Indonesia’s eCommerce ecosystem was in a phase of transformation during 2019 and early 2020. However, the rate of transformation has accelerated since Mar 2020, when the Covid-19 pandemic triggered severe restrictions on personal mobility.

1. INDONESIA ECOMMERCE
Metamorphosis in a post Covid world
SUMMARY REPORT

2. PREFACE
Indonesia’s eCommerce ecosystem was in a phase of
transformation during 2019 and early 2020. However, the
rate of transformation has accelerated since Mar 2020,
when the Covid-19 pandemic triggered severe restrictions
on personal mobility. Access to goods and services on
offline channels have been impacted and many of those
needs are now being fulfilled on online platforms. In
Metamorphosis in a post COVID world, we highlight how
various parts of the eCommerce ecosystem are responding
to the new realities and what this could mean for their
growth and profitability.
The report provides a fresh perspective on the consumers’
demand graph and how it ties up with multiple supply-
side initiatives. It also calls out the demand and supply
side aspects that have to be taken in consideration, as
stakeholders assess their role and relevance in a rapidly
changing ecosystem.
The content for this report was developed by conducting
several rounds of triangulation of top-down views (from
sector experts) with our proprietary primary research
findings. This has allowed us to harmonise the big-picture
views with the nuanced insights from our bottom-up
research.
The report also incorporates suitable inputs from our
content partner, East Ventures Singapore. Their inputs
have helped us to address some of the key questions on
the minds of investors. We are thankful to them for their
valuable contributions.
This report is our first step towards sharing actionable
insights on the new-age sectors in Southeast Asia. We
hope it will serve as a useful guide for the readers.
Warm Regards,
Roshan Raj.
Business Partner
RedSeer Southeast Asia
01 | Metamorphosis

3. Metamorphosis | 02

4. EXECUTIVE SUMMARY
Some of the key highlights from this report are:
» Big GMV set to get bigger.
Indonesia’s $23 bn formal eCommerce GMV in 2019
is likely shrug off the challenges of Covid and grow
50+% y-o-y to reach USD 35Bn in 2020 and ride the
digital adoption wave to reach $ 101 bn in 2025, as per
our estimates. In 2019, Electronics (69% contribution),
Fashion (16% contribution), and Beauty (9%
contribution) had emerged as the top-three categories
in terms of their absolute size and share of market.
However, from a growth perspective, grocery, household
appliances, personal care (part of Beauty), are expected
to be the leading growth categories over the short to
medium term driven by the impact of Covid.
» Covid-19 to have a positive impact on sector
in longer run.
Our supply side research indicates that online FMCG/
Grocery sector is currently seeing a massive adoption
boom due to Covid-19- with many of these first time
eGrocery shoppers likely to stick around. However, post
some short-term discretionary spending uncertainties
are smoothened out, even non-grocery categories like
electronics, fashion, beauty are likely to see a catalytic
positive impact due to covid-19 and long-term growth
acceleration. As 80% of our surveyed consumers and
expecting a spending rebound in next 6 months and
prefer the comfort of their home for shopping needs
rather than going in the crowded offline outlets.
However, e-tailers still need to solve for the short term,
lockdown driven challenges of insufficient delivery and
supply chain constraints. From a readiness perspective,
the large horizontals seem better positioned to cater to
the short and long end of the demand curve. Vertical
players could be better suited to swiftly consider online
and offline partnerships and especially take advantage
of their initial lead in the ‘fresh’ subcategory within
overall eGrocery.
Indonesia’s eCommerce is likely to see some near-term pains due to the disruption
unleashed by COVID-19. However, the sector is likely to see meaningful long-term gains
as the ecosystem steps up to a newer set of demand and supply requirements. The
emerging challenges and opportunities could necessitate some players to double down
on their existing strategy, while others might have to diversify and/or pivot. We expect the
eCommerce sector to emerge as a net-beneficiary of the current crisis as it offers a strong
tailwind for buyers and sellers to go online.
03 | Metamorphosis

5. » Massive jump in online user base numbers.
The pandemic is expected to give a major fillip to the
online user base with an estimated 12+mn users (1%
higher online penetration) coming onboard during CY20.
Such an increase in user count could have taken about
1.5-2 years under ordinary circumstances. eCommerce
companies can capitalise on many of these first-time
users by meeting three key customer needs i.e. Delivery
Speed, Product Safety and Product Variety. In addition,
competitive Delivery Pricing could be an additional
factor to be mindful of when catering to ex-Java areas.
» Brands warm up to eCommerce while pause
on aggressive seller side monetization.
Prior to Covid, the growing relevance of online sales
channels along with the online platforms’ need for
monetisation was leading to higher commissions, ad-
rates, value-added services etc. from sellers, brands
and manufacturers. However, basis some of the seller
challenges that we observe from our seller surveys, this
trend is likely to hit a pause till late 2020. However, Covid
has led brands to take eCommerce more seriously than
ever before and willing to closely partner with platforms
and spend on ad dollars to drive online growth. From
a platform standpoint, B2C share is likely to expand
in 2020 and rising B2C share will enable platforms’ to
improve their customer touchpoints, generate higher
quality revenues and margins.
» Move to in-house logistics accelerated by
COVID
In-house logistics has emerged as a key differentiator
during COVID-19 for some of the large horizontal
eCommerce players. It has allowed them to cater to
the unprecedented surge in shipment volumes and
will continue to see further investments in our view. In
general, in-house logistics allows players to grow B2C
shipments, mitigate risks of fraud and enables superior
customer touchpoints. We estimate in-house logistics
to account for 35% of the ~120mn shipments in April’20,
up from 24% share of total shipments in Q4’19. Despite
in-house logistics growth, sizeable 3PLs will continue
to remain relevant although alignment with the larger
players will become progressively more critical over
time. Additionally, the ability to offer instant/express
deliveries will be a key differentiator as consumers
Metamorphosis | 04

6. 05 | Metamorphosis
exhibit higher than ever willingness to adopt and pay for
such services.
» Payments: meaningful surge in eWallets to
continue
Consumers’ preference to switch to contactless, safer,
and more convenient payment modes has triggered
a sharp increase in the share of eWallet payments,
which reached 22% of the total formal eCommerce
transactions in Apr’ 20 versus 7% in 1Q19. This shift
also led to a decline in % share for Cash on Delivery
(CoD) transactions, which was seeing rapid growth
prior to this crisis as platforms sought to onboard first
time, cash-preferring customers. From a supply-side
perspective, both large eWallet players including OVO,
GoPay, DANA and emerging ones like ShopeePay have
stepped-up to meet this surging demand via suitable
cashback schemes.
» Continued Consolidation but pockets of
opportunity for verticals.
The top-three platforms, Tokopedia, Shopee and Lazada
now account for more than three-quarters of the
sector’s GMV. We expect GMV share to consolidate even
more going forward. Players with relatively lower GMV
shares could focus on specialised / vertical categories
including eGrocery where they can differentiate on
experience v/s competing on pricing.
» Emerging path to profitability.
We expect the short-term challenges to weaken the
unit economics for the sector in 2020. However, as the
players streamline their operations to the new norms
and brand side monetization is accelerated, we expect
profitability metrics to improve from 2021 onwards.
Accordingly, we estimate sector-level contribution
margins to dilute to (6-7%) in 2020 from (3-4%) in 2019,
before staging a recovery to reach ~ 1% in 2025.

7. Metamorphosis | 06
1
© RedSeer
Indonesia has strong digital fundamentals
A fast evolving digital funnel that will further accelerate post COVID
180
150
105
65
Access to Internet
Active Internet Users
Online Services Users
Online Shoppers
Access to Internet
Total population with access to
internet
Active Internet Users
Total population using internet
atleast once a year
Online Services Users
Transacts for services e.g.
banking/recharge, but no
products
Online Shoppers
Atleast one transaction on
online retail platforms in a year
100%
80%
58%
36%
Smartphone penetration stands at 55-60% of 270 Mn population in Indonesia currently
Total Population (Mn) ~270
Mn of population, As % Population
Indonesia online consumer funnel (2019)- Pre COVID
Chart 1 – Strong digital fundamentals further improving during COVID
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16% 12% 11%
20%
73%
26%
15%
48% 51%
56%
16%
8%
69%
41% 38%
25%
12%
65%
Decrease No Change Increase
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- especially for online shopping
E-tailing incl
eGrocery
eHealth EdTech Content Ride Hailing Digital
Payments
Strong e-tailing
adoption for
essentials
Compared to pre-COVID spending of time/money
Consumers have actively shifted to the online channel as precautionary measure to contain the spread of COVID-19
Q. How has your spend on the following services and products changed during COVID-19 from before?
(questions administered in the 1st-2nd Week of April)
Impact of COVID on spend in online services in Indonesia-Mid April (Jakarta and Non-Jakarta)
Indonesia has strong digital fundamentals…
…and Consumers have actively shifted to the online channel
KEY CHARTS THAT DEFINE
“METAMORPHOSIS”

8. 07 | Metamorphosis
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- especially for online shopping
Non-Java customers have moderate
effect –Delta from pre-COVID is lower,
particularly in Ride Hailing and Fitness.
Lockdown was imposed later in these
areas leading to moderated impact
COVID-19 crisis has put online services
in a positive light and can drive
adoption going forward
Additional Insights
Essentials goods became a priority
increase in E-tailing spend was driven
by BPC , F&B and home & living
There are signs that COVID-driven online adoption will stick around
1
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Indonesian consumers also displaying optimism around spending recovery
Will decrease
to pre-covid level
Will increase further
Will remain sticky at
current levels
Cannot say
17%
40%
37%
6%
77% consumers expect their online spend to stay sticky or
increase more than current (COVID) levels - indicating high
strong future propensity for online
Overall Customer
View
There seems to be significant room for increase in online spending which is expected to carry forward post-COVID.
Recovery is expected in the short term with ~80% consumers believing recovery within 6 months
Q. Which of the following do you think will happen with respect to your spend/usage?
(questions administered in the 1st-2nd Week of April)
Expected spend in future – for sectors with increased spend

9. Metamorphosis | 08
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Indonesian consumers also displaying optimism around spending recovery
32%
48%
17%
3%
Within 3 Months
6 – 9 Months
3 – 6 Months
9 months to a year
Q. How long do you think it will take till your spending restores to pre-corona level?
(questions administered in the 1st-2nd Week of April)
Expected time of recovery – for sectors with decreased spend
Overall Customer
View
3% respondents believe it would
take over 9 months for recovery

10. 09 | Metamorphosis
Chart 2 – eCom evolution: Past, Present and the Promising
Future
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6.8
13.5
23
35
60
100
2017 2018 2019 2020F 2022F 2025F
1. Evolution of Indonesia e-commerce; the past present and future
CAGR ~83%
CAGR
~20%
CAGR ~40%
Source: RedSeer Forecast Models; Supply Side Consensus Validation from Primary Research ; RedSeer Analysis
USD Bn, Gross GMV
Indonesia E-tailing GMV – Physical Goods (2017-2025)
Subsidy driven rapid
growth
Strong growth in Java
and in categories like
electronics and fashion
driven by shipping and
product subsidies
Gradual shift to
sustainable and broad-
based growth
Focus shifts to high
frequency categories
including fashion,
grocery and beauty,
including outside Java
with limited subsidies.
Note: while COVID is
causing short term
disruption, we expect
it to have a structurally
positive impact on
eCom growth
Non-Java engine kicks
into action
Continued focus
across broad array of
categories. Non-Java
pickups up rapidly
and new retail/O2O
channels become the
norm
Wave 1 Wave 2 Wave 3

11. Metamorphosis | 10
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69%
57%
16%
15%
9%
11%
5%
15%
1% 2%
2019 2020
USD Bn
E-tailing Market GMV by category – Forecasts (2019-2020)
Others
Beauty & personal care
eGrocery & home
Electronics
Fashion
e
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02
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0…
…
Overall CY20 market will be structurally different vs CY19
2
23
3 3
35
5
GMV Growth
20%
40+%
80%
400%
50+%
Chart 3 – Category mix undergoing rapid transition
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e
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02
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0…
…
Overall CY20 market will be structurally different vs CY19
§ Q1’20, unprecedented demand, category to grow rapidly in the subsequent quarters to attain ~17%
GMV share
§ Beauty and personal care saw marginally increased demand driven by personal care products.
Consumer sentiment is not very pessimistic
§ Post the dip in Q1’20 ,expected to recover during Ramadan and Q4 sale season driven by appliances
§ Shift in consumer preference towards low ticket appliances lead to the category losing GMV share
in 2020
§ Marginally lost GMV share due to cross border supply bottlenecks in Q1 and reduced AOV due to
higher share of unbranded products- to recover by Q4 driven by Ramadhan sales and resumption of
imports
eGrocery &
home
Beauty &
Personal care
Electronics
Fashion
Indonesia eCommerce Category Trends in CY2020
1
1
2
2
3
3
4
4
Strong growth of eGrocery category likely in 2020…

12. 11 | Metamorphosis
…Driven by changing consumer preferences
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51%
22%
11%
15%
Overall Customer
View
Strong first time customer additions in eGrocery validated from consumer surveys and
industry practitioner interactions
Q. When did you start ordering groceries online?
(questions administered in the 1st week of May)
eGrocery start of usage amongst consumers
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…Driven by changing consumer preferences
Started using
during the lockdown
3-6 months back
More than a year back
6-12 months back
51% consumers started
ordering groceries online
during the lockdown
eGrocery Platform Perspective
“New customers from mid income groups
being onboarded. These customers used to
shop at small retail outlets earlier“
April 20
“AOV has slightly decreased and frequency
shot up due to free delivery promos”
March 20
“Shop in shop model is doing well for
eGrocery- this is a main driver for this
category”
March 20

13. Metamorphosis | 12
1
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30%
30%
10%
3%
27%
30% of the sellers saw
a dip in demand
Overall Seller
View
Despite short term challenges, ~70% sellers on formal eCommerce believing in a recovery within 3 months
Q. What are some of the issues you are facing during the COVID-19 crisis?
(questions administered in the 1st week of May)
E-Tailing supply: Impact on sellers during the crisis
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But are optimistic about swift post COVID recovery
~40% of the sellers
saw a direct impact of
the lockdown
Decrease in demand
Shops/warehouses
have been closed
Supply shortage
Limited staff in
warehouses
Logistical challenges
Chart 4 – Online sellers struggling yet optimistic even as their
behaviour changes
47%
23%
10%
17%
3%
Overall Seller
View
Less than 2 months
3 – 4 Months
2 – 3 Months
4 - 6 months
> 6 months
Only 3% sellers believe it
would take over 6 months
for recovery
Q. How long do you expect the effect of COVID-19 to last in t he industry?
(questions administered in the 1st week of May)
Seller sentiment: Recovery time
70% of the sellers expect
the recovery to be in less
than 3 months
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But are optimistic about swift post COVID recovery
70% Sellers believe in a quick <3-month recovery

14. 13 | Metamorphosis 1
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Some of these changes will stick around even post crisis- basis platform actions
During the lockdown, sellers spent
most on fulfilment services followed by
pick up and advertising
“Strong growth in captive logistics
reflects this trend as well”
Significant opportunity for E-tailers to
push drive their service revenues
Discussion
While some of the newly adopted
service will reduce in usage post
COVID, upto one-fourth of sellers
indicate likely continued usage post
COVID
Lockdown increased seller reliance on in-house logistics offered by platforms

15. Metamorphosis | 14
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Some of these changes will stick around even post crisis- basis platform actions
“Online sales have seen ~3x
increase in April; all the major
e-commerce platforms have seen
sharp increase in sales”
- MNC Brand
Key messages from leading FMCG brands in Indonesia
GT sales have declined drastically;
MT and Online sales growing fast
“GT sales have seen a decline of
~50% in April while MT sales have
remained stable. Online share has
grown from 1-2% in February to
~5% in April”
- Local RTD Brand
“Have started to sell directly to
consumers from our platform”
- MNC Brand
Players experimenting with own
e-commerce platforms as well
“Our own e-commerce platform
now accounts for 6-7% of our sales
driven by discounts and digital
campaigns”
- Local RTD Brand
“Our ad budget on e-commerce
has grown by 2.5-3x“
- MNC Brand
Increased spend on promos to push
products online
“Strong focus on pushing new line
of personal hygiene products
through online channel”
- Local Non-food FMCG Brand
Key
Partnerships
P&G launched an experiential microsite (shop in
shop model) in partnership with Shopee
Chart 5 – Growing B2C share as Covid prompts an online shift by
brands
Brands warming up to online platforms to reach out to consumers directly

16. 15 | Metamorphosis
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~30% ~70%
Lazada
Bukalapak
Shopee
Tokopedia
Overall Indo E-Tail
B2C
C2C
Share of formal e-tailing GMV
Indonesia E-tailing : Share by business model in 2019
3
3.
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g B
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2C
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…
Share of B2C GMV to rise rapidly for platforms and lead to accelerated monetization
1
3
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…
50%
Q1 Q2 Q3 Q4 CY'25
CY19
Share of formal e-tailing GMV in each year
Indonesia E-tailing : Share by business model over 2019-2025
B2C
C2C
B2C share of e-tailing
GMV is rising
continuously for e-tailers
in 2019 and likely to
account for half of
market by 20205

17. Metamorphosis | 16
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6%
19% 22%
Q1 Q2 Q3 Q4 Q1 Apr 20
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On-Demand
Others
13%
30%
35%
Q1 Q2 Q3 Q4 Q1 Apr 20
In-house
3PL
2019 2020
~3.9 Mn shipments per day Only being provided for fresh
groceries and limited FMCG items
Captive logistics and on-demand logistics scaled up driven by strong staff additions in previous quarters
Mn Shipments, 3PL vs In-house
Indonesian eLogistics Market- For Formal eCommerce
Mn Shipments, % On-demand Deliveries
Indonesian eLogistics Market- For Formal eCommerce
2019 2020
1
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Key Examples of in-house logistics ops during COVID
ü Anteraja has enabled free shipping promos on hospital equipment and
sanitation equipment from Tokopedia
ü Started express deliveries
ü Focus on captive logistics is expected to increase and the fleet size is expected
to increase by 20% to handle the increase in grocery orders
ü In Q2 focus will also be on increasing the captive logistics play to lower the
Jabo delivery time
ü “Shopee had onboarded a lot of staff during late 2020 but were underutilized
due to strong promos by 3PLs
I
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se
e l
lo
og
gi
is
st
ti
ic
cs
s s
sc
ca
al
le
ed
d u
up
p;; o
on
n-
-d
de
em
ma
an
nd
d l
lo
og
gi
is
st
ti
ic
cs
s g
gr
re
ew
w a
as
s w
we
el
ll
l
Chart 6 – Growing relevance of in-house logistics and diverse
payment options
In-house logistics scaled up rapidly to meet order spike seen during Covid period

18. 17 | Metamorphosis
1
© RedSeer
18%
25%
55%
35%
20%
18%
7%
22%
e
eW
Wa
al
ll
le
et
ts
s p
pa
ay
ym
me
en
nt
ts
s p
pi
ic
ck
ke
ed
d u
up
p s
si
ig
gn
ni
if
fi
ic
ca
an
nt
tl
ly
y i
in
n A
Ap
pr
ri
il
l 2
20
0
Fast rising COD share fell slightly in April owing consumer concerns
Q1 Q2 Q4
Q3 Q1 Apr
2019 2020
% of transactions
Indonesian share of payment modes in e-commerce transactions
Minimarket
e-Wallets
Bank Transfers
Cash on delivery
eWallets payments picked up significantly in April 20
1
Key payment trends during COVID-19
§ Consumers have preferred to use wallet payments to ensure contactless deliveries and benefit from
cashback promos on essential FMCG items
§ Cash on delivery is being retained as a method to onboard new customers who have shifted to online
considering the covid-19 crisis
§ ShopeePay was launched in late 2019 and it noticed significant traction in Q1 owing to strong
promos, particularly around Shopee Birthday event and on FMCG products for cashbacks on shipping
fee
“I have been using more e-wallets in the last one-two months, primarily because of the cashbacks. Ovo
is giving cashbacks if shipping fee is over 10k IDR within Jakarta”
-Frequent buyer, Jakarta
Customer Speaks
e
eW
Wa
al
ll
le
et
ts
s p
pa
ay
ym
me
en
nt
ts
s p
pi
ic
ck
ke
ed
d u
up
p s
si
ig
gn
ni
if
fi
ic
ca
an
nt
tl
ly
y i
in
n A
Ap
pr
ri
il
l 2
20
0
Fast rising COD share fell slightly in April owing consumer concerns

19. Metamorphosis | 18
1
© RedSeer
31%
25%
45%
58%
62%
44%
12%
13%
11%
May revert to pre-COVID behaviour
Within eGrocery, ‘Fresh’ opportunity is likely to grow fastest and provide significant opportunity for both
horizontals and verticals
Q. How do you foresee your consumption habits will change in the following categories, compared to
normal status before the outbreak?
(questions administered in the 1st-2nd week of April)
E-Tailing: Expected change in consumer retail spending post COVID-19 Who offers fresh currently
C
Ch
ha
ar
rt
t 7
7 –
– T
To
op
p 3
3 d
do
om
mi
in
na
at
ti
io
on
n t
to
o c
co
on
nt
ti
in
nu
ue
e b
bu
ut
t v
ve
er
rt
ti
ic
ca
al
ls
s s
st
ti
il
ll
l h
ha
av
ve
e o
op
pp
po
or
rt
tu
un
ni
it
ti
ie
es
s
Yet consumer findings indicate opportunity for verticals especially in ‘fresh’ category
Post
COVID
likely
online
purchase
sentiment
Fresh Fruits
& Vegetables
Staples, RTC
/RTE foods
Meat
Compared to pre-COVID spending
Increase No Change Decrease
BliBli is a e-commerce player,
owned by Djarum Group and has
pivoted into Grocery and FMCG
offering since 2019. BliBli has both
inventory led and marketplace
offerings for fresh items
Yet consumer findings indicate opportunity for verticals especially in ‘fresh’ category
Chart 7 – Top 3 players likely to continue dominating, but
opportunity present for verticals
Top 3 share of GMV has been increasing year on year
1
© RedSeer
2
2.
. W
Wh
ha
at
t m
ma
ak
ke
es
s u
up
p t
th
he
e G
GM
MV
V?
?
1. The Big Picture
64%
73% 74%
36%
27% 26%
2017 2018 2019
6.8 13.5 23
Source: Primary Research; RedSeer Analysis
USD Bn
Formal E-tailing GMV in Indonesia (Physical Goods) – Share of top 3 players
Others
Top 3 players

20. 19 | Metamorphosis
Chart 8 – Profitability: Likely recovery in 2021 after softness in
2020
1
© RedSeer
U
Un
ni
it
t e
ec
co
on
no
om
mi
ic
cs
s f
fo
or
r e
eC
Co
om
mm
me
er
rc
ce
e h
ha
as
s b
be
ee
en
n o
on
n a
an
n i
im
mp
pr
ro
ov
ve
em
me
en
nt
t p
pa
at
th
h i
in
n l
la
as
st
t f
fe
ew
w
y
ye
ea
ar
rs
s b
bu
ut
t 2
20
02
20
0 t
to
o s
se
ee
e P
P&
&L
L t
ta
ak
ki
in
ng
g a
a h
hi
it
t
P&L Element CY19 CY20 - Forecasted Rationale for Forecast
Checkout GMV 100 100
Shipped GMV (after
cancellations)
78 77 To dip slightly as sellers experience supply side crunch
Fulfilled GMV (after returns) 70 71
Companies may have tighter policies in place during
COVID-19
Revenue from Sales and Other
services
3 4
Drop in seller commissions counterbalanced by brand
tie-ups and VAS sales
Discounting (5) (7)
Higher levels of discounting to stimulate growth in non-
essentials, especially during 11.11 and 12.12
Net Revenue (2) (3)
Net supply chain expenses (1-2) (3-4)
Increasing share of hyperlocal orders and more
investments towards captive logistics to increase
fulfilment costs
Contribution Margin (3-4) (6-7)
P&L may differ by category. Figures are indicative estimates - built bottom-up
Indonesia Formal eCommerce Unit Economics

21. Metamorphosis | 20
Roshan brings 14+ years of experience in investment advisory and consulting services. Prior
to RedSeer he was Vice President at Bank of America Merrill Lynch Global Research where
he generated in-depth insights on telecom, media and ecommerce in Southeast Asia (SEA).
In his current role, he has been involved multiple Commercial Due Diligence projects in SEA,
particularly Indonesia. He is an MBA from Indian Institute of Management, Ahmedabad with a
Bachelor in Technology, Indian Institute of Technology, Madras.
He can be reached at roshanb@redseer.com
Roshan Raj Behera
Partner, SEA
Mrigank brings 5+ years of experience in advising corporates and investors in India, SEA and
MENA and Europe across deal cycle and strategic planning process. He is frequently quoted
and acknowledged by media channels as a thought leader in the internet space. He is an MBA
from Indian Institute of Management, Indore with a Bachelor in Technology, Indian Institute of
Technology, Roorkee.
He can be reached at mrigank@redseer.com
Mrigank Gutgutia
Director, SEA
Akshay has 6+ years’ experience covering Strategy Consulting, Equity Research, Business
Analytics & Technology. In his current role, he has worked across geographies (MENA, Europe,
India and SEA) on engagements covering Market Landscaping, Competitive positioning &
Opportunity identification, Commercial Due Diligence, etc. He was previously working with
Goldman Sachs as an Equity Analyst covering their EMEA Telecom sector. He’s an Alumnus of
IIM Kozhikode.
He can be reached at Akshay@redseer.com
Akshay Jayaprakasan
Engagement Manager
Divyanshu has 2 years of experience advising various corporates and investors from SEA and
India across retail, e-commerce and e-logistics space. He is an M.Sc in Economics from Indian
Institute of Technology, Kharagpur.
He can be reached at divyanshus@redseer.com
Divyanshu Shrivastava
Associate Consultant
Mohit has 3 years’ experience in the Research and Consulting industry. In his current role as a
Business Analyst, he has worked with Consumer Internet clients across geographies (MENA,
Europe, India and SEA) on engagements covering Market Landscaping, Competitive positioning
& Commercial Due Diligence. He has completed his B-Tech in mechanical engineering from the
Vellore Institute of Technology.
He can be reached at khanna.mohit@redseer.com
Mohit Khanna
Business Analyst
TEAM

22. Solve. New
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