Good afternoon, everyone, and a very warm welcome to everybody. My name is Anuj Sonpal, CEO of Valorem Advisors. We represent the investor relations of Network People Services Technologies Limited, in short, NPST. Firstly, on behalf of the company, I would like to thank you all for participating in this event. Secondly, I would also like to thank the management participating with us today, and for giving us this opportunity to host them for our Valorem CXO Meet. As you may all know, the Valorem CXO Meet is a first of its kind virtual analyst meet event series. Our intention with these virtual CXO meets is to take advantage of technology platforms like this by reaching out to a wider audience and to create a better understanding and bring awareness about our client company's fundamental business, and provide insights into their specific industry financials and future growth strategies. The format of this analyst meeting will primarily be in a Q&A interview format, where I will start off by asking the management some broad level questions and then move on to questions from the participants. Please note that if you have any questions to ask the management, you can use the Q&A button at the bottom of your screen to post your questions, which I will ask on your behalf to the management. Now, before we begin, let me mention a short cautionary statement. Some of the statements made in today's meeting may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's beliefs as well as assumptions made by, and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. Let me now introduce you to the management participating with us in today's meeting. We have with us Mr. Deepak Thakur, Chairman and Managing Director of the company. Mr. Deepak comes with over two decades of experience in strategy management, particularly within the fintech domain. His ability to translate complex market demands into scalable technology solutions has been central to NPST's growth, operational resilience, and industry recognition. Now, without any further delay, let's begin. Deepak-ji, could you start by giving a brief overview of the company for some of the audience who are basically new to the company and looking at NPST for the first time? And take us through the company's journey since inception, highlighting some key milestones that have shaped the company over the years. Sure. Thanks. Thank you, Anuj, for inviting. First of all, warm welcome to everyone, those who have joined the call. I really look forward to interacting with you guys as and when we have such sessions. Somewhere in 2013, when we started NPST, our intention was to build a technology stack that can empower the vision of financial value chain in the country. This stems from the thought that somewhere in 2006, Government of India came up with a national e-governance plan. At the same time, we have also seen India migrating from 2G to 3G and 3G to 4G. During that time, we were actually working in certain organizations writing TCOs, writing entry strategy for Fortune 500 companies in India, and at the same time, tracking the growth of digital aspiration the country was going through. So this was somewhere in 2006, 2007 odd. When 2013, the calling came, around the entrepreneurship, we knew what we had to build. We knew that the world is going to be on the mobile phone. We knew that the world will be moving towards the applications. We also knew that when the 2G bandwidth moves to 4G, it for sure will bring all the possible services on the app. That is where we started thinking about and dreaming about how we can be a part of the digital growth story of the country. In 2013, when we began, we began with a small effort around building immediate payment system. We did a very small project of migrating an SMS-based banking to a mobile internet-based banking platform. From there, we have continued our journey of building UPI, building BBPS, building several digital payment stack, and at the same time, a holistic approach towards digital banking. That's why although we began with a bank, initially in 2013 odd, somewhere around 2015, 2016, we today have about 30+ banks under our kitty. We have nothing less than 15- 16 different products. At the same time, we leverage our experience, expertise, and all the efforts that we have made over last decade in building the services stack as well for the digital payment organization that we work for. Banks, NBFCs, these are the kind of organizations that we cater to. Of course, now the aspiration is going global with whatever we have done here. Yeah, Anuj. Thank you, Deepak-ji, for that overview. As you mentioned, the company helps banks, NBFCs, and various fintechs to modernize their payment infrastructure. Could you help us understand the company's business model in a little bit more granular detail with the integrated banking and payment products it has for digital payment ecosystem and how the company's addressing the infrastructure interoperability and also the compliance changes faced by banks, fintechs, and merchants in this increasing digital financial landscape? Absolutely, Anuj. Those who don't understand fintech or those who don't understand the digital stack, I'll try to give you a very simple example. We believe that there should be an infrastructure that should support digital payments. There should be a railroad on which the digital payment should ride, there should be a protecting layer that can ensure that the entire ecosystem works without a fraud. Only then the entire system can work. With this, we started building our first vertical, which is technology service provider. TSP domain is where we are called as a digital payment infrastructure company. When you say infra, it's not the infra play, but it is about building the core processing around the digital payment. If you use UPI today, we are doing about 7%-8% of country's UPI volume on our platform. If you talk about digital banking, we have about 35 million customers on a single mobile app that we are catering right now, on which one of the largest public sector bank is riding. At the same time, when we talk about services, we have about 400+ services riding on this particular platform. It may be banking services, it may be insurance, it may be investment, it may be utility services, you call it anything. Every single touch point that you may have today for the financial transactions, you will have NPST working on such kind of products. At the same time, it is also very important that the ecosystem cannot work if at all there is seamless integration and seamless interoperability between multiple systems. Like today, you cannot imagine that what if you are still in the world wherein there is one QR code and only the application delivering that QR code can do a transaction. Rather today, we don't even think who has offered that QR code to a shop, which mobile app you're using, where you have a mobile banking solution, and where you have an account, and where does that merchant hold an account. It's absolutely decentralized, but it's one single railroad that supports this. We work on interoperable payments. We try to build that solution for banks, for fintechs, for payment aggregators, for merchants, for everyone. That is the role that we play. When we call ourself infra, we are actually building the payment processing for these entities to work seamlessly on interoperable payment. This particular business is across license model and SaaS-based model. We began with a license-based model wherein we could give the solution on license, we realized that apart from 70, 50 odd banks, which are PSU private sector banks, there may be about 1,200-1,500 odd banks who are cooperative or small-sized banks. What about these banks? We launched Bank-in-a-Box last year. Whatever expertise we built over a decade, we tried to put that in a single environment. From there we are giving it to banks on a SaaS model. We have a TSP domain, wherein we have license-based model, we have SaaS-based model, all these expertise, we take it to the corporate world and we deliver services. That's the first business that we have right now. The second one is Payments Platform-as-a-Service, wherein everything that we have built, there are certain aspirational banks which would like to acquire merchants, those who would like to acquire payment gateways and deliver services to them. How will they do that? There are few banks who have the technology as great as the top three, four odd private sector banks who can do this. What about other banks in the ecosystem? We capture those particular banks wherein we can give them technology, we can give them ops, we can give them the services that is required to acquire aggregators and merchants, those who can work on a payment platform railroad. That's the second vertical. This is entirely SaaS-based. Every single transaction across this particular domain, we get paid on either a monthly subscription or we get paid on maybe on a transition that flows through the system. The last one is RegTech. RegTech is where we call out if at all there is any fraud happening in the system, if there are any challenges across mule account or challenges around how the system can be misused. That solution also is in a SaaS model, wherein we have subscription-based model, and at the same time, we have transition-based model. We have merchant-based model, wherein if at all there are impacts in the ecosystem due to which the digital payment may get impacted for our customers, we secure it, and that's the RegTech part. These are three business models, the products line that we have, and each of these are on SaaS-based model. The first one majorly works on license and SaaS. That's how it works. Great. Thank you, Deepak-ji. You mentioned about the RegTech platform. Can you help us understand the business model here in more detail? How does this platform help customers, and what is the long-term monetization opportunity here? This is something that I've personally invested a lot of time with some of the really great guys that we have worked in the organization together on the solution. Please remember that the digital payment revolution in India is just a decade old. Somewhere in 2016 when the UPI began, if we take that as a starting point, I would say that 2026 now, it's been 10 years that we have seen the revolution happening. The fraud control system is designed for the banking system. It is not designed for the evolution that we have gone through in last 10 years. This is a gap that we have identified because we are right inside the system where the infrastructure and the railroad was being built. If that's the case, what happens is you're able to control fraud before the transaction happens. When the transaction is done, still there are challenges. About 5% of global GDP is impacted because of fraud. That's the impact it goes through. If that's the volume that we're talking about, even if we have a filter, even if we have a layer of fraud and risk management, which is designed for banking system, then why are we not able to control the transactions? The reason is there is not even one system that is post-facto analytics. There's not even one system that can actually read what you're doing and tell you later on that all the transactions that you have gone through, although it is success, but there are stinkers and there are red flags in the system. That is what we have built. We have not built something which was maybe a call a decade back, the improvisation over it. We've built completely fresh. This system ensures that it scans the risk merchants and tells you in advance whether you should even onboard this merchant in the system or not. It's like a civil score for you to issue a QR code or a POS. That means we can guarantee whether this particular merchant has followed every single guideline, and we can underwrite on our tool that this particular merchant is good to go, and you can give them the payment. That is the level of understanding the system has gone through. At the same time, every single transaction that flows in the system, we can tell you whether that particular transaction has followed all the right parameters, and whether there's any risk flag that you need to look at right now and report to someone. That is also part of our system. We do merchant underwriting, we do transaction underwriting, and we give a very clear risk score against it. Basis which bank can take a decision on what to do, whether to report, whether to continue with that particular merchant, whether to action on it. That's what we have been able to achieve with. Quite interesting, we have almost about 98% accuracy in everything that we have predicted so far. That is because we have been working on this for about three years now, and we launched only after training it with about 700 million transactions and about 300,000 odd merchants. We can even predict the merchant category, basis the transaction behavior. If someone has taken a QR code for a barber shop, we can tell you whether that's a barber shop or not, or whether it is a betting gambling location. That's the level of clarity the system gives to banks or the acquirers. Fair enough, Deepak-ji. Moving on. The growth for NPST over the last, historically has been driven primarily from your TSP business, which is your technology service provider. However, the company is expanding more into higher margin areas such as PPaaS, RegTech, merchant solutions, international markets as well. Can you elaborate the strategic thinking behind this shift and also explain how these businesses are expected to contribute to future growth, margin expansion, and long-term value creation? Yeah. Again, it's a very organized and designed structure now. We have also, as an organization, evolved. We have also tried to understand, in past, what are the mistakes that we should avoid. It's very clear that we have three verticals. One is TSP, second is payment platform, and third is RegTech. The expansion is how do we bring in more SaaS revenue in TSP? The moment you start bringing in those revenue, your cost goes down and your revenue per account multiplies. That's where we launched Bank-in-a-Box last year. The universe also multiplied for us from about 50, 70 banks, we now have about 1,200 banks to cater to. We started with one product, UPI. Now we have about six different products live on our Bank-in-a-Box. We have multi-tenancy, and then we have vertically the size of the overall banks. Today, we are also venturing into DPDP. If so, then beyond banking also, when it comes to NBFCs, when it comes to the BFSI segment, those are also part of our ecosystem now. The intent is how do we multiply the overall universe where we want to target? Secondly, how do we bring in SaaS revenue? Bank-in-a-Box plays that major role. When it comes to TSP in the license model, how do we multiply more product in large banks? That's where launching IBMB, launching DPDP, launching RegTech, that plays important role. More products designed for the larger play will definitely add a better licensing for the organization. That's the expand. That's the growth that we see in the domestic market. Now, taking TSP to the global market. Trust me, when we go outside, we start with a India benchmark when it comes to digital payments. We don't have to tell them where I come from. We just have to start our pitch because the benchmark is already created in last 10 years. When we start with India benchmark, and you're an Indian stack taking digital payment globally, you are sitting at a premium, and that is the value that we want to extract. As a TSP, whatever we have built here in terms of the infra that we have created for banks, again, I'm not talking about the hardware, I'm talking about the software ecosystem. Again, the payment railroad that we have built, this is something that we are commanding a good premium value outside. That's where TSP will have more revenue and license and SaaS, but higher margin, as soon as we go to Bank-in-a-Box and as soon as we go to the international market. That's TSP for you. In payment platform, I think in Q4 results, we were very candid enough to accept the challenges that we have gone through. We have very openly told our investors that, for about a good 1.5 year, we have been trying our best to redo the PPaaS story that we did in 2024/2025 journey. 2026 did not see that happening. We decided to reduce our exposure here and not to focus more on the domestic PPaaS, just focus as much as required, in the committed numbers. That our risk associated with the regulatory challenges our segment may go through, that is completely de-risked. That is where in PPaaS in domestic, we are trying to restrict ourselves. However, we don't mind redoing certain innovations to see if at all there is something more that we can bring in. Further, taking PPaaS to the global market and trying to see wherever India has gone with the UPI railroad, there can we extract something in PPaaS? That is where we will command premium. That is where we'll see the growth of PPaaS coming in. That is the second vertical where we see the approach for the higher revenue and the margin both. The third one is RegTech. It's an absolutely virgin territory. We have got one of the first deals in the country on one of the largest PSU bank, and now we are multiplying that. There are calls coming in for POCs, there are calls coming in for paid version to be implemented, and there are about seven odd banks where we are in very active discussion. While we were doing this, we also got to know that a similar challenge exists outside. Wherever there will be a digital payment stack, you will always have a need for the RegTech. That is very clear. This opens up the doors for us where we may have missed the digital payment bus in the global market, but it will definitely command a requirement for our RIDP, which we have built. That's about it. That's how we want to structure our revenue and the margin approach. Rest, I think, when it comes to Anuj, did you ask me about the numbers as well, or? No, I'm coming to that. Okay. I'm sorry. Actually, that's my final question. Before I take questions from everybody else, let's talk about your numbers. You've obviously demonstrated a very impressive growth over all your financials over the past few years. Can you discuss some of the major factors that have contributed to this growth? Also explain how you plan to balance your future growth, in investments, any acquisitions, et cetera, that you do, along with profitability and the operational disciplines, also scale your business across multiple verticals. Yeah. Sure. Very first thing, if you see in two years, two years back, for the first time, we crossed INR 100 crore, within two years, we crossed INR 200 crore. I agree that the expectation versus the number that the market was looking at, they definitely may have the larger aspiration around the NPST's growth. However, last year has been fundamental change in how we have designed the entire vertical and the approach towards market, revenue generation, also taking care of de-risking our business, which has impacted the overall growth journey. All of that has been considered. Now here onwards, it's about 70%-80% annual growth story that we see going forward. Where it comes from is definitely the global traction that we are getting. We began somewhere six months back and, looking at the sales cycle, looking at the overall journey that we have to go through to pitch in the solution and get the deal size that we are looking at, it's nothing less than six months to one year odd. We feel that by the latter half of the year, this financial year, one quarter is gone, but latter half of the year and the next financial year onwards, we see a real good spike coming in as and when we close and we start executing and post-execution, we start realizing the revenue out of it. That's the major trigger which we see from the global market. In domestic, we have some really good products, right from DPDP 2, RIDP 2, the interoperability, again, the opportunity to collaborate with multiple other entities that we are working with. All of that is again good revenue churner that we see coming in. Again, Bank-in-a-Box should give us 50+ banks at least in a year. If that happens, we will not only be able to recover the overall investment we did, but we'll also be able to add cross, not just break even, but we'll also be able to add some margin over it. That's this year's target. Well-structured around how do we go about SaaS in banking, how do we target licenses, and how do we target the global market? That's the overall way to look at the numbers. Okay, sure. Let's start taking questions from the participants. Once again, a reminder to everyone, if you have a question, use the Q&A button, You can type your question there, I'll ask those questions to the management, on your behalf, time permitting. The first question comes from Ashish Soni. He's saying, "Regarding acquisition overseas, which was highlighted in your last earnings call, EBITDA margins are generally lower than ours. What's management view on the same, and which areas are we targeting?" I actually missed answering the acquisition part, when you asked me that. Our plan is very clear whether. That's the reason why we are taking time, because we have to answer you guys. What is the kind of top line that we get? What is the entry that we get by acquiring? What is the bottom line that we can get out of it? The size of accounts and the list of accounts that we can add beyond what we have right now. These are all criterias under which we have to select any account to pick up, organization that we can invest on. You must understand that this is a very rare combination. If we would have been PE funded, probably, we wouldn't have seen couple of criterias there. We would have moved out of it. We have to focus into this. There are some organizations that we have looked at, We have dropped them at a later stage. That has happened already, because of certain criterias, which was not rightly positioned. We definitely will be looking at two verticals. One is TSP, second one is RegTech. PPaaS, I don't think is an area that we would like to pick up anything from here. In TSP, domestic and global both, In RegTech, how do we get presence in the global market? If at all, we are able to invest into an organization that gives me presence in the global territory, with all these criterias. That will be the first organization that we should look into. These are certain criterias in which we are currently evaluating the pitches and the conversations are going on. That's about it. I can't go beyond this. I hope you got the clarity on management's view on the acquisition. We are also on it. We also want to ensure that we should do it early. Yeah. Yeah. Is there? Yeah. His follow-up question is, who are our competitors in taking UPI global, and which regions and countries are we targeting for these acquisitions? I can't answer which countries and where we are targeting. I'm sorry. Competition will definitely come from all the TSPs, those are doing really good in India. I think when it comes to UPI, you should know that one of the largest companies, Mindgate, well-funded by PayU. Then you have Olive, you have Sarvatra. I can name these guys. You can definitely track them. You'll come to know. I think you should also, if at all you really want to track it, you can track which all countries India has gone with UPI. I think that's one trigger I can give you. Sure. Next question from Disha is, what are the margins in TSP versus PPaaS, and what sort of margins do we see in international markets? I think I have given these numbers already. Margins on license will anyways range between 10% to 18% or 20% odd. When it comes to SaaS, it will begin with minus, negative, and then it can go as high as to 40%. When we have the number of tenancy that we are looking at multiplied with number of accounts, the products. When I say tenancy, I'm talking about 50 banks into number of products. That's how we calculate. Obviously last year in a Bank-in-a-Box, we started with negative. The whole investment was done, certification done, good investment in building our own data centers and all of that. I believe this year, we should be able to clear about at least 15%, 18% odd margin. Or if we are able to crack in more accounts, then we will be definitely crossing 20%+ for SaaS model. When it comes to PPaaS, the margin hovers anywhere around 20%-25% to about 30%-35% odd. That's where it hovers around. When you go international, you can add anywhere about 15% on the premium. That's how you should look at the margins. Sure. Next question from Rajiv Sehgal is, "Last week the company announced receipt of an order from a Maharatna company. Please advise the order size and duration." I think this is something that we cannot, but yeah, go ahead. Yeah. Unfortunately, I am bound with the NDA and RFP clauses. That's why, I'm sorry, I can't. But I can definitely give you an idea about how the revenue will be generated and what value. I'll try to be as close as possible to your question. This is a UPI account on which we'll be building a UPI application, and the volume of transaction for the account will give us transaction revenue. So every transaction that will go through this application will get paid per transaction. That is very clear. There is also infra cost, which they will be paying us. Beyond this, as and when the products multiply on this particular application, beyond per transaction, if at all, there are more payment products, like there are cards added to it, there are prepaid credit card, these instruments gets added, then there are revenue generation streams that opens up. So the revenue generation stream can be interchange, it can be the MDR, which you're familiar with in the market. So there are certain revenue creation that will happen for which we'll get share. So that's a per-transaction revenue, and then there is a revenue share that will come to us. And the volume being a PSU, again, not to name it, but it's tremendously big, with the kind of vision they have. So we believe the volumes will be running in crores, maybe weekly, monthly. That's how it will go. Sure. I think there are a few follow-up questions who are asking the same thing in terms of value of orders as well as bids. Unfortunately, I won't be taking any more of these just because the answer is the same due to NDAs. There's not a lot we can answer here. Moving on to a question from Urvaksh is, "How far is the international business pipeline acquired, and how much does it add to the P&L? Is RegTech also part of the international business? If so, how much percentage is it going to be from the overall business? Our pipeline has TSP and our pipeline has PPaaS both. RegTech is in early stage right now, so that will take time. As far as P&L, this year, we can guarantee that there will be numbers coming in from both, from TSP as well as PPaaS. The numbers are good. That I can definitely say, because someone asked me in Q4, what is the percentage contribution that may come in, and do you have enough pipeline in your hand? I clearly said that, of the total projection that we have taken, we have about 40% pipeline already existing, where the numbers is extremely clear and visible, which will get added to this year's P&L. I'm talking about the confirmed. When it comes to the overall pipeline, for sure, Q2 and Q3, how we close it, maybe the executions will happen in Q3 and Q4. You should see a very good numbers pumping up in the last two quarters. Okay. Moving on, the next question from Deepak Poddar is, "Can you throw some more light on the new product, which will drive growth for us, and will it help in EBITDA margins improvement as well? The good part is we did not stop product innovation, although we were working around de-risking the overall platform. Today it really helps. Why? Because there are certain products which we developed and there is a demand to it. There is a pull sale, we don't have to push it. One is Super App. Extremely good product. It's about digitizing the entire ecosystem and bringing into a single interface. That is what it does. This definitely improves the margin. Secondly, the value of the product, is also on an average, whatever we are selling is at least 3x of the size from the payment product. Beyond this, we have been able to break this product into SaaS model, into Bank-in-a-Box model. The coming quarter, we are launching that product in our Bank-in-a-Box model. The same product is also going global. This is one product that really is exciting our customers. RIDP is the second product, which definitely has a lot of demand, majorly because it is, if not a mandatory return guideline, it is a problem-stating guideline which someone will have to follow. Till date, the tools have not been designed. Moment you see a demo, the moment you see that solution, you can start linking all your manual efforts and all the challenges that you have anticipated, tried to solve the monitoring and the fraud-related problems. That's how the product works. We see that someday, if at all, there is any guideline with which this becomes a direct plugin, this will be like a rocket that will sell. Right now also, even the moment we demo it, at least 8/ 10 people really love the product. That's the second product which we feel has a lot of value. Third is, we were one of the first ones to get into IBMB interoperability, which is Banking Connect. We have interoperability in mobile app, which is in form of UPI, but we do not have interoperable banking. Today also, if you want to make a payment from net banking, you go to any payment page, you click on net banking, then you select a bank. Then when you select a bank, then it opens up the internet banking page of a bank. Imagine we have still not solved that problem. Banking Connect solves that problem. When we launch that product, you really don't have to select a bank page. You have to go through net banking login password. That's completely out. That is again a very important product when it comes to the payment stack, and we have the whole solution in license as well as SaaS. These are three solutions which we feel is going to pick up well. Okay. Next question from Rusmik Oza is EBITDA margin has come down in FY 2025. Sorry, it came down from 37.4% in FY 2025 to 31% in FY 2026. He says, for fintech company, usually EBITDA margin should have gone up with the growth in revenue. Why are EBITDA margins coming off? I think when I began this presentation, I tried to give you very good clarity on what role we play in the industry. TSP, PPaaS, and RegTech, you see. TSP is where 90% of revenue has come last year. In 2025, it was just contributing about 15%-20%, where the margins were anywhere around 12%-18% odd in TSP. That from 15%-20% going up to 90% of total revenue contribution will definitely have an impact. That, if you're not with the company for last two years, just to let you know, we have this second vertical, which is payment platform, which was contributing almost about 85% in 2025. That came down to just about 5% odd in 2026. That one was about 30%-35% odd margin business. Reason to come down is again, the regulatory risk and the challenges that we have faced through. The paying capacity of our customers had gone down completely, and this was completely a SaaS-based model. It was not a license-fixed-fee model. If their business goes down, it definitely impacts the payment platform, and that is where we face the hurdle. That is the reason why in this call, we clearly informed three different businesses, the license model that we have built in on the first one, and taking it to the SaaS-based model, going from 70 banks to about 1,200 banks universe, so that we have more customers to target and adding more products so that we can multiply tenancies, then going global and taking it forward. These are some actions we have already done in FY 2026. 2027 and 2028, in fact, changes lot of us for us. His follow-up is, in fact, how will the EBITDA margin behave from here to FY 2029, based on the projection of 70% kind of revenue CAGR? 2029, I believe we will be. [crosstalk] From here to. From here to, if I take 2029 journey, then in next three years, our EBITDA margin will be much better than your 2025 numbers that you have right now. Sure. I've already given you the reasons for that. Sure. Manish Kumawat has a question, which is similar on the EBITDA margins. Where does the actual 40%-50% EBITDA margin come from? Is it mix, operating leverage, lower support cost, lower customer acquisition, lower implementation? What specific mix gets you there, and by when? Three to four points. One is, I've been talking about going global and adding premium to the product cost that we have, and the margin that we can add in. That is one. The use of AI will start playing their role by bringing in more efficiency. AI-first policy has already been adopted by my company. We have procured several licenses. We have invested heavy into converting the entire process and the overall development cycle into AI-based solutioning. Third, our future goals are going to be, although we started with RIDP as our first AI product, we are not going to stop there. We have not given you projections around what are the new solutions that we are going to build. All these projections and numbers are on what has already been built. Our future investments and developments are going to be on AI-based solution, which not only has a quick delivery span, it also has higher margin and greater demand. Those are new solutions which will again add to it. The last one is the scale at which we are operating right now. Earlier, the organization, two years back in 2024, was a team which was heavily tech-focused. Now, the organization is sales-focused. We not only have product team, we also have solutions, we also have sales, we have marketing. All of these departments have been built in last two years, and that scale will help us focus on the outreach that we intend to do with more product lines, markets, and the models that we have launched. The scale at which we are operating is also quite high right now. We have team for domestic, we have team for international, we have team for RFPs, we have team for SaaS. That's where we see the overall play. Yeah. Okay. His follow-up is, you are aiming for 200+ tenants by FY 2029. How many tenants are live today? How many are paying? What is the ARPU per tenant? What is the churn attrition assumption? How long does one tenant take from contract to revenue? ARPU, I wouldn't share, yeah. Right now, I think we launched somewhere in February, we are already on about 12, maybe 12- 15 tenants already there. It takes anywhere between two to four months. Ideally, a licensed product takes about a year, six months to one year, but this is like two months to four months cycle. It doesn't go through an RFP process. It's quick. I believe right now the pipeline that we are sitting on is nothing less than 50. Yeah. What else? What was? What is the churn assumption? Churn, I think we have just started, there's no churn right now. How long does one tenant take from contract to revenue? Contract to revenue, like I said, the sales cycle may be, fastest maybe two months, and longest maybe four months. Once you've signed the deal, go live is about 45- 60 days, where the revenue can be kicked in. Okay. Next question from Nalin Kant is, what kind of deal funnel or pipeline we have, especially in overseas contracts, which is giving us a visibility for 70%-80% CAGR for next three years, what is the risk of this guidance? I think I have already given three product, which is around Super App, the payment platform. Broadly on the business verticals, not a deal pipeline or something that we can talk about. No, I cannot share that right now. You see, every competition is looking outside. Again, the kind of conversation I am having right now, I don't think my competition is doing it. That's why. What I can tell you is definitely around the verticals and what we are taking to market. Sure. Next question from Abhishek Kajal is, there was a spike in the receivables to INR 103 crores. What is the timeline we are looking for these payments? That also, I have very clearly said. Last year, the kind of pressure we had after PPaaS revenue went down to pick up the services and the overall TSP businesses, we leveraged the cash flow we had, and we ensured that we were able to close deal as fast as possible so that we don't go through a year-long cycle of closing business, so that we are able to get as early as possible, whatever we can in our books. That is the reason why the 90 days, 180 days odd debtor was created. Now it's on track. Quarter-on-quarter, these realizations will happen. That's the only reason why there was a spike. The realizations are on track now. Next question from Rusmik and Shubham are asking the same question. U.S. banks are scared and fearful from models like Mythos and Anthropic. Will such AI models impact the company's SaaS product offering or RegTech? We don't work on those models. Usually, those who have adopted too deep and have structured it so deep are the ones to go through it. We are still not there. Fortunately, it does not affect us. However, there are very good guidelines now coming in, which is again an opportunity that we should look at, in fact, not a risk. Wherein RBI clearly calling out that banks need to have resistance against this kind of impact AI may have in the ecosystem. This talks about the risk in the railroad, this talks about the risk in the system, the kill switch that they are talking about. All of that opens up gates for us to further leverage on what we have been trying to do in our RIDP. We are not exposed to those kind of risks right now, but the opportunity for sure. Next question from Swaraj Mehta is, what is the business model for Qynx? Number of target device, CapEx, and do we get any only rental? Are you looking to turn banks' CapEx into OpEx? What is our differentiating factor in our device? I think that's quite a commodity conversation in the market, I can definitely share a lot more. One is the soundbox model. When you say Qynx, it's 60%-65% software and services and just about 35%-40% odd of hardware. It has a soundbox, it has QR generation, it has the entire merchant management system. It has several software configurable systems. It has terminal management system that ensures that all the devices are connected and communicates the right messaging to the right merchant link to that particular QR code. That's the complexity the Qynx system handles. For this, we get paid on a monthly rental. That's the fixed set of revenue. These are majorly large banks, RFP, and small banks, again, SaaS-based sales cycle. Beyond this, I don't think banks have evolved for now, although we have product in place and we have been talking about this. Unfortunately, banks have not evolved beyond payment stack over QR code. Although there can be a lending ecosystem, there can be multiple more asset and liability-related conversation that can be brought in over Qynx, which we have been trying to pitch in and explain. I think it is important that the model is at least another one year old for banks to start taking up the advantage and the opportunity, with the size that they may have with Qynx in the market. It will take time. For now, I think we should stick with the revenue around rentals and yeah, that's all. Okay. Next question from Swaraj Mehta is, while NPST has successfully captured market share in the mid-size public sector and regional cooperative banking sectors, larger private sector banks often build their core payment switches in-house. What is your strategy to displace legacy switch systems at Tier 1 private banks, or do you view small to mid-size institutions as your primary volume growth engine? We tried getting into the private sector bank. Unfortunately, we feel that space is very crowded in terms of the way they view tech and the way they have structured their solution already. Meanwhile, they have built extreme agility, and they cannot disturb their ecosystem with the way they want it to work. The other universe is PSU, cooperative, RRBs, small finance bank, and that's quite large. Now NBFC. If we are talking about this universe, I don't think as an organization, we have left with enough bandwidth to start focusing on those areas. That's why anyone who questions me around the private sector bank, I mean, the ICICIs and the HDFC of the world. I don't see a larger opportunity for us right now, unless there is a new product or new domain launch that allows us to get into that segment and there is an equal opportunity. Please remember that our digital journey started at the end of 2015, which is 2016 odd, and our competitors were in this market since 2010 odd. Covering that gap in PSU cooperative bank is still okay after 10 years. Going back to private sector and opening that particular gate, I think that's quite a demanding task, and we would like to stay away from that. Sure. Next question from Subhash is, who are your competitors in RegTech? From listed space, I think even Iress business is a competitor. Is this true? No. Like I said, the solutions have been built. There are regulatory guidelines given, right? Basis which the eFRM system are to be built, basis which the biometric system are to be built. We don't do that. We stay away from the traditional ask of banking ecosystem. What we have built is post-transaction processing. That is where we would like to invest and build our forte. Majorly around how the governance can be improved post-transaction, how the risk can be flagged, and how the compliance can be managed. These are certain areas that we focus on right now. Yeah. Next question from Rusmik, "As the business transitions more towards SaaS, how will working capital requirement behave in future considering the targeted revenue of CAGR of 70%?" A similar question from Richard, "How will cash conversion cycle receivable days look three years from now? How much of the capital raise is for working capital buffer? See, the SaaS ratio will play a critical role four quarters down the line when it comes to higher SaaS revenue coming in, because the number is really big. Now we are talking about after INR 200 crore last year, we are talking about 70%, 80% yearly growth. In that, even if we talk about one-third or 40% of SaaS revenue, which just began third, fourth quarter last year. From there, increasing the revenue share, I think we should give it at least four more quarters, four, five quarters at least. It will slowly pick up, but when it picks up, it multiplies really fast. From February until now, we have about 12-odd banks. I really need to look at the numbers, but 12-odd banks already onboarded, and they are live on it. If you're talking about this pace, I believe the SaaS will start giving really good numbers in the next financial year. Sure. If you can ask me a specific question, maybe if I've not answered something. I think the question was simple around cash conversion cycle receivable days. How do you see it in the next couple of years? How will it improve? I think. Any number that you can put on that? Very early to share that number right now. Can you just put down that question, and I can ask my CFO or someone to answer that? Sure. Next question from Sriram Iyer is, "Did we lose out on future domestic PPaaS market opportunity by virtue of being out of the market due to our sponsor bank issues? Can this happen to any of our other business segments? We need to understand that the No. The answer is there a similar nature in the other business? The answer is no. That is the reason why we completely de-risked it. We brought in an extreme clarity on PPaaS and TSP so that there's a clear line between the two. We are a tech provider in the market. We are building infra, we are building railroads, so that's where we get paid. That's not the challenge. The answer to your question about the sponsor bank and all, did we lose out? I would say that it's not about bank, it's about the category of banks that we were working with. So if you see working with cooperative banks and then moving on to the higher structure of small finance bank, then private, then PSU. That's where we probably, when we started, when this happened in 2024, we were completely out of transition for a good one year. When we restarted, we realized that the market has changed completely. The other part is it's not about the bank alone, it is also about the impact on the payment industry. If the paying capacity has gone down, even if I bring down my price from, let's say, INR 0.40 or INR 0.50 to about INR 0.08, and the market cannot pay me more than INR 0.03, then in that case, we are supposed to take a call. For a year long, we were trying to push a lower price. We were going through a price discovery. We were going from INR 0.40 to INR 0.10 to INR 0.8. That did not happen. When we realized that this is just not picking up beyond INR 0.03, it's time to move on and build something else. That's the overall journey. Partially yes, partially no. Okay. Next question. We're running out of time, but I'll take maybe one or two last questions. Manish is asking, "Are we seeing more players getting into our segment of business, such as Razorpay's entry into UPI Switch? They tried doing it, no doubt about it. They are more on the acquiring side, and their forte is about the merchant business on the acquiring. Our forte is about bank and banking as a service. We try to build bank stack. We don't build the merchant stack. Banks, when they are able to use technology and connect to the aggregators and the merchants, that is our forte. That is what we do. We understand banking, we understand regulations, we understand the overall compliances sticking around it. Razorpay of the world, they use UPI Switch to ensure that whatever they are delivering, whatever they have built, there's more efficiency and more revenue generation on it. I believe the objective is very clear right now. Beyond this, I don't know their strategy. That's how it would work. Let me take one last question. How is the adoption of offline UPI 123PAY, and CBDC progressing? Are there any new tech around security and safety in transactions? Has the Switch upgrade been favorable across Tier 2, 3, and rural areas? UPI 123 is still taking time. There are certain very strong use cases, which we believe this year we should be able to execute. At the same time, it is a bit slow right now because the kind of product it is, in the sense voice-based payment, voice calling, and all of that, there needs to be an education concept and then sales. We are in that stage right now. Conceptually, we are trying to build the market and then take it forward on the sales cycle. That's why it's taking time. There is a journey that we are going through right now. CBDC. CBDC is more of the regulatory and the government design. I think there are certain use cases which are super strong when it comes to CBDC. As a country, we have not arrived there. Something like programmable digital currency. Such kind of use cases will push CBDC adoption. For now, because we don't have the market use case, the CBDC adoption somewhere is restricted to only the Switch parameters. Like UPI has a QR use case, it has merchant use case. You'll see a major adoption and lot of innovation investment happening around it. If at all that CBDC case around programmable currency is really picked up, then you will see investment, then you'll see banks opening up their budget and all of that. I think we have to look at regulator and the government around this particular product. Lastly, has there been any new tech around security and safety in transactions? Has the Switch upgrade been favorable across Tier 2, 3, and rural areas? That's a continuous process even if there is no regulatory demand. The regulation is so well-designed when it comes to RBI that there are regular audits, there are regular questions, regular upgrades which you have to follow. Now that we have launched our own Bank-in-a-Box, we have to follow that very stringently. We are PCI compliant, PCI DSS compliant, we are ISO 27001 compliant. We are CERT-In certified. All of those certifications are in place. By virtue of that, it's a continuous process that we have to follow, so we have been doing that regularly. I would say security is more of a commodity built inside the payment product for now, which we have to follow. Nothing big about it. Great. Thank you, Deepak-ji. Unfortunately, there were a few questions that we have not been able to answer due to time constraints. Some of these questions are related to more forward-looking as well as Q1 related data. Unfortunately, we would not be able to get too much of details on that, so I've skipped them. Participants, if you have any further questions, please feel free to reach out to us and we'd be happy to try and address them as best as possible. Again, Deepak-ji, thank you so much for your time, and thank you everybody for taking the time to come and join us today. Thank you, everyone. Thanks, Anuj. Thank you, everyone. Thank you.