Nazara Technologies

Information Memorandum

December 2020

l 3062
▪ Sathyanarayanan M  sathyanarayanan@[Link]  +91 44 6660
Index

❑ Global Gaming Market 3

❑ COVID-19 impact on Gaming Industry 7

❑ Indian Gaming Industry 9

❑ Nazara Technologies 15

Private & Confidential 2

GLOBAL GAMING MARKET

Private & Confidential 3

Global Gaming Market (1/2)

2020 Global Games Market Global Game Revenue Forecast

(Per Region)
Gaming Revenue by Countries (Toward 2023)
Middle East & Africa 40 40%
$5.4Bn 35%
Europe
+14.5% YoY 30 21% 23% 22% 24% 30%
$29.6Bn 20% 20%
3% 17% 18%
20 15% 20%
+7.8% YoY 12%
19% 19% 10% 10%
Asia-Pacific 10 15% 10% $200.80Bn
Latin America
2020 Total $78.4Bn
$6.0Bn 0 0%
4% $159.3Bn 49%

Canada

Brazil
France
US

Italy

Australia
China

Spain

Mexico
Russia
Japan
South Korea
Germany
UK

India
+9.3% +9.9% YoY
+10.3% YoY
YoY
North America 25% $159.30Bn
$40.0Bn
$145.70Bn
+8.5% YoY USD bn CAGR (CY16-19) $138.50Bn

Source: NewZoo Source: NewZoo

2020 Global Players Global Player Forecast

(Per Region) (2015-2023)
Middle East & Africa
377M
+8.8% YoY 2.95Bn 3.07Bn
Europe
2.55Bn 2.69Bn 2.81Bn
386M 2.42Bn
14% 2.26Bn
1.99Bn 2.11Bn
+3.6% YoY Asia-Pacific
2020 Total 1,447M
Latin America 14% 2.7Bn
266M +5.3% +4.9% YoY
54%
+7.4% YoY 10% YoY
North America
8%
210M 2018 2019 2020 2023
2015 2016 2017 2018 2019 2020 2021 2022 2023
+2.6% YoY

Source: NewZoo Source: NewZoo Source: NewZoo

Private & Confidential 4

Global Gaming Market (2/2)

Globally, Gaming is Shifting Towards Hand-held Devices

2016 Global Games Market 2020 Global Games Market

Per Segment Per Segment
Downloaded/Boxed PC Games
$33.9Bn
+6.7% YoY

Console
$30.8Bn
21%
+2.2% YoY 31%
32% PC Browser PC Games 40%
$3.0Bn Smartphone Games
2016 Total $31.9Bn
2% 2020 Total $63.6Bn
$99.6Bn -13.4% YoY
+8.5% +2.1% YoY $159.3Bn
+15.8% YoY
YoY +9.3%
YoY

Console Games
$45.2Bn
Mobile 37% 28% Tablet Games
$36.9Bn +6.8% YoY 9% $13.7Bn

+21.3% YoY +2.7% YoY

Source: NewZoo Source: NewZoo

Private & Confidential 5

Chinese Dominance in the Gaming Industry

Market Share by Country by Developer Country

100%

90%

80%
% share for developer in respective Market

70% 57%
64% 62%

60% 79% 77% 80%

84% 86%
89%
50%

40%

30%

20% 43%
36% 38%

10% 21% 23% 20%

16% 14%
11%
0%
Korea

India

Indonesia
Brazil
US

UK

Germany

Russia
Japan

Market

China Others

Source: Bernstein Report

Private & Confidential 6

COVID-19 IMPACT ON GAMING INDUSTRY

Private & Confidential 7

Global Gaming Industry is Thriving in the COVID-19 Pandemic

Global Monthly Downloads Global Monthly Consumer Spend

iOS and Google Play iOS and Google Play
+25% vs monthly +25% vs monthly
15B avg of H2 2019 avg of H2 2019
$10B

$8B
10B 4.9
4.1 4.1 4.5 4.5 4.3 $6B 6.8 6.4
3.7 4.0 5.6 5.7 5.7 6.2
3.4 3.2 3.6 3.7 5.6 5.2 5.1 5.1 5.6 5.2
$4B
5B
6.6 6.4 6.4 7.1 6.7 6.4 $2B
5.8 5.5 5.3 5.4 5.8 5.4
2.3 2.1 2.2 2.1 2.1 2.2 2.2 2.1 2.3 2.4 2.6 2.6
0B $0B
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Apps Games
Apps Games

Source: App Annie Source: App Annie

The Average User Spent 27% of Daily Waking Hours on Increase in Number of Games Played Each Month by the Average User
Mobile in April 2020 – Up 20% from 2019 During COVID-19 Pandemic – Peak Month in 2020 Vs Monthly 2019 Avg
+27%
8 40% 35%
+37% +28% 30%
6.0 +15%
6 +5% +12% 30% 26%
4.8 4.8 +40% +39% +25% 23%
+27% +14% +17%
4.4 3.9 3.6
+10% +10%
3.5 3.5 3.2 3.1 20%
4 3.0 2.8 2.7 13% 11%
2.4
10% 7% 7% 6% 6% 5%
2 3%
0%
0

Canada
India

Indonesia

United States

Germany
China

South Korea
Japan
United Kingdom
Brazil

France
Russia
Brazil

Canada
Indonesia

France
India

China

Russia

Italy
Spain

US

UK

Germany
Japan
South Korea

1st Phase of Countries Impacted at Scale

2nd Phase of Countries Impacted at Scale
2019 Q1 2020 Q2 2020
3rd Phase of Countries Impacted at Scale

Source: App Annie Source: App Annie

Private & Confidential 8

INDIAN GAMING INDUSTRY

Private & Confidential 9

Indian Gaming Industry (1/2)
India’s online gaming industry has already attracted $350 million in investments from venture capital firms between 2014-2020. Currently, there are over 400 gaming startups in India.

Indian Gaming Industry is estimated at USD 1.5bn and expected to grow at a

Device Preference
CAGR 20% to USD 3.8bn
(USD bn) Tablets
4%
3.8
PC/Laptop
1.5 11%

0.8 2024E

2019
Mobile
85%
2017

Source: Maple Capital Advisors Source: Company

Online Gamers vs Internet Users in India Top Mobile Game Genres

600 530 60% 54%
480 49%
500 440 50%
40%
370 40%
37% 37%
400 34%
30% 31%
300 280 26%
30% 23% 22%
(‘mn)

300
18%
180 20%
200 150
10%
100
0%
0 Puzzle Action Adventure Arcade Racing Sports
2016 2017 2018 2019
Heavy Casual
Online Gamers Internet Users

Source: Company Source: Company

Private & Confidential 10

Indian Gaming Industry (2/2)
Top Games in India
S. No App Business Model Downloads (Mn) Rating
1 Teen Patti Freemium 1,000+ 4.7
2 Coin Master Freemium & paid 50+ 4.5
3 8 Ball Pool Freemium 500+ 4.5
4 Teen Patti Gold Freemium & paid 50+ 4.7
5 PUBG Mobile Freemium & paid 100+ 4.2
6 Candy Crush Saga Freemium 1,000+ 4.7
Source: Kpmg report

Key E-Sports Indian Players

S. No App Business Model Downloads (Mn) Rating
1 Dream11 Freemium & paid 50+ (users) 4.3
2 MPL Freemium & paid 40+ (users) 4.8
3 MyTeam11 Freemium & paid 10+ (users) 4.4
4 Halaplay Paid 10+ (users) 4.7
5 11wickets Freemium & paid 3+ (users) 4.1
Approx numbers as per Google Play Store and public sourced

Key RMG Indian Players

S. No App Business Model Downloads (Mn) Rating
1 Ace2Three Freemium & paid 12+ (users) 4.0
2 RummyCircle Freemium & paid 10+ (users) 4.2
3 Adda52 Freemium & paid 2+ (users) 4.2
4 Pokerbaazi Freemium & paid 0.5+ (users) 4.2
5 Pocket52 Freemium & paid NA
Approx numbers as per Google Play Store and public sourced

Private & Confidential 11

Growth Drivers

India has 500mn smart phone users in 2019 and expected to

Higher 4G penetration has led to uninterrupted gaming experience
reach 829mn in 2022 (ICEA report)
Smartphone Users (mm)
829

500
432 92%
2022E million 4G Subscribers of Data Traffic powered
by 4G Technology
2019
Source: ICEA report Source: Nokia MBiT 2019

Fall in data prices has increased affordability …resulting in exponential increase in data consumption

Fall in Data Prices

10.4 GB/month
INR 152/GB
2.7 GB/month
₹ INR 10/GB

2016 ₹ 2019
2019 2016
Source: […] Source: Nokia MBiT 2019

Private & Confidential 12

Business Model

Mobile Gaming Business Model

Games can be downloaded for free, but user may have to watch ads or pay for full access. Freemium business
Freemium model is primarily driven through in-app purchases, however in-app purchases monetization approach is still
very nascent in India and other emerging markets.

Subscription One-time payment of daily/weekly/monthly or annual fee to gain unlimited access for the duration.

Paid/Premium Game can be accessed/downloaded only upon payment.

In-app Purchases Pay to purchase game specific products or currency.

Banner advertisement, video advertisement, conditional access to features in the game by watching ads or
Advertisement
clearing a level etc.

Source: Spark PWM

Private & Confidential 13

Business Model – Gamers Classification
Gamers can be classified into:

Gamers Game Discovery Preference Suitable Business Model Mode of Billing

Integrated Subscription
First Time Gamer Pre-embedded apps No major preference model with bouquet of Integrated carrier billing
games

Casual games with

Casual – Mid core App Stores moderate challenges, Freemium Model App store linked payment
engaging games

Seamless gaming
App stores, social media, App store linked payment;
Hard core experience, multiplayer Subscription Model
network effect High value in-app purchases
competitive gaming

Source: Spark PWM

Private & Confidential 14

NAZARA TECHNOLOGIES

Private & Confidential 15

Nazara Technologies – Company Factsheet

Corporate Factsheet Share Price Details

Offer Price (INR)* 850
Currently, Nazara Technologies has three identifiable promoters and they collectively hold 24.2% of the
Promoters company. Mr. Nitish Mittersain (3.5%), Mr. Vikash Mittersain (250 shares) and Mitter Infotech LLP Face Value (INR) 4
(20.7%). Market Cap (INR mn) 24,476
Presence Nazara operates in 64 countries spread across India, Asia, Africa, America and Middle East. Category (Dec’20) No of Shares (‘mn) % Share
Promoters 7.0 24.2
Mr. Nitish Mittersain (Co-Founder, Jt. Managing Director) Institutional Investor 12.5 43.4
Management
▪ Mr. Nitish Mittersain Co-founded Nazara Technologies and has more than two decades of experience Non-Institution 9.3 32.4
depth
in mobile gaming and VAS industry. Total 28.8 100.0

P&L FY18 FY19 FY20

Nazara Technologies is one of the leading interactive gaming and new age sports media company, having
Revenue (INR mn) 1,705.0 1,698.0 2,475.0
operations in 64 countries. Esports is the fastest growing sports entertainment format among
Business
competitive gamers and Nazara has over 80% share of the Indian market through its majority stake in EBITDA (INR mn) 544.0 268.0 98.0
Nodwin (57.99% stake). PBT (INR mn) 134.0 102.0 -239.0

Business Tax Expense (INR mn) 122.0 49.0 -8.0

Subscription (33%), Freemium (8%),Early Learning (8%), Esports (34%) and Real Money Gaming (17%).
mix (FY20) A. PAT (after MI) (INR mn) 266.0 151.0 5.0
Adj. EPS 9.9 5.5 0.2
Geographic
India (59%), APAC (10%), USA (8%), Africa (8%), Middle East (7%) and RoW (8%). D/E 0.0 0.0 0.0
mix (FY20)
RoE (%) 15.1 5.5 1.7
Recent Capital
Private placement of INR 25.4mn (INR 728/share) in July’19 to Azimuth Investments; RoCE (%) 16.6 5.9 1.8
Raising
EV/Sales 13.7 13.6 9.1
Auditors Walker Chandiok & Co LLP. EV/EBITDA 42.8 86.5 229.9

Source: Company, Spark PWM *Assumed price at which investors might be Private & Confidential 16
getting opportunities to invest
Nazara Technologies - Timeline

1 3 5
Company Incorporated. ▪ 2nd investment by Westbridge. ▪ Acquisition of Next Wave.
▪ Signed up with Airtel. ▪ Acquisition of Nodwin Gaming
▪ Signed up with Electronic Arts. and launch of Esport business of
the Company.

2007-10

2017-18
▪ Launched ‘Games Club’
1999

subscriptions. ▪ Investments by Rakesh

Jhunjhunwala and IIFL.

▪ Launched java games pay per ▪ Established presence in Dubai. ▪ Acquired significant majority in
download. Sports Keeda – Sports portal.
▪ Commenced business operations in
▪ Commenced work with leading Middle East, Zambia, Uganda, Nigeria, ▪ Became only fully diversified
2004-06

2011-15

2018-19
telecom operators. Singapore, Mauritius, Bangladesh and gaming & sports media company
Kenya. in India.
▪ Signed up with Sachin Tendulkar for
3 years. ▪ Commenced Freemium business in ▪ Acquire significant majority in
India. Halaplay #2 Sports Fantasy in
▪ First investment by Westbridge.
India.
▪ Signed up with M.S. Dhoni. ▪ Signed up with Virat Kohli and
Hrithik Roshan.
▪ Licensing agreement for Chota Bheem.
2 4 6
Source: […]

Private & Confidential 17

Nazara Technologies Business Structure and Business Model

Nazara Technologies Business structure (FY20) Business Model (FY20)

100% 8%
80% 33%

60%
MATURE INTERACTIVE 100% 100% 100%
92%
BUSINESS GAMING 40%
(33%) (67%) 67%
20%

0%
Subscription Early Learning Freemium E-Sports RMG

SKILL/CHANCE ESPORTS/ Subscription Platform Fee Advertising In-app Sales Sponsorship and media Rights
TELCOS FREEMIUM EARLY LEARNING
BASED GAMES SPORTS MEDIA
SUBSCRIPTION (8%) (7.7%)
(17.2%) (34%)
Source: Company

AFRICA MIDDLE EAST

NAZARA GAMES
SPORTS FANTASY
KIDDOPIA
NODWIN Businesswise Geographical Exposure (FY20)
(20%) (22%) (HALAPLAY) (ESPORTS)

100%
10%
30% 23%
80%

60% 22%
INDIA RoW NEXT WAVE ONLINE QUIZ 100% 100%
SPORTS KEEDA 90%
(28%) (30%) (CRICKET) (QUNAMI) 40% 77%
20%
20%
28%
0%
Subscription Freemium E-Sports Early Learning RMG
SPORTS BETTING
(BIG PESA) Kenya
India Africa Middle East APAC USA RoW

Source: Company Source: Company

Private & Confidential 18

Transforming from Telecom Focused Value-Added-Services (VAS) Company to Interactive Gaming & Sports Media
Platform

Transforming into Interactive Gaming & Sports Media Platform Company Investments made by the Company (as on 31st Mar 2020)

100.0%
Interactive 900 120%
gaming
90.0% subscription
800 100.0%
business
(CAGR 196%) 100%
80.0%
700

70.0%
600 80%
52.4%
60.0% 63.9% 62.5%
500

(INR mn)
50.9% 55.0% 60%
50.0% 400
89.0% 38.4%
40.0% 300 40%
26.0% 24.4%
30.0% 200
15.0%
Subscription 8.7% 20%
business 100
20.0%
(CAGR -27%)
33.0%
0 0%
10.0%

Crimzoncode

Mastermind Sports
Halaplay Tech

Sports Unity

Moong Labs Tech

Next Wave
Paper Boat

Khichadi
Nodwin

Absolute Sports

Instasportz
0.0%
FY18 FY20

Subscription Freemium Early Learning E-Sports RMG

Cash Consideration Share Swap Nazara's Holding

Source: Company Source: Company

Private & Confidential 19

Leadership in High growth Verticals with strong Local content (1/2)

GAMES

KIDS REAL MONEY GAMES SPORTS SIMULATION GAMES

Chhota Bheem Motu Patlu HalaPlay Carrom Clash Chennai Super Kings Hrithik Bike Racing

Mighty Raju Oggy Super Qunam WCC Rivals Clash World Cricket Real Carrom - 3D
Championship 2

Source: Company

Private & Confidential 20

Leadership in High Growth Verticals with Strong Local Content (2/2)

Leadership in High Growth Vertices with

Kiddopia’s Revenue increased 3X in FY20 Kiddopia Subscribers retention at 14%
Very Strong Local Content Moat

700 15% 3,00,000 2,79,468

600 10% 2,50,000
Esports #1 (80% market share) 500
5% 2,00,000
400
0% 1,50,000
300 572.2 98,228
182.5 -5% 1,00,000
200
-10% 50,000 27,760
100 35.5
Cricket Mobile game #1 (60% market share)
0 -15% 0
FY18 FY19 FY20 FY18 FY19 FY20
Revenue (INR mn) EBITDA Margin Avg. Total Paying Subs/month

Sports Fantasy #2
Source: Company Source: Company

Next Wave Revenue is flat due to drop in advertisement rates Halaplay’s Revenue up 77.5% in FY20

Kids Mobile Gaming #1 200 50% 500 0%

40% -200%
150 400
-400%
30% 300 -600%
100
Leading Player in real money gaming quiz 150.9 20% 200 396.8 -800%
136.8 25.5
(nascent category) 50 117.8 -1000%
10% 100 223.5
-1200%
0 0% 0 -1400%
FY18 FY19 FY20 FY18 FY19 FY20
Revenue (INR mn) EBITDA Margin Revenue (INR mn) EBITDA Margin

Source: Company Source: Company Source: Company

Private & Confidential 21

Source: […]
Market Leadership in Esports – the Next Big Thing

Global E-Sports Market

TOTAL
REVENUES TOTAL
$1,556.7M AUDIENCE
+14.9% TOTAL 646M
TOTAL
CAGR 2018-2023 TOTAL AUDIENCE +10.4%
TOTAL REVENUES
AUDIENCE CAGR 2018-2023
REVENUES $1,100.1M 495M
$950.6M +15.7% 443M +11.7%
+22.4% YoY +12.3% YoY
YoY 395M YoY 351M
$776.4M 272M
245M
222M

295M
173M 198M 223M

2018 2019 2020 2023

2018 2019 2020 2023 Occasional viewers Esports Enthusiasts

Source: NewZoo Source: NewZoo

No. of Registered players in Nodwin Organised tournaments Nodwin’s Revenue is up 50.8% in FY20 and its top 5 E-sports
…and Live stream views across OTT platform zoomed by 29X
has zoomed by 15X company in the World
8 Reach (mn) 800 12%
Participation (mn) 6.9
7 200 175.0 10%
6 600
150 8%
5
400 746.6 6%
4
100
3 495.2 4%
2.2 200
2 50 28.0 2%
170.4
1 0.5 6.0 0 0%
0 0 FY18 FY19 FY20
CY17 CY18 CY19 CY17 CY18 CY19 Revenue (INR mn) EBITDA Margin

Source: Company Source: Company Source: Company

Private & Confidential 22

Valuation and Financial Matrix – SFB

[Link] EV/Sales EV/EBITDA P/BV P/E

Company Currency
Bn FY18 FY19 FY20 FY18 FY19 FY20 FY18 FY19 FY20 FY18 FY19 FY20

Nazara USD 0.3 13.7 13.6 9.1 42.8 86.5 229.9 6.9 6.0 4.8 86.1 154.3 4,749.9

Tencent USD 727.0 21.0 15.5 13.4 51.9 42.9 36.1 18.2 15.2 11.6 81.8 75.1 57.5

Bilibili USD 26.4 72.0 42.2 26.8 2,213.9 -2,011.1 -457.4 24.6 24.2 24.6 -361.5 -271.1 -158.1

XD Inc USD 2.3 10.5 7.3 5.0 57.6 27.4 20.2 31.7 15.7 11.8 104.8 47.5 40.4

NetEase USD 60.9 9.3 7.9 7.1 29.8 32.8 26.4 8.2 8.8 6.6 34.1 46.0 29.7

FriendTimes USD 0.6 4.2 2.0 1.8 18.5 7.9 6.6 15.5 10.5 6.8 32.3 11.0 9.3

G-bits USD 4.3 18.3 16.0 12.2 31.8 27.0 20.8 12.2 9.7 9.2 45.9 39.2 32.7

Perfect World USD 7.9 6.2 6.2 6.2 25.5 29.4 36.3 6.7 6.2 5.8 33.3 35.0 35.5

Sanqi Interactive USD 8.9 9.0 7.3 4.2 33.0 31.5 20.2 8.5 9.9 8.4 52.5 38.6 27.3

Average 18.8 13.1 9.6 307.8 -226.5 -36.4 15.7 12.5 10.6 2.9 2.7 9.3

Source: Bloomberg

Private & Confidential 23

Financial Summary
Abridged Financial Statements Key Metrics
INR mn FY18 FY19 FY20 FY18 FY19 FY20
Profit & Loss Cash Flow
Revenue 1,705 1,698 2,475 Pre-tax CFO 113.0 284.0 99.0
Operating Profit 446 104 -56 Cash Flow from Operation -57.0 137.0 -22.0
Other Income 98 163 155 Cash Flow from Investing -195.0 -676.0 89.0
EBITDA 544 268 98 Cash Flow from Financing 459.0 116.0 34.0
PBT 492 102 -239 Other Information
Exceptional Item -358 0 0 Shares outstanding (‘mn) 27.0 27.0 28.0
Tax Expense 122 49 -8 Current market price (Rs.) 850.0 850.0 850.0
MI & share of profit from associates -16 -98 -236 Market capitalisation ([Link]) 24,476.0
PAT after MI & share from assoc. 28 151 5 Earnings per share (Rs.) 9.9 5.5 0.2
Adj. PAT 266 151 5 Dividend per share (Rs.) 0.0 0.0 0.0
Balance Sheet Book Value Per Share (Rs.) 132.0 148.0 182.0
Net worth 3,562 4,079 5,087 Ratios
Minority Interest 420 409 907 EBITDA Margin 31.9% 15.8% 4.0%
Long term Borrowings 0 0 0 PBT Margin 28.9% 6.0% -9.7%
Long term Financial Liabilities 130 68 20 Adj. PAT Margin 15.6% 8.9% 0.2%
Long term Provisions 20 25 27 Tax Rate 24.8% 47.9% 3.4%
DTL 181 146 433 RoE 15.1% 5.5% 1.7%
Current Liabilities & Provisions 432 489 1,432 RoCE 16.6% 5.9% 1.8%
Total Liabilities & Net worth 4,746 5,218 7,906 Pretax CFO / EBITDA 0.2 1.1 1.0
Fixed Assets 16 15 109 D/E 0.0 0.0 0.0
Intangible Assets 1,253 1,420 3,522 Valuation
Long term Investments 138 435 216 EV/ Sales (x) 13.7 13.6 9.1
Other Long term Assets 382 197 315 EV / EBITDA (x) 42.8 86.5 229.9
Current Assets 2,957 3,150 3,744 P/BV (x) 6.9 6.0 4.8
Total Assets 4,746 5,218 7,906 P/E (x) 86.1 154.3 4,749.9
Source: Company, Spark PWM

Private & Confidential 24

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Private & Confidential 25

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applicable restrictions. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. Past performance is not necessarily a guide to future performance.
Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change
without notice.

• This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

• Spark Family Office makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document.

• Spark Family Office, Spark Capital (including, its affiliates) and its/their employees may, from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities and products mentioned in this document. They may perform or seek
to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report.

• Spark Family Office, Spark Capital (including, its affiliates) and its/their employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, Spark Family Office has incorporated a disclosure of interest statement in this
document. This should however not be treated as endorsement of views expressed in this report.

• Analyst’s Certification of Independence

• The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensations was, is or will be, directly or indirectly, related to the specific recommendation or
views expressed in the report.
• Spark Family Office has no material, adverse disciplinary history in the last five years.
• SEBI Registrations: Investment Adviser reg. no. INA200000712 I Stock Broker reg. no. INZ000285135

• Spark Capital
AMFI reg. no. ARN-86685. CIN: U93000TN2012PTC086696. Registered Office: Reflections, New No.2, Leith Castle Centre Street, Santhome High Road, Santhome, Chennai – 600028. Contact: 044 4430 0000. Compliance Officer: Ms. Zeal Gokani Email: zeal@[Link]
• Copyright in this document vests with Spark Family Office and its affiliates.

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Contact Us

CHENNAI BENGALURU MUMBAI

New No 2, ‘Reflections’, Leith Castle Center Street, Unit Nos. 503 & 504, 5th Floor, Prestige Towers, Solitaire Corporate Park, 211, Building No 2,
Santhome High Road, No. 99/100, Residency Road, Guru Hargovindji Road,
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