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- 1. Investor Deck Sonu Agrawal Managing Director sonu.agrawal@weather-risk.com October 2014
- 2. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Executive Summary We pioneered Weather Insurance in India Founded in 2004 we have built a sterling reputation as a global Climate Risk Management company CLIMATE RISK represents the daily reality of hundreds of millions of farmers and directly impacts the huge ecosystem of enterprises that engages with them in the global agricultural supply chain with implications running into billions of dollars. Today we work with every insurance & enterprise player serious about transforming agriculture in India creating direct change for over 1 million farmers. Integrating a robust understanding of risk, our own manufacturing & technology capability, and a proven expertise in analytics we are now expanding our footprint to Africa, ASEAN & LATAM to become a globally valuable company. OPPORTUNITY : Working painstakingly over a decade in a tough regulatory regime we have created a highly profitable company with a 25 % PAT on a revenue of INR 12 Cr this fiscal and a target of INR 100 Cr in the next 4 years.
- 3. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY To provide all in the world security against climate change as the world’s No. 1 climate risk management company innovatively combining Big Data, Analytics, Smart Devices & Financial Services Founded Fiscal Projection ‘15 2004 PAT 15% on INR 12 Cr Team 101 People Footprint Pan India & Global Asia Philippines Cambodia Bangladesh Sri Lanka Africa Tanzania Rwanda Zambia Mozambique Existing Presence Building Presence Solutions for managing risks in supply chain and health services using core products and technologies built for the climate space Investors SIDBI, IIT, ILO Ford Foundation
- 4. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY 1Insurance Weather 2 Big Data Services & Analytics 3 India Smart Devices & Technology Global Agri Information Systems Weather Forecasting Remote Sensing Automated Weather Stations Vehicle Tracking Systems Energy Efficiency We are a global Risk Management company delivering innovative products and services to large enterprises as well as farmers in the remotest of villages worldwide. Founded with ICICI Lombard as the first client Stabilizing pan- India business SIDBI invests for working capital Export of Products & Services to Africa & ASEAN 2004 2006 2008 2010 2012 SIDBI Seed Fund Incubation at IIT Kanpur Ford Foundation grant Convinced GoI for regulatory approval & subsidize weather insurance with Rs. 1000 Cr. AWS Grid ~ 100 Stations First International foray in Tanzania and Bangladesh Ready for India and the World 2005 2007 2009 2011 2013
- 5. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY 1 Weather Industry Leader with robust, Insurance (revenue) comprehensive and integrated services 50% of Underwriting Services for Insurance Companies Risk Management Application Fraud Analytics • Claims Control • Remote Sensing & UAV Portfolio Risk Management Reinsurance Services Market Making As market makers we help financial institutions & companies to design / execute innovative risk offerings in Agriculture & Power We work with several farmer associations
- 6. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Value Chain Risk Free Earnings Insurance Broker / SPs = Rs. 1 to 5 + 0.8 Reinsurance Broker = Rs. 1 Retrocession Broker = Rs. 2 Minimum Rs. 4 + 0.8 Maximum : Rs. 8 + 0.8 Similar Value Chain exists for Property = 10X Capital Markets Opportunity = 15 to 20 % of X = Risk of 3 % Investment Advisor = 5 - 10 % of Capital Earnings PREMIUM Value Chain Insurance Clients Insurance Clients Insurance Brokers / SPs Insurance Brokers / SPs Insurance Companies Insurance Companies Reinsurance Brokers Reinsurance Brokers Reinsurance Companies Reinsurance Companies Retrocession Brokers Retrocession Brokers Retrocession & Capital Markets Retrocession & Capital Markets Rs. 100 Premium CLAIM (X) Value Chain X = 80% of Rs. 100 Loss Adjustment SP Rs. 1 to 5 Rs. 24 Rs. 75 25% ~ Rs. 19 Rs. 1 ⌃ 50 % ~ Rs. 28 Rs. 27 Rs. 2 ⌃ ⌃ 50 % ~ Rs. 28 ⌃ Rs. 43 Rs. 26 PREMIUM Value Chain RISK Value Chain Insurance Clients Insurance Clients Insurance Brokers / SPs Insurance Brokers / SPs Insurance Companies Insurance Companies Reinsurance Brokers Reinsurance Brokers Reinsurance Companies Reinsurance Companies Retrocession Brokers Retrocession Brokers Retrocession & Capital Markets Retrocession & Capital Markets Rs. 1000 Risk ⌃ 25 % ~ Rs. 250 75 % ~ Rs. 750 ⌃ Rs. 350 ⌃ Rs. 400 ⌃ RISK Value Chain CLAIM (X) Value Chain X = 80% of Rs. 100 = 1% = Rs. 0.8 Claim Money Weather Risk is graduating up the chain rapidly Targeting increasing reinsurance, retrocession and advisory fees Broadening base in the insurance broker & loss adjustor segment
- 7. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Data Services & Analytics (25% of revenue) 2 Weather, GIS & Data Services Crop Acreages & Yield Estimation Flood and Disaster Mapping Irrigation Planning Mobile Applications Short (72hrs) to Long Forecasts using Synoptic/Numerical Models Alerts / Custom Alerts / Planning Customized Packages ACCUFARM ®, yourfarminfo.com Pioneering Player with BIG DATA, MOBILE and Consumer Behavior expertise • Agro Advisory Service to maximize production • Farm Level Information to check crop feasibility, take land buying decisions … Industry Solutions : Matrix ® | TrackMyVehicle ® | WeatherZilla ® POWER / LOGISTICS/BEVERAGES / AVIATION / WHITE GOODS …
- 8. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY ACCUFARM ® Precision Farming Solutions Services Analytics Platform integrating Remote Sensing, Yield Mapping & Technology Online Services include Soil Chemical Mapping, Yield Data Interpretation, Soil Potential for Variability Management in fields, Zone Management for VRT fertilizing, Tillage, Fertilizer Recommendation & effective Root Depth and Water Capacity Onsite Services include Leaf Sampling, Crop Inspections, Macro Analysis & Trace Elements, Water Analysis & Drainage Evaluations Benefits to Farmers Optimum Decision on Crop & Fertilizer Management, Soil Reclamation, Use of resources, Nutrient Deficiency, Pest and Residual Diagnosis and other parameters Estimation of potential yield, spatial & temporal distribution of yield Best water reclamation practices, irrigation quality assessment, scheduling.
- 9. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Matrix SMART GRID Advanced Smart Grid Solution for load forecasting, control and estimation
- 10. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Precision Farming Solutions Analytics Platform integrating Remote Sensing, Yield Mapping & Technology Services Online Services include Soil Chemical Mapping, Yield Data Interpretation, Soil Potential for Variability Management in fields, Zone Management for VRT fertilizing, Tillage, Fertilizer Recommendation & effective Root Depth and Water Capacity Onsite Services include Leaf Sampling, Crop Inspections, Macro Analysis & Trace Elements, Water Analysis & Drainage Evaluations Benefits to Farmers Optimum Decision on Crop & Fertilizer Management, Soil Reclamation, Use of resources, Nutrient Deficiency, Pest and Residual Diagnosis and other parameters Estimation of potential yield, spatial & temporal distribution of yield Best water reclamation practices, irrigation quality assessment, scheduling and fertigation.
- 11. 11 VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY WeatherZilla ® Hadoop Cluster Big Data Platform integrating Crop Analytics / Forecasting and Advisory
- 12. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Smart Devices & Technology (20% of revenue) 3 Automated Weather Stations Multi Disciplinary Technology Expertise powering diversified RISK PRODUCTS India Largest Private Network Vehicle Tracking & Fuel Monitoring Systems Only 5% of commercial vehicles are covered by insurers We have installed 6000 devices Geofencing / Live Mobile Tracking / Temperature Alerts … Fuel Monitoring Devices … Smart Energy Irrigation Controllers & Energy Meters Africa Tanzania Rwanda Zambia Mozambique Asia Philippines Cambodia Bangladesh Sri Lanka Designed & Manufactured in IMD & ISO certified facility Dashboard & Services Integrated AWS expansion projected: 2 – 40x per state
- 13. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY
- 14. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY EXECUTIVE TEAM Advisory board Vijay Mahajan Mentor Founder & Chief Executive Officer Basix Social Enterprise Group Dr. AK Bohra Director Weather Scientist and Former Director National Centre for Medium Range Weather Forecasting Pankaj Khandelwal Director Chairman & Managing Director INI Farms Dr. Kanti Prasad Director Weather Scientist and Former Dy. Director General Indian Meteorological Department Dr. BV Phani Director Professor / Finance Indian Institute of Technology - Kanpur Dr. Jayant K. Singh Technology Advisor Professor / Chemical Engineering Indian Institute of Technology - Kanpur Sonu Agrawal, 39 Founder & Managing Director Weather & Climate Risk Pioneer IIT Kanpur and IIM Calcutta Alumnus Anuj Kumbhat, 38 Chief Executive Officer Finance and Management Specialist Chartered Accountant Ashish Agarwal, 31 Chief Technology Officer Electronics and Technology Specialist IIT Kanpur Alumnus TEAM WRL Passionate and Diverse Team 101 people with expertise in: Financial RISK MANAGEMENT Computer Science METEOROLOGY Atmospheric Physics Climatology ELECTRONICS & Industrial Design
- 15. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY CB Mehta IT Head Rizwan Ansari Amit Sharma VTS Head Regional Head Amitava Gupta Regional Head Nagendra S. Tiwari Manufacturing Pardeep Singh Agro Services TEAM WRL Sonu Agrawal MD Anuj Kumbhat CEO Ashish Agarwal CTO Tanu Kumbhat Marketing Aparna Gupta Consultant Ankit Agarwal AWS Head Mosleh Ahmed Senior Consultant Sudhir Sailan Senior Consultant Corinna Muller Consultant
- 16. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study Late Blight is a lethal potato disease. In 2006 PepsiCo contract farmers lost 60 % of their crops due to this bane. We helped PepsiCo provide risk management to over 10000 farmers in Punjab.
- 17. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study Cholamandalam is a leading Indian general insurance company. In 2011 Weather Risk was hired to help structure Weather and Yield Index based Crop Insurance Products.
- 18. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study Since 2007 we have helped ICICI Lombard implement a joint nationwide weather and agriculture Insurance market making and strategic development exercise.
- 19. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study We have helped ~ 5000 farmers covered by SAFAL access better insurance and information for risk as well as equipped their logistics system to track over 2000 Trucks and Vans.
- 20. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study We have helped transform Sowing Failure Insurance for farmers covered by Mahyco providing comprehensive risk management with a first of its kind product in India.
- 21. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study We have helped Bayer face the challenge of insufficient data availability and develop an innovative Cloud Cover product helping to insure seed crop during pollination under cloudy conditions.
- 22. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study Working closely with Ford Foundation & ILO we established that micro-insurance for smallholder farmers can be made commercially viable and sustainable covering 20000 farmers across India.
- 23. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study For two of India’s largest power distribution majors in Delhi & Mumbai we are helping derive significant savings, planning efficiency and the ability to look ahead for weather impact on load and demand.
- 24. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Representative Case Study For two of India’s largest power distribution majors in Delhi & Mumbai we are helping derive significant savings, planning efficiency and the ability to look ahead for weather impact on load and demand.
- 25. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Social Impact in India Served 1 million farmers across India transforming lives and agriculture Bailed 500,000 farmers struck by natural disaster Catalyst for the growth of Crop Insurance in India from 300 Cr to 5000 Cr in 10 years creating employment for ~10000 people Sandeep Bakhshi ICICI Rakesh Jain Reliance GIC Alok Agarwal ICICI Lombard GIC ENDORSEMENTS Dr. Nachiket Mor Reserve Bank of India Ritesh Kumar HDFC ERGO GIC Rajive Kumaraswami SCOR Reinsurance Dr. Ajit Kanitkar Ford Foundation Ved Sheshadri Cholamandalam GIC Pranav Prashad International Labour Organization
- 26. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Social Impact in India Chhattisgarh 30 Stations Bihar / Jharkhand •20 Stations •2 Person Team •Collaborating with key stakeholders for Crop Risk Management and Farm Risk Management Haryana •15 Stations •Working with contract farming companies for Farm Risk Management Rajasthan •200 Stations •5 Person Team •Crop Yield Monitoring Uttar Pradesh •Manufacturing and IT Team of 30 People •60 Weather Stations Madhya Pradesh 5 Stations West Bengal •100,000 Farmers •15 Marketing Managers •100 Agents •50 Weather Stations •Farmer Call Center
- 27. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY 10 year history of credibility with key market players. In position to address a 10000 Cr. market with 3 – 10 % earnings in the next 4 years. Weather Insurance : INDIA 5000 Cr. Current Insurance Market Size Slated to reach 10000 Cr. In 4 Yrs. 500 Cr. Our current share of market Few comparable players 3 - 10 % Our percentage earnings % depends on scope & volume Out of 200 districts covered by Weather Insurance we do 40 The Opportunity is both UPSTREAM and DOWNSTREAM Hot Opportunities We serve 25% - 100% of their portfolio We can grow with their portfolio Emerging Opportunities Already a client for other services Discussions underway for underwriting
- 28. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Rapidly growing global footprint and discussions underway in ASEAN, Africa, Europe and China. Weather Insurance : GLOBAL Cambodia 100 Cr. Global Demand driven by climate change programs of the World Bank, IFC, UNFCC, ADB … Market set to cross 50,000 Cr. in 5 years Africa RSA Zambia Tanzania Mozambique Rwanda South Africa 1500 Cr. PR of China 5000 Cr. Sri Lanka 500 Cr. Latin America 5000 Cr. ??? We have a strong footprint & a global team in place ASEAN Cambodia Philippines Bangladesh
- 29. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY The Climate Corporation case study is a global benchmark for what we do and our potential in DATA DATA Services & Analytics Leverages weather data to provide insurance to farmers to lock in profits even in case of drought, rain or other adverse weather conditions. Combine Big Data, Climatology and Agronomy to address the $3 trillion global agriculture industry from increasingly extreme weather. Raised nearly $110 million to date from: Khosla Ventures / Google / New Enterprise Associates / Index Ventures / Allen & Company / First Round Capital / Atomico / Code Advisors In October 2013 Monsanto acquired the company for $1.1 billion We have everything in place to beat the Climate Corporation story Discussions underway with Monsanto competitors like Bayer Target Indian agriculture in a big way with FPOs and contract growers like SAFAL Our Data Services & Analytics Solutions has potent implications not only in weather but as well as in the power sector Power Sector We support them for Delhi & Mumbai Discussions underway for other demand & supply analytics : India/EU/NA
- 30. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY In Smart Devices we are focused on two verticals: Automated Weather Stations Vehicle Tracking & Fuel Monitoring Systems Smart Devices & Technology WMO has recommended 1 Weather Station for every 25 km2 globally AWS PAN India Network HYDRO, APDRP Rapidly growing presence: Africa / SEA Vehicle Tracking & Fuel Monitoring Systems Only 5% of commercial vehicles are covered by insurers We have installed 6000 devices Discussions underway with 2 major insurers for 200,000
- 31. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Industry Leader & Pioneer Competitive Edge Direct Competitors : Skymet • While retaining similar forecasting abilities and an international footprint, most direct competitors do not maintain an integrated capability in Insurance & Underwriting and Analytics & Big Data. • Better funded than WRL Institutional Competitors : NCMSL, IMD • Competing only in the DATA space Target Competition: Climate Corporation • Strong Analytics and R&D capabilities geared for mature market like the US. Weaker than WRL integrated capabilities. WRL alternative YOURFARMINFO is more relevant for the larger global market in Africa and Asia. • Acquired for $1 Billion. International Insurance Brokers Specialized in broking alone. Business Development competition only. We have won against them in multiple accounts.
- 32. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Strong Research Focus Research Edge High order R & D ecosystem with research institutes with several initiatives to evolve our products - Sensing Systems, Geo-forecasting, Big Data algorithms, Energy Efficiency Collaborations with leading universities • Indian Institutes of Technology, IISc : New Sensor Technology • In discussions with Stanford & Rensselaer Polytechnic Institute – Big data algorithms • Senior Academia working on improving solutions: Dr. Jayant Singh / IITK - working on sensors to capture soil data & Nano Sensors. In discussions with CSEM, Switzerland for Big Data • Now Casting Products with NCMRWF, Agriculture Research with ZedEx Internal Manufacturing for Price Efficiency Supporting the entire crop insurance value chain Partners – ZedEx / INIFarms / SAFAL • Helps engage with insurers better • Better margins for insurers due to our integrated approach Working directly with major reinsurers for capital market solutions
- 33. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Strengths Investment View Robust Financials & Capabilities • 2013 - 2014 : 1.2 Cr PAT on 7.2 Cr • 2014 - 2015 : 20 % PAT on 12 Cr projected • Business Model and Financials built painstakingly in a tough regulatory regime • Integrated Capabilities : Big Data, Manufacturing, Technology & Underwriting • Consistent PAT performance : 15 - 20 % • Strong Client References & Global Footprint across India, Africa, Europe and ASEAN – India : We work with almost all serious players – Worldwide : Strong Credibility with major Reinsurers and Multi Lateral Agencies • BIG DATA Architecture in place Target Growth : INR 100 Crores / US $ 20m in 4 years • Underwriting & Insurance : Expand share from 2 - 5 % of 500 Cr. to 3 - 10 % of INR 10,000 Cr Premium • Big Data & Analytics : Insurance Companies / Power / Retail • Mega Opportunities : Vehicle Tracking, YourFarmInfo …
- 34. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Target Growth INR 100 Crores in 4 years Target Growth Underwriting & Insurance : Expand share from 1 - 5 % of 500 Cr. to 3 - 10 % of INR 10,000 Cr Premium. •Weather Risk is graduating up the chain rapidly. Targeting increasing reinsurance, retrocession & advisory fees •Broadening base in insurance broker & loss adjustor segment Big Data & Smart Devices •Vehicle Tracking & Fuel Monitoring Systems : Expand business from 6000 vehicles to 200,000 vehicles via bundling with motor& marine insurance •Big Data & Analytics : Smart Grid [Power] and Precision Farming [Agriculture]. Increase business from 10 clients to 120 in India and other markets
- 35. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Target Social Impact Target Social Impact Target Social Impact Cover 10 million farmers under crop insurance in the less developed states of UP, Rajasthan, MP, Jharkhand, Orissa, Bengal and Bihar Install 5000 Stations & engage 500 Agri Surveyors ACCUFARM ® Services for these regions in collaboration with FPOs / SAFAL / Pepsico / Bayer CropScience GP level online Agri Information Systems Direct employment to 2000 people in focus states and state of art online Kanpur - State of Art Factory & Data Center with 150 HW / SW engineers
- 36. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Past Financials 0.7 Cr 1.7 L 0.8 Cr 0.5 L 0.11 Cr 0.5 L 0.9 Cr 3.7 L 0.41 Cr 2.0 L 1.0 Cr 1.7 L 0.41 Cr 1.0 L 2.17 Cr 21 L 0.91 Cr (23.9) L 0.64 Cr 2.6 L 1.40 Cr 3.5 L 1.80 cr 1.5 L 0.90 cr 1 L 4.20 Cr* 7 L 2.6 Cr* 2.0 Cr* 7.0 Cr* 2007 – 08 2008 – 09 2009 – 10 2010 – 11 2011 – 12 2012 – 13 2013 – 14 2014 – 15 Weather Risk Ingen (AWS) IESPL |(VTS) * Including earned but not invoiced in the same financial period Investment View
- 37. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Past Financials Investment View
- 38. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Financial Projections Investment View
- 39. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Current Investments Investment View Substantial Founder Investments & Opportunity Costs over 10 years to create intellectual property assets Founder Funds 0.1 Cr 2004 2006 2008 2010 0.15 Cr SIDBI Seed Fund Incubation at IIT Kanpur Ford Foundation 0 .75 Cr 0.75 Cr ILO SIDBI Project Finance 1 Cr 2005 2007 2009 1 Cr ICICI Lombard • Quasi capital = INR.2.5 Cr ILO + Ford ICICI Lombard • SIDBI Project Finance = INR 1 Cr being repaid • Current Reserves: INR 1.5 Cr
- 40. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Usage of Funds Investment View 1.2 Cr PAT 12 Cr REV 24 Cr PAT 100 Cr REV in 4 years INR 12 Cr INR 6 Cr Expand presence to ~100 districts in India Appoint consultants to explore and service clients in key global markets Gear up manufacturing, software & analytics INR 12 Cr Manufacturing & Data Center ramp up Expand to 250 districts Project Offices and staff in other countries Global Scale Up 2014 2015 2016 2018
- 41. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Terms / Exit Investment View Funding Required: INR 30 Cr Working Capital Finance: INR 6 Cr Funds to be used in focus states: INR 24 Cr Valuation: Multiple of 7 – 8 on FY 2014 – 15 Exit Proposal • Business Solution Provider: TCS / INFOSYS / IBM • Insurance Specific Funds Allianz Telematics / Leapfrog / Reinsurance Brokers / Hedge Funds • Agriculture Specific Funds
- 42. VISION WHAT WE DO CLIENTS TEAM IMPACT OPPORTUNITY Road Ahead Investment View Process in place to target revenue in the order of INR 12 Cr and upwards for this fiscal Meanwhile we will put larger contracts in place, so as to secure INR 60 – 70 Cr of revenue by 2019 Key people to be recruited have been identified Scaffolding for scale up in place • New factory and data center place identified • Big data architecture being put in place with advanced solutions Merger of 3 companies Formation of promoter block, due diligence
- 43. The sky is not the limit Investor Deck Sonu Agarwal Managing Director sonu.agrawal@weather-risk.com October 2014