IT/ITES, Hardware &

E-Commerce Industry

YES Information Technology Communiqu

Newsletter for IT/ITES, Hardware & E-Commerce

Content

Highlights

Knowledge Update

Taxation Challenges in the e-Commerce Regime

New Developments

Government of India to spend $6.88 billion on IT in

2015

Deal Dynamics

RBI permits banks to use e-payments for imports

FreeCharge Launches its Digital Wallet in partnership
with Yes Bank
OlaCabs Raises $225M in a Fresh Round
Quickheal files for IPO to raise Rs 250 Cr from fresh
share sale

September 2015

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Knowledge Update
Taxation Challenges in the eCommerce Regime
E-commerce is the new normal with goods and services having moved from a physical platform to
a digital one i.e. goods and services being transacted online or being themselves digital. The current
tax laws could pose significant challenges in e-commerce, especially international transactions, and
this calls for a new tax system which specifically recognizes and deals with e-commerce. The Indian
Revenue, having been aware of the unique challenges posed by e-commerce, constituted a High
Powered Committee (HPC) on Electronic Commerce and Taxation in 2001 to examine the then
current as well as proposed tax treatment of e-commerce. More recently, in 2013, OECD and the
G20 countries adopted a 15-point action plan to address Base Erosion and Profit Shifting (BEPS)
strategies adopted by companies to minimise their tax cost through artificial structures; Action 1 of
BEPS deals specifically with tax challenges in e-commerce.
Unique tax challenges presently posed by e-commerce
Generally, income of a company is taxed in the country of incorporation. However, a company with
global operations is also taxed in countries in which it carries on business (source country) in case
a physical presence i.e. a permanent establishment (PE) is created in that country. Profits
attributable to the business activities carried out by the PE in such source country may be taxed. The
physical presence could be in the form of a place at the disposal of the company or presence of
employee / dependent agent. The inherent nature of e-commerce permits companies to do away
with the need to have a physical presence to carry out business operations in a source country and
this gives rise to tax challenges for the source country. For instance, a challenge arises when a
company carries out its business through websites, for example, providing services online, sale of
music, etc. As per the Organization for Economic Cooperation and Developments (OECD) 2014
commentary on its model tax treaty, merely having a website does not lead to a PE; the website
must be hosted on the companys server in the source country to create a PE. The servers of ecommerce companies may be located outside the source country, which may lead to the source
country being unable to tax the income in the absence of a PE.
This challenge has also been recognized by the HPC in its report. One of the most challenging
supply types identified by OECD is growth of cross-border digital supplies to end customers, where
it is difficult for countries to tax supplies made by non-residents. The option for addressing the
challenge includes requiring vendors to register and account for taxes in the country of importation.
The non-resident suppliers of B2C supplies can register and account for taxes in the customer
jurisdiction as implemented by the European Union in 2015.
Another unique challenge arises in case of e-tailers. While maintaining facilities in a source country
and making deliveries therefrom may not create a PE under the existing OECD model tax treaty, the
same may lead to non-taxation in an e-commerce scenario, where maintaining a warehouse in the
market country is a critical activity for an e-tailer which conducts all other activities through
automated processes. Also, the e-commerce scenario makes it easier to fragment critical functions of
a business and locate the same in different countries owing to increased communication. For
example, the intellectual property rights may be situated in a low-tax country and profits in source
countries could be reduced due to royalty payments for such rights. Such practices may result in
avoidance of PE or low attribution of profits to the PE from a transfer pricing perspective.
The retailers would pay appropriate taxes in B2B or B2C online sale transactions. Where the online
portal provides platform for C2C transaction, who has the onus to discharge tax? Already, some

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States are treating e-tailers as agents of the sellers and therefore directing them to obtain VAT
registration and discharge taxes on behalf of the sellers. When the goods are shipped by the retailer
and delivered by the e-tailers, there arises a challenge when the destination State demands VAT
treating such sale as a local sale in their State. Aggregators were under the scanner of service tax
authorities for rendering cab hiring services to customers. The Union budget 2015-16 has brought in
clarity on this aspect. Aggregator or any of his representative office located in India is being made
liable to Service Tax if the service is provided using the brand name of the aggregator in any
manner.
Characterisation of income is another key tax challenge in e-commerce and allied activities like
connectivity or software payments. Broadly speaking, a payment could be characterised as business
income, royalties or fees for technical services (FTS) and the tax treatment is dependent on such
characterisation business income is not taxed unless there is a PE in the source country whereas
generally, royalties and FTS are subject to withholding tax in the source country, irrespective of PE
creation. Royalties broadly refer to any payment made for the use of commercial rights (e.g.
copyright, trademark, patent), for information about industrial / commercial / scientific experience,
for use of industrial / commercial / scientific equipment, etc. FTS broadly refers to payments for
technical / managerial / consultancy services.
Conclusion
E-commerce is dynamic and is throwing up new business models at a fast pace. It is imperative that
tax laws / administration keep pace meeting the challenges posed by such models to ensure
appropriate taxation. Suggestions by the HPC report to deal with tax challenges of a digital
economy include re-look at the current PE concept and replacing it with a base erosion approach
involving a low withholding tax on turnover. The OECDs 2014 deliverable on BEPS Action 1:
Address the tax challenges of the digital economy suggests some measures such as modification of
PE concept, progressive tax on the bandwidth usage of websites, withholding tax by financial
institutions while making payments for digital goods / services.
E-commerce transactions (such as airlines business) are subject to multi-layered taxes today. The
Indian Government has proposed to introduce Goods and Service Tax (GST) by April 2016. It is a
destination based consumption tax. Under GST, there is shift of focus from manufacture/provision
of service/sale to supply. Hence, GST should be a modern tax to cover additive manufacturing (3D
printing), eliminate the anomaly of double taxation on software; address issues faced by ecommerce companies. It is pertinent to note that the OECD has concluded that it would be difficult,
if not impossible, to ring-fence the digital economy from the rest of the economy for tax purposes. It
is necessary to adopt global taxation principles for e-commerce which would form the cornerstone
of a countrys national tax regime to deal with e-commerce scenarios. A guiding light could be the
tax principles presented in the 1998 Ottawa Ministerial Conference on Electronic Commerce and
accepted by OECDs BEPS Action 1 - uniform taxation between conventional and electronic forms
of commerce, minimum compliance and administrative costs, clear and simple tax rules, and
fairness in taxation. The borderless nature of e-commerce calls for a coordinated effort at the
international level to result in a level-playing field for multi-national companies in all countries.

September 2015

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New Developments
Government of India to spend $6.88 billion on IT in 2015
According to a Gartner forecast report, Enterprise IT Spending for the Government and
Education Markets, Worldwide, 2013-2019, 2Q15 Update, led by the Digital India Programme
Government of India will be spending USD 6.88 billion on IT products and services in 2015, an
increase of 5.2 percent over 2014. Government spending on software will total 869 million USD
in 2015, a 10.6 percent increase from 2014. As per the report, IT services, including consulting,
implementation, IT outsourcing and business process outsourcing, is expected to grow 10
percent in 2015 to reach $1.6 billion with the BPO sub-segment growing by 21 percent. The
report also forecasts that telecom services will be a USD 1.6 billion market, with the mobile
network services sub-segment recording fastest growth of 3 percent in 2015 to reach USD 787
million.
Impact: Investments in Digital India initiative, with a focus to allow access of government
services on mobile, expansion broadband network, the smart city programme, and
governments spending on IT software and services for the implementation of these
programmes, will be a stimulus for Indian IT sector. Most importantly, these investments will
give the necessary fillip to Indias efforts in increasing domestic IT consumption on a large scale.
RBI permits banks to use e-payments for imports
The Reserve Bank of India has taken a decision to allow banks to process and settle import
related payments facilitated by online payment gateway service providers (OPGSPs). RBI had
earlier permitted banks to offer the facility to repatriate export related remittances by entering
standing arrangements with OPGSPs in respect of export of goods and services. The limit has
been fixed at fixed at USD 2,000 on import and USD 10,000 on export of goods and software as
allowed under the foreign trade policy.
Impact: Prior to this decision, ecommerce companies were not specifically permitted by the RBI
to remit sales proceeds directly to the bank account of the overseas merchant for import of
goods made by such merchants. The decision is a significant step towards rationalizing the
regulatory framework pertaining to processing and remittance of import related payments to
the overseas merchants, and appointment of OPGSPs to facilitate the import related payment to
the overseas bank account of such merchants.
Government of Odisha to invest Rs 4,000 crore on IT-ITeS sector in the next 5 years
Government of Odisha will invest Rs 4,000 crore from its budget in next five years towards IT,
ITES and ESDM sector. The Odisha government has decided that every department would
spend two per cent of planned budget or one per cent of total budget for electronic enabled
service delivery to citizens as enacted under Right to Public Service Delivery Act. The state
government is also setting up a Green Field Electronics Manufacturing Cluster in the state.
Impact: The investment is an effort towards making Odisha the preferred destination for
IT/ITES/ESDM companies. Further, the investment is expected to create more than one lakh
jobs in the state.
India slips in ITUs broadband penetration rankings
According to a recently released International Telecommunication Union (ITU) report "The State
of Broadband", India's mobile and fixed-line broadband subscriptions in 2014 lagged behind as
compared to other countries. The annual report placed India 131st in fixed broadband coverage,
down from the 125th spot in 2013. While India's household internet access improved to 15.3% in

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2014, it earned India the 80th rank, five notches down from the previous year. However, the
country's rank in internet access for individuals moved up six places to 135, out of 191 countries.
Google to bring free high-speed Wi-Fi to 400 railway stations in India
During PM Narendra Modis recent visit to Googles headquarters, Google CEO Sundar Pichai
announced a new project to provide free high-speed public Wi-Fi in 400 train stations across
India. Google will team up with Indian Railways, and RailTel, making it the largest public Wi-Fi
project in India, and amongst the largest in the world. The project, which will be adopted as a
self-sustainable model, aims to cover 100 of the busiest stations in India before the end of 2016,
and the remaining stations soon after.
Impact: This project will help significantly in getting nearly one billion Indians who are not yet
connected to the internet, online. Even with just the first 100 stations online (by the end of 2016),
this project will make Wi-Fi available for more than 10 million people who pass through these
stations every day.

Industry Results
No Results declared in the month of September15

Deal Dynamics
IT/ITeS
Quickheal files for IPO to raise Rs 250 Cr from fresh share sale
Antivirus software maker Quickheal Technology has filed the Draft Red Herring Prospectus
with the Securities and Exchange Board of India (SEBI) seeking permission for its initial public
offering (IPO). The Pune-based company intends to raise Rs 250 crore by issuing fresh shares. It
will also offer to sell 6.8 million shares held by promoters family and venture capital firm
Sequoia Capital India Investment Holdings which had acquired a 10% stake in 2010.
Infogain acquires Blue Star Infotech for Rs 180 Cr
San Francisco-based IT services company Infogain will be acquiring BlueStar Infotech, the
information technology (IT) arm of air conditioning major Blue Star for Rs 180.80 crore. As part
of the deal, Blue Star Infotech will retain its real estate and other assets, valued at around Rs.
96.7 crore, after the sale of its IT business. Infogain, which has offices in the US, Pune and Noida,
is backed by India-based private equity firm ChrysCapital, which infused $63 million (Rs 403
crore) in August 2015.

E-Commerce
FreeCharge Launches its Digital Wallet in partnership with Yes Bank Ltd
To take on rivals Paytm and Flipkart in the mobile payments battle, Snapdeal owned
online recharge and utility payments unit FreeCharge has launched a digital wallet in
partnership with Yes Bank and payment bank licensee Fino PayTech.The new wallet will allow
consumers to make payments for transactions on both Freecharge and Snapdeal. Snapdeal will
spend Rs.1,000 crore towards cash-back offers and other discounts as festive shopping picks up
during October-December, to attract consumers to start using FreeChrage digital wallet.
Freecharge already has a wallet-like FreeCharge Credits feature in its app, and by partnering
with payment bank licensee, it can integrate it with savings bank accounts via IMPS and NEFT
transfers and issue ATM and debit cards.

September 2015

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Kalaari Capital Launches its Third $290M India Fund
Vani Kola led venture capital firm Kalaari Capital has launched a new India fund of $290
million (Rs. 2000 crore). Its the companys third firm in nine years. The company has fully
deployed its previous fund ($160 million) and invested in more than 60 startups in the country
such as Snapdeal, Urban Ladder, Myntra, Zivame, Bluestone, etc. With its third fund, the
company has already made a few investments. The investments from its first fund ranged
between $1 million and $2 million.
OlaCabs Raises $225M in a Fresh Round; Will Invest Over $750M in Cab Leasing Business
Ola Cabs has raised $225 million in a fresh round of funding. The new funding is led by existing
investor Falcon Edge Capital with participation from New York-based hedge fund and
its existing investors Tiger Global Management LLC and Softbank Corp. and six other investors,
as per documents filed by the company with the Registrar of Companies (RoC). The firm has
raised a total funding of more than $900 million till now. According to the RoC filling, Falcon
Edge has invested around $78 million, and Tiger Global and Soft Bank have pumped in $60
million and $58 million, respectively. Other existing investors, Steadview Capital, the Hong
Kong-based hedge fund, Pittsburgh based technology firm ABG Capital and Mauritiusregistered FII LTR Focus Fund have contributed $3.1 million, $2.7 million and $1.8
million respectively. New investors in the round include JS Capital (M) Ltd and Parkwood
Bespin, both Mauritius-registered entities, and Singapore-based high net-worth individual
Daniel E. Neary, and the three together contributed $20 million. Apart from this, Ola will invest
over $750 million in the coming year to expand its newly formed cab leasing business, that will
enable flexibility for drivers to lease a car for a minimal initial deposit and monthly lease
payments with an option to own the vehicle after a period of 3 years.
China's Didi Kuaidi firms up anti-Uber alliance, invests in Ola
China's most popular ride-hailing app Didi Kuaidi has invested around $ 30 million in Indian
peer Ola, forging a new alliance within a network of companies challenging US rival Uber
Technologies Inc . Didi joins existing investors including SoftBank Corp, Falcon Edge, Singapore
sovereign wealth fund GIC and Tiger Global Management.
Chip maker Qualcomm Incorporated announces $150 million fund to invest in Indian
startups
Qualcom will raise a fund that will invest in Indian startups that are focused on contributing to
the mobile and 'internet of everything' ecosystem. A Qualcomm Innovation Lab will be set up in
Bangalore to provide technical and engineering support to Indian companies; the company will
begin 'Design in India' initiative which will encourage creation of a local product design
ecosystem.
Mobile adtech company InMobi has raised $100 million in new debt
Mobile adtech company InMobi has raised $100 million in new debt from a consortium of
lenders led by US-based Tennenbaum Capital Partners. InMobi has received nearly $60 million,
of which $40 million has been used to pay off the debt raised last year from Hercules
Technology Growth Capital (HTGC).
Snapdeal to Invest $100M in its Mobile-Only Zero Commission Marketplace Shopo
Snapdeal had acquired Shopo.in a couple of year back, and now the eCommerce firm will invest
$100 million to enhance technology and expand the Shopo brand. Shopo is a mobile-only
marketplace that works on on a zero commission model for vendors. It aims to bring small and
medium businesses (SMBs) online, and already have 20,000 shops on the platform. It targets of
getting one million such shops on Shopo in the next one year. Its app which is available
for Android and iOS users, allows entrepreneurs and small shops to go online without
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submitting any documents and avoids long verification procedures. Also, they dont have to
pay any commission for the sale. Shopo has a chat-based model that allows sellers to connect
with buyers, and individual selling can click a photo of their products and list on Shopo. Also, it
is looking at offering SMBs help with logistics and payment gateways.
YepMe to Close $75M from Khazanah Nasional and its Existing Investors
Online fashion retailer, Yepme.com that is backed by Gurgaon-headquartered Vas Data
Services, is in final stages to raise $75 million from a new investor Khazanah Nasional,
Malaysias sovereign wealth fund along with existing investors. The company had already
raised $13 million in series A round from TCS Capital and JS Capital, with participation
from existing investors Helion Venture Partners and Capricorn Investment Group, earlier this
year. Helion and Capricorn together hold around 60% stake in YepMe, while Morpheus holds
around 8% and the founders hold close to 20% of the company.
Lingerie Portal Zivame Raises Rs. 250Cr from Zodius Technology Fund, Others
Zivame, Indian online lingerie retailer has announced that it has raised Series C round of Rs 250
crore from Zodius Technology Fund and Khazanah National Berhad, the strategic investment
fund of the Government of Malaysia. Existing investors Unilazer, IDG Ventures and Kalaari
Capital also participated in the round. The company plans to use the funds to continue
dominating the category and provide a world class lingerie shopping experience to Indian
women. The company also announced the launch of its app, the lingerie app for women in
India.
Portea Medical Raises $37.5M in Series B Funding Led by Accel
Portea Medical, an Indian home healthcare platform has received $37.5 million in Series B
funding led by Accel Partners. International Finance Corporation (IFC), a member of the World
Bank Group, Qualcomm Ventures and Ventureast also participated in the round. The
company will use the latest investment to fuel the companys expansion in India where it
currently operates across 24 cities and handles 60,000 visits in a month to patients homes. It will
also utilize the funding to grow in other markets, including Malaysia where it already
provides services in four cities.
PepperTap Raises $36M in Series B Funding from Snapdeal, Sequoia, SAIF and Others
PepperTap, Gurgaon-based an on-demand hyperlocal grocery delivery service, has closed a
Series B funding round of $36 million, led by Snapdeal along with existing investors Sequoia
India and SAIF Partners. The funding also saw participation from new investors like Ru-net,
JAFCO, and BeeNext. In June, company officials had confirmed that they were soon
closing a $60 million round in Series B. But it appears that they managed to raise only a part of
it. The company is still looking to raise another $20 million now.
CredR Raises $15M in Series A from Eight Roads Ventures
Used vehicles marketplace, CredR has raised an amount of $15M in Series A round of funding
from Fidelitys proprietary investment arm, Eight Roads Ventures. Raised funds will be used to
scale up its product engineering & marketing and further to build its market product platform
across 20 Indian cities. As per the deal Kabir Narang, Managing Director at Fidelitys
investment arm will join the board of CredR. The company raised seed funding earlier this year
from investors including K. Ganesh, Kunal Bahl & Rohit Bansal of Snapdeal, and Amit Agarwal
of Amazon. CredR is an online platform for buying and selling verified, pre-owned two-wheeler
vehicles at a fair value. It connects buyers and sellers to ensure transparent and convenient
transactions. CredR stands for Credible Resale.

September 2015

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Practo Acquires Insta Health for $12M
Healthcare platform Practo has acquired hospital information management solution
provider, Insta Health Solutions for $12 million. Insta Health Solutions provides an end to end
cloud based hospital information management solution (HIMS) that powers hospitals across 15
countries in India, South East Asia, Middle East and Africa. Some of Instas customers are
Cloudnine, Deepam Hospitals, MyDentist in India, DaVita in India and Malaysia, Skyline
Hospital in Manila, NMC Group of hospitals in UAE, Karen Hospital in Kenya and many more.
Practo acquires Qikwell to go deeper into hospital segment
Bengaluru-based healthcare platform Practo has acquired smaller cross-town rival Qikwell for
an undisclosed amount, as it aims to go deeper into the enterprise segment, especially hospitals.
This acquisition, which is a mixture of cash and stock, makes them the world's largest heathcare
appointment booking platform that manages nearly 40 million appointments every year. This
includes appointments from Practo Search, Practo Ray, Insta and Qikwell. The acquisition will
enable Practo to provide services like appointment booking and contactless payments, besides
reduced waiting time for consumers at hospitals and clinics. Qikwell claims to currently offer
appointment scheduling across 250 hospitals in 19 cities including Manipal Hospital, Fortis,
Cloudnine, Narayana Hrudayala and many more.
Paytm to invest $10 mn in logistics data firm LogiNext
Mobile commerce platform Paytm is investing $10 million in logistics data start-up company,
LogiNext. The move is in line with Paytm's strategic plan to invest $150 million in a dozen
Indian tech start-ups over the next few months. LogiNext is a privately held big data analytics
start-up backed by Indian Angel Network. At present, LogiNext serves customers in the
medium and large enterprise bracket.
Industrybuying Raises $9M from Kalaari Capital, SAIF Partners and Beenext
Online marketplace for industrial goods, owned and operated by Delhi based MTech
Engineering Pvt Ltd, industrybuying.com has raised an amount of $9 million (Rs.60 crore) in
Series B round of funding from Kalaari Capital, Teruhide Satos Beenext and its existing investor
SAIF Partners. Raised amount will be used to build on its eCommerce platform, establish a
nationwide sales force, increase its vendor base and develop a full suite of digital offerings for
B2B brands.
PE Firm TVS Capital Looking to Invest Rs. 25Cr in Beauty eCommerce Startup Nykaa
Private equity and venture capital firm, TVS Capital Funds Ltd is acquiring a minority stake in
Mumbai based eCommerce portal, Nykaa that deals with wellness and beauty products. The PE
firm will also participate in Rs. 60 crore series C funding round of the company and will invest
about Rs. 25 crore. Previously, Nykaa has raised Rs. 20 crore from several investors by selling
about 20% stake.
Bestdealfinance Raises Over Rs.20Cr from Kalaari Capital, Globevestor and Dexter Capital
Mumbai-based Bestdealfinance, which visions to be a financial supermarket and is currently
growing with a focus on loans for retail and SME customers, has raised over Rs.20 crore
from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Capital. With the online
financial market heating up, the company plans to use the raised amount in building on its
technology automation in the financial processes. Currently its online presence is merely a lead
generation platform to service over phone.

September 2015

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Rocket Internet plans to sell its top companies in India
Rocket Internet is considering a plan to sell its top companies in India, marking a big shift in
strategy for the German firm. Instead of incubating startups, the founders of Rocket Internet will
now invest directly in companies through a venture capital fund. Fashion retailer Jabong, food
services aggregator Foodpanda and furniture retailer FabFurnish are on the block, with these
once-dominant Rocket Internet ventures losing significant ground to a rush of nimbler rivals
amid an unceasing churn in their operations.
Flipkart Buys Back its Logistics Arm From WS Retail Through its Subsidiary Instakart
Flipkart has bought back its logistics arm from WS Retail Services Pvt. Ltd, the largest seller on
its platform to simplify its business structure ahead of an initial public offering that the
company is looking forward to, a couple of years hence. The value of the deal has not been
disclosed yet. The acquisition has been made by Instakart Services which is a new subsidiary of
Flipkart. In July, Instakart had raised Rs.127 crore from Klick2shop Logistics Services
International Pte, a company registered in Singapore. Klick2shop was incorporated in February
and is registered under the same address as Flipkart Ltd, the groups holding company, in
Singapore.
Federal Bank starts corpus for startups
Federal Bank has created a fund exclusively for investment in startups. The aim is to provide
long term capital to startup companies with innovative ideas, potential for high growth and
ability to bring socio-economic impact. The fund will be used for supporting small ticket
projects in diverse sectors like digital financial services, biotechnology, high-tech farming,
healthcare, logistics, e-commerce/e markets etc. The initial corpus is Rs 25 crore, which is
scalable, according to a press release of the bank. To start with the bank will focus on projects in
Kerala and Gujarat. In March this year, Federal Bank had joined hands with Startup Village in
Kerala and MobME wireless to launch India's first focused FinTech Accelerator Programme,
which aimed at speeding up technological innovations in the financial sector space.
Mahindra & Mahindra in talks with startups in agricultural sector to reach customers
directly
India's largest tractor maker Mahindra & Mahindra has begun discussions for investing in and
collaborating with startups in the agricultural sector to eliminate traders and have direct access
to customers and farmers as the company looks to multiply its revenue ten times to Rs 10,000
crore in five to seven years. Mahindra Agri has recently added new business verticals such as
dairy, pulses and edible oil as it repositions itself as an input and food company primarily from
an input and crop care company. The group has earmarked Rs 1,000-1,500 crore to build
infrastructure and acquire technology to scale up new businesses.

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YES BANK has identified the IT industry as a key sector, and is deeply committed to supporting its growth.
YES BANK has institutionalized a highly empowered quality team with relevant industry and commercial
expertise to focus on specific segments of this industry.

Mergers & Acquisitions

Strong understanding of the sector is complemented by
robust execution skills and relevant local and
international regulatory knowledge

Associations

Private Equity
Key international and domestic relationships with
focused investors and investment banks facilitate cross
border transactions

Structured Finance
M&A and Capital raising is supplemented by structured
finance capabilities to provide optimal financing
solutions to clients

Strategic Advisory
Technical expertise amongst team members enables
focused advisory services including in/out-licensing,
strategic alliances, joint ventures, collaborations etc.

Confederation of Indian Industries

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Key Relationships

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YES BANK LIMITED

Regd. & Corporate Office: Nehru Centre, 9 th Floor, Discovery of India, Worli, Mumbai - 400018
Tel: + 91 22 6669 9000; Fax: + 91 22 6669 9018
Northern Office: D-12, South Extension-II, New Delhi - 110049
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KEY CONTACT DETAILS

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Corporate Banking
+91 22 33479135
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Corporate Banking
+91 22 3347 9157
shrikant.ganduri@yesbank.in

Roma Divanji/Saurabh Bajla/Priyanku Sharma

AVP/AVP/AVP
LSIT Knowledge Banking Corporate Banking
IT.KnowledgeBanking@Yesbank.in

About YES BANK

YES BANK, Indias new age private sector Bank, is the outcome of the professional & entrepreneurial commitment of its
Founder, Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private
Indian Bank catering to the Future Businesses of India. YES BANK has adopted international best practices, the highest
standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its
valued customers.
YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and
emerging corporate banking clients. YES BANK is steadily evolving as the Professionals Bank of India with the long term
mission of Building the Best Quality Bank of the World in India.
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nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially
differ from those that have been estimated.
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market risks and yields may fluctuate depending on various factors affecting capital/debt markets. Please note that past performance of the financial products and instruments does not
necessarily indicate the future prospects and performance thereof. Such past performance may or may not be sustained in future. YES BANK Limited or its officers, directors, personnel and
employees, including persons involved in the preparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities mentioned
herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation in the financial instruments/products/commodities discussed herein
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material may be duplicated in whole or in part in any form and or redistributed without the prior written consent of YES BANK Limited. This material is strictly confidential to the recipient
and should not be reproduced or disseminated to anyone else. Mutual Fund Investments are subject to market risks please read the offer document carefully before investing.

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September 2015