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Dazzle Food Business Plan For North India

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Page 1: Dazzle Food Business Plan For North India

BUSINESS PROPOSAL PLANSURVEY PROJECT REPORT PRESENTED

Page 2: Dazzle Food Business Plan For North India

DICLARATION

This market survey project report is the sole proprietary property of “Brand Guru Consultancy “and the survey has been done for “Snack Food Sales in North India” for “Dazzle Foods Pvt Ltd “,Indore,

The report is prepared on basis of various information's and survey conducted in the North India Market among the consumers ,distributors ,retailers ,super markets ,sales personnel and others. Information collected from Nielsen data , Census 2011 , Encyclopedia ,Internet , Google Search ,various Books . The aim of this survey is to Launch Dazzle brand products in North India and the on basis of this data “Dazzle “can make their strategy for Launching.

Page 3: Dazzle Food Business Plan For North India

COLLABORATION

Dazzle Food Pvt Ltd

Indore based company Is

manufacturing Snacks Food

and is interested to enter in

North Indian market.

Brand Guru Consultancy

Ahmedabad based organization

engaged in Sales, Marketing

and Brand Consultancy of

FMCG products to help

“Dazzle” launch their brand in

North India.

DAZZLE FOOD – THE MARKET LEADER

Innovation , Passion ,excellence and Caring….

NORTH INDIA

Located in the upper part of India in the foothills of the Himalayas, the northern region of India is enriched with different cultures, religions, marvelous monuments, immense wildlife parks and sanctuaries, holy rivers, majestic Himalayas, and diversified climate conditions. The whole of north India borders countries like Pakistan, China, Nepal and Bhutan from northwest to northeast. Geographically north India has great diversity. The towering majesty of the Himalayas, the breathtaking mountainous beauty of Himachal Pradesh and Kashmir, the agriculturally rich plains of Punjab, Haryana and the Ganga basin of Uttar Pradesh that has nurtured many ancient civilisations form an incredibly rich visual extravaganza. This rich cultural tapestry is woven with brilliant strands of many hues-dance, music, food, costumes, languages, customs, festivals -a variety staggering in its appeal. The origin of sacred river Ganga, Yamuna and sources of many other important rivers are in northern India.

Page 7: Dazzle Food Business Plan For North India

NORTH INDIA - THE HERITAGE

TOURIST SPOT HISTORICAL PLACE

Page 8: Dazzle Food Business Plan For North India

INFORMATION ABOUT NORTH INDIA :

POPULATION : 50 Crore – 43% growth in 2011 Census, 41% population contribute in the country

Males 58 % & Females 42%

Rural 57.4% & Urban 42.6%

AREA : 627090 sq mtr ( 1624160 km)

STATE’S : RAJASTHAN ,HP ,UP ,NCR ,UTTARAKHAND ,HARYANA ,PUNJAB,J&K

MAJOR CITIES : DELHI,KANPUR,LUCKNOW,JAIPUR,CHANDIGARH, VARANASI, AMRITSAR, AGRA,LUDHIANA,NOIDA,FARIDABAD,GURGAON,UDAIPUR,JODHPUR,SRINAGAR,DEHRADUN,SHIMLA,

Page 9: Dazzle Food Business Plan For North India

OTHER INFORMATION

CASTISM : Majority – Hindu, Punjabi, Jath, Marwadi, Muslim

LANGUAGE : Hindi, Urdu,Punjabi,Marwadi,Kashmiri

TOURIST SPOTS :

Delhi, Agra, Haridwar, Vanarasi, Kashmir, Jaipur,Shimla,Golde

MAJOR FESTIVALS : Diwali, Janmashthami, Dashera, Makar

Sankranti, Vaishakhi

STAPLE FOOD :Rice, Chapatti, Daal, Subji, etc

AGRICULTURAL PRODUCTS : Rice , Wheat , Bajra , Jowar

, Maize,Gram.

INDUSTRIES : Textile,Oil, Soap, Automobiles, Pharmaceuticals

( North India contributes 33% )

Page 10: Dazzle Food Business Plan For North India

EXPORT OPPORTUNITY

Export : Following products are in great demand :

Pharma, spices, oil, agriculture commodity, fruit

pulp, pulses, fruits & vegetables, automobile

North India contributes 41% to the Indian exports.

PER CAPITA INCOME

North India Per Capita Income 84,333.

Per Capita Domestic Expenditure 49%

Literacy 59%

Page 11: Dazzle Food Business Plan For North India

ECONOMY OVERVIEW

North India is very Rich in Natural and well as Industrial Sector. Economy is based on Agriculture and on Industries. Life style of common man day by day is changing , due to the more disposable income come for the IT and Real Estate Sector the life style of this Zone is entirely change , we can see lot of people shopping from the malls.

Due to this changing scenario there are lot of opportunities of the Snacks Foods FMCG items e.g. –packed Potato Chips ,Namkeen ,Fruit Drinks and lot of others..Day by day market of packed items are increasing so that as company point of view this may be one of the best market for the entire range of product.

Page 12: Dazzle Food Business Plan For North India

SNACKS FOOD MARKET

The overall size of the snack food market is estimated at Rs 45 to Rs 50 billion. The market is reported to be growing at 7 to 8 % annually. Potato chips is estimated to constitute nearly 85% of India’s total salty snack food market of about Rs 2,500 crore. In the Rs 19 billion branded(organized )snacks market, constituting over 40% of the market by value, Frito-Lay is estimated to command a market share of 45%, followed by Haldiram at 27% and ITC at 16%. The branded snacks market accounted for 16% by value and 12% by volume sales in 2007. According to a projection by Euromonitor International, the branded snacks market would reach a value of Rs 35 billion by 2012.

The organized snacks category is sub-divided into the traditional segment (bhujia, chanachur and the like), Western segment (potato chips, cheese balls etc.) and the newly established finger snacks segment, which is an adaptation of traditional offerings in the western format.

The leading brands in the market are Lays, Bennie’s, Uncle Chips, Ruffles, Bingos , Parles , Haldirams and others.

Page 13: Dazzle Food Business Plan For North India

MARKET STRATEGY

North India having potential market for FMCG companies and as per Nielsen Data total outlet can be targeted as follows:

A-Grade Outlets : 18000 B-Grade Outlets : 36000 C-Grade Outlets ; 1,32,000 No. of Distributors can be made 300 - 400.

In Chips ,Koore Kure ,Namkeen , we can provide @ 8% to the Distributors and other products we can provide @ 10%.

We can provide Van Subsidy and Sales Man Subsidy to the Distributors in Major Town to engage good and reputed Distributors in our network.

We can provide Trade Scheme , Diwali Bumper, “Combo Pack Offer” (adding with other products can also promote the Brand)

Page 14: Dazzle Food Business Plan For North India

Educational Institutions

Big Corporate

“ It’s better to be first, then better to be better.”

Page 15: Dazzle Food Business Plan For North India

MANPOWER COST

Designation Post Monthly

Total Total

1 RSM 1 Rs 30 th Rs 20 th Rs 50 th Rs 50 th

2 ASM 5 Rs 15 th Rs 10 th Rs 25 th Rs 1.25 Lac

3 Sales Officer 8 Rs 9 th Rs 6 th Rs 15 th Rs 1.20 Lac

4 Sales Rep’s 20 Rs 5 th Rs 4 th Rs 9 th Rs 1.80 Lac

5 Sales Co-ord 1 Rs 10 th -- -- Rs 10 th

6 Total Cost Rs 4.85 Lac

Page 16: Dazzle Food Business Plan For North India

NORTH INDIA SALES PLAN

Products 1st Qut 2nd Qut 3rd Qut 4th Qut Total

2 Extruded Rs 52.50

3 Namkeen Rs 15 Lac Rs 16.50

Rs 69.61 Lac

4 Puff & Ring Rs 15 Lac Rs 16.50

5 Total Rs 1.50 Cr Rs 1.65 Cr Rs 1.81

Page 17: Dazzle Food Business Plan For North India

COST CALCULATION

1 MONTHLY COST Rs 5 Lac

2 YEARLY COST Rs 60 Lac

3 YEARLY SALES Rs 6.95 Cr

4 PERCENTAGE OF THE

Page 18: Dazzle Food Business Plan For North India

Brand Guru is a professionally managed firm specialized in Brand ,Sales & Marketing Consultancy ,Trading and Marketing of FMCG Products, Snacks Food ,Personal Hygienic products. And Health care products.

Based at Ahmedabad, the firm operates all over India and a very strong presence in the International Markets in all parts of the World.

In the present day fierce competitive world, Brand Guru provides cutting-edge advantage to manufacturers in effectively marketing their products.

Page 19: Dazzle Food Business Plan For North India

To achieve a dominant position in the industry with a

strong focus on high quality delivery and innovation to

add value to our principals and their customers.

We are totally committed not just to market the

products but SUCCESS of our Principals. By observing

good ethics of business and of course all the statutory

aspects comprehensively, we strive to be the best Sales

& Marketing company in India & International Market

Page 20: Dazzle Food Business Plan For North India

To help manufacturers of various products in effectively mass marketing their products and cultivate excellent brand image for their products.

To provide high quality management consultancy services to manufacturers and help them in writing their SUCCESS story. To reach good quality products to consumers and to ensure that they get the best value for money for the products.

To conduct the business on very sound management principles, without violating any government guidelines and in very fair and transparent manner rich with ethics.

To help the manufacturers, to place their products in all outlets even from micro markets to major modern centers depend upon their products.

Page 21: Dazzle Food Business Plan For North India

AREAS OF EXPERTISE

We have dedicated team and very rich experience in marketing, distribution, logistics management, new product launch and brand cultivation.

Sales & Marketing

Devising & effectuating competitive selling programs/strategies to improve the product awareness and enhance business growth.

Reviewing and interpreting the competition (through in-depth analysis of market information) to finalize the marketing strategy and ensure profitable growth.

Launching / introducing new products as a part of marketing development effort.

Tracking competitors’ moves & devising strategies for the same.

Page 22: Dazzle Food Business Plan For North India

Business Development

Developing new clients by comparative study of market

variable such as cost and providing them with superior

Conducting market research to analyze and assess

market potential, tracking competitor activities for

providing valuable inputs to fine-tune selling &

marketing strategies.

Identifying key/institutional accounts and strategically

secure profitable business.

Page 23: Dazzle Food Business Plan For North India

Channel Management

Enabling business growth by developing and managing a network of Channel Partners.

Commissioning & launching new centers as per company standards and monitoring operations.

Guiding and training partners to accomplish set revenue and business targets.

Identifying and networking with financially strong and reliable dealers/distributors/channel partners, resulting in deeper market penetration.

Page 24: Dazzle Food Business Plan For North India

Team Management

Recruiting, mentoring, training and development

of the field functionaries to ensure the sales and

operational efficiency.

Creating and sustaining a dynamic environment,

imparting training to team members that fosters

development opportunities and motivates high

performance amongst team members.

Page 25: Dazzle Food Business Plan For North India

Cutting Edge We have a very wide network of financially disciplined and sound

C&F Agents, Super Stockiest, Stockiest and Wholesale Agents spread across the country. Since the distribution channel partners are appointed by firm. It is very easy for us to launch any product across the country at the shortest possible time.

More importantly, scouting for financially disciplined distribution channel partners and formalizing their appointments can be avoided and a great amount of time and energy can be saved for the principal. This is a cutting edge advantage for our principal.

All information pertaining to sales, stock position, movement of stocks, details of key outlets (sales), details of sales through modern trade outlets, institutional sales will be furnished by our field force day to day basis.

Since Brand Guru provides totally dedicated field staff for every principal, to ensure proper marketing of their products, growth development and brand image cultivation. This will certainly give cutting edge advantage to our principals.

Page 26: Dazzle Food Business Plan For North India

MANAGEMENT PHILOSOPHY

APPLICATION

Page 27: Dazzle Food Business Plan For North India

BRAND PROMOTION

Brand Promotion: We can promote the Brand with

different promotional activities like Proper

Launching, In-Shop Campaigning, Door-to-Door, Road

Show, Attend in different Exhibitions, Campaigning in

different Corporate House ,etc with Sales Promoters

where we can Display the Products, Sampling ,Sales &

Demonstration with Hand Bill, Canopy, T-shirt, Cap, etc

are required to promote the brand.

“The value of a brand…..”

Page 28: Dazzle Food Business Plan For North India

STATISTICS ( MIS ) ANALYSIS

PRODUCT SALES BRAND MARKET

COMPARISION CHART

HIGH MEDIUM LOW

ORGANIZATION STRUCTURE

Distribution Network: Depending on products

category, per capita income, culture, socio-economic

growth, population, etc we can appoint distributors /

super stockist, etc. Also we should follow that minimum

retailers should cover at least 300 outlets (A/B/C) i.e.

50/60 outlets per bit/one day coverage plan should be

followed by the distributors and if we are appointing any

Super Stockist they should cover 100 /150 km

surrounding area for better distribution with economical

cost , C&F may be appointed state wise to avoid ‘C’

from, better investment, stock holding, inventory

management, etc to ensure the availability of proper

Page 31: Dazzle Food Business Plan For North India

DISTRIBUTOR PROFILE

For the placement of our product in the market through our channel partners , we have following criteria to appoint a Distributes :

Distributors should be of Big FMGC company like P & G, Marico, Hindustan Unilever, Parle ,Britannia, Cadbury those whose are having infrastructure to cater market properly.

Good Financial Status & Wide Godown Space.

Should have delivery system e.g. –Auto, Van etc. .

Good Market Image in terms of Prompt Service.

Good Sales Person for Marketing the Brand .

Page 32: Dazzle Food Business Plan For North India

PRODUCT LAUNCHING

Proper Launching of the product is very important to create Brand awareness and make a good turnover . We can arrange for Decorated Vans along with product Cut-Outs and hire Man Power wearing T-Shirt & Caps, with Banners, P.O.P Materials and Gift item like Pens, Wall Clocks, Small Writing Pads, etc. This will help to make an easy entry and Proper Placement of the product into the market. We can also provide Window Display to A-grade Counters for proper Visibility of the product among the Customers, we can also arrange In-Shop Campaigning for Promoting the Brand with Hand-Bills, Sampling, etc to boost up Retailers & Distributors moral support.

Page 33: Dazzle Food Business Plan For North India

5 P’S OF MARKETING FUNDA

PRICEPROMOTION

Page 34: Dazzle Food Business Plan For North India

OUR PHILOSOPHY

We Believe in Making Relationship Forever....Hard Work & Honesty is our Motto....Brand & Team Building is Our Passion.....

Innovating Brand for tomorrow……Thanks & Best Regards,

BRAND SALES MARKETING

Tighten, Dazzle, Flow: Secondary Strategies

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India Impact Fund of Funds Business Plan

India Impact Fund of Funds Business Plan Preliminary Draft February 2018 1

2 Disclaimer Disclaimer The Presentation is for information purposes only and is not to be construed as a legal opinion. The information provided in this presentation is solely for the benefit and use of [India Impact Fund of Funds] and its affiliates and is not to be used, released, quoted, or relied upon by any other person, nor may this presentation any copies thereof be furnished to a third party, filed with a governmental agency, quoted, cited or otherwise referred to without our prior written consent. The information provided herein is based upon the current provisions of the Indian law and the judicial and administrative interpretations thereof, which are subject to change or modifications by subsequent legislative, regulatory, administrative, or judicial decisions. We can give no assurance that the Indian laws will not change. Any such changes could have an effect on the validity of our conclusions. Unless otherwise agreed, we disclaim any undertaking to advise you of any subsequent changes of the matters stated, represented or assumed therein or any subsequent changes in law or fact subsequent to the date hereof, which may affect the information provided herein. Please note that we are only authorized to practice Indian law and do not assume any liability or responsibility for statements made with respect to the laws of other jurisdictions. No responsibility is assumed by, or can be fixed on us, with respect to statements, if any, in this presentation relating to laws of any other jurisdictions. Any statements made with respect to the laws of other jurisdictions would be required to be revalidated by local counsel. Without prejudice to the generality of the above, we disclaim any liability in respect of this presentation. This draft document aims to solicit stakeholder feedback on the design of the Fund. We request all readers to please send their feedback to [email protected] by 31 March 2018. After this window of feedback, the GSG team will work with all the suggestions, alongside its partners, to finalize the Fund design and release the formal Business Plan and Information Memorandum in Q2, 2018 for action and subscription.

3 IIFF will align itself to UN SDGs, COP Goals and Indian Govt. Goals UN SDG Goals COP Goals Government s National Priorities

Index Index SECTION 1 Overview SECTION 5 Timelines, Next Steps and Partners SECTION 2 The IIFF Investment Opportunity SECTION 3 Key Features of the India Impact Fund of Funds SECTION 4 IIFF s Structure, Governance and Risks

SECTION 1 Index SECTION 1 Overview SECTION 5 Timelines, Next Steps and Partners SECTION 2 The IIFF Investment Opportunity SECTION 3 Key Features of the India Impact Fund of Funds SECTION 4 IIFF s Structure, Governance and Risks

6 1 2 Overview Funds Development is a core strategy at GSG to deliver its mission of Impact Investment Tipping Point by 2020 GSG is an independent global steering group catalyzing impact investment and entrepreneurship to benefit people and the planet. Its immediate mission is to deliver Tipping Point 2020. MISSION TIPPING POINT 2020 OUTCOMES Double the NABs from 14 (2016) to 30 (2020) Double the market from $150 bn (2016) to $300 bn (2020) Double the beneficiaries from 500 mn (2016) to 1 bn (2020)

7 1 2 Overview Funds Development is a core strategy at GSG to deliver its mission of Impact Investment Tipping Point by 2020 GSG is an independent global steering group catalyzing impact investment and entrepreneurship to benefit people and the planet. Its immediate mission is to deliver Tipping Point 2020. 5 Core Strategies for eco-system development Funds Development 2013-15: Australia, Canada, EU, France, Germany, Italy, Japan, UK, USA GSG-led Partner-led GSG-led NAB-led Partner-led Global Narrative Development Tipping Point Policy Framework 2015-16: Brazil, India, Israel, Portugal, Mexico WG#1: Creating Impact Investment Wholesalers McKinsey: G20 Study MEOF: Middle East & Africe Education Outcomes Fund Japan NAB led Impact Wholesaler EIF-OPF for Immigrant Absorption Digital Assets Development: Website & Social Media G20 Advocacy 2017: Argentina, Finland & Uruguay 2018: South Korea, Bangladesh + ~3 WG#2: Adoption in Aid & Development Banks WG#3: Develop R&D/Innovation based Impact Enterprises Bridges: Definitions, Standards & Measurement IEOF: India Education Outcomes Fund IIFF: India Impact Fund of Funds Australia NAB led Impact Wholesaler Canada NAB led Impact Wholesaler EIF-OPF for Re- Skilling Unemployed Youth OPF for Cholera Eradication in Haiti Networking Platform Press Relations G8 Advocacy 2019: TBD (~5) WG#4: Create Innovative Financial Instruments LIFF: LatAm Impact Fund of Funds Portugal NAB led retail Impact Fund OPF for Re- Skilling in New York State #DoGoodDoWell Campaign 2020: TBD (~5) WG#5: Deliver evidence based Policy Levers, Advocacy & Research WG#6: Widen and Deepen the Market

8 Overview India Impact Fund of Funds (IIFF): A GSG initiative, in partnership with UNSIF, to catalyse India s Impact Investment sector The aim is to unlock long-term, affordable debt, which through galvanized intermediaries and impact enterprises can touch millions of lives WHY? WHAT? HOW? WHO?! SDG Goals! COP 21 Goals! Indian Govt Goals! Fund of Funds! Debt-based! Long Term Capital! Affordable Capital! Fund Raising! Institutional ü International ü Domestic! Retail ü Diaspora (All Values) ü Domestic (HNWIs >1cr)! Fund Deployment! Through Debt Fund Managers! To Impact Enterprises! For BOP Impact! Incubating Institutions ü GSG ü UNSIF! Board ü Rajiv Lall (Non- Executive Chair)! Sponsor/Promoter ü TBD! Advisory Board ü Sir Ronald Cohen! Management Team ü TBD

9 Key Fund Terms Overview TERMS Name of the Fund Fund Manager Fund Mandate Fund Size Anchor Investors Capital Structure Commercials India Impact Fund of Funds ( IIFF ) TBD IIFF will seek to make investments in select debt funds which in turn will invest in various social enterprises as per their investment policy. The IIFF may also co-invest / make direct investments in select opportunities. USD 1 billion to be raised in 4 tranches of USD 100 million and three tranches of USD 300 million TBD USD 600 mn investor commitment from individuals (diaspora), corporations, endowments and other return seeking investors; USD 400 mn first-loss capital from grantors/ not-for-profit organizations (will be charged fees and expenses but will accrue gains and profits only after investors have been provided preferred return). Fees and Fee Structure Fund Term 0.5-1% management fee; 10% carry (inclusive of social performance of the portfolio) after preferred return to investors 10 years from final close with [two] optional annual extensions (TBD) Preferred return 9% Impact Metrics Minimum Commitment Amount Standardized and well defined set of metrics, in-line with international frameworks USD 16k ; INR 10 million

SECTION 2 Index SECTION 1 Overview SECTION 5 Timelines, Next Steps and Partners SECTION 2 The IIFF Investment Opportunity SECTION 3 Key Features of the India Impact Fund of Funds SECTION 4 IIFF s Structure, Governance and Risks 10

11 The IIFF Investment Opportunity Top ten reasons to invest in IIFF India, fastest growing large economy in the world, SDG-aligned Impact focused on bottom 500 mn poorvery low income population Exciting evidence-based Theory of Change (WIP) Credit Rating of Fund by CARE to be AA Impact Rating & Impact Audits Top-class Sponsor Bank (TBD) Best-in-class back-office Technology/ Risk Management practices (TBD) World-Class Management Team (Rajiv Lall as non-executive Chair) Deep experience of IIFF Fund Manager (TBD) Great Partners- GSG, UNSIF, Nishith Desai &PwC Carefully selected Top Debt Fund Managers

12 The IIFF Investment Opportunity IIFF is a Billion Dollar Impact Fund of Funds for India that will help reach UN SDGs and Govt. National Priorities Overview! Partners: UNSIF (UNDP SDG Impact Finance), GSG (The Global Steering Group for Impact Investment)! Objective: Provide market returns and Catalyse growth through funding underserved large segments of Indian population and MSMEs, meet SDGs and support BOP! Format: USD1 billion India Debt based India Impact Fund of Funds (IIFF) for funding enterprises through impact debt fund intermediaries! Investors: Indian and Foreign Institutional Investors, Indian diaspora (NRIs/PIOs)! Management: High-quality, in-house fund management team Sustainable Development Goals Government s National Priorities The Fund will be designed to support the UN s Sustainable Development Goals (SDGs) and the 2030 Agenda. Including Goal 1 (No Poverty), Goal 7 (Affordable Clean Energy), Goal 8 (Decent Work & Economic Growth). The Fund will be designed to support the Indian Government s National priorities of Make in India, Skill India, Swachh Bharat, Pradhan Mantri Jan Dhan Yojna and Digital India. Additionally the fund will target funding for the priority sectors as outlined in the PSL norms(priority sector lending) Agriculture, MSME, Education, Housing, Social Infrastructure, Renewable Energy, Export & Credit

13 The IIFF Investment Opportunity IIFF will deliver both Market Returns and Impact Global and India Potential Global Impact AUM annual growth rate till 2020 expected at 17.3% CAGR vs Global AUM growth of 6.2% CAGR 400 300 Source: Market and Markets and GIIN (2017) Potential to grow six to eight times in India with a CAGR of 25% Annual Impact Investment in India (USD Bn) ~25% 200 8 100 1 3 0 2014 2015 2016 2020 2016 2020 2025 Source: McKinsey Analysis Impact Investor backed Institutions touch 60-80 Mn lives in India Financial Inclusion Percentage lives touched 36-40 % 60-80 Mn Education and Skilling Agriculture Health 10-15 % 10-15 % 6-8 % Source: McKinsey Analysis

14 The IIFF Investment Opportunity Debt to fill the finance gap and create impact Debt, a preferred instrument in Impact investments by DFIs Private Debt 35% of Impact assets Impact Capital by Instrument 100% Others USD Mn (% of total known capital) 75% Public Debt Public Equity Capital (DFI) Capital (NON-DFI) Private Equity 19% 50% Real Assets 75% 25% 0% Private Debt Significant portion of which is MSME debt financing Debt Equity/Quasi Equity AUM by instrument % Source: Market and Markets and GIIN (2017)

15 The IIFF Investment Opportunity The Indian debt market has primarily been short-medium term Gaps in Medium and Long Term Debt (Working Capital) (NCDs) Unsecured To enterprises with No Credit Rating To companies with Good Medium Credit Rating IIFF will fill this debt GAP Legend for Traction of Lending / Maturity: High - medium (Working Capital) (Term, Working Capital) (Term) Low None Secured To enterprises with Excellent - Medium Credit Rating To enterprises with Good Medium Credit Rating To enterprises with Good Medium Credit Rating Short Term Medium Term Long Term < 2 years 2-4 years > 5 years Legend: size determines dominance Banks FinTechs Apex Institutions- NBFC Pvt placement/ Public Funds Source: Bloomberg, Marketwatch January 31 2018

16 The IIFF Investment Opportunity Opportunity for IIFF in Medium-long term debt market Medium- Long term Debt, a nascent and vibrant market Type of Debt Players Basis of lending Lending Rates Rates for Investment NASCENT & VIBRANT! Cashflow Venture Debt! Equity/ VC! 15% - 17% Backing Early Stage Debt Growth Debt! Cashflow! EBIDTA! Cashflows! EBITDA! Credit Ratings! 13% - 18%! 11% - 16%! 10.5% - 11.5%! 10.5% - 11.5%! 10.5% - 11.5% Source: Bloomberg, Marketwatch January 31 2018

17 The IIFF Investment Opportunity Activity of Debt market in India validates the opportunity India Debt deal activity in 2017 USD 1.2B 45 deals 10% of early stage funding Noteworthy deals of 2017 Diversity of sectors and ticket sizes Enterprise Sector Amount ReNew Power Cleantech $390M Big Basket ecommerce $6.9M LendingKart FinTech $4.6M Aye Finance FinTech $3.0M Swarna Pragati Aff. Housing $7.8M Blackbuck Logistics $7.7M KIMS Hospitals Healthcare $9.2M Azure Power Cleantech $10.5M Flexi Loans FinTech $7.0M Omkar Realtors Real Estate $19.0M

18 The IIFF Investment Opportunity IIFF to unleash and catalyse Impact Debt in India IIFF s potential impact on the debt fund market! Catalysing Impact- IIFF brings USD 1 billion as debt financing to the impact investment sector to directly catalyse USD 5 billion! Anchor Investor- IIFF can contribute upto 20% in a Fund! Success of IIFF will mobilize more Fund Managers to start using debt funding for impact investments! Fund of funds can be replicated by others in India and globally Case for Impact Debt and Venture Debt Minimises Equity Dilution Sets up for higher Valuation Provides Additional Runaway Provides more time to reach Milestone! Capacity Building- Can support Debt Fund Managers! Promote Impact- Conditions of meeting impact metrics on Debt Fund Managers

19 The IIFF Investment Opportunity Case-studies of debt funding aligned for SDG Alignment with the Sustainable Development Goals SDG Business Theme! Access to financial services! Access to land! Earnings, wages and benefits! Economic inclusion! Basic products and services for those on low incomes Role of Debt Financing Intellegrow provided support to Milk Mantra, an innovative dairy company sourcing milk from smallholder farmers. The debt investment allowed the company to start a network of milk coolers in villages expanding ability to source milk and creating a stable, predictable income stream for farmers. SDG Business Theme! Accessibility of buildings! Education for sustainable development! Employee training and education! Media literacy Role of Debt Financing Innoven Capital made debt investments in a number of education companies including Byju s, K-12, SimpliLearn and Toppr which provide online education and tutoring services to students from primary school and above and in the process improving the learning outcomes of India s young

20 The IIFF Investment Opportunity Case-studies of debt funding aligned for SDG Alignment with the Sustainable Development Goals SDG SDG Business Theme! Land remediation! Spills! Waste! Water efficiency! Water quality! Water recycling/ reuse! Water related ecosystems and biodiversity Business Theme! Accessibility of buildings! Education for sustainable development! Employee training and education! Media literacy Role of Debt Financing Intellegrow supported Banka Bioloo, a human waste management Co. providing solutions to convert human waste into water and gas, advancing environmental protection and human health. Role of Debt Financing BrickEagle, a housing focused debt fund has provided support to a number of companies including PlaytoR, which is focused on bridging the gap between social housing and sustainable lifestyles and aims to deliver homes between INR 1-2 million with the vision to create 50,000 homes by 2022

21 The IIFF Investment Opportunity Investible Opportunity - IFMR s Debt Funds and Investment Strategy Managing > INR 850 crores of Impact Capital Providing Differentiated Financing Solutions Investment Universe of 6 Sectors! Commercial Paper! Microfinance! Senior Secured Debt! Senior Unsecured Debt! Subordinated Debt! Market Linked Debentures Facilitating wide array of financing, both across product and tenure, to meet investee companies needs through innovative fund structuring! Small Business Loans! Vehicle Finance! Agri Finance! Affordable Housing Finance Channelizing investments in high yielding high impact debt opportunities emerging in India s financial inclusion space! Preference Shares! Corporate Finance Addressing Financing Gaps through AIFs Ranging from 3.5 to 10 years! Skin in the Game: 5-15% Funded First Loss Protection by Sponsor! Multiple Levels of Credit Screening! Low Fixed Management Fee with Capped Running Expenses! No Delays/Shortfall in Investee Company Pay-out till Date! Shared risk monitoring services with IFMR Capital (team of ~30-40)! Rapid Deployment Capability

22 The IIFF Investment Opportunity Details of IFMR s Debt Funds Investor Information Lending Information AUM INR 875 Cr ($137 Mn) across 5 funds Average tenure of lending by IFMR 4-6 years Proposed Fund Size INR $ 50 Mn + $ 50 Mn (green shoe option) Interest Payments Quarterly Target yield for investors 11.5% to 12% (during higher interest rate) Lending rate 10% to 15% Average Tenure of Investment by investor 5-6 Years (one fund Of 3 years) Principal Payment Bullet repayment Management fee 1.5% + 0.25% running fee Security of Lending Loan Receivables Distribution Income Quarterly Stage of investee company Growth stage Principal Repayment Single bullet at end of 6 year Ticket size! INR 10 15 Cr ($1.6 Mn to $2.4 Mn) for smaller funds! INR 20 30 Cr ($3 Mn to $4.7 Mn) for larger funds

23 The IIFF Investment Opportunity IFMR, Case-studies of debt funding aligned for SDG SDG Business Theme Investee Company Type of Debt Instrument Interest Rate Security Access of Finance Subordinated Debt 14.25% Unsecured Access of Finance to women borrowers Subordinated Debt 13.85% Unsecured School Finance Senior Unsecured Debt 13%-15% Unsecured Loan for toilets Senior Unsecured Debt 13% Unsecured Affordable Housing Senior Unsecured Debt 13% Unsecured

24 The IIFF Investment Opportunity Illustrative Investible Opportunity - IntelleGrow s Debt Funds Funding Strategy Present Sectors Funded Stage of Investment 28.39% 2.64% 2.30% 5.65% 5.63% 4.15% Agri Supply Chain Agriculture Clean Energy! Growth Stage! Early Stage Education 11.91% Financial Inclusion 5.83% 2.58% Financial Infrastructure Financial Onlending Healthcare 11.45% 19.47% Livelihoods Others Water & Sanitation Proposed Fund Sectors! IntelleGrow is sector agnostic and will continue in investing in these Impact sectors! Growth Stage! Early Stage

25 The IIFF Investment Opportunity IntelleGrow s Debt Fund Details Investor Information Lending Information Size of Present Fund INR1000 Cr ($150 Mn) deployed Average tenure of lending by IntelleGrow 3 to 4 years Proposed Fund Size INR 1000 Cr ($150 Mn) Interest Payments Quarterly Target yield for investors 10.25% Lending rate 16% to 18% Average Tenure for investor 4-5 years Management fee 3% to 4% Principal re-payment Security of Lending Single bullet or 3 tranches with payments in quarter 36, 42 and 48 Loan receivables Distribution Income Quarterly (after deployment budgeted for 18 months) Stage of investee company Early stage Growth Stage Principal Repayment Bullet Ticket size INR 5 Cr ($0.78 Mn) to 10 Cr ($1.56 Mn)

26 The IIFF Investment Opportunity IntelleGrow,Case-studies of debt funding aligned for SDG Alignment with the Sustainable Development Goals SDG Business Theme Investee Company Type of Debt Instrument Interest Rate Security Food Safety Venture Debt 18-20% Unsecured Good Health and well being Venture Debt 18-20% Unsecured Sustainable cities and communities Venture Debt 18-20% Unsecured

27 The IIFF Investment Opportunity Illustrative Investible Opportunity - Lok Impact Debt Fund Targeting and Positioning Growth Stage Impact SMEs UN Sustainable Development Goals Identified sectors Investment Criteria Clean Energy & Environment Agriculture & Allied Financial Inclusion Intermediaries Turnover Asset Size <INR 1,000 Mn INR 100 Mn - 10,000 Mn Affordable Helthcare Education & Livelihood Credit Size INR 30 Mn INR 200 Mn Specific allocation to eight low income states: Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, West Bengal

28 The IIFF Investment Opportunity Lok Impact Debt Fund Investor Information Lending Information Size of Proposed Fund INR 350 cr / $50 million Average tenure of lending by Lok Capital 2-5 years Target yield for investors INR 11% net Lending rate 13.5-16% Average Tenure of Investment by investor 5 years, Expected Fund life is 7 years Principal Payment 2-5 years Depending on Product Management fee 2.0% of capital committed Security of Lending Secured and Unsecured Distribution Income Quarterly after the deployment period Stage of investee company Growth stage SMEs Principal Repayment Year 6 and Year 7 Ticket size INR 30 Mn - 200 Mn USD 0.5 Mn - 3 Mn

29 The IIFF Investment Opportunity Lok Impact Debt Fund, Case-studies of impact debt funding aligned for SDG Alignment with the Sustainable Development Goals Case Study : 1 Cold Chain Solution Partner Deal Size Instrument Yield Maturity IRR w.r.t convertible Transaction IRR 30% INR equivalent of USD 1 Mn (USD 0.5 Mn in 2 tranches) Long term debt with warrants 10% on debt 5 year with option to exercise warrant starting year 4 Expected at 20% SDG Focus Annual Diesel Offset / Reduction in CO2 2.78 Mn litres of diesel saved annually. Additional 3500 units of cold storage transportation units added. Case Study : 2 Affordable Housing Finance Company Deal Size Instrument INR equivalent of USD 3 Mn Long term debt in form of Non Convertible Debenture SDG Focus Maturity 3 year Yield 15%, arrangement fee of 1% Number of families covered 1,950 with an average loan ticket size of INR 100,000 (USD 1,540)

SECTION 3 Index SECTION 1 Overview SECTION 5 Timelines, Next Steps and Partners SECTION 2 The IIFF Investment Opportunity SECTION 3 Key Features of the India Impact Fund of Funds SECTION 4 IIFF s Structure, Governance and Risks 30

31 Key Features of the India Impact Fund of Funds A unique Debt India Impact Fund of Funds Fund of Fund Overview Target Sectors! Agri Supply Chain, Agriculture, Clean Energy, Financial Inclusion, Financial Onlending, Healthcare, Livelihoods, Impact MSME, Education, Sustainable Social Infrastructure, Affordable Housing & Water & Sanitation! Minimum 25% lending to non-fs sectors Fund Mandate! Lend to Debt funds that further lend to Impact enterprises as per investment policy Fund Size! USD1 Billion with USD100 million raised in Yr1, 300 Yr2, Yr3 & Yr5 Target Return for IIFF! 11% First Tranche Close! 9 October 2018 Investors! A mix of Institutional & Retail Investors! Concessionary Investors: Development Financial Institutions, Foundations! Market Return Investors: High Net Worth Individuals, Investment Banks, Commercial Banks, Sovereign Funds, Indian Diaspora Fund Terms! [10 years] from final close with [two] optional annual extensions Team! Experienced Fund Manager with specialist team GP Lending! IIFF to fund at Preferred rate of 11%! Exposure: Capped to 20% of GP fund size! Lending cap of 18% with formula Management Fees! O.5% to 1% debited semi-annually! 10% carry subject to fund managers meeting Favorable Impact Trigger Collateral! IIFF and all LPs to have equity rights on collateral Min Commitment! INR 10 million, USD 0.16K Risk Exposure! Debt Funds to be rated minimum of A! Diversified Debt Funds Growth to Venture Debt! Sectors to be diversified

32 Key Features of the India Impact Fund of Funds IIFF will invest in high growth and underserved sectors Sector Overview FINANCIAL SERVICES (FS) Non-FS! Affordable Housing! FinTech! Microfinance! NBFCs! Impact MSMEs! Sustainable Social Infrastructure! Agriculture! Education! Renewable Energy! Skill Target Sectors! Traditionally funds in India have primarily invested in Financial Services! IIFF will require GPs to commit a minimum [25%] towards the non-financial services sector where capital is most needed

33 Key Features of the India Impact Fund of Funds IIFF will fund well rated Debt Funds Sponsor Evaluation Asset Management Evaluation Investments Related Processes Risk Management Systems Operations / Technology! Strong Sponsors! Experience in fund! Strong Portfolio! Strong risk! Internal controls and! Sponsor commitment management! Size of assets under selection process! Well aligned identification and measurement adequacy of the information systems towards Fund management Investment! Strong risk! Strong corporate! Experienced in Debt Financing and Impact segments! Strong Organizational structure objectives! Maturity profile of the investments monitoring and control governance and regulatory compliance! Experienced in! Strong liquidity! Process for! Quality of staffing Fund Management analysis reviewing portfolio! Quality of client performance servicing! Quality of! Quality of IT underlying portfolio resources

34 Key Features of the India Impact Fund of Funds IIFF s Definition of Impact Investment As a Fund of Funds, IIFF will ensure that Funds invest in companies have: an intent to generate a beneficial social or environmental impact alongside a financial return majority of the total invested capital by the investor (more than 75%) in impact investments - majority of beneficiaries (more than 75%) from a segment with an income of less than INR 30,000 per annum. do not belong to the negative list such as alcohol, tobacco etc. Producers, consumers, suppliers, employees or users Beneficiaries Underserved beneficiaries & enterprises as defined by the MSME Act 2006 Beneficiaries with annual household incomes less than 3 Lakh Marginalized: Individuals with physical disabilities

35 Key Features of the India Impact Fund of Funds IIFF will set a minimum Cap of 25% on Investment in Non Financial Services sector Financial services sector is most preferred Impact Capital by Sector (Non-DFI) in India 6% 3% 6% 3% 67% 15% USD Mn (% of total known capital)! Some fund managers have specific funds for financial inclusion! Microfinance is the top sector within financial inclusion! Two thirds non-dfi capital is in financial services Impact Capital by Sector (DFI) in India 6% 1% 2% 4% 4% 8% 8% 9% 9% 17% 16%! DFIs have shown a preference to diversify 16% USD Mn (% of total known capital) Manufacturing Renewable Energy Financial Services Non-renewable Energy Agro/ Food Processing ICT Pharmaceuticals Health Infrastructure Education Housing Other Source: GIIN 2015, Dalberg, Intellecap analysis Source: GIIN 2015, Dalberg, Intellecap analysis

36 Key Features of the India Impact Fund of Funds IIFF has a strong Business case to fund GPs GP lending rates in the existing market Returns for GPs! IIFF to lend at approx.11% to GPs! GPs to lend at 13% to 16%! Capping formula to be developed to ensure GP s don t exhibit opportunistic behaviors! IIFF to limit exposure in each GP to 20% of GP s fund size IIFF will offer all its investors INR hurdle Rate of Interest (%) Type of Instrument 6 7 8 9 10 11 12 13 14 15 16 17 Venture debt Subordinated Loan Compulsorily Convertible Debentures Optionally Convertible Debentures Non Convertible Debentures Preferred Rate for IIFF Target Rate for GPs Perpetual Bond/ Tier I Bond Secured Term Loan Compulsorily Convertible Preference Shares Optionally Convertible Preference Shares

37 Key Features of the India Impact Fund of Funds IIFF to address Debt requirement tenors of 4-6 years Market tenure for different instruments Average Tenure! Need in the market for debt in the medium- long terms! Banks only view working capital loans favorably Average Tenure for debt instruments Tenure in years Type of Instrument 1 2 3 4 5 6 7 8 9 10 15 20 Subordinated Loan Venture debt! MSMEs need medium-long term funds which would not dilute their equity! IIFF to provide fixed income funds to GP s for 4-6 years Compulsorily Convertible Debentures Optionally Convertible Debentures Non Convertible Debentures Perpetual Bond/ Tier I Bond Term Loan Compulsorily Convertible Preference Shares Optionally Convertible Preference Shares Target Tenure

38 Key Features of the India Impact Fund of Funds IIFF will consider options for Investor Returns to be Customised or Fixed Option 1 : Customized Returns Investors INR hurdle rate Indicative USD returns Block A 10% 5% 60% Block B 7.5% 2.5% 40% Share (%) Blended cost ~9% 100% Positives Option 2 : Fixed INR Return Investors INR hurdle rate Negatives! Lesser cost of raising funds! LPs may be unhappy with differentiated returns! Inconvenient for fund managers Indicative USD returns Share (%) Market Return! Block A investors include those looking for stable financial returns combined with measurable development impacts Concessionary! Block B investors include those genuinely keen to engage in the investment strategy and objectives of IIFF (DFIs) Single Block 9% 5% 100% Positives! Standardised and simple to manage! Convenient for fund manager Negatives! May not attract investors with varying objectives! May be higher cost of raising funds! Forex risk would be borne by the investors

39 Key Features of the India Impact Fund of Funds IIFF will have a Combination of Institutional & Retail Investors Institutional Investors as anchors Development Financial Institution Strategy! Three to four sets of placement agents will be selected for each of the three primary markets, USA, Europe and Asia-Pacific and one for Non-Resident Indians Sovereign Wealth Funds Insurance Companies Pension Funds Foundations! Target retail investors must qualify from all the standpoints! Retail placements will need to be compliant with the relevant laws and restrictions Investment Banks

40 Key Features of the India Impact Fund of Funds IIFF will tap the large Indian diaspora for retail investors Retail Investors Large Indian Diaspora in developed countries! 45% of all high-networth investors either own impact USA investments or are UK interested in adding Singapore them to their Netherland portfolios Germany France Canada Australia 0 22,50,000 45,00,000 67,50,000 90,00,000 1,12,50,000! Millennials show the greatest interest in investing for impact, at 52% Non-Resident Indians (NRIs) (2016) Persons of Indian Origin (PIOs) (2016) Overseas Indians (2016) Source: U.S. Trust Insights on Wealth and Worth,2017 USAID and Calvert Foundation together successfully raised capital through notes from the Indian diaspora in the US

41 Key Features of the India Impact Fund of Funds IIFF will appoint a highly qualified, in-house Fund Management Team Professional, Experienced Management of IIFF! Independently managed Investment Management! Highly qualified in-house fund management team comprising a Chief Executive Office and a small investment team (Investment Management - IM)! Expertise in Finance, debt-markets, impact investments, legal structuring, impact measurement Governing Council Chairman CEO Advisory Council! Constitute an Investment Committee with independent members whose decision shall be binding on IM! LP Advisory Committee to consist of representative investors for resolution of conflicts of interests and other specific investor related interactions Investment Committee Investment Team LP Advisory Committee! Non-Executive Chairman: Rajiv Lall

42 Key Features of the India Impact Fund of Funds IIFF management Fee incentives for both return and impact Impact Incentivized Fees! Fees: 0.5% to 1%. Amount debited quarterly! Carry: 10% on returns exceeding Preferred Rate of Return subject to fund managers meeting Favorable Impact Trigger Favorable Impact Trigger! Favorable Impact Trigger would represents social impact metrics and parameters that need to be met by the Fund of Funds investing! Fund of Fund Management is incentivized to focus on impact investments! Fund of Funds Management sets impact target for GPs! Only when both the Preferred Rate of Return & Favorable Impact Trigger is met, the Fund of Funds Investment Management Team receives the carry

43 IIFF will choose Fund Managers with a strong risk assessment track record Size & Risk profile for lending to investee companies Key Features of the India Impact Fund of Funds Risk Profile Crisil Rating Risk Allowed Crisil AAA Highest Safety Y Crisil AA High Safety Y Crisil A Adequate Safety Y Crisil BBB Moderate Safety Y Crisil BB Moderate Risk N Crisil B High Risk N Crisil C Very High Risk N Crisil D Default N Metrics! Risks to be distributed from Early stage to mature companies! For enterprises with moderate risks GPs to ensure other measures are taken to mitigate risks! Management & Governance of Investee company to be prioritised! Track record of investee company to be strong indicator! Minimum 20% exposure to Venture debt

44 Key Features of the India Impact Fund of Funds IIFF will be able to attract multiple Debt Fund Managers, who have grown exponentially in India Debt funds have good financial data & strong performance! Financial Services! Raised INR 875 crores overall! ecom/ Tech! Raised maiden $75M debt fund in 2017! ecom/ Tech/ Energy/ Edu/ Fin Services! Disbursed $65M in 2017! Energy/ Health/ Pharma/ Consumer/ Tech! Affordable Housing! Launched maiden $93M debt fund in Nov 2017! Launched 3rd India fund - $70M! Health/ Edu/ Infra/ Agri/ Cleantech! Launched new $75M fund in 2017! FinTech/ SMEs! Disbursed $70M in SMEs till date! Agri/ Health/ MFI/ Edu/ Cleantech! Launched $30M Fund! Financial Inclusion/ Healthcare/ Agriculture! $174M AUM! In September 2017 RBI allowed banks to invest in PE/ venture debt funds (Category II, AIFs)! Recently IndusInd, a private sector bank announced a $50M commitment towards venture debt impact investing

45 Key Features of the India Impact Fund of Funds Projections of IIFF Profit and Loss Statement of Profit and Loss USD Mn Year 1 Year 3 Year 6 Year 8 Year 10 Income from Operations Distribution Received 7.13 41.33 75.53 81.23 47.03 Distribution Passed Through 5.63 32.63 59.63 64.13 37.13 Net Distribution Income 1.50 8.70 15.90 17.10 9.90 Operations Expenses Mauritius Cost 0.05 0.05 0.05 0.05 0.05 Fund Manager fees 0.45 1.81 3.31 3.56 2.06 Admin fee 0.05 0.18 0.33 0.36 0.21 Carry 0.35 1.07 1.07 Total Expenses 0.55 2.04 4.04 5.04 3.39 Earning's before Tax Depreciation & Amortization 0.96 6.66 11.86 12.06 6.51 Less: Provision for tax 0.75 4.34 7.93 8.53 4.94 Net Profit 0.21 2.32 3.93 3.54 1.58

46 Key Features of the India Impact Fund of Funds Projections of IIFF Balance Sheet Balance Sheet USD Mn Year 1 Year 3 Year 6 Year 8 Year 10 Equity and Liabilities Shareholders' funds Share Capital 0.8 0.8 0.8 0.8 0.8 Reserves and surplus -0.3 2.6 13.3 22.5 27.9 Networth 0.4 3.3 14.1 23.2 28.7 Units Payable 100 400 700 900 600 Less 0 0 100 300 300 Total Units Payable 100 400 600 600 300 Total liabilities 100.4 403.3 614.1 623.2 328.7 Assets Unit Portfolio 100 400 700 900 600 Less: Payout 0 0 100 300 300 Total Loan Portfolio 100 400 600 600 300 Other current assets 0.4 3.3 14.1 23.2 28.7 Total assets 100.4 403.3 614.1 623.2 328.7

47 Key Features of the India Impact Fund of Funds Assumptions for Financial Projections IIFF Raising of Funds - Assumptions Investor Level Assumptions Principal $1,000,000,000 Expenses - Assumptions Office Expenses IIFF Expenses total $450000 YTM(Preferred Rate) 9% (Inclusive of Placement fees) Mauritius Cost $50000 Coupon (Pass through) 9% IIFF Investors Tenure 5 Taxes 10.5% Pre-Operative Expenses $50000 Compounded Quarterly Deployment of Tranches - Assumptions Tranche level First Tranche USD 100mn equally in 4 quarters of year 1 Fees - Assumptions Fee Management Fee (Based on deployment) 0.50% Second Tranche USD 300 mn equally in first 2 quarters of year 3 Third Tranche USD 300 mn equally in first 2 quarters of year 5 Fourth Tranche USD 300 mn equally in first 2 quarters of year 7 Admin Fee 0.05% Unit Face Value 1000 Year 1 Fund Manager Fees $450000 Distribution Income - Assumptions GP level lending assumptions Quarterly Distribution income from GPs 11.4% YTM Preferred rates from GPs 11.4% Tenure of Investment to GPs 5 Deployment of Funds Deployment For Fund of Funds 80% @ 11% Direct to Investee Company 20% @ 13% Weighted Average 11.4% Weighted Average for Carry 12%

SECTION 4 Index SECTION 1 Overview SECTION 5 Timelines, Next Steps and Partners SECTION 2 The IIFF Investment Opportunity SECTION 3 Key Features of the India Impact Fund of Funds SECTION 4 IIFF s Structure, Governance and Risks

49 IIFF will be Investor friendly and have strong Governance & Risk mitigation Governance structure reduces risk Overseas Investors Mauritius Vehicle Domestic Investors IIFF s Structure, Governance and Risks Governing Council! Investor & Government representatives! Independent Experts/ Invitees! Feeder Entity representatives Investment Committee! Fund Manager Representatives! Independent Directors! Key/ anchor LP representative Governing Council Sponsor Investment Committee Investors! Overseas investors invest through Mauritius Vehicle! Domestic Investors invest directly into IIF Trustee Oversight & strategic inputs IIFF Debt Funds Fund Manager & Investment Team Investment Services Disbursal of Funds! Fund is disbursed to debt funds! Debt funds direct money to investee companies Risks! Overseas Investors: Fund Raising Risks! Fund Manager & Investment Team: Incentive Risks! Debt Funds: Lending Risks! Investee Companies: On-lending Risks Investee Companies

50 1 2 IIFF s Structure, Governance and Risks IIFF s unified structure favours institutional and retail investors Reduced Tax Risk Various Jurisdictions Overseas Investors Mauritius Participating Shares Feeder Entity Investor Units India Investment Manager/ Sponsor Units Management Services IIFF (Cat II AIF) Investor Units Investors Investor Units Investments Portfolio Fund(s) Investments Portfolio Companies Portfolio Companies

51 1 2 IIFF s Structure, Governance and Risks IIFF s unified structure favours institutional and retail investors Reduced Tax Risk Structure Outline! Tax Compliances: Off-shore feeder vehicle aimed at nonresident investors who may not have PAN numbers! Reduced tax risk: The given structure reduces tax risks, concerning! association of persons;! place of effective management; and! permanent establishment(either management PE or agency PE)! Favorable regime: AIF structure allows IIFF to avail of benefits such as investments made are deemed to be domestic irrespective of non-resident contributions into the fund provided the AIF is owned and controlled by Indian entities

52 IIFF s Structure, Governance and Risks IIFF Capital Structure will address different investor needs Concessionary to market returns Domestic Investors Overseas Investors A Overseas FLC Investors Feeder Entity B A B C D IIFF Eligible Investments Voting shares Domestic FLC Investors Various Jurisdictions Mauritius Sponsor India Investment Manager Structure Outline! IIFF will issue four different classes of units, viz.,! Class A Units to the investors seeking market returns;! Class B Units to the investors seeking concessionary returns;! Class C Units to the sponsor of IIFF ( Sponsor ) or persons designated by the Sponsor for the purposes of Sponsor commitment; and! Class D Units to the Investment Management! Feeder Entity will issue a class of redeemable participating shares, viz. Class A Shares to the overseas investors seeking market returns and which will track Class A Units of IIFF; Class B Shares to the investors seeking concessionary returns ( Offshore First- Loss-Capital Investors ) and which will track Class B Units of IIFF. The Feeder Entity will also issue voting shares.

53 1 2 IIFF s Structure, Governance and Risks IIFF s Governing Council will adhere to the highest standards Comprehensive oversight structure Governing Council ü Investor & Government representatives ü Independent Experts/ Invitees ü Feeder Entity representatives Sponsor Investment Committee ü Fund Manager Representatives ü Independent Directors ü Key/ anchor LP representative Trustee Oversight & strategic inputs India Impact Fund of Funds Fees Mgt/ Investment Services Fund Manager(s)

54 1 2 IIFF s Structure, Governance and Risks IIFF s Governing Council will adhere to the highest standards Comprehensive oversight structure! A Governing Council consisting of representatives of investors, the government, independent experts, invitees and commensurate representation for the Feeder Entity (if incorporated) will also be constituted.! Such a committee/ forum may be used for resolution of conflicts of interest and other specific investor related interactions. The Governing Council will oversee the activities of the IIFF Trust and will provide strategic advice and approvals in relation to the following:! Guidelines for investment of IIFF s corpus and IIFF Charter ;! Appointment / Nomination of the Trustee of the IIFF;! Parameters for appointment and performance of investment advisors;! Any other matters related or incidental thereto.

55 IIFF s Structure, Governance and Risks IIFF will have a strict selection Framework for GPs GP Selection Process Process of selection of fund managers! Investment Manager will prepare Guidelines for availing funding from the IIFF and seek approval of the Governing Council.! An investment committee will also be setup.! The guidelines would specify the eligibility criteria, the investment conditions to be adhered by portfolio funds, and details of the application process.! For instance, the eligibility criteria and investment pre-conditions could include:! Strong pedigree, India investing expertise, adherence to impact measurement;! Category I and II AIFs registered with SEBI for investing in Indian entities only;! The applicant AIF Funds would invest at least twice the contribution made by IIFF in companies that are reflective of IIFF s charter

56 IIFF s Structure, Governance and Risks IIFF will outline all Risk Factors and ensure mitigation IIFF Risk factors Risks associated with this entity raising its first effort! Funding goals not met! Unexpected challenges! Longer timelines than expected Risk in identifying suitable GPs! Who can deliver both financial returns and social performance! Unable to attract new GPs Risk of not delivering adequately on identified SDGs! Poverty, clean energy, decent work and economic growth, sustainable cities and communities etc. Exposure to other risks! Reputational & regulatory risk(s) based on conduct of downstream participants! Cost of hedging Risk Factors - IIFF! Treasury Function! Matching drawdowns to GPs to Investee Companies! Slide 32 IEOF

57 IIFF s Structure, Governance and Risks IIFF would outline all Risk Factors and ensure mitigation Process Risks Risk Factors - GP! Identifying borrowers! Social performance! Readiness to borrow! Inadequate financial inclusion! Lend only to existing borrowers! Bias during decision making! Too much focus on financial services! Against brick and mortar models! Risk aversion compromising impact Issuer Related Risks! Portfolio related risks! Credit risk! Interest rate risk! Risks related to execution! Pricing, cost of delivery,! Product development! End-borrower! Client protection and servicing

58 1 2 IIFF s Structure, Governance and Risks IIFF would outline all Risk Factors and ensure mitigation General Tax Risks Risk of tax pass through status denied to the Fund:! Where the income of the fund gets treated as Business Income, the Fund would not be eligible for tax pass-through! In such case, tax would need to be paid at the Fund level at the Maximum Marginal Rate;! Additionally, the Feeder vehicle would not be able to claim the concessional tax rate for interest under the Tax Treaty! Income in the hands of Feeder Fund in such case would be exempt from tax Risk of Tax Treaty getting denied for the Mauritius Feeder! In case where the Mauritius Tax Treaty is denied to the Feeder Fund, interest income would be taxable as per the domestic tax law @ ~ 43.68%! On the other hand, long term capital gains would be taxable @ 10.92%! Similarly, if the Fund is held to be have a place of effective management ( POEM ) in India, it would qualify as a tax resident of India and consequentially not eligible to claim Tax Treaty benefits Risk of concessional tax rate for interest under the Tax Treaty getting denied! Under the Mauritius Tax Treaty, any interest earned by a Mauritius tax resident is taxable at a concessional rate of 7.5%, provided it is the beneficial owner of such interest income;! Accordingly, if the Feeder Fund does not meet the beneficial ownership test, the concessional tax rate of 7.5% may not be available and such income may be taxable @ ~ 43% as per domestic tax laws! Further, if the Feeder Fund is held to have a permanent establishment ( PE ) in India, then the concessional tax @ 7.5% may not be available

59 1 2 IIFF s Structure, Governance and Risks IIFF would outline all Risk Factors and ensure mitigation General Tax Risks Applicability of General Anti Avoidance Rules ( GAAR ) and Multilateral Instruments ( MLI )! There is a risk that Tax Authorities could deny the benefits of India-Mauritius Tax Treaty by invoking GAAR / MLI (once effective) and alleging that main purpose or one of main purpose for setting up a Feeder Funder Fund in Mauritius is to obtain tax benefit! Also there is a risk where the Tax Authorities could re-characterize any transaction where the main purpose is to obtain tax benefits Change in tax law! There is a general risk that there could be additional tax implications for the Fund as well as Feeder Fund due to any change in law in the future

60 IIFF s Structure, Governance and Risks Statutory Board & Advisory Council Statutory Board Advisory Council Mr. Rajiv Lall, Non-executive Chair Sir Ronald Cohen Nishith Desai

IIFF s Structure, Governance and Risks 61 Profile of Sir Ronald Cohen!!!! Chairman of the Global Steering Group for Impact Investment and The Portland Trust Co-Founder director of Social Finance UK (2007-11) Social Finance USA, and Social Finance Israel, and co-founder Chair of Bridges Fund Management and Big Society Capital Co-founder Chair of Bridges Ventures (2002 2012) For nearly two decades, Sir Ronald s pioneering leadership in driving impact investment has catalyzed a number of global initiatives into being, each focused on driving private capital to serve social and environmental good. These efforts are leading the global impact investment movement, toward an Impact Revolution. In 2012, he received the Rockefeller Foundation s Innovation Award for innovation in social finance. He chaired the Social Impact Investment Taskforce established under the UK s presidency of the G8 (2013 2015), the Social Investment Task Force (2000 2010) and the Commission on Unclaimed Assets (2005 2007). In 2012 he received the Rockefeller Foundation s Innovation Award for innovation in social finance. He co-founded and was Executive Chairman of Apax Partners Worldwide LLP (1972 2005). He was a founder director and Chairman of the British Venture Capital Association and a founder director of the European Venture Capital Association. He is a graduate of Oxford University, where he was President of the Oxford Union. He is an Honorary Fellow of Exeter College, Oxford. He has an MBA from Harvard Business School to which he was awarded a Henry Fellowship. He is a member of the Board of Dean s Advisors at Harvard Business School and a Vice-Chairman of Ben Gurion University; a former director of the Harvard Management Company and the University of Oxford Investment Committee; a former member of the Harvard University Board of Overseers (2007 2013), former Trustee of the British Museum (2005 2012) and former trustee of the International Institute for Strategic Studies (2005 2011). In 2007, Sir Ronald published: The Second Bounce of the Ball Turning Risk into Opportunity. Today, Sir Ronald lives in Tel Aviv, London, and New York with his wife of more than thirty years, Sharon Harel-Cohen, who is a film producer. His children, Tamara and Jonny, are involved in the impact field in the UK, the US, and Israel.

IIFF s Structure, Governance and Risks 62 Profile of Dr. Rajiv B. Lall! Founder MD & CEO of IDFC Bank Dr. Rajiv Lall is Founder MD & CEO of IDFC Bank since October 1, 2015. Previously, he was Executive Chairman of IDFC Limited. In his current role at IDFC Bank, Dr. Lall is leading the Bank s strategy to drive financial inclusion at scale, a key pillar of which is to use technology. A veteran economist for 30 years, Dr. Lall has been an active part of the finance and policy landscape, both in India and internationally. In his diverse career, he has also held leadership roles in global investment banks and multilateral agencies. His expertise spans project finance, private equity/venture capital, international capital markets, trade, infrastructure and macroeconomic policy issues, with a particular focus on emerging markets including India and China. Dr. Lall has served on numerous committees of the Government of India and the Reserve Bank of India, including the Raghuram Rajan Committee on Financial Sector Reforms, the High Powered Expert Committee for Urban Infrastructure, the High Level Committee on Financing Infrastructure and the Expert Committee on Modernisation of Indian Railways. He has also served as India s representative to the G-20 Working Group on Infrastructure. Dr. Lall is member of the National Council of the Confederation of Indian Industry (CII), the Asia Business Council and the City of London Advisory Council for India. He was also President of the Bombay Chamber of Commerce & Industry. Outside of business related fora, Dr. Lall serves on the Advisory Board of Columbia University Global Centers, South Asia; is a member of the Founders Circle, Brookings, India. He is also Convenor of the Social Impact Council of India and is Founder Chairman of Lok Foundation. Prior to joining IDFC, Dr. Lall was variously, a Partner with Warburg Pincus in New York; Head of Asian Economic Research with Morgan Stanley in Hong Kong; a senior staff member of the World Bank in Washington, D.C. and of the Asian Development Bank in Manila, as well as faculty member of the Florida Atlantic University Department of Economics. He is an active speaker and columnist on macro-economic and public policy issues. Dr. Lall earned his BA in politics, philosophy and economics from the Oxford University, and holds a Ph.D. in Economics from Columbia University.

63 IIFF s Structure, Governance and Risks IIFF s role in Impact Measurement Provide transparency to investors on impact created Regular Monitoring Yearly/ Semi Annually Reports on Impact created and red flags Reporting of the IIFF s SDG Impact footprint through Impact Management Tools! The Sustainable Development Goal (SDG) Indicators: The list includes 232 indicators on which general agreement has been reached Standardized Methodology Globally Inspired by IIRC, GRI, IRIS, SASB captures: breadth, depth & quality of impact Developed by GSG in partnership with third party and the IIFF will incorporate relevant indicators for reporting purposes.! The Impact Reporting and Investment Standards (IRIS): Catalog of generally accepted performance metrics to measure social, environmental, and financial success, Allocate Responsibility Final Investee responsible for reporting impact GPs to collate reports and audit investees evaluate deals, and grow the sector s credibility.! UNDP Environmental, Social and Governance (ESG) Guidelines: Refers to the three central factors in measuring the sustainability and ethical impact of an Easy Implementation Cost effective with only key parameters Third party audits every 2 years investment in a company or business.! India national data and results requirements

SECTION 5 Index SECTION 1 Overview SECTION 5 Timelines, Next Steps and Partners SECTION 2 The IIFF Investment Opportunity SECTION 3 Key Features of the India Impact Fund of Funds SECTION 4 IIFF s Structure, Governance and Risks

65 Timelines, Next Steps and Partners Time lines for Fund Raising Tranches to smoothen the fund raising processes Tranche Amount Raised (USD Million) Close Number of tranches! USD 1 Bn to be raised in 4 tranches First 100 October 2018 Second 300 October 2020 Third 300 October 2022 Fund raising! Start in 2018 and will go to 2030 Other Time-lines! TBD Fourth 300 October 2025

66 Timelines, Next Steps and Partners Next Steps Indicative Process Appointments! Appointment of Lead Manager! Appointment of Co-Lead Manager! Appointment of Legal Advisor! Appointment of Tax Advisor! Appointment of Board! Appointment of the Investment Management Team Runway to first tranche close! Registration! Appointment of Consultants and IM Team! Offer Document! Institutional Investor Meetings! Retail Investor Meetings! Developing a strong pipeline

67 Timelines, Next Steps and Partners IIFF Partners About GSG (www.gsgii.org) The GSG is an independent global steering group catalyzing impact investment and entrepreneurship to benefit people and the planet. The GSG was established in August 2015 as the successor to and incorporating the work of the Social Impact Investment Taskforce established under the UK s presidency of the G8. The GSG currently has 15 countries plus the EU as members. Chaired by Sir Ronald Cohen, the GSG brings together leaders from the worlds of finance, business and philanthropy. About UNSIF (http://undp.socialimpact.fund/) Established in January 2017, the UNDP - UN SDG Impact Finance initiative is a unique and transparent co- investment partnership structure where the public sector and private sector can combine blended financing models to create both economic and social returns while facilitating the transition from grant- only project-based development to blended financed market-based development. Our primary focus is Asia and the Pacific. About PriceWaterHouseCoopers At PwC, our purpose is to build trust in society and solve important problems. We re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. In India, PwC has offices in these cities: Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune. For more information about PwC India's service offerings, visit www.pwc.com/in About IDFC Bank (www.idfcbank.com) IDFC Bank Ltd. is an Indian banking company with headquarters in Mumbai that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015. IDFC received a universal banking licence from the Reserve Bank of India (RBI) in July 2015. On 6th November, 2015, IDFC Bank was listed on BSE and NSE. IDFC Bank started operations with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. 15 branches are in settlements with a population of less than 10,000. IDFC bank has launched it's 100th branch in Honnali, Karnataka in October 2017. About Nishith Desai Associates (www.nishithdesai.com) Nishith Desai Associates (NDA) is a research-based Indian law firm with offices in Mumbai, Silicon Valley, Bangalore, Singapore, Mumbai BKC, Delhi and Munich that aims at providing strategic, legal and tax services across various sectors; some of which are IP, pharma and life-sciences, corporate, technology and media. NDA continues to be ranked consistently as one of the top 5 law firms in India. Founder and Managing Partner, Nishith Desai spent extensive time studying management styles of top global law-firms prior to setting up Nishith Desai Associates in 1989.

68 Timelines, Next Steps and Partners Working Group IIFF Taskforce We d like to thank each and everyone on the IIFF taskforce for their invaluable time and insights to help build this draft business plan and offer document. We deeply appreciate your support to this significant initiative to catalyze impact investments in India. Aishwarya Agarwal [email protected], Amit Bhatia [email protected] Arvind Mathur [email protected] Avnee Gupta [email protected] Ashu Gulati [email protected] Ayesha Sarkar [email protected] David Galipeau <[email protected]> Jamuna Verghese [email protected] Karanraj Chaudri <[email protected]> Kunal S Shah <[email protected]> Sukanya Narain <[email protected]> Neha Nigam <[email protected]> Prakhar Dua [email protected] Preeti Sinha <[email protected]> Rahul Rishi <[email protected]> Richie Sancheti <[email protected]> Saneesh Singh <[email protected]> Shashaank Awasthi [email protected] Shefali Gupta [email protected] Sourabh Anand <[email protected]>, Srikanth Vasudevan <[email protected]> Triansha Tandan [email protected] Varun Chauhan (IN)" <[email protected]> Youhan Noria [email protected],

69 Timelines, Next Steps and Partners List of abbreviations PMO: Prime Minister s Office MEA: Ministry of External Affairs, Government of India MHRD: Ministry of Human Resource Development, Government of India MoF: Ministry of Finance, Government of India SFI: Social Finance India IEOF: India Education Outcomes Fund IIFF: India Impact Fund of Funds LIFF: LatAm Impact Fund of Funds MIFF: Middle East & Africa Impact Fund of Funds GSG: The Global Steering Group for Impact Investment UNDP: United Nations Development Programme UNSIF: United Nations SDG Impact Finance SDG: Sustainable Development Goals MDG: Millennium Development Goals

70 For more information please reach out to: Global Steering Group on Impact Investment Amit Bhatia [email protected] Krisztina Tora [email protected] UNDP SDG Impact Finance David Galipeau da[email protected] Karanraj Chaudri [email protected]

Thank you This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwC Private Limited its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 2018 PwC Private Limited. All rights reserved. In this document, PwC refers to PwC Private Limited which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity

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