Our Investment Thesis - Innovating for the NHB

The Next Half Billion (NHB) refers to the nearly 500 million Indians who will come online for the first time by 2022, and predominantly from the bottom 60% of India's income distribution.

Our investment thesis postulated that internet and mobile phones could unlock greater incomes, opportunities and choices for the NHB through new tech-led business models. Five years since we began focusing on this segment, this paper takes stock of how our thesis is playing out and how NHB-focused business models have evolved. It also anticipates the next frontiers in the NHB's digital journey and the opportunities for entrepreneurs serving them.

Read the full report here.