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E-Commerce Deal Multiples (Select Transactions)
For any queries or detailed information contact us on
+91 22 6002 2001 or email at research@reevolv.in
March 2014
E-Commerce Deal Multiples (Select Transactions)

2


Table of Contents
Particulars Page Nos.
1. E-Commerce Deal Multiples Summary 3
2. Player Profiles and Deal Multiples
2.1. Book my show 10
2.2. Deals and you 14
2.3. First Cry 19
2.4. Flipkart 24
2.5. Matrimony 32
2.6. Myntra 51
2.7. Naaptol 63
2.8. Snapdeal 74
2.9. Sulekha 86
2.10. Via 93
3. Annexure 101















E-Commerce Deal Multiples (Select Transactions)

3


1. E-Commerce Deal Multiples Summary
Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE(x)
1
Book my
show
E-18 Limited April 3, 2007 Xxx
FY 2007 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2008 xxx xxx xxx xxx xxx xxx xxx xxx
Accel India
September 14,
2012
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx



2
Deals and
you
Oliver Jung March 14, 2011 xxx FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
Mayfield Fund
October 12,
2011
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
Norwest Venture
Partners
October 12,
2011
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
Nokia Growth
Partners
October 12,
2011
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
Intel Capital
October 12,
2011
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx



3 First Cry
SAIF Partners
May 5, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
February 2,
2012
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
IDG Ventures
February 2,
2012
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx

February 8,
2104
Amount invested by investors are SAIF Partners Rs. xxx Mn, IDG Ventures Rs. xxx Mn,
Vertex Ventures Rs. xxx MN
E-Commerce Deal Multiples (Select Transactions)

4


Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/ Sales
(x)
EV/
EBITDA
(x)
PE(x)
4 Flipkart
Accel Partners
October 20,
2009
xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
November 12,
2009
xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
December 10,
2009
xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
Tiger Global
December 10,
2009
xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
March 9, 2011 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
As per media reports Naspers, Dragoneer, Morgan Stanley, Sofina, Vulcan Capital, Iconiq Capital have invested in the holding company Flipkart Private Limited,
Singapore of Flipkart India Private Limited
Details of Flipkart Private Limited, Singapore have not been covered in this report


5 Matrimony
Yahoo!
July 28,2006 xxx
FY2006 xxx xxx xxx xxx xxx xxx xxx xxx
FY2007 xxx xxx xxx xxx xxx xxx xxx xxx
January 25,2008 xxx
FY2007 xxx xxx xxx xxx xxx xxx xxx xxx
FY2008 xxx xxx xxx xxx xxx xxx xxx xxx
Canaan
Partners
July 28,2006 xxx
FY2006 xxx xxx xxx xxx xxx xxx xxx xxx
FY2007 xxx xxx xxx xxx xxx xxx xxx xxx
January 25,2008 xxx
FY2007 xxx xxx xxx xxx xxx xxx xxx xxx
FY2008 xxx xxx xxx xxx xxx xxx xxx xxx
March 29,2011 xxx
FY2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY2011 xxx xxx xxx xxx xxx xxx xxx xxx

E-Commerce Deal Multiples (Select Transactions)

5


Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE(x)
5 Matrimony
Mayfield Funds
January 25,
2008
xxx
FY2007
xxx xxx xxx xxx xxx xxx xxx xxx
FY2008
xxx xxx xxx xxx xxx xxx xxx xxx
March29, 2011
xxx
FY2010
xxx xxx xxx xxx xxx xxx xxx xxx
FY2011
xxx xxx xxx xxx xxx xxx xxx xxx
Draper
Investment
Company
July 28, 2006
xxx
FY2006
xxx xxx xxx xxx xxx xxx xxx xxx
FY2007
xxx xxx xxx xxx xxx xxx xxx xxx
January 25,
2008
xxx
FY2007
xxx xxx xxx xxx xxx xxx xxx xxx
FY2008
xxx xxx xxx xxx xxx xxx xxx xxx
The
Hartenbaum
Revocable Trust
July 28, 2006 xxx
FY2006
xxx xxx xxx xxx xxx xxx xxx xxx
FY2007
xxx xxx xxx xxx xxx xxx xxx xxx
January 25,
2008
xxx
FY2007
xxx xxx xxx xxx xxx xxx xxx xxx
FY2008
xxx xxx xxx xxx xxx xxx xxx xxx

India
Property
Online
(demerged
with
Matrimony
in FY
2013)
Canaan
Partners
April 17, 2013
xxx
FY 2013
xxx xxx xxx xxx xxx xxx xxx xxx
January 3, 2014
xxx
FY 2013
xxx xxx xxx xxx xxx xxx xxx xxx
Mayfield Funds
April 17, 2013
xxx
FY 2013
xxx xxx xxx xxx xxx xxx xxx xxx
January 3, 2014
xxx
FY 2013
xxx xxx xxx xxx xxx xxx xxx xxx
Bertelsmann SE
& Co.KGaA
January 3, 2014
xxx
FY 2013
xxx xxx xxx xxx xxx xxx xxx xxx

E-Commerce Deal Multiples (Select Transactions)

6


Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE(x)
6 Myntra ###
Accel India
August 14, 2011 ** xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
May 17, 2012 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
February 26, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
February 17, 2014 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Tiger Global
August 14, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
May 17, 2012 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
February 26, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
February 17, 2014 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
IDG Ventures
August 14, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
May 17, 2012 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
February 26, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
February 17, 2014 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
** - Excluding amount invested in secondary stake buyout
### - The cumulative stake refers to the total stake held by the shareholder considering all the earlier investments (2008 onwards)
E-Commerce Deal Multiples (Select Transactions)

7


Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE(x)

Myntra ###
IndoUS Venture
Partners / Kaalari
Capital
August 14, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
February 26,
2013
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Premji Investment
February 17,
2014
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Sofina
February 17,
2014
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx



7 Naaptol
Canaan Partners
August 5, 2010 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
August 30, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
December 21,
2012
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Saama Capital
(SVB India)
December 28,
2010
xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
September 2,
2011
xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
December 21,
2012
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
New Enterprise
Associates
August 30, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
December 21,
2012
xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
### - The cumulative stake refers to the total stake held by the shareholder considering all the earlier investments (2008 onwards)

E-Commerce Deal Multiples (Select Transactions)

8


Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
Year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/
Sales (x)
EV/
EBITDA
(x)
PE (x)
8 Snapdeal
IndoUS Venture
Partners /
Kaalari Capital
September 16,
2009
xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
May 21, 2010 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
January 3, 2011 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
August 18,
2011
xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
April 30, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Nexus Venture
Partners
January 3, 2011 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
August 18, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
April 30, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
May 31, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Bessemer
Venture
Partners
August 18, 2011 xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
May 31, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Ebay
April 30, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
May 31, 2013
xxx FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
xxx FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
** - Excluding amount invested in secondary stake buyout

E-Commerce Deal Multiples (Select Transactions)

9


Sr.
No
Website
Name of
Investor/s
Date
Amount
Invested
(Rs. Mn)
year
Pre-
money
(Rs. Mn)
EV
(Rs. Mn)
Revenue
(Rs. Mn)
EBITDA
(Rs. Mn)
PAT
(Rs. Mn)
EV/ Sales
(x)
EV/
EBITDA
(x)
PE (x)

Snapdeal
Saama Capital
(SVB India)
April 30, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
May 31, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Intel Capital May 31, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Ru-Net South
Asia
May 31, 2013 xxx
FY 2012 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2013 xxx xxx xxx xxx xxx xxx xxx xxx
Other investors includes Recruit Strategic Partners, Kenneth S. Glass, The Entrust Group Inc., Hans Tung, Anand & Venky LLC, Shali Mauritius Private Limited,
Bacca Snapdeal Mauritius Private Limited, Laurent Amouyal

9 Sulekha
Norwest
Venture
Partners
September 27,
2006
xxx
FY 2006 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2007 xxx xxx xxx xxx xxx xxx xxx xxx
June 25, 2007 xxx
FY 2007 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2008 xxx xxx xxx xxx xxx xxx xxx xxx
January 31, 2011 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
Mitsui Global
Investment
January 31, 2011 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx


10 Via
IndoUS
Venture
Partners /
Kaalari Capital
May 14, 2007 xxx FY 2008 xxx xxx xxx xxx xxx xxx xxx xxx
October 27, 2009 xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
August 17, 2010 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
Sequoia
Capital
October 27, 2009 xxx
FY 2009 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
August 17, 2010 xxx
FY 2010 xxx xxx xxx xxx xxx xxx xxx xxx
FY 2011 xxx xxx xxx xxx xxx xxx xxx xxx
** - Excluding amount invested in secondary stake buyout
E-Commerce Deal Multiples (Select Transactions)

10


2. Player Profiles and Deal Multiples

2.1 xxxx


2.1.1 Overview
Description
Company Name

Founder

Year of Inception/
Incorporation
Inception
Incorporation
Product / Services

Name of the
Investor/s

Business Format

Distribution

Affiliates/Partner
Sites

Future Plans
Source: Company Website and Reevolv Research

2.1.2 Shareholding pattern as on AGM

Equity Shares Preference Shares
Number of
Shares
Paid up Percentage
Number of
Shares
Paid up Percentage
Director/ Relatives of
Director

Foreign Holding
(FIIs/FCs/NRI/OCBs)

Bodies Corporate

Total

Source : Company Filings


E-Commerce Deal Multiples (Select Transactions)

11


2.1.3 Financials
Profit & Loss Account for the year ended 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Revenue from Operation
Other Income
Total Revenues
Cost of Materials Consumed
Rent, Rates and Taxes
Administrative and General Expenses
Employee Expenses
Selling and Distribution Expenses
Total Expenditure
EBITDA
Depreciation
EBIT
Interest
PBT
PAT

Balance Sheet as at 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Share Capital

Reserves & Surplus

Shareholders Funds

Secured Loan

Unsecured Loan

Loan Funds

Deferred Tax Liability

Total Liabilities

Gross Block

Net Block

Capital work in progress

Investments

Inventories

Sundry Debtors

Other Current Assets

Total Current Assets & Advances

Current Liabilities

Provisions

Total Current Liabilities & Provisions

Net Working Capital excl. Cash & Bank

Cash & Bank

Net Working Capital incl. Cash & Bank

Total Assets

Source: Company Filings, Totals may not tally due to rounding off errors

E-Commerce Deal Multiples (Select Transactions)

12


Key Ratios FY2009 FY2010 FY2011 FY2012 FY2013
Expenditure Ratios
Cost of material Consumed as a % of Total Revenues
Rent, Rates and Taxes as a % of Total Revenues
Administrative & Other Expenses as a % of Total Revenues
Employee Expenses as a % of Total Revenues
Selling and Distribution Expenses as a % of Total Revenues

Profitability Ratios
EBITDA %
EBIT%
PBT %
PAT %

Return Ratios
ROCE %
ROE %

Financial Ratios
Total Debt / Net Worth
Secured Debt / Net Worth
Total Debt / EBITDA

Turnover Ratios
Working Capital Turnover Ratio
Net Fixed Assets Turnover Ratio
Inventory Days
Debtors Days

DuPont Analysis
EBIT / Total Income
PAT / EBIT
PAT / Total Income
Total Assets / Net Worth
Total Income / Total Assets
Source: Company Filings and Reevolv Research






E-Commerce Deal Multiples (Select Transactions)

13


2.1.4 Valuation
Month & Year

Investor

Investor Company Name

Instrument 1

Instrument 2

Amount invested Instrument 1 (Rs. Mn)

Amount invested Instrument 2 (Rs. Mn)

Total Amount invested (Rs. Mn)

Instrument 1 Equivalent stake (%)

Instrument 2 Equivalent stake (%)

Total equivalent stake (%)

Primary stake %

Secondary stake %

Cumulative stake %

Source : Company Filings and Reevolv Research



Month & Year

(Rs. Mn)

Pre-money

Debt

Cash and cash equivalents

Net Debt

EV

Post-money



Revenues

EBITDA

PAT

ROCE %

ROE %



EV/ Sales (x)

EV/EBITDA (x)

PE (x)

Source : Company Filings and Reevolv Research
Note :



E-Commerce Deal Multiples (Select Transactions)

14


2.2 Flipkart.com

2.2.1 Overview
Description
Company Name Flipkart Online Services Private Limited, Flipkart India Private Limited
Founder

Year of Inception/
Incorporation
Inception
Incorporation
Product / Services

Name of the
Investor/s

Business Format

Distribution

Affiliates/Partner
Sites

Future Plans
Source: Company Website and Reevolv Research


2.2.2 Shareholding pattern as on AGM

Equity Shares Preference Shares *
Number of
Shares
Paid up Percentage
Number of
Shares
Paid up Percentage
Director/
Relatives of Director
Bodies Corporate

Other Shareholders

Total

Source : Company Filings



E-Commerce Deal Multiples (Select Transactions)

15


2.2.3 Financials
Profit & Loss Account for the year ended 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Total Revenues

Total Expenditure

PBT

PAT


Balance Sheet as at 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Share Capital

Reserves & Surplus

Shareholders Funds

Secured Loan

Unsecured Loan

Loan Funds

Deferred Tax Liability

Total Liabilities

Gross Block

Net Block

Capital work in progress

Investments

Inventories

Sundry Debtors

Other Current Assets

Total Current Assets & Advances

Current Liabilities

Provisions

Total Current Liabilities & Provisions

Net Working Capital excl. Cash & Bank

Cash & Bank

Net Working Capital incl. Cash & Bank

Total Assets

Source: Company Filings, Totals may not tally due to rounding off errors
Note:







E-Commerce Deal Multiples (Select Transactions)

16


Key Ratios FY2009 FY2010 FY2011 FY2012 FY2013
Profitability Ratios
PBT %

PAT %



Return Ratios
ROCE %

ROE %


Financial Ratios
Total Debt / Net Worth

Secured Debt / Net Worth

Total Debt / EBITDA


Turnover Ratios
Working Capital Turnover Ratio

Net Fixed Assets Turnover Ratio

Inventory Days

Debtors Days


DuPont Analysis
EBIT / Total Income

PAT / EBIT

PAT / Total Income

Total Assets / Net Worth

Total Income / Total Assets

Source: Company Filings and Reevolv Research











E-Commerce Deal Multiples (Select Transactions)

17


Flipkart India Private Limited
Profit & Loss Account for the year ended 31st March (Rs. Mn)
FY2012 FY2013
Total Revenues

Total Expenditure

EBITDA

Depreciation

EBIT

Interest

PBT

PAT


Balance Sheet as at 31st March (Rs. Mn)
FY2012 FY2013
Share Capital

Share Application Money

Reserves & Surplus

Shareholders Funds

Secured Loan

Unsecured Loan

Loan Funds

Deferred Tax Liability

Total Liabilities

Gross Block

Net Block

Capital work in progress

Investments

Inventories

Sundry Debtors

Other Current Assets

Total Current Assets & Advances

Current Liabilities

Provisions

Total Current Liabilities & Provisions

Net Working Capital excl. Cash & Bank

Cash & Bank

Net Working Capital incl. Cash & Bank

Total Assets

Source: Company Filings, Totals may not tally due to rounding off errors




E-Commerce Deal Multiples (Select Transactions)

18


Key Ratios FY2012 FY2013
Profitability Ratios
EBITDA %

EBIT%

PBT %

PAT %


Return Ratios
ROCE %

ROE %


Financial Ratios
Total Debt / Net Worth

Secured Debt / Net Worth

Total Debt / EBITDA


Turnover Ratios
Working Capital Turnover Ratio

Net Fixed Assets Turnover Ratio

Inventory Days

Debtors Days


DuPont Analysis
EBIT / Total Income

PAT / EBIT

PAT / Total Income

Total Assets / Net Worth

Total Income / Total Assets

Source: Company Filings and Reevolv Research


E-Commerce Deal Multiples (Select Transactions)

19


2.2.4 Valuation

Month & Year

Investor

Investor Company Name

Instrument 1

Instrument 2

Amount invested Instrument 1 (Rs. Mn)

Amount invested Instrument 2 (Rs. Mn)

Total Amount invested (Rs. Mn)

Instrument 1 Equivalent stake (%)

Instrument 2 Equivalent stake (%)

Total equivalent stake (%)

Primary stake %

Secondary stake %

Cumulative stake %

Source : Company Filings and Reevolv Research








E-Commerce Deal Multiples (Select Transactions)

20



Month & Year

(Rs. Mn)

Pre-money

Debt

Cash and cash equivalents

Net Debt

EV

Post-money



Revenues

EBITDA

PAT

ROCE %

ROE %



EV/ Sales (x)

EV/EBITDA (x)

PE (x)

Source : Company Filings and Reevolv Research
Note :


Conversion Ratio

Issued on











Note:
As per media reports Naspers, Dragoneer, Morgan Stanley, Sofina, Vulcan Capital, Iconiq Capital
have invested in the holding company Flipkart Private Limited, Singapore of Flipkart India Private
Limited
Details of Flipkart Private Limited, Singapore have not been covered in this report



E-Commerce Deal Multiples (Select Transactions)

21


3. Annexure

3.1 Ratios
Key Ratios
Cost of Material Consumed %
Cost of Material Consumed
Total Revenues
X 100
Employee Expenses %
Employee Expenses
Total Revenues
X 100
Selling & Distribution Expenses %
Selling & Distribution Expenses
Total Revenues
X 100
Administrative Expenses %
Administrative Expenses
Total Revenues
X 100
EBITDA %
EBITDA
Total Revenues
X 100
EBIT %
EBIT
Total Revenues
X 100
PBT %
PBT
Total Revenues
X 100
PAT %
PAT
Total Revenues
X 100
ROCE %
EBIT
Capital Employed
X 100
ROE %
PAT
Net Worth
X 100
Capital Employed
Total of Asset / Liabilities
(Liabilities = Shareholders funds + Loan Funds + Deferred Tax + Minority Interest)
Working Capital Turnover Ratio
Total Revenues
Net Current Assets excl Cash Bank

Net Fixed Assets Turnover Ratio
Total Revenues
(Net Fixed Assets excl Capital Work in Progress)

Inventory Days
Inventory
(Cost of Material Consumed)
X 365
Debtors Days
Debtors
Total Revenues
X 365







E-Commerce Deal Multiples (Select Transactions)

22


3.2 Abbreviations

Description
CCD Compulsory Convertible Debentures
CCPS Compulsory Convertible Preference Shares
CY Calendar Year
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
EV Enterprise Value
FY Financial Year
NA Not Available
NM Not Meaningful
NR Not Relevant
P/E Price to earnings
PAT Profit after tax
PBT Profit before tax
ROCE Return on capital employed
ROE Return on equity















E-Commerce Deal Multiples (Select Transactions)

23


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Founded in 2008, Reevolv is a team of CAs, MBAs and Engineers with functional and industry expertise
and diverse background of investment banking and management consulting.

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