NASSCOM-ZINNOV India Software Product Business Study

NASSCOM-ZINNOV INDIA SOFTWARE PRODUCT BUSINESS STUDY This report is solely for the use of Zinnov client and Zinnov personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Zinnov August, 2008 Zinnov

This study is a deep-dive analysis of the potential opportunities to build successful Indian software product business Note: 1 Discussed in Appendix; 2 Includes exports and domestic sales Source: Stakeholder Interviews; Zinnov Analysis An Indian Software Product Business is
A company headquartered in India
That has developed and/ or owns the software IP (includes software IP owned through acquisitions)
Undertakes the packaging and selling of the software itself or through channel partners
Objective of the Study
To review of the market landscape
Highlight the key opportunity areas in the domestic and global markets
Suggest targeted actions that key stakeholders should undertake to enable the next phase of growth for Indian software product businesses
Indian Technology IP Landscape Indian Software Products and Engineering Services IP Landscape  Indicates IP Creation from India MNC Companies Indian Companies IT Services   Software Products & Engineering Services   Business Process Outsourcing (BPO)   Engineering Services/ Embedded Systems/ Software Enabled Products 1 Outsourced Product Development 1 Software Product Business 2

Zinnov reached out to various software product business stakeholders to gather specific insights 10 Interviews with sales and marketing heads of MNC product business 11 Interviews with founders of software product companies started in last 3-5 years MNC Business Startup Entrepreneurs 7 interviews with the Product business stakeholders 4 SMB cluster visits across India. Bangalore, Hyderabad, Tirpur, Jamshedpur, to understand the IT penetration and reasons for automation in great level of detail 10 Interviews with serial entrepreneurs to understand the challenges they faced during there ventures and there recommendations o budding entrepreneurs SMB Cluster Visit Incubators / Institutions Role Models / Serial Entrepreneur NASSCOM stakeholders Indian Product Business 16 interviews with Indian product businesses to understand their experience doing business in India and the challenges they faced Total = ~ 100 interviews 9 interviews with VC’s to understand their perception of Indian idea quality, factors they analyze before funding and challenges they foresee VC’s 3 Interviews with top management of Stake holding government agencies i.e. SINE, NSRCEL and CIIE Indian CIO’s 15 interviews with CIO’s across verticals to understand there IT spends, perception of Indian products and there say on the industry needs Interviews with key contacts of CSI and CII Government Agencies Stakeholders Interviews with Customers of India product businesses globally Customers Sent out RFI’s to top 20 India product businesses for revenue and profiling details RFI’s – India product businesses

The Indian software product industry has witnessed an accelerated growth of 44 per cent over the past three years Indian Software Product Companies Selling in India USD 0.46 billion Indian Software Product Market Landscape, FY2008 Indian Software Product Companies Selling Outside India USD 0.96 billion Indian Software Product Businesses Revenue USD billion Note: * Includes overseas acquisition led revenue growth Source: Zinnov Analysis CAGR = 44% Global Companies Selling Software Products in India USD 1.84 billion 0.69 1.07 1.42

While the top 5 players dominate, expansion in the tier-II firms and startups has helped broad-base the industry structure Revenues of Top Indian Software Product Companies, FY2008 Note: 1 Ranking is based on responses from RFIs; Only software product revenues have been considered for the analysis Source: Company Annual Reports; Zinnov Analysis USD million India Software Product Companies Percent Share in Total Revenues Top 5 66 per cent Top 10 84 per cent Top 15 90 per cent Top 20 93 per cent Rank 1 Company 1 i-flex 2 TCS 3 Infosys 4 3i Infotech 5 Subex 6 Cranes 7 Tally 8 Polaris 9 Nucleus 10 Ramco

Growth in software product startup activity over the last three years has also helped strengthen the industry product portfolio Number of Software Product Startups 254 Companies 371 Companies Number of Software Product Startups 1 (2000 – 2007) Categorical Distribution of Indian Software Product Businesses (2007) Note: 1 The number is net of mortality rate; 2 Telecom includes mobile application software product companies; 3 includes system, Information & data management, application development tools, SCM, System & Network Management, Retail, Gaming, Storage, Advertising, e-Governance, Healthcare, Media and Entertainment, Application Deployment, and Quality Life Cycle tools etc. Source: Zinnov Analysis 2 3

Increased activity in the Indian software product industry is being witnessed only after three decades of its evolution Source: Zinnov Analysis Early Stage Growth Stage Acceleration Stage 1980 – 1990 1990 – 2000 2000 – 2007 Number of Product Businesses Low High History of Indian Software Product Business Wipro Systems Softek TCS HCL More than 300 startups in the last 4 years India excels in banking- specific products Softek Compilers Instaplan Muneemji Easy Acc Flexcube (i-flex) TableCurve (Cranes) Nikira (Subex) Tally mChek Arc (Manthan) VIS (3d SOC) IViZ Visionary companies built compilers and application software for local market requirement i-flex Infosys Cranes Tally Solutions Ramco Systems Polaris Subex Compulink Nucleus Software Newgen InfrasoftTech Kale Consultants Elitecore Technologies iViZ 3D Solid Compression Manthan Innoviti Vegayan mChek

While India’s role in global technology IP creation has grown steadily, several challenges have constrained the growth of home-grown software product business Smaller Base of Domestic Market Lack of Distribution Network and Global Market Access Lack of VC Investments in Software Product Business Higher Entry Barrier due to MNC Presence Lack of Experienced Product Development Talent Parallel Emergence of IT Outsourcing Era Challenges 1 2 3 6 5 4 Source: Zinnov Analysis

However, a maturing ecosystem has helped accelerate the growth of home-grown software product businesses over the past few years Source: Zinnov Analysis Maturing Ecosystem Technology Disruption Market Development Talent Pool Role Models Venture Capital Incubation Centers 1 2 3 6 5 4

Product development professionals in India are spread across MNC subsidiaries as also service providers and Indian software product businesses Source: Ziinnov R&D Offshoring Report 2008, Zinnov Analysis Percent 49% 38% 13% Total Installed Talent Pool = 140,000 Distribution of Software Product Development Talent, 2007
MNC subsidiaries have nurtured product development talent across value chain
Movement of expatriates has additionally created leadership talent
MNC Subsidiaries
Service providers are moving up the value chain and innovating on value creation
E.g. Center of Excellence (CoE)
Product Engineering Service Providers
Installed base of talent pool is increasing with the increase in number of software product start-ups in India
Indian Software Product Business + +

Venture capital funds investing in India are actively focusing on software product business funding Application Development/ Deployment 4% Online Gaming 3% VC Investments by Software Product Categories, 2007 Total Software Product Investments: USD 156 million Application Software 1 48% System Infrastructure Software 17% Mobile Apps 12% Online Search 16% VC Investments in India, 2005 – 2007 USD million Source: Venture Intelligence; Zinnov Analysis 268 508 543

A number of incubation centers have been established across India, that are helping technology startups with funds and mentorship Source: CII; KPMG; Zinnov Analysis Number of Companies Registered with Incubation Centers Across Product Categories, 2007 ERM 14% Vertical Apps 14% Business Intelligence 11% Content Apps 11% Collab Apps 11% CRM 11% Engineering Apps 11% SCM 4% Information & Data Mgmt 4% Others 11% Software Product Companies Incubated = 28 Geographical Distribution of Incubation Centers 4 7 5 2 5 1 8 5 1 48.6 29.7 Tamil Nadu 56.3 Andhra Pradesh 55.4 Maharashtra 38.4 Gujarat 17.6 Rajasthan 17.8 Delhi 35.6 Karnataka Indicated Gross State Domestic Product in USD billion in 2005-2006 n Indicated number of incubation centers Kerala

Over the years India based software product businesses have built renowned products which can act as role models for startup companies
In 1992, Citibank spun off the FLEXCUBE product division into a separate company called Citicorp Information Technology Industries (CITIL). In the year 2000, CITIL changed its name to i-flex solutions.
FLEXCUBE was consistently ranked as the number one banking solution in the world by IBS UK, for five consecutive years.
As on 2007, Oracle Global holds 80.58 per cent of the total paid up capital of i-flex
Companies Description
Mr. Subash Menon founded Subex with a startup capital of INR 20,000 in 1992
Subex Systems, incorporated in 1995 was listed on the BSE in 1999
Subex boasts of a client list that includes 32 of the world's 50 largest telecommunications service providers
Subex has grown both organically and inorganically over the years; Syndesis and Azure are few of its recent acquisitions
In 2007, Subex won the Verizon Supplier Excellence Award
Mr. S. S. Goenka, set up Peutronics Pvt. Ltd in 1986, which later metamorphosed into Tally Solutions
Tally has released multiple versions of their accounting product; In the year 2005 launched Tally 7.2, which created an accounting revolution in India
Tally has a robust sales and distribution channel. Tally’s strategy for the future is to become a company with the world’s largest channel partner network with 15,000 partners

Domestic market in India is unique in multiple ways—this is fueling opportunities for India-based software product businesses Drivers to Tap Domestic Software Market Source: Zinnov Analysis Challenges for MNCs in Domestic Market Low High Opportunity Created Gaps with Products From Global Companies Complex Distribution Network Lack of Localization High Cost of Sale to Indian SMBs Lack of Remote Support Lack of Reliability of IT Infrastructure Internet, PC and mobile penetration is faster as compared to other emerging nation Increased requirement of localized products to best suit the needs of consumers SMB market in India is huge and the current IT and software penetration is very low The software product market in India is growing 2.8 times as fast as global market Description Drivers Opportunity Market Growth SMB Potential Need for Localization Evolving IT Infrastructure

Additionally, disruptive innovations in technology, revenue and delivery models are helping unlock significant potential for Indian software product businesses Customer Needs Innovation Levers in the Software Product Market Solution Viability Technology Innovations Delivery Model Innovations Software Market Disruptions Revenue Model Innovations Technology Innovations
Cloud Computing
Virtualization
Service Oriented Architecture
Open Source
Delivery Model Innovations
Packaged/ License
Software as a Service
Software Appliance
Software Enabled Solutions
Revenue Model Innovations
License
Subscription/ On Demand
Transaction
Ad Based

Disruptive technology innovations are opening up newer opportunities for software product companies globally Technology Innovations Service Oriented Architecture
Cloud computing is a way of computing which provides scalable IT solutions as a service over the internet
Benefits: Benefit of a data centre without owning one and cheaper and simpler devices to access data from anywhere
Cloud Computing Virtualization Open Source
Virtualization technologies divide a computer into several execution environments by applying concepts or technologies such as hardware and software partitioning, time-sharing, partial or complete machine simulation, emulation, quality of service, etc.
Open source software are software for which the source code is made available under a copyright agreement
Developed in public collaboration, this can be used, modified and redistributed by the users
Enables an applications business logic or function to be modularized and offered as service for consumer applications where the service interface is independent of the solution implementation
Source: Zinnov Analysis

Innovation in delivery models has led to a radical shift in global software distribution License Model Software Appliance Software Enabled Solutions Large MNC vendors are leading the way in delivery model innovation Customer demand and the drive to remain competitive has led vendors to come up with innovative delivery models Source: Zinnov Analysis
Grants an end-user permission to use copies of software in ways which would otherwise be prohibited by law
Web-native software application hosted by the vendor for use by its customers over network, typically the Internet
Application in a box combined with Just Enough OS (JeOS) that readily installs on standard hardware or inside a virtual machine
Software solutions as service provided by a vendor through SLA based contracts
Software-as-a-Service Product Category Companies All software SAP, Microsoft, Oracle, Adobe etc. Product Category Companies Content, communication, collaboration, CRM, ERM, Office suites, SCM etc EMC, Google, Salesforce, Adobe, Microsoft, Netsuite, Ariba etc. Product Category Companies Security, Search, Storage, Retail POS etc EMC, Google, Tizor, QAD Product Category Companies Telecom, Web Intelligence, Publishing SS&C Technologies, Innerworkings, Cyveillance

Companies with SaaS as a delivery model in high growth areas such as ERM and BI have gone IPO over the last three years Number of Companies Number of Software Product Companies Going IPO 1 , 2004 – 2007 Note: 1 Initial Public Offering; Data based on a sample of 48 companies going IPO between 2005 and 2007 Source: Zinnov Analysis Illustrative

Traditional license-based revenue models are giving way to other innovative business models in the global software product market Per cent Note: E = Estimated; Based on the survey conducted among 857 enterprise software customers Source: McKinsey & SandHill Enterprise Software Customer Survey, 2008 Software Revenue Model Distribution: Current & Future

All these market indicators are leading Indian software product industry towards an inflection point in its evolution curve Note: 1 The number is net of mortality rate and companies that got acquired during the period Source: Zinnov Analysis Indian Software Product Business Evolution Curve Revenue, USD million 1980 2015 2007 USD 12,000 Accelerated Growth USD 1,400 Current Growth USD 10,000 Inflection Early Stage Growth Stage Linear: Revenues increased with increase in number of companies Non-Linear: Few players emerged as market leaders 1 Acceleration Stage

Over the next seven years, Indian software product businesses have an addressable 1 market opportunity of USD 290 to 315 billion Opportunity Areas for Indian Software Product Companies i ii iii iv v vi vii viii ix x Go Global Start Local, Go Emerging Note: E = Estimated; 1 Represents the total estimated market size of the opportunity areas by FY2015 Source: Zinnov Analysis Start Local, Go Global Online Gaming Mobile Apps Storage Telecom BFSI Security ERM BI USD billion USD 290-315 billion Retail Apps Search Marketing Opportunity Area Exports Domestic BFSI Telecom Business Intelligence & Analytics Enterprise Resource Management Security Retail Storage Mobile Applications Online Gaming Search Engine Marketing Low High Opportunity

The opportunity for Indian ERM product businesses is huge, and India has already started seeing some early signs of success in this category Note: E = Estimated; 1 Estimated based on the market size data for CY2007 The list of companies mentioned in the table is illustrative and may not be exhaustive Source: IDC; Zinnov Analysis ERM Software Market Size, FY2008 1 – 15E USD billion USD billion CAGR= 8.8% CAGR= 33.3% India’s Capability for ERM Software Role Models
India now has some respectable names in the ERM space such as Tally, Ramco, Adrenalin, Intelliob, Kom7 Tech. etc.
Most of these role model companies have gained expertise in fulfilling SMB-specific demands for ERM software
Talent/ Domain Expertise
India has gained a significant domain knowledge and talent expertise with all the leading global ERM software vendors such as SAP, Oracle, Microsoft having their large development centers based out of India
Incubation Centers
ERM-related software product startups are increasingly being incubated in India with 14 per cent of the total incubated companies (28) operating into ERM space
Examples include Global Tech (CIIE, Ahmedabad), CEON (CIIE, Ahmedabad), Bridle IT (TBI, Pilani)
Acquisitions
Acquisition trends are increasing in the ERM space with companies like SAP and TVS showing interest in Indian ERM companies
Examples: SAP acquired Yasu
Low High India Capability

The opportunity in the BFSI market is huge and is driven by increased demand in the domestic and global market BFSI-Specific Software Market Size, FY2008 1 – FY2015E Note: E = Estimated; 1 Estimated based on the market size data for CY2007 The list of companies mentioned in the table is illustrative and may not be exhaustive Source: Zinnov Analysis USD billion USD billion India’s Capability for BFSI-Specific Software CAGR= 8.3% CAGR= 16.6% Role Models
BFSI sector specific software products from Indian companies such as TCS, Infosys, i-flex, 3i-Infotech, Polaris, Nucleus Software, Omnesys, Lasersoft, Mindmill are preferred by customers globally
Some of the global leading BFSI software providers such as Fidelity, Misys, SAP, Sunguard, CSC have set up their subsidiaries for development activity
This along with IT outsourcing has helped increase domain expertise and talent capabilities in the BFSI sector
VC Investments
Indian companies in the BFSI software product segment have been able to attract high VC investments
Funding Range: USD 7 -24 million
Total Funding (Since 2004): USD 71 million
Examples: Financial Software & Systems, Infrasoft etc.
Acquisitions
Indian BFSI companies have been successful in gaining increased interest from global software giants
Oracle’s acquisition of i-flex is one of the key examples to highlight the rising BFSI expertise from India

Online search and advertisement market is the fastest growing software product market and presents a sizable opportunity for Indian companies Search Engine Marketing Revenue (FY2008 1 – 15E) Note: E = Estimated; 1 Estimated based on the market size data for CY2007 The list of companies mentioned in the table is illustrative and may not be exhaustive Source: Internet & Mobile Association of India; Zinnov Analysis USD billion USD billion India’s Capability for Search Engine Marketing CAGR= 13.3% CAGR= 33.7% Role Models
As many as 15 local search engines have emerged in the last 2 years in the Indian market
Justdial, Guruji, Asklaila, Zatka.com, 123india.com, mapmyindia.com, tolmolbol.com etc. are some of the popular Indian search engines
Global search engine marketing leaders such as Google, Yahoo and Microsoft have their R&D centers in India
VC Investments
Fund Range: USD 7-15 million
Fund Size (Since 2006): USD 32 million
Examples: Asklaila.com, Guruji.com, Justdial.com are few companies which have received VC funding
Acquisitions
Global search marketing companies are finding interest in Indian search engines
Percept Knorigin acquired Searchsize in 2008 and ByIndia.com was acquired by Web2 Corp in 2006

Actions across four key themes will help India based software product businesses to achieve accelerated growth and reach the target Source: Zinnov Analysis Enablers of Accelerated Growth Influencing the Market Development Enhancing the Talent Pool Strengthening the Capital Ecosystem Facilitating Ecosystem Support 1 2 3 4 USD billion USD 1.4 billion * Indian Software Product Business Revenues, FY2008 to FY2015E CAGR = 36-40% CAGR = 30-33%

Organized trade development efforts, including policy interventions and industry-level marketing programs will help them in exploiting opportunities Context/Issues
Increase industry-led software product focused trade development and branding activities in key overseas markets
Leverage partnership models to build global sales and support networks
Global
Limited global awareness and branding of Indian software product businesses
Lack of global sales and marketing capacity and reach
Leverage user-industry associations to help potential customers appreciate the value of their technology investments;
Enact policy reform that encourages technology adoption by user industries
Facilitate greater industry participation in sectors / projects of national importance
Encourage widespread use of technology by easing access to mass users
Domestic
Lack of choice and / or awareness of suitably localized products
Low levels of technology adoption by domestic user industries as well as households
High investment requirements and pricing constraints under traditional licensing-based business models
Proposed solutions

Industry and academia can help over come talent pool challenges and catalyze start-up activity in the software product business (1/2) Context/Issues
Attract experienced MNC (captive) staff and global professionals seeking to establish software product ventures , to set-up a base in India
Facilitate access to global training and certification programs for Indian software product professionals
Functional / Domain Expertise
Low installed-base of experienced professionals for several product business functions / domains
Lack of awareness of / access to globally recognized technical, functional and product management training programs and certification courses
Identify success stories and role models and facilitate student - entrepreneur interaction with these role models to create increased awareness about opportunities in this domain
Create a formal mentoring program that leverages on these role models as well as the strong overseas Indian Diaspora to encourage software entrepreneurs
Few known role-model product entrepreneurs
Lack of formal training opportunities for budding entrepreneurs
Entrepreneurship Proposed solutions

Industry and academia can help over come talent pool challenges and catalyze start-up activity in the software product business (2/2) Context/Issues
Complement existing engineering and management education curriculum with more elective modules focused on product development
Increase industry involvement in the pedagogy and ongoing faculty development
Low awareness about / preference for careers in software products (compared to technology services)
Fresh graduates are ‘raw talent’ and most Indian product businesses lack the scale to invest sufficiently on in-house training
Fresh graduate pool Proposed solutions

Stakeholders would need to promote effective funding mechanism to improve start-up funding in India Context/Issues
Create an online ‘market-place’ for entrepreneurs and investors to interact
Encourage the setting-up of alternate, hybrid (public-private) investment vehicles to channel funding towards software product technology startups; streamline access to available public funds
Review policy restrictions on non-corporate organization structures (e.g. not-for-profit organization) that are currently restricted from venture investing
Alternate sources of funds/expertise
There is a need for easier access to alternate sources of funding especially during the early stage of the start up
Process for interactions between funding sources (investors) and potential investees is still evolving
Lack of awareness of / access to public funds (e.g. government schemes, grants etc.)
Explore partnerships with countries of strategic importance to establish bi-national/multi-national funds for investing in product ideas in designated areas of mutual importance
Alliances with technologically advanced countries to develop joint programs to nurture software product businesses
Leveraging international experience Proposed solutions

Sustaining the current growth momentum for Indian software product businesses will require more active engagement amongst the various constituents of the software product ecosystem Context/Issues
Increase industry-led software product focused trade development and branding activities in key overseas markets
Leverage partnership models to build global sales and support networks
Leveraging partnerships
Lack of scale and experience across individual firms can be overcome through concerted action
So far, elements of the Indian software product ecosystem have developed relatively independently; more coordinated actions will increase efficiencies
Proposed solutions
Bangalore, Mumbai / Pune and the National Capital Region (NCR) are the natural choices for the focused hubs, as most product business activity, as well as a critical mass of other key stakeholders are clustered in these locations.
Focused product business initiatives could be piloted in these cities before extending them to the next set of product hubs (including Hyderabad, Chennai, Ahmedabad, Jaipur and Indore)
Creating focused hubs
While most of the suggested actions will be introduced on a universal basis, the industry will benefit from the identification of a few hubs which become the focus of more targeted efforts

There are five business levers that entrepreneurs need to take stock of to build a scalable software product business Business Levers for Entrepreneurs Business Levers Idea/ Concept Workforce Capital Customer/ Market Partners 1 2 4 3 5

Validating the feasibility of an idea and backing it up with research-based facts is very critical for entrepreneurs to move ahead in the initial phase Believing the Idea Market Research Backed Business Plan Prototype Flexibility to Change Idea/ Concept

Hiring right mix of talent and effectively leveraging their skills to wear multiple hats is the key to a build a thriving organization Workforce Core Team/ Founders Mentors/Role Models Development Team Sales & Marketing Team

Software product business requires significant investments and it takes about 36 to 48 months to breakeven 0-12 Months 13-24 Months 25-36 Months 37-48 Months Time Revenue Cash flow Comparison for Software Products and IT services Source: Zinnov Analysis Non Linear growth – Does not depend on growth in headcount, good product acceptance can lead to exponential growth Linear growth – directly proportional to the headcount growth Product Business – Cash Flow Services Business – Cash Flow Investments required to develop IP Time Difference of Breakeven

Thorough understanding of the funding mechanism at every phase will help in negotiating a good deal with investors Debt Capital Equity Capital
Full ownership resides within the company
Immediate access to cash
Investors can bring fresh perspective to business
Risk is shared by the investor along with founders
Personal guarantee of founders for the loan which is a huge risk
Regular loan repayments
Can be tricky if terms are not well - negotiated
CEO/ m anagement team can be replaced depending on the stage of funding
1 2 3 4 5 Business Ideation Prototype Engineering Go to Market Scaling Source: Pitching to Investors, by Maya Elhalal, New Media Entrepreneurship Workshop; Zinnov Analysis
Money loaned in exchange for repayment along with interest
Money provided in exchange of ownership
The Pros A The Cons B Stage Pre Seed Seed Early Stage Late Stage Established Source Founders/ Core Team Friends/ Family/ Angels Angels/ Early Stage VCs Venture Capital IPO/ Private Equity

Leveraging the partnership ecosystem across the business value chain of software products can help in rapid expansion of the business 1 2 3 4 5 Business Ideation Prototype Engineering Go to Market Scaling Business Value Chain and Potential Partnership Networks Entrepreneurial Network Market Research Firms Business Consulting Firms Product Engineering Vendors Product Engineering Vendors Public Relation Networks Channel Partnerships Implementation Partners Public Relation Networks Channel Partnerships MNC Partnerships M&A Portfolio Companies Beta Customer Networks Tech Consulting Firms Human Resource Partners Financial Advisory Networks Business Consulting Firms Outsourcing Partners Source: Interviews with Product Business Entrepreneurs in India; Zinnov Analysis Incubation Networks

Being connected to the customers and consistently incorporating their feedback helps in building a successful software product business Beta Customers Brand Building Market Influence Expansion to New Markets Paying Customer Customer/ Market

Thank You !
Zinnov Contact www.zinnov.com [email_address] 69 "Prathiba Complex", 4th 'A' Cross, Koramangala Ind. Layout, 5th Block, Koramangala Bangalore – 560095 Phone: +91-80-41127925/6 575 N. Pastoria Ave Suite J Sunnyvale CA – 94085 Phone: +1-408-716-8432 21, Waterway Ave, Suite 300 The Woodlands TX – 77380 Phone: +1-281-362-2773

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NASSCOM-ZINNOV India Software Product Business Study

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