Indian Unicorns will continue to strengthen through acquisitions in Mobile, Marketplaces & Data Sciences #iSPIRT

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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.

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Indian Unicorns will continue to strengthen through acquisitions in Mobile, Marketplaces & Data Sciences #iSPIRT

  1. 1. India Technology Product M&A Industry Monitor June 2015
  2. 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. 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. 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  ($20-­‐250m)  onwards,  fueling  a  frenzy  in  valua:ons   1  Year   1-­‐2   Years   1-­‐2   Years   1-­‐2   Years   1-­‐2   Years   0.5   Year   0.5-­‐1   Year   0.5-­‐1   Year   0.5-­‐1   Year   0.5-­‐1   Year   2x  Money  Raised  in  Half  the  Time before   Currently  
  5. 5. 5Think Next Roundtable Report - India Technology Product M&A Industry Monitor New  Age  and  Alterna:ve  Investors  are  making  a  beeline  to  India…   The  Early  Risers  With  Long  Term  Commitment  To  Tech  Inves]ng  In  India   Buoyant  Market  Condi]ons  :  Many  Hedge  Funds  &  Family  Offices  Buying  Into  India  Internet  &  Sodware   DST Global
  6. 6. 6Think Next Roundtable Report - India Technology Product M&A Industry Monitor M&A  has  picked  up  considerably  in  E-­‐Commerce  &  Consumer  Internet  Space   Acquirer   Target  &  Descrip]on   Deal  Value  ($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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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  

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