UR Associates Research. Indian Radio Cab Market Challenges and Growth Opportunities. Sample Presentation

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1 UR Associates Research Indian Radio Cab Market Challenges and Growth Opportunities

2 Indian radio cab market outlook A Sunrise Industry in India, Indian Radio Cab industry is characterized by huge demand, high growth rates and plenty of buzz Major players Meru Cabs, Easy Cabs, Mega Cabs and TAB Cabs Radio cab market size Current 2017E (By value & volume) Major presence in Mumbai, Delhi NCR, Bangalore & Hyderabad Current market size cabs Current market value Rs bn Current market share (By volume) % % % % % Current Total radio cabs Meru cabs Easy cabs Mega cabs Tab cabs Others

3 Business model Please read our industry report for further details Please read our industry report for further details Please read our industry report for further details Please read our industry report for further details Please read our industry report for further details Please read our industry report for further details Advertising revenues are another source of revenues. Please read our industry report for further details.

4 Radio cab fares vary from city-to-city City Radio cab fares Fare per km (Rs) Day time charges Waiting charges Night time charges Mumbai Delhi NCR Delhi NCR (Economy radio cabs) Bangalore Hyderabad Kolkata Chandigarh Amritsar Ludhiana Jaipur City B&Y tai fares Fare per km (Rs) Day time charges Waiting charges Night time charges Mumbai Delhi Kolkata

5 Stakeholders of a radio cab company Person H Person G Person F Person A Radio cab company Person E Person B Person C Person D

6 Overview of major players MERU CABS EASY CABS MEGA CABS TAB CABS Incorporation year Fleet size Area under operations Mumbai, Delhi NCR, Bangalore and Hyderabad Mumbai, Delhi NCR, Bangalore and Hyderabad Mumbai, Delhi, Bangalore, Kolkata, Ludhiana, Chandigarh and Amritsar Mumbai Market share (volume terms) % % % % FY11 Net sales (Rs mn) Sales CAGR (FY07-11).%.%.% FY11 net profit/(loss) (Rs mn) Accumulated profit/(losses) FY07-11 (Rs mn) FY11 Total debt (Rs mn) Meru cabs, Easy cabs and Mega cabs are the three major companies that have dominated the radio cab market till date. Tab Cabs is the latest entrant into the industry and

7 Demand drivers & growth opportunities Huge demand eists Increasing urbanization due to City Census 20-- Census 20-- % addition % growth City A % City B % City C % City D % Total % Favourable economic indicators 40,000 30,000 20,000 10,000 0 Rs.%.%.%.%.%.%.% Per per capita (at constant prices) GDP growth rate 10.0% 5.0% 0.0% Please read our Industry report for further details Domestic passengers throughput forecasts Mn Mn FY 02 FY 07 FY 11 FY 17E International passengers throughput forecasts FY 02 FY 07 FY 11 FY 17E

8 Demand drivers & growth opportunities The big four need another - more cabs to meet the current demand Please read our industry report for further details. Current demand analysis for the big 4 companies Metrics Meru cabs Easy cabs Mega cabs Tab cabs Min Ma Min Ma Min Ma Min Ma No. of calls --- per Y Y Y Y Average call % y% % y% % y% % y% No. of calls ---- Y Y Y Y Current fleet size % -- % y% % y% % y% % y% Trips per -- per --- y y y y No. of additional cabs required YY YY YY YY Min Ma Y Total cabs requirement assuming no ---- % of ---- % y% z% % y% z% Total cab requirement Y Z Y Z

9 Demand drivers & growth opportunities Comparative analysis of Income of Radio Cab drivers Vs. Income of Black & Yellow tai drivers Black & Yellow tai driver avg. income Radio cab driver avg. income Metrics Values Metrics Values Avg. Avg. Y Avg. Avg. Y Charge (Rs) Charge (Rs) Y Charge above Charge above Y Avg. income (Rs) Avg. income (Rs) Y Cost (Rs) Cost + y (Rs) Y (Rs) (Rs) Y Total take home income (Rs) Total take home income (Rs) Y Avg. no. of Avg. no. of Y Tai rent for (Rs) Tai rent for (Rs) Y Avg. take home income per month (Rs) Avg. take home income per month (Rs) YY On an average, a radio cab driver earns % more than a Black & Yellow tai driver. Please read our industry report for further details.

10 Demand drivers & growth opportunities Many large cities like,, and are relatively untapped Top 10 most populous cities City Population Major Cab Operators There are no big players with fleet size more than in other major cities like,,,,, and.. Please read our industry report for further details

11 Challenges Availability of drivers, a key hurdle A highly regulated market Operational challenges due to leading to leading to Eight major reasons for the shortage of drivers detailed viewpoints of drivers, cab operators and regulatory authorities Please read our Industry report for further details Please read our Industry report for further details Please read our industry report to get the insight of the challenges faced by the radio cab operators in carrying out their operations

12 Competitive challenges The online car aggregators have the ability to be a worthwhile competitors to the radio cab operators in the long run Characteristics Point-to-point services Local travel services Airport transfer services Out station services The online aggregators do not own the fleet, but they can be credited with...

13 Competitive challenges Economy radio cabs the business model yet to be successful The concept of economy radio cabs started in City A in 20. However, even after years there is still no sizeable player in terms of fleet size and more importantly in terms of revenues. Quick cabs, Player A, Player B, Player C and Player D are some of the players who have entered the City A as economy radio cab service providers. Quick Cabs - Financials Rs mn Y Z FY09 FY10 FY11 Operating income Net profit after ta Total debt The economy radio cab companies charge a daily rental of around Rs - from the drivers, which is at a of about -% compared to the rentals charged by the standard radio cab companies. Y Z Y Z

14 Financial estimates This industry incurs high operational cost along with high depreciation epenses. As this is a capital intensive sector, the companies also have to bear high interest cost. The companies have reported operating performance with an EBITDA margin of ~-% but have reported bottom line --- high depreciation as well as interest costs. We estimate the following ranges for ependiture as a % of sales: Operational epenses: % Administrative & marketing epenses: % Employee epenses: % Depreciation epenses: % Interest epenses: % MERU CABS (Rs mn) Year FY13E FY14E FY15E Revenues EBITDA PAT EASY CABS (Rs mn) Year FY13E FY14E FY15E Revenues EBITDA PAT MEGA CABS (Rs mn) Year FY13E FY14E FY15E Revenues EBITDA PAT TAB CABS (Rs mn) Year FY13E FY14E FY15E Revenues EBITDA PAT We epect the cab companies to report an EBITDA margin of ~. -.% during FY13-15E with a PAT margin in the range of..% over the period.

15 Company standings and our suggestions to the industry We have rated the performance of the companies vis-à-vis their peers on various parameters. The ratings are based on UR Associates research and interaction with the various stakeholders of the Indian Radio Cab Industry Parameters Meru Cabs Easy Cabs Mega Cabs Tab Cabs Current fleet size Brand recognition Financial performance Operational efficiency Management comfort Rating of radio cab operators UR Associates suggestion to the industry We have outlined 6 suggestions / recommendations to the Indian Radio Cab Industry for better operating performance and overcoming challenges faced by the industry. Please read our industry report for further details. Ability epand to

16 Company profiles MERU CABS EASY CABS MEGA CABS TAB CABS SUPER CABZ We are only presenting MERU CABS profile in the presentation, all other cab companies profiles are prepared on similar lines. Please Read Our Industry Report For Further Details

17 Company profile Meru Cabs Launched: Month 20 Total fleet: Fleet type: Cab A, Cab B, Cab C and Cab D Area of operations: City A, City B, City C and City D Eisting PE/VCs: Fund Company highlights # player in Indian Radio cab market with the MERU name being the synonymous with radio cab. Largest fleet of radio cabs with about % market share in terms of volume Revenues from radio cab services are almost times of the nearest competitor rd largest radio tai company in the world Serves more than million passengers a month Meru Cabs was started in 20 by Mr. YZ, a first generation entrepreneur in partnership with private equity firm ABC Ltd. Meru has ushered the Radio cab market in India and has been one of the most popular names in this industry

18 Company profile Meru Cabs Current fleet size Group structure No. of cabs Mumbai Delhi Hyderabad Bangalore Fleet size evolution V-Link Fleet Management Solutions Please read our industry report for further details Meru Cabs Pvt. Ltd. Please read our industry report for further details V-Link Travel Solutions Pvt. Ltd. Car Rentals Please read our industry report for further details Automotive Solutions Please read our industry report for further details Current 2012 Mumbai Delhi Hyderabad Bangalore

19 Company profile Meru Cabs Ownership Meru Cabs Pvt. Ltd. was established by V-Link Travel Solutions Pvt. Ltd. in partnership with India Value Fund Advisors (IVFA). IVFA is a private equity fund established in 2000 with.... Please read our industry report for further details. Board of Directors Neeraj Gupta: He is a first generation entrepreneur and the Managing Director of V-Link Travel Solutions Pvt. Ltd. and Meru Cabs Pvt. Ltd. Neeraj started his passenger transport business under the name 'Travel Link' in 20 and had started Meru Cabs in partnership with IVFA. For other Directors of the Board please read our industry report. Management Siddhartha Pahwa: He was recently appointed as the CEO. Prior to this, he was the COO of Meru Cabs. He has over 15 years of eperience in Supply Chain, Operations and Finance management. Earlier, he was the President - Supply Chain & Generics at Abbott Healthcare Pvt. Ltd. Please read our industry report for other members of the management team.

20 Company profile Meru Cabs CABVERTISE: An important driver for growth Cabvertise is the advertising services offered by Meru cabs which is seen as a much more effective and cost beneficial alternative to outdoor media. At present advertising revenues contribute ~% to the total revenues of the company. Meru currently has companies as its customers for cabvertise services. The advertising formats are: Advertisement format A: Advertisement format B: Advertisement format C: Meru quotes Rs per for cabvertise services. Please read our industry report for further details.

21 Company profile Meru Cabs SWOT ANALYSIS Strengths Weakness Opportunities Please read our industry report for details Please read our industry report for details Please read our industry report for details Threats Please read our industry report for details

22 Company profile Meru Cabs Financial performance Rs million Rs million FY07 (4 months) Gross revenues FY 08 FY 09 FY 10 FY 11 EBITDA Please read our industry report for further details. Please read our industry report for further details. Rs million FY07 (4 months) Net profit FY 08 FY 09 FY 10 FY 11 Please read our industry report for further details. FY07 (4 months) FY 08 FY 09 FY 10 FY 11

23 Company profile Meru Cabs Revenue forecasts MERU CABS Metrics FY 12E FY 13E FY 14E FY 15E Fleet size Avg. per No. of per Avg. no. of per Total no. of Cab rate % % % % Revenue (Rs million) Advertising revenues per /yy rate % % % % Advertising revenues per /yy Total advertising revenues (Rs million) Total revenues (Rs million) We epect that with cities, Meru should reach the mark in the net years time. Please read our industry report for further details. % growth % % % %

24 Company profile Meru Cabs Key Balance Sheet items Potential risks (Rs million) FY07 FY08 FY09 FY10 FY11 Paid-up share capital Reserves surplus Shareholders' funds Share application money Loan funds Gross block Accumulated D&A Net Block Capital work-inprogress Fied Assets Five Potential Risks which can impact the operational efficiency of the company as well as other cab operators. Please read our industry report for further details. Please read our industry report for further details.

25 Please read our 75 page comprehensive industry report to get in-depth insight of the Indian Radio Cab Market, the Growth Drivers, Challenges, Regulatory Framework, Company profiles and Financial Performance and Estimates. Disclaimer: All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, print, publishing, photocopying, recording or otherwise without the permission of UR Associates. Any unauthorized act in relation to all or any part of the material in this publication may call for appropriate statutory proceedings. The information contained herein is confidential and is intended solely for the addressee(s). Any unauthorized access, use, reproduction, disclosure or dissemination is prohibited. The information and opinions on which this communication is based have been complied or arrived at from sources believed to be reliable and in good faith, but no representation or warranty, epress or implied, is made as to their accuracy, correctness and are subject to change without notice. Certain matters discussed in this Document may contain statements that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Recipient/s should consider this report only for information purpose. The information enclosed in the report has not been vetted by the compliance department due to the time sensitivity of the information/document. UR Associates shall not assume any legal liability or responsibility for any incorrect, misleading or altered information contained herein.

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