DIGISPICE TECHNOLOGIES LIMITED — Call Transcript 2021

Aug 23, 2021

234 August, 2021

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, Block Dalal Street, Mumbai 400 001 Bandra Kurla Complex, Bandra (E) Scrip Code: 517214 Mumbai 400 051 Scrip Code: DIGISPICE

Sub: Transcript of the Investors/Analysts Conference Call held on 2"4 August, 2021

Dear Sir/Madam,

In continuation to our letter dated 29t July, 2021 intimating you about the schedule of the conference call for Investors/Analysts on 274 August, 2021, please find attached herewith the transcript of the aforesaid conference call. The same will also be made available on the website of the Company i.e. www.digispice.com.

You are requested to kindly take the above on record and oblige.

Thanking you.

Yours faithfully, for DiGiSPICE Technologies Limited

"(M. R. Bothra) Vice President Corporate Affairs Company Secretary

Encl.: as above

Di GiSPICE Technolo gies Limit Dated: A ted: Q1 FY August 02, Y22 earnin , 2021 ngs call T rasncript

Gavin Des sa (Moderator r)

Good aft earnings ternoon ever Zoom webin ryone and a w nar. warm welco ome to DiGiS SPICE Tech hnologies Lim mited's Q1 F FY22

We have along wi some sta results m been incl e with us to th members atements ma may vary as t luded in the oday Mr. Di of the senio ade in today hey are depe result presen ilip Modi, t or managem y's discussio endent on se ntation sent t he Chairma ent team. Be ons may be everal extern to you earlie an of DiGiS efore we beg forward-lo nal factors. A er. SPICE Techn gin, I would oking in na A statement nologies Lim d like to state ature. The a in this regar mited e that actual rd has

We will c performa will have commence t ance and tou e an interacti the call with uching upon ive Q&A ses Mr. Dilip M the strategic ssion. Modi taking y c imperative you through es of the com the operatio mpany. Follo onal and fina owing which ancial h, we

I would n now like to i invite Mr. M Modi to comm mence the pr resentation. O Over to you, , Mr. Modi.

Dilip Mo odi

Thank yo us on thi quarter, w interact a you who where we ou, Gavin. G is Q1 earnin we had don and engage w have come e are going. Good afterno ngs call this ne a call for with many o for the first So, I'm so g oon, everyon s afternoon. last financi of you who m t time on th lad that you ne. Thank yo This is the al year. I'm may have joi his call to he could take o ou so much f e second cal m so glad tha ined us on th ear about ou of the time. T for taking ou ll we are do at we get th he previous ur journey, w Thank you s ut the time to oing. Earlier his opportuni call and ma where we are so much for o join r, last ity to any of e and that.

We have presentat Technolo previous we are at emphasiz DiGiSPIC e put togeth tion also ta ogies for va presentation t an early st ze and talk a CE Technolo her a presen alk about arious segme n as well. So tage of build about our bus ogies. So ple ntation for l the busines ents of busi o, I must ap d out, we tho siness mode ease bear wi looking at Q ss model, t inesses. Som pologize up f ought it will ls that we ar ith me on tha Q1 results. that we ar me of these front for som l be appropr re chasing in at. Some of th re pursuing slides we me repetitio riate for us t n each of the he slides on g at DiGiSP did share in n. But given to once agai e segments w n this PICE n our n that in rewithin

Of cours do intera suggestio presentat e, we will ta act with all ons that we c tion for quar alk through t of you in te can then buil rter one FY2 the Q1 num erms of som ld on in our 022. mbers followi me of your t journey goin ing which as thoughts, qu ng forward. s Gavin said uestions, ins So, with tha d, I would lo sights, as we at, let me sta ove to ell as art the

We will is Financ also, brie cover the tw cial Technol efly talk to wo segments logy Service you about o s that we hav es, our rule our Digital ve outlined f of FinTech Technology for us as Di business br y Services bu iGiSPICE Te randed as Sp usiness whi echnologies pice Money ich is at an . One y, and early

stage of overview Exchang build out b w of our con es. So you'll both for ente nsolidated fin l also get an erprise and nancials. Th opportunity specifically is presentati to have a lo y for Telco. ion has also ook at it from We will cl been uploa m there. lose with a ded on the S brief Stock

If I once what we what we segment detail thr Technolo segment, again, try a focus on, w do every da where we a rough that. ogy Services not just in I and bring out we are about ay, and basic are building At the sam s segment w India, but acr t as to at Di building Di cally in two out India's l me time, we where we w ross other co GiSPICE Te igital Platfor segments. O leading rura are at an work with Te ountries in th echnologies, rms and Sol One is the Fi al FinTech p early stage elcos and ot he region. , what bring lutions. As a inancial Tech platform. An of build ou ther enterpr gs us togethe a company t hnology Ser nd we will ta ut in the D rises in the er and this is rvices alk in Digital BFSI

Just to g segments transactio Enterpris sent usin revenue Technolo give you a s. In the Fin on value of se Communi ng our platfo of over IN ogies and the sense of the nancial Serv f close to IN ications Plat orms. And o NR 700 cror e two segme e size of th vices segme NR 82,000 c tform busin overall, as a res. So, this nts. he overall op nt for the f crores which ess, we cloc company in s is just to perations th financial yea h is about $ cked over 9 n the financ give you a hat we run a ar 2021 we $11 billion. 9 billion me cial year 202 an overview across these clocked a In terms o essages that 21, we clock w on DiGiSP e two gross of our were ked a PICE

Now goi have focu and third Spice Mo ng into deta used on our d is Digital T oney. ail on each o DiGiSPICE Telco. Let m of the areas w Technologi me start with we basically ies. One is D h our Digita y have called Digital Rural al Rural plat d out three s l, second is D tform busine segments tha Digital Enter ess referred at we rprise to as

Before I back and you know significan Jan Dha customer what how comes to talk about th d understand w, over the nt drive to g n Yojana o rs getting ac wever has n o bank branch he business d the core pr e last severa get every Ind of the Gove cess to a ban ot kept pace hes and ATM model at Sp roblem that w al years, in dian citizen ernment of nk account. e is the grow M infrastruct pice Money, we are tryin n fact the la access to a India and w While that h wth in the la ture of the b it is very im ng to solve a ast five to bank accou we have se has been hap ast mile ban banks. mportant for at Spice Mo seven years unt. All of us een a signif ppening at a nking infrast r us to take a oney. As man s, there's be s know abou ficant numb a very rapid tructure. Wh a step ny of een a ut the er of pace, hen it

If you lo many oth gap has specifica banking line with ok at the AT her countries even far m ally for unde infrastructur the account TMs per mil s around the more scarce. er and unba re in terms o ts. llion populat e world. And . So, in ter anked custom of branches a tion, we are d when it co rms of whe mers in sem and ATMs i still behind omes to sem erever the b mi urban an is scarcely m the world a mi urban and bank accoun nd rural Indi missing and verage as w d rural India nts have op ia. The last has not grow well as a, this ened, mile wn in

Now wh Payment Governm payment hat we are u System. T ment of India system plat using as tec This has bee a. And we ar tform. This p chnology st en part of t re very, very platform is b ack to solv the India's y, at DiGiSP being used o ve this prob Tech Strate PICE, excite on the back o lem is the egy of Digi ed about the of the fact th Aadhaar-en ital India o Aadhaar en hat over a b abled of the abled billion

citizens i linking th in India hav heir Aadhaar e got thems r ID to their elves enrolle bank accoun ed on Aadha nt. aar and prog gressively, m many of them m are

If we loo projected where fro crores by have the connecte banking. ok at the pro d to grow sig om FY21 ab y FY25. The eir Aadhaar d to the bank ojections for gnificantly. W bout INR 2 l ese are third biometrics k account, th r the Aadhaa We have got akh crore is d-party repor registered his is a great ar-enabled P t some thirdprojected to rts, but effec and now p t stack for us Payment Sys -party report o grow to an ctively the fa progressively s to use to so stem industry t numbers h nywhere clos act that over y majority olve this pro y as a whole ere, to show se to INR 10 r a billion p of them ge oblem of last e, it's w you, 0 lakh eople etting t mile

How do town and using an their com we do it? W d rural India Aadhaar bi mmunities ar We have built can downlo ometric dev ound them a t out a Spice oad from the vice, which i avail of ATM e Money Ad e Play Store, is also not to M and bankin dhikari app, w , get themsel oo costly, b ng services. which any m lves KYC an be able to m merchant in nd registered make custome small d and ers in

So basica ATM and building Spice Mo we are so ally, we are d moving fo out the Spic oney, you ke olving and th converting orward a ban ce Money d eep this core he solution th a kirana sto nk branch. T digital platfo e problem at hat we have ore in small This is the co rm. And it's t the back of put out ther town and ru ore solution s very impor f your mind re to solve th ural India in on the back rtant that as d in terms of his problem. nto effective k of which w s you think a f the problem ely an we are about m that

Moving towards e get acces the left-h space, wh their serv kinds of digital pl forward. Le entrepreneur ss to our we hand side, w here we tie u vices onto th financial an latform, not et's talk abo rs, merchant eb platform t we have all o up with bank he platform d digital serv only can it e out the busin ts, kirana sto to serve con our core serv king partner and then th vices to con enable financ ness model. ores in rural nsumers in c vices, basica s, as well as hrough the m nsumers in se cial services So, as I sa India, who communities ally in the ba s other playe merchant ec emi urban an , but also dig aid, our plat download o s around the anking and f ers in the eco cosystem, w nd rural Indi gital service tform is tar our app as w em. If you se financial ser osystem to en e deliver va ia. Because i s. geted well as ee on rvices nable arious it is a

So, we'v basically commerc onto our outlined cash man adding m e broken ou y around fina ce, travel, he platform an also on this nagement. B more and mor ut our produ ancial servic ealthcare, go nd offered to s page. Our But effective re services to uct segments ces and the overnment th o the end co core service ely as we are o our platfor into two, o other is dig hese are all onsumer in es are more e going forw rm. one what we gital services services tha rural India. e around cas ward, and I' e call core s s. So when at can be di Some of th sh withdraw ll talk about ervices, whi you see her gitally integ he services w wal and enter t this later, ich is re, egrated we've rprise we're

What is India, wh our abilit semi urb now goin growth. merchant also importa hat are some ty to access an and rural ng deep into And so, the ts in rural In ant to under e of the build s and engage l India. As y o rural India e ability to ndia is a key rstand is tha ding blocks e with milli you know, th a. And we'v access as w building blo at as we are of this busin ions of merc he access of ve been able well as enga ock for our b rolling out ness? The fi chants, entre f smartphone e to build a age with mi business. this busines irst and the m epreneurs, a e and interne product on illions of en ss deep into most import and consume et connectiv the back of ntrepreneurs rural ant is ers in vity is f that , and

The seco access da know, on and there able to th make ava ond is, throu ata, which ca ne of the big efore ability hink around ailable throu ugh the tran an enable us ggest challen y for banks t d new produ ugh our entre nsactions tha s to create pr nges we have to underwrit ucts that we epreneur eco at happen on roducts for c e when it com te. So, we, can build fo osystem. n our platfo consumers in mes to finan through the for consumer rm, the abil n rural India ncial inclusio transaction rs in rural I lity to be ab . As many o on is lack of ns data, are b India that we ble to of you f data, being e can

And the architectu through deliver it core to w third most ure. What t an API inte t in an econ what we are b important b this does is egration, inte nomically via building out building blo enable mul egrate their able manner at Spice Mo ock that we ltiple player services on r. And I thin oney. e have in ou rs in differe nto a platfor nk all of the ur business ent industrie rm, and ther ese three bu is an open es to be abl refore be ab uilding block n API le to, ble to ks are

Moving financial the key m most imp that happ this was forward, I w year. These metrics that portant metr pen on our p a growth of would like t e are key hig we at Spice ic that we lo platform. For 35% in GTV to share wit ghlights befo Money trac ook at is the r Q1FY22 w V quarter-on th you what ore we get to ck as we thin e gross trans we had a gro n-quarter and t we have d o some of th nk about bui saction value ss transactio d 65% year-o delivered in he key metric ilding the bu e of the busi on value of I on-year. Q1 starting cs. And thes usiness. The iness transac INR 31,000 g this se are first, ctions crore

Within th what is i growing. INR 199 year. his you know important to Our transac crores, whi w when we l o us is the tr ctions-based ich has a gr look at our r ransactions r revenue qua owth of 29% revenues as a revenue, tha arter-on-qua % sequential a function o at we very c arter grew fro lly quarter-o f our gross t closely moni om INR 155 on-quarter a transaction v itor and focu 5 crores to ar nd 56% yea value, us on round ar-on-

The third you on o within th AePS ma d metric that our previous hat. Within t arket share to t we track ve call, we are the AePS sec o 15.9% in Q ery closely i e focusing o ctor, basical Q1FY22 com is our growt on growth, a lly the off-us mpared to 13 th in market and market s s market, w 3.7% in FY2 t share. As I share growth e have mana 21. also shared h is a key m aged to grow d with metric w our

A fourth on the la rural Ind we are bu because i metric and st call is the ia, it's also i uilding. Cus it also shows this is a new fact that as important fo stomers who s the robustn w one that w we are rollin r us to look o are constan ness of the bu we've introdu ng out this S at what is th ntly coming usiness mod uced on this Spice Money he kind of re back and us del going for call. We did y Adhikari n epeat custom sing our plat rward. d not talk ab network deep mer franchise tform to tran out it p into e that nsact,

Just to sh on the Sp million in and share hare with yo pice Money n the previo e with you an ou, the repea platform, in ous quarter. nd we'll talk at customers ncreased to 2 So, this is a k a bit more a that transac 21 million cu lso an impo about that as cted on AeP ustomers in ortant metric s we go forw PS, which is the Q1FY22 that we wa ward. our core pro 2 compared anted to brin oduct to 17 ng out

As you k fees as w and enga know, in the well as broug agement of o Q4FY21, w ght down th our Adhikari we rolled out he monthly r i network. S a significan rentals that w So, a lot of th nt program, w we charge, b he growth th wherein we basically to hat we've se remove the drive acquis en in this qu entry sition uarter

was drive for the y most of t therefore as to, how So, our c districts q en by that pr year going fo the pin codes e focusing on w we're gro coverage wh quarter-on-q rogram that orward. The s in India, ou n density. W owing our de hen it comes quarter. we ran in Q e other metri ur focus is to We've called o ense districts s to dense d Q4. And we b ic that we lo o get to as cl out what we s, which is o districts grew believe that ook at is ou lose to the d say dense d one Adhikar w from 140 this has put ur coverage. doorstep of th districts in In ri per 1,000 dense distri t us in good While we c he consumer ndia, and we rural popula icts to 186 d stead cover r, and track ation. dense

And fina challenge responsib therefore goal of w also talk ally, as we w es being fa bility to also e, at Spice M working clos to you a bit work deep in aced by us o participate Money, we ha sely with the about that a nto rural Ind and by th e alongside w ave launched e governmen s we go forw dia, we have he world a with the gov d our own pl nt to drive va ward. e also realize around the vernment in latform calle accination d ed that when pandemic, n helping so ed COVREG deep into rur n it comes t it becomes lve for this. G, which wit ral India. An to the s our And th the nd I'll

Moving quarterly most of t if you lo Adhikari and 319,0 forward, let y numbers, u the metrics w ook at the n i network we 000 Adhikar 's look at th unlike last ca with respect network, wh e closed at 6 ris in Q1FY2 he key metri all where we to sequentia hich is the f 6.83 lakh Ad 21. cs for Spice looked at fo al movemen fundamental dhikaris com e Money. Si or the full-ye nt as well as basis of ou mpared to 57 nce we obv ear, we've ba year-on-yea ur growth, t 76,000 Adhi iously looki asically look ar movemen the Spice M ikaris in Q4F ing at ked at nt. So, Money FY21

In terms previous Q1FY21 getting th has trans crore in approxim far as GT of dense co quarter, but . So, as we' he services a slated into is the previou mately about TV is concer overage, as I t a significa re looking to as close to th s a GTV of us quarter an t 35% quarte rned. I mentioned ant growth o o build the b he doorstep o INR 31,000 nd INR 19,0 er-on-quarte d to you 186 over year-on business, ou of the consum 0 crore in th 000 crore in er growth, as 6 dense distr n-year comp ur focus is to umer. What t his last quart n Q1FY21. s well as a ricts compar pared to 48 d o increase de this Adhikar rter compare So, if you l 65% year-on red to 140 i dense distric ensity in term ri network gr ed to INR 23 look at it, th n-year grow in the cts in ms of rowth 3,000 his is wth as

When we what we on an ann the AePS at close t e look at the have done i nual basis as S market in F to 15.9%. e market sha is basically s to how we FY19, we mo are that we'r shown the th 're progress ove to 11.8% re achieving hree-year tre sing the mark % in FY20 to g in our core end, because ket share. Fr o 13.7% in F e product, th e we would rom an 8.9% FY21 and we he AePS pro like to track % that we we e closed Q1F oduct, k this ere of FY22

So, for u well as m of the tra us at Spice M market share ansactions th Money, as w growth and hat are happe we're scaling d making sur ening in the s up the netw re that we sta space. work, we're ay ahead in t focusing on terms of inc n GTV growt creasing our th, as share

Moving f you a sen core reve impactin forward, thi nse on how enues, becau g our revenu s is a new s driven by th use it is impo ue growth. S lide that we he growth in ortant to cor So just to exp have introd n the Adhika rrelate betwe plain you thi duced compa ari network, een how our is slide becau ared to last t we have se r Adhikari n use it's new, time. Just to een growth i network grow the bars tha o give n our wth is at you

see are b basically basically the y what we ha e number o ave called ou of Adhikaris ut as the serv s for that qu vice fee incom uarter and t me or the se the red line ervice fee rev e that you s venue. see is

As you k revenues well as i income a again, w overall ro know last ti of Spice M income from and within t e believe th obustness of ime on the c Money into t m acquisition transactions hat the grow f our econom call, and ma three segmen n and devic income, wh wth of this in mic model. aybe I'll exp nts, our serv ces. What w hat we've c ncome is ve plain later a vice fee inco we're focuse alled out is ery importan as well, we ome, airtime ed on is driv the service nt to track t have divide e sale incom ving transac e fee income to understan ed the me, as ctions e. So nd the

When we footnote been prov be able t the last n e look at thi where this d vided or wri to explain th nine quarters is number co does not incl itten back du hat service fe . ompared to t lude the subs uring the qu ee income w the overall s scription ren arter. So, thi without the r service fee i ntal revenues is is all an a rental incom income, as y s and one-of apple-to-appl me, how has you see there ffs, that may le compariso that tracked e is a have on, to d over

So, if yo Adhikari because migration flowing i adoption of that ov ou see, basic i network as when the p n, a lot of p into semi ur of the Spice ver the last f cally startin well as in o andemic sta people goin rban and rur e Money app four quarters ng last finan our service f arted, and th g back to r ral India. An p and the Sp . ncial year Q fee income. he lockdown rural, but als nd on the ba ice Money p Q1, we saw This as I sp ns happened so more im ack of that, w platform, and a major gro poke about la d, there was mportantly, a we saw sign d we have gr owth in both ast time also s a lot of re a lot of subs nificant grow rown on the h our o was everse sidies wth in back

The seco campaign costs as w it is for u the kind ond big grow n on onboard well as mont us a strong v of growth in wth that we ding majorit thly rentals validation of n income tha saw was in ty a lot of ou and we saw f the initiativ at we've seen n quarter fou ur entreprene significant ves that we t n in Q1FY22 ur closing la eurs onto ou growth com took in Q4F 2. ast year whe ur platform b me in because FY21, becau ere we drove by reducing e of that also use that has l e this entry o. So, led to

So, for u the CAG through Q growth m opportun network network us, what we h GR over the Q1FY20, we mode and w nity in the m deep into ru is leading to have seen is last two yea e have seen we would li market to exp ural India. So o growth of o a steady rev ars, Q1 of th a CAGR, if ke to contin pand both th o I hope this our core inco venue growt his year com you see the nue to look he reach of s helps you ome stream. th over the l mpared to Q numbers of k at you kn our network correlate be last nine qua Q1 FY20, FY f approx. 70% now growing k as well as tween how t arters. If I lo Y21 and Q1F %. So, we're g because o the depth o the growth i ook at FY22 e in a of the of our in the

Moving importan is a certa new Adh strong re we have the Spice Q1FY22 forward, I'd nt that as we ain repeat en hikaris and n peat and cus seen, what i e Money pl , we've grow d like to talk 're rolling o nd customer new custome stomer franc it has transla latform. So, wn from Rs. k to you abou out our Adhi franchise th ers through in chise. So aga ated into in t if you loo 6 million to ut our Repe kari network hat is getting ncreasing re ain, if you lo terms of gro k at it just Rs. 17 milli eat customer k, we're also g built. So, w each, our cor ook at with th wth in our c between Q ion to Rs. 21 franchise, b o able to trac while our fo re objective he growth in customer bas Q4FY20 to Q 1 million. because it is ck that how ocus is on ad is to build a n the network se, transactin Q4FY21 thr s very there dding a very k that ng on rough

And I thi of custom periods. have not think tha consume grow the ink just to e mers that hav So, all these t only transa at is the num r franchise ir business a xplain, what ve transacted e numbers t acted during mber that is v for the bene and grow ear t we say Rep d during a p that you see g that quarte very importa efit of our A rnings going peat custom particular qua on these ba r but have a ant to us to u Adhikari net g forward. mers, it is bas arter, who h ars are repre also transact understand h twork and to sically looki have also tra esentative o ted in earlie how we're b o help our A ng at the nu ansacted in e of customers er periods. A building a ca Adhikari net umber earlier s who And I aptive twork

Moving o model be building the heart the streng on, this is a ecause as w out the cust of the robus gth of the pl slide that I s we focus on omer franch stness of the atform and t spoke about building out hise, our mai e business m the brand in last time, an t our merch in focus is o odel going f the industry nd I think it hant network on growing tr forward and y. is at the cor k, adopting o ransactions it is a clear re of our bus our platform because that demonstrati siness m and t is at ion of

So what Adhikari points, d garner in making t customer we're focu is on our pla driving numb nsights, using them availab rs with even used on if y tform, grow ber of transa g data, and u ble on the A more servic you can see wing the num actions as a using those Adhikari plat ces. e the flywhe mber of custo result of tha insights, inn tform to aga eel is basica omers who ar at and then novating and ain enable th ally growing re transactin based on th d building n hem to be ab g the numb ng at the Adh hat, being ab ew products ble to serve ber of hikari ble to s, and their

So at the the Adhik their earn to be ab underserv e end of the kari platform nings on our ble to get ac ved. day, this be m, which can r platform, b ccess to ser ecomes a wa n achieve tw but more imp rvices that t ay in which wo objectives portantly, en they have n we can grow s. One, it can nable the con not been pri w more rele n enable the nsumers in th ivy to so fa evant produc Adhikari to heir commun ar, or have cts on grow nities been

While w positive possible. internal operating seen a gr to play ou we're rolling unit econom In fact, in t accruals to g leverage in rowth in our ut in this bu out this bus mics busines this business be able to n our busine r fixed costs siness. And siness mode ss model. W s because w reinvest in ess. And whi in the last f we've even s el, I'd like t We're trying e're positive innovation ile I'll talk t financial yea seen it in thi to once agai to keep ou e unit econo and networ to you throu ar, there is o is quarter co in re-empha ur cash burn omics, we're rk growth. W ugh the numb perating lev ompared to la size that we n to as mini e able to gen We also hav bers while w verage that b ast. e're a imum nerate ve an we've begins

So, there driven by and our f products we spoke about pro the Micro the case case, he' account w e is both pos y transaction focus on this that we roll e about last oducts that w o ATM prod of AePS pro s using his while they d sitive unit e ns growth. S s as we roll o led out beyo time, but I work for Bh duct. This is oduct, the cu debit card, don't have a conomics in So again, a v out the busin ond AePS on just want to harat for rura a very com ustomer is us which majo a credit card n our busine very core par ness, just to n our platfor o bring out al and semi mplementary sing his Aad ority of the , they defini ess model, a rt of our bus give you an rm. These ar the fact tha urban India product to t dhaar to be a customers itely have a as well as op siness mode example of re the two ne at we are co a, one of the the AePS pro able to withd who have a a debit card. perating lev el is this flyw f some of the ew products onstantly thin e core produ oduct, becau draw cash. In access to a And so in erage wheel e new s that, nking ucts is use in n this bank cases

where th some rea Adhikari have seen product i year. Go market. A lower pri sure that serve the hey either th ason it does i point, we a n last financ itself. So, fro oing forward As I speak to ice point tha a significan eir consumer ey do not u not work, th at Spice Mo cial year how om INR 2,7 d, our focus o you, we've an the one w nt part of ou rs around the se their Aad hey're able oney have be w we've grow 40 crore in s is to conti e already lau we had last fi ur AePS Adh em. dhaar identit to use their een one of t wn 3x in ter FY20, we h inue to driv unched a new financial yea hikaris are a ty or they d r card to also the early mo rms of the gr had a GTV c ve device af w device in ar and with t also able to a o not have i o withdraw overs in this ross transact close to INR ffordability the market, that idea, ou adopt and us it on them o cash at the s product an tion value on R 8,638 cror to penetrate which is at ur goal is to m se this produ or for same nd we n this re last e this t a far make uct to

So hopef other one enterpris into rura deposit i we're rol them wit both redu provide f fully going f e that I want es whether i al India have t at their br lling out our th access to uce their cos for real time forward, we' t to talk to yo it's Microfin e their repre anches whic r Spice Mon cash deposi st of collecti credit into t 'll be able to ou is about e nance NBFC esentatives g ch are perha ey Adhikari it points mu ion as well a their account o see growth enterprise ca s, other NBF go and colle aps at a dist network de ch closer to as get acces t. h also comin ash managem FCs, logistic ect cash on tance to the ep into rural o where their s to that mo ng from this ment. We've cs companie a regular b point of col l India, we'r r branches a oney much f product. An seen that a s who work basis and go llection. Bec re able to pro are, and ther faster becaus nd the lot of deep o and cause ovide refore se we

So, this i access to managem access to product. be talking is a win-win o cash and al ment is a cash o our Adhika This is goin g more abou n product fo lso, with Ae h-in product aris to cash t ng to be a fo ut this in the r enterprises PS and mini t. So, it also that they can cus growth p quarters ahe s, as well as i-ATM, it's a works bea n also disper product for ead. s our Adhika a cash out p autifully in t rse as part o us this year, ari network product wher terms of be of their AePS , this financi because the re enterprise eing able to S and mini-A ial year and ey get e cash give ATM we'll

Moving understan consume India do platform, forward, ag nd that while rs in rural In not have to , and they ca gain I think e we have bu ndia within r step out to an be served k from a vi uilt out on a rural India. S avail of man within the v ision point a business m So our goal i ny services village, withi of view, it model, our vis is to ensure that can be in their com t's very imp sion is to be that custome digitally onb mmunity itsel portant for u e able to serv ers living in boarded ont lf. us to ve the rural to our

We've st many mo governm opportun rural Indi because w they can platform tarted with b ore services ment services nity for us to ia, within th we're seeing n extend the and there ar basic bankin on the Spice s, healthcare o ensure tha eir commun g any indust ir services t re many exam ng and paym e Money pla or e-comm at through ou nity, and not try which is to consumer mples now t ment services atform, whet merce service ur Spice Mo require them building ou rs, we're ab that are comi s going forw ther it's in th es, we truly oney Adhik m to go out t ut a digital l ble to integr ing out in th ward, our go he space of f believe tha karis, we can to get access layer, where rate those s his space. oal is to onb financial serv at there is a n serve peop s to those ser through an services onto board vices, great ple in rvices API, o our

So we tru and techn viable m uly believe t nology to be manner. So that we have e able to serv we're creat e an opportun ve consumer ting a mode nity to build rs deep into el where pr d a platform w rural India roduct manu which bring and do it in ufacturers i gs together p an economi in each of eople ically these

industrie way. And in rural In of our vis we keep s are able to d that is the ndia. And th sion and as w you updated o get access t only reason hat is why m we roll out th d as to how w to millions o why many o many of them he business we're progre of consumers of them have m are unserve over the nex essing on som s in rural Ind e not been ab ed or underse xt couple of y me of these s dia in an eco ble to reach erved. So th years, we w segments. onomically v out to consu is is a frame ill make sur viable umers ework e that

Finally, I levers, if what we Adhikari and it's tr I'd like to c f we can mo 're focused is, our merch ranslating in lose before ove to the ne on at Spice hants, our en nto the growt I get to the ext slide, ple Money first ntrepreneurs th numbers t financials f ease. These t is, as I sai , we've alrea that I showed for Spice M are our thre id growing o ady started t d you. Money, with ee growth le our network taking steps our three gr evers. And th k of Spice M in that direc rowth his is Money ction,

Our goal second g core bank also goin domain. we're ver and good with, ent And so fo to happen they can most adm forward i consume l is to not o growth lever king and pay ng forward e And finally ry conscious dwill is very trepreneurs n for us, it's ver n at scale, w build a rela mired FinTec in our journe rs in rural In only extend r is around e yment use ca enabling deli y, and most s of the fact t y important. need to trust ry important we also ensur ationship wit ch brand for ey towards s ndia. our reach, expanding s ases and add ivery of fina importantly that we're w Consumers t the platform t that as we d re that we bu th going forw r rural India. strengthening but also de services, of ding new pro ancial servic y, from a co working in th s need to tru m they're en develop a ve uild a brand ward. So, we And we hop g the brand e eepen our pr course, to b oducts, some es as well as ompetitive d he financial s ust the platf ngaging with ery robust pl that consum e do aspire t pe that we'll engagement resence in k begin with s e of which I s other servi differentiatin services indu forms that th h because it latform to en mers can trus to build the l be able to c with both o key clusters strengthening spoke abou ices in the d ng point of v ustry, where hey are enga involves mo nable transac st and ensure most trusted continue to m ur merchant . Our g our ut, but digital view, e trust aging oney. ctions e that d and move ts and

And fina numbers quarters, 202 crore this sign service f and INR crore com ally, before on revenue if you look e compared nifies a 27% fee income i 42 crore in mpared to IN I close the and EBITD at the reven to INR 159 % quarter-ons basically I the previous NR 98 crore section on DA. Again, fo nue overall fo crore in the -quarter gro INR 69 cror s year same and INR 86 Spice Mone or the sequen for Spice Mo previous qu owth. Within e compared quarter, wh crore in the ey, let me s ntial quarter oney, we clo uarter and IN n this, if yo to INR 57 hile the Airtim previous qu share with y rs as well as osed last qua NR 132 crore ou look at th crore in the me sales rev uarters. you the fina the year-on arter at about e the year be he segments previous qu venue is INR ancial n-year t INR efore, s, the uarter R 130

When we sale inco our main somethin e think of tr me. But our n focus in ter ng that we'll ransactions r r focus is to rms of the co continue to revenue, we make sure w ommission in focus on as look at bot while we gro ncome that w we go forwa th service fe ow both, I th we earn from ard. ee income as hink the serv m the transac s well as Ai vice fee incom ctions, and t irtime me is this is

In terms 1.6 crore which is our EBIT of EBITDA e negative. T close to IN TDA. And b , Q4 FY21 w This quarter, NR 4 crores t asically, this we reported n we've come this quarter. s was an acc negative EB e in at Spice So, if you count of one BITDA of clo e Money EB look at sequ of the point ose to INR 2 ITDA aroun uentially, we ts that I expl 2 crore about nd INR 3.8 c e've improve lained on ou t INR crore, ed on ur last

call, that that we r t we had sig an, which w gnificant exp were not of re penses that w ecurring natu we undertoo ure. ok in quarter r four towar rds the camp paign

But also revenues when we about IN made to adoption related. A bottom-li importantly on transact e look at year NR 10 crore, you earlier, of our plat And as a res ine. y, the growth tions has als r-on-year, w about INR which was tform driven sult of that, h in the net so flown int while we cam 9.9 crore in that when th n by a signif it was like a twork that w to the botto me in at INR n Q1 last ye he pandemic ficant bump a windfall w we saw, whi om-line in te 4 crore in Q ear. And that c started, we p up in subs wherein the w ich translate erms of EBI Q1 this year, t is because e saw a sign sidies, which whole thing ed into grow ITDA. How we were clo of a point t nificant grow h were pand g just came t wth in wever, ose to that I wth in demic to the

Over the in the ne behind th building long-term up the or last one yea etwork, as w his, both in organization m business. A rganization, w ar, we have n well as the tr terms of m n capacity an And therefor which can h now built on ransactions. making the p nd capability re, we made andle scale a n this, oppor And we hav platform a lo y. So, for us sure in the l and growth g rtunity that w ve effectivel ot more acc s, what we w last one year going forwa we got in ter ly now focu essible, but want to build r that we foc ard. rms of the gr used on inve also in term d is a sustain cused on bui rowth esting ms of nable ilding

With tha have tak ecosystem them in a are able one of t Governm COVID r at, I'd like to ken on at S m. We want all ways pos to protect an the things th ment of India related vacci o close on th pice Money t to make sur ssible. And w nd take care hat we are a. Some of t ination are p he section o y. As I men re that we ar what could b e of each an doing is w the challeng principally ar on Spice Mo ntioned for re evolving be more imp nd every pers we've partne ges that we'v round four. oney. There us, we are with the rur ortant at this son in the a ered with th ve seen in ru is a social i e deeply ves ral consumer s stage, but areas that we he COWIN ural India, w initiative tha sted in the r. We are se to ensure th e function in initiative o when it com at we rural erving at we n. So, of the mes to

One is ar basically digital is doing a tr round the la y more drive s very much remendous j ack of aware en by walklimited. An job in an out eness around ins. In rural nd so, there's treach progra d vaccine re l India, the s also a lack am, this con egistration. A COWIN pl k of awarene ntinues to be As you know latform beca ess, while th a challenge. w, registrati ause of acce he governme ion is ess to ent is

The seco vaccine. very imp take the v ond, and per There are lo portant that t vaccine. rhaps a bigg ots of myths these myths ger challeng that people h be removed ge that we h have around d. And peop have in rura d the side eff ple in large al India is s fects of this v -- at large ge .scepticism t vaccine. And et comfortab to the d it is ble to

The third three are their com with influ myths tha d is the need connected. mmunity, it i uence to be a at exists whe d for commu Because at is very impo able to drive en it comes t unity influen the end of t ortant that w e action and to the vaccin nce to drive the day the t we are able t give them k ne. e action. An trust and the to reach out knowledge, r nd the point e belief that t to people in right to remo number two they have w n the comm ove some of o and within munity these

And fina challenge ally, the nee es, we at Spi d for an ass ice Money h sisted registr had built out ration platfo t our own pla orm. So, kee atform to tac eping in min ckle this, wh nd some of hich is referr these red to

as COVR rolled thi over 11,0 the idea them dow their com COWIN level by t REG, which is out earlier 000 voluntee is to be we' wnload the a mmunities a platform, as the Governm h is basically r last quarter ers who've d ve got them app. And the around them s well as dri ment of India y with the ob r. And alrea downloaded t m first registe e idea is tha m. And they ve walk-ins a. bjective of d ady we have this app that ered on our at through th can use th into the vac driving regis seen that w t we've launc platform, an hese volunte his app to g ccination cam stration and we have been ched the CO nd then we'r eers, we wan get people r mps being s vaccination n able to onb OVREG app. re going to m nt to reach o registered on set up at a di n. We board . And make out to n the istrict

The COV today an registered registered committe VREG app w nd tomorrow d on our pl d and vaccin ed to protect will go live w. And that atform to be nated. So, th ting citizens today. Effec will give a e able to do his is a huge in rural Indi ctively, I wo an opportuni ownload and e program fo ia. ould say wi ity to many d use this a or us at Spic ll go live th y of these vo app to get th ce Money, an his week bet olunteers w heir commun nd we are d tween who've nities deeply

Going fo we are b launched as Korero a produc especially large and orward, let m building out d last quarter o. This is ba ct we rolled y in the MSM d small to be me talk to you . Starting w r. This is at a asically oper out last qu ME sector th able to effe u briefly aro with our Dig a very early rating in the arter. And w here is a hug ctively comm ound some of gital Enterpr stage of bui communica we truly bel ge need for p municate wi f our other d rise business ild out and r ations platfor lieve that w platforms tha ith their cust digital platfo s. Again, so rollout, a pla rm as a serv with the grow at can enable tomers. orm segment omething tha atform referr ice space. T wing digitiza e enterprises ts that at we red to This is ation, s both

Keeping around th two year industry tailwinds that in mind he industry t rs, especially referred to s in terms of d, we rolled that we have y there's bee as CPaaS f adoption. out this plat e entered usin n a significa communica tform just to ng Korero P ant growth a ations platfo o share with Platforms. W and adoption orm as a s you briefly We have seen n of digital c ervice, has on the next that over th channels and seen signif slide he last d this ficant

And we industry. with thei going for going to with thei marketin in the fut have variou A lot of thi ir customers rward, other be used by e ir customers ng automatio ture. So, at K us projection is is driven b s. A lot of th r digital cha enterprises a s. What we'v on, we believ Korero Platfo ns by third-p by enterprise he engagem nnels like W again small, ve also obse ve that this i orms, we are party researc es wanting to ent today is WhatsApp an mid and larg erved is a gr is also some e very much ch. In terms o engage wi s using mobi nd other soc ge to be able rowth in aut ething that is focused on s of growth ith platforms ility channe cial media p e to effectiv tomation. So s significant participating expected in s to better en ls like SMS platforms are vely commun o, when it c tly going to g in this indu n this ngage S. But e also nicate comes grow ustry.

Just to sh service o client ba have ove the Fortu hare with yo only last quar ase specifica er 60 custom une India 500 ou where we rter as part o ally in the b mers, and we 0, 2020 list a e've reached of our Enterp anking, fina serve some are our custo d so far on th prise Mobili ancial servic very large en omers. he next slide ity business, ces, insuranc nterprises. In e. While we we've been ce and utilit n fact, three e've launched serving a ce ties segment of the top fi d this ertain t. We ive in

Our goal are rollin l is to build o ng out is bas out an omni sically to en i-channel com nable enterpr mmunication rises to be a ns platform. able to creat . And all the te a better co e features th onnect with at we their

consume basically around it rs and eng y, the CPaaS t in terms of gage with t platform is marketing, c hem both o sitting at the contact-cent on transacti e core of ma tre automatio ions, marke any of the au on, sales-for eting, custo utomations th rce automatio mer service hat we are s on. e. So eeing

We are v that we'v started u channels can build don't hav effective very keen to ve had work using Whats as going de d on these ev ve access to ly. see how we king with me sApp to eng eep into rura volving con these tools t e can particip erchants in gage with th al India and t nsumer trend to be able to pate and help rural India, heir custom therefore, at ds and be ab o serve and p grow this we have se mers. So, we t Korero our ble to reach communicat segment. An een how ma e believe th r goal is to m out to enterp te with their nd the exper any of them hat use of d make sure th prises who t r customers rience have digital at we today more

One quic developm very goo ck update th ment in Q1F d for the ind hat I would Y22, which dustry going like to shar has had an forward. re with you impact for t within this the quarter, b s industry, w but it is defi which was a finitely some a new ething

In Q1FY Blockcha just remo SPAM, w very cust by all the Y22, what w ain Technolo ove the tech which is bas tomer friend e telecom ser we saw the r ogy referred hnology term sically unsol dly policy tha rvice provid egulator rol d to as Distr ms are behi licited mess at has been b ders. lout was thi ributed Ledg ind is to ba ages going brought in by is new platf ger Technolo asically ensu from enterp y the regulat form. In fact ogy. And th ure that we prises to cust tor and is be t it's built o he basic goal are able to tomers. This eing implem on the l, if I o stop s is a ented

If you se their cus messages What thi Enterpris obviously has signi volume q ee point num stomers in o s. This whol is has done ses are still w y, it has led ificantly com quarter-on-qu mber two und order to mak le technolog in the init whitelisting t to a decline me down. W uarter. And t der these gui ke sure that gy is being i ial period i the template e in the busin We at DiGiS this has also idelines. The the custom implemented s because e es on the pla ness because SPICE obser o played out e enterprises mers are not d in phases enterprises a atform, and t e the numbe rved a 25% in revenues s are now re bombarded starting from are still gett this is a journ er of messag % reduction i as I will sho quired to reg with unsoli m April 1, 2 ting on boa ney that will ges being sen in the total ow you later gister icited 2021. arded. l take nt out SMS .

Also, we first phas registerin on the g Platform enterpris in this sp e believe tha se happened ng the templ guidelines ou s being a ne es in their co pace. at this is a se d last quarter lates, they w utlined by t ew start-up h ommunicatio equential im r, the secon will be movi the regulato have built ou ons requirem mplementatio d phase will ing into user r by the tel ut a comple ments. So we n of this DL l be happen r consent m lecom servi etely DLT co e believe the LT technolog ning this qua management. ce provider ompliant pla ere is kind o gy. So, whil arter, where All being d s. We at K atform to su f reset happe le the from driven Korero upport ening

And as complian new in n journey a customer Korero, we nt platform t not only com as seamless rs with prope 've of cours to make sure mplying wit as for them er consent in se come in e that we ca th this regul as possible n place. as a new an support a lation, but a so that they player build all our enterp also making y can effecti ding out a rprise custom g sure that w vely commu completely mers existing we can mak unicate with DLT g and ke the h their

Moving space. A somethin accelerat content d that's get forward, ver A lot of this ng again I sp ted with the driven by hi tting built ou ry quickly, I s is being d poke about l e pandemic. igh internet ut, again whi I'll share wi done in em last time wi We are se penetration ich has got s ith you what merging mark ith growing eeing signifi as well as ignificantly t we are atte rkets outside digitization, icant growth a whole ne accelerated empting in t e India. As , which has h in consum ew digital co in the last 12 the Digital T you know, significantl mption of d ontent ecosy 2 to 15 mon Telco , and ly got digital ystem nths.

The num the hours coming o And wha mbers show t s that peopl on video. So at is also driv hat now ove e are spendi o video is rea ving a lot of er 60% of th ing online o ally driving this consum he world's to on internet i data consum mption is the otal populatio is just growi mption and d need for per on has got a ing. A lot o driving cont rsonalized ex access to inte of that dema ent consump xperiences. ernet, and is ption.

So effect look at T content to or 5G aro content. tively, if you Telcos, whet o the users. ound the wo u look at it, ther in India So, a lot of t orld, right is , digital con a or globally the high ban very much c ntent consum y, they're act ndwidth infra capable of s mption is on tually very w astructure tha serving as in a growth cu well placed at Telcos are nfrastructure urve. And if to deliver d e building ou to deliver d f you digital ut 4G digital

So you consume content, telco clie Africa an historical business, networks smartpho services. around d So we ha we've be are focus content le see a lot o rs, this has which is thr ents in the re nd Middle E lly at DiGiS , value-adde s, as many o ones, and in And we at digital enterta ave seen a si en working sing with the ed value-add of content in become no rough digita egion. If I say East. This wh SPICE work ed services f their consu nternet conn DiGiSPICE ainment, dig ignificant ad on a lot of p em to onboar ded services nnovation h t only the m al. So at DiG y region, I'm hole belt of ked with ma business, as umers are ev nectivity the E have called gital service a doption of dig products in t rd the same . happening in most preferr GiSPICE Te m basically ta emerging m any of these s many of volving to be ey are all l d out some o aggregation gital content the entertain from traditio n the digita red, but the echnologies, alking about markets in th e Telcos in w them are ev ecoming digi looking for offerings tha as well as th t. And there nment space. onal value-a al space. Be only mode , we have a t South Asia he region, an what we ca volving to b ital consume digital con at we are wo he whole are are many T . And now g added service ecause for m to get acce access to ov a, Southeast nd because w ll the telco becoming d ers with acce ntent and d orking with ea of self-ser Telcos with w going forwar es to more d many ess to er 25 Asia, we've VAS digital ess to digital them rvice. whom rd we digital

On the n digital en categorie broadly m to roll ou revenues next slide, I'l ntertainment es music, vid more skewed ut white labe on the Digi ll just give y t space. So, deos and gam d towards mu elled digital tal Telco sid you an overv if you effe ming. And as usic product music strea de are comin view on som ectively see s we speak t ts. So we wo aming produ ng from musi me of these in digital en oday, the rev ork very clos ucts for them ic. products tha ntertainment venues that w sely with Te m and signifi at we have i t, there are we are seein lcos in the re icant parts o in the three ng are egion of our

But goin that's hap the pipes working gaming o ng forward, o ppening in th s and the inf with the Te on their smar our focus is he video and frastructure t elcos in that rtphones, an on videos a d gaming eco to be able to t region to b d using the d and gaming, osystem is si o reach out be able to g digital infras , because we ignificant in to consumer give access structure roll e believe th nature. And rs in many o to consume led out by th hat the innov d we have bu of these mar ers to videos he Telcos. vation uilt in rkets, s and

So again consume products part of th as we pr are seein that we a , this is a ne r in every p very aggres hat journey. ogress on th ng and what are getting fr w trend that part of the w ssively. And So this is at his business, some of the rom there. t we are look world. And w we at DiGiS a very early , we'll be sh e products th king, but the we see many SPICE Tech y stage of bu haring with y hat we are ab e future cons y markets in hnologies hav uild out. And you what are ble to roll ou sumer is very n Africa also ve a unique d over the co e some of th ut and what y clearly a d o adopting d opportunity ourse of the he milestone are the learn digital digital to be year, es we nings

Moving We are in is to roll with us o picking u and INR lot of rol forward, lik n a start-up out get mor on building d up if you see 1 crore in th louts happen ke I said, the mode, and t re enterprise digital produ e Q1 this yea he Q1FY21. ning in terms e Digital Tec therefore the e customers o ucts for them ar, INR 3 cr . These are s s of products chnology Se e numbers ar on our Kore m. So, while rore compare small numbe s, and the rev ervices busin re still build ero Platform we are seein ed to INR 2 ers, but effec venue mode ness is at a ding out. Our s, get more ng the Digita crore in the ctively behin els are still ev very early s r focus right Telcos to en al Telco reve e previous qu nd them, the volving. stage. t now ngage enues uarter ere's a

The drop Revenue what we because by the te our numb in the oth crore seq p that we've s. INR 17 c saw as the of this imple elecom servi bers got affe her numbers quential in th e seen this q rore from IN drop in the ementation o ce providers ected. Despit s. And so, w he previous q quarter has b NR 22 crore SMS volum of this new s, and that h te that dip, w we closed at quarters. been mainly e. This is clo me that I spo technology has led to an we've held o t about INR y an accoun ose to a 25% oke about ea and the blo n across the on to our rev 26 crore Q nt of the En % drop, whic arlier, which ckchain by t industry dip venues becau Q1FY22 com nterprise Mo ch is in line has mainly the regulato p. And obvio use of the gr mpared to IN obility e with been or and ously, rowth NR 27

In terms quarter, w increased implemen minimize enterpris this who way we a of EBITDA we did abou d compared ntation. Aga e the losses e as well as le Digital T are talking ab A, we have s ut INR 3 cro d to the pr ain, like I sa going forwa Telcos. So a echnology S bout our Fin till a negativ ore negative revious quar aid, our focu ard. But our as we move Services seg nancial Tech ve EBITDA e from the D rter mainly us is on build focus is to forward, I'll ment grows hnology Serv A. If you look Digital Tech y because o d out here. S drive adopti l be able to s s, we'll be ab vices segmen k at on a qu hnology Serv of the impa So we will d ion of our p show you mo ble to talk in nt. uarterly basis vices busine act of the definitely try latforms bot ore insight a n more dept s, last ess. It DLT y and th for and as th the

So let me around re crore rev Q1FY21 about 37 quarter, w a turnaro about clo e close with evenues, EB venue comp . If you see % growth y we came out ound in term ose to INR 2 h our quick o BITDA and P ared to INR sequentially ear-on-year. t close to IN ms of the EB crore loss c overview of PAT. So, if R 186 crore y, overall con . In terms of NR 1 crore po BITDA num ompared to f our consoli you look at in the prev nsolidated it f EBITDA c ositive this q mber itself an INR 4 crore idated financ t it, we have vious quarte t's a 23% gro compared to quarter. So, t nd on the pr e loss in the p cials. Our th e closed Q1F er and INR owth quarter an INR 3 cr this is somet rofit after-ta previous qua hree key num FY22 at INR 167 crore i r-and-quarte rore negativ thing that we ax we came arter. mbers R 229 n the er and ve last e saw in at

So, once At Spice again, let m Money, ou me close by s r focus is on saying that o n network g our focus co growth, prod ontinues to b duct innovati be on growth ion, transact h and innova tions growth ation. h, and

making s more con positive that will growth m out a very sure that we nsumers in r unit econom play out in mode, and m y strong and can drive A rural India. S mics model, n the future. making sure t d relevant bu Adhikari earn So, we'll co I'm hoping But I would that, we can usiness deep nings on our ontinue to be that we wil d really urg focus on ne into rural In r platform an e driven by g ll have the b ge you to thi etwork and i ndia. nd be able to growth. But benefit of op ink of us as nnovation to o serve more t since we h perating lev s a company o be able to e and ave a erage y in a build

With tha presentat managem We've ha around th mentione Digital T at, I would l tion. Before ment team. W ad one new he table. We ed Vishal jo Telcos specif like to thank e I move to We have with member wh e have Visha oined us fro fically in the k you for y o Gavin and h us on this c ho I'll introd al, who head om Mahindr Middle Eas your patience d the Q&A call, most of duce to you ds our Digita ra Comviva st and Africa e and for yo A session, le f them were u on this cal al Telco bus and is very a markets. our time to et me introd there with u l. So very q siness. Again y much driv hear me on duce you to us on the last quickly, I ju n, like last t ving adoptio n this o the t call. ust go time I on of

Sanjeev Money, t Secretary Financial team join tremendo have Viv Rural Fi Technolo Relations connect u Enterpris And then and is he core team Gavin ov who joined the rural Fin y and Chief l Officer for ned us very ous experien vek on board inTech bus ogies. Rajne s. So, you'll us in terms se business j n finally, we ading Group m with us on ver to you. d us from Ji nTech busine f Complian r DiGiSPIC y recently. V nce in the fin d. And he's iness. Rohi eesh is the C be hearing a of your que joined us fro e have Sunil p Finance fo n the call. I'd io Financial ess that we ce Officer E Technolo Vivek has j nancial serv joined us a it is the E Chief Innova a lot from R estions and w om Infobip l, Sunil is th r the overall d like to now l Services is are rolling o for DiGiSP gies. Vivek oined us fro vices space b s the Chief Executive D ation Strateg Rajneesh in th work throug last year an he Executive l group at Di w hand over s the Chief out. Meghraj PICE Techn Venkatesan om Jio Fina both in India Financial O Director on gy Officer, a he quarters g gh together. nd is helping e Director on iGiSPICE. S to Gavin to Executive aj Bothra, he nologies. Vi n is the new ancial Servi a and abroad Officer for S the board and is also going ahead Anuj is hea g us drive th n the board So, with that, o start the int Officer of S e is the Com init is the C w member o ices and has d. So it's gre Spice Money of DiGiS heading Inv d and he will ading our D he business t of Spice Mo , I have the e teraction pro Spice mpany Chief n the s had eat to y, our PICE vestor l help Digital there. oney, entire ocess,

Question n-and-Answ wer Session

A - Gavi in Desa

Thank yo Chheda. ou, Dilip. W Pritesh? We'll now op pen the floo or for questi ons and ans swers. First, we have Pr ritesh

Q - Prite esh Chheda

Thank yo part of it P&L, so that we g of the bu ou for the op t. Currently w what kind o get on the D usiness what pportunity. S what so whe of services a DiGiSPICE, l t services do Sir from the en it comes t are today off let's say the o we offer a presentation to the cost o fered on the Spice Mone as of now vi n, in the last of materials DiGiSPICE ey part of th ia the Adhik t presentation which we g E and what i he business, karis? And a n that even et reported i s a gross ma the FinTech at what scale I was in the arkup h part e and

size do y FinTech you think th side of the b hat we will business? actually sta art generatin ng cash flow w, better pro ofitability o n the

A - Dilip p Modi

Thank yo One is I t ou, Pritesh. think you're So just talki referring to ing about Sp the cost of g pice Money goods and se . There were ervices right e two points within the P s you mentio P&L? oned.

Q - Prite esh Chheda

Yes.

A - Dilip p Modi

So I thin PAT of S basically transactio that we h nk, just to sh Spice Money y coming o ons driven re have to our c hare with you y, our FinTe out of servi evenue. Now channel. u the way w ech business ice fee, Ai w between re we look at th , if you see irtime and evenues and he revenues, the revenue device and d gross marg gross margi es split up, w d acquisitio in is basical in, EBITDA we've shared n, but basi ly a lot of pa A, and right ically ayout

So if I lo that is w deliver a platform. revenues partners a ook at the co what then fin are of cours . And each o , and effect and Adhikar st of goods nally leads u se basically of those serv tively the gr ris on our pla and services us to the gr around the vices have a ross margin atform. s, it's basical ross margin cash and c different va is coming lly the chann and the EB cash out ser alue chain m out of the p nel payout th BITDA, the rvices that margin. So th payouts that hat we have. services tha we offer on hat reflects i t we have to . And at we n our in our o our

So, if you seen a sig seen a gr is on acc marketin also rolle drive dee u look at go gnificant gro rowth in our count of Spic ng infrastruct ed out a sale eper engagem ing forward, owth in fixed r indirect ove ce Money. A ture because es organizati ment. , what we be d cost . If yo erheads, and And what we e of the grow ion on the g elieve is that ou look at ou d a large par e've done th wth in our A ground, to be t in terms of ur indirect ov rt of that in f here is basica Adhikari net e able to eng f operating le verheads yea fact, a signif ally invested twork that w gage with th everage, we ar-on-year, w ficant part o d in our sale we've seen, w hese Adhika have we've f that s and we've aris to

We belie the opera districts, districts w eve that thes ating leverag we've still g with close to se costs will ge in this bu got headroom o 200 compa not scale in usiness will m Pritesh to ared to 700. n line with tr l play out. W o roll out, lik ransactions We're still, i ke I mention and revenue in terms of ned to you t e. And that's rollout on d that on the d s how dense dense

So there the need of the co lead to s EBITDA sales, ma benefits t is still an op to invest in osts will mo service fee i A where in th arketing, and that will play pportunity to the sales org re or less re income grow he major co d some leve y out in this o go deeper ganization on emain steady wth, will flo ost escalation el of technol business mo into rural In n the ground y. So, I thin ow into abso n on indirec logy led inv odel going fo ndia, and so d. But other t nk that basic olute margin ct overheads vestments, so orward, Prite ome of that w than that, I t cally, transac n growth, an s will happen o there is op esh. will translate think the maj ction growth nd will flow n with respe perating lev e into jority h will w into ect to erage

Q - Prite esh Chheda

So when you report t the GMV, w where does th hat link up w with the reven nue?

A - Dilip p Modi

So basica last quart income a margin c that, righ ally, you've ter, we did a and why I'm omes out of ht? got both the about INR 3 m calling out f that income e numbers th 1,000 crore the service e, in terms of here. So, if y as the GTV fee income f absolute m you look at th , right. And is because margin. So th he GTV num then we hav that's, signif hat's why we mber, like fo ve the servic ficant part o want to foc or this ce fee of our us on

So if you the GTV and plot correlate GTV. u look at the V and the serv the GTV, an d effectively e service fee vice fee inco nd the servic y, it's about e income, it' ome and so ce fee incom t they're 20 s about INR effectively, me, you'll ge to 22 bps i R 69 crore. S if you look et a sense as in terms of So, you can at the three to how the the income connect bet quarters, Pr two number as a functio tween ritesh, rs are on of

Okay, an Money is gross ma numbers early righ from ther nd then whe s coming ou argin is com on gross m ht now beca re. en you flow ut of the serv ming from se margin becau ause we're m w down sign vice fee inco ervice fee in use we're sti more driven nificant part ome close to ncome. So w ill in a prod n by growth of the abso even as hig while we're duct rollout of network olute gross gh as maybe not giving mode, Prite and transac margin of S 90% of our breakup of esh, and it's ction and in Spice r total these a bit come

So, what And then as the pro have the t I would enc n while we r oduct mix st EBITDA at courage you eport incom tabilizes. Yo an absolute u to look at i me and EBITD ou can conne level. is the growth DA, over tim ect at least G h in the abso me, we will GTV to reven olute income start looking nue. And the e of the busi g at gross m en of course iness. margin e, you

Q - Prite esh Chheda

So basica that cost ally, out of is paid out a 22 bps that also to Adhik you collect karis or? as revenue, , you tend to o pay out so omething as cost,

A - Dilip p Modi

Adhikari engagem is and partn ment. ners, distrib butors, who onboard t the Adhikar ris and help p us in dr riving

Q - Prite esh Chheda

So just o the GTV whole wa on that secon V coming ou agon wheel? nd part of th ut of from, w ?hat first ques what kind of stion in the G f transaction GTV of INR ns are they R 31,000, wh coming on b hat is the bu because ther ulk of re's a

A - Dilip p Modi

The bigg gest transacti ion, Pritesh, is AePS, Aa adhaar enabl led cash with hdrawals.

Q - Prite esh Chheda

Other tha an that?

A - Dilip p Modi

Other tha 8,000 cro an that, it is ore last year s Mini ATM was Micro A M, Micro AT ATM. So, th TM. So we he two bigge showed tha est products a at number fo are AePS an for example, nd Micro AT INR TM.

Q - Prite esh Chheda

So that tw about 30 wo products , I was wond s even last ye dering what ear was out are the other of 80,000 G r 15,000? GTV I think those two w were 21 plus 8 for

A - Dilip p Modi

So those are two e the transa and gene on their numbers. together we elements to t actions when erating a cert platform. So ere close to the GTV, on n we talk ab tain transact o, there is, s about 40,00 ne is the cust bout transact ion value, bu so when we 00. But Prite tomer GTV, tions on our ut also there look at tota esh when we the other is r platform, th e is transacti al GTV in th e talk about s the Adhikar hat customer on that the A he industry, t total GTV ri GTV, righ rs are transa Adhikaris al , we look at there ht. So acting so do t both

But just basically also main Cash Ma platform, .to give you y the cash wi nly linked to anagement, t , but it is led u a sense as thdrawal pro o the produc travel and o d by cash wit s to what is oduct, becau ct, the new p other produc thdrawal. the main p use both AeP product strea cts like remi product whic PS and ATM ams that are ittances that ch is drivin M and all the e coming on t we are bui ng the GTV, Adhikari GT is the Enter ilding out o , it is TV is rprise on the

A - Gavi in Desa

We have the next que estion from R Rishu Dhaw wan, Rishu if f you can unm mute yourse elf, please.

Q - Rish hu Dhawan

So first o we're ha opportun congratu of all, I wou aving that w nity to under lations and t uld like to sa e're connect rstand more thank you ve ay thank you ting with the about the b ery much fo u. And I wou e investors v business and or that. Abou uld like to a via con call d hear direct ut questions, appreciate th l. And we're tly from you , so I had th he kind of cu e being give u, Mr. Modi he question w ulture en the i. So, which

was answ I have an wered mostly nother questi y from what ion that is wi you explain ith respect to ned a while a o the Korero ago. So, my o Platform. y question is being addre essed.

How do kind of p are aimin kind of p we see that perspective in ng to genera profitability m platform bu n terms of a ate down the margins we h usiness pann absolute num line two ye have into tha ing out in th mber that oka ears down th at business? he future? W ay, this is th he line, three Would you li e revenue w e years down ike to share we're trying o n the line an some or we nd the

A - Dilip p Modi

So, thank let me fi enterpris now are w In India right, tha k you for you irst tell you e landscape wanting to e itself, if yo at are looking ur interest, R what excite to begin wi engage with ou see we ha g to engage w Rishu. Thank es us. So, w ith, not only their custom ave over 65 with custom k you for sha what we have y in India, bu mers both thr 5 million M mers. aring your th e seen, Rish ut around th rough mobil SMEs, micr houghts. So hu, is that if he region, a le as well as ro small me Rishu on Ko f you look a lot of enterp s digital chan edium enterp orero, at the prises nnels. prises

So, for u industry. SMS, vo business. and that i us, what we'v So, a lot of oice and all . But we've is where this ve seen is a f people were and Telcos seen the em s whole com a huge growt e working on were mainl mergence glo mmunications th projected n multiple d ly taking a l obally of a l s platform as d in this who different chan lead in this ot of third-p s a service in ole commun nnels of com because thi party indepe ndustry has c nications plat mmunication is is like a T endent comp come up. tform n, like Telco panies

What ex enterpris customer automate terms of merchant customer xcites us as es, including rs, like I m ed calls, or th who to use ts in rural In rs. Korero is t g the small mentioned to hrough SMS to adopt. L ndia, small e that with th ones have st you engag S or through Like we've se enterprises a his increased tarted lookin ging with th social medi een the adop also looking d digitizatio ng out for so he customers ia platforms. ption of Spi for platform on, we have olutions to e s on Whats . Now, they ce Money p ms to commu seen that m engage with sApp, or thr also need he platform by unicate with many their rough elp in small h their

So that is are looki today, w WhatsAp enterpris platform, coordinat play in th micro an s what excit ing to engag what is happ pp, getting a es are comm , so that as ted. So we s his space. Bu d small ente tes us as Kor ge with thei pening is so an outbound municating w a customer, see merchan ut I do believ erprise. rero to be ab ir customers ometimes th d call, gettin with their cus I don't get nts of these ve that there ble to build s and have e customer ng an email. stomers, the different me platforms, w e is an oppor out a platfo a single vie is looking So, there a trend is for essages from we've seen g rtunity to gro orm for such ew of the c at his SMS are multiple all this to co m the same e global playe ow this spac enterprises, customer bec S, looking a modes in w ome onto a s enterprise. It ers enter Ind ce by enterin , who cause at his which single t's all dia, to ng the

Also, you FinTech, So, by de need to c LendTec u'd have see , you've seen efinition, the communicat h companie en emergenc n every indu eir engageme te whether i s are offerin ce of a lot o ustry, Health ent with thei it's to merch ng loans, fo of these tech htech, EdTec ir stakeholde hants or to c or example, hnology com ch, FinTech, ers is on dig consumers u to customer mpanies, like a lot of com gital platform using digital rs, they need e Spice Mon mpanies grow ms. So again, l. Many of d to engage ney, a wing. , they these with

them on WhatsAp historical platforms building smaller e n loan paym pp. So, there lly, we wor s. And as a our own com enterprises as ment remind e are many rked very c result of th mmunication s much as to ders on ma that are em losely with hat, we thou ns platform, oo larger. any other t merging, Rish Telcos, we ught that wit and be able things using hu. And wh e understand th this grow to extend th g SMS, usi hat we have d how to b wing trend, w he reach of t ing voice, u done is bec build Telco we will inve this technolo using cause great est in ogy to

So I thi presentat could loo testing th this year getting f going for and all. nk for us, tion, in terms ok like I thin he product w , like middle feedback fro rward, as we there is sig s of detailing nk let's wait with the cust e of Q1, we m them on e strengthen gnificant he g out metric t for a few q tomer. So v 've on board what they're the platform eadroom for s on the Kor quarters, Ris very honestly ded our first e liking, not m, we'll be ab r growth, R rero side, as shu, because y, we just ro t set of custo t liking abou ble to figure Rishu. As I well as, how e we're still olled out Ko omers on th ut the platfo out multiple said during w the profita in the proce orero mid-qu he platform, orm. And I e revenue m g my ability ess of uarter we're think models

So I thin building we're ma going for 65 millio k the good t it out. So it aking in the rward next y on MSMEs, I thing that yo t's somethin business. So year, we'll be I see a huge ou see Rishu ng where the o I think thi e able to mo headroom in u is that, it's n e headroom is year is go re comfortab n terms of re not like we is more tha ing to be m bly call out each out. are burning an the amou more investm the opportun a lot of cash unt of invest ents. And I nity because h and tment think e with

Q - Rish hu Dhawan

Okay, ok platform kay. Good t business? to hear the story and another que estion. Who are our co ompetitors in n the

A - Dilip p Modi

You're ta alking about Korero, Ris hu?

Q - Rish hu Dhawan

Korero, y yes.

A - Dilip p Modi

So you h acquire l industry. space gl participat pandemic both glob the oppor underserv have both gl local entities So just to n obally, and te in the wh c period. We bal as well a rtunity that w ved. lobal and loc s, who playe name, one co then you'v hole Indian C e've seen ac as local play we have to g cal players, ed this gam ompany that ve seen play CPaaS indus quisitions ha ers building grow the mar so we've se me. We also t's listed is R yers like In stry. And we appen during g out platform rket and to s een many glo have seen e Route Mobile nfobip, Twil e've seen a l g this period ms, but we a serve a comm obal compan entities that e and who's lio and othe lot of this h d. So in this at Korero are munity that w nies come in are listed in also playing ers come in happen durin s industry, w e very excite we believe i n and n this g this n and ng the we see ed by s still

A - Gavi in Desa

We have facing in technolog e a question n terms of ed gy, etc. So, w on the chat ducating the what are the from Tanuj people to us problems or Khiyani, wh se the mobil r the challen hat are the p le app, trust nges that you problems tha of the peop u're facing? at the compa le on this ki any is ind of

A - Dilip p Modi

Tanuj, I we're rol a lot of in running a use our p think it's a lling out the nterest of ex a small busin platform to m great questi Spice Mone xisting and as ness, or peo make income ion and than ey platform spiring entre ople who wan e as well as s nk you so m into villages epreneurs. Pe nt to start a serve their co much for ask s and small t eople who a business, w ommunity. king this que towns in Ind are running t wanting to co estion. I thin dia, we are s their kirana s ome on board nk as eeing stores d and

So obvio products quick ad need to e app is to What we opportun Money A Adhikari ously in term like cash ou option of th educate the keep it as s e've also cre nity to see th Adda, where is who are us ms of adop ut products a e micro AT Adhikaris o seamless as eated on the he Spice M e we publish sing product tion, there are easier to M product. n how to us possible to e platform i oney app, w h videos on t which they is a journey o use. So we But as we m se the produ make the us is for exam we've create how to use can post and y that we h 've seen for move into ot uct. And that ser journey mple, educati d a section the product d people can have to take example, af ther product t's why our very simple ional videos within the t. We also h n look at it. e. Some of fter AePS, a ts, there's a l challenge o e for them to s. If you ge app called S have videos these a very lot of on the o use. et the Spice from

So I thin adoption importan because a So, peop going for nk a lot of . I think th nt is that we as we penetr le can drive rward. f the challen hat's the fir get into mul rate deep int better engag nges around rst challenge ltilingual. Th to South Ind gement with d educating e. Then, of his is a journ dia, we need h it. So that's people to b f course, go ney that the to make the s part of the be able to d oing forward app will tak e platform m roadmap tha do multi-pro d. What is ke going forw more multilin at we will lo oduct very ward, ngual. ook at

And then it's very forward t people b also train us in doin n as we get in important t to figuring o eing able to n people like ng credit ass nto more com that, we are out how to w o sell more c e training som sessment? mplicated fi able to trai work with the complicated meone how inancial prod in our peop e regulators a d financial p to sell insur ducts like cre ple. And this also. So that products. Ho rance, or also edit insuranc s is somethi t we can incr ow do we sim o how to tra ce and all. I ing that we rease the rea mplify them ain people to think look ach of m, but o help

So, I thi understan with our the sensit ink it's a jo nd and build Adhikaris to tivity around ourney. And d. And then o be able to d financial p d in this jou making sur not only trai products, and urney, we a re that as we in and educa d how to help are starting e move forw ate them, bu p them sell p with the ea ward, we are ut also get th products mor asier produc e able to con em to under re in the mar cts to nnect rstand rket.

So right n work wit now, it's mo th our produ ore fulfillmen uct manufactu nt products. urers to deep But going fo pen credit an forward, we nd insurance are also look e penetration king to be ab n into rural I ble to India.

So, I thin much par nk education rt of that jou n is a big par urney in term rt of the jou ms of driving urney. And I g engagemen think multi nt. ilingual conv versations is s very

A - Gavi in Desa

And Tan believe a nuj's second are the MOA d question i ATs and who s about wha do you see at are your as your com competitive mpetitors acro e advantage oss each bus es? What do siness? o you

A - Dilip p Modi

Yeah, Ta anuj I would imagine bus siness we're talking in th he context of f Spice Mon ney.

A - Gavi in Desa

Yes, pre Money. dominantly Spice Mon ey and the other busin nesses as we ell, but pred dominantly S Spice

A - Dilip p Modi

Yeah. So have clea in itself i and maki that they o I think for arly called ou is a big adv ing sure that can engage r Spice Mon urselves out vantage beca t we continu their custom ney, I would t as a rural F ause we are ue to engage mers with. d say that on inTech platf deeply vest with entrep ne big advan form busines ted in under preneurs in ru ntage that I ss. And I thi standing the ural India an see is focus nk just that e rural consu nd build pro s. We focus umer, oducts

So I thin in focus. somethin in the ind clearly ve nk focus is a . I think the ng that we be dustry are fo ested in the r big point. A e segment th elieve has gr ocusing on n rural consum And sometim hat we've c reat opportu not only rura mer, and we mes it's unde called out, w unity to innov al, but also a want to be a ermined, but which is the vate. Many a lot of urban able to build I believe th e rural consu other player n customers. d products tha hat it's a big umer segme rs that we've . But we are at work for t point ent is e seen e very them.

So, I thin any othe business. will lead nk that is one er tech indus . That is why to effects, in e big compet stry you con y our focus n terms of be titive advant nstantly hav is on growth enefits that w tage, focus, a ve to be on h. Our focus we can creat as I see it. O your toes i s is on buildi te on produc Of course, in in terms of ing scale. A cts. this industry building ou nd over time y like ut the e that

And I thi can man technolog going for ink the other age scale, a gy and infra rward in the r one is that m and that can astructure. A future. making sure handle scal And that als e that we bui le with large o I believe ild a very rob e numbers. is going to bust technolo So, we very be a compe ogy platform y much focu etitive advan m that us on ntage

And fina merchant time thro to garner ally, the bra ts, but with ough brand. A r more share and that we consumers And I think in the mark e are buildi in rural Ind combination et. ing, Spice M ia also, we'l n of all of thi Money, we ll be able to is, we believ believe tha o differentiat ve will give u at not only te ourselves us an opport with over tunity

But Tanu to build. will learn and faste have bui market sh here. But uj very clearl And we do n faster and er. And beca ilt it out, rol hare. So, I t t it will take ly, it's a grin hope that in using techno ause of that, ll it without think I'm pre a lot of effo nd business, n our journey ology and th we'll be ab t much gap etty confiden ort and we ha it's a busines y of building he data infra ble to build t to make su nt that there ave to stay at ss that you r g and reachi structure, w things ahead ure that we c e is an oppor t it, stay at th really have to ing out to mo e'll be able t d of others, can not only rtunity to bu he course. o work every ore Adhikar to innovate b or even if o y gain, but uild market y day ris we better others grow share

A - Gavi in Desa

We'll tak yourself, ke the next please? Aja t question fr ay, your line from Ajay G is unmuted. Goel whose hand is rai ised. Ajay, could you mute

Q - Ajay y Goel

I have a next coup after COV devices a than prin couple of qu ple of years VID, this is are increasin nt media. So, uestions. On through Di one of the f ng. So, more , is there any ne is, are you GiSPICE, b focus areas, e and more c y plan to get u planning to ecause that because digi companies a into digital a o get into di is again a v itization is i are focusing advertising i igital adverti very lucrativ increasing. A g on digital a in next coup ising space i ve space. Bec And use of d advertising r ple of years? in the cause digital rather

A - Dilip p Modi

Yeah. So growth in trends. A or a fina them on. o, Ajay, abso n digitization As we roll ou ancial servic olutely I thin n. I think, A ut our new pl e provider, nk digital ad Ajay, for us a latforms, as we are cons dvertising w at DiGiSPIC we work wi stantly looki will grow on CE, we are a ith partners, ing at new a n the back of always build whether it's areas that w f digitization ding out on f a telco or a we can work n and future bank k with

So, I can build a re look at th the use c marketin nnot rule out elevant prod he Korero pl cases will en ng use cases w any possibil duct in that s latform that w nd up being will get rolle lity, if it is a space, we w we are build around mark ed out as par trend, and i will definitely ding out it is keting and d rt of the Kor if it's someth y build out t a communic digital mark rero Platform hing that we the product. cations platf keting. So, I m journey. can build fo So I think i form and ma think few d or and f you any of digital

But tomo is import relevant definitely orrow we als tant, Ajay, i competitive y evaluate an so have Telc s to make su product in e nd according cos who are l ure that we each of thes gly plan. looking at di at DiGiSPIC e growing c digital advert CE Technol consumer sp tising as a sp logies are ab aces. And if pace. I think ble to build f we can, we what out a e will

Q - Ajay y Goel

My last q things in question is fo n rural. One for Spice Mo is farmers, oney, becaus agriculture l se it is focuse loan and a l ed for rural lot of other areas. So, th stuff which here are two we can do main it for

farmers. to introdu And second uce any prod d area is educ duct in these cation, educ e two areas? ation for chi ildren in rur ral areas. So, , are we plan nning

A - Dilip p Modi

So, Ajay around p what pro have to f y, I think it's products in th oducts and p figure out is t s very clear he agri-spac plans we hav that what rol r to us that ce. It is some ve for that. I le our platfo we cannot b ething that w I think educ orm can play be working we will com cation I agre y when it com in rural Ind me back to yo ee with you, mes to educa dia and not ou on in term I think wha ation in rural think ms of at we l.

I think a working lot of peo of jobs, t in rural education as we've par on as part o ople who we then training India. I thin n products c rtnered with of a jobs pla ent back to t g and educati nk we have an be rolled h Mr. Sonu tform, that h their villages ion becomes to see the out through Sood, one he rolled out s, and who a s part of that relevance o h them. of the thing t Pravasi Ro are looking f t. So, there a of our Adhi gs that I kn ojgar, which for jobs. And are platforms ikari networ now they've h was meant d when you s being rolle rk and how been for a think ed out such

So we've in rural I based on scale is a we can sc e not come to India that di n our ability also very im cale across a o that yet, A gital platform to build a r mportant. So and drive ma Ajay. But yes ms can cate relevant prod while we lo ajority of our s, there are m r to. So we duct and als ook for new r Adhikaris t many such u will evaluat so product th products, w to be able to underserved te them. But hat can scal we also look o adopt and u and unmet n t again, it w e, because f for products use that prod needs will be for us s that duct.

So, in bo forward, oth these are Ajay. eas, if and w when we buil ld plans, we' 'll be more t than happy t to share as w we go

A - Gavi in Desa

The next talking in time con players s term that truly sust t question we n detail abou sidering dig soon, could y t we should tainable? e have, whic ut the busine ital being th you talk abo be aware o ch is on the c ess model an he field wher out any signi f and how w chat from V nd the visio re everyone ificant threa we are gettin Vipul Sonthal n. It looks v is jumping i at to the busi ng ready to lia. Vipul sa very impress in, and there iness in the face it to m ays, thank yo sive. At the e can be som medium to make the bus ou for same me big longsiness

A - Dilip p Modi

Vipul, th very imp constantl business. hank you so portant quest ly be on our . We actually much for yo ion, Vipul. I r toes. In ter y do not kno our interest. In the techno rms of threa ow where co And thank y ology busine at to busines mpetition ca you for your ess, there is n ss, Vipul, th an come from r question. I nothing give here are mul m very hone I think it's a en and we ha ltiple risks t estly. very, ave to to the

I think, i roll out n out netw f I look at w networks into orks. They h what we are o small town have their ow rolling out t n, rural India wn strategie today, we ha a. If you loo s, small fina ave multiple ok at paymen ance banks o e players the nt banks, the of course, th ey're not tryi ey're trying t hey have evo ing to o roll olved,

but after tech com rural Indi doing Micr mpanies who ia? So, I thin rofinance len are working nk there are m nding, they g in urban In multiple pot move more ndia, who to tential source to urban ar omorrow ma es of compe reas. Then y ay choose to etition. you have a l o want to wo lot of ork in

I think fo we are w advantag innovatio course on or us, we are working arou ge is to mak on and prod n. very clear t und the rura ke sure that ducts that we that we are b al consumer we learn q e can roll ou building out a r. So, our b quick and co ut on the gr a rural FinT biggest oppo onvert those round. And ech platform ortunity to b e learnings a that's what m business, w build compe and insights we will sta where etitive s into ay the

I think o opportun think wo as we're out produ hand. our growth i nity in the sp uld be comp rolling out t ucts onto ou in the last 2 pace, and we petition, we a this network ur platform. 24 months h e can build f are actually k, many of th So, I think has given us for this oppo seeing them hese new age that compet s a lot of co ortunity. I th m become par e banks are b tition and co onfidence th hink a lot of rtners in this becoming ou ollaboration hat there is f players wh s journey bec ur partners t n may go ha a big ho we cause to roll and in

But like and innov as lookin whatever we're do terms of I said, this i vation. And ng at this fr r inputs we c oing on our j how we're g s a grind bu I think thos rom an outs can and like journey, and going. But ye siness. And e two levers side-in persp e this is one d we'll try an es, I think it it's very imp s are what w pective, I wo platform to nd share as m 's a long-term portant that we're going to ould say tha do so to be much as we m business. we focus on o continue to at we'll con able to shar e can to keep n network gr o press on. A ntinue to pro re with you, p you appris rowth As far ovide , how sed in

But defin rare, it's opportun become s more MO nitely, I belie sometimes nity to do so. significantly OATs around eve that it's not easy to . But our foc y big enough d our busine a business w o find both t cus initially h in terms of ess. which has bo together. An is to make s f network an oth growth a nd I think w sure that we nd products, and economi we definitely capture grow we will be a cs and I thin y feel here wth, and onc able to build nk it's is an ce we d a lot

A - Gavi in Desa

The next any threa t question we at from eRUP e have is fro PI, he has go om Rajeev M ot a few que Mehta. Rajeev stions. I'll go v says, any p o one at a tim plans to laun me. nch the D2C C app,

A - Dilip p Modi

Sorry, Ga avin the first t question is on launch o of B2C?

A - Gavi in Desa

No, D2C C. D2C app a and any threa at from eRU UPI?

A - Dilip p Modi

Yes, yes, aggressiv scaling th it in the consume belief tha share wit our platfo , so Rajeev, vely gone ou he platform. context of rs because a at a rural co th people w orm drive tra on the D2C ut and launc And when w how we can as you woul nsumer wou within their c ansactions w app, we've ched anythin we think abo n help our A d appreciate uld like assis community. A with consume been runnin ng yet our fo out the end-Adhikaris dr e Rajeev, wh stance and h And that is ers around th ng a couple o ocus is on o -consumer, I drive footfall hat we are ru has a certain why we're hem. of pilots, but our Adhikari I think we're l and engag ruling out is n trust and g seeing a lot t we've not r platform an e going to lo gement with on the back oodwill that t of Adhikar really nd on ook at their k of a t they ris on

We really entrepren advantag we defin therefore network be very m their earn y want to bu neur shares w ge going forw nitely see an e whenever w of Adhikaris much closely nings more a uild our busi with the con ward. So, I n opportunity we think of s that we're y, tightly bou and more, in iness on the nsumer. And think when y where we the end con rolling out. und with ou terms of bo back of tha d I truly bel we call our have a com sumer, we a So, whateve ur Adhikari p th footfall an at trust and t lieve that ca rselves a phy mbination of always look er we do vis platform to e nd product e the relations an become a ygital super f people and at them in t s-à-vis the en enable our A engagement. ship that the a big compe app opportu d technology the context o nd consumer Adhikaris to local etitive unity, y and of the r will drive

So, I thin model w into rural from NP and we're going for a signific nk that I bel where we're l India. I thin CI, that has e going to tr rward. I thin cant headroo lieve will gi having both nk as far as been just la ry and get in nk for us giv om here. ive us a uniq h technology the eRUPI i aunched. We nto the direct ven what we' que opportu y and people is concerned e're still goin tion in terms 're rolling ou unity to be a e come toge d, this is a ve ng to unders s of the use c ut with the A able to build ether to deliv ery new and stand and st cases that th Aadhaar stac d on this bus ver services a latest initi tudy this in d hey are looki ck, I think th siness deep iative detail ing at here's

But yes, position announce all these de to commen ed. And I thi evelopments t on the im ink we will s s we will stu mpact that it study it befo udy and eva could have ore we can fo aluate. I thin e on our bu orm a view. nk right now usiness. I thi w, we're not ink it's just t in a been

A - Gavi in Desa

Next que estion is wha at percentage e of business s do we think k we can acq quire in Kore ero?

A - Dilip p Modi

I think if close to 9 Technolo f you look at 90% of our ogy Services t it, our reven revenues in s business is nues today a quarter one only about 1 are significan this year is 10% or 10% ntly coming from our F % to 12%. out of our F inTech busi FinTech busi ness. The D iness, Digital

I think, th terms of Now how are able t yes, we'r hese are new enterprises w it will tran to create a ch re rolling ou w buildouts t in the count nslate in term hannel mix a ut the Korero that we're ro try and there ms of revenu and a revenu o platform w olling out, bu efore, I think ues, we will ue mix, we w with an obje ut like I said k there is an have to wai will know ov ective that th d, we see a h n opportunit it and watch ver the next here is a mar huge headroo y for us to g because how few quarters rket segmen om in grow. w we s. But nt that

we can c how the o create and gr overall segm row into and ment grows. B d how it wi But yes, we ll translate i do see head in terms of p droom for gro percentage, owth in that I think we' space. ll see

A - Gavi in Desa

And his Money a That way last questio as a standalo y you can rai n is, with th one entity an ise long-term he Paytm IP nd is there a m funds of gl PO in the pi an opportun lobal and lar ipeline, are nity to de-m rger investor there any pl merge it and rs? lans to list S list it separa Spice ately.

A - Dilip p Modi

So Rajee weeks a markets. India. An Spice M significan As of no very clos how we s ev, thank yo flurry of Te I think it's nd I think w Money also w nt legs for g ow we've no sely watch th should think ou so much ech IPOs fil a validation we're seeing we're rolling growth. We w ot put togeth he activity in k about it at D for that sug lings happen n of the wh first-of-its-k g out a uni will be study her any form n the overal DiGiSPICE. ggestion. I th ning. So, the hole tech lan kind, kind of que tech le ying, what's mal plans to ll tech IPO s hink we've ere is a lot ndscape opp f companies d business happening i de-merge o space and ge seen over th of activity h portunity tha coming to m model, whi in this whole r list separa et some guid he last coup happening i at's rolling o market. I thi ch we think e tech IPO s ately, but we dance in term ple of in the out in ink at k has space. e will ms of

But there plans, bu means fo e's so much h ut we will de or us in terms happening, t efinitely stud s of raising g that it cannot dy the space growth capit t be ignored and then co tal for our bu d. So as of no ome back on usiness. ow, we don't ce we've eva t have any fo aluated it, w ormal what it

A - Gavi in Desa

Next que speed as revenue into direc estion is from you grow, streams. As ctly or with t m Arpit Aga which are th you now ha the partner? arwal who sa he revenue s ave a signifi ays, as of no streams are icant client b ow our focus you eyeing, base, do you sed revenue , which wou u think you w stream is se uld become would like t ervice more to get

A - Dilip p Modi

So, Arpi transactio source of you on th platform, and enga it, I think w ons linked s f income. An he flywheel, , and if you agement. while we co service fee nd so we'll c we as a pla look at leadi ontinue to f and transac continue to atform busin ing platform focus on net ctions linked drive this be ness, our core ms in the wor twork and t d income w ecause at the e business is rld, they alw transactions will continue e end of the s to grow tra ways lead thro growth, I to be our day, as I sh ansactions o ough transac think main owed n our ctions

So, I thi continue clear inc you're no chains of ink transacti to drive tha ome model ot skewed o f particular p ions growth at and theref linked to ou n a few pro products. is at the h fore income ur transactio oducts and th heart of our es from that. ons. We hav herefore, we business m . The good ve to just ma e do not get model, and th thing is that ake it multip t hit by chan herefore we t we have a product focu nges in the e will a very us, so value

So, we h possible. clearly, a connects financial of the roa that the c have to go So I think as we impro with both m products, w admap. And credit space i multiproduc we'll contin ove our unde merchants an whether it's i d I think as w is a space we ct and grow nue to do tha erstanding o nd consumers n the credit, we get more e have to go w transaction at, as far as of the rural s, I think we , insurance o data and un into very ca ns across as new produc ecosystem, e will have a or saving sp nderstanding arefully. s many rele cts are conc as we're ab an opportunit pace. So very g because as vant produc cerned Arpit ble to build ty to roll out y clearly, it's you know A cts as t very more t new s part Arpit,

One indu industry. NPAs low to our A long-term roadmap Arpit, as for that journey a ustry that h They came w. I think at dhikaris, an m business. . How we ev we learn fro space. So w as we go forw as built out out with a u t Spice Mon d we've seen But as you volve it in te om our pilot we'll come b ward. t a good mo unique busin ey, we have n some inter u saw in our erms of our b s and do our back and sh odel in the ness model, done a few resting insig r roadmap o business mod r own produ hare but nee rural credit and they've pilots aroun ghts come ou on products del, we'll co uct strategy a edless to say t space is th e been able t nd third-part ut of it. So s, it's very m ome back an and finalize o y, it's very m he micro fin to scale and ty credit pro again, credi much part o d share with our product much part o nance keep oducts it is a of the h you, plans of the

A - Gavi in Desa

Thank yo share som close. ou, Dilip. Y me final rem Yes, we've no marks regard o further qu ding outlook uestions. We k or regardi e could conc ing the call, clude the cal , then we ca ll if you'd li an go ahead ike to d and

A - Dilip p Modi

Okay, we a very y journey. assure yo in our Te forward, see impa stay on c committe through t that we c us can be enterpris company ell, let me th young compa As you can ou that we, a elco business there will b act on our nu course, we t ed to it. I th these platfor can build a re enefit from p es and cons y. Thank you hank everyon any as DiG see many of across all the s, are deeply e lot of chall umbers becau truly believe hank you all rms. And I l elevant impa particularly i sumers. So u. ne once agai GiSPICE Tec f our platform e segments t y committed lenges that w use of that b e in the jou l for your su ook forward actful journe in terms of t thank you v in for taking chnologies, ms are at a v hat we work to the journ we face on th but we'll con urney we're upport, and d to your gui ey at DiGiSP the impact th very much time out to we're still a very early st k in whether ney we're on he ground, n ntinue to sta on. And as advice and idance as w PICE Techno hat we can c for your tim join us this at a very ea tage of build r it's Spice M n, we will lea nothing is giv ay committed s a managem insights tha we go forward ologies, som create on the me and you afternoon. W arly stage o d out. I would Money, Kore arn a lot as w ven. And we d and contin ment team, w at you provid d. And I do mething that e ground, bot ur interest in We're of our d just ero or we go e will nue to we're de us hope all of th for n our

A - Gavi in Desa

Thank yo ou, Dilip. Th hank you eve eryone for jo oining. Than nks guys.

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