BoFa Internet Report

11/22/2020 BofA - Internet - India
Internet - India
B2B day: Structural tech driven trends in SMEs + Tailwinds from Make in
India
Sachin Salgaonkar Sukriti Bansal
Research Analyst Research Analyst
BofAS India BofAS India
Call (tel:+912266328667) Email (mailto:[email protected])Call (tel:+912266328690) Email (mailto:[email protected])
Industry Overview | 10 November 2020 | Equity | India | Internet
Key takeaways
Our B2B day meetings indicate that Covid has been an accelerator of digitization & SMEs are showing good
bounce back
Competition in the eB2B space would likely remain with startups/one-stop solutions & existing cos launching
new products
Focus on self-reliant India, Make in India, GST, labor law changes to help proliferate manufacturing & help
eB2B marketplaces
A look at eB2B market; SME digitization tailwinds; RIL/IndiaMart to benefit (https://rsch.baml.com/r?q=pAmgnekjD5-1XbfZvK4ECw)
IndiaMart: Tailwinds from online B2B growth; but largely priced in; initiate with Neutral (https://rsch.baml.com/r?q=BIfLy2!zPhRaPcgb97vvHg)
https://rsch.baml.com/p/r?q=IKMG-uvMBvrr04EfxE9fmQ&e=sapna.goyal%40udaan.com&h=wxIwkw 1/33
B2B: Business-to-business; SME: Small & Medium Enterprise; PoS: Point-of-Sale device; ERP: Enterprise resource planning; CRM: Customer relationship
management; UPI: Unified Payments Interface; IoT: Internet-of-Things; NGO: Non-governmental organization; GST: Goods & Services Tax; NPA: Non-
performing asset; RFQ: Request for quotation; SaaS: Soﬅware-as-a-Service; MRO: Maintenance, Repair, and Operations; FK: Flipkart; JD: Justdial; RIL:
Reliance Industries Ltd
B2B day: Room for cos to co-exist given huge market

We hosted CEOs of Moglix, Power2SME and Bizongo along with a senior consultant at Zinnov in our B2B event on Oct. 29 to understand the digitization
trends amongst SMEs. While Covid has impacted the SME industry, we have the impression from the meetings that 1) SMEs (especially larger ones) are
showing good bounce-back; 2) Covid has acted as an accelerator for tech adoption amongst SMEs; 3) Given the fragmented nature of the market, the room
for disruption is high amongst tech enablers. We do not consider eB2B marketplace as a winner takes it all but see space for different companies and
models (subscription & transaction based) to co-exist. In listed space, we find IndiaMart/RIL well placed to benefit from this. Maintain Buy on RIL and
Neutral on IndiaMart (balanced risk-reward).
Key takeaways: Market needs Google as well as Amazon

1) The eB2B market needs both Google (Search engine) and Amazon (Ability to deliver) Classifieds like IndiaMart and one stop solutions like Moglix/Udaan
etc help cater to different needs of the markets; 2) Competition in the B2B space would likely remain with new entrants entering and existing cos like Just
dial launching products like JD Mart to further focus on the SMEs. A large part of the growth of tech-led companies is likely to come at the expense of the
unorganized offline market; 3) Based on our meetings we saw increased focus on building in India for India, but further ease of doing business norms need
to be seen; 4) For long term viability of the SME sector, deepening of tech adoption and further policy improvements are necessary.
Tech trends in Covid: Digitalization is irreversible trend

Covid saw tech adoption in remote working tools, use of cloud based apps, Cloud based ERP etc. The 5 levels of tech adoption as per Zinnov are 1)
Ubiquitous connectivity: 65-70% of SMEs are already there with WhatsApp/smartphone; 2) Speed of transaction: 18-20 mn SMEs are have adopted
UPI/digital wallet, PoS; 3) Discoverability: 20% of SMEs have a website or social media presence; 4) Enhanced productivity: Implementation of ERP, CRM,
and cloud based system. 10% of SMEs are there or in the process of doing it and 5) Adoption of sophisticated tech: IoT, Robotics etc. Ecosystem enablers
for tech adoption are aggregators, soﬅware vendors, start-ups, government aid & even NGOs. Tech adoption by SMEs is an irreversible trend - benefiting
industry in coming years.
Make in India: Likely to provide tailwinds for eB2B cos

Experts at the B2B day believe government's focus on Aatmanirbhar Bharat (self-reliant India) and reducing over-reliance on China will bear fruits in coming
years in terms of helping proliferation of manufacturing focused SMEs - in return providing tailwinds for eB2B marketplaces. Manufacturing sector, unlike
the retail sector (which have Amazon/FK) has not yet seen tech led innovation and needs to see supply chain disruption While India has seen reforms with
the retail sector (which have Amazon/FK), has not yet seen tech-led innovation and needs to see supply chain disruption. While India has seen reforms with
GST, labor laws changes etc, further reforms are needed.
SME Digitalization: An irreversible trend

SMEs form the pillar of the Indian economy: As per Zinnov, the existing 75 mn SMEs contribute to 30% of the country's GDP and employ 130 mn people.
Half of India's export comes from this segment. Of these 75 mn SMEs, 8 mn are the emerging segments/ start-ups and are growing at a very fast rate. Of
the 75 mn SMEs, retail and services have c. 30 mn each and the remaining 15 mn SME are manufacturing focused.
Exhibit 1: SME digitalization to be the cornerstone of future growth
Source: Zinnov
Tech adoption during Covid: There was a higher interest in adopting tech seen by SMEs during Covid in areas related to remote working tools, use of cloud
based apps both in manufacturing and services and cloud based ERP. Even contactless supply chain saw increasing traction during Covid. Digital payments
volumes also saw accelerated adoption (traction was good pre-Covid as well). The 5 levels of tech adoption as per Zinnov are 1) Ubiquitous connectivity:
65-70% of SMEs are already there with WhatsApp/smartphone; 2) Speed of transaction: 18-20 mn SMEs are have adopted UPI/digital wallet, PoS; 3)
Discoverability: 20% of SMEs have a website or social media presence; 4) Enhanced productivity: Implementation of ERP, CRM, and cloud based system.
10% of SMEs are there or in process of doing it and 5) Adoption of sophisticated tech: IoT, Robotics etc. (limited adoption currently).
Start-up ecosystem is helping accelerate tech adoption: In our view, the tech enablers across different sub-segments are enabling digitization for
companies in retail, services and manufacturing. Apart from start-ups, even the large companies (RIL, Tata group), Big-tech companies (Amazon, Google)
are pushing towards digitalization. However as most SME owners are not well educated and many don't even have English proficiency, the solutions must
be simplified to see strong uptake. Most SMEs want "plug and play" solutions suited for Indian market which could work offline as well. These SMEs also
need assistance during customer support and prefer "human touch" over bots. We don't expect traction from international products as those sophisticated
products are unlikely to meet the demand of less tech-savvy Indian SMEs.
Government aid during Covid: The business loss by Covid impacted the majority of these SMEs given their weaker balance sheets. We did see government
stepping in to help the sector. Some of the initiatives taken by the government include: 1) The announcement of Rs 3 trillion of automatic collateral free
loans to businesses, which benefits c.4.5 mn entities; 2) Announcement of Rs 200bn of subordinate debt to be disbursed to SMBs (classified as non-
performing or stressed) brings cash in the hands of businesses to buy new inventory, invest in adopting tech solutions etc. Another initiative is Rs 500bn of
equity infusion into SMBs through fund of funds; 3) The government redefined MSMEs by eliminating the distinction of manufacturing and services and
increasing investment and turnover limits upwards - this enables greater number of businesses to avail government benefits; 4) The government has
disallowed global procurement tenders upto Rs 2bn to encourage projects below Rs 2bn to move towards self-reliance and source locally; 5) Some other
initiatives include promotion of e-market linkage, use of Fintech to enhance transaction based lending and some relaxations to EPF etc. While government
initiatives to date have helped, industry participants we hosted believe that a lot more needs to be done. For instance, i) the SMEs need more rebates, ii)
tax waivers for highly impacted sectors like travel; access to subsidized tech solutions; iii) further ease of doing business; iv) Improve working capital
enablements for the SMEs etc.
We note that Covid has acted as a catalyst towards digitization in SMEs. We consider this to be an irreversible trend and expect most of the tech-focused
starts-up to benefits from this. In the listed space, we consider IndiaMart and RIL to be the beneficiaries.
Make in India: Tailwinds for eB2B cos
India making a "Make in India" push: As per our strategist Amish Shah, India has accelerated the push for its flagship Make in India program, aimed to 1)
increase jobs & share of manufacturing/GDP (stuck at 17-18%), 2) indigenize a fourth of its non-oil imports (US$93bn), 3) curtail its US$51bn trade deficit
with China and 4) benefit from global firms' plans to diversify outside China.
An alternative to China?: India is looking to position itself as an alternative manufacturing base led by rising middle class/urbanization, narrowing chronic
infrastructure deficits & a stable government with a reform agenda. We have already seen the Indian government's push for increasing localization to
secure critical supplies (pharma APIs/coal) & developing India as an export hub for consumer electronics. Also, 1,000 global firms recently have indicated
plans to shiﬅ their manufacturing to India. For details pls refer our strategist's note (https://rsch.baml.com/r?q=986HDiyaKM9IamHIEj0Fsw).
Focus on manufacturing increasing: Indeed, the experts we hosted in our B2B event indicated that India is one of the fastest growing economies and the
largest manufacturing base outside China. Moglix estimates manufacturing to be a $300 bn size sector and poised to reach $1 trn by 2025. India already
has one of the top four manufacturing sectors globally in Auto/Steel, and a large powerhouse for Pharma industry. Even the government is looking to
improve land acquisition, labor & power laws among other ease of doing business initiatives to help attract foreign companies in India.
GST implementation helping improve supply-chain efficiencies: The GST implementation in India in 2017 helped resolve complexity of the tax collections.
Before GST, India has different central, state and other taxes like import/export etc. GST bought uniform tax structure. This tax reformed helped the
manufacturing sector as the logistics and supply chains functions underwent significant transformation. Sourcing, warehousing and distributions decisions
will no longer be affected by the taxation system but will be mainly based on operational efficiencies, scale, and closeness to major consumption centers.
Exhibit 2: Key objectives of Labor Codes 2020: Likely Exhibit 3: GST and move towards 'One nation, One
to help formalize jobs & help MSMEs achieve scale market, One tax' to provide big boost to SME
businesses
• Mandatory floor on minimum w ages fixedby Centre;
Code on Wages • Various allow ances capped at 50% of basic income;
• Payment through cheque for digitalization/security Easier com pliance • Replacement of various indirect taxes makes
requirements compliance easier
Code on Occupational • Common registration of businesses for 13 laws;

safety, health & w orking • Maximum limit of 8hrs/day for workers; • GSTIN acts as validation/authentication to avail
Easier financing business loans
conditions • Safety committee to notify diseases/hazards
Ease of setting up new • Centralised tax rules ensure single ease in setting
• National Social Security Board for 90% India
w orkforce to formulate social security schemes; business up business
Code on Social Security
• 5-year w ork criteria not mandatory to earn gratuity
• End of Inspector Raj reduced inter-state logistics

Reduced logistics cost expenses
• Retrenchment of w orkers for cos with upto 300
Code on Industrial employees does not require govt approval;
Relations
• Negotiatng council in case of no sole trade union
• Turnover based output tax liability-boost for smaller
Higher threshold cap businesses
Source: BofA Global Research
Source: Nasscom ; GSTIN: Goods & Services Tax Identification Number
The expected push for manufacturing sector is likely to help proliferation and set-up of a large new SMEs as the manufacturing ecosystem sees growth.
This would likely provide tailwinds for the online marketplaces in the long run. We consider this to provide an upside optionality to IndiaMart.
B2B event: Key drivers of a few B2B cos

Zinnov: Ecosystem plays a key role in tech adoption
The manufacturing sector was the most impacted from Covid as plants/factories were temporary shutdown. Retail sector, on the
other hand was helped by the surge in demand of essentials. Amongst, the services sector, travel/hospitality was hardest hit and
healthcare was least effected. As recovery picks-up, services will likely have a head-start over other sectors.
Zinnov conducted surveys during and aﬅer the lockdown to gauge adoption of tech amongst various sectors. The key observation
was Education, healthcare, Fintech & logistics saw faster digital adoption. Many of these business infact re-pivoted customer
acquisition to digital medium.
Some of the tech adoption trends which Zinnov witnessed amongst SMEs during Covid were remote working tools, adoption of
productivity/work-flow enhancement tools, contactless supply chain and overall automation. The vertical ahead in digital adoption
were logistics, travel/hospitality, education, Fintech, media/entertainment and healthcare. The ones which were lagging were
manufacturing & real-estate.
Ecosystem plays a key role for tech adoption amongst the SMEs. The key ecosystem enablers are aggregators (like
Amazon/Flipkart), soﬅware vendors, start-ups, government aid. Even NGOs play a key role for enabling entrepreneurship.
Chart 1: Digital Opportunity offered by SMBs Exhibit 4: Digital influence in SMBs
SMBs (in Digitally
Vertical
mn) Influenced
Retail 25 67%
Manufacturing 15 60%
Logistics 4 71%
Trav el & Hospitality 3 74%
Education 3 67%
NGOs 3 33%
Freelancers 3 67%
Professional Serv ices 2 75%
Real Estate 2 60%
Healthcare <2 75%
BFSI <2 75%
IT/ITeS <1 100%
Media & Entertainment <1 75%
Others 2 25%
Source: Digital SMB report by Zinnov

Source: Digital SMB report by Zinnov
The 5 key pillars for making India Aatmanirbhar (self-reliant) as per Zinnov are driving economic growth, infra development, tech
adoption, extracting demographic dividend and improving demand. The diversification on sourcing is also key. Currently India is
reliant on single country (China) for most raw-materials.
The investment in infrastructure & logistics, will not just help in sourcing locally but also enable in storage, distribution and
accessing customers. This will help enable and encourage manufacturing.
Recent survey shows 3/4th of SMEs in Tier 1 are on way to adopt tech and now focused on adopting and digitizing. Digitization is
non reversible trends. SMEs need to disrupt themselves - these will emerge stronger.
Power2SME: Helps SMEs extract scale benefits

The idea of starting Power2SME came as enterprise between SMEs and suppliers. Power2Sme negotiates on behalf of SMEs and
extracts leverage benefits. By going directly to manufacturers and removing middlemen, Power2SME helps reduce costs for the
SMEs. Overtime, the company has developed deep relationship with suppliers to get just in time supply.
Power2SME mgmt believes that the core to B2B business is getting credit right (and not supply chain, logistics etc). The entire
SME market works on credit. If there was no credit, then the addressable market of SMEs would be 2% of current market. As
almost all SME buy on supplier credit, credit management is key for the SMEs to do well. Furthermore, B2B business are low
margin ones and hence it is necessary to reduce any material leakages, stock returns or NPAs. Most SMEs mortality happens
either due to lack of credit or NPAs.
Chart 2: B2B Digital Classifieds market (Rs bn) Chart 3: Growth in Online search market (Rs bn)
Source: IndiaMart DRHP Source: IndiaMart DRHP
Power2SME hence launched FinanSME to help resolve credit & working capital problems. Power2Sme connects its customers to
partnering NBFCs/banks that may be best suited to offer loans to a group of borrowers. This helped resolve working capital
issues. Currently Rs 750 mn credit is set at any given point of time (with 60 day credit limit).
Power2SME has one stop shop addressing SME MRO needs (SMEShops.com) to meet the growing and frequent requirements of
SME buyers for consumable industrial goods. Power2SME believes that there are many partners providing logistics etc. Hence
eB2B marketplaces don't have to build an in-house logistics arm
SMEs keen to come on tech platform and showcase their offerings. Tech has been also able to bring a structural change in the
cost structure of SMEs.
Some of the things government could help are 1) Further Improve ease of doing business; 2) Improve working capital enablements
for the SMEs; 3) Get the PSUs to pay on time. A good 35% of amount is stuck as the PSUs don't pay their vendors on time.
For most eB2B marketplaces like Power2Sme every transaction is gross-margin positive. The cost of acquisition is low for B2B
cos. The churn is also low in B2B cos as most customers stay on the platform for atleast 2-3 years.
SME morality is an issue for small SMEs. eB2B marketplaces like IndiaMart, Pwoer2SME don't work with very smaller SMEs.
There are enough early warning signal on state of the health of SMEs. For instance, if there is any GST default by SMEs, then e-
marketplaces consider this as a warning sign. One of the ways marketplaces could be prudent is have more checks before on-
boarding any new SME.
The anti-China sentiment, should help improve the pro-India growth especially in the manufacturing sector going forward.
Moglix: Offers end to end solution for manufacturing cos

Just the way, India skipped landline and moved to mobile (landline penetration of 6% vs 60% for mobile), similar thing is
happening in the online commerce. India is unlikely to move from unorganized supply chain to organized one, but likely going to
move directly to online. Same trend would likely be seen on the distribution front, with India moving tech-first rather than going
through the classic evolution.
Moglix is working across the length and breadth of the manufacturing sector in India. Initially the company started off with MRO,
but now it has evolved to provide a one stop solution (helps in packaging, logistics, supply chain, distribution etc). Moglix has
different line of business catering to SMEs, large enterprise and also towards MRO, packaging, custom fabrication across
industries.
Moglix is strongly positioned as a defacto procurement OS. Moglix is currently the single largest player for MRO in the country -
both in organized or unorganized. It passes the benefit of scale back to customer to increase stickiness and encourage more
buying behavior.
As 99% of distribution is offline, the tech led supply chain is a massive differentiator. The companies are adopting tech, chaining
their models to adopt to Moglix. The addressable market for Moglix started with $50 bn opportunity in India but is going towards
$100 bn (depending on how fast manufacturing/supply chain evolves in India).
Moglix also has multiple SaaS solutions. Contracting when done at a global level is not straight forward as one has to deal with
forex, risks and need robust contracting solutions. iCAT (an Intelligent Contract Automation Tool) is one such solution. Moglix
helped transform Unilever Procurement's contract management system by integrating iCAT to their existing contracting system
for $20 bn worth of contracts.
Moglix's core model is transaction-oriented model (vs. subscription-based). It has SaaS solutions which are offered at no
additional cost most times (charged for soﬅware). Moglix is supply chain oriented company which has warehouses & ensures
products get delivered to the last mile. Moglix warehouses and offices in 25 cities and serves 25k+ pincodes. It works with c. 500
large enterprises and 0.5mn SMEs by providing industrial goods in 50+ categories.
The market has & needs both Google and Amazon equivalent models. Some companies in market are in search or classifieds. They
solve for discovery and initial connect but don't want to take responsibility of transaction. The world is heading towards a whole
supply chain equivalent models, full stack players.
Working capital is the defacto thing that needs to be solved for the B2B companies. In GST, now things are becoming more
streamlined. Moglix plays in working capital and solves for it, in their unique ways. Credit is also a problem - but it is a solvable
problem and not as challenging as it was 3-4 years ago.
For Moglix, every-time when its revenue increases 2X, its EBITDA margin moves up by 4-5 pps. Moglix is growing 100% yoy and
heading towards EBITDA breakeven - likely in next 18 months
Bizongo: Tech driven packaging leader

Bizongo is India's largest packaging platform. Its intent is to revolutionize the existing packaging supply chain. Bizongo provides a
just-in-time or auto-replacement supply chain for packaging goods. This helps the customer in keeping minimum inventory and
still have the needed material all the time.
Bizongo is one of the few companies in conjunction with companies like Zetwerk and Ninjacart which is in unbranded
consumables directly in the B2B domain. In this segment the supply side is super fragmented (& hence suffering from poor
capacity utilization). This gives good room for such tech platforms to extract efficiencies.
The key focus segments for Bizongo are ecommerce, FMCG, Dairy, Grocery, Food services, Healthcare. These were essential
services during Covid; hence Bizongo didn't face any Covid led impact on its business growth. Amongst these, FMCG & e-
commerce are the top two industries they cater to.
Based on the above segment focus, the addressable market for Bizongo is c. $70 bn, growing at 10-15% CAGR. All the offline
tedious dis-integrated work which is traditionally done by the businesses can be removed using technology. Bizongo takes care of
the entire sourcing, value-chain and the supply-chain.
Exhibit 5: eB2B companies comparison
IndiaMart Udaan Moglix Power2SME Bizongo
Year of incorporation 1996 2016 2015 2012 2015
Funding raised ($mn) 121* 900 102 77 70
Model Marketplace Inv entory Inv entory Inv entory Marketplace
Subscription +
Revenue model Subscription Transaction Transaction Transaction
Transaction
Multi v ertical; 100K+ Grocery , pharma Mainly Raw materials Packaging
Key vertical focus
categories fashion, electronics industrials
Unique proposition Buy er/supplier engagement Full-stack B2B commerce Tech integration & SCM Buy ing Club 100% material av ailability
Value added services
Offer credit Likely in future Yes Yes Yes No
Logistics No Yes Yes Yes Yes
MRO No No Yes Yes No
*Cash & Cash equivalents in IndiaMart's Balance Sheet as of FY20

Source: BofA Global Research, company reports, Crunchbase, media articles
Bizongo's focus segment is on the SMEs/ mid-market companies which do not know what to procure & where. Approx. 60% of
the procurement is from SMEs and 40% is larger business procurement. Bizongo is seeing a very positive sentiment among its
customers and suppliers on digital adoption.
Bizongo's entire platform has a digital experience. The entire platform can be divided into elements like art work approval, art
work proofing, cost modeling, auto replenishment, invoice and payment management etc. So it is a complete enterprise
experience. There is complete visibility of the entire value chain of the purchases one is making along with management of
suppliers and complete invoice integration. All these activities which used to happen in offline fashion can be done digitally on
Bizongo's platform.
The company has an end to end JIT (just-in-time) model built and to ensure this they have a "buffer" Bizongo warehouse between
the client and the supplier facility. Bizongo maintains a quantum of inventory on behalf of the customer, if the inventory falls
below the decided threshold, then the Bizongo warehouse gets it automatically replenished.
JD Mart: A new competition in B2B?

Justdial (JD), a predominately B2C classifieds company now has a new upcoming portal for B2B "JD Mart" by Dec-end. JD Mart converges buyers & sellers,
helps SMEs to explore, discover products, get pricing using RFQs, post requirement & sellers can display their product catalog using the provided tools. JD
mgmt mentioned the below points on its B2B initiative in the 2Q con-call:
Exhibit 6: Product stack & features of Justdial's 'to be launched' B2B platform: JD Mart
Product
• Marketplace
Seller Tools • Logistics Buyers
• Catalogue mgmt • Lending • Retailers
• Real-time lead mgmt • Business
• Manage RFQ • Industrial buy ers
• Chat w ith buy ers • Turnkey project managers
Protection/Certification Explore
• JD Pay escrow • Search/Discover
•
•
Verified / Trust
Trade Assurance
JD Mart - Product Stack •
•
RFQ by bulk upload
RFQ by product name
Transact Search
• RFQ/Send enquiry • Auto complete
• Call/Chat/Buy online • Voice search
• Rev erse auction • Barcode scan
• Web & app notification • Image search
Content
• Product catalogue
• Images/Videos
• Specs/Description/Price
• MOQ/Years in business
Analytics Support
Platform availability
• Real-time Dashboard • Logistics integration
• Website / mobile site
• Lead management • Pay ment escrow
• Android / iPhone app
• Grab lead • Complaint redressal
MOQ: Minimum order quantity

Source: Justdial presentation
Of the 30 mn listings that Just dial has, 6 mn pertain to B2B. JD has majority of those listings from before. They have emerged
over the last 15-20 years. This segment contributes to c.20% of JD's revenues
JD Mart is shaping up well both in terms of user friendliness of platform and content. All customers will be able to showcase their
particular product on both the platform - Just Dial as well as JD Mart. But in order to access premium features such as access to
qualified leads, they will be required to pay a certain amount B2B/JD mart
In the 6 mn listings, 30 mn products are already available. Mgmt is continuously working on enrichment of the B2B catalog. At the
time of launch, there will be much, much more enriched catalog than what JD has now.
JD's average realization pre-COVID was about Rs 20K per campaign per year. B2B was fetching JD around 10% higher than the
average ticket. B2B customers have the propensity to be able to pay much higher. JD will be having different B2B packs with
different types of features. The basic package could be as less as RS 3K per month.
The premium packages, will give much better features and will get access to qualified leads. All the current 6 mn listings are
entitled for a premium catalog. The idea is to get them all download JD Mart app and update their catalog on it. Mgmt believes
this will help create a great marketplace.
Mgmt is planning to spend Rs 0.8-1 bn spent on popularizing this new product over the next 6-9 months post the launch of the
platform.
Read-across for IndiaMart: JD is not a new players in the B2B space with c. 20% of its revenues already coming from B2B. Also we note that JD's initial
focus is its existing 6 mn users. It may take time to gain traction with new users as the networking impact of B2B market place is critical to gain traction.
IndiaMart's competitive advantage remains the networking impact the platform enjoys and ability to leverage on its data analytics.
The competition in the fragmented B2B space is already high. We note that B2B is a market, where "barriers to entry" are low, but "barriers to execution"
are high. In a worse-case scenarios, we see pressure on pricing in select categories. But in base-case scenario, we don't expect any major competitive
intensity uptake.
Exhibit 7: Valuation compsheet of India Internet/Classifieds businesses

Company Market Cap 3 yr CAGR 2020-23E EBITDA Margin P/E (x) P / S (x) EV / EBITDA (x) FCF yield
USD Revenue EBITDA EPS 2021 2021 2022 2021 2022 2021 2022 2021
F IndiaMart 1,943 17% 32% 36% 37% 55.2 47.5 20.3 16.8 54.0 45.5 1.7%
F InfoEdge 6,231 11% 22% NM 31% 135.0 89.4 33.5 29.6 108.7 86.1 0.6%
Justdial* 489 2% 4% 8% 26% 15.6 13.9 5.0 4.1 18.9 15.0 NA
Average 63.4 46.7 15.5 13.2 51.8 41.1 NM
*Bloomberg consensus estimates for Justdial

Source: BofA Global Research estimates, Bloomberg
Appendix: Financials of B2B companies
Exhibit 8: Moglix (Mogli Labs) financials Exhibit 9: Bizongo (SmartPaddle Technologies)

financials
Rs mn FY18 FY19 Rs mn FY18 FY19

Rev enue from operations 623 2,168 Rev enue from operations 328 1,200
Other income 1 2 Other income 8 34
Total revenue 624 2,170 Total revenue 336 1,233
%change 246% 248% %change 1982% 267%
Cost of materials consumed -56 -122 Purchase of stock-in-trade -346 -1,174
Purchase of stock-in-trade -595 -2,129 Changes in inv entories 54 48
Changes in inv entories 27 151 Employ ee benefit ex pense -101 -373
Employ ee benefit ex pense -166 -354 Other ex penses -113 -299
Other ex penses -108 -165 Total expenses -505 -1,798
Total expenses -898 -2,619 EBITDA -169 -565
EBITDA -274 -449 EBITDA margin (%) -50% -46%
EBITDA margin (%) -44% -21% Depreciation ex pense -2 -9
Depreciation ex pense -4 -7 Amortisation ex pense 0 0
Amortisation ex pense -8 -13 EBIT -171 -573
EBIT -286 -469 EBIT margin (%) -51% -46%
EBIT margin (%) -46% -22% Finance costs -4 -43
Finance costs 0 -12 Ex ceptional item 0
Total profit before tax -286 -481 Total profit before tax -175 -617
Total tax ex pense 0 0 Total tax ex pense 0 0
Total profit (loss) from continuing operations -286 -481 Total profit (loss) from continuing operations -175 -617
Profit (loss) of minority interest 0 0 Profit (loss) of minority interest 0 0
Total profit (loss) for period -286 -481 Total profit (loss) for period -175 -617
PAT margin (%) -46% -22% PAT margin (%) -52% -50%
Source: MCA Source: MCA
Exhibit 10: Power2SME financials Exhibit 11: Udaan (Hiveloop technology) financials
Rs mn FY18 FY19 Rs mn FY18 FY19
Rev enue from operations 9,442 5,544 Rev enue from operations 32 118
Other income 57 79 Other income 33 116
Total revenue 9,499 5,622 Total revenue 65 234
%change 20% -41% %change 259%
Cost of materials consumed 0 0 Purchase of stock-in-trade - -
Purchase of stock-in-trade -9,675 -5,264 Changes in inv entories - -
Changes in inv entories 529 -248 Employ ee benefit ex pense -131 -472
Employ ee benefit ex pense -321 -431 Other ex penses -526 -3,133
Other ex penses -1,071 -241 Total expenses -657 -3,605
Total expenses -10,538 -6,183 EBITDA -592 -3,371
EBITDA -1,039 -561 EBITDA margin (%) -909% -1442%
EBITDA margin (%) -11% -10% Depreciation ex pense -3 -20
Depreciation ex pense -6 -7 Amortisation ex pense -0 -1
Amortisation ex pense 0 0 EBIT -595 -3,393
EBIT -1,046 -568 EBIT margin (%) -913% -1451%
EBIT margin (%) -11% -10% Finance costs 0 -4
Finance costs -108 -79 Ex ceptional item 0 14
Total profit before tax -1,153 -646 Total profit before tax -595 -3,382
Total tax ex pense -100 0 Total tax ex pense -0 0
Total profit (loss) from continuing operations -1,253 -646 Total profit (loss) from continuing operations -595 -3,382
Profit (loss) of minority interest 0 0 Profit (loss) of minority interest 0 0
Total profit (loss) for period -1,253 -646 Total profit (loss) for period -595 -3,382
PAT margin (%) -13% -11% PAT margin (%) -914% -1446%
Source: MCA Source: MCA
Notes of tech led disruption in India

A look at Jio Platforms through PE's lens (https://rsch.baml.com/r?q=1GMipweQcP9Oj-YTQAUhew)
Fintech: Part 1: Transforming India and bringing massive disruption alongside (https://rsch.baml.com/r?q=wQ6SyBGLMHTkLDP83R0kXg)
Fintech: Part 2: Evolving models - Lending & investing now a focus; disruption likely (https://rsch.baml.com/r?q=I0io1N4XY6uQZIyntsk46g)
Fintech: Part 3: A deep-dive on merchant PoS market (https://rsch.baml.com/r?q=N25zaCf-

BB8oPu2bmQsbKQ&e=sachin.salgaonkar%40bofa.com&h=AFho9w)
P2P lending in India - still in infancy, but close to a tipping point (https://rsch.baml.com/r?
q=lt4Af6RSHyHWyfYtK969CA&e=sachin.salgaonkar%40bofa.com&h=FfrShQ)
SME digital lending - demystifying Fintech business models (https://rsch.baml.com/r?q=TV3Qnms5xGannlNYKKkJOw)
Neo banks in India - "frenemies" for now, innovator's dilemma for legacy banks (https://rsch.baml.com/r?
q=wC8YfJPL4e!nySVKxxFejg&e=sachin.salgaonkar%40bofa.com&h=1ltbxg)
(https://rsch.baml.com/r?
Revisiting Clash of the Titans: E-commerce competition rising with RIL's online foray
q=t67v1tYG9qsbaKYb3bn11A&e=sachin.salgaonkar%40bofa.com&h=soYOAQ)
Rise of Social commerce/Vernacular apps: Bulbul provides Infoedge upside optionality (https://rsch.baml.com/r?
q=ZuJh0652lIzMWelKKbVjWw&e=sachin.salgaonkar%40bofa.com&h=!jN85w)
Online Food Delivery: How the operators fare & key drivers (https://rsch.baml.com/r?q=HkpiFE4o7MtsI3Y7KxguSg)
Ed-tech: Driving the change; Covid helps accelerate growth (https://rsch.baml.com/r?

q=7NRYgpzaHVFBtUtTnaqmtw&e=sachin.salgaonkar%40bofa.com&h=qGHrZA)
Pharma-tech sector: Analyzing impact on listed-co + RIL's likely strategy (https://rsch.baml.com/r?

q=v2l4IA8FxTjXxVR!6Dn3Qw&e=sachin.salgaonkar%40bofa.com&h=u6BJ4g)
Analyzing Agri-tech potential: Seeing traction in Farm to fork models (https://rsch.baml.com/r?

q=lt7dryYJhvJFtWQ4oIQgiw&e=sachin.salgaonkar%40bofa.com&h=kstu-w)
Music streaming: Strong MAUs; taking early steps in monetization (https://rsch.baml.com/r?q=37RzHnfAXZmFhiWudSN7Hw)
India Online Gaming: Seeing paradigm shiﬅ- Offers massive playing arena (https://rsch.baml.com/r?q=O-
E9sbKMqJyqz00yhlSURA&e=sachin.salgaonkar%40bofa.com&h=NIFXvw)
OTA market: Analyzing key drivers & comparing with China (https://rsch.baml.com/r?q=yinAhuwWDW1TaaYwU3EWwQ)
SaaS market: A deep-dive on India vs US/ China markets + Expert views (https://rsch.baml.com/r?q=IwcLiToeO0i6-4C!PLdu6g)
(https://rsch.baml.com/r?q=Ik-
EV Opportunities & threats: A lay of the land - Industry needs a "Jio moment"
81S5yPMoi1cKK9qX8CQ&e=sachin.salgaonkar%40bofa.com&h=FcBm4A)
A look at eB2B market; SME digitization tailwinds; RIL/IndiaMart to benefit (https://rsch.baml.com/r?q=Fzw--
Sg3mZAc2PtArRhkPA&e=sachin.salgaonkar%40bofa.com&h=q0RUKg)
Hyperlocal: Again in favor: Tech-cos are looking now to tap "Kirana" network (https://rsch.baml.com/r?q=nFFNXf9D6RpWSDmyvlbd!Q)
The roadmap towards a Phygital Kirana (https://rsch.baml.com/r?q=S69Y5IvZchB1R6!-3kuWAQ&e=sachin.salgaonkar%40bofa.com&h=up!W5A)
(https://rsch.baml.com/r?q=fa0V0-
A deep-dive on India's Cloud/DC mkt & key drivers
tWeNfcCLS!6c7lbw&e=sachin.salgaonkar%40bofa.com&h=mFLJEQ)
Data-center mkt in India: Key drivers, unit economics (https://rsch.baml.com/r?
q=WihkbBtOLkioYrXHqSc84A&e=sachin.salgaonkar%40baml.com&h=skN79g)
Deep-dive on India's data privacy laws; internet regulation and implications (https://rsch.baml.com/r?q=VawAw4gp3QUyvyM8r-
zP!A&e=sachin.salgaonkar%40baml.com&h=Z8c0Xw)
Jio App store: Analyzing value proposition and exclusive features of Jio-apps (https://rsch.baml.com/r?
q=JNcbgb68QX6seX6VrVWB4A&e=sachin.salgaonkar%40bofa.com&h=3IZxJQ)
>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.
Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.
BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Click for important disclosures. Analyst Certification. Price Objective Basis & Risk.
Price Objective Basis & Risk
Indiamart Intermesh Limited (XEITF, C-2-7, Rs 4972.15)

We set our PO for IndiaMart at Rs. 5,420. We value its core business and subsidiaries using a DCF-based methodology using a WACC of 9.8% and a TGR
f 5%
of 5%.
Upside risks: 1) Any faster scale-up of payments/SaaS business which leads to new revenues streams for IndiaMart, 2) Much faster uptake of paying
users especially in the current economic condition, 3) Any potential acquisitions at relatively cheaper valuations which gives IndiaMart competitive
advantage and reduces competition.
Downside risks: 1) Loss of market share for IndiaMart due to higher competition and disruption led by new technologies, 2) Any slower than expected
recovery impacting overall business, 3) Loss of any key revenue contributing customers.
Reliance Inds (XRFLF, B-1-7, Rs 2084.55)

Our price objective of Rs2,355 is based on a sum-of-the-parts valuation. The EV of the refining, petrochemical and E&P businesses is calculated on a
DCF basis, using a WACC of 10%. Refining (Rs332) is 13% of the EV, petrochemicals (Rs477) is 19% and E&P (Rs7) is -0.26%. We have valued its retail
business at average Retail FY21E EV/EBITDA (Rs753) based on peer valuations (prev Rs736). We value Jio telecom entity (Rs 714) at Rs4.8tn (prev Rs
604), (at 1.8x FY22 invested capital in line with peer valuations) & value the ad & commerce potential for Jio digital opportunity (Rs 215) at Rs 1,456bn
(prev Rs 93) (at 8x multiple for emerging tech co). The total EV of RIL's business segments is Rs2,442/share and net debt is Rs87/share.
The downside risks are (1) negative cash flow for several years in its diversification into telecom and its EV being lower than assumed, (2) Jio continues
aggressive tariff discounts, (3) refining and petrochemical margins being lower than assumed, and (4) higher capex. The upside risks are (1) refining and
petrochemical margins being higher than assumed, (2) Jio combines tariff hikes with strong subscriber additions, (3) Sharp cuts in spending reducing
debt, (4) Significant oil or gas discoveries being made by RIL, which are not valued by us.
Analyst Certification
I, Sachin Salgaonkar, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities
and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view
expressed in this research report.
Coverage Cluster
APR - Energy Coverage Cluster

Investment Bloomberg
rating Company BofA Ticker symbol Analyst
BUY
Ampol Ltd CTXAF ALD AU David Errington
Beach Energy Limited BEPTF BPT AU James Redfern
BPCL XBPCF BPCL IN Nafeesa Gupta
CNOOC CEO CEO US Matty Zhao
CNOOC CEOHF 883 HK Matty Zhao
Cooper Energy Limited COPJF COE AU James Redfern
COSL CHOLF 2883 HK Tingting Si
COSL XCNRF 601808 CH Tingting Si
Gail India XGLAF GAIL IN Nafeesa Gupta
Gail Limited - G GAILF GAID LI Nafeesa Gupta
Gujarat Gas Limited XGGRF GUJGA IN Nafeesa Gupta
Hanwha Solutions HNWFF 009830 KS Joon-Ho Lee

Corp.
Hindustan Petro. XHTPF HPCL IN Nafeesa Gupta
Indorama Ventures INDOF IVL TB Komsun Suksumrun

Public Company
Limited
IOC IOCOF IOCL IN Nafeesa Gupta
Kumho Petrochemical KKMHF 011780 KS Joon-Ho Lee

u o et oc e ca 0 80 S Joo o ee
Kunlun Energy - H KUNUF 135 HK Tingting Si
LG Chem LGCLF 051910 KS Joon-Ho Lee
Mahanagar Gas XMGRF MAHGL IN Nafeesa Gupta
Oil India Ltd XLCRF OINL IN Nafeesa Gupta
Oil Search Limited OISHF OSH AU James Redfern
ONGC XOFOF ONGC IN Nafeesa Gupta
PetroChina PCCYF 857 HK Matty Zhao
PetroChina - A PTR PTR US Matty Zhao
PTT Explor'n PTXLF PTTEP TB Komsun Suksumrun
PTT pcl PTTPF PTT TB Komsun Suksumrun
Reliance Inds XRFLF RIL IN Sachin Salgaonkar
Santos Ltd STOSF STO AU James Redfern
Sinopec Engineering SLQTF 2386 HK Tingting Si
Sinopec Kantons SNPKF 934 HK Tingting Si
Thai Oil - L TOIJF TOP TB Komsun Suksumrun
Viva Energy XVWWF VEA AU David Errington
Wanhua Chemical YWNHF 600309 CH Hao Zhang, CFA
Woodside Petroleum WOPEF WPL AU James Redfern

Ltd
NEUTRAL
Formosa Plastics FSAPF 1301 TT Joon-Ho Lee
Indraprastha Gas XTNFF IGL IN Nafeesa Gupta
IRPC IRPSF IRPC TB Komsun Suksumrun
Petrochina Co Ltd-A XPCLF 601857 CH Matty Zhao
Petronet LNG Ltd POLNF PLNG IN Nafeesa Gupta
Sinopec SNPMF 386 HK Matty Zhao
Sinopec - A SNP SNP US Matty Zhao
SK Innovation SKOVF 096770 KS Joon-Ho Lee
Star Petroleum XSJSF SPRC TB Komsun Suksumrun

Refining
UNDERPERFORM
Formosa Chemicals & XFUMF 1326 TT Joon-Ho Lee
Fibre
Formosa Petrochemical FPTCF 6505 TT Joon-Ho Lee
GS Holdings GSHDF 078930 KS Joon-Ho Lee
Lotte Chemical XLCCF 011170 KS Joon-Ho Lee

Corporation
Nan Ya Plastics NNYPF 1303 TT Joon-Ho Lee
Petron Corporation PETZF PCOR PM Caroline Vergara, CFA
Petronas Chemicals PECGF PCHEM MK Joon-Ho Lee
PTT Global Chemical XPGOF PTTGC TB Komsun Suksumrun

PLC
Sinopec -A SNPAF 600028 CH Matty Zhao
Sinopec Shanghai SHI SHI US Tingting Si

Petrochemical Co
Sinopec Shanghai SPTJF 338 HK Tingting Si

Petrochemical Co
Sinopec Shanghai SINFF 600688 CH Tingting Si

Petrochemical Co
S-Oil SOOCF 010950 KS Joon-Ho Lee
APR - Telecommunications Coverage Cluster

Investment Bloomberg
rating Company BofA Ticker symbol Analyst
BUY
21Vianet VNET VNET US Paul Dewberry
Advanced Info AVIZF ADVANC TB Thitithep Nophaket
Beijing Sinnet XAYCF 300383 CH Paul Dewberry
Bharti Airtel BHTIF BHARTI IN Sachin Salgaonkar
China Mobile CHLKF 941 HK Danny Chu, CFA
China Mobile - ADR CHL CHL US Danny Chu, CFA
China Telecom CHJHF 728 HK Danny Chu, CFA
China Telecom - ADR CHA CHA US Danny Chu, CFA

China Tower CHWRF 788 HK Danny Chu, CFA
China Unicom CHUFF 762 HK Danny Chu, CFA
China Unicom - ADR CHU CHU US Danny Chu, CFA
Digital TTCFF DIF TB Thitithep Nophaket

Telecommunications
Infra Fund
Far EasTone FEOTF 4904 TT Danny Chu, CFA
GDS Holdings GDS GDS US Paul Dewberry
HKBN HKBNF 1310 HK Danny Chu, CFA
HKT Trust HKTTF 6823 HK Danny Chu, CFA
INTUCH XIHTF INTUCH TB Thitithep Nophaket
KT KTCNF 030200 KS Jay Yoo
KT KT KT US Jay Yoo
LG Uplus LTCLF 032640 KS Jay Yoo
Megaport Ltd MGPPF MP1 AU Sameer Chopra
NetLink NBN Trust NETLF NETLINK SP Sachin Salgaonkar
PT Telkom TLKMF TLKM IJ Sachin Salgaonkar
Singtel SNGNF ST SP Sachin Salgaonkar
SK Telecom SKMTF 017670 KS Jay Yoo
SK Telecom SKM SKM US Jay Yoo
Taiwan Mobile TWMBF 3045 TT Danny Chu, CFA

TPG Telecom XTELF TPG AU Sameer Chopra
XL Axiata PTXAF EXCL IJ Sachin Salgaonkar
Yangtze Optical Fibre YZOFF 6869 HK Danny Chu, CFA

and Cable
NEUTRAL
Axiata AXXTF AXIATA MK Sachin Salgaonkar
China Communications CUCSF 552 HK Danny Chu, CFA

Services
Chunghwa Telecom CHWAF 2412 TT Danny Chu, CFA
Chunghwa Telecom Co., CHT CHT US Danny Chu, CFA

Ltd.
Globe Telecom GTMEF GLO PM John Te
Indiamart Intermesh XEITF INMART IN Sachin Salgaonkar

Limited
Philippine Long PHTCF TEL PM John Te

Distance Telephone
PLDT -A PHI PHI US John Te
Spark New Zealand Ltd NZTCF SPK NZ Sameer Chopra
Spark New Zealand SPKKY SPKKY US Sameer Chopra

Ltd.-SP ADR
StarHub Ltd. SRHBF STH SP Sachin Salgaonkar
Telstra Corp TTRAF TLS AU Sameer Chopra
Telstra Corp-A TLSYY TLSYY US Sameer Chopra
TM MYTEF T MK Sachin Salgaonkar
UNDERPERFORM
Bharti Infratel XYYAF BHIN IN Sachin Salgaonkar
NextDC Limited NXDCF NXT AU Sameer Chopra
Total Access TACPF DTAC TB Thitithep Nophaket

Communication
TRUE Corp TCPJF TRUE TB Thitithep Nophaket
Vocus Group VCMMF VOC AU Sameer Chopra
Vodafone Idea IDEAF IDEA IN Sachin Salgaonkar
Wangsu Science & XWGUF 300017 CH Emerson Chan, CFA

Technology
Yangtze Optical Fibre XTEZF 601869 CH Danny Chu, CFA

and Cable
Disclosures
Special Disclosures
In accordance with the SEBI (Foreign Portfolio Investors) Regulations, 2014 and with guidelines issued by the Securities and Exchange Board of India (SEBI), foreign investors
(individuals as well as institutional) that wish to transact the common stock of Indian companies must have applied to, and have been approved as per SEBI (Foreign Portfolio
Investors) Regulations, 2014. Each investor who proposes to transact common stock of Indian companies will be required to obtain Foreign Portfolio Investor (FPI) registration as per
SEBI (Foreign Portfolio Investors) Regulations, 2014. Certain other entities are also entitled to transact common stock of Indian companies under the Indian laws relating to
investment by foreigners. BofA Securities reserves the right to refuse to provide a copy of research on common stock of Indian companies to a person not resident in India.
American Depositary Receipts (ADR) representing such common stock are not subject to these Indian law restrictions and may be transacted by investors in accordance with the
applicable laws of the relevant jurisdiction. Global Depository Receipts (GDR) and the Global Depository Shares (GDS) of Indian companies, Indian limited liability corporations, have
not been registered under the U.S. Securities Act of 1933, as amended, and may only be transacted by persons in the United States who are Qualified Institutional Buyers (QIBs)
within the meaning of Rule 144A under the Securities Act. Accordingly, no copy of any research report on Indian companies' GDRs or GDSs will be made available to persons who are
not QIBs.
BofA Securities India Limited provides the following services in India: Research, Equity Sales & Trading, Futures & Options, Electronic Trading, Equity Capital Markets, Debt Capital
Markets and M&A. SEBI Regn Nos. Research Analyst: INH000000503, Stock Broking: INZ000217333 (Trading and Clearing Member of NSE and BSE - Capital Markets and Equity
Derivatives), Merchant Banker: INM000011625. Address: Ground Floor, A Wing, One BKC, G Block, Bandra Kurla Complex, Bandra, Mumbai 400 051, India Tel: +91 22 6632 8000.
BofASecurities is currently acting as Financial Advisor to Reliance Industries inconnection with its proposed sale of a portion of the Oil to Chemicals Divisionof the Company to Saudi
Aramco Oil Co., which was announced on August 12, 2019.
Disclosures
Important Disclosures
Indiamart (XEITF) Price Chart
The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key". Dark grey shading indicates the security is restricted with
p y p g q y p y g y g y
the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is
current as of a date no more than one trading day prior to the date of the report.
Reliance Inds (XRFLF) Price Chart
The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key". Dark grey shading indicates the security is restricted with
the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is
current as of a date no more than one trading day prior to the date of the report.
Equity Investment Rating Distribution: Chemicals Group (as of 30 Sep 2020)
Coverage Universe Count Percent Inv. Banking Relationships* Count Percent
Buy 54 48.65% Buy 28 51.85%
Hold 16 14.41% Hold 11 68.75%
Sell 41 36.94% Sell 23 56.10%
Equity Investment Rating Distribution: Technology Group (as of 30 Sep 2020)
Buy 172 60.99% Buy 115 66.86%
Hold 54 19.15% Hold 35 64.81%
Sell 56 19.86% Sell 24 42.86%
Equity Investment Rating Distribution: Global Group (as of 30 Sep 2020)
Buy 1749 54.79% Buy 1114 63.69%
Hold 677 21.21% Hold 415 61.30%
Sell 766 24.00% Sell 386 50.39%
* Issuers that were investment banking clients of BofA Securities or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage
universe includes only stocks. A stock rated Neutral is included as a Hold, and a stock rated Underperform is included as a Sell.
FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of
potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst's assessment of a stock's: (i) absolute total return potential and
(ii) attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). There are three investment ratings: 1 - Buy stocks are expected to
have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or increase in value and are less
attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. Analysts assign investment ratings considering, among
other things, the 0-12 month total return expectation for a stock and the firm's guidelines for ratings dispersions (shown in the table below). The current price objective for
a stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst's view of the potential price
appreciation (depreciation).
Investment rating Total return expectation (within 12-month period of date of initial rating) Ratings dispersion guidelines for coverage cluster*
Buy ≥ 10% ≤ 70%

Neutral ≥ 0% ≤ 30%
Underperform N/A ≥ 20%
* Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.
INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure) and
9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other
classification(s). A stock's coverage cluster is included in the most recent BofA Global Research report referencing the stock.
Price charts for the securities referenced in this research report are available at https://pricecharts.baml.com (https://pricecharts.baml.com/), or call 1-800-MERRILL to have them mailed.
BofAS or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Reliance Inds.
The issuer is or was, within the last 12 months, an investment banking client of BofAS and/or one or more of its affiliates: Reliance Inds.
BofAS or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Reliance Inds.
The issuer is or was, within the last 12 months, a non-securities business client of BofAS and/or one or more of its affiliates: Reliance Inds.
In the US, retail sales and/or distribution of this report may be made only in states where these securities are exempt from registration or have been qualified for sale: Indiamart,
Reliance Inds.
BofAS or an affiliate has received compensation for investment banking services from this issuer within the past 12 months: Reliance Inds.
BofAS or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer or an affiliate of the issuer within the next three months:
Reliance Inds.
The country in which this issuer is organized has certain laws or regulations that limit or restrict ownership of the issuer's shares by nationals of other countries: Indiamart, Reliance
Inds.
The issuer is or was, within the last 12 months, a securities business client (non-investment banking) of BofAS and/or one or more of its affiliates: Reliance Inds.
BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of
America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors,
the overall profitability of the Bank's sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible.
Other Important Disclosures

From time to time research analysts conduct site visits of covered issuers. BofA Global Research policies prohibit research analysts from accepting payment or reimbursement for
travel expenses from the issuer for such visits.
Prices are indicative and for information purposes only. Except as otherwise stated in the report, for the purpose of any recommendation in relation to: (i) an equity security, the price
referenced is the publicly traded price of the security as of close of business on the day prior to the date of the report or, if the report is published during intraday trading, the price
referenced is indicative of the traded price as of the date and time of the report; or (ii) a debt security (including equity preferred and CDS), prices are indicative as of the date and
time of the report and are from various sources including BofA Securities trading desks.
The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination of this report as recorded in the report
timestamp.
Recipients who are not institutional investors or market professionals should seek the advice of their independent financial advisor before considering information in this report in
connection with any investment decision, or for a necessary explanation of its contents.
One of the analysts covering the issuer has previously served as an officer, director and/or employee of the issuer: Reliance Inds.
Officers of BofAS or one or more of its affiliates (other than research analysts) may have a financial interest in securities of the issuer(s) or in related investments.
BofA Global Research policies relating to conflicts of interest are described at https://rsch.baml.com/coi (https://rsch.baml.com/coi)
"BofA Securities" includes BofA Securities, Inc. ("BofAS") and its affiliates. Investors should contact their BofA Securities representative or Merrill Global Wealth Management financial
advisor if they have questions concerning this report or concerning the appropriateness of any investment idea described herein for such investor. "BofA Securities" is a global brand
for BofA Global Research.
Information relating to Non-US affiliates of BofA Securities and Distribution of Affiliate Research Reports:
BofAS and/or Merrill Lynch, Pierce, Fenner & Smith ("MLPF&S") may in the future distribute, information of the following non-US affiliates in the US (short name: legal name,
regulator): Merrill Lynch (South Africa): Merrill Lynch South Africa (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial
Conduct Authority (FCA) and the Prudential Regulation Authority (PRA); BofASE (France): BofA Securities Europe SA is authorized by the Autorité de Contrôle Prudentiel et de
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Branch, regulated by the Bank of Italy, the European Central Bank (ECB) and the Central Bank of Ireland (CBI); BofA Europe (Frankfurt): Bank of America Europe Designated Activity
Company, Frankfurt Branch regulated by BaFin, the ECB and the CBI; Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and
Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch
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11/22/2020 BofA - Internet - India

Industry Overview | 10 November 2020 | Equity | India | Internet

A look at eB2B market; SME digitization tailwinds; RIL/IndiaMart to beneﬁt (https://rsch.baml.com/r?q=pAmgnekjD5-1XbfZvK4ECw)

B2B day: Room for cos to co-exist given huge market

Key takeaways: Market needs Google as well as Amazon

Tech trends in Covid: Digitalization is irreversible trend

Make in India: Likely to provide tailwinds for eB2B cos

SME Digitalization: An irreversible trend

Exhibit 1: SME digitalization to be the cornerstone of future growth

Make in India: Tailwinds for eB2B cos

Code on Occupational • Common registration of businesses for 13 laws;

• End of Inspector Raj reduced inter-state logistics

B2B event: Key drivers of a few B2B cos

Source: Digital SMB report by Zinnov

Power2SME: Helps SMEs extract scale beneﬁts

Source: IndiaMart DRHP Source: IndiaMart DRHP

Moglix: Oﬀers end to end solution for manufacturing cos

Bizongo: Tech driven packaging leader

*Cash & Cash equivalents in IndiaMart's Balance Sheet as of FY20

JD Mart: A new competition in B2B?

MOQ: Minimum order quantity

Exhibit 7: Valuation compsheet of India Internet/Classiﬁeds businesses

*Bloomberg consensus estimates for Justdial

Appendix: Financials of B2B companies

Exhibit 8: Moglix (Mogli Labs) ﬁnancials Exhibit 9: Bizongo (SmartPaddle Technologies)

Rs mn FY18 FY19 Rs mn FY18 FY19

Source: MCA Source: MCA

Source: MCA Source: MCA

Notes of tech led disruption in India

A look at Jio Platforms through PE's lens (https://rsch.baml.com/r?q=1GMipweQcP9Oj-YTQAUhew)

Fintech: Part 3: A deep-dive on merchant PoS market (https://rsch.baml.com/r?q=N25zaCf-

SME digital lending - demystifying Fintech business models (https://rsch.baml.com/r?q=TV3Qnms5xGannlNYKKkJOw)

Ed-tech: Driving the change; Covid helps accelerate growth (https://rsch.baml.com/r?

Pharma-tech sector: Analyzing impact on listed-co + RIL's likely strategy (https://rsch.baml.com/r?

Analyzing Agri-tech potential: Seeing traction in Farm to fork models (https://rsch.baml.com/r?

Music streaming: Strong MAUs; taking early steps in monetization (https://rsch.baml.com/r?q=37RzHnfAXZmFhiWudSN7Hw)

The roadmap towards a Phygital Kirana (https://rsch.baml.com/r?q=S69Y5IvZchB1R6!-3kuWAQ&e=sachin.salgaonkar%40bofa.com&h=up!W5A)

Price Objective Basis & Risk

Indiamart Intermesh Limited (XEITF, C-2-7, Rs 4972.15)

Reliance Inds (XRFLF, B-1-7, Rs 2084.55)

APR - Energy Coverage Cluster

Beach Energy Limited BEPTF BPT AU James Redfern

BPCL XBPCF BPCL IN Nafeesa Gupta

CNOOC CEO CEO US Matty Zhao

CNOOC CEOHF 883 HK Matty Zhao

Cooper Energy Limited COPJF COE AU James Redfern

COSL CHOLF 2883 HK Tingting Si

COSL XCNRF 601808 CH Tingting Si

Gail India XGLAF GAIL IN Nafeesa Gupta

Gail Limited - G GAILF GAID LI Nafeesa Gupta

Gujarat Gas Limited XGGRF GUJGA IN Nafeesa Gupta

Hanwha Solutions HNWFF 009830 KS Joon-Ho Lee

Hindustan Petro. XHTPF HPCL IN Nafeesa Gupta

Indorama Ventures INDOF IVL TB Komsun Suksumrun

IOC IOCOF IOCL IN Nafeesa Gupta

Kumho Petrochemical KKMHF 011780 KS Joon-Ho Lee

Kunlun Energy - H KUNUF 135 HK Tingting Si

LG Chem LGCLF 051910 KS Joon-Ho Lee

Mahanagar Gas XMGRF MAHGL IN Nafeesa Gupta

Oil India Ltd XLCRF OINL IN Nafeesa Gupta