Investor Presentation_ India Technology_ Tracking India Internet

Summary of Key Points from the Conference Call Industry Overview - Industry Focus: The conference call primarily discusses the India Internet sector, with specific emphasis on online food delivery, quick commerce, and online travel markets [1][2][4]. Core Insights - PE/VC Funding Trends: The environment for private equity and venture capital funding in the India Internet sector is improving, with a focus on accelerating revenue growth. Companies like Zomato and PB Fintech are highlighted as leaders in revenue growth [6][7]. - Revenue Growth Trends: The revenue growth for key players such as Zomato, PB Fintech, and Delhivery has shown significant year-over-year (YoY) improvements, with Zomato's adjusted revenue growth being particularly notable [8][14]. - Market Performance: The India Internet Index has corrected over the last 4-5 months, with some stocks experiencing profit downgrades. Notably, Zomato and Delhivery faced the largest consensus EBITDA downgrades, while MMYT and One97 saw upgrades [11][12]. Financial Metrics - Revenue and EBITDA Growth: - Zomato and PB Fintech have shown strong revenue growth alongside margin improvements from FY20-23 [14]. - MMYT is projected to have a total travel market addressable of US$57.5 billion by 2026, with an online penetration of 45% [35]. - Market Share: MMYT has maintained a market share above 30% in the domestic air travel segment despite supply-side challenges [38]. Competitive Landscape - Online Food Delivery: The competition between Swiggy and Zomato is highlighted, with Swiggy showing a 16.4% growth in GMV for FY23 compared to Zomato's 14.9% [25]. - Logistics Sector: Delhivery has been gaining market share in the express parcel market, with its share increasing to 18.7% in FY24 [66]. Additional Insights - High Frequency Data Tracking: The report emphasizes the importance of tracking high-frequency data points in food delivery and quick commerce to gauge market dynamics [30]. - Tolling Market Growth: Zinka Logistics has seen a 20% YoY increase in NETC transaction values, indicating growth in the tolling market [81]. Conclusion - The India Internet sector presents significant growth opportunities, particularly in online food delivery and travel markets. Companies like Zomato, PB Fintech, and MMYT are positioned well for future growth, while Delhivery continues to expand its market share in logistics. The overall sentiment is cautiously optimistic, with a focus on revenue growth and market share retention amidst a competitive landscape.