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Venture Capital Trusts: A closer look

Written by Liam Cronin, Leo Little, Amanda Luo, Joshua Martinovich, Jonah Vos, and Conan Reynolds-Imam from the Durham Wealth Management Society at Durham University



What is a Venture Capital Trust?


Definition and Overview:

A Venture Capital Trust (VCT) is a type of publicly traded company in the UK that offers a tax-efficient way for people to invest in small, unlisted businesses. The main goal of VCTs is to support high-potential, early-stage companies that might find it difficult to get traditional funding. By investing in these trusts, individuals can enjoy various tax benefits, such as income tax relief on the initial investment, tax-free dividends, and no capital gains tax on the sale of VCT shares. Essentially, VCTs aim to boost entrepreneurship, back innovative startups, and drive economic growth by directing private investment into promising new ventures, ultimately fostering job creation and technological progress.


History and Background:

Venture Capital Trusts (VCTs) were introduced in the UK in 1995 as part of the Finance Act, aimed at stimulating investment in small and growing businesses by offering tax incentives to investors. This initiative was part of a broader government strategy to promote entrepreneurship and innovation, recognizing the vital role of small businesses in driving economic growth and job creation. The introduction of VCTs was influenced by similar investment schemes in other countries, such as the United States, where venture capital had already established a track record of successfully funding high-growth enterprises.


The concept of VCTs was to bridge the funding gap for early-stage companies that often struggled to secure traditional financing due to their higher risk profile. By providing a tax-efficient investment vehicle, VCTs attracted private investors willing to take on more risk in exchange for potential high returns and significant tax reliefs. Over the years, VCTs have evolved with changes in legislation and regulatory frameworks, continuously adapting to meet the needs of both investors and the entrepreneurial ecosystem. Today, VCTs remain a cornerstone of the UK’s venture capital landscape, playing a critical role in fostering innovation and supporting the growth of small businesses across various sectors.




Structure and Mechanism:

Venture Capital Trusts (VCTs) are a unique investment vehicle in the UK, designed to provide tax incentives to investors while promoting investment in early-stage companies. VCTs are incorporated as public limited companies (PLCs) under the Companies Act 2006 and must be listed on a recognized stock exchange, such as the London Stock Exchange (LSE). To qualify for tax benefits, VCTs must be approved by HM Revenue & Customs (HMRC), which involves meeting specific investment and operational criteria. They are also regulated by the Financial Conduct Authority (FCA), ensuring adherence to financial regulations and investor protection standards. Governance is managed by a board of directors, including non-executive directors who oversee the company’s operations and ensure regulatory compliance, while day-to-day management and investment decisions are typically handled by an external investment management firm.


The investment strategy of VCTs mandates that at least 70% of their investments must be in qualifying small businesses, which are generally unquoted or listed on the Alternative Investment Market (AIM), have gross assets of less than £15 million before investment and less than £16 million after investment, and employ fewer than 250 full-time employees (500 for knowledge-intensive companies). Additionally, VCTs must diversify their investments, with no more than 15% of the fund’s capital invested in any single company. To raise capital, VCTs issue shares to investors, and these shares are publicly traded on the stock exchange. This structure not only facilitates the growth of small businesses by providing necessary capital but also offers investors the potential for significant tax benefits, thereby creating a symbiotic relationship between investors and burgeoning enterprises.




Types Of VCTs:

The way VCTs operate can differ, each with their own investment strategy and focus. This can be helpful to investors with different risk appetites, investment horizons or advanced industry knowledge.


Generalist VCTs invest across a wide range of sectors and industries. They seek to spread risk through a diversified portfolio of small, high-growth potential companies. Generalist VCTs may also invest in companies at varying stages of development, from early-stage startups to more established companies looking to expand. This type of VCT would fit an investor with a lower risk appetite, due to the spread of risk across industries. Examples of generalist VCTs include Octopus Titan and Baronsmead.


Specialist VCTs focus on sectors or industries when looking where to invest. They use the expertise of specially chosen fund managers due to in-depth knowledge and experience in a target industry. Specialist VCTs aim to capitalise on high potential companies in particular sectors they believe have strong prospects. These VCTs are more suited for investors with a higher risk tolerance, due to the loss in diversification. Many investors exploring specialist VCTs will have specialist knowledge in a certain industry, with belief in future growth for that industry. Both generalist and specialist VCT investors will have long investment horizons, to try and maximise the growth of their investment and the tax benefits on VCT investment.


Limited Life VCTs (also known as planned exit VCTs), have a predefined lifespan upon investment, typically around 5-7 years. Like Generalist VCTs, they invest in a wide portfolio of companies, with a focus on achieving stable returns with a clear exit strategy to return capital to investors after the lifespan has ended. Limited Life VCTs will be most suitable for investors with a shorter time horizon, and the offer of some certainty regarding the timeframe for capital return may appeal to those of lower risk appetite.



Case Studies:

Generate Capital, a leader in sustainable infrastructure, secured a £1.5 billion capital raise earlier this year. This funding is earmarked for projects that promote sustainability, such as renewable energy installations and carbon reduction technologies. Generate Capital's success highlights the growing investor interest in climate tech and sustainable solutions, reflecting broader market trends towards ESG-focused investments.


Innovate UK, supported by VCT investments, has been instrumental in driving innovation across various sectors. One of its notable successes includes a biotech startup that developed a groundbreaking treatment for a rare disease. The startup's innovative approach and strong leadership team were key factors in securing substantial VCT funding, demonstrating the importance of robust business models and experienced management in attracting investment.


The VCT landscape in 2024 is characterized by cautious optimism, driven by improving economic conditions and a stable regulatory environment. Sector-specific trends indicate strong investment in information technology, healthcare, and sustainability, with a significant amount of dry powder waiting to be deployed. While IPO activity has been low, the potential for a resurgence offers hope for future liquidity and returns. Investors in VCTs must stay informed about these trends and carefully consider their investment choices to navigate the evolving market successfully.




Why Invest in a VCT?


Tax Benefits:

Investing in Venture Capital Trusts (VCTs) provides substantial tax incentives, making them highly attractive to high-net-worth investors. However, these benefits come with specific considerations and compliance requirements. This piece explores the significant tax benefits associated with VCTs, alongside key considerations to help investors.


INCOME TAX RELIEF

VCT investors can receive up to 30% income tax relief on investments up to £200,000 per tax year, translating to a maximum tax break of £60,000. This substantial relief significantly reduces the effective cost of the investment and enhances overall returns. For instance, an investment of £200,000 benefits from £60,000 tax relief, making the net cost £140,000 while keeping the full value of the investment. However, this relief is dependent upon holding the shares for a minimum of five years, meaning a long-term capital commitment.


TAX-FREE DIVIDENDS

Dividends received from VCT investments are exempt from income tax, offering a tax-efficient income stream. This benefit is particularly appealing to high-net-worth investors, as it allows them to receive regular, tax-efficient income. This income can be reinvested or used as a steady cash flow without reducing returns through taxation, enhancing the overall attractiveness of VCTs.


TAX FREE CAPITAL GAINS

Profits from the sale of VCT shares are exempt from capital gains tax, enabling investors to keep the full value of their investment growth. This exemption encourages the long-term holding of VCT shares, aligning with the requirement to keep the investment for at least five years to keep other tax reliefs. Avoiding capital gains tax significantly boosts overall returns from VCT investments, making them a highly effective vehicle for capital appreciation.


ENHANCED BENEFITS FOR KNOWLEDGE-INTENSIVE COMPANIES

VCTs investing in knowledge-intensive companies receive help from higher investment limits and extended periods for first funding. These companies, often in high-growth sectors such as biotechnology, renewable energy, and advanced manufacturing, provide substantial returns alongside enhanced tax benefits. The government’s support for these sectors through VCTs encourages investment in innovative and high-potential businesses, leading to significant growth and returns while receiving help from generous tax incentives.


INHERITANCE TAX RELIEF

VCT investments can be exempt from inheritance tax if held for at least two years and at the time of the investor's death. This exemption provides an added incentive for long-term investment in VCTs as part of estate planning. By including VCTs in their investment portfolio, investors can reduce the potential inheritance tax liability on their estate, enhancing overall tax efficiency and preserving wealth for future generations.


SECTOR SPECIFIC TAX IMPLICATIONS

The impact of tax benefits can vary across different sectors. For instance, technology and healthcare VCTs may be more susceptible to regulatory changes that can affect tax benefits. Investors need to be aware of sector-specific risks and potential changes in regulations that could affect the attractiveness of these investments. Understanding these implications helps investors make informed decisions and manage the risks associated with sector-specific investments. Regulatory changes can significantly alter the risk-reward profile of VCTs in certain sectors, needing thorough due diligence and continuous monitoring.


NO STAMP DUTY

One notable tax benefit of investing in VCTs is the exemption from stamp duty. When buying shares in a VCT, investors are exempt from the standard stamp duty reserve tax (SDRT) typically levied on share transactions in the UK. This exemption results in significant savings, particularly for high-value investments. Stamp duty is charged at a rate of 0.5% on the purchase of shares in UK companies. For VCT investors, the absence of this charge reduces the overall cost of buying shares. This benefit is particularly helpful for large investments, as the savings on stamp duty can be large. For instance, on a £100,000 investment, an investor would save £500 by not having to pay the SDRT. This reduction in transaction costs enhances the overall return on investment, making VCTs a more attractive option compared to other investment vehicles where stamp duty applies.


TAX DEFERRAL

Another significant tax advantage of VCTs is the potential for capital gains tax (CGT) deferral. Investors can defer the capital gains tax liability on the sale of other investments by reinvesting the proceeds into VCT shares. This provision is particularly useful for investors looking to manage their cash flow and tax liabilities more efficiently. When an investor sells an asset that has appreciated in value, the gain is typically subject to CGT. However, by reinvesting the gain into VCT shares, the tax liability can be deferred until the VCT shares are sold. This deferral mechanism allows investors to keep more of their capital working for them within the VCT, potentially receiving help from further growth and income. For example, if an investor realizes a £50,000 gain from the sale of shares and reinvests this amount into VCT shares, the CGT on the gain can be deferred, thereby improving liquidity, and allowing for added tax-free growth within the VCT framework.


RELIEF ON LOSSES

Investing in VCTs inherently carries a higher risk due to the nature of the underlying small and early-stage companies. However, a significant mitigating factor is the tax relief available on losses. If an investment in a VCT results in a loss, investors may be able to offset this loss against other capital gains or income, thereby reducing their overall tax liability. Loss relief for VCT investments can be claimed if the shares are sold at a loss, net of the first income tax relief received. This means that if the shares are disposed of at a value lower than their original purchase price, the loss can be used to offset other capital gains. For instance, if an investor buys VCT shares for £20,000 and later sells them for £10,000, they can claim a loss of £10,000. This loss can then be used to reduce taxable gains from other investments, effectively lowering the overall tax burden. Additionally, if the loss cannot be fully used in the year it is realized, it can be carried forward to offset future gains, providing ongoing tax efficiency.






Performance:

Historical performances of VCTs can vary massively, depending on investment strategy, management, and the sector invested in. Investing in small prospective companies provides volatile results. Performance was mixed in 2023, with the average generalist performance for the ten largest managers – which focus on a wide range of companies across different stages and industries, down 0.1%. However, over the past 5 years, the performance of the average generalist VCT has been 28.11%. Performance of VCTs are volatile and are seen as a risker investment than others. Fees are usually quite high, and it is a much less liquid investment than other options. An investor deciding whether VCTs are right for them should examine both their risk appetite and investment horizon. Both should be quite large for VCT investment to be a viable option.




Regulations:

VCT investment is governed by a number of acts of parliament. The Finance Act 1995 was introduced partly to encourage private investment into small and growing businesses, hence introducing VCTs. Investment was incentivised by outlining tax benefits that came with VCT investment, including income tax relief and capital gains tax exemption on share disposal. The act set the initial framework for requirements VCTs had to meet to be eligible for tax relief. The Income Tax Act 2007 consolidates and codifies the law on tax treatment of VCT investments. Among other requirements, the act states the holding period of 5 years for VCT investment to be eligible for income tax relief. The Companies Act 2006 provides general legal framework for the formation and running of companies, which also applies to VCTs. The act ensured VCTs are set up as public limited companies and meet all other legal requirements. VCTs are governed and enforced the same way as any other public company, including mandatory disclosure of financial statements, corporate governance and share issuance.


As for investors, there is a limit of up to £200,000 tax relief per tax year in newly issues VCT shares. To retain the 30% income tax relief, investors must hold investment for 5 years. As for managers, compliance with HMRC and FCA standards are crucial. HMRC conducts periodic audits of VCTs to ensure qualifying conditions and investment rules. FCA supervises VCT managers to ensure compliance with regulatory standards and practises.


Risks:

Investing in Venture Capital Trusts (VCTs) involves significant risks due to their focus on small, unlisted, or AIM-listed companies, often in early development stages. The performance of these companies can be highly volatile and unpredictable, with historical data showing that approximately 90% of startups fail (Kalyanasundaram, 2018). This high failure rate proves the inherent risk of VCT investments. Additionally, VCT shares are illiquid due to their closed-end structure, making it difficult for investors to sell shares quickly without potentially incurring significant losses. The secondary market for VCT shares is limited, often resulting in shares trading at a discount to their net asset value. These factors, combined with the requirement for investors to hold shares for a minimum of five years to claim the tax reliefs, increase the likelihood of investment compromise.


Although VCTs offer attractive tax benefits, including up to 30% income tax relief, tax-free dividends, and capital gains exemptions, these advantages are dependent on strict compliance with governmental requirements. Changes in regulations, such as alterations in tax laws or eligibility criteria, can hurt these benefits, increasing the risks associated with the mandatory five-year holding period. For example, a reduction in the income tax relief rate or changes in the definition of qualifying investments could reduce the attractiveness of VCTs, therefore affecting their market value and liquidity.


VCTs often specialize in specific sectors such as technology, healthcare, or green energy, which increases exposure to sector-specific downturns or disruptions. For example, regulatory changes in drug approval processes or healthcare policies can significantly affect healthcare VCTs. Similarly, technology VCTs can be affected by rapid changes in technological advancements and market competition, while green energy VCTs may face regulatory and policy shifts affecting the renewable energy sector.


Historically, VCTs have shown periods of high returns interspersed with significant volatility, reflecting the performance of the underlying small and early-stage companies. The success of VCT investments often depends on the ability to find and support high-growth potential ventures, but the inherent risks and market dynamics can lead to fluctuating performance over time.


VCTs are best suited for high-net-worth individuals or sophisticated investors who have a higher risk tolerance and seek tax-efficient investment options with potential for high returns. These investors should have a long-term investment horizon and the ability to withstand potential losses due to the high-risk nature of VCTs.


Given the illiquid nature of VCT shares, planning an exit strategy is crucial. Investors should consider the timing of the sale post the five-year minimum holding period to optimize tax efficiencies and market conditions. Monitoring the performance, net assets, and key performance indicators (KPIs) will inform better timing decisions for share sales. These KPIs include return on equity, profitability (EBITDA), return on investment (ROI), exit multiples, and net asset value (NAV) growth, offering valuable insights into the operational efficiency, profitability, and financial health of the ventures within the VCT’s portfolio.


The required five-year investment horizon means that investors are exposed to market fluctuations and the specific risks of the sectors in which the VCT invests over a prolonged period. This needs regular reviews of the investment’s performance alongside research into macroeconomic factors and sector-specific developments. Investors should also consider diversification within their VCT investments to spread risk across various sectors and companies. By closely considering these risks and strategies, investors can make more informed decisions to better manage their VCT investments, balancing the potential high returns against the inherently high risks associated with these investments.





Investing in VCTs:


Investor Demographics:

Investor demographics provide a crucial insight toward understanding the investment space of VCTs. In the VCT investment space, most investors are between 50 and 60 years old, with many of them investing in areas of familiarity. For example, an investor with a history in medicine is more likely to invest in a healthcare based VCT, than one from a technology background. This leads to the background of VCT investors, many of whom are retired individuals from the financial sector. Consistent with the age bracket, investors are often classed as sophisticated investors, or individuals of high or accumulated wealth. Due to their tax bracket, these are the investors who would benefit the most from a tax break. Lastly, VCT investors are generally male dominant coming from the South of England and London.


Investment Criteria:

Venture Capital Trusts (VCTs) focus on investing in small, unlisted companies with strong growth potential. These businesses are often found in dynamic sectors such as technology, biotechnology, renewable energy, and creative industries. Typically, VCTs target companies at an early or expansion stage, looking for those that need capital to scale their operations and drive innovation.


When selecting companies to invest in, VCTs use a specific set of criteria. First, they assess the market potential, ensuring the business operates in a sector with substantial growth opportunities. They also look for products or services that are unique and have a competitive edge. A strong and experienced management team is crucial, as their expertise and leadership are key to executing the business plan and driving growth.


Additionally, VCTs evaluate the scalability of the business model, ensuring that it has the potential to expand and increase revenues. Finally, they consider the company's financial health, looking for businesses that have a viable path to profitability. This thorough selection process helps VCTs identify promising enterprises that can deliver high returns on investment.


The investment criteria that Venture Capital Trusts (VCTs) use can differ greatly depending on the sector, such as healthcare, technology, and agriculture. While core principles like market potential, management strength, and financial health are always important, each sector has specific considerations that affect the evaluation process.


In the healthcare sector, VCTs prioritize regulatory approval and clinical validation. They look for companies developing innovative medical technologies or pharmaceuticals that meet unmet medical needs. Key factors include the potential for regulatory approvals and strong clinical trial data. Due to long development cycles and high research and development costs in healthcare, financial resilience and strategic partnerships are also crucial.


For the technology sector, the focus is on innovation and scalability. VCTs evaluate the uniqueness of the technology, intellectual property protections, and potential for widespread adoption. They consider the potential for market disruption and the ability to scale operations rapidly. The strength of the technical team and their capacity to innovate continuously in a fast-paced environment are also significant factors.


In the agriculture sector, sustainability and improving agricultural productivity are top priorities. VCTs assess companies based on their ability to address issues like food security, resource management, and environmental impact. They look for technologies that enhance crop yields, improve supply chain efficiency, or offer sustainable farming solutions. Additionally, the regulatory landscape related to agricultural practices and the company's capability to navigate these regulations are important considerations.


Thus, while the fundamental investment criteria remain similar, the emphasis and specific factors can vary significantly across healthcare, technology, and agriculture due to the unique challenges and opportunities in each sector.






Comparing VCTs to Other Investment Vehicles:

Besides VCTs, there are other venture capital-related entities that invest in small to mid-sized businesses. These include Small Business Investment Companies (SBICs), Business Development Companies (BDCs), Angel Investment Groups, and Corporate Venture Capital (CVC). Each of these entities operates with different structures, regulatory frameworks, and investment strategies, providing a range of options for both investors and businesses seeking capital.


VCTs offer specific tax incentives and operate under stringent regulatory guidelines, making them a distinct choice for investors looking for tax-efficient investments in early-stage companies. In contrast, SBICs and BDCs also play crucial roles in funding early-stage and growing companies but differ in their regulatory oversight and operational frameworks. SBICs are licensed by the Small Business Administration (SBA) and often combine private capital with government loans, while BDCs are publicly traded companies that provide financing to small and mid-sized businesses.


Angel Investment Groups typically consist of wealthy individuals providing early-stage funding, often with a more hands-on approach, offering mentorship and guidance alongside capital. On the other hand, Corporate Venture Capital involves large corporations investing in smaller, innovative companies to gain strategic advantages and foster innovation within their industries. Each type of venture capital entity contributes uniquely to the ecosystem of business financing, catering to varying needs and investment philosophies.


Management and Fees:

Venture Capital Trusts (VCTs) are managed by professional investment teams who specialize in identifying and supporting high-growth potential companies. These management teams are responsible for conducting thorough due diligence, making investment decisions, and providing ongoing support and strategic guidance to the portfolio companies. The expertise and experience of the management team are critical to the success of the VCT, as they leverage their knowledge to identify promising investment opportunities and help portfolio companies achieve their growth objectives.


The fee structure of VCTs typically includes both initial and ongoing fees. Initial fees often consist of an upfront charge, which can range from 3% to 5% of the investment amount. This fee covers the costs associated with setting up the investment and conducting due diligence. Additionally, there are ongoing annual management fees, usually around 2% of the net assets, which compensate the management team for their efforts in managing the portfolio and providing support to the investee companies.


Investors should also be aware of performance fees, which are often tied to the success of the VCT. These fees are designed to incentivize the management team to achieve high returns and are typically a percentage of the profits once a certain performance threshold is met. While these fees can impact the overall returns for investors, they align the interests of the management team with those of the investors, encouraging the pursuit of profitable investments.


Investors in Venture Capital Trusts (VCTs) should be aware of the penalties associated with pulling out before the contract term expires. Typically, VCT investments must be held for a minimum period, usually five years, to fully benefit from the tax reliefs offered. If an investor decides to sell their shares before this period, they may lose the income tax relief they initially received. Additionally, early withdrawal can result in charges or fees imposed by the VCT, reducing the overall return on investment. These penalties are in place to encourage long-term investment and support the growth of the small companies in which the VCT invests.


VCTs require active management due to the nature of their investments in small, high-growth potential companies. Active management involves a hands-on approach where the management team not only selects and monitors investments but also provides strategic support and guidance to the portfolio companies. This can include helping with business development, advising on financial strategies, and leveraging industry contacts to facilitate growth. Active management is crucial for VCTs as it helps to nurture the investee companies and maximize their potential for success.


Investors in VCTs typically do not involve themselves directly in the management of the portfolio companies. Instead, VCTs are managed by professional third-party managers who specialize in venture capital investments. These managers are responsible for making investment decisions, managing the portfolio, and providing ongoing support to the investee companies. By relying on experienced managers, investors can benefit from their expertise and industry knowledge without needing to actively manage the investments themselves. This structure allows investors to gain exposure to potentially high-growth companies while entrusting the day-to-day management to seasoned professionals.




Trends:

Venture Capital Trusts (VCTs) continue to be a significant investment vehicle in the UK, especially for those seeking tax-efficient investment opportunities in early-stage companies. The current market trends are shaped by a complex interplay of economic conditions, regulatory changes, and sector-specific dynamics. This report explores these trends, providing a comprehensive overview of the VCT landscape in 2024, complemented by illustrative case studies.


The UK economy in 2024 is showing signs of recovery after a turbulent period marked by high inflation and sluggish growth. Inflation has started to decline, and there is cautious optimism about economic stability. However, the economy is not entirely out of the woods yet, with expected interest rate cuts influencing investment decisions. Investors in VCTs must navigate these economic conditions while making informed choices about where to allocate their capital.


The regulatory environment for VCTs has remained relatively stable, which is a positive sign for investors. The UK government has extended VCT tax reliefs until 2035, providing much-needed certainty and encouraging long-term investment in early-stage companies. This extension ensures that VCTs remain an attractive option for investors, particularly those looking for tax-efficient ways to diversify their portfolios.


There are several sectors particularly prominent in attracting venture capital investment through VCTs, including Technology, Healthcare, Sustainability, dry Powder, and IPO activity.


The IT sector continues to attract significant venture capital investment. The rapid pace of technological advancement and the increasing demand for innovative solutions drive this trend. Startups in AI, cybersecurity, and fintech are particularly appealing to investors due to their high growth potential.


The healthcare sector, particularly biotechnology, remains a hotbed for VCT investment. The ongoing demand for innovative healthcare solutions, driven by an ageing population and the need for advanced medical treatments, ensures that this sector continues to receive substantial funding.


Sustainability is no longer just a buzzword; it has become a central theme in venture capital investment. Startups focusing on renewable energy, carbon reduction technologies, and sustainable consumer products are gaining traction. Investors are increasingly prioritising ESG factors, recognising the long-term value and societal impact of sustainable investments.


One of the notable trends in the venture capital landscape is the significant increase in unallocated capital, often referred to as 'dry powder'. This indicates a cautious approach by investors, who are waiting for the right opportunities to deploy their capital. The growing dry powder inventory suggests that while fundraising remains competitive, there is a substantial amount of capital ready to be invested as economic conditions improve.


Initial Public Offering (IPO) activity has been subdued but is expected to pick up as market conditions stabilize. The backlog of venture-backed companies waiting to go public could lead to a resurgence in IPOs, providing liquidity and returns for VCT investors. This potential uptick in IPOs is a positive sign for the venture capital market, indicating a path towards recovery and growth.






Sources:

Kalyanasundaram, G. (2018). Why Do Startups Fail? A Case Study Based Empirical Analysis in Bangalore. Available at: https://www.researchgate.net/profile/Ganesaraman-Kalyanasundaram/publication/325011454_Why_Do_Startups_Fail_A_Case_Study_Based_Empirical_Analysis inBangalore/links/5af15e610f7e9ba366456773/Why-Do-Startups-Fail-A-Case-Study-Based-Empirical-Analysis-in-Bangalore.pd



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