We believe the case for India Internet remains attractive, with: 1) a large internet user base of 500mn+ internet users in CY18 (second only to China) which we expect to touch 850 mn+ by 2020; 2) mobile remaining the driver of internet penetration driven by strong smartphone sales (136mn+ in past 12 months), falling data prices and rising 3G+4G penetration (~80% by CY21F); and 3) favourable demographics with two-thirds of the consumer base below 35 years of age, with internet becoming a mainstream channel given
choice/convenience.
