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Corporation
MOBILE & TELECOMMUNICATIONS | Telecom Services / Wireless
airtel.in

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Investments

18

Portfolio Exits

5

Partners & Customers

10

About Bharti Airtel

Bharti Airtel (NSE: BHARTIARTL) is a global telecommunications company with operations in 20 countries across Asia and Africa. The company's product offerings include 2G, 3G, and 4G wireless services, mobile commerce, fixed line services, high-speed DSL broadband, IPTV, DTH, and enterprise services, including national & international long distance services to carriers.

Bharti Airtel Headquarter Location

Plot 16, Udyog Vihar Phase IV

Gurgaon, 122009,

India

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Bharti Airtel Web Traffic

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Latest Bharti Airtel News

Daily Voice | Sonam Srivastava of Wright Research advises caution on eMudhra IPO, expects tepid listing for Delhivery, but Venus at premium

May 21, 2022

"The IPO market premium is primarily linked to the sentiment in the secondary markets. When the markets are euphoric, IPOs demand premium valuations, but no one likes an overvalued company in tough times, especially if the profits are low." Sunil Shankar Matkar Sonam Srivastava is the Founder of Wright Research “eMudhra is India’s most significant licensed certifying authority. The company has issued over 50 million digital signature certificates through 88,457 channel partners. But it will list at a PE of 78.81x within a highly competitive industry. So, we advise investors to be cautious,” Sonam Srivastava, Founder at Wright Research said in an interview to Moneycontrol. Thanks to retail investors, the IPO of Venus Pipes was subscribed 16.31 times on the final day. “We expect the stock to open at a premium. Venus Pipes will be an excellent addition to the listed stainless steel pipes and tubes segment with a strong export presence,” she said. However, Delhivery’s IPO hardly sailed through, and retail investors barely participated. “We expect the listing to be tepid and damaging as the current market hates high-growth tech stocks with negative earnings,” she said. Do you think the market has bottomed out after the recent correction, and is ready for a sharp upmove? The last six months have taught us that picking the market bottom is a futile exercise in adverse macroeconomic conditions. We are at a low point in the market despite a robust economy. Moreover, the rise in inflation worldwide, persistent geopolitical tensions, and worsening conditions in China are some things that still worry investors. Despite the sharp upward rally in the last week, no one can certainly say that the markets are ready to bounce back. These are the times to be cautious and exercise your risk management muscles. The telecom space, which is largely a two-player market now, has seen strong growth in ARPUs, especially after the tariff hikes in November last year. Do you expect more tariff hikes in the coming period, and are you bullish on these players? Both Bharti Airtel and Idea have posted increase in revenues and seen good days after announcing the tariff hikes and ARPU (average revenue per user) growth. Both Gopal Vittal of Bharti Airtel and Ravinder Thakkar of Idea have signalled that more hikes are coming in the next quarter. Telecom ARPUs have been sustainably low since Jio disrupted the space, and we will see them rising soon. The hikes will help the revenue and EBIDTA numbers of the two players. In this volatile market where rates rise, cash is king, and increasing cash flows won’t hurt anybody. The telecom sector is seeing a structural revival, and the 5G rollout will be exciting. We are watching this sector optimistically. The IT services space has corrected nearly 20 percent in the recent correction. Where do you see value in this space and should one stick to frontline players instead of mid-caps and small-caps? The IT services sector is buoyant structurally. But with rising margin concerns from a potential macro slowdown and increased exposure to the US, the industry earning cycle might be in trouble. JP Morgan even downgraded the sector and said that the peak revenue is behind us, and EBIT margins are trending down due to inflation and mean reversion. We think, IT is a decent bet while the US hikes rates, but the simultaneous debacle in the US markets has discouraged the sector. So, we are cautious here, and sticking to larger players might make sense. The auto space has been facing issues on the demand as well as supply sides. Should one start taking exposure to the space or wait for the situation to improve? The auto sector has been surprisingly robust over the last month amid the market decline, which might be due to mean reversion effects or because demand in the industry remains high. The auto sector is struggling on the supply side due to semiconductor shortages while people are still waiting for their cars. As inflation rises, demand is seen to be impacted, and global forces, especially the China showdown, which shrunk their auto demand by 40 percent, can impact this sector. The sector’s fate would be governed by the inflation numbers and the revival of consumer sentiment. We are not yet buying but watching this sector. LIC has seen a tepid performance on its listing day. Do you think the stock is still overpriced or is there an issue with the life insurance space as a whole? The valuations at which LIC got listed were cut from the previous numbers discussed but were still on the expensive side for the old world stock in an industry that is growing more and more competitive and digital. The tepid performance could be due to the broader bearish market dynamics due to inflationary pressures and tight monetary policy. In addition, insurance stocks across the board are weak as they anticipate lower demand. Therefore, LIC stockholders need to be patient and wait for the market to return. The BSE IPO index fell more than 30 percent in the last six months. What are your thoughts on the Indian IPO market that has seen several listings since last year, but around 40 percent of them are way below their issue prices, including new-age companies? The IPO market premium is primarily linked to the sentiment in the secondary markets. When the markets are euphoric, IPOs demand premium valuations, but no one likes an overvalued company in tough times, especially if the profits are low. The new-age companies face the same problem. They might have a long way to profitability, and in such volatile times, no one trusts exorbitant growth projections. Nevertheless, companies in attractive sectors with good profitability track records and reasonable valuations are still being lapped up by IPO investors. Therefore, we look at the IPO market to keep on bringing exciting companies to the listed space. What are your thoughts on the IPOs of eMudhra and Aether Industries? Do you expect muted listing for Delhivery, Venus Pipes, and Prudent Corporate? eMudhra is India’s most significant licensed certifying authority. The company has issued over 50 million digital signature certificates through 88,457 channel partners. But it will list at a PE of 78.81x within a highly competitive industry. So, we advise investors to be cautious.

Bharti Airtel Investments

18 Investments

Bharti Airtel has made 18 investments. Their latest investment was in Cnergee Technologies as part of their Corporate Minority on April 4, 2022.

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Bharti Airtel Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/27/2022

Corporate Minority

Cnergee Technologies

Yes

3

3/28/2022

Corporate Minority

Avaada KNShorapur

$0.23M

Yes

2

2/24/2022

Corporate Minority

Aqilliz

Yes

3

1/31/2022

Corporate Minority - II

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10

9/15/2021

Series A

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$99M

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10

Date

4/27/2022

3/28/2022

2/24/2022

1/31/2022

9/15/2021

Round

Corporate Minority

Corporate Minority

Corporate Minority

Corporate Minority - II

Series A

Company

Cnergee Technologies

Avaada KNShorapur

Aqilliz

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Amount

$0.23M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

2

3

10

10

Bharti Airtel Portfolio Exits

5 Portfolio Exits

Bharti Airtel has 5 portfolio exits. Their latest portfolio exit was Editorji Technologies on July 15, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/15/2020

Corporate Majority

2

6/28/2019

IPO

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10

5/7/2019

Divestiture

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10

1/13/2016

Divestiture

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10

6/8/2010

Divestiture

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$99M

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10

Date

7/15/2020

6/28/2019

5/7/2019

1/13/2016

6/8/2010

Exit

Corporate Majority

IPO

Divestiture

Divestiture

Divestiture

Companies

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Valuation

$99M

Acquirer

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Sources

2

10

10

10

10

Bharti Airtel Acquisitions

18 Acquisitions

Bharti Airtel acquired 18 companies. Their latest acquisition was Quikmile on November 25, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/25/2019

$99M

Acq - Talent

1

7/1/2019

$99M

Merger

5

10/4/2018

$99M

Asset Sale

1

10/3/2018

Other

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$99M

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10

3/15/2018

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$99M

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10

Date

11/25/2019

7/1/2019

10/4/2018

10/3/2018

3/15/2018

Investment Stage

Other

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acq - Talent

Merger

Asset Sale

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Sources

1

5

1

10

10

Bharti Airtel Partners & Customers

10 Partners and customers

Bharti Airtel has 10 strategic partners and customers. Bharti Airtel recently partnered with Tech Mahindra on March 3, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

3/31/2022

Partner

India

Airtel and Tech Mahindra announce partnership to grow India’s digital economy

These solutions will focus on combining Airtel 's industry leading integrated connectivity portfolio of 5G ready mobile network , Fiber , SDWAN , and IoT along with Tech Mahindra 's proven system integration capabilities .

6

3/8/2022

Partner

India

Bharti Airtel and Axis Bank forge telco-bank partnership

Through this win-win telco-bank partnership , Airtel customers will get access to Axis Bank 's world-class financial services portfolio and exclusive benefits , while Axis Bank will benefit from Airtel 's strong digital capabilities and deep distribution reach . ''

1

3/7/2022

Partner

India

Axis Bank, Bharti Airtel to issue co-branded credit card

`` Through this win-win telco-bank partnership , Airtel customers will get access to Axis Bank 's world-class financial services portfolio and exclusive benefits , while Axis Bank will benefit from Airtel 's strong digital capabilities and deep distribution reach , '' said Gopal Vittal , MD & CEO , Bharti Airtel .

1

2/17/2022

Vendor

United States

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10

2/17/2022

Licensee

France

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10

Date

3/31/2022

3/8/2022

3/7/2022

2/17/2022

2/17/2022

Type

Partner

Partner

Partner

Vendor

Licensee

Business Partner

Country

India

India

India

United States

France

News Snippet

Airtel and Tech Mahindra announce partnership to grow India’s digital economy

These solutions will focus on combining Airtel 's industry leading integrated connectivity portfolio of 5G ready mobile network , Fiber , SDWAN , and IoT along with Tech Mahindra 's proven system integration capabilities .

Bharti Airtel and Axis Bank forge telco-bank partnership

Through this win-win telco-bank partnership , Airtel customers will get access to Axis Bank 's world-class financial services portfolio and exclusive benefits , while Axis Bank will benefit from Airtel 's strong digital capabilities and deep distribution reach . ''

Axis Bank, Bharti Airtel to issue co-branded credit card

`` Through this win-win telco-bank partnership , Airtel customers will get access to Axis Bank 's world-class financial services portfolio and exclusive benefits , while Axis Bank will benefit from Airtel 's strong digital capabilities and deep distribution reach , '' said Gopal Vittal , MD & CEO , Bharti Airtel .

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Sources

6

1

1

10

10

Bharti Airtel Team

44 Team Members

Bharti Airtel has 44 team members, including current Chief Executive Officer, Managing Director, Prasanta D Sarma.

Name

Work History

Title

Status

Prasanta D Sarma

Chief Executive Officer, Managing Director

Current

Dinesh Balsingh

Chief Commercial Officer

Current

Sunil Goyal

91springboard, Indian Angel Network, Paytm, Location Labs, and Wirkle

Senior Vice President

Current

Chidi Okpala

Founder

Former

Raveendra Desai

Chief Executive Officer

Former

Name

Prasanta D Sarma

Dinesh Balsingh

Sunil Goyal

Chidi Okpala

Raveendra Desai

Work History

91springboard, Indian Angel Network, Paytm, Location Labs, and Wirkle

Title

Chief Executive Officer, Managing Director

Chief Commercial Officer

Senior Vice President

Founder

Chief Executive Officer

Status

Current

Current

Current

Former

Former

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