July 2020

Private & Confidential Matrix Partners

 $200mn $650mn $133mn $760mn $362mn $1,900mn $1,000mn

$700mn
$156mn $324mn $940mn

8,000 $320mn $413mn $279mn 450

399

Private & Confidential Matrix Partners

388
7,000 379 400

338 6,820
330 350
6,000 6,190
300
5,000
USD 2.7 bn+
in 5 months 250
4,000
176 200
166
3,000 3,250
120 2,900 150
2,760
2,000
75 100
1,850
1,000 1,240 50
518 519
- 0
CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020 YTD
Funding Amount (in $M) No. of Deals

Source: PitchBook, Tracxn 3

 7 unicorns

6 unicorns

3 unicorns
17 17
9

Private & Confidential Matrix Partners

New Unicorns in the year
8

5 3
4
1
1 3
1
CY2015 CY2016 CY2017 CY2018 CY2019 CY2020

Houchebang Samsara

Guiyang Trucks

Yunmanman

Source: HolonIQ, CBInsights, PitchBook, Tracxn 4

Transportation Trucking Freight / Shipping Warehousing SaaS Other Tech

3PL

Private & Confidential Matrix Partners

Last Mile Delivery

(Houchebang)

(Yunmanman)

5
 Key Drivers Global Landscape
˄ Increased e-commerce activity along with rapid uptick in time
bound deliveries
˄ Increasing trend towards outsourcing with enterprises preferring
to focus on core operations
˄ Growing gig economy allows 3PLs to have staff on a variable
basis – allowing them to maintain lean operations while also
retaining the ability to upsize/ downsize basis differential
demand unlike traditional asset heavy transporters

Private & Confidential Matrix Partners

Key Business Models in India

1. Marketplaces
˄ Companies in this segment are aggregators
of various smaller fleet owners
˄ This model allows flexibility in fleet size, thus
avoiding excessive costs in periods of limited
demand
˄ Allows maintaining leaner operations with
higher efficiency

2. Asset Operators

˄ Companies in this segment run their 2019 2025

operations with a mix of owned, leased as
well as third party assets
˄ Offers greater control visibility and ease of
planning India – Market Size $7 20% $21
bn
˄ Also result in higher working capital/ capex
needs as well as inability to be agile with
CAGR
bn
fluctuating demand

Source: Avendus estimates, Market Intelligence 6

 Key Drivers Global Landscape
˄ Real time tracking: Shippers increasingly want to track every
movement of goods across the supply chain accurately
˄ Optimization: With 40% of logistics cost attributed to inefficiencies,
it is important to understand how costs can be optimized
˄ Increased use of connected devices to streamline operations for
enterprises as well as fleet owners using analytics to identify areas
for improvement and meet SLAs

Private & Confidential Matrix Partners

Key Use Cases in India

1. Optimization
˄ Offer services like route optimization, driver
allocation, cargo matching to avoid dry runs
etc to remove inefficiencies in the process
and improve margins

2. Visibility
˄ Companies solve the increasingly critical
issue of real time cargo visibility so that
shipper & receiver have clarity on status of
delivery 2019 2025

3. End to end platform

˄ Offer single platform for aggregation & India – Market Size $2 15% $5
complete visibility of all active deliveries,
maintaining payment cycle & providing
bn CAGR
bn
complete connectivity to all stakeholders in
the supply chain
Source: Avendus estimates, Market Intelligence 7
 Key Drivers Global Landscape
˄ The space is attracting big dollars from as 55 Mn sq. ft of
warehousing space is needed annually, increasing every year
˄ Contrary to other types of real estate, Warehousing deals are
longer term in nature and much more secure
˄ Over time, the time to build a warehouse has come down
significantly to between six to nine months
˄ Over time, built-to-suit warehousing has replaced
standardization, increasing efficiency and optimizing costs

Private & Confidential Matrix Partners

Key Business Models in India

1. Marketplaces
˄ Companies in this segment are aggregators
of warehouse owners
˄ Typically cater to the smaller <1 Mn sq.ft
segment
StoreSpace

2. SaaS

˄ These are enablement companies which

help in optimizing the warehousing and
help automating the processes 2019 2025

3. Asset Operators
India – Market Size $17 13% $35
˄ These companies operate the assets and
have significant capital invested into the
bn CAGR
bn
warehouses

Source: Avendus estimates, Market Intelligence 8

 Key Drivers Global Landscape
˄ Historically, this segment in India is marred by a fragmented
market, lack of technology and thus efficiency and lack of
cost transparency
˄ Startups in this space, backed by large PE players, are using Big
Data for ensuring efficiency, load matching, pricing
transparency, live tracking and route selection
˄ Given the long-haul nature, systems being put in place to
reduce driver fatigue and travel time, as well as better fleet

Private & Confidential Matrix Partners

utilization

Key Business Models in India

1. Asset Operator
˄ Companies in this sub-segment have the
trucks on their books and source drivers for the
long-haul transportation

2. Marketplace
2019 2025
˄ Companies in this segment are a
marketplace which provide truck discovery
for brands as well as price transparency
˄ Earn a commission of 12 – 20% for providing India – Market Size $95 10% $168
business to trucks they hires bn CAGR
bn
Source: Avendus estimates, Market Intelligence 9
 Key Drivers Global Landscape
˄ Shakeout in last mile trucking firms as businesses go online
during the pandemic
˄ Increasing footprint of organized players improving quality of
service, offered at competitive prices
˄ Average driver ETA and fulfilment rate consistent on the
decline
˄ Network effects kicking in for the industry as cost of acquiring
both drivers and customers dipping gradually

Private & Confidential Matrix Partners

Key Business Models in India

1. Enterprise focused
˄ Companies in this segment cater to the large
E-commerce, FMCG and Pharma companies
˄ Nature of the order is generally scheduled
deliveries with small component of on-
demand in certain months

2. SME focused

˄ Companies in this segment cater to the

small SME businesses which hire mini-trucks
or LCVs 2019 2025
˄ Nature of the order is generally on-demand

3. Hyperlocal
India – Market Size $31 10% $57
˄ These companies deliver concierge
services to individual customers
bn CAGR
bn
Source: Avendus estimates, Market Intelligence 10
 Key Drivers Global Landscape
˄ Rapid uptick in international trade volumes driven by increasing
number of trade agreements
˄ Booming e-commerce market to drive growth especially around
restocking cycle periods
˄ Growth of SMEs driving increased EXIM trade
˄ Increasing shift towards tech enabled platforms and end-to-end
service providers for EXIM trade

Private & Confidential Matrix Partners

Key Business Models in India

1. Marketplaces
˄ Companies in this segment are aggregators
of various smaller fleet owners and service
providers
˄ Models are of varying kinds like platforms that
allow quote checking and booking while
others provide end-to-end platforms offering
booking, first mile, last mile, customs etc
˄ Typically tech enabled players that offer
efficiency building services like LTL
consolidation
2019 2025
2. Asset Operators

˄ Companies in this segment run their

operations with self owned assets like ships, India – Market Size $55 10% $100
trucks and other related vehicles bn CAGR
bn
Source: Avendus estimates, Market Intelligence 11
Private & Confidential Matrix Partners
 Express/ 3PL SaaS Warehousing/ Storage

Kalyx

Private & Confidential Matrix Partners

StoreSpace

Trucking Marketplace Last Mile/ Urban Logistics International Freight

Infraprime

1 Asset Heavy 13
 Total Funding

Too Early Upcoming Actively Discussed Large Outcomes

$6 Mn $100 Mn $ 1,345 Mn
Maturity of Business model /

▪ Early stages of ▪ Evolving business ▪ Network effects

Private & Confidential Matrix Partners

proving use case model and proven kicking in
Level of Monetization

▪ Building increased use case ▪ Attractive valuation

reach ▪ Scaling up rapidly

$1,153 Mn

▪ Scaled business &

network effects
▪ Potential
Infraprime acquirers in the
ecosystem
▪ Focus on
improving UE
StoreSpace

<10 10-100 100-1,000 >1,000

Valuation ($ Mn) 14
 $133mn $111mn $70mn $140mn $528mn $39mn

$85mn $75mn $30mn $51mn $151mn $25mn

1,200
73
$60mn

Private & Confidential Matrix Partners

69
1,000 64
59
970
50
800

600

USD 120 mn
471 in 5 mths
400
21
372 18

12
200 254
7 222

119
43 94
- 8
CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020 YTD
Funding Amount (in $M) No. of Deals

Source: PitchBook, Tracxn 15

 ▪ Lockdown in last week of Mar – Logistics On Fast-track to Recovery!
Mar network across the country gets disrupted ▪ Ecommerce # of deliveries in June are back to ~50% of normal
▪ Even essential commodity supply gets compared to ~8% in April
disrupted in absence of clear directives
▪ Freight business has recovered ~60% of normal

Private & Confidential Matrix Partners

▪ FMCG and Retail are holding the fort for logistics as capital goods
▪ Full Lockdown impact: Massive cool-off; continue to struggle for demand and supply
Apr migrant labourers abandon trucks. EXIM trade
falls off a cliff. ▪ Export logistics will take time to recover with only pharma and agri-
▪ Capital goods supply chain fully down to zero; commodities functional
only essential services remain

Sector Tailwinds
▪ Green shoots in logistics; Directional uptick but
▪ Pandemic has put big impetus on e-commerce selling as all
May still shortage of trucks and drivers vis-à-vis
businesses had to go digital and online overnight
demand
▪ Lockdown continues - Essential services
▪ Multi channel distribution holds the key for consumer driven businesses
continue; non-essentials continue to remain
subdued
▪ All stakeholders are expected to increase investments across
warehousing, digitization of supply chain, last mile capabilities
▪ Partial lifting of lockdown across the
Jun country ▪ Need to work with organized players has increased substantially
▪ June data showing massive recovery; e-
way bill 65%+ of pre-Covid average ▪ As consumption comes back to normalcy, Logistics is seen as the
leading indicator

16
 Founders: Purnendu Shekhar, Nishant Dalmia Last funding
Established: 2016 $15 mn (Jun’19)
HQ: Mumbai

Current Investors
Affiliate Fund

Private & Confidential Matrix Partners

Investment Thesis
Key Financials
• Freight marketplace connecting shippers to freight service providers, facilitating international goods movement though $105 Mn annual sailed
Company Overview
the platform GMV run rate

12.5% MoM sailed GMV

• EXIM led transport & associated services is a ~$110 Bn market; TEUs moved annually – ~10 Mn growth rate
Industry • Currently, highly fragmented segment wrought with opaque processes & no price transparency
Overview • No end to end service providers, resulting in dealing with multiple stakeholders
• Lack of adequate financing options for shippers
Operating Metrics

10k+ monthly TEUs

• Truly empowering MSMEs using tech to bridge gaps in customer experience
Seamless end to end • Offering on demand quotes with fully transparent processes and end to end solutions
global trade experience • Product offerings also include multiple financing options 100+ suppliers on board

• $105 Mn annual Sailed GMV run rate; $4.8 Bn - Run rate of goods carried
25k+ exporter base
Leadership position in • Pre-marketing contribution of 4%; 12.5% MoM sailed GMV growth rate
ocean freight in India • Total containers booked till date: 220k+; 2k+ transacting users till date; 90% organic sales
30+ routes covered
• Building a strong supply with 100+ suppliers onboard including ~50 shipping lines

17
 Founders: Pushkar Singh, Sudarshan Jha Current Transaction
Established: 2015 $40 Mn+
HQ: Bangalore
Total Funding till date
$20 Mn
Current Investors

Investment Thesis Key Financials

Private & Confidential Matrix Partners

• Indian urban logistics market is currently $30bn; and expected to double in 5 years to $60bn by 2024, at a 15% CAGR
Massive opportunity in a $31mn ARR (pre-COVID)
• 90% of vendors are Driver cum Owners (DCOs) with limited or no technology or ability to optimize their asset utilization
broken market
• This results in last-mile spend being 2X of the global average making it the most inefficient leg of the process
3x revenue growth
• Online urban logistics marketplace present across 15 cities serving scheduled and on-demand deliveries of enterprises (last 18 months)
• Out of 120 large enterprise clients – 85 (70%) are served through recurring contracts
Operating through an 17% Gross Margin
• Operates an asset-light network through 60k+ DCOs with 2-9 tons truck capacity and 30% Daily Active Trucks
innovative and proven (in Chennai)
• Serving 200+ large enterprises well-diversified across FMCG, Ecommerce, Logistics and organized Retail
business model
• Delivered 3.5x QoQ rev growth in last 2 years with 1.5x increase in commission; All 9 cities broken even or profitable
• Sales mix has changed in favor of high-margin on-demand deliveries from 10% to 35% in last 2 years

Operating Metrics
Benefits to both DCOs and • DCOs benefit from higher asset utilization, stable and consolidated demand and up to 130% higher earnings
clients • Clients benefit from a high reliability, ~20% cost-savings and seamless and technology-driven delivery-experience 70k+ monthly bookings

Tech-led model driving • Operating through full-stack technology including a trucker and client app and dashboard and routing system
huge efficiencies • Vision to transform the entire logistics ecosystem through use of AI and ML on driver and customer data 60k+ registered trucks

• Dynamic young founders from storied educational institutions with experience in firms like ITC, JP Morgan and Accenture 200+ enterprise
Management expertise customers
• Backed by a panel of marquee investors including those possessing deep expertise in the logistics sector

18
 Founders: Chetan Singhal, Subodh Yadav, Siddhartha Das
Established: 2016 Total Funding till date
HQ: Gurgaon $9.5 Mn

Current Investors

Investment Thesis

Private & Confidential Matrix Partners

• Tech enabled basic construction material (sand, stones etc) procurement / delivery platform
Key Financials
Company Overview • Fragmented fleet owners aggregated onto the platform
• Tie ups with multiple basic construction material suppliers in each region
$5 Mn FY19 Revenue

280% YoY Revenue

• Construction material logistics is a ~$50 Bn market; 67% concentrated along 380 routes each with 600-800 dump trucks
Growth
Industry • Highly fragmented segment wrought with opaque processes & no price transparency
Overview • Frequent delays in delivery, limited visibility of goods/ trucks affects overall costs as well as completion deadlines
• Inefficient operations that are run telephonically; Low utilization and demand fulfilment due to fragmented nature Operating Metrics
95% timely delivery of
• Dump truck marketplace with easy/ freemium access material
• Real time vehicle tracking and monitoring for live updates of vehicle/ material movement
Solutions offered
• Point-to-point transport of construction materials; Sourcing of material (e.g. sand, stones etc) 5k+ fleet operators on
• 55 MT electric trucks supplied via sister company IPLTech Electric platform

30% savings in op cost via

• Fully tech enabled operations
electric trucks
• Visibility on availability of trucks/ movement of goods enabling client to monitor delivery status and manage shortfalls
Value Proposition
• Offers improved utilization to fleet owners; High returns generated enables them to be more competitive with pricing 25% higher utilization for
• The industry served is a regional play (high freight cost), hence network effects kick in at micro-level fleet owners

19
 Founders: Vidit Jain, Shridhar Gupta
Established: 2015 Total Funding till date
HQ: Gurgaon $9.5 Mn

Current Investors

Investment Thesis

Private & Confidential Matrix Partners

• Developer of IoT and AI-based fleet management software
Company Overview
• Uses intelligent analytics, tracking hardware & IoT to provide owners, businesses & transporters with fleet management solutions
Key Financials
• Logistics SaaS presents a $2 Bn opportunity; Touted to be one of the fastest growing segments going ahead ~$15 Mn Annualized
• The logistics space is wrought with inefficiencies, many of which cannot be solved for due to difficulty in tracking, Revenue
identifying and streamlining operations
Industry Overview
• Fleet owners do not know which metrics should be tracked to improve fleet productivity and lower running costs
• Fleet owners/ 3PLs increasingly desire real time tracking, optimizing operations and lowering overheads arising from
inefficiencies Operating Metrics
Loconav uses connected devices, IoT and intelligent analytics to deliver the following:
• Consolidated view of entire fleet on a single screen 40k+ clients served
• Vehicle temperature, overspeeding, fuel usage and other efficiency metrics
• Real time tracking of load/ truck and providing reliance ETAs
Value Proposition
• Geofencing locations to ensure on track movement and timely alerts in case of deviations 400k+ vehicles served
• On-the go alerts of various activities as the load passes through various stages in the delivery process
• Digital payments mechanism, giving more visibility and control over funds
1 Mn+ Transactions
• Value added services like insurance and vehicle loans – making it an end to end platform for all needs
recorded
• Enterprising founders with strong educational background and previous experience at places like Clear-tax, Vinsol, bizzy.io
Management Expertise
• Backed by marqee investors like Sequoia Capital, Foundamental and Girish Khera (founder of 91springboard)

20
 Founders: Dhruvil Sanghvi, Manisha Raisinghani
Established: 2013 Total Funding till date
HQ: Fremont, California $50 Mn

Current Investors

Investment Thesis

Private & Confidential Matrix Partners

• Provider of cloud and AI-enabled logistics management software
Company Overview • Offerings include a fleet management app, a field-force tracking app and a delivery management app
• Caters to the logistics, transportation, retail, pharmaceutical and manufacturing sectors
Key Financials
• Logistics SaaS presents a $2 Bn opportunity; Touted to be one of the fastest growing segments going ahead
$2 Mn – FY19 Revenue
• The logistics space is wrought with inefficiencies, many of which cannot be solved for due to difficulty in tracking,
identifying and streamlining operations
Industry Overview
• Fleet owners do not know which metrics should be tracked to improve fleet productivity and lower running costs
• Fleet owners/ 3PLs increasingly desire real time tracking, optimizing operations and lowering overheads arising from
Operating Metrics
inefficiencies
150+ enterprise clients
LogiNext employs smart technology powered by big data analytics and IoT to serve every client need:
• Last mile solutions like – route optimization; real time tracking; real time ETA calculation; ePOD etc
• Reverse logistics – reverse delivery allocation; on field management; seamless integration with various ERPs User base across 20+
Value Proposition • Field management – load distribution; re-routing basis customer requests; real time alerts; route planning countries
• On demand logistics – real time pick up and delivery alerts; automated delivery allocation; consolidation of deliveries
• Line haul – real time fleet tracking; transport schedule management; route planning and optimization Zero CAC spend

• Strong educational background (Carnegie Mellon) and previous experience at places like IBM, AT Kearney, EY & Mastek
Management Expertise
• Backed by marqee investors like Steadview, Tiger, Alibaba and Paytm

21
 Founder: Sandeep Deshmukh
Established: 2016 Total Funding till date
HQ: Pune $55mn
Stage: Series D

Current Investors

Private & Confidential Matrix Partners

Investment Thesis: Key Financials
• $40mn annualized revenues with 3x growth in 12 months
• Large delivery network serving 250+ cities across 24 Indian states $40 mn annualized
Scaled operations
• Rapidly scaling FMCG distribution catering to 25,000+ stores revenue runrate

• Variable cost delivery network with ability to vary the supply upto 4.5x Operationally profitable
Unique proposition
• 45% reduction in last mile delivery for e-commerce partners
driving strong clientele
• Distribution services for FMCG Companies – P&G, Britannia, ITC and Coca-Cola
Key Metrics
• $40mn annualized revenue with low cumulative capital infusion (majority of $40 mn previous
Highly capital fund raise still on balance sheet) 600k peak daily
efficient operations • 25%+ contribution margin post direct costs for mature store network shipments
• Operationally profitable in e-commerce operations
250+ cities coverage
• Sandeep Deshmukh, CEO
• 4 years with Amazon Logistics in India; helped set up delivery network
10,000+ Delivery
Experienced Founding • MBA from IIM Ahmedabad Partners
Team • Shitiz Bansal, CTO
• 10 years experience with DHL in India, Malaysia, Belgium & Germany 25,000+ FMCG
• B.Tech from IT-BHU, Varanasi distribution network

22
 Founder: Saahil Goel, Gautam Kapoor, Vishesh Khurana
Established: 2012 Total Funding till date
HQ: Delhi $28mn
Stage: Series C

Current Investors

Private & Confidential Matrix Partners

Investment Thesis: Key Financials
• Collaboratively connecting online retailers, logistics partners, and consumers in a seamless platform
• Platform provides advantage over traditional partners on reach, pricing and performance $25 mn Revenue ARR
Unique proposition • 20,000+ online shippers are using the platform to improve their end-customer delivery experience
• Shiprocket offering is truly global opportunity with a complete plug and play solution Operationally profitable
• 13+ courier companies deeply integrated to give automated pricing, pick-up and drop experience

• Over 1m+ online sellers are shipping 30m+ shipments every month and is growing at a fast clip Key Metrics
Large, rapidly growing • Logistics spend on direct to consumer shipping expected to breach $2bn by 2022
• COVID-19 has accelerated online commerce across tier 2 and 3 cities and is likely to continue $300mn monthly
global market
• Growth is Fueled across social sellers, online only stores, retail brands and cross-border sellers GMV processed

50K daily shipments

• 25-30% gross margins on the revenue per shipment
• 20% contribution margin with very high automation – almost SaaS like business model
26000+ pin codes;
Strong metrics and • Platform has experienced stupendous growth
200+ countries
economics • 2x growth in # of active shippers
• 2x growth in # of shipments / shipper
20,000+ sellers
• <3month break even on CAC

23
 Founder: Abhishek Bansal (CEO), Vaibhav Khandelwal (CTO)
Established: 2015 Total Funding till date
HQ: Bengaluru $120mn
Stage: Series D

Current Investors

Private & Confidential Matrix Partners

Investment Thesis: Key Financials
• Shadowfax pperates a last mile logistics network in over 300+ cities
• The business model entails using real estate from neighbourhood stores to store inventory, and having a $50 mn Revenue ARR
Unique proposition large network of freelancers for the delivery
• Anyone with a bicycle or a bike or a truck can join the platform and deliver items for the platform Per shipment pricing
• Allows the company to bring power of aggregation which leads to cost efficiency and faster deliveries

• Last mile delivery contributes ~30% of the overall road transport cost and is considered to be Key Metrics
Large, rapidly growing most expensive leg
global market • There are ~5mn registered mini trucks and ~5mn bikes in India addressing the last mile shipment 300+ cities
putting the total market size >$37bn most of which is largely fragmented and unorganized
10Mn+ monthly
• Shadowfax handles goods in a range of categories including hot food, restaurants, grocery, shipments
FMCG and e-commerce
Seamless end to end • Each grocery store serves to users in a kilometer radius. The staff also participates in delivery for 100K+ delivery partners
global trade experience a few hours a day
• Major clients include Amazon, Flipkart, CureFit, Swiggy, Myntra, MedLife, Nykaa, HUL, 4,000+ aggregated
McDonald’s vehicles

24
Private & Confidential Matrix Partners
 Total Funding till date
Team: Gang Wang (CEO), Richard Zhang (CFO) $1.90 bn
Established: Nov 2017
HQ: Guiyang
Full Truck Alliance
Manbang Group

Current Investors

Private & Confidential Matrix Partners

Key Metrics
Investment Thesis
$120 Bn
• Full Truck Alliance / Manbang Group was formed by the merger of two of China’s largest truck- Annual Booked GMV
sharing platforms - Huochebang and Yunmanman
Merger of two platforms • Both Huochebang and Yunmanman were online truck logistics platforms, offering marketplace
services to truckers and shippers in China
340 cities, 110K routes
• Post merger, both still operate independently with sharing of data and innovation

• China has the largest logistics market in the world with annual logistics cost reaching USD 1.6 tn,
World’s largest Logistics
almost double the American market.
market • Manbang accounts for 70% of China’s market share 7 Mn Truck Drivers

• Manbang Group charges annual membership fee for coming onto its platform
Revenue model • The Company has ~200K shippers paying around $250 per year 5.2 Mn Freight Trucks
• The alliance is touted to have broken-even in 2019

• With the ever-expanding international trade, increased foreign investment and ever-increasing
Massive opportunity in road infrastructure, the logistics sector has been a major beneficiary
2.25 Mn Goods Shippers
Logistics • With trucks carrying 80% of goods and individual truckers owning 90% of country’s truck fleet,
which stands empty 40% of time, trucking-tech companies are poised for huge benefits

26
 Founding team: Jeffrey Shen (Co-Founder, Co-CEO), Stuart Gibson (Co-Founder, Co-CEO) Total Funding till date
Established: 2016 $2.7bn
HQ: Hong Kong
Stage: Listed

Current Investors

Private & Confidential Matrix Partners

Key Financials
Investment Thesis
$22.1bn AUM
• ESR (E-Shang Redwood) is the largest Asia Pacific focused logistics real estate platform by GFA with
Logistics Real Estate
the largest development pipeline in aggregate across the major Asia Pacific markets
Platform
• ESR has properties across China, Japan, South Korea, Singapore, Australia and India $550 EBITDA

• ESR’s Fund management platform has 32 private and listed investment vehicles and spanning Operating Metrics
various stages of the property cycle
Fund-raising via vehicles • In FY2019, ESR raised a total of US$1.3 bn across seven vehicles 17.2 Mn+
• The total AUM as of Dec 2019 stands at $22.1 bn, a growth of ~40% over 2018 Sqm Gross Floor Area
307 properties across 6
• The company’s prime facilities located strategically across Asia Pacific gained a host of blue-chip countries in APAC
Long term client
international and domestic tenants, majorly E-commerce and 3PL companies.
relationships • ESR maintained an occupancy of 93% throughout the year for their Balance Sheet assets #1 landlord for E-
commerce cos in China
• Globally, the logistics RE industry has suffered due to the outbreak of the pandemic
• However, in many cases, change in consumer behavior towards ordering online and supply 60% tenant base made
Steady Industry Growth
chains trying to get deliveries on time will lead to long term disruptions in favour of this industry up by e-comm and 3PL

Note: Numbers as of Dec2019; Total funding includes IPO Proceeds of $1.8bn 27

 Founding team: Wei Wang (Founder)
Established: 1993
HQ: Shenzhen
Stage: Listed

Current Investors

Private & Confidential Matrix Partners

Key Financials
Investment Thesis
$16bn Operating Income
• SF Express is the second largest courier company in China providing a variety of services such as
Courier Services Express delivery, Intra city delivery, International delivery, Cold chain delivery, Pharmaceutical LTL
and FTL delivery, warehousing services and other value added services $1bn PAT

• SF Express has expressed plans to expand globally by partnering wth DHL and UPS. SF also Operating Metrics
Aspirations to expand
acquired DHL’s China supply chain unit.
globally • In Europe, SF Express has tied up with delivery companies such as Lithuania Post and Chronopost
7.7% Express Del
Mkt Share

• In order to continuously innovate and be on par with the other delivery cos, SF Express is working
16,000+ service points
Consistent Innovation on industrial-strength unmanned drones, with a goal of delivering shipments anywhere in 36 hours
or less
66 Cargo Aircrafts
• For express delivery cos, market share is an important business development indicators
• While SF Express used to do mid-to-high end commercial deliveries, the competition from ecomm
Intense competition in delivery companies collectively known as Tongda (ZTO,Yunda, YTO, STO, Best) has forced it to 64 e-comm warehouses
the segment change gears
• As of 2019 end, SF had a market share of 7.7% in the express delivery industry

Note: Numbers as of Dec2019; Total funding includes IPO Proceeds of $1.8bn 28

 Founding team: Ryan Petersen (Founder and CEO) Total Funding till date
Established: 2014 $1.3bn
HQ: San Franciso, US Last Round Valuation
Stage: PE Backed $3.2bn

Current Investors

Private & Confidential Matrix Partners

Investment Thesis
• Offers a solution to lack of visibility and control in the logistics space by providing software that, on Key Financials
a high level, organizes the end-to-end shipment of goods around the world on a unified platform
Integrated Service Pack • Flexport’s tech focused model has attracted large clients as well as strong investors
• Combination of logistics, customs, financing as well as insurance services on the same platform ~$1 Bn Revenue

Expansion beyond • Moving into offline segments while traditional players aim to compete by going digital Operating Metrics
digital roots • Gradually moved into physical warehousing, trade financing & airplane freight charting
~120k TEUs moved – CY19
• Strategic operating model combining tech, analytics, logistics infra & supply chain expertise
Strong tech play
• Ocean Match - LCL consolidation for exports has the potential to generate significant savings Presence in 200+
countries

35% 10k+ clients served

Max savings
Ocean Match Book shipment Cargo matching Freight Rate
19% - Avg savings using
6 days Calculates container Matched with active If matched, Flexport offers
database (1-3 clients) freight rate optimized for Ocean Match
Avg time saved utilization
shipper’s cargo size

29
 Team: Shao-Ning Johnny Chou (CEO) Total Funding till date
Established: 2007 $1.38bn
HQ: Huangzhou Zheijang Province, China Market Cap
Stage: Listed $2.1bn

Current Investors

Private & Confidential Matrix Partners

Investment Thesis Key Financials

• Combines integrated logistics, value-added services & proprietary technology infrastructure to ~$5 Bn Revenue
create one stop shop for all needs
Multi-sided platform
• Offers multiples services – Express, B2B freight (LTL and FTL), Global freight movement, 3PL, trucking
marketplace, trade finance as well as SaaS based solutions ~5.6% Gross Margin

• BEST has established a nationwide, integrated supply chain network

Operating Metrics
• 401 FCs managed with aggregate space of 3,3 mn sq mts –catering to B2B as well as B2C needs
Supply chain service
• Wide network of hubs and sorting centers well connected by line haul transportation allowing 65.2 Mn peak daily parcel
network direct dispatch of goods to most regions in China volume – CY19
• Operating 4k+ express delivery and 2.1k+ freight line routes – thus covering most routes in China

• Ensures right balance of scalability and control; allows network expansion in a cost-effective ~7 Bn tons moved in CY19
Asset Light business
manner
model • Established a flat franchisee network minimizing the numbers of tiers in order to maintain control 5.4 Mn sq mts industrial &
warehousing space
• Offers BEST Cloud – a proprietary tech platform enabling customers to operate their businesses
more effectively with a range of SaaS based applications 100% geographical
Strong tech stack
• Multi-purpose use of tech - network & route optimization, sorting line automation, smart coverage of China
warehouses & store management to enhance operational efficiency & service quality

30
 Key Person: Jack Ma Total Funding till date
Established: 2013 $2.3bn
HQ: Huangzhou, China Last round valuation
Stage: Corporate backed $20.2bn

Current Investors

Private & Confidential Matrix Partners

Investment Thesis
• Partnered with the top 15 delivery companies in China including SF Express, Shentong, YTO etc Key Financials
• Cash rich parent: Alibaba groups owns 63% of Cainiao thus providing strong financial muscle
• With more financial resources, Cainiao will be able to continue its investment in tech and logistics
Strong backing infra services to strengthen it smart logistics network ~$3.5 Bn Revenue – CY19
• Alibaba’s evergrowing digital economy presence provides an inherent advantage for scaling of
Cainiao’s business operations Operating Metrics
• Offers Cross border delivery, Last mile, Rural network delivery, Domestic fulfilment & express delivery 1 Mn+ mom-&-pop shops
Multi-service platform • Increased merchant adoption of “Fulfilled by Cainiao” services from fast growing cross-border under B2B fulfilment
delivery services
with extensive reach
• Largest bonded warehouse network in China Presence in 200+
• Expanded global supply chain services via first mile pickup network in 33 countries and 142 ports countries
• Electronic shipping label: Store info on merchant, buyer, delivery firm & route, increasing efficiency 100 Mn parcels delivered
• Four level address database: Keeps address records down to the village & street name level, in 2.6 days for 11.11 sale
Strong tech and data greatly enhancing route-planning efficiency & delivery accuracy
products • Alert radar: Release warning to help delivery firms deploy resources to cope with spikes in orders Processes data for 70%+
• Logistics cloud: 1st cloud-based logistics platform in China. Collects data, offers a wide range of packages in China
smart products, and links delivery firms to all parties involved in the logistics process

31
 Pankaj Naik Rahul Nihalani
Co-head – Digital & Technology, Exec. Director Associate Vice President
Email: pankaj.naik@avendus.com Email: Rahul.nihalani@avendus.com
Mobile: +91 98204 13013 Mobile: +91 99305 77660
Landline: +91 22 6648 0020 Landline: +91 22 6648 0024

Private & Confidential Matrix Partners

Ajinkya Jadhav Sahil Shah
Associate Associate
Email: ajinkya.jadhav@avendus.com Email: sahil.shah@avendus.com
Mobile: +91 91369 24211 Mobile: +91 97697 23027
Landline: +91 22 6648 0910 Landline: +91 22 6653 3488

This note is distributed by Avendus on a strictly confidential basis. It has been prepared exclusively for benefit and internal use of recipient and does not carry
any right of reproduction or disclosure. The information contained herein can not be disclosed, reproduced or used in whole or in part without express prior
written permission of Avendus.
The information contained in this note has not been independently verified by Avendus. No representation or warranty is given by Avendus as to the
achievement or reasonableness or completeness of any idea and/or assumptions presented here. Neither the company nor its respective affiliates shall have
any liability (including liability to any person by reason of negligence or negligent misstatement) for any loss arising from use of this note and its contents
(express or implied).
This note does not claim to contain all information that recipient may require. Recipient should not construe any information contained herein as advice
relating to business, financial, legal, taxation or investment matters. Recipients are advised to consult their own business, financial, legal, taxation and other
advisors concerning the company.
Where this note summarizes provisions of other document, recipient should not rely on the summary and the relevant document must be referred for any
conclusion.

32