We expect 35% CAGR growth in organic revenues Affle has been a key beneficiary of a shift of advertising budget to digital medium. This, coupled with increasing smart phone penetration and rising online shoppers from (120 million to 450 million CAGR of 24% in the next five years) is expected to drive 35% CAGR in the Indian region (50% of revenues). As majority of regions outside India where Affle has a presence are mostly emerging markets, we believe there is tremendous growth potential outside India also. In addition, Affle sees healthy traction in 10...