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India Internet A Closer Look Into the Future

Publish Date: 01-07-2020

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Source: Goldman Sachs

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Type: Report

Synopsis: We expect the India internet TAM to grow to US$177 bn by FY25 (excl. payments), 3x its current size, with our broader segmental analysis driving the FY20-25E CAGR higher to 24%, vs 20% previously. We see market share likely to shift in favour of Reliance Industries (c.25% by FY25E), in part due to Facebook’s traffic dominance; we believe this partnership has the right building blocks to create a WeChat-like ‘Super App’. However, we do not view India internet as a winner-takes-all market, and highlight 12 Buy names from our global coverage which we see benefiting most from growth in India internet; we would also closely watch the private space for the emergence of competitive business models.

Public Link: https://nextbn.ggvc.com/wp-content/uploads/2020/09/July-2020-GS-India-Internet_-A-Closer-Look-Into-the-Future.pdf

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