Affle (India) Limited - Corporate Presentation Consumer Intelligence Driven Global Technology Company
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Affle (India) Limited Corporate Presentation June 2020 Consumer Intelligence Driven Global Technology Company
15 years
Track Record
High
Growth Markets
Differentiated Robust
Business Model Profitability
Global
Built to Last Scalable
Reach & Opportunity
Strong
Data Platforms Cashflows
Leading
In India
Deep High
Tech Assets Return Ratios
Credible
Customer Base
Accelerated Positive
Consumer Adoption Net Cash
Committed
Leadership
Sustainable
Growth Strategy
Affle | At a Glance
ABOUT BUSINESS SEGMENTS GLOBAL REACH
o Global technology company with a leading 1) Consumer Platform: Delivers acquisitions, India, South East Asia (SEA), Middle East and
market position in India and a profitable engagements & transactions for leading brands and Africa (MEA), North America (NA), Europe,
business model B2C companies. Also, includes retargeting & push LATAM, Japan, Korea and Australia (JKA)
notification for e-commerce (97.2% FY20 revenue)1
o Existent partnerships with top global
e-commerce companies, brands & agencies
2) Enterprise Platform: Enabling offline businesses to
go online through App development, O2O2 commerce
51.2% 48.8%
& data analytics (2.8% FY20 revenue)1 India revenue1,3 International revenue1,3
12M FY2020 12M FY2020
END TO END MOBILE ADVERTISING R&D FOCUS WITH A STRONG PATENT FINANCIAL SUMMARY
PLATFORM PORTFOLIO (12M FY2020 Consolidated)
o In-house data management platform with over 3 10 1 4 Revenue Rs. 3,338mn
2.1 Bn4 connected devices reached, that drives Patents Patents filed in Patent related Patents
our predictive optimization algorithm registered in USA & India for to retargeting filed in EBITDA5 Rs. 888mn
o Fraud Detection platform to help deliver high US for digital digital ad fraud business filed Singapore
ROI to our customers advertising detection in US PAT Rs. 655mn
1) For the financial year ended March 31, 2020 on a consolidated basis; 2) O2O : Online to Offline; 3) Region-wise contribution and is different from the billing entity-wise segmental break-up
disclosed in financial results; 4) For the last twelve months period of April 1, 2019 to March 31, 2020 on a consolidated basis; 5) Adjusted for Rs. 9.37 mn of creditors written back in Q4 & 12M FY2020 3
Affle | Cost Per Converted User (CPCU) Business
91.4% of Consumer Platform revenue contributed by CPCU model in 12M FY2020 and 8.6% from Non-CPCU (CPC/CPM1 type advertising)
New user conversion Existing user repeat New/existing user
(online) conversion (online) conversion (offline)
Use Case – Targeted new user
Use Case – Target interested user to Use Case – Online bookings to drive
acquisition optimized to in-app
complete the transaction offline walk-ins (O2O)
transaction/registration/event
1) CPC is Cost per Click, CPM is Cost per thousand Impressions
4
End to End Technology Platform
Indian Ad Tech
~39% CAGR 2017-22
Smartphone segment India
~27.1% CAGR
2017-21
10 patents filed
mDMP
Advertisers
DIGIXX award 2019
Digital Marketing
Shoppers
Excellence in
Technology >5503 bn
mFaaS Data points processed
IAMAI award - Best
ROI
Big Data Tech >2.13 bn
Platform Connected devices
Consumers
reached
Human vs non-
human traffic
Consumer Platform Business 72.3 mn
Converted
Users
SG:D Accredited FY2020 Converted
CPCU1 Revenue = CPCU2 x Users
Rs. 2,965 mn = Rs. 41.02 x 72.3 mn
~27.6%
E-commerce CAGR 2017-22
Market India
FY2020 Revenue from Operation of Rs. 3,338 mn (Break-up)
Brands / CPCU Revenue + Non-CPCU Revenue + Enterprise Revenue
Retail Rs. 2,965 mn Rs. 280 mn Rs. 92 mn
1. Cost per converted user (Pricing model for Affle, which is the cost paid by the advertiser); 2. Average CPCU; 3. For the last twelve months period of April 1, 2019 to March 31, 2020 on a
consolidated basis; Source: Industry data basis Frost & Sullivan Report 5
Affle | Market Consolidation with acquisition of mobile app recommendation platform
o To initially acquire 66.67% equity ownership in Appnext Singapore, with a clear path to acquire 100% ownership upon attainment of mutually agreed growth targets
o Affle acquired full control of Appnext Pte. Ltd., Singapore and 100% IP of Appnext app discovery and recommendation platform (As on June 8, 2020)
In-App Advertisements –
Inherently a high growth business
Mobile App Recommendations through Strategic OEM Partnerships
Enables top mobile OEMs and
apps developers to deliver on-
Strengthens
device personalized app
our CPCU model
+
Significantly recommendations to mobile
users globally
Over 300 million daily active
users and 20+ daily interactions
across Widgets, Folders, -1
Screen, OEM store and more
6Key Investment Highlights
1
End to end mobile advertising platform-based solution
2
Technology and Innovation powered growth
3
Profitable, low-cost business model with an asset light, automated and scalable platform
4
Addressing key industry issues related to consumer privacy and ad fraud
5
Proven international track record with significant growth potential
6
Well defined strategic roadmap for organic and inorganic growth
7
Leading position in India – A high growth market with substantial barriers to entry
71 End to End mobile advertising platform-based solution
o Affle is uniquely positioned to offer end to end platform-based solutions to deliver higher ROI to its customers
Key Components of Affle’s Consumer Platform
Audience Data Quality Experience
Publishers integrated
over SSP/API*
Appographic data
Commerce data
Intent data
Real-time Fraud checks Engaging Rich media, video &
Programmatic outreach over to help reduce ad fraud and native ad units to maximize
Trading Desk enhance quality ad experience
* SSP: Supply Side Platform; API: Application Programming Interface; DMP: Data Management Platform
82 Technology and Innovation powered growth
Platform-as-a-Service
(PaaS) Model
Identify Affle is commercially ready to
interested users license the PaaS technology to the
Proximity Marketing with
customers, which will complement
Incrementality measurement of
online ads on offline walk-ins our CPCU business and has a zero-
cannibalization factor
Mediasmart Acquisition
Self-serve mobile proximity
Acquire new users &
Re-engage users & Maximize shoppers platform. Strengthens our
transactions across adtech & omnichannel capabilities to enable
martech channels
marketers in driving incremental
online & offline conversions, and to
Drive conversation and engagements build greater strategic presence
across developed markets
PaaS to provide further impetus to bottom line growth
93 Asset light, automated and scalable platform
o Scalable and proven technology platform has delivered outcomes profitably despite operating in a low CPCU market
Strong Network effects In-house platform leveraging
Flexible and Scalable Enhanced ability to generate cloud computing infrastructure
actionable outcomes, more
More ads delivered businesses to use Affle’s platforms Secure and trusted platform to
process and store large scale user data
Growth in connected devices profiled over cloud computing infrastructure
with servers in India, Singapore & US
Self Learning & Predictive algorithm
Delivery of more precisely targeted ads
Proprietary and real time
Research & Development Affle’s prediction and recommendation
A result of 14 years of focused R&D, Artificial Intelligence algorithm operate in real time and at a
supported by a team of 126 R&D1 and 62 Machine Learning significant scale, setting them apart
Data Platforms & operations personnel1 from competitors
Deep Learning
Note: 1. As at March 31, 2020 10Addressing key industry issues related to privacy and ad
4
fraud
Robust IP Portfolio | Real time fraud detection through mFaaS | Platform accredited by SG:D
Data Privacy / IP Portfolio Ad Fraud Accreditation
8 Patents in US & Singapore 10 Patents filed in US & India related to
digital ad fraud detection
3 Patents registered in US
#1 Consumer Acceptable Advertising
Affle’s Real time solution for addressing mobile ad
#2 Online Search System method & fraud, a major issue in digital advertising Singapore Government
Computer Program
Organization
#3 Extending the use and/or application
of messaging systems Accredited based on
audits/assessment of security,
1 Patent filed in US reliability, usability and
DIGIXX Awards 2019 IAMAI India Digital Awards 2017 maintainability of the platform
#4 Partner pixelling for user identification
with data servers in Singapore,
mFaaS awarded Gold in ‘Digital mFaaS awarded as the industry-wide ‘Best
India and USA
Marketing Excellence in Technology’ Big Data Technology Platform’ of the Year
4 Patents filed in Singapore
11Proven international track record with significant growth
5
potential
Leveraging big data and machine learning capabilities to drive deeper penetration across emerging markets and deliver higher
conversions
# Converted users (mn) Average CPCU (Rs.) CPCU Revenue (Rs. mn)
FY2020 72.3 41.0 2,965
FY2019 55.0 40.3 2,220
12Well defined strategic roadmap for organic and inorganic
6
growth
Enabled by enhancing strengths and leveraging market opportunities in India and International markets
Invest in to develop and continuously
enhance technological capabilities
Drive deeper penetration in emerging Further develop the fraud detection &
markets with a key focus on delivering prevention platform and address key
more conversions across industry verticals industry challenges
Expand the scope of our products from
just mobile to connected devices and Continue to selectively pursue
mapping consumer’s journey as an acquisitions
omnichannel platform
Enhance revenue from existing and new
Continue to invest in the 4V strategy of Voice,
customers and strategically invest in
Video, Vernacular and Verticalisation
inventory & data cost to reach the next
billion shoppers on connected devices
136 Inorganic Growth Plan
Pre Deal Assessment: Key Capability Attributes Strategic Focus
Financial Knowledge: Complementing
teams, tech and data
strengthen our strategic focus
Sustainability and enable efficient
Platform
(Data)
expansion to other emerging
markets
M&A Targets must Customers: Complementing
Scalability
Knowledge
Product
customer relationship to
(Tech)
have complementing
People, Products, enhance growth and build
greater recurrence with
Platforms and
integrated tech and data
Customers that would
Growth result in sustainable
(Team)
People
financial growth... Financials: Enhance value for
shareholders by enhancing the
profitability of the acquired
businesses and the PE
multiple
Relationship Recurrence Retention
Customers
147 Leading Position in India
o Affle holds a leading position in the fast-growing Indian market and has demonstrated consistent profitability in a market which has
substantial barriers to entry
Indian digital market to post strong growth while it is characterized by low prevailing CPCU’s and other unique challenges
Indian market – substantial barriers to entry Strategic advantage
Wide variation in buying patterns by Familiarity with local demographics,
Demographics audience types making optimization of algorithm accuracy and strong network
marketing spends challenging enables precise consumer targeting
Given lower consumer transaction values, Track record of delivering profits in a low
Price sensitivity
India remains a low CPCU market CPCU market like India
Online commerce penetration is still low Better placed due to extensive connected
User behavior and thus more challenging to find devices profiled, proprietary technology
transacting users and local knowledge
Source: Frost & Sullivan Report titled “Industry Insights on the Advertising and Ad Tech Market” dated July 12, 2018
15India, a high growth market characterized by rapid growth in
7
internet, e-commerce and digital advertising
o Positive outlook for the advertising industry, backed by a rapid economic growth, technology advancements and internet penetration
India’s e-commerce market is in its early growth stages and has
India’s internet user base to expand significantly caused an all-encompassing revolution in the retail industry
# internet users (mn) E-commerce market size (US$ bn)
1
730 130
445 93
68
39 50
2017 2020
2017 2018 2019 2020 2022
Digital advertising spend in India Mobile vs. desktop advertising spend in India
(US$ bn) (US$ bn)
4 2
2 1
0
0 2017 2018 2019 2020 2021 2022
2017 2018 2019 2020 2021 2022
Mobile Desktop
1. Potential to be achieved basis increase in digital payments, broadband penetration and product options across the country
Source: Frost & Sullivan Report titled “Industry Insights on the Advertising and Ad Tech Market” dated July 12, 2018 16COVID-19 Updates, Financial Summary and Recent Developments
COVID-19 | Top 10 Resilient Verticals
Category E Category F
Categories E I F I G I H
Top 10 verticals
E-commerce Fintech I Foodtech I FMCG
Entertainment I EdTech contributed over 74%
revenue for FY2020 and
Category G Category H over 76% for Q4 FY2020
Gaming I Groceries I Government Healthtech
18COVID-19 | Affle’s Response & Outlook
3Cs CONSUMERS CUSTOMERS / ADVERTISERS COMPETITORS
Macro
Factors
▪ Due to lockdown restrictions on e-commerce
▪ Mobile usage and screen time up multiple and online delivery in India, Affle is impacted
folds due to work from home/lockdowns for the short-term ▪ Advertisers’ demand for ROI driven CPCU
Immediate ▪ Volume of internet traffic, impressions and ▪ But for other geographies where lockdowns
up as compared to pure CPC/CPM models
Impact clicks considerably increased were not so strict, e-commerce has thrived ▪ But not all competitors are technologically
tuned to deliver deep conversions
▪ % transactions on mobile significantly up ▪ Our industry verticals except (hospitality -
travel & transport) are Covid-19 resilient
▪ New opportunity in 2 areas: 1) Customers need ▪ Affle to gain the market share vs.
▪ Affle’s ability to buy inventory (impressions &
to monetize existing digital assets and competitors, as select competitors will find
clicks) at a lower cost up in this period
Business 2) Customers must invest to be digitally ready it difficult to negotiate this interim period
▪ Adoption curve of consumers becoming online
Outlook shoppers to shorten and mobile conversions
▪ Affle to license its technology on Platform-as- ▪ Affle to gain the market share through
a-Service (PaaS) model to enable greater careful strategic investments and
and transactions would increase
digital readiness and monetization acquisitions.
19COVID-19 | Affle’s Response & Outlook
3Cs COLLABORATION CASH FLOWS CONSOLIDATION
Micro
Factors
▪ Our SEA offices started transitioning to work ▪ Our customer base is mostly large enterprises
from home in early-Feb 2020 with good credit ratings
▪ Linked to earlier C – Competitors (Macro
▪ Our India offices started transitioning to work ▪ Continuing our cash flow positive operations Factor) most of the competitors don’t have
Immediate from home around mid-Feb 2020
▪ Optimized fixed costs: 1) New hiring freeze; 2)
strong balance sheets or profit margins to
tide through the tough phase
Response ▪ 100% employees remotely working much Appraisals postponed; 3) Office Rentals
before any lockdown restrictions by govt. renegotiated; 4) Travel cost is negligible ▪ Affle should find some credible opportunities
for strategic consolidation
▪ Business Continuity Plan in place to ensure ▪ But no cuts in jobs, salaries or pre-agreed
effectiveness of our systems/people globally bonuses for any employee
▪ Going deeper globally leveraging our scalable
▪ Naturally hedged in currency terms as around
tech infrastructure ▪ Will continue to pursue strategic
Business 50% - 50% business is in INR and USD
investments and consolidation activities
▪ With customer interactions happening on video
Outlook calls, we are able to sell even in geographies
▪ Ability to delay payments and balance any backed by our strong balance sheet
delays in collections (if needed)
where we do not have on-ground teams
20Annual Performance Trend (Consolidated)
Revenue CAGR 41.3%
EBITDA CAGR 39.7%
PAT CAGR 53.4%
Revenue from Operations
EBITDA
Y-o-Y Growth 33.8% 26.3% 34.2%
PAT
3,338
Particulars in Rs. million 2,494
1,672
1
888
703 655
455 488
278
FY2018 (Unaudited) FY2019 FY2020
Note: 1) EBITDA adjusted for Rs. 9.37 mn of creditors written back in Q4 & 12M FY2020
21Cashflows Trend and Return Ratios (Consolidated)
Operating Cash Flows (Rs. mn) Return Ratios (As of March 31, 2020)
OCF / PAT Ratio 111% Balance Sheet
Non-adjusted
*Key Ratios Adjusted for Net
for IPO Proceeds
IPO Proceeds1
730
ROE (%)
45.7% 28.6%
(Return on Equity)
478 ROCE2 (%)
36.9%2 27.7%2
419 (Return on Capital Employed)
ROA (%)
19.7% 16.4%
(Return on Assets)
Gross Debt/Equity (x) 0.44x 0.28x
FY2018 (Unaudited) FY2019 FY2020
Note: 1) [Rs. 857.64 mn of Net IPO proceeds, the FD interest earned on Net IPO proceeds, Rs. 1.55 mn of IPO Advances, and IPO proceeds utilized] are adjusted in Balance Sheet numbers to
calculate the return ratios; 2) EBIT adjusted for Rs. 9.37 mn of creditors written back in Q4 & 12M FY2020
*Key Ratios: Return on Equity = (PAT / Total Shareholder’s Equity); Return on Capital Employed = [EBIT /(Total Assets – Current Liabilities)] and Return on Assets = (PAT / Total Assets) 22Quarterly Performance Trend (Consolidated)
Revenue from Operations (Rs. mn) PAT (Rs. mn) & PAT Margin (%)
945
847 23.8%
800 22.0% 22.3%
17.1% 17.6% 18.3% 18.3%
741 746 14.1%
604 605 214
544
163 156
145 153
132
103
77
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY2019 FY2019 FY2019 FY2019 FY2020 FY2020 FY2020 FY2020 FY2019 FY2019 FY2019 FY2019 FY2020 FY2020 FY2020 FY2020
On account of business seasonality, Q3 is typically the highest quarter in an year
23Affle | Top 10 Customers Profile
▪ Top 10 customers concentration reduced in FY2020
▪ Natural shift in the select industry verticals where more advertisers are engaging directly than through their advertising agencies
12M FY2019 Customer Contribution 12M FY2020 Customer Contribution
As a % of Consolidated Revenue As a % of Consolidated Revenue
Top 10
Customers Top 10
Customers
64.5%
45.5%
Others
Others
54.5%
35.5%
24Recent Developments | Product Launch
An omnichannel marketing platform that significantly strengthens our CPCU driven business model
Artificial Intelligence (AI)-Driven
Omnichannel Marketing Platform
Connects all devices and channels over its unified
platform and delivers integrated consumer
experiences across connected devices
Allow marketers to craft unique consumer journeys
to drive higher conversions and ROI powered by AI
and ML algorithms
25Affle | Recent Wins
Won Gold for ‘Best Use of Technology’
Awarded Silver for ‘Best Lead for Bobbi Brown; ‘Best Use of
Generation Through Mobile’ for Meesho Programmatic’ for Meesho and one more
at IAMAI - India Digital Awards 2020 award for Meesho at ET BrandEquity
India DigiPlus Awards 2020
Awarded ‘Great Place to Work’ Won ‘IPO of the Year’ for the most
recognition in mid-size company category successful IPO in 2019 at 2019 HURUN
by the Great Place to Work Institute INDIA
Won Gold for innovative mobile Recognised as the ‘Technology Company
advertising for Meesho at MMA (Mobile of the Year’ & ‘Best in Show’ and 6
Marketing Association) Smarties - APAC more awards for top brands at MMA
Awards 2019 and Global Awards 2019 Smarties Awards 2019, Mumbai
26Affle | Investors Information
Shareholding Pattern *Brokerages Covering Affle (As on date)
Total Shares Outstanding as on March 31, 2020 –
Nomura Sharekhan
25,496,367
6.3% Promoters & Axis Securities ICICI Direct
Promoter Group
13.9%
*Clockwise in order of coverage initiated
Mutual Funds / Banks
/ Insurance / AIFs
11.4% Market Updates (As of March 31, 2020)
FIIs / FPIs / FCBs
✓ Constituent of MSCI Domestic Small Cap Index; Nifty
68.4%
Others MidSmallcap 400 and Nifty Smallcap 250 Indeces
✓ Ranked 360th amongst NSE Top 500 Companies
27Group Structure and Board & Management Profile
Group Shareholding Structure | As on Date
Key Investors of the Promoter
Affle Holdings Pte Ltd (“AHPL”) (AHPL)
Singapore
100.0% 52.62%
Affle Global Pte Ltd (“AGPL”) 15.76% Affle (India) Ltd (“Affle”)
Singapore India
100.0%
Affle International Pte Ltd.
(“AINT”)
Singapore
100.0% 100.0% 100.0%
Bennett, Coleman & Co. Ltd.
Mediasmart Mobile S.L.
PT Affle Indonesia (“PAI”) Affle MEA FZ LLC (“AMEA”)
(“Mediasmart”)
Indonesia Dubai, UAE
Madrid, Spain
Appnext Pte. Ltd.
(“Appnext”)1
Singapore 66.67%
1. Acquired 66.67% of equity ownership (100.0% voting rights) and
100.0% ownership of Tech IP assets – As on June 8, 2020 29Promoter and Independent Directors
Individual Promoter and Managing Director
Anuj Khanna Sohum o A technopreneur with over 19 years of experience in leading technology products / platform-based businesses
Chairman, Managing Director o Co-founded Anitus Technologies Pte. Ltd. and Seclore Technology Pvt. Ltd. in past
and Chief Executive Officer o Graduated in computer engineering from the National University of Singapore (NUS), Stanford Executive Program from
the Graduate School of Business, Stanford University and alumnus of Harvard Business School (OPM)*
Non-Executive Independent Director
Sumit Mamak Chadha o Over 27 years of experience in banking & financial services, previously worked in Citibank N. A. India for 20 years where
she last worked as Director and at BlackRock Services India Pvt. Ltd. for two years as Managing Director. Currently, head
Chairperson of CSR of enterprise shared services at XL Catlin and a director of XL India Business Services Pvt. Ltd.
Committee
o Graduated from St. Stephen’s College at University of Delhi and a master’s degree in economics from Delhi School of
Economics at the University of Delhi and a master’s degree in economics from the University of California
Non-Executive Independent Director
Vivek Narayan Gour o Over 32 years of experience in marketing, financial services and aviation industry, previously in Genpact India and GE
Capital Services India and also been the MD and CEO of Air Works India (Engineering) Pvt. Ltd. Currently, he is also
Chairperson of Audit serving on the boards of directors of MakeMyTrip Limited and IndiaMART InterMESH Limited
Committee
o Graduated in commerce from the University of Bombay, an MBA from FMS, University of Delhi and completed the
Owner/ President Management Program from Harvard Business School
Non-Executive Independent Director
Bijynath o An advocate and solicitor based out of Singapore, held the position of the Managing Director of the Camford Law
Chairperson of Nomination & Corporation when it was the Singapore member firm of PWC International. Founded the law firm Oxon Law and
Remuneration Committee currently heads its practice
o Holds a bachelor’s degree in jurisprudence from the University of Oxford
*Owner/President Management Program 30Key Management and Global Advisors
Executive Director
Anuj Kumar o Over 18 years of experience in advertising and technology platforms-based business roles
Chief Revenue & Operating o Previously worked with J Walter Thompson (JWT), WPP Marketing India Pvt. Ltd. and ESPN Software India Pvt. Ltd.
Officer o Graduated from St. Stephen’s at University of Delhi and post graduate diploma in communications from Mudra Institute of
Communications, Ahmedabad (MICA)
Charles Yong Jien Foong o Has been associated with Affle Global since 2008 as the Director Online Services
o Over 20 years of experience and previously worked with The Edge Consultants Pte. Ltd. and Okilabs Pte. Ltd.
Chief Architect & Technology
o Bachelor’s degree in Sciences and in Engineering (honours) from Monash University
Officer
Kapil Mohan Bhutani o Leads the finance function for Affle
o Previously worked with KMG Infotech, a New York based software development Company and M/s. S. Mohan & Co.
Chief Financial & Operations
o Graduated from University of Delhi and is a member of the Institute of Chartered Accountants of India
Officer
Non-Executive Director
Mei Theng Leong
o Over 20 years of experience in accounting & finance previously held positions at IHM Sdn. Bhd., Pioneer Corporate Services Pte. Ltd. and
Chief Financial & Commercial Group Financial Controller at Europtronic Group Ltd.
Officer (International) o Bachelor’s of commerce majoring in accounting and finance from Curtin University of Technology, MBA from the University of Hong Kong
and a fellow member of CPA Australia
Richard Humphreys Advisor (Affle India)
o Extensive experience in advertising & media and previously served as the President of Saatchi & Saatchi Advertising Worldwide
Director of AHPL o Later set up the Adcom Investors in the United States and over the years has advised some of the world’s leading media companies
Advisor (Affle India)
Jay Snyder
o Has served as a Public Delegate, U.S. representative at the 55th UN General Assembly, a member of the US Advisory Commission on Public
Independent Observer Diplomacy & as Commissioner of the New York State Commission for Public Authority Reform
On Board of AHPL o Currently principal at HBJ Investments LLC, a private-equity and seed-capital funding company and has also worked with Biocraft
Laboratories, retiring as its Vice-President of Research and Product Development
31Disclaimer
This presentation and the accompanying slides (the “Presentation”) have been Certain statements contained in this Presentation are statements of the Company’s
prepared by Affle (India) Limited (“Affle” or the “Company”) solely for information beliefs, plans and expectations about the future and other forward looking
purposes and does not constitute an offer to sell, or recommendation or statements that are based on management’s current expectations or beliefs as well
solicitation of an offer to subscribe for, or purchase any securities, and nothing as a number of assumptions about the Company’s operations and factors beyond
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This Presentation is strictly confidential and may not be taken away, copied, and uncertainties that could cause actual results to differ materially from those
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32Frost and Sullivan Disclaimer
“This independent market research report on the advertising and ad tech varying levels of quantitative and qualitative analyses, including industry
market has been prepared by Frost & Sullivan India Pvt. Ltd. (“Frost & journals, company reports and information in the public domain.
Sullivan”) for Affle (India) Limited (“Affle”) in relation to the initial public
offering of Affle’s equity shares (“Equity Shares”) and the listing of the Forecasts, predictions, and other forward-looking statements contained in
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of, among others, secondary statistics research, but it does not purport to in this report as advice relating to business, financial, legal, taxation or
be exhaustive. The results that can be or are derived from these findings investment matters and is advised to consult its own business, financial,
are based on certain assumptions and parameters/conditions. As such, a legal, taxation, and other advisors concerning the offer of the Equity
blanket, generic use of the derived results or the methodology is not Shares.
encouraged.
This report has been prepared for Affle’s internal use, submission, and
Unless stated otherwise, all analysis, estimates, and forecasts, predictions, sharing with all parties advising on the offer of Equity Shares as well as for
and other forward-looking statements contained in this report are Frost & the inclusion of all of it or any parts thereof in Affle’s draft red herring
Sullivan’s. Frost & Sullivan’s analysis, estimates and forecasts, predictions, prospectus/red herring prospectus/prospectus.”
and other forward-looking statements contained in this report are based on
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