Good evening, ladies and gentlemen. Thanks for joining us today on the first quarter FY 2027 earnings call of Tracxn Technologies Limited.

On behalf of Systematix, I would like to thank the management of Tracxn for giving us the opportunity to host this earnings call. Today on the call, we have with us Ms.

Neha Singh, Co-Founder, Chairperson and Managing Director; Mr. Abhishek Goyal, Co-Founder, Vice Chairman and Executive Director; and Mr.

Prashant Chandra, Chief Financial Officer. I would now like to hand over the call to Neha to give her opening remarks and take us through the PPT, and after that, we will open it up for Q&As.

Please use the raise hand option to ask a question, or you can also submit your questions in the Q&A box at the bottom of your screen. Thanks, and with that, over to you, Neha.

Thanks a lot for that. Hello, everyone.

A very warm welcome to everyone who is joining us today. We are here to present the results for the first quarter of the financial year FY 2027.

We are very excited to present our results for the quarter. Similar to the previous times in terms of the format, we'll run through a short presentation covering the key highlights.

It'll take about 15 to 20 minutes, and then we'll follow it up with a Q&A session. A quick recap on our business for those who are joining us for the first time.

Tracxn is a data and software platform for the global private markets. If you look at the parallel public markets, it has created multiple large companies, many of which are highly profitable cash-rich companies.

As private markets are becoming large and important, it'll create similar platforms, and we are building a global platform in this space. If you look at our customer base, it spans venture capital funds, private equity funds, investment banks, as well as M&A and innovation teams of large Fortune 500 corporations.

Also, it's a global platform, nearly half of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance of Q1 FY 2027.

Revenue from operation was 21.1 crore for the quarter, which is a 2.9% increase on a Q-on-Q basis. On profitability, EBITDA was negative 4.2 crore, and PAT was negative 3 crore.

Please note, this also include the non-cash expense, primarily ESOP expense. We'll cover the adjusted ones in the subsequent slides.

By segment, India revenue grew by 4.4% on a Q-on-Q basis to 10.6 crores, while the international revenue grew 1.4% on a Q-on-Q basis. Customers account grew 16% year-on-year to 2,350.

Cash and cash equivalents stood at a healthy level of 88.2 crores. On this slide, we've provided the historical numbers, in addition to the Q-on-Q, for reference.

You can go through this for more details. Another metric that we'd like to share is what percentage of the incremental revenue goes into the bottom line.

In Q1 FY 2027, we did not see margin expansion because we are investing in growth. However, historically, when the growth accelerates, the margins improve fairly quickly, right?

We have converted as high as 80% of the incremental revenue into EBITDA. Once the growth reaccelerates, we expect this pattern to repeat, driving nonlinear EBITDA expansion.

Coming to the expense, our total expense for Q1 FY 2027 was 25.4 crore, which is an 18% year-on-year increase. On the right-hand side, we've given the key breakup of the key components, which are same as what you saw in the previous quarters.

Bulk of our expense is team cost, which is about 87% of the total expense for the quarter. It's worth noting that our entire team is in-house; there's no outsourced or contract workforce.

One other point worth highlighting is that we do not have a large paid marketing line item, neither digital nor offline, typically required for customer acquisition. Being a data company, we produce a lot of data and content in-house, which helps us to generate organic traffic and lets us acquire leads fairly efficiently without having a large marketing spend.

Moving to the volume growth, both customer accounts and users continue to grow at a fairly healthy pace. We closed June 2026 at 2,350 accounts, which is 16% year-on-year increase.

Number of users reached 6,534, which is 22% up year-on-year. We continue to acquire customers as well as penetrate within existing accounts at a fairly good pace.

Moving on to some of the other financial matrices, FCF, free cash flow, for the quarter was negative 2.2 crore. Cash and cash equivalents stood at 88.2 crore.

Please note, this is net of the cash utilized for buyback, which was completed in Q2 of last year. Coming to deferred revenue, it continued to grow both on a Q-on-Q basis as well as year-on-year basis, reaching an all-time high level of 38.8 crores in Q1 FY 2027, which is a 6% Q-on-Q increase.

Moving to more details on our customer base, starting with the split by type, at the end of the quarter, 50% of our revenue was from investment industry—50% of the accounts, sorry, was from the investment industry. This includes private market investors like VC funds, PE funds, investment banks, family offices, etc.

45% were corporates, primarily corporate development teams, M&A teams, innovation teams, strategy and sales teams, as well as consulting companies. The remaining were others, including education institutes, government agencies, etc.

We continue to have a fairly healthy spread across the investment ecosystem as well as corporates. This slide gives a expanded view of the titles within the investment ecosystem and corporates that we work with.

This gives us a fairly large addressable market to tap into. As you can see, we cut across more than a dozen distinct customer segments, which is why we've been able to build the vertical specialized teams for each, right, a playbook that's working well, which we'll cover later in the subsequent slides.

In terms of geographical split, 50% of Q1 FY 2027 revenue was from outside India. Our customers span over 50 countries.

Our top five markets by customer accounts are India, US, UK, Singapore, and Germany. Moving to India, international, we saw acceleration in both on a Q-on-Q basis.

India revenues grew 4.4% Q-on-Q, annualizing to nearly 19% yearly growth, which is an acceleration over the 14% growth that we had seen in the previous financial year, FY 2026. International revenue growth turned positive on a Q-on-Q basis.

We will cover in the subsequent slides on what initiatives we are working on for continuing this acceleration. A quick word on the broad market environment.

Total dollars invested are rising. Global tech funding for 2026 is on track to become the highest in the decade, largely driven by the mega AI rounds.

Deal volume, however, is at a 10-year low, both in India as well as internationally. Global late-stage funding saw similar, continued year-on-year improvement.

Coming to the global M&A, the rebound here is strong. 2026 YTD continues with a strong momentum.

The current run rate suggests that 2026 could actually become the second highest year after the 2021 peak, both in terms of global M&A deal value as well as IB advisory fee. Moving on from the financials, I'd like to walk through some of the key highlights for Q1 FY 2027 and some of the interesting growth initiatives we are working on.

Starting with the first, which is a repeatable playbook that we have tracked and we are working on across the different business units. If you look at the India's growth overall, it accelerated from 14% last year to between 19% to 20% annualized growth rate based on the Q-on-Q growth of the last two quarters.

The main driver for this is the launch of the vertical teams, which you've talked about earlier, and the growth playbook that we have implemented across each of these verticals. Going into what this playbook is and, what are the phases for growth, this is a very predictable three-phase growth playbook, right, that we have established.

In the phase one, we launch a specialized BU team aligned to that customer segment. This drives the early customer growth, typically takes between one to two quarters, and we are able to see about 50% increase in the pace of new customer acquisition in that segment.

In phase two, based on the inputs received from these vertical sales team, the data and the product teams augment the data to make it best-in-class for that particular segment. This takes anywhere between three to four quarters, and as a result, we are able to see a noticeable increase in the win rates across that customer segment.

In phase three, once the conversions improve, we scale the sales team, typically to about 4x of the initial size, and through this, we are able to increase, have a noticeable increase in the overall growth rate of the segment, and as well as we are able to gain market share between 1% to 2% every month. This has already played out in a few verticals.

A good case study for this is investment bank India. We launched the—so after we launched the vertical team, the new customer acquisition picked up almost immediately from, about nine per month that we were acquiring to 13 per month.

Subsequently, in the phase two, we worked on closing the gaps to make the offering best-in-class for the segment. Right, we did a couple of things.

For instance, we launched live deals so that bankers could source M&A and fundraise ready companies, enriched the investor database for their outreach effort, and augmented private company financials, which is one of the requested features, which is now actually best-in-class across all the platforms in India as well as globally. As a result of this, we saw a, improved win rates substantially, and the new acquisition went up to nearly 20 a month, right?

It is nearly double of—more than double of what it was in the initial phase when we started before we started the team. We are now in phase three, which is scaling the sales team and working on upgrades within the existing customers.

We have been gaining nearly 1% incremental market share every month for the last over 12 months. Also, if you look at the revenue growth in this segment currently, Q1 FY 2027, which is the latest quarter, it grew at nearly 8% Q-on-Q basis, which is over 30% annualized growth rate.

Currently, the growth rate is already, close to 30% year-on-year annualized based on latest quarter growth rate, and which is up from 20% growth rate that we had seen last financial year, which is FY 2026. Once the sales scale-up is complete, we expect that this growth rate can actually go even further.

This this is a good example of a playbook, and the same growth playbook is being applied to different business units, as we can see, and different business units are in different phases. As more BUs graduate to the scale-up phase over the coming quarters, we expect a substantial improvement in the overall growth rates.

Moving on to the next initiative, which is scaling our sales team. One of the key initiatives has been scaling our GTM teams, primarily the sales team.

As you can see, the GTM team has grown both in terms of the absolute size as well as the share of the total head count. Sales and marketing now account nearly 30% of the total head count, which is up from 27% in the same quarter last year, a meaningful shift towards a sales-led growth.

Building on this momentum, now that the vertical playbook is working and our outbound conversions have also improved following the data set augmentations that we have done, we are scaling our sales effort even further. We had about 34 closing sales team as of end of December 2025, and we plan to double this to nearly 60 by the end of this calendar year, which is December 2026.

These include teams serving India as well as international geos, that is India-based team doing sales for international geos. We expect this expansion to drive meaningful growth in the new customer acquisition.

Moving on to the next initiative, which is exponential increase in data sets and coverage. Previously, we talked about data augmentation as being one of the key things that we do in the phase two to increase win rates across the various customer segments.

If you look at India overall, there are various initiatives which are underway and which have been recently done. Beyond the private company financials, which is now best-in-class in India, another bucket of requests primarily from venture capital funds that we used to get was deeper founder signal coverage for early-stage investors.

Here, we have launched a feed of companies founded by alumni of top colleges, companies, serial entrepreneurs, right, as this is becoming an important segment for early-stage investors to track. We have also expanded cap tables and shareholding coverage of private companies by more than 5 times, taking it new to near complete.

These data set launches contributed to the growth acceleration that we saw in Q4 of last year as well as Q1 of the current financial year, a trend that we expect to continue. On the international front, several data sets are getting launched over the coming months.

One of the recent ones which went live is the coverage of stealth companies, something clients have been consistently asking for, which is to source early-stage deals before they actually become public. This is already showing good early results.

Additionally, we expanded the head count coverage and growth trend, which now span more than 3.4 million entities. A few of the data sets getting launched in the coming months include estimated revenues for private companies, valuations for M&A deals; both of these are among the most requested data sets by the investment banking segment.

Once these go live, we expect a meaningful impact on the overall international growth rate. Our coverage of regulatory data on private companies across geography continues to expand rapidly, starting with company financials.

Here, we've grown the coverage by nearly 10x. We now have 3.1 million companies with revenue data and 7.2 million detailed financials across over 20 countries.

Next is cap tables. Investors use this to share to track shareholding, valuation, share price history of private companies.

Here, we have grown the coverage by over 5x in the last six months, and we now track over 1.7 million companies across 15 countries. We cover 66 million legal entities across markets including US, UK, Japan, India, and Australia.

Since much of the regulatory data anchors to legal entities, we continue to augment data sets, which includes, in addition to financials, loans and charges data, patent data, legal case data, trademarks, etc. This helps us increase the penetration both new as well as existing customer segments.

Just a point to note here, we've been able to add these data sets at a pace without a significant increase in head count, which is a strong testament to the level of automation and intelligence we've been able to build in our infrastructure, which enables us to scale very efficiently. Another initiative that we've talked about earlier is the specialized vertical teams.

In addition to the investment banking vertical which we talked about earlier, there are various other segments which are also live where we continue to see good results. For instance, corporate sales, which serves sales teams in large of large corporates for business development use cases, grew nearly 30% year-on-year by revenue in India.

The universities BU grew 45% year-on-year in India, and today our customers include many of the top institutions, including IIMs, IIT, ISB, XLRI, etc. These are few of the several vertical teams which are live.

To summarize, the vertical team playbook continues to work well for us. About a dozen other BUs are live across various phases, and as more units graduate to the scale-up phase, we expect a meaningful impact in the overall growth rates, both for India as well as international geos.

Moving on to the next initiative, which is AI-native access to Tracxn data. Another key growth initiative that we have been working on is enabling our users to access Tracxn data in AI-native workflow.

We have launched three things here. First, we have launched Tracxn connector for AI tools such as Claude, ChatGPT, Gemini, Cursor.

Using this, paid customers can now access reliable, real-time company intelligence from Tracxn's proprietary database directly within Claude and their AI workflows. Second, we have launched AI Assistant on the Tracxn platform for data querying as well as more complex tasks like complete due diligence, competitive landscaping, market analysis, and more.

We are also working on agentic workflows that combines investor's in-house data with Tracxn's data to address the most common use cases that investors have. These are ready-to-use agents for tasks investors do most often, like making a one-pager, making a deal diligence report, competition benchmarking, building a scouting list, and more.

They can also be customized to the fund's internal processes and templates. Right, together, these will make our data significantly more accessible inside customer's AI-native workflows, embedding us more deeply into the customer workflows and, over time, becoming a meaningful revenue segment.

Moving on to some of the other initiatives for PLG and customer acquisition. First, organic search traffic.

We continue to see very high and increasing volumes of organic traffic. In Q1 FY 2027, this drove 7.9 million organic visits.

Second is Tracxn Lite. This is a freemium platform for product-led growth to drive platform awareness among potential customers.

Users can get access to the full platform with usage limits. Since launch, we have had over 300,000 signups.

This builds a very strong pipeline through organic signups, users hitting credit limits, and upgrade requests and demos. Another initiative is press mentions.

In Q1 FY 2027, we had over 900 press mentions, which is a 5% Q-on-Q increase. All of these build our brand as a data company and helps us in the sales conversion.

To summarize the three key growth initiatives that you can expect to see in FY 2027, one is that we have established a very repeatable, three-phase, growth playbook. This is a fairly predictable phased approach that leads to increased growth rate and pace of market share capture within each segment.

This is already proven in verticals like IB India, which is currently growing at over 30% annualized growth rate based on the latest quarter's Q-on-Q growth. The same playbook is also being replicated across BUs, most of which are already live.

As more and more BUs graduate towards the phases, we expect to have a meaningful impact in the overall growth rate. The same playbook that has worked at the India level over overall, where the growth accelerated from 14% last year to between 19% to 20% annualized growth rate across the last two quarters Q-on-Q growth based on that, and we expect that to continue.

On the international front, Q-on-Q turned positive, growth turned positive. A couple of data launches that we have just gone live, and there are many more actually in pipeline in the coming months, which we believe should start showing impact in the coming quarters.

On the sales front, we plan to nearly double the closing sales team. The AI-native access to Tracxn data is another key growth area that we expect to start becoming contributing to revenue in the current financial year.

Overall, we have a strong set of growth initiatives in place, and we expect FY 2027 to show the impact of these investments, both in improved growth rate and expanded market share across the key segments. This covers most of the key updates from the recent part.

In the subsequent slides, we have additional KPIs and detailed financial statements, which you can go for more reference. With that, I'll pause, and I'll pass it back to Sidharth for the Q&A.

Yeah.

Thank you. We'll just wait for a minute till the participants can raise their hands or write down their question in the Q&A box.

Let me just see the first question is from—one second. Yeah.

We have Ajit Kumar's question on the chat window, actually. Ajit, do you want to ask your question, or should I ask it for you?

I think we can ask them: "Do you have clarity on road map to positive EBITDA?"

Right. Sure.

Thanks, Ajit, for the question. Actually it's fairly predictable, the EBITDA expansion.

You haven't seen the EBITDA expansion in recent quarter or the last year because we've been investing in growth. As soon as the growth actually sort of reaccelerates and we come back to the historical sort of growth levels, we are able to increase the EBITDA at a fairly rapid pace.

To give you an example, in one of the recent years, when the top line increased by 20 crore, our EBITDA actually increased by 15 crore in just one year, right? Because of the fact that it's a very high gross margin business and the EBITDA expands in a nonlinear fashion, so that trickle-down happens fairly quickly, right?

What we are focusing on is some of the initiatives that we talked about, right, and the margin expansion sort of happens as a result of that fairly quickly.

Okay. Thank you, Neha.

We have a question from Siddhant. Yeah.

Siddhant, are you there?

Yes. Good evening, everyone.

You explained on the EBITDA bit, but wanted to understand the reason behind revenue being flat since March '23. Quarterly revenue has been around 20 crores only.

The playbook, I think, has been shown since the last two quarters as well. When will it start playing out?

Because it's been a while now that we have not actually seen any form of growth in terms of revenue. EBITDA to, I'm not even getting there at this point.

Sure. Thanks, Siddhant, for the question.

In terms of the growth, see, we talked about our market. If you look at actually the deal volumes, which is a good proxy for the level of activity which is going on in the market, even today it's actually at a 10-year low, right, which is both in India as well as globally.

It is actually at a 10-year low. Even if you look at some of the other anecdotal things, the number of large rounds which is happening in India, these are also much lower than what it was till a few years back, right?

There have been some changes in our industry, which is why some of the segments which were largest for us got impacted, like VC segment was one of the largest for us, which got impacted. What we had done over there is that we had actually prioritized some of the other segments, like investment banks or corporate sales, right, by augmenting our offering, which then are actually growing at a fairly good pace for us, right?

Sort of prioritizing that and adding the offering probably takes us a few quarters, right, but after that you're able to sort of see that growth coming in those segments, right? Even if you look at India overall, right, which is now growing at close to 20% overall annualized growth rate based on the Q-on-Q growth rate, the segment which used to be the largest, VC, is probably still flattish, but some of the other segments that we have prioritized now and we have been able to augment our offering into that segments are growing at 20% to 30%, right?

I think that is the change that probably took us a few quarters, but I think it's in good shape right now, and there are segments which we are seeing that acceleration; we are just expanding that to the other ones. Probably the development takes a couple of quarters, and that is why you saw that impact to come a few quarters.

What we are seeing is sort of fairly predictable in terms of the segments that we are working on.

Any bit on how we are evaluating competition? Because I think it's become a fairly crowded market at this point.

As VCs and PE firms in India have grown, a lot of them have actually moved on to Bloomberg now. Then they sort of fall out of our TAM in a way, because once a company gets Bloomberg, then I don't think they would want to subscribe for a platform that does not give them listed company data or, say, Bloomberg covers the sky, right?

How are we evaluating competition from that front?

Actually to answer that, Sidharth, we don't run into Bloomberg. Actually, Bloomberg has obviously a awesome public market data, but for the private markets, it's actually hardly used.

Even when we were at our respective funds, which was more than a billion dollar in AUM, for the private market investments, we did not use Bloomberg, because the whole sourcing and all the use cases which is there, it is catered to the public market investors and not to the private market investors, right? We don't actually run into them.

In terms of competition, as it is there in all segments, we do have that, but I would say because we are in a vertical industry, the level of competitors that we have globally is actually only a handful. There are only about three to four in each segment that we typically run into, right?

Essentially you take a particular segment and our offering is typically 80% to 90% already there. Whatever additional gaps that we need to sort of build and augment to make it sort of best-in-class, that we are able to sort of do that fairly quickly, right?

It's a different set, I would say, in private market data.

All right, that's my question. Thank you.

Thanks.

Thank you, Sidharth. Next question is from Praneet.

Praneet, would you like to unmute yourself and ask your question?

Yeah.

Yeah.

I wanted to ask in terms of IB, I understand that we've been talking about IB for last two, three quarters at least, and then in terms of the success it has shown in terms of vertical teams, could you also list out the next-in-line in terms of success along with IB so that we also get a perspective on what else also is not working out? Is it one-trick pony kind of thing?

Right. No.

Praneet, that's a great question, and that is why we have been also talking about the continued sort of growth and how those segments have transitioned across the different phases, and how that sort of growth acceleration that we had anticipated is actually now proven, right? There are multiple segments, I would say, that is there.

One is obviously investment banking, India, which is there. In addition to that, VC India is another segment wherein we are scaling the sales team, where the first two phases are already done; third phase is actually in process.

Apart from that, there are a bunch of other segments which are in phase two, which is actively being worked upon. To give you an example, for instance, investment bank in UK and US, right, or international essentially, that is another bucket that we are working on in the second phase.

There are a bunch of some five, six verticals which are in different phases, right? To give you an example, like VC Europe.

We recently launched our coverage on early-stage and stealth companies, and there we have seen most acceleration, right? We have also listed down in the slide deck all the different business units which are across the different phases.

Maybe pull that slide.

I noticed that. I just wanted to understand in terms of the success, how successful were they in terms of contribution of revenues.

First, I'd like to understand, at our peak, how much was VC revenue versus what is it today? Could you start with that number?

Yeah.

VC, for instance, used to be nearly a third, or over a third of our total revenue. Then, right now the other segments are actually growing much faster than that, they have been sort of increasing in terms of the market share, in terms of the overall revenue share.

How much would the VC be today? Because at peak, you mentioned it was third.

Now is it half of that, or lower than that?

No, not half. It is still decent, but it's lesser than that.

Like IB has grown. We haven't given the percentages, but investment banks have grown; I would say corporate sales has grown as a segment, right?

These are the segments which have sort of increase in terms of the revenue share.

Got it. One more thing.

You mentioned in the annual report that we had some degrowth in America; it's been happening for a while. Could you explain what is structurally changing there, and is there a point of inflection coming anytime soon?

Because those were huge markets for us. Europe and US were one of our primary markets.

I think that's where we started also in terms of huge things. Just wanted to understand what's the plan there, because I understand vertical teams can be scaled there.

Has the degrowing stopped? Have we expanded beyond our VC community there, or how is it right now?

Right,

right. No, that's a great question.

The US, UK will continue to be large markets for us, even, in terms of what initiatives that we are going going to do going forward, and you can expect this to be, a large part of our revenue even going forward, right? Obviously, all the segments had seen impact, I would say, starting about two years back.

There were quite a few things that we did. We initially started doing in India first, right, because, it's easy sort of test it out, to see the output, right, which is launch of vertical teams, augmenting data, and all the scale-up that we did.

There are multiple segments where where it got proven, right? That's the same playbook that we are also replicating internationally, right?

Last year, we had seen, for the last few quarters we were seeing impact in the international segment. If you see this Q-on-Q, it has actually turned positive, right?

There are a bunch of things which are planned for the international geos. The same playbook that, we incorporated in India, that same playbook we are also replicating in the different business segments, in the international geos.

Second is there are a bunch of data launches which are there, just got done and upcoming, right, that should also help increase the sales conversions. We also talked about the AI suite launch, right, which is also launched to a lot of these customers.

We are also scaling the sales in international geos, right? There have been sort of some early, good signs, in this quarter, and we expect that, once some of the other things which are in pipeline also become live, we should have a notable improvement in the coming quarters in the international geo as well.

Got it. Just clarification.

In the US, what exactly happened? Did we lose the number of customers, or did the customers exist and the number of accounts reduced?

Which contributed to most of the degrowth?

The same thing which actually happened in India, which is the same thing which has happened in the different regions. For instance, if you look at VC overall, right, the deal volume today is at a 10-year low.

That means, if a fund was doing probably whatever number of deals that they were doing, they are probably doing a fraction of that now, right? Obviously, that impacts to the level of the upgrades that we are able to do, the new customers that we are able to sort of sell to, right?

It also impacted some of the M&A customers, some of the large customers that we had, they got acquired, or they had closed this initiative. We saw sort of impact in this particular segment, right, which is same as what we saw in India internationally.

It's nothing different. That's why, once we prioritize some of the other segments, which are now growing well for us, that is why we've been able to sort of improve the overall growth rate.

One more thing I wanted to understand. I understand that with vertical teams we started with India, and we want to scale it to the world.

Why didn't we just start it with that market itself? Because if it worked out, it would be much faster in terms of revenue growth rate.

Why didn't we just start from there instead of taking it from India to there? Because our return metrics and even average revenue per user is also so much higher there.

No, actually, for instance, in India today is now accounting for 50% of the revenue, right? We selected a few segments there, we selected a few segments here.

Here we wanted to sort of play it out. We can sort of scale the sales team much sooner, I would say, in this geography to see that impact, and then replicating to the other would be easier, right?

I think that's the prioritization we took. That's a good bulk of the revenue as well today for us, even India, I would say.

There was specific teams that were set up in the US also in terms of vertical before, not just right now?

Yes. Of course, yes.

Got it. Right now, see, I understand that we're focusing on universities and new customers and IB and all of this.

In terms of corporate, why don't we build up our, let's say, assets? Because corporates is much faster to scale, right?

I understand it's right now, I think, half our contribution, but why can't we take it to much bigger, because the opportunity is so much bigger there compared to getting into niches and where it's a lot more cyclical with VCs, IB, everything is a lot more cyclical, right? Why don't we just focus more on corporate and increase our database there and all of that?

I think on the longer run, we would expect that both private market investors and corporates would be fairly sizable for us. Yes, you're correct that there are some segments which are fairly large in terms of corporates, like an M&A, innovation, or sales, right?

These are typically the titles that we work with. Even having said that, we would expect that in VC or a PE or an IB would also be sort of sizable segments for us over time, right?

Because these are large asset classes, if you see, right? Like if you look at today, if you look at a limited partner, right, and their allocation across public equities, they're anywhere between, say, maybe 75% to 80%.

They allocate anywhere between 10% to 15% to the private market, right? That's a large AUM that you're also sitting on.

We expect that we should be able to sort of grow within both of these segments, both of these sort of buckets.

Basically you're saying that first we'll focus here and then go there, or we'll focus along with everything? I don't get it.

No, we are focusing on both, right? Like I would say investment banking is more closely related to the private markets, right?

Say, sales, corporate sales, or innovation are more closely related to corporates.

Actually on corporate side, I think we are working very actively on title sales. We are very actively working on M&A and innovation team.

For all these three, we have been very actively working on offering now, and I hope that in couple of quarters we'll start to see some momentum there as well. All three are actually being actively worked for last few quarters now.

Got it. Did we make any key hire in corporate?

Because I feel like it's mostly relationship-driven also, right? Did we hire a lot of—

We have had built dedicated teams for those, and they are actively working with us.

Got it. In terms of expanding beyond, let's say, Australian markets and all of these, I think we were looking in the past.

What's the progress there right now?

Sorry, in terms of?

In terms of expanding on new markets, like we wanted to go beyond US and Europe, right? How's it working out there as well?

I think today US, Europe, and India, these are three key markets. In all these three markets, we are going after broadly eight to 12 TGs.

There is a lot of work that is going on in these fronts. For the smaller geographies, we are also working with few resellers.

As we get resellers in the smaller geographies, we'll prefer to take distribution through resellers and then work with them. Like in Canada, we closed TMX as a key partner.

Similarly, we are now working very closely with few, and as we close some of them, we are going to announce them. I think we are seeing many exchanges now looking to get into data businesses, we are seeing some interest there.

We will announce it every quarter as we close, because we feel that in smaller markets, reseller partnership can be one of the biggest way to enter the market with a lot of credibility.

Got it. Basically resellers will be selling the same Tracxn software, but they would be selling it for you, or will we do some new branding for them in terms of, let's say, the UI?

Same Tracxn platform, yeah.

Got it. For the year, what kind of cash burn do you think we'll have for this year?

I think we'll probably see how that sort of unfolds. On the top line, you can expect that the India growth rate between 15% to 20% is what we have indicated, most likely ending to be on the higher end, right?

That would continue, and international impact, hopefully, would be much lesser than last year, so that's on the top line. On the expense increase, if you look at the current Q-on-Q expense increase, that annualizes to about 12.5%.

We'll end up probably between, say, anywhere between 10% to around that percent is my sense. That is what you can sort of expect.

Got it. For the year, we expect India to grow as it has been going, but for international, it can still be yet to seen.

Is that a fair understanding?

International, we expect that the things which are planned, it should start looking much better in the coming months, right?

We should be able to demonstrate some impact in next quarter. I think next quarter's results we will know how much what we are doing in international is starting to create impact, because a lot of these launches have gone live.

The sales initiatives are still in early days, but we are hoping in next quarter we are able to show the impact of that.

Praneet, we can move to our next participant. Sorry.

Thank you, Praneet. Thank you, Abhishek.

Thank you, Neha. Next question we have from Jignesh.

Jignesh, would you like to unmute yourself and ask your question?

Already I have written on the question-answer, Neha ji. Just read it and try to give the answer.

Sorry.

Where do you personally see the first genuine green shoots, not the strategy, the actual early evidence that's making your confidence it's turning? Follow-up second question: if those green shoots are real, why aren't they showing up in the revenue line yet?

What's the lag between what you are seeing internally and what we see it in the numbers?

Yes, Neha ji.

Okay. Thanks a lot, Jignesh, for that question.

In terms of green shoots, what we are really excited about is this segment-wise approach that we have taken and how that is panning out, right? With each segment, right, and we're probably catering to about a dozen target customer segments, right, across India and international geographies.

How the acceleration that we're seeing across each of these segments, I think that is probably very exciting for us to see, right? Quarter-on-quarter, how that is sort of amplifying, right?

To give you an example, right, we took a example of IB, because we've talked about that and how that transition has happened, right? Last year, it grew at 20% year-on-year for the whole year, right?

Right now, we've already reached nearly 30% annualized growth rate based on the Q-on-Q numbers, right? Similarly, corporate sales, for instance, in India is growing at nearly 30%, right?

The other segments are also sort of increasing in terms of the growth rate, right? This is one thing which is really excited to us because it's a very sort of predictable way that we are able to increase growth rate across each of these segments and increase market share, right, across each of these segments, right?

I think this is something that we really sort of excited about, and this is what we are also tracking internally very closely, right, across the different BUs, how the pace of customer acquisition increases, and then there's a bunch of data offering that gets prioritized based on that, right? It takes us probably about maybe three to four quarters to launch that, to make that live, but once it is live, you start seeing immediate increase in sort of sales conversions, right, from being 15% to 20% to as high as even 50% in some segments, right?

The whole trickle-down effect. I think this is something that we are working on very closely and we're very, very excited to see the continued results through that.

Now basically

this question why I am asking, 21 crores revenue is still more than two and a half years, right? Currently we are indicating 4%—4.4% growth Q-on-Q on international, 1.4%.

Yet we are not any meaningful revenue growth, and you already said many times that your EBITDA margin will directly impact into the net profit. You are better know than us that where is this green shoot, how revenue will pick up.

Of course, you have mentioned

in a

previous questions some other investor through, but that green shoot and your internal confidence, we want to see in this numbers, Neha ji? Right.

Yeah. No, that's a very fair question.

See, our industry is probably had the one of the worst times, I would say, in the last two years, and this has impacted multiple players, not just us, but a lot of the global players have got impacted because of it. Thanks to the fact that we were also catering to a lot of other segments that we were able to sort of prioritize and grow those, that's why we've been able to sort of turn around, right?

We expect that this momentum that we've been able to sort of pick up, that should sort of continue.

One more thing. I have genuinely some positive thinking I have seen in this presentation, like contract price 7% Y-o-Y, right?

This is a first positive billing signal in our data. Billing is lead revenue, this is the real hub.

Am I right, Neha ji?

Right. Yes, quarterly contract price has increased; deferred revenue has increased.

We were able to sort of sign up some good accounts, right? Yes, momentum.

Some other green shoot like deferred revenue at all-time high 38.8 crore.

Then

IB India case study proves the playbook works when BU is finished: UBS, Kotak, and Mizuho, Avendus as clients. Volume adds recovered like 61 accounts versus 43 in Q4, users plus 307s.

Mercury logo, Google's, OpenAI, HSBC, Siemens, Bain Capital, Bosch, right? AI/MCP product now live.

I am seeing this genuine positivity. You better know this positivity will convert in the revenue, and this visibility now we can predict?

Yes. That summarizes actually quite a few of the interesting numbers.

Yes, we do expect that momentum that we have been able to sort of build, that continues.

Thank you. If any question, I will mail you, Neha ji.

Thanks a lot. Thanks.

Thank you, Jignesh. Next question we have from Shivam.

Shivam, would you like to unmute yourself and ask your question, please?

Shivam? I will read it.

Shivam has mentioned, Question 1: "Can you help with numbers of new accounts and clients onboarded in the last two quarters?" Question 2: "What has been the trend in average realization annually per paying client and per user seat?"

Yeah. Thanks a lot, Shivam, for that question.

Two parts to that question: one is the pace of new acquisition, so that has been fairly good. I would say we added about 60 net new accounts this quarter on a Q-on-Q basis.

The number of users was fairly high, we added about 300-plus users, I would say, on a Q-on-Q basis. In terms of the average ASP across the accounts as well as users, ASP across the accounts is close to about 3.6 lakhs per account per year, right, and about 1.3 lakh per user per year, right?

One interesting point to note, right, for instance, because of the fact that our customer mix had changed, our ASP had sort of reduced a little bit, right, but we see that that's stabilizing now, right? For instance, this was the first quarter after some time that we actually saw a minor increase in the ASP, but overall, I would say that is also sort of stabilized, I would say, because of the change in the customer mix is probably sort of played out, right?

On an average, I would say a good healthy growth in terms of both the accounts as well as number of users.

Thank you, Neha. We have next question, Vinod from chat box.

Vinod: "What part of the user number 6,537 is related to Tracxn Lite, and how much margin does Tracxn Lite generate?" No,

thanks for that question. In the user account that we have, we actually don't include any Tracxn Lite users, right, because we only include the paid users from the paid accounts, right, which have sort of onboarded.

The Tracxn Lite is a freemium offering, right, which is more of a marketing channel for us. The reason why we had launched this earlier is because if you look at historically, we had more than a lakh customers had signed up at various points in time on Tracxn, but we only used to give them trial access for a couple of days, and after that they would not be able to see what else is happening on the platform, right, apart from maybe the newsletters that we are sending.

We wanted to show the customers about sort of what is getting added and what are the things which are coming up, right? That's why we had launched Tracxn Lite, which is more of a building a top-of-funnel for us, right, and giving us a good pipeline of leads to work on, right?

This is more of a PLG-led sort of top-of-the-funnel acquisition funnel for us, and those users are not counted in the user count that we give. Hopefully, that answers the question, Vinod.

Okay. I'll just wait in case any other participants want to ask any questions.

I'll just wait for about 1 minute, huh? Any more questions from participants?

I guess we don't have any more questions. I think in the interest of time, we can close this call now.

In case participants have any further questions, you can reach out to the management at [email protected]. I will now pass it on to Neha and Abhishek to give their closing remarks.

Yes,

thanks a lot, Sidharth, and thank you, everyone, for joining us today. Hopefully, you've got a clear picture of our recent business update, and we've been able to address your queries.

Of course, if you have any follow-up questions, please feel free to reach out to us at [email protected], or you can write to our team at [email protected], as Sidharth mentioned. Thanks again.

Hope you have a great rest of the day. Thanks a lot for joining us.

Thank you.

Thank you,

everyone.