Please note that this conference is being recorded. I now hand the conference over to Ms. Asha Gupta, Investor Relations, EY LLP. Thank you, and over to you, ma'am. Thank you, Neeraj. Welcome to the Aurum PropTech Limited Q2 FY 2023 Earnings Call. It gives me great pleasure to welcome the management of the company represented by Mr. Onkar Shetye, Executive Director of Aurum PropTech Limited, Mr. Hiren Ladva, EVP, Investments of Aurum PropTech Limited, and Mr. Kunal Karan, CFO of Aurum PropTech Limited. Before we start the call, I would like to remind you that anything that has been mentioned in the call which reflects any outlook for the future or which can be construed as forward-looking statements must be viewed in conjunction that such risks we face, uncertainties, and risks are included, but not limited to what we have mentioned in the prospectus on file with SEBI and subsequent annual report. You can find it on our website. With that said, I now hand over the call to Mr. Onkar. Over to you, Onkar. Thank you, Asha. I'm glad to connect again to the investors community in this sixth quarterly call under Aurum management. Welcome, everyone, and thank you for your continued interest and commitment to Aurum PropTech. We are living through a generational shift in our economy and society. According to us at Aurum, digital technology is the most important resource at the world's disposal to overcome constraints as we imagine our daily life in terms of work and family. We believe that the convergence of the digital and physical worlds is happening at a rapid pace. Let me first briefly talk about some of the recent events that have happened in this quarter in our economic landscape. Our Deputy Prime Minister recently stated, "New India will not remain a mere consumer of technology, but India will play an active role in the development and implementation of that technology." The first 5th generation technology services are expected to unleash new economic opportunities and societal benefits, serving as a transformational force for the Indian society. We are at the forefront of innovation, becoming the third-largest startup ecosystem with 60,000 startups and getting close to 100 homegrown unicorns. Our industry leaders are now confident about India becoming a $30 trillion economy before 2015. At Aurum, our resolve to accelerate the adoption of technology in the real estate sector to increase business efficiency and enhance consumer experience is at the forefront of our daily activities. The real estate sector is poised to be a $1 trillion economy by 2030. Technology adoption in real estate services and consumer behavior of millennials and Gen Z shall make PropTech a $100 billion sector. Our mission is to revolutionize real estate with digital transformation, enhancing transparency, and building trust in all parts of the real estate value chains. We are on the path to delivering an integrated PropTech ecosystem for real estate on a tech platform. Aurum PropTech's four business clusters, namely Invest and Finance, Enterprise Efficiency, Customer Experience, and Connected Living, cater to the real estate value chain and have products and solutions built with SaaS and PaaS business revenues. For the quarter, we continued our focus on building businesses in acquired PropTech products and solutions and our in-house products and solutions. We now have 10 active products and solutions which have started to generate revenue. We have also established our operations in 15 cities with a team size of 500+ people working in tech development, operations, data science, and innovation. Our consolidated revenue has grown by 93.3% over the last quarter to INR 28.3 crores. We reiterate that we communicated in our last quarterly call as our first pit stop. We are gearing to achieve our targeted revenue of INR 50 crore by the fourth quarter, taking over revenue, our revenue to ARR of INR 200 crore. Let me now briefly talk about our partner companies and their roles in the four business clusters. In the Investment Finance cluster, Integrow Asset Management, a PaaS product, completed its first data-driven lending in form of an AIF. It has also applied for a PMS license to further build on democratizing real estate investments for a larger audience of investors. Our Enterprise Efficiency product, Sell.Do, a SaaS product, continues to be the market leader in the real estate CRM space in India, with relationships across 600 real estate developers across the country. Beyond Walls, our PaaS product in the Enterprise Efficiency cluster, offering broker aggregation solutions for the real estate industry, has achieved a 5% market share in its launch market, Pune, and is a market leader in the primary residential sale market in Pune. In the Connected Living segment, cluster, HelloWorld, our RaaS solution has achieved market leadership in student living segment of Kota city. It continues to be a major player in rental markets of Bangalore, Pune, and NCR. The HouseMonk continued to build its SaaS business in Southeast Asian markets, catering to 47 rental property owners and managed almost 60,000 tenant experiences worldwide. Today, their platform processes $6.9 million worth of rental revenues per quarter. While our acquired products and solutions accelerated their business, we have also continued to build PropTech products and solutions in the customer experience segment organically. Aurum Infinity, the fractional ownership platform for real estate, has completed its second MVP stage and is presently in regulatory and compliance clearing stage. After taking legal opinions, we have narrowed down on the AI model for fractionalizing real estate. Aurum Instahome, targeted at the residential resale market, has completed its first MVP and is presently in the proof of concept stage. Aurum KuberX, a loan origination platform, has completed its first MVP and has facilitated INR 80 crores of financing solutions for home buyers. We continue to build Aurum Mix, a one-stop transaction platform for real estate, along with our data pack products and solutions. All our PropTech businesses continue to be built on a three-tier layer of discovery, fulfillment, and data science. In addition to the businesses built, we continue to put our efforts in deep tech like artificial intelligence, machine learning, and blockchain. Products like Aurum Sound Emotion Analyzer that predicts buyer sentiment by detecting emotional sentiment, targeting specific keywords, predicting purchaser's sound modulations, and the likelihood of buyer making a purchase decision using state-of-the-art intelligence models. We are leveraging technology, automation of processes, and the current wave of digital adoption in creating India's first real estate technology ecosystem. Let me now briefly talk about our governance risk and compliance framework. At Aurum, we have always focused on implementing a strong GRC framework. A key strategy to our business is implementing the best practices around governance, mitigation of risk, and ensuring compliances. All our investments and in-house product developments are starting to be governed through GRC. This framework has been essential in deciding the behavior of intellectual, human, social, brand, ecosystem, and financial capital for us. I will now like to talk about activities in terms of contributing towards social needs at large. We believe that society is our key stakeholder, and we focus to deliver through our foundation, Aurum Neev. We have completed the Aurum Neev Service Fortnight initiative last month, and our Ikigai, as a passion-driven company, is deeply followed by every member of our team. It is anchored by six core pillars, tree plantations, green design, nutritious meals, safe man-hours, girls' education, and medical interventions. 120+ Aurum members came together for the Aurum Neev Service Fortnight initiative and contributed to planting 10,000 trees, serving 10,000 meals with Roti bank, facilitating 100,000 safe man-hours, helping 1,000 workers upskill, contributing towards 100 student years, donating 150 ambulances, one life-saving ventilator, and 100 units of blood. I would like to conclude by saying that our businesses are built with an eye for profitability growth, rolled with strong governance risk and compliance practices, creating value for all stakeholders of Aurum PropTech. I would now like to hand over to Hiren Ladva, EVP, Investments, to talk about our journey of investments. Thank you, Onkar. Good afternoon, everyone, and sincere gratitude for your continued interest and participation in our journey. As we all know, technological advances are driving phenomenal innovations in every aspect of our lives, and hence, everything today has tech attached to it, including real estate. At Aurum PropTech, we firmly believe in our vision of unlocking the potential of real estate sector through technology. Our philosophy for investments and acquisitions in PropTech is therefore aimed at the potential to build an ecosystem of tech-enabled ventures across four focus areas, which is invest and finance, enterprise efficiency, customer experience, and connected living. Having started the PropTech journey in July 2021, the company has strategically acquired five ventures in PropTech space within a year as part of its inorganic strategy. Through these investments, we believe that we will grow in strength quarter- on- quarter and year- on- year. Efficient capital allocation, working closely with our partner companies, smartly rolling out our in-house products and solutions, continuously strengthening our teams, focusing on revenue growth, strong governance, and being customer obsessed are a few mantras that have kept us busy in past and will continue to be our focus in future. This venture have already started collaborating on strategic, operational, and most importantly, tech-focused areas. Tied under a quarterly program called Aurum Entrepreneurs' Forum, specific initiatives around growth, branding, technology, and centralized support solutions are underway, with tangible benefits of the ecosystem already visible to Aurum PropTech and its partner companies. We have recently rolled out our Aurum Entrepreneur-In-Residence initiative to increase our entrepreneurial and managerial bandwidth. We will track this closely in the upcoming quarters, as this is a unique program, one of its kind. We have, and we will continue to build and grow our SaaS and DaaS products and ventures in this exciting journey. I would now like to hand over to Kunal, CFO of Aurum PropTech, to talk about the financial performance of the company. Thank you, Hiren. Thank you everyone for joining this call today. The board of directors today have approved the results for the quarter ended September 30, 2022. I will take this opportunity to take you through some of the numbers of this quarter. Our consolidated revenue from operations for the quarter has increased by 93.3% to INR 28.3 crores, as compared to INR 14.64 crores in the previous quarter. The revenue from operations were INR 8 lakh in the corresponding quarter of the previous year. During the current quarter, we have consolidated the operations of HelloWorld Technologies, a 100% subsidiary which we have acquired in June 17, 2022. The consolidation of HelloWorld for the full quarter have contributed higher revenue in the quarter as compared to the previous quarter. We have made revenue ARR of INR 100+ crore at the end of the current quarter, and is in a position to improve it further in quarters to come. Our total income for the quarter has increased by 96.2% to INR 30.8 crore as compared to INR 15.7 crore in the previous quarter. EBITDA losses for the current quarter were lower at INR 3.42 crore as compared to INR 5.69 crore in the preceding quarter, underlying an improvement of performance. The consolidated cash position at the end of the quarter was INR 118 crore as compared to INR 102 crore at the end of March 31, 2022. I will now pass on the call to the operator to open the floor for question and answer session. Thank you very much and appreciate your continued interest. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Darshan Jhaveri from Crown Capital Partners. Please go ahead. Hello. Am I audible? Yes, you are. Yeah. Hi. Congratulations on an amazing set of numbers and hope we can see further growth. I just wanted to ask, so now our revenue has been ramping up. Could we have some sense on what our cost side would be? Would, at INR 50 crores revenue per quarter, we be breaking even? What kind of sense do we see in the fixed cost investments and, like, where do we see our costs going forward? Maybe if not this year, maybe FY 2024, where we be, you know, breaking even on EBITDA and PAT levels. Could some sense be given on that? Hello. To answer the question directly, INR 50 crore of revenue in quarter four will not break even because EBITDA margins will improve from the current position as has been indicated in quarter two. But definitely we'll be not PBT positive at INR 50 crore of revenue level because many of the businesses are still in a growth mode and it is a people-intensive business where cost of IT resources are going up. Retaining people and those things are definitely a challenge and cost will definitely be there. Maybe in next financial year, when we have a complete set full financial year with all the acquisitions, current acquisition, that time we can definitely expect a positive thing. Mr. Jhaveri, thank you so much for your question. In addition to what Kunal Karan stated, we have two nature of products, SaaS and DaaS, both built on tech platforms. Fundamentally, the products and solutions have a 20%-30% margin. However, considering that most of these products are being deployed into new markets, we are adding new features into these products. There is active GTM happening. The initial few quarters will not be, I would say, we'll not be able to break even in the initial few quarters. Until that time, we build a substantial quantum of the business. However, we are building each product line, each solution set, each business with an eye for profitability and strive to achieve break even at the earliest and go to positive numbers. Okay. I'm sorry, could not get the part about whether Mm-hmm. In FY 2024, not at PAT level, but maybe at EBITDA level we would be seeing break even-ness or something, or maybe that would come in FY 2025. I don't want an exact thing, but just a general idea of where we are seeing or where we are projecting? At 24% EBITDA level, we are expecting to break even. Okay, that's amazing. In terms of, are all the acquisitions the revenues have been consolidated, and they will be in everything that's been done. It's from now onwards, the revenue that we are getting will be taking care of all the new acquisitions, correct? New revenue will be taking everything into account, right? Yes. All the acquisitions that we have done are now consolidated. That, if you are seeing today's results which we have published. The other acquisition that we have declared in May has been just closed in October 15. That is Blink Advisory Services in it. That will come into consideration in the next quarter starting from October 15. That is another company that will get consolidated in the next quarter. Okay. Yeah, that answers most of my questions. Thank you and all the best. Looking forward to great numbers. Thank you, Darshan Jhaveri. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Vikul Arora, Individual Investor. Please go ahead. Hello, everyone. Thank you so much for giving me the opportunity. My question is a bit different about the challenges. What I found is Aurum in the last 20 years been in the PropTech in real estate sector, and they're very good at it around the real estate and property sector. But at the same time, when we you know compare with the NoBroker and other PropTech companies, they are more into tech stacks. Now Aurum has shifted towards real estate to tech. Do you people found any of the issues and challenges to be as a tech people and faces challenges, and how was the experience? I just want to know from you guys. Thank you, Mr. Arora. A very astute observation of the sector, and thank you for following our real estate vertical as well. We'd like to say that our real estate experience of the last decade has given a substantial understanding of this domain, which is itself complex in nature. Which assimilates into our thought of building this ecosystem into four different segments, with each segment requiring its own application of tech. Yes, companies like NoBroker have started with a platform of tech. If you see our model of building Aurum PropTech in the last one year, we have applied our real estate domain experience in going and acquiring partner companies with founders who have got a strong tech background and tech experience. The five to seven acquisitions that we've been able to conclude and the 10-odd products that we've been able to add in the last four quarters are all led by tech founders and have all been operating in the tech or the PropTech space from two years to 10-12 years of rightly. It's a great assimilation of real estate domain experience and also a tech founder, a tech founder's experience that comes with the PropTech companies. That itself differentiates us from only pure tech companies. At the end of it, a business is built on any tech business is built on application of tech into the industry, and it requires substantial industry knowledge for any tech to be deployed. Do we find any difficulty? I know, Aurum has a great foundation because you people are dealing with the complexities around the real estate. Earlier you people are building, now it is on the tech system. Do you feel uncomfortability? Not uncomfortability, but kind of challenges, you know, with a couple of people who are experienced in the tech as well. Definitely there were some roadblocks in the going forward as well. Yeah. We take your observation, and we will keep a keen eye on it. But basically the learning that a tech entrepreneur will go through about the industry purely from a tech perspective will be, I would say, tracked it with our experience of understanding that industry. The tech team will not go through as many challenges and as many learnings as they go on to build on products, because there will be a substantial domain experience coming into building tech. All right. My second question is, so in the recent past you've acquired many companies. You know, when there are a couple of good-minded people, it's very hard to, you know, take them and build on a single road because like-minded people are, you know, never settle easily. It's my experience. How will you know, manage that kind of founders in a single pillar of foundations? Because it's very hard sometimes to manage the people. Thank you, Mr. Arora. Let me take that. This is Hiren here. The way we interact and coordinate with the partner companies is that, one, there are a few layers in terms of our interaction with them, which we have also dwelt upon in the previous calls, which is, one, we have a review and cadence which gets kind of set up from the very first day of acquisition or investment, followed by different forums of interactions with them, which includes the entrepreneur forum, wherein there is an exchange of ideas and collaboration as well as a kind of a networking within the smaller ecosystem that we are building. On the operational side of it or as well as on the strategic side of it, right? We as Aurum PropTech continue to maintain just the oversight and the strategic view of it, right? The day-to-day operations, the founders continue to manage them against a well laid out business plan, which we monitor on a monthly, quarterly and annual basis, right? In that sense, you know, and as you could imagine, of the five ventures that we have, one is based out of Pune, a couple of them are based out of Bangalore, one is based out of Mumbai itself, and one, the most recent, is based out of Noida. Operationally, these founders are independently driving their own respective ventures in the strategic path that we have mutually agreed with them at the time of our investment. All right. Okay. Thank you so much for your valuable input. One last thing is, you, a few days back, I got an update like, now Career Socially is not being a part of Aurum. Is it a right statement? I'm not sure where you heard that from, but yes, we have concluded the acquisition of Career Socially 100% in the month of this, in this particular month itself, so they are fully onboarded. We can confirm that. Okay. Thank you so much. Just the last small suggestion. People like us, small investors sometimes don't have that kind of, you know, interaction with management. It would be good if you people can invite like a small investor and investor community once in a year so that we can, you know, get in touch with you people and get to know about the company. Thank you so much. Point noted. We'll try our level best to incorporate your suggestion. Thank you. Thank you so much, sir. Thank you. Operator, you may press star and one to ask a question. The next question is from the line of Ajinkya from Metaworks Equity. Please go ahead. Hello sir. My question is, in the aftermath of Ukraine war and, you know, the global scenario has disrupted a lot. The whole, the business strategy for our company has changed, you know, prior the war and post the war. Mr. Ajinkya, thank you so much for your question. It is a very crucial observation. Global scenarios do impact most economies and most businesses. However, we are of the strong opinion that India domestic consumption led story of the real estate market led by two factors, urbanization growth of urban population in India. Secondly, changing consumer behavior backed by digital adoption. These two pivots itself are good enough pivots to sustain and build this business with a longer horizon. Yes, there will be challenges from a macroeconomic perspective in the short term. In the long term, the real estate story is strong and the tech adoption story in real estate industry is strong as well, and we are absolutely bullish about it. Okay, sir. Also, as there is signs of recession in the upcoming period and the U.K. economy is suffering from it. The most of the IT sector industry and the real estate is also suffering from it. How are your companies planning for that? Mr. Ajinkya, the macro picture, yes, it has its own implications on multiple sectors. In the interim, as Onkar was suggesting, we have not witnessed immediate impacts on the real estate sector overall immediately, but we are keeping a close watch on, specifically on the buy-sell transaction part of the real estate sector overall. Having said that, I would want to emphasize that as far as our company is concerned, and as far as the overall real estate sector is also concerned, beyond buy-sell transactions, there is a rental economy in place. There is a SaaS economy in place, right? Which are, you know, subparts of the real estate sector. If you look at our investments, they are not limited to the buy-sell transactions. Buy-sell transactions could be possibly the most immediately impacted. The quantum of impact is yet to be seen, but that could be the most immediately impacted. The rental economy will continue, the SaaS and the services economy around simply living inside a house and all the services inside the house, right? That will continue. Some of our portfolio companies are beyond supporting the buy-sell transactions. Hence we get that bit of cushion, if you will, you know, against the headwinds or the macroeconomic shocks that would arise. I would not comment too much on the macroeconomic scenario because we are hearing multiple and varied opinions specifically about the Indian economy per se. For example, our currency has been doing better than a lot of other currencies. As Onkar mentioned, our economy is driven by the domestic consumptions, the investments into the non-traditional assets, which is also an indication of the amount of the incomes and the savings that the economy has. That is also an indicator of how slightly decoupled we are from the external markets. Yeah, we will keep our eyes and ears open and take whatever strategic steps that we may need to ensure our business continuity remains. Yeah. Thank you, sir, for answering my question. Yeah. Thank you. Next question is from the line of Mukesh Kothari, individual investor. Please go ahead. Yeah, hi. Thanks for the opportunity. In one of the announcements you had made some time back, you said that you have decided not to invest further in one of the acquisitions that you have made earlier. So just want to understand how do you evaluate all these investments that you have made, and why is further investment not being contemplated for the acquisition that you have made? Basically, how do you evaluate these? Do you write these off or what is your accounting policy in this regard? Mr. Mukesh Kothari, probably the line was not clear, but there were two, three questions you asked. One was, and you please correct me if our understanding was right. One, broadly you are seeking to understand our investment strategy now that we have made the five investments. Is that the right understanding of your question? No. In one of the investments that you had made earlier, you said publicly that we won't invest further in that company. In one of the acquisitions that you have made, I'm specifically asking about that acquisition. Mr. Mukesh Kothari, there are two stages typically to any investments that we go ahead with. One is that intrinsically we run this through a very extensive buy-sell framework where we understand the opportunity which can be built or bought and then go on to take the investment decision. There are instances where we have evaluated the businesses and found major risks in those businesses, either with the team or with the operational metrics or with the scalability or with the tech stack. In such cases, we have prudently taken a call for the best in the best interest of the organization that we don't go ahead with these investments. We are very conservative when it comes to investments into any businesses, even if they are principally agreed to before we go on to sign on the dotted line and execute the share purchase agreement. Is that? I hope we have been able to answer that question. Yeah. Yeah, Yeah. Yeah, I understand that. What I'm trying to understand is what is your accounting policy where you decide not to invest further. I mean, you don't take keen interest on that business. I mean, there was an announcement some time back, right? In this regard, in one of the acquisitions that you made. I will try to answer your question. I just understand that you are saying that when we consider an investment in the financial statement directly as a subsidiary and when as an associate. As per the accounting guideline, you can do a consolidation as a subsidiary and where we take the line-by-line consolidation that we take the revenue- No, no, I'm not talking about the accounting part of it. Okay, let me get back to you specifically on this question, I mean, at a later date. I will do possibly via email. Probably I'm not able to explain clearly. My second question was basically on okay, last time around I'd, I mean, suggested that we can actually do create the value chain, end-to-end value chain and see what are the gaps that are there, that we are not present to basically understand the addressable market. Like one of your listed competitor is P.E. Analytics, which is into specifically providing tech solutions around, say to banking companies, housing loans, housing finance companies. Are you present in that segment as well? Before we answer the question, we'd like to clarify. There's a little lag or there's a little unclarity in the network or the line. But we'll just clarify the question. Is that you were asking about the addressable market, one, in the PropTech segment, is that correct? There are two housing finance companies who have announced fund and are we in that space? Is that the correct assessment? No, no. Basically, what I'm trying to understand is basically the gap in the whole value chain, PropTech value chain, and whether are you in the same business as the P.E. Analytics is. There's a listed company called P.E. Analytics, which specifically provides tech solutions to housing finance companies. I mean, are you into similar business as well? Okay. Again, in the interest of time, let me rephrase so that we are on the same page. First question is about the overall PropTech value chain and identification of the investable opportunities, and you would want to understand our thoughts or our investment strategy around that. Is that the first question? Right. Right. Fair enough. I think we have. Let me address that first and come to the second part. Yes, as we have called out and repeatedly articulated our strategy is that we have mapped the entire value chain within the real estate ecosystem. Within that, we have arrived at the four focus areas, which being investment finance, connected living, enterprise efficiency, and customer experience. Now, within each of these four, there are specific use cases or customer experience-led thoughts which gives us a direction to look for not only potential investment opportunities but also in-house development of products, right? That's where the customer first focus comes in, right? Now, I hope I was able to address that. At the moment, we may not be able to call out the specific opportunities that we are in discussion with, but that, you know, these four focus areas and within that the identified use cases is the direction that we kind of stay adhere to as to make any investments. Yeah. Uh. That's fine. I get it. Yeah. Sorry. Yeah, yeah. I get that. I mean, I understand the four broad verticals. What I'm trying to understand is, I mean, there are areas, like for example, a company called P.E. Analytics, okay, which is into providing solutions to housing finance companies. Yeah. Are you also into similar business is what I'm trying to understand? At the moment, we are not providing any services to housing financing services from a tech point of view. If specific to your question, that's what I could comment right now. Okay. Thank you. I mean, that's where I was coming from, that there are gaps which your competitors are actually providing, but you're not. Mr. Mukesh Kothari, for housing finance companies, we don't have a B2B solution. That has not been our focus area of developing a product in that space. Housing finance itself is a problem statement. The value chain of raising funds for a purchase of a real estate asset is a problem statement, which we are attempting to solve, but more from a customer experience point of view, not as a service to a housing finance company. There we have data-driven recommendation engines which evaluate various underwriting instruments of housing finance companies and recommend the right housing finance product to the consumer and further go on to fulfill that fundraise for that consumer. That's one product area that we are focusing on. It is called Aurum KuberX. It is not a B2B-focused solution. It is a B2C or a consumer-led product or solution. I hope we've been able to effectively answer your questions. Unfortunately, there's a little unclarity in the line, hence we were not able to get all of your questions correctly. Ram, do you have any follow-up question? The line for the participant dropped. The next question is from the line of Darshan Jhaveri from Crown Capital Partners. Please go ahead. Hi. Thank you so much for taking my question again. I just wanted to understand our broad vision right now. We are currently in investing phase where we've made 10 products and where we are trying to focus on our you know areas, prime areas. I just wanted to briefly, if you could just explain where do we see this journey going in maybe the next three years or something where we want to add more products, we're looking for further acquisitions and, you know, just a broad you know kind of a flavor of where we want. What is our vision right now? Maybe if by 2024, we are again in the investing phase, and then we have our complete set of product and value chain. Could you just possibly briefly explain that? Sure. In the four broadly identified segments, we have tried to pin down problem statements and gone on to identify products and solutions in each of the problem statement and further gone on to either buy or build those either businesses or products that are addressing those problem statements. We have identified a list of around 15 odd problem statements ranging from investment finance to connected living. On those 10 of the products and solutions have already been either acquired and are into revenue already, and some of them are being built. That's the direct, I would say, answer to the problem statements that we saw. In addition to it, we also keep on innovating and investing in deep tech, which is the real, I would say, game changer in any tech-driven disruption in the industry. That is where our innovation team works on identifying what all products can be brought on that are not just of addressing a problem statement, but are actually going to create a disruption in that particular space or focus area. That's typically our year horizon. The identified 10, t he 10 products that have gone into revenue, we will further now go deeper into these products to build businesses in multiple geographies within India and further go on to address market penetration in the achievable markets in each of these geographies across India. Okay. We are still looking for some more investments and, so we have, I think, around INR 80 crore of cash lying. That would be. That's what we'll probably be using for further acquisitions. Correct? Hello? You are right with the cash available, but not the entire amount will go for acquisition. That we'll need money for the working capital and our product development. Some of the money has been already committed to all of the investments that we have already made. Those money will also go as a growth capital to those companies. Entire money is definitely not available for a new investment. Okay. Now, basically, Onkar, I was coming from whether to, you know, enhance the, you know, to build up the product, will we need to raise funds again or would it, or would our current rates suffice? That was where I was coming from. Raising fund is not in question right now because there's a rights issue that call money is still to be made. Around INR 235 crore is still to be called in the rights issue. As and when required, as you said that if we find some good target or the money is required, that time we will go for that rights issue. Right now, there is no plan for that. Okay. Perfect. Got that answer on the question. Thank you so much. All the best. Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Manish, an individual investor. Please go ahead. Good afternoon. My question is relating to your product of CRM and broker aggregation tech for real estate. I just want to understand how does it work and because I myself have invested in a two to three real estate tech companies. What does this product actually do, broker aggregation tech for real estate? CRM portion I understand actually. Manish, thank you for your questions. I'll actually invite Mr. Hiren Ladva to answer this. He's been monitoring Beyond Walls closely. Sure. Mr. Manish, since Sell.Do is the CRM, which you already understand about, I will not delve too much into it. Beyond Walls is the broker aggregation platform that, under the K2V2 investment that we have made, we have launched it in Pune. Within six months of launching, they've been able to get more than 3,000 channel partners or brokers onto the platform. This network provides a sales acceleration tool for the developer community to monetize and sell their inventory into the market, right? That's basically, you know, providing the link between the developer and the channel partners is what the tool is about. Okay. Right now all these things happens, a group of brokers can sell a particular project. That's what the whole point is. All the communication happens through the software. If you look at it from a broker point of view, when they see the Beyond Walls app, when they get registered on that. Mm-hmm. They get access to a good set of properties that they can sell to their potential buyers. Mm-hmm. Not only get access to those projects and be compensated for the entire value chain right from site visit all the way to the transaction. In the process they get a lot of assisted services on the platform in the form of sales enablement which they themselves would not be digitally capable of right. Which includes digital brochures their own portfolio creation on the platform. It's a completely digital tool that's available to the brokers to make their sales and to provide a better buying experience to their direct customers which is potential buyers. What is our revenue model there? Our revenue model is, like ARR of which we take a particular portion of the brokerage or do we give that as a SaaS software model, as a software service or we take some cut in the brokerage or there is some revenue sharing agreement, which is there. Let's assume the builder gives 3% and we keep half a percent or 1%, the channel partner takes 2%. What's our revenue model? There are various plans that the brokers can opt, and I would encourage you also to seek your solutions. Please have a look at the app. There are various plans available that the broker can choose, which are as I said, the entire sales cycle and the support that we render through the app in that cycle, there are ways to monetize that, right? We, you know, we would encourage you to have a look at those. As I said, there are various plans available, both on variable basis as well as fixed fee basis. Okay. Opening remarks was about Entrepreneur-in-Residence. You know, I think this is a new concept which is there. How does this work? How many Entrepreneur-in-Residence do you have? Yes. This program has been just recently launched, wherein our aim is to, we have multiple aims with that. One is since we looking at the value chain and the various problem statements that Onkar mentioned we want to solve, and in our products that we are trying to build, we need really bright minds who understand real estate, who understand technology to come and partner with us, and take these products to the market, build these products in-house, and then, you know, own the entire customer journey. In the process, we are meeting very bright candidates who have spent a valuable time in their own entrepreneurial journey. We are also inviting entrepreneurs who can bring in their own ideas as well, right? As we speak, we have evaluated close to 100 applications already, once after we have soft launched it on LinkedIn itself as a platform. We have met a few bright candidates, and we hope to close a few, you know, EIR positions at the earliest. You will be funding their ideas, I think. We are looking at multiple options, not just funding their ideas. Primarily, you know, our ideas, somebody who can bring entrepreneurial hands to bring those ideas or take those ideas to the market and also the model you mentioned. You know, entrepreneurship is about ownership, giving flexibility and the support that the business leader needs to kind of translate the dream of the idea into reality, right? That's what the aim of the platform is. Okay. My final question. Actually, in the real estate space, one is obviously the builder space, which is they do all acquisition of land, construct the whole thing, and then they sell it. Okay? Second is the brokerage part. All these industries related to it, but that cement and all, but we'll not go. The main thing is money is in the transaction side of the whole thing. So are we looking at entering into the transaction side of the, where we do brokerage for on behalf of buyers or sellers and all? Or that is something which is too competitive and we are just ignoring it actually. You are right around there are various varied estimates of how the real estate market gets broken up. We feel that around anywhere between 60%-70% of the real estate market is related to the buy-sell transactions. Mm. This is within that there are various business models available. Mm. Some very basic and hence getting challenged or disrupted with technology coming in, right? That's where we see an opportunity. To answer your question, we have not left that sector untouched. Through the company called K2V2, the first service that we started playing was to give the enterprise efficiency angle to the developers to manage the sale of their inventory, which is precisely buy-sell transactions of new projects, right? That's what this particular SaaS product helps the developers. That was our first entry or right to play in the market. K2V2 then went on to develop more products after we invested in them in the form of Beyond Walls, which is also further enabling the buy-sell journey through various means. We just dwelt on the brokerage side of it. They are as part of their services, they also provide digital marketing services to developers, again, to you know, offload or monetize the inventory, right? That's an area where we are already playing our in-house products, let's say, on the financing part, on the Aurum Infinity part, right? Mm-hmm. Which Onkar touched upon. These are all products which have a right to play in the entire buy-sell transaction journey. Yes, there are, as I said, multiple use cases and as Onkar said, multiple problem statements within this, which we are trying to solve. It's not just one simple transition. Buy or a purchase of a real estate property as that to a residential property is a highly intensive purchase for any customer. Hence, there are multiple plays available, multiple problems to be solved, and that too with technology. There's a huge scope of you know adding value to this sector. Yeah. Post buying that property, even a bigger problem arises when you make the furniture of the house. That's an even bigger problem in the property side. Exploring that because even the current tech models have not done a good job. If you see the Google complaint or ratings of Livspace or HomeLane or many such startups, the solution has not been satisfactory to the market needs actually. Have you explored that space also? Yes. In fact, while we touched upon only the buy-sell part, our mapping of the entire value chain of the real estate not only starts from the buy-sell, but it goes on to, as you rightly said, moving in, which means interior designs, decorations, interior decorations. But beyond that, it goes on to living inside the house, maintaining the house, the rental part of it comes once the property has been acquired. When you logically kind of map out the property per se, the residential property per se, and the use cases around it, right from its development as a project all the way to somebody moving in and then letting it out, right? There are various stages and yes, we have identified a few problem statements that we would want to solve and prioritize them, right? We would not want to spread ourselves too thin and work on multiple areas. Thank you. Manish, may I request you to come back in the question queue for a follow-up question. The next question is from Nitin, an individual investor. Please go ahead. Hi. Am I clear? Yes, please. Yes. I'm very interested in your student housing and your co-living operations. You run the entire thing or you provide the software for it? As far as HelloWorld, I assume that's the business you are referring to. Yeah. In fact, in co-living we have two businesses. One is HelloWorld, which is a completely operations enabled heavily through technology in terms of, you know, right from customer acquisition all the way to the living experience that we provide, the service management of the beds or the properties or the units that we serve to the tenants, right? That's the first business. From a chronology of acquisitions, as a second in the co-living segment, the first was The HouseMonk, right? Which is a complete SaaS. To your question, yes, that's a complete tech that gets provided to owners of multi-living properties. That market though is fast evolving and developing within India in the form of co-living operators themselves being the primary customer. Outside India, specifically, U.S., Europe, Middle East, a bit of Southeast Asia, there are multi-living properties who require software or a SaaS solution to help them manage the tenants, not just from as basic as rental management, but all the way to service management, customer experience, community engagement, et cetera. That's where The HouseMonk as a product plays a role. Yeah. Because when you look at an Oyo and things like Zostel and all, they're still not profitable on the unit economics side. The problem that you are trying to solve is actually a very old problem, right? It's always been difficult to get our own house together. Something obviously changed. Why these things are looking viable now versus. Is there just affordability or what is the larger change, which is what you're trying to capitalize on? No, I think we believe, and, you know, when we invest in HelloWorld, we went through the entire analysis of the industry per se and looked at various models present. If you watch this space closely with HelloWorld that we have invested and we compare HelloWorld with the rest of the competition, though I cannot comment on specific numbers, but we are very close to EBITDA profitability as far as HelloWorld is concerned, and the same revenue base that you know the top three co-living operators in the country are. That's where the answer to or the, you know, the solution to the puzzle lies that, yes, it's very much a profitable business. It's very much a problem to solve, especially for the young generation in the bracket of 18-25 or 28 years, who are away from their homes, living alone, working, or just started working. As far as the student living is concerned, they are also just away from their home or, you know, studying in some university, needing a quality residential environment, which fosters their independence, which gives them the flexibility as well as the comfort of a home, right? That problem remains to be solved pan-India. There is a viable solution, and that's what we see in the form of HelloWorld. As we see with HelloWorld, there are at least two cities where we are market leaders and we wish to remain, in fact, consolidate our leadership position in the co-living segment in the years to come. Are there any REITs which are actively investing in student housing and co-living as of now in India? I'm sorry, are there any? REITs, R-E-I-T, who are looking at picking this up and again, selling it out to investors as of now. I won't be able to comment on specifics, but I think yes, you know, co-living. Our space and the projects and, from a build to suit point of view, yes, that's a developing space as we speak right now, right? The quality of supply and hence the interest levels of REITs would both be something which, we should look forward to in the coming years. It's a very mature space, Mr. Nitin, in the U.S. markets. Right. RentLiving as a segment is well understood there, and there are larger brands. We will not take names on the call. They understand this space very well in terms of the PropCos and OpCos. Aurum PropTech is looking at this business from two perspectives. One is tech expertise in discovery and management of tenant experiences, and then operational expertise in terms of process-driven operations of the building. That is how we wanna make sure that we are creating a good bouquet of products. Sorry. A bouquet of assets that are offered to occupants for rental living. Of course, then once you have a large asset, it becomes an interesting situation for global players to look at it. Great. One last question, if I may, rather than just a comment. What I noticed in the U.S. now was the amount of labor that you needed to run a space was much lower because they had so many machines per se. In India it's still very labor-centric, right? The model will still be very labor-centric, or you'll be putting in as many machines and gadgetry as you have in the U.S. and stuff like that? As of now, servicing the co-living units per se, we have yet to kind of deploy, you know, robotics because as you rightly pointed out, it's a cost of capital versus cost of labor. You know, kind of a balancing act that we need to do. But at the same time, there is also a human element to the service. The answer will lie somewhere in between. As of now, yes, we are looking at this particular problem in a different way, in the form of from a customer-centric point of view, leading it by the customer experience and standardizing the customer experience across all our properties, which gives any potential tenant the comfort that if you go to a HelloWorld property, these are things that you would definitely be comfortable and assured of, right? In that direction are all efforts of improving operations, bringing in efficiencies, et cetera, are evolving. From a tech point of view, yes, as I said, you know, the community engagement part of it, the customer service part of it, simple things like logging tickets, enabling digital payments, right? Those are things that we are actively working and some of the services are already, kind of already being offered. All right, great. Thank you. All the best. Thank you. Thank you, Nitin. Thank you. I now hand the conference over to the management for closing comments. We thank all investors and the investor community have shown continued interest in this sector segment and more importantly, Aurum PropTech. It's an ever-growing space, exponentially rising. We would like you to please keep a keen eye on the developments. We are passionately building this to the benefit of all the stakeholders, industry and investors likewise. From all of us, a very happy Diwali. We wish you all, you and your families, the very best. Have a great Diwali and a prosperous one too. Thank you so much. Thank you very much. On behalf of Aurum PropTech Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line.