EMA Partners

IPO Presentation
January 2025

Lead Manager
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Strictly Private & Confidential
EMA Partners– Delivering Executive Search & Recruitment Solutions
Across Every Organizational Tier

Leading executive search brand

BOARD with over 2 decades of expertise in
& assessing and hiring leaders at the
C-SUITE Board, C-Suite and Senior
Executives across industries

Professional search brand providing

talent acquisition solutions across
MID TO SENIOR
mid and senior levels aided by
LEVEL EXECUTIVES
technology and internally
developed proprietary processes

Tech driven recruitment marketplace

ENTRY TO MID-LEVEL & SaaS platform that provides end-
EXECUTIVES to-end recruitment-technology
solutions at scale across geographies
using advanced AI and ML algorithms

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 Global Recruitment and Staffing Landscape: 2024 to 2029

Source: Ken Research Analysis

Note: The numbers for 2024 and 2029 have been estimated basis growth trend from previous Source: Ministry of Health & Family Welfare, India, Industry Reports & Ken Research Analysis
years, CY’2024 starting from 1st Jan 2024- 31St December 2024

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 Recruitment and Staffing Opportunity In India
For Executive Search / Leadership Hiring, EMA Partners ranks within
Market Signals impacting Employment in India by 2030 the top #10 by revenue with a market share of ~2.6%, competing with
the likes of Heidrick & Struggles, Spencer Stuart, KornFerry, Egon
Zehnder, Russell Reynolds Associates occupying ~50% of the market
share in India (Source: Ken Research Report)

TAM, SOM and Current Market Share of EMA Partners,

FY'2023-24

₹ 12,430 Cr

₹ 1,200 Cr

TAM ₹ 69 Cr
Total recruitment and
staffing services market
SOM
Seek market share Revenue
of 10% Market Share of
0.55%
Source: Ken Research Analysis
Note: The numbers for 2024 and 2029 have been estimated basis growth trend from previous Source: Ken Research Analysis
years, CY’2024 starting from 1st Jan 2024- 31St December 2024 Notes: Market Share of EMA Partners is basis the consolidated revenue of the group for the
financial year, 2023-24

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Market Segmentation based on Type of Hiring: 2019-2029

Market Opportunity
for James Douglas

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 Strategically Positioned Across 3 Fastest-Growing Markets – India,
UAE & Singapore

According to the AESC report , India,

(1)
•
Singapore and Middle East are the
fastest-growing recruitment markets

• EMA Partners India, along with its 8

DELHI subsidiaries, operates 8 offices
DUBAI
across 3 countries

MUMBAI • EMA Partners India established its

subsidiaries in Singapore in 2010 and
BANGALORE
CHENNAI in Dubai in 2017

SINGAPORE • The Singapore and UAE subsidiaries

collectively contributed ~32% of
revenues in Fiscal 2024

(1) Association of Executive Search and Leadership Consultants (AESC) is a global organization that establishes quality standards for the executive search and leadership consulting profession
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Two Decades of Experience Across Executive Search and Hiring Value
Chain

Broadened its horizon within

Incorporated MyRCloud – a Incorporated James
the global EMA framework by
comprehensive technology Douglas to capture mid to
incorporating a subsidiary in
first recruitment marketplace senior level market and
Singapore
platform for hiring at scale expand in India and GCC

2010 2021 2022

2003 2017 2021-22

Incorporated as Executive Incorporated a wholly- Crossed INR 50
Management Associates, it owned subsidiary in crores in Revenue
was rechristened as EMA Dubai to capture the
Partners India, growing Middle East
a member firm of EMA market
Partners International

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 Corporate Structure

EMA Partners India

100% EMA Partners Executive Search ~76% Reccloud Technologies Private

Private Limited Limited

100% James Douglas Professional Search

India Private Limited

India
100% Emagine People Technologies
Private Limited *

100% EMA Decision Dynamics Private

Limited *

100% EMA Partners Executive Search 100% James Douglas Professional Search
Limited (Dubai) Limited (Middle East)
Offshore
100%
EMA Partners Singapore Pte. Ltd

*no active business 8

 EMA Partners Group’s Value Proposition

EMA Partners Group’s Value Proposition EMA Partners Group’s Positioning

EMA Partners India has client market access and brand Tech Enabled High
rights in 3 pivotal markets, poised for further expansion
EMA
Partners
Operating across the entire spectrum of white- Group
collar hiring

Robust relationships with C-suite executives Recruitment

across three markets across all
levels Low High

Tech & SaaS platform serving marquee clients

Traditional Traditional
Strong pedigree of 20+ years, established and Executive Recruitment
credible brand Search Firms Agencies

India first – Globally present Low

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 Expertise Across Industries and Functions

Industrial IT Healthcare Energy Retail

Industries

Education PE & VC Pharma & BSFI Real Estate

Life Sciences

Strategy Engineering Finance HR General Digital Marketing

Functions Counsel

Sales Technology Risk & Audit Analytics

Supply Chain Operations

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 Clients Across Industries and Key Strategic Board Appointments
Marquee clients across industries includes Sample Board & Advisory Appointments with Expertise
✓ Leading private sector & global banks New-age FS company Private sector life insurance
Banking, Financial ✓ ✓
✓ Leading NBFCs, FinTechs, PEs & VCs

Independent
Services & Insurance company
✓ Leading insurance & asset mgmt. cos

Directors
✓ IPO ready electric mobility ✓ Leading listed retail &
✓ Leading mobility business unicorn jewelry company
Technology &
✓ Global telecom & digital services company
Digital ✓ Global payment services company ✓ Ed tech & IT service ✓ Leading asset management
company company
✓ Global industrial conglomerate
Industrial &
✓ Leading global power solutions company ✓ Global natural resources ✓ Leading food & support
Manufacturing ✓ Global metals & mining conglomerate major services company

Advisors
✓ Global energy giant ✓ Global natural resources ✓ Major large upstream oil &
Energy & Natural
✓ Large national energy player major gas company (oil & gas)
Resources ✓ Leading regional thermal power company
✓ Leading oil & gas ✓ Leading global zinc producer
✓ Global consumer & dairy giant
Consumer & Retail ✓ Largest Indian retailer
✓ Leading Indian FMCG giant
✓ India’s largest metals & ✓ Leading global zinc producer

Advisory Board
✓ Global life sciences company mining group
Pharmaceuticals ✓ Leading Indian pharma company
✓ Global medical tech company ✓ Largest private sector ✓ Diversified global natural
general insurance company resources group
✓ Education SaaS startup
✓ Leading aluminum ✓ Leading mining company
Startups ✓ Global leader in supply chain software
manufacturer (advisory board – mining)
✓ Fintech SaaS startup

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 Group Corporate Structure

K Sudarshan S Krishnaprakash
(Managing Director) (Whole Time Director)

EMA Partners India

Reet Bhambhani Amarjeet Dutta Rohini Seth
(Managing Partner & (Managing Partner,
(Partner, India)
COO, India) UAE)

EMA Partners KG Gopinadhan

(Partner, India &
Singapore Singapore)

EMA Partners UAE & Sanjeev Das

James Douglas (Partner, EMA India &
Director-in-charge,
Middle East James Douglas)

James Douglas Utpal Das

(Client Partner, EMA
India Partners India)

A Ramachandran
MyRCloud (Founder & CEO,
MyRCloud)

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 Board of Directors
• Co-founded EMA Partners India in 2003 with over 20+ years of executive search
experience managing domestic and cross-border assignments across diverse
Subramanian industries and functions. Bachelor’s degree in technology (Mechanical Engineering)
from Annamalai University and Post Graduate Diploma in Business Administration
Krishnaprakash
from Loyola Institute of Business Administration, Chennai
Whole Time Director • Specializes in niche technical searches and partners with private equity investors to
build leadership teams, working closely with Industrial, Life Sciences and Healthcare
clients to lead searches for business and functional leadership roles
• With 21+ years of experience in financial services, business, teaching and research,
she is a managing partner at Siana Capital (an investment firm). Bachelor’s degree in
Dr. Archana Hingorani Arts from the University of Mumbai, a Master’s degree in business administration from
the Graduate School of Business, University of Pittsburgh, USA and a Doctorate
Independent Director
degree in philosophy from the Joseph M. Katz Graduate School of Business, University
of Pittsburgh, USA
Krishnan Sudarshan • She also serves as an Independent Director on the boards including Alembic
Chairman & Managing Director Pharmaceuticals, Grindwell Norton Limited, 5 Paisa Capital Limited, SIDBI Venture
Capital, Balaji Telefilms, The Phoenix Mills, SBI Mutual Fund Trustee Company
Arun Dasmahapatra • Business leader and consultant with over 23+ years in Leadership Advisory &
• Co-founded EMA Partners India in 2003 Executive Search. He has a Master’s degree in Arts (Psychology) from Utkal University
Independent Director • He was the Partner in Industrial Practice of Heidrick & Struggles India
• Leads EMA Partners in India, Singapore, and UAE, • He has partnered with leading global and Indian businesses for 30+ years, specializing
and serves on the global executive committee in C-Suite talent acquisition and development
heading Marketing & Communications and the
• He has a Bachelor’s degree in Technology (Electrical Engineering) from Indian
Regional Chair for Asia Institute of Technology, Delhi and Post-Graduate Diploma in Management from the
Rajat Kumar Jain Indian Institute of Management, Ahmedabad. Previously, he acted as Managing
• Leads the Board and CEO practice in India, he Director of The Walt Disney Company (India), Xerox India & Mobile2win India & was
collaborates with clients on high-profile leadership Independent Director also a Whole-time Director at Neva Garments.
appointments • Independent Director on the boards of Aditya Birla Finance, Mahindra Holidays &
Resorts, Fino Payments Bank, Vodafone Idea
• Engineering graduate from NIT Kurukshetra and has • Co-founder & Director of PadUp Ventures PL. Plays a key role in providing incubation,
completed the Owner/President Management in-depth mentoring, and robust support services to early-stage tech start-ups in India
Program at Harvard Business School • He has over 20+ years of experience in the sales & IT space and has been on the
Shekhar Ganapathy
board of EMA Partners since inception. He is BE (Electrical & Electronics) from
Non-Executive Director Bharathidasan University & PG Diploma in Management from IIM, Calcutta. He was
the Senior Vice President and General Manager – Sales at S1 Service India PL & Vice
President Sales- South Asia at ACI Worldwide Solutions PL.
• At present, he is associated with Helius Computech India PL and Helius Technologies
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Pte Ltd as an Executive Director
 Strong Management Team with Deep Background Experience
EMA Partners Team

Reet Bhambhani Amarjeet Dutta Sanjeev Das

Managing Partner & COO, India Managing Partner, UAE Partner
• 18+ years in executive search and with the group, leads • Leads EMA Partners UAE and has been with group for • Has over two decades of business and industry
Technology, Digital, Banking & Financial Services practices the past 9 years. Has built a stellar practice for the firm experience, having worked in the telecom and services
and drives high-performance culture at EMA Partners in the region and serves marquee clients sector across India and Africa
• Influential role in creating innovative • Works with clients across consumer, financial services, • Responsible for developing deep relationships with
Digital/Technology teams, leads the Diversity Practice payment & fintech, industrial, energy & natural clients; previously served organizations including Tata,
for the firm resources, manufacturing & real estate sectors Airtel and Verizon Business

KG Gopinadhan Manish Dhanuka Smita Singh

Partner, India & Singapore Chief Financial Officer Company Secretary
• With EMA Partners since 2011, key member of the • A qualified CA & CFA with 20+ years of experience in • 7+ years of experience, she specializes in offering a
Global Industrial, Energy & Natural Resources finance and operational management, known for wide range of company secretarial services
Practice, leads senior-level hiring across Asia. streamlining business operations driving growth • Her unique expertise combines legal, corporate
Manages the Singapore office of EMA Partners • Worked with leading firms like Reliance Securities, governance, and business acumen, offering integrated
• Worked with automotive, chemicals, clean tech, Edelweiss Capital and PwC, where he took on solutions that align with business objectives while
construction, electronics, industrial, oil & gas and responsibilities as CFO, Head of Strategy & FP&A and ensuring compliance
mining clients on critical leadership challenges investor relations

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 Executive Leadership with Extensive Experience

MyRCloud James Douglas

A Ramachandran Sanjeev Das

Founder & CEO Director-in-charge

• Has over two decades of business

• Has over 20 years of experience in
and industry experience, having
tech, telecom, and leadership hiring,
worked in the telecom and services
with global recruiting expertise
sector across India and Africa

• Passionate about developing tech-

• Responsible for developing deep
centric solutions for seamless
relationships with clients; previously
recruitment experience for both
served organizations including Tata,
companies and recruiters
Airtel and Verizon Business

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1. EMA Partners

EMA Partners: Specialists in Retained Executive Search

Shaping Leadership

• Trusted partners to global MNCs, Indian business houses and enterprises backed by PE & VC funds

• Track-record of recruiting top-tier leaders at the Board, C-Suite, and Senior Executive levels across a broad spectrum of
industries

EMA Partners’ Service Offerings are Grounded in a Deep Understanding of the Business Context

Retained Executive Search Leadership Assessment

Deep domain expertise and customized approach

Extensive Industry Knowledge
reflecting the unique needs

Leverage a diverse network of industry connections to

Local expertise and global presence
ensure clarity and drive successful outcomes

Industry-specific specialists adding value to each

engagement

Executive Search Board Search Strategic Team Robust Recognition of Identification of

Acquisition assessment critical gaps high-potential
process leaders

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1. EMA Partners

Clients Across Industries and Key Strategic Board Appointments

Marquee clients across industries includes Sample Board & Advisory Appointments with Expertise
✓ Leading private sector & global banks New-age FS company Private sector life insurance
Banking, Financial ✓ ✓
✓ Leading NBFCs, FinTechs, PEs & VCs

Independent
Services & Insurance company
✓ Leading insurance & asset mgmt. cos

Directors
✓ IPO ready electric mobility ✓ Leading listed retail &
✓ Leading mobility business unicorn jewelry company
Technology &
✓ Global telecom & digital services company
Digital ✓ Global payment services company ✓ Ed tech & IT service ✓ Leading asset management
company company
✓ Global industrial conglomerate
Industrial &
✓ Leading global power solutions company ✓ Global natural resources ✓ Leading food & support
Manufacturing ✓ Global metals & mining conglomerate major services company

Advisors
✓ Global energy giant ✓ Global natural resources ✓ Major large upstream oil &
Energy & Natural
✓ Large national energy player major gas company (oil & gas)
Resources ✓ Leading regional thermal power company
✓ Leading oil & gas ✓ Leading global zinc producer
✓ Global consumer & dairy giant
Consumer & Retail ✓ Largest Indian retailer
✓ Leading Indian FMCG giant
✓ India’s largest metals & ✓ Leading global zinc producer

Advisory Board
✓ Global life sciences company mining group
Pharmaceuticals ✓ Leading Indian pharma company
✓ Global medical tech company ✓ Largest private sector ✓ Diversified global natural
general insurance company resources group
✓ Education SaaS startup
✓ Leading aluminum ✓ Leading mining company
Startups ✓ Global leader in supply chain software
manufacturer (advisory board – mining)
✓ Fintech SaaS startup

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2. James Douglas

James Douglas: Specializing in Professional Search for Mid-to-Senior

Level Executives

Incorporated in 2022, James Douglas is a professional search and recruitment firm specializing in talent
acquisition solutions for top and mid-level management. The company was set up to exploit the under served mid-
segment opportunity in the market

Talent Acquisition Domain Experts Agile Solutions Extensive Network

Sourcing high-quality Backed by robust industry Company’s agile processes Drawing on their extensive
candidates and meticulously and domain expertise, their deliver qualitative and timely industry networks, they
identify top talent for clients. consultants implement solutions tailored to suit the strategically compile
Company achieves this rigorous processes to swiftly clients' needs candidate lists to expedite
through comprehensive identify, assess, and validate outcomes for their clients
coverage, leveraging industry the best-fit candidates for
networks, nurturing their clients' businesses
relationships

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2. James Douglas

Bespoke Recruitment Solutions: Crafted for Serving Unique Needs

Recruitment Solutions

Finding the right fit Spotting emerging leaders Managing careers for the candidates

Industry and domain expertise enable us to Identifying high-potential talent to support their Alignment between client and candidate
effectively identify, assess and validate the clients and offer accelerated career expectations, ensuring that offered positions
most suitable candidates opportunities for candidates resonate with the candidate's career
aspirations

Seamless Hiring Process

The search for Intelligent Company’s AI Consultant Company’s Client interview Digital Candidate
the right parser crawls utilizes a reviews & senior process onboarding & joining
candidate the candidate customized conducts a consultant document
begins universe algorithm to behavioral identifies the submission
sift profiles assessment top talent for
the position

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2. James Douglas

Client Profile

✓ Global group providing tech solutions ✓ India's first publicly listed REIT
Real
Technology and managed services to MNCs focused on income-generating real
including fortune 500 companies Estate estate and related assets

✓ Next-gen agri-biotech company ✓ Leading Indian spice manufacturer

Consumer
Agriculture ✓ Leading producer of hybrid and inbred ✓ Major global player in food industry,
rice seeds & Retail renowned for branded cheese

✓ Leading multi-state scheduled ✓ Leading education consulting firm

BFSI co-operative bank Education with students in more than 20
countries

✓ Global textile major ✓ Fortune 500 Indian multinational

Textile &
✓ Leading Indian knitwear brand Automobile automotive company manufacturing
Apparel ✓ Leading Indian fashion retailer cars, trucks, buses and EVs

✓ Global listed MNC specializing in ✓ Fortune 500 energy company,

Networking end-to-end networking, security and Energy offering retail electricity, natural gas
connectivity products and water services

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3. MyRCloud

Tech Marketplace for Finding the Right Talent at Scale with Reduced
Efforts and Costs

MyRCloud’s Solution

Single window for hiring

Outcome driven platform

✓ Access to quality
candidates ✓ Low closure
rates
✓ Poor effort-to- Aggregate via marketplace
reward ratio ✓ No
Challenges to predictability of
Challenges to ✓ No predictability, income
Enterprises Recruiters/
transparency and Use of advanced AI & ML algorithms Partners ✓ No access to
talent analytics
clients
✓ Rapidly
expanding ✓ Never-ending
recruitment
Integration with client’s system co-ordination
capabilities and follow-ups

Globally scalable

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3. MyRCloud

Clients Spanning Various Industries

✓ World's largest B2B tech provider ✓ India's leading digital & responsible
Technology ✓ Global leader in learning solutions Chemicals home hygiene & pest control brand

✓ Leading iron & steel company ✓ Fortune 500 energy company

Industrial &
✓ India's top wires and cables producer Renewables ✓ Top solar power company
Manufacturing ✓ Global leader in measurement instruments ✓ Leading water management company

✓ Multinational mining company ✓ Global energy solutions provider

Natural
✓ Leading oil & gas exploration Automotive ✓ India's leading E-bike manufacturer
Resources company ✓ Electric mobility company

✓ One of the India’s largest ✓ Leading compressed biogas

Consumer & Sustainable
supermarket retail chain developer
Retail Solutions ✓ Manufacturing startup in green tech

MyRCloud’s tech powered friction-free unified marketplace platform drives accelerated hiring outcomes

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 Income Statement Overview

(Numbers rounded off to nearest INR lakhs)

Particulars 4 ME July 31, 2024 Fiscal 2024 Fiscal 2023 Fiscal 2022

Revenue from Operations 2,588 6,730 5,014 5,696

Operating Expenses

Employee Cost (1,421) (3,839) (3,508) (3,458)

Other Expenses (532) (1,242) (1,099) (825)

EBITDA 635 1,649 408 1,412

Other Income 45 154 92 91

Depreciation (63) (116) (88) (78)

Finance Cost (21) (19) (19) (44)

PBT 595 1,668 393 1,381

Tax Expense (163) (206) (99) (233)

Minority Interest 5 (34) 13 (21)

PAT 437 1,427 307 1,127

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 Balance Sheet Overview
(Numbers rounded off to nearest INR lakhs)
As at July 31, As at March 31, As at March 31, As at March 31,
Particulars 2024 2024 2023 2022
Assets
Non-Current Assets
Property, Plant and Equipment 2,122 2,006 944 996
Long term loans and advances 406 408 480 537
Other Non-current Assets 76 83 147 150
Current Assets
Current Investments 1,165 929 839 730
Trade Receivables 1,992 1,878 1,265 1,384
Cash and Cash equivalents 1,509 2,159 1,462 1,905
Short term Loans and advances 57 66 56 43
Other Current Assets 178 132 133 106
Total 7,505 7,659 5,326 5,850

Equity & Liabilities

Shareholders Equity 5,810 5,402 3,997 3,944
Minority Interest 13 93 59 116
Non-current liabilities
Long-term borrowings 620 677 46 305
Deferred tax liabilities (net) 45 39 47 48
Long-term provisions 6 6 16 16
Current Liabilities
Short-term borrowings 103 81 10 84
Trade payables 61 67 8 23
Other current liabilities 318 553 540 579
Short-term provisions 527 741 603 735
Total 7,505 7,659 5,326 5,850
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 Key Performance Indicators

4 ME July
Particulars 31, 2024 Fiscal 2024 Fiscal 2023 Fiscal 2022

Revenue from Operations INR Lakhs 2,588.32 6,729.62 5,014.28 5,695.68

EBITDA INR Lakhs 635.10 1,648.59 407.81 1,412.26

EBITDA Margins % 24.54% 24.50% 8.13% 24.80%

PAT INR Lakhs 437.22 1,427.30 307.07 1,127.06

PAT Margin % 16.61% 20.74% 6.01% 19.48%

Net Worth INR Lakhs 5,782.72 5,373.95 3,945.52 3,888.45

Return on Net worth % 7.84%* 30.63% 7.84% 33.90%

Debtors Turnover ratio Days 91 85 96 67

Fee Earners Count 23 28 22 20

Operating revenue per fee Earning Employee INR Lakhs 112.54* 240.34 227.92 284.78
* Not annualized
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 Other Key Financial Data Points
(Numbers rounded off for ease of reference)
Repeat Customers *

4 ME July 31, 2024 Fiscal 2024 Fiscal 2023 Fiscal 2022

% of Revenue from Operation 83% 76% 84% 63%
% of Customer Count 73% 69% 63% 48%

*Those who have been billed at least twice during the above periods

Revenues – based on Geographical Location

4 ME July 31, 2024 Fiscal 2024 Fiscal 2023 Fiscal 2022
India (includes export revenue) 79% 68% 77% 75%
Singapore 1% 6% 2% 4%
Dubai 20% 26% 21% 21%

Revenues – based on Level of Hiring

4 ME July 31, 2024 Fiscal 2024 Fiscal 2023 Fiscal 2022

Board & C suite 85% 87% 86% 91%
Entry to mid level 8% 10% 9% 6%
Mid to Senior level 6% 3% 5% 3%

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 Ask and Use of Funds

Seeking Equity Utilization of Funds

Augmenting Leadership
37%
Team (~ 50 people)

General Corporate Purposes

And Unidentified Acquisitions 33%

upto INR 76CR Repayment Of Loan availed

8%
for Office Premises

Capital expenditure towards

upgrading the existing IT 9%
infrastructure

Offer for Sale 13%

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