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AvenuesAl AvenuesAl A GLOBAL FINTECH COMPANY Q1 FY27 Earnings Presentation 11th August 2026
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This presentation contains certain words and statements concerning AvenuesAI Limited (“the Company”) and its prospects, and other statements relating to the Company’s expected financial position, business strategy, the future development of the Company’s operations and the general economy in India & global markets, are forward looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Actual results could differ materially for a variety of reasons, including fluctuations in foreign exchange rates, changes in global economic conditions and consumer spending, world events, the rate of growth of the Internet and online commerce, the amount that AvenuesAI invests in new business opportunities and the timing of those investments, the mix of products sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of legal proceedings and claims, risks of inventory management, seasonality, the degree to which the Company enters into, maintains, and develops commercial agreements, acquisitions and investment of strategic transactions, payments risks, and risks of warehouse and logistics productivity. The other important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of the Company’s industry, and changes in general economic, business and credit conditions in India. The information contained in this presentation is only current as of its date and has not been independently verified. No express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. Persons should consult their own financial or tax adviser if in doubt about the treatment of the transaction for themselves. Certain financial and operational figures and related statements provided in this presentation including certain quarterly information in relation to subsidiaries of the Company are management representations based on internal financial information system of the Company and subsidiaries of the Company. Disclaimer
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Investment Thesis 3 Why AvenuesAI is Structurally Different? Multi-layer regulated payment licenses* Closed loop consumer + merchant ecosystem AI embedded transaction orchestration Operating leverage from automation Expanding international footprint TPV Data AI Margin Cash Flow 01 02 03 04 05 * Multiple regulatory approvals across different parts of the payments value chain.
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AvenuesAI: The Consumer – Business AI Flywheel A Closed -Loop System Where Scale Compounds Advantage 4 Consumer scale Lower CAC Higher ARPUEmbedded Payments AI Automation EBITDA Expansion Revenue PredictabilitySwitching Cost
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Rediff: Low-CAC Consumer Acquisition Engine From a legacy portal to a high -trust consumer surface for payments and commerce 5 A High-Trust Consumer Entry Layer Why this Matters for AvenuesAI ? Low CAC Consumer Acquisition. First-Party Data in a Post-Cookie World. Native Distribution for Fintech & AI Products. Logged-in Base (Email, content, communities, habitual usage) Verified Identity & Communication Layer (Email, notifications, consent framework) Transaction - Adjacent Moments Bills, bookings, subscriptions, commerce. Current and Future Revenue Streams for Rediff RediffOne Embedded payments AI automation premium Streaming services
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RediffOne: The AI-Native Operating System for Businesses Where Workflows, Payments, and Intelligence Converge 6 Core Operating Modules Why RediffOne has high switching cost ? Agentic AI that acts — not just advises Commerce Orders Catalogue ERP (upcoming) Communication Email Notifications CRM (upcoming) Compliance GST Reconciliation Reporting Intelligence Dashboards Forecasting Alerts Payments embedded by default (via CCAvenue) Direct consumer touchpoints (via Rediff)
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From Payments as Utility to Payments as Intelligence Layer. CCAvenue: The AI Powered Monetization Engine of AvenuesAI From Payment Gateway to AI -optimized Financial Execution Layer 7 The Economic Engine Economic Impact Every consumer interaction → monetizable transaction Higher Profitability through: Payments Become Contextual Automated Decision-Driven Every AI decision → routed, priced & settled via CCAvenue Every business workflow → embedded payment Smarter routing Lower fraud & failures Value-added services (credit, settlement, compliance) AI routing Higher success rate Higher net contribution per transaction
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Phronetic: The Intelligence Control Layer of AvenuesAI Operational AI Embedded Across Payments, Workflows, and Decisions 8 The Brain of the Flywheel Agentic Workflows Across Not a standalone AI product Embedded across the AvenuesAI platform Optimises decisions in real time, at scale Turns Data Into Actions Approve / Reject Route / Retry Nudge / Notify Predict / Prevent Payments Operations Customer Communication Risk & Compliance More transaction processed, the smarter the system becomes: Execution + Intelligence = Margin Flywheel
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How the AvenuesAI Flywheel Compounds Growth Increases Intelligence. Intelligence increases margin. 9 This is more than a linear growth story. It has a potential to compound. Acquire Customers via Rediff Run Operations on RediffOne Accept Payments via CCAvenue Optimise Automatically via Phronetic AI Business grows → processes more payments AvenuesAI earns more → learns more → automates more Switching costs become existential, not contractual Consumer scale via Rediff Business lock-in via RediffOne Predictable monetisation via CCAvenue Margin expansion via Phronetic AI A Typical Merchant on the Platform System – Level Outcome What AvenuesAI Looks Like at Scale
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FINANCIAL PERFORMANCE AND OUTLOOK Structural Inflection Point: From Payment Gateway to AI Native Transaction Infrastructure EARNINGS PRESENTATION
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11 Particulars (INR Million) FY26 Actual FY27 Guidance Gross Revenue 81,158 1,10000 – 1,30000 Earning per Share * 9.42 8.75 – 9.50 Guidance FY27 Well-poised for Future Growth * based on the proposed post-corporate-action face value of INR 10 per share.
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Q1 FY27 At A Glance Key Strategic Business Developments 12 Strengthening UAE Presence with CBUAE Payment License Approval Received In-Principle Approval from the Central Bank of the UAE (CBUAE) for a Retail Payment Services – Category III License for Avenues World FZ LLC. The approval strengthens AvenuesAI’s position in the rapidly growing UAE digital payments ecosystem, enabling expansion of customer reach and innovative payment solutions. It further supports the Company’s long-term strategy of scaling its international payments business and creating sustainable value. RBI Authorisation for Prepaid Payment Instruments Received authorisation from the Reserve Bank of India (RBI) to set up a payment system for the issuance and operation of Prepaid Payment Instruments under the Payment and Settlement Systems Act, 2007. The approval enables AvenuesAI to issue and operate prepaid payment instruments in India, further expanding its digital payments capabilities and strengthening its position across the domestic payments ecosystem. Strategic Investment to Build AI-led Embedded Lending Ecosystem AvenuesAI plans to acquire up to 2.5% stake in Ratnaafin Capital, a new-age NBFC with a lending book exceeding INR 2,000 crore, as part of its liability-light lending strategy. The partnership will combine AvenuesAI’s AI, payments and merchant ecosystem with Ratnaafin’s SME lending capabilities to enable embedded lending solutions. The initiative marks AvenuesAI’s expansion into AI-led digital lending infrastructure, with regulated NBFC partners retaining lending and balance-sheet risk. 01 02 03
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Q1 FY27 At A Glance Key Strategic Business Developments 13 Strategic Investment in OPL to Accelerate AI-led Digital Lending AvenuesAI has approved a strategic investment to acquire a 7% minority stake in Online PSB Loans (OPL), operator of India’s largest public-sector-backed digital credit platform. The investment will combine AvenuesAI’s AI and payments capabilities with OPL’s public- sector banking network to enhance digital credit access for underserved segments. The partnership strengthens AvenuesAI’s strategy of building an AI-powered lending ecosystem through asset-light strategic investments. Building Secure, On-Premise AI for Enterprise AdoptionLaunched AvenuesAI, through its subsidiary PhroneticAI, is developing fully on-premise AI solutions using Small Language Models (SLMs) that can be deployed entirely within clients’ infrastructure. The platform is designed to ensure sensitive enterprise data remains within the organisation while enabling models to be trained, monitored and retrained internally. This positions AvenuesAI to tap the growing demand for private, secure and sovereign enterprise AI solutions. Entry into Turnkey AI Solutions with PrivateGPT AvenuesAI is planning to enter the turnkey AI solutions market through PrivateGPT, its on- premise Small Language Model (SLM) platform designed for corporates and organisations. The platform enables enterprises to deploy AI within their own infrastructure, offering greater control over sensitive data and security. The initiative strengthens AvenuesAI’s AI-led strategy and expands its opportunity beyond payments into enterprise-focused AI solutions. 04 05 06
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14 1 Total TPV from; CCAvenue (India + International incl. non-MDR payment options) + BillAvenue (Bill Payments) + Go Payments; 2 Net Revenue = Gross Revenue - Operating Expenses ( Optg exp = Payment processing charges and direct expenses related to Platforms business); 3 Margins are calculated as a percentage of Net Revenue; Business Performance 10+ mn No. of merchants INR 1.48 tn + 74% YoY TPV 1 5.3 bps - 49% YoY Payments NTR Financial Performance (INR million) 26,804 + 109% YoY Gross Revenue 1,000 + 41% YoY EBITDA 848 + 45% YoY PAT Margin Profile INR 1,475 mn - 3% YoY Net Revenue 2 68% 3 EBITDA margin 3 57% 3 PAT margin 3 Q1 FY27 Performance At A Glance Profitable Growth and Healthy Returns
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15 Particulars (in INR million) Q1 FY27 Q1 FY26 YoY (%) Q4 FY26 QoQ (%) Transaction Processing Value (TPV, in INR billion) 1 1,479 850 74% 1,655 - 11% Payments NTR (bps) 2 5.3 10.4 - 49% 6.0 - 13% Gross Revenue 26,804 12,802 109% 24,895 8% Net Revenue (NR) 1,475 1,520 - 3% 1,495 - 1% EBITDA 3 1,000 710 41% 923 8% EBITDA % of NR 68% 47% - 62% - Profit After Tax (PAT) 848 584 45% 890 - 5% PAT % of NR 57% 38% - 60% - Consolidated (Standalone + International Payments + Go Payments + Majority owned subsidiaries + Other associates) Profitable revenue growth with high operating and profitability margins 1 TPV includes Payments TPV of MDR-based and Zero-MDR based payment options; 2 Payments NTR is only from MDR based payment options. Strategic volume expansion during peak festive season. 3 EBITDA excluding Other Income; Financial Performance Snapshot – Q1 FY27 Growth Across All Key Parameters
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COMPANY OVERVIEW & INDUSTRY OUTLOOK Structural Inflection Point: From Payment Gateway to AI Native Transaction Infrastructure CORPORATE PRESENTATION
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About AvenuesAI Click to watch video
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18 Key Highlights India’s First Retail Payment Gateway India’s First Enterprise eCommerce Marketplace Software Platforms ~INR 10 trillion Annualised TPV run-rate 10+ mn Merchants Online + Offline Top 3 in India among B2B online Payment Gateways Top 2 in UAE among non-bank private payment companies 950+ Employees 300+ Domain Experts India’s First listed fintech company (listed in 2016) with a consistent PROFITABLE track record. A Payment Infrastructure company; Offering omni-channel and full-stack B2B Digital Payments solutions (Payments), enterprise eCommerce Software Platforms (Platforms) and Lending Solutions (Finance); with two decades experience PAN India Presence (among the top three) with global footprint; expanded to i) Middle East in Jun’18 (became second largest non-bank private player in UAE in 18 mts). India’s digital payments market share - ~8%*; Annualized TPV run-rate of INR 10.0 trillion Part of MSCI and FTSE small cap indices. Marquee customers across sectors: Indigo, Vistara, Taj, Oberoi, ITC, makemytrip, Yatra, HUL, Bisleri, Jio, Airtel, Myntra, Firstcry, Podar education, Govt of India, Burj Khalifa At The Top, Emaar, Damac, Nakheel, and many more. 01 02 03 04 05 06 AvenuesAI Business At a Glance
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19 In 2007, became first Indian PA to achieve PCI-DSS compliance and the first to become a MasterCard Member Service Provider In 2008, was the first to be certified by American Express for global currency processing In 2010, launched India’s first ecommerce technology platform for enterprise for large-scale eCommerce implementations In 2013, the first RuPay debit card transaction was processed through CCAvenue In 2014, was the first to offer Social Network In-stream Payments for social media platforms In 2015, incubated Fable Fintech in our office offering cross-border payments platform to 9 of the top 10 private banks in India across 150+ international corridors In 2016, first fintech to get listed In 2017, was the first RBI licensed Bharat Bill Pay operating Unit (BBPOU) to onboard billers and agents across India In 2018, launched B2B payments for corporates offering Vendor Management, Collections and Payouts AvenuesAI (1/2) Leading the Industry with Many Firsts
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20 In 2022, launched among the world’s most advanced omni-channel payments app, featuring India’s first pin-on-glass Soft PoS solution – CCAvenue TapPay In 2023, became India’s first online payment player to process CBDC (eRupee) transactions for online retail payments In 2023, received RBI’s Final Authorisation for Payment Aggregator License In 2023, received RBI’s Final Authorisation for perpetual Bharat Bill Pay System (BBPS) License In 2024, launch a complete all- encompassing POS device for offline payments. In 2025, acquired and in the process of launching Rediffpay and Rediffone. In 2025, CCAvenue Partners with Sutex Cooperative Bank for enhancing Net Banking Facility In 2025, CCAvenue's collaboration with ESAF Small Finance Bank goes live enabling secure Direct Debit Facility for millions of merchants In 2025, CCAvenue bags the 'Best Innovative Mobile App' Gold Award at 15th India Digital Awards 2025 by IAMAI AvenuesAI (2/2) Leading the Industry with Many Firsts
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21 Targeting 12-15% international contribution to Payment’s Net Revenue by FY28 Plans to expand into multiple countries over the next 3 - 5 years All international businesses outside India to be managed from the UAE subsidiary GCC USA South East Asia Other Geographies Australia & USA: To be operational by FY27 UAE and Oman operational. Saudi expected to be fully operational in FY26 01 02 03 04 International Expansion Plans For Becoming A Global Fintech Player
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22 10.0+ million total merchants; strong merchants addition in payment continues GCCINDIA Few Marquee Clients Marquee Clients Across Industries
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COMPANY OVERVIEW Rediff Platform Business
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24 Enterprise Email Cloud Storage MessengerVideo Conference Rediff One Platform Integrated Enterprise Commerce ERP – CRM - HRMS Coming Soon! Rediff TV Rediff Gurus RediffPay & Financial Products UPI based Payments (Upcoming) Rediff Business
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Thank You PAYMENTS | PLATFORMS www.avenuesai.com | www.ccavenue.com Investor Relations Rajat Gupta rajat@goindiaadvisors.com Sunil Bhagat sunil.bhagat@ia.ooo