Lightbox's India Story

@lightbox
India - Our time has come

@lightbox 2
The data provided in this report has been obtained from public and private sources. Lightbox has made every attempt to ensure
that the information presented in this report is accurate and free from any discrepancies. Lightbox is not responsible for any
inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of
any discrepancy or errors in the data, you can contact us at hello@lightbox.vc and we will try our best to update the information in
the report. This report has been prepared in good faith on the basis of information available at the date of publication without any
independent veri
fi
cation. Lightbox does not guarantee the accuracy, reliability or completeness of the information in this
publication. Readers are responsible for assessing the relevance and accuracy of the content of this publication.
While this report talks about various institutions, Lightbox will not be liable for any loss, damage, cost or expense incurred or
arising by reason of any person using or relying on any information in this publication. This document makes descriptive reference
to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such
trademarks by Lightbox and is not intended to represent or imply the existence of an association between Lightbox and the lawful
owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly
available sources, and Lightbox cannot con
fi
rm the accuracy or reliability of such sources or information. Its inclusion does not
imply an endorsement by or of any third party. The views and opinions in this report are for internal consumption of Lightbox
and should not be viewed as professional advice with respect to your business.
Disclaimer

@lightbox
India is a moneymaker
“The biggest risk of investing
in India, is not investing in
India.
– Rakesh Jhunjhunwala
(Created net worth of $5.8BN
investing in India)
3
@lightbox

@lightbox
INDIA has been growing phenomenally for the
past 20 years…
4
10 year FDI
(Cumulative)
Household
Consumption
2000 2021
GDP Rank
Access to electricity
(%Population)
13th 5th
Exports
$19BN $454BN
$299BN $1,880BN
$61BN $661BN
59% 99%
Economy
Income
Investments
Goods & Services
Infrastructure
Source: Worldbank, Global Wealth Report - CreditSuisse

@lightbox
… generating 12% annual returns in dollar terms since 1990:
twice the global average
2000 2021
58,254
3,972
2000 2021
419
13
2000 2021
86
0
2000 2021
140
9
Public companies
(>$1BN)
SENSEX
(Indian Index)
Private unicorns Billionaires
India has the third highest number of
unicorns and billionairesin the world
a
ft
er the US and China.
“
14x 32x 16x
Source: Yahoo Finance, CapIQ, Financial Times 5

@lightbox
In the last 10 years, MSCI India index
is up 64% while the MSCI emerging
market index is down 10%
-25%
0%
25%
50%
75%
100%
2/10/12 7/26/13 1/7/15 6/20/16 11/29/17 5/15/19 10/23/20 4/6/22
iShares MSCI India ETF (INDA) iShares MSCI Emerging Markets ETF (EEM)
India shows further promise:
Public market has decoupled from other emerging markets
Decoupling
Source: Yahoo Finance, MSCI 6
@lightbox

@lightbox
2021 2022 (YTD*)
Domestic Institutional Investors ($BN)
Foreign Institutional Investors ($BN)
-20
3
29.3
11.9
22% 0.6%
* YTD as of August 2022
Domestic investors continue to invest in Indian equities
SENSEX
YoY%
FY17 FY22
Retail investments in MF ($BN)
Equities as a % of Indian Household Assets
4.8%
3.4%
15.6
5.5
Source: CapitalMind, Yahoo Finance, AMFI 7
S&P500
YoY%
-17.6%
27%

@lightbox
In a global environment, where companies are
struggling to go public, India is bucking the trend
Recent IPOs IPO Size
Aug 24, 2022
Oct 17, 2022
In India, despite turbulent markets 76
companies have
fi
led their DRHPs in CY22
In the United States, Sep 21, 2022 marked
238 days without a tech IPO worth more
than $50MM
Total
subscription
$63MM
$70MM
$4.5BN
$4.3BN
Source: SEBI Prospectus 8
Retail
subscription
20x
44x

@lightbox
Global private and public equity market
valuations, 2002-17, indexed to 2002
0
2
4
6
8
2002 2010 2017
Private equity net asset value
Public equities market cap
Foreign Investments in Public Markets ($BN)
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22
6.4
0.6
-6.3
-5.0
-2.1
-5.1
-4.5
-4.1
With FIIs coming back, the public market will remain
strong while also boosting the private markets
Source: Capital Mind, Mckinsey’s Private Markets Annual Review - 2019 9

@lightbox
India is Unique
“India teaches me
again and again,
that the categories
into which I try to
divide things don’t
hold up.
– Dena Moes,
Author
10
@lightbox

@lightbox
INEFFICIENCYAT SCALE
11
@lightbox

@lightbox
USA India
Size of Retail Market
($BN)
3,300 800
Market Share -
Top 5 players
25-30% <5%
Organized % 85% 12%
FRAGMENTED
Source: BCG Resurgence Retail Report 2021, Technopak, 12
@lightbox

@lightbox
LOW TRUST SOCIETY
13

@lightbox
STATUS DRIVEN SOCIETY
14
An average Indian spends
20%+ of their lifetime wealth
on wedding celebrations
Source: Indian Retailer @lightbox

@lightbox
WORLD’S LARGEST DEMOCRACY
15
India has 2,858 registered political parties
Number of political parties that
constitute a house
China USA UK India
37
11
2
1
Source: Parliament.UK, Lok Sabha @lightbox

@lightbox
FULL OF CONTRASTS
16

@lightbox
Gross Income
per Capita
INDIA IS NOT CHINA
17
2005 2010 2015 2021
11,890
7,890
4,340
940
2,170
1,600
1,220
440
India ($)
China ($)
Source: World Bank

@lightbox
$620BN
18th
India A
ffl
uent Aspirers Strugglers
$1,130BN
7th
$130BN
49th
Convenience Value
$4,397 $1,243 $378
$1,350
Consumption
World Rank
Population
World Rank
Consumption
Per Capita
$1,880BN
5th
1,393MM
2nd
141MM
10th
909MM
3rd
344MM
3rd
Averages are not the right way to look at India
18
Source: World Bank, BCG Retail Resurgence 2021, Lightbox Estimates

@lightbox
DUNZO is rede
fi
ning convenience for a
ffl
uent India users
Source: Company Data 19

@lightbox
Only 10% of OTT viewers are paying (a
ffl
uent) subscribers thus
requiring platforms to adopt alternative models to monetize
5.5MM users in India 200MM users in India
$6.30/month in India. 60% cheaper than US
Finding it tough to scale in India since 2015
Free to watch. Monetisation via Ads
Scaling rapidly since launch in 2019
Squid Games took 20 days to get to
100MM views globally
Aashram took 32 hours to get to
100MM views in India
Source: Bernstein, Captable , India Today, Net
fl
ix 20

@lightbox
Similarly, ROOTER has taken the advertising approach in
game streaming to monetize its user base
16MM+
MAU
1.3MM+
DAU
#1
Play Store app
in sports category
Revenue
Jan-22 Jul-22
2.8
1.0
75+ brands advertise on the
platform today
1
7
5
%
(Indexed to Jan-22)

@lightbox
As a majority of India’s population are aspirers looking for
value, lower priced variants are favored
Launched di
ff
erentiated
juices in 2013 to meet the
needs of the Indian palate
But, the high price point led
to their inability to scale
Launched lower priced
juices in 2018
This product now
accounts for 80% of the
revenues for the company
70% of shampoos
sold in India are
in sachets
Rs.40
Rs.10
Source: Morning Context, Economic Times 22

@lightbox
Platforms are using alternative commerce models for
building trust and acquiring users
Source: Times of India, Lightbox Estimates, Bernstein 23
E-commerce: Convenience
Take Rate: 15-20%
Social Commerce: Price
Take Rate: 0%; Only ads.
15MM MAUs
40%of new users on Flipkart
come from its social commerce app
Shopsy
A
ffl
uent Aspirers
With 85MM MAUs, Meesho
has more users than Amazon India
and Flipkart combined
35MM MAUs
85MM MAUs
100MM downloads

@lightbox
INDIA is open to the world
24

@lightbox
Local experts are keen to import and scale foreign brands
Launched in 2012 and currently operate
268 stores
$80MM
FY22 Revenue
$227MM
FY22 Revenue
Launched in 2010 and currently operate
21 stores
Zara is the largest single brand retailer in
India
Source: Company Presentations 25

@lightbox 26
for a copy paste approach
THE X OF INDIA
India is too unique
@lightbox

@lightbox
When global counterparts enter, market share of homegrown
startups erode despite the
fi
rst mover advantage
Source: Times of India, Media reports 27
The X of India
Started: 2008
$ Raised: 13BN
Started: 2010
$ Raised: 5BN
Foreign models entered India
Entered India: 2012
$ Invested: 7BN
Entered India: 2013
$ Invested: N/A
VC funded business that didn’t work out in the process
Market share 2012
20%
80%
Market share 2022
22%
38%
40%
Flipkart Amazon Others
Market share 2014
16%
4%
80%
Market share 2022
15%
40%
45%
Ola Uber Others

@lightbox
For this reason, we picked unique business models
28
Popular Business
Models
Used Car Marketplace
Furniture
Jewellery
Food
Classi
fi
eds
E-commerce
High end
retail stores
Restaurants or
Delivery businesses
We picked
Transaction led
Marketplace
Subscription
Made on the
internet
Cloud Kitchens
Rational
Market size of classi
fi
eds: $0.4BN Market
size of auto marketplaces: $125BN
Furniture is the 3rd largest expense
for a household. Renting is more
accessible than buying outright
No inventory model leading to
lower capital requirement
Better margin structure on cloud
kitchens than operating
restaurant or delivery businesses
We backed

@lightbox
Hence, a local presence in India is needed to better understand
and build in this market
29
2005
2006
2007
2008
2014
2015
2016
2017
2019
2021
2022
2020
Acquired by
Flipkart
Publicly Traded
$900MM
Publicly Traded
$6.3BN
Acquired by
Jio
Publicly Traded
$1.5BN
$XXMM/BN - Current Enterprise Value based on public market price

@lightbox
To be on top of trends, we have a proactive approach to
building theses across sectors
30
@lightbox

@lightbox
“India is now changing and
regaining its lustre, and it is coming
of age.– Nita Ambani
India is Changing
@lightbox 31

@lightbox
470
Internet Users
(MM)
27%
Online Shoppers
6.3%
E-commerce as a
% of retail
900 40% 10.3%
2025E
2021 $57
$133
2018
E-commerce Market
Size ($BN)
700
20% 3.6%
Source: Bernstein, India Internet 2021 IAMAI -Kanter, CNN, Bain-Google
Technology is accelerating organization
$24
32
@lightbox

@lightbox 33
O
ffl
ine
fi
rst companies are striving to increase
their digital presence…
Started in 1958
$24.9BN $4.0BN $1.5BN
FY22
Revenue
Source: Company Presentations
5%
5%
17%
2.5%
3.3%
10%
FY21
FY22
Online share of total revenue

@lightbox 34
1,000+ stores across 120 cities
80% outside of Metro/T1
105 stores across 50 cities
50% outside of Metro/T1
… and digital
fi
rst brands are increasing their
o
ffl
ine footprint
Source: Company Reports, Economic Times @lightbox

@lightbox
As distribution in India gets organized, there is
opportunity for large scale brands to be built
Own brand as a % of sales
Apr-21 Jul-21 Mar-22 Jul-22
15%
11.3%
3.5%
1.2%
India Pharmacy Market
India Emerging Markets
50%
90%
50%
10%
Organized Unorganized
Source: McKinsey, Company Data 35

@lightbox 36
30%
Online Revenue
<2%
Refunds & Cancellations
BSC is leveraging their omnichannel presence to scale
Industry leading metrics in the
apparel space in India
Annual Revenue
per sq
ft
($)
Payback Period
625 9 months
130 3 years
100 2+ years
125 3+ years
Source: Company Data

@lightbox 37
With better government policies, India is seeing a
change in the way business is done
2022: 5G Allocation
2008: 2G Allocation Scam
Source: Indian Express, Airtel
"The 2G spectrum allocation
was a policy designed to
promote corruption”
- Arun Jaitley

@lightbox
Indirect (GST) Taxes ($BN)
YTD FY22 YTD FY23
93
70
Direct Taxes ($BN)
YTD FY22 YTD FY23
105
80
38
33%
growth
31%
grow
th
India is getting more formalized…
In Q1FY23,
GDP grew 13.5%
Source: Finance Ministry of India

@lightbox 39
National Highways (‘000 kms)
0
45
90
135
180
1950 2015 2025E
7
7
K
k
m
s
8
1
K
k
m
s
Rail Track (‘000 kms)
0
30
60
90
120
1950 2015 2025E
10K kms
6
3
K
k
m
s
Port Capacity (mtpa)
0
750
1500
2250
3000
1995 2015 2025E
7
7
3
m
t
p
a
1
9
1
1
m
t
p
a
… investing in infrastructure at a pace never seen before…
Source: HDFC, Bank of America @lightbox

@lightbox 40
… while also improving the quality of infrastructure…

@lightbox
Goods Export ($BN)
FY18 FY19 FY20 FY21 FY22
418
292
313
330
303
41
… making it a hub for manufacturing
38% growth
Source: JP Morgan, Economic Times

@lightbox 42
Seamless and Real Time payments
2016
UPI Launched
$1.7TN
Annualized TPV
42
THE GOVERNMENT is revolutionizing digital payments
First of its kind in the world
Founded: 1998
Annualized TPV Q2-22 ($BN)
830
1,360
Founded: 2016
Source: Company Presentation, NPCI 42
76BN
Annualized
Transactions
@lightbox

@lightbox 43
Total Processing Volume ($BN)
FY19 FY21 9MFY22
6.1
2.8
2.6
Riding on this momentum, PAYMATE is helping
businesses streamline and digitize payments
Automated payables
and receivables
Discounting
Procure to Pay
Vendor
Management
Statutory Tax and
Utility payments
Con
fi
gurable
approval matrix
Accounting/ERP
Integration ready
Detailed reporting
online and o
ffl
ine
Paymate Product Suite
Features
Source: Paymate DRHP

@lightbox
Farmer Customer
Waycoolusestechnologytodisintermediatethetraditionalsupplychainwhile
enablingclearvisibilityofsupplyanddemand
Farmers Aggregator Sourcing Mandi
Transporter
Receiving Mandi
Wholesale
Consumer
1 7.2
1 69
x% 2.8x%
Feb - 20 Jul - 22
Net Revenue
Own Brand
Revenue
Gross
Margin
Companies in India are scaling faster than ever before
WAYCOOL has scaled to $250MM revenue in 6 years
@lightbox
(Indexed to Feb-20)

@lightbox
Increasing exits opportunities via the public markets
Source: SEBI Prospectus 45
@lightbox
Amount Raised at IPO
$1,200MM
$670MM
$2,300MM
$650MM
$130MM
$650MM
$5.6BN
has been raised by technology companies
through IPOs in the Indian markets, in the
past 12 months

@lightbox 46
INDIA is becoming multi-dimensional
Idols in modern day India have evolved to be a better representation of the country:
multi-faceted, passionate people who are global in spirit, but Indian at heart

@lightbox 47
Indian origin
talent and
stories are
loved globally
Ted Sarandos, Co-CEO Net
fl
ix

@lightbox 48
Homegrownbrandswidelylovedbycustomers
inIndiaandpresentacross500+cloudkitchens
Own kitchens in select
global markets
Partner’s kitchens in other
global markets with Rebel’s
OS and brands
North Indian Biryani Pizza
Kitchen Network (#)
3.5x
1.0x
Net Revenue
26.0
1.0
Mar-16
Jul-22
REBEL FOODS is taking its homegrown playbook
and brands to global markets
(Indexed to Mar-16)

@lightbox
Case Study: REBEL FOODS
At the time of our investment
QSR chain
Invested behind the idea to
pivot to a cloud kitchen model
Introduced Wendy’s to Rebel which led to an
exclusive licensing partnership in India.
Available at 76 locations
Lightbox recommended the new brand name
and built the brand architecture
• 60 restaurants
• 80% of delivery orders were
from customers who had
never visited the restaurant
• 2x AOV on delivery orders
compared to walk in orders
• Shut all restaurants and pivoted to
cloud kitchens
• Rent as a % revenue is 2% as
opposed to 30% in the QSR model
• Each kitchen can serve multiple
$MM brands without incremental
CAPEX
49
@lightbox

@lightbox
India is the future
“It's not India's
decade, it's
India's century.
– Bob Sternfels, CEO of McKinsey 50

@lightbox
India sits at a turning point in the
global economic order. China,
Europe, UK struggle on geo
politics and economics. If we
manage both in
fl
ation and
growth, we can move out of
emerging markets pack to a
standalone investment
destination.
-Uday Kotak, CEO, Kotak
Mahindra Bank (3rd largest
bank in India)
A new world order is emerging
52
@lightbox

@lightbox
World GDP Rank
Due to its sheer size and growth potential, India
is a natural hedge
22%
India’s share in
global growth
9.4%
India’s growth rate over
the next 5 years
India is the fastest growing economy
7.9%
China's growth rate over the
next 5 years
5.6%
World’s growth rate
over the next 5 years
# of countries with GDP > $1TN, CAGR > 7%
2000-2021 2022-2027 (E)
3
6
INDIA GDP
2014 2016 2018 2020 2022 2025 E 2027 E
5,533
4,682
3,535
2,668
2,703
2,295
2,039
GDP ($BN)
Source: IMF 53
#10
#7
#6 #6
#5
#5
#4

@lightbox
Acquirer
Capital Spend ($BN)
Reliance Adani Tata
90
55
70
38
17
62
42
17
45
2013-17 2018-22 2023-27 (E)
220%
140%
2019 2021
43
43
30
30
India Private Investments % of GDP China Private Investments % of GDP
Tata Group has historically invested in markets outside of India
India’s top 3 conglomerates have a renewed focus on India,
investing $220BN in 5 years
Country
United
Kingdom
Singapore
United
Kingdom
South Korea
Source: The Economist, CEIC Data 54
Company

@lightbox
Quadrilateral Security Dialogue
India now has a powerful voice on the world’s largest stages
If there is to be a free world decades from now, it will be India that
is sustaining it- with its rule of law, free press, and an economy
that is set to overtake China’s.
- Tony Abbott, former Australian Prime Minister
55

@lightbox
INDIA’s CRUDE OIL IMPORTS FROM RUSSIA ($MM)
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
3,019
1,902
1,300
210
0
180
I am one-
fi
ft
h of the world's population. I am
today the 5th largest economy in the world. I
feel I am entitled to have my own side. I am
entitled to weigh my own interests, and make
my own choices.
- Dr S Jaishankar,
Minister of External A
ff
airs of India
This is inspiring a boldness that has previously been missing
as India aligns herself topically based on her interests
Source: Business Standard 56

@lightbox
India will be a beacon of
digital innovation as well
as being a powerhouse
commercially.
-Alan Jope, CEO, Unilever
Continued growth,
consistent investment for a
long term in India is my
plan going forward.
-Noel Quinn, CEO, HSBC
Corporate leaders from global conglomerates want to
double down on India
57
-Mark Schneider, CEO, Nestle
Nestle plans to invest
$625MM in India by
2025 vs $1BN invested
over the last 60 yrs.

@lightbox
Consumption makes up 60% of India’s GDP
This consumption is being driven by a young, aspirational population
China 2020 USA 2020 India 2020
452
74
326
# people < 20 years of age
90MM
Indians have passports
#3 in terms of passport issued
27MM
Indians travel abroad every year
#15 in terms of international departures
Source: CEIC Data, Indian Tourism Data, Economic Times, IMF 58
58
median age
39 years
median age
29 years
@lightbox

@lightbox
18%
$365BN
43%
$20BN
10%
USA
UK
Japan
India
GMV
Market Growth
(%YoY)
$50BN
$36BN
16%
Source: Bernstein Report 59
Making India an important market for global
technology bellwethers
@lightbox
x

@lightbox
With growing aspiration amongst Indians, users beyond
metros are increasingly shopping online
Digital
fi
rst brands revenues from Tier 2+ cities
70% revenues
50% revenues
72% revenues
80%
of the 830MM+ Internet Users
are from Tier 2+ cities
57%
of the 210MM online shoppers
are from Tier 2+ cities
60%
of the mature e-commerce
markets are Tier 2+ cities
Source: Bernstein Report 60
@lightbox

@lightbox
19
Offline Stores
40%of Melorra’s revenue comes from non-metros
Net Revenue
Aug-21 Jan-22 Aug-22
2.1
1.4
1.0
MELORRA has bene
fi
ted from this increasing aspiration
Guwahati Store
Bhubaneswar Store
Bhopal Store
(Indexed to Aug-21)

@lightbox
India’s youth is being courted by global companies
$141MM+ raised, valued at $3BN
$85MM+ raised, valued at $560MM
$700MM+ raised, valued at $11BN
Source: Crunchbase 62
@lightbox

@lightbox
FY22 was the best year for Indian IT in more
than a decade where it grew by 15.5% and
added more than 500K jobs
40%
Women Employed
5MM
# of employees working in IT industry
30%
IT as a % total exports
People are India’s oil
Exports ($BN)
1980 2021 2021
202
178
0
India IT Exports Saudi Arabia Oil Exports
0.004
Source: RBI, NASSCOM, OPEC 63

@lightbox
Indian talent helming global private and public o
ffi
ces has
made India the top recipient of remittances at $87BN
Companies with
Indian CEOs
It’s amazing. Indian Americans are taking over the country: you, my vice
president [Kamala Harris], my speechwriter, Vinay… you guys are incredible.
-President Biden remarked in a phone call with Swati Mohan, an Indian-origin
scientist overseeing the landing of Perseverance Mars rover for NASA
Countries with Indian-origin
parliamentarians
India is a big part of what Adobe is all about. To hear
about ambitious ideas from them in terms of
commerce and economy is inspiring. Ease of doing
business and focus on digitization appeals to us.
- Shantanu Narayen, CEO of Adobe
64

@lightbox
The ruling party has received resounding support from the
public at large
BJP was the
fi
rst party
to form a single party
government in 25 years
Sensex 2014
Jan-14 Dec-14
27,499
21,140
45%
BJP was the
fi
rst party
to win more than 300
seats in an election in 35
years
147
16
54
44
282
BJP Congress NDA UPA Others
108
33
47
52
303
2014 Election
2019 Election
Sensex 2019
Jan-19 Dec-19
41,253
36,254
14%
Source: Election Commission of India, BSE 66

@lightbox
>75% of the PLI budget has been allocated to sunrise industries
PLI schemes by the government, amounting to $47BN, will
make India the world’s factory
Source: Bain Report 67
@lightbox
PLI SCHEME OUTLAY - $47BN
Others
13%
Solar Energy
5%
Renewable Energy
8%
Automotive
34%
Batteries
6%
Electronic Systems
20%
Semiconductor
14%

@lightbox
In many ways, India has
leapfrogged much of the rest of the
world especially with India’s data
stack, with the identity layer, the
payments layer, data for
healthcare, and the like. India has
created almost a new paradigm
for the use of technology in
these critical areas.
-Brad Smith
President and Vice Chair at Microso
ft
Corporation
5MM
Monthly Tele
Consultations
1.4MM
Accounts Linked
3BN*
Orders/month
The government wants to replicate India Stack’s
success across sectors
Source: Sahamati, Invest India, Niti Aayog
Healthcare
Data Flow
Commerce
68
*Target by 2027

@lightbox
Government has created a conducive environment for
innovation and investments
Source: Times of India 69
Built by the government of Telangana, with a total area of 600k sq.
ft
. and
ability to house 4,000 startups, T-Hub 2.0 is the world’s biggest
innovation campus, beating Station F based in Paris
Under the Startup India initiative, eligible companies can
get recognised as Startups by DPIIT, in order to access a
host of tax bene
fi
ts, easier compliance, and IP rights

2012 2014 2016 2018 2020 2021
39
10
7
5
5
3
VC investments in India ($BN) VC Investments in China ($BN)
29
19
47
10
H12021 H12022
90%
-38%
VC Capital is coming to India in droves
Venture Investments in India ($BN) India is closing the gap on China
Source: Bain Report 70
@lightbox

@lightbox
Dealflow management Analytics and benchmarking Monitoring and de-risking
Business Market Fit (Diabetes space)
0
10
20
30
40
50
60
70
Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21
Company 1 Company 2 Company 3
Lightbox’s in-house technology is integrated across our
operations: from sourcing to portfolio management
Variables: Revenue, Customers, Unit Economics
71
@lightbox

@lightbox
India is following a NEW
DEVELOPMENT MODEL
“Earth is now our
only shareholder.
– Yvon Chouinard, founder of Patagonia 72
@lightbox

@lightbox
Bangalore Map
Unencumbered development is leading to…
73
Source: Reuters

@lightbox 74
Bangalore received its highest rainfall in 35 years
… climate change, making it a
massive risk to consumtption
@lightbox
Source: HT Media Pvt. Ltd.

@lightbox
It would take 7 Earths for the rest of the
world to consume at the same rate
Americans do.
Our economic system and our planetary
system are now at war. What the climate
needs to avoid collapse is a contraction in
humanity’s use of resources; what our
economic model demands to avoid collapse
is unfettered expansion.
Only one of these sets of rules can be
changed, and it’s not the laws of nature.
National Carbon Emissions
1985 1990 1995 2000 2005 2015 2020
Emissions (MM Tonnes of carbon per year) Global Rank
India’s energy demand growth, at 25%, will be greater
than any country in the next 2 decades
75
#9
#7
#6
#5 #5
#3 #3
Source: Global Carbon Project, This Changes Everything Capitalism vs. The Climate

@lightbox
India has pledged to be net zero at COP26, marking the
fi
rst time India has ever set a net zero target
76
@lightbox
Source: Ministry of Environment, Forest and Climate Change
Reach 500GW non-fossil
energy capacity by 2030
50% of energy
requirements from
RE by 2030
Reduce emissions by 1 BT
from now till 2030
Reduced total carbon
intensity by 45% by 2030
Achieve net zero
emission by 2070
COP 26
commitments

@lightbox
Largest capital allocators from the country are following suit
77
The Adani group has committed
$70BN in green businesses,
the largest such commitment in
the world by any corporate
JSW Steel has committed
$1.3BN to cut Carbon Emissions.
Acquired green energy
producer Mytrah Energy for
$2BN
3
25 GW
Renewal energy
capacity
2022 2030
0
# of clean
gigafactories
85 GW
Emissions (tonne
CO2/tcs) 2.75 1.95
(India target is 2.4)
Source: Company Quarterly Reports
JSW ESG
Report

@lightbox
2016
invests $20BN
$3.3BN $0.54BN
Q1’22 Revenue Q1’22 Profit
$120BN
Jio Valuation
2022
420MM subscribers
in 5 years
#2 largest network
in the world
355MM
Internet Users
2016 2022
700MM
$6
Price per GB $0.2
4GB
Data consumed
per month 17GB
Reliance’s ambition in the crowded telecommunication space
has made it the #1 network in India
78
Source: Bernstein Report, Company Data, Economic Times

@lightbox
“Just as India has the world’s most a
ff
ordable
wireless broadband today, we will have the
world’s most a
ff
ordable Green Energy
within this decade.
“The Green energy business holds
great promise to outshine all our
existing ones in just 5-7 years.
Reliance has already invested $1.4BN of the
$10BN committed to Green Energy
79
Source: Reliance AGM, Company Quarterly Reports

@lightbox
Ather Energy raised $128MM led by the
Indian government’s sovereign fund NIIF
# of Months to sell units
10K 20K 30K 40K 50K
2
3
5
5
35
Electric Vehicles Sold in India (K)
Electric 2W Electric 3W Electric Car Electric Bus
5
45
200
750
0.4
3.4
90
152
FY20 FY23E
We opened our 50th store in Vadodara. This is a big milestone! 3 years back, I
was not confident that Indian market will sustain demand for >30 stores.
- Tarun Mehta, Founder of Ather
“
EV sales will cross 1MM units in FY23, up 300% over FY20
80
The EV revolution in India is led by 2 wheelers and
non-metropolitan states
One of India’s poorest states, Uttar Pradesh
has the highest number of EVs at 337K
Source: Ministry of Heavy Industries, Company Data

@lightbox
“A developed country is not a place where
the poor have cars. It's where the rich use
public transportation.
- Mayor of Bogota
202,253
Metric tons of CO2
emissions reduced
43,775
Private vehicles reduced
on streets of Mumbai
CITYFLO is reducing carbon emissions while creating
inclusive economic growth for its drivers
81

@lightbox
Over 80% of engineers in India are unfit to
take up any job in the knowledge economy
India needs to create 90MM non-farm jobs in
10 years
India is the world’s most depressed country
200MM
Indians requiring care for
mental health conditions
>90%
Treatment gap
Social factors pose a big risk to consumption in India
82
Source: McKinsey, Healthark Insights, Aspiring Minds Report

83
Upskilling for employability is the call of the hour, especially
in tech, given the large demand/supply gap
Source: Census Data, MCA
India’s Job Market
Demand
Supply
High Technical Courses taught online via
Cohort Based Courses (CBCs) offered by
150MM Students
Limited by access,
location, and skills
1MM Enterprises and Startups
Limited by a lack of influence over
academia, and high cost of hiring & training
@lightbox
2-3x higher chanceof securing a job
after a course on CBCs as compared
to graduating from Tier 2 colleges in India

All of India’s insurance policies
now cover mental health issues
The Mental Health Care Act of 2017 breaks through the
taboo of mental health, creating a legally binding right to
mental health care in India
84
Source: Ministry of Law and Justice, Company Data @lightbox

Mental health is no longer spoken about in hushed voices
85
@lightbox

@lightbox
Online O
ffl
ine
OPDs
IPDs
Tele Therapy
Self-Help
Programs
Clinical Team
Tech Tools
+
Content and
Communities
Chatbot
Mood and Goal Tracker
Payments and Insurance
Bookings and Assessments
Activities and Prescriptions
Provider Tools
Client Tools
6x
Revenue 2.5x
Tele-consultations
sessions
Growth YoY
70%
clients engaged with
a digital tool between
sessions
sessions booked by
clients who have
engaged with tools
compared to avg.
2x
Tech intervention
AMAHA is building India’s leading omni-channel mental
health ecosystem focused on moderate to severe patients
86

Fund and portfolio aggregation of Environmental, Social and Governance measures
LIGHTBOX has built in-house tech to analyse
companies’ ESG performance
87
@lightbox
Company 1 Company 2 Company 3

@lightbox
profit and impact
are not mutually
exclusive.
88
@lightbox

@lightbox
India - Our time has come
1. India is a Moneymaker:
India has delivered returns: the public market has generated 12% annual returns, twice the
global average. Now the time is ripe for newer assets classes to
fl
ourish
2. India is Unique and Changing:
India is so many things at once, which is why you need to be HERE to understand it. We have
Europe’s diversity, China’s scale, America’s enterprise, and Africa’s hope
3. India is the Future:
Large young population that is ambitious and aspirational: allowing for a myriad of businesses to
be built, propelling India to be 22% of the world’s growth over the next decade
4. India is Stable:
India is geo-politically strategically placed, has a stable government that is investing in building
infrastructure, and improving ease of doing business, and growing global so
ft
-power
89
@lightbox

Lightbox's India Story

Recommended

Recommended

More Related Content

Similar to Lightbox's India Story

Similar to Lightbox's India Story (20)

Recently uploaded

Recently uploaded (20)

Lightbox's India Story