With Mergers and Acquisitions (M&A) totaling $2.27bn since Jan 2011, technology majors as well as large Indian ‘Unicorns’ are likely to continue acquiring Indian Technology product startups to fill technology gaps as well as talent requirements. This was among the key trends to emerge from the Think Next Roundtable Report - 2015 India technology Product M&A Industry Monitor Report released by iSPIRT, India’s software products think tank, technology focused M&A advisory boutique Signal Hill and Microsoft Ventures.

1. India Technology Product M&A
Industry Monitor
June 2015

2. 2Think Next Roundtable Report - India Technology Product M&A Industry Monitor
Summary
• India
had
190
Product
M&A
inbound
&
domes:c
transac:ons
totaling
$2.3B
from
2011-­‐15
YTD
– Domes:c
transac:ons
accounted
for
72%
of
overall
M&A
deals
by
volume
– “Inbound”
M&A
transac:ons
were
predominantly
in
B2B
soOware
(53%),
whereas
the
leading
sector
for
domes:c
M&A
transac:ons
was
Internet
&
Consumer
and
E-­‐Commerce
(60%)
– The
average
transac:on
size
was
$11.3M,
far
lower
than
that
of
Israel
($113M)
and
the
US
($57M)
– 2014
witnessed
the
highest
number
(61)
of
M&A
transac:ons
in
the
past
5
years
• 2014:
The
India
Consumer
Sector
is
coming
of
age
– 300M+
internet
users
today
(2nd
Highest,
India
surpassed
US
last
year!);
15-­‐20M
users
transac:ng
online
– VC/PE
investments
in
E-­‐Commerce/Consumer
Internet
space
saw
101
deals
totaling
to
$4.2B
in
2014.
New-­‐age
and
alterna:ve
investors
(PE
&
Hedge
funds)
are
rapidly
buying
into
the
India
growth
story;
– Consolida:on
in
E-­‐Commerce/Consumer
Internet
is
picking
up:
>90%
of
deal
volume
and
deal
value
during
the
2014-­‐Q115
:me
period
in
E-­‐Commerce/Consumer
Internet
was
domes:c
in
nature
• Discovery
&
Readiness
con:nue
to
be
challenges
for
M&A
in
India
– Most
Indian
startups
are
s:ll
not
on
the
radar
of
the
US
companies
for
Business
Partnerships
and
M&A
– Several
transac:ons
fall
apart
due
to
lack
of
readiness
and
inexperience
with
the
process
itself
• Future
Trends
and
Predic:ons
– India’s
large
‘Unicorns’
will
aggressively
pursue
acquisi:ons
to
beef
up
key
areas,
including
Mobile,
AdTech,
Data
Science,
Marketplaces
,
Merchant
acquisi:ons,
Payments
and
Logis:cs
– Acqui-­‐hires
will
con:nue
due
to
shortage
of
iOS/Android
engineers
&
Data
Scien:sts

3. 3Think Next Roundtable Report - India Technology Product M&A Industry Monitor
VC/PE
Funding
is
a
strong
source
of
Growth
Capital
for
Indian
Technology
Product
Companies
28
31
29
49
22
81
95
74
101
74
20
21
20
26
31
0
40
80
120
160
200
2011
2012
2013
2014
YTD
2015
#
Deals
B2B
SoOware
Internet
&
Consumer
/
E-­‐Commerce
Mobility
99
143
171
377
248
555
603
808
4,209
1662
316
55
42
297
192
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2011
2012
2013
2014
YTD
2015
USD
Mn
B2B
SoOware
Internet
&
Consumer
/
E-­‐Commerce
Mobility
India
VC
/
PE
Investments:
Deal
Value
India
VC
/
PE
Investments:
Deal
Volume
§ Investment
in
has
grown
by
~ between
2010-­‐2014;.
§ was
invested
in
this
sector
in
2014
alone,
with
the
two
main
companies
(Flipkart
&
Snapdeal)
accoun:ng
for
>
50%
of
the
Indian
internet
investment
dollars
§ Investments
in
showing
an
upward
trend
~$1,910
M
~$1,111
M
~$652
M
~$300
M
~$123
M
~$113
M
Marquee
PE/VC
Investments
Between
2014
And
Q1
2015
Source: Signal Hill analysis and research, Venture Intelligence, YTD as on March 31, 2015

4. 4Think Next Roundtable Report - India Technology Product M&A Industry Monitor
…
With
a
fear
Of
missing
out,
Hedgies
&
PEs
are
funding
‘new’
Series
B
($10-­‐25mn)
and
Series
C
&
D
($20-­‐250m)
onwards,
fueling
a
frenzy
in
valua:ons
1
Year
1-­‐2
Years
1-­‐2
Years
1-­‐2
Years
1-­‐2
Years
0.5
Year
0.5-­‐1
Year
0.5-­‐1
Year
0.5-­‐1
Year
0.5-­‐1
Year
2x Money Raised in Half the Time
before
Currently

5. 5Think Next Roundtable Report - India Technology Product M&A Industry Monitor
New
Age
and
Alterna:ve
Investors
are
making
a
beeline
to
India…
The
Early
Risers
With
Long
Term
Commitment
To
Tech
Inves]ng
In
India
Buoyant
Market
Condi]ons
:
Many
Hedge
Funds
&
Family
Offices
Buying
Into
India
Internet
&
Sodware
DST Global

6. 6Think Next Roundtable Report - India Technology Product M&A Industry Monitor
M&A
has
picked
up
considerably
in
E-­‐Commerce
&
Consumer
Internet
Space
Acquirer
Target
&
Descrip]on
Deal
Value
($mn)
Freecharge*
Online
mobile
recharge
400
AdIQuity
Technologies
Mobile
Ad
Network
NA
Taxi
For
Sure
Mobile
app
for
taxi
bookings
across
ci:es
in
India
200
Babyoye
Onlline
retailer
of
kids
and
baby
products
NA
Wishpicker
Online
giO
shop
NA
Gaadi.com
Online
new
and
used
car
&
bike
portal
NA
Myntra
Online
fashion
retailer
370
CouponDunia
Online
discount
coupons
aggregator
NA
ngpay
Mobile
payment
plaporm
NA
Travelguru
Online
hotels
and
holidays
booking
website
15
Letsbuy
Online
electronics
retailer
25
*Snapdeal / Freecharge transaction happened post Q1 2015 and is not included in the analysis on slides 11-14

7. 7Think Next Roundtable Report - India Technology Product M&A Industry Monitor
Global
Technology
Majors
have
started
looking
at
India,
mostly
for
Technology
and
Talent
acquisi:ons
Acquirer
Target
&
Descrip]on
Zipdial
Mobile
marke:ng
and
engagement
plaporm
BookPad
Online
document
crea:on
and
collabora:on
soOware
Limle
Eye
Labs
Mobile
app
analysis
tools
for
app
developers
and
testers
Dexetra
Mobile
app
with
Contextual
Recommenda:ons
Talent
Neuron
Market
Intelligence
Tech
Tools
based
on
data-­‐analy:cs
Impermium
Cyber
Security
KDK
Sodware
SoOware
solu:ons
for
payroll
processing,
personal
finance,
and
tax
prepara:on
and
filing
in
India
Redbus
Online
bus
:cke:ng
website

8. 8Think Next Roundtable Report - India Technology Product M&A Industry Monitor
Overall
M&A
exit
value
of
Indian
Technology
Product
Companies
is
significantly
below
key
Peers,
and
VC/PE’s
have
large
Exit
Backlogs…
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, PwC, NVCA US
Technology
Product
VC/PE
and
M&A
2011-­‐2014
VC
/
PE
Investments
–
Volume
VC
/
PE
Investments
–
Value
M&A
-­‐
Volume
M&A
-­‐
Value
M&A
Value:
VC
/
PE
Value
Average
M&A
Deal
Size
Product
M&A
-­‐
Challenges
and
Bomlenecks
con]nue
to
exist……
§ Limited
sales
trac:on
in
back
yard
(US,
Europe)
of
SoOware
/
Internet
majors;
Most
start-­‐ups
don’t
show
up
on
the
radar
of
acquirers
1
§ Lack
of
listed
SoOware
/
Internet
Peers
in
India
to
benchmark
against
and
sluggish
&
nascent
SoOware
/
Internet
IPO
market
in
India
2
§ Low
maturity
levels
in
product
management
&
marke:ng
§ Companies
and
entrepreneurs
need
to
focus
on
building
a
globally
differen:ated
proposi:on
and
ensure
global
accoun:ng
&
governance
standards
to
ignite
M&A
deal
flow
3
4
§ Nascent
local
acquirer
universe;
“US
/
Global
Acquirer”
is
required
to
create
a
block
buster
outcome
*only includes disclosed deal values.
^Slightly understated for US as the M&A value only includes disclosed deal values

9. 9Think Next Roundtable Report - India Technology Product M&A Industry Monitor
India
Technology
Product
M&A
:
2011
–
YTD
2015
Product
M&A
Deal
Volume
(Cumula]ve)
:
2011
–
Q1
2015
Product
M&A
Deal
Value
(Cumula]ve)
:
2011
–
Q1
2015
29%
36%
14%
7%
14%
31%
31%
23%
5%
9%
-­‐ Internet
&
Consumer
accounted
for
36%
of
deals
in
India
and
represented
31%
of
the
overall
deal
value
-­‐ Domes:c
M&A
transac:ons
have
been
mostly
in
the
Internet/Consumer
and
E-­‐commerce
space,
whereas
the
inbound
M&A
deals
have
predominantly
been
in
the
B2B
SoOware
area
-­‐ Volume
of
M&A
in
mobile
has
increased
from
9%
in
2010
-­‐
Q1
2014
to
14%
in
2011
-­‐
Q1
2015
period
AdTech
&
Marke:ng
Automa:on
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Mobile
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, YTD as on March 31, 2015

10. 10Think Next Roundtable Report - India Technology Product M&A Industry Monitor
Inbound
and
Domes]c
Deal
Volume
Split
by
Sectors
(Cumula]ve
2011
–
YTD
2015)
Domes:c
M&A
Transac:ons
accounted
for
72%
of
overall
Deals
by
Volume
and
51%
by
Value..
53%
19%
4%
8%
17%
Inbound
(Total
53
Deals)
20%
42%
18%
7%
13%
Domes]c
(Total
137
Deals)
54%
31%
1%
9%
6%
Inbound
(Total
~$1.12b)
10%
32%
44%
2%
12%
Domes]c
(Total
~$1.15m)
Inbound
and
Domes]c
Deal
Value
Split
by
Sectors
(Cumula]ve
2011
–
YTD
2015)
Ad.Tech
&
Marke:ng
Automa:on
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Mobile
Ad.Tech
&
Marke:ng
Automa:on
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Mobile
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, YTD as on March 31, 2015

11. 11Think Next Roundtable Report - India Technology Product M&A Industry Monitor
10
14
9
19
3
8
10
18
26
6
5
9
3
4
5
4
6
3
1
3
4
6
11
3
0
10
20
30
40
50
60
70
2011
2012
2013
2014
Q1
2015
#
Deals
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Ad.Tech
&
Marke:ng
Automa:on
Mobile
Product
M&A
Deal
Volume
Trend
:
2011
–
Q1
2015
13
11
10
18
1
17
32
29
43
16
0
10
20
30
40
50
60
70
2011
2012
2013
2014
Q1
2015
#
Deals
Inbound
Domes:c
Product
M&A
Deal
Volume
Trend
:
2011
–
Q1
2015
Product
M&A
Deal
Volume
Trend
by
Segment:
2011-­‐
Q1
2015
-­‐ 2014
witnessed
highest
product
M&A
ever,
in
terms
of
both
volume
&
value
of
transac:ons
-­‐ 67%
of
product
M&A
transac:ons
in
2014
were
domes:c
and
33%
were
inbound
-­‐ Internet
&
Consumer
sector
comprised
43%
of
product
M&A
transac:ons
volume
in
2014,
of
which
majority
was
domes:c
-­‐ B2B
SoOware
followed
Internet
&
Consumer
sector
with
31%
share
in
volume
terms,
of
which
majority
was
inbound
-­‐ %
Increase
in
transac:on
volume
between
2013
and
2014,
by
key
subsectors:
§ Mobile:
~100%
§ B2B:
>100%
§ I&C:
~44%
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, YTD as on March 31, 2015

12. 12Think Next Roundtable Report - India Technology Product M&A Industry Monitor
Product
M&A
Deal
Volume:
Inbound
&
Domes:c
Deep
Dive
(2011
–
Q1
2015)
Product
M&A
Inbound
Deal
Volume
Trend
:
2011
–
Q1
2015
Product
M&A
Domes]c
Deal
Volume
Trend
:
2011
–
Q1
2015
Inbound
M&A
Volume
in
2014
:
-­‐ 61%
transac:ons
were
in
B2B
SoOware
sector,
with
Mobile
and
Internet
&
Consumer
sectors
comprising
17%
&
22%
respec:vely
-­‐ Almost
2x
increase
in
inbound
deals
for
B2B
over
2013
Domes:c
M&A
Volume
in
2014
:
-­‐ 53%
of
the
domes:c
M&A
transac:ons
in
2014
were
in
the
Internet
&
Consumer
sector,
followed
by
B2B
SoOware
sector
with
a
19%
share
-­‐ Majority
of
these
domes:c
M&A
were
acquihires
by
larger
E-­‐commerce
players
3
9
4
8
3
6
7
16
23
6
3
9
3
4
5
3
4
2
1
2
3
4
7
2
0
10
20
30
40
50
2011
2012
2013
2014
Q1
2015
#
Deals
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Ad.Tech
&
Marke:ng
Automa:on
Mobile
7
5
5
11
2
3
2
3
2
1
2
1
1
1
2
4
1
0
4
8
12
16
20
2011
2012
2013
2014
Q1
2015
#
Deals
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Ad.Tech
&
Marke:ng
Automa:on
Mobile
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, YTD as on March 31, 2015

13. 13
605
69
233
184
30
22
136
76
637
283
0
100
200
300
400
500
600
700
800
900
2011
2012
2013
2014
Q1
2015
USD
Mn
Inbound
Domes:c
-­‐ Of
the
$2.3B
worth
of
M&A
in
2011-­‐Q1
2015,
domes:c
transac:ons
comprise
51%
whereas
inbound
transac:ons
comprise
the
remaining
49%
-­‐ Value
of
the
product
M&A
transac:ons
in
2014
increased
over
2013
by
165%
-­‐ Product
M&A
ac:vity
in
2015
commenced
on
a
high
note
with
Q1
recording
over
$313M
in
transac:onal
value,
which
is
approximately
38%
of
total
M&A
transac:ons
value
in
2014
-­‐ E-­‐Commerce
transac:ons
shot
up
in
2014,
increase
from
3%
in
2013
to
48%
of
total
M&A
value
Product
M&A
Deal
Value
Trend:
2011
–
Q1
2015
Product
M&A
Deal
Value
Trend
:
2011
–
Q1
2015
Product
M&A
Deal
Value
Trend
by
Segment:
2011
–
Q1
2015
48%
26%
39%
29%
1%
35%
4%
50%
13%
70%
2%
31%
3%
48%
13%
14%
11%
1%
1%
1%
28%
6%
9%
16%
0%
20%
40%
60%
80%
100%
2011
2012
2013
2014
Q1
2015
B2B
SoOware
Internet
&
Consumer
E-­‐Commerce
Ad.Tech
&
Marke:ng
Automa:on
Mobile
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, YTD as on March 31, 2015

14. 14Think Next Roundtable Report - India Technology Product M&A Industry Monitor
Product
M&A
Deal
Value:
Inbound
&
Domes:c
Deep
Dive
(2011
–
Q1
2015)
49%
64%
49%
81%
38%
4%
43%
14%
13%
32%
7%
5%
100%
0%
20%
40%
60%
80%
100%
2011
2012
2013
2014
Q1
2015
B2B
SoOware
Interenet
&
Consumer
/
E-­‐Commerce
Others
Es]mated
Product
M&A
Inbound
Deal
Value
Trend
:
2011
–
Q1
2015
Es]mated
Product
M&A
Domes]c
Deal
Value
Trend
:
2011
–
Q1
2015
Inbound
M&A
Value
in
2014
:
-­‐ Out
of
$179M
inbound
M&A
in
2014,
soOware
was
>80%
which
is
a
substan:al
increase
from
49%
in
2014
-­‐ Internet
&
Commerce
/
Ecommerce
share
dropped
from
43%
in
2013
to
14%
in
2014
Domes:c
M&A
Value
in
2014
:
-­‐ Domes:c
M&A
was
dominated
by
Mobile
as
a
result
of
several
small
acquihires
-­‐ Internet
&
consumer
con:nued
to
dominate
the
value,
a
trend
started
in
2013
25%
7%
7%
14%
1%
41%
51%
84%
75%
92%
34%
42%
9%
11%
7%
0%
20%
40%
60%
80%
100%
2011
2012
2013
2014
Q1
2015
B2B
SoOware
Interenet
&
Consumer
/
E-­‐Commerce
Others
Source: Signal Hill & iSPIRT analysis and research, Venture Intelligence, YTD as on March 31, 2015

15. 15
Key
Insights
from
MicrosoO
Ventures’
Think
Next
Roundtable
1. The
India
Consumer
Sector
has
come
of
age
a) India
has
300M+
internet
users
today,
with
15-­‐20M
users
transac:ng
online.
India
surpassed
US
(~279M)
in
Dec2014
in
terms
of
number
of
internet
users
and
is
only
second
to
China
(~600M)
b) Amazon
has
said
that
India
was
fastest
to
a
$1B
GMV
for
them;
c) New
investors
such
as
Tiger,
DST
Global,
SoObank
are
wri:ng
large
cheques
2. Discovery:
con:nues
to
be
challenge
#1
for
India
product
companies
for
M&A
a) Most
startups
are
s:ll
not
on
the
radar
the
big
US
acquirers
for
BD
and
eventual
M&A
b) Most
of
the
M&A
transac:ons
are
very
small
and
are
domes:c
(India
for
India
transac:ons)
3. Entrepreneur
Readiness
emerging
as
a
new
focus
area
during
the
M&A
process
a) Most
entrepreneurs
haven’t
been
through
an
M&A
before,
and
are
unsure
about
how
to
handle
the
process
b) For
every
deal
that
goes
through,
there
are
4-­‐5
others
that
fail
because
of
readiness/prepara:on
issues
c) iSPIRT
offers
an
“M&A
hotline”
to
entrepreneurs
to
provide
support
and
advice
in
the
event
of
inbound
M&A
interest

16. 16
Key
Insights
from
MicrosoO
Ventures’
Think
Next
Roundtable
(Cont’d)
4. India
and
China
are
different
in
the
evolu:on
of
startups
a) Due
to
protec:ve
regula:ons
by
the
Chinese
government,
several
US
companies
(e.g.:
YouTube
and
Facebook)
cant
operate
in
China,
so
local
companies
like
Baidu
and
Tencent
can
create
mul:-­‐Billion
$
companies
b) Chinese
companies
historically
have
cultural
and
language
barriers
to
expand
interna:onally
&
hence
usually
focus
on
the
domes:c
market.
On
the
other
hand,
India
has
2
types
of
startups:
India-­‐for-­‐India
and
India
for
global
c) Indian
companies
inherently
have
a
big
advantage
over
Chinese
firms
in
addressing
the
global
market
5. Acqui-­‐hires
(acquisi:ons
with
the
sole
intent
of
acquiring
engineering
talent)
are
extremely
hot
today
a) Huge
shortage
of
big
data,
analy:cs
&
android/iOS
engineers
in
the
valley;
b) Obviously,
VC
investors
are
less
excited
about
acquihires
&
view
them
as
a
“last
op:on”.
On
the
other
hand,
founders
view
acquihires
as
a
‘badge
of
pedigree’
c) Bar
is
very
high
for
startups
–
the
en:re
team
will
go
through
interviews
during
the
process,
and
several
startups
fail
this
stage.
An
interna:onal
team
can
expect
to
move
to
the
US
aOer
the
deal

17. 17
6. A
new
genera:on
of
entrepreneurs
coming
up
in
India
a) Looking
to
build
deep-­‐tech
companies
based
out
of
India,
serving
the
global
market
b) Very
much
vision-­‐driven:
want
to
change
the
world
rather
than
“sell-­‐out”
early
c) These
entrepreneurs
are
also
likely
to
be
angel
investors
and
help
other
startups
succeed,
in
parallel
to
running
their
own
firm
7. Venture
economics
works
differently
for
entrepreneurs,
VCs
and
angel
investors
a) First-­‐:me
entrepreneurs
have
a
higher
incen:ve
to
‘cash
out’
earlier,
since
they
have
invested
a
large
part
of
their
:me
with
limited
salary
b) The
VC
has
the
opposite
perspec:ve:
sta:s:cs
say
that
only
10%
of
VC
investments
are
“home
runs”
and
return
the
fund,
and
so
the
VC
wants
to
stay
longer
in
the
companies
that
are
poten:al
winners
c) Angel
investors
should
not
expect
to
exit
during
series-­‐A,
and
should
plan
to
stay
long
term.
Usually
a
larger
investor
comes
in
during
series-­‐C
and
will
buy-­‐out
the
angels
shares
in
order
to
obtain
a
larger
shareholding
%
Key
Insights
from
MicrosoO
Ventures’
Think
Next
Roundtable
(Cont’d)

18. 18
Future
Trends
&
Predic:ons
for
2015
1. The
large
Indian
“Unicorns”
will
aggressively
make
strategic
acquisi:ons
to
beef
up
key
areas:
focus
areas
include
Mobile,
Big
Data
/
Analy:cs,
Payments,
AdTech,
etc.
2. Technology
Product
M&A
volumes
and
values
will
con:nue
to
increase
rapidly.
In
B2B
SoOware
cross-­‐border
M&A
will
con:nue
to
dominate
transac:on
volumes
&
values
whereas
in
E-­‐Commerce
and
Internet
&
Consumer
domes:c
M&A
transac:ons
will
con:nue
to
dominate
3. Significant
VC/PE
funds
will
con:nue
to
flow
into
E-­‐Commerce
and
Consumer
Internet
sectors,
as
new
alterna:ve
investors
con:nue
to
enter
the
market.
Key
sectors
will
include
the
“unbundling
and
sharing”
economy,
as
well
as
disrup:ve
fintech
players
(payments,
crowdsourced
financing
etc)
4. Internet
of
Things
[IOT]
will
receive
significant
interest
from
VCs
and
large
acquirers:
startups
looking
to
take
advantage
of
the
‘sensorifica:on’
of
various
sectors,
including
healthcare,
enterprise,
wearables
and
industries
5. Acqui-­‐Hires
will
con:nue
to
be
a
cri:cal
component
for
US
and
India
companies:
cri:cal
areas
include
iOS,
Android
engineers
and
Machine
Learning/Data
Science
experts

19. Signal
Hill
is
a
leading
independent
advisory
bou:que
serving
the
M&A
and
private
capital
raising
needs
of
growth
companies.
Signal
Hill’s
experienced
bankers
provide
deep
domain
exper:se
and
an
unyielding
commitment
to
clients
in
our
sectors:
Internet
&
Digital
Media,
Internet
Infrastructure,
Services
and
SoOware.
With
over
600
completed
transac:ons
and
offices
in
Bal:more,
Bangalore,
Boston,
Nashville,
New
York,
Reston
and
San
Francisco,
Signal
Hill
leverages
deep
strategic
industry
and
financial
sponsor
rela:onships
to
help
our
clients
achieve
Greater
Outcomes®.
19
iSPIRT
Founda:on
is
an
industry
think-­‐tank
founded
by
key
par:cipants
and
proponents
of
the
Indian
soOware
product
industry.
iSPIRT
enables
a
strong
ecosystem,
connects
and
guides
soOware
product
entrepreneurs
and
helps
catalyse
business
growth.
It
encourages
buyers
to
improve
performance
by
leveraging
soOware
products
effec:vely.
iSPIRT
advises
policy
makers
on
interven:ons
that
can
set
the
industry
on
a
higher
growth
trajectory
For
ques]ons,
please
contact:
Sanat
Rao,
Partner
(M&A),
iSPIRT
sanat@ipirt.in
Klaas
Oskam
Managing
Director,
Signal
Hill
India
koskam@signalhill.in
This
document
has
been
prepared
by
Signal
Hill
Capital
Advisory
India
Private
Limited
(“SHI”)
&
iSPIRT
for
discussion
purposes
only.
The
informa:on
and
opinions
contained
in
this
document
are
derived
from
public
and
private
sources
which
we
believe
to
be
reliable
and
accurate
but
which,
without
further
inves:ga:on
cannot
be
warranted
as
to
their
accuracy,
completeness
or
correctness.
This
informa:on
is
supplied
on
the
condi:on
that
SHI
and
any
partner,
employee
or
affiliate
of
SHI
are
not
liable
for
any
error
or
inaccuracy
contained
herein,
whether
negligently
caused
or
otherwise,
or
for
loss
or
damage
suffered
by
any
person
due
to
such
error,
omission
or
inaccuracy
as
a
result
of
such
a
supply.
SHI
and
its
affiliates
are
also
not
liable
for
any
loss
or
damage
howsoever
caused
by
relying
on
the
informa:on
provided
in
this
document.
In
par:cular
any
numbers,
ini:al
valua:ons
and
schedules
contained
in
this
document
are
preliminary
and
are
for
discussion
purposes
only
and
does
not
cons:tute
an
opinion.
MicrosoO
Ventures,
a
global
ini:a:ve
by
MicrosoO,
is
a
strategic
partner
for
promising
startups
around
the
world
focused
on
business
growth
and
development,
industrial
strength
technology
and
beau:ful
usable
products.
Build
locally,
scale
globally.
We
help
smart
companies
take
flight.
Gayathri
Sharma
Head
–
Ecosystem
Alliances,
MicrosoO
Ventures