Indonesia ECommerce Metamorphosis in a post Covid world

1. INDONESIA ECOMMERCE Metamorphosis in a post Covid world SUMMARY REPORT

2. PREFACE Indonesia’s eCommerce ecosystem was in a phase of transformation during 2019 and early 2020. However, the rate of transformation has accelerated since Mar 2020, when the Covid-19 pandemic triggered severe restrictions on personal mobility. Access to goods and services on offline channels have been impacted and many of those needs are now being fulfilled on online platforms. In Metamorphosis in a post COVID world, we highlight how various parts of the eCommerce ecosystem are responding to the new realities and what this could mean for their growth and profitability. The report provides a fresh perspective on the consumers’ demand graph and how it ties up with multiple supply- side initiatives. It also calls out the demand and supply side aspects that have to be taken in consideration, as stakeholders assess their role and relevance in a rapidly changing ecosystem. The content for this report was developed by conducting several rounds of triangulation of top-down views (from sector experts) with our proprietary primary research findings. This has allowed us to harmonise the big-picture views with the nuanced insights from our bottom-up research. The report also incorporates suitable inputs from our content partner, East Ventures Singapore. Their inputs have helped us to address some of the key questions on the minds of investors. We are thankful to them for their valuable contributions. This report is our first step towards sharing actionable insights on the new-age sectors in Southeast Asia. We hope it will serve as a useful guide for the readers. Warm Regards, Roshan Raj. Business Partner RedSeer Southeast Asia 01 | Metamorphosis

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4. EXECUTIVE SUMMARY Some of the key highlights from this report are: » Big GMV set to get bigger. Indonesia’s $23 bn formal eCommerce GMV in 2019 is likely shrug off the challenges of Covid and grow 50+% y-o-y to reach USD 35Bn in 2020 and ride the digital adoption wave to reach $ 101 bn in 2025, as per our estimates. In 2019, Electronics (69% contribution), Fashion (16% contribution), and Beauty (9% contribution) had emerged as the top-three categories in terms of their absolute size and share of market. However, from a growth perspective, grocery, household appliances, personal care (part of Beauty), are expected to be the leading growth categories over the short to medium term driven by the impact of Covid. » Covid-19 to have a positive impact on sector in longer run. Our supply side research indicates that online FMCG/ Grocery sector is currently seeing a massive adoption boom due to Covid-19- with many of these first time eGrocery shoppers likely to stick around. However, post some short-term discretionary spending uncertainties are smoothened out, even non-grocery categories like electronics, fashion, beauty are likely to see a catalytic positive impact due to covid-19 and long-term growth acceleration. As 80% of our surveyed consumers and expecting a spending rebound in next 6 months and prefer the comfort of their home for shopping needs rather than going in the crowded offline outlets. However, e-tailers still need to solve for the short term, lockdown driven challenges of insufficient delivery and supply chain constraints. From a readiness perspective, the large horizontals seem better positioned to cater to the short and long end of the demand curve. Vertical players could be better suited to swiftly consider online and offline partnerships and especially take advantage of their initial lead in the ‘fresh’ subcategory within overall eGrocery. Indonesia’s eCommerce is likely to see some near-term pains due to the disruption unleashed by COVID-19. However, the sector is likely to see meaningful long-term gains as the ecosystem steps up to a newer set of demand and supply requirements. The emerging challenges and opportunities could necessitate some players to double down on their existing strategy, while others might have to diversify and/or pivot. We expect the eCommerce sector to emerge as a net-beneficiary of the current crisis as it offers a strong tailwind for buyers and sellers to go online. 03 | Metamorphosis

5. » Massive jump in online user base numbers. The pandemic is expected to give a major fillip to the online user base with an estimated 12+mn users (1% higher online penetration) coming onboard during CY20. Such an increase in user count could have taken about 1.5-2 years under ordinary circumstances. eCommerce companies can capitalise on many of these first-time users by meeting three key customer needs i.e. Delivery Speed, Product Safety and Product Variety. In addition, competitive Delivery Pricing could be an additional factor to be mindful of when catering to ex-Java areas. » Brands warm up to eCommerce while pause on aggressive seller side monetization. Prior to Covid, the growing relevance of online sales channels along with the online platforms’ need for monetisation was leading to higher commissions, ad- rates, value-added services etc. from sellers, brands and manufacturers. However, basis some of the seller challenges that we observe from our seller surveys, this trend is likely to hit a pause till late 2020. However, Covid has led brands to take eCommerce more seriously than ever before and willing to closely partner with platforms and spend on ad dollars to drive online growth. From a platform standpoint, B2C share is likely to expand in 2020 and rising B2C share will enable platforms’ to improve their customer touchpoints, generate higher quality revenues and margins. » Move to in-house logistics accelerated by COVID In-house logistics has emerged as a key differentiator during COVID-19 for some of the large horizontal eCommerce players. It has allowed them to cater to the unprecedented surge in shipment volumes and will continue to see further investments in our view. In general, in-house logistics allows players to grow B2C shipments, mitigate risks of fraud and enables superior customer touchpoints. We estimate in-house logistics to account for 35% of the ~120mn shipments in April’20, up from 24% share of total shipments in Q4’19. Despite in-house logistics growth, sizeable 3PLs will continue to remain relevant although alignment with the larger players will become progressively more critical over time. Additionally, the ability to offer instant/express deliveries will be a key differentiator as consumers Metamorphosis | 04

6. 05 | Metamorphosis exhibit higher than ever willingness to adopt and pay for such services. » Payments: meaningful surge in eWallets to continue Consumers’ preference to switch to contactless, safer, and more convenient payment modes has triggered a sharp increase in the share of eWallet payments, which reached 22% of the total formal eCommerce transactions in Apr’ 20 versus 7% in 1Q19. This shift also led to a decline in % share for Cash on Delivery (CoD) transactions, which was seeing rapid growth prior to this crisis as platforms sought to onboard first time, cash-preferring customers. From a supply-side perspective, both large eWallet players including OVO, GoPay, DANA and emerging ones like ShopeePay have stepped-up to meet this surging demand via suitable cashback schemes. » Continued Consolidation but pockets of opportunity for verticals. The top-three platforms, Tokopedia, Shopee and Lazada now account for more than three-quarters of the sector’s GMV. We expect GMV share to consolidate even more going forward. Players with relatively lower GMV shares could focus on specialised / vertical categories including eGrocery where they can differentiate on experience v/s competing on pricing. » Emerging path to profitability. We expect the short-term challenges to weaken the unit economics for the sector in 2020. However, as the players streamline their operations to the new norms and brand side monetization is accelerated, we expect profitability metrics to improve from 2021 onwards. Accordingly, we estimate sector-level contribution margins to dilute to (6-7%) in 2020 from (3-4%) in 2019, before staging a recovery to reach ~ 1% in 2025.

7. Metamorphosis | 06 1 © RedSeer Indonesia has strong digital fundamentals A fast evolving digital funnel that will further accelerate post COVID 180 150 105 65 Access to Internet Active Internet Users Online Services Users Online Shoppers Access to Internet Total population with access to internet Active Internet Users Total population using internet atleast once a year Online Services Users Transacts for services e.g. banking/recharge, but no products Online Shoppers Atleast one transaction on online retail platforms in a year 100% 80% 58% 36% Smartphone penetration stands at 55-60% of 270 Mn population in Indonesia currently Total Population (Mn) ~270 Mn of population, As % Population Indonesia online consumer funnel (2019)- Pre COVID Chart 1 – Strong digital fundamentals further improving during COVID 1 © RedSeer 16% 12% 11% 20% 73% 26% 15% 48% 51% 56% 16% 8% 69% 41% 38% 25% 12% 65% Decrease No Change Increase I Im mp pa ac ct t o of f l lo oc ck kd do ow wn n m me ea as su ur re es s i in n J Ja ak ka ar rt ta a s se ee en n i in n t th he e s st tr ro on ng g c co on ns su um me er r s sh hi if ft t t to o d di ig gi it ta al l c ch ha an nn ne el ls s- - especially for online shopping E-tailing incl eGrocery eHealth EdTech Content Ride Hailing Digital Payments Strong e-tailing adoption for essentials Compared to pre-COVID spending of time/money Consumers have actively shifted to the online channel as precautionary measure to contain the spread of COVID-19 Q. How has your spend on the following services and products changed during COVID-19 from before? (questions administered in the 1st-2nd Week of April) Impact of COVID on spend in online services in Indonesia-Mid April (Jakarta and Non-Jakarta) Indonesia has strong digital fundamentals… …and Consumers have actively shifted to the online channel KEY CHARTS THAT DEFINE “METAMORPHOSIS”

8. 07 | Metamorphosis 1 © RedSeer I Im mp pa ac ct t o of f l lo oc ck kd do ow wn n m me ea as su ur re es s i in n J Ja ak ka ar rt ta a s se ee en n i in n t th he e s st tr ro on ng g c co on ns su um me er r s sh hi if ft t t to o d di ig gi it ta al l c ch ha an nn ne el ls s- - especially for online shopping Non-Java customers have moderate effect –Delta from pre-COVID is lower, particularly in Ride Hailing and Fitness. Lockdown was imposed later in these areas leading to moderated impact COVID-19 crisis has put online services in a positive light and can drive adoption going forward Additional Insights Essentials goods became a priority increase in E-tailing spend was driven by BPC , F&B and home & living There are signs that COVID-driven online adoption will stick around 1 © RedSeer T Th he er re e a ar re e s si ig gn ns s t th ha at t C CO OV VI ID D- -d dr ri iv ve en n o on nl li in ne e a ad do op pt ti io on n w wi il ll l s st ti ic ck k a ar ro ou un nd d Indonesian consumers also displaying optimism around spending recovery Will decrease to pre-covid level Will increase further Will remain sticky at current levels Cannot say 17% 40% 37% 6% 77% consumers expect their online spend to stay sticky or increase more than current (COVID) levels - indicating high strong future propensity for online Overall Customer View There seems to be significant room for increase in online spending which is expected to carry forward post-COVID. Recovery is expected in the short term with ~80% consumers believing recovery within 6 months Q. Which of the following do you think will happen with respect to your spend/usage? (questions administered in the 1st-2nd Week of April) Expected spend in future – for sectors with increased spend

9. Metamorphosis | 08 1 © RedSeer T Th he er re e a ar re e s si ig gn ns s t th ha at t C CO OV VI ID D- -d dr ri iv ve en n o on nl li in ne e a ad do op pt ti io on n w wi il ll l s st ti ic ck k a ar ro ou un nd d Indonesian consumers also displaying optimism around spending recovery 32% 48% 17% 3% Within 3 Months 6 – 9 Months 3 – 6 Months 9 months to a year Q. How long do you think it will take till your spending restores to pre-corona level? (questions administered in the 1st-2nd Week of April) Expected time of recovery – for sectors with decreased spend Overall Customer View 3% respondents believe it would take over 9 months for recovery

10. 09 | Metamorphosis Chart 2 – eCom evolution: Past, Present and the Promising Future 1 © RedSeer 6.8 13.5 23 35 60 100 2017 2018 2019 2020F 2022F 2025F 1. Evolution of Indonesia e-commerce; the past present and future CAGR ~83% CAGR ~20% CAGR ~40% Source: RedSeer Forecast Models; Supply Side Consensus Validation from Primary Research ; RedSeer Analysis USD Bn, Gross GMV Indonesia E-tailing GMV – Physical Goods (2017-2025) Subsidy driven rapid growth Strong growth in Java and in categories like electronics and fashion driven by shipping and product subsidies Gradual shift to sustainable and broad- based growth Focus shifts to high frequency categories including fashion, grocery and beauty, including outside Java with limited subsidies. Note: while COVID is causing short term disruption, we expect it to have a structurally positive impact on eCom growth Non-Java engine kicks into action Continued focus across broad array of categories. Non-Java pickups up rapidly and new retail/O2O channels become the norm Wave 1 Wave 2 Wave 3

11. Metamorphosis | 10 1 © RedSeer 69% 57% 16% 15% 9% 11% 5% 15% 1% 2% 2019 2020 USD Bn E-tailing Market GMV by category – Forecasts (2019-2020) Others Beauty & personal care eGrocery & home Electronics Fashion e eC Co om mm me er rc ce e c ca at te eg go or ri ie es s t to o h ha av ve e v va ar ri ie ed d g gr ro ow wt th h p pa at th hs s i in n 2 20 02 20 0… … Overall CY20 market will be structurally different vs CY19 2 23 3 3 35 5 GMV Growth 20% 40+% 80% 400% 50+% Chart 3 – Category mix undergoing rapid transition 1 © RedSeer e eC Co om mm me er rc ce e c ca at te eg go or ri ie es s t to o h ha av ve e v va ar ri ie ed d g gr ro ow wt th h p pa at th hs s i in n 2 20 02 20 0… … Overall CY20 market will be structurally different vs CY19 § Q1’20, unprecedented demand, category to grow rapidly in the subsequent quarters to attain ~17% GMV share § Beauty and personal care saw marginally increased demand driven by personal care products. Consumer sentiment is not very pessimistic § Post the dip in Q1’20 ,expected to recover during Ramadan and Q4 sale season driven by appliances § Shift in consumer preference towards low ticket appliances lead to the category losing GMV share in 2020 § Marginally lost GMV share due to cross border supply bottlenecks in Q1 and reduced AOV due to higher share of unbranded products- to recover by Q4 driven by Ramadhan sales and resumption of imports eGrocery & home Beauty & Personal care Electronics Fashion Indonesia eCommerce Category Trends in CY2020 1 1 2 2 3 3 4 4 Strong growth of eGrocery category likely in 2020…

12. 11 | Metamorphosis …Driven by changing consumer preferences 1 © RedSeer 51% 22% 11% 15% Overall Customer View Strong first time customer additions in eGrocery validated from consumer surveys and industry practitioner interactions Q. When did you start ordering groceries online? (questions administered in the 1st week of May) eGrocery start of usage amongst consumers C Ch ha ar rt t 3 3 – – C Ca at te eg go or ry y m mi ix x u un nd de er rg go oi in ng g r ra ap pi id d t tr ra an ns si it ti io on n …Driven by changing consumer preferences Started using during the lockdown 3-6 months back More than a year back 6-12 months back 51% consumers started ordering groceries online during the lockdown eGrocery Platform Perspective “New customers from mid income groups being onboarded. These customers used to shop at small retail outlets earlier“ April 20 “AOV has slightly decreased and frequency shot up due to free delivery promos” March 20 “Shop in shop model is doing well for eGrocery- this is a main driver for this category” March 20

13. Metamorphosis | 12 1 © RedSeer 30% 30% 10% 3% 27% 30% of the sellers saw a dip in demand Overall Seller View Despite short term challenges, ~70% sellers on formal eCommerce believing in a recovery within 3 months Q. What are some of the issues you are facing during the COVID-19 crisis? (questions administered in the 1st week of May) E-Tailing supply: Impact on sellers during the crisis O On nl li in ne e s se el ll le er rs s h ha av ve e s se ee en n h hi ig gh hl ly y n ne eg ga at ti iv ve e b bu us si in ne es ss s a an nd d o op pe er ra at ti io on ns s i im mp pa ac ct t But are optimistic about swift post COVID recovery ~40% of the sellers saw a direct impact of the lockdown Decrease in demand Shops/warehouses have been closed Supply shortage Limited staff in warehouses Logistical challenges Chart 4 – Online sellers struggling yet optimistic even as their behaviour changes 47% 23% 10% 17% 3% Overall Seller View Less than 2 months 3 – 4 Months 2 – 3 Months 4 - 6 months > 6 months Only 3% sellers believe it would take over 6 months for recovery Q. How long do you expect the effect of COVID-19 to last in t he industry? (questions administered in the 1st week of May) Seller sentiment: Recovery time 70% of the sellers expect the recovery to be in less than 3 months O On nl li in ne e s se el ll le er rs s h ha av ve e s se ee en n h hi ig gh hl ly y n ne eg ga at ti iv ve e b bu us si in ne es ss s a an nd d o op pe er ra at ti io on ns s i im mp pa ac ct t But are optimistic about swift post COVID recovery 70% Sellers believe in a quick <3-month recovery

14. 13 | Metamorphosis 1 © RedSeer B Be eh ha av vi io ou ur ra al l c ch ha an ng ge es s o of f o on nl li in ne e s se el ll le er rs s h ha as s o oc cc cu ur rr re ed d d du ur ri in ng g C CO OV VI ID D Some of these changes will stick around even post crisis- basis platform actions During the lockdown, sellers spent most on fulfilment services followed by pick up and advertising “Strong growth in captive logistics reflects this trend as well” Significant opportunity for E-tailers to push drive their service revenues Discussion While some of the newly adopted service will reduce in usage post COVID, upto one-fourth of sellers indicate likely continued usage post COVID Lockdown increased seller reliance on in-house logistics offered by platforms

15. Metamorphosis | 14 1 © RedSeer B Be eh ha av vi io ou ur ra al l c ch ha an ng ge es s o of f o on nl li in ne e s se el ll le er rs s h ha as s o oc cc cu ur rr re ed d d du ur ri in ng g C CO OV VI ID D Some of these changes will stick around even post crisis- basis platform actions “Online sales have seen ~3x increase in April; all the major e-commerce platforms have seen sharp increase in sales” - MNC Brand Key messages from leading FMCG brands in Indonesia GT sales have declined drastically; MT and Online sales growing fast “GT sales have seen a decline of ~50% in April while MT sales have remained stable. Online share has grown from 1-2% in February to ~5% in April” - Local RTD Brand “Have started to sell directly to consumers from our platform” - MNC Brand Players experimenting with own e-commerce platforms as well “Our own e-commerce platform now accounts for 6-7% of our sales driven by discounts and digital campaigns” - Local RTD Brand “Our ad budget on e-commerce has grown by 2.5-3x“ - MNC Brand Increased spend on promos to push products online “Strong focus on pushing new line of personal hygiene products through online channel” - Local Non-food FMCG Brand Key Partnerships P&G launched an experiential microsite (shop in shop model) in partnership with Shopee Chart 5 – Growing B2C share as Covid prompts an online shift by brands Brands warming up to online platforms to reach out to consumers directly

16. 15 | Metamorphosis 1 © RedSeer ~30% ~70% Lazada Bukalapak Shopee Tokopedia Overall Indo E-Tail B2C C2C Share of formal e-tailing GMV Indonesia E-tailing : Share by business model in 2019 3 3. . G Gr ro ow wi in ng g B B2 2C C s sh ha ar re e o of f o or rd de er rs s… … Share of B2C GMV to rise rapidly for platforms and lead to accelerated monetization 1 3 3. . G Gr ro ow wi in ng g B B2 2C C s sh ha ar re e o of f o or rd de er rs s… … 50% Q1 Q2 Q3 Q4 CY'25 CY19 Share of formal e-tailing GMV in each year Indonesia E-tailing : Share by business model over 2019-2025 B2C C2C B2C share of e-tailing GMV is rising continuously for e-tailers in 2019 and likely to account for half of market by 20205

17. Metamorphosis | 16 1 © RedSeer 6% 19% 22% Q1 Q2 Q3 Q4 Q1 Apr 20 I In n- -h ho ou us se e l lo og gi is st ti ic cs s s sc ca al le ed d u up p;; o on n- -d de em ma an nd d l lo og gi is st ti ic cs s g gr re ew w a as s w we el ll l On-Demand Others 13% 30% 35% Q1 Q2 Q3 Q4 Q1 Apr 20 In-house 3PL 2019 2020 ~3.9 Mn shipments per day Only being provided for fresh groceries and limited FMCG items Captive logistics and on-demand logistics scaled up driven by strong staff additions in previous quarters Mn Shipments, 3PL vs In-house Indonesian eLogistics Market- For Formal eCommerce Mn Shipments, % On-demand Deliveries Indonesian eLogistics Market- For Formal eCommerce 2019 2020 1 © RedSeer Key Examples of in-house logistics ops during COVID ü Anteraja has enabled free shipping promos on hospital equipment and sanitation equipment from Tokopedia ü Started express deliveries ü Focus on captive logistics is expected to increase and the fleet size is expected to increase by 20% to handle the increase in grocery orders ü In Q2 focus will also be on increasing the captive logistics play to lower the Jabo delivery time ü “Shopee had onboarded a lot of staff during late 2020 but were underutilized due to strong promos by 3PLs I In n- -h ho ou us se e l lo og gi is st ti ic cs s s sc ca al le ed d u up p;; o on n- -d de em ma an nd d l lo og gi is st ti ic cs s g gr re ew w a as s w we el ll l Chart 6 – Growing relevance of in-house logistics and diverse payment options In-house logistics scaled up rapidly to meet order spike seen during Covid period

18. 17 | Metamorphosis 1 © RedSeer 18% 25% 55% 35% 20% 18% 7% 22% e eW Wa al ll le et ts s p pa ay ym me en nt ts s p pi ic ck ke ed d u up p s si ig gn ni if fi ic ca an nt tl ly y i in n A Ap pr ri il l 2 20 0 Fast rising COD share fell slightly in April owing consumer concerns Q1 Q2 Q4 Q3 Q1 Apr 2019 2020 % of transactions Indonesian share of payment modes in e-commerce transactions Minimarket e-Wallets Bank Transfers Cash on delivery eWallets payments picked up significantly in April 20 1 Key payment trends during COVID-19 § Consumers have preferred to use wallet payments to ensure contactless deliveries and benefit from cashback promos on essential FMCG items § Cash on delivery is being retained as a method to onboard new customers who have shifted to online considering the covid-19 crisis § ShopeePay was launched in late 2019 and it noticed significant traction in Q1 owing to strong promos, particularly around Shopee Birthday event and on FMCG products for cashbacks on shipping fee “I have been using more e-wallets in the last one-two months, primarily because of the cashbacks. Ovo is giving cashbacks if shipping fee is over 10k IDR within Jakarta” -Frequent buyer, Jakarta Customer Speaks e eW Wa al ll le et ts s p pa ay ym me en nt ts s p pi ic ck ke ed d u up p s si ig gn ni if fi ic ca an nt tl ly y i in n A Ap pr ri il l 2 20 0 Fast rising COD share fell slightly in April owing consumer concerns

19. Metamorphosis | 18 1 © RedSeer 31% 25% 45% 58% 62% 44% 12% 13% 11% May revert to pre-COVID behaviour Within eGrocery, ‘Fresh’ opportunity is likely to grow fastest and provide significant opportunity for both horizontals and verticals Q. How do you foresee your consumption habits will change in the following categories, compared to normal status before the outbreak? (questions administered in the 1st-2nd week of April) E-Tailing: Expected change in consumer retail spending post COVID-19 Who offers fresh currently C Ch ha ar rt t 7 7 – – T To op p 3 3 d do om mi in na at ti io on n t to o c co on nt ti in nu ue e b bu ut t v ve er rt ti ic ca al ls s s st ti il ll l h ha av ve e o op pp po or rt tu un ni it ti ie es s Yet consumer findings indicate opportunity for verticals especially in ‘fresh’ category Post COVID likely online purchase sentiment Fresh Fruits & Vegetables Staples, RTC /RTE foods Meat Compared to pre-COVID spending Increase No Change Decrease BliBli is a e-commerce player, owned by Djarum Group and has pivoted into Grocery and FMCG offering since 2019. BliBli has both inventory led and marketplace offerings for fresh items Yet consumer findings indicate opportunity for verticals especially in ‘fresh’ category Chart 7 – Top 3 players likely to continue dominating, but opportunity present for verticals Top 3 share of GMV has been increasing year on year 1 © RedSeer 2 2. . W Wh ha at t m ma ak ke es s u up p t th he e G GM MV V? ? 1. The Big Picture 64% 73% 74% 36% 27% 26% 2017 2018 2019 6.8 13.5 23 Source: Primary Research; RedSeer Analysis USD Bn Formal E-tailing GMV in Indonesia (Physical Goods) – Share of top 3 players Others Top 3 players

20. 19 | Metamorphosis Chart 8 – Profitability: Likely recovery in 2021 after softness in 2020 1 © RedSeer U Un ni it t e ec co on no om mi ic cs s f fo or r e eC Co om mm me er rc ce e h ha as s b be ee en n o on n a an n i im mp pr ro ov ve em me en nt t p pa at th h i in n l la as st t f fe ew w y ye ea ar rs s b bu ut t 2 20 02 20 0 t to o s se ee e P P& &L L t ta ak ki in ng g a a h hi it t P&L Element CY19 CY20 - Forecasted Rationale for Forecast Checkout GMV 100 100 Shipped GMV (after cancellations) 78 77 To dip slightly as sellers experience supply side crunch Fulfilled GMV (after returns) 70 71 Companies may have tighter policies in place during COVID-19 Revenue from Sales and Other services 3 4 Drop in seller commissions counterbalanced by brand tie-ups and VAS sales Discounting (5) (7) Higher levels of discounting to stimulate growth in non- essentials, especially during 11.11 and 12.12 Net Revenue (2) (3) Net supply chain expenses (1-2) (3-4) Increasing share of hyperlocal orders and more investments towards captive logistics to increase fulfilment costs Contribution Margin (3-4) (6-7) P&L may differ by category. Figures are indicative estimates - built bottom-up Indonesia Formal eCommerce Unit Economics

21. Metamorphosis | 20 Roshan brings 14+ years of experience in investment advisory and consulting services. Prior to RedSeer he was Vice President at Bank of America Merrill Lynch Global Research where he generated in-depth insights on telecom, media and ecommerce in Southeast Asia (SEA). In his current role, he has been involved multiple Commercial Due Diligence projects in SEA, particularly Indonesia. He is an MBA from Indian Institute of Management, Ahmedabad with a Bachelor in Technology, Indian Institute of Technology, Madras. He can be reached at roshanb@redseer.com Roshan Raj Behera Partner, SEA Mrigank brings 5+ years of experience in advising corporates and investors in India, SEA and MENA and Europe across deal cycle and strategic planning process. He is frequently quoted and acknowledged by media channels as a thought leader in the internet space. He is an MBA from Indian Institute of Management, Indore with a Bachelor in Technology, Indian Institute of Technology, Roorkee. He can be reached at mrigank@redseer.com Mrigank Gutgutia Director, SEA Akshay has 6+ years’ experience covering Strategy Consulting, Equity Research, Business Analytics & Technology. In his current role, he has worked across geographies (MENA, Europe, India and SEA) on engagements covering Market Landscaping, Competitive positioning & Opportunity identification, Commercial Due Diligence, etc. He was previously working with Goldman Sachs as an Equity Analyst covering their EMEA Telecom sector. He’s an Alumnus of IIM Kozhikode. He can be reached at Akshay@redseer.com Akshay Jayaprakasan Engagement Manager Divyanshu has 2 years of experience advising various corporates and investors from SEA and India across retail, e-commerce and e-logistics space. He is an M.Sc in Economics from Indian Institute of Technology, Kharagpur. He can be reached at divyanshus@redseer.com Divyanshu Shrivastava Associate Consultant Mohit has 3 years’ experience in the Research and Consulting industry. In his current role as a Business Analyst, he has worked with Consumer Internet clients across geographies (MENA, Europe, India and SEA) on engagements covering Market Landscaping, Competitive positioning & Commercial Due Diligence. He has completed his B-Tech in mechanical engineering from the Vellore Institute of Technology. He can be reached at khanna.mohit@redseer.com Mohit Khanna Business Analyst TEAM

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