The Age of Coming of d2c in India 1lattice
The Age of Coming of d2c in India 1lattice
The Age of Coming of d2c in India 1lattice
OFAGE OF D2C
IN INDIA
6 Benchmarking Sub-Segments
Across the D2C Landscape
7 Looking Back
7.1 Key Success Factors for D2C Brands
7.2 Key Enablers for D2C Brands
8 Looking Ahead
8.1 Predicting the Way Ahead for D2C Brands
Foreword
This report conducts an analysis of the evolutionary journey of D2C in India thus
far, examining the emerging tech-based approaches, key drivers, evolving
trends, and the substantial benefits to all stakeholders. Additionally, it highlights
the challenges & bottlenecks in greater omnichannel integration in the coming
years. Furthermore, the report underlines the role of enablers within the D2C
ecosystem, emphasizing how they streamline the process of establishing and
enhancing the competitiveness of D2C brands in the market.
With further expansion of the online market & integration of offline aspects into
the D2C ecosystem, there will be large numbers of brands entering the market in
the coming years. The report shed light on dynamic forces shaping the D2C
landscape offering valuable insights for businesses seeking to thrive in this new
era of commerce. It also aims to provide various industry stakeholders including
business leaders with an overall perspective on the market. The report reflects
our perspectives as of March 2024. We, at 1Lattice, look forward to continuing the
discussion with our friends across sectors and exchanging notes.
Foreword
India’s retail market is a core element of its overall GDP. As India continues to
grow, so will its overall retail market. However, this growth might differ from the
past with the emergence of new distribution channels and their respective
ecosystems. India’s per capita income is also at an inflection point that will
lead to an increase in discretionary spending going forward. Thus we believe
that mid-term growth is bound to accelerate vs the past. We also foresee a
shift in the overall channel mix, with marketplace + brand.com channels
poised to gain at the expense of offline. Coupled with accelerating growth and
channel share gains, we believe that the next 3-5 years are ripe for digital first
brands to potentially breakthrough and establish themselves. We also believe
that this opportunity isn’t limited to any particular category but far more
homogenous.
- Personalization & customization, • Different tools & enablers exist to help D2C
celebrity-owned labels & growing men's brands optimize operations, enhance
fashion are some of the key trends personalization capabilities & drive
business growth through different parts of
- Revenue optimization & demand-driven
the brand’s value chain
product assortment are some of the key
success factors • Process automation, social commerce
integration, & hyper-localization are some
• India’s D2C grocery market was estimated
of the levers expected to drive D2C brand
to be ~US$ 6.7B in FY23 & expected to grow
growth in the future
at a CAGR of ~41% from FY23-27
- Unadulterated & fresh offerings,
subscription & customization model, &
conscious snacking options are some of
the key trends
Looking Back
Looking Ahead
© 1Lattice | 07
Significance of Retail in India’s GDP
Brand.com, 1%
Government Marketplace,
spending, Others**, 15% 7%
10%
Communication, 2%
Education, 4%
Investments, Health, 5%
29%
Fuels*, 12%
Transport,
15% Offline, 92%
Consumer
spending,
61% Retail,
46%
Note(s): *Includes housing, water, electricity, gas & other fuels, **Includes spend on recreation, restaurants & hotels, & other goods & services
Source(s): Ministry of Statistics and Programme Implementation (MoSPI), Industry reports, 1Lattice & Sorin analysis
© 1Lattice | 08
India Retail Market Deep-Dive: Sales Channel Comparison
Control over • Limited control as • Brands share space • Full control over
branding products are with competitors, brand image &
displayed within the potentially impacting opportunity to drive
store's context individual brand customer loyalty
visibility
India retail market size expected to be ~US$ 1.4T in FY27; growth expected to accelerate
to ~10% from FY23 to FY27
India Retail Market
(US$ B, FY23-27P)
CAGR 1,396
~10%
CAGR
~7%
953
763
953 1396
1% 2%
7% 9%
Brand.com
Marketplace
92% 89% Offline
FY23 FY27P*
FY23 65% 9% 8% 7% 3% 3% 5%
FY27P* 65% 9% 8% 7% 3% 3% 5%
Food & grocery Appliances & consumer durable Apparel & footwear
Looking Back
Looking Ahead
© 1Lattice | 11
India D2C Market Deep-Dive [1/2]
India D2C Market Size Category Mix India D2C Market Sales Channel Mix
(US$ B, FY23-27P) (US$ B, FY23-27P)
61.3 61.3
5%
5% 13%
11%
CAGR
12% 22%
~38%
24%
39% 64%
Note(s): *Projected
Source(s): CII India D2C report, IAMAI DNB report, 1Lattice & Sorin analysis © 1Lattice | 12
India D2C Market Deep-Dive [2/2]
Grocery & fashion expected to add ~US$ 30B incrementally to the overall D2C market
by FY27
14.9 34%
19.4
16.9
0.7 1.0
1.8
2.2 26.0 41%
4.6
6.6
0.6
~9%~9%
Note(s): *Projected, **Estimated, ***Support services like repairs & maintenance, logistics, return & exchange etc. 1Artificial Intelligence © 1Lattice | 14
Source(s): Industry reports, 1Lattice & Sorin analysis
Inception of D2C as a Sales Channel in India
Since CY16, 600+ D2C brands have started operations, have received >US$ 4B
investment, & 9 companies have scaled up to become unicorns
#Brands entered in
D2C space since CY16
Note(s): 1is calculated by dividing the total investments in a specific year / total # transactions in a specific year, 2US$ 1 = INR 82.25,
3
Radio-frequency identification, 4Internet of Things
Source(s): Industry reports, expert interviews, Press releases, 1Lattice & Sorin analysis © 1Lattice | 15
Agenda
Looking Back
Looking Ahead
© 1Lattice | 16
India D2C Market Investment Scenario
D2C companies have seen a cumulative D2C companies have seen a total of
investment of US$ 4B from CY20-23 ~730 transactions from CY20-23
India D2C Industry Investment Landscape India D2C Industry Investment Landscape
(US$ B, CY20-23) (#transactions, CY20-23)
Note(s): * is calculated by dividing the total investments in a specific year / total # transactions in a specific year
Source(s): Tracxn, 1Lattice & Sorin analysis © 1Lattice | 17
D2C Investments: Pre-COVID, During COVID, & Post COVID
Total
Investment
~US$ 0.8B ~US$ 1.6B ~US$ 2.5B
Number of
Transactions
Average
Investment
Amount /
Transaction* ~US$ 2.8M ~US$ 4.4M ~US$ 6.8M
Key Investment
Category
Fashion, BPC, Fashion, Fashion, BPC, & Home décor
Grocer, & BPC** & Electronics & Household Supplies
Illustrative
Investment
During the
Period
Notes: *is calculated by dividing the total investments in a specific year / total # transactions in a specific year, **Beauty & Personal Care
Source(s): Tracxn, 1Lattice & Sorin analysis
© 1Lattice | 18
D2C: Growth Drivers & Challenges
Note(s): *Stock Keeping Units, 1Artificial Intelligence, 2Machine Learning, 3Original Equipment Manufacturer
Source(s): Press releases, 1Lattice & Sorin analysis
© 1Lattice | 19
Agenda
Electronics
Fashion
Grocery
Looking Back
Looking Ahead
© 1Lattice | 20
D2C Segment Deep-Dive: Electronics
India D2C Electronics Market Size India D2C Electronics Market Sales Channel Mix
(US$ B, FY23-27P*) (US$ B, FY23-27P*)
6.9
6.9
12%
CAGR 8%
~40%
81%
1.8 1.8
12%
12%
76%
Note(s): *Projected
Source(s CII India D2C report, IAMAI DNB report, 1Lattice & Sorin analysis © 1Lattice | 21
D2C Electronics Segment: Key Trends
Increase in affordability
• Electronic devices have become more affordable
• Increasing demand & value engineering have
helped sellers achieve economies of scale
ET Retail article
Rising demand in Tier 2+ markets
• Rising urbanization & awareness amongst Tier
2+ customers
• Increase in access to internet & E-Commerce
platforms
Only Accessories
Only Wearables
Audio + Accessories
Audio + Wearables
Others*
Note(s): *Includes electric home appliances; This is not an exhaustive list of brands
Source(s): Company websites, 1Lattice & Sorin analysis © 1Lattice | 23
D2C Electronics Segment: Key Success Factors
Achieving • Strategic product offering: Analyze Lifelong uses channel & customer
product-market fit customer needs, differentiate product, & insights for product development
enhance continuously
• Innovative product design: Develop
portable, adaptable, &
technology-driven solutions to address
consumer demands
Strategic pricing • Dynamic pricing strategies: Adapting Noise focused on pricing in the
optimization pricing in response to market shifts competitive audio market
through data-driven insights
• Efficient supply chain management:
Optimize costs & reduce operation
expense by direct supply chain control
Agile tech • Swift feature integration: Incorporating Brands offering wearables with
integration cutting-edge technology efficiently features like SpO22 & pulse rate
through agile processes
• AI1-driven experiences: Seamlessly
integrating AI for tailored & adaptive
user interactions
Engagement led • Responsive customer support: Offering Popular D2C brands have active
social media handles engaging
communication immediate assistance for timely query
users
resolution
• Community engagement focus:
Building digital communities for user
interaction and knowledge sharing
• Strategic influencer collaborations:
Expanding brand reach through
partnerships with influencers to attract
customers
Value proposition
• A youth centric lifestyle brand, selling affordable audio devices, wearables & accessories
• Targets mass market, while maintaining focus on style & innovation
Current offerings
Value proposition
• Consumer-durable brand selling a wide range of products
• Data-driven product development, targeting mass market with strong customer association
Current offerings
Electronics
Fashion
Grocery
Looking Back
Looking Ahead
© 1Lattice | 27
D2C Segment Deep-Dive: BPC1
India D2C BPC Market Size India D2C BPC Market Sales Channel Mix
(US$ B, FY23-27P*) (US$ B, FY23-27P*)
7.6
7.6
24%
CAGR
~36%
22%
2.2 2.2
25% 54%
24%
51%
Men’s Grooming
Men’s Wellness
Private Label
Personal Care
Note(s): 1Beauty & Personal Care, This is not an exhaustive list of brands
Source(s): Company websites, 1Lattice & Sorin analysis © 1Lattice | 30
D2C BPC1 Segment: Key Success Factors
Localization & • Cultural sensitivity: Recognizing & Nykaa Private Label caters to
different regional preferences with
cultural sensitivity catering to diverse cultural preferences localized content
prevalent across different regions of India
• Tailored localization: Adapting marketing
messages & product offerings to suit the
unique tastes & preferences of local
Private Label
markets
Sustainability • Embracing natural ingredients: Meeting mCaffeine offers natural & vegan
beauty products
increasing demand for toxin-free, vegan,
& organic products by incorporating
natural ingredients
• Social responsibility: Commitment to
sustainable practices to align with the
growing preference for eco-friendly &
socially responsible brands
Current offerings
• Market entry: Entered the market by offering plant-based & chemical free
baby care products catering to millennial parents
- Initial products were inspired from traditional DIY beauty recipes
Note(s): 1Beauty & Personal Care, *Revenue is for parent company Honasa Consumer Limited
Source(s): Company websites, Press releases, 1Lattice & Sorin analysis
© 1Lattice | 32
D2C BPC1 Segment Case Study: Minimalist
Value proposition
• Minimalist positions itself as a “transparent beauty” brand
• Recentering skincare conversations on science to dispel misconceptions with transparent &
data-driven approaches
Current offerings
Electronics
Fashion
Grocery
Looking Back
Looking Ahead
© 1Lattice | 34
D2C Segment Deep-Dive: Fashion
India D2C Fashion Market Size India D2C Fashion Market Sales Channel Mix
(US$ B, FY23-27P*) (US$ B, FY23-27P*)
14.9 14.9
9%
CAGR
~34% 35%
4.6 4.6
11% 56%
25%
64%
Note(s): *Projected
Source(s): CII India D2C report, IAMAI DNB report, 1Lattice & Sorin analysis © 1Lattice | 35
D2C Fashion Segment: Key Trends
Affordability
• Trendy & affordable products are gaining traction due
to changing customer behaviour, especially amongst
the Gen Z
• Influence of frequent & hyped launches by fashion
brands
Apparel
Accessories
Footwear
Jewelry
Revenue • Capitalizing on lucrative margins: Fashion sector Margins typically are:- 50-
60% (Apparel & footwear),
optimization inherently yields high AOVs & substantial profit 25-30% (jewelry)
margins
• Agile pricing strategies: Employ dynamic pricing
methods that adjust prices & discounts based on
real-time customer demand, preferences, & market
dynamics
Product innovation • Pioneering product offerings: Foster innovation by Using advanced yarns &
textile tech (wrinkle-free, flex
introducing novel styles, materials, & design tech waist, thermo-
concepts regulating, breathable
material) for stretchy, comfy
• Revitalizing underexplored segments: Revitalize pants
dormant market segments such as men's jewelry
& accessories to unlock untapped potential
Personalization & • Personalized offerings: Implement customization Lenskart offers virtual try-on
technological feature, allowing customers
models, to cater evolving consumer preferences
to try various frames
integration • Interactive catalog experience: Integrate virtual digitally
try-on functionalities to enrich product cataloging,
empowering customers
Source(s): Company websites, Press releases, 1Lattice & Sorin analysis © 1Lattice | 38
D2C Fashion Segment Case Study: GIVA
Value proposition
• Positions offering of hallmarked jewelry as accessible elegance
• Offers customer-centric innovation through personalized communication, easy returns &
warranties
Current offerings
• Market entry: Started with affordable silver jewelry, was inspired from the
average spend on fine jewelry being three times more in India than compared
to the west
• Category expansion: GIVA after success in silver jewelry space, launched it’s
14K & 18K gold jewelry, featuring responsible diamonds
Value proposition
• Homegrown activewear brands owned by Hrithik Roshan
• Offers products including footwear, men & women activewear, backpacks, accessories,
equipment, etc.
Current offerings
• Collaboration: Became official fan merchandise partner for four teams in the
Indian Premier League (IPL) in CY23
Electronics
Fashion
Grocery
Looking Back
Looking Ahead
© 1Lattice | 41
D2C Segment Deep-Dive: Grocery
India D2C Grocery Market Size India D2C Grocery Market Sales Channel Mix
(US$ B, FY23-27P*) (US$ B, FY23-27P*)
26.0 26.0
14%
CAGR 15%
~41%
Note(s): *Projected
Source(s): CII India D2C report, IAMAI DNB report, 1Lattice & Sorin analysis © 1Lattice | 42
D2C Grocery Segment: Key Trends
Source(s): ): Industry reports, Press releases, 1Lattice & Sorin analysis © 1Lattice | 43
D2C Grocery Segment: Market Landscape
Beverages
Packaged Foods
Quality & • Unique value proposition: Develop differentiated The whole truth offers
differentiation chemical-free healthy snacks
offering centered around natural ingredients, with clean* packaging
aimed at attracting & retaining loyal customer
base
• Rigorous quality assurance: Employ cutting-edge
technologies for regular product testing, ensuring
consistently high-quality products
Supply chain • Technological integration: Integrate advanced Dairy & meat D2C brands
management technologies within the supply chain to bolster have tech integrated supply
chain
efficiency & uphold product quality standards
• Strategic supplier relations: Foster robust
relationships with suppliers to secure a diverse &
reliable range of products
Customer • Dynamic online presence: Cultivate a strong Sleepy Owl Coffee has an
relationship social media presence to engage & educate active social media page,
boosting engagement
management consumers effectively
• Interactive customer engagement: Drive
engagement through targeted promotions, loyalty
programs, & personalized recommendations
Innovation & • Continuous product innovation: Stay aware of Rage Coffee offers a large
product selection of flavors in instant
market trends & consumer preferences,
coffee
expansion innovating product offerings accordingly
• Strategic product line expansion: Expands
product portfolio to offer a comprehensive array of
flavors & tastes
Customer reviews • Proactive improvement initiatives: Solicit & act Country Delight utilizes
& feedback customer reviews for
upon customer feedback to continually enhance promotional material
products & services
• Harnessing positive feedback: Encourage &
leverage positive customer reviews to bolster
brand trust & credibility
Value proposition
• Provides natural, fresh, & unadulterated milk directly to the doorstep of consumer
• Offers bread, ghee (clarified butter), paneer (cottage cheese), yogurts, & healthy smoothies
Current offerings
Value proposition
• Provides products free from antibiotics, synthetic additives, hormones & chemical pesticide residue
• Offers milk, bread, ghee (clarified butter), paneer (cottage cheese), yogurts, honey, vegetables, etc.
Current offerings
• Organic marketing: For the first ten years, focused only on Bangalore market
& zero marketing spends, relied on word-of-mouth & personal networks
- Took consumers to their farm to demonstrate processes & practices
- Have started producing explanatory videos & campaigns on social media
platforms
• Market expansion: Serves ~60K customers daily through app, ~2K retail
outlets & E-Commerce platforms like Bigbasket, Swiggy Instamart, others
- Currently available in 40+ cities & plans to extend in more tier-2 cities
• Sustainability: Recycle used milk pouches, gable top packaging that is 100%
recyclable & 92% biodegradable
- Encourage localization of all resources & technological advancement to
cultivate chemical-free produce
Note(s): *Peer-to-peer
Source(s): Company websites, Press releases, 1Lattice & Sorin analysis
© 1Lattice | 47
Agenda
Looking Back
Looking Ahead
© 1Lattice | 48
Benchmarking Consumer Segments across the D2C Landscape
Average
INR 300 – 2,000 INR 400 – 2,500 INR 500 – 5,000* INR 200 – 1,000
Order Value
Note(s): *White products sell for higher prices, D2C electronics AOV is estimated in the INR 500 - 5,000 range
Source(s): Industry reports, 1Lattice & Sorin analysis
© 1Lattice | 49
Agenda
Looking Back
Looking Ahead
© 1Lattice | 50
D2C Key Success Factors
D2C brands should focus on creating unique offerings & organic brand building
practices for sustainable growth in the long run
Focus on product market fit Customer acquisition & Increase efficiency &
& brand building growth omni-channel presence
Operating • Process & inventory • Process & warehousing • Logistics optimization &
Activities optimization streamline presence expansion
- Focus on core - Use inventory - Optimize logistics &
offerings & effectively management tools & create omni-channel
manage inventory software for better presence, geographical
control & planning expansion
Technology • Website optimization & • Automation & data • Integration & Forecasting
Usage tracking analytics - Integrate all business
- Utilize DIY1 platforms - Automate platforms to functions, optimize
like Shopify & Wix, gather data on different resource allocation,
track website traffic metrics, analyze to deploy demand
& conversion create personalized forecast models
offerings
Team • Founders & • Department structure & • Cross functional team &
Building core team specialized roles leadership development
- Small, lean team - Create separate - Create collaborative
focusing on essential departments with roles with focus on
roles, developing defined roles & knowledge sharing,
interchangeable responsibilities investment in training &
skills development
Looking Back
Looking Ahead
© 1Lattice | 52
D2C Enablers: Solving D2C Pain Points & Supporting Scalability
Product Development
• Gather insights into target audience behaviors
• Identify & address usability issues, optimizing user flows
• Conduct tests & track changes to improve product
• Leverage segmentation & personalization capabilities
Website/App Building
• Built-in interface & templates accelerating website launch
• Easy to use CMS allowing to update product information
• Built-in product management tools
• Marketing tools & analytics to track website performance
Marketing
• Simplify content scheduling & audience analytics
• Insights into website traffic, user behavior & conversion
funnels
• Segmentation based on demographics, interest & purchase
• Help allocating marketing budgets strategically
Sales (Payments)
• Caters to diverse customer preferences & reduces cart
abandonment
• Streamlining order fulfilment & financial management
• Automate inventory updates based on sales
• Integrating data allowing personalized offers & promotions
Logistics
• Track inventory, optimize storage, & picking
• Transparent & up-to-date tracking information on orders
• Utilize data & analytics assisting in logistics strategies &
investments
• Maintain control over supply chain
Customer Support
• Offer seamless support across multiple channels
• Delegate repetitive tasks to chatbots & automated
workflows
• Gather customer feedback through surveys & reviews
• Foster closer connections with customers
Omni-channel Expansion
• Help digital native brands expanding offline
• Offers services like retail space leasing, retail strategy,
store designing, & launch
• Helps in-store operations, day-to-day management, staff
training, & infrastructure management
Looking Back
Looking Ahead
© 1Lattice | 54
Predicting the Way Ahead for D2C Brands [1 / 2]
Sustainability & • Growing demand for eco-friendly products Vedix uses only plant-based
ethical sourcing & ethical manufacturing practices ingredients in their products
Social commerce • Seamless integration of social media Sugar Cosmetics hosts live
integration platforms with E-Commerce for product commerce events on social
media allowing direct purchase
discovery & purchase
• Brands effectively leveraging social
commerce expected to gain vast potential of
online shoppers
D2C brands • Legacy heritage brands are acquiring D2C Acquired D2C health food brand
acquisition brands to undergo crucial digital True Elements & Just Herbs in
CY22
transformation
• Serve as a strategy initiative for heritage
brands to stay relevant & connect with
consumers
Established • Established brands are also introducing their HUL has launched it own D2C
players launching own D2C brands to align with evolving brands such as Dove baby,
Simple & Dermalogica
D2C brands consumer tastes
• By forging direct links with consumers, these
brands acquire valuable insights, customize
offerings, & swiftly adapt to changing trends
“A critical winning factor right now is finding a “In modern marketing, influencers wield
strong brand market fit; this can happen by considerable influence over consumers'
identifying an under-served customer niche purchasing choices. Initially recognized for
and understanding a product problem that product promotion, influencers have evolved
you can fix.” to deeply engage with their followers,
- Founder, Electronic brand leading to the rise of influencer marketing
as a credible advertising avenue.”
-CEO, Online marketplace
“Brands should cultivate a digital-first
mindset from the outset, this entails a
grasp of fast supply chain dynamics,
"Learn from the mistakes of others and
proficiency in marketing, and brand
avoid repeating them. Instead of making the
positioning in the digital space. Effective
same errors, leverage those lessons to
storytelling is key to establishing a brand's
enhance your business. If you're going to
presence in the digital world.”
make mistakes, let them be new ones,
- CEO, Online marketplace rather than repeating past ones.“
- Founder, Innerwear brand
1
Capturing website behavior - The Toplyne Pixel, installed
either through GTM or custom code on websites, tracks
user behavior across sessions.
2
Model training - During a learning period, Toplyne’s AI
understands user behavior, propensity to purchase, and
starts to predict LTV and AOV of each website behavior.
8 600+
practices years domain expertise
130+ 98%+
team members accuracy
100+ 2.5M
towns & cities panel members
15+ 40:60
languages covered she/he ratio
What We Do
Making organizations effective through data-driven insights,
Vision innovative tech solutions and proven expertise to
enable better decisions
Technology
What We Do
Data + People/
Accumulated Professionals/
knowledge Service
providers
Research
© 1Lattice | 59
At 1Lattice, we address the problem statement and serve as the
one-stop platform for all your knowledge and decision support
requirements
• Market/ Sector scans • Customer journey • Channel/ Business • Usage & attitude
(360 Market overview) mapping (purchase- partner Audit
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We are here for you
Let us know how we can meet your
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Ashish Dhir
Senior Director, Consumer & Retail
E: [email protected]
Abhishek Maiti
Director, Technology & Internet
E: [email protected]
www.1lattice.com
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