Good afternoon, ladies and gentlemen. Thanks for joining us today for the Q3 FY26 and 9 months FY26 earnings call of Tracxn Technologies Limited.

On behalf of Systematix, it is Siddharth and me. Thanks for giving us the opportunity to host the management of Tracxn Technologies Limited.

Today on the call, we have with us Ms. Neha Singh, Chairperson and Managing Director; Mr.

Abhishek Goyal, Executive Director; and Mr. Prashant Chandra, CFO.

I would now like to hand over the call to Neha to give us opening remarks and take us through the PPT. After that, we'll open up the floor for Q&A session.

Please use the hands raise option to ask questions, 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, Devanshi. A warm welcome to everyone joining us today.

Thanks for taking out time for our earnings call for the third quarter of the financial year FY26. In terms of the format, it will be similar to the previous time.

We would like to run through a short presentation which will share some key highlights about the period. It will take about 15 minutes, and then we'll follow it up with a Q&A session.

Request you to kindly take note of the standard disclaimers for this presentation. 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 market. If you look at the public market, it has created multiple large companies, many of which are profitable, cash-rich companies.

As private markets, as an asset class, is becoming large and important, it will also create platforms like this, and we are building a global platform in this space. If you look at our customers, they include 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, more than half of our revenue is international, and we have customers from over 50 countries. I would like to begin by summarizing the financial performance of Q3 FY26 and the 9 months FY26.

To set the context right, we have one entity, you'll not see term like standalone, it's for the business overall. Revenue from operations for Q3 was ₹21 crore and ₹63.5 crore for the 9 months FY26.

EBITDA for the quarter was negative ₹1.7 crore. Please note this EBITDA also includes all the non-cash expense like ESOP charge.

PAT was positive both for Q3 and 9 months. PAT for Q3 and 9 months was positive ₹0.1 crore and ₹1.7 crore, respectively.

Our customer account volume growth was fairly high. Our number of active customer accounts reached 2,246 at the end of 9 months, which was a 32% increase on a year-on-year basis.

On the cash side, cash and cash equivalents stood at ₹90.2 crore. Please note all this includes net of buyback cash outflow, which was done in H1 FY26.

On the subsequent slide, we've also provided the year-on-year and historical numbers for reference. Coming to profitability, 9 months FY26 was PAT positive.

We talked about EBITDA and PAT on the previous slide. Please note that these includes also the non-cash expense, primarily ESOP expense.

If we exclude these non-cash expense, adjusted PAT was negative ₹10 lakh for the 9 months, and adjusted PAT was positive ₹3.7 crore for the 9 months FY26. Another metric that we talk about is incremental revenue going to the bottom line.

Currently, we are investing in growth, and hence you do not see the margin expansion happening in Q3. However, we continue to show this because as the growth rates accelerate, the margins improve at a fairly fast pace, right?

For instance, historically we've been able to add as high as 80% of the incremental revenue to the bottom line. Coming to expenses, our total expense for the 9 months was ₹66.1 crore, which is a 7% year-on-year increase.

On the right-hand side of this slide, we have also given the expense break-up across the key components. The key components are similar to what you would have seen earlier, but just to summarize, first, bulk of our expenses is team costs.

In 9 months FY26, this accounted for 88% of the total expense. Please also note that all our team is in-house, there's no outsourced or contract workforce.

The second largest item is cloud hosting cost, which accounted for 3% of the total expense as we do a lot of data processing and analytics. This is followed by rental expense.

The other interesting aspect is that you don't see a large paid marketing line expense item because we don't have large spend in digital marketing, nor offline based, because typically it's required by companies for customer acquisition. The reason is that we are a data company, we are able to use a lot of content that we produce to get traffic organically.

Also, there's a fairly high operating leverage, for the period that you see from over here, FY21 to the current quarter, the revenue has nearly doubled, the expenses increased by 44%, but the headcount has only grown by 11%, right? Because it's a fairly high margin product business.

Moving to the volume growth, in terms of the customer accounts and users, it continues to increase at a fairly high pace. We closed December '25 at 2,246 accounts, which is a 32% growth on a year-on-year basis.

The number of users was 6,156, which is a 33% growth on a year-on-year basis. We continue to acquire customers at a fairly good pace.

Moving to some of the other matrices, the free cash flow for the company was slightly negative, to ₹0.6 crore. This was driven by higher employee benefit expense due to increased headcount, and slightly lower billing as compared to the previous year in the same period.

Cash and cash equivalents stood at ₹90.2 crore. Please note that this is also net of the cash utilized for buyback, which was concluded in Q2 of the current financial year.

Moving to other details on the customer base, starting with the split of customers by type, if you look at the accounts as at the end of 9 months FY26, 49% of the accounts were from the investment industry. This includes the private market investors, VC funds, PE funds, investment bank, family offices, etc.

47% were corporates. This includes primarily corporate development teams, M&A teams, innovation teams at these corporates, consulting companies, etc.

The remaining were others, which includes academic institutions, government agencies, and others. We continue to have a healthy spread across the investment as well as across the corporate ecosystem.

Right, essentially we serve a very diverse and rich customer segment. This slide gives an expanded summary of the titles within the investment industry and the corporates that we work with, right?

This gives us a large addressable market to tap into. In terms of geographical split, 56% of the revenue for the 9 months was from outside India.

These customers span over 50 countries. The top five markets by customer accounts were India, US, UK, Singapore, and Germany.

Essentially the similar set of geographies where you have large corporate and private market AUMs. Talking a bit about the market, if you look at the market activity, it continues to be sideways.

In terms of the private market investments in 2025, it was slightly better than 2024, but in terms of dollar deployed, it was down over 40% from the peak. In terms of the deal volume, it was a 10-year low, both in India as well as internationally.

Similar was the trend that you also saw on the late-stage activity, right, which was down actually 70% from the peak. Coming to the global M&A market, here the recovery has been much better, 2025 showed continued recovery in terms of the M&A deal volume, and it was only down less than 20% from the peak.

Coming to some of the other growth matrices, the volume growth continues to be high. On the left-hand side, you see the Q-o-Q trend in terms of the number of ending accounts, and on the right-hand side, you see the number of net customer accounts that got added in each quarter.

If you see the net accounts addition per quarter, historically this number has been anywhere between 30 to 60 net new accounts getting added on a quarterly basis. Last year, it increased to more than 100 net new accounts getting added every quarter.

This momentum continues in Q3 of the current financial year, where it saw 103 net new accounts getting added. The number of paid customers have crossed 2,200 last quarter.

There's a similar trend in terms of number of users within these accounts as well. Historically we used to add anywhere between 40 to 80 net new users on a quarterly basis.

This increased to over 200 users per quarter last year, which is a multifold increase. This continued in the latest quarter as well, and the first 9 months of the current financial year saw more than 1,000 users getting added.

The total number of users across the paid accounts have crossed 6,000 in the latest quarter. The other interesting metric is the growth of the India BU overall.

In terms of the growth initiatives we talked about, we mentioned about vertical team is one of our key growth areas given that we cater to a large, varied sort of customer personas. These are business units by customer segments, and most of the vertical teams for various customer segments were initially launched in India first.

While we talk about acceleration that we've seen across the individual units, I also wanted to give a growth that we have seen overall in the India geo. In the first 9 months, India geo continued to grow at a good pace.

The number of accounts increased by 43% on a year-on-year basis, and the revenue increased by 14% on a year-on-year basis. This playbook of vertical teams, think about smaller business units, is working well, and we are in the process of replicating, as we had mentioned earlier, to other geographies as well.

We also give the split of the growth rates across international segment to help you triangulate. As you can see, there's still impact that we see in certain international geos, which impacted the overall growth rate.

Our plan is to expand the sales through extending the sales team within these geographies, which is vertical customer segment-wise BU teams for the selected customer segments, as well as through partnership, and additionally also investing in augmenting data, right? This is what had led to the acceleration in India, and also some of the other geos that we'll talk about later, right?

Once that happens, it should make the overall growth rate look much better. In parallel, we have also been investing in augmenting our teams across the various growth initiatives.

This is primarily across GTM units, which is sales, sales support, and marketing. While the headcount in the data operations has been reducing due to AI, these investments have led to a slight net increase in the headcount on a Q-o-Q basis, and a temporary reduction in profitability.

However, we believe that these investments will accelerate growth and lead to a higher profitability in the upcoming quarters. Apart from that, we at R&D has been investing heavily across various growth initiatives across the last few quarters, and we expect more results of this to come going forward.

I'll also take a couple of minutes to give you overview of the growth initiatives that we are aggressively working on. One of the key initiatives is scaling our sales team, primarily the closing sales team size, right?

This closing sales team size has been around 30 sales reps for the last 1 to 2 years, and earlier we were doing primarily inbound. Now that we have the vertical teams, which are working well, we are doing both inbound as well as outbound, and hence we are looking to scale these teams.

We plan to double this team from a current strength of about 34 in the beginning of this year to 60 by the end of this calendar year of 2026, right? This would mean larger teams for the existing verticals, as well as extending this to other geos, mainly the sales teams which are based out of India, but catering to international geos like US and UK.

We expect this to have a meaningful impact on the new customer acquisition. Coming to the India BU, in the 9 months, the India business unit revenue grew at 14% year-on-year, while the number of customer accounts grew at over 40%.

We expect this to accelerate because in the current financial year, we had undertaken significant investments in expanding our datasets and offering, which were requested a lot by the new and existing customers. One of the datasets that we expanded is the coverage of private company financials, which increased by over 10x in the last quarter, making it best-in-class across all platforms in India.

Furthermore, we now have comprehensive coverage of private limited companies, including over 3 million legal entities, 2.5 million directors, over 50,000 corporate structured trees, and more. We also added datasets that corporates buy, including legal entity report, which have detailed risk indicators, over 20-plus financial ratios.

Sales is another vertical that is growing well for us within India, and we are adding more datasets, including people data here. For a lot of these datasets, we now have best-in-class coverage, and hence we expect the acceleration, the customer acquisition, which will help the revenue growth and help us sort of increasing market share in existing segment as well as in the other segments like private equity and investment bank.

This also helps us break into newer customer segments like debt market, which is selling to NBFCs and other financial institutions. Coming to the international BU, in Q3, the number of customer accounts grew by 17% on a year-on-year basis in the overall geo.

Here we are doing two things: augmenting the sales effort as well as augmenting the required datasets. On the data side, we made significant push towards expanding our data coverage across certain geos, particularly in UK and the US.

In UK, for instance, we now have fairly good coverage of private company financials with over 4 million datasets. We also increased our company coverage by over 4x, augmented loans and charges data to over 2.6 million.

In US, we augmented our company coverage and transactions data. Additionally, there are certain datasets requested by customers, which we are in the process of adding, which includes things like headcount data, revenue estimates, people, and CXO data.

Furthermore, in the last quarter, we had entered into partnership with TMX Datalinx, which is the information services division of TMX Group, the owner of Canada's largest stock exchange, it's a fairly large financial institution with a market cap of over $10 billion. With this collaboration, we were able to reach the financial institutions in the network of TMX Datalinx in Canada and North America.

We are fairly excited about it, and we expect this to increase our customer acquisition, especially in the enterprise space in North America. Additionally, we have also made our investment banking and venture capital vertical teams live in UK and US with the objective of replicating the India playbook.

Just to give you an example of this playbook, the revenue growth rate for the UK geo improved from a negative 3% in last year, FY25, to a positive 7% in the first 9 months of the current financial year. This is a great testament, and we believe that continuing this playbook, we should be able to increase our growth in the other geos as well.

Coming to the vertical team or the specialized team we had set up for most key customer segment, we continue to see good results. Just to give you some context, these are like mini business units.

Initially this team starts working on new sales wherein they are able to accelerate the customer acquisition rates. Later, they also take up engagement, thereby increasing activation and account penetration, and eventually also start doing marketing initiatives.

A good example being investment banks, which we've talked about earlier. This is a team that sells to investment banks both through inbound and outbound.

In addition to investing in sales in the segment, we've also invested in augmenting the data coverage, which has helped to improve conversions in this segment. This includes things like increasing the coverage of traditional sectors, private company financials and key ratios, VC and PE investor database.

We have also expanded this vertical to other geos like UK and US where we are seeing good initial traction. Overall, continue to see good results.

The logo penetration in India continues to increase at 1% on a month-on-month basis. In India, the number of accounts grew by over 50%, and the revenue grew by nearly 16%.

International, the accounts grew by over 60%. Additionally, in Q3, our coverage of private company financials for Indian companies became best-in-class, and this was one of the key datasets requested by these customer segments, and because of which, we expect the growth rates to further accelerate.

Another vertical that is working well is corporate sales team. These are specialized teams focused on corporate sales, who are typically looking to scout and analyze companies across sectors and geos for lead generation, market analysis, competitor benchmarking, business development mandates.

This is a fairly large market, and we are able to give a very curated list of targets to go behind because of our detailed sector coverages. In addition, we are also working towards augmenting some of the additional datasets on the platform as required by this customer segment.

For instance, this includes things like pincode data, CXO profiles, and adding more parameters. For instance, company tech stack, which helps users identify companies in their technology in a more targeted manner.

We have started scaling this to other geographies internationally as well and are seeing good initial traction. The customer count increased by more than 80% in this segment, including high growth rates across India as well as international geos.

The revenue grew by almost 23% in Q3 FY26 on a year-on-year basis. We continue to augment the data required by this segment, specially in North America, and hence we can expect further acceleration to happen in this segment as well.

Apart from that, there are some other segments where we have vertical teams that we have talked about previously, but just to give a quick summary on that, universities. University, in addition to being a revenue segment, it's also a great marketing channel for us as majority of our relevant customers come from the top universities globally.

Since formation of this vertical unit, we have been able to significantly increase our market share, get many of the top logos, including many of the IIMs, IITs, and others. Example, five of the top six IIMs are our customers.

As well as, we are also able to work on building deeper engagements with these institutions. For instance, we have been able to include Tracxn in the relevant coursework of many universities, including many top tier-1s like IIMs and ISBs, right, building a very long-term moat.

In Q3 FY26, the number of customer accounts grew by 60% on a year-on-year basis, and the revenue grew by 15%. In India, this was higher, and the number of customer accounts grew by nearly 70%, and the revenue grew by over 50%.

Startups is another segment where we get high volumes of inbound. Their use cases include competitor intelligence, market research, business development.

We have expanded the use cases for this segment over time. Accelerator, incubators is another segment where we work with private accelerators, government incubators, universities, and corporate incubators globally.

Here, we have been bringing grants data to the platform to help incubator portfolio companies access government funding and support. To summarize, the vertical team segment is working very well for us.

We now have nearly a dozen vertical teams which are live, and because we serve a fairly diverse customer segments across the financial institution, corporate, through this architecture, we have cracked a fairly repeatable playbook, right, and we expect to see growth acceleration across different segments as well. Apart from these, there are some other initiatives that are working well, and I'll give a quick update on those.

One of the interesting initiatives that we have talked about previously is scaling our organic traffic. This continues to be a area of focus for us.

Being a data company, we are able to use a lot of the data that we own to launch large public pages, which generates a lot of customer traffic. If you look at the organic search traffic we got across all our pages, this was nearly 19 million in the first 9 months of the current financial year.

This is a fairly large traffic funnel that we've been able to build, right? Also, we continue to increase this even further.

For instance, the current traffic's annual run rate has reached over 25 million, which is higher than last year's. Also, another interesting growth initiative that we had launched recently is Tracxn Lite.

To give a quick context, we launched Tracxn Lite for product-led growth to increase the awareness about the richness of the platform among global customers. With Tracxn Lite, users get access to the entire platform when they sign up, though there are obvious limitations, such as restricted daily limits of profile views, export, and certain platform modules.

Over 2 years, it has been over 2 years since launch, and we have got over 2.5 lakh sign-up for Tracxn Lite. This is a large set of users that we were able to sign up, right?

This large set of users are getting familiar with the platform, and this helps us in building a very good acquisition pipeline. Moving on, another interesting growth initiative that we've been working on is expanding our coverage of regulatory data of private companies across countries.

For instance, this includes a variety of information on private companies across the various government registries and other government databases. One of the information is, for instance, of the financials and cap table datasets of private companies, which are particularly in demand by certain customer segments like private equity and investment bank, among others.

Talking about financials in specific, today we track financials of private companies in over 20 countries globally. We have significantly increased our coverage of these datasets, in particular detailed financials and revenue data.

Q3 in specific saw one of the largest increments in this dataset. As you can see from the graph, overall in the last 2 years, we have increased the coverage of this dataset by over 50x.

At the end of Q3 FY26, we had over 2.3 million companies with revenue data and over 6.3 million companies with detailed financials available on the platform. Interestingly, we have been able to add these datasets at a fairly rapid pace without a significant increase in headcount.

This is again a strong testament to the level of automation and intelligence we've been able to build as part of our infrastructure that enables us to scale very efficiently. Coming to cap tables, cap tables are requested by investors to see the detailed shareholding, valuation, latest as well as historical share price of private companies.

Today, we track cap tables across over 15 countries. In the last 2 years, we've increased the coverage of cap tables and detailed shareholding from 39,000 to over 350,000.

This is nearly a 9x increase. Another good example is legal entity database, which we launched about 2 years back.

Today, we have about 65 million entities. Major countries by coverage include US, UK, Japan, India, Australia, Brazil.

A lot of the regulatory data is around legal entity, we continue to augment these datasets. This enabled us to increase penetration in some of the new as well as existing customer segments.

Another initiative that we have been aggressively working on is leveraging AI for data production. This is giving us great results.

We are able to multiply and augment our datasets while reducing the manual intervention and even shrinking headcount. In 2024, for instance, we expanded the coverage of the key data points by over 5x while the data production team's headcount reduced by 10% in the same period.

In 2025 last year, we further multiplied the coverage of these key data points by over 4x, while in parallel, the data production team's headcount got optimized by additional 20%, right? This is a very strong testament to the use of automation and AI in data production, right?

By using AI for data production, we have been not even able to multiply the pace at which we are able to add data, especially around processing unstructured documents, regulatory filings, etc., but it has also allowed us to launch new datasets at a much more faster pace than ever before, right? This continues to be an area of focus, and we are fairly excited about the results that we are getting from this.

Another growth initiative that we've talked about is press mentions. In the 9 months FY26, we got over 3,000 press mentions, which is a 50% increase from the same period last year.

We were also able to do some very prominent partnership in this period, including a report by Economic Times covering top soonicorns and minicorns of Maharashtra, Economic Times Startup Awards, which is a prominent annual event, we were report partners for the Bengaluru Innovation Report. Last time, I had mentioned that we are also looking to expand towards some of the other geos, glad to share that we've got good initial success in that.

We received brand mentions across international publications, including Forbes, Khaleej Times, Singapore Business Review, among others. We believe that this goes a long way in building a brand as a data company and helps in our sales conversion.

To summarize some of the growth initiatives that you can expect to see in 2026 are, on the India BU front, we plan to scale the sales team across the verticals from the current nearly 25 to about 40 by the end of the calendar year. We already have market leadership for most data modules, and with the augmentation of financials data, which was done in Q3, we now also have best-in-class in that data module, which was one of the requested ones.

Here, in this BU overall, you can expect to see further acceleration. On the international BU front, you will see us working both on augmenting sales as well as data.

On the data front, there are some datasets that we are adding, especially in US, like your revenue estimate, headcount data, valuation data. In parallel, we are also scaling the sales effort.

This is both by scaling the internal sales team from the current less than 10 to about 25 by the end of the year, as well as working with a sales partner in North America, right, and potentially add one or two in certain non-English geos. Another area is AI and data production.

This continues to be a big area of focus for us because this enables us to augment datasets and to cover gaps with our international peers in a fairly short span of time, what would have otherwise taken them a few years to build. As well as, we are able to launch new datasets for the prioritized segments, right, like our pincode data, people data, right, LP data, etc.

On the regulatory data front, we plan to build comprehensive coverage on private company data available for the legal entities, mainly related to financials, transactions, headcount, IP in some of the key prioritized geographies like US and UK. Just to note, for India, this is already done.

Hopefully this gives you a good idea of what to expect in 2026. This covers most of the updates from the recent period.

In the subsequent slides, we have added some other KPIs as well as detailed financial statements that you may go through for more details. Thanks.

That's all the key items I wanted to share, and passing it back to Devanshi for any Q&A that the group might have.

Thank you so much, Neha, for taking us through the PPT. That was quite an insightful discussion.

Now, we open the floor for Q&A. To ask the questions, participants can raise their hands, and we will unmute them one by one.

Also, there you can put your questions in the Q&A box, and we shall take them up as well. We'll wait for 2 minutes for the question queue to line up.

First question is from Aryaman Pawar. You can unmute yourself and talk.

Yeah. Hi, Neha.

I was just seeing our corporate sales, and they have done fairly well, I think it's up 23%. I was assuming that the international markets, the revenue that has been down was largely because of corporate sales not clicking.

Where is the pain in the international sales happening currently?

International, it's mainly some of the segments which are seeing most impact, primarily, your venture VC segment. Even if you look at the market activity, that continues to be fairly sideways and one of the lowest in the last 10 years, so that is the impact that we see.

VC is probably most impacted, and some of the other verticals are sort of growing. Like even if you look at a geography like India wherein the overall growth rate are higher, there a segment like VC is still flattish, and we are able to sort of have the overall growth because some of the other segments are growing well for us.

Sure. Sure.

I was just seeing the UK numbers. They are so super strong.

I think is this largely because of a sales team presence there or because we have increased coverage?

Yeah. That's a great this thing, and we had mentioned about it last time that we're replicating the India playbook, and UK is a great example of that it has worked and it's sort of works in a fairly predictable manner.

You basically did two things. One is augmented the sales and then you augmented also the datasets, right?

On both the side, you saw sort of good updates being there. Like if you look at UK, we also augmented the datasets that is required by the customer segments, like your financials, companies, etc., that we augmented.

The second thing is that we augmented the sales team. Some of the vertical teams which were live in India, we had extended that to the UK, right?

In UK, that turnaround sort of happened in a few quarters.

Sure. How tough would this be to replicate in, say, a US or a completely different market?

Yeah. No, so that is our plan, and that is where we see the overall growth rate should start looking better.

Replicating that in US, that is the plan for this year, and we already started working on both fronts. One is your augmenting of the datasets that is there, right, so that is already there, and then even on the sales, right, like we sort of closed one partnership and as well as we're scaling the vertical sales team.

You will see us doing a lot of things in that front this year. All right.

Yeah. Just last question.

The augmentation part, especially in UK, took us four quarters, right, if I'm not wrong? About

yes, three, four quarters about. From the Q2.

We should assume this for the other geographies as well, right, more or less?

Yeah. We have already probably had started doing this work in US from last quarter itself, and that will continue in this and the subsequent quarters.

Sure. Sure.

Thank you. This was super helpful.

Thanks a lot.

Thanks, Aryaman.

The participants are requested to limit yourself to two questions, and then later you can join the queue again so that we can cater to all the questions that are coming up. Next question is from Anurag Arora.

You can unmute yourself and ask the question. Anurag, are you there?

I guess we can take the next question from Praneeth. You can unmute yourself and ask your question.

Hi. Thanks for the opportunity.

I understand that we're able to grow sales, like we have done a good job over the last three quarters in terms of developing new business units and all of it, but I was wondering in terms of our EBITDA, we are still not able to scale it. I understand it's going to take time, but could you give us guidance on when will it actually turn EBITDA?

Because right now, at a PAT level, basically we're just getting money based on interest. When are we going to move into profitability not just because of our cash, but also because our business operations are also developing and sales are developing accordingly?

Thanks, Praneeth, for that question. I'll just take that.

Right now, see, in our business, there is a fair amount of operating leverage. What that means is that whenever your growth rate increases, your EBITDA actually increases at a fairly fast pace, right?

That is why we continue to show that slide and have that because just 2, 3 years back, we were able to add as high as 80% of the incremental revenue in the top line, right? Like, for instance, if the revenue increased by ₹20 crore, the EBITDA actually in that year increased by ₹15 crore, right?

The EBITDA actually increases at a fairly fast pace because of just the nature of our business, high margin and operating leverage. That is why we are not focusing so much on the EBITDA, we are more focusing on the growth, right?

Because of the impact that we saw in some, we are sort of augmenting the other things that is required to actually give us that. Once the overall sort of growth rate increases, the EBITDA actually increases at a much more faster pace, right?

We still are sort of fairly judicious in the amount of the investments that we are doing. We still have cash in bank of nearly ₹90 crore, right?

That is still there. Right now we are focusing on growth, and once that happens within a couple of quarters, I think the EBITDA should start looking positive and increase at a faster pace.

Got it. Understood.

The reason I've been specifically asking is I've been tracking the company since that EBITDA conversion has been the highest, I've been waiting for the company to go back, which is the exciting part about software businesses that the incremental EBITDA will come much quicker. The thing is, we have had substantial degrowth in our international business that we're not able to scale it.

I was just wondering do you think the degrowth has stopped, or how do you see the degrowth in our international business? Going forward, do we expect sales continue to grow or is there still potential for the old accounts to stop renewal or that sort of thing?

Right. Yeah.

No, that's a good question. Actually, see, talking about the international market, if you look at the market activity both in India as well as internationally, right, it was similar, right?

In India, for instance, we were able to turn it around last year because of all the initiatives that we are doing. We were also able to replicate that in UK.

We now have to do it, there's the overall growth rate still looks lower because of the impact that is still there, especially primarily in US as the geography. This is our focus this year, that this year we are doing sort of the similar things that we did in the other geographies in the US as the geography.

Hopefully that should make the overall international growth rate look better.

Do you think we bottomed out in terms of our loss in accounts or, let's say, the overall market cycle of going further down? Like, because I'm curious for us our accounts to increase in the US, we still need that new fund cycle to start, but do you think we're at the bottom or do you think there's further way to go?

Hopefully, we've had, say one or two renewal cycles for most of the accounts, which were probably impacted, right? I think we also have to sort of augment the other segments, right, which are sort of working well in the other geos.

Right, I think we'll have to probably see that, but most likely we've already had a few renewal cycles for most of these accounts. Right, and once the other segment sort of starts growing well, I think this should look better.

Got it. I also understand that I think India family offices played a huge role in terms of contributing for our growth, and universities also.

What are those key markets did you see, let's say, in the US and in the UK, which might drive your growth? Because I understand the overall existing of VCs and the old-school investing has remained.

Do you see any new green shoots in terms of new types of structures coming into the market, which you see a lot of growth in?

Right. Right.

Sure. In terms of these segments, the segments which are sort of doing well for us, like investment banking is one segment that is doing well, right, corporate sales is another segment that is growing at more than 20% for us both across India and international combined, right?

Number of accounts are growing at 80%, so that is growing well. There are some segments which are smaller, but are good potential.

For instance, like your private equity is another segment that we have prioritized, right, because now we had also augmented the data that is required for that segment, so that is one. Universities is a smaller segment, but that's a good marketing channel for us.

Because of the fact that we added your whole company data, we are also able to go behind banks, right, and debt as the market, because they require sort of more information about the legal entities, and now we have much detailed information about those. That's another newer segment that has opened up for us.

Understood. Could you give some perspective on how our total addressable market changed?

Because over the last year and a half, we've substantially added new products, new type of customers and everything. Could you give us, let's say, 6 months ago, 12 months ago and 18 months ago, how our addressable market has changed?

What is our potential in terms of market share in each addressable market? Because I was just wondering how did we expand our market and how are we doing in those in terms of positioning?

Right. Sure.

In terms of the addressable market, so that continues to be fairly large, right? There are different estimates, but essentially even if we grow to 5x the current size, we're still single-digit percentage of the market.

The market continues to be fairly large. Also the fact that we also cater to more than 50% of our revenue is international, right?

That's a fairly large market that we play into, and if you look at our customer base, this is across investment industry as well as corporate, it's half and half if we look at the number of accounts, right? There are titles segments that we work with within the investment industry, which includes your venture capital, private equity, investment bank, family offices.

These are primarily on the investment side. On the corporates, that is also equally large for us wherein we work with their M&A teams, innovation teams, sales teams, right?

That's a fairly large TAM, I would say, and now we have to basically go deeper into those. To give you an example, our market share would be probably higher in your VC as a segment, but it was fairly low in investment bank and private equity, right?

Over the last 1 year, it has become better in investment bank, right? If you look at corporate sales, we are probably very, very small.

That's growing very well for us and that's a very large market, but we are very small in this. I would say our market share in many of these segments is fairly small, right, to a single-digit percentage.

Understood. I was actually specifically referring to the idea of, let's say, when we had our only in Tracxn, let's say, 2 years ago, we had mostly an investment banking product that usually VCs used for that, with new universities and sales channels.

I was just wondering how much extra TAM does each segment contribute in terms of our addressable market? I understand that addressable market is huge, especially with international combined.

I was just wondering, let's say if it was 100 2 years ago for total addressable market

for

that product, Did it go from 100 to 200, 1,000? I was just wondering in that sense because that will give me better perspective on how much more potential is there.

Yeah. The TAM, just to put, that's fairly large.

There are different estimates which is there, and then estimated anywhere between $8 billion to $9 billion overall, and there are companies which are 100 $100 million or plus also in some of these segments, right? It's a fairly large market.

Then, once we are able to, for instance, go more deeper into a segment like an investment bank, right, that opens up that market in a more for us. Right, I think the numbers are fairly large, I think that is not the thing.

What our aim is basically to sort of increase our market share in each of these segments.

Got it. Let's say, how many companies do you think are at this scale in the global market?

Because since we are clearly competing at a global level, where do you see your primary competition from? Is it from the US or UK?

Is it from these boutique firms? I was just wondering how the strategy for our competitors also is, because we are going from India to global with probably better cost competitiveness compared to them.

I was just wondering, could you tell us international positioning and how the strategy differs from, let's say, our competitors or our peers?

Right. Right.

In terms of the peers for this market like coms, there are about five or six players which are there in the private market data space. We are among the top three in terms of the execution and the depth that we are able to have.

Most of the coms are in US, right, as you can sort of expect, and these are the ones that we run into in a lot of our sales discussions, etc. We believe that we have like for instance, our tech stack and our ability to add data at a much more faster pace because of the whole tech DNA as well as the fact that we are sitting out of India and then, at a fraction of a cost we are able to produce sort of data.

I think that's sort of invaluable, and thanks to AI, we are also able to accelerate that pace of addition of data. Interestingly, now we are able to add datasets in a matter of a weeks to a month than what the traditional players would have taken a few years to build, right?

That is another thing that is playing sort of in our advantage, and we're fairly excited about it, and this is something that we feel that that's why we are able to sort of build data, for like a US or a UK being here.

Isn't the AI going to be a double-edged sword for you? Because I understand data production has become cheaper, but won't it also affect the pricing, especially as your peers and competitors might be using the AI or tech stack slowly and improving their costing?

Won't it also reduce your pricing in the market?

Right now, that's not happening so much. Maybe over time that happens, but that also opens up a larger TAM for us.

Right now, it is still because we're working with enterprises and financial organizations, which are highly paid professionals, there's still more demand for data and enterprise-grade data than so much over there in our existing segments.

Got it. Could you give us a tentative timeline on when do you think all these initiatives are going to take place?

Like, would it be Q2 of FY27, or would it be the end of the year? Because as investors, we also want to know when it's going to kick off also, because if you see over the last six straight quarters, it's been fairly stable and unchanged in terms of all the numbers.

We would also like to understand when it is actually going to kick in. The biggest confusing part is everything is working well, with your account openings and despite the degrowth, we have been able to enter into new segments fairly successfully, things are working out, but when will it actually meaningfully contribute?

Right. Right.

No, so that we should see in a fairly short span of time. See, I think you're seeing the overall numbers, but you have to break it up into different segments, right?

For instance, the overall growth is about 30%, but there are segments wherein it's more than that, right? Like India, it's volume growth is 40% where you're also having revenue growth of 14%.

In UK, it's 40% and you're also having revenue growth of 7%. Overall international, it's 17%, right?

It's lower. Whichever countries wherein we have been able to sort of cross the 30% growth, right, overall volume growth, there we are also starting to see the value growth, right?

I think you have to sort of replicate that in the other geos, right? We were able to replicate it well in India and in UK.

Now this year the plan is to actually augment those things in US.

That all I understand. I understand that till it meaningfully contribute to the revenues, efforts are interesting for the first few quarters.

It's just when will it actually materially contribute is my question, because

Hopefully soon, in a few quarters. Again we are not giving sort of guidance on that.

Hopefully we also gave the plan of 2026 in that sense, right, to give you a sense of what to expect in this year, this calendar year. Got it.

One last question regarding our cash reserves. Do we have any other incremental opportunities that we can deploy it in terms of acquisitions or something, or would it continue to just remain a buffer for us?

At least for the upcoming one or two quarters, there's a lot of organic initiatives that we are working on. Hopefully after that, once the growth crosses a particular threshold, then we will also look at inorganic.

We continue to evaluate opportunities in our segment, and if anything interesting comes up, we will definitely be seeing in the financial data space, essentially.

Is the activity high in terms of inorganic transactions? Because I'm assuming it's a fairly niche business, would it be possible for us to get opportunities, or how does it work?

No, there are opportunities which are there in the financial data space. Anything in the financial data space, that is of interest to us.

We keep seeing interesting opportunities which is there, right? I think right now also, there's a lot of things which you will see sort of organically.

Got it. Can you give us in terms of the deal size what you would be looking for in inorganic or would it be No,

right now we're not, as we are saying, that right, whenever that happens, we'll probably talk more about that.

Got it. Thank you so much for your patient answers.

It's been great.

Thank you so much, Praneeth.

We will take the next question from the Q&A box from Anurag Arora. Please mention the total headcount and breakup among senior management, senior executive level, sales team, and others.

Please give us a sense of this as how we pay to generate revenue with no growth. Also, please elaborate the salary expenses between these categories if possible out of total salary expenses.

Company is paying ₹90 lakh to generate revenue of ₹1 crore, isn't it exceptional in terms of industry standards? Total employee cost is 90% of the total revenue, which is not the industry standard.

I think that is the question.

Sure, Anurag. I'll just take that.

In terms of the cost, this is your R&D cost apart from that, right? There is tech, there's data hosting, cloud hosting, the cost is the second largest, but obviously your team cost is primarily divided across four types of teams, right, and I'll just give a brief split of the headcount across these.

Overall, the team size is about 695, a little less than 700, right, across all the teams at the end of last quarter. In terms of tech and product is one key vertical wherein we have about 115 people.

The second is analyst and data operations, wherein we have about 270 people. The third is your whole GTM, which is your sales, marketing, as well as customer success, wherein we have about 250 people.

Then your business support, where are about 60 people, right? Coming to the part of your question, which is sales, in sales, as we had mentioned, we have about just if you take the closing sales people, we have about 34 people, in the sort of closing sales rep.

This is the team that we had also scaled recently, the GTM team, right, which is across the sales and sales support and marketing. Hopefully that answers your questions, Anurag.

Next question, I think we can take it from Mr. Param Jain, please unmute yourself and ask the question.

Param, are you there?

Hello, am I audible?

Yeah.

Sorry for the inconvenience. Thank you for this opportunity, ma'am.

I just wanted to get some direction of the revenue growth and EBITDA margins over the next two or three years, say FY28. Could you just give some guidance on that front?

Sure. Thanks, Param, for the question.

Coming to the guidance, we're not giving guidance, but we have mentioned about our plan for this year, which should help you break it down sort of directionally. I'll probably break it down in two parts: one is your India BU and the other is international.

In the India BU, in the first 9 months, we grew at about 14% and 40% by accounts. This BU accounts for about 40% of our total revenue.

We expect this to accelerate because, as we had mentioned, in Q3, we had done significant expansion in the datasets that is sort of required. We already seeing early signs that is giving us good results, and we expect that is why this business unit, the growth rate should accelerate.

On the international part, right, which is where you see some impact, right? There's still impact in the VC segment.

Here we are doing sort of two things: one is investing in data, and the sales, right, which is required in the adjacent segments like your investment banking, private equity, corporate sales, and more. Right, UK was one of the geographies that we were able to sort of turn it around from a minus 3% last year to plus 7% this year.

For this calendar year, 2026, US is a big area of focus, right? We are planning to augment the data that is required for these customer segments, which is primarily your revenue estimates, headcount data, valuations.

The second thing that we're doing in parallel is also expanding the sales, right? We're doing it through two ways: one is expanding through vertical teams, which is based out of India and sells to US, and the other is through the channel partnership, right?

Right, and as we had mentioned, thanks to AI and data production, we are able to accelerate some of these at a fairly fast pace, what traditionally would have taken a player a few years to build. This year we expect that international part, right, to also sort of improve because of the things that we are doing.

Right, with that blended, you should see sort of better growth in the upcoming sort of time.

Understood, ma'am. Secondly, I just wanted to understand about the industry, what is going on on the competition front internationally?

Even if there are any Indian players that I'm not aware about in the same segments?

Yeah. Sure.

Param, on the competition, essentially, there are about five, six players in this space, it's a vertical space in the private market asset class, the platforms which provide data, they're only about a handful of players. Primarily, we run into three or four players in US, right, which are, say, large financial data companies.

Obviously a lot of them have also been impacted recently, but we are able to sort of also sort of go into some of the adjacent segments. I would say, right, in terms of the competition, these are the ones that are there.

It's a global one, and in India, we are by far the largest in terms of most segments. There again there are some segments wherein we had lesser penetration, like in investment bank or we were hardly present in the corporate sales team, that we had sort of prioritized over the last couple of quarters that are also growing very well for us.

Right? Hopefully that gives you an idea about the competition in that space.

It's not as competitive as say a SaaS or a horizontal SaaS space, there are only about a four or five players globally that you run into.

Understood. Understood, ma'am.

Lastly, who is the market leader in this space? Because I'm fairly new, and I'm trying to understand the industry.

What are their offerings sort of, and how does it differentiate from Tracxn's offerings? Could you just give me a brief on that?

Yeah. Sure.

There are these few players which exist in the private market. You have PitchBook, which is part of Morningstar's portfolio, which is one large players.

Then you have a few others. In terms of differentiation, see, there are some datasets which are there, but there are some additional datasets that you also have.

For instance, we have a fairly deep coverage of sectors, which is fairly interesting for investors and corporates. I think what is really working well is that lately we are able to add datasets at a much more faster pace.

Right, we augmented the regulatory data coverage last year, which is now in a fairly good shape. Right, there are some overlap which is there, but there's fair amount of differentiation which sort of exists.

At times customers are sort of evaluating it independently, and some of the customers may buy more than one as well.

Ma'am. Is there an underlying moat in this business or is there something that is replicable in your business model?

No, no, it's definitely there is good amount of moat which is there. As you can see, the moat in the data space is probably more than what is there in SaaS space, and that is why if you see margins of the companies which are in the data space, right, which are also listed, say in US, they are at times higher than your SaaS space.

Definitely the moat in the data, right, and data catering to a industry vertical is fairly deep. That's why we believe that you can build a deep company in this.

Got it. Thank you so much, ma'am.

Thanks.

Next question, I think we can take from Anurag Arora. Please unmute yourself and ask question.

Am I audible?

Yes.

Yeah. Hi, my name is Anurag.

I have asked earlier about the structure of this employees between categories like senior employees, etc. I would like to know about the salaries, how much salary is given to every category.

I can come offline also if you're not handy with the data. My second question is about, it is very unnatural for me to see I have not come across any company which is paying 90% of the revenue to the employees.

Am I missing something about this? Because I know some of the other databases companies like Ace Equity, which maintains we also use their database, which is on the public-listed companies, actually.

They also give maximum 50% to 60% is employee cost of the revenue. Am I missing something in your business?

My second question, I've gone through the annual report of 2025. There is independent directors.

There are fixed remuneration, ₹10 lakh each every for every person, and 21.25. Could you please elaborate on this ₹10 lakh, what is the nature of this remuneration which is given to them, and sitting fees also, because I have not come across any company of this size paying ₹21.25 lakh sitting fees in a year to four independent directors?

Because high sitting fees questions the independence of the directors itself. Would you please elaborate on this?

Thanks, Anurag. For the third part of it, I'll probably direct it to Prashant.

I'll take the first two parts in the meanwhile. In the salary numbers, these are sort of market standard.

I don't have that handy. Typically if you have the average, your tech salary is more than double of it, and the other ones is probably close to average.

We don't have that handy, but it's sort of market competitive which is there, salaries which is there in the org. The second question is about 90% of the revenue being in the employee cost.

That's just a function of that's our R&D essentially. You have to basically invest in building the data, right?

Over time, your revenue sort of grows. Just to give you an example, the gross margin that we operate in is more than 90%, right?

Even if we double the number of customers, it's not that we need to double the number of people that is there, right? There have been years where that has happened.

The revenue even if we double it, the number of people that we need to sort of augment is fairly less because it's more than 90% gross margin, right? You can think about it as an R&D cost that you have to sort of do because you're building a global platform, you're building a global data, you're catering to all these segments.

That's why you see it higher. That's a fairly high margin.

As soon as even if we double it, it's not that we have to double the number of people that is sort of required. That's on the second part.

On the third part, on the remuneration, I'll probably direct it to Prashant to sort of take that.

Hey, Anurag, hope you're doing well. In terms of the remuneration paid to the independent directors, it is fairly in the industry domain, and if you look at the profiles of the independent directors, they are all sort of eminent distinguished with very, very relevant background, like top colleges and IITs.

We pay them the sitting fee for the meetings that they attend, and outside also of the regular meetings of the board and the committees, they fairly contribute, and sort of help us with various strategic initiatives. What you see in terms of the compensation is sort of one which is a fixed remuneration, which is about ₹10 lakh for 2025, and rest everything is the sitting fee.

Sometimes when we have more number of board meetings and the committee meetings for a variety of reasons, then obviously this kind of goes up depending on how many meetings we have. I don't think so that impacts that sort of independence, and especially when we talk about the independent directors and the profiles, which have been also mentioned in the annual report, I don't think so that number will meaningfully impact their independence.

Hi, Prashant. I'm sorry to say, but I understand the functioning of the independent directors.

I am in this business since 2007. I'm a company secretary.

I deal with them on a daily basis. This is too high for a company like you with revenue of ₹84 crore.

My question was not on the sitting fees and fixed remuneration, it's all about the size of your company and what are you paying to independent directors. It was all about that.

You may pay ₹1 crore to independent directors also when your revenues are, say, ₹1,000 crore, can pay them. So, ₹61 lakh to independent directors, you should first be conscious about the investors also.

Investors have not made any money in 4 years in your stock, it is down 65% in last 1 year. I'm not able to understand these kind of things.

First time I'm looking at your annual report, and there are so many red flags. I'm sorry to say, I'm a little blunt.

Sure. Your revenue is not growing since last four to five five to six.

I think it's 60

lakh

I think

It is written, ma'am, ₹61.25 lakh payment

to

four independent directors, that questions the independence, actually.

Anurag, I'll just add here. See, we have sort of people from fairly good industry, I don't think that's a this thing.

Just to give an example, we have been as a company fairly high on corporate governance. For instance, we've had a Big Four for the last over 9 years, which is 5 years before we even got listed, right?

Because of the fact of we had the backing of investors, etc., this has been a fairly high agenda item for us, which is being fairly high. We have never had qualifications across all these years.

Right, so that is definitely one of the things which is there about the company, which is being fairly high on corporate governance, compliances, etc. Anurag,

just one more point to add over there. One more thing which I would suggest is to also compare, I understand you previously had also raised this question about the total expenses of the company.

If you look at the growth rate of the salaries we have over there, year-over-year, there you see

I'm sorry, it's more than your revenue growth for last six quarters, continuously.

That is correct. See, the revenue growth is obviously what we check, but the salary growth is not something which is very disproportionate, right?

If you look at it, because see, at the end of the day, we can cut fat, but we can't cut muscles, right? We need certain people to obviously perform and compete in the industry, right?

People are our ultimate assets, right? If you start cutting on the muscles, then obviously it will start showing an impact.

Nobody is telling you

to cutting muscles. Your business well more than anybody else.

That's not a question, but you need to be aware of your expenses when you're not growing your business. It's a very tight game.

When you're a loss-making company, should look at expenses very tightly. If I may, it's a concern here.

My main concern.

No, no, absolutely. We hear you out, and I just wanted to give you a point Once

you make good amount of money, you can spend. That's not a problem.

Right. No, to a certain extent, but, like I said

I'm not able to see any operating leverage in your business. It's a pure operating leverage game, total.

Sir, it's an example of when we see in IT industry, even in your business, there is more operating leverage than any other business. I'm not able to see in last six to eight quarters.

It's missing completely. When you are hiring 36 more counts in the sales team, I'm seriously worried about the next year picture if they are not able to convert the revenue, you will be more loss-making and your cash balance will be reduced more by maybe ₹5 crore, ₹10 crore.

This quarter, it is reduced by ₹2 crore just to paying employee cost.

Anurag, I'll just add here. See, basically that is investment that we are making, and I think we have sort of shown that in some of the other geographies.

If you see this market, everyone had been impacted, right? Obviously in a good year, we have also grown at typically if you look at historically, we also grown at 30%, right?

Right now, obviously because of the market condition, we were sort of also impacted, but we have sort of turned it around in a few geographies. It takes some time to sort of invest, augment and build that in a few geographies, and we are hoping to sort of replicate that.

We are at least sort of working on that, and we feel that that should work, and we don't see any other reasons for that.

All the best.

Thank you.

I think we can take a few questions from the Q&A box as well. We have a question from Miten Lathia.

Based on the client usage data, what proportion would be such that a LLM could give by crawling the web?

Sorry, I'll just repeat the question, if I've understood it correctly, which is basically what part of the data we can get it from LLMs, right?

I think so.

Okay. See, actually,

so that's a good question. Neha, I think Miten has raised his hand as well.

It's better if we hear it from him.

Cool. Yes, that'll be helpful.

You can unmute yourself and ask it, Miten.

Hi. The question was, one is the data asset itself, but based on actual usage that you see within your clients, what proportion of the usage would be of such data which in any case an LLM would give them by crawling the web and what would be sort of in the proprietary domain?

This is based on a proportion of usage, not based on what you have.

Right. Actually thanks, Miten, for the question.

The data that is there is actually not available in the open, right? There's both.

There is a lot of unstructured data that is there. There are a lot of data which is also behind the paywalls, right?

Like, for instance, if you have to get a share price of a private company, that's not available. If you want to get all the transactions in a particular format, that's not available, or different cuts which is there.

There's so much of regulatory data which is there across 20 different countries and that is not sort of instantly available. There are a lot of datasets which are there, which is not sort of available.

If you were to sort of compare the public data to the private data, right, in the public data, you have much lesser number of companies, like we have 50,000 companies globally wherein you have a few million companies in the private market. You have fairly structured information about the public companies.

Yet people are not able to get everything through an LLM, and they still have to use like a Bloomberg terminal or a screener or other softwares, right? I think in the private market, it's more complex because the data is very unstructured, a lot of it is behind the paywalls, there are a lot of proprietary datasets that also you have to sort of build.

Internally, we actually also use a lot of these models to sort of mine the documents and to work on those, but I think right now there's still a lot of datasets. Once, like in the public markets when people say that you don't need any terminal, it'll probably happen to the private market after a few years.

Right now, there are still a lot of both unstructured data which needs to be sort of synthesized, as well as a lot of data which is sort of not proprietary, behind the paywalls, etc., which is there.

Would the TMX partnership have contributed to revenues at all in this quarter? If not to revenues, to the deferred number at all in this quarter, or no, that is yet to happen?

We closed it last quarter itself, and then there was a holiday season. We have closed some sales.

I'll probably have to check whether that is accounted for in this quarter or not. Having said that, I think it's more going forward, there's a good pipeline of enterprise accounts, right, that we are working on which we were not able to sort of crack remotely, and that we are able to sort of do very well, and that's active ones that we are sort of working on.

I think more thing you'll probably see going forward.

Right. Thanks.

Wish you all the best. Thank you for the answers.

Thanks, Miten.

I think, yeah, we can take one question from the Q&A box. The question is from Ashwini Kumar Singh.

Data stocks are globally under pressure due to AI-driven margin compression fears, do we see that as a significant risk to the business? One more, any update on how the partnership with TMX is progressing?

Are you seeing any meaningful traction and are there any such partnerships in pipeline for the other geographies? These are the two questions that I can see from Ashwini.

Okay. Thanks a lot.

Thanks, Ashwini, for those questions. Just to answer that, on the first part, see, AI we believe that is a great enabler for us.

To give you an example, we believe that's why we are also investing a lot in that, because we believe that that helps us accelerate the data production in a much more faster manner. To give you an example, one of the data points like US, we have started focusing about a quarter back, and one of the data points that we had worked on is just the transactions data, right?

That was one of the feedback that we've got, that customers needed more transaction data, we had to sort of become more comparable. That set, we were able to make it 4x within just a matter of over a month.

Which otherwise would have taken like the peers quite some time to sort of build it, right? We are able to do all that thanks to AI, something which someone was not able to do probably 2 or 3 years back.

I think definitely in terms of the legacy data players, there is definitely someone who is using AI, there is a lot of scope that you are able to catch up on that data at a much more faster pace, right? That is why US is also a geography that we are sort of prioritizing this year because we believe that we are able to bridge some of the gaps which is there, which sort of increases our conversions in the required segments, right?

This is definitely something that we are very excited about, and we think it's a great enabler for us to be able to do all the things which we are able to do today, right? That's one.

On the partnership, I just talked about TMX and how that is there, we are fairly excited about it. It's fairly early because it just got closed last quarter, and there's a good pipeline and sort of we are working towards it.

In terms of any of the other players, we might end up doing say one or two in some of the other non-English geos, but we'll probably update that as that happens. Hopefully that answers the question.

I think we've answered most of the questions. I think thank you so much, Neha, and Prashant, and Abhishek for addressing the investor queries.

If anyone has any further questions, they can definitely reach out to the management at [email protected]. Neha, over to you for closing remarks, if any.

Thanks a lot, everyone, for joining us today. Hopefully, we were able to give you some good understanding and answer some of the queries that you had.

In case there are any follow-up questions, as Devanshi mentioned, please feel free to write to us at [email protected]. Right, thanks again, and hopefully you have a good rest of the day.

Thank you, everyone.