Vakrangee Limited — Interim / Quarterly Report 2024

Nov 11, 2023

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Vakrangee Limited “Vakrangee Corporate House”, Plot No.93, Road No.16, M.I.D.C. Marol, Andheri (East), Mumbai - 400093. Maharashtra, W: www.vakrangee.in | L:+91 22 6776 5100

CIN: L65990MH1990PLC056669``

November 11, 2023

To,

Department of Corporate Relationship Corporate Relationship Department BSE Ltd. National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Mumbai - 400001 Bandra (East), Mumbai - 400 051

Dear Sir/Madam,

Sub.: RESULTS PERFORMANCE UPDATE PRESENTATION – “ Q2 FY2023-24 RESULTS UPDATE”.

Ref.: Scrip Code – 511431/VAKRANGEE

With reference to the captioned subject and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith Results Update Presentation Q2 FY2023-24 considered in the Board Meeting of the Company held today on November 11, 2023.

Kindly take the above on your record.

Thanking you

Yours faithfully,

For Vakrangee Limited

Sachin Tukaram Khandekar Digitally signed by Sachin Tukaram Khandekar DN: c=IN, o=Personal, postalCode=400081, l=Mumbai Suburban, st=Maharashtra, street=Flat No.1003, 5 B Wing, Destiny Paradise CHSL , Mumbai, Maharashtra India- 400081-, title=9332, 2.5.4.20=9b8c16b6d2ea4521ca3fc63913c039dabc80651029f00c28ea4ca75e666ec3c2, serialNumber=d0ee1a6f46e34aa2c42edac2de47e7873c65431b6bfe84a88768657f9458d264, email=jns.sachin@gmail.com, cn=Sachin Tukaram Khandekar Date: 2023.11.11 12:41:19 +05'30'

Sachin Khandekar Company Secretary (Mem. No.: A50577)

Encl.: A/a

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SAB KAAM EK DUKAAN

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“GO TO MARKET PLATFORM” : BUILDING INDIA’S LARGEST LAST MILE DISTRIBUTION PLATFORM

VAKRANGEE LIMITED Q2 FY2023-24 - RESULTS UPDATE

November 11, 2023

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DISCLAIMER

This presentation has been prepared by Vakrangee Limited (“Vakrangee” or “VL” or the “Company”) solely for your information and for your use and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or published in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials.

The information contained in this presentation does not constitute or form any part of any offer, invitation or recommendation to purchase or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. The information contained in these materials has not been independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials.

Any forward-looking statements in this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those that may be inferred to being expressed in, or implied by, such statements. Such forward-looking statements are not indicative or guarantees of future performance. Any forward-looking statements, projections and industry data made by third parties included in this presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

This presentation may not be all inclusive and may not contain all of the information that you may consider material. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in these materials.

THIS PRESENTATION IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ELSEWHERE.

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TABLE OF CONTENTS

Results Performance Update	04
CompanyOverview	09
Vision 2030 : Growth Targets	21
Update on Sustainability ESG Initiatives	26

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RESULTS PERFORMANCE UPDATE

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RESULTS PERFORMANCE UPDATE

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Key Highlights – Q2 FY2023-24 (Y-o-Y Basis)
TOTAL INCOME EBITDA & EBITDA MARGIN PROFIT AFTER TAX (PAT)
In Rs Lakhs In Rs Lakhs 13.0% In Rs Lakhs
667.5
9.7%
5228.9
4908.9
474.1
42.4
6.5% 13.7 210.5%
Q2 FY2022-23 Q2 FY2023-24
Q2 FY2022-23 Q2 FY2023-24 Q2 FY2022-23 Q2 FY2023-24
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• Q2 FY2023-24 Results :

• Q2 FY2024 : Revenue increases by 6.5% on YoY basis, PAT increases by 209.5% on YoY basis.

• Q2 FY2024 : Quarterly Gross Transaction Value (GTV) crossed Rs. 13,074.5 Crores, Quarterly No. of Transactions crossed 3.3 Crores.

• Revenue and Profitability has improved on YoY basis however reduced on QoQ basis primarily due to Business seasonality factor as Q2 is usually a weak quarter and Q3 has better growth prospects due to festive season impact. Further, our growth in margins and profitability shall continue as we scale up our network and operating leverage kicks in.

• Our Current Focus has been on Expanding our Presence through Building Master Franchisee network & to Strengthen our First Mover Advantage. We are currently Building a Pan India District level Master franchisee network which would result in strong on-ground operational management as well as better growth scalability in future.

• Appointed Master Franchisees in 341 Districts across 26 States across the Country. Master Franchisee to provide on-ground operational support to the existing franchisee outlets as well as drive new franchisee acquisition. Plan to achieve 100% District coverage by March 2024.

• Launch of “VISION 2030” : Our Vision 2030 target is to reach 3 lakh + outlets along with Minimum 15,000+ ATMs. With this, Our plan is to achieve a Revenue target of US$ 1 Billion by 2030 along with a Gross Transaction Value of more than US$ 150 Billion.

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VAKRANGEE KENDRA - PERFORMANCE UPDATE

VAKRANGEE : PHYSICAL + DIGITAL ECO-SYSTEM “GO TO MARKET PLATFORM” : BUILDING INDIA’S LARGEST LAST MILE DISTRIBUTION PLATFORM

PERFORMANCE UPDATE FOR Q2 FY2023-24

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Our Presence		Total No. of Outlets	Presence in States/UTs	Presence in districts	Presence in Tier IV & VI
		21,240	31	560	~84%
Our Platform – Key KPIs		Total Transactions ~ 3.3 Cr		Total GTV ~ Rs. 13,074.5 Cr
ATM Service
		No. of ATMs	Total Transactions	Total GTV	Presence in Tier IV & VI
		6,426	~ 1.2 Cr	~ Rs. 2,928.3 Cr	~76%
Banking Service
		No. of Account opened	No. of Insurance / Pension Schemes sold ~ 4.4 Lakhs	Total Transactions	Total GTV
Banking Service
		~ 4.0 Lakhs		~ Rs. 2.1 Cr	~Rs.10,101.7 Cr

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Note: GTV – Gross Transaction Value

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VAKRANGEE KENDRA – PERFORMANCE UPDATE

Q2 FY2023-24: REVENUE & GROSS TRANSACTION VALUE CONTRIBUTION BREAK-UP

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Revenue Break Up Gross Transaction Value (GTV)
5.5% 22.4% [0.2%]
33.6%
60.9%
77.4%
BFSI ATM E-Commerce & Other Services BFSI ATM E-Commerce & Other Services
Revenue from Operations : Rs. 51.5 Cr Total Gross Transaction Value : Rs. 13,074.5 Cr
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No of Active Transacting Outlets : Kendra Performance

No	Annual Franchisee Commission Range (In Rs.)	Number of Active Transacting Kendra Outlets as on September 30, 2023
1	Total Active TransactingOutlets**	20,290
2	New On-boarded Kendras (Yet to Transact)	950
Total Active Outlets + New On-Boarded Outlets		21,240

** Active Transacting Outlets : Outlets considered who have done transactions in last trailing 12 months.

• E-Commerce includes online Shopping, Healthcare, Recharges, Travel Ticket Booking, Logistics & other Services

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CONSOLIDATED FINANCIAL STATEMENTS

Key Profit & Loss Statement Items

Particulars (Rs. in Lakhs.)	Q2 FY2023-24	Q2 FY2022-23	YoY%	H1 FY2023-24	FY2022-23
Total Income	5,228.9	4908.9	6.5%	10,818.7	19,870.5
Total Expenses	5,140.8	4854.1	5.9%	10631.5	19,602.5
EBIDTA	667.5	474.1	40.8%	1360.8	1970.9
Profit before Tax (PBT)	99.3	54.8	81.2%	198.5	268.0
Tax Expenses	56.9	41.1	38.4%	106.7	167.5
Profit after Tax (PAT)	42.4	13.7	209.5%	91.8	100.5

Key Balance Sheet Items

Particulars (Rs. in Lakhs)	H1 FY2023-24	FY2022-23		Particulars (Rs. in Lakhs)	H1 FY2023-24	FY2022-23
Net Worth	11,929.7	12,385.1		Fixed Assets	13,005.5	13,491.0
				Other Non-Current Assets	1,467.4	1,406.3
Share Capital	10,595.1	10,595.1
				Inventory	179.8	220.8
Other Equity	1,334.6	1,799.0
				Trade Receivables	3,781.0	4,007.5
Total Debt	5,328.1	5,777.1
				Cash & CashEquivalents	3,895.3	3,575.5
Long Term Debt	834.7	1,242.9		Other Current Assets	7,862.4	7,105.3
				Less: Trade Payables	1,909.7	1,824.3
Short Term Debt	4,493.4	4,534.2
				Less: Other CurrentLiabilities	8,920.1	7,814.5
Other Non-Current Liabilities	2,103.8	2005.4
				Net Current Assets	4,888.7	5,270.3
Total Sources of Funds	19,361.6	20,167.6		Total Application of Funds	19,361.6	20,167.6

Fiscal Year (FY) is 12 months ending March

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COMPANY OVERVIEW

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PHASE 1: 1990-2011

PHASE 2: 2012-2018

PHASE 2 : BUILDING KENDRA BUSINESS ALONG WITH E-GOVERNANCE

PHASE 1 : EMERGED LEADER IN E-GOVERNANCE BUSINESS

• Vakrangee Ltd: Incorporated as a System Integrator for E- Governance Projects

• Company ventured into G2C & B2C services through Common Service Centers

• Worked on Key Mission Mode projects of the Government such as :

• Received the BC Banking mandate and started BC Point Banking services through these Centers

• Central Election Commission

• Non Exclusive Store in Store Format outlets

• MCA-21 for Ministry of Corporate Affairs

• Emerged National Business Correspondent partner to major PSU banks

• Rashtriya Swasthya Bima Yojna (RSBY)

  • Executed projects such as PMJDY – Financial Inclusion and UIDAI Aadhaar Enrollment services through these Outlets

• Digitization of Land and Revenue records

• Worked on Project Passport Seva Kendra (PSK)

• Won UID Enrolment Project for enrolling Aadhaar

• Received RBI license for White Label ATMs

• Added Various B2C services such as Assisted e- commerce, Bus ticket booking, mobile and DTH recharge

COMPANY’S JOURNEY SO FAR

PHASE 4: 2023 PHASE 3: 2019-2022 (POST DEMERGER) PHASE 3 : NEXTGEN PHASE 4 : NEXTGEN VAKRANGEE KENDRA VAKRANGEE KENDRA & BUSINESS DIGITAL APP BUSINESS

• Demerger to unlock the potential of the Core Vakrangee kendra & Digital App Business

• Planned as an exclusive store model with Standardized Consumer & Service experience

• Kendra Business is Retail centric Consumer facing business. It is an Asset Light Franchisee led business model

• Launched NextGen Kendra with standard branding , Exclusive store layout as well as signage

• Appointing Exclusive District Level Master Franchisees across the country. Plan to achieve 100% District coverage by March 2024 !

• Multi-line of services – Banking, E-Governance, Insurance, E-Commerce, Total Healthcare & optional ATM services

• Clear Focus on expanding and Building India’s Largest Last Mile Rural distribution platform

• Tie-up for Banking Business Correspondent with Private Banks such as SBM Bank (India) Ltd. & NSDL Payments Bank Ltd.

• Launch of Digital Platform : BhrartEasy Super Mobile App

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VAKRANGEE KENDRA – SCOPE OF SERVICES

Financial Services / Fintech E-Commerce / Online Travel Tele Medicine / Pharmacy (Available only on BharatEasy Mobile Super App)

Banking, ATM & Insurance

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PAN INDIA PRESENCE :

PHYSICAL + DIGITAL ECO-SYSTEM

• 84% IN TIER 4-6 LOCATIONS

• 5,378 POSTAL CODES

• 560 DISTRICTS

“GO TO MARKET PLATFORM” : BUILDING INDIA’S LARGEST LAST MILE DISTRIBUTION PLATFORM

21,240 LAST MILE PHYSICAL OUTLETS

~Rs. 13,074.5 CR ~US$ 6.3 BN ~3.3 CR GROSS TRANSACTION ANNUALIZED GROSS TOTAL TRANSACTIONS VALUE TRANSACTION VALUE

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VAKRANGEE KENDRA – SCOPE OF SERVICES

BFSI & ATM SERVICES

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(White Label ATM License)

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• ATM Cash Withdrawal

• Non-Financial Transactions

• Opening of Online Demat & Trading Account

• Money Transfer

• Lead Generations of Personal / Business Loans

• • Pan Card Service • CIBIL Score service

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• Life Insurance

• • General Insurance • Health Insurance

• Account Opening

• Cash Withdrawal/ Deposit Services

• Other Banking services

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VAKRANGEE KENDRA – SCOPE OF SERVICES

ASSISTED E-COMMERCE SERVICES

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(Available only on BharatEasy Mobile Super App)

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(Only for Rajasthan)

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• Online Shopping of Goods

• Telemedicine services

• Online Shopping of Medicines

• Mobile/DTH Recharge

• • Bill Payments

• E-Mitra services in Rajasthan

• Train Ticket Booking

• • Bus Ticket Booking • Flight/Hotel Ticket Booking

• Online Agriculture Product & Services

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VAKRANGEE KENDRA (VK) MODEL : NEW LOOK & FEEL

MODEL 1 : VK WITH ATM WITH PRIVATE BANK BC POINT

MODEL 2 : VK WITHOUT ATM WITH PSU BANK BC POINT

MODEL 3 : VK WITHOUT ATM MODEL 4 : ONLY ATM WITH PRIVATE BANK BC POINT

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Min Area required 65-80 sq. ft.

Min Area required 25-30 sq. ft.

Key Features :

Key Features :

• Exclusive Dedicated Outlet for Banking BC point services

• Exclusive dedicated outlet for ATM & Other services. Design provision such that ATM can be operational for extended hours

• ATM at outlet located within the store

• Potential to enhance the footfall significantly

• • CCTV Monitoring system

Highly Recommended

: Store Exclusivity with Consistent Branding

• Exclusive store model has Higher Earning Potential and Higher Success

• Dedicated Exclusive outlet for Banking BC point services only.

• Delivers Standardize service level and same customer experience.

• Standardized layout and design by L&H (Lewis & Hickey)

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VAKRANGEE KENDRA - KEY FEATURES

KEY FEATURES

STORE EXCLUSIVITY & CONSISTENT BRANDING

ATM IN OUTLET (OPTIONAL)

CCTV MONITORING SYSTEM

DIGITAL ADVERTISING

PIN-PAD DEVICES

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• Exclusive Banking BC Point Outlet

• Exclusive Outlet for ATM and all other services

• Standardized Customer experience with same service level experience

• Uniform and Consistent Branding for Higher brand recall and visibility

• ATM at store

• Potential to enhance the footfalls significantly

• Additional stream of revenues for both the Franchisee and the company

• CCTV Monitoring System

• Better Security at the store

• Full compliance with RBI guidelines to maintain more than 90 days video recording back up

• Digital Signage to enable centrally monitored advertisement campaigns

• To enhance the interaction between Customers and Partners

• • Focus to initiate advertising revenue

• To enable various kinds of payment modes at any Vakrangee Kendra

• Integration in process to start accepting RuPay / Debit / Credit card payments

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Vakrangee Kendra : Long Term Sustainable & Profitable Business Model

• With the development of the Digital Economy, India is fastly moving towards Digital Payment Mechanisms and Emerging as a Cashless Society.

• With the fast pace of digital payment penetration, Cash transactions such as ATM & Banking transactions are expected to witness slow down. Therefore, there would be profitability & viability challenges for standalone business models such as only White Label ATMs, only Banking (AEPS) provider, only Money Transfer providers which are dependent on cash transactions.

• Vakrangee is future ready with a clear focus on building long term sustainable & profitable business model.

• Non-Cash based Banking Offering such as Account Opening, Loan Product, Insurance Services, Fixed Deposits & NPA Recovery

• No dependency on single line of product or services such as ATM or Banking Services.

• Wide portfolio of product & services such as Online Shopping, Total Healthcare Services, Bill Payments, Online Travel Services, Mobile Recharges, CIBIL Score services, Pan Card Services, Online Opening of Demat & Trading Account Opening Services and many more

• Highest commission in the industry

BENEFITS OF VAKRANGEE OVER OTHER PLAYERS

Sr. No.	Particular	Vakrangee	Only WLA Peers	Only DMT & AEPS Peers
1	Multiple Line of Product & Services
1.1	Non-Cash based Banking Offering
1.2	Online Shopping & Other E-Commerce Services
2	Highest Commission in the industry

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UPDATE ON MASTER FRANCHISEE INITIATIVES

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• LAUNCH OF NEW ATTRACTIVE MASTER FRANCHISEE SCHEME : A UNIQUE LIFETIME EARNING OPPORTUNITY WHEREBY THE MASTER FRANCHISEE IS ELIGIBLE TO EARN A % OF ACTIVE FRANCHISEE’S EARNINGS ON A ONGOING PERPETUAL BASIS

• DISTRICT LEVEL MASTER FRANCHISEE BEING APPOINTED. THIS INITIATIVE WOULD LEAD TO HELP US SCALE AT A FASTER PACE AND EXPAND ON A PAN INDIA BASIS

• MASTER FRANCHISEE SHALL BE RESPONSIBLE FOR END TO END MONITORING AND ENSURING OPERATIONAL COMPLIANCES FOR THERE RESPECTIVE FRANCHISEES

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UPDATE ON MASTER FRANCHISEE INITIATIVES

• APPOINTED MASTER FRANCHISEES IN 341 DISTRICTS ACROSS 26 STATES ACROSS THE COUNTRY*.

• MASTER FRANCHISEE TO PROVIDE ON-GROUND OPERATIONAL SUPPORT TO THE EXISTING FRANCHISEE OUTLETS AS WELL AS DRIVE NEW FRANCHISEE ACQUISITION.

Plan to achieve 100% District coverage by March 2024 !

• THIS WOULD LEAD TO HELP US SCALE AT A FASTER PACE AND EXPAND ON A PAN INDIA BASIS.

Note - *As on 31[st] October, 2023

MASTER FRANCHISEE DISTRICT LEVEL OFFICES

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District : Balaghat State : Madhya Pradesh

District : Muzaffarpur State : Bihar

District : Surguja State : Chhattisgarh

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UPDATE ON BHARATEASY MOBILE SUPER APP

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• Vakrangee is launching an online digital platform to enable seamless services for the consumer at the comfort of their homes. Through this, company has evolved into the unique O2O (Online to Offline) platform, whereby there is Assistance available through the Physical Kendra network along with Digital Online Services.

• The Company has currently launched an upgraded Beta Trial Version of “BharatEasy” Mobile Super App” based business platform.

• The Mobile super app platform would be offering various consumer products and services under one umbrella. Consumers would use it every day because our app would offer a seamless, multi-service, integrated, contextualized and efficient experience.

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BUSINESS MODEL : OUR UNIQUE OFFERING

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Customer
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BharatEasy Mobile Super App

Service Partners

• Super App : Multi Category Offering

• • Online Shopping

• Total Healthcare

• Banking / Insurance / Money Transfer

• Bill Payments / Recharges

• Loan Products / Mutual Funds

• Travel / Entertainment / Events

• Agri Products

• Courier Services

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Strong Value Proposition

• All in One Super App Platform

• Access to Physical Store network - Trust & Comfort for Customers especially in Rural India

Unique Convenience Features : Leveraging the Vakrangee Eco-System

• Store Pick Up Facility

• Pay at Store (Cash)

• Order Return facility

• Courier Pick up / Drop Facility

• Physical Assistance Available

• Grievance / Helpdesk Facility

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Vakrangee Kendra Network

• Master Franchisees - 341

• Store Network - 21,240 outlets

• Online Education

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VISION 2030 : GROWTH TARGETS

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VISION 2030 : GROWTH TARGETS

• Vakrangee has emerged as One of India’s Largest last mile distribution platform with a Physical as well as Digital ecosystem in place with a Pan India Presence.

Vakrangee aims to be most trustworthy Physical as well as Digital Convenience store across India. We will keep expanding this network until we are close proximity to the last excluded person within the country.

You can access the detailed Vision 2030 document through the below link: https://vakrangee.in/pdf/Policies-PDF/Vakrangee-Vision-2030.pdf

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VISION 2030 : GROWTH TARGETS

HUGE UNTAPPED MARKET : OVERALL MARKET POTENTIAL

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VISION 2030 : GROWTH TARGETS

DETAILED EXPANSION PLAN

Sr. No.	Particulars	As on March 31, 2023	FY2023-24 Est.	FY2024-25 Est.	FY2025-26 Est.	FY2026-27 Est.	FY2027-28 Est.	FY2028-29 Est.	FY2029-30 Est.
Cumulative
1	Master Franchisee (Exclusive District Level Business Partner)	158	764	764	764	764	764	764	764
2	Vakrangee Kendra Outlets (Exclusive Standarized Outlet) : Same Look & Feel	20,399	27,000	37,000	57,000	85,000	1,30,000	2,10, 000	3,00,000
3	No. of White Label ATMs	6,324	7,300	9,000	11,000	13,000	15,000	15,000	15,000

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VISION 2030 : GROWTH TARGETS

FINANCIAL GROWTH PLAN

FY 2022-23 FY 2029-30 (E)

US$ 1 BN Revenue Rs.197.3 CR Revenue (~Rs. 8,200 CR) EBITDA Margin EBITDA Margin ~10.0% 15.0% - 16.0% (Range) PAT Margin PAT Margin ~0.5% 10.0% - 12.0% (Range) Gross Transaction US$ 6.2 BN Gross Transaction US$ 150 BN Value (GTV) (Rs. 51,164 CR) Value (GTV) (~Rs. 12,30,000 CR)

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UPDATE ON SUSTAINABILITY ESG INITIATIVES

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SUSTAINABILITY ESG PERFORMANCE UPDATE

VAKRANGEE ESG PERFORMANCE UPDATE

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Vakrangee has earned a “S&P Global Bronze Class” spot in the yearbook and has score 78 ESG Score (S&P Global Scores) in the Corporate Sustainability Assessment (CSA) survey.

VAKRANGEE EARNS BRONZE CLASS SPOT IN SUSTAINABILITY YEARBOOK 2022 BY S&P GLOBAL

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• Vakrangee Limited has been honored to be included in Sustainability Yearbook 2022, published by S&P Global.

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KEY INITIATIVES : SUSTAINABILITY IMPACT & ESG

Being Responsible & Social Conscious Company

• Being one of the largest franchisee-based, multi-service retail network, Vakrangee is focused on creating India’s extensive network of last-mile retail outlets at every postal code in the country, enabling Indians to benefit from financial, social and digital inclusion.

Being UNGC Signatory Member

• Vakrangee Limited has been accepted as a Signatory of the United Nations Global Compact.

• We are now part of a global network of over 9,500 companies and 3,000 nonbusiness participants that are committed to building a sustainable future.

Independent ESG Risk Assessment & Integrated Report Assurance

• Globally ranked No.1 in the Sustainalytics ESG Risk rating rankings out of the 1074 companies assessed in the Software and Services industry across worldwide.

• • Reasonable Assurance of Integrated Annual report of FY23 by Grant Thornton.

We have mapped our sustainability initiatives with the United Nation’s Sustainable Development Goals. Our aim is to efficiently adopt these goals and address the global challenges, which includes poverty, inequality, climate, environmental degradation, prosperity, and peace and justice.

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Thank You

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