Good afternoon, ladies and gentlemen. Thanks for joining us today for the Q3 FY26 and 9 Months FY26 Earnings Call of Tracxn Technologies Limited. On behalf of Systematix, it is Sidharth and me. Thanks for giving us the opportunity to host the management of Tracxn Technologies Limited. Today on the call we have with us Ms. Neha Singh, Chairperson and Managing Director, Mr. Abhishek Goyal, Executive Director, and Mr. Prashant Chandra, CFO. I would now like to hand over the call to Neha to give us opening remarks and take us through the PPT, and after that, we'll open up the floor for Q&A session. Please use the Raise Hand option to ask questions, or you can also submit your questions in the Q&A box at the bottom of your screen. Thanks, and with that, over to you, Neha. Thanks a lot, Devanshi. A warm welcome to everyone joining us today. Thanks for taking out time, you know, for our earnings call for the third quarter of the financial year FY 2026. In terms of the format, it'll be similar to the previous time. We would like to run through a short presentation, which will share some key highlights about the period. It'll take about 15 minutes, and then we'll follow it up with a Q&A session. Request you to kindly take note of the standard disclaimers for this presentation. A quick recap on our business for those who are joining us for the first time. Tracxn is a data and software platform for the global private market. So if you look at the public market, it has created multiple large companies, many of which are profitable, cash-rich companies. As private markets as an asset class is becoming large and important, it will also create platforms like this, and we are building a global platform in this space. If you look at our customers, they include venture capital funds, private equity funds, investment banks, as well as M&A and innovation teams of large Fortune 500 corporations. Also, it's a global platform, so more than half 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 2026 and the nine months FY 2026. To set the context, right, we have 1 vehicle, 1 entity, so you'll not see terms like standalone. It's for the business overall. Revenue from operations for Q3 was INR 21 crore and INR 63.5 crore for the nine months FY 2026. EBITDA for the quarter was negative INR 1.7 crore. Please note, this EBITDA also includes all the non-cash expense, like ESOP charge. PAT was positive both for Q3 and nine months. PAT for Q3 and nine months was positive INR 0.1 crore and INR 1.7 crore respectively. Our customer account volume growth was fairly high. Our number of active customer accounts reached 2,246 at the end of nine months, which was a 32% increase on a year-on-year basis. On the cash side, cash and cash equivalents stood at INR 90.2 crore. Please note, this includes net of buyback cash outflow, which was done in H1 FY 2026. On the subsequent slide, we have also provided the year-on-year and historical numbers for reference. Coming to profitability, nine months FY 2026 was PAT positive. We talked about EBITDA and PAT in the previous slide. Please note that these includes also the non-cash expense, primarily ESOP expense. If we exclude these non-cash expense, adjusted PAT was INR -10 lakh for the nine months, and adjusted PAT was INR 3.7 crores for the nine months FY 2026. Another metric that we talk about is incremental revenue going to bottom line. Currently, we are investing in growth, and hence you do not see the margin expansion happening in Q3. However, we continue to show this because as the growth rates accelerate, the margins improved at a fairly fast pace, right? For instance, historically, we've been able to add as high as 80% of the incremental revenue to the bottom line. Coming to expenses, our total expense for the nine months was INR 66.1 crore, which is a 7% year-on-year increase. On the right-hand side of this slide, we have also given the expense breakup across the key components. The key components are similar to what you would have seen earlier, but just to summarize, first, bulk of our expense is team cost. In nine months FY 2026, this accounted for 88% of the total expense. Please also note that all our team is in-house, so there's no outsourced or contract workforce. The second largest item is cloud hosting costs, which accounted for 3% of the total expense, as we do a lot of data processing and analytics. This is followed by rental expense. The other interesting aspect is that you don't see a large paid marketing line expense item because we don't do... We don't have large spend in digital marketing, nor offline-based, because typically it's required by companies for customer acquisition. The reason is that we are a data company, so we are able to use a lot of content that we produce to get traffic organically. Also, there's a fairly high operating leverage. So for the period that you see from over here, FY 2021 to the current quarter, the revenue has nearly doubled. The expenses increased by 44%, but the headcount has only grown by 11%, right? So because it's a fairly high margin product business. Moving to the volume growth in terms of the customer accounts and users, it continues to increase at a fairly high pace. We closed December 2025 at 2,246 accounts, which is a 32% growth on a year-on-year basis. The number of users was 6,156, which is a 33% growth on a year-on-year basis. So we continue to acquire customers at a fairly good pace. Moving to some of the other metrics, the free cash flow for the company was slightly negative INR 2.6 crores. This was driven by higher employee benefit expense due to increased headcount and slightly lower billing as compared to the previous years in the same period. Cash and cash equivalents stood at INR 90.2 crores. Please note that this is also net of the cash utilized for buyback, which was concluded in Q2 of the current financial year.... Moving to other details on the customer base, starting with the split of customers by type. So if you look at the accounts as at the end of nine months, FY 2026, 49% of the accounts were from the investment industry. This includes the private market investors, VC funds, PE funds, investment bank, family offices, et cetera. 47% were corporates. This includes primarily corporate development teams, M&A teams, innovation teams at these corporates, consulting companies, et cetera. The remaining were others, which includes academic institutions, government agencies, and others. So we continue to have a healthy spread across the investment as well as across the corporate ecosystem. Right, so essentially, we serve a very diverse and rich customer segment. This slide gives an expanded summary of the titles within the investment industry and the corporates that we work with, right? So this gives us a large addressable market to tap into. In terms of geographical split, 56% of the revenue for the nine months was from outside India. These customers span over 50 countries. The top five markets by customer accounts were India, U.S., U.K., Singapore, and Germany. So essentially, the similar set of geographies where you have large corporate and private market AUMs. Talking a bit about the market, if you look at the market activity, it continues to be sideways. In terms of the private market investments in 2025, it was slightly better than 2024, but in terms of dollar deploy, it was down, you know, over 40% from the peak, and in terms of the deal volume, it was a ten-year low, both in India as well as internationally. Similar was the trend that you also saw on the late-stage activity, right? Which was down actually 70% from the peak. Coming to the global M&A market, here the recovery has been much better. So 2025 showed continued recovery in terms of the M&A deal volume, and it was only down less than 20% from the peak. Coming to some of the other growth metrics, the volume growth continues to be high. On the left-hand side, you see the QoQ trend in terms of the number of ending accounts, and on the right-hand side, you see the number of net customer accounts that got added in each quarter. So if you see the net accounts addition per quarter, historically, this number has been anywhere between 30 net -60 net new accounts getting added on a quarterly basis. Last year, it increased to more than 100 net new accounts getting added every quarter, and this momentum continues in Q3 of the current financial year, where it saw 103 net new accounts getting added. The number of paid customers have crossed 2,200 last quarter. There's a similar trend in terms of number of users within these accounts as well. So historically, we used to add anywhere between 40-80 net new users on a quarterly basis. This year increased to over 200 users per quarter last year, which is a multi-fold increase. This continued in the latest quarter as well, and the first 9 months of the current financial year saw more than 1,000 users getting added. The total number of users across the paid accounts have crossed 6,000 in the latest quarter. The other interesting metric is the growth of the India BU overall. In terms of the growth initiatives we talked about, we mentioned about vertical team is one of our key, key growth areas. Given that we cater to a large, varied sort of customer personas, these are business units by customer segments, right? And most of the vertical teams by various customer segments were initially launched in India first. So while we talk about the acceleration that we've seen across the individual units, I also wanted to give a growth that we've seen overall in the India geo. Right? So in the first nine months, India geo continued to grow at a good pace. The number of accounts increased by 43% on a year-on-year basis, and the revenue increased by 14% on a year-on-year basis. So this playbook of vertical teams think about smaller business units is working well, and we are in the process of replicating, as we had mentioned earlier, to other geographies as, as well. We also give the split of the growth rates across international segment to help you triangulate. So as you can see, there's still impact that we see in certain international geos, which impacted the overall growth rate. Our plan is to expand the sales through extending the sales team within these geographies, which is vertical customer segment-wise, BU teams for the selected customer segments, as well as through partnership, and additionally, also investing in augmenting data, right? So this is what we had led to the acceleration in India and also some of the other geos that we'll talk about later, right? And once that happens, it should make the overall growth rate look much better. In parallel, we have also been investing in augmenting our teams across the various growth initiatives. This is primarily across GTM units, which is sales, sales support, and marketing. So while the headcount in the data operations has been reducing due to AI, these investments have led to a slight net increase in the headcount on a Q-on-Q basis and a temporary reduction in profitability. However, we believe that these investments will accelerate growth and lead to a higher profitability in the upcoming quarters. Apart from that, we at Tracxn have been investing heavily across various growth initiatives across the last few quarters, and we expect more results of this to come going forward. So I'll also take a couple of minutes to talk... to give you an overview of the growth initiatives that we are aggressively working on. So one of the key initiatives is scaling our sales team, primarily the closing sales team size, right? So this closing sales team size has been around 30 sales rep for the last 1 years -2 years, and earlier we were doing primarily inbound. Now that we have the vertical teams, which are working well, we are doing both inbound as well as outbound, and hence we are looking to scale these teams. So we plan to double this team from a current strength of about 34 in the beginning of this year to 60 by the end of this calendar year of 2026.... Right? So this would mean larger teams for the existing verticals, as well as extending this to other geos, mainly the sales teams, which are based out of India, but catering to international geos like U.S. and U.K. We expect this to have a meaningful impact on the new customer acquisition. Coming to the India BU, in the nine months, the India BU, business unit revenue grew at 14% year-on-year, while the number of customer accounts grew at over 40%. We expect this to accelerate because in the current financial year, we had undertaken significant investments in expanding our datasets and offerings, which were requested a lot by the new and existing customers. So one of the datasets that we expanded is the coverage of private company financials, which increased by over 10x in the last quarter, making it best-in-class across all platforms in India. Furthermore, we now have comprehensive coverage of private limited companies, including over 3 million legal entities, 2.5 million directors, over 50,000 corporate structure trees, and more. We also added datasets that corporates buy, including legal entity report, which have detailed risk indicators, over 20+ financial ratios. Sales is another vertical that is growing well for us within India, and we are adding more datasets, including people data here. So for a lot of these datasets, we now have best-in-class coverage, and hence we expect the acceleration of the customer acquisition, which will help the revenue growth and help us sort of increasing market share in existing segments as well as in the other segments like private equity and investment bank. This also helps us break into newer customer segments like debt market, which is selling to NBFCs and other financial institutions. Coming to the international BU, in Q3, the number of customer accounts grew by 17% on a year-on-year basis in the overall geo. Here, we are doing two things: augmenting the sales effort as well as augmenting the required datasets. So on the data side, we made significant push towards expanding our data coverage across certain geos, particularly in U.K. and the U.S. In U.K., for instance, we now have a fairly good coverage of private company financials with over 4 million datasets. We also increased our company coverage by over 4x, augmented loans and charges data to over 2.6 million. In U.S., we augmented our company coverage and transactions data. Additionally, there are certain datasets requested by customers, which we are in the process of adding, which includes things like headcount data, revenue estimates, people and CXO data. Furthermore, in the last quarter, we had entered into a partnership with TMX Datalinx, which is the information services division of TMX Group, the owner of Canada's largest stock exchange. So it's a fairly large financial institution with a market cap of over CAD 10 billion. With this collaboration, we were able to reach the financial institutions in the network of TMX Datalinx in Canada and North America, so we are very excited about it, and we expect this to increase our customer acquisition, especially in the enterprise space in North America. Additionally, we have also made our investment banking and venture capital vertical teams live in U.K. and U.S. with the objective of replicating the India playbook. So just to give you an example of this playbook, the revenue growth rate for the U.K. geo improved from a negative 3% to in last year, FY 2025, to a positive 7% in the first 9 months of the current financial year. So this is a great testament, and we believe that continuing this playbook, we should be able to increase our growth in the other geos as well. Coming to the vertical team, on the specialized team, we had set up for most key customer segment, we continue to see good results. So just to give you some context, these are like mini business units. So initially, these team starts working on new sales, wherein they are able to accelerate the customer acquisition rates. Later, they also take up engagement, thereby increasing activation and account penetration, and eventually also start doing marketing initiatives. A good example being investment banks, which we have talked about earlier. This is a team that sells to investment banks, both through inbound and outbound. In addition to investing in sales in this segment, we have also invested in augmenting the data coverage, which has helped to improve conversions in this segment. This include things like increasing the coverage of traditional sectors, private company financials and key ratios, VC and PE investor database. We have also expanded this vertical to other geos like U.K. and U.S., where we are seeing good initial traction. Overall, continue to see good results. The logo penetration in India continues to increase at 1% on a month-on-month basis. In India, the number of accounts grew by over 50%, the revenue grew by nearly 16%. International, the accounts grew by over 60%. Additionally, in Q3, our coverage of private company financials for an Indian company became best-in-class, and this was one of the key datasets requested by these customer segments, and because of which, we expect the growth rates to further accelerate. Another vertical that is working well is corporate sales team. So this is a specialized team focused on corporate sales, who are typically looking to scout and analyze companies across sectors and geos for lead generation, market analysis, competitor benchmarking, business development mandates. So this is a fairly large market, and we are able to give a very curated list of targets to go behind because of our detailed sector coverages. So in addition, we are also working towards augmenting some of the additional datasets on the platform as required by this customer segment. For instance, this includes things like pin code data, CXO profiles, and adding more parameters. For instance, company tech stack, which helps users identify companies and their technology in a more targeted manner. So we have started scaling this to other geographies internationally as well, and are seeing good initial traction. The customer count increased by more than 80% in this segment, including high growth rates across India as well as international geos. The revenue grew by almost 23% in Q3 FY 2026 on a year-on-year basis. So we continue to augment the data required by this segment, especially in North America, and hence we can expect further acceleration to happen in this segment as well. Apart from that, there are some other segments where we have verticals team that we have talked about previously, but just to give a quick summary on that, universities. So universities, in addition to being a revenue segment, it's also a great marketing channel for us, as majority of our relevant customers come from the top universities globally. So since formation of this vertical unit, we have been able to significantly increase our market share, get many of the top logos, including many of the IIMs, IITs, and others. Example, five of the top six IIMs are our customers. As well as we are also able to work on building deeper engagements with these institutions. For instance, we have been able to include Tracxn in the relevant coursework of many universities, including many top-tier ones, like IIMs and ISBs, like building a very long-term mode. In Q3 FY 2026, the number of customer accounts grew by 68% on a year-on-year basis, and the revenue grew by 15%. In India, this was higher, and the number of customer accounts grew by nearly 70%, and the revenue grew by over 50%. Startups is another segment where we get high volumes of inbound. The use cases include competitor intelligence, market research, business development. We have expanded the use cases for this segment over time. Accelerator Incubator is another segment wherein we work with private accelerators, government incubators, universities, and corporate incubators globally. Here, we have been bringing grants data to the platform to help incubator portfolio companies access government funding and support. So to summarize, the vertical team segment is working very well for us. We now have nearly a dozen vertical teams which are live, and because we serve a fairly diverse customer segment across the financial institution corporate through this architecture, we have cracked a fairly repeatable playbook, right? And we expect to see growth acceleration across different segments as well. Apart from these, there are some other initiatives that are working well, and I'll give a quick update on those. One of the interesting initiatives that we have talked about previously is scaling our organic traffic. This continues to be an area of focus for us. Being a data company, we are able to use a lot of the data that we own to launch large public pages, which generates a lot of customer traffic. If you look at the organic search traffic we got across all our pages, this was nearly 19 million in the first nine months of the current financial year. This is a fairly large traffic funnel that we've been able to build, right? Also, we continue to increase this even further. For instance, the current traffic's annual run rate has reached over 25 million, which is higher than last year's. Also, another interesting growth initiative that we had launched recently is Tracxn Lite. To give a quick context, we launched Tracxn Lite for product-led growth to increase the awareness about the richness of the platform among global customers. With Tracxn Lite, users get access to the entire platform when they sign up, though there are obvious limitations, such as restricted daily limits of profile views, export, and certain platform modules. It has been over two years since launch, and we have got over 2.5 lakhs sign up for Tracxn Lite. So this is a large set of users that we were able to sign up, right? So this large set of users are getting familiar with the platform, and this helps us in building a very good acquisition pipeline. Moving on, another interesting growth initiative that we've been working on is expanding our coverage of regulatory data of private companies across countries. For instance, this includes a variety of information on private companies across the various government registries and other government databases. One of the information is, for instance, of the financials and cap table datasets of private companies, which are particularly in demand by certain customer segments, like private equity and investment bank, among others. So talking about financials in specific, today, we track financials of private companies in over 20 countries globally. We have significantly increased our coverage of these datasets, in particular, detailed financials and revenue data. Q3, in specific, saw the one of the largest increments in this dataset. So as you can see from the graph, overall, in the last two years, we've increased the coverage of this dataset by over 50x. At the end of Q3 FY26, we had over 2.3 million companies with revenue data and over 6.3 million companies with detailed financials available on the platform. And interestingly, we've been able to add these datasets at a fairly rapid pace without a significant increase in headcount. This is, again, a strong testament to the level of automation and intelligence we've been able to build as part of our infrastructure that enables us to scale very efficiently. Coming to cap tables, cap tables are requested by investors to see the detailed shareholding, valuation, latest, as well as historical share price of private companies. Today, we track cap tables across over 15 countries. In the last two years, we've increased the coverage of cap tables and detailed shareholding from 39,000 to over 350,000. This is nearly a 9x increase. Another good example is legal entity database, which we launched about two years back. Today, we have about 65 million entities. Major countries that coverage include U.S., U.K., Japan, India, Australia, Brazil. A lot of the regulatory data is around legal entities, so we continue to augment these datasets. This enable us to increase penetration in some of the new as well as existing customer segments. Another initiative that we've been aggressively working on is leveraging AI for data production. So this is giving us great results. We are able to multiply and augment our data sets while reducing the manual intervention and even shrinking headcount. In 2024, for instance, we expanded the coverage of the key data points by over 5x, while the data production team's headcount reduced by 10% in the same period. In 2025, last year, we further multiplied the coverage of these key data points by over 4x, while in parallel, the data production team's headcount got optimized by additional 20%. Right? So this is a very strong testament to the use of automation and AI in data production. Right? So, by using AI for data production, we have been not even able to multiply the pace at which we are able to add data, especially around processing unstructured documents, regulatory filings, et cetera. But it has also allowed us to launch new dataset at a much more faster pace than ever before, right? So this continues to be an area of focus, and we are fairly excited about the results that we are getting from this. Another growth initiative that we have talked about is press mentions. In the nine months, FY 2026, we got over 3,000 press mentions, which is a 50% increase from the same period last year. We were also able to do some very prominent partnership in this period, including a report by Economic Times covering top unicorns and minicorns of Maharashtra, Economic Times Startup Awards, which is a prominent annual event. We were report partners for the Bengaluru Innovation Report. Last time, I'd mentioned that we are also looking to expand towards some of the other geos, so glad to share that we have got good initial success in that. We received brand mentions across international publications including Forbes, Khaleej Times, Singapore Business Review, among others. So we believe that this goes a long way in building a brand as a data company and helps in our sales conversion. So to summarize, some of the growth initiatives that you can expect to see in 2026 are: on the India BU front, we plan to scale the sales team across the verticals from the current nearly 25 to about 40 by the end of the calendar year. We already have market leadership for most data modules, and with the augmentation of financial data, which was done in Q3, we now also have best-in-class in that data module, which was one of the requested ones. And here you can expect... So, you know, in this view, overall, you can expect to see further acceleration. On the international BU front, you will see us working both on augmenting sales as well as data. So on the data front, there are some datasets that we are adding, especially in U.S., like your revenue estimate, headcount data, valuation data. And in parallel, we are also scaling the sales effort. So this is by both by scaling the internal sales team from the current less than 10 to about 25 by the end of the year, as well as working with a sales partner in North America. Right? We may potentially add one or two in certain non-English geos. Another area is AI and data production. This continues to be a big area of focus for us because this enables us to augment datasets and to cover gaps with our international peers in a fairly short span of time, what would have otherwise taken them, like, a few years to build. As well as we are able to launch new datasets for the prioritized segments, right? Like layout pin code data, people data, right, LP data, et cetera. And on the regulatory data front, we plan to build comprehensive coverage on private company data available for the legal entities, mainly related to financials, transactions, headcount, IP, in some of the key prioritized geographies like U.S. and U.K. And just to note, for India, this is already done. So hopefully this gives you a good idea of what to expect in 2026. So this covers most of the updates from the recent period. In the subsequent slides, we have some, added some other KPIs, as well as detailed financial statements that we may go through for more details. So thanks. That's all the key items I wanted to share, and passing it back to Devanshi for any Q&A that the group might have. Thank you so much, Neha, for taking us through the PPT. That was quite an insightful discussion. So now we open the floor for Q&A. To ask the questions, participants can raise their hands, and we will unmute them one by one. Also, there you can put your questions in the Q&A box, and we shall take them up as well. Yeah, we'll wait for two minutes for the question queue to line up. Yeah, first question is from Aryaman Pawar. Yeah, you can unmute yourself and talk. Yeah. Hi, Neha. So I was just seeing your corporate sales, and they have done fairly well. I think it's up 23%. So I was assuming that the international markets, the revenue that has been down, was largely because of corporate sales not clicking. So, I mean, where is the pain in the international sales happening currently? So international, it's mainly some of the segments which are seeing most impact, primarily, you know, your B2B, the B2B segment. So even if you look at the market activity, that continues to be fairly sideways and one of the lowest in the last 10 years. So that is the impact that we see. And some of the other verticals. So, you know, essentially, so B2C is probably most impacted, and some of the other verticals are sort of growing. Like, even if you look at a geography like India, wherein, you know, the overall growth rate are higher, there a segment like B2C is still flattish, and we are able to sort of have the overall growth because some of the other segments are growing well for us. Sure, sure. And also seeing the U.K. numbers, they're so super strong. So I think, is this largely because of a sales team presence there or because we have increased coverage? Yeah. So that's a great this thing, and, you know, we had mentioned about it last time that this is, like we are replicating the India playbook, and UK is a great example of, you know, that it has worked and it sort of, it works in a very predictable manner. So you basically, you know, did two things. One is augmented the sales, and then you augmented also the data sets, right? So on both the side, you saw sort of good updates being there. Like, if you look at UK, we also augmented the data sets that is required by the, by the, the customer segments, like, you know, your financials companies, et cetera, that we augmented. And the second thing is that we augmented the sales team. So some of the vertical teams which were live, you know, in India, we had extended that to the UK, right? So in UK, that turnaround, you know, sort of happened in a few quarters. Sure. How tough would this be to replicate in, say, a U.S. or a completely different market? Yeah. No, so that is our plan. And, you know, that is where we see, you know, like, should the overall growth rate should start looking better. So, you know, replicating that in U.S., that is the plan for this year. And we've also started. We, we already started working on both fronts. So one is, you know, your augmenting of the data sets that is there. Right? So that is already there. And then even on the sales, right, like we sort of closed one partnership and as well as we are scaling the vertical sales team. So you will see us doing, you know, a lot of things in that front this year. Yeah. And just last question. The augmentation part, especially in U.K., took us four quarters, right? If I'm not wrong. Yes, 3-4 quarters about. Yeah, from the beginning- So this, for the other job is better, right? More- Yeah. So we have already, probably, you know, had started doing this, you know, work in the U.K., at least U.S. from last quarter itself, and that will continue in this and the subsequent quarters. Sure. Sure. Thank you. This was super helpful. Thanks a lot. Thanks, Aryaman. Yeah, the participants are requested to limit yourself to two questions, and then later you can join the queue again so that, you know, we can cater to all the questions that are coming up. So, next question is from Anurag Arora. You can unmute yourself and ask the question. Anurag, are you there? I guess we can take the next question from Praneet. Praneet, sorry. You can unmute yourself and ask a question. Hi. Yeah, thanks for the opportunity. So I understand that we are able to grow the sales, like we have done a good job over the last three quarters in terms of developing new business units and all of it. But I was wondering, in terms of our EBITDA, we are still not able to scale it. I understand it's gonna take time, but could you give us a guidance on when will it actually turn EBITDA? Because right now, at a PAT level, basically we're just getting money because based on interest. When are we going to move into profitability, not just because of our cash, but also because our business operations are also developing and sales are developing accordingly? Sure. Thanks, Praneet, for that question. So I'll just take it up. So right now, see, in our business, you know, there is a fair amount of operating leverage. What that means is that, you know, whenever your growth rate increases, your EBITDA actually increases at a fairly fast pace, right? And that is why we continue to show that slide and have that, because, like just 2 years, 3 years back, we were able to add as high as 80% of the incremental revenue in the top line, right? Like, for instance, if the revenue increased by INR 20 crore, the EBITDA actually in that year increased by INR 15 crore, right? So the EBITDA actually increases at a fairly fast pace because of our, just the nature of our business, high margin and operating leverage. That is why we are not focusing so much on the EBITDA, we are more focusing on the growth, right? So, you know, there are... Because of the impact that we saw in some, you know, we have to, we are, sort of augmenting, the other things that is required to actually, you know, give us that. And once, the overall, you know, sort of growth rate increases, the EBITDA actually increases at a much more faster pace, right? And, you know, we still, are sort of fairly judicious and about in the, amount of, you know, the investments that we are doing. So we still have, you know, cash in bank, nearly INR 90 crore, right? So that is still there. And, you know, right now we are focusing on growth. And, you know, once that happens, within, like a couple of quarters, I think the EBITDA should start, you know, looking positive and, you know, increase at a faster pace. Got it, understood. So the reason I've been specifically asking this, I've been tracking the company since that EBITDA conversion has been the highest. So I've been waiting for the company to go back, which is the exciting part about the software business, is that the incremental EBITDA will come much quicker. But the thing is, we have had substantial degrowth in our international business- Right. That we're not able to scale it. I was just wondering, do you think the degrowth has stopped, or how do you see the degrowth in our international business? And going forward, do we expect sales to continue to grow, or is there still potential for the old accounts to stop renewal or that sort of thing? Right. Yeah. Yeah, no, that's a good question. So actually, see, in talking about the international market, so, you know, so if you look at the market activity, both in India as well as internationally, right? So it was similar, right? But in India, for instance, we were able to turn it around last year because of all the initiatives that we are doing. We were also able to replicate that in U.K., and we now have to do it. So there's... The overall growth rate still looks lower because of the impact that is still there, especially primarily in U.S., you know, as the geography. So, this is our focus this year, that, you know, this year we'll try to, we are doing, you know, sort of the similar things that we did in the other geographies in the U.S. as the geography, and hopefully that should make the overall international growth rate look better. But do you think we bottomed out in terms of our loss in accounts or, let's say, the overall market cycle of going further down? Like, because I'm curious, for us, our accounts to increase in the U.S., we still need that new fund cycle to start. But do you think we're at the bottom, or do you think there's further way to go? Hopefully we have had, you know, say, like one or two renewal cycles for most of the accounts, which, you know, which were probably impacted. You know, right, but, you know, I think we also have to, sort of, you know, augment like the other segments, right, like, which are sort of working well in the other geos, and, right? So I think we'll have to probably see that. But, you know, most likely, we've already had, like, a few renewal cycles for most of these accounts, right? And once the other segments sort of, starts, growing well, I think we should look better. Got it. So I also understand that I think our family India family offices played a huge role in terms of contributing for our growth and universities also. What are those key markets that you see, let's say, in the U.S. and in the U.K., which might drive your growth? Because I understand the overall existing of VCs and the old school investing has remained. Do you see any new green shoots in terms of new types of structures coming into the market, which you see a lot of growth in? Right. Right. Yeah, so sure. So in terms of the segments, so the segments which are sort of doing well for us, like investment banking is one segment that is doing well, right? Corporate sales is another segment that is growing at more than 20% for us, both across India and international combined, right? Number of accounts are growing at 80%, so, so that is growing well. And there are some segments which are smaller, but they are, you know, have good potential. So for instance, like your private equity is another segment that we have prioritized, right? Because now we had also augmented the data that is required for that segment, so that is one. University is a smaller segment, but that's a good marketing channel for us. Because of the fact that we added, you know, your whole Tracxn company data, we are also able to go behind banks, right? And that is the market because they require sort of more information about the legal entities, and now we have, you know, much detailed information about those. So that's another newer segment that, you know, that has opened up for us. Understood. Could you give some perspective on how our total addressable market changed? Because over the last year, year and a half, we've substantially added new products, new type of customers and everything. Could you give us, let's say, 6 months ago, 12 months ago, and, like, 18 months ago, how our addressable market has changed, and our... what is our potential in terms of market share in each addressable market? Because I'm just wondering, like, how do we expand our market and how are we doing in those in terms of positioning? Right. Yeah, sure. So in terms of the addressable market, so that continues to be fairly large, right? There are different, you know, estimates, but, you know, essentially, even if we grow to five times the current size, we're still single-digit percentage of the market, so the market continues to be fairly large. And also the fact that, you know, we have... we also cater to, like a large—like, more than 50% of our revenue is international, right? So that's a fairly large market that we play into. And if you look at our customer base, this is across investment industry as well as corporate, so it's half and half if you look at the number of accounts, right? So, there are titles, segments that we work with within the investment industry, which includes your venture capital, private equity, investment bank, family offices. These are primarily on the investment side. And on the corporate, so that is also equally large for us, wherein we work with their M&A teams, innovation teams, sales teams, right? So that's a fairly large TAM, I would say, and now we have to basically go deeper into those. To give you an example, you know, our market share, you know, would be probably higher in, like your VC as a segment, but it was fairly low in investment bank and private equity, right? And, over the last one year, it has become better in investment bank, right? But if you look at the corporate, corporate sales, we are probably very, very small. That's growing very well for us, and that's a very large market, but we are very small in this. So I would say our market share, you know, in many of these segments is fairly small, right? To a single-digit%. Understood. So I was just I was actually specifically referring to the idea of, let's say, we were at... when we had our only Tracxn, let's say two years ago, we had an investment banking, mostly investment banking product that usually VCs used for that. With new universities and sales channels, I was just wondering- Right ... how much extra TAM does each segment contribute in terms of our addressable market? I understand our addressable market is huge- Right ... especially with international combined. I was just wondering, let's say, if it was 100, 2 years ago, for total addressable market- Right ... with the, that product, how did the overall, did it go from 100,000 to 200,000? I'm just wondering in that sense, because that will give a better perspective on how much more potential is there. Yeah, so the TAM, just to put... You know, that, that's fairly large. So, like, there are different estimates which is there, and then, you estimated anywhere between 8 billion -9 billion overall, and there are companies which are, you know, $100 million or plus also in some of these segments, right? So, that is not a... So, you know, it's a fairly large market, and then, you know, once we are able to, for instance, go more deeper into a segment like, like an investment bank, right? That opens up, you know, that market, you know, in a more for us, right? So I think the numbers are fairly large. I think that is not, this thing. What our aim is basically to, you know, sort of increase our market share in some of these, in, you know, each of these segments. ... Got it. But, so let's say, how many companies do you think are at scale, at this scale in the global market? Because since we are clearly competing at a global level, so where do you see your primary competition from? Is it from the U.S. or U.K.? Is it, like, from these boutique firms? I was just wondering how the strategy for our competitors also is, because we are going from India to global with probably better cost competitiveness compared to them. Right. I was just wondering— Yeah. like, could you tell us international positioning and how the strategy differs from, let's say, our competitors or our peers? Right. Right, so in terms of international peers, so in terms of the peers for this market, like comps, we are... There are about five or six players which are there in the private market data space. We are among the top three in terms of, you know, the execution, and the depth that we are able to have. Most of the comps are in U.S., right? As you can sort of expect, and these are the ones that we run into in, in a lot of our sales discussions, et cetera. We believe that we have a very, you know... Like, for instance, our tech stack and our ability to add data at a much more faster pace because of, you know, the whole tech DNA, as well as, you know, the fact that we are, we are sitting out of India, and then, you know, at a fraction of a cost, we are able to, produce sort of data. I think that goes, that's sort of invaluable, and thanks to AI, we are also able to accelerate, you know, that pace of addition of data. So, interestingly, you know, now we are able to add datasets in a matter of, like, a weeks to a month than what the traditional players would have taken, like, you know, a few years to build, right? So that is another thing that is playing sort of, you know, in our advantage, and we are fairly excited about it. This is something that, you know, we feel that that's why we are able to sort of build data, you know, in for, like, a US or a UK, you know, being here. But isn't the AI going to be a double-edged sword for you? Because I understand data production has become cheaper, but so will the pricing, won't it also affect the pricing, especially as your peers and competitors might be using the AI or tech stack slowly and improving their costing, won't it also reduce your pricing in the market? Right now, that's not happening so much. You know, maybe over time, that happens, but that also opens up a larger TAM for us. So right now, you know, it is still because we are working with enterprises and financial, you know, organizations which are highly paid professionals, there's still more demand for data and enterprise-grade data, you know, than so much over there in our existing segments. Got it. So could you give us a tentative timeline on when do you think all these initiatives are gonna take place? Like, would it be Q2 of FY 2027, or, like, would it be the end of the year? Because, we as investors, we also want to know when it's going to kick off also, because most... Like, if you see over the last 6-8 quarters, it's been fairly stable and unchanged- Right ... in terms of all the numbers. So we'd also like to understand when it is actually gonna kick in, because all the initiatives seems to be work- Right. So the biggest confusing part is everything is working well with your account openings, and despite the degrowth, we have been able to enter into new segments fairly successfully. Right. Things are working out. But when will they actually meaningfully contribute? Right. Right. No, so that we should see in a fairly short span of time. See, I think, you know, you're seeing the overall numbers, but you have to break it up into different segments, right? So, for instance, you know, the overall growth is about 30%, but there are segments wherein it's more than that, right? Like India, it's volume growth is 40%, where you're also having revenue growth of 14%. In UK, it's 40%, and you're also having revenue growth of 7%. Overall, international, 17%, right? So it's lower. So whichever countries wherein we have been able to sort of cross the 30% growth, right, overall volume growth, there we are also starting to see the value growth. Right? So I think, you have to sort of replicate that in the other geos, right? We were able to replicate it well in India and in UK. Now we have to, you know, this year the plan is to actually, you know, augment those things in US. That's all I understand. I truly, like, in terms of... I understand that till it meaningfully contribute to the revenues, efforts are interesting for the first few quarters. So just when will it actually materially contribute is my question, because- So, you know, hopefully, soon, in a few quarters. But, you know, again, we don't, we're not giving sort of guidance on that. But, you know, hopefully, like, we also gave the plan of 2026 in that sense, right? To give you a sense of what to expect in this year- Got it ... this calendar year. One last question regarding our cash reserves. Do we have any other incremental opportunities that we can deploy it in, in terms of acquisitions or something, or will it continue to just remain a buffer for us? So at least for the upcoming one or two quarters, there is, you know, we, there's a lot of organic initiatives that we are working on. Hopefully after that, once, you know, the growth crosses a particular threshold, then we will also look at inorganic. We continue to evaluate opportunities in our segment, and if anything interesting comes up, you know, we will definitely be seeing in the financial data space, essentially. Okay, so is the activity high in terms of this, in terms of the segment, in terms of inorganic transactions, or how does it? Because I'm assuming it's a fairly niche business, so would it be possible for us to get opportunities, or how does it work? No, there are opportunities which are there in the financial data space. Anything in the financial data space, that is of interest to us. So we keep seeing interesting opportunities, which is there, right? But, you know, I think, right now also, there are a lot of things which you will see sort of organically. Got it. So can you give us, in terms of the deal size we'll be looking for in inorganic, or would it, would it be- Right now we are not, as we are saying, that, right, you know, whenever that happens, we'll probably talk more about that. Got it. Thank you so much for your patient answers. It's been great. Thank you so much, Prem. We will take the next question from the Q&A box from Anurag Arora. Please mention the total headcount and breakup among senior management, senior executive level, sales team, and others. Please give us a sense of this as how we pay to generate revenue with no growth. Also, please elaborate the salary expenses between these categories, if possible, out of the total salary expenses. Companies paying INR 90 lakh to generate revenue of INR 1 crore, isn't it exceptional in terms of... in industry standards? Total employee cost is 90% of the total revenue, which is not the industry standard. Yeah, I think- Sure. That is the question. Sure, right. So I'll just take that. So in terms of the costs, like this is your R&D, you know, cost. Apart from that, right, like there is tech, there's data hosting, cloud hosting, that cost is the second largest, but obviously your team cost is primarily. It's primarily divided across, you know, four business, four types of teams, right? And I'll just give a brief split of the headcount across these. So overall, the team size is about 695, so a little less than 700, right, across all the teams at the end of last quarter. In terms of tech and product is one key vertical wherein we have about 115 people. The second is analyst and data operations, wherein we have about 270 people. The third is your whole GTM, which is your sales, marketing, as well as customer success, wherein we have about 250 people, and then your business support, we're at about 60 people, right? Coming to a part of your question, which is sales. So in sales, as we had mentioned, we have about, you know, just if you take the closing sales people, we have about 34 people, you know, in the closing sales, sort of, the closing sales rep. And this is the team that we had also scaled recently, the GTM team, right, which is, you know, across the sales and the sales support and marketing. Right. So hopefully that answers your question, Sanga. Okay, next question. I think we can take it from Mr. Param, Param Jain. Please unmute yourself and ask the question. Param, are you there? Hello, am I audible? Yeah. Yeah. Yes. Sorry, sorry for the inconvenience. Thank you for this opportunity, ma'am. So I just wanted to get some direction of the revenue growth and EBITDA margins over the next two or three years, say, FY 2028. So could you just give some guidance on that front? Sure. Thanks, Param, for the question. So, you know, coming to the guidance, we are not giving guidance, but, you know, we have mentioned about our plan for this year, which, you know, should help you, yeah, break it down sort of directionally. So I'll probably break it down 2 parts. One is your India BU, and the other is international. In the India BU, in the first 9 months, we grew at about 14% and 40% by accounts. This BU accounts for about 40% of our total revenue. We expect this to accelerate because, you know, as we had mentioned, in Q3, we had done significant investment expansion in the data sets that is sort of required. We are already seeing early signs that, you know, that is giving us good results, and we expect that is where this business unit, the growth rate should accelerate. On the international part, right, which is where you see some impact, right, there's still impact in, like, the VC segment. So here we are doing sort of two things. One is investing in data and the sales, right? Which is required in the adjacent segments, like your investment banking, private equity, corporate sales, and more. And, right, like in U.K., was one of the geographies that we were able to sort of turn it around from, like, a -3% last year to +7% this year. And, for this calendar year, you know, 2026, U.S. is a big area of focus, right? So we are planning to augment the data that is required for these customer segments, which is primarily your revenue estimates, headcount, data, valuations. And the second thing that we're doing in parallel is also expanding the sales, right? So we're doing it through two ways. One is expanding through vertical teams, which is based out of India and sells to US, and the other is through the channel partnership, right? And as we had mentioned, like, thanks to AI and data production, we are able to accelerate some of these at a fairly fast pace, what you know typically would have traditionally would have taken a player, like, a few years to build. So this year, we expect, you know, that, international part, right, to also sort of improve because of the things that we are doing, right? So, so that, with that blended, you should see, sort of better, growth, you know, in the upcoming, in the upcoming sort of time. Understood, ma'am. And, secondly, I just wanted to understand, like, about the industry. What is going on on the competition front, like internationally, and even if there are any Indian players that I'm not aware about in the same segments? Yeah, sure. So Param, on the competition, essentially, you know, there are about 5 players -6 players in this space. It's a vertical space in the private market, you know, asset class, the platforms which provide data. There are only about a handful of players. Primarily, we run into, like, 3 players or 4 players in U.S., right? Which are, say, large, part of large financial data companies... and so in terms of, right, like, and, you know, obviously, a lot of them have also been impacted recently, but, you know, we are able to sort of also sort of go into some of the adjacent segments. So I would say, right, like in terms of the competition, these are the ones that are there. It's a global one. In India, we are by far the largest in terms of most segments. And, you know, there, again, there are some segments which wherein we had lesser penetration, like in investment bank, or we were hardly present in the corporate sales team, that we had sort of prioritized over the last, couple of quarters that are also growing very well for us, right? So hopefully that gives you an idea about, you know, the, the competition in that space. It's not as competitive as, say, like a SaaS or a horizontal SaaS space. There are only about, you know, like, four or five players globally in that, that you run into. Understood. Understood, ma'am. And lastly, who is the market leader in this space? Because I'm fairly new, and I'm trying to understand the industry. And, like, what are their offerings, sort of, and how does it differentiate from Tracxn's offerings? Could you just give me some a brief on that? Yeah, sure. So there are these, you know, like, few players which exist in the private market. You have, you know, PitchBook, which is part of Morningstar's portfolio, which is, you know, one of the large players, and then you have a few others. In terms of differentiation, see, there are some data sets which are there, but there are some differentiation, you know, additional data sets that, you know, you also have. So for instance, we have a fairly deep coverage of sectors, which is fairly interesting for, for investors and corporates, or we are going. You You know, I think what is really working well is that lately we are able to add data sets at a much more faster pace. So, like, we augmented the regulatory data coverage last year, which is now in fairly good shape, right? So, there are some overlap which is there, but there's fair amount of differentiation which sort of exists. So, you know, at times, customers are sort of evaluating it independently, and you know, some of the customers may buy more than one as well. Okay, ma'am. Is there, like, an underlying moat in this business, or is there something that is replicable in your business model? No, no. So definitely there is a good amount of moat which is there. So, you know, as you can see, the moat in the data space is probably more than what is there in the SaaS space, and that is why if you see companies, margins of the companies which are in the data space, right, which are also listed, say, in U.S., they are at times higher than your SaaS space. So definitely the moat in the data, right, and data catering to industry vertical is fairly deep, and that's what. That's why we believe that, you know, you can build, like, a deep company in this. Got it. Got it. Thank you so much, ma'am. Thanks. Okay, next question I think we can take from Anurag Arora. Please unmute yourself and ask question. Yeah. Am I audible? Yes, perfectly. Yes. Yeah. So hi, my name is Anurag. So I have asked earlier about the, I mean, structure of this, employees between categories, like senior employees, et cetera. So I would like to know about the salaries, how much salary is given to every category? I can come offline also, if you don't, if you are not handy with the data. And my second question is about, I mean, it is very unnatural for me to see. I have not come across any company which is paying 90% of the revenue to the employees. I mean, am I missing something about this? Because I know some of the other databases companies, like Ace Equity, which maintains the data of... We also use that database, which is on the public listed companies, actually. So they also give, I mean, maximum 50%-60% is comp, employee cost is of their revenue. So am I missing something in your business? My second question, I've gone through the annual report of 2025, so there is a non-executive directors, I mean, independent directors, so there are fixed remuneration, INR 10 lakh each, every, for average person, and INR 21.25 lakh. So could you please elaborate on this INR 10 lakh? What is the nature of this remuneration which is given to them, and sitting fees also? Because I have not come across any company of this size paying INR 21.25 lakh sitting fees in a year to four independent directors. Because high sitting fees questions the independence of the directors itself. So would you please elaborate on this? Yeah. Okay. Yeah, thanks, Anurag. For the third part of it, I'll probably direct it to Prashant. I'll take the first two parts in the meanwhile. So in the salary numbers, you know, these are sort of in, sort of, market standard. I don't have that handy. But typically, your, you know, your, if you have the average, your tech, you know, salary is more than double of it, and the other ones is probably close to average. We don't have that handy, but, you know, it's sort of comparable market competitive, which is there, salaries which, which is there in the org. The second question is about, you know, 90% of the revenue being, you know, in the employee cost. So that's just a function of, you know, that's our R&D, essentially. So you have to basically invest, you know, in building the data, right? And, you know, over time, you know, your revenue sort of grows. So, just to give you an example, the gross margin that we operated is more than 90%, right? So even if you double the number of customers, it's not that we need to double the number of people that is there, right? And there have been years where, you know, that has happened. So the revenue, even if we double it, you know, the number of people that we need to sort of augment is fairly less, because it's more than 90% gross margin, right? So it's... You can think about it as an R&D cost that you have to sort of do, because you're building, like, a global platform, you're building a global, data. You're catering to, you know, all these segments, so that's why you see it higher. But, you know, that's a fairly high margin. So as soon as, you know, even if we double it, it's not that we have to double the number of people that is sort of required. So that's on the second part. On the third part, you know, on the remuneration, I'll probably direct it to Prashant to sort of take that. Right. Hey, Anurag, I hope you're doing well. Yeah, so in terms of the, you know, the remuneration paid to the independent directors, something like, you know, it is fairly in the industry range. If you look at the profiles of the independent directors, they are all, sort of, you know, individuals with a very, very relevant background, I mean, like, with top colleges and everything. You know, we pay them the sitting fee, I mean, like, for the meetings that they attend. Besides, outside also, of the regular meetings, the board and the committees, I mean, like they, you know, regularly contribute and, sort of, you know, help us, with various, strategic initiatives. So, you know, what you see in terms of the compensation is, you know, sort of one, which is a fixed remuneration, which is about INR 10 lakh for 2025, and you know, rest everything is sitting fee. And sometimes when we have more number of board meetings and the committee meetings for a variety of reasons, then obviously this kind of goes up, depending on the how many meetings we have. So I don't think so that impacts the, you know, so the sort of independence and especially when we talk about the independent directors and the profiles, which have been also mentioned in the annual report, I don't think so that number will meaningfully impact the independence. Hi, Prashant. I'm sorry to say, but this is too high. I understand the functioning of the independent directors. I am in this business since 2007, and the companies are getting. I deal with them on a daily basis. This is too high for a company like you, with revenue of INR 84 crore. My question was not on the sitting fees and fixed remuneration. It's all about the size of your company and what are you paying to independent directors. So it was all about that. You may pay INR 1 crore to each, to independent directors also when you are, when your revenue are, say, INR 1,000 crore, you can pay this. So INR 61 lakh to independent directors, you should first be conscious about the investors also. Investors have not made any money in four years in your stock. It is down 65% in the last 1 year. So I'm not able to understand these kind of things. I'm. First time I'm looking at your annual report, and there are so many, like, I'm sorry to say, I'm a little blind. Your revenue is not growing from last 4 to 5- I don't think it's 60- ... 5-6. I think- It is written that INR 61.25 lakh rupees- So put together- Into four independent directors. That questions their independence, actually. Uh- Anurag, I'll just add here. See, you know, we have, we have sort of people from fairly good industry, so I don't think that's this thing. And just to give an example, like, we have been, as a company, fairly high on corporate governance. For instance, we've had a Big Four for the last, you know, over nine years, which is five years before we even got listed, right? So, that because of the fact of, you know, we had, you know, the backing of investors, et cetera, we were. You know, this, this has been a fairly high agenda item for us, which is being fairly high. We have never had qualifications across all these years, right? That is definitely one of the things which is there about the company, which is, you know, being fairly high on corporate governance, compliance, et cetera. And I'll just one more point to add over there, and then, like, one more thing which, you know, I would suggest is to also compare. I mean, like, I, I understand you previously had also, raised this question about the total expense in the salary. But if you look at the growth rate of the salaries year over year, year over year, that makes me- I'm sorry, it's more than your revenue growth in the last 6 quarters, continuously. That is correct. I mean, like, but, see, I mean, like, the revenue growth is obviously, I mean, like, you know, it's what we did, but the salary growth is not something which is, you know, very disproportionate, right? I mean, like, we look at it. Because, see, at the end of the day, we can cut fat, but we can't cut muscles, right? I mean, like, we need certain people to obviously perform and, and, you know, compete in the industry, right? And people are our ultimate assets, right? If we start cutting on the muscles, then obviously it will start showing the impact also. ... To cutting costs. You're. You know your business well, more than anybody else, so that's not a question. But you could be aware of your expense, expenses when you are not doing business. It's a, it's a very tight game, you know. You're, you're working in a very tight field, and you're a loss-making company. So you look at your expense very tightly. You know, my concern here. My concern here. My concern. No, no, absolutely. I mean, like, you know, we hear you out and, like, I just wanted to give you a- You make a good amount of money you can spend well, that's not a problem. Right. No, I mean, like, you know, certainly, but, you know, like I said- I'm sorry, because I'm not able to see any operating leverage in your business. It's a pure operating leverage game. So it's an example of, like, when you see an IT industry, even in your business, there is more operating leverage than any other business. And I'm not able to see in last 6-8 quarters. It's missing completely. And when you're hiring 36 more counts in the sales team, I am seriously worried about the next year picture, if they are not able to convert the revenue, you will be more loss-making and your cash balance will be reduced more by maybe INR 5 crores - INR 10 crores. INR 10 crores. This quarter, it is reduced by INR 2 crore just to paying employee costs. So Anurag, I'll just add here. See, basically, that is investment that we are making, and I think we have, you know, sort of we have shown that in some of the other geographies. This market, you know, if you see this market, everyone had been impacted, right? And, right, obviously, in a good year, we have also grown at, typically, like, if you look at historically, we've also grown at 30%, right? And right now, obviously, because of the market condition, we were sort of also impacted, but, you know, we have sort of turned it around in a few geographies. It takes some time to sort of, you know, augment and build that in a few geographies, and we are hoping to sort of replicate that, you know? So we are at least sort of, you know, working on that, and we feel that that should work, and we don't see any other reasons for that. All the best. Okay. Thank you. Yeah, okay. I think we can take a few questions from the Q&A box as well. So we have a question from Mitin Nathia: Based on the client usage data, what proportion would be such that an LLM would be... could give by crawling the web? Sorry, I'll just repeat the question, but if I've understood it correctly, which is basically what part of the data we can get it from LLMs, right? Yeah. Yeah, I think so. Okay. See, actually, you know, like- Neha, so I think Mitin has raised his hand as well. It's better if we- Okay ... hear it from him. Cool, cool. Yes, yes, that'll be helpful. You can unmute yourself and ask it, Mitin. Yeah, hi. So the question was, you know, one is the data set itself, but based on actual usage that you see within your clients, what proportion of the usage would be of such data which, you know, in any case, an LLM would give them by crawling the web? And what would be sort of in the proprietary domain? This is based on a proportion. Yeah ... of usage, not based on what you have. Right. So, actually, thanks, thanks, Mitin, for the question. So the data that is there is fairly... So that is actually not available, you know, in the open, right? And, so internally, for instance, so there's both. So there is a lot of unstructured data that is there. There are a lot of data which is also behind the paywalls, right? Like, for instance, if you have to get a share price of a private company, you know, you'll not be... That's not available. If you want to get all the transactions in a particular format, you know, that's not available, or different cap tables which is there. There is so much of regulatory data which is there behind, you know, across 20 different countries, and, you know, that is not sort of instantly available. So there are a lot of data sets which are there, which is not, you know, sort of available. And if you want to sort of compare, like the public data to the private data, right? In the public data, you have much lesser number of companies. Like, you have 50,000 companies globally, wherein you have a few million companies in the private market. And you have fairly structured information about the public companies. And you know, yet, you know, people are not able to get everything, you know, through an LLM, and they still have to use, like a Bloomberg terminal or a screener or other softwares, right? So I think in the private market, I think it's more complex because the data is very unstructured. A lot of it is behind the paywalls. There are a lot of proprietary data sets that also you have to sort of build. And internally, we actually also use a lot of these models to sort of mine the documents and to work on those. But I think, you know, right now, there's still a lot of data sets, and once... You know, like in the public markets, when people say that, "You know, you don't need any terminal," it'll probably happen to the private market after a few years. Right now, there are still a lot of, you know, both unstructured data, which it needs to be sort of synthesized, as well as a lot of data, which is, you know, sort of not proprietary, behind the paywalls, et cetera, which is there. And, you know, would the TMX partnership have contributed to revenues at all in this quarter? I... Actually, not to revenues, to the deferred number at all in this quarter, or no, that is yet to happen? We had... So this got announced last, we got- we closed it last quarter itself, and then there was holidays again. We have closed some sales. I'll probably have to check whether that is accounted for in this quarter or not. But, having said that, I think it's more going forward, like we... There are- there's a good pipeline for enterprise accounts, right, that we're working on, wherein we, which we were not able to sort of crack remotely, and that, that we are able to sort of do very well, and that's a active launch that we are sort of working on. So I think more thing you'll probably see going forward. Right. Thanks. Wish you all the best. Thank you for the answers. Thanks. I think, Yeah, we can take one question from the Q&A box. So the question is from Ashwini Kumar Singh: "Our data stocks are globally under pressure due to AI-driven margin compression fears. Do we see that as a significant risk to the business? Yeah. Thanks, Ashwini- And also just one more, any update on how the partnership with TMX is progressing? Are you seeing any meaningful traction, and are there any such partnerships in pipeline for the other geographies?" So these are the two questions that I can see from Ashwini. Okay. Yeah. Yeah. Thanks a lot. Thanks, Ashwini, for those questions. So just to answer that, on the first part, the AI, we believe, you know, that is a great enabler for us. To give you an example, we believe that, you know, that has... And that's why we are also investing a lot, you know, in that, because we believe that that helps us accelerate the data production in a much more faster manner. To give you an example, like, you know, one of the data points, like US, we started focusing about a quarter back, and one of the data points that we had worked on is just the transactions data, right? And that was one of the feedback that we've got, that customers needed more transaction data. We had to sort of, become more comparable. That said, we were able to make it 4x within, you know, just a matter of over a month, and which, you know, otherwise would have taken like a year, quite some, you know, time to sort of build it, right? So and we are able to do all that thanks to, you know, AI, which is something which, you know, someone was not able to do probably, yeah, you know, two or three years back. So I think definitely, in terms of the legacy data players, there is definitely, you know, someone who is using AI, there is a lot of scope that you are able to catch up, you know, on that data at a much more faster pace, right? That is why U.S. is also one geography that we are sort of prioritizing this year, because we believe that we are able to, you know, bridge some of the gaps, which is there, which, sort of increases the conversions in, the required segments, right? So this is definitely something that we are very excited about, and we think it's a, it's a great enabler for us, to be able to do all the things which we are able to do today, right? That's one. On the second time, on the partnership, we mentioned... I just talked about, you know, TMX and how, that is there. So we are fairly excited about it. It's fairly early because it just, you know, got closed last quarter, and, there's a good pipeline and, you know, sort of, we are working towards it. In terms of any of the other players, we plan to, you know, we might end up doing, say, one or two in some of the other non-English geos. But, you know, we'll probably update that as that happens. Yeah, I hope that answers the question. I think we've answered most of the questions. I think, thank you so much, Neha and Prashant and Abhishek, for addressing the investor queries. If anyone has any further questions, they can definitely reach out to the management at investor.relations@tracxn.com. So, Neha, over to you for closing remarks, if any. Thanks a lot. Thanks a lot, everyone, for joining us today. Hopefully, we were able to give you some good understanding and answer some of the queries that you had. In case there are any follow-up questions, as Devanshi mentioned, please feel free to write to us at investor.relations@tracxn.com. Right. Thanks again, and hopefully you have a good rest of the day. Thank you. Thank you, everyone.