Demystifying Kirana eCommerce in India

1. H1’2022 September 2022

2. The Redseer story on the Indian eB2B Retail Market has been narrated through below key themes The Redseer story on the Indian eB2B Retail Market has been narrated through below key themes © Redseer 02 GT Opportunity- India’s retail market with ~13 Mn General Trade (GT) stores remains highly fragmented and inefficient; however, GT will continue to drive it in the next 10 years , Easy accessibility in the remotest of the areas in the country eB2B Value Proposition for Retailers and brands- eB2B emerging as a disruptive opportunity to serve brand and retailer needs. Driven by strong problem solving on the most pressing retailer issues, retailers keen to shift more wallet share to eB2B Massive eB2B growth potential- $5 Bn eB2B market in 2021 could potentially grow to $90-100 Bn by CY30 on the back of penetration led growth (1% of B2B retail in 2021 to ~8% in 2030P) enabled by robust retailer and brand adoption Credit, supply chain and Feet on Street to be winning levers- eB2B players are solving for retailers' supply chain challenges via highly streamlined operations . While high impact and efficient FoS operations are being achieved through Hybrid demand generation (FoS-led + self-serve) model Multi-category national players well placed to win - Market has multiple players , with some focusing on limited categories and regions while others are multi-category nationals. Multi-category nationals have access to larger TAM and reach Unit economics on path to profitability- eB2B platforms are projected to reach healthy EBITDA level in the steady state, especially the ones with multi-category play. Multi-category player’s better profitability potential will be driven by multiple favorable factors

3. In India, Unorganized GT channel drives the bulk of retail and will continue to drive it in the next 10 years (unlike the global markets) In India, Unorganized GT channel drives the bulk of retail and will continue to drive it in the next 10 years (unlike the global markets) Sources(s): Expert Inputs, Redseer Research, Redseer IP Note(s): 1. Organised B&M – Organised Brick and Mortar includes all retailers with more than one retail store © Redseer 03 Retail Market Split by Channel USD Bn, % of Retail Market, 2021,2030P Global Benchmarks – Share of General Trade USD Bn, % of Retail Market, 2021, 84% (728) 10% (83) 6% (54) General Trade Organised B&M Online 70% (1,407) 13% (259) 17% (334) 4% $679 Bn 13% $176 Bn 22% $279 Bn CAGR Absolute growth 2021 2030P Country USA China UK Indonesia India Share of General Trade (%, 2021) 10-15% 35-40% 20-25% 70-75% 84% Barriers to organized B&M1 adoption in India: Deep, fragmented country with 8k+ towns and 665k villages High operations (rentals for stores and warehouses) and, marketing costs Complex regional diversity leading to demand for localized experience FDI regulations in multi brand retail and restrictions for foreign retailers

4. A large pool of ~13 Mn retailers drives this GT opportunity, majority of which are small-scale (class C and D) and concentrated in the tier 2+ markets A large pool of ~13 Mn retailers drives this GT opportunity, majority of which are small-scale (class C and D) and concentrated in the tier 2+ markets Source(s) : Redseer Research, Redseer Analysis, Redseer IP © Redseer 04 Distribution of GT Retailers by Tier and Class 2021 Traditional Big Retailers (CLASS A) ~1% Enterprising stores (CLASS B) ~24% Aspirational stores (CLASS C) ~36% Old-school Conservative stores (CLASS D)~39% 33% 30% 34% 30% 33% 35% 40% 37% 22% Class A: A store owned by traditional businessmen and having a size of >200 sq. feet. This store has an average daily revenue of INR 25000+. Class B: A store owned by first-generation movers to big cities and having a size of 100-200 sq. feet. This store has an average daily revenue of INR 15000-25000. Class C: A store owned by first-generation movers to big cities and having a size of 100-200 sq. feet. This store has an average daily revenue of INR 6000-15000. Class D: A store owned by a small family and having a size of 50-100 sq. feet. This store has an average daily revenue of INR 6000. Metro Tier 1 Tier 2+ Total retailers: ~13 Mn 3% 8% 10% 82% 2% 1%

5. Key advantage of GT- Easy accessibility in the remotest of the areas in the country Key advantage of GT- Easy accessibility in the remotest of the areas in the country Source(s) : Redseer Research, Redseer Analysis, Redseer IP Note(s): 1. ‘udhaar’ is informal credit extended by retailers to end-consumers © Redseer 05 Accessibility – Retailers per sq. km x Store Density (per ‘000 people) 2021 Size of the bubble indicates share of General Trade 0 0.0 0.5 USA Brazil Vietnam 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Retailer/sq Km Store Density (per ’000 people) 10-25% UK 60-75% India >75% Indonesia

6. GT channel also stronger ability to serve the Tier 2+ markets which are indexed more towards the grocery category GT channel also stronger ability to serve the Tier 2+ markets which are indexed more towards the grocery category Source(s): A. RedSeer IP, RedSeer Analysis © Redseer 06 India Retail and Grocery Market 2021, USD Bn India Grocery Market – Channel x City Tier 2021, USD Bn Overall Retail 865 65% 35% Others Grocery Grocery, which covers the bulk of India’s retail, is more unorganized than the rest of retail and dominated by Kiranas Metro 9% Tier 1 9% Tier 2+ 82% 80% 15% 5% 52 51 459 14% 3% 85% 96% 1% 1% General Trade (94%) Organised B&M (5%) Online (1%)

7. Key advantage of GT- Easy accessibility in the remotest of the areas in the country Key advantage of GT- Easy accessibility in the remotest of the areas in the country Source(s): Redseer Analysis, Secondary Research Note(s): 1 USD = INR 75 2. Reliance Cash and Carry is not operational now and it has been converted into fulfilment centres for their eB2B business © Redseer 07 Indian GT B2B Retail Market Growth USD Bn, 2021, 2025P, 2030P eB2B Cash & Carry Distributor-led Unorganised (Branded & Unbranded) 2021 2025P 2030P 85% 82% 76% 16% ~8% 15% 14% <1% $619 Bn $1,195 Bn $866 Bn 2.5-3.5% Cash & Carry has been unable to grow/succeed given it does not solve for the poor access and convenience in the GT procurement value chain 8% 11% 1% 50-57% 9% 5% 8% 3% 25-30% 7% Examples eB2B Cash & Carry2 Brand/ Distributor Led <1% <1% CAGR

8. eB2B market to grow to $90-100 bn GMV by CY30, riding on the back of massive penetration- led growth headroom for India vs peers eB2B market to grow to $90-100 bn GMV by CY30, riding on the back of massive penetration- led growth headroom for India vs peers Source(s): Redseer Analysis, Secondary Research Note(s): 1 USD = INR 75 2. Reliance Cash and Carry is not operational now and it has been converted into fulfilment centres for their eB2B business © Redseer 08 eB2B Penetration % of overall B2B retail, 2021 India eB2B Market (GMV) CY 21- 30P, USD Bn China UK United States Brazil India Indonesia Vietnam 10-15% 7-10% 4-7% 1-5% <1% 0.6% 0.2% 2021 5 25-30 90-100 <1% 2025P 2030P Penetration of eB2B in GT B2B market 2.5-3.5% 7.5-8% 50-57% 25-30% CAGR Massive growth headroom for India

9. Given low eB2B adoption in lower city tiers and small stores Given low eB2B adoption in lower city tiers and small stores Source: RedSeer Analysis © Redseer 09 India eB2B – Unorganized Market Retailer Penetration by City and Type 2021 B2B Retail GMV distribution by retailer type and city tier Metro Tier 1 Tier 2+ Small Type D/E Medium Type B/C Large Type A Mom & Pop Stores Monthly turnover: Up to INR 25000 Traditional Large Stores Monthly turnover: More than INR 25000 Key: % retailers penetrated (eB2B) 0% 40% Phases of eB2B Journey eB2B Adoption happens in phases; The longtail of retailers are often the last but often the stickiest (as seen in other mature market e.g., China) Phase 1 – Adoption in: Big cities Large/mid-size retailers Early adopters, digital savvy Phase 2 – Adoption in: Small retailers in Big cities Expansion to tier 1 and smaller cities Phase 3 – Adoption in: Smaller cities Small retailers

10. eB2B players are also capturing value by solving the key challenges of brands/manufacturers eB2B players are also capturing value by solving the key challenges of brands/manufacturers Sources(s): Expert Inputs, Redseer Research, Redseer IP © Redseer 10 Key Challenges Across Brands/Manufacturers Descriptive Key Challenges Established Brands Emerging Brands Lowest Degree of Pain Point Highest Unbranded Manufacturers Low Penetration of Long tail products Price Discrepancy Limited Marketing effectiveness Low Fill Rates Limited Reach Lack of Secondary sales data insights Demand Prediction High Cycle Time Limited Retailer Adoption Top challenges

11. Multiple eB2B players have come up to serve this growing demand; largest players are the multi-category nationals Multiple eB2B players have come up to serve this growing demand; largest players are the multi-category nationals Sources(s): RedSeer Approach Note(s): 1. JioMart includes ‘Netmeds Wholesale’ 2. Retailer focus –>50% of revenues coming from retailers 3. Wholesaler focus ->50% of revenue coming from wholesalers © Redseer 11 * Other players includes players like Jiomart, Ajio Business, Elastic Run, Dealshare etc Market Models in eB2B Descriptive. Bubbles represent key players in the ecosystem Presence across the country, including Tier2+ cities, small towns and rural areas Operates in limited regions/ geographies (generally restricted to Metros and Top Tier 1 cities) National Vertical Multi-category Focusing on limited/specialized retail categories (covers < 3 product categories) Presence across multiple retail categories (covers > 3 product categories) 3.Vertical National 2.Multi-category Vertical 1.Multi-category National Retailer Focus2 Wholesaler Focus3 4.Vertical Regional Othre Players Regional

12. Udaan is the clear leader in the retail eB2B space Udaan is the clear leader in the retail eB2B space Source(s): Redseer Analysis * Other players includes players like Jiomart, Ajio Business, Elastic Run, Dealshare etc © Redseer 12 eB2B retail players1 – GMV Market Share USD Bn, 2021 Other eB2B Players Udaan Overall eB2B Retailer-led eB2B Wholesaler eB2B 46% 62% 19%

13. Udaan and JioMart are the most well-known and preferred platforms among the retailers for future eB2B purchases Udaan and JioMart are the most well-known and preferred platforms among the retailers for future eB2B purchases Source(s): Retailer Survey, RedSeer Analysis * Other players includes players like Ajio Business, Elastic Run, Dealshare amongst others © Redseer 13 Which of the following platforms are you aware of ? TOMA + Unaided Recall % of respondents, Non-Users of the respective platform 35% 33% 53% 41% Udaan Jio Mart Other players Udaan Jio Mart Other players Which of the following Online B2B Aplatforms are you likely to increase spend on? % of respondents, N caries by cut

14. GT retailers say that eB2B platforms have the ability to effectively resolve the pressing pain-points faced by them GT retailers say that eB2B platforms have the ability to effectively resolve the pressing pain-points faced by them Source(s): Retailer Surveys, Interviews (N = 1223), Redseer Analysis © Redseer 14 What are the challenges you face when purchasing from the offline channels and eB2B channels? % of respondents, N=1223 Offline channels eB2B channels Higher price 0% 5% 20% 40% 60% 35% 23% 37% 23% 16% 36% 29% 20% 20% 8% 22% Price transparency No credit/ pay later option Low quality of products Less varitety of products/ brands Untimely delivery Frequent products stockout Difficulty in placing an order Dealing with Multiple distributors/ wholesalers Unavailability of on-the-field support agents Non-consistent productQuality Amongst eB2B players Udaan emerged as players who solved the retailer feedback most effectively (compared to key peers) per the survey

15. Thus GT retailers are bullish about increasing their eB2B spend in the near future (at the expense of other channels available to them) Thus GT retailers are bullish about increasing their eB2B spend in the near future (at the expense of other channels available to them) Source(s): Retailer Survey, RedSeer Analysis © Redseer 15 How has the spend on following purchase channels evolved over the past year? %, N= 1223 In 2022, how do you expect the spend on eB2B platforms to evolve from current levels? %, N= 1223 Unorganized Wholesaler Brand/Distributor Led Cash & Carry eB2B eB2B 3% 4% 16% 19% 20% 30% 33% 16% 3% 13% Increase Signiﬁcantly (50%+) Increase Slightly (10-50%+) Stay at same level (+/-10%) Decrease Slightly (10-50%+) Decrease Signiﬁcantly (50%+)

16. Credit, efficient & high quality supply of products and FoS assistance are crucial to eB2B’s solution to effectively serve the retailers and win the market Credit, efficient & high quality supply of products and FoS assistance are crucial to eB2B’s solution to effectively serve the retailers and win the market Sources(s): Retailer Surveys, Retailer IDIs, Redseer Analysis © Redseer 16 What are the challenges you face when purchasing from the offline channels? % of respondents, N caries by cut Why did you not register on any of the online B2B platforms? % of non-eB2B users, N caries by cut Credit Access Supply Chain &Quality Issues Sales agents never approached for registration Overall (N=1223) Overall (N=216) Metro (N=68) Tier 1&2 (N=75) Tier 3+ (N=73) Quality Issues Delayed Delivery and Lack of access Frequent product stockouts 50% 46% 51% 57% 44% 52% 42% 41% 34% 50% 54% Class A (N=114) Class B+C (N=804) Class D (N=305) Class A &B retailers have availability of credit, but feel that their credit limits can be increased “Taking credit from online B2B platforms is very convenient and systematic. I can clear my due credit with the touch of a button on the app” -Class B Fashion Retailer “I can’t track my order or communicate with agents of local suppliers easily. Local distributor doesn’t inform me about unavailability of stock on time which impedes my sales” -Grocery Retailer “I do not have any knowledge of any B2B Platform because no FOS approached me for onboarding onto their platform and I continued procuring items from local channels” -Tier 3+ Retailer

17. FMCG , Electronics, Fashion, GM Staples/ Fresh Lifestyle/ General Merchandise eB2B players are solving for retailers' supply chain challenges via highly streamlined operations eB2B players are solving for retailers' supply chain challenges via highly streamlined operations Source(s): Redseer Research, Redseer Analysis © Redseer 17 D1 D2 D3 W1 W2 W3 W5 W6 W7 W1 W2 W3 W4 W6 W5 A1 A2 B1 B2 B3 B7 B8 B4 B5 B6 M1 M2 M3 B1 B2 B3 B7 B8 B4 B5 B6 T2 T3 T7 T3 T1 T4 T5 T6 W1 W2 W3 W5 W6 W4 eB2B Bridging Supply Chain Inefficiencies Brands Farmers Weavers/ Manufacturers Traders/Agent Wholesalers Traditional Retailers Brokers/ Agents Millers Brokers/ Agents APMCs/ Mandis Wholesalers Traditional Retailers Distributors/Stockists Wholesalers Traditional Retailer eB2B Branded Traditional Retail Value Chain Unbranded Traditional Retail Value Chain eB2B eB2B Supply Chain Inefficiencies Slower and expensive procurement Low visibility, demand predictability and marketing inefficiencies Lack of access to credit Limited reach and access Backward Integration Unstandardized quality & price Multiple intermediaries leading to high cycle times Lack of reach and access due to poor logistics facilitation High Wastage/Leakage Slow, wholesaler dependent procurement Lack of credit limiting retailer potential Price discrepancies and issues with vendor reliability & quality Warehousing Fulﬁlment

18. While high impact and efficient FoS operations for retailers are being achieved through Hybrid demand generation (FoS-led + self-serve) model While high impact and efficient FoS operations for retailers are being achieved through Hybrid demand generation (FoS-led + self-serve) model Sources(s): Expert Inputs, Redseer Research, Redseer IP © Redseer 18 Case Study- How role of FOS evolves over time (Udaan example) Descriptive Identifying target retailer base, creating awareness about merits of using a B2B platform &build interest. Onboarding Help with documentation, KYC- registration, other operational formalities and ﬁrst order placement Handholding Prompt resolution of queries/ issues faced by initial users to instil conﬁdence that enables them to use the platform independently Issue Resolution Developing lasting business relationships through regular visits, information dissemination &trust-building Relationship Management Retailer’s engagement with the eB2B platform Time Operational responsibilities Managerial responsibilities

19. For brands, eB2B players are helping them by providing standard distribution solutions with a wide retailer reach + other key value-added services For brands, eB2B players are helping them by providing standard distribution solutions with a wide retailer reach + other key value-added services Source(s): RedSeer Analysis, Brand Expert Interviews Note (s): (A) Secondary Sales: Distributor / Wholesaler to retailer sales; (B) Non Key Value Items © Redseer 19 Challenges faced by Brands & Unbranded Manufacturers and their solutions by eB2B players Descriptive Low Penetration of Long tail products Awareness generation + demand shaping through merchandising on app and on-ground market executive Specific product portfolios can be designed for the channel Targeted incentives and schemes to push NKVIB salience Price Conflicts / Discrepancies Eliminates intermediaries (stockists, sub-stockists, wholesalers etc.) preventing price discrepancies Price visibility and transparency Price standardization Limited Marketing effectiveness/ opportunities In-app marketing and wider retailer reach Range selling through FoS Low fill rates Allows more frequent app-based/FOS assisted ordering Reduces stockouts for KVIs Doorstep and next day delivery facility ensuring high inventory turnovers Superior warehousing solutions Limited/Restricted Reach Increasing reach and visibility in regional market with small quantities New city expansion is convenient in eB2B Dedicated FoS team across regions Lack of Secondary(A) sales data Insights Access to data analytics, secondary and tertiary data Availability of data at pin code/ SKU/ retailer level New product launch testing through platform Demand Prediction Availability of data at pin code/SKU/retailer level Warehousing and Logistics solutions to prevent stockouts High Cycle Time Direct sourcing from brands/ manufacturers Direct reach to retailers Logistics solutions for efficient procurement Limited Retailer Adoption Joint business planning including packaging, promotion and communication strategy to drive better visibility and demand uptick Credit financing for smaller retailers increasing retention

20. Especially for emerging brands, eB2B provides a solution to quickly expand their currently low Tier 2+ share of business; such brands will drive surge in marketing $ spent on eB2B in future Especially for emerging brands, eB2B provides a solution to quickly expand their currently low Tier 2+ share of business; such brands will drive surge in marketing $ spent on eB2B in future Source(s): RedSeer Analysis, Brand Expert Interviews © Redseer 20 India Overall Retail and Emerging Brands - City Tier % of Business 2021, % of Business Marketing Spends by Brands – Traditional vs eB2B channels Pre-eB2B vs 2021 vs 2030P, % of marketing spend towards distribution/retailers Overall India Retail 75% 30-40% 20-30% 35-45% 12% 13% Emerging Brands Metro Tier 1 Tier 2+ Headroom to meaningfully improve Pre-eB2B 2021 2030P Traditional Channels Selected Examples eB2B 100% 75-90% 70-80% 20-30% 5-15%

21. Basis the strong value creation for retailers as well as brands, eB2B players could drive a paradigm shift in India’s retail landscape by 2030- creating a large and sustainable business for themselves in this process Basis the strong value creation for retailers as well as brands, eB2B players could drive a paradigm shift in India’s retail landscape by 2030- creating a large and sustainable business for themselves in this process Source(s): RedSeer Analysis, Brand Expert Interviews © Redseer 21 eB2B Enabled Retail of the Future – Summary Descriptive Shift from unorganized -> organized trade De-facto channel for brand marketing & ad spend Unparalleled trove of retailer insights & data intel High RoI, cash-efficient and profitable eB2B businesses at massive scale Rails for emerging brands to scale in India All these factors enable eB2B players to be proﬁtable at scale

22. eB2B platforms are projected to reach healthy EBITDA level in the steady state, especially the ones with multi-category play… eB2B platforms are projected to reach healthy EBITDA level in the steady state, especially the ones with multi-category play… Sources(s): Expert Inputs, Redseer Research, Redseer IP © Redseer 22 Unit Economics – eB2B Grocery only, eB2B Discretionary only and eB2B Multi-category at Scale Current-2021, At Scale- 2030P Parameters eB2B Grocery Vertical eB2B Discretionary Vertical eB2B Multi-category (Grocery (2/3rd) + Discretionary (1/3rd)) Gross Margins (Current) 3-5% 6-8% 1-3% 3-4% 2-3% 1-3% 3-5% 7-9% 12-15% 5-7% 4-5% 3-4% 2-3% 5-7% 4-7% 10-11% 2-3% 3-4% 5-6% 2-3% 6-8% Gross Margins (At-scale, 2030P) Supply Chain Costs Other Overheads (incl. Sales, credit and corporate overheads) EBITDA Margins before VAS Revenue EBITDA Margins post VAS Revenue Value added Services Revenue (incl. revenues from Marketing, Data Insights and Merch Income) Getting the category mix is critical to boost margin proﬁles for eB2B players Only achievable through Multi-category play with 2/3rd grocery

23. …in-line with the organized retail benchmarks …in-line with the organized retail benchmarks Source(s): Primary Research, Player Annual Reports, RedSeer Analysis Note: 1. Other Income has not been considered in EBITDA calculations 2. Cell colouring in the table has been done in each row 3. Rental costs have been included in Other costs © Redseer 23 Profitability across Players FY 22- Dmart, FY 21 – Reliance Retail, Metro Cash & Carry, eB2B Multi-category (Current) – 2021, eB2B Multi-category (at Scale)- 2030P Particulars eB2B Multi-category (Current, 2021) eB2B Multi-category (At Scale, 2030P) Dmart (Modern Trade) Reliance Retail (Modern Trade) Metro Cash &Carry Gross Margin (% of Revenue from Ops) 4-6% 10-11% 1-2% 2-3% 2-3% 3-4% 3-4% 6-8% 14.5% 0.3% 2.5% 4.2% 8.1% 11.1% ~1% 2.6% 4.7% 4.9% 10.4% 0.5% 9.3% 1.6% 8-10% (4-6%) VAS Revenue (% of Revenue from Ops) Supply chain Costs (% of Revenue from Ops) Other Costs (% of Revenue from Ops) EBITDA Margin (% of Revenue from Operations) Indicative Scale Favourable Unfavourable Higher because of G&A expenses and people investments for the future, which will reduce at scale.

24. Multi-category player’s better profitability potential will be driven by multiple favourable factors Multi-category player’s better profitability potential will be driven by multiple favourable factors Sources(s): Expert Inputs, Redseer Research, Redseer IP © Redseer 24 Unit Economics – eB2B Grocery only, eB2B Discretionary only and eB2B Multi-category at Scale Current-2021, At Scale- 2030P Indicative Scale Favourable Unfavourable Parameters eB2B Grocery Vertical eB2B Discretionary Vertical Why will multi-category eB2B players win? eB2B Multi-category (Grocery (2/3rd) + Discretionary (1/3rd)) Gross Margins (Current) Gross Margins (At-scale, 2030P) Supply Chain Costs Other Overheads (incl. Sales, credit and corporate overheads) EBITDA Margins before VAS Revenue EBITDA Margins post VAS Revenue Value added Services Revenue (incl. revenues from Marketing, Data Insights and Merch Income) Overall gross margins will improve because of : Direct sourcing and direct inbounds Improvement in mix, Private Label Play Exclusive Brand Partnerships Better Negotiating LeverageOverall, multicategory players will be a blend of grocery and discretionary and hence at a decent level A multi-category play is poised to win as grocery will help drive tonnage, demand predictability and hence help optimise supply chain costs Higher sales and distributor push is required for discretionary category because of variability in d emand , which is optimised by a more predictable category like grocery Grocery optimises costs and discretionary boosts margin proﬁles A multicategory play leads to wider reach and adoption by retailers and hence, such eB2B platforms have more granular data insights and are therefore in a better position to monetize the same. Getting the category mix is critical to boost margin proﬁles for eB2B players

25. Driven by the above factors, eB2B is likely to operate with high cash efficiency in the steady state Driven by the above factors, eB2B is likely to operate with high cash efficiency in the steady state eB2B Platform – Working Capital Process and Key Factors Descriptive Brand/ Manufacturer 3P/Marketplace Model Retailers 1P/Inventory Model No Inventory No Payables (ﬂoat basis) Receivable days (Payables for the Retailers) – Days for which credit is extended to the retailers Inventory Days –Number of days which a company takes to turn its inventory Payable Days (Receivables for the brands)– Number of Days in which payment is made to the brands for an order Source(s): RedSeer Research & Analysis Note(s): © Redseer 25 eB2B Platform Payable Days are likely to offset inventory days for eB2B players, given the strong tech-enabled demand predictability, warehousing and cataloging. No receivables for players e.g., udaan that leverage their ﬁnancial arm to provide to fund the credit for retailers. Procurement Flow Cash Flow Credit Flow

26. Certain specific players are well positioned to do well Certain specific players are well positioned to do well Lever of leadership on eb2b- case example Udaan Provision of Credit: Driving higher collection and better underwriting efficiency, with the help of a captive credit arm Captive supply chain solution: inclusive of backward sourcing, warehousing and fulﬁllment - enabling improved ﬁll rates, faster deliveries, lower supply chain costs Hybrid demand generation: Feet-on-street (FoS) to assist with initial demand generation, followed by self-serve. FoS role gradually evolves into that of a relationship manager, to ensure better engagement Higher quality product - inclusive of features such as vernacular, new launches and deals, easy navigation and easy credit provision Source(s): RedSeer Research & Analysis © Redseer 26

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