Delper Group

Seed Round: USD 8.00M from Investor

Seed investors put USD 8.00 Million into the group, USD 4.00 Million into Track 1 (Global Trust Infrastructure) and USD 4.00 Million into Track B (Delper Retail). In Year 1 GK Bharta pays them USD 8.00 Million, which returns their principal and buys back their 40% interest. GK funds that payment from palm oil income. In Year 1 GK also acquires Radiant Synage's 60% interest for a lump-sum payment of USD 4.00 Million. From Year 1 GK holds 100% of the group and receives 40% of its after-tax profit each year, with 60% reinvested. In Year 7 the USD 1.90 Billion Delper Aegis launch is funded from GK Bharta's profit, and GK owns 100% of Aegis.

GK Ownership Transition

From Year 1, GK Bharta holds 100% of Delper Group. It acquires the seed investors' 40% for USD 8.00 Million and Radiant Synage's 60% for a lump-sum payment of USD 4.00 Million.

• Delper Group: GK Bharta 100% from Year 1.
• Track 1 (Global Trust Infrastructure, Singapore SPV): 40% of after-tax profit is paid to GK Bharta each year; 60% is reinvested as growth capital.
• Track B (Delper Retail, India): 40% of after-tax profit is paid to GK Bharta each year; 60% is reinvested.
• Delper Aegis: GK Bharta 100%. The full launch is funded from GK profit in Year 7. From Year 7, after the launch advance is repaid, 40% of after-tax profit is paid to GK Bharta; 60% is reinvested.

Dual-Track Operational Architecture

Seed Round Buyback by GK, Funded by Palm Oil

The palm oil vehicle routes 1,000,000 metric tons of bulk palm oil a year through irrevocable at-sight letters of credit. GK Bharta earns a sourcing commission of USD 15 per ton, irrespective of palm oil price, which gives USD 15.00 Million a year. In Year 1 GK uses this income to pay the seed investors USD 8.00 Million, which returns their principal and buys back their 40% interest, and to pay Radiant USD 4.00 Million. The palm oil business continues as usual after the buyback. Malaysia is used only for palm oil purchasing, to clear the debt.

Delper Aegis: Factory-as-a-Service, 100% Capital from GK

Delper Aegis is an industrial-grade cybersecurity layer built around the Delper Guard firewall, with an initial hardware run of 3,000,000 units. The USD 1.90 Billion launch in Year 7 is advanced from GK Bharta's profit share, covering USD 531.5 Million of silicon development and USD 1,367.5 Million of hardware, a total launch cost of USD 1,899.0 Million. Revenue starts in Year 7.

• Certification: IEC 62443 SL-4 is a target, not a rating. Formal testing is scheduled for program Years 1 to 2, which is Years 7 to 8 in the group timeline.
• Roadmap, in group years from the Year 7 launch: launch and certification in Years 7 to 8; AI assurance in Years 9 to 11; post-quantum migration in Years 12 to 13; sustained lifecycle support in Years 14 to 16.
• Full-scale recurring revenue: about USD 188.5 Billion a year at 1,000,000 lines on the revised bill of USD 15,706.50 a month per line. This is a gross projection that assumes every line is staffed and billed. If customers accept only the USD 8,371.50 source subscription, it falls to about USD 100.5 Billion. The group model uses the supply-limited revenue path instead: USD 5.91B in Year 7, rising to USD 62.97B in Year 10.
• Workforce: round-the-clock cover needs 4.2 field engineers (FDEs) per plant. At 12 lines per plant, the full 1,000,000-line base needs about 350,000 FDEs. The source's talent model supports about 159,390 engineers, so hiring capacity, not customer demand, is the binding constraint. The 33,000 figure is the market shortage of FDE roles, not Aegis's own requirement.
• Funding and payout: GK Bharta advances the full Year 7 launch from its profit share. Aegis repays that advance from its own after-tax profit before any profit split. Only the remaining profit is paid out, 40% to GK Bharta and 60% reinvested. On the source cost schedule, the advance is repaid within Year 7. If Year 7 revenue fell below about USD 4.4 Billion, the advance would carry into Year 8.
• Verdict: conditionally viable. It requires plants averaging about 26 or more lines, customers accepting a total bill near USD 15,707 per line per month, and full funding of the launch.

Delper Aegis cost build-up (program Years 1 to 4, shown as group Years 7 to 10)

FDE staffing was already inside the source's cost schedule and is shown separately here. Cloud hosting is not priced in the source, so the USD 100 per line per month rate is an assumption to replace with a quoted rate. Hardware refresh, recruitment, training and overhead are also not priced in the source and are not deducted.

Group Revenue, Years 1 to 10

Group revenue is the sum of the three businesses, in USD. Track 1 is take-rate revenue from the Global Trust model. Track B is Delper gross profit, using the base case for Years 1 to 5 and the 1-billion-buyer scenario for Years 6 to 10. Delper Aegis revenue starts in Year 7. Figures are revenue, not profit.

Track 1 revenue grows from USD 9.43M in Year 1 to $149.86B in Year 10, as capital compounds at 26 turns and 60% of net profit is reinvested. Delper Aegis adds revenue from Year 7, reaching USD 62.97B in Year 10.

GK Bharta Cash Flow, Years 1 to 10

This section sets out GK's cash position and the ten-year financial waterfall. GK's cash comes from palm oil income of USD 15.00 Million a year, from 1,000,000 metric tons at USD 15 per ton, and from 40% of after-tax profit paid by each track. Each track reinvests 60% of after-tax profit. In Year 1 GK pays the seed investors USD 8.00 Million and Radiant USD 4.00 Million. Delper Aegis is funded entirely from GK's profit share until it can fund itself. In Year 7 GK advances the USD 1.90 Billion launch from its profit share, and Aegis repays the advance from its own Year 7 after-tax profit of about USD 3.16 Billion. Only the remaining profit is split 40% to GK and 60% reinvested. The advance is repaid in Year 7, so Aegis's payout starts that year. Cash stays positive in every year under the revised model, so no fresh investment is required. Figures are in USD.

GK Bharta cash position

Ten-year consolidated waterfall

OpEx is 40% of revenue for Track 1, 50% of revenue for Track B, and the Delper Aegis cost build-up for Delper Aegis, including FDE staffing, cloud hosting and hardware cost of sales. Income tax is 17% of profit before tax in each track.

GK Bharta payout by track, Years 1 to 7

Delper Aegis pays GK nothing before Year 7. By Year 7, the cumulative GK Bharta payout is $3.43B. Track 1 contributes $1.91B of this. The Year 7 Aegis launch advance of $1.90B is repaid to GK in full and is not counted as a payout.

Milestones

Financial Summary