
15 20m in spa lu as Canty APRs USED m.
Comer Bota as wal ov 25000 npg stone, hon rs lugo ers, ding
Mies, Tuta, Vator Bac Gp, TO Amato Linn Parc mjor an You) poh,
(eogrphieand Yuan 185 caminos, ma thal Br tans we td Neth
senal conentaton Arca
Sau Cony a Cs use
sus ann An. Kos Sarita
Reason for inclusion: Lat tring cud aa vauaton USE br, a tong business goat snc then
‘Compan patie
Faundadin 201, in Mara, Ets Std he indy eng co web and mob testing pat aris eld
pen by developers ass the globe. is el Tr dealers o arre at software eof bags and age to deplyin.
det dar aah qua product and ser exprnce To sare Is nod, Browser Sad, nales dewopers ost
as and ab appear across Massa of eal bie dee, bowser and opera seen. rowseStck
Pas bean boaltapped since Rs inception, aná bulla gba customer base pinay de fo devcpars'wor-ofmadh
Funding history
BrwserStck ated ata finde o the rt mein 2018 fem Anl Paras. The ound alte the company at
5800-800.
Four 128 Funding Hato
we Swi A etme 000
e so
200 001208 00 204200 208207 2000 208 2010 21 20182132014 DIS 2 DI 2182019 2
A + US me, D
Management profes
Name. Posten ratte
Phen Cota RCD Rah nd Nal Hap degre who whe sag
Compt scans a Bana, Porto Brown adh, cotas
Sun (rl a A pora otr ga) Osea rth ep
Ente aaa tnd one eg
company a er
Nm CofandECTO Pto Aroa rd Nl Agr il ren who me whe sing
‘amp nen sl Sant. Pro Bewer hy cote
‘Soak rf haft poned tr ea) aria (ne tp
8000 water y bal getty a no) aná Doncs aan
compr wth der)
Sa Cap ts
Figure 128 Operating matics
Metie ‘Comments
see Bota do 0 mn ets pr moh an owe uma 1 hora omar 2000 0 ces
Dr Bor seras recargar (AR) vs US mn at nd ton, ich ns
15 20m in spa lu as Canty APRs USED m.
Comer Bota as wal ov 25000 npg stone, hon rs lugo ers, ding
Mies, Tuta, Vator Bac Gp, TO Amato Linn Parc mjor an You) poh,
(eogrphieand Yuan 185 caminos, ma thal Br tans we td Neth
senal conentaton Arca
Sau Cony a Cs use
Bundl Technologies (Swiggy)
FoosTech Vara Anja Ka Sanaa
Reason fr inclusion acer ung und at vation USS! bo
‘Compan profi,
Bund Technloges Pirate Lind, doing busass as Swigy, ia ni ad pra, farine oo ring and
(ey son tom resturais nearby. Sig’ ausm cds ae placed trough is website and able
Aplcalon Ras a eet ol dlr personne pick up ters kam restaurants ad dave hero customers. The
‘mary was uds in 2016 ande basadın Bangak, Kamat
Funding history
Sry has read tal of ISSN. bn date and wae valved at USA bn slat ound of dng in May 2020.
as ben fur by Pos, OST Gba, Bean Capt, encart, Nass, House Capt, Newest and coal Inda,
among obs
Figure 130 Ine latest ound, Swiggy hs sed US$TSO mn a a valuation of USSI.65 be
soo Foundedin 2016 seer RE an
be Sins E Poms al
ps ra vo
ss RE
Zea mo
e te 8 9
Fees
the esiton rote
‘Sisley FundäCEO Suhl congo Sh fon BTS Pa, eddy WBA
Sora arate trary net re
Sr
Rs Fond ir ain Wan gs al ad a
pm De te anit tre ene, nn
Er
case Co
TE TETE) Four a Cotteincome ae hasbeen desig
He
non mm I
ri u um Ha A |
Sar Company Cd ne Sas Copy it Ct Sie
FoosTech Vara Anja Ka Sanaa
Reason fr inclusion acer ung und at vation USS! bo
‘Compan profi,
Bund Technloges Pirate Lind, doing busass as Swigy, ia ni ad pra, farine oo ring and
(ey son tom resturais nearby. Sig’ ausm cds ae placed trough is website and able
Aplcalon Ras a eet ol dlr personne pick up ters kam restaurants ad dave hero customers. The
‘mary was uds in 2016 ande basadın Bangak, Kamat
Funding history
Sry has read tal of ISSN. bn date and wae valved at USA bn slat ound of dng in May 2020.
as ben fur by Pos, OST Gba, Bean Capt, encart, Nass, House Capt, Newest and coal Inda,
among obs
Figure 130 Ine latest ound, Swiggy hs sed US$TSO mn a a valuation of USSI.65 be
soo Foundedin 2016 seer RE an
be Sins E Poms al
ps ra vo
ss RE
Zea mo
e te 8 9
Fees
the esiton rote
‘Sisley FundäCEO Suhl congo Sh fon BTS Pa, eddy WBA
Sora arate trary net re
Sr
Rs Fond ir ain Wan gs al ad a
pm De te anit tre ene, nn
Er
case Co
TE TETE) Four a Cotteincome ae hasbeen desig
He
non mm I
ri u um Ha A |
Sar Company Cd ne Sas Copy it Ct Sie
CarDekho (Girnarsoft Automobiles Pvt
Ltd)
de Sayan Tk, Gata Bhat
Reason fr Incusins Van <USB bn but ong gow since
‘Compan patie
CarDaho a ptr wich has wader lso un users can upload th cae or sal, and fd used caer
bing fom nde and used ea dar Im ade, thas atomos con such ae eu, spacetone, ee,
te The company as alo and o Souheat Bea and URE wih Zune and Oo com, AdStenaly, Rie drag
ft the cr nano Space wth noacede com
Funding history
Car Daho has aed calas fig of US$250 mo fa. ls astound of adri, twas and at ovr
USS650 me, Segunda, Ycua Catal, ious Cap, Aghabat grow stm am Capital and is Bark
ae atom.
Era]
20 Founded in 2008 Sn Heure Cap Autora 9)
Donner
1 Seca et + =
2 os i”
skeen) Ea Um RH
Hiper proies
tame eaten rte
mio Colada wd Cia Am Jon gate on Re 166 hands ven US o
Ent Of ar a ay ste cmo as ora ty CD arg
rs
ETS CE NS mg an OL gan en DR TE Sr
5 edge 1d hg lor co londng Cade hon 007
Cr
Figure 194 Revenue CAGR TAN Rom PYTEZO Figure 195 Inden Cah ve Cart roves
a mm m
omo Pe
aro Pe
an com 20
o wf os
en ern custo ‘oat
Sao Ot Sauce Das, acer
Ltd)
de Sayan Tk, Gata Bhat
Reason fr Incusins Van <USB bn but ong gow since
‘Compan patie
CarDaho a ptr wich has wader lso un users can upload th cae or sal, and fd used caer
bing fom nde and used ea dar Im ade, thas atomos con such ae eu, spacetone, ee,
te The company as alo and o Souheat Bea and URE wih Zune and Oo com, AdStenaly, Rie drag
ft the cr nano Space wth noacede com
Funding history
Car Daho has aed calas fig of US$250 mo fa. ls astound of adri, twas and at ovr
USS650 me, Segunda, Ycua Catal, ious Cap, Aghabat grow stm am Capital and is Bark
ae atom.
Era]
20 Founded in 2008 Sn Heure Cap Autora 9)
Donner
1 Seca et + =
2 os i”
skeen) Ea Um RH
Hiper proies
tame eaten rte
mio Colada wd Cia Am Jon gate on Re 166 hands ven US o
Ent Of ar a ay ste cmo as ora ty CD arg
rs
ETS CE NS mg an OL gan en DR TE Sr
5 edge 1d hg lor co londng Cade hon 007
Cr
Figure 194 Revenue CAGR TAN Rom PYTEZO Figure 195 Inden Cah ve Cart roves
a mm m
omo Pe
aro Pe
an com 20
o wf os
en ern custo ‘oat
Sao Ot Sauce Das, acer
Cars24
Ecommerce Sayan Tah, Gaia Bart
Reason fr inclusion cent ung ound at alton SUSI bo
‘Compan proa
Cars nats largest pat fr buf and st of used cars, Founded in 215, row as a presence across 166
asin na. Une a mafaplce model flows a sonar busess model whee uy ved es Hom nds
(& dass and at hen oar ns or dears, lances many load tte copay, A pronde ts
toners may and oir bug and alg eras.
Funding history
Cars hs rad acumula tal of -US$3O4 mn o fr aso USS2OD rn at vation o US$ is astro
ng han Now 2020
mater
ee a
2 le
ES =e E
coco |
EA
nn
ee
= ma oe
Menge fear ee Oop Ag eats
(3 F Fon rotos anar srs, bas weed as
man aa al Seg nds and a Melo) ano.
Motul gt gp Ot Cpe a 209 gon on Ca ame om Fb
uned. Pro ths, ba eds à conta wth Berton Coming Gro.
Saree Congr ds
Faute 197 Revenue CAGR of 183% over FV1620 Figur 138: Losses as ¥ of als downto 9% In FY20
eo mu ”
on ee os
mom mes a0 or
rome CR ES
e — = m sor
CIMA pagent me_me em
een rss er Fremen a
Ecommerce Sayan Tah, Gaia Bart
Reason fr inclusion cent ung ound at alton SUSI bo
‘Compan proa
Cars nats largest pat fr buf and st of used cars, Founded in 215, row as a presence across 166
asin na. Une a mafaplce model flows a sonar busess model whee uy ved es Hom nds
(& dass and at hen oar ns or dears, lances many load tte copay, A pronde ts
toners may and oir bug and alg eras.
Funding history
Cars hs rad acumula tal of -US$3O4 mn o fr aso USS2OD rn at vation o US$ is astro
ng han Now 2020
mater
ee a
2 le
ES =e E
coco |
EA
nn
ee
= ma oe
Menge fear ee Oop Ag eats
(3 F Fon rotos anar srs, bas weed as
man aa al Seg nds and a Melo) ano.
Motul gt gp Ot Cpe a 209 gon on Ca ame om Fb
uned. Pro ths, ba eds à conta wth Berton Coming Gro.
Saree Congr ds
Faute 197 Revenue CAGR of 183% over FV1620 Figur 138: Losses as ¥ of als downto 9% In FY20
eo mu ”
on ee os
mom mes a0 or
rome CR ES
e — = m sor
CIMA pagent me_me em
een rss er Fremen a
Chargebee
sus ann An. Kos Sarita
Reason fr inclusion: Resin rng rund at alton SUSE! bo
Company patie
Faundadin 2010 n Chana, Chagehes has busnesses mari nthe US ad Esopo -manage subscriptions indus
ing, mg, tres and payment melde prouds analytics aswel Whle managing subsorpters sounds paty
Saghtonard, Chagas clams is sles we sat pei, company space and beyond jus il, can pla
Fasa leakage, tease user oa, erand ro new categotis wi the Bachan rad, ar exparman ih ng
Pans iredusog adv am qui.
Funding history
Aspar mada pr (Moraycrtro, Chargabee wi race -USSIEO mn a a aluato o USE Abn. The ound wl ay
be by a es US-based nestor, vi existing backers Tiger Got Management, Sea Capital and Inst Parnas
bing don on ei bet
Fae ong
Fendi ans Le erent,
= ET
o . cum region]
E nme
Borer dá
Ñ mens re ES
etm RS
dans née
ip
tone Potton mote
Ha Sn Cote ECE Sensi gin on er ir ar
E RE
=
Wien Cdt Pence Ogi Sem ng ac
tng Spe, So a
fies Coin nd gins pant og waa
enna Opler tee eye
En Gin Rew cee Ngan Yd hig si
‘monde Care Coal Zo free ye
Sas Cary ta Cit Sine
Figure 140 Operating meines
Mie ‘Comments
Revenue (Cage curry sar cing o (AR of hat USO mn
Chere le ter Fels, Cased ad Fi
Seow ott Cheon rng 15000 tomes nv corr Ah Cham om
Se OS 3% fem Ep db vn on Asa Poke
Competitors Chasse’ mae comparo ce ar, Zu Cry and ia Sos
Sov Corny lt ie
sus ann An. Kos Sarita
Reason fr inclusion: Resin rng rund at alton SUSE! bo
Company patie
Faundadin 2010 n Chana, Chagehes has busnesses mari nthe US ad Esopo -manage subscriptions indus
ing, mg, tres and payment melde prouds analytics aswel Whle managing subsorpters sounds paty
Saghtonard, Chagas clams is sles we sat pei, company space and beyond jus il, can pla
Fasa leakage, tease user oa, erand ro new categotis wi the Bachan rad, ar exparman ih ng
Pans iredusog adv am qui.
Funding history
Aspar mada pr (Moraycrtro, Chargabee wi race -USSIEO mn a a aluato o USE Abn. The ound wl ay
be by a es US-based nestor, vi existing backers Tiger Got Management, Sea Capital and Inst Parnas
bing don on ei bet
Fae ong
Fendi ans Le erent,
= ET
o . cum region]
E nme
Borer dá
Ñ mens re ES
etm RS
dans née
ip
tone Potton mote
Ha Sn Cote ECE Sensi gin on er ir ar
E RE
=
Wien Cdt Pence Ogi Sem ng ac
tng Spe, So a
fies Coin nd gins pant og waa
enna Opler tee eye
En Gin Rew cee Ngan Yd hig si
‘monde Care Coal Zo free ye
Sas Cary ta Cit Sine
Figure 140 Operating meines
Mie ‘Comments
Revenue (Cage curry sar cing o (AR of hat USO mn
Chere le ter Fels, Cased ad Fi
Seow ott Cheon rng 15000 tomes nv corr Ah Cham om
Se OS 3% fem Ep db vn on Asa Poke
Competitors Chasse’ mae comparo ce ar, Zu Cry and ia Sos
Sov Corny lt ie
CitiusTech
Sus Vara Aja Ka Sanaa
Reason fo inclusion acer ung runa vation USS! bn
Coman rote
Founded in 2005 Mal, Tech ofa analy scher and acadlogy sendos o hear prods. The
company oles capables fa shed rik management, popuato heath management, andere cocinan and pos
[reine arcs tol such as re-admison management dam ans, banded parar popa ea and vaio
Based purchasing; and ffs nal, and, opetaborl ad regul poring.
Funding history
¡General Alas acguted a 30% stake in CiusTec o US$111 min 2014, Garra Atar solis stake in 2019 whan
Brg acquired 20% of Ci Tech aa USS! En alan,
Figure Hat: Funding History
Founded 2005,
vom je m
ry
RSS om) + Et to HS)
‘Management profes
tame Posten Proe
Rw ota ‘ord van Kata des CT votado bs any, Bar Och, Mr Kata
Kes” ate CED lon aras rond Ba Mac) Exar, he anar
‘nas ein & Co, wah conte orton ceo ón piro
anna pots
Dh jui Ce:Fund M Monja ep pro uly and ur fr al CT rs wis
KOO" Below Ob a colors Taie ra va reponse te gobs
prions, tance arten, coma alga,
(Wan Nolan MD Chaman D Vian Wink di he Chaman and CEO of Wehanwrdr Sages à
E sh sn donna om Hew nal andy a enge
ion.
sere Comp as
Figure 12 Clase rover re BIE CAGR Fig 15sec os comia Bee main
ran 60% Por man
ome oo ome sl | I I ws
ican res Paton ed
Sus Vara Aja Ka Sanaa
Reason fo inclusion acer ung runa vation USS! bn
Coman rote
Founded in 2005 Mal, Tech ofa analy scher and acadlogy sendos o hear prods. The
company oles capables fa shed rik management, popuato heath management, andere cocinan and pos
[reine arcs tol such as re-admison management dam ans, banded parar popa ea and vaio
Based purchasing; and ffs nal, and, opetaborl ad regul poring.
Funding history
¡General Alas acguted a 30% stake in CiusTec o US$111 min 2014, Garra Atar solis stake in 2019 whan
Brg acquired 20% of Ci Tech aa USS! En alan,
Figure Hat: Funding History
Founded 2005,
vom je m
ry
RSS om) + Et to HS)
‘Management profes
tame Posten Proe
Rw ota ‘ord van Kata des CT votado bs any, Bar Och, Mr Kata
Kes” ate CED lon aras rond Ba Mac) Exar, he anar
‘nas ein & Co, wah conte orton ceo ón piro
anna pots
Dh jui Ce:Fund M Monja ep pro uly and ur fr al CT rs wis
KOO" Below Ob a colors Taie ra va reponse te gobs
prions, tance arten, coma alga,
(Wan Nolan MD Chaman D Vian Wink di he Chaman and CEO of Wehanwrdr Sages à
E sh sn donna om Hew nal andy a enge
ion.
sere Comp as
Figure 12 Clase rover re BIE CAGR Fig 15sec os comia Bee main
ran 60% Por man
ome oo ome sl | I I ws
ican res Paton ed
CLP Wind Farms (India) Pvt Ltd
Ene Lesh Gar. Gaza iia
Reason fr inclusion: Vat >USEI alas EBITDA and ul
Company pate
Pat olaa CLP Go, wih sent y CDPO a wel, CLP entered tan ct 2002 ih he cional
Pagutan CPP, 655 M as drá pomo salon: hah, Grat CLP nda has ba a patio lr 3000 MN.
Funding history
CLP Group has invested Rs 45 o far Inda Qi). wth vestments by CORO,
Figure 144 Funding Nistor,
ag (US) + Eada USF RS)
Management profies
ame, Positon Prost
Pera Mara Mara Dios Me Mar di CUP Grip 2002 dar 20 ar pn he
po indy, oh da rater ma rd Bo arce,
Fiir rez, ca wo corr na marageners Pas Paid
‘wrote poo na Pome nity Day mero ta al
ar fer SCP Power Tala rc otro Pre nd rd
fare det of LG En Sod, Sor.
rem Bars Ong A he 19 y a CUP da Navan aha bn CO or bot
Commu Camana) yrs. Pro tj CL as hr np a Ponugen Lact
Faces RT rd irá SB Benoa Co.
Mahé Buses Onder Bale jonng CLP ha Mr Mia as marti fa rc ann
Ga ont) Ercan a's wd on prop Haha erh Artur Ann Co
‘Mant hae a wh nano aang comparas us hamac,
—
a eC
SS es
= a >
pa 5 = ra
a
= ~ E E
= - 2 5
2 nl! A a CL e
Acro o
Ene Lesh Gar. Gaza iia
Reason fr inclusion: Vat >USEI alas EBITDA and ul
Company pate
Pat olaa CLP Go, wih sent y CDPO a wel, CLP entered tan ct 2002 ih he cional
Pagutan CPP, 655 M as drá pomo salon: hah, Grat CLP nda has ba a patio lr 3000 MN.
Funding history
CLP Group has invested Rs 45 o far Inda Qi). wth vestments by CORO,
Figure 144 Funding Nistor,
ag (US) + Eada USF RS)
Management profies
ame, Positon Prost
Pera Mara Mara Dios Me Mar di CUP Grip 2002 dar 20 ar pn he
po indy, oh da rater ma rd Bo arce,
Fiir rez, ca wo corr na marageners Pas Paid
‘wrote poo na Pome nity Day mero ta al
ar fer SCP Power Tala rc otro Pre nd rd
fare det of LG En Sod, Sor.
rem Bars Ong A he 19 y a CUP da Navan aha bn CO or bot
Commu Camana) yrs. Pro tj CL as hr np a Ponugen Lact
Faces RT rd irá SB Benoa Co.
Mahé Buses Onder Bale jonng CLP ha Mr Mia as marti fa rc ann
Ga ont) Ercan a's wd on prop Haha erh Artur Ann Co
‘Mant hae a wh nano aang comparas us hamac,
—
a eC
SS es
= a >
pa 5 = ra
a
= ~ E E
= - 2 5
2 nl! A a CL e
Acro o
CureFit
Ecommerce Ab Mia, Prat Ranger
Reason fr inclusion Von <USSI bn but tng rot re cepto
Coman proa
Funda by Mia cofounder, Mash Bana, and Irma Fight cil Business ft Ai ago in 2018, Cure
red ou th gs acces Inda under hs bind name CUA ae expand lo roda hey food pone unde fe
brand ram Ext and mental Ains under nai At end ofFY2, Cust opted 180 Asse cartes under Cu,
35 cents under and and claimed to dale mor than 35,000 ras daly under EF re COVD-19. Cure
‘ining to roan is scope of buses fur, inde roces under is lei brand and add dental and skincare
‘eons o hala band, Care
Funding hise
The fm has alce finding weh -USS405 mn agoss ie funding rounds. signed Mik Roshan an nan acto, ss
‘sand umbasad fr ho yrs tring Aun 2017 na deal worth st bo. bay mentos ae oon Pare, Tee,
Kan Capital a Cheat Verses,
gure 47 Funding hito
Jon
o =:
(300 201200 208 204 006 205 007208 20 210 A NZ 2D 214 AS DIS IT 2010219 a0
ed US SS 5)
‘Management profies
ame, Posen Profle
Miah i (ofa CD und Main Bl adore ira rd sands is CE, Aa ats
WP fund Page) wen te hoped Pl en cme Lassen,
[she nen don corp een gem don Pa ran
Tage arpa Hat aro bm bordel Ops oss nop
ra
m ee
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et
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=
== ns
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SuRANBSSS Aromas
ete Dt dunes Sa Sit Pa tt pi, Sr Siri
Ecommerce Ab Mia, Prat Ranger
Reason fr inclusion Von <USSI bn but tng rot re cepto
Coman proa
Funda by Mia cofounder, Mash Bana, and Irma Fight cil Business ft Ai ago in 2018, Cure
red ou th gs acces Inda under hs bind name CUA ae expand lo roda hey food pone unde fe
brand ram Ext and mental Ains under nai At end ofFY2, Cust opted 180 Asse cartes under Cu,
35 cents under and and claimed to dale mor than 35,000 ras daly under EF re COVD-19. Cure
‘ining to roan is scope of buses fur, inde roces under is lei brand and add dental and skincare
‘eons o hala band, Care
Funding hise
The fm has alce finding weh -USS405 mn agoss ie funding rounds. signed Mik Roshan an nan acto, ss
‘sand umbasad fr ho yrs tring Aun 2017 na deal worth st bo. bay mentos ae oon Pare, Tee,
Kan Capital a Cheat Verses,
gure 47 Funding hito
Jon
o =:
(300 201200 208 204 006 205 007208 20 210 A NZ 2D 214 AS DIS IT 2010219 a0
ed US SS 5)
‘Management profies
ame, Posen Profle
Miah i (ofa CD und Main Bl adore ira rd sands is CE, Aa ats
WP fund Page) wen te hoped Pl en cme Lassen,
[she nen don corp een gem don Pa ran
Tage arpa Hat aro bm bordel Ops oss nop
ra
m ee
EE
et
—
aaa SRT
=
== ns
[UT [ll
SuRANBSSS Aromas
ete Dt dunes Sa Sit Pa tt pi, Sr Siri
Dailyhunt VerSe
tral) Vara An. Kos Sarita
Reason for inclusion: can rng rund at a ation SUSE! bo
Company patie
Faundadin 2007, in Berga, as Newshunt by as Nai employees, Ver orto Pt Lids home to mute
‘bsnesons. The parent car of he news aggregaten lala Dal frs bie appeatons ke sut
(goal language news and bois) and Pay (ater based ig ll), has ec launched a shat deo
plalom calad ec. Then, ares Geynum Technolog, which ras acu ten een llas such as Onda,
(Set. Bosh com and Careers podes to grade sons incre 20 mañas including da, Alca and
Bangladesh, o deve ofintoaton ou unsucued suplementar see ata, sho messaging serie, oo and
ss agan polaca! alo llr a dc sauna Tr opr, nich nde job sigs and euer guie,
Tea eta and propery kengs, oca ings ard mabiaased tng, mater and malena serien, dels
td actus, loca based sacs, news and locali, and mar! place
Funding history
Dalt Vere became a uscar in Dec 2020 with van of US$ baer aking mena in May-2020 at avalon
USBEEO mn, The companys bacedby Goole, Moca aná Falcon Edge s Agha Wate baton
Crete
= aa A ones Ar im =
so enge nec imo
' SS RS mus =
A End
ana pti
tano eaten Pro
Unwed cota & Lar Bd udn targa ch ra Sana) Fach nd
Pat Dr ce Ent be UD (ron En ti, mare
ES Dar o maes se ron iz
Soames She
‘Veeds Gn CAC Mees Gita I Baby ga anv i Cw
(grander ard ac cto Tao trig New em e
‘Sat fonder andi Onis Vase
Une Han Colon & rep CTO. Ba bs, Mar maragall, ten a igh Mb,
sing ed doings prt padting ston aná pda
cano. nie ve a Ta adhe des my
Ps ado Mamma
Sv Corny ts
tral) Vara An. Kos Sarita
Reason for inclusion: can rng rund at a ation SUSE! bo
Company patie
Faundadin 2007, in Berga, as Newshunt by as Nai employees, Ver orto Pt Lids home to mute
‘bsnesons. The parent car of he news aggregaten lala Dal frs bie appeatons ke sut
(goal language news and bois) and Pay (ater based ig ll), has ec launched a shat deo
plalom calad ec. Then, ares Geynum Technolog, which ras acu ten een llas such as Onda,
(Set. Bosh com and Careers podes to grade sons incre 20 mañas including da, Alca and
Bangladesh, o deve ofintoaton ou unsucued suplementar see ata, sho messaging serie, oo and
ss agan polaca! alo llr a dc sauna Tr opr, nich nde job sigs and euer guie,
Tea eta and propery kengs, oca ings ard mabiaased tng, mater and malena serien, dels
td actus, loca based sacs, news and locali, and mar! place
Funding history
Dalt Vere became a uscar in Dec 2020 with van of US$ baer aking mena in May-2020 at avalon
USBEEO mn, The companys bacedby Goole, Moca aná Falcon Edge s Agha Wate baton
Crete
= aa A ones Ar im =
so enge nec imo
' SS RS mus =
A End
ana pti
tano eaten Pro
Unwed cota & Lar Bd udn targa ch ra Sana) Fach nd
Pat Dr ce Ent be UD (ron En ti, mare
ES Dar o maes se ron iz
Soames She
‘Veeds Gn CAC Mees Gita I Baby ga anv i Cw
(grander ard ac cto Tao trig New em e
‘Sat fonder andi Onis Vase
Une Han Colon & rep CTO. Ba bs, Mar maragall, ten a igh Mb,
sing ed doings prt padting ston aná pda
cano. nie ve a Ta adhe des my
Ps ado Mamma
Sv Corny ts
D’decor
erat arab Mia, Prat Ranger
Reason fr inclusion Vation SSI bn, but song gro
Company rete
Decor Home Fables Pt Lis engaged in dsg and marulcio cas and phaser fais. Bs pod ange
indes eta and ughalay, bg, 1s towel inde and walpaper. Th compary alo proves natale
‘at, fama aidant ice and alo hae a ote maras in na. The fm operas bth eal tres andere
totes slits produts The company was undadin 1000 ands haced in Mumba, Mahaashira wth atonal oie a
Armadabad, Chena! aná New Den.
‘Management profes
= KZ =
e ARO ATTE
as
a...
ai” Ree
E
om Me a Pr
= == =
= 5 » a
= 5 = =
AE itt re ET
ar Congr it, Cs Site asc Corp i cit Sse
erat arab Mia, Prat Ranger
Reason fr inclusion Vation SSI bn, but song gro
Company rete
Decor Home Fables Pt Lis engaged in dsg and marulcio cas and phaser fais. Bs pod ange
indes eta and ughalay, bg, 1s towel inde and walpaper. Th compary alo proves natale
‘at, fama aidant ice and alo hae a ote maras in na. The fm operas bth eal tres andere
totes slits produts The company was undadin 1000 ands haced in Mumba, Mahaashira wth atonal oie a
Armadabad, Chena! aná New Den.
‘Management profes
= KZ =
e ARO ATTE
as
a...
ai” Ree
E
om Me a Pr
= == =
= 5 » a
= 5 = =
AE itt re ET
ar Congr it, Cs Site asc Corp i cit Sse
Deccan Fine Chemicals
ome rath Raper
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
‘Compan patie
Decean Fina Chemicals was etbished in 2008 and poes cota manulatuing and CSM ganas to gba
Ayechemia layers suba Coporlan and Bi Management of Baum puchaed a 29% stake nthe company
02008. In ado o eau pasion, Deccan has ac grown trough oh purchase of ants in nda ware
conned by Baer CrpSaences and Syngenta. Te crpany has marufactsng ses nes stats al bre of whom are
lasaña as Esport Gerad Unis and fas become a alae inte Inda ay ccham CSM space with tong
‘elaboahips wih gal and Japanese mat, The company business models recy comparo to at of Pl
Des
Funding history
The company has rota ung in recent yr. Th last re was in 2009 when Mui picked up a take at a voy
sn tage, AL FY20 ven and ting a sgh EV/EBITOA decor o etd compara, we eat he ato wo
be -US$2 te
Management profies
Name Peston
A VansiRau ‘Fender and Dre Me Vara Raul a gradual fom Staphan M Ross She of Business
(Urea o Megan) He the ude and Managing Dee of
Decein lw Camela
se Cap te
Figure 18: Sales have grown by30% CAGA fom Figure TOR PAT rom has bean song
201520
wo om © es
mann USS) — DA HS) num — Per
Sas Cary Ci Sine Suse Compay i Ct i
ome rath Raper
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
‘Compan patie
Decean Fina Chemicals was etbished in 2008 and poes cota manulatuing and CSM ganas to gba
Ayechemia layers suba Coporlan and Bi Management of Baum puchaed a 29% stake nthe company
02008. In ado o eau pasion, Deccan has ac grown trough oh purchase of ants in nda ware
conned by Baer CrpSaences and Syngenta. Te crpany has marufactsng ses nes stats al bre of whom are
lasaña as Esport Gerad Unis and fas become a alae inte Inda ay ccham CSM space with tong
‘elaboahips wih gal and Japanese mat, The company business models recy comparo to at of Pl
Des
Funding history
The company has rota ung in recent yr. Th last re was in 2009 when Mui picked up a take at a voy
sn tage, AL FY20 ven and ting a sgh EV/EBITOA decor o etd compara, we eat he ato wo
be -US$2 te
Management profies
Name Peston
A VansiRau ‘Fender and Dre Me Vara Raul a gradual fom Staphan M Ross She of Business
(Urea o Megan) He the ude and Managing Dee of
Decein lw Camela
se Cap te
Figure 18: Sales have grown by30% CAGA fom Figure TOR PAT rom has bean song
201520
wo om © es
mann USS) — DA HS) num — Per
Sas Cary Ci Sine Suse Compay i Ct i
Delhivery Pvt Ltd
gites Satan Tah, Gaia Bart
Reason fr inclusion cent ung ound at alton SUSI bn
‘Company pete
Delivery ounedin 2011, is os ofthe ea nia uply chan see company wih presence across 2,300 as in
‘he cut, ls a Al ange of serons such as atan de dar and ana warcheung, reves logs
payment clacton end. marchaue and vendeuse pig
Funding Kita
Detar has asd a ue amurt of USES me 5 a and was vod a -US$1 bin last nd rl 2019.
Sleuvew, SofBark, Noms Verre Parr, Calo, Tmes net and Tiger Global ao some os key estos.
o
er zo
4 — de -= de
ee 2 ao
==
= "E
A AA
A ee
ii
a — RT
pd en
ÉTAT
ie
en eee ee erate cca
ss
A
Pg STIS” nn
i =
Sm m um ”
= = us
= =
== = =
= =
= >
= =
A sox man ou me rm ne
AA ETS
Sar Ot sare Oe
gites Satan Tah, Gaia Bart
Reason fr inclusion cent ung ound at alton SUSI bn
‘Company pete
Delivery ounedin 2011, is os ofthe ea nia uply chan see company wih presence across 2,300 as in
‘he cut, ls a Al ange of serons such as atan de dar and ana warcheung, reves logs
payment clacton end. marchaue and vendeuse pig
Funding Kita
Detar has asd a ue amurt of USES me 5 a and was vod a -US$1 bin last nd rl 2019.
Sleuvew, SofBark, Noms Verre Parr, Calo, Tmes net and Tiger Global ao some os key estos.
o
er zo
4 — de -= de
ee 2 ao
==
= "E
A AA
A ee
ii
a — RT
pd en
ÉTAT
ie
en eee ee erate cca
ss
A
Pg STIS” nn
i =
Sm m um ”
= = us
= =
== = =
= =
= >
= =
A sox man ou me rm ne
AA ETS
Sar Ot sare Oe
Digit
arte Asi apa Via Shan
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
Feunded.2017, gti a geeainurer wth ech-anabled processes acces run, poly sauce and ins.
procesóng thas an oral mast shat of 1.4% with a much higher matt sale in aa, re and propery abd ally
Suances goss dret premiums hae salad to -Rs28 bn (FY21 anualse) and has a customer Base of mn. Along
‘ith ad roth In company has lo been abl 1 onto oes —bingig down te combinada 1 117% by FVD
kom 208% in FY19 A ar ao developed Spl cams sete processes he at-nepacton/ea-eunay approach
Aero products which as Helped reos traced ee,
Funding history
Dig has ale tt -USEZEO mnt te andi ld at USE. E Far, ating Capital and TVS Capa are the
ey ives nO
Faure 158 Funding Hato
= > en
© Founded in 2017 1800
E E
; Hild:
200201 00 00 00 00 206 207 208 209 A010 211212 213 2142520520 2082019 a
AROUSA EAS RAS)
cn Ft Can Corgan in
eset ir
= Pois pa
nn
oor ES ct nen gehen
a ta Cpr
ti e Sor ce eones
Snes
ins ET — at Bat Maeda io
= AAA
=
se pe
Fae Det mata record Fg TO Wore conte GDA e
oan ES
Se pro ui añ jener
= | „I A ot =
~~ ey le u
MAIS FO PID upto Oct a
arte Asi apa Via Shan
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
Feunded.2017, gti a geeainurer wth ech-anabled processes acces run, poly sauce and ins.
procesóng thas an oral mast shat of 1.4% with a much higher matt sale in aa, re and propery abd ally
Suances goss dret premiums hae salad to -Rs28 bn (FY21 anualse) and has a customer Base of mn. Along
‘ith ad roth In company has lo been abl 1 onto oes —bingig down te combinada 1 117% by FVD
kom 208% in FY19 A ar ao developed Spl cams sete processes he at-nepacton/ea-eunay approach
Aero products which as Helped reos traced ee,
Funding history
Dig has ale tt -USEZEO mnt te andi ld at USE. E Far, ating Capital and TVS Capa are the
ey ives nO
Faure 158 Funding Hato
= > en
© Founded in 2017 1800
E E
; Hild:
200201 00 00 00 00 206 207 208 209 A010 211212 213 2142520520 2082019 a
AROUSA EAS RAS)
cn Ft Can Corgan in
eset ir
= Pois pa
nn
oor ES ct nen gehen
a ta Cpr
ti e Sor ce eones
Snes
ins ET — at Bat Maeda io
= AAA
=
se pe
Fae Det mata record Fg TO Wore conte GDA e
oan ES
Se pro ui añ jener
= | „I A ot =
~~ ey le u
MAIS FO PID upto Oct a
Druva Data Solutions
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
Company rote
Founded in 200, in Puno, Orava Dal Slaton deves data plotecon and management tthe ud, Daa doud
Pl uit an Amazon Web Sedo and feed aa Sruc, deveing goal acess, scale ar complete
tures entero data restar, The company pros sans suchas deu Bacup andes, dc nahe
astas rece, ancomasa poto, data cet consolation and conplarca rena,
Funding history
Dra Data Soins has sd total of USESZS ntl at and and at UST br, Ving Gob estos,
Armand Capa and Segura Cap are the y inestors in Dun.
Figure 161 Funds
sony
Feiern A
» mener E Ne Sri =
ede US) Etat (US AH,
Sar Far Ct Sune
‘Management profes
tame Positon Prof
rat Sh Fade ACEO Preto stating Dr, spe Gr holaaa ls latas o En Cap.
‘dena ha a le ptr ras à Bret of Sc compar cr tan.
‘nan tai Tori Som
Mind Bts Far Cha Mind Bas >20 ar apar ati pet depen Pie
Drop cofaudeg Orv, ha th Vta Stor, indi scr part tg
Ohi og dc adi bl amet Wind N
kann Bact Chin Mia Glan hs ten Esos Chaman dan apar Sora Dec a Dur ace
el 2016. Hala pans a ya Me as prov CEO aná Chaman d
Vean Sens end ED Bie Capron
Save Congr ds
Faure 162: Dre revenue (US$ me) grew by21% Figure 163; Drava hasbeen mating 10% PBT margin on
AGR over 2013-18 average ovr the 201618 period (USS mn)
so wm as un
ren ern OH rer ern
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
Company rote
Founded in 200, in Puno, Orava Dal Slaton deves data plotecon and management tthe ud, Daa doud
Pl uit an Amazon Web Sedo and feed aa Sruc, deveing goal acess, scale ar complete
tures entero data restar, The company pros sans suchas deu Bacup andes, dc nahe
astas rece, ancomasa poto, data cet consolation and conplarca rena,
Funding history
Dra Data Soins has sd total of USESZS ntl at and and at UST br, Ving Gob estos,
Armand Capa and Segura Cap are the y inestors in Dun.
Figure 161 Funds
sony
Feiern A
» mener E Ne Sri =
ede US) Etat (US AH,
Sar Far Ct Sune
‘Management profes
tame Positon Prof
rat Sh Fade ACEO Preto stating Dr, spe Gr holaaa ls latas o En Cap.
‘dena ha a le ptr ras à Bret of Sc compar cr tan.
‘nan tai Tori Som
Mind Bts Far Cha Mind Bas >20 ar apar ati pet depen Pie
Drop cofaudeg Orv, ha th Vta Stor, indi scr part tg
Ohi og dc adi bl amet Wind N
kann Bact Chin Mia Glan hs ten Esos Chaman dan apar Sora Dec a Dur ace
el 2016. Hala pans a ya Me as prov CEO aná Chaman d
Vean Sens end ED Bie Capron
Save Congr ds
Faure 162: Dre revenue (US$ me) grew by21% Figure 163; Drava hasbeen mating 10% PBT margin on
AGR over 2013-18 average ovr the 201618 period (USS mn)
so wm as un
ren ern OH rer ern
Ecom Express
Lagates Lesh Gar. Gaza iia
Reason fr inclusion: Vat < USS bn, a to gon sce
Company pate
Poder ollogstes sendas and sions lr eee companies. lets inde Fiat, Amann, Pan, and more.
Compas wi or layers ike Dar) (sed -USEEDO mn o a) and Sprache,
Funding hoy
Campary as aed au USE217 mn a Ses C or mr a Watung Fin, CDC Go
Fou 16% Funding hito
w Br Su Pe co
k me, Ÿ
so da
se,
© ponies ES
° m ..,
mg EAS AS
Management profies
Name Posten rote
aan Code RED rs vr 25 pas al par ca rd pros ty
Series nity ds vi Ide rl Ho vs uta wag th
Bo Oat epee
Kara Deacon Me Saya cs Spurl epocas cn ct ac,
re lag dance domain cour and ets vey saan
‘deny. Ma ar sro tsa ep mea rs cn
‘abs he ees ny nd,
Mr Ohr Coto ‘Woe pa pars Da aa ada da ade
ray Me Dans coach as coca nd
nic ery sacs durs len mos la Da o
Entre
St Corny ts
Figure 165 Eom Expres grow by 76% CAGA ovr last Figure 166; Los quantum increased inthe ast you
Ses Os mn)
E» ê
dE:
rn
Em)
i
Lagates Lesh Gar. Gaza iia
Reason fr inclusion: Vat < USS bn, a to gon sce
Company pate
Poder ollogstes sendas and sions lr eee companies. lets inde Fiat, Amann, Pan, and more.
Compas wi or layers ike Dar) (sed -USEEDO mn o a) and Sprache,
Funding hoy
Campary as aed au USE217 mn a Ses C or mr a Watung Fin, CDC Go
Fou 16% Funding hito
w Br Su Pe co
k me, Ÿ
so da
se,
© ponies ES
° m ..,
mg EAS AS
Management profies
Name Posten rote
aan Code RED rs vr 25 pas al par ca rd pros ty
Series nity ds vi Ide rl Ho vs uta wag th
Bo Oat epee
Kara Deacon Me Saya cs Spurl epocas cn ct ac,
re lag dance domain cour and ets vey saan
‘deny. Ma ar sro tsa ep mea rs cn
‘abs he ees ny nd,
Mr Ohr Coto ‘Woe pa pars Da aa ada da ade
ray Me Dans coach as coca nd
nic ery sacs durs len mos la Da o
Entre
St Corny ts
Figure 165 Eom Expres grow by 76% CAGA ovr last Figure 166; Los quantum increased inthe ast you
Ses Os mn)
E» ê
dE:
rn
Em)
i
Eightfold
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rete
Fund in 2016 the US, Eg a proude flat nalen lt TI, whichis bul or entre to
les ant aston and management. Ns TIP esas on tee bay wea: lr, personalisation, and asta
isteliarce The companys palo cales a comproparavo ent ah lan ergantaten by agregatog leal
and era dal lr an entr om appears ani whch loa azoss many lent ons. By us
{rfl nehgere, hs lam corta ha Kom alv ata engagement and ie nth entes o presa
‘awe res, carcasa as and support re andinos Estas lios Neda and Bangalau a.
Funding history
‘The latest unig oud in Now2000 which valde company at USS! En was hd y Ganara Catalyst and so ind
‘vests fom peus ros. nung Capital One Vertes, Foundation Capt tonal Ver Partners and
Ughtspod Ventre Paras, Tot funda acd date by Baht Al mae than USSISO me,
Figure 167 Funding History
°° eundein 2016 en
“ A E RS
. a,
i Bt aw E A A
a eager
‘Management pros
Mamo. Porton Proa
AindoihGug Coloma Asa Gughas 6000+ rh cans, ED prs, 3: os avowed sar
co jenen rame dr omar PO bse an Fr UC fre D as
tes
Vans Cold Prrtolondng ia Van Kchla ld ras din Fcio nd he
do Vai sr sed conri ar oca.
anata Prod Kanal inal ngs oro expres in ing srs cagas, sg
aces rd tii As cl
‘Se den dip tonite ome mn pd
(Speen nado as Ora, SAP EM, and
Saca Corpa a
Faure 168 Operating matics
Mie Comments
Rerun pont Ea mo fan undp sas inc stadt oq dng pt 2019.
tomers Es comas rls Ta Cmts, As, Baa, Capt ne BAY Malo, Diy,
Bedingcen, Ba nd ere,
Great a Een crtanas ages 110 cutie, 17 nds nd agua
amena cance aon
Sarco Corp dt Gt in
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rete
Fund in 2016 the US, Eg a proude flat nalen lt TI, whichis bul or entre to
les ant aston and management. Ns TIP esas on tee bay wea: lr, personalisation, and asta
isteliarce The companys palo cales a comproparavo ent ah lan ergantaten by agregatog leal
and era dal lr an entr om appears ani whch loa azoss many lent ons. By us
{rfl nehgere, hs lam corta ha Kom alv ata engagement and ie nth entes o presa
‘awe res, carcasa as and support re andinos Estas lios Neda and Bangalau a.
Funding history
‘The latest unig oud in Now2000 which valde company at USS! En was hd y Ganara Catalyst and so ind
‘vests fom peus ros. nung Capital One Vertes, Foundation Capt tonal Ver Partners and
Ughtspod Ventre Paras, Tot funda acd date by Baht Al mae than USSISO me,
Figure 167 Funding History
°° eundein 2016 en
“ A E RS
. a,
i Bt aw E A A
a eager
‘Management pros
Mamo. Porton Proa
AindoihGug Coloma Asa Gughas 6000+ rh cans, ED prs, 3: os avowed sar
co jenen rame dr omar PO bse an Fr UC fre D as
tes
Vans Cold Prrtolondng ia Van Kchla ld ras din Fcio nd he
do Vai sr sed conri ar oca.
anata Prod Kanal inal ngs oro expres in ing srs cagas, sg
aces rd tii As cl
‘Se den dip tonite ome mn pd
(Speen nado as Ora, SAP EM, and
Saca Corpa a
Faure 168 Operating matics
Mie Comments
Rerun pont Ea mo fan undp sas inc stadt oq dng pt 2019.
tomers Es comas rls Ta Cmts, As, Baa, Capt ne BAY Malo, Diy,
Bedingcen, Ba nd ere,
Great a Een crtanas ages 110 cutie, 17 nds nd agua
amena cance aon
Sarco Corp dt Gt in
Emcure Pharmaceuticals
Hate stay haga Sara Ml
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
Company patie
Ircoorted in 1081, Encue angagad ndedein, manulachuing and maña a toa ange of umacetl
Products gobaly thas sown ales and maratng fasten re US aug fs subsidy, Harage is rarked as
fhe 13h ge company na dan pharmacies market, ems of vue sare (cs: AOCD AWACS MAT Dec-
12020) The grup has ir manufacing faciles (gt in da an ee nthe US) It focuses ts esearch on desee
Apart offrent product aos sera pls cing dial malus and boss, aná nal a
ney yates
Funding history
In 2008, Backstoo esto -USSEO mn in Emos fra 13% stake which was bought ut y Ban Caplin Dec-2013
far -Re br Cen, Ban Capital ols a 1% stein fm, wth he ramanıng ai by Sat Ma a fay
Figure 168 Funding Nistor,
Py = tn pa. 2400
Faia to na age
Annas AMAS BS)
aros Ton Cat ane
Management pofies
ane Peston rote
‘Sih Ramat Maino CO Satoh aha xo nc ose mate a nc marae
‘ere mang rd dl un traded gris, He contd
nando St seca ad Mar Ses emy hom ane
a, na Post rote Ooms in Managua hon ar but
Mirage, Smad oon i Band cs 18
Sta Pont REO Sani» gaan pat crac fon Pr ty
coi en MBA eos fon ten Sean Ur
taz ot as sagement corset (tao) at Gra Young
Vias hap Pret Capote Vis Thapar bl aba’ enn managen ons on Uy
Devon Sting” Cala, Sn Dogs US Hola sn hs MBA doo fem Uy l
Sn Cao US Mahar nad Art Ted mode
Sei Ma Print Commun Spy hl hs ban asco wh nee snes 1889 Hels ads
‘on tam Puna Ur
save Carp ts
Hate stay haga Sara Ml
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
Company patie
Ircoorted in 1081, Encue angagad ndedein, manulachuing and maña a toa ange of umacetl
Products gobaly thas sown ales and maratng fasten re US aug fs subsidy, Harage is rarked as
fhe 13h ge company na dan pharmacies market, ems of vue sare (cs: AOCD AWACS MAT Dec-
12020) The grup has ir manufacing faciles (gt in da an ee nthe US) It focuses ts esearch on desee
Apart offrent product aos sera pls cing dial malus and boss, aná nal a
ney yates
Funding history
In 2008, Backstoo esto -USSEO mn in Emos fra 13% stake which was bought ut y Ban Caplin Dec-2013
far -Re br Cen, Ban Capital ols a 1% stein fm, wth he ramanıng ai by Sat Ma a fay
Figure 168 Funding Nistor,
Py = tn pa. 2400
Faia to na age
Annas AMAS BS)
aros Ton Cat ane
Management pofies
ane Peston rote
‘Sih Ramat Maino CO Satoh aha xo nc ose mate a nc marae
‘ere mang rd dl un traded gris, He contd
nando St seca ad Mar Ses emy hom ane
a, na Post rote Ooms in Managua hon ar but
Mirage, Smad oon i Band cs 18
Sta Pont REO Sani» gaan pat crac fon Pr ty
coi en MBA eos fon ten Sean Ur
taz ot as sagement corset (tao) at Gra Young
Vias hap Pret Capote Vis Thapar bl aba’ enn managen ons on Uy
Devon Sting” Cala, Sn Dogs US Hola sn hs MBA doo fem Uy l
Sn Cao US Mahar nad Art Ted mode
Sei Ma Print Commun Spy hl hs ban asco wh nee snes 1889 Hels ads
‘on tam Puna Ur
save Carp ts
Enzen Global Solutions Pvt Ltd
Constr Saja Tah, Gaia Bart
Reason fr inclusion Vation SSI bn, but song gro
‘Company rete
ren ita Saone PA Lisa coming Tm fundada 2006 wich spaces inthe ergy and wend.
poids end-to-end sers of ansumaton and aay, dtl etarra businass «pea ang wih paca
Enemiga in eng an wat twos.
Funding Kita
Econ sa potable company wh PET mars ol -16% in CYTE Es last das wasn Sep-2019 when los
US 100 mn rm Greater Paie Cala at a vakaın of -USS67S mn
Faure 170: Funding History
Founded 2006: cote Pate ©
sshd USS om) Entei US BS)
Saree Fate Ton
‘Management profes
tare Posen Profle
Stone Gamer ‘Ssh Yuma torr nd Mag Dec Era. He mee
Sn 7 yu of taras ars des och a le nc! es
Federico archer vota USA, Uk ES ad Ind
Thy Pasian Gil in Ry Patan ws ef em 1100 oe cd
Stee sega amm Vien wd pie noun Se
rra nat rand Beaute Cas gas tn att tre Bu a
Si Space an ong tren tay, ope ander.
Siege go tigen od matt, cies atone
Sa oa a
Figure Vi Revenue CAR OT over PE Fare VE PRY CAGA o 20%; abe dbl PRT
roe
mo e =
‘som m im EN
vo Pe =
om mn m =
=] : sul E
nes EEE en Rae
Constr Saja Tah, Gaia Bart
Reason fr inclusion Vation SSI bn, but song gro
‘Company rete
ren ita Saone PA Lisa coming Tm fundada 2006 wich spaces inthe ergy and wend.
poids end-to-end sers of ansumaton and aay, dtl etarra businass «pea ang wih paca
Enemiga in eng an wat twos.
Funding Kita
Econ sa potable company wh PET mars ol -16% in CYTE Es last das wasn Sep-2019 when los
US 100 mn rm Greater Paie Cala at a vakaın of -USS67S mn
Faure 170: Funding History
Founded 2006: cote Pate ©
sshd USS om) Entei US BS)
Saree Fate Ton
‘Management profes
tare Posen Profle
Stone Gamer ‘Ssh Yuma torr nd Mag Dec Era. He mee
Sn 7 yu of taras ars des och a le nc! es
Federico archer vota USA, Uk ES ad Ind
Thy Pasian Gil in Ry Patan ws ef em 1100 oe cd
Stee sega amm Vien wd pie noun Se
rra nat rand Beaute Cas gas tn att tre Bu a
Si Space an ong tren tay, ope ander.
Siege go tigen od matt, cies atone
Sa oa a
Figure Vi Revenue CAR OT over PE Fare VE PRY CAGA o 20%; abe dbl PRT
roe
mo e =
‘som m im EN
vo Pe =
om mn m =
=] : sul E
nes EEE en Rae
Eruditus Education
Este Vann Ana, et Sacha
Reason fr inclusion: Vat USE! bn but song goth
Company patie
Eras Eaton Pa Lis engaged in rong eect education progres 1 dan caparte andthe
tops tors execute educabn and manage arin programas ad craie development pages.
‘The company was incorporated in 2010 andis based tbl, Maharastra
Funding history
Ente has ld a ao UST me at and as vale at USSOS bin ie lt ound of and ang 2020
‘Aer sven years of upon, received ts ist deg tom Barlsmare nda. lowed by Sequoia Capt, and Chan
Zuckerberg. among aha,
Figure 173 Eres was ved a USSOA bins round a Tuning 2020
63 we ED Cat 1050
w some onion fy 7
so a ES
° u.
PA US RAS
Management profes
Name’ Posten rote
Chat pas FaimdrandED Ama ITS Pl, Chaya Kata di WBA m INGEAD: He
te
‘Raw Dana FemdirandEEO Aan Damen aCA and BA km Paarl ane Schal Ha wad
‘lie ar Crop blr toning Td lon Eds.
Sa Corny ts
Figure 174 Revanues from one educaoninindia Figure 175 Number of users in ale education In Ind
Revenues tom cn seston in ine Number ef tren nine eduction alia
Piney 4 on sey mm wos
Birnen Pen)
ngage
Este Vann Ana, et Sacha
Reason fr inclusion: Vat USE! bn but song goth
Company patie
Eras Eaton Pa Lis engaged in rong eect education progres 1 dan caparte andthe
tops tors execute educabn and manage arin programas ad craie development pages.
‘The company was incorporated in 2010 andis based tbl, Maharastra
Funding history
Ente has ld a ao UST me at and as vale at USSOS bin ie lt ound of and ang 2020
‘Aer sven years of upon, received ts ist deg tom Barlsmare nda. lowed by Sequoia Capt, and Chan
Zuckerberg. among aha,
Figure 173 Eres was ved a USSOA bins round a Tuning 2020
63 we ED Cat 1050
w some onion fy 7
so a ES
° u.
PA US RAS
Management profes
Name’ Posten rote
Chat pas FaimdrandED Ama ITS Pl, Chaya Kata di WBA m INGEAD: He
te
‘Raw Dana FemdirandEEO Aan Damen aCA and BA km Paarl ane Schal Ha wad
‘lie ar Crop blr toning Td lon Eds.
Sa Corny ts
Figure 174 Revanues from one educaoninindia Figure 175 Number of users in ale education In Ind
Revenues tom cn seston in ine Number ef tren nine eduction alia
Piney 4 on sey mm wos
Birnen Pen)
ngage
Essar Ports
gites Lakes Garg, Gua rival
Reason fr inclusion Vat USS! bn at atest EBTDA and mul
‘Company proa
Esa Pais one of nds gest pale sc p ad tinal vale and carats has at USBI AS bo in
drop ed ss tins res an aes. ate peas span os tains wh acrid capt of 110
IPA viene 5% 0 das pot cgay. The companys a ar in necrontarntond bl cargo space. Hang
dada ago DT In PIS Esas Pts expect funde ce 00 MT in hs can race
Funding hin
Eis Pote wa adn 201 om echnge anda nal ta capta.
hansguman fie
ane Poston Prot
a Citas 1k he ee arteria]
‘conan Pie So is medad gon ofS wh 15
act cube Bord ocr ys a a mo amango rca
Br Cope dt ds tad
2. rs hl und nl ed Canin iti 1022.98 diet
. Bet Md lad Kam acre Bong e Ca Gp
GE 19972 ta gun di rn Tac, Swed sb Pct me
‘pt Ue Sty 302204 nl pe CEO md cere
‘Strada cual awa mcd rg nin con bande an
saree corpo
Figure 178 Essar Pos’ revenues have fal En) jure 17: ith lose in recent years me)
a wo es
‘eam pars ES
‘ann | mw a
o ms >
nn verona ar rum
sere Soo
gites Lakes Garg, Gua rival
Reason fr inclusion Vat USS! bn at atest EBTDA and mul
‘Company proa
Esa Pais one of nds gest pale sc p ad tinal vale and carats has at USBI AS bo in
drop ed ss tins res an aes. ate peas span os tains wh acrid capt of 110
IPA viene 5% 0 das pot cgay. The companys a ar in necrontarntond bl cargo space. Hang
dada ago DT In PIS Esas Pts expect funde ce 00 MT in hs can race
Funding hin
Eis Pote wa adn 201 om echnge anda nal ta capta.
hansguman fie
ane Poston Prot
a Citas 1k he ee arteria]
‘conan Pie So is medad gon ofS wh 15
act cube Bord ocr ys a a mo amango rca
Br Cope dt ds tad
2. rs hl und nl ed Canin iti 1022.98 diet
. Bet Md lad Kam acre Bong e Ca Gp
GE 19972 ta gun di rn Tac, Swed sb Pct me
‘pt Ue Sty 302204 nl pe CEO md cere
‘Strada cual awa mcd rg nin con bande an
saree corpo
Figure 178 Essar Pos’ revenues have fal En) jure 17: ith lose in recent years me)
a wo es
‘eam pars ES
‘ann | mw a
o ms >
nn verona ar rum
sere Soo
Five Star Business Finance
Francia Asis Gupta art ce
Reason fr inclusion: Vat USE! bn but song goth
Company patie
Fe-St Business Finance Lined (FSEFL)is a Character NBFC eating to ial business andre
customer. The company commencad parten n 198%, witha bass on consumer loans ad vehi france. 2005,
Shed ts fous o sal business loans th pil loan kts of SO 2.1 anda ATS (average chat ke) RO 35
Inn. As of 31 December 2020, secured business loans and marigag eas to MSME (nie, sal and edu
etapes) customs cumpis 71% and 2%, respect, ofthe ea poto flowed by sala housing ans
(9%) Tez ono aprem backed by coup resident propres
Funding history
FSBPL stated ts nding jouney in 2014, asd RS17O mn fom MatixParhers in Feb-2014 and 160 nina lon
enrourdin Maz015. h Jur2018, Morgen Staley Pat East cama in wth anivestrot of R14 bn. Caer, he
‘Sr reten mass sra Partner, Morgan Staley, TPS Aca, Nerwos Vere Parnas and Seq Capt hols
2 Sak 0168 5% nthe company with th promoter, M Lara, hang 21 7% (y te).
Faure 178 Funding hito
1 unde in 908 vo
E
5 = „alı-
mg (US Eté en USE 25)
Deere
Nae Poston rote
D'Ukitmipatiy———Chtenan& ND Lakahmpälh ws decor a RAY France ich vat algae Fire
Sr Bras Face Hi ido posa ening 1 smal sess
cenas (98) pod FSSA. ze up he hacken
KRegvan ceo Para us 18 jus d space iran Pre pan wa in
Copos big HOFC Bi, mme lng a Sn
ce Haat bn wih SS ao 2018
sor on ts
Fiore 17: AU hos rom over 3x overpent tree Figure 10: Return prof on an improving ack
oa A [ o o
aan” Us coker
Sa Copy ts Se Corp ts
Francia Asis Gupta art ce
Reason fr inclusion: Vat USE! bn but song goth
Company patie
Fe-St Business Finance Lined (FSEFL)is a Character NBFC eating to ial business andre
customer. The company commencad parten n 198%, witha bass on consumer loans ad vehi france. 2005,
Shed ts fous o sal business loans th pil loan kts of SO 2.1 anda ATS (average chat ke) RO 35
Inn. As of 31 December 2020, secured business loans and marigag eas to MSME (nie, sal and edu
etapes) customs cumpis 71% and 2%, respect, ofthe ea poto flowed by sala housing ans
(9%) Tez ono aprem backed by coup resident propres
Funding history
FSBPL stated ts nding jouney in 2014, asd RS17O mn fom MatixParhers in Feb-2014 and 160 nina lon
enrourdin Maz015. h Jur2018, Morgen Staley Pat East cama in wth anivestrot of R14 bn. Caer, he
‘Sr reten mass sra Partner, Morgan Staley, TPS Aca, Nerwos Vere Parnas and Seq Capt hols
2 Sak 0168 5% nthe company with th promoter, M Lara, hang 21 7% (y te).
Faure 178 Funding hito
1 unde in 908 vo
E
5 = „alı-
mg (US Eté en USE 25)
Deere
Nae Poston rote
D'Ukitmipatiy———Chtenan& ND Lakahmpälh ws decor a RAY France ich vat algae Fire
Sr Bras Face Hi ido posa ening 1 smal sess
cenas (98) pod FSSA. ze up he hacken
KRegvan ceo Para us 18 jus d space iran Pre pan wa in
Copos big HOFC Bi, mme lng a Sn
ce Haat bn wih SS ao 2018
sor on ts
Fiore 17: AU hos rom over 3x overpent tree Figure 10: Return prof on an improving ack
oa A [ o o
aan” Us coker
Sa Copy ts Se Corp ts
Flipkart
Ecommerce Ab Mia, Prat Ranger
Reason for inclusion acer ung found at valuation SUSI bo
‘Company proa
Pig Pt Lid (marly kan as Fiat Lt) ns and pets an corners pat Fikartcom. ts products neu
tetris, household ms, Lie and sal aplarces, apar an essais e men, women and babes, back, baby
{ids prods, une, mable phones, accesos plumes, hashes, hora des produc among oa
Flat was faded n 2007 als based Singapore pta FA Lid paris as a subsidy of Walmart re
Funding Rita
Fiphat was acqutedby Matas in 2018 ta aan of USSIBEN Sthan thas raed Ather USS1 2 ata
valle of USB bn. has bean Add y Tiger Gba, Oaa mostrar, Tenor, SofBark, Macquate among ars
a Fd e
222 rante mére rh
= asus + 10
Fac
= See Es, Shen I 12000
= Pa =
y A] °
ayn) ent mn
mere
_ pots te
ni 60 Pr ve cc il Ho
ny and PS De a Ne oh an MB dos fem an
Tete Management, Pepe, nd rer MEN Fc an UE
pe Ba Men
Sac Compa
Figure 182: Sales have grown at à CAGR OF 26% fom Figure 103: Costo income allo nat declining
Stent) vor 0 tame
3993
333
Sar Compa tO Sine Sas Copy a Ct Sue
Ecommerce Ab Mia, Prat Ranger
Reason for inclusion acer ung found at valuation SUSI bo
‘Company proa
Pig Pt Lid (marly kan as Fiat Lt) ns and pets an corners pat Fikartcom. ts products neu
tetris, household ms, Lie and sal aplarces, apar an essais e men, women and babes, back, baby
{ids prods, une, mable phones, accesos plumes, hashes, hora des produc among oa
Flat was faded n 2007 als based Singapore pta FA Lid paris as a subsidy of Walmart re
Funding Rita
Fiphat was acqutedby Matas in 2018 ta aan of USSIBEN Sthan thas raed Ather USS1 2 ata
valle of USB bn. has bean Add y Tiger Gba, Oaa mostrar, Tenor, SofBark, Macquate among ars
a Fd e
222 rante mére rh
= asus + 10
Fac
= See Es, Shen I 12000
= Pa =
y A] °
ayn) ent mn
mere
_ pots te
ni 60 Pr ve cc il Ho
ny and PS De a Ne oh an MB dos fem an
Tete Management, Pepe, nd rer MEN Fc an UE
pe Ba Men
Sac Compa
Figure 182: Sales have grown at à CAGR OF 26% fom Figure 103: Costo income allo nat declining
Stent) vor 0 tame
3993
333
Sar Compa tO Sine Sas Copy a Ct Sue
Freshworks
sus ann An. Kos Sarita
Reason for inclusion: Resin rng ound at alton SUSE! bo
Company patie
Freundin 2010 n Chana, esha i à soars development company ha fers ste datensp management
sofware. The company aris the searing of maton tchloy series and manages ia guests. os
Grat management sofware fr Snloant ears tat enables planning, az. testing and png span
Enables ergansatons to supor ans o wot ogeihr ad eche custome issues rech compete, aho (xe
triple of he under), has Heda laws in US agans Fresh in March 2020 lr ade hel.
Funding history
Freshwors has been and at USS. b tits recordo rundin 201, where rad USS150 mn fom Aco,
Capt Manageman and Saga.
2 ee fi
00 201200 208 204 006 205 007208200 2010 UN OK 201 2014 ZOE 2046 2017 ADI 200 ao
mn EAU Ai)
Management profes
Name. Posten ratte
ral Mabon CoFomdwäCEO Gui atom an MBA Ham Ua of Ma. Prada
Frenk, Git vas a VP à robet management Nanay 9
den d 200 Cap roba us toro str nó podr
ag ed or poi mag rc manzana doom
ps
Shen CoFande CTO Shanty an agen hom TPT, Val Pa eng
Frecmats hear ccs wee 2
Sait ak am ha as saved ra pri aa mba ich compos nr
Zac a Arama Teles, slo, ed eral
Sac Coy ts
Figure 185 Operating metes
Mobic Comments
Fehr pan USSSOD me na wasting recen 2020 a m by 20% at or han
Revenue Span ead Campane oat dtd warmen nung arenas Spear gh
Customers 150 name, 60% ar a Sal nd Modem Bran (SB)
Competirs Aang dan SxS sata, Zoi he cmt compete,
sus ann An. Kos Sarita
Reason for inclusion: Resin rng ound at alton SUSE! bo
Company patie
Freundin 2010 n Chana, esha i à soars development company ha fers ste datensp management
sofware. The company aris the searing of maton tchloy series and manages ia guests. os
Grat management sofware fr Snloant ears tat enables planning, az. testing and png span
Enables ergansatons to supor ans o wot ogeihr ad eche custome issues rech compete, aho (xe
triple of he under), has Heda laws in US agans Fresh in March 2020 lr ade hel.
Funding history
Freshwors has been and at USS. b tits recordo rundin 201, where rad USS150 mn fom Aco,
Capt Manageman and Saga.
2 ee fi
00 201200 208 204 006 205 007208200 2010 UN OK 201 2014 ZOE 2046 2017 ADI 200 ao
mn EAU Ai)
Management profes
Name. Posten ratte
ral Mabon CoFomdwäCEO Gui atom an MBA Ham Ua of Ma. Prada
Frenk, Git vas a VP à robet management Nanay 9
den d 200 Cap roba us toro str nó podr
ag ed or poi mag rc manzana doom
ps
Shen CoFande CTO Shanty an agen hom TPT, Val Pa eng
Frecmats hear ccs wee 2
Sait ak am ha as saved ra pri aa mba ich compos nr
Zac a Arama Teles, slo, ed eral
Sac Coy ts
Figure 185 Operating metes
Mobic Comments
Fehr pan USSSOD me na wasting recen 2020 a m by 20% at or han
Revenue Span ead Campane oat dtd warmen nung arenas Spear gh
Customers 150 name, 60% ar a Sal nd Modem Bran (SB)
Competirs Aang dan SxS sata, Zoi he cmt compete,
Galactus Funware Technology (MPL)
arto Ab Mia, Prat Ranger
Reason for inclusion acer ung ound at avalon USS! to
‘Company rete
Galactus Fumar Technology Po Ltd oe ad operates a gl ging plato, Mable Fria League. tors ane
Sports lato consisting of games uch a babble shaker, tas cb rs otal ary, ado, but lc, hat
hep, turer no. 1, pak atom, ic. The company was funded in 2018 ads based Berga, Karaaka Glaus
Fumate Technology operates as a sbsidayoTN-Leagie Po. Ls
Funding history
Galactus Fume as led atl o USSTES mn tl date and wae valved at USAS mini let ound of nding in
2021. thas Dan ds y Comerson, Pegasus, Sana Capital, Compost Capa Mocte Capital, Base Paras, and
SIG Gba Fund among otra
Figure 188 MPL wat value a USBOASE in
lst round funding 2021
SD Cçote
2 rantdinane se 96 Sas LE
E et =
g
000 MON 02100 N OS 00 207 200 20 200 201 20 1 DU 2018 2016 HT 218219200201
nd US US BS)
‘Management profes
Name Posten Profle
‘Sub Waka FoimdrandDier Anal BS Pl, Shh Maha verdict ring and
pad management es bl dng Too and CRE Flo) MEL
Sande Fund náCEO a Gamalahale atado goin srta engrouing IT
par ná rata tts wth ng nd Sha Sa
Saree Conga ts
Figure 187 Sates have grown a a CAGR of 50% rom
201620
m — ers er
Ta Costo income ai has been decining
ar Corp Ds Se Sore Copy el Cast me
arto Ab Mia, Prat Ranger
Reason for inclusion acer ung ound at avalon USS! to
‘Company rete
Galactus Fumar Technology Po Ltd oe ad operates a gl ging plato, Mable Fria League. tors ane
Sports lato consisting of games uch a babble shaker, tas cb rs otal ary, ado, but lc, hat
hep, turer no. 1, pak atom, ic. The company was funded in 2018 ads based Berga, Karaaka Glaus
Fumate Technology operates as a sbsidayoTN-Leagie Po. Ls
Funding history
Galactus Fume as led atl o USSTES mn tl date and wae valved at USAS mini let ound of nding in
2021. thas Dan ds y Comerson, Pegasus, Sana Capital, Compost Capa Mocte Capital, Base Paras, and
SIG Gba Fund among otra
Figure 188 MPL wat value a USBOASE in
lst round funding 2021
SD Cçote
2 rantdinane se 96 Sas LE
E et =
g
000 MON 02100 N OS 00 207 200 20 200 201 20 1 DU 2018 2016 HT 218219200201
nd US US BS)
‘Management profes
Name Posten Profle
‘Sub Waka FoimdrandDier Anal BS Pl, Shh Maha verdict ring and
pad management es bl dng Too and CRE Flo) MEL
Sande Fund náCEO a Gamalahale atado goin srta engrouing IT
par ná rata tts wth ng nd Sha Sa
Saree Conga ts
Figure 187 Sates have grown a a CAGR of 50% rom
201620
m — ers er
Ta Costo income ai has been decining
ar Corp Ds Se Sore Copy el Cast me
Gharda Chemicals
ome rath Raper
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
Company pate
(hard Chic, established in 1967, was st up as amanulacuer ol yes and dye inarmadates but has ove the yar
varied geek pfochamias,veluinay ge jeta and o manufacture temas. Ki na of he ay
peter of seca ut of fda with BU of te true coming om enor, With os on esearch and
Baling process development si, and reverse enginaeing, Garda as devloped bw cost mals of seta
Blocibuse oft pate pod,
Funding history
Garda Chamieas has nee raed PEundng and ance doesnt hae a vlan History. Neves, based on tos
indus comparables, and coring that Ghaca has vy debt, wo estate he vauaton woud c. USSZS non
tral PIS franca.
Four 185 Funding hito
sop Feundedin 2007 com 2.
200 ot 202 00 208200 2082007 2008209 DIO 21 2018213201 2015201 DI? 2182019 2050
mg En Wain SES
Management profile
Name Peston prole
Orhan Fond äCEO Dr Wali Shad Bacher of Seon kr ath Obama Tach
un ar aan ned ama: and PD chem
gang on vento Mohan, Am Ab, Aleta o da o
ads afoot UDT a staring a Chania 110,
Camp
Figur 100 Sales have grown 11% CAGR Wom 2015 Figure 1
19
Net income margins Rave nessa further
ww i | on En
an 1581) — ver om 5) sm rs
Copa Ost Sue Suse Compay che
ome rath Raper
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
Company pate
(hard Chic, established in 1967, was st up as amanulacuer ol yes and dye inarmadates but has ove the yar
varied geek pfochamias,veluinay ge jeta and o manufacture temas. Ki na of he ay
peter of seca ut of fda with BU of te true coming om enor, With os on esearch and
Baling process development si, and reverse enginaeing, Garda as devloped bw cost mals of seta
Blocibuse oft pate pod,
Funding history
Garda Chamieas has nee raed PEundng and ance doesnt hae a vlan History. Neves, based on tos
indus comparables, and coring that Ghaca has vy debt, wo estate he vauaton woud c. USSZS non
tral PIS franca.
Four 185 Funding hito
sop Feundedin 2007 com 2.
200 ot 202 00 208200 2082007 2008209 DIO 21 2018213201 2015201 DI? 2182019 2050
mg En Wain SES
Management profile
Name Peston prole
Orhan Fond äCEO Dr Wali Shad Bacher of Seon kr ath Obama Tach
un ar aan ned ama: and PD chem
gang on vento Mohan, Am Ab, Aleta o da o
ads afoot UDT a staring a Chania 110,
Camp
Figur 100 Sales have grown 11% CAGR Wom 2015 Figure 1
19
Net income margins Rave nessa further
ww i | on En
an 1581) — ver om 5) sm rs
Copa Ost Sue Suse Compay che
Glance
Tec Vara Anja Ka Sanaa
Reason for inclusion cent ung ound at a va SUSI to
‘Company profi,
Founded in 2017 n Bargañ os mobi contar palm, lance, haps user ray personals content in
route nguage on fa ok seen Glace arabe ne languages ke Engah Hin, Tam, and Tl
and ao adoran language, Bahasa. Ms gue he startup access toa wider cape anos. Ras to
mass onen and conan en a tema
Funding history
(Gace became a ulm 2020 aná has riad USBI9O nord date
Faure 102 Funding Nito
o Ftd in 2017 Paré M Cl Go ar
w “m
a a Md
o ma,
O US, 2
Sar Fate Cote
‘Management profes
tame Posten rte
rd Co AED in Tar bn nen om ean hol Toc Kap
(awa Matin Baar ran fe Hand Burs Sel Ho
1 din te sling dl wand 30 sata pa des pasa
‘voted ond spp sat De Nm, Sc a
Nooo, Emi Catan, mb, aro, mor or
fhe Chandiny Ve Print, Pest Rs Chay an MBA on I Annan rd Sth Tock fa
Fag Tea ‘eh Par ncn wt ts eh fr ys Mentor Dl tr
aja
‘Blah Choudury Ve Pistol hash Chowchuryh a Mai’ Bass Adrian rm I
Mating Berg.
San Comp ta Ct ie
Faure 19: Operating metes
Medic ‘Comments
(lace customers Grats 11 ac ergy a, bon ange mia ti ly
Trier hast pred ih Dai made apr datar besos Si,
chien wed entr tal Garci er ppd m
Great presence Arm da tos pure ino, Malo, Pippi, a Tals wal nd a
‘erly a ua apn De leonardo Sand wand Tom.
ar Corpa i Ct Site
Tec Vara Anja Ka Sanaa
Reason for inclusion cent ung ound at a va SUSI to
‘Company profi,
Founded in 2017 n Bargañ os mobi contar palm, lance, haps user ray personals content in
route nguage on fa ok seen Glace arabe ne languages ke Engah Hin, Tam, and Tl
and ao adoran language, Bahasa. Ms gue he startup access toa wider cape anos. Ras to
mass onen and conan en a tema
Funding history
(Gace became a ulm 2020 aná has riad USBI9O nord date
Faure 102 Funding Nito
o Ftd in 2017 Paré M Cl Go ar
w “m
a a Md
o ma,
O US, 2
Sar Fate Cote
‘Management profes
tame Posten rte
rd Co AED in Tar bn nen om ean hol Toc Kap
(awa Matin Baar ran fe Hand Burs Sel Ho
1 din te sling dl wand 30 sata pa des pasa
‘voted ond spp sat De Nm, Sc a
Nooo, Emi Catan, mb, aro, mor or
fhe Chandiny Ve Print, Pest Rs Chay an MBA on I Annan rd Sth Tock fa
Fag Tea ‘eh Par ncn wt ts eh fr ys Mentor Dl tr
aja
‘Blah Choudury Ve Pistol hash Chowchuryh a Mai’ Bass Adrian rm I
Mating Berg.
San Comp ta Ct ie
Faure 19: Operating metes
Medic ‘Comments
(lace customers Grats 11 ac ergy a, bon ange mia ti ly
Trier hast pred ih Dai made apr datar besos Si,
chien wed entr tal Garci er ppd m
Great presence Arm da tos pure ino, Malo, Pippi, a Tals wal nd a
‘erly a ua apn De leonardo Sand wand Tom.
ar Corpa i Ct Site
GlobalLogic
tral) Vane Ana, et Sacha
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
bal na Lid. an nema techno she pode. oles content enginarng sonas product
(engnearng series clude sytem aie design, Se development A and tesing Language bailen and
[opel management, rod esparce sacs, ig aa and anal, doud, bedded abla ad sert}
Techies. sens aun, busness echrdogy,communcaons mada, tal and e-commerce, tance, medial
che ad namen indes. The company wa cunde in 2000 and based Noida, Uta Pradesh
tala nda Pa Lid operates as subida of Gat age be.
Funding history
bag i backed by Apa Partners, Glman Sachs, Sauol Cala among ches and was vd at US$ in
2018,
AR
TZ
1900 = 1800
su uen I so
ge
Seen.
Ra mega
2m.
aa e
= A R
= een:
LA (DT
Sao Cony ta Ct Sie ne Company Ct se
tral) Vane Ana, et Sacha
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
bal na Lid. an nema techno she pode. oles content enginarng sonas product
(engnearng series clude sytem aie design, Se development A and tesing Language bailen and
[opel management, rod esparce sacs, ig aa and anal, doud, bedded abla ad sert}
Techies. sens aun, busness echrdogy,communcaons mada, tal and e-commerce, tance, medial
che ad namen indes. The company wa cunde in 2000 and based Noida, Uta Pradesh
tala nda Pa Lid operates as subida of Gat age be.
Funding history
bag i backed by Apa Partners, Glman Sachs, Sauol Cala among ches and was vd at US$ in
2018,
AR
TZ
1900 = 1800
su uen I so
ge
Seen.
Ra mega
2m.
aa e
= A R
= een:
LA (DT
Sao Cony ta Ct Sie ne Company Ct se
Greenko Group
ites Lakesh Gar, Gua rival
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan proa
eee ne of a's leads renewable energy compares, with a elsa capac of 62 GW (DC) ass 15.
Sines nha has nal enewaleentgy Storage projects he tates of Ava Pradesh, Madhya Pradesh and
Kamat
Funding tery
seek has raed US$2 bn am mate ists Ike Goal Enirnmat Fund, TPS, Meabau, Aden Pater,
‘Standard Chartered, GE, GI, ADIA and One
Faure 197 Chote
ee in
Ds ex ail
di (Gb Enveenment Find GX, Adan Parar “GK, AL a
: nee al:
EEE
en
= ww 3 X
EEE
heen pice da port age den in Era Haze. Ve cory
Sw a mögen ns en Da Boch ran re, Tata
Erre Ser, ata Sand Saá Carros PLC
Artana co. Clara had ande remain and
amara eme soto nth nn gin db Ve corde and
nes Gr with Mash Fn 2004 nd ancre 2008
‘Stas half ni operators We Cannet aa
‘Spur sence eee tars an Nat Wet ety
awa Yo “nt Mag Dror Mk sre cr a ae ct aut nt
‘trigonal eterna nine mentor pac. He
‘Stepan rey sah ner sas canary leon
‘Saclay ean ton soepadmattr aha
Figure 188 Revenues have ramped up with asat base Figure 10 Bh pra Improving
— o... on
an ern ii res
ites Lakesh Gar, Gua rival
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan proa
eee ne of a's leads renewable energy compares, with a elsa capac of 62 GW (DC) ass 15.
Sines nha has nal enewaleentgy Storage projects he tates of Ava Pradesh, Madhya Pradesh and
Kamat
Funding tery
seek has raed US$2 bn am mate ists Ike Goal Enirnmat Fund, TPS, Meabau, Aden Pater,
‘Standard Chartered, GE, GI, ADIA and One
Faure 197 Chote
ee in
Ds ex ail
di (Gb Enveenment Find GX, Adan Parar “GK, AL a
: nee al:
EEE
en
= ww 3 X
EEE
heen pice da port age den in Era Haze. Ve cory
Sw a mögen ns en Da Boch ran re, Tata
Erre Ser, ata Sand Saá Carros PLC
Artana co. Clara had ande remain and
amara eme soto nth nn gin db Ve corde and
nes Gr with Mash Fn 2004 nd ancre 2008
‘Stas half ni operators We Cannet aa
‘Spur sence eee tars an Nat Wet ety
awa Yo “nt Mag Dror Mk sre cr a ae ct aut nt
‘trigonal eterna nine mentor pac. He
‘Stepan rey sah ner sas canary leon
‘Saclay ean ton soepadmattr aha
Figure 188 Revenues have ramped up with asat base Figure 10 Bh pra Improving
— o... on
an ern ii res
Grey-Orange
icon ann An. Kos Sarita
Reason for inclusion: La tng cud ala valaton «USB br, a tong business goth snc then
Company patie
Fundo in 20 Gaga, Gey Orange dsps warehause automaton systems. The company fs Ee, hich à
(iin sence vn bate gos paso system. The GeOlange tr a mebia ba at uss robot good
person chnloy lr tem put may very Sorgo cenit add ping mar and sun
antes. The Bar system cons of Bute bal (arme mob bots) psa mois stage us
(USL), mts chargg sts, ad Gele. Gratis an en 1-08 legen! rr Almen! soma lator Pat
coral ard manages vais dest de autores obere. o olas Sor, is awarehnure song
Systm sole oler urmatched out, page and capably andrea
Funding history
Emo Verte Adios th largest muster Grey Orange M Capa, a ven Se cofurded by Alay Royan and
ir, Factor sa Pte Tha, as vested USSAT mein Grey Orange.
Four 20 Funding ory
Feundesin201 saith Vo,
w aces =
10. quad Ed
= er vey, Sein me me
hac) «aed an um
seve te pet
Mrs
Name Posten rote
Ste Cand RCO SY an gr on SP ro a
a
pudre wände cuteness word noted ws mad MIT
e Room's gt stot Senior 3
as Celene 8CTO Mama ws rad Tera Rene gta tt Sra 3,
euren om ne san San ey
‘Lotsa arsed Gut wag Ceres of sep 2
wa gorse “Wed antares up ung ba nec my o
Verne ‘mata orar, ro Smarg Een ge Ge errs nd
‘err hee Ramat ep 100020 ina by FO Maui, Vet at
nene tng tm dara oc e pl open nae
BR meprcotmagarr nd RED cres ib Cto Sts ml
engeren Gerry at
Sa Cony its
Figure 201 Operating metes
Mae ‘Comments
See a par Di, Grange 80er am od RD ue US, On
nan von A front Cn Hon pa eo.
cate Bang wi ocommar tro org Papa, es gas le sch aa,
‘GE. Day sana cis a sn y ages cora nina The Conary sae
Casos rt ay Lats (re Faron one) Me Tan en Onn Usa, LN
[Bash nsPostasea a,
Onograiclmpe Tr nd um D wee
{ies tom Spa nop, ndo en
Sa Carney ta int ine
icon ann An. Kos Sarita
Reason for inclusion: La tng cud ala valaton «USB br, a tong business goth snc then
Company patie
Fundo in 20 Gaga, Gey Orange dsps warehause automaton systems. The company fs Ee, hich à
(iin sence vn bate gos paso system. The GeOlange tr a mebia ba at uss robot good
person chnloy lr tem put may very Sorgo cenit add ping mar and sun
antes. The Bar system cons of Bute bal (arme mob bots) psa mois stage us
(USL), mts chargg sts, ad Gele. Gratis an en 1-08 legen! rr Almen! soma lator Pat
coral ard manages vais dest de autores obere. o olas Sor, is awarehnure song
Systm sole oler urmatched out, page and capably andrea
Funding history
Emo Verte Adios th largest muster Grey Orange M Capa, a ven Se cofurded by Alay Royan and
ir, Factor sa Pte Tha, as vested USSAT mein Grey Orange.
Four 20 Funding ory
Feundesin201 saith Vo,
w aces =
10. quad Ed
= er vey, Sein me me
hac) «aed an um
seve te pet
Mrs
Name Posten rote
Ste Cand RCO SY an gr on SP ro a
a
pudre wände cuteness word noted ws mad MIT
e Room's gt stot Senior 3
as Celene 8CTO Mama ws rad Tera Rene gta tt Sra 3,
euren om ne san San ey
‘Lotsa arsed Gut wag Ceres of sep 2
wa gorse “Wed antares up ung ba nec my o
Verne ‘mata orar, ro Smarg Een ge Ge errs nd
‘err hee Ramat ep 100020 ina by FO Maui, Vet at
nene tng tm dara oc e pl open nae
BR meprcotmagarr nd RED cres ib Cto Sts ml
engeren Gerry at
Sa Cony its
Figure 201 Operating metes
Mae ‘Comments
See a par Di, Grange 80er am od RD ue US, On
nan von A front Cn Hon pa eo.
cate Bang wi ocommar tro org Papa, es gas le sch aa,
‘GE. Day sana cis a sn y ages cora nina The Conary sae
Casos rt ay Lats (re Faron one) Me Tan en Onn Usa, LN
[Bash nsPostasea a,
Onograiclmpe Tr nd um D wee
{ies tom Spa nop, ndo en
Sa Carney ta int ine
Groww
ore Asi Gupta, rasch
Reason for inclusion: Vaio <USS bn, bt song gro sce
‘Compan rete
Found 018, roms an vitara era drec ME mime (nl SF). al gl, fed deste
wh barks and ac equity masg. has goma grade base 0 TO rn uses of which. ae ect ogy
Unt, of alow os crt lg palm and slo ered US mes palo, Acce
‘ean, ethan 6D of ur come hn mala ee and o wih oe he bang na ete
Funding history
Grow has asda tot of -USSGO rn dale andi and at USS me bi Cantal Saga Capa and Pope.
Venture Patas ae fe hey estos Go
Inrecet ments, a startup has expanded stings o alow usr to buy stock fan fms and ga ud, ald
at ee na and hf aseos of Gown na nn wih Toten, Reve andthe or ro co
fenders of Grown werke at Fight bef unchng that un sat.
allan
a _
: :
: TE
pa
==
a
u
Zu
sl A A
logit: pta ad pat ono tr a rung compar
it an eng mern a Bay.
Behe (C00.&Cetainda AG, Hash Jun oad itm oben ration ad buin
tant Prt row, wae pod manage ro pod a
‘ech andmacias hon IT Da sedan WEA pre management a
O ton LA
Saca Corpa a
Faure 20: Growmhae-tOmmregkleredusend
‘ich 0.4 ao acts ect equity menor,
no es ond
cmd) + Sec me tm)
ar Company a NSE
ore Asi Gupta, rasch
Reason for inclusion: Vaio <USS bn, bt song gro sce
‘Compan rete
Found 018, roms an vitara era drec ME mime (nl SF). al gl, fed deste
wh barks and ac equity masg. has goma grade base 0 TO rn uses of which. ae ect ogy
Unt, of alow os crt lg palm and slo ered US mes palo, Acce
‘ean, ethan 6D of ur come hn mala ee and o wih oe he bang na ete
Funding history
Grow has asda tot of -USSGO rn dale andi and at USS me bi Cantal Saga Capa and Pope.
Venture Patas ae fe hey estos Go
Inrecet ments, a startup has expanded stings o alow usr to buy stock fan fms and ga ud, ald
at ee na and hf aseos of Gown na nn wih Toten, Reve andthe or ro co
fenders of Grown werke at Fight bef unchng that un sat.
allan
a _
: :
: TE
pa
==
a
u
Zu
sl A A
logit: pta ad pat ono tr a rung compar
it an eng mern a Bay.
Behe (C00.&Cetainda AG, Hash Jun oad itm oben ration ad buin
tant Prt row, wae pod manage ro pod a
‘ech andmacias hon IT Da sedan WEA pre management a
O ton LA
Saca Corpa a
Faure 20: Growmhae-tOmmregkleredusend
‘ich 0.4 ao acts ect equity menor,
no es ond
cmd) + Sec me tm)
ar Company a NSE
GRT Jewellers Limited
Coreana Secretory ‘arab ira, rath Ranger
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
Company patie
GRT Jewelers was in funded 1964 by Penn in Creal ad is now un by is wo Sons GR Arata
Padranabhan an GR Radhaistan. has row come a age jeweler the sot o! nda wth 65 stores and seein
‘Srgapore engaged in gl, dard, pain ad she jowalery wih showtcomsin 1 er shares. The gu
Pas expanded beyond jaweley 1 holy, a, econ and renewable por.
Funding history
RT Joves has ot aed fund so valuation Hoy nasa bl valo is spots pena we estimate
‘he company tobe worth US$. bn
Management profes
Name Posten rote
Grm Fan Mohs ta CIE ina
per a br Cera Ctra Crabe Gx. 194 si
Sra drat serranas OR a ama 80 eq ehren Ca
GR Ana Parla Margo cos Boton el ld Mr Dec RT.
Petersen
zes
Se Dan
ts = sie
- I HN -: | =
COTE CRE
St Cony di En Cn Se ne Cora Got
Coreana Secretory ‘arab ira, rath Ranger
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
Company patie
GRT Jewelers was in funded 1964 by Penn in Creal ad is now un by is wo Sons GR Arata
Padranabhan an GR Radhaistan. has row come a age jeweler the sot o! nda wth 65 stores and seein
‘Srgapore engaged in gl, dard, pain ad she jowalery wih showtcomsin 1 er shares. The gu
Pas expanded beyond jaweley 1 holy, a, econ and renewable por.
Funding history
RT Joves has ot aed fund so valuation Hoy nasa bl valo is spots pena we estimate
‘he company tobe worth US$. bn
Management profes
Name Posten rote
Grm Fan Mohs ta CIE ina
per a br Cera Ctra Crabe Gx. 194 si
Sra drat serranas OR a ama 80 eq ehren Ca
GR Ana Parla Margo cos Boton el ld Mr Dec RT.
Petersen
zes
Se Dan
ts = sie
- I HN -: | =
COTE CRE
St Cony di En Cn Se ne Cora Got
Haldiram’s
Core as arab Mia, Prat Ranger
Reason for inclusion Vaio USSI bt latest EBTOA mute
‘Compan proa
Faltas is pops bad fan sel, savoury and sled nacs. The anio as such has been in een sce
1957 whan was undodin Rajasthan. Ove te yous he tance has sit to tee branches wth Haldram Seas
Iocussed on he nah ina mart whch tha biggest ofthe res, The Nagpur based Hara Foods cuts onthe
nest and sou of na wih the branch opa ct of Koala looking athe as. Hadram Sracs rest in 50
susi oer han nda and ha ao done a fw acquibnsin the sacks ad say segment.
Funding hise
Haan’ hs ot raed ug so auton hist is uaa but has an to sujet of several discussion for
hate aqty stakes and auge as el. Ropers n be Economic Tiros suggest Keloggs was lok to buy a
rajo sake nthe company at a cat of rab 2019, Valung a aprem tothe ited pour we estat the
Company tobe worh USS2 Sn
Figure 206 We estimate Haras valution be dose to $2580
zo Foundedina0or co ao
= vo
w m
‘an 1 202 00 204205 0 207 00 20D OHO HZ 019 a DI 216 A017 ON 9 2070
ago En en US, AS)
Management pote
ame Posten Prose
OAK Tg ‘iin Dir Pa be alti ito or sno jajaa Halon Sra ane
ort at Hoh an MBA tom A Gaos
Sa Conga at
Figure 207 Steady revenue growth wäh margin Figure 208 PAT CAGR fom FYIT1Bhas Been 32%
improvement sm
w m © ms
ns — ara nr or
Saree Compr Granit ne Sas Corpa a Cat Sie
Core as arab Mia, Prat Ranger
Reason for inclusion Vaio USSI bt latest EBTOA mute
‘Compan proa
Faltas is pops bad fan sel, savoury and sled nacs. The anio as such has been in een sce
1957 whan was undodin Rajasthan. Ove te yous he tance has sit to tee branches wth Haldram Seas
Iocussed on he nah ina mart whch tha biggest ofthe res, The Nagpur based Hara Foods cuts onthe
nest and sou of na wih the branch opa ct of Koala looking athe as. Hadram Sracs rest in 50
susi oer han nda and ha ao done a fw acquibnsin the sacks ad say segment.
Funding hise
Haan’ hs ot raed ug so auton hist is uaa but has an to sujet of several discussion for
hate aqty stakes and auge as el. Ropers n be Economic Tiros suggest Keloggs was lok to buy a
rajo sake nthe company at a cat of rab 2019, Valung a aprem tothe ited pour we estat the
Company tobe worh USS2 Sn
Figure 206 We estimate Haras valution be dose to $2580
zo Foundedina0or co ao
= vo
w m
‘an 1 202 00 204205 0 207 00 20D OHO HZ 019 a DI 216 A017 ON 9 2070
ago En en US, AS)
Management pote
ame Posten Prose
OAK Tg ‘iin Dir Pa be alti ito or sno jajaa Halon Sra ane
ort at Hoh an MBA tom A Gaos
Sa Conga at
Figure 207 Steady revenue growth wäh margin Figure 208 PAT CAGR fom FYIT1Bhas Been 32%
improvement sm
w m © ms
ns — ara nr or
Saree Compr Granit ne Sas Corpa a Cat Sie
Headspin
Este ‘arab Mira, Pre Ranger
Reason fr inclusion: Resin rng rund at alton SUSE! bo
‘Compan pate
Heads he is ngagad in going mobile appcaon testing ad dewepmant sae. osa con italianos
Pr bt fc mad, mob, tant o age an 86 sanas. ofa uns lr mal ts, mba paomance
Irnising, and able analytes, tl ter aan, and bench repre À care a sc I la, ada and
ran, ea, baring, tc and gaming str. Th company was funded in 2016 and bad in Pal At,
Untied State of ma.
Funding history
Header ha ad total of USO me date and was vad at USS, 1b fe at round of ind rang in 2020,
Pas ben dad by Tier Gba, Aa Square, EOT Verres aná ri Capital, among thas.
Figure 206: Headspin was valued at USSI.16 bain Bs ost round of fnding in 2020
Funden sooo
> er ES
AA + mn 8
Hansen prota
tame ston rote
Marla Fes asd CEO™ IN Gage Ce we
gn att oct aha nce es py
in Ct Fara wSCT0 Sram Sty on ey Bn Cal woah
‘mots oa sore ng bs cote en
Cong e
Figura 216 Saleshav rom a a CAGR of 0% rem _ Flute 21: Contoincome rl hasbeen din
pr seedy
emo ox
om pa
4000 | on u
ee | ES me. a =
ann omer Bestim te
Copa iat Sie ne Copy Ct ie
Este ‘arab Mira, Pre Ranger
Reason fr inclusion: Resin rng rund at alton SUSE! bo
‘Compan pate
Heads he is ngagad in going mobile appcaon testing ad dewepmant sae. osa con italianos
Pr bt fc mad, mob, tant o age an 86 sanas. ofa uns lr mal ts, mba paomance
Irnising, and able analytes, tl ter aan, and bench repre À care a sc I la, ada and
ran, ea, baring, tc and gaming str. Th company was funded in 2016 and bad in Pal At,
Untied State of ma.
Funding history
Header ha ad total of USO me date and was vad at USS, 1b fe at round of ind rang in 2020,
Pas ben dad by Tier Gba, Aa Square, EOT Verres aná ri Capital, among thas.
Figure 206: Headspin was valued at USSI.16 bain Bs ost round of fnding in 2020
Funden sooo
> er ES
AA + mn 8
Hansen prota
tame ston rote
Marla Fes asd CEO™ IN Gage Ce we
gn att oct aha nce es py
in Ct Fara wSCT0 Sram Sty on ey Bn Cal woah
‘mots oa sore ng bs cote en
Cong e
Figura 216 Saleshav rom a a CAGR of 0% rem _ Flute 21: Contoincome rl hasbeen din
pr seedy
emo ox
om pa
4000 | on u
ee | ES me. a =
ann omer Bestim te
Copa iat Sie ne Copy Ct ie
Hero Fincorp Ltd
Francie Asi apa Jaya Kae
Reason fr inclusion Valabo <USS In, bt song gro
‘Compan proa
Haro Pr Lined (HFCL) was incoporatadín Decarber 1991 as Hee Honda Lease Lined. HFCL à engagedin
‘tend eal rare oo uo heat ses of HCL, dsc o HMOL'S ups, loans to ea ad medi
ruses, ban aan party (LAP, and sed cat nang, also grs personal lar o 2 asters wth a good
track cad. thas ar 2.8 mn ach ua and extender under communes, parca os nr
ea, wih 70% of rta on uo bang newt et. Aeon 30 Saab 2020, tha ona corolla Ian
Path tod. R243. comgrang of hc nanc mth a pore sar of 34%, ddr many Ardng (2%)
soon rare (79), paar bans (05), hme har (6%) fetal SME hans (22%), and expert oars (206)
Funding history
Hero Mate Cor (NCL) ands pomete group (members ofthe Muna fy and tar instant compari) tot
Pa TOS owner stake in HFCL. Era such as Cot Sue (ge) and Ote Li (Chey Capt)
radin a fundas in PY17 which valved he company a F352 bn and now há a 14% tke wi he balance 6.4%
BE cd mp oe
- Bi o
A Etat AS HS)
Figure 212 Funding Nito
°685
Management pros
ae Posen Prose
Aimemupé JAnIMDACED Aimayu Maral as ove 1 on parce singe ads and
langen mr cd pa rs pt
Hoy Strive COO, Real Face Wh we dads apro narco ha M Shan bods
Ina ane sce cap 2013 He estos xp mae
log wt Ta Capa, HOPE BANK and Fl nda
Sas Compe te
Figure 210; AU has compounded at 2507 CAGA over Figure 214: ncessing realen In Ion book mit
520
E i i i i i i i
EEE res HIE AC msn On
Saree Corp a Soe Campy at
Francie Asi apa Jaya Kae
Reason fr inclusion Valabo <USS In, bt song gro
‘Compan proa
Haro Pr Lined (HFCL) was incoporatadín Decarber 1991 as Hee Honda Lease Lined. HFCL à engagedin
‘tend eal rare oo uo heat ses of HCL, dsc o HMOL'S ups, loans to ea ad medi
ruses, ban aan party (LAP, and sed cat nang, also grs personal lar o 2 asters wth a good
track cad. thas ar 2.8 mn ach ua and extender under communes, parca os nr
ea, wih 70% of rta on uo bang newt et. Aeon 30 Saab 2020, tha ona corolla Ian
Path tod. R243. comgrang of hc nanc mth a pore sar of 34%, ddr many Ardng (2%)
soon rare (79), paar bans (05), hme har (6%) fetal SME hans (22%), and expert oars (206)
Funding history
Hero Mate Cor (NCL) ands pomete group (members ofthe Muna fy and tar instant compari) tot
Pa TOS owner stake in HFCL. Era such as Cot Sue (ge) and Ote Li (Chey Capt)
radin a fundas in PY17 which valved he company a F352 bn and now há a 14% tke wi he balance 6.4%
BE cd mp oe
- Bi o
A Etat AS HS)
Figure 212 Funding Nito
°685
Management pros
ae Posen Prose
Aimemupé JAnIMDACED Aimayu Maral as ove 1 on parce singe ads and
langen mr cd pa rs pt
Hoy Strive COO, Real Face Wh we dads apro narco ha M Shan bods
Ina ane sce cap 2013 He estos xp mae
log wt Ta Capa, HOPE BANK and Fl nda
Sas Compe te
Figure 210; AU has compounded at 2507 CAGA over Figure 214: ncessing realen In Ion book mit
520
E i i i i i i i
EEE res HIE AC msn On
Saree Corp a Soe Campy at
Hetero Labs
Hate stay haga Sara Ml
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
‘Company patie
trois ae of nds ng gant phat compares and he vod gt produc lateral de
forthe aimant HIV/AIDS has a plesanoein 126 curs and has SB mate aces s businesses ae
spread across AP, Ganas, Bisnis, Custo Phamacautial Sanos aná Brandad Gera. pol nes
300+ pedis ancompassg HIV/AIDS, oncdog, cardiac, og, hal, rap}, lag, dbats,
(prihamolag, emaldgy and ierunciogy, amang ofa. lso as vacane mani capably and col begin
producto of COVID-19 acne the ea tem
Finding ion
ya
ares
tame Peston pote
Busen, Com Sitar Ha, Ed Patry Roi wd de 12
Eat e en a pe odie
Loire re ig mando dm
craneo
eit diag ts Van ua ad ed Oman aan nag
Sica acer anal mort med mg en
iodo, Hatt sen El ge
Pramacadics, hen 2007 =
Scope da
Fue 216 Hates ovas arenal TR CGR Fare 216 Helos POT ma SERIE
meee ÊTES
vo so on
SUE: tae:
Smet go RS ern nn
Hate stay haga Sara Ml
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
‘Company patie
trois ae of nds ng gant phat compares and he vod gt produc lateral de
forthe aimant HIV/AIDS has a plesanoein 126 curs and has SB mate aces s businesses ae
spread across AP, Ganas, Bisnis, Custo Phamacautial Sanos aná Brandad Gera. pol nes
300+ pedis ancompassg HIV/AIDS, oncdog, cardiac, og, hal, rap}, lag, dbats,
(prihamolag, emaldgy and ierunciogy, amang ofa. lso as vacane mani capably and col begin
producto of COVID-19 acne the ea tem
Finding ion
ya
ares
tame Peston pote
Busen, Com Sitar Ha, Ed Patry Roi wd de 12
Eat e en a pe odie
Loire re ig mando dm
craneo
eit diag ts Van ua ad ed Oman aan nag
Sica acer anal mort med mg en
iodo, Hatt sen El ge
Pramacadics, hen 2007 =
Scope da
Fue 216 Hates ovas arenal TR CGR Fare 216 Helos POT ma SERIE
meee ÊTES
vo so on
SUE: tae:
Smet go RS ern nn
HighRadius
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rote
Founded in 2006 Hyderabad, HghPadus bras artical intignos (A) based atenemos stems 1 assist
amparos 1 anale accounts enable and Weasuy processes. The company's Hh ads naguatad10ovabas
Palkem automates ecsabls and payments processes ass ae, con Ming and payment rcessng, cash
Eplcalondrducions, and esco. rodas also Ind Haus Rana, RadusOne, ard Freeda
Funding Rita
¡Susquatara Got Eqayis th gest nestor in High ads, The company achieved uric stats in 2020,
Figure 217 Funding History
Pande neo uam. à
à ote arte 19
> A Ds -
“ a =
O Eada US, 2
Sar etre Goat
Management profes
tame Posten rte
Sa Core &CEO Sah Naa tals a mate mc gra om Li
alee Pa nd sors nica grange ran
st Teolgy Mads Ho as di ma Forte 1000
Compre miento edt manager. cere manage te
e stan
aja Siow (Gist eit tr Seis Sah an WE tom Yo Ut a Mart Sr ge ton
fe Unterlage Panda chro Tecmo, de.
fem o ran tie of Teco, Modos Pr rie Metas he
snr ead of odie mace bert Ver Bae Va, Sad
Fe rro MA Entran Ba of Anar Mo
eek
Sot Baten ro rt ang Moa, Scot Baton sd so VP ire tao
Io ameno pam fo dvd pct, Ho Wie cong ow PO at
E an ana rent matar capo d'a USES
Saca Corpa a
gute 218% Operating matics
Medic Comments
Rem poms Late got ni ha 7.75% sh anu mirage ras ar than USO mn
inte Hg has 400 cht eg ot 2000 Fs bd 200 Sama ol ere we Gert
‘Bee, Hain Univ, Ural POS, Sry aná sb, mar ot
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rote
Founded in 2006 Hyderabad, HghPadus bras artical intignos (A) based atenemos stems 1 assist
amparos 1 anale accounts enable and Weasuy processes. The company's Hh ads naguatad10ovabas
Palkem automates ecsabls and payments processes ass ae, con Ming and payment rcessng, cash
Eplcalondrducions, and esco. rodas also Ind Haus Rana, RadusOne, ard Freeda
Funding Rita
¡Susquatara Got Eqayis th gest nestor in High ads, The company achieved uric stats in 2020,
Figure 217 Funding History
Pande neo uam. à
à ote arte 19
> A Ds -
“ a =
O Eada US, 2
Sar etre Goat
Management profes
tame Posten rte
Sa Core &CEO Sah Naa tals a mate mc gra om Li
alee Pa nd sors nica grange ran
st Teolgy Mads Ho as di ma Forte 1000
Compre miento edt manager. cere manage te
e stan
aja Siow (Gist eit tr Seis Sah an WE tom Yo Ut a Mart Sr ge ton
fe Unterlage Panda chro Tecmo, de.
fem o ran tie of Teco, Modos Pr rie Metas he
snr ead of odie mace bert Ver Bae Va, Sad
Fe rro MA Entran Ba of Anar Mo
eek
Sot Baten ro rt ang Moa, Scot Baton sd so VP ire tao
Io ameno pam fo dvd pct, Ho Wie cong ow PO at
E an ana rent matar capo d'a USES
Saca Corpa a
gute 218% Operating matics
Medic Comments
Rem poms Late got ni ha 7.75% sh anu mirage ras ar than USO mn
inte Hg has 400 cht eg ot 2000 Fs bd 200 Sama ol ere we Gert
‘Bee, Hain Univ, Ural POS, Sry aná sb, mar ot
IBS Software
tral) Vara An. Kos Sarita
Reason for inclusion: can rng rund at a ation SUSE! bo
Company patie
Funden 1997 in Thanantapurar, IES Sowar isa ang gl rodar of nw geraraton T sans te
bal aval ansprtac ad lostis nasty IBS Solar prono conprehenshe, endend neu genaan IF
Syst ota bal alton uty actors al rose seas — in passenger sacas, cage options, ig anderen
peras, are oparators and ara mantnanoeergeaing. nthe non aan sacr, IS Sonate s sens we
dt manage can min cal para of mato and gas compares, cise ne, Potes and tu paras.
Funding history
‘As par sam meda er in 2019 18S Software was planring to 9 pub in FYZI and make auton was expected in
tro argo of USS1.5-20bn,
Figure 215 Funding hito
soo Fundedin 1987 sow
MS Et at en AN
Management profes
ane Posten rote
Vans Fate Eu Vita luna BS TT a vn ord ha ay Da gab
Cm ‘rool een ages nds nage tration hoe
{Tyas of hong ba ao ná, hung saved Eno
dorada Mis sa hi ont Da nd una
entres in te ingreso
owed Kibo CEO ‘ound esha comas 203 Pa cr ould ih goth as
‘erase Most many Rasen ar ear ce poste Canc
Sua ar edhe corcel gon Ut bes.
Va Sens e Via Sacha as ow 18 al apra, sin sio xv ree
managing bviests ge, wh pon piney met las and
a ana aos ech PAL mange nae png scores,
e rte ge
cording cts
Sa Corny it
Figure 220 Operating metes
Mie ‘Comments
Revenue 18S Sore comarcas d USSTAS nin 2018,
‘Seale IBS tay is amaral porton ring ov 200 ars wold, emo v3.00
pele ton Bunte
tral) Vara An. Kos Sarita
Reason for inclusion: can rng rund at a ation SUSE! bo
Company patie
Funden 1997 in Thanantapurar, IES Sowar isa ang gl rodar of nw geraraton T sans te
bal aval ansprtac ad lostis nasty IBS Solar prono conprehenshe, endend neu genaan IF
Syst ota bal alton uty actors al rose seas — in passenger sacas, cage options, ig anderen
peras, are oparators and ara mantnanoeergeaing. nthe non aan sacr, IS Sonate s sens we
dt manage can min cal para of mato and gas compares, cise ne, Potes and tu paras.
Funding history
‘As par sam meda er in 2019 18S Software was planring to 9 pub in FYZI and make auton was expected in
tro argo of USS1.5-20bn,
Figure 215 Funding hito
soo Fundedin 1987 sow
MS Et at en AN
Management profes
ane Posten rote
Vans Fate Eu Vita luna BS TT a vn ord ha ay Da gab
Cm ‘rool een ages nds nage tration hoe
{Tyas of hong ba ao ná, hung saved Eno
dorada Mis sa hi ont Da nd una
entres in te ingreso
owed Kibo CEO ‘ound esha comas 203 Pa cr ould ih goth as
‘erase Most many Rasen ar ear ce poste Canc
Sua ar edhe corcel gon Ut bes.
Va Sens e Via Sacha as ow 18 al apra, sin sio xv ree
managing bviests ge, wh pon piney met las and
a ana aos ech PAL mange nae png scores,
e rte ge
cording cts
Sa Corny it
Figure 220 Operating metes
Mie ‘Comments
Revenue 18S Sore comarcas d USSTAS nin 2018,
‘Seale IBS tay is amaral porton ring ov 200 ars wold, emo v3.00
pele ton Bunte
Icertis
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rote
Fonden 20091 Bngahru, Iris prods an eters contact management platen the doud The ets ofits
lle clue sat corta tar, ego conta ag, negoators and clara, contract appv and
retin cunac by and euch, usabliyandpeduchy, Hk management snd complanc, conta aay and
proposal management. Maer customer wns around to wor cad Abus, BASF, Batman, ue Coss Be Shad
egnzant Dali, Mitos, Novak Sau, anoh and Treasury Wines. As pr Nov2019 at, tsi sed >
manage 65 mn contacts in dD+ languages ass 9+ counties.
Funding history
lets rached uric stats im 2019 hen twas valved US$ En ar ares e un. as boon and Cross
Ck, Eph Roads and in Pater, among ober.
Figure 221 Funding History
ranted somos
ps caia rimes sm
= in GET GE om
E run ra les
E wpm, STE =
A 2 eee > ä
nd) Eta an US, ST
sar Fatt
‘Management profies
Nae Bouton Profle
‘Simi Soks Colada Sam as hs 020 us vd oad tad sin caos ding cars Pia o
ACEO cofedng ews, Sane ld mi rai los cet a ds CED to
“eis ten, Osha Techno andar rang rid gon homme cr ate
Mor Oud Coton ah Dr cha in wd rl genau tha San tach cin Pa
CTO elos sua space in op apar dead tens wd nda, ts co
mer to plate dond rs managen ndprning ns ha aBEn
cc ag u sates Say Ta Pa Arte Un
Aralar Oh Ananda ngs ih hm 25 ja Gab separar Hospi an
Faves Brenn eue Ta Us dar wih Da Ego da Hs st ling
Once” Ens sv poet sola sep nd APAC o FT im,
Sat Cong at
Faure 222 Operating meines
Movie Comments
Banano thus wl ering ro l -USSICO me
CCatomers Cm nd gres Ab, Dar Mead ga. a coman a in 40% re
amer cae ts USO: ep ba) wih now crt als sane bs
Tedtncony Aaa Bor Sala, SAP Wey, Whats DoS
pers
‘Sac Nom i Sie
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rote
Fonden 20091 Bngahru, Iris prods an eters contact management platen the doud The ets ofits
lle clue sat corta tar, ego conta ag, negoators and clara, contract appv and
retin cunac by and euch, usabliyandpeduchy, Hk management snd complanc, conta aay and
proposal management. Maer customer wns around to wor cad Abus, BASF, Batman, ue Coss Be Shad
egnzant Dali, Mitos, Novak Sau, anoh and Treasury Wines. As pr Nov2019 at, tsi sed >
manage 65 mn contacts in dD+ languages ass 9+ counties.
Funding history
lets rached uric stats im 2019 hen twas valved US$ En ar ares e un. as boon and Cross
Ck, Eph Roads and in Pater, among ober.
Figure 221 Funding History
ranted somos
ps caia rimes sm
= in GET GE om
E run ra les
E wpm, STE =
A 2 eee > ä
nd) Eta an US, ST
sar Fatt
‘Management profies
Nae Bouton Profle
‘Simi Soks Colada Sam as hs 020 us vd oad tad sin caos ding cars Pia o
ACEO cofedng ews, Sane ld mi rai los cet a ds CED to
“eis ten, Osha Techno andar rang rid gon homme cr ate
Mor Oud Coton ah Dr cha in wd rl genau tha San tach cin Pa
CTO elos sua space in op apar dead tens wd nda, ts co
mer to plate dond rs managen ndprning ns ha aBEn
cc ag u sates Say Ta Pa Arte Un
Aralar Oh Ananda ngs ih hm 25 ja Gab separar Hospi an
Faves Brenn eue Ta Us dar wih Da Ego da Hs st ling
Once” Ens sv poet sola sep nd APAC o FT im,
Sat Cong at
Faure 222 Operating meines
Movie Comments
Banano thus wl ering ro l -USSICO me
CCatomers Cm nd gres Ab, Dar Mead ga. a coman a in 40% re
amer cae ts USO: ep ba) wih now crt als sane bs
Tedtncony Aaa Bor Sala, SAP Wey, Whats DoS
pers
‘Sac Nom i Sie
Infra.Market
Den Loch Gar. Gaza iia
Reason fr inclusion: Van USE bn but ong gow since
Company patie
Inka Muñetis an one mastllaco fr crstcta mates procure thas is headers in Mara, wth egal
ficos in Neda, Guara, Da, Koch, Begalzu, Hyderabad, Pare, and Nah
Funding history
“Te company ha and USS 140 mn e mule vests the Tier abl Management, Aca), Menus Vie Paras,
Fundamental, Ewhence, Sistema Aia Capa, nd Tica Capt
Figure 225 Funding Hstory
¿co Founded in 2016
Fig USSom) E US 20,
Management profies
Sav Soga Coda Sau Sagi ia Charo eco tho any pn
PRL oe an menguar, An aumn 1 Ergo, Sou dr
pai ran Spain Cage ln Mn
Aaya Sharda Goa esta Sur a cres a a Mat args the to est
as deiner ato da Ka ue nd
ici Ha sms I Ahmed
a
Fare Hemer ha ane cry rad Fa 28 Cosy ale BT =F)
. | „3 o == i .
es uen AE
Den Loch Gar. Gaza iia
Reason fr inclusion: Van USE bn but ong gow since
Company patie
Inka Muñetis an one mastllaco fr crstcta mates procure thas is headers in Mara, wth egal
ficos in Neda, Guara, Da, Koch, Begalzu, Hyderabad, Pare, and Nah
Funding history
“Te company ha and USS 140 mn e mule vests the Tier abl Management, Aca), Menus Vie Paras,
Fundamental, Ewhence, Sistema Aia Capa, nd Tica Capt
Figure 225 Funding Hstory
¿co Founded in 2016
Fig USSom) E US 20,
Management profies
Sav Soga Coda Sau Sagi ia Charo eco tho any pn
PRL oe an menguar, An aumn 1 Ergo, Sou dr
pai ran Spain Cage ln Mn
Aaya Sharda Goa esta Sur a cres a a Mat args the to est
as deiner ato da Ka ue nd
ici Ha sms I Ahmed
a
Fare Hemer ha ane cry rad Fa 28 Cosy ale BT =F)
. | „3 o == i .
es uen AE
InMobi
rec Vara Anja Ka Sanaa
Reason for inclusion cent ung ound at a va SUSI to
‘Compan rete
Founded in 2007 as Min Mumbai, Mobis a ba mele a net og mobile web adri solitons os
tres. Mi and eer har ad ata) assay males publish Nave users ung far rable ats and
tant tomate ar) and aera (vto ae wing o spend money o reach these usar) HU has bla song
act Aa. the Mie Eas and Alia and has gown ni a leader ashe ges ad atau Asa.
Funding history
Webi became una in 201.
TEE TT
Dress
= ‘Sai A Sins, Sete, be
= Seren. sin ae oe
= ps =
E ann NE sin tt =
° me = b
A it aan Fm me
Freeman fier
the Peston pu
tino Nee Ta ar bs ngs fo in a Th pr
E {alate Bats tio tn nae Sa ern
‘ied rad coed ortega mr prey
Pred rape oa ety Sod CR ME
Set Emin Zn a, se
AS Colas ke Fas Uh metro, ESG dec or cn pi ii
Stoic atom hic ndo tam mitos eos ar
Em Le Sed ON non Re mp yr rod y
Sears E
Mo Conde Bais Sa nr rel a Vig i,
Ce at Spe pdr wren
Sion Homi at ET whe mio pá e
nee
sare corp te
Fiore 287 Operating meti
Mamas Tah Sv Ps Utd ted fr yo 2019.2 RAR zen
oa Epa cp ea Sind pa compr a pd Y os
De Tears noes lb sea e
Compas M shonin wh aj das Ba
ace Yard Ct Se
rec Vara Anja Ka Sanaa
Reason for inclusion cent ung ound at a va SUSI to
‘Compan rete
Founded in 2007 as Min Mumbai, Mobis a ba mele a net og mobile web adri solitons os
tres. Mi and eer har ad ata) assay males publish Nave users ung far rable ats and
tant tomate ar) and aera (vto ae wing o spend money o reach these usar) HU has bla song
act Aa. the Mie Eas and Alia and has gown ni a leader ashe ges ad atau Asa.
Funding history
Webi became una in 201.
TEE TT
Dress
= ‘Sai A Sins, Sete, be
= Seren. sin ae oe
= ps =
E ann NE sin tt =
° me = b
A it aan Fm me
Freeman fier
the Peston pu
tino Nee Ta ar bs ngs fo in a Th pr
E {alate Bats tio tn nae Sa ern
‘ied rad coed ortega mr prey
Pred rape oa ety Sod CR ME
Set Emin Zn a, se
AS Colas ke Fas Uh metro, ESG dec or cn pi ii
Stoic atom hic ndo tam mitos eos ar
Em Le Sed ON non Re mp yr rod y
Sears E
Mo Conde Bais Sa nr rel a Vig i,
Ce at Spe pdr wren
Sion Homi at ET whe mio pá e
nee
sare corp te
Fiore 287 Operating meti
Mamas Tah Sv Ps Utd ted fr yo 2019.2 RAR zen
oa Epa cp ea Sind pa compr a pd Y os
De Tears noes lb sea e
Compas M shonin wh aj das Ba
ace Yard Ct Se
Innovaccer
sus ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSI bo
Company patie
Funden 2014 In Nada, nana a lang eat dala achat atm company Icod on deg mare
ant and ete hear Ir be use of punsarag anaes ad anspuret, der, and acaale dala
Irc a so simply corps daa mal pois of ee, earn Be formation andhap cgansaens make
poner dane and ean sage gal Ence on key nis and prados tom tha dla
Funding history
Irnoyacear has aed US$229 mn dat and was valved at USS Stn ts est round of nny n 2021. has bean
nd by Tiger Geta, Sad Capa, Westigo Capa and, Sara among er.
Figure RE Funding hito
sng Fomdedn 2014 se peak ong MS cu
w Sen Stn on.
: oa]
ra EU in 5)
Management profes
Name Poston rote
Abe Gas Coen & CEO Ain Soa sw are to IT ras
er Hs Cold CTO Kan Has a rs ten Maras
Sid ia Cofamdr&COO So is ge andan MBA fom IM And Pic ico-
A TCS, Monel rd gual Ra
‘ve Cap ts
Figure 228 Operating metes
Mabie Comments
‘Seale noe’ rd ha bun il a mu in 50 line wth 10.00 pr
Mg neh gant ewes, and vt cortes sich eM CO,
Sa ci Car ad Naor One eth owt nd PHN Etre e Sodi m
France ut cer wound tied Star nda
com 1200 whch was cord stat a hr sect, scr ee gt
‘acd sc bron pee sms COVD- Soden pode, command cer
feathers aga rá a COVO 1 mangenet ston, Trug race yt loto bo,
rad rfi prom na cnt GOO Yo ronca o ane ur a
o
Sao Cony Ct Sn
sus ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSI bo
Company patie
Funden 2014 In Nada, nana a lang eat dala achat atm company Icod on deg mare
ant and ete hear Ir be use of punsarag anaes ad anspuret, der, and acaale dala
Irc a so simply corps daa mal pois of ee, earn Be formation andhap cgansaens make
poner dane and ean sage gal Ence on key nis and prados tom tha dla
Funding history
Irnoyacear has aed US$229 mn dat and was valved at USS Stn ts est round of nny n 2021. has bean
nd by Tiger Geta, Sad Capa, Westigo Capa and, Sara among er.
Figure RE Funding hito
sng Fomdedn 2014 se peak ong MS cu
w Sen Stn on.
: oa]
ra EU in 5)
Management profes
Name Poston rote
Abe Gas Coen & CEO Ain Soa sw are to IT ras
er Hs Cold CTO Kan Has a rs ten Maras
Sid ia Cofamdr&COO So is ge andan MBA fom IM And Pic ico-
A TCS, Monel rd gual Ra
‘ve Cap ts
Figure 228 Operating metes
Mabie Comments
‘Seale noe’ rd ha bun il a mu in 50 line wth 10.00 pr
Mg neh gant ewes, and vt cortes sich eM CO,
Sa ci Car ad Naor One eth owt nd PHN Etre e Sodi m
France ut cer wound tied Star nda
com 1200 whch was cord stat a hr sect, scr ee gt
‘acd sc bron pee sms COVD- Soden pode, command cer
feathers aga rá a COVO 1 mangenet ston, Trug race yt loto bo,
rad rfi prom na cnt GOO Yo ronca o ane ur a
o
Sao Cony Ct Sn
Intas Pharmaceuticals
Heat Arras agan, Sapa]
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan rete
Ins, ounded 1977 a las Laboratfas Pate Lids aerealyietogated dob pharmaceutical ola
gran, manulaunng and markeing compar, based in Ina, tas poset in ES cuties mordido, and
peas 18 man maruaching lacs of which le re oca noi, and th fst are inthe UK and Mexico. 8
arly ds sevens kam EU (2%), Ina (31) and US (TB), wth ol reverues exceedeg USSZ bn in FO
(rote: ques m brackets dnote revenue clans PY19) bas is arkedas the th gest company Inn
Parma market, in ems ovalo share (ste. AOCO AWACS MAT Dec-2020)
Funding hise
Its sony has two majo PE mesos: Temasek (10% stake and Cry Cai (6% sao) The promote the
Cru aly, own remain 24% stake, eof Jun 2020 te frm was valo a USES 26 En,
gure 230 Funding hito
Foundedin 1977 Tona
= Onn Ct
Count nal
E 2 ons i |:
o a i ps
‘an 1 202 250 204205 00 207 2009 ZED A NZD DIS IE OH 215 or? 218209 2
ASIA + E US 5)
‘Management pros
Name Posen rte
aor Chau Onan mh Os oath aa a 05 pur ol spain
a (ham) fom
Ej Ur
Bash Hamdh Ves, ech Chae has 35 us of esparce pharma ndo He
Ca Magny Dre ha agai ogres Pomme fon Gur ray md Mat
‘Sree antun SP Ja Management Sho, Men.
Ath Fo Mage Drums Cup lu jus laca Pa phamacaseal nd He
noe
ceo helo ache Scene chant tom St Uy.
meh rt ‚Orr Umi Ch ar 50 yur of pre nt phomacm ty He
Era ue Felsen MS yo bon A sica Mode Coan, ana
pasa har rc am te aren Boal Pain
Sac Compa a
own 231 revenus gm 29% + CAGRVISIS) Figure 22: nas has heathy EBTIDA margin of 18:22%
200 no 20
nm) — Var Govt mS DETAILS m) estate is
Sac Conga a Sn Campy it
Heat Arras agan, Sapa]
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan rete
Ins, ounded 1977 a las Laboratfas Pate Lids aerealyietogated dob pharmaceutical ola
gran, manulaunng and markeing compar, based in Ina, tas poset in ES cuties mordido, and
peas 18 man maruaching lacs of which le re oca noi, and th fst are inthe UK and Mexico. 8
arly ds sevens kam EU (2%), Ina (31) and US (TB), wth ol reverues exceedeg USSZ bn in FO
(rote: ques m brackets dnote revenue clans PY19) bas is arkedas the th gest company Inn
Parma market, in ems ovalo share (ste. AOCO AWACS MAT Dec-2020)
Funding hise
Its sony has two majo PE mesos: Temasek (10% stake and Cry Cai (6% sao) The promote the
Cru aly, own remain 24% stake, eof Jun 2020 te frm was valo a USES 26 En,
gure 230 Funding hito
Foundedin 1977 Tona
= Onn Ct
Count nal
E 2 ons i |:
o a i ps
‘an 1 202 250 204205 00 207 2009 ZED A NZD DIS IE OH 215 or? 218209 2
ASIA + E US 5)
‘Management pros
Name Posen rte
aor Chau Onan mh Os oath aa a 05 pur ol spain
a (ham) fom
Ej Ur
Bash Hamdh Ves, ech Chae has 35 us of esparce pharma ndo He
Ca Magny Dre ha agai ogres Pomme fon Gur ray md Mat
‘Sree antun SP Ja Management Sho, Men.
Ath Fo Mage Drums Cup lu jus laca Pa phamacaseal nd He
noe
ceo helo ache Scene chant tom St Uy.
meh rt ‚Orr Umi Ch ar 50 yur of pre nt phomacm ty He
Era ue Felsen MS yo bon A sica Mode Coan, ana
pasa har rc am te aren Boal Pain
Sac Compa a
own 231 revenus gm 29% + CAGRVISIS) Figure 22: nas has heathy EBTIDA margin of 18:22%
200 no 20
nm) — Var Govt mS DETAILS m) estate is
Sac Conga a Sn Campy it
Joyalukkas
Coreana Secretory Prat Pagar
Reason fr inclusion: Vat >USEI alas EBITDA and ul
Company pate
yas was estabahe ln 1988 ar it conmanoedjewslary partons in he UA tough the Alas fry has ben
‘nthe jean busines since 1956 wi a est home Kal Ri neo the leg zu nda based jonas
eerparies wth eos on age fa stores. The joweley buses consists ofthe sal o ely made o gl, damorá,
Pisa and ver eo ate ete, appar! and aceestonae cu wedng cantes Karla Te companys
D ses vt oy hal fa rear td ida fe UK US, Singapore and aos he GEC
Funding hiso
The company has noace ung oval Hitos uravalable but ang as pr to Ito parat we etna the
company to be wath USS1.4 tn,
Management profes
ame Peon Pre
de Bas Fos WO As und company dat 32 ya pie
ps
Jin Pad Joys MragngDre Jahn alias and be gp as os ha gan bus
sénat ton a Mpa rt Peras maño tn
testa
sac ono ts
Figure 23%: Revenue gronth has slowed ine wh he Figure 29: However convo on costs as bed
indu support marin
2 I wg =
ees SE mr HS art amis me
Sas Coney ela sent Ce Se Sage Compay dt Ct ne
Coreana Secretory Prat Pagar
Reason fr inclusion: Vat >USEI alas EBITDA and ul
Company pate
yas was estabahe ln 1988 ar it conmanoedjewslary partons in he UA tough the Alas fry has ben
‘nthe jean busines since 1956 wi a est home Kal Ri neo the leg zu nda based jonas
eerparies wth eos on age fa stores. The joweley buses consists ofthe sal o ely made o gl, damorá,
Pisa and ver eo ate ete, appar! and aceestonae cu wedng cantes Karla Te companys
D ses vt oy hal fa rear td ida fe UK US, Singapore and aos he GEC
Funding hiso
The company has noace ung oval Hitos uravalable but ang as pr to Ito parat we etna the
company to be wath USS1.4 tn,
Management profes
ame Peon Pre
de Bas Fos WO As und company dat 32 ya pie
ps
Jin Pad Joys MragngDre Jahn alias and be gp as os ha gan bus
sénat ton a Mpa rt Peras maño tn
testa
sac ono ts
Figure 23%: Revenue gronth has slowed ine wh he Figure 29: However convo on costs as bed
indu support marin
2 I wg =
ees SE mr HS art amis me
Sas Coney ela sent Ce Se Sage Compay dt Ct ne
Kurl-on
Core dales Ab Mia, Prat Ranger
Reason for inclusion Von US$ bn at latest EBTDA and mui
‘Compan rete
“The company was unde 1682 as apa ol he Mangl cup and note he except of he cl mates in da.
Vasos a pin layer in ni! © USE ba mates maña, only athed of whichis rare at Fam eal sales
Hu an aso sels to nun cents he hospital, ols and het and has now stated supina EA as wel
idee matters», atan le marche home comia salons and a wie range of plows, cuan ande
lan, Kun ue Bt auto 0-10: dela and 1.200 furchsees and paar engine sou and est of
Me cunt
Funding hay
Paiz ung om Metal Ona FE 2018 ata ahaton o USS 136 mn and was reputed cing o as monayin
2017 foma duch of PE players aa alan o USS 6 bn, Using cart sted poe mules, th company woud bo
ande USO mn
‘gure 35 Raised funding rom Moin Oawal PE 2075 a a vaıallan of USAS mn
e Fontana e
# Ori CES
E 5 =
© on 20120 203 204 2108 00 207 208 200 an 20H 212 013 ao an 2016 rT DI ao 200
aa am
‘Management poties
ame Posten Prose
Tid Pa ow A arre ment cla und Pa and nd has os eng wh
‘ote sce 1082 ajo Bon BD Pa à an error angst
nr roma Banas.
Ma atin CO ‘oko be CED aso fen Oc 20 Gar 1 ya dann
Ses nds at mada ben eden pod
‘Phot a MBA tom Url Cto rn
Sas Corp te
Faure 236 Revenue has grow a 8% CAGA rom Figure 257 Margins have nched up and we nom apar
rise veers
Pen st) — EDR (RS sm — PAT ÉD
Sac Corp dt Bree stan Sorc Copy Cd Sie
Core dales Ab Mia, Prat Ranger
Reason for inclusion Von US$ bn at latest EBTDA and mui
‘Compan rete
“The company was unde 1682 as apa ol he Mangl cup and note he except of he cl mates in da.
Vasos a pin layer in ni! © USE ba mates maña, only athed of whichis rare at Fam eal sales
Hu an aso sels to nun cents he hospital, ols and het and has now stated supina EA as wel
idee matters», atan le marche home comia salons and a wie range of plows, cuan ande
lan, Kun ue Bt auto 0-10: dela and 1.200 furchsees and paar engine sou and est of
Me cunt
Funding hay
Paiz ung om Metal Ona FE 2018 ata ahaton o USS 136 mn and was reputed cing o as monayin
2017 foma duch of PE players aa alan o USS 6 bn, Using cart sted poe mules, th company woud bo
ande USO mn
‘gure 35 Raised funding rom Moin Oawal PE 2075 a a vaıallan of USAS mn
e Fontana e
# Ori CES
E 5 =
© on 20120 203 204 2108 00 207 208 200 an 20H 212 013 ao an 2016 rT DI ao 200
aa am
‘Management poties
ame Posten Prose
Tid Pa ow A arre ment cla und Pa and nd has os eng wh
‘ote sce 1082 ajo Bon BD Pa à an error angst
nr roma Banas.
Ma atin CO ‘oko be CED aso fen Oc 20 Gar 1 ya dann
Ses nds at mada ben eden pod
‘Phot a MBA tom Url Cto rn
Sas Corp te
Faure 236 Revenue has grow a 8% CAGA rom Figure 257 Margins have nched up and we nom apar
rise veers
Pen st) — EDR (RS sm — PAT ÉD
Sac Corp dt Bree stan Sorc Copy Cd Sie
Lenskart
E-commerce ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company pate
Faundadin 2010 n Dal NCR, Lnskartis an nda based ono shop oral ar eye, The company fs aus
(ches leyes, surlases, power gasses and or esas lr men and woman it pvadas a rango of
Sunglasses fr is and teenagers ferent Sapos. For hs, lool accesorias, nding ajenas sand ejeweat
Cases, contacts eases anlar cana pay Solo, Lens or vacas brands ejewoa, eng Join Jacobs,
cat Case, Ray-Ban, Oley Carta, Nk, Tommy liga, Vogue, TAG Hauer, astra, Mas, DEE, Basch ard
Lm Agar, John & Jobson, Alem, Acme and Ser. lo prods vasos accrscores Ir eones ing
eyewear Sand, Cases, earng wipes, ew deers, contact los cass and dear spas
Funding history
Lama has rase otal of USS487 me $ date ani valu at USB 5 bn, Sala Vin Fungi rest master
nd as st USSZTB mn out of ol USAS in
Fe Zu Panama
¿co rente i208 cessing ga
= Se ‘00
5 a eg E >
{Bi 20 0220 20420620 ET 20 mH HIE ET 01 HE 201 a ie a HD
A ES Ar,
ct pt
tomo Poston pe
hotm Fate a ida gr od an Bts Teri,
Mr pr e om
Panal FRA Po Br Tea o He Urt; Cr nd le
pr A
ser Cons
Figure 238 Lanskart Indios peraonalrevenes grew Figure 240 Lenser lured poftale in PYZO
a TS CAGR over lito years
= UT À a
oe oe E = C3
4000 25 A E bad
=w | = a
een. en rt nes
E-commerce ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company pate
Faundadin 2010 n Dal NCR, Lnskartis an nda based ono shop oral ar eye, The company fs aus
(ches leyes, surlases, power gasses and or esas lr men and woman it pvadas a rango of
Sunglasses fr is and teenagers ferent Sapos. For hs, lool accesorias, nding ajenas sand ejeweat
Cases, contacts eases anlar cana pay Solo, Lens or vacas brands ejewoa, eng Join Jacobs,
cat Case, Ray-Ban, Oley Carta, Nk, Tommy liga, Vogue, TAG Hauer, astra, Mas, DEE, Basch ard
Lm Agar, John & Jobson, Alem, Acme and Ser. lo prods vasos accrscores Ir eones ing
eyewear Sand, Cases, earng wipes, ew deers, contact los cass and dear spas
Funding history
Lama has rase otal of USS487 me $ date ani valu at USB 5 bn, Sala Vin Fungi rest master
nd as st USSZTB mn out of ol USAS in
Fe Zu Panama
¿co rente i208 cessing ga
= Se ‘00
5 a eg E >
{Bi 20 0220 20420620 ET 20 mH HIE ET 01 HE 201 a ie a HD
A ES Ar,
ct pt
tomo Poston pe
hotm Fate a ida gr od an Bts Teri,
Mr pr e om
Panal FRA Po Br Tea o He Urt; Cr nd le
pr A
ser Cons
Figure 238 Lanskart Indios peraonalrevenes grew Figure 240 Lenser lured poftale in PYZO
a TS CAGR over lito years
= UT À a
oe oe E = C3
4000 25 A E bad
=w | = a
een. en rt nes
Macleods Pharmaceuticals
Heat Arras agan, Sapa]
Reason for inclusion Von US$ bn at latest EBTDA and mui
‘Compan proa
Establahedin 1988, Madea spaces e danlament and marufatsng of APIS and esha dosage
hamac femdaon marcos close to 25 bn uns 01 rad dosages pe yea encompassing abl,
Esos gad ere, pondar for rl surpansen,proseuised meted ose males, ng dvs dy ponder alate, dy
powders fr rect (also i) and vary Flop ke loons, cas, oer and gals. is rankad as te
TOR largest company he fan phamaceutcal mal fms of au (saute: AIOCD AWACS MAT Dec 2020)
Funding story
Mao had ls ROA men Ft-2008 Sor ntematonl France Crporaon at an under alton
Figure 241 Funding story
“o Fedadin 1008
38
SIA nnn US,
‘Management profes
tame Posten rte
Seile Omen Patel be my nich oda amas Jp, Grr La Bm
cc Paracas e mundo Tomadcer Hele ase ol
ben ohare
jena Agana Marge Draco ‘Rance Aga surg lh roe hrs who fonda ich
Praracaess 1560
Eole Bair ‘Berl Gr etd dtl Be Bree bo who end Maced
Oncor Panne a 156
ca Corp ds
Figure 242 Maceods revenues grew al 12 CAGR IN Figure 243: Macleod PT margin >20% since Fri
ie
o m es
ww mm _ — a
till
rien eve Pas ev en rm FAI Pa fia Pra PAS Ei eo eno
en or goers rm Fate ss
Heat Arras agan, Sapa]
Reason for inclusion Von US$ bn at latest EBTDA and mui
‘Compan proa
Establahedin 1988, Madea spaces e danlament and marufatsng of APIS and esha dosage
hamac femdaon marcos close to 25 bn uns 01 rad dosages pe yea encompassing abl,
Esos gad ere, pondar for rl surpansen,proseuised meted ose males, ng dvs dy ponder alate, dy
powders fr rect (also i) and vary Flop ke loons, cas, oer and gals. is rankad as te
TOR largest company he fan phamaceutcal mal fms of au (saute: AIOCD AWACS MAT Dec 2020)
Funding story
Mao had ls ROA men Ft-2008 Sor ntematonl France Crporaon at an under alton
Figure 241 Funding story
“o Fedadin 1008
38
SIA nnn US,
‘Management profes
tame Posten rte
Seile Omen Patel be my nich oda amas Jp, Grr La Bm
cc Paracas e mundo Tomadcer Hele ase ol
ben ohare
jena Agana Marge Draco ‘Rance Aga surg lh roe hrs who fonda ich
Praracaess 1560
Eole Bair ‘Berl Gr etd dtl Be Bree bo who end Maced
Oncor Panne a 156
ca Corp ds
Figure 242 Maceods revenues grew al 12 CAGR IN Figure 243: Macleod PT margin >20% since Fri
ie
o m es
ww mm _ — a
till
rien eve Pas ev en rm FAI Pa fia Pra PAS Ei eo eno
en or goers rm Fate ss
Manipal Hospitals
Hate stay haga Sara Ml
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
Company patie
arial Hoes a han ofmult-spacily spl in da and, post the Count Ai acquticnin Nov-2020, tie
‘re dats secondes heaters cha bahn Apolo Hospitals The conne ey as tar of 27 osas
Actes 15 ctas, wih 7+ beds, de does, and 10K+ employees. was Wunde by Dr Tos Macha Aran Palin
1959 and prof the Manipal Eaton and hal Gra
Funding history
Tos fr led RD bn form TPG In Fe 2015 and Rs n fom Temasak in Mar-2017. TPS and Temasek curent hc
21,48% and 18 11% ste the hospla chan resaca, The bance -E0% take I wih he promoter, Tomasa
ugh cl 19 stake of Tos Noth n Ma-2017
Four 24% Funding hito
soo Foundedin 1952 mo
000 00 202 203 208 6 207 208 200 AD HH TD 201920 ADS 316 7 01829 m0
USE EAS RAS)
Se Ton Ct
Management profes
Name Peston Preto
jar Corn Mal Er e a ai ra ra ston oa Ou wa ret ace
Ge iran ternera, Haar grato or
am
‘peste corsets te Kant be Sun
{Sous a a teu Ot a Ca
rH Samba Comes D Do ahr ran o Sean to
Ei ag na 17 ste sm a tr
Fea an ap Lt as Une pro nen
Dr gh rc Wp er ju ep nr es bs pt
cites band dc Fa Htc
Save Corny tn
Figure 246: Manipal generated 20%+ EBITDA margin in Figure 248 ROCE of Manipal war >10% in FV20
Fro
ESA man (ro Reco
Slim STA
gidaierpe Cr pjages
Yon Cr EPR = tte cod MC Hel "ate th Mc
Semen” Hades Gb Een Save CS. Scan tea Geb tops Se RSL
Hate stay haga Sara Ml
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
Company patie
arial Hoes a han ofmult-spacily spl in da and, post the Count Ai acquticnin Nov-2020, tie
‘re dats secondes heaters cha bahn Apolo Hospitals The conne ey as tar of 27 osas
Actes 15 ctas, wih 7+ beds, de does, and 10K+ employees. was Wunde by Dr Tos Macha Aran Palin
1959 and prof the Manipal Eaton and hal Gra
Funding history
Tos fr led RD bn form TPG In Fe 2015 and Rs n fom Temasak in Mar-2017. TPS and Temasek curent hc
21,48% and 18 11% ste the hospla chan resaca, The bance -E0% take I wih he promoter, Tomasa
ugh cl 19 stake of Tos Noth n Ma-2017
Four 24% Funding hito
soo Foundedin 1952 mo
000 00 202 203 208 6 207 208 200 AD HH TD 201920 ADS 316 7 01829 m0
USE EAS RAS)
Se Ton Ct
Management profes
Name Peston Preto
jar Corn Mal Er e a ai ra ra ston oa Ou wa ret ace
Ge iran ternera, Haar grato or
am
‘peste corsets te Kant be Sun
{Sous a a teu Ot a Ca
rH Samba Comes D Do ahr ran o Sean to
Ei ag na 17 ste sm a tr
Fea an ap Lt as Une pro nen
Dr gh rc Wp er ju ep nr es bs pt
cites band dc Fa Htc
Save Corny tn
Figure 246: Manipal generated 20%+ EBITDA margin in Figure 248 ROCE of Manipal war >10% in FV20
Fro
ESA man (ro Reco
Slim STA
gidaierpe Cr pjages
Yon Cr EPR = tte cod MC Hel "ate th Mc
Semen” Hades Gb Een Save CS. Scan tea Geb tops Se RSL
Medha Servo Drives
ati Lakesh Garg, Gua rival
Reason for inclusion: Vaio <USS bn, bt song gow sce
Company rete
hera Sane Dies PA Li, foundedin 1984, focussed on al ransporlaen Mads son ac a mori ade
in ay red ando achieve ths spaces nee was: caval eecoris, poner escrocs and sally crcl
Signaling. In ation tothe alway doma, Macha has rom dsd hs produc pote onde sla eres ard
eto aie propio tes
Funding history
"rar ae been o PE Ana.
‘Management profes
Name. Posten Motte
Vigne th Proncte rd Me Ra as 30 yar el eprint aay nat aa che
Came AN Ra ao & Co, ans D Beckere A dard lee
Carton ás Ltd hatha wad eme le lr sys
Ps onu mote ad Bau fas nate an 4 joao gins n ria i, Snape
cer nero Ho bag crn wth Duras pen nda nt,
‘tebe Re jour metres a gran
on compare sn spam, corr necio wann
‘Soca radar er bl
Visa Rey gg Doc M Rd ag cvs ih Are Ds, USA robe
een gow te Bes ya poring led
en
nn rn
Fe LE P
E + 8
= => 3
Sant: Sagi:
ae em
ati Lakesh Garg, Gua rival
Reason for inclusion: Vaio <USS bn, bt song gow sce
Company rete
hera Sane Dies PA Li, foundedin 1984, focussed on al ransporlaen Mads son ac a mori ade
in ay red ando achieve ths spaces nee was: caval eecoris, poner escrocs and sally crcl
Signaling. In ation tothe alway doma, Macha has rom dsd hs produc pote onde sla eres ard
eto aie propio tes
Funding history
"rar ae been o PE Ana.
‘Management profes
Name. Posten Motte
Vigne th Proncte rd Me Ra as 30 yar el eprint aay nat aa che
Came AN Ra ao & Co, ans D Beckere A dard lee
Carton ás Ltd hatha wad eme le lr sys
Ps onu mote ad Bau fas nate an 4 joao gins n ria i, Snape
cer nero Ho bag crn wth Duras pen nda nt,
‘tebe Re jour metres a gran
on compare sn spam, corr necio wann
‘Soca radar er bl
Visa Rey gg Doc M Rd ag cvs ih Are Ds, USA robe
een gow te Bes ya poring led
en
nn rn
Fe LE P
E + 8
= => 3
Sant: Sagi:
ae em
Meesho
tral) Vane Ana, et Sacha
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
FashNar Tecnologias Pa Lid ons and operates à soil ltl under te hard nama of Mes, lon seers to
Setup an nina shop Bucugh lalo ad lso actes sharing an ar sal meaa latins such as WhasPpp.
Factbook, Pate amango lets. ares nude order management, meecho bs eine payments, eleva
shop updates, bit naw products in Facebook messenger, and beaut ere shop. Th compar was fundedin
2018 ands based Berga, Karataka
Funding history
eas has red atea of US$ mn dao and was valued at USSTOD mn when acqtedbyFarsbook. is expected
tobe valued a USS12 nn 2021. has ben undedby Sequoia, SAF Partners and Proms Vente, among ches.
Figure 240 Mecshois expected to rake US$Z5O mn fom Sofia ata valuation f USS121. bn 2021
Faundedin 2012
sun aa
5 z à
Fun cantine
mern
= vette nae
aña and CES Yao he on LOS Pros je
AS
=
Septoria ean ar aon OH
Seren EE Er spl
—
Fawr Brin woman rm]
a
um un
um nn
= = | | [|
CIA pc
Sa Conny tr Se Company at ae
tral) Vane Ana, et Sacha
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
FashNar Tecnologias Pa Lid ons and operates à soil ltl under te hard nama of Mes, lon seers to
Setup an nina shop Bucugh lalo ad lso actes sharing an ar sal meaa latins such as WhasPpp.
Factbook, Pate amango lets. ares nude order management, meecho bs eine payments, eleva
shop updates, bit naw products in Facebook messenger, and beaut ere shop. Th compar was fundedin
2018 ands based Berga, Karataka
Funding history
eas has red atea of US$ mn dao and was valued at USSTOD mn when acqtedbyFarsbook. is expected
tobe valued a USS12 nn 2021. has ben undedby Sequoia, SAF Partners and Proms Vente, among ches.
Figure 240 Mecshois expected to rake US$Z5O mn fom Sofia ata valuation f USS121. bn 2021
Faundedin 2012
sun aa
5 z à
Fun cantine
mern
= vette nae
aña and CES Yao he on LOS Pros je
AS
=
Septoria ean ar aon OH
Seren EE Er spl
—
Fawr Brin woman rm]
a
um un
um nn
= = | | [|
CIA pc
Sa Conny tr Se Company at ae
Mu Sigma
Constr Saja Tah, Gaia Bart
Reason for inclusion acer ung found at valuation SUSI bo
Company rete
Ma Signa, funded in 2004, i a consulting fm offering ata ana sence, usas big daa ants to ive ta
based decison malig fs cars is Paquita nth US an as an ini ofc in Begala
Fading tery
My Signa as rad curate Ag of -US8220 ma. ws salud at USES bn dung the 2013 fundas
Homer, back of stars om ts formar CED, Ambiga Subranaram in 2018 vad Io company at =US8600 mn. FT
Verres, Sequoia. Garr Alan, Fly and sara ar sare of the kay ass nr company. The caent
valle of he company i estimated to ba USS1 2.
Figure 252 Funding story
o Fendi te ithe Leo
+
- + 1
. OR mon 4 da
« m = u o
sity) in an 8m)
Manson
the Pate rote
Dn Fond nd Rawal nd CED ls Sa Port tear
enden de tros Sa Rote mat fon Sch
ia ot cae
nro
Fire 255 Revue moon a 3 CHOR Fire 20: Baer Babi roma ich
teen pe de
se so
200 es on
u ao
on A wee on
= Pre Pré Pa
Fr Me rm ‘orn re
Constr Saja Tah, Gaia Bart
Reason for inclusion acer ung found at valuation SUSI bo
Company rete
Ma Signa, funded in 2004, i a consulting fm offering ata ana sence, usas big daa ants to ive ta
based decison malig fs cars is Paquita nth US an as an ini ofc in Begala
Fading tery
My Signa as rad curate Ag of -US8220 ma. ws salud at USES bn dung the 2013 fundas
Homer, back of stars om ts formar CED, Ambiga Subranaram in 2018 vad Io company at =US8600 mn. FT
Verres, Sequoia. Garr Alan, Fly and sara ar sare of the kay ass nr company. The caent
valle of he company i estimated to ba USS1 2.
Figure 252 Funding story
o Fendi te ithe Leo
+
- + 1
. OR mon 4 da
« m = u o
sity) in an 8m)
Manson
the Pate rote
Dn Fond nd Rawal nd CED ls Sa Port tear
enden de tros Sa Rote mat fon Sch
ia ot cae
nro
Fire 255 Revue moon a 3 CHOR Fire 20: Baer Babi roma ich
teen pe de
se so
200 es on
u ao
on A wee on
= Pre Pré Pa
Fr Me rm ‘orn re
MX Player
men Vane Ana, et Sacha
Reason fr inclusion: Van USE bn but ong gow since
Company patie
AUX Madi and Entrtanment Pe LS. Gomar 2 terete Co. Li) is pagas in png uo seating sensor
unde ta rave MX Paya. fs moves, le Sows, web see, ase das, and Short das. Tr late
Haces cn oigalcantert wth emphass cn Find andregcnal languages. The language range nes as rg hom
Malayalam, Tam, Bergah Puja Enga, and Kanada, The companys based m Seat wh an ana ey
often Nash MX Meda and Etaräiment Po Lid parles as subsidy of Tens et Lid
Funding history
Mx Payer was acqirdby Tins tral tom J2 each Main 018 ta aka of USS200 mn In 2018. Sos
‘han has raed And tom Tercent Hals la alan of USIEOO rm,
Fa
vo Beet nae on
sete Tet
: momies fo
o bd o
eatin emt
er
pu ston nse
SciFi 4600 Sip ai Vn han Ter in ne
RE
an pe
Faw 356 it Alveres nds we CE 257 EBITDA woth ar ne arm a
ll 200 0001
oe we aaa] mena ica
ATA pS
Sao Cony ta Ct Sn ne Compay Cte
men Vane Ana, et Sacha
Reason fr inclusion: Van USE bn but ong gow since
Company patie
AUX Madi and Entrtanment Pe LS. Gomar 2 terete Co. Li) is pagas in png uo seating sensor
unde ta rave MX Paya. fs moves, le Sows, web see, ase das, and Short das. Tr late
Haces cn oigalcantert wth emphass cn Find andregcnal languages. The language range nes as rg hom
Malayalam, Tam, Bergah Puja Enga, and Kanada, The companys based m Seat wh an ana ey
often Nash MX Meda and Etaräiment Po Lid parles as subsidy of Tens et Lid
Funding history
Mx Payer was acqirdby Tins tral tom J2 each Main 018 ta aka of USS200 mn In 2018. Sos
‘han has raed And tom Tercent Hals la alan of USIEOO rm,
Fa
vo Beet nae on
sete Tet
: momies fo
o bd o
eatin emt
er
pu ston nse
SciFi 4600 Sip ai Vn han Ter in ne
RE
an pe
Faw 356 it Alveres nds we CE 257 EBITDA woth ar ne arm a
ll 200 0001
oe we aaa] mena ica
ATA pS
Sao Cony ta Ct Sn ne Compay Cte
Mytrah Energy
bag Lakesh Garg, Gua rival
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan rete
Ma Energy (oda) PA LA has th rest ind data bark a, big the cry Independent Power Produce ring a
farina presence ol oer 240 wed mass. Mya as an opeateal portico of 23 ggamats (SW) inc 1,700N4N
Gi and rund SSEMI of sl apa fam TOOM of prac unde evelopment
Funding tery
112010, Ma ited on Atala Investment Maha (AN) ofthe London Stack Exchange aft ang USBEO mn om
‘ston estos. dis m May 2018. The company hs most aed moray as eb.
‘Management profes
ae Posten rote
AS sim at Kala ance ad Oran le Lance ar ra vos
irse 1 ae startle due ma wasn Se
rev jose pen has bat sc crane se
Gare set: neg cm, sore, ching lang ras
pure mass.
Vian Kale Vis Chatman, MO an alu ha eran a rg bs pets gap at
Cr Surin linn Yoda vid aruba erate
a torreon, mg USB et trance Cp ra USED
‘evn fr et Ear Mr Fas as do wee Dt Creating a.
ha ach gung chan tem rn tal Toc
a a Mr ol Boers Adele hon Ya Soc ot avant
Sar Corp ds
Figure 288 jean has 530 bn revenues (Em) Figur 20: Profan under pressure (E mn)
Kom om u
en ae 10%
10000 m
o = M me 2m
nn er gen es
bag Lakesh Garg, Gua rival
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan rete
Ma Energy (oda) PA LA has th rest ind data bark a, big the cry Independent Power Produce ring a
farina presence ol oer 240 wed mass. Mya as an opeateal portico of 23 ggamats (SW) inc 1,700N4N
Gi and rund SSEMI of sl apa fam TOOM of prac unde evelopment
Funding tery
112010, Ma ited on Atala Investment Maha (AN) ofthe London Stack Exchange aft ang USBEO mn om
‘ston estos. dis m May 2018. The company hs most aed moray as eb.
‘Management profes
ae Posten rote
AS sim at Kala ance ad Oran le Lance ar ra vos
irse 1 ae startle due ma wasn Se
rev jose pen has bat sc crane se
Gare set: neg cm, sore, ching lang ras
pure mass.
Vian Kale Vis Chatman, MO an alu ha eran a rg bs pets gap at
Cr Surin linn Yoda vid aruba erate
a torreon, mg USB et trance Cp ra USED
‘evn fr et Ear Mr Fas as do wee Dt Creating a.
ha ach gung chan tem rn tal Toc
a a Mr ol Boers Adele hon Ya Soc ot avant
Sar Corp ds
Figure 288 jean has 530 bn revenues (Em) Figur 20: Profan under pressure (E mn)
Kom om u
en ae 10%
10000 m
o = M me 2m
nn er gen es
National Stock Exchange
Francia Asis Gupta art ce
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
“The Natal Stock Exchange of nda Lid (SE) was inspaaad 1992 ad inom the lead sock exchange in da
by market share NSE has à Ayntagald ins mad comping exchange king, rang ses, dung aná
sétlanent series, ces, mata dala leds, chnabay sols and rari educan feige.
Funding history
NSE was stu by group ole dan rand thon at he behest of the Govan of nia bing
aratecy oth dan cata matt. The key domestc vases rude ie Insurance Cxpaaton Sat Bark of
Ina, FC inte, IDFC Lite ad Stock Flog Caral ofa Linked Key bl str nude Norwest
Vor, GS Sat Investments Ute, SAF nesters, Aranda Iesimnts and Pl Opprues. Recon, an
Amercan PE And TA Assogte, tod USSIEO ma fe ange aa auton of USS En
Four 260 Funding Hato
à Rem ons
2 + +
\ . . + 3000
1000 ON 209 03 20420 HOG ADT 20 208 DIO 91 A 918 214 2152182017 2182092002081
Ferg US) Em SK A
Management profile
Name. Posten ratte
Viren Im pe ED Ps og NSE Me Limay was manag doc & CEO of DFC, à
Sea ana sance enge Ar compa kr MES o
ren, USA be von o Wal Stent or ft ur ate tango
Mt 2058
‘Cap ts
Figure 261 Consolidated gras and nel margin hove Figure 262 Markel shar has Increase across CM and
been improving Senats
SA AN
gmc) PATO) ahi MC Rav Cun Os
Sa Caray ts Bro Corp
Francia Asis Gupta art ce
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
“The Natal Stock Exchange of nda Lid (SE) was inspaaad 1992 ad inom the lead sock exchange in da
by market share NSE has à Ayntagald ins mad comping exchange king, rang ses, dung aná
sétlanent series, ces, mata dala leds, chnabay sols and rari educan feige.
Funding history
NSE was stu by group ole dan rand thon at he behest of the Govan of nia bing
aratecy oth dan cata matt. The key domestc vases rude ie Insurance Cxpaaton Sat Bark of
Ina, FC inte, IDFC Lite ad Stock Flog Caral ofa Linked Key bl str nude Norwest
Vor, GS Sat Investments Ute, SAF nesters, Aranda Iesimnts and Pl Opprues. Recon, an
Amercan PE And TA Assogte, tod USSIEO ma fe ange aa auton of USS En
Four 260 Funding Hato
à Rem ons
2 + +
\ . . + 3000
1000 ON 209 03 20420 HOG ADT 20 208 DIO 91 A 918 214 2152182017 2182092002081
Ferg US) Em SK A
Management profile
Name. Posten ratte
Viren Im pe ED Ps og NSE Me Limay was manag doc & CEO of DFC, à
Sea ana sance enge Ar compa kr MES o
ren, USA be von o Wal Stent or ft ur ate tango
Mt 2058
‘Cap ts
Figure 261 Consolidated gras and nel margin hove Figure 262 Markel shar has Increase across CM and
been improving Senats
SA AN
gmc) PATO) ahi MC Rav Cun Os
Sa Caray ts Bro Corp
Nykaa E-Retail
Ecommerce Vara Aja Ka Sanaa
Reason fr inclusion acer und ound at var USS! bn
Company proa
Aa Eta PM Ltd ones and operates an e comarca platen ca com tr ron personal care poets. ts
products nie makeup is, dirt, har poda, places, personal cr, nat, mom andbaby wlnas, en's
Produce and gara. The company was unded' 012 ai baca Mano Mahara,
Funding tery
‘kaa has sed tot US$IOS dl and was vod at USB] 2 bin 5 lat end of nan in 2020. thas been
unde by TVS Capa, Sr Maal, Lghhuse Funds, TPG Groh and Side Capa
Figure 265: han was valued a SSH 2 bn ln 2020
antninzv2 .
à unta i gl?
sec sen Ei
a
rn I:
AROSA + Estate Son 25
os
Profle
guia Fond BCE‘ satin om IMA, Fu eya ta a crac ith
A Typ sewn Kl Br blo fade
ipa
Baia apr CEO, Fan Bat aan fra gato rm Yale Ur, nd tas hr
Cart Ban. Sh compan MBA om al tinge e rd
Par
Sas Corp te
Figure 288 Sales hoe grown D 73% CAGR om 2018 Figure 265 Nykaa has reported postive EBTDA sine
20 Pr
= =a
so. ta |
pa |
oe
EE E =
oa Corp Co asc Copy Cro
Ecommerce Vara Aja Ka Sanaa
Reason fr inclusion acer und ound at var USS! bn
Company proa
Aa Eta PM Ltd ones and operates an e comarca platen ca com tr ron personal care poets. ts
products nie makeup is, dirt, har poda, places, personal cr, nat, mom andbaby wlnas, en's
Produce and gara. The company was unded' 012 ai baca Mano Mahara,
Funding tery
‘kaa has sed tot US$IOS dl and was vod at USB] 2 bin 5 lat end of nan in 2020. thas been
unde by TVS Capa, Sr Maal, Lghhuse Funds, TPG Groh and Side Capa
Figure 265: han was valued a SSH 2 bn ln 2020
antninzv2 .
à unta i gl?
sec sen Ei
a
rn I:
AROSA + Estate Son 25
os
Profle
guia Fond BCE‘ satin om IMA, Fu eya ta a crac ith
A Typ sewn Kl Br blo fade
ipa
Baia apr CEO, Fan Bat aan fra gato rm Yale Ur, nd tas hr
Cart Ban. Sh compan MBA om al tinge e rd
Par
Sas Corp te
Figure 288 Sales hoe grown D 73% CAGR om 2018 Figure 265 Nykaa has reported postive EBTDA sine
20 Pr
= =a
so. ta |
pa |
oe
EE E =
oa Corp Co asc Copy Cro
Ola Cabs (ANI Technologies Pvt Ltd)
ety Sayan Tk, Gata Bhat
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
(la Cab was funded in 2010 and nn Ida gt mobi pati. The ie ing company has prsanc in 2608
(es across Ind, Asa, Naw Zand and the UK
Funding history
(la was alada USES. bn nthe asf alc cud held in pal 2019 what it aad -USS450 mn. The company has
raceda cumdatve fundeg ol -USES En i dat teen, Ter Geb Soar and Tomasek ae some of the bay
incor a company
Faro 268 Funding Hato
soy Foden 2010 a ais
ve | + 4000
en 2200
0 — a. = = 6
SOU «aa Um 240
Management profes
ame Poon rete
ah deal Coad and Bi Agp kun On He 2200 Bah ga on
E Bonny onto apm ad thet Bra,
aa Co Famdriod An Ba 2010 bah age ton Barba más asco
co ‘tha sens ne
sor Corp a
Figure 267: Revenue CAGR o 73% over IETS Figure 268: Hoh cash bum Busnes wih ov at -09%
as
omo mn a
10900 on
am or om on
19900 un 0m a
CCC =
CERTES item Fatman IS
soo o Es
ety Sayan Tk, Gata Bhat
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
(la Cab was funded in 2010 and nn Ida gt mobi pati. The ie ing company has prsanc in 2608
(es across Ind, Asa, Naw Zand and the UK
Funding history
(la was alada USES. bn nthe asf alc cud held in pal 2019 what it aad -USS450 mn. The company has
raceda cumdatve fundeg ol -USES En i dat teen, Ter Geb Soar and Tomasek ae some of the bay
incor a company
Faro 268 Funding Hato
soy Foden 2010 a ais
ve | + 4000
en 2200
0 — a. = = 6
SOU «aa Um 240
Management profes
ame Poon rete
ah deal Coad and Bi Agp kun On He 2200 Bah ga on
E Bonny onto apm ad thet Bra,
aa Co Famdriod An Ba 2010 bah age ton Barba más asco
co ‘tha sens ne
sor Corp a
Figure 267: Revenue CAGR o 73% over IETS Figure 268: Hoh cash bum Busnes wih ov at -09%
as
omo mn a
10900 on
am or om on
19900 un 0m a
CCC =
CERTES item Fatman IS
soo o Es
Ola Electric Mobility
M Satan Tah, Gaia Bart
Reason fr inclusion Peer ung ound at avalon USS! to
‘Compan rete
(la Bact Moby PM Lid was setup 2017 by Ol, the de ang svc rode ams to bull acti oidos
‘eros sagas whe desp bay a a ann apple fr sired maby. The company is carer ad by
Brauch Agganal the funder of Ola Ola Bact Moby hasbeen log may pjs ac chung sur,
ty Swap open ad le vehicle econ. is can nthe process of ang ups ZW marco uit and
ibe acting 5 e2W fig son
Funding hise
Ola Bectchas sd total nda of -USESG9 mn th ul of ich was radin 2019at a alan of USB. 05
Hyunda Kia Ska Tier Gba and Mata Paras ao soma oe hoy mesos company
Management profi
Name Posen Profle
Sn gro tna adie Se Al ac a Hh a Can Où
in. Ha» 2008 tte gute Lom I Bann) rd par toh
pm sr ota Moro Rasch
se Potro esd bt ‘ee Poros bron spot sa ad lg maraca
Mandacing® pur lance sien No. 2000 Hol seta ram Gana Malo
Operators the put doo 48 yous ahi dvs pts ars
Foreing Le o esc gon mig ui
apuros doce mida,
Sar Conga ds
‘equation
la Sati acquit Amsterdam bated morata ati socermanutice Ergo EV in May 2020 Etage has
load an alot satel heart A Seno, hich has won muslo awards oss he wad fo innate
design and enger, Ergo’ app rote ha a range of 240 km, ean asia Hom Oo 4S km/h n 808 ard Pas
OL eat storage
anutactring setup
(la Bis bung its 2W eii ei marco fay in Tand Nad. The aly, he gest such the
ota, A have an al can of rin une per ya. The and ation was completa in Jn 2021 and the company
ins m 24 bn in sat up the ut. The plant wl employ 5,000 obs ands elt be the most state lat
na.
M Satan Tah, Gaia Bart
Reason fr inclusion Peer ung ound at avalon USS! to
‘Compan rete
(la Bact Moby PM Lid was setup 2017 by Ol, the de ang svc rode ams to bull acti oidos
‘eros sagas whe desp bay a a ann apple fr sired maby. The company is carer ad by
Brauch Agganal the funder of Ola Ola Bact Moby hasbeen log may pjs ac chung sur,
ty Swap open ad le vehicle econ. is can nthe process of ang ups ZW marco uit and
ibe acting 5 e2W fig son
Funding hise
Ola Bectchas sd total nda of -USESG9 mn th ul of ich was radin 2019at a alan of USB. 05
Hyunda Kia Ska Tier Gba and Mata Paras ao soma oe hoy mesos company
Management profi
Name Posen Profle
Sn gro tna adie Se Al ac a Hh a Can Où
in. Ha» 2008 tte gute Lom I Bann) rd par toh
pm sr ota Moro Rasch
se Potro esd bt ‘ee Poros bron spot sa ad lg maraca
Mandacing® pur lance sien No. 2000 Hol seta ram Gana Malo
Operators the put doo 48 yous ahi dvs pts ars
Foreing Le o esc gon mig ui
apuros doce mida,
Sar Conga ds
‘equation
la Sati acquit Amsterdam bated morata ati socermanutice Ergo EV in May 2020 Etage has
load an alot satel heart A Seno, hich has won muslo awards oss he wad fo innate
design and enger, Ergo’ app rote ha a range of 240 km, ean asia Hom Oo 4S km/h n 808 ard Pas
OL eat storage
anutactring setup
(la Bis bung its 2W eii ei marco fay in Tand Nad. The aly, he gest such the
ota, A have an al can of rin une per ya. The and ation was completa in Jn 2021 and the company
ins m 24 bn in sat up the ut. The plant wl employ 5,000 obs ands elt be the most state lat
na.
Oravel Stays (Oyo Rooms)
Decora ‘arab Mira, rath Ranger
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
(rae Stays Pa Li ons and cortes an ann hal boating lator Oyeroms cum. ols sedes under he
brand rama Oye Rooms in alles sch a5 a-cnataned fous, soles Inn, bras, WF, marca, and cable
lin. alows wars to bock a room a an arabe pce ug mobla apical. The company was founded A
2013 ands basin Gurgaon Harjana wih aegstted oc in Ahmedabad
Funding ist
(yo Rooms has rad ata OfUSS2 3b date a was van at USS1O bo nts at end ug in 2019, which
has since dopped o USES bn thas been And by SoRlark, Lisoed, ab VC Geencaks Cal, and Sequdla
Capa among others,
Figure 200: Oyo Rooms vain has drop
USS6 bain 2020 rom USSTOBnán 2019
sy Fone in 2013 Bar ta 50
m a ed
= to, ns i En
Sie ani So
o res = o
00 oi raté 20206 207 08209 20 a ot 2152121219 0
SN AU 8
iManasement profes
tam Pion rete
Fish Agel Fond mCED ah Agua anal sh Bas nd Fac Dal
Fe depp nl cloge ond fend Oo Pam 018
nds Vaya GEO, Sats nad Wand adj Oye Reon 2019 lr wating wth May we CO
Maia Et Etes
San Cry
Fe 270 Sales have gomn eonentioly since VIS Figure 27%: Conocer rl has een dd
steady
somo mo 5
on u.
10000 | un
o = o o On
im vor om HS) contaba at
Se Cony a Cat ame Seat Coma tae
Decora ‘arab Mira, rath Ranger
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
(rae Stays Pa Li ons and cortes an ann hal boating lator Oyeroms cum. ols sedes under he
brand rama Oye Rooms in alles sch a5 a-cnataned fous, soles Inn, bras, WF, marca, and cable
lin. alows wars to bock a room a an arabe pce ug mobla apical. The company was founded A
2013 ands basin Gurgaon Harjana wih aegstted oc in Ahmedabad
Funding ist
(yo Rooms has rad ata OfUSS2 3b date a was van at USS1O bo nts at end ug in 2019, which
has since dopped o USES bn thas been And by SoRlark, Lisoed, ab VC Geencaks Cal, and Sequdla
Capa among others,
Figure 200: Oyo Rooms vain has drop
USS6 bain 2020 rom USSTOBnán 2019
sy Fone in 2013 Bar ta 50
m a ed
= to, ns i En
Sie ani So
o res = o
00 oi raté 20206 207 08209 20 a ot 2152121219 0
SN AU 8
iManasement profes
tam Pion rete
Fish Agel Fond mCED ah Agua anal sh Bas nd Fac Dal
Fe depp nl cloge ond fend Oo Pam 018
nds Vaya GEO, Sats nad Wand adj Oye Reon 2019 lr wating wth May we CO
Maia Et Etes
San Cry
Fe 270 Sales have gomn eonentioly since VIS Figure 27%: Conocer rl has een dd
steady
somo mo 5
on u.
10000 | un
o = o o On
im vor om HS) contaba at
Se Cony a Cat ame Seat Coma tae
Parle Products
Core as Arab ara.
Reason fr inclusion Vuston >US$T bat latest EBTDA and multi
‘Compan rete
Pte rods stutadín 1929 a amanulcter of encor anda decada ae vente to uen coro ara ol
‘eats wi fhe lunch ata Parle Gu brand fiat. Th rand, nom known ae Pate, et las cl band
ina The compary has metal ler bands in sus such as Mana, Mae and he mote cet Mano and ide &
Seek ooo. Wl ove the jets as lets desi poston n oval Bato lose compator aria,
tomas a ro number 2 player wi rely 25% mat shar. Pata ha now duero sed snack, cake and rs
Funding hise
‘he company has no ed ung o vation stoy ural, Homer ang using a sound mutpl to tn
pars ad ac fr lo share of perm Bu, wo esate a alan of -USB36 bn.
anagerentprofie
tame Posten Probe
Cantet Fond Dents Pafarun tan rap ant koymanagment
pared wa rer ta Channon The gare fare Me
HR ze Deco MOS mat so eae ptt a order
Lt doy prone ol nr Vy Cra eel ac
Des pur riada bat uba as Banda orga
oda em MÍ, He trees Sr Chane ol
Se Conga ds
Figure 272 Revenue has grown ak par with ind and Figur 27: Nat prof margin relay ower han
margin have kept steady pars @AT = USS mn)
200 mo e
1e x © =
ro she) ET ee)
Sar Copa Ca Site Save Corp a it ie
Core as Arab ara.
Reason fr inclusion Vuston >US$T bat latest EBTDA and multi
‘Compan rete
Pte rods stutadín 1929 a amanulcter of encor anda decada ae vente to uen coro ara ol
‘eats wi fhe lunch ata Parle Gu brand fiat. Th rand, nom known ae Pate, et las cl band
ina The compary has metal ler bands in sus such as Mana, Mae and he mote cet Mano and ide &
Seek ooo. Wl ove the jets as lets desi poston n oval Bato lose compator aria,
tomas a ro number 2 player wi rely 25% mat shar. Pata ha now duero sed snack, cake and rs
Funding hise
‘he company has no ed ung o vation stoy ural, Homer ang using a sound mutpl to tn
pars ad ac fr lo share of perm Bu, wo esate a alan of -USB36 bn.
anagerentprofie
tame Posten Probe
Cantet Fond Dents Pafarun tan rap ant koymanagment
pared wa rer ta Channon The gare fare Me
HR ze Deco MOS mat so eae ptt a order
Lt doy prone ol nr Vy Cra eel ac
Des pur riada bat uba as Banda orga
oda em MÍ, He trees Sr Chane ol
Se Conga ds
Figure 272 Revenue has grown ak par with ind and Figur 27: Nat prof margin relay ower han
margin have kept steady pars @AT = USS mn)
200 mo e
1e x © =
ro she) ET ee)
Sar Copa Ca Site Save Corp a it ie
Paytm
rote Ath apa Via Shan
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
Funden 2010, Pam was amara he Sst wale comparas andhas gown to ave a user bas of 480 mn. has aso
adopted UP payments wi is praleraln ha „7 5% marke use A and as aso o based 17 mn marchar,
Imes of which ao OR code-baed al maha. is eckig tsa versed Fech plato, oli instant
(UF, FD, stock toting), proacton (nurane), and lending (ENPL, personal las), wih an aim tee onatsaton
‘trough css <alrg Taso has a payment banks andhas rise RETO bn of dpols Rem 60 mn accounts harass
Cosme intra linge tas ertartanment ad shopping) hp o aac new customers and erase engagement
cs lt. Paytn has plans of bg nous an ogra but loo end on ts balance dest ard pa to covet
foment bar ino à mal face bark which weld enable Lo end ont balance has wel as Bu aby
{anche he caret payment bark hnos reste dont o AO. ma per custome)
Funding history
Pay has led ttl USE. bo Ul ae anis valued a USSIS EN SoRBunk, At Financia, T-Rowe, and Hana
Imesimant ae th bay investors in Pay,
Faure 27% Funding Nato
pn Feundedin 2010 se
1e 10000
I:
° a o
AUS Eta Vain (USSR
Deere
Nae Poston Pret
‘jy Str Sharma Fossa Vi Sharma wa itd cw of Te Magi morning rd a
ce Years by Faber 217 He o meo age et atop fom
Pan Gna ety nd Haar atacar des coher nd
nmr ger em Im Obi Cale |
ur Durs Pht Phare Pa, Mods Dao Na Ya, Lone aan an ona
om rang ron Cayo à tnt ting an psig Pain
CE
Sa Cry ts
Figure 275 Stating of wi payment, Pat has expanded te landing, broking, investing (HF + FD) insurance
o rn Panor | 0 Plains | none | Connon
som cont au Eu er
ll, Pa Es
So net iret oom Us Sin MAAN pa an ba
Sas Corp la NSE NPL Get ine
rote Ath apa Via Shan
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
Funden 2010, Pam was amara he Sst wale comparas andhas gown to ave a user bas of 480 mn. has aso
adopted UP payments wi is praleraln ha „7 5% marke use A and as aso o based 17 mn marchar,
Imes of which ao OR code-baed al maha. is eckig tsa versed Fech plato, oli instant
(UF, FD, stock toting), proacton (nurane), and lending (ENPL, personal las), wih an aim tee onatsaton
‘trough css <alrg Taso has a payment banks andhas rise RETO bn of dpols Rem 60 mn accounts harass
Cosme intra linge tas ertartanment ad shopping) hp o aac new customers and erase engagement
cs lt. Paytn has plans of bg nous an ogra but loo end on ts balance dest ard pa to covet
foment bar ino à mal face bark which weld enable Lo end ont balance has wel as Bu aby
{anche he caret payment bark hnos reste dont o AO. ma per custome)
Funding history
Pay has led ttl USE. bo Ul ae anis valued a USSIS EN SoRBunk, At Financia, T-Rowe, and Hana
Imesimant ae th bay investors in Pay,
Faure 27% Funding Nato
pn Feundedin 2010 se
1e 10000
I:
° a o
AUS Eta Vain (USSR
Deere
Nae Poston Pret
‘jy Str Sharma Fossa Vi Sharma wa itd cw of Te Magi morning rd a
ce Years by Faber 217 He o meo age et atop fom
Pan Gna ety nd Haar atacar des coher nd
nmr ger em Im Obi Cale |
ur Durs Pht Phare Pa, Mods Dao Na Ya, Lone aan an ona
om rang ron Cayo à tnt ting an psig Pain
CE
Sa Cry ts
Figure 275 Stating of wi payment, Pat has expanded te landing, broking, investing (HF + FD) insurance
o rn Panor | 0 Plains | none | Connon
som cont au Eu er
ll, Pa Es
So net iret oom Us Sin MAAN pa an ba
Sas Corp la NSE NPL Get ine
PharmEasy
Heat Arras agan, Sapa]
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan rete
Launéhed 2015, PhamEsyis an nda based haa holy company andere on a u stack model whereby it
clams to proce medias drecly tom he manulachrrs baie dein to customs. os ange 01
oducts unde vaious categorias, hich indes prserpton and OTC dugs, personal at, weness produc and medical
man tree tecno canes wn docs 1 Is orina respon ak enable boating of
ages tests rouge made of ame sang colcton
Funding story
PhamEasyhas sed aol of US$328 mn date aces seven ug rounds and as lst val at USS70O mn (Now
2019) Key imestor cud Tomaso, Bessarer Vertue Pats, and Eight Roads Vries. Pet al, PhamEasy and
Mode proposed a merge wheres o combed erty nas valued a USS1 2
a2
o Fonds sonores 1m
= Sete CCE Me 1000
Bessemer Ego] Matte
so Pr Es
° pad A
croton) ted nto m
u Fei tn
ingen ie
tome Posten Pau
TL a
Fee atten ye
ÉD ston Lone cece agro ton
St Seu ar kon
reel
Dumas Gus Ken nk Om Set ands apa wih ugt gly
en ep ng nde page mehren ai à
Dan ion rer anal a8 apo entres eg
a) Soma Cleo of Engrang aan NA ton nio
Manet Tae, asad
roa Sh Coro Pre olsen Promise, Dar Sah ut Mery Company fr
no yu es acinar held m MBS tom Ras Cds Comme
Model Cs, adn MBA tom XLR
oca Corp at
Heat Arras agan, Sapa]
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Compan rete
Launéhed 2015, PhamEsyis an nda based haa holy company andere on a u stack model whereby it
clams to proce medias drecly tom he manulachrrs baie dein to customs. os ange 01
oducts unde vaious categorias, hich indes prserpton and OTC dugs, personal at, weness produc and medical
man tree tecno canes wn docs 1 Is orina respon ak enable boating of
ages tests rouge made of ame sang colcton
Funding story
PhamEasyhas sed aol of US$328 mn date aces seven ug rounds and as lst val at USS70O mn (Now
2019) Key imestor cud Tomaso, Bessarer Vertue Pats, and Eight Roads Vries. Pet al, PhamEasy and
Mode proposed a merge wheres o combed erty nas valued a USS1 2
a2
o Fonds sonores 1m
= Sete CCE Me 1000
Bessemer Ego] Matte
so Pr Es
° pad A
croton) ted nto m
u Fei tn
ingen ie
tome Posten Pau
TL a
Fee atten ye
ÉD ston Lone cece agro ton
St Seu ar kon
reel
Dumas Gus Ken nk Om Set ands apa wih ugt gly
en ep ng nde page mehren ai à
Dan ion rer anal a8 apo entres eg
a) Soma Cleo of Engrang aan NA ton nio
Manet Tae, asad
roa Sh Coro Pre olsen Promise, Dar Sah ut Mery Company fr
no yu es acinar held m MBS tom Ras Cds Comme
Model Cs, adn MBA tom XLR
oca Corp at
PhonePe
Francia Ath apa Via Shan
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
Freunden 2015, PhonaPe ea market leader In UP payment, 45% marketshare and a user base of -250 in
rage ad 100 mn monty acteurs ao cote ses inci product ke MF instar ll ad and
inizance products I's doc board elie and one meschants ta omer vin a Pana ap in a mirar
farm and 13 ms ofi merchans though operable OR codes sap alo erable it of move Bacungs,
shopping. patas wih xstog payers the oli, Bok hShow, ao
Funding history
PhonaPe is dnc! whol owned by par and pasen Walras anda sed total ng of USBI 3b ide ais
‘eld at USS 5bn. Ve was ear an ane subidary of pla, wih est USSTOD m rund Walmart as
‘itd slop o spin of PhanePe and onboard exer ecos wih det reporting Waar.
Figure 277 Funding Hato
poo fondedin 2015
e om
sn l-
o „ER,
{900 OI 20 203204 200 206207 208 20820 DN 2122013 01 21215 DI 218219 20
ASI) Ete WSS HS)
Management profes
Name. Posten ratte
Se Ng Cotand ACEO Period ora Mig vidas sono per,
grr, Ppt Ha an HBA Hom he Ult Sto
FIG Cotos CTO Pros, Chat bul sli ch fr at logos tit Preto
‘halo iad 10s ju el paren tage uen cote manger
‘ea sp chao) Ho os à deg compte sarc an IT
Eno)
Save Cory its
Figure 278 PhoePe has 100 mn av users 45% UPI Figure 278: PhonePe financials
merkt share
PhonePe bool PhonePe financials (Rs ma)
«z(t = nm
, = (ae a
E E. E. Ps a
age De ru | = nom LCL
afin un (me) aa ach nen (me) ae is e a
Sees Ste = ug u
Sas Cony a NI none ind
Francia Ath apa Via Shan
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
Freunden 2015, PhonaPe ea market leader In UP payment, 45% marketshare and a user base of -250 in
rage ad 100 mn monty acteurs ao cote ses inci product ke MF instar ll ad and
inizance products I's doc board elie and one meschants ta omer vin a Pana ap in a mirar
farm and 13 ms ofi merchans though operable OR codes sap alo erable it of move Bacungs,
shopping. patas wih xstog payers the oli, Bok hShow, ao
Funding history
PhonaPe is dnc! whol owned by par and pasen Walras anda sed total ng of USBI 3b ide ais
‘eld at USS 5bn. Ve was ear an ane subidary of pla, wih est USSTOD m rund Walmart as
‘itd slop o spin of PhanePe and onboard exer ecos wih det reporting Waar.
Figure 277 Funding Hato
poo fondedin 2015
e om
sn l-
o „ER,
{900 OI 20 203204 200 206207 208 20820 DN 2122013 01 21215 DI 218219 20
ASI) Ete WSS HS)
Management profes
Name. Posten ratte
Se Ng Cotand ACEO Period ora Mig vidas sono per,
grr, Ppt Ha an HBA Hom he Ult Sto
FIG Cotos CTO Pros, Chat bul sli ch fr at logos tit Preto
‘halo iad 10s ju el paren tage uen cote manger
‘ea sp chao) Ho os à deg compte sarc an IT
Eno)
Save Cory its
Figure 278 PhoePe has 100 mn av users 45% UPI Figure 278: PhonePe financials
merkt share
PhonePe bool PhonePe financials (Rs ma)
«z(t = nm
, = (ae a
E E. E. Ps a
age De ru | = nom LCL
afin un (me) aa ach nen (me) ae is e a
Sees Ste = ug u
Sas Cony a NI none ind
Pine Labs
Francie Asi Gupta, rasch
Reason for inclusion: Vaio <USS bn, bt song gow sce
‘Compan rete
Founded in 1968, Pa Labs ihe get FOS payer, processing US$30 bo of payments analy, epresening 14% of
‘cd spars trough a natok of -6004 POS machines, te business mada cont ol fed etl POS machines and
banding value add sence als bling and canal, EMI fran, loyal programs, ae). has lo
become a dominant player in fine POS consumar able inancig when ffs Es im a ep with 120+ bands,
‘St nds, and 180 mrchant fr es. 1 hund USED n of consumar leas (ones EMS) in FYZO wih an
‘erage taacio sae of «REDS oda aná plans 1 and fling te Southeast Aan market n 2021.
Funding hise
Pre Labs has red atta of -USS40O me I at and valued at USED En Sequía, Temasek, Mastercard, Paypal,
Line Pinan ct re the key meto n re Labs
Faure 280 Funding History
“eo Found in 1908 en
= +
20 20 0 20 420820820720 91 01 a HE ve ZI I a OB am
US$) Eta ao US, ES
‘Management pros
ae Poston Profle
Länger Colo & Ba Pr Labs, Lh Kaper weed ith Shun ral razonar rá
Shaman "tunes dnepmutn nda aos Ha ar à Shar of Erre on san
bt of Tecla, rs a MB fom I, Bangle
Co: } Presi, Anh as wi ha lat CE O À is Py a cor pets
onary, ich was ao casey Pa. Pro al ho usted NR Copanton a
van CE Dl Copan an dc pent rn cng Howat
A ae aa MO ol Mecha ecos (0 of POC me CL Bus)
oca Corp at
Figure 261: Pine Labs har 600K POS terminal; 150K ‘Figure 202 Pine Labs Francia
merchants
Den Pie Labs Ananda (mn),
sow Nox
=
li os sas
— g
Lise ia EL
FOS Metöndste Pe Paes Bu Gia
Re En GE um
Sar Corp it Ct Sie Suse Er
Francie Asi Gupta, rasch
Reason for inclusion: Vaio <USS bn, bt song gow sce
‘Compan rete
Founded in 1968, Pa Labs ihe get FOS payer, processing US$30 bo of payments analy, epresening 14% of
‘cd spars trough a natok of -6004 POS machines, te business mada cont ol fed etl POS machines and
banding value add sence als bling and canal, EMI fran, loyal programs, ae). has lo
become a dominant player in fine POS consumar able inancig when ffs Es im a ep with 120+ bands,
‘St nds, and 180 mrchant fr es. 1 hund USED n of consumar leas (ones EMS) in FYZO wih an
‘erage taacio sae of «REDS oda aná plans 1 and fling te Southeast Aan market n 2021.
Funding hise
Pre Labs has red atta of -USS40O me I at and valued at USED En Sequía, Temasek, Mastercard, Paypal,
Line Pinan ct re the key meto n re Labs
Faure 280 Funding History
“eo Found in 1908 en
= +
20 20 0 20 420820820720 91 01 a HE ve ZI I a OB am
US$) Eta ao US, ES
‘Management pros
ae Poston Profle
Länger Colo & Ba Pr Labs, Lh Kaper weed ith Shun ral razonar rá
Shaman "tunes dnepmutn nda aos Ha ar à Shar of Erre on san
bt of Tecla, rs a MB fom I, Bangle
Co: } Presi, Anh as wi ha lat CE O À is Py a cor pets
onary, ich was ao casey Pa. Pro al ho usted NR Copanton a
van CE Dl Copan an dc pent rn cng Howat
A ae aa MO ol Mecha ecos (0 of POC me CL Bus)
oca Corp at
Figure 261: Pine Labs har 600K POS terminal; 150K ‘Figure 202 Pine Labs Francia
merchants
Den Pie Labs Ananda (mn),
sow Nox
=
li os sas
— g
Lise ia EL
FOS Metöndste Pe Paes Bu Gia
Re En GE um
Sar Corp it Ct Sie Suse Er
Piramal Glass
Corer Discreta ‘arab ira, rath Ranger
Reason fr inclusion: Rest fring urd a aviat > USBI ba
‘Compan patie
Paral ls i leading rodeo ls packaging sue into segments such as pharmacie, mes &
parmesan special food &bevetage.h phama,Pramal proves ass bolts fr jus anda for uns ard
cales. Caress ince tes fr rears an al posh wich baveagesndude Dates lo brand aloha has
A aaa clint be USA, a, and St Lark wth an oral capaci 011,475 pd wth 12 hanaoss ard 65
produon nes Pramal Gas started in 1098 whan he Praal cup acqated aft Gass In Kosamba Ot hears
tha oun tough bo organ pay expanse as wel a actions hat hav added segnent and aes Far
suds as Ora, ago, Period Fed, and Sarat ae customs.
Funding history
rama Gass has ot asad prat uty nding. Howe, ha company ich was ence Ion he exchanges, was
alta he grain 2014. The as traded mata ap was © 160m. I 1.2020, Pramal Group arcos the so
of hs unes to adstne aa USS! e val.
Figure 28: Blckstone acquked the company rom the Pamal Group at valuation of USST Ba
10 Founded in 998 Ber ma 0
os eager * m
Le o
A ma USE 20,
Deere
Name Poston rote
ya Fond cman Chaman fi company di han de Pramal Som, acannon
e an ee ae na
ur pa
VS Vas man a ar at ana goin. Sas Ak ar as dd
argent Eee Freno fem Aime arco
Trage Prem tom Hand Bis Sch
Sa Corny ts
Figure 204 Pramal Gus revenue CAGR oer the Figure 285: Margins Rave recovered afer an intri dp
“om ES
nm Yor IS — ors
Sac Coney ela sent Ce Se Suse Compay Cet ie
Corer Discreta ‘arab ira, rath Ranger
Reason fr inclusion: Rest fring urd a aviat > USBI ba
‘Compan patie
Paral ls i leading rodeo ls packaging sue into segments such as pharmacie, mes &
parmesan special food &bevetage.h phama,Pramal proves ass bolts fr jus anda for uns ard
cales. Caress ince tes fr rears an al posh wich baveagesndude Dates lo brand aloha has
A aaa clint be USA, a, and St Lark wth an oral capaci 011,475 pd wth 12 hanaoss ard 65
produon nes Pramal Gas started in 1098 whan he Praal cup acqated aft Gass In Kosamba Ot hears
tha oun tough bo organ pay expanse as wel a actions hat hav added segnent and aes Far
suds as Ora, ago, Period Fed, and Sarat ae customs.
Funding history
rama Gass has ot asad prat uty nding. Howe, ha company ich was ence Ion he exchanges, was
alta he grain 2014. The as traded mata ap was © 160m. I 1.2020, Pramal Group arcos the so
of hs unes to adstne aa USS! e val.
Figure 28: Blckstone acquked the company rom the Pamal Group at valuation of USST Ba
10 Founded in 998 Ber ma 0
os eager * m
Le o
A ma USE 20,
Deere
Name Poston rote
ya Fond cman Chaman fi company di han de Pramal Som, acannon
e an ee ae na
ur pa
VS Vas man a ar at ana goin. Sas Ak ar as dd
argent Eee Freno fem Aime arco
Trage Prem tom Hand Bis Sch
Sa Corny ts
Figure 204 Pramal Gus revenue CAGR oer the Figure 285: Margins Rave recovered afer an intri dp
“om ES
nm Yor IS — ors
Sac Coney ela sent Ce Se Suse Compay Cet ie
PlayGames24x7 (RummyCircle)
ring Vai Ana, Ka arena
Reason for inclusion cent ung ound at a va SUSI to
‘Compan rete
Pay Games 24x7 Po Lid ou ad orales an ri gu plan. ces many ce, Clit ght, Utmata Ren,
Ultimate Poker and mas Teanpat gunas. lso one ad paris palm Rue com. spot tego,
gues of sl wh cash pres. Bonuses onthe enn my game plas tua platen, pons un, and
Frcclcauttounamerts Ths company wat funded 2008 andi based Mar, Maharastra
Funding history
PayGaras opr oa to USS200 main salen FEO. Esmatng gras mag as 75 (Crea 1), we
(gets aten of US$ Sn or Pa) Gamas
iman
ome eaten proa
Siw Pecks Rar andCOO SP nis O ran a NV ri Pr
Seins eng Fan nea
“Ws Tam Fea wd Tasman Dani ef Brad hs MO meri Now
Er
seco ate
Fare 206 Ss ave grown at CAGR of 9H om Fre RT EDDA roth as Den ona a vel
ozo
an um so un
um ‘o> oe ik
so m eo.
.= mo afl o
actina ropa mtm usina
Sar Compr it Ca Sr Sauce Copy i Cit ite
ring Vai Ana, Ka arena
Reason for inclusion cent ung ound at a va SUSI to
‘Compan rete
Pay Games 24x7 Po Lid ou ad orales an ri gu plan. ces many ce, Clit ght, Utmata Ren,
Ultimate Poker and mas Teanpat gunas. lso one ad paris palm Rue com. spot tego,
gues of sl wh cash pres. Bonuses onthe enn my game plas tua platen, pons un, and
Frcclcauttounamerts Ths company wat funded 2008 andi based Mar, Maharastra
Funding history
PayGaras opr oa to USS200 main salen FEO. Esmatng gras mag as 75 (Crea 1), we
(gets aten of US$ Sn or Pa) Gamas
iman
ome eaten proa
Siw Pecks Rar andCOO SP nis O ran a NV ri Pr
Seins eng Fan nea
“Ws Tam Fea wd Tasman Dani ef Brad hs MO meri Now
Er
seco ate
Fare 206 Ss ave grown at CAGR of 9H om Fre RT EDDA roth as Den ona a vel
ozo
an um so un
um ‘o> oe ik
so m eo.
.= mo afl o
actina ropa mtm usina
Sar Compr it Ca Sr Sauce Copy i Cit ite
Policybazaar
arte Asi apa Via Shan
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
Funden 2008, Payara has 90% markt share in rd insurance ang galo and 30% mate! sharin otal
dial nsurance ae m a, wih a manly ua of À poses. agas 40 ba wath of premian FYZO.
omng at -50% CAGR othe ls to eus. Ta patio has —150 mn ug vss anual wh 390% fom eect
hanna that 9-10% mae tren heh zan and 20-26% inte insurance palos da. PO Frac
fo houses carvers: Pasbara, an agreglo lato o var ending and mesiman products anda sear
‘ounce plat na Md East
Funding history
Poleytaza” parer, PB Fteh, has raed atl of -USSSEO mn dato andi van at USB m. In Edge,
Sofa, el ers Capt, igor ltl, Tat ae te kyınwete in PO Ptah (Polaca parent
Figure 208 Funding Hato
oo Feundedin 2000
ii
E PES
: __. alı.:
A
E elena
RS
—
= Kiana
Fan — Epos Yn aie TRG eR
oman haa eestor ran
AT
een
nl
ee
opis cen
Soe
—
Figure 208 Paiybazaris dominant olin insurance Figure 290 PB itech group financia
sapraation
> le Sa 0 a A
= | san I zo =
BB = a m
Gin | Où | tah, | fente | dent am
REESE
=o ota Mr Cab
ie) mm oa um
Copa kn Et Corp Fraser
arte Asi apa Via Shan
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
Funden 2008, Payara has 90% markt share in rd insurance ang galo and 30% mate! sharin otal
dial nsurance ae m a, wih a manly ua of À poses. agas 40 ba wath of premian FYZO.
omng at -50% CAGR othe ls to eus. Ta patio has —150 mn ug vss anual wh 390% fom eect
hanna that 9-10% mae tren heh zan and 20-26% inte insurance palos da. PO Frac
fo houses carvers: Pasbara, an agreglo lato o var ending and mesiman products anda sear
‘ounce plat na Md East
Funding history
Poleytaza” parer, PB Fteh, has raed atl of -USSSEO mn dato andi van at USB m. In Edge,
Sofa, el ers Capt, igor ltl, Tat ae te kyınwete in PO Ptah (Polaca parent
Figure 208 Funding Hato
oo Feundedin 2000
ii
E PES
: __. alı.:
A
E elena
RS
—
= Kiana
Fan — Epos Yn aie TRG eR
oman haa eestor ran
AT
een
nl
ee
opis cen
Soe
—
Figure 208 Paiybazaris dominant olin insurance Figure 290 PB itech group financia
sapraation
> le Sa 0 a A
= | san I zo =
BB = a m
Gin | Où | tah, | fente | dent am
REESE
=o ota Mr Cab
ie) mm oa um
Copa kn Et Corp Fraser
Postman
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at salon USS! to
‘Compan rete
Founded in 2014; Bangatau, Postnan'sacolabuatve ling and eg suite, Posbranis targeted at codes,
whe cal, est and mod apa rare race (AP) has an understandable and ave use erase
{dels test APIs wii rata code test, whch was the arm era. Today, payers communication and
Calaboratens a al Arcor Fe xagl, when jou check the weahe on you phone, a a ste eng oa
Weather ap, AP bing ta nro oye, Google or th pp doesnt oun te washer ata o tay us APS to
Funding hise
Pasta has bon the fastest SaS startup o ane he Uca dub in 2020 wth Now Vrture Partners bong the
Target veto ding —40% ofthe al ur raed
Faure 251 Funding History
o Faudedin20t
7 a BM,
‘an 01 207 OR 204205 0 207 2009 2D DIO NZD DIS A DIS 216 AN 218209 2070
AS + Ela SS, BAS)
sar Fatt
‘Management pros
Nae Posten Profle
Amar CoFande CEO Ana Ae sh wa CTO el pho ao Tee, dti jek
Sang sp tne nai qu ein o pato Spent ch
Postar Una Has an enon am BITS Pa.
Poy ofen ACTO Aa Sati a arre al an MBA hom SB, Pra pig liar o
‘vend Pon rl modes podia manage a dat
Abit no Cofarde Partant nd oran, AA Kano vd sfr
prec inet
Sar Conga at
Faure 202 Operating meines
Mabie ‘Commas
Revenue Porra ehren USSAOmnin 2019, sänger Ts Kar pego e ns
recio oer Len pd pra USD 4 oy Alek aba france Pi han
‘evi Tobarra eprang ras e154 nnn VI ES Sm PTS lid mos
Het he compi os ais scart y o US ey
Cangoryme Oran Sage, Aur, Gl, Mat, mate
Er LE ang Snow, Fate, Rp M Kate
Ph Load Abt, sorte Hepa, eam ment
‘auc Corp a
Sus Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at salon USS! to
‘Compan rete
Founded in 2014; Bangatau, Postnan'sacolabuatve ling and eg suite, Posbranis targeted at codes,
whe cal, est and mod apa rare race (AP) has an understandable and ave use erase
{dels test APIs wii rata code test, whch was the arm era. Today, payers communication and
Calaboratens a al Arcor Fe xagl, when jou check the weahe on you phone, a a ste eng oa
Weather ap, AP bing ta nro oye, Google or th pp doesnt oun te washer ata o tay us APS to
Funding hise
Pasta has bon the fastest SaS startup o ane he Uca dub in 2020 wth Now Vrture Partners bong the
Target veto ding —40% ofthe al ur raed
Faure 251 Funding History
o Faudedin20t
7 a BM,
‘an 01 207 OR 204205 0 207 2009 2D DIO NZD DIS A DIS 216 AN 218209 2070
AS + Ela SS, BAS)
sar Fatt
‘Management pros
Nae Posten Profle
Amar CoFande CEO Ana Ae sh wa CTO el pho ao Tee, dti jek
Sang sp tne nai qu ein o pato Spent ch
Postar Una Has an enon am BITS Pa.
Poy ofen ACTO Aa Sati a arre al an MBA hom SB, Pra pig liar o
‘vend Pon rl modes podia manage a dat
Abit no Cofarde Partant nd oran, AA Kano vd sfr
prec inet
Sar Conga at
Faure 202 Operating meines
Mabie ‘Commas
Revenue Porra ehren USSAOmnin 2019, sänger Ts Kar pego e ns
recio oer Len pd pra USD 4 oy Alek aba france Pi han
‘evi Tobarra eprang ras e154 nnn VI ES Sm PTS lid mos
Het he compi os ais scart y o US ey
Cangoryme Oran Sage, Aur, Gl, Mat, mate
Er LE ang Snow, Fate, Rp M Kate
Ph Load Abt, sorte Hepa, eam ment
‘auc Corp a
Rategain
Deceoray Lesh Gar. Gaza iia
Reason fr inclusion: Van USE bn but ong gow since
‘Compan pate
Frode of oud basa management tons forthe hop ral indu. The company comptes vi payes Ie
Sale, Duo, Teapot and Deas,
Funding history
atea has lad around US$SS mn so fa Sates A omis Ik TA Associates,
Figure 255 Funding toy
ares Tac ram 15
» tar res os
FE) ta aan US 2)
oo
= Pts pra
Decker Fonda al A der bh br pot
= EEE
festa aa
Map 00 en Era BR mp Haan id
a ee enden
ale
ini 000 FEN many Se go nos He
Senn
—
Taos ngs HR AGH oe Fae Conia al ed
ES
. | peal e | he. .
COTAS ros pone man rama m
PRET ET:
Deceoray Lesh Gar. Gaza iia
Reason fr inclusion: Van USE bn but ong gow since
‘Compan pate
Frode of oud basa management tons forthe hop ral indu. The company comptes vi payes Ie
Sale, Duo, Teapot and Deas,
Funding history
atea has lad around US$SS mn so fa Sates A omis Ik TA Associates,
Figure 255 Funding toy
ares Tac ram 15
» tar res os
FE) ta aan US 2)
oo
= Pts pra
Decker Fonda al A der bh br pot
= EEE
festa aa
Map 00 en Era BR mp Haan id
a ee enden
ale
ini 000 FEN many Se go nos He
Senn
—
Taos ngs HR AGH oe Fae Conia al ed
ES
. | peal e | he. .
COTAS ros pone man rama m
PRET ET:
Razorpay
Francie Asi Gupta, rasch
Reason for inclusion Peer ung ound at avalon USS! to
‘Compan rete
Founded in 2014, Razspay patates a payant qaeway wih Se one merduris, processing aru payment of
USE2 tn ls trat saga rudes MES sealing to bul ln presence and ss wih ts door tery and
as o eat sale srgt APIs alo or value-added sancns ke automating vend payants alte
ect and ans, GST nión, andthe he Ns alo buldng a oo barking pai a of usas
taking and Anna ta matarte n parco wth banks.
Funding hise
Paerpay has ad total of USS208 rt at nde vated a USBT bn, Nati, Tier bal Saga. OST, and GC
va ma keys Rapa
‘gure 206 Funding hito
ceo Foandedin2014
AA TE
‘an 001207 0 Tok 28 0 207 a0 200 DIO HZ DIS 2014 DNS 215 AN ONE A9 2
O Em en US RAD
‘Management profes
are Posten Profle
Has Code £CEO Hanhi Mais ray nada Sib a fange Hain
are got son I Baton
Seine Ciné Schr Hnos a a gosta dan m carp sica hm IT Ration
Save Company ts
Figure 287 Razorpay has 8 mas marchant processing Figure 208 Razepay financials
[US825 bn of payments analy
‘Bs. ida”
Francie Asi Gupta, rasch
Reason for inclusion Peer ung ound at avalon USS! to
‘Compan rete
Founded in 2014, Razspay patates a payant qaeway wih Se one merduris, processing aru payment of
USE2 tn ls trat saga rudes MES sealing to bul ln presence and ss wih ts door tery and
as o eat sale srgt APIs alo or value-added sancns ke automating vend payants alte
ect and ans, GST nión, andthe he Ns alo buldng a oo barking pai a of usas
taking and Anna ta matarte n parco wth banks.
Funding hise
Paerpay has ad total of USS208 rt at nde vated a USBT bn, Nati, Tier bal Saga. OST, and GC
va ma keys Rapa
‘gure 206 Funding hito
ceo Foandedin2014
AA TE
‘an 001207 0 Tok 28 0 207 a0 200 DIO HZ DIS 2014 DNS 215 AN ONE A9 2
O Em en US RAD
‘Management profes
are Posten Profle
Has Code £CEO Hanhi Mais ray nada Sib a fange Hain
are got son I Baton
Seine Ciné Schr Hnos a a gosta dan m carp sica hm IT Ration
Save Company ts
Figure 287 Razorpay has 8 mas marchant processing Figure 208 Razepay financials
[US825 bn of payments analy
‘Bs. ida”
ReNew Power Ventures
Ene Lesh Gar. Gaza iia
Reason fr inclusion: Resin rng tura sat US$ E
Company patie
Pal Pone has tl asset base 010.1 GW of whch TS GW steady conisned Feu Power ds, bs,
(ns ad parao ty Sede wed ad sla erty ot as wa as buted sel ray ts a urate ray
mar ar wet stars today peas an O Ay se ppt pea ass ht aes in da
Funding history
Feu Poner has ben unde by Goldman Sachs, Gal Enorme Fund, Alan Development Bark and Abu Da
Investment Add, CPPB and ERA
Figure 206: Funding Nistor
oo Faded in 2014 GP a
CEE FR"
= ET pe
A Etat aan (USE 25)
Management profes
Name Position Profle
Son ha Chana nrg en aan Si Sd a mime
Barker Chirp and NG ange US ard tr has nace Aya Bi Sp,
eves ato COO ct Sen. Ho sa masas as neral! te sum Clara
ia, Dinos eurent fom Cae a ach fn I Do
chan Specht nan Sch Mahon Saale a bar crc ton ry ot Cpegen ar mat
Bun Nm scons ram ei of Corgan má Cael ery, He ns Oma Sohn 2004
Dance Sele carry ving para bn marcha tring Art Solan San Lone.
Satoshi Vana ¿ERA Paver Sure Yara vo fr EPA sce 2016 ards pub x ares amet ol a
Nmnen rra ro nd ham PP pow pros asc epg lice a as
Desk ropa durant at HO fy Ha 5 yo ot at ln nant nd
aragon lema nd dest para peel md to scr as soda
Mao ena TEPCO ly Ente Po Company be secan JER,
—
oia” o ns Wr
ad TEE
= a D 2.
som a we.
a A Pre) o
= =
o = = os 000 12%
set Phe ge ER
Ene Lesh Gar. Gaza iia
Reason fr inclusion: Resin rng tura sat US$ E
Company patie
Pal Pone has tl asset base 010.1 GW of whch TS GW steady conisned Feu Power ds, bs,
(ns ad parao ty Sede wed ad sla erty ot as wa as buted sel ray ts a urate ray
mar ar wet stars today peas an O Ay se ppt pea ass ht aes in da
Funding history
Feu Poner has ben unde by Goldman Sachs, Gal Enorme Fund, Alan Development Bark and Abu Da
Investment Add, CPPB and ERA
Figure 206: Funding Nistor
oo Faded in 2014 GP a
CEE FR"
= ET pe
A Etat aan (USE 25)
Management profes
Name Position Profle
Son ha Chana nrg en aan Si Sd a mime
Barker Chirp and NG ange US ard tr has nace Aya Bi Sp,
eves ato COO ct Sen. Ho sa masas as neral! te sum Clara
ia, Dinos eurent fom Cae a ach fn I Do
chan Specht nan Sch Mahon Saale a bar crc ton ry ot Cpegen ar mat
Bun Nm scons ram ei of Corgan má Cael ery, He ns Oma Sohn 2004
Dance Sele carry ving para bn marcha tring Art Solan San Lone.
Satoshi Vana ¿ERA Paver Sure Yara vo fr EPA sce 2016 ards pub x ares amet ol a
Nmnen rra ro nd ham PP pow pros asc epg lice a as
Desk ropa durant at HO fy Ha 5 yo ot at ln nant nd
aragon lema nd dest para peel md to scr as soda
Mao ena TEPCO ly Ente Po Company be secan JER,
—
oia” o ns Wr
ad TEE
= a D 2.
som a we.
a A Pre) o
= =
o = = os 000 12%
set Phe ge ER
RSPL Limited
Core as arab Mia, Prat Ranger
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Company rete
Me Misas and Bal Gancandan unde is Karp tased consumer gods Hin 198. The key segmento RSPL
is economy deegers win ‘Grad bing ts man brand RSPL ea hey compa rma and HUL's twat ad brands
snd has a 10% sharin the detergents marke and pray strong in the nor stes of Ut Pradesh, Bar, Madhya
Pradesh and alo Westar nda The company has expanded beyond fae wash and dogo to dasha bas, body
‘sap and satay pas aswel,
Funding story
“he copay has no ase ung o valuation hr i unable bu ing as pr ia It pora inthe ar 2 space
en e ape 19a ange pad an al oo at he omar ed, wo eat a compar tbe woth USB 3b,
Dern
tame Posten Probe
hand Fand O PL lng ony bute vi ton ng be en I
Eat Ann gu rua es Ice NS
br wipe rar Cynon à Dé ment ham hl Br
Grade to MO.
ho Pal ed Rt Oct ‘hl Ma Ora ited RSL, a mn oia on ce
Ste ben Dr tm gap so sa ec Aa Orar
nt MO pr anse 200 sd as Ly a Greg ba ce
dtr ame cr seat Pa Opndundn ad e nass m 208
‘Sais grd fon S un tio dl Manage slog da
Fyne Eo pr Ps ina
Sa Corr ds
Faure 302 RSPL' marketshare has increased 3pp to Figure 03: Margins have reduced m the peak of FYTG
25%
E mm 10 1
in na renta,
ar Compr a, Emo rt nec Copy i it ise
Core as arab Mia, Prat Ranger
Reason fr inclusion Von USS! bn at atest EBTDA and mul
‘Company rete
Me Misas and Bal Gancandan unde is Karp tased consumer gods Hin 198. The key segmento RSPL
is economy deegers win ‘Grad bing ts man brand RSPL ea hey compa rma and HUL's twat ad brands
snd has a 10% sharin the detergents marke and pray strong in the nor stes of Ut Pradesh, Bar, Madhya
Pradesh and alo Westar nda The company has expanded beyond fae wash and dogo to dasha bas, body
‘sap and satay pas aswel,
Funding story
“he copay has no ase ung o valuation hr i unable bu ing as pr ia It pora inthe ar 2 space
en e ape 19a ange pad an al oo at he omar ed, wo eat a compar tbe woth USB 3b,
Dern
tame Posten Probe
hand Fand O PL lng ony bute vi ton ng be en I
Eat Ann gu rua es Ice NS
br wipe rar Cynon à Dé ment ham hl Br
Grade to MO.
ho Pal ed Rt Oct ‘hl Ma Ora ited RSL, a mn oia on ce
Ste ben Dr tm gap so sa ec Aa Orar
nt MO pr anse 200 sd as Ly a Greg ba ce
dtr ame cr seat Pa Opndundn ad e nass m 208
‘Sais grd fon S un tio dl Manage slog da
Fyne Eo pr Ps ina
Sa Corr ds
Faure 302 RSPL' marketshare has increased 3pp to Figure 03: Margins have reduced m the peak of FYTG
25%
E mm 10 1
in na renta,
ar Compr a, Emo rt nec Copy i it ise
Serum Institute of India
Hate stay haga Sara Ml
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
Company pate
‘Ser nue of ha Pa Ls work's Legs vaccine manuface y urbe of doses product ad ol ebay
(rare an 1 Sb doses) which nas pao vcs a walle phn. loans, perras, Hi ECO. Hapa B,
mess mung and bala, and COMD-19 vacas, Vaconesranlacied by Sam tie reacios Wels
Heath Orgarisaon, Ganev ad are bang usedin arcund 170 nis, The company was kundadin 1905 by Or Cyrus
Poonanala wih be am of marulacttrg He savog imrno-tiobgicas, which were In hrlga ne county and
‘pores a igh pos
Funding history
NA
Faure 20% Funding hito
» ue rs] 15000
Ñ = 10000
ñ son
ARA ah US BAS)
Management profes
Name. Posten ratte
(us Poca Found Dr us Porn ie Chama of Peas rep he clades Su
Fite eva o Pa Sly hs Domena ba
D005 a carter oe tnd mans.
Ad Porta CEO Aca Posada jad Sr atin la 2001 ad cama CEO
2011 Ho es add at he Bhs Schal (ne) Edmund Scho
art. fond be Lvs of Vests
Se Cap ts
Figure 305 Steadyrevenue growth proa of Serum Figure 306. at hgh margins, spray high in
Inst of nda. {he vaccine monufacturing Industry
‘rn US$) — 10 ot HS O, — FT 85
Hate stay haga Sara Ml
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
Company pate
‘Ser nue of ha Pa Ls work's Legs vaccine manuface y urbe of doses product ad ol ebay
(rare an 1 Sb doses) which nas pao vcs a walle phn. loans, perras, Hi ECO. Hapa B,
mess mung and bala, and COMD-19 vacas, Vaconesranlacied by Sam tie reacios Wels
Heath Orgarisaon, Ganev ad are bang usedin arcund 170 nis, The company was kundadin 1905 by Or Cyrus
Poonanala wih be am of marulacttrg He savog imrno-tiobgicas, which were In hrlga ne county and
‘pores a igh pos
Funding history
NA
Faure 20% Funding hito
» ue rs] 15000
Ñ = 10000
ñ son
ARA ah US BAS)
Management profes
Name. Posten ratte
(us Poca Found Dr us Porn ie Chama of Peas rep he clades Su
Fite eva o Pa Sly hs Domena ba
D005 a carter oe tnd mans.
Ad Porta CEO Aca Posada jad Sr atin la 2001 ad cama CEO
2011 Ho es add at he Bhs Schal (ne) Edmund Scho
art. fond be Lvs of Vests
Se Cap ts
Figure 305 Steadyrevenue growth proa of Serum Figure 306. at hgh margins, spray high in
Inst of nda. {he vaccine monufacturing Industry
‘rn US$) — 10 ot HS O, — FT 85
Sharechat
rec Van Ana Ka Sara
Reason for inclusion: Vaio <USS bn, bt song gro sce
‘Compan rete
hala Tech Pa Li os and petals an or scl ein lem, Sarcha com. os sedes such as
pong huy vice songs, mas, advertsements, day horoscopos, quon, eo. 1a real and ura contento
Ia uses own language, labs nsalanguages ramal Hed, Mara, Maya, ya, Gta and Tl The
company was Kundin 2015 andi basain Bangaru, Kamala.
Funding Rita
Sharcha has cd att of USSZTS mn dato ands exactos to ba valued at USS Ein its latest round ol And
‘acing in 2021. ha bean Ande by Ban Capital, Lightspeed, Tt, Naomi and SY Call, among ober.
Figure 307 Sharechat is looking to rake USS2O0 mn in serios E undng at a valio of USE Dr
‘co Frundedin2015 sm, ee
Hi:
o pe" a,
en RS
Mae
Es eaten pr
Falla Fand Faas Toh ag nid ll gg o
Soe
nn Fac SS hana a ag cp wd ng
canoe
ares
en F208 Coston ar nn din
bars
oi | = fe ole
ts rom DA
Sar Comp it a Site Sore Corpa tC Sie
rec Van Ana Ka Sara
Reason for inclusion: Vaio <USS bn, bt song gro sce
‘Compan rete
hala Tech Pa Li os and petals an or scl ein lem, Sarcha com. os sedes such as
pong huy vice songs, mas, advertsements, day horoscopos, quon, eo. 1a real and ura contento
Ia uses own language, labs nsalanguages ramal Hed, Mara, Maya, ya, Gta and Tl The
company was Kundin 2015 andi basain Bangaru, Kamala.
Funding Rita
Sharcha has cd att of USSZTS mn dato ands exactos to ba valued at USS Ein its latest round ol And
‘acing in 2021. ha bean Ande by Ban Capital, Lightspeed, Tt, Naomi and SY Call, among ober.
Figure 307 Sharechat is looking to rake USS2O0 mn in serios E undng at a valio of USE Dr
‘co Frundedin2015 sm, ee
Hi:
o pe" a,
en RS
Mae
Es eaten pr
Falla Fand Faas Toh ag nid ll gg o
Soe
nn Fac SS hana a ag cp wd ng
canoe
ares
en F208 Coston ar nn din
bars
oi | = fe ole
ts rom DA
Sar Comp it a Site Sore Corpa tC Sie
Sorting Hat Technologies (Unacademy)
Este ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSE! bo
‘Compan patie
Sorting Hat Téchnlgis PA Lid owns and parte one auction web portal academy. fs eures under
Seven ads Ik ts prepuato, language, roaming, papa ta, eal bar ol secondary ducto,
enghestng oda, Wlng leasing, dso Pal educators seta tas couses, whch ae ton ale o
Pl o aa. vas funded n 2016 and sad e Bengala mata
Funding iso
Unacademyhas read a tot of USE400 rude aná vas valved at US$ brin trou of nd in Nov2020 À
ar bean Kinde y Ter Gs), Saga, Genel Ala, Nanu nda, Facatoc Bus Verte and Barato Cap,
amer obs
Figure 310: nto test ound, Unacademy hes rad USS250 mn at vation of USEZ bn
Founded 2015. Stet Ate
m ma
E RE sc, |]
o toe em o
SERIE
a
= as =
odie
in ee aa
RA pn nl pox a a
See eee
nenas
na Ly
=
ww mos 10 I
= me
: nl: : Î i Ea
AAA E
Sar Copa Ci Sine Suse Compay a Cotino
Este ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSE! bo
‘Compan patie
Sorting Hat Téchnlgis PA Lid owns and parte one auction web portal academy. fs eures under
Seven ads Ik ts prepuato, language, roaming, papa ta, eal bar ol secondary ducto,
enghestng oda, Wlng leasing, dso Pal educators seta tas couses, whch ae ton ale o
Pl o aa. vas funded n 2016 and sad e Bengala mata
Funding iso
Unacademyhas read a tot of USE400 rude aná vas valved at US$ brin trou of nd in Nov2020 À
ar bean Kinde y Ter Gs), Saga, Genel Ala, Nanu nda, Facatoc Bus Verte and Barato Cap,
amer obs
Figure 310: nto test ound, Unacademy hes rad USS250 mn at vation of USEZ bn
Founded 2015. Stet Ate
m ma
E RE sc, |]
o toe em o
SERIE
a
= as =
odie
in ee aa
RA pn nl pox a a
See eee
nenas
na Ly
=
ww mos 10 I
= me
: nl: : Î i Ea
AAA E
Sar Copa Ci Sine Suse Compay a Cotino
Sporta Technologies (Dream11)
ring Van Ana Ka Sara
Reason for inclusion cent ung ound at a va SUSI to
‘Compan proa
‘Sparta Tectndogjes PA Lid (maty km as Drean 11 Fantasy PM Lid) ons ad operates an en gung pora!
Dream olas tanto pot, arts total, fantasy cia, artsy haba, tartan spate pam cc, gues
of il among has als operates map aggegao plato, Fand, ich oases on engl spars
orien and contetua commerce. The company was feudos n 2012 ad based in Mumbai Maharastra
Funding history
ear! has reed a ol of US$38S date and was vd at USS Sn nit lstound o rg in 00-2020.
has Been fred by Chrys Capital, TPG Capa, Kalua, Tiger Gba Tencert, Mutis and Stasi Capa among
‘there
Figure 313: In ie atst ound, Dream sed USE225 un a a valuation of USS2.5 ba
Founded 2012
E we e
o "Hal,
AU «Eat aan USE A
‘Management profes
Name,
Posten Profle
Hi FomdncandCEO Ha Jan gach a a agen ho User Peri a
rca MBA ho Coti Guess Sono Ve
Ba ah Fader aedCOO Sha Shah nenn wth MBA am Bent Ur (Bat) and
ar Olona commerce ties tam Hana
See Congr dt
Figure 314 Sales hve shown a spike n 2020 Figure 318: Share of nine etal pends has son shah
o Pen
= mm
= ms ! ou tee
__l Mn. =
me
Vans me mT me mI mm mm
mem NS conten at
Sar Corp et Ot Sine Soc: Campy Se
ring Van Ana Ka Sara
Reason for inclusion cent ung ound at a va SUSI to
‘Compan proa
‘Sparta Tectndogjes PA Lid (maty km as Drean 11 Fantasy PM Lid) ons ad operates an en gung pora!
Dream olas tanto pot, arts total, fantasy cia, artsy haba, tartan spate pam cc, gues
of il among has als operates map aggegao plato, Fand, ich oases on engl spars
orien and contetua commerce. The company was feudos n 2012 ad based in Mumbai Maharastra
Funding history
ear! has reed a ol of US$38S date and was vd at USS Sn nit lstound o rg in 00-2020.
has Been fred by Chrys Capital, TPG Capa, Kalua, Tiger Gba Tencert, Mutis and Stasi Capa among
‘there
Figure 313: In ie atst ound, Dream sed USE225 un a a valuation of USS2.5 ba
Founded 2012
E we e
o "Hal,
AU «Eat aan USE A
‘Management profes
Name,
Posten Profle
Hi FomdncandCEO Ha Jan gach a a agen ho User Peri a
rca MBA ho Coti Guess Sono Ve
Ba ah Fader aedCOO Sha Shah nenn wth MBA am Bent Ur (Bat) and
ar Olona commerce ties tam Hana
See Congr dt
Figure 314 Sales hve shown a spike n 2020 Figure 318: Share of nine etal pends has son shah
o Pen
= mm
= ms ! ou tee
__l Mn. =
me
Vans me mT me mI mm mm
mem NS conten at
Sar Corp et Ot Sine Soc: Campy Se
Sri Chaitanya
Este Vann Ana, et Sacha
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
‘Compan patie
‘i Chalanya Gre is ngagedinpoudng aducana seve. operates under ra name Sp Ohatarya Educational
irene pos coaching lr atan exam ke nda hate of Tetley jo entrance ea (I-JER) pe
media test (PMT), chartered acortar, an administre sanos (AS) anar, and a a, The group lo peas
Piha shin coges a) tarterod accountacyatadey and an Indan adicto sendos aıdemy. The
gan was founded in 1825 an ls Dasein Hyderabad Telangana.
Funding iso
na
Management prof
ame Posten rote
ES Fa Chiman pri ter OF BSR a ft cc 1985 vi toe
ut ut
radar Hei Ot Me op opin ch fon BTS Raid nan
Save Copy it
Figure 316: umber of wivrsties growing ats CAGR oT Figure 317: Education Indus grow By 10% in nda
ox
Sas Cony tr Sie ne Company Cnt Se
Este Vann Ana, et Sacha
Reason fr inclusion: Vat USBI bn alates EBITDA ard mul
‘Compan patie
‘i Chalanya Gre is ngagedinpoudng aducana seve. operates under ra name Sp Ohatarya Educational
irene pos coaching lr atan exam ke nda hate of Tetley jo entrance ea (I-JER) pe
media test (PMT), chartered acortar, an administre sanos (AS) anar, and a a, The group lo peas
Piha shin coges a) tarterod accountacyatadey and an Indan adicto sendos aıdemy. The
gan was founded in 1825 an ls Dasein Hyderabad Telangana.
Funding iso
na
Management prof
ame Posten rote
ES Fa Chiman pri ter OF BSR a ft cc 1985 vi toe
ut ut
radar Hei Ot Me op opin ch fon BTS Raid nan
Save Copy it
Figure 316: umber of wivrsties growing ats CAGR oT Figure 317: Education Indus grow By 10% in nda
ox
Sas Cony tr Sie ne Company Cnt Se
Star Health
Francie Asi apa Jaya Kae
Reason fr inclusion: Emerging ral lon NEFC with USES St AUM
‘Compan rete
Prod of ath naranc sarees founded in 2005 aná based in Chama, Tar Nadu, Sur Heath space neath
insurance sendos and odes a wie ange of med pods, ous maa coge and pasen accent
erage fr sr Gane and tris. tithe largest pale sath insaanoe prover in da, ih aaa hae of
37% ne sandlne hat narco segment, 222% in he phat aah ninos space, and 12.1% inthe oval
heath inssanoe Segment in PYZO.
Funding ista
Ir Au 2018, Safe Hldngs PM Li, a cnsotum of estos nung Westiäge A, Rake Jura ad
Madson Cpl pes dns agree wäh he hard of tr Heath Ad Insurance Company Lao pck
090% n Pe fm. Back nen a sing header of Star Heath cede Str Heath iste PA LIS and inde
Manager ae by CO Vente, Ta Capital and Ai Partner,
Figure 218 Funding hito
o Founded in 2008 AS
1 Beier A ns ee
a |
fede USS on) End aan Sh, HS
‘Management profies
ame, Posen Profle
Vengan Chaman ED Fs of Sa Hol ho was she Und nd surco as
(rr 80 ur esparcen be gs
DS Pia mo ‘Radel deco no e ra os dto haa o decada rc
piece um hd and oras aná in mera Dar dead
‘Spence urea
Sas Corp te
Figure 316: Gros premium growth remains strona Figure 320, Combined aio has come of ands table
> U E | | | | | |
A ewe sorte)
‘se Cony te Soe Corp its
Francie Asi apa Jaya Kae
Reason fr inclusion: Emerging ral lon NEFC with USES St AUM
‘Compan rete
Prod of ath naranc sarees founded in 2005 aná based in Chama, Tar Nadu, Sur Heath space neath
insurance sendos and odes a wie ange of med pods, ous maa coge and pasen accent
erage fr sr Gane and tris. tithe largest pale sath insaanoe prover in da, ih aaa hae of
37% ne sandlne hat narco segment, 222% in he phat aah ninos space, and 12.1% inthe oval
heath inssanoe Segment in PYZO.
Funding ista
Ir Au 2018, Safe Hldngs PM Li, a cnsotum of estos nung Westiäge A, Rake Jura ad
Madson Cpl pes dns agree wäh he hard of tr Heath Ad Insurance Company Lao pck
090% n Pe fm. Back nen a sing header of Star Heath cede Str Heath iste PA LIS and inde
Manager ae by CO Vente, Ta Capital and Ai Partner,
Figure 218 Funding hito
o Founded in 2008 AS
1 Beier A ns ee
a |
fede USS on) End aan Sh, HS
‘Management profies
ame, Posen Profle
Vengan Chaman ED Fs of Sa Hol ho was she Und nd surco as
(rr 80 ur esparcen be gs
DS Pia mo ‘Radel deco no e ra os dto haa o decada rc
piece um hd and oras aná in mera Dar dead
‘Spence urea
Sas Corp te
Figure 316: Gros premium growth remains strona Figure 320, Combined aio has come of ands table
> U E | | | | | |
A ewe sorte)
‘se Cony te Soe Corp its
Supermart Grocery Supplies
(BigBasket)
Ecommerce ‘arab ira, rath Ranger
Reason for inclusion: Resin rng rund at alton SUSE! bo
‘Compan patie
Superman Grcay Suppes Pa Ltd owns ard operas an cline fod and ray pra, Bigbaskl.com. The en oles
¿oca msi caegas such a Fults and vegas, basal ce, geen ea, cese, dy Rus, oclats and wees,
Sof di, wheat ata, zen fod ard chen per and wpes; sty pads, moana reparar dk, bead
(any andengs de os, cory and sales, snlaner is, qd soaps and bars, ad meas. The company was founded
in 2011 and based n Bang, Karataka.
Funding history
ie has aged tt) of USSTEO mn at and was van at US$ nn trou of rg Ap 2020.&
Pas bean finde by Ara, Han, Ababa Mean, Asa, Sands Cap Teta and COC Group, among ihre,
Figure 221 nto lat ound, igBashal ha ened USED nn a a vation of USBI bo
so Feandedin 2011 ECC
song Pee
: e |
USA Es te SE BA
Management profes
Name. Posten ratte
Has Ma co nm BTS Plan, Ha non as ld ep pestis wih majos ie
‘ip cont ondo! Parma wd CEO of nse
Vp Push Funde Hoadel An ras ot 8 Vp Pah has wed a sine roc fe Poop
Mot France Coptl we usos depor hed o Wea Du hund Bere
Save Cory ts
Figure 322 Sales have grown a CAGR of 61% from Figure 23: Costtoincome rato sigh
201520
a 2:
20900 en |
= cn
a # rr er me me 2e
ER EN
Save Carney dt it Sine nue Copy Ct i
(BigBasket)
Ecommerce ‘arab ira, rath Ranger
Reason for inclusion: Resin rng rund at alton SUSE! bo
‘Compan patie
Superman Grcay Suppes Pa Ltd owns ard operas an cline fod and ray pra, Bigbaskl.com. The en oles
¿oca msi caegas such a Fults and vegas, basal ce, geen ea, cese, dy Rus, oclats and wees,
Sof di, wheat ata, zen fod ard chen per and wpes; sty pads, moana reparar dk, bead
(any andengs de os, cory and sales, snlaner is, qd soaps and bars, ad meas. The company was founded
in 2011 and based n Bang, Karataka.
Funding history
ie has aged tt) of USSTEO mn at and was van at US$ nn trou of rg Ap 2020.&
Pas bean finde by Ara, Han, Ababa Mean, Asa, Sands Cap Teta and COC Group, among ihre,
Figure 221 nto lat ound, igBashal ha ened USED nn a a vation of USBI bo
so Feandedin 2011 ECC
song Pee
: e |
USA Es te SE BA
Management profes
Name. Posten ratte
Has Ma co nm BTS Plan, Ha non as ld ep pestis wih majos ie
‘ip cont ondo! Parma wd CEO of nse
Vp Push Funde Hoadel An ras ot 8 Vp Pah has wed a sine roc fe Poop
Mot France Coptl we usos depor hed o Wea Du hund Bere
Save Cory ts
Figure 322 Sales have grown a CAGR of 61% from Figure 23: Costtoincome rato sigh
201520
a 2:
20900 en |
= cn
a # rr er me me 2e
ER EN
Save Carney dt it Sine nue Copy Ct i
Synechron
Sence Vara Aja Ka Sanaa
Reason fr inclusion Vat USS! bn at atest EBTDA and mul
‘Compan rote
Founda in 2001 ne, angaged nie pron of hardare consular, computar programming, dla procesa, and
‘her congue ited nee Sra mota ring mashing sng, ard apporng sofas Lo most the
feuds oa pardas cust, slaving nd desing computa stems tat reg ae compute aras, sofas, and
cammurcatan technologies orate management and opraton of chants" ample tes and/or daa grocesng
facts: and ctor rofesnal and tele) computer ad ade and ve,
Funding story
1 2019, or was media speclaon (Econom Times) hat Smachron is bang see as a oa acqsion target or
tal enon compartes ka Corcant and NTT At Pal t,he company was bang aed USS1 2-13
Spaeren ha notated any FENG dr
Management pros
ame Poston Probe
Fs Han Conde CED hr toes Sjpacrn Fal Ha ns eps ad
cai acne lo Wen ch ed Oi Bi etc a
‘Sisco inserted gaming ae me compe some
‘ear Sit Cole CFO Tran Saar 20 nr osas En tra corn HR at Op
{eo Unies He goin ar Pesos argument on ba
(Are Le CFO Span Tomi ad apes da
Jeria ha compa bromo Alda agi as ring
ra sacs canary ow hela 18 yr
ES Corde C00 toc terca cet
Farah at Segen a gra Kon Pg, Th St Uat
ar Corp it Ct Site
Figure 32% Operating mets
Matic Comenta
Revenue ‘Spd as mor an USSEOD nn in na
Prod Sacs EBITDA sed USB, suggesting a ETA marga d 12.1.
“coma ted) you pc ami gray A end au aa hone
os Moves pated mad ing acne ae
= ad US$100 mn to Smechron’s veros.
Greg Scenes rica Bs Cada Esc id da Et US bg ma
ar Congr it it Site
Sence Vara Aja Ka Sanaa
Reason fr inclusion Vat USS! bn at atest EBTDA and mul
‘Compan rote
Founda in 2001 ne, angaged nie pron of hardare consular, computar programming, dla procesa, and
‘her congue ited nee Sra mota ring mashing sng, ard apporng sofas Lo most the
feuds oa pardas cust, slaving nd desing computa stems tat reg ae compute aras, sofas, and
cammurcatan technologies orate management and opraton of chants" ample tes and/or daa grocesng
facts: and ctor rofesnal and tele) computer ad ade and ve,
Funding story
1 2019, or was media speclaon (Econom Times) hat Smachron is bang see as a oa acqsion target or
tal enon compartes ka Corcant and NTT At Pal t,he company was bang aed USS1 2-13
Spaeren ha notated any FENG dr
Management pros
ame Poston Probe
Fs Han Conde CED hr toes Sjpacrn Fal Ha ns eps ad
cai acne lo Wen ch ed Oi Bi etc a
‘Sisco inserted gaming ae me compe some
‘ear Sit Cole CFO Tran Saar 20 nr osas En tra corn HR at Op
{eo Unies He goin ar Pesos argument on ba
(Are Le CFO Span Tomi ad apes da
Jeria ha compa bromo Alda agi as ring
ra sacs canary ow hela 18 yr
ES Corde C00 toc terca cet
Farah at Segen a gra Kon Pg, Th St Uat
ar Corp it Ct Site
Figure 32% Operating mets
Matic Comenta
Revenue ‘Spd as mor an USSEOD nn in na
Prod Sacs EBITDA sed USB, suggesting a ETA marga d 12.1.
“coma ted) you pc ami gray A end au aa hone
os Moves pated mad ing acne ae
= ad US$100 mn to Smechron’s veros.
Greg Scenes rica Bs Cada Esc id da Et US bg ma
ar Congr it it Site
Think and Learn (Byju’s)
Ese Vara An. Kos Sarita
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
Tur and Lun PM Lid owns and opere an rin ering ppal js. Ris engaged in prod ening
educator ses. Lois ts pepa couses ike a cormonadrison aun ul see corms,
ade maragemertadnssion st gate rear eramnalen, and nan admirisavo sence aso offers
planer school clan dases lr dass 4-12 Th company was kundadin 2011 ands based in Banga,
Kara.
Funding history
Bats has and a tota of USB 8 bn lat and was vad at USB 12 in at oud of ig in Now-2020 thas
een fred Tier bl, Saga, OÍ, Backes, Sher ke, Sora, arn Capt and Lip asa, mong
thers
Figure 325m the latest ound, Bj razed US$Z00 mn (ration of USSI2 bn) ed by Black and T Rowe rice
noted th ae um
= seg tel
= mir I:
a EE
(300 001202203 04 208 200 207 209 2009 DIO 2112012201 014 DNS 2016201 D 200200.
US Et Vin Sm RAD
Monet
en Posten rte
Raw Bi Fan COD Ae eng Take med grog fen Goan
Sip cbt co Nada E
tein 0 ls do 200, a Pb atada
PE ANS es
a pe
Fare Se go CGR Fars Be on EBITDA ce
He re
am m ©
o —— = M | ne CE
AS oi
Sa Cony rt Sn ne Company Ct se
Ese Vara An. Kos Sarita
Reason for inclusion: Resin rng rund at satan SUSE! bo
Company patie
Tur and Lun PM Lid owns and opere an rin ering ppal js. Ris engaged in prod ening
educator ses. Lois ts pepa couses ike a cormonadrison aun ul see corms,
ade maragemertadnssion st gate rear eramnalen, and nan admirisavo sence aso offers
planer school clan dases lr dass 4-12 Th company was kundadin 2011 ands based in Banga,
Kara.
Funding history
Bats has and a tota of USB 8 bn lat and was vad at USB 12 in at oud of ig in Now-2020 thas
een fred Tier bl, Saga, OÍ, Backes, Sher ke, Sora, arn Capt and Lip asa, mong
thers
Figure 325m the latest ound, Bj razed US$Z00 mn (ration of USSI2 bn) ed by Black and T Rowe rice
noted th ae um
= seg tel
= mir I:
a EE
(300 001202203 04 208 200 207 209 2009 DIO 2112012201 014 DNS 2016201 D 200200.
US Et Vin Sm RAD
Monet
en Posten rte
Raw Bi Fan COD Ae eng Take med grog fen Goan
Sip cbt co Nada E
tein 0 ls do 200, a Pb atada
PE ANS es
a pe
Fare Se go CGR Fars Be on EBITDA ce
He re
am m ©
o —— = M | ne CE
AS oi
Sa Cony rt Sn ne Company Ct se
Udaan
gites Satan Tah, Gaia Bart
Reason fr inclusion Race undng ound st avalon = USES bo
‘Compan rete
aan a BOB ogists operator founded 2015. I abuse markeplace where manufarers and oleate can
da produce er Va an one ag o a ree. The pay tastes bug and sling wth se
pment and ao legte.
Funding Kita
aan has uma isa USS1.15 tn so ar and as ad a USS En during las nda o USS280 m
Dec-2020, Soma of hey mate are Uhtspnd Vete Pater, OST Gib, Tencert and Mocstne Cap
Fire 38 Funda hoy
Femina ms
+
. e | | =.
PUS mm on (US HS)
Management profes
tame Posen Profle
Satan Fan ‘Set ama condes Un in 2016 Ha 2009 Et ude a KT
Dab gustado Port pf fango
nadia ood med Maya wal Parece t o lodo Uan Hoi 12002
Est ao og
Vatios Gui fand Vito, Gupta. a ade IT DO and MBA ram Licor Veg
ound campy 2016. Pre she weed wah Piano
ie
Sar Conga at
Figure 328 Revenue gem TOxbetween F9 and FVZO Figure 30: Wile absolue losses almas doublé, loss
8 ol sale came denn to -81% In 20
= - El =
= =
100 9 oo e mons
= ns 800 00.
a À = =
een > DER mi in une
gites Satan Tah, Gaia Bart
Reason fr inclusion Race undng ound st avalon = USES bo
‘Compan rete
aan a BOB ogists operator founded 2015. I abuse markeplace where manufarers and oleate can
da produce er Va an one ag o a ree. The pay tastes bug and sling wth se
pment and ao legte.
Funding Kita
aan has uma isa USS1.15 tn so ar and as ad a USS En during las nda o USS280 m
Dec-2020, Soma of hey mate are Uhtspnd Vete Pater, OST Gib, Tencert and Mocstne Cap
Fire 38 Funda hoy
Femina ms
+
. e | | =.
PUS mm on (US HS)
Management profes
tame Posen Profle
Satan Fan ‘Set ama condes Un in 2016 Ha 2009 Et ude a KT
Dab gustado Port pf fango
nadia ood med Maya wal Parece t o lodo Uan Hoi 12002
Est ao og
Vatios Gui fand Vito, Gupta. a ade IT DO and MBA ram Licor Veg
ound campy 2016. Pre she weed wah Piano
ie
Sar Conga at
Figure 328 Revenue gem TOxbetween F9 and FVZO Figure 30: Wile absolue losses almas doublé, loss
8 ol sale came denn to -81% In 20
= - El =
= =
100 9 oo e mons
= ns 800 00.
a À = =
een > DER mi in une
UrbanClap Technologies (Urban
Company)
Desrtonay ‘arab Mira, Pre Ranger
Reason fr inclusion: Resin rng rund at alton SUSE! bo
‘Compan patie
np Techn na PM Li owns and operates an na masia lr ban se sente han a ban
Company or mobile agicato and wit fr #ndog and hn sien such as home sree and rept, beauty
and Weines series, lessons and hes, event and wedding sens, bushes: serves, prsna sendos, Tha compary
‘a und 2016 anda basen Gurgaon, Hana.
Funding history
and has led total of USS18S me at and was and USO 9 on ast rund of undng in 2010. thas
ave bon funded by Besser, Vy Capa, tee Cap, Tiga Gal Aca! na and Evan Capt rere
there
at USOS ns around of funding 2019
ex 01 fora 203 0 208 206 207 TOE NOD 1 201 2012 213 a DNS IE
AA US HS
Management profes
Name. Posten ratte
Vana ta Fase andCEO An Aol IT Kap Vu Matan as wo ed ih Oum and B08
‘SUS teatro o fred tan 2018
PaparOid Fondod@TO Raghavan mol Uri Cilmi, Bland as wth at
in. Romane and Yap at oem pam DC,
Sen Company
Figure 332 Sales have grown exponemialy since FYIB Figure 33; Coteincame rato has Been decining
sad
250 un ©
200 ny
sco oxy
uno ms À
sete) Yor po RS Cata ar ao
Save Cary i it ine nue Grp a Cto
Company)
Desrtonay ‘arab Mira, Pre Ranger
Reason fr inclusion: Resin rng rund at alton SUSE! bo
‘Compan patie
np Techn na PM Li owns and operates an na masia lr ban se sente han a ban
Company or mobile agicato and wit fr #ndog and hn sien such as home sree and rept, beauty
and Weines series, lessons and hes, event and wedding sens, bushes: serves, prsna sendos, Tha compary
‘a und 2016 anda basen Gurgaon, Hana.
Funding history
and has led total of USS18S me at and was and USO 9 on ast rund of undng in 2010. thas
ave bon funded by Besser, Vy Capa, tee Cap, Tiga Gal Aca! na and Evan Capt rere
there
at USOS ns around of funding 2019
ex 01 fora 203 0 208 206 207 TOE NOD 1 201 2012 213 a DNS IE
AA US HS
Management profes
Name. Posten ratte
Vana ta Fase andCEO An Aol IT Kap Vu Matan as wo ed ih Oum and B08
‘SUS teatro o fred tan 2018
PaparOid Fondod@TO Raghavan mol Uri Cilmi, Bland as wth at
in. Romane and Yap at oem pam DC,
Sen Company
Figure 332 Sales have grown exponemialy since FYIB Figure 33; Coteincame rato has Been decining
sad
250 un ©
200 ny
sco oxy
uno ms À
sete) Yor po RS Cata ar ao
Save Cary i it ine nue Grp a Cto
UST
Sence Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rete
USTis pride o auto compu programming srs, The company as content management, coud seee,
(rin improvemens, entre content maragemant, rater management, saris, Sx Sgmas hs,
Sons, ables. The earpary was fundedin 1999 Koch.
Funding Kita
US ised undng erly cs in 2018 fom Tomas.
Figure 358 Funding Nito
so Founded a 990 and Terk 150
o 100
° o
ESAS m2)
Management pros
Push EM Alda lh cor 26 your toral nes epic, Para Caria
teats degen ip toa oi an cto USTs eng tom
tg. Eton Lord Soto em nd Pad Seca LSE),
(Godt care pagans of NSEAD, Our an; Sra
Br
Kate Sutra CEO Wor moe han 25 yours ach high gow rise, Kina Sada
Ironie tr gong bares à seal ae sete rió val.
along UST n 208 be vs pera cord Ft Spx, eels
FRE co pe Gone o Di cette: scent
‘ts SB Bina» Onto pur mou
hna sr cn 2000 na Mara sed are oca porn af UST arcs
eu be int pri fer (C00) of compar, Pl UST he was
CL wu Gta dba erp re
Sac Compa a
Figure 335% Operating meinen
Mic Comments
Rene USTs mare mars tar USE
Sas Corp it Got Sie
Sence Vara Aja Ka Sanaa
Reason for inclusion acer ung ound at avalon USS! to
‘Compan rete
USTis pride o auto compu programming srs, The company as content management, coud seee,
(rin improvemens, entre content maragemant, rater management, saris, Sx Sgmas hs,
Sons, ables. The earpary was fundedin 1999 Koch.
Funding Kita
US ised undng erly cs in 2018 fom Tomas.
Figure 358 Funding Nito
so Founded a 990 and Terk 150
o 100
° o
ESAS m2)
Management pros
Push EM Alda lh cor 26 your toral nes epic, Para Caria
teats degen ip toa oi an cto USTs eng tom
tg. Eton Lord Soto em nd Pad Seca LSE),
(Godt care pagans of NSEAD, Our an; Sra
Br
Kate Sutra CEO Wor moe han 25 yours ach high gow rise, Kina Sada
Ironie tr gong bares à seal ae sete rió val.
along UST n 208 be vs pera cord Ft Spx, eels
FRE co pe Gone o Di cette: scent
‘ts SB Bina» Onto pur mou
hna sr cn 2000 na Mara sed are oca porn af UST arcs
eu be int pri fer (C00) of compar, Pl UST he was
CL wu Gta dba erp re
Sac Compa a
Figure 335% Operating meinen
Mic Comments
Rene USTs mare mars tar USE
Sas Corp it Got Sie
Vini Cosmetics
Decora ‘arab Mira, rath Ranger
Reason for inclusion: Resin rng rund at satan SUSE! bo
‘Compan patie
Vi Cosmetes Pt isis engagadin mulato patsna cate product. provides beauty and pra eae produce
eludes and gens dada, ale pode, pesame, and as ponder unde the bande Fagg Ts Deodorants, Gam Up
ae White Tene Tal. The company was ncupuated 2009 andi bad in Ahmedbad, Ga
Funding history
Vi Cosmetes has asda tol of US$194 mn ti date and was vad a USSI.1 bin 2020. hasbeen nde by
Segura Cantal Bay Capital, Wostigo and Sith Sere Vertes
Figure 396 Vin Cosmetics was valued at USSI.1 Brin 2020
zu Founded name Set 10
o > + rm
en oo
o un m o
SS «x Un ARD.
Management profes
ame, Posten ote
Dean Pat Fader aráMO Dista Pat as bon Abed, tt rip Spr Ora Ho
Lo ns Poe rap (ur) bd mont 2010 oi
‘Comets: Pas o ms sage sls Radi Baier
Sa Carp ts
Figure 337 Sales hve grown a CAGR of 33 from Figura 330 Steady earings rom al 20% CAGR inthe
201620 las ve years
won un m sos
0 Ce ES
03 1. ih
0 Der ow
ao os
o = © om
ÉLIRE LC mismo 2 vor gent mn
Sa Corny il Cit ine Se Copa at ie
Decora ‘arab Mira, rath Ranger
Reason for inclusion: Resin rng rund at satan SUSE! bo
‘Compan patie
Vi Cosmetes Pt isis engagadin mulato patsna cate product. provides beauty and pra eae produce
eludes and gens dada, ale pode, pesame, and as ponder unde the bande Fagg Ts Deodorants, Gam Up
ae White Tene Tal. The company was ncupuated 2009 andi bad in Ahmedbad, Ga
Funding history
Vi Cosmetes has asda tol of US$194 mn ti date and was vad a USSI.1 bin 2020. hasbeen nde by
Segura Cantal Bay Capital, Wostigo and Sith Sere Vertes
Figure 396 Vin Cosmetics was valued at USSI.1 Brin 2020
zu Founded name Set 10
o > + rm
en oo
o un m o
SS «x Un ARD.
Management profes
ame, Posten ote
Dean Pat Fader aráMO Dista Pat as bon Abed, tt rip Spr Ora Ho
Lo ns Poe rap (ur) bd mont 2010 oi
‘Comets: Pas o ms sage sls Radi Baier
Sa Carp ts
Figure 337 Sales hve grown a CAGR of 33 from Figura 330 Steady earings rom al 20% CAGR inthe
201620 las ve years
won un m sos
0 Ce ES
03 1. ih
0 Der ow
ao os
o = © om
ÉLIRE LC mismo 2 vor gent mn
Sa Corny il Cit ine Se Copa at ie
Vishal Mega Mart
Corner Decretos arab Mia, Prat Ranger
Reason fr inclusion Vaaton SSI bn, but song gro
Company rete
Found by Me Ram Chandra Agawa 1954, al Moga at tro of as a vale retar Ranching ou -170 stores
As Inda may ei th ates. Howes, sad wh deb, the company was slo TPG Pate Euly and
‘Stam Group fer RSTOD mn na fee sl. Im 2018, th company changed hands agan wth Kadasa Capa and Global
isa fr Parres Group quee a nah has gown 375 anced stares across 24 dis may in.
ah, south and east of nd wth an area of 6.4 mnsg is reanos unde paneled mañas and a ae poing
have diver à 35% CAGR oe th st ee yeas wath a wide lng of phate ba st hin and her genera
me and gooey
Funding history
‘eal Mega Mar was slo TPS Pato Egy an Seam Group fo 700 e a re fae 2018, he company
Changed han agan win Kara Capt! and gebalmuestment em, Partners Grup, arqurng fade parted
trea at -USBT00 ma ure: Mad.
Figure 33 Kadaara Capital and Patnrs Group acquired Vishal rom TPG captain 2018
Founded 1096 gun opted 1200
TES
1 + so
é 170 Cp pan pa
Ra
o +
ÉPEPEET 207 0 209 DO An TTL AMD
DS SS, AO,
Management prom
ame Posten Prose
Gun las CED Has bn CEO ac TP ar as ena tani o
compar, Prisha as brn asta ca PU o 12 ya and
‘Sree wart C20 a otre Ron € 4 pu.
Sac Cong ds
Four 340; Revenues hae grown at a 16% CAGR over Figure 4: PAT marin has expanded sharply as wll
Frise (EBITDA = USS ro
se = © us
rm sm "ra um andi mis
Sar Compr it, Brno rt Sine Bars Copy a Cat ise
Corner Decretos arab Mia, Prat Ranger
Reason fr inclusion Vaaton SSI bn, but song gro
Company rete
Found by Me Ram Chandra Agawa 1954, al Moga at tro of as a vale retar Ranching ou -170 stores
As Inda may ei th ates. Howes, sad wh deb, the company was slo TPG Pate Euly and
‘Stam Group fer RSTOD mn na fee sl. Im 2018, th company changed hands agan wth Kadasa Capa and Global
isa fr Parres Group quee a nah has gown 375 anced stares across 24 dis may in.
ah, south and east of nd wth an area of 6.4 mnsg is reanos unde paneled mañas and a ae poing
have diver à 35% CAGR oe th st ee yeas wath a wide lng of phate ba st hin and her genera
me and gooey
Funding history
‘eal Mega Mar was slo TPS Pato Egy an Seam Group fo 700 e a re fae 2018, he company
Changed han agan win Kara Capt! and gebalmuestment em, Partners Grup, arqurng fade parted
trea at -USBT00 ma ure: Mad.
Figure 33 Kadaara Capital and Patnrs Group acquired Vishal rom TPG captain 2018
Founded 1096 gun opted 1200
TES
1 + so
é 170 Cp pan pa
Ra
o +
ÉPEPEET 207 0 209 DO An TTL AMD
DS SS, AO,
Management prom
ame Posten Prose
Gun las CED Has bn CEO ac TP ar as ena tani o
compar, Prisha as brn asta ca PU o 12 ya and
‘Sree wart C20 a otre Ron € 4 pu.
Sac Cong ds
Four 340; Revenues hae grown at a 16% CAGR over Figure 4: PAT marin has expanded sharply as wll
Frise (EBITDA = USS ro
se = © us
rm sm "ra um andi mis
Sar Compr it, Brno rt Sine Bars Copy a Cat ise
Wonder Cement
coment Lesh Gag, Gaza iia
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
Company patie
Wonder Cament is a mao cert product, with cunt capac of 11 pa. Upcoming expansions wl take capacity
up 13 en a 2021 Re maj plant ümbahera, te Ctra in Rasa has vee ines wih Sap.
capas has conmissoned grndng unt in Dh (Maharasha, ad Ghadrawar Madhya Pradesh), wh acapaaty 012
mo ga each, Gant expansion ofthe hed gindog nt naja, Haryana sand ay.
Funding is
“Te company hs ot bon PE funded
Management profes
Name Position Prof
‘bok Pari an ARA Pa dama Fri at ple gal, wh
data nerd nas gu, Me Pis Word Came oy
{Beaten daa oO Do cor ange Paw be
Vera Vas Chama ind Pat wa nant trgup Fock o a in of wig
estroma llos ul Strader er
Vias Piti dor Magog A config gun ernie E mangent ion Cuál Unir, UK Vias
Draco Pas arado scr in, Prenant dc A ja ba bass, pc
ok à ct eur by ing Wen Carers poy lo) proc ta hon e
‘in meo impar st, tx son ta leger ne prada
Fe Havas stoner sing a en rt copar aa) y acom
caian Ven Coment ona ln egin email matte
Sao Carpe ts
Figure 342 Wendergrem by 21% lat yar Rem Figure 34 prob improving Re me)
Pat m
nom 2.
iff
eos
coment Lesh Gag, Gaza iia
Reason for inclusion: Vat >USEI bn alates EBITDA and ul
Company patie
Wonder Cament is a mao cert product, with cunt capac of 11 pa. Upcoming expansions wl take capacity
up 13 en a 2021 Re maj plant ümbahera, te Ctra in Rasa has vee ines wih Sap.
capas has conmissoned grndng unt in Dh (Maharasha, ad Ghadrawar Madhya Pradesh), wh acapaaty 012
mo ga each, Gant expansion ofthe hed gindog nt naja, Haryana sand ay.
Funding is
“Te company hs ot bon PE funded
Management profes
Name Position Prof
‘bok Pari an ARA Pa dama Fri at ple gal, wh
data nerd nas gu, Me Pis Word Came oy
{Beaten daa oO Do cor ange Paw be
Vera Vas Chama ind Pat wa nant trgup Fock o a in of wig
estroma llos ul Strader er
Vias Piti dor Magog A config gun ernie E mangent ion Cuál Unir, UK Vias
Draco Pas arado scr in, Prenant dc A ja ba bass, pc
ok à ct eur by ing Wen Carers poy lo) proc ta hon e
‘in meo impar st, tx son ta leger ne prada
Fe Havas stoner sing a en rt copar aa) y acom
caian Ven Coment ona ln egin email matte
Sao Carpe ts
Figure 342 Wendergrem by 21% lat yar Rem Figure 34 prob improving Re me)
Pat m
nom 2.
iff
eos
Zenoti
Sus Vara Aja Ka Sanaa
Reason for inelusio: Las fring nd at avalon <USS1 bo, ut tr buss ga sinc than
‘Compan proa
Funda in 2010 1 Hyderabad, Zea fr doud based sofware stone fo e beauty and walls nt The
cians tases andmble sluts sane a aspect of concur engageat along fo apparent schade,
Sachs and adnate payments. Zero produc indie appartments, bling and payers eparing and
Ara, matting, employees and entry. Th company sofware salons inca san, spa, mad pa and Hess
Funding story
“gt Gia get esoo Zant. Zar ace a ri 2020
Fano rote
ps eaten Pate
Siow Clan CEO ‘Siw Yon hi npn con sir kn tt
‘ety, tae ae o veo pepe gedaan cone
‘Since Wa Cry fem la soc
= co Shun One ns Sas esata th pein ec
Gaede Rae Sai, Ca ne Eo she vases Try
ove ns show vie nog ood a bare
Fe man hda Det Gere ty
sas ay te
Figure 344 Operating maes
Den commen
Soma “str FAO ones es Sie PUSE la
Er endo deis.
EsUS maña vd Sars sas cane ln UK et an Al Now ale ea
Perper ret
sale Bean bang raro mtrs Hiatal BD eile aot gara
ora ln hd. nhs Dong sim 300
noe Compay ta Gt ite
Sus Vara Aja Ka Sanaa
Reason for inelusio: Las fring nd at avalon <USS1 bo, ut tr buss ga sinc than
‘Compan proa
Funda in 2010 1 Hyderabad, Zea fr doud based sofware stone fo e beauty and walls nt The
cians tases andmble sluts sane a aspect of concur engageat along fo apparent schade,
Sachs and adnate payments. Zero produc indie appartments, bling and payers eparing and
Ara, matting, employees and entry. Th company sofware salons inca san, spa, mad pa and Hess
Funding story
“gt Gia get esoo Zant. Zar ace a ri 2020
Fano rote
ps eaten Pate
Siow Clan CEO ‘Siw Yon hi npn con sir kn tt
‘ety, tae ae o veo pepe gedaan cone
‘Since Wa Cry fem la soc
= co Shun One ns Sas esata th pein ec
Gaede Rae Sai, Ca ne Eo she vases Try
ove ns show vie nog ood a bare
Fe man hda Det Gere ty
sas ay te
Figure 344 Operating maes
Den commen
Soma “str FAO ones es Sie PUSE la
Er endo deis.
EsUS maña vd Sars sas cane ln UK et an Al Now ale ea
Perper ret
sale Bean bang raro mtrs Hiatal BD eile aot gara
ora ln hd. nhs Dong sim 300
noe Compay ta Gt ite
Zerodha
Francia Ath apa Via Shan
Reason fr inclusion: Bad en classe vauason USBI bn
Company patie
Faundedin 2010, Zzochahas gown 1 became argot eta boka a wth an ate cutee’ base 129100
(183% mae share) and tandas 67 rn vades om Y mie users co a al base, pte Dong ty ni a
sont ang made Accong 1 company, „35% casters aout ft ~B5% ois ewrues. Recent thas
lo parnare wih IDFC Bank to oe a 4-1 account (mat, Sans and rang) mang its or comparable to
Bande brokers. ao iran to enable dec US must nes Som ts plato ad as lso launched an agarst
share ME wets Ica e NEFC o menace As customer Beyer hc,
Funding history
Zeodha a botstagpadvrtue wih he company rt rang any enteral dng, However, th aus recat bought
bak employee ESOS at avakaton of USE t,he ae rte ound y e founders tan and Kama
Deere
Name Posten ratte
Nie Kama Coton GEO tn Kamath was a da or a dba aha eig nd edd
Zorra EC Hokus vencer ar pow dc
bts Cond ECO Nin! Kanab hr ara pate near margament He ede
sers and morgue ot Zed.
Sve Cory tn
A AA
me D ecc
Eee i E
a RÍO,
esas III
4223223232388 —Zuocha Upata.
a _
Figure 347: Discount brokers have Been ganingmarket Figure 24: Zerodha ame
Tan Biting ccnt sem meta ya AS
am a
ex em ao Re ee
ES |
A era rae par Since nun
St Cony an Gite Sn Copy en
Francia Ath apa Via Shan
Reason fr inclusion: Bad en classe vauason USBI bn
Company patie
Faundedin 2010, Zzochahas gown 1 became argot eta boka a wth an ate cutee’ base 129100
(183% mae share) and tandas 67 rn vades om Y mie users co a al base, pte Dong ty ni a
sont ang made Accong 1 company, „35% casters aout ft ~B5% ois ewrues. Recent thas
lo parnare wih IDFC Bank to oe a 4-1 account (mat, Sans and rang) mang its or comparable to
Bande brokers. ao iran to enable dec US must nes Som ts plato ad as lso launched an agarst
share ME wets Ica e NEFC o menace As customer Beyer hc,
Funding history
Zeodha a botstagpadvrtue wih he company rt rang any enteral dng, However, th aus recat bought
bak employee ESOS at avakaton of USE t,he ae rte ound y e founders tan and Kama
Deere
Name Posten ratte
Nie Kama Coton GEO tn Kamath was a da or a dba aha eig nd edd
Zorra EC Hokus vencer ar pow dc
bts Cond ECO Nin! Kanab hr ara pate near margament He ede
sers and morgue ot Zed.
Sve Cory tn
A AA
me D ecc
Eee i E
a RÍO,
esas III
4223223232388 —Zuocha Upata.
a _
Figure 347: Discount brokers have Been ganingmarket Figure 24: Zerodha ame
Tan Biting ccnt sem meta ya AS
am a
ex em ao Re ee
ES |
A era rae par Since nun
St Cony an Gite Sn Copy en
Zoho
Sus Vara Aja Ka Sanaa
Reason fr Inclsioe Val USS! alas repost EBITDA aná ty aeage EV/EBITOA male
Company proa
Fundedin 198, inCharnal Zho olle cstoma reten management sofware (CAM) Zaho CRM canbe easly
‘some to mue the pec ads ol y buses pe and se. Sara lage enteres, and ati rel
‘ate, heath, naco, legal eda, restaurants, Fa bang ax Hess, and ron profs a ue a custom!
reach management sofware Jr Incas hi ales, markelng, and caste suppres
Funding history
Ze reporta ever of USS47O mn tr PYIS and SaaS companies command median luton mt of 10+ areal
‘erage varas Hance, Zoho sho have asusto upwards of USA E,
Figure 248 Funding story
jo Fandedin 000 to
su 2e
|
ARAU EU RAD
‘Management pros
Name Postion Profle
‘SidhwVanbs Colada Sidhu Van was anda Pa De on a occasion of b's Td pal Day
® EZ Head al bom Wagar dhe PRO a ana egreso,
fem Prien Grey, sad ern On 199% and ply Zoo
Neyer
Vega ogi a manga Zeh ands cowl a fost ho ads to
gr ES
Eg ica 20 recio Pay neal ho ay pa esprit dnd e cage
‘Secor da Zoo Sita Pe jen ni o tad an rl so
compar) ering th der maña Ho la xr dren compte er.
tng WP. Guiness laos moran 20 peu espino es pures andamos
Dekret gan ha she nasty ns Presión di Cara! Do Corr a Mice
dano) male nar nd ta dnt
Sac Corp a
Faure 350 Operating metes
Mani Comments
Rene “henna 71% geringem RES VIO an Mn PVT Fo oy
tna Zoo hs mad are R12 non ad rt. sc nd a Aa FI
Prot SD pot 253% bin PI hon fun VIE Zoo mdp
ajo expre mod. Arg pas snd ot as hos ops cos lamenta compa, ane
Grech En mA Lis
Cometas na an Sas pa, Free a ce comparo ot ka
toners ak it 60 mn an man aT car.
CE
ar Congr it Ci Site
Sus Vara Aja Ka Sanaa
Reason fr Inclsioe Val USS! alas repost EBITDA aná ty aeage EV/EBITOA male
Company proa
Fundedin 198, inCharnal Zho olle cstoma reten management sofware (CAM) Zaho CRM canbe easly
‘some to mue the pec ads ol y buses pe and se. Sara lage enteres, and ati rel
‘ate, heath, naco, legal eda, restaurants, Fa bang ax Hess, and ron profs a ue a custom!
reach management sofware Jr Incas hi ales, markelng, and caste suppres
Funding history
Ze reporta ever of USS47O mn tr PYIS and SaaS companies command median luton mt of 10+ areal
‘erage varas Hance, Zoho sho have asusto upwards of USA E,
Figure 248 Funding story
jo Fandedin 000 to
su 2e
|
ARAU EU RAD
‘Management pros
Name Postion Profle
‘SidhwVanbs Colada Sidhu Van was anda Pa De on a occasion of b's Td pal Day
® EZ Head al bom Wagar dhe PRO a ana egreso,
fem Prien Grey, sad ern On 199% and ply Zoo
Neyer
Vega ogi a manga Zeh ands cowl a fost ho ads to
gr ES
Eg ica 20 recio Pay neal ho ay pa esprit dnd e cage
‘Secor da Zoo Sita Pe jen ni o tad an rl so
compar) ering th der maña Ho la xr dren compte er.
tng WP. Guiness laos moran 20 peu espino es pures andamos
Dekret gan ha she nasty ns Presión di Cara! Do Corr a Mice
dano) male nar nd ta dnt
Sac Corp a
Faure 350 Operating metes
Mani Comments
Rene “henna 71% geringem RES VIO an Mn PVT Fo oy
tna Zoo hs mad are R12 non ad rt. sc nd a Aa FI
Prot SD pot 253% bin PI hon fun VIE Zoo mdp
ajo expre mod. Arg pas snd ot as hos ops cos lamenta compa, ane
Grech En mA Lis
Cometas na an Sas pa, Free a ce comparo ot ka
toners ak it 60 mn an man aT car.
CE
ar Congr it Ci Site
Zomato
Fed Tech ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
Zoro PA Lid (ema known as Zale Maia PA Lid) ons and operates a orne plato, soma com. pros
An oli fod use and estat tec. The hn ols sof ars, pics, eves fags ad celal tals of
teers. lo pres cra food daar snes, Ta company was hundedn 2008 and based n Gugae,
Haryana with a regard of n New Dat
Funding history
Zemstohae ld tot of US$. bn ti dat and as vad a USS bin slat oud of Ang in No 2020, has
teen fard y Sel, Tomasak, laa, gr Gba Na, Kora nesters, An Sp and Na, among ohare
Figure 351: nthe test ound, Zomuto hes rized US$ mn at a valuation of US$ 5 bn
noe nee,
- Ses CD, Tomah ate stage Ata I one
a
; ones MA,
peo Eat in
esas tie
tame eaten bra
tg Foie ACEO gud a IC, vr ng a
mo po Stang Eo 208
nein Spt ‘andi RED Alga ha FT Dan npc op su cro a
rad Seno tl on Zonen 28
Ser Cmte
Four 35 Sales have rom roman Fara a: Coxttohcome ro has Been dec
dor
ao Pc
won mo 2
non I ms 5
‘= a oo |
Satin eignen mA
Sa Coma rot Suse Compay i at ie
Fed Tech ann An. Kos Sarita
Reason for inclusion: Resin rng rund at alton SUSE! bo
Company patie
Zoro PA Lid (ema known as Zale Maia PA Lid) ons and operates a orne plato, soma com. pros
An oli fod use and estat tec. The hn ols sof ars, pics, eves fags ad celal tals of
teers. lo pres cra food daar snes, Ta company was hundedn 2008 and based n Gugae,
Haryana with a regard of n New Dat
Funding history
Zemstohae ld tot of US$. bn ti dat and as vad a USS bin slat oud of Ang in No 2020, has
teen fard y Sel, Tomasak, laa, gr Gba Na, Kora nesters, An Sp and Na, among ohare
Figure 351: nthe test ound, Zomuto hes rized US$ mn at a valuation of US$ 5 bn
noe nee,
- Ses CD, Tomah ate stage Ata I one
a
; ones MA,
peo Eat in
esas tie
tame eaten bra
tg Foie ACEO gud a IC, vr ng a
mo po Stang Eo 208
nein Spt ‘andi RED Alga ha FT Dan npc op su cro a
rad Seno tl on Zonen 28
Ser Cmte
Four 35 Sales have rom roman Fara a: Coxttohcome ro has Been dec
dor
ao Pc
won mo 2
non I ms 5
‘= a oo |
Satin eignen mA
Sa Coma rot Suse Compay i at ie
Zoomcar
M Satan Tah, Gaia Bart
Reason fr inclsiore Ongoing oud of nd cu put the company salar UST ba
‘Company proa
Zocmca undadin 2013, is a sl div eta company whete consumas can ent aca f shut datan. orales à
feat of 6500 vehies ads present -25 dan cs
Funding tery
ame has tecskad acumular uri of USSIED mn was ad al USS1TO mn inthe 2018 dng rounded by
Mind & and and estimated to ba ued al USS bin m he cure ongong ring eu. Saquoa, Sony
rosa and Empire Ange ar somo ofthe ter key mes a company.
Fan
marie GG «commas YE
N “eden
mem ron
= = se
SA eon EEE
ES A AAA
a
amet ay pra Te
ome So ea
ESS
——
am er CA Rom TT) Fp Opel pele mm
2 - J à
200 o e
- y po qa
2 e m pm
a ced is
M Satan Tah, Gaia Bart
Reason fr inclsiore Ongoing oud of nd cu put the company salar UST ba
‘Company proa
Zocmca undadin 2013, is a sl div eta company whete consumas can ent aca f shut datan. orales à
feat of 6500 vehies ads present -25 dan cs
Funding tery
ame has tecskad acumular uri of USSIED mn was ad al USS1TO mn inthe 2018 dng rounded by
Mind & and and estimated to ba ued al USS bin m he cure ongong ring eu. Saquoa, Sony
rosa and Empire Ange ar somo ofthe ter key mes a company.
Fan
marie GG «commas YE
N “eden
mem ron
= = se
SA eon EEE
ES A AAA
a
amet ay pra Te
ome So ea
ESS
——
am er CA Rom TT) Fp Opel pele mm
2 - J à
200 o e
- y po qa
2 e m pm
a ced is
att Seategy 148
Companies Mentone pu ee 2)
Disclosure Appendix
mala orten
oka Mo tay ota ch ri wih eect cons secs Pal ein res, a Po
cueca area rosa li ho para es lol eb conprs asnos top a er
Spaten wa ow te ny rt lo ce commands rs resp
‘ear Pic and Ratng Hito Tr Aabet(GOOGLOO)
GO ca e tapa reo mit — anne 0000.00
E a en
Den mn mm 0
aus es me
tae me mm
Gree me team
Bue uaz mm so
Ds mn
ern
Ben o
pam mu mm
Bint ms zum
anc pe on cc men
As 0 December 1,2012 Anat stock rag ae dead lows:
Opera paced waren a era cea one mr
sal The bck Weis eche bina wh er rho” one Pme
"nda The sts dre serum Pr berne emo
Seer sae m merce
ie
ee
a gat eas mee arto een cae
Pe ee ea ete pe epee ey teal
Sirs ten ean tee mr ray Arnhem ey apnea
(mins Upa ua un pon cl AÑ sad JC re o
Stra inet cat On and PES AA ER a Oe
in ie Ds ono in er Som 6 POR arena EN
aid) canicas, rs Sussply and cale ne nep pee cr pes comme,
Sr centrarme, ng pe caso seres rene ese Erin Fran car!
Sheet
et Rte PR): Suse Equ Reser ds rat nenn gar on a ck yr a De
conan
Net Card: Sus Ena Reseach des o pro eng corg le conpary oe anise aie
aca an e a senal coman POSE
Voyeur don 20% meg oh let Bot pt
8 rente seee lc vel org aa
Anos sect veus re inc om as stars or Bss ne ras per eo adorns at
Van scr ah eg str dane and van
regt anf pacte esc drenan ln nro rr nt 12 mon
Mata Wait: The raat epson eco meta nd alton nal on ran 1 ma
Undermipt: The oats este the salsa arr anís oe Peet 2 man
Disclosure Appendix
mala orten
oka Mo tay ota ch ri wih eect cons secs Pal ein res, a Po
cueca area rosa li ho para es lol eb conprs asnos top a er
Spaten wa ow te ny rt lo ce commands rs resp
‘ear Pic and Ratng Hito Tr Aabet(GOOGLOO)
GO ca e tapa reo mit — anne 0000.00
E a en
Den mn mm 0
aus es me
tae me mm
Gree me team
Bue uaz mm so
Ds mn
ern
Ben o
pam mu mm
Bint ms zum
anc pe on cc men
As 0 December 1,2012 Anat stock rag ae dead lows:
Opera paced waren a era cea one mr
sal The bck Weis eche bina wh er rho” one Pme
"nda The sts dre serum Pr berne emo
Seer sae m merce
ie
ee
a gat eas mee arto een cae
Pe ee ea ete pe epee ey teal
Sirs ten ean tee mr ray Arnhem ey apnea
(mins Upa ua un pon cl AÑ sad JC re o
Stra inet cat On and PES AA ER a Oe
in ie Ds ono in er Som 6 POR arena EN
aid) canicas, rs Sussply and cale ne nep pee cr pes comme,
Sr centrarme, ng pe caso seres rene ese Erin Fran car!
Sheet
et Rte PR): Suse Equ Reser ds rat nenn gar on a ck yr a De
conan
Net Card: Sus Ena Reseach des o pro eng corg le conpary oe anise aie
aca an e a senal coman POSE
Voyeur don 20% meg oh let Bot pt
8 rente seee lc vel org aa
Anos sect veus re inc om as stars or Bss ne ras per eo adorns at
Van scr ah eg str dane and van
regt anf pacte esc drenan ln nro rr nt 12 mon
Mata Wait: The raat epson eco meta nd alton nal on ran 1 ma
Undermipt: The oats este the salsa arr anís oe Peet 2 man
(ete Susa entonar andere
‘Goal Rating iba
Bun D] COTE]
tons = ER
pe ES pl
anse = een
à
Ph ve Re MAR garen dmca ance ne aden each namen
Fette MANS wa ar ater Oy mason u ene ee Ne ean
Importar Global issues
(est Buse em sl cat Pru copay scr on CS PLL Cad Suse ree
eds may a be node ule ug Ps pu nds o dl torn mara acomenarce Ctaneeach oa ae
{ay mu alle rau PLUS Te ans prb Ce Sur's es oie my pan ona sec ler pees
tetera Peg on oras ecg cannes, e tan pl nern ean a al oa et
tar whim owl span el cats To css af Susa reach Flava ted oc
eos ny nove, ss cn you ser gsi rs bes bus tacon
est Sie lei ou seach ei ait ene ra td en depen ui company, sc ere
‘motel ol oy ar are marlon Parera ews apo lo on
(edt Susa y ry pl estereo ai gata, nea ca, nl mee Fr mort ine
rar Cet Suse Peles Maggy Conic as Sachen eran Reseach ise
e ct in,
Ann stgo cs usa rar cas ani roto lo be ey sia
Fondé ro msn e gal ade bard oes pac on an ee pen
(ost ses decid at er ib ues tates wi compares ha Cid Suse as dered bein
rsp andre, atenta pr een ne rr Fa Ge Sue pon i a, pl
Tears rpg cet eee dconpraton ali os pen tos cto tdo ret Suse
‘enna oon larch reget y Cos Soar mere hr aes
Stee Oran Mend cn a psy ars
(st Sscuena, oras wn pt 12 mia, low scene cn COOGL 0.
its rodea tring secs campy (3006. OA win a ps 12 mans
iii at mens, rs ass roenecomperatn roms rentar seves reos tone mis
es
(ost Sessehas marge conrad bk on sates he jet company (GOOG. OO wie pot 2 man
ii at 12 on, rs St os een conperten entren boing eses tr lo er) 000.00
Ss eps roca res sck restr lo orpesaan om e as copary (00001 0) wth he
etme
eat Buse ureny ha, rag ihn pl 12 mr, o falo u ala), al Pe esos ria era mer
Erin, eva rd 0000.00
(st Sussie a adm pa 12 mn, our sn) sch) nd ass rte mee ones
fering, en sessió 0000.00
rester meter a he ios Suse unis re mabe y poutine antes o ao bee
EC
‘Avonbe oe Cd Suisse Cups paty tan ayant in, oy has prod aies e tí sets A nd Bot Ame et
tete ¿ESE oe Eupen Parent and Cu (MD Seve o ais (0000.09 wha Papa me
(ost See ely 208 postnatal oro fe angry (30000
For aim rat, sente anata fomente a al conan tes hs par, sans
Papa 2 mo, ps fr ik e co ae
ee
Import Rena Discuss
See ep deco On unse AG, Ser Br ny mae sang om, omecon wh eee np
es chin a repaint ny preto enn hs y sb op arg le ls Ce
Sic sn aap ans rg oye rasen Heeres sed wh ese en
Fr Cs Sun Secas (nat e's pls arnes egg Assmann el ser, pe it
ips eww cred ate om came Den een hi
‘Goal Rating iba
Bun D] COTE]
tons = ER
pe ES pl
anse = een
à
Ph ve Re MAR garen dmca ance ne aden each namen
Fette MANS wa ar ater Oy mason u ene ee Ne ean
Importar Global issues
(est Buse em sl cat Pru copay scr on CS PLL Cad Suse ree
eds may a be node ule ug Ps pu nds o dl torn mara acomenarce Ctaneeach oa ae
{ay mu alle rau PLUS Te ans prb Ce Sur's es oie my pan ona sec ler pees
tetera Peg on oras ecg cannes, e tan pl nern ean a al oa et
tar whim owl span el cats To css af Susa reach Flava ted oc
eos ny nove, ss cn you ser gsi rs bes bus tacon
est Sie lei ou seach ei ait ene ra td en depen ui company, sc ere
‘motel ol oy ar are marlon Parera ews apo lo on
(edt Susa y ry pl estereo ai gata, nea ca, nl mee Fr mort ine
rar Cet Suse Peles Maggy Conic as Sachen eran Reseach ise
e ct in,
Ann stgo cs usa rar cas ani roto lo be ey sia
Fondé ro msn e gal ade bard oes pac on an ee pen
(ost ses decid at er ib ues tates wi compares ha Cid Suse as dered bein
rsp andre, atenta pr een ne rr Fa Ge Sue pon i a, pl
Tears rpg cet eee dconpraton ali os pen tos cto tdo ret Suse
‘enna oon larch reget y Cos Soar mere hr aes
Stee Oran Mend cn a psy ars
(st Sscuena, oras wn pt 12 mia, low scene cn COOGL 0.
its rodea tring secs campy (3006. OA win a ps 12 mans
iii at mens, rs ass roenecomperatn roms rentar seves reos tone mis
es
(ost Sessehas marge conrad bk on sates he jet company (GOOG. OO wie pot 2 man
ii at 12 on, rs St os een conperten entren boing eses tr lo er) 000.00
Ss eps roca res sck restr lo orpesaan om e as copary (00001 0) wth he
etme
eat Buse ureny ha, rag ihn pl 12 mr, o falo u ala), al Pe esos ria era mer
Erin, eva rd 0000.00
(st Sussie a adm pa 12 mn, our sn) sch) nd ass rte mee ones
fering, en sessió 0000.00
rester meter a he ios Suse unis re mabe y poutine antes o ao bee
EC
‘Avonbe oe Cd Suisse Cups paty tan ayant in, oy has prod aies e tí sets A nd Bot Ame et
tete ¿ESE oe Eupen Parent and Cu (MD Seve o ais (0000.09 wha Papa me
(ost See ely 208 postnatal oro fe angry (30000
For aim rat, sente anata fomente a al conan tes hs par, sans
Papa 2 mo, ps fr ik e co ae
ee
Import Rena Discuss
See ep deco On unse AG, Ser Br ny mae sang om, omecon wh eee np
es chin a repaint ny preto enn hs y sb op arg le ls Ce
Sic sn aap ans rg oye rasen Heeres sed wh ese en
Fr Cs Sun Secas (nat e's pls arnes egg Assmann el ser, pe it
ips eww cred ate om came Den een hi
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