Good evening, ladies and gentlemen. Thanks for joining us today for the Q3 FY 2025 earnings call of Tracxn Technologies Ltd. On behalf of Systematics, Ambrish and myself, we'd like to thank the management of Tracxn for giving us the opportunity to host this earnings call. Today on the call, we have Ms. Neha Singh, Chairperson and Managing Director; Mr. Abhishek Goyal, Executive Director; and Mr. Prashant Chandra, CFO. I would now like to hand over the call to Neha to give her opening remarks and take us through the PPT. After that, we will open up for the Q&A session. We'll request you to please use the handrails option to ask questions, or you can also submit your questions in the Q&A box at the bottom of your screen. Thanks, and with that, over to you, Neha. Thanks a lot, Sidharth. Yeah. Welcome, everyone. Thanks so much for joining us today for our earnings call for the third quarter for the financial year FY 2025. We are very excited to present our results for this quarter. In terms of format, we would like to run through a short presentation and share some key highlights for this period. I will also give some commentary along, which will be helpful in the overall understanding. We will follow it up with a Q&A session. Request you to please take note of the standard disclaimer for this presentation. A quick recap on our business. Tracxn is a data and software platform for the private markets globally. If you look at the public market, it has created multiple large companies, many of which are highly cash-rich, profitable companies. As private markets are becoming large and important, it will also create platforms like these. We are building a global platform in this space. Our customers include venture capital fund, private equity fund, investment banks, as well as M&A and innovation team of large Fortune 500 corporations. Also, it is a global platform, so nearly 60% of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance of Q3 FY 2025. To set the context, we have one business, one legal entity, so you will not see terms like standalone or consolidated. All the numbers that I talk about are for the business overall. Revenue from operations for Q3 was INR 21.4 crores, which is a 1.2% increase. Total revenue was INR 22.9 crores, which is an annualized earned rate of INR 91.6 crores. Coming to profitability, EBITDA for the quarter was positive INR 0.4 crore. Add to this, this EBITDA includes all non-cash expense, also like ESOP charge. EBITDA margin was 2.1%. PAT for the same period was positive INR 1.4 crore, and PAT margin was 6.6%. Coming to some of the other key metrics of the business, our customers' accounts continue to grow. A number of active accounts have reached 1,699 as of end of Q3 FY 2025, which is a 39% increase on a year-on-year basis. Deferred revenue for Q3 FY 2025 was INR 38.7 crore, a growth of 17.4% on a year-on-year basis. I will also quickly summarize the YTD numbers for the financial year or the nine months of the current financial year. Revenue from operations was INR 63.3 crore, which is a 1.4% increase. Total income was INR 67.6 crore, which is a 3.3% increase. In terms of profitability, EBITDA was INR 1.6 crore for the first nine months, and EBITDA margin was 2.6%. PAT was INR 4.4 crore for the first nine months, and PAT margin was 6.9%. The business continued to generate positive free cash flow, so the free cash flow for the nine months FY 2025 was a good INR 13 crore. Cash-on-cash equivalence stood at nearly INR 91.4 crore, which is an increase of 30% on a year-on-year basis, or an increase of INR 21 crore in absolute terms on a year-on-year basis. That is a fairly large increase. In the subsequent slide, I'll be covering each of the metrics we talked about in the summary in more detail, starting with revenue. Revenue from operations is essentially revenue from platform subscriptions. Bulk of the revenue is subscription-based, so it's a fairly high-quality revenue. Also, please note that this is accrued revenue. Though we do prepaid billing and collections like most of the financial data platforms you may have used, we only recognize revenue for the time duration falling within the reporting period for which the service was made available. As discussed, revenue from operations for the first nine months FY 2025 was INR 63.3 crores, and total income for the nine months FY 2025 was INR 67.6 crores. We've also added historical data for the last four financial years for reference here. We continue to have profitable operations in Q3 FY 2025. EBITDA for the nine months was INR 1.6 crores. Please note that this includes the non-cash expense, also primarily ESOP expense. If we exclude this non-cash expense, the adjusted EBITDA will be INR 5 crores for the first nine months of FY 2025. PAT for the first nine months was INR 4.4 crores. Again, if we exclude the non-cash expense, the adjusted PAT will be INR 9 crores for the first nine months of FY 2025. Coming to margins, EBITDA margin for the nine months was 2.6%, and PAT margin for the same period was 6.9%. Just a point to note here, in the PAT calculation, you'll see a tax component, which is a tax component set off with deferred tax asset. This is a non-cash component. Though we don't have to pay taxes as we have accumulated losses, this non-cash expense is included in the PAT calculation. There was some deferred revenue provision also in the last quarter due to periodic assessment of deferred tax asset. These are only accounting in nature and hence have been excluded from the PAT calculation for a like-to-like comparison from the previous period. Another metric is what part of incremental revenue is going into bottom line. In FY 2021-2022, this metric was close to 80%. In FY 2023, this was 31%, and then it was 43% in the last financial year. In the nine months, incremental revenue was offset by increase in cost as we are aggressively investing across various growth initiatives that we will talk about later in the slides. Just a point to note that despite investments in these growth initiatives, we continue to have profitable operations as well as generate free cash flow right in the first nine months of the financial year. Coming to the expenses, our total expense for the nine months was INR 61.8 crores, which is a 5% increase over the same period last financial year. On the right-hand side, we have also included the breakup of this cost across the key components. The key components are the same as what you had seen previously. Just to summarize, first, bulk of our expense is team cost. For the nine months, this was 88% of our total cost. This has been in the same range across the last three financial years. In 2022, 2023, 2024, this was 89%, 88%, and 88% respectively of the total expense. Also note that all our team is in-house, so there is no outsource or contract workforce. The second largest line item is cloud hosting, which accounted for 2.9% of the total expense, as we do a lot of data processing and analytics. This is followed by the rental expense. An interesting point to note is that we do not have a large paid marketing line expense item because we do not have a large paid marketing spend, either digital marketing or offline-based, typically required for customer acquisition. The reason is that because we are a data company, we produce a lot of content and hence are able to use that to get a lot of organic traffic. We are able to acquire leads fairly efficiently, which is reflected in the expense breakup. Another interesting point to note is that if you look at the last three financial years from FY 2021 to 2020 to the current quarter, the headcount increased by only 8%. This was 624 three years back to 673 at the end of last quarter. The total expense increased by 37%, but the revenue has nearly doubled in that period. It is great to see that the revenue has nearly doubled while the headcount increased only by 8% in the same period. This is a great testimony to the operating leverage of the business. Moving to the number of customer accounts and users, we have seen a fairly high volume of growth in the first nine months of FY 2025. We closed December 2024 at 1,699 accounts, which is a 39% growth on a year-on-year basis. The number of users were 4,626 users, which is a 31% growth on a year-on-year basis. You will be glad to hear that last quarter, that is Q3 FY 2025, was the highest net addition in terms of the number of accounts and the highest net addition in terms of the number of users as well. Moving to some of the other financial metrics, the company generated positive free cash flow of INR 13 crore in the first nine months of FY 2025. If you see, this is an increase of INR 6.3 crore over the nine months previous financial year. Cash-on-cash equivalence stood at INR 91.4 crores, which is a very healthy increase of INR 21 crores on a year-on-year basis or a 30% increase on a year-on-year basis. We continue to generate good free cash flow as well as continue to add cash in the last quarter. Similar to the previous quarters, I'll also take a minute to talk about the markets. In terms of market activity, both 2023 and 2024 were muted years for the private market. In terms of global funding, the 2023 calendar year was the lowest across the last seven years. In India also, this was 60% down in 2023 over the previous year. Last calendar year, which is 2024, was slightly better in terms of the dollar invested, but it was only the second lowest across the last seven years and was down 60% from the peak. In 2024, the overall funding saw an uptick, but the deal volume or the total number of deals in 2024 was significantly lower than even in 2023. The deal volume in the private market in the last calendar year, which is 2024, was the lowest across the last decade or 10 years, which we have seen both at the global level as well as in India. In some good news, at least the late stage saw some recovery in activity. One proxy for the late stage activity, if you see, is the number of new unicorn startups that got created or the number of private companies that got valued at over a million dollars. In 2024, there were 96 new unicorns that got created globally, and in India, saw six new unicorns. This was better than the previous year, which was 2023, showing slight recovery, but it was only the second lowest across the last seven years. The M&A activity was also very muted in 2023. M&A deal volume in 2023 was the lowest across the last decade. Last year, last calendar year, which is 2024, the M&A deal saw some recovery. However, it was only the second lowest across the last decade. If you look at the IB fee, the investment banking M&A advisory fee in 2024, it has shown better recovery as it has come back to what it was about five to six years ago. Though 2024 saw some recovery, it was the second lowest across the last 10 years in terms of global M&A activity, and we're still awaiting further recovery in the coming months. Coming to some of the business metrics, we do see green shoots. Here we have given the revenue split by India and international geographies for last financial year, which is 2024, and the nine months 2025. Though the overall growth rate looks muted because the international markets continue to have softer macros, you will see that we have seen very healthy growth accelerations in regions where we have been investing in growth initiatives in the recent quarters. Most of the vertical sales team had been launched in India first, as we had mentioned earlier. There we have seen sort of healthy growth acceleration. The India revenue accelerated from 14% in 2025 to 16% in the first nine months of the current financial year. Again, this is primarily due to various growth initiatives, including the launch of vertical sales team, which we will cover in subsequent slides in more detail. Seeing the success of these initiatives in India, we plan to scale the vertical sales team to other top countries and replicate this strategy internationally as well. Coming to our customer account growth, here on the left-hand side, you see the Q1Q trend in terms of the total number of customer accounts, and on the right-hand side, you see the number of net customer accounts that got added in each quarter. If you see across the last three financial years, we have added an average of 30-60 net new accounts on a quarterly basis. This pace of volume addition had increased starting Q4 of last financial year when we added 88 net new accounts. In the subsequent quarters, it increased even further when we added over 100 new net accounts across Q1 and Q2 of the current financial year in FY 2025. You will be very glad to see that this momentum has further accelerated. In the last quarter, we added an all-time high number of accounts, higher than the previous two quarters and much higher than what we used to add a year back. In terms of numbers, Q3 saw 184 accounts getting added, which, as mentioned, is a new all-time high. On the user side also, this quarter saw the highest number of users getting added. We added nearly 500 users on a base of 4,120. That growth has also accelerated. Coming to the deferred revenue, we saw very healthy expansion in Q3 FY 2025. The deferred revenue for the first nine months FY 2025 was INR 38.7 crores. This is a 17% growth on a year-on-year basis. Earlier, we talked about the fact that how India revenue has accelerated, but we still do see that this growth accelerated in the international segment overall. To the question of what is our outlook on the growth in the international markets, here we see some encouraging signs. Typically, what we have seen is that we first see volume growth and the value growth sort of follows. For instance, in India, the account growth accelerated from 20% last financial year to 55% in the first nine months of the current financial year. Subsequently, we also saw the revenue growth accelerate from 14% last financial year to 16% in the first nine months of the current financial year. Interestingly, we are seeing volume growth also accelerate in the international markets. The account growth in the international market has increased from negative 5% last financial year to positive 21% growth in the first nine months of the current financial year. Similarly, we also expect that we should start seeing value growth from this segment, which should make the overall growth rate look much healthier. Another point to note is that most of the reason that we have seen this acceleration in the international account growth has been generic sales and marketing initiatives like the increased organic traffic, launch of Tracxn platform, and some horizontal sales initiatives that we had been doing. We are yet to launch the vertical sales team for these geographies, which actually saw most of the account acceleration in India. Once we launch that in the international markets and in the key geographies, we expect that this volume growth should further accelerate. Coming to the platform engagement metrics, they continue to look very healthy and following the historical upward trend. If you look at the platform usage, which years in terms of number of exports and my analyst data queries that we have sent, has grown about 2x across the last two years. Engagement has grown both at the overall level as well as at the per user level. This is a very healthy trend that we continue to see. Apart from these, we have been investing very heavily across various growth initiatives. These span across go-to-market, funnel of sales, marketing, account expansion. We continue to see very good results in these. The following slides give an overview of some of the initiatives we are seeing good results, and hence we expect further acceleration to happen. I'll take a couple of minutes to share some of the growth initiatives we are aggressively working on, and we are very excited to share the results that we've been seeing from those. One of the very interesting growth initiatives that we've talked about previously is scaling our organic traffic. This continues to be a big focus area for us. Being a data company, we are able to use a lot of data that we own to launch a large set of public pages that generates a lot of customer traffic. For instance, someone is searching for fintech companies in Singapore or SaaS companies in North America. They come across our pages, and they're able to generate leads through that. If you see at the organic search traffic we got across all the pages, this was 16 million in the first nine months of FY 2025. Three things regarding this. One, that this is a very large traffic funnel that we've been able to build. Second, this has grown rapidly, if you see, across the last few quarters. For instance, this has grown about three times across the last three years. Thirdly, we continue to work on this aggressively, and we expect it to increase even further. For instance, the current traffic's annualized run rate has already reached 21 million, which is much higher than what we had last year. Another very interesting growth initiative is the launch of Tracxn Lite. We launched Tracxn Lite last year for product-led growth to increase the awareness about the richness of the platform amongst potential customers. With Tracxn Technologies, users are able to get access to the entire platform when they sign up, though with obvious limitations such as restricted daily limits for profile views, exports, and certain platform modules. You'll be very happy to know that within the first year of launch, we have signed up. We have over 100,000 signups for Tracxn Technologies. This is a fairly large number of users that we've been able to sign up. Also, the pace of acquisition has been increasing on a Q-on-Q basis. Another interesting aspect is that users who sign up have been actively engaging on the platform as well. The monthly active users have now crossed 23,000, which is a multiple increase from the 5,000 we had in the beginning of the year. This is a very large users that are getting familiar with the platform, which helps us build a very good acquisition pipeline as part of the users' express interest in upgrade. Just to give an update on the recent quarters in terms of metrics, as we compare Q1 versus Q4 of the calendar year 2024, which is last year, the number of organic signups have more than doubled. If you just compare Q1 to Q4, the number of organic signups have more than doubled. It is nearly 2.4x, to be precise. The average monthly active have more than tripled. This is a 3.6x increase. Average number of users hitting the credit limit have more than tripled. Because of this, we have also been seeing an increase in number of upgrade requests, demos, etc., that we have been getting through these. Overall, this continues to be on path to become one very large acquisition channel. It just got added in the last one year. We've also set up specialized teams to select high-potential customer segments. A good example of this being universities. As we had mentioned previously, we had set up a specialized team with cumulative experience of over 20 years selling to universities. Majority of our relevant customer segment comes from the top universities globally, which is also a great avenue to educate them about data platforms like ours. Here, we are seeing very good initial results from this initiative. This was one of our initial vertical teams that was set up, and it has been about a year since launch. We also wanted to share some results, and we were excited to hear that. The number of customers in this segment have more than tripled in just the last 12 months. The revenue from this segment has increased more than two times. The revenue has more than doubled in just the last 12 months from this segment. Essentially, we have added more number of accounts in one year since launch of this vertical team than we have historically added across the last nine years. Also, because of these focus teams, we are able to do much more targeted outbound and get very high-potential logo customers as well. Recently, we have also been working towards including Tracxn Technologies in relevant coursework for courses such as investment banking, impact investing, venture capital, and private equity courses, which has led to further increasing engagement. This is a very good testimony to the vertical sales team approach, which is very effective. In segments where we already have customer base, setting up these focus teams can significantly accelerate the customer acquisition rates. Additionally, it helps us increase both revenue and market share in these segments. As we expand this approach to other segments, we anticipate a similar boost in growth across multiple customer groups. We've also set up a specialized sales team for startups. For this segment, we see very high volume of inbound leads. Even though startups are served by the same platform, they have slightly different use cases and workflow requirements. Some of them, for instance, use Tracxn Technologies for business development, fundraising, competitor analysis, and market research. It's a very high-volume segment, but at a lower price point than the investors. Cumulatively, this can be a very sizable segment served by the same platform. Traditionally, we had not catered to this segment, but more recently, we had set up a separate go-to-market strategy for this segment as we've been getting very high and increasing volume of inbound from this segment. An interesting aspect is that nearly 50% of the revenue from new accounts in this segment is from international customers. Another recently launched specialized team was for accelerators and incubators. This was just set up a few months ago. Under this initiative, we are focusing on customers across private incubators, government incubators, universities, and corporate accelerators. We have seen good initial results with this team in India and plan to expand this to other key geographies as well. Another vertical team that we had mentioned last time was that we were planning to launch for investment banking team. We also have an update there. This got recently launched. This team sells to investment banks both through inbound and outbound reach-outs. We have also augmented the data coverage to improve conversions in the segment, which includes increased coverage of private company financials, investor database, further outreach efforts, etc. We have also launched additional features for this segment. One of them, for instance, when a company is looking to, a company can actually mention that they are looking to hire an investment bank on our platform. This helps in building a sales pipeline for the investment banks. In this segment, we are seeing very good initial success, although it has been only just over a quarter since launch. The logo penetration, for instance, in India has been increasing on 1% on a month-on-month basis in this segment. The pace of customer acquisition in this segment has almost tripled with the dedicated team. We are planning to continue to scale this for the domestic as well as for other key geographies. Based on the success that we saw in the initial vertical teams, we have accelerated the launch of more teams and are launching seven additional vertical teams in this year itself. These are specialized teams for customer segments such as venture capital funds, corporate M&A teams, corporate sales teams, etc. We believe that we have cracked a very repeatable playbook through this architecture, and setting up new units should help us have material impact. This helps us accelerate the pace of customer acquisition as well as market share penetration in these segments. We expect that other recently launched teams will have significant impact in the coming months, bringing us to our desired growth trajectory. Yeah, moving on, another interesting growth initiative that we have been working on is expanding our coverage in financials and cap table data sets of private companies on the platform. These data sets are particularly in demand by certain customer segments, especially private equity, investment bank, among others. We have been investing to increase the throughput in these data production engines. Talking about financials, today we cover financials of private companies in over 20 countries globally. The number of detailed financials on the platform has increased at a fairly rapid pace. Last year, in 2023, we increased the number of financials on the platform by 5x. You will be very excited to hear that we have multiplied this even further. In the last calendar year, which is 2024, we have increased it by another 6x. That makes nearly 30x in just two years. As of December 2024, we had over 1.5 million companies with revenue data and over 560,000 companies with detailed financials available on the platform. One thing which is obviously very interesting is that we've been able to add these data sets at a great pace without increasing hit count much. This, again, is a great testimony to the level of automation and intelligence that we've been able to build as part of our infrastructure, which enables us to do this at this pace. Coming to cap tables, cap tables are requested by investors to see the detailed shareholding valuation, latest, as well as historical share price of private companies. Today, we track cap tables of private companies in over 15 countries. End of 2023, we had over 39,000 companies with cap tables. At the end of last calendar year, which is 2024, we had over 313,000 companies with detailed shareholding available on the platform. That is a huge surge of nearly 8x during the last calendar year. We also launched new legal entities database last year. This helps investors to screen through legal entities registered in various countries for specific high-growth matrices like revenue threshold, growth rate, profitability, employee count, etc. This data has also increased at an amazing pace, as you can see from the numbers. At the end of 2023, this number was only 11 million. We have increased this database of legal entities to 63 million during the last calendar year, which is 2024. Major countries by coverage include U.S., U.K., Japan, India, Australia, Brazil. We are also seeing very good customer usage with legal entity page views increasing on a Q&Q basis on our platform. Additionally, there is also a lot of focus on adding more data points to the existing legal entities, which enables us to increase penetration in some of the new and existing customer segments. We have also started building deeper coverage of regulatory data on private companies and legal entities. Some of the data points that are live and in pipeline include loans and charges data, legal case data, patent data, FDA approval data, among others. These are particularly important for existing and new customer segments and use cases like deeper due diligence, KYC, etc. We believe these data sets will help us increase penetration in the existing and new customer segments. For example, clinical trial data is very crucial for healthcare and life sciences companies as well as healthcare-focused investors. This is also a fairly cash-rich customer segment. We are working on building a good coverage in these data sets. Another set of initiatives is underway for improving paid customer engagement as well as account expansion to enhance the growth of revenue from existing customers. A separate team has been set up to increase the penetration of paid licenses within existing accounts, thereby moving from reactive upgrades to getting upgrades done more proactively. This has led to account expansion through user addition as well as increased data on the platform. One of the initiatives that is working well is curbing login sharing within the account. We've also seen some initial success with initiatives such as city trip, online on-site onboarding sessions, etc. Additionally, we've also started proactive reach-outs to under-penetrated accounts. We are working on initiatives to boost engagement both at the user as well as account level. These include setting up specialized engagement teams, regular touchpoints, setting up personalized dashboards, alerts on customer investment mandates, and analyzing user behavior to help them use the platform more effectively. Another interesting growth initiative that we've talked about is press mentions. As we have mentioned previously, whenever media talks about data on private companies or startups or emerging technology sectors, we want them to quote data from Tracxn Technologies. We've been working on initiatives such as launching reports with media, data contributions, regular columns in some of the newspapers, which has resulted in a multi-fold increase in the number of press mentions that we've received across various respective media outlets. Last quarter, we had some very prominent partnerships as well in addition to these. The First Check Report, 2024, which is a co-branded report with a Southeast Asia-based venture fund called Jungle Ventures, 50 Future Unicorns of Karnataka by Economic Times. This was released in the Bengaluru Tech Summit 2024. We were also the knowledge partner for EP Startup Awards, which is a very prominent private market event hosted by the Economic Times. The advantage of press mention is that a lot of people discover our data for the first time through media, and then they come to our website and generate a very high-intent lead. Also, we believe that this goes a long way in building a brand as a data company and also helps our sales conversion and hence revenue growth. We have been an AI-first company and continue to harness GenAI for the key initiatives in data production. Great testimony to the use of automation and intelligence in data production is that we've been able to multiply our data sets while reducing the manual intervention and shrinking headcount. In 2024, for instance, you'll be very excited to hear that we increased the coverage of data points on our platform by over 5x, while the data production headcount in the same period reduced by nearly 10%. We are seeing both. On one hand, we are seeing great acceleration in the pace of data addition. On the other hand, we also require a much leaner team to be able to do that. GenAI continues to be a key focus area for us. Some interesting ways wherein we are leveraging AI is in company profiling, transactions data, data updation, improving data accuracy. We are also extracting relevant data points from unstructured data and documents, which enables us to add more data about private companies. We are also training the models on our internal historical data to achieve high accuracy in select modules, such as identifying upcoming companies, industry classifications, and more. Even on the GTM front, we are using it for refining, lead profiling, sentiment analysis of interactions, and optimizing engagement strategies and more. In the coming years, we expect significantly more optimization in the data production units, while we expect the throughput of the system to accelerate even further. Potentially, there can be more than 10% shrinkage in the data production team size than what we saw in the previous year in the coming year. We are very excited about the possibilities GenAI technology has and its potential for us to accelerate building global private data. Here we have some of the other KPIs for the business. The first graph talks about the contract price or the invoicing amount. For the nine-month FY 2025, this was INR 68.6 crores, which is a 3% increase. On the second graph, we talk about the number of entities profiled, which is a proxy to the amount of data added on the platform. Today, we track more than 4 million profiles, including private market companies, funds, etc., globally. In terms of some of the other business characteristics, 61% of the revenue for the first nine months FY 2025 was from outside India. These customers span over 50 countries. The top five countries within this show a similar spread to where you have large corporates as well as private market investors. The top five countries for us by number of customer accounts are India, US, Singapore, U.K., Germany. Additionally, we also serve a very diverse and rich customer segment across investment industry, including venture capital funds, private equity funds, investment banks, as well as corporates across M&A teams, innovation teams, etc., and others like government agencies, universities. This gives a fairly large addressable market to tap into. This covers most of the key updates that we had in the recent period. I'll skip going over the subsequent slides. You can please feel free to check it out offline. Subsequently, in this slide deck, we also have some slides on the detailed financial statements, which we may go through. Thanks. That's all. I will pass back to Ambrish for any Q&A that the group might have. Thank you so much, Neha. We will wait for two minutes for the question queue to line up. You can raise your hand and ask the questions. Yeah, take the yeah. We have a question in the Q&A tab. It's from Viruj. What is the contract liabilities number on the balance sheet in Q3 FY2025? It was INR 29.93 crores in the second quarter of 2025. I'll probably pass it to Prashant for this question. Hey, hi, Viruj. Right. Ambrish, when we talk about the contract liabilities, which essentially means the deferred revenue, as of now, we have about close to INR 39 crores of deferred revenue, including the adjustment for the billing methodology that is approved by the business. Starting from that, it's about the revenue. Thank you, Viruj. We have a next question from Vidit Shah. You can ask the question now. Hi. Hi, Neha. Thanks for taking the question. My question was around the revenue decline that we are witnessing in the international market. I understand that the customer growth has been very handsome and robust out there. The revenue decline, is it largely because the customers are renegotiating contracts at a lower price than what they were last year, or is there a lot of churn in customers and the new customers that are coming in at a lower price point? Yeah. Sure. Sure. Thanks. I'll just take that up. Yes, that's correct that if you look at the bifurcation in India and globally, if you look at it, India, the growth rate has accelerated from 14% last year to 16% right in the first nine months. Overall, probably the international part has been a bit slow. One of the main reasons continues to be global macros. Even if you look at a lot of the other trends in the market, if you look at the overall funding trends to overall investment trends, the deal volume, for instance, this last calendar year, 2024, was one of the lowest across the last 10 years. Even the dollar invested was the lowest across the last seven years, which has impacted not just us, but all the players in the market. Coming to the reason, I think it's both. We saw some of the, especially in the corporate segment and in some of the large accounts, we saw the negotiation happen whenever it comes for the next renewal. One of the main reasons is that the activity has been lesser. If you look at some of the large funds, which had been writing a lot more checks, they were writing much lesser, doing much lesser deals last year. Whenever you have the upgrade discussion, people are always saying that, "I'm probably going slow this year, and probably I'll restart doing more of the investment from next year onwards." We saw some impact in terms of shrinkage of accounts in the last months. Probably churn happened in some of them, in some of the cases where the corporates were impacted. There we saw some. I would say in some of the renewal discussion, there was some lessen in terms of the number of users that people would do, mainly because of the fact that they were investing less. Having said that, I think if you look at the outlook in the international markets going forward, we expect that to accelerate. One of the reasons for that, there are two reasons. One is basically, even if you look at the pace of account addition, that has already increased. Last year, FY 2024, for instance, this was negative 5%. If you compare that to nine months of the current financial year, this has accelerated to positive 21%. Even in India, when we saw the growth of accounts accelerate from 20% to 55%, we actually saw also the revenue accelerate. That is one of the things that we expect to happen. The second thing is that we are yet to launch the vertical sales team in these geographies. India has proved across different segments that wherever we have launched it, it has helped us to accelerate the customer acquisition, retention, everything across that. We are replicating the sales team, vertical sales team also to the key geographies internationally. Once that happens, we expect that both the customer acquisition should increase as well as the retention. Let me give you examples for one or two things that we have done. Even if you take a segment like university, wherein we used to have customer segment, but once a vertical team was set up, there were a lot more initiatives that were being done in engagement across this. To give you two examples, one is, for instance, we started doing on-campus activation sessions wherein we would, like a customer account person would go and address a large batch to activate them to start using the platform. Secondly, we have also integrated Tracxn in the coursework for very prominent universities. That gives a very long-term moat, and this actually also helps us increase engagement retention in those segments. We expect that once we also extend the vertical teams to these international markets, this should help us increase the retention as well as in these segments. Hopefully that answers the question, Vidit, of both how the international is and how do we see that going forward. That speaks a lot about the customer accounts and the user account numbers. Just from a realization point of view, what are we looking at? I mean, so will this only be renegotiated one year later? Given that we have one-year contracts and now we've renegotiated at the rate that we are currently at, I think, INR 200,000 per customer, now will this be renegotiated upwards only after one year? Is that how we should look at it? Will that still be dependent on how private markets are? Are we looking at certain strategies where we can get better realizations even in the near term? Right. Yeah. In terms of the, so typically, nearly 65% of our contracts where revenue is annualized upfront. It is primarily most of it is annualized upfront, and the remaining is majority quarterly upfront. That is correct that whenever we have the negotiation, the next renewal typically happens after a year. What we have seen is basically for some of these accounts, there have already been one or two renewal cycles. We expect lesser of these to happen going forward. Okay. Understood. The increase in realizations will only happen once we see an uptick in the overall macro private market investment landscape, Viruj? No. Even if you look at in India, right, in India, the macro had been so similar to how it has been globally. It had been slow. Still, we were able to accelerate the growth to 16%. Hopefully, we will end the year at higher than that. Between 16-20% is when we should end the year. This is because of a lot of the initiatives that we have been doing. Despite the macro, I think that once we sort of scale the initiatives that are working well in this geography, we should already be seeing some impact in terms of the volume growth, and we should start seeing more of this in the coming quarters as this flows into, firstly, the revenue. The second thing is that as we also extend this to the key geographies. Okay. Just a last one for me. Now that the verticalization strategy we are shifting towards the international market, does that mean that we see an increased amount of other expenses as travel to these markets increases, or will marketing and sales largely be done out of India as it is today? Right. In terms of the expense increase, we do not expect sort of a significant change to that. We are hiring the teams. We are hiring some of the sales team. You may see some linear sort of increase in the expense that is there. Whenever we are catering to the sales team internationally, there is no increase in the travel, for instance, because even in India, a lot of these closures happen remotely because, for instance, our initial price point is less than $100,000, which for most customers, we are fine with closing remotely, over sort of video calls. We do not see that expense to be increasing. In terms of the overall expense, we will have probably a linear increase only because of some of the teams that we will continue to sort of invest in. Having said that, we will still continue to generate free cash flow. We will still continue to add cash and cash equivalent to the banks. For instance, just in the last 12 months, we added over INR 20 crores of cash and cash equivalent. That will continue to add, but we'll continue to sort of also invest in scaling these teams. It'll still be linear. Okay. I'll get back in queue for you. Thank you. Thanks. Moving on to the next question, we take from Sougata Roy. You may talk now. Hello. Am I audible? Yeah. Hi, Sougata. Yes, you're audible. Hi. Hi, Neha. Quick two questions. One on the customer addition. Can you give me a split of the 184 customers that you've added this quarter between India international and within that in terms of buckets of banks, educational institutions, VC funds, private equities? That's the first question. The second is in terms of ARPUs for this quarter for the newer accounts, how do they compare with ARPUs, let's say, a year back or two years back? And what is the difference in ARPUs between international and India? Yeah. Sure. Sure. Thanks. Thanks, Sougata. So just to answer that, in terms of the new customer acquisition, if you see, obviously, since the growth rate, we have seen acceleration in customer acquisition across India and international. If you just compare the growth rate of the accounts, overall, the account growth, it is about 40% on a year-on-year basis. If you split across India and international, India grew at about 55% year-on-year, while international grew at 21% year-on-year. There is still growth, which is there across India and international. My sense is that the split would be sort of in a similar sense, like how the accounts have sort of grown in this region. Second, to your customer segment, this has also been similar to the spread that we have. About half of them are investors. Half of them are other corporates and companies. The acquisition has probably been in a similar range, but we will probably share more data at the year-end when we have a good split on the customer segment. That is on the customer segment. In terms of the ARPU, today, if you look at the average price per account, which is what we measure, it is about slightly less than INR 550,000. If you compare this ASP to what it has been across the last four years, this has been in the same range of between INR 500,000-INR 700,000 per account per year. In FY 2021, this was INR 580,000. In FY 2022, this was INR 650,000. Next year, it was INR 670,000. Last financial year, this was INR 650,000. Now it has become slightly lesser, but it is still range bound between INR 500,000-INR 650,000. One of the reasons why you see this decrease is because in the last 12 months, obviously, we grew from 1,200 accounts to 1,700 accounts, which is like a 40% increase. Most of the users start small. Most of the users start with a single user or a two-user pack. Most of the users start small and then grow over time. That is why it is slightly more skewed than what you would have on an average, the ASP, but it's still been fairly range bound. In terms of how this compares to India and globally, if our average price point is about INR 550,000, international is double than what it is in India. If India, it's nearly INR 400,000 per account per year, the international realization is about INR 800,000. Obviously, that's slightly higher, which is there. Understood. Just a follow-up to this, and so that I get this right, are we saying that the 184 that you have added for India, because the growth has essentially come from India, has been at that INR 400,000 per account range? No. INR 400,000 would be the realized pricing. What you would have is only so they might start smaller. The other thing is that you'll only have realized revenue for the time duration for which they've been verified. I'm not talking about the realized revenue. I understand that. I'm talking about the contract value. At the end of the day, if you're signing a contract in this quarter, 65% of your contracts are annual, right, at the end of the day, which means that they will pay you quarterly maybe, but essentially, or maybe pay you upfront, depending on what the contract is. There is a contract value to that. I'm talking about that price. What is that price for this quarter, which is the quarter that has gone by, for the 184 accounts? What has been the dip in the realization in percentage terms between, let's say, eight quarters previously or four quarters previously? That's what I was asking. Right. Right. Yeah. Sure. If you look at it, the average pricing is about for three users, while the new user acquisition happens typically a single user. A single user realized pricing is about INR 200,000. Most of the 85%+ of the revenue, which we acquired, is typically start with a single user or a small user pack. It will be close to that in terms of the contract value. Does this essentially get upgraded only after a year, which is a follow-up to the question that was asked earlier as well? Or do you see cases where during the year, there is an upgrade where new users are added by corporates? In some cases, they come back and we are able to upgrade them. Bulk of that upgrades, user-based upgrades, happen during the period. If there are any pricing increase or if there's an inflation, that happens at the end of the contract period. Got it. Got it. Just the last question, at least for me, is that just tell me what is the difference between the contract and revenue that you've put up, which is INR 25.1 crores in your PPT versus the realized revenue. What's the difference? I think I probably have asked this before as well, but just so that I'm clear. The contract revenue, so I can probably give one version and maybe Prashant can add. The contract revenue or the invoiced revenue is essentially whenever you are billing, you would either do an annual upfront. It's all prepaid for us. It's either annual upfront or quarterly upfront. That's your invoiced amount. The accrued revenue is basically as and when it happens. For instance, if there's an annual contract, then for this quarter, we will only have in the accrued revenue whatever days in this quarter fall. The remaining will be part of the deferred revenue. That's how it works. I was just saying that I understand. I'm just saying there is a INR 25.1 crore number in the PPT, which is contracted revenue. What is that? Prashant. Let me just check. It should be helpful. I mean, I'm not sure INR 25.1 crore because the only revenue speaking of is INR 21.4 crore, which is for the quarter, and then the contract price. Let me just quickly tell you which page this is on. If you do a minute. Sorry. Your voice is breaking. I'm just looking at the page. Just give me a second. This is something that is there in most of your presentations. If you look at page number 34. Okay. The contract price, yeah. There is a contract price here. What is this? I'm coming to 25.1 as well. Yeah. Prashant, this is the contract price, which is the. This is the contract price. Yeah. INR 68.16. Yeah. This is the billing amount or the invoice amount, inclusive of any advance billing subject to our business that we have raised till the quarter end. The contract price. Which means that understood. Basically, this is the invoice amount. What you recognize is the revenue for the quarter. The invoice value could be for the period after the quarter as well. Right? That's correct. That's the difference between contract revenue and your accrued revenue. That's correct. The contract price is basically the entire invoice value. Let's say if we do an annual billing, the contract price will include all the subscription charges for the entire year, which is the invoice amount. We will recognize only on the basis of the time that has elapsed within the quarter. The reason why we were saying 25.1 in your previous presentation, your six-month number for this is 43.5, and it is 68.6 now. Right? The difference is 25.1, which is the contract revenue. This is the invoiced amount you are saying. That's correct. Got it. No, thank you. This is good. Thanks a lot. Thanks a lot, Sougata. Thanks, Sougata. We take up the next question from Athreya from the Q&A tab. Could you please provide some color on trends and customers upgrading from Tracxn Lite? Right. Yeah. Yeah. Thanks a lot for the question. Tracxn Lite, just to add, we launched a year back. The main idea was that people should continue to get familiar with what is the data which is there on the platform. To give you context, historically, if you look at it across the last 10 years, about 400,000 users may have signed up on the platform at various points in time. Currently, we did not have a way to continue to show them what is getting added. To give you an example, the business development or the sales team would probably give them access to the platform for three to four days. That's about it. Whenever now we used to show the platform to users, they would say, "Oh, I did not know that you have this data. You have this data. You have so many data about companies in so many countries, etc. That was very interesting for people to hear. That is why we realized that we should launch a platform so that it helps people to see the data, to get familiar with it. It is a very sort of proven sort of product-led strategy to be able to sort of get a lot of people in the lead. That was the endeavor. That was the idea of launching Tracxn Lite. It has been fairly successful. Just in the first 12 months, we added more than 100,000 organic sign-ups. Also, we have been using the platform a lot. Monthly actives have been more than 23,000. What we currently capture is basically how this funnel has been growing. If you look at it on a Q1, Q2 basis, the number of users that we've been able to sign up has doubled across the last year. That has increased the number of people hitting the credits. We have sort of limited credits for a free user on Tracxn Lite. The number of users hitting the credit limit have more than tripled. This actually flows in terms of the number of demos, which the sales team gets from various channels. This has also become a fairly sizable channel. We expect that this should sort of continue to increase. I think we will have, so currently, we capture how many users are signing up every month, how many users are actively using the platform, how many are hitting the credit, etc. We also capture, say, the number of demos, which is there. There are a lot of other initiatives like the sales team would also be doing sort of outbound, etc., which is also touching these. Because we do not have sort of segregated, the overall funnel of the leads which is being passing, that looks very encouraging. That is why this is probably only a year old, but we expect that this will also become a very good acquisition channel for us. Thank you, Neha. We take up next two questions from Pridhvi. The first one is, though the customer accounts increased, the revenue growth is pretty flat. Is there any decrease in the per customer revenue? If yes, what is the plan to increase the same? The second question is, going forward, it is being said that most of the SaaS platforms are going to be replaced by AI agents. How is the company plans to navigate that? Yeah. Thanks a lot for those questions. Just to address that, one is just on the volume growth front. I think we have sort of started seeing, overall, it does not look that high. If you look at it in segment, the regions wherein we have seen volume growth, the value growth has actually followed. To give an example, like in India, where the number of accounts grew from 20% to 55% growth rate in the first nine months, the revenue accelerated to 16% in the first nine months. We expect to end the year between 16%-20% growth rate. Overall, you are not able to see because of the pressure in international because the macro is continuing to be soft. We expect that you should also start seeing acceleration in that in the next one or two quarters. Coming to the ASP part, the ASP has decreased marginally, but it has still been range-bound. As I mentioned earlier, the ASP currently is slightly less than INR 550,000. If you look at across the last four years, it has been between INR 500,000-INR 700,000 range. Yes, it is a little lower than what you would expect in a steady state. One of the reasons is that the pace of acquisition is fairly high. The customer base has increased by maybe 40% across the last 12 months. That is why you see this ASP to be slightly lower than what you would have in a steady state. It has still fairly been range-bound only. Across the last four years, it has been between INR 500,000-INR 700,000. Thank you, Neha. Moving on to the next question from Kenil. Can you please share the average number of employees for third quarter? Yeah. Thanks a lot for that question. Just to answer that, at the end of Q3, which is December last year, we ended the team at about 673 total headcount. If I were to split that across the key departments, the tech and product, where we saw some growth in terms of the headcount, they contributed to about 115 people. The analyst and data operation team was about 330 people. Sales and marketing and customer success was about 170 people. Business support was about 60 people. That is about 673 to end the year. Thank you, Neha. Moving on to our next question from Prashant. Every quarter, promoter stake continuously going on. The second question is on company planning to use the reserve for any buyback of share. Yeah. Sorry, the first question is in terms of the promoter stake. The promoter stake has actually been increased in a sense that the number of shares, if you see, the promoters have been increasing. Promoters have been actually buying. The overall percentage might look lesser because some of the ESOP shares are getting vested. The number of overall share count has increased. If you look at the absolute number of shares across the last one to two years, that has been increasing on a Q1, Q2 basis. That you can probably see from the data. The next thing is on the buyback or the use of cash. Yes, we continue to add a lot of cash every quarter across the last 12 months. For instance, we added nearly more than INR 20 crore of cash. There are three basically broad options between buyback and dividend in addition to inorganic. Between buybacks, because of the change in tax treatment, now the buyback is sort of less feasible to be able to do. Dividend is something that we want to do. Because we have accumulated losses, until we eat away the accumulated losses, we may not be able to give the dividend. We'll definitely explore one of these things to be able to give part of it back to the shareholders in addition to investing some of the other things in various initiatives that we are working on. Thank you, Neha. Next question we take from Prashant. Sorry, we already took that. Next from Pridhvi. Going forward, it is being said that most of the SaaS platforms are going to be replaced by AI agents. How is the company planning to navigate that? Yeah, right. No, no, that is, so thanks so much, Pridhvi, for the question. That is actually correct. In that sense, if you look at these, more than the software business, that is fairly, that would probably be going down as development becomes much more easier. We are more of a data play. We are more of a data subscription. There you have a lot of, you have more moat than the SaaS companies because your secret sort of is actually behind. To give you an example, in a SaaS software, if you are working for a, if you have an HRMS software, for instance, and if you want to replicate a software, essentially, if you take the screenshots and the workflow becomes your IP. If you take the screenshots of the different screens, that's the workflow IP, which is there of the software. For a data business, actually, a lot of it is actually behind the scenes. To give you an example, if you go to a search engine, you type for a query, you'll get a set of results. Even if you copy the results, the actual secret sort of is behind. Similarly, for us, you'll see a transaction which is updated every day, every hour in the platform. How it is updated and how we are able to do that, that's actually behind the scenes. For us, AI is actually a great enabler to be able to sort of produce data at a very fast pace and produce global data, I would say. For instance, we today capture filings of private companies in non-English languages as well in a lot of countries. We are able to extract it, standardize it, put it onto the platform for everyone to sort of understand, which is much more tougher to do in the private market because the data is unstructured and the number of companies is multiple times than what it is there for public markets. We are able to do that at a great pace. Probably today, in the private markets, we are able to generate data at probably one of the fastest pace, I would say. We have been using sort of AI to be able to better accelerate our data production engines to have better accuracy, to use our internal data to actually give us higher accuracy from the existing models, to be able to do that. For us, I think this is a great enabler. One testimony to how we are able to leverage AI and automation is if you just look at last calendar year, 2024, the pace of data addition has increased multiple times. For instance, the number of companies has increased by more than 40%. The number of all the other data points like financial, etc., has increased by more than five to six times. At the same time, the headcount for the data production has actually shrunk by 10%. This year, we are expecting that that shrinkage will be higher than 10%. That is a great testimony to the fact that we are able to sort of increase the pace of data addition while we are shrinking the data teams. That has to also do with not just our implementation use of these things, but also has to do with the DNA of the company and our organization structure, which is also enabling us to leverage all the advancements which are happening in AI. To give you an example, if you look at all our senior management, the founders, the CXOs, all of them have actually very strong technical background as well, typically from top IITs or from very good colleges who are having good technical background in addition to bearing their department hats. The other thing about our organization and how we are able to leverage it much more effectively is also to do with our organizational structure. Unlike in a lot of companies where the AI team is like an isolated department, in our organizational structure, these teams actually report with different views. They report to actually the same manager. This just effectively helps them to be much more agile in using these. To give you an example, the team which is capturing transactions data globally from various sources, they are having a team which is using sort of GenAI today to be able to accelerate that. For us, I think what GenAI means is that we are able to produce data at a much more faster pace, much more leaner way, and we are able to generate global data. Sitting out of India at an India cost structure, we are able to generate global data thanks to that. For us, I think it's a great accelerator. Thank you, Neha. Moving on to our next question from Ashwini Kumar Singh. Can you provide some revenue and customer account growth guidance for FY 2026? Yeah. Thanks for the question. In terms of going forward, we expect that at least this year, we expect that at least the India view would end up between 16%-20% growth overall. The international, that is probably going to be slow, but slow this year, this financial year. Going forward, next year, we expect that to accelerate. We have seen that in the past. Some of the countries wherein we have been working to sort of increase data coverage, reach out to customers, etc., there we have already seen some impact. Like Germany has grown at more than 10% for us. Next year, I think we expect that it should go back to sort of the higher growth trajectory than what we had probably a couple of years back. The customer account will continue to increase. That volume addition, we continue to see very high acceleration in terms of the volume addition thanks to all the initiatives that we are doing. You will also see acceleration in the revenue next year. Thank you, Neha. In the interest of time, I think we will have to close this call now. In case you have any further questions, you can reach out to the management at investor.relations@tracxn.com. I will now pass it on to Abhishek and Neha to give their closing remarks. Yeah. Thanks a lot, Ambrish. Thanks everyone for joining us today. I hope you were able to get a good understanding and we've been able to answer some of the queries that you had. If you have any follow-up question, as Ambrish mentioned, please feel free to reach out to any of us at neha@tracxn.com, or you can reach out to Prashant or Abhishek or write to us at investor.relations@tracxn.com. Thanks again. Have a good rest of the day.