Good evening, everyone. Welcome to the Brainbees Solutions Limited Quarter One FY 2025 Earnings Call. This is Neelam Jethani. I'm the company secretary and compliance officer of the company. I have with me Mr. Supam Maheshwari, who is Managing Director and CEO of the company, Mr. Sanket Hattimattur, Executive Director and Chief of Staff, and Mr. Gautam Sharma, Group Chief Financial Officer of the company. Kindly note that this call is meant for analysts and investors of the company. We wish--we also wish to highlight that the call is being recorded, and by participating in this event, you consent to such recording, distribution, and publication. All participants have been muted as per the default mode, and participants will be unmuted once we open the Q&A forum for the members to ask questions after the presentation from management concludes. We will be covering the presentation in the first thirty minutes of the call, and we will open the Q&A forum thereafter. We would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the investor presentation shared with you. I request Mr. Supam Maheshwari to take it over. Yeah. Hi, good evening, everyone. Welcome to our first earnings call. Since I see some of the names that we have met during our past roadshows, and so happy to see some of you joining this call. And many of you are first time to this our this call, and since it is our first earnings call, and some of you are new members, so we'd like to just give you a little bit of a brief overview of our journey before we straightaway dive into our Q1 FY 2025 performance. So, this is our fourteenth year of our operation, our FirstCry Brainbees Solutions. In our journey, we have had many milestones, but as you would have gone through, you know, the prospectus. Just to highlight the four business segments that we operate in, which will give you, which is what we will summarize. The first one is our core India Multi-Channel business segment, which has been at play for last thirteen plus years from the beginning. And that consists of our, you know, online, India online, as well as our thousand plus offline stores and our distribution, which is a new small sub-segment that we started recently. So these are, you know, are the key drivers of our India Multi-Channel that constitutes to drive our India Multi-Channel business. And this playbook we have taken, this is a core and the first sort of a business segment, which drives a large part of our revenues. And the second business segment is International, which is a same playbook of India. We took it to UAE and then subsequently to KSA. So UAE and KSA put together constitute our second business segment, which is International. And the third business segment is around GlobalBees, is an initiative, is a company that we incubated three years back, May 2021. And the fourth one is a smaller, you know, a segment that we operate in, which is called Others in our RHP. And essentially it is a Preschool business that an asset-light Preschool business. So these are the four business segments that we will talk about during the course of this presentation, to give a brief update about the Quarter One results of the company. I request you know Neelam to go to the next slide, please. Although I can see some raised hands, I believe we will have some Q&A after the first you know hopefully 25, 30 minutes, then we will finish the presentation, and then we can take up your questions subsequently, as Neelam talked about. Maybe a raise of hands would be able to be helpful to take your questions after that. So we are very happy to report our first quarter's FY 2025 performance. Overall, we have been able to deliver growth at scale and significant improvement in our profitability. If you will see, our overall annual unique transacting customers, both for India as well as International, have grown to 9.5 million annually, unique transacting customers, which is a growth of 15% year-on-year, which was earlier, 14%. And it has increased from Q1 to Q1 to 15%. For the fiscal year, it was 14%. If you look at our consolidated GMV, that is India, you know, multi-channel plus, International, it has delivered 2,318 crores, which is a growth of 17% for the quarter, year- on- year. Consolidated revenue from operations, we have delivered 1,652 crores, which is also a 17% increase over the Q1 FY 2024. All of this, as our growth has come back with a very positive improvement in the adjusted EBITDA profitability. If you see, our overall consolidated EBITDA has increased close to 106% over the last quarter for the last fiscal year, to 74.3 crores. We have delivered close to around 4.5% adjusted EBITDA as a consolidated business, which was around close to 2.6% for our Q1 FY 2024 at a consolidated EBITDA, adjusted for ESOP costs. If you look at our core business is in India Multi-Channel. Here our adjusted EBITDA has grown by 25%. Again, it is because of 8.3% adjusted EBITDA, which we have been able to deliver for Q1 FY 2025, compared to 7.7%, which was there for Q1 FY 2024. So there has been an incremental EBITDA that we have been able to deliver, thereby exceeding the revenue growth, and thereby delivering 25% absolute growth of EBITDA from last year quarter one to this year quarter one. Overall, we have also been able to deliver a cash profit after tax, which is INR 17.7 crores. It's almost a growth of 200% versus last year quarter one. And, the details of this actually is there in the supplementary slide, and this presentation is already uploaded on stock exchanges, so I'm sure you would have received a copy or you can have the access to this, you know, as whenever you would like. And of course, we're happy to answer these questions, as well. So details of the cash profits are already there in that supplementary sheet. Now, I would like to take you know, segment by segment, our performance. Our first core business segment of India Multi-Channel, which we started right from our beginning in two thousand and ten, which is a journey of thirteen to fourteen years that we have been at play. We have had... Requesting Neelam to go to the next slide, please. Here, and before I kind of walk through this, I would like to tell you how, you know, we should look at this business. Let's first go through the performance, and I'll probably qualitatively give you some color and highlights about, you know, how we should look at this business, for some of the folks that who have joined and are new to this call, and for their benefit as well. Our overall annual unique transacting customers on quarter one has increased by 14% year-on-year growth. So overall, we have added 0.4 million on quarter-on-quarter, and overall on a year-on-year basis, 14% growth, which was there 12% for the last full fiscal year. So there has been an uptick in terms of annual unique transacting customers for this quarter. Also, we have been able to deliver basis this AUTC growth. We have been able to deliver a strong, you know, growth in order volume as well, growth of 19%. Although there was a very marginal drop in AOV, but still we have been able to deliver a good GMV, robust growth of around, close to, 18% year-on-year for the quarter one. Now, our offline channel, we have added almost close to 147 stores, for from quarter one FY 2024 to quarter one FY 2025 ending. And within that, the COCO stores we have added is around close to 40. In just only in the Q1 of FY 2025, from the last quarter, we have added 20 new stores. For the full year, around 139 COCO stores. That's what we have added. With that, our and the most important highlight for this, having a, you know, sort of a good growth in terms of the, both in GMV as well as the revenue, which we will talk about. We've been able to deliver a 25% growth in adjusted EBITDA for the Q1 FY 2025, and compared to FY 2024 Q1, with a 8.3% adjusted EBITDA, which was there, close to 7.7% for Q1 FY 2024. Now, I just want to give you a color of how one should look at our business. Well, as I said earlier, we operate a very large online network in our mothers, baby and kids, catering to young parents. Also, we cater to our in-channel of offline, which is, you know, thousand-plus stores. And, as I said earlier as well, we have presence through our retail general trade stores as well. So we are in a multi-channel approach. Our objective is a lot of our customers, the historical trend has been that our customers who join the journey, for our, you know, for our platform. Whether they join our journey, through the first transaction in online or first transaction through our modern stores, you know, over a period of time, they cross-pollinate into other channels as well. So a customer who joins online goes back to the enjoying the convenience of vicinity of the store from their home as well as the other way around. When they transact first time offline, they also enjoy the selection and the width that we offer. And once they have built a trust in either of the you know channels to cross-pollinate into online and offline. That has been historically that we have been able to observe, and therefore we have continued with our journey of doing you know only and then we added distribution business, where we distribute our home brands to general trade retail distribution, where this is another demand pocket. India has three demand pockets: online, your modern stores, and then obviously your GT. This also helps us to proliferate our home brands into the GT demand pocket, where young parents can buy our product, and essentially, over a longer period of time, when they want to buy more of our home brand products, will come back to our online or our modern stores. Essentially, helping us to reduce our CAC over a longer period of time. That has been the strategy that we have been following. You will see our financial performance. We will continue to draw benefit from this strategy over a longer period of time. And also the key highlight, one of the other highlights I would like to make for this particular quarter is the—we have been able to run the largest influencer program for mothers, baby, and kids in for the young parents on digitally, obviously. And this is having to partner with a nano micro or mega influencers able to influence and able to build awareness for young millennial young parents, both mothers and fathers. So that has been a very great home you know deliverable that we have been able to deliver, and we will continue to build on it as we go along into building more awareness for our platform, for our products, and building word-of-mouth. Now, with that qualitative statement, I would ask Gautam to take you through some of our numbers for the India multichannel. Neelam, you can go to the next slide, please. Yeah. Thank you. Supam talked about increase in the AUTC, that is, annual unique transacting customers, growth in orders, and GMV. You can see, you know, a healthy increase in the AUTC in Q1 over last year, Q1, which is 14%, as compared to a 12% growth in FY 2024 over FY 2023. We have added almost 1.1 million unique transacting customers in last 12 months. AUTC is basically, for Q1, it is trailing 12 months, that is, unique transacting customers from first of July 2023 to thirtieth June 2024. Similarly, you can also see a, you know, a healthy growth in the number of orders. The growth was 15% in FY 2024 over FY 2023, which has increased to 19% in Q1 FY 2025 over Q1 FY 2024. GMV growth, it has increased from sixteen thousand four ninety-four million INR to nineteen thousand three eighty-nine million INR, which is an 18% year-on-year growth, compared to a 19% growth in FY 2024 over FY 2023. Neelam, next slide. This is the revenue performance and the adjusted EBITDA performance. India Multi-Channel revenue growth, while it was 17% in FY 2024, we reached 4,579 crore rupees of revenue in FY 2024. In Q1 FY 2025, we posted a revenue of INR 1,150 crore rupees, an increase from INR 990 crore rupees in Q1 FY 2024. This represents a year-on-year growth of 16%. Similarly, adjusted EBITDA, you can see, we are continuously improving our adjusted EBITDA. This is adjusted for ESOP cost from 6.2% in FY 2023, we improved this to 8.8% in FY 2024. Similarly, if we compare the, you know, quarterly performance, you know, in Q1 FY 2025, we posted an adjusted EBITDA of INR 954 million, which is 8.3%. You know, an improvement of 25% over Q1 FY 2024, which was 7.7%. Neelam, next slide. So now we will move to the our second business segment. Neelam, can you move to the eighth slide, please? No, eighth slide, Neelam. Slide eight. Yeah, this one. Yeah. Yeah. So before I go into the International segment, I'd like to just give you a brief background. We started our International journey in 2019, late 2019. October 2019 is when we you know started our journey in UAE with a clear view to go to KSA subsequently. And due to COVID, we could not go early, and August 2022 is when we began our journey, which is less than two years or almost two years in Saudi Arabia as well. And just the context both of these market put together will be close to around $12 billion by FY 2029. And so it's a very fairly meaningful market. And we took our entire playbook of what we have built for the India multichannel to the International market.... I'll just give you some highlights of the quarter. Neelam, can you move to the next slide, please? If you look at our International market segment, our overall annual unique transacting customer base, you know, grew by 39% year- on- year, Q1 FY 2024 annualized 12 months to a from a Q1 FY 2024. So a growth of 39%. However, we had our order volumes were affected due to a you know, unseasonal rain that had happened and caused floods in UAE during this quarter, especially around April. And also there was an advancement of seasonal spend. So let me explain this. In a, in this particular year, in this quarter, FY 2025, Quarter One, Eid was early April, and all the, you know, products that consumers buy typically before the festivities was locked in into the prior quarter, which is Q4, which is Q4 of FY 2024. Whereas if you compare the last quarter of Q1 of FY 2024, the Eid was there at the end of April, and therefore, the impact of that buying was sustained in April of FY 2024 itself. So this had a dual effect, this particular year. One was we lost 10-12 days of precious time during this unseasonal rains and floods which happened in UAE, which we are all aware of, and because of the advancement of seasonal spend. So just wanted to highlight that. Having said this, our July and August, although we are on thirtieth of the month, but we can say with good confidence, both July and August, we are back on track in terms of our performance from a growth perspective for both UAE and KSA. On the, I would like to also highlight the average order value for our International segment continues to improve. We had a quarter on quarter growth of 13% in average order value, and which has reached to close to around 800. INR 8,669 rupees in INR terms and in Q1 FY 2025, which is a 12% GMV growth from the prior period. And if you look at the profitability profile, we have significantly improved our you know losses since it is a journey which is relatively new. While India journey, India playbook, we have been able to play for you know last 14 years, and we have been having an adjusted EBITDA profitable journey for last many years. For our International segment, since it is a relatively new segment for us and KSA being just two years old, despite that, and we have been able to improve our adjusted EBITDA losses, which has declined 22% on Q1 FY 2025 from Q1 FY 2024. On a percentage basis, if you look at it, it is improved from 16.6% negative from it was 22.7% in Q1 FY 2024. So with that, I would also like to give you some qualitative sort of a color of how the business, some of the updates about our International, especially our Saudi Arabia business. As some of you will probably recall that, obviously, KSA is a very large market, almost 2.5x of UAE. And we had taken around close to INR 80 crore of capital that we had raised through the primary use of proceeds from the offer in the IPO. From that use of proceeds, we will be starting our journey to build our foray into offline into Saudi Arabia. And, hoping to give you some material update around that in our next earnings call, because the IPO has just finished, so but we just wanted to acknowledge that we'll be starting our Multi-Channel journey in Saudi Arabia as well, as we just go along, and we'll give you some more update in our next quarterly sort of a call. Also would like to highlight another first that you know, FirstCry has delivered in you know, across markets, whether it is India, UAE, and KSA. Recently we have started you know, first of its own kind in Saudi Arabia, assembly service for all our baby gear, nursery, and outdoor toys products, which has been well received in the Saudi Arabia market. We believe it'll help us continue to build more salience, brand salience with more customers and word of mouth as we go along and build our you know customer base in the market. With that, I will ask Gautam to share some financial performance for our International segment. As Supam mentioned, AUTC growth is 39% in Q1 FY 2025 over Q1 FY 2024. Again, this is, you know, trailing 12 months AUTC. While the growth was, was higher, which is 67% in FY 2024 over FY 2023, one of the reason of, you know, a lesser growth in Q1, as Supam mentioned, you know, business in UAE got impacted because of floods, as well as advancement of Eid in April. Orders remain flat, you know, because of the two reasons we talked about. While there was a growth of 30% in number of orders in FY 2024 over FY 2023, and as Supam mentioned, in July and August, we are back on track in terms of, you know, our growth plans. GMV growth is 12%. Again, you know, the two factors has impacted, you know, all the three KPI, that is AUTC, orders and GMV. So the growth in GMV is much lesser. It's 12% compared to 76% in FY 2024 over FY 2023. Neelam, next slide. We'll talk about the revenue and adjusted EBITDA. Again, this is adjusted EBITDA is adjusted for ESOP cost. So revenue growth in FY 2024 is 55%. This is so FY 2023 is when we started, you know, our KSA operations sometime, you know, mid of FY 2023. And that is the reason we have seen a higher growth in FY 2024, because we got the benefit of a full year of operations for KSA business. Growth in Q1 FY 2025 over Q1 FY 2024 is 7%, largely, you know, because of the impact of, you know, advancement of festivals and the floods. EBITDA margins, while it is, you know, on a higher side in FY 2023, that is -24.6%, this is the time when we started our KSA business. Since it's a pure online business, you know, most of the costs are frontloaded, and hence, you know, the EBITDA burn was higher in FY 2023. But you can see a subsequent, you know, year-on-year and quarter-on-quarter improvement in our EBITDA. We have brought it down to -18.5% in FY 2024, and if we talk about Q1 FY 2025, we have brought it down to 16.6%, - 16.6%, from a - 22.7% negative, adjusted EBITDA in Q1 FY 2024. So this is continuously, you know, going down, which basically represents that, you know, we have started getting, you know, a very good operating leverage, you know, with the scale of our KSA business. So now, just before, we go to the next business segment, which is GlobalB ees, I just want to give you some backdrop. This is our third business segment, which we incubated a company around close to May 2021, almost three years of the business. And here you will see that we have delivered a very strong performance both top line and bottom line, you know, performance that we've been able to deliver. And numbers will speak for itself, so I would straightaway dive and request Pratik Rathi to speak on the numbers straightaway. Neelam, next slide, please. Yeah. So FY 2022 was the first year of operations for GlobalBees. We started operations sometime in November 2021. FY 2023 revenue was INR 897 crore, and we increased this by 35% in FY 2024 to reach our revenue of INR 1,209.3 crore. Growth in Q1 FY 2025, year-on-year growth is 26%, so we have posted a revenue of INR 324.5 million, compared to a INR 256.5 million revenue in Q1 FY 2024. EBITDA margins. FY 2023 was the first full year of operations for GlobalBees. We posted a negative EBITDA of -5% in FY 2023, but you can see a subsequent improvement year-on-year and quarter on quarter. We made this business as EBITDA positive business in FY 2024, while there was a marginal profit, which was only 0.2%. However, if you see the Q1 FY 2025, we have increased our adjusted EBITDA to 1.4%, from 0.2% in FY 2024. Again, as compared to the Q1 FY 2024 performance, it was -0.9%. That is a negative EBITDA of 24 billion, compared to a positive EBITDA of 46 million in Q1 FY 2025. So the next section is it talks about the consolidated performance. Neelam, can you- yeah, it talks about the consolidated performance. However, before we jump on to the consolidated performance, I would like to talk about, you know, the fourth business segment. We talked about the three business segment. The fourth one is our Preschool business. We don't have a separate slide for that, but we have posted a revenue of INR 120 million in Q1 FY 2025, as compared to a INR 90 million revenue in Q1 FY 2024. That represents, you know, a 30% year-on-year growth. Also talking about the adjusted EBITDA, adjusted EBITDA has increased from 12% positive in Q1 FY 2024 to 25% positive in Q1 FY 2025. Next slide, Neelam. So this is our consolidated performance, which includes the performance of all the four business segments. First one is Core India Multichannel, second is International, then GlobalBees, and the fourth one is Education. So you can see, in Q1 FY 2025, our consolidated net revenue is 1,652.1 million INR, which is a 17% year-on-year growth. You know, similarly, you know, in FY 2024, we posted a revenue growth of 23% from 526.22 million INR. We have reached to 648.09 million INR revenue. You can also see, you know, at the top end, you know, the gross margins are also continuously improving from 32.9% in FY 2023. We improved this to 35.8% in FY 2024. You can also see a quarter-on-quarter improvement, you know, in the gross margin from 35.7% gross margin in Q1 FY 2024. We have increased our gross margin by almost 199 basis points to 37.7%. As a result, you know, of the improvement in gross margins, you know, a very good improvement in, you know, EBITDA in all the four business segments. We have improved our consolidated EBITDA from 2.6% in Q1 FY 2024 to 4.5% in Q1 FY 2025. You can see this is going up from 1.5% in FY 2023 to 4.5% in Q1 FY 2025. This is, you know, you know, a representation of the previous slide in terms of percentage, so we can skip this slide. Yeah, I think we will. This is what we wanted to sort of share our highlights and brief financial sort of performance. We have shared this presentation. This is our first time as well. So we have shared this presentation. It is already on stock exchange sites. I'm sure you have a copy of it already. There are a lot of supplementary sections and financial, you know, data points that we have also already uploaded on a stock exchange and on SEBI. So if you have any questions, we're happy to take, you know, one by one. Hopefully, Neelam, I'm hoping that... Yeah, you want to say anything, Neelam, here? We just open the Q&A forum, then. Yeah, sure. Okay. Now, the Q&A forum is open. I request participants to raise hands for asking questions. We will unmute you, and you will have access to the mic. Please introduce yourself and name of the organization you represent. The participants are also requested to limit their questions to maximum two questions. For a follow up question, you may join the queue again. So we have the first question from Mr. Yash Gandhi. Yash, you have been given the access. Hi. Thank you for the opportunity. I just wanted to understand, so you know, our losses have gone down by 30% month-on-month this quarter, to about INR 74 crores, and just want to ask the management, if you have any guidance in terms of when can we expect first full year of PAT level profitability for the business? So, Yash, you know, all we could say is that we would be continue to improve both our top line performance and our bottom line performance as we continue. If you look at our cash profits, they're already positive. And from a PAT perspective, there are a lot of other variables at play in, but you should be able to see business performance continue to improve both from a top-line and bottom-line perspective. You know, and that since it is our first one, first call as well, so we are a little you know what to speak and what not to speak in some of these things we are learning. So please, you know, sort of pardon us on that. But, having said this, we can only say that the business performance, pure business performance will continue to improve. Our PAT has some functions which we have shared a lot of other information in the supplementary section, that will help you to be able to route a plan that you will be able to visualize our PAT profitability in the subsequent periods. And just to add, Yash, you know, if you see the channel-wise performance, it is only the International business which is right now a loss-making business for us. Rest of the segments, you know, are making good profits. And it's, in fact, it's improving year-on-year, and also for the International business, the losses are going down as a percentage to net revenue. Sure, sure. Got it. Thank you. Thank you, Yash. So the next participant is Videesha. We'll just enable the mic access. Videesha, please introduce yourself and ask your question. Hi. Am I audible? Yes. Yes, you are. Okay. Hi, team. Thank you for the opportunity. I'm Videesha from Ambit Capital. My first question was on the gross margin expansion. If you could elaborate on the drivers for the 200 basis points expansion that we've seen this quarter, is it largely private label driven or sourcing efficiencies that have come into play? ... Sure. So Videesha, I would request, this team going forward, we like to call, home brands, because a lot of our products are built with lot of love and care. So that's, that's all what we will request you, going forward. But to answer your question, you know, the gross margin improvement has happened on, multiple levers. And, if you look at, our improvement in our, home brand share, improvement in our home brand, you know, margins itself, COGS reduction, third party, brands, you know, sort of margin increase. All of these factors have helped us to continuously improve, our gross margins. And, also, our COCO store expansion will be on, higher, sort of gross margins as well. Understood. And the second question was, if you could help us, with the unit economics of our first like COCO store as well as a Babyhug, COCO store? Sure. Before, you know... So, Videesha, in terms of, you know, size of the store, you know, FirstCry store, which is a Multi-brand format, are a bit larger store, averaging around 2,800-3,000 sq ft stores. And, Babyhug stores, which is single brand retail stores, that's, you know, smaller in size, around 1,400-1,500 sq ft stores. In terms of unit economics, you know, I would request, you know, we have shared some details on, you know, the GMV bifurcation between online business and the offline business. I would request if you can... You know, you have the number of stores, you have the GMV, probably, you know, you can very well understand, you know, the unit economics of, you know, all formats of... Videesha, I would like to just add here. You should, and this is a very important point, because you should look at our business in a Multi-Channel way. As I mentioned earlier, a large part of our customers actually transact both online and offline. So the customers who join our journey online also goes offline and they join our journey as offline, goes online. So we are able to improve our unit economics, as we increase our expanse of our universe of reach to the customers as we build more stores. While our online, we have a good presence, I mean, pan-India, but there is a journey as of millennial customers, building, having awareness about us and transacting with us, building trust as they join their journey of parenting. Having said this, our unit economics is linked as a Multi-Channel, not just as a store platform or just a pure online platform. It's very hard to segregate since because of the overlap of the customers. And the third segment that we have recently added, which is distribution, which adds to our firepower. Because as the customer consume, the young parent consumes product bought from a home brand, product bought from a, you know, demand pocket of, channel of, GT trade. Let's say they have bought our home brand, let's say Babyhug, and then the extension of those brand products will be available only in our online or in our modern stores. Essentially being able to drive down our CAC and being able to build more repeats for us without having to, you know, sort of spend money on the CAC front. So all of our construct as a strategy has been built to be able to improve our unit economics at a Multi-channel way. Got it. I was just trying to get at the profitability profile of the offline channel, but point taken. I'll join the queue for further questions. Thank you, Videesha. Thank you, Videesha. So the next speaker is Tejas Shah. Tejas, we've given you the mic access, please introduce yourself and ask your question. Hi, thanks for the opportunity. Just first question, Supam, could you provide insights into the quarterly seasonality of margins within India's multi-channel business? Specifically, how should we think about margins fluctuation on seasonal basis? Basically, for example, is one Q generally the lowest, and does it align more closely with the full year average later on? Sure, Tejas, you know, you are partly correct, but we would not like to, you know, say that it is materially different from a margin profile. We have still a lot of levers that we are continuing to, you know, work at. Therefore, you are able to see the improvement across different levers that we have talked about. Few of them we have talked about, few of them are a little smaller, so we have not spoken about. We'll continue to play around building more home brand share to be able to drive more margins. We'll continue to drive more, you know, COGS reduction as economies of scale take up in some of the product types or categories or subcategories into our home brands. And with the help of our third party brand partners, as we will be able to build a win-win situation for them to be able to grow volumes, we'll be able to drive that. And over a period of time, as we build our International business as well, some of those help us to build volumes. And so in some quarters, we are able to build more meaningful. It's a journey, it will continue as a process. There are no, I would say, major seasonalities. Since we are in a growth phase in that sense, so we will continue improvement. But, having said this, you know, we would like, since there are many levers that happen in step function way, and they're at a continuous play, so we would not be able to say that there is, like in one season we will show more and one season we will show less. So it'll be a little bit of a, you know, sort of a curve that we'll continue to improve, you know, year-on-year. Very clear. Thanks. And second last question, could you shed some light on store expansion strategy? Will the focus primarily be on COCO stores? Or what mix between COCO and FOFO you'll be comfortable with on sustainable basis going forward? As a part of our proceeds that we have talked about in the RHP as well, we will be adding close to around 350 stores over the next 2 to 2.5 years. This is in both the formats, that is, FirstCry and [Babyhug]. And having said that, so you will be able to see this, you know, store additions over next period of eight to 10 quarters, quarter on quarter. This is for the COCO. And FOFO, yes, there will be a little bit of a shift that you will see from FOFO to COCO that you have observed from, you know, numbers that we had filed in December, then we had filed it in April, and now for this quarter as well, that there is supplementary information on that front as well. It will have a little bit of an over-indexation on the COCO stores, but we will continue to build FOFO stores as well as we continue to find good partners, good business partners as franchisee partners, so who we believe can be our great partners for our success story in times to come. We'll be continue to building our FOFO channel as well, while we continue to build our COCO journey as we have enumerated in numbers of 350. Sure. And just one follow up, on COCO strategy. Are we targeting any particular state or region as of now, or is it pan-India? No, no, it is pan-India, Tejas. If you recall, if you look at our data point, we have 1,000-plus stores across 500-plus cities. So we are pretty much pan-India, so we will continue to expand both in the same city as well as new towns and cities as well. Sure. So, no, my question is mostly on that: Are we penetrating more into existing markets, or we are adding new towns or new states? That was the question there. Both. Both, both, both. That's all from my side, and all the best for coming quarters. Thanks. Thank you, Tejas. Thank you, Tejas. Next question is from Garima Mishra. Garima, you have the access to the mic, and you may ask your question. Garima? Yeah. Hi, can you hear me? Am I audible? Yes, you are. Okay, perfect. Thank you so much for the opportunity. Is there an echo or is it at my end? No, you're loud and clear, Garima, at least for us. Garima, you can ask your question. Right. Thanks for that, and I must appreciate the fairly detailed investor presentation as well. My first question is on the India multichannel business. Now, if I see the financial metrics that have been shared, GMV growth in the business is about 19%, revenue growth is a little lower. So can you help me understand, you know, how we should read both of these numbers and why the sort of slightly different trend in the two numbers? So, Garima, you know, so there are multiple factors, you know, between, you know, GMV and net revenue. So largely, you know, there are three factors, which is, one is discounting, one is, taxes, the third one is returns. So any change in these factors could probably create a delta between the GMV growth and the net revenue growth. However, what we should see. See, discounting change, for example, is a, it could be a factor of change in category mix also. So what we should really see, Garima, is what impact it brings to the ultimate net gross margin, and you can see that the net gross margins, you know, are improving, you know, quarter on quarter and year-on-year. Garima, for this particular quarter, we had, I think, a 1% drop in AOV as well. I think that is one of the reasons that you are probably seeing that little bit of a delta that you can see in the supplementary information that we have shared. So not something that you should... I mean, I hope that probably answers your pretty much question, what Gautam said in the AOV part, point. It does. It does. Thanks. Second question is on the International business. Could you highlight your store addition plans for this year, the offline store addition? Garima, in the next, I'll say, as we have filed in our RHP as well, we will be adding close to 12 stores in Saudi Arabia over a period of next 24-30 months. That's what we will be adding. We will, as I mentioned, in the initial part of the presentation, we'll be talking about some material update or some meaningful update about the store expansion, because we have just started. See, this was a promise that we raised capital for it, so we have started our journey in that direction. ... So in the next, you know, quarterly call that we will have, second earnings call, we'll be able to give you some more meaningful update. This will be spread out. We will start with a few stores and try and optimize our learnings before we really expand. So you should see a little bit of a, you know, curve there in terms of building little bit of a learning curve before we expand, but all will be done. These 12 stores that we've talked about will be all in the next 24-30 months. Understood That's right. Last question from my side, what is the current cash balance after the fundraising, the IPO? So end of June, Garima, we had, you know, a net cash of around. This is after our IPO. In June, we had a cash of around INR 450 crore. And we raised around 1,660 crore, 1,666 crore rupees towards primary issue of capital. Out of that, you know, this is the gross proceeds. Net proceeds was what we got was after adjustment of issue expenses, which was close to INR 60-63 crore. So the net what we have got was something around INR 1,600 crore. We have started utilizing those cash as per the use of proceeds given in the prospectus, but the number is pretty decent, you know, so. Understood. Thank you so much. Those were my questions. Thank you. Thank you, Garima. The next question is from Sachin Dixit. Sachin, you have been given the mic access, please ask your question. Yeah, hi. Hi, Supam and Gautam. Congrats on getting listed and a great set of results. So there seems to be a decent amount of disclosure in the presentation that you have shared. Just one thing which I felt could have added some value, at least for people like us, is the gross margin on segment basis. Obviously, we have revenue, we have EBITDA. Customer gross margin is a key driver of how we are going to forecast this business. Will you be able to share that? Sachin, this is our first sort of earnings call. We are also learning as a process. So- Sorry. You can imagine. Sorry, go ahead. So, Sachin, you know, you know, we are also bound by, you know, the disclosures that we have made in our prospectus. It was a recently filed prospectus wherein we have not disclosed the segment-wise gross margins. However, we will, you know, we will discuss this internally, and probably we'll try to give some more color on the segment-wise gross margin in our next call. And also we can say that this gross margin improvement has happened. Across [crosstalk]channels. Across channels, I mean, otherwise it would not be just possible to deliver what we have delivered. Completely, yeah. That's completely fair. My second question is on this disclosure that you put in about the fires in the update. I mean, two fires in the same quarter, in couple of different warehouses, can you detail, give some detail about them? And secondly, the loss that you mentioned in the Bhiwandi fire especially, where are you putting it in your P&L? Bhiwandi losses are shown as an exceptional item in our consolidated financial statement. If you see our published results, it is shown as an exceptional item. The Bhiwandi loss, which is somewhere around 122 million INR, that is around 12.2 crore rupees. On the losses, the fire at Kolkata, the insurance company is still reviewing the claim, and we believe, we don't see any you know adjustment that is required in our profitability, from the final settlement of the claims by insurance company. Could you... I mean, did you get to the reason of the fires or like- Yeah, Sachin, it was very unfortunate that what happened has happened. These are two completely unrelated incidents that happened in our fourteen years of our journey. Never, ever has happened in past. This is the first time that we have encountered this is, that has happened. I mean, it is something that was totally unexpected, totally something which was it happened on a day when there was a voting day, and there was nobody statutory allowed in the warehouse, and it happened on that day. But having said this, we have taken certain protocols, certain SOPs. We have strengthened that, you know, and bases that we believe that some of these things, which are very rare incidents, should not ever happen again with the company. So that's all we can help you appreciate that the actions being taken. Yeah. Sure, sure. Just one final question. Ordering frequency-wise, if you do a quick math between the number of orders and transacting users, it looks very healthy in International markets, even healthier than your India business. I mean, if there is any color on how is that happening? Are people there, as you have highlighted during your IPO process as well, that obviously GDP per capita being higher, people spend more money there on childcare. Is it just that, or there are also some different habits that you see between the two different segments? No, it is the KSA, you know, sort of, impact as well. KSA has a slightly higher AOV than the UAE, and as the share of KSA increases in the overall mix, the AOV has increased. That, that's how it is leading to. And we will continue to improvise on our product mix as we go along, but primarily that is the reason. Understood. Thank you and all the best. Thank you, Sachin. Thank you. So we'll take last question from Ashish, and Ashish, you've been given the access to the mic. Please ask your question, and let's limit it to one in the interest of time. Yeah. Okay. Thank you. Am I audible? Yes. Yes. Thank you. So just one understanding. When we say Multi-channel online business, so does it include sales of other brand also that has been listed on our offline and online market? Yeah, yeah, of course. Okay, so these brands are not owned by us, they are only say, being sold by us or, I mean, can you give an understanding of how this business runs in the Multi-channel business? So, Ashish, first let's understand both in our online and in our multi-brand FirstCry offline store, it's a multi-brand outlet. multi-brand. We sell multi brands, meaning we sell seven thousand plus third-party brands. We sell and we sell close to around 1.6 million SKUs, 1.7 million SKUs across, you know, 77,000 plus brands that we sell. So in the online, as well as in our FirstCry, you know, stores. FOFO as well as COCO. So that's how the model is. It's only a part of this is our home brands, not... So, within the seven thousand plus brands, we have a few home brands that we have. But the revenue that you see in the multi-channel is a combination of all of that. Okay, understood. So do we have pure number which is being sold for our brand, the brands which are not listed outside and just our brands? Ashish, for that, we can only just say that, look, we have disclosed that, out of all our home brands, Babyhug today is one of our oldest home brand, and it is India's largest multi-category mothers, baby and kids product brand by GMV for FY 2024. That was shared in our RHP as a part of the industry report. That probably gives you enough comfort that what we are building here, and we still partner with 7,000 plus brands both domestic and International put together. So it's a very meaningful balance between the two. Thank you, Ashish. Okay. Okay, sir. Thank you. Yeah. Thank you. That was the last question we could take in this call, and I would like, Mr. Supam Maheshwari to share the closing remarks. Yeah. So thank you, everyone, for joining our first earnings call and giving sort of a, you know, flavor to us. We are also learning as we go along, and happy to take your questions. Hopefully, we'll continue to meet every quarter on quarter as we build our company and continue to bring more pride for all our shareholders and for our country. Thank you. Thank you so much. Thank you very much. So we will now conclude the call, and thank you, everyone.