@reem and @MihirDam, Just putting my thought process behind assumptions -
- Subscriber Growth rate - 15% is quite fair assumption as mentioned by Mihir. Even current run rate of company is adding 7 to 8 K paying subscribers per quarter which is more than 15% annual growth rate on current base. And considering network effect, after getting required base (Indiamart has already got this critical base) it shall go up non-linearly. For sake of conservative approach have taken recent past growth rate for future projections
- Subscription Fees - On prima facie it looks on higher side. But consider that company is earning 95% of operating revenues from subscription fees. There are other hybrid options which company hasn’t excercised yet - like per transaction pricing or advertising. Also, mentioned figures are of average subscriber revenue. As per dsiclosed data in recent earning presentations, top 11% subscribers contribute to 41% of total revenue. Its very likely that company will try to add more customers in this premiuim category. Considering MSME growth story in India it has wide scope to do so. But yes, for more conservative computation you can reduce this subscription growth rate after few years - at least after 5 to 6 years when absolute hike figure looks higher even though percentage is same.