Delper: Combined Profile
Status: Pre-revenue. This merges the Delper Global Consultants profile and the Delper Retail profile. Every figure is a projection or planning assumption, and no partner relationship has been independently confirmed. There are two separate proposed raises of $4.0M each, $8.0M in total. The source documents still differ on several points, so these are listed in their own section rather than resolved here.
Group structure
| Entity or line | Role | Status |
|---|---|---|
| Delper Global Consultants | Operating entity; cross-border B2B trade platform | Confirmed by management; registration not yet verified |
| Delper Retail | Buyer-first verified sourcing platform for e-commerce, starting with an India pilot via ONDC | Planning stage; no legal entity named |
| Radiant Synage | Indian digital signage company contributing IP to the Singapore SPV | Website figures unverified; "8080+" statistics look like placeholders |
| Delper Singapore SPV | Holding vehicle for Transaction A ($4.0M) | Legal name still to be confirmed |
| Delper Aegis | Industrial firewall hardware (Delper Guard) with managed service | SL-4 rating is a target, not a certification |
| Training | Planned six-month diploma with UVCE | Partnership not confirmed |
Delper Global Consultants: cross-border trade platform
The platform onboards trading parties through one API, holds buyer funds in escrow, releases them after independent inspection, and sources orders through competitive bidding. The model assumes a 14-day settlement cycle, giving 26 turns a year. Trade is on FOB terms: the seller delivers the goods on board at the origin port, and the buyer pays customs and other taxes at the landing port. FOB fits the 14-day turn for both parties, because the cycle covers sea transit. No duty-avoidance structure is needed.
A CSR plan would fund village infrastructure from 2% of pretax profit.
Delper Retail: buyer-first verified sourcing
Delper Retail is a buyer-first platform for e-commerce. Buyers post enquiries, pre-vetted sellers bid in real time, an independent third-party quality control (3PQC) team inspects goods before dispatch, and buyer money sits in escrow until delivery is confirmed. Buyers pay no separate fee. Sellers pay for bidding and inspection at actual cost, a 2% commission on completed sales, and a lead generation charge deducted from sale proceeds.
- Scope: India only, using ONDC for buyer reach and Axis Bank for escrow. Both are in discussion, not signed.
- Partners: SGS as target lead 3PQC partner; EY as proposed independent assurer; PwC as optional operating partner at growth stage. None is engaged.
- Seller terms: free static catalogue; USD 100 annual onboarding fee to trade; RTB and inspection prepaid at actual cost and non-refundable.
- Key open issue: sellers prepay costs and wait up to 15 days after delivery to be paid. The pilot is meant to test whether sellers accept this.
Transactions
Two separate $4.0M raises are proposed, $8.0M in total.
Transaction A: Singapore SPV raise (Delper Global Consultants)
- Raise: $4.0M into the Singapore SPV.
- Valuation: ₹120.8 Cr (2.5x the stated run rate of ₹48.32 Cr), about $12.6M at ₹96/$. This is the IP value of Radiant Synage's contribution. The roughly $0.6M gap to the $12.0M pre-money is hedged against INR devaluation and is disregarded.
- Stake: 25% ($4.0M ÷ $16.0M post-money), implying a $12.0M pre-money.
- Repayment stream: CapEx repayment equals 24.15% of revenue. The proposed investor receives 75% (18.11% of revenue); Delper receives 25% (6.04%).
- Proposed investor: not yet selected.
Transaction B: Delper Retail seed (proposed)
- Raise: $4.0M seed of Series Seed Preferred equity, or a SAFE converting into it.
- Valuation: $12M pre-money, $16M post-money; investors own 25%.
- Tranches: $1.0M at close; $1.5M when the escrow and QC partner agreements are signed; $1.5M when the platform is live and real orders are flowing.
- Later rounds: Series A of about $20M at $70M post-money after pilot proof; growth round of $50M at $250M post-money.
Separate raises: Transaction A and Transaction B are two distinct $4.0M raises, totalling $8.0M. Each has its own vehicle, valuation and stake.
Use of funds (each raise: $4.0M)
Each $4.0M raise has its own proposed split, so both are shown.
| Item | Global Consultants split | Retail split |
|---|---|---|
| Liquidity reserve | $1.00M | – |
| Core team and engineering | – | $1.60M |
| SAP BTP and Signavio middleware | $0.86M | – |
| SAP S/4HANA | $0.39M | – |
| Partner costs / 3PQC set-up and audits | $0.40M | $0.80M |
| Office | $0.20M | – |
| Technology / cloud and integrations | $0.40M | $0.30M |
| SGS webhook integration | $0.15M | – |
| Incorporation, licensing and escrow/legal | $0.25M | $0.50M |
| RTB and supplier vetting | – | $0.40M |
| Contingency | $0.35M | $0.40M |
| Total | $4.00M | $4.00M |
Global Consultants: of the $4.00M, $2.21M is trading capital and $1.79M is set-up spend.
Projections
| Measure | Global Consultants | Retail |
|---|---|---|
| Year 1 | GMV $39.0M; revenue $9.44M (24.2% of GMV) | Pilot: 300–500 orders; purchases about $0.1M |
| Year 2 | GMV $204.8M; revenue $49.6M (plan) | 80,000 orders; purchases $24.0M; gross profit $5.81M |
| Year 5 | GMV capped at 70% of world GDP, binding from Year 11 | 7.5M orders; purchases $2,250M; gross profit $545M |
| Take rate / margin | 24.2% of GMV (derivation not shown) | 24.2% of order price (commission plus lead generation) |
| Reinvestment | 60% of revenue after 17% company tax | Net profit assumes 50% expenses and 25% tax |
| Investor payback | About 2.3 years (Year 1 flat); about 1.3 years (Year 2 plan) | Not stated |
Retail ten-year projection (illustrative)
Years 2 to 5 match the Retail model above. Years 6 to 10 assume orders grow at a constant rate from 7.5M in Year 5 to the Year 10 target: about 2.66x a year for 1 billion buyers and 3.31x a year for 3 billion buyers. Each order carries $72.67 of gross profit. Retail is India only in the current plan; 1 billion or more buyers would require markets beyond India, which the plan defers.
| Year | 1B: orders | 1B: gross profit ($M) | 3B: orders | 3B: gross profit ($M) |
|---|---|---|---|---|
| Year 1 | Pilot, 300–500 orders | No forecast | Pilot, 300–500 orders | No forecast |
| Year 2 | 0.08M | 5.81 | 0.08M | 5.81 |
| Year 3 | 0.60M | 43.60 | 0.60M | 43.60 |
| Year 4 | 2.4M | 174.40 | 2.4M | 174.40 |
| Year 5 | 7.5M | 545.00 | 7.5M | 545.00 |
| Year 6 | 20.0M | 1,450 | 24.9M | 1,806 |
| Year 7 | 53.1M | 3,858 | 82.4M | 5,987 |
| Year 8 | 141.3M | 10,265 | 273.1M | 19,845 |
| Year 9 | 375.8M | 27,313 | 905.1M | 65,776 |
| Year 10 | 1,000.0M | 72,670 | 3,000.0M | 218,010 |
The Global Consultants take rate of 24.2% is far above typical B2B payment or marketplace fees. Its derivation is not shown. The Retail margin is built bottom-up from a $300 order and is also not validated by any pilot data. Both take rates are close to 24.2%, which may mean one figure is being reused.
KPI alignment
The twelve KPIs below are mapped to the projections in this profile. Every figure is a projection, so none of these KPIs reflects actual trading. Only Gross Margin can be derived directly from the profile. Most of the others need balance sheet, cash flow or debt data that does not yet exist.
| KPI | What the profile gives | Status | What is needed |
|---|---|---|---|
| 1. Gross Margin | Global Consultants take rate of 24.2% of GMV. Retail gross profit of $72.67 on a $300 order (24.2%). Retail Year 5: $545M on $2,250M purchases. Retail Year 10 (1B scenario, illustrative): $72.67B gross profit. | Computable (projected) | The take rate derivation is not shown. Both entities show 24.2%, which may be a reused figure. |
| 2. Operating Margin | Retail assumes expenses at 50% of gross profit, leaving a pre-tax margin of 50%. After 25% tax, Year 5 net profit is $204.38M (37.5% of gross profit). | Partial (Retail only, illustrative) | No operating cost schedule for Global Consultants. The 50% expense ratio is an assumption. |
| 3. Revenue Growth Rate | Global Consultants revenue rises from $9.44M (Year 1) to $49.6M (Year 2), a 425% increase. Retail goes from a $0.1M pilot to $24.0M in purchases. Illustrative Retail path: 2.66x a year reaches 1B orders in Year 10; 3.31x a year reaches 3B. | Partial | A growth rate from a pilot base is not meaningful. The Retail Year 10 path is a constant-growth illustration, not a forecast. The Year 2 revenue path differs between the two source plans. |
| 4. ROIC | Capital inputs only: $4.0M per raise, $2.21M trading capital and $1.79M set-up spend (Global Consultants), $1.00M liquidity reserve, and $1.90B Aegis launch capex. | Not computable | A defined invested capital base and an after-tax operating profit for each entity. The split of Aegis capex is unconfirmed. |
| 5. Cash Conversion Cycle | Global Consultants uses a 14-day settlement cycle. Retail sellers wait up to 15 days after delivery for payment. Buyer funds sit in escrow until delivery or inspection is confirmed. | Partial | Inventory and payable days are not stated. The timing of cash releases from escrow is not defined. |
| 6. Working Capital as % of Revenue | Not stated. | Not computable | An operating balance sheet, plus a rule that excludes escrow balances (buyer money) from company working capital. |
| 7. Operating Cash Flow to Sales | Not stated. The Retail net profit figure is an accounting estimate, not a cash measure. | Not computable | A cash flow forecast for each entity. |
| 8. Free Cash Flow Margin | Global Consultants reinvests 60% of revenue after 17% tax, OpEx and CapEx repayment. This is a reinvestment rate, not free cash flow. The CapEx repayment stream equals 24.15% of revenue. | Partial (proxy only) | Whether 17% tax applies to all pretax profit is unconfirmed. Free cash flow needs CapEx and tax treatment settled. |
| 9. Current Ratio | Liquidity inputs only: a $1.00M reserve (Global Consultants). Retail funds arrive in tranches of $1.0M at close, $1.5M when escrow and QC agreements are signed, and $1.5M when the platform is live. | Not computable | Current assets and liabilities. Liquidity depends on milestone timing for the second and third Retail tranches. |
| 10. Funded Debt-to-EBITDA | No debt is stated. Both raises are equity (Series Seed Preferred or SAFE). The CapEx repayment stream is not classified as debt or equity. | Not computable (classification open) | A decision on whether the CapEx repayment stream is funded debt. If it is, this KPI changes materially. EBITDA is also not defined. |
| 11. Debt Service Coverage Ratio | If the CapEx repayment stream is treated as debt service, Global Consultants Year 2 revenue of $49.6M implies about $11.98M a year (24.15%), of which about $8.98M goes to the proposed investor (18.11%). | Not computable (classification open) | Debt service terms and an EBITDA definition. The repayment amount is an illustration only. |
| 12. EBITDA to Operating Cash Flow | No EBITDA or operating cash flow figures are stated. No source gives Global Consultants' Year 5 net profit. | Not computable | EBITDA and cash flow definitions for each entity. |
Summary: one KPI is computable (Gross Margin, projected only), four are partial, and seven are not computable from this profile. The Gross Margin result depends on the 24.2% take rate, whose derivation is not shown.
Market
- Global Consultants: TAM of $176.44T, equal to Year 11 world GDP (Year 1 world GDP is $126.30T). Addressable market $9.15T. Year 11 GMV of $123.5T exceeds the addressable market because GMV counts the same money at each step of a chain, so consumer spend is the more meaningful comparison.
- Retail: ONDC reported about 200 million potential buyers, roughly 500,000 sellers and about 1,000 cities by June 2026, and about 9 million transactions a month. The 7.5M-order Year 5 target is under 4% of potential buyers and about 7% of ONDC's annual transactions, which are mostly mobility and food.
Aegis
Aegis is funded in Year 5 from the net profit of Delper Global Consultants and Delper Retail. Retail's illustrative Year 5 net profit is $204.38M. No source states Global Consultants' Year 5 net profit. The Aegis summary gives total launch capex of $1.90B; whether this is the required initial investment, and each entity's share, are to be confirmed.
- Gross upfront revenue: $7.25B across three tiers of 1M units each.
- Program: Delper Guard industrial firewall with a managed service (Aegis-Factory as a Service). The initial hardware run is 3,000,000 units. Pricing is $6,500 upfront per production line plus $8,371.50 a month.
- Launch economics: net upfront margin of $5.35B (73.8% of gross) after $531.5M silicon NRE and $1.37B component cost, against $1.90B total launch capex.
- Recurring revenue: $102.5B a year at full scale.
- Compliance pool: $7.85M confirmed; only $1.5M is itemised, leaving $6.35M unexplained.
- Staffing: a 33,000-position model needs about 159,390 engineers, costing about $36B a year. At ₹96/$, staffing costs about $1.09M per position a year ($36B ÷ 33,000), against a $100K annual subscription.
- Year 1 cash: the $5.3B figure assumes all units sell in Year 1, despite a 12-month rollout.
Aegis funding support analysis
This sets Year 5 net profit from Delper Global Consultants and Delper Retail against the Aegis launch capex of $1.90B. The two profit figures are on different bases, as noted below.
| Source | Year 5 net profit | Share of $1.90B launch capex | Basis |
|---|---|---|---|
| Delper Global Consultants | $3.24B | about 1.7x | 60% of revenue reinvested after tax, OpEx and CapEx repayment |
| Delper Retail | $204.38M | about 11% | After 50% expenses and 25% tax (illustrative) |
| Combined | $3.44B | about 1.8x | Mixed bases; leaves about $1.54B spare |
- Global Consultants: the $3.24B is not a stated net profit. It is 60% of revenue, and treating CapEx repayment as a cost is an assumption flagged for tax-adviser review.
- Retail: the $204.38M assumes the full 7.5M-order Year 5 target is met.
- Later years: only Global Consultants supports Years 6 to 11 ($15.46B in Year 6, $73.84B in Year 7). The Retail forecast is shown to Year 10 only as an illustration in the Projections section and is excluded from this analysis.
- Timing: the Aegis summary shows a net upfront margin of $5.35B in its first year, above the $1.90B launch capex. The question may therefore be timing rather than size, and should be checked against the launch schedule.
- Staffing: Aegis's staffing cost of about $36B a year at full scale must be covered by its own recurring revenue of $102.47B a year, so Aegis must be profitable in its own right.
Hubs and team
- Hubs: 243, confirmed by management. The Aegis executive summary refers to 81 hubs in one section and three regional hubs in others, so the count needs reconciling.
- Training intake: the 300-student model assumed three hubs of 100 each and needs redesigning for 243 hubs.
- Management: no founders, executives or board members are named in any document. This must be filled before any investment decision.
- Retail team: the core team is planned but not named.
Operational feature comparison
| Feature | Delper Global Consultants | Delper Retail |
|---|---|---|
| Escrow | Holds buyer funds; releases them only after independent inspection is complete. | Holds buyer funds; releases them only after delivery is confirmed. Axis Bank is the target partner (in discussion). |
| Third-party quality control (3PQC) | Independent inspection is mandatory before funds are released to the seller. | Inspection team checks goods before dispatch. SGS is the target lead partner. |
| Real-time bidding (RTB) | Orders are sourced through competitive bidding. | Pre-vetted sellers bid in real time and prepay bidding costs at actual cost, non-refundable. |
| Lead generation | Not listed as a separate fee stream in this profile. | Charged to the seller and deducted directly from sale proceeds. |
| Logistics and customs | FOB terms: the seller delivers to the origin port; the buyer pays landing port customs and taxes. | India-only pilot via ONDC, so no cross-border landing port customs. |
- No doorstep customs service: Global Consultants does not clear customs or deliver to the buyer's door. Under FOB terms, risk and customs payment pass to the buyer at the origin port.
- Domestic vs international: Retail avoids cross-border customs by operating only in the India marketplace. Global Consultants handles cross-border B2B trade and leaves customs clearance to the buyer.
Conflicts between the two source profiles
- Structure: Global Consultants uses a Singapore SPV and a cross-border scope. Retail is India only. Transaction A goes into the Singapore SPV; the legal vehicle for Transaction B is not stated. Open: decide the Transaction B vehicle.
- Revenue path: Global Consultants shows Year 1 GMV of $39.0M; Retail's Year 1 is a $0.1M pilot. Year 2 is $204.8M GMV under one plan and $24.0M purchases under the other. Open: confirm which Year 2 basis is used in investor materials.
- Take rate: both show about 24.2%, one as a share of GMV and one as a share of the order price. This needs checking to see whether the same figure is reused. Open: management to show the Global Consultants derivation.
- Business model (resolved): two different products. Global Consultants is a B2B trade platform with 14-day settlement; Retail is buyer-first e-commerce through ONDC. Both use escrow, inspection and bidding, but they are separate offerings.
- Pilot economics: each Retail order is USD 300 and earns $72.67 gross profit. The $4.0M seed is fixed spend, not a per-order cost. Spread across the 400 pilot orders it is about $10,000 per order, which is only an allocation. Fixed spend of $4.0M a year needs roughly 55,000 orders a year to break even.
- Caveat wording: Retail's statement that low-rated products cannot be rejected on the basis of their rating is a draft and needs legal review in each market. Open: legal review.
Unverified
- Proxtera, Tazapay, SGS, UVCE, Axis Bank, Bureau Veritas, Intertek, EY, PwC, ONDC and the partner banks.
- Radiant Synage's revenue of ₹48.32 Cr, which supports the valuation.
- Market statistics quoted in the Aegis document and ONDC volumes quoted in the Retail document.
- Aegis employer and contracting party: Delper Global Consultants. The source Aegis page still names Delper Technologies Corporation Ltd. and needs updating to match.
- The company's registration, the Singapore SPV's legal name, and any Retail legal entity.
- The tax treatment of the CapEx repayment and of seller charges. Management has not confirmed whether 17% company tax applies to all pretax profit.
This is not investment advice. Anyone considering the proposed investment should obtain independent financial, legal and tax advice before committing funds.