Good evening, ladies and gentlemen. Thanks for joining us today on the fourth quarter FY 2026 earnings call of Tracxn Technologies Limited. On behalf of Systematix, I would like to thank the management of Tracxn for giving us the opportunity to host this earnings call. Today on the call, we have with us Ms. Neha Singh, Co-founder, Chairperson, and Managing Director, Mr. Abhishek Goyal, Co-founder, Vice Chairman, and Executive Director, and Mr. Prashant Chandra, Chief Financial Officer. 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 it up for Q&A. Please use the raise hand option to ask the question, 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. A warm welcome to everyone. Thank you, everyone, for joining us today for the earnings call for the fourth quarter of financial year 2026. We are excited to present our results for this quarter. Similar to the previous time, in terms of format, we'd like to run through a short presentation covering the key highlights of this period for about 15 minutes-20 minutes, and then we'll follow it up with a Q&A session. A quick recap on our business for those who are joining us for the first time. Tracxn is a data and software platform for global private markets. If you look at the public market, it has created multiple large data companies, a lot of which are profitable cash-rich companies. As private markets are becoming large and important, it will also create similar platforms. In this space, we are building a global platform in this space. If you look at our customer base, it includes venture capital funds, private equity funds, investment banks, as well as M&A and innovation teams of large Fortune 500 corporations. It's a global platform. More than 1/2 of our revenue is international, with customers in over 50 countries. I would like to begin by summarizing the financial year of Q4 FY 2026 and the FY 2026 overall year. Revenue from operations was INR 20.5 crore for Q4 and INR 84 crore for FY 2026. On profitability, EBITDA was INR -6.6 crore for FY 2026, and PAT was marginally negative of INR 0.6 crore for FY 2026. Please note that these include all the non-cash expenses as well, primarily stock options, which we'll cover the adjusted view in the next slide. By segment, India grew by INR 4.7 crore year-on-year to INR 38.2 crore, while the international was down by INR 45.8 crore. Customer accounts grew by 19% on a year-on-year basis to 2,289, so volume growth continues at a good pace. Cash and cash equivalents stood at INR 89.2 crore. Please note that this is net of the buyback that was completed in H1 FY 2026. On this slide, we've provided the year-on-year and historical numbers for reference. We talked about EBITDA and PAT in the previous slide. Please note that those numbers included non-cash expense, primarily stock expense. Excluding these non-cash expense, the adjusted EBITDA was INR -3.5 crore for FY 2026, and adjusted PAT was INR +2.5 crore for FY 2026. Another metric that we like to share is what portion of the incremental revenue goes into bottom line. In FY 2026, we did not see margin expansion because we were investing in growth. If you see from the history, when growth accelerates, margin improves fairly quickly. Historically, we have converted as high as 80% of the incremental revenue into EBITDA. Once the growth re-accelerates, we expect this pattern to repeat, driving non-linear EBITDA expansion. Coming to expenses, our total expense for FY 2026 was INR 90.7 crore, which is an 8% increase on a year-on-year basis. On the right-hand side, we have given the FY 2026 expense breakup across the key components, which are the same as in the previous quarters. First, bulk of our expense is team cost, which accounts for about 88% of the total expense in FY 2026. Worth noting that our entire team is in-house, no outsource or contract workforce. The second-largest item was the cloud hosting cost at 3.1% of the total expense, as we do a lot of data processing and analytics. This was followed by rental expense. Another point worth noting is that we do not have a large paid marketing line item, either digital or offline, typically required for customer acquisition. Being a data company, we are able to produce a lot of content in-house, which generates organic traffic and lets us acquire leads without significant marketing spend. Coming to the volume growth, both customer accounts and users continue to increase at a healthy pace. We closed March 2026 at 2,289 accounts, which is 90% growth on a year-on-year basis. The number of users was 6,227 users, which is a 23% growth on a year-on-year basis. We continue to acquire customers at a fairly good pace. Moving to some of the other financial metrics. Free cash flow for FY 2026 was INR -3 crores. Cash and cash equivalents stood at INR 89.2 crores. Please note that this is net of the money utilized for buyback, which was completed in the first half of FY 2026. Moving to more details on our customer base, starting with the split of type. At the end of FY 2026, 49% of accounts were from the investment industry. This includes private equity investors like VC funds, PE funds, investment banks, family offices, accelerators and incubators, et cetera. 46% were corporates, primarily corporate development teams, M&A teams, innovation teams, strategy and sales teams, consulting teams, et cetera. The remaining were others, including education institutes, government agencies, and others. We continue to have a healthy split across the investment ecosystem as well as corporates. This slide is basically an expanded summary of the titles within the investment ecosystem and corporates that we work with. This gives us a large addressable market to tap into. As you can see, we cut across dozens of customer segments, which is why we've been able to build a vertical specialist team for each, a playbook that's working, and we'll cover that in the subsequent slides. In terms of geographical split, 55% of FY 2026 revenue was from outside India. Our customers span over 50 countries. Top five markets by customer accounts are India, U.S., U.K., Singapore, and Germany. A quick word on the broader market environment. In terms of overall market activity, we are seeing improvements in dollars invested. Having said that, deal volume continues to remain low at nearly a 10-year low, both in India as well as internationally. In late stage, you see a similar trend. Coming to the global M&A market, the rebound here is strong. 2026 YTD continues with very strong momentum. The current run rate suggests that 2026 could actually become the second highest year after the peak of 2021, both in terms of global M&A deal value as well as IB advisory fee. Moving on from the financials, I'd like to walk through some of the key highlights from Q4 and FY 2026, starting with India and international growth. Focusing on the India revenue, it continues to grow well for us. Over the last two years, revenue from India has compounded at 60% CAGR, with the customer accounts growing at 48% CAGR. In Q4 FY 2026, revenue from India grew at 15% on a year-on-year basis. Most notably, the growth accelerated meaningfully in Q4. As you can see on the right, the Q1 revenue growth rate came at about 5.1%, which annualizes to about 22%, well above the pace that we had seen on the earlier quarters. The first step-up in the growth came after we launched our vertical teams, and the more recent step-up has come from the additional datasets we have added, which were prioritized by the different vertical teams. This has also helped to cement our market leadership in the datasets that's most relevant to our evolving customer mix. Talking about the specific datasets that got launched primarily in the second half of this financial year. One big launch was around private company financials. This was one of the top-asked features by our customer segments, including investment banking, private equity. Within the last one year, we've increased the coverage by over 10X to make it best in class. We have wider coverage of financials of Indian companies more than any other platform in India or globally. There are a few other items listed on this slide that we can go through in more details. There are also some view-specific launches as well. For instance, for banks, we launched legal entity report with risk indicators needed by them for issuing loans, onboarding companies as vendors, et cetera. We added corporate tree structures for more than 60,000 entities, augmented the people database to have more than 2.6 million directors across India. The other segment was for the sales segment. We extended the pin code data to now have 2.7 million entities and augmented the key people and CXO data as well. Because of these dataset launches, you see that the growth rate has increased in Q4, and we expect that to continue or accelerate in FY 2027 as well. Coming to the international, the playbook that has worked in India, vertical teams, augmented team, is now being rolled out in the international geographies as well. Once these become live, we expect the growth rates to improve, which should bring back the overall growth rate to be better. On the dataset expansion, we are aggressively scaling our datasets and offering for the international customer segments. Some of the key developments include, for instance, in U.K., the private company financials expanded to more than 4.6 million entities, which is a 14. In U.S., the company coverage increased by 45%, transactions grew by 5x to 1.2 million. Headcount data now span more than 850,000 companies, which is 8x in two years. In other geos, we launched financial reports including Germany, Singapore, expanded financials to over 20 countries, and cap tables to over 15 countries. Looking ahead, we have a good pipeline in the coming quarters, including revenue valuation, CXO datasets in U.S., and headcount data for Europe. To summarize, we expect that the India growth should accelerate further following the launches that we have done in Q3 and Q4. On the international front, we expect rebound to play out from Q1 onwards. Moving on to our next initiative, which is scaling our sales and marketing teams. One of the key initiatives is scaling our GTM teams primarily across the sales teams. As you can see, our GTM team has grown both in terms of absolute size as well as a percentage of the overall headcount. Sales and marketing now accounts for nearly 30% of the total headcount, which is up from 23% in FY 2025. A meaningful shift towards sales-led growth. At 30%, we are bringing the sales and marketing density closer to the mid-range of the peer benchmarks of B2B information services company, and we expect this ratio to continue to scale a little bit more as the sales team grow in size. Building on this momentum now that the vertical sales playbook is working and our outbound conversions have improved following our dataset augmentations, we are scaling our sales team further. We had about 34 closing sales team as of end of December 2025, and we plan to nearly double this to 60 at the end of this calendar year, which is December 2026. These include teams serving India as well as international geographies and the India-based teams, which are essentially doing sales for the international geographies. Additionally, our sales partnership, for example, with TMX will help us penetrate enterprise accounts. We expect this expansion to drive meaningful growth in the new customer acquisition. Moving on to the next initiative, our specialized vertical teams. These are teams, if you remember, we had set up across the key customer segments, and we continue to see very good results across these segments. One segment that's going well for us is, after we have launched our vertical team for, is that of investment banks. In FY 2026, the India IB revenue grew by nearly 20% on a year-over-year basis, while the India accounts grew by over 40% year-over-year. We have been gaining market share with logo penetration growing on a month-on-month basis, and internationally, the accounts grew by over 35% on a year-on-year basis. Another segment that is showing strong traction is corporate sales, which is a specialized team focused on corporate users for lead generation, market analysis, comps, business development mandates, et cetera. In FY 2026, accounts overall grew by 35% on a year-on-year basis. In India, the accounts grew by 45% and the revenue grew by nearly 30% on a year-on-year basis. In addition, we have vertical teams across other segments, including universities. In FY 2026, India customer accounts grew by over 55% with the revenue up over 60% year-on-year. We are now working with many top logos, including IIM, IITs, ISB, XLRI and others. Five out of the top six IIMs are our customers. We've also been able to include Tracxn in the coursework of many of the top universities like IIMs and ISB, which is building a long-term mode for us. Startups is another segment where we continue to see high volumes of inbound. In FY 2026, India grew by over 45% with the revenue growing by over 20%. For accelerators and incubators, we're bringing in grants data to the platform, which is helping incubator portfolio companies access government funding and other support. To summarize, the playbook of vertical teams by customer segment continues to work well for us. Moving on to the next initiative, which is a new one, which is AI native access to Tracxn data. A lot of our paid customers have been asking us how they can access Tracxn data in their AI native workflows, and we also see this as a new distribution channel. In this regard, we have launched two things. One is we have launched Tracxn Connector for Cloud. Paid users can now access reliable real-time company intelligence from Tracxn's proprietary database directly within their cloud and their AI workflows. Note, this was launched after the close of FY 2026, this isn't reflecting the year's numbers as yet. Second, coming soon on the platform itself is an AI chat-based assistant for data querying, along with more complex tasks like company due diligence, competitive landscaping, market analysis. This is currently in private beta and getting launched very soon. Together, this will make our data significantly more accessible within customers' AI native workflows, enabling us to embed more deeply within the customer workflows and over time, become a meaningful revenue segment as well for us. Moving on to the next initiative, which is expanding the regulatory coverage. Our coverage of regulatory data on private companies across geographies continue to expand rapidly. Starting with company financials, we've grown the coverage by 9X in slightly over a year. We now have 2.8 million companies with revenue data and 6.7 million companies with detailed financials across over 20 countries. Next is cap tables investor user to track shareholding valuations, price history of private companies. We've grown the coverage by nearly 11X in a little over two years. Now tracking over 770,000 companies across over 15 countries. Another example is our legal entity database, which was launched three years ago. Today we cover over 66 million entities across markets including U.S., U.K., Japan, India, Australia, and Brazil. Since most of the regulatory data anchors to legal entities, we continue to augment datasets, including loans and charges data, patent data, legal case, and trademark, and more. This helps us deepen penetration in both new as well as existing customers. One point to note across all this is that we've been able to add these datasets at this pace without significant increase in the headcount. Which is a strong testament to the level of automation and intelligence that we've been able to build in our infrastructure, which enables us to scale these very efficiently. Moving on to some of the other key highlights for PLG and customer acquisition. First, organic search traffic. We continue to see high and increasing volumes of organic traffic. In FY 2026, this drove 26.2 million visits, organic visits, which is nearly 3x in over three years. The top five countries by traffic were India, U.S., U.K., Canada, and Germany. Second is Tracxn Lite. We have launched this for product-led growth to drive platform awareness among our potential customers. Users get access to a full platform with usage limits. In three years since launch, we have 285,000 sign-ups. This helps us build a very strong acquisition pipeline through organic sign-ups, users hitting credit limits and upgrade requests, demos, and more. Another initiative that we've mentioned a lot is press mentions. In FY 2026, we had over 4,000 press mentions, which is a 40% increase on a year-on-year basis. We had partnerships with funds and prominent media outlets including Kalaari, CXXO Report, ET, Top Soonicorn Report, ET Startup Awards, the Bengaluru Innovation Report 2025, and more. We've also expanded internationally with brand mentions across media outlets including Forbes, Reuters, Singapore Business Review, and others. All of these help to build our brand as a data company and help in sales conversions. To summarize some of the key growth initiatives that you can expect to see in FY 2027. On the India front, last quarter we had mentioned that we expect that the growth should improve, which is what had happened in Q4. We have cemented our lead in the private market data, which is now also best-in-class in financial coverage as well. We are gaining share in new segments like corporate sales, banks, financial institutions on the back of the augmented offerings that we have added. The impact that we saw on Q4, Q1 QoQ in growth rate increasing to over 5%, which is annualized to more than 20%, is primarily due to the dataset augmentations that were done in Q3 and Q4. Additionally, another thing that we are doing in the coming year is scaling our sales teams. Vertical team is working well for us, and sales conversions have improved. We are doubling on our closing sales team in India. We'll grow this from a team of about 25 at the end of December to about 40 at the end of this calendar year. As a result of both of these, which is dataset launches as well as doubling our sales team, you can expect that the growth should continue to accelerate from here. On the international front, major dataset investments are underway, including valuations, revenue data, especially in the U.S., and CXO data in U.S. and Europe. Some of it is launched, there are multiple other launches also planned for FY 2027. In parallel, we are also doubling our closing sales team here, which is from less than 10 people to about 25 people. This will also be complemented by the partnerships, we expect the uptick to start happening from Q1 onwards. The third is AI-native access to Tracxn data. We see this as a new distribution channel for investors to use and consume our data. In this regard, we have launched a connector, MCP connector to Cloud, and secondly, we've launched an AI assistant on the Tracxn platform and are also doing partnerships with AI-native platforms. We expect that this segment should start contributing to revenue from this financial year onwards. On the regulatory data front, we continue to deepen our coverage across financials, cap tables, transactions, LP data, and other private market datasets. Overall, we have a strong set of growth initiatives in place. We expect FY 2027 to show the impact of these investments, both in terms of improved growth and expanded market share across the key segments. In the subsequent slides, we've also added some of the other key metrics. This covers most of the updates that we had, and you can probably refer to some of the other metrics in detail later. With that, I'll pause, and I'll pass it back to Sidharth for Q&A. Thanks, Neha. I'll be coordinating for Q&A. The first question we'll be taking from Jignesh Shah. If Jignesh can unmute yourself, you can speak up. Thank you, Neha. We can move on to the Q&A session. Participants can raise their hands or write down the question in the Q&A box at the bottom of your screen. Once we call out your name, you can unmute yourself and ask your question. We will wait for one minute now. Ritika, do we have a first question? Yes, Sidharth. We can take the first question from Jignesh Shah. Yeah. Over to Jignesh, and Ritika will take over from here. Yeah. Jignesh, you have a question? Hello. Are you hearing? Yeah. Yeah. Hi, Sidharth. Hello? Yes, sir, we can hear you. You can start your question. Yeah. She can hear you. Yeah. Neha, congratulations, first of all. You are trying your best. We want to know about your international penetration or your efforts. Can you throw some light regarding the international market? Right. Yeah. For sure. Actually, in the context of both India and international, one of the things that has worked very well in the India region, and then we are replicating that for the international region is basically prioritizing some of the customer segments. If you see, VC as a segment which was probably one part of our key segment maybe a couple of years back, both in India and international. That segment was probably most impacted after the market slowdown which has happened. In India, what has actually worked well for us is that the other segments, though VC actually is still flattish, the other segment are actually doing well for us because we were able to expand our offering in some of the other segments, primarily investment banking or corporate sales and some of the other segments. We were to augment our offering to basically also have our penetration deeper into these segments. Right? If you see, these are the segments that are actually growing well for us, which actually takes the overall India growth rate also high. Right? This is a similar thing that we are also replicating in the international market, which is the key segments, which is investment banking, private equity, and corporate sales, I would say. Right? Augmenting the offering, in addition to what a typical private market investor needed, augmenting our offering to also have higher conversions in this segment. Right? Once basically these start growing, then we expect that the overall international growth rate should also improve. Yes, Neha, according to your latest PPT, U.K. financial data expand around INR 4.6 million, right? U.S. company coverage around YY 45%. Funding transaction grow also, you have mentioned 5x to INR 1.2 million. U.S. count data expand also at 850,000 companies. From all these point, as India, how you will start to revenue generate at breakeven point or something else, or still there is a pinching regarding this EBITDA level for a year or whatever something? Right. For instance, in India, for instance, a couple of datasets that were sort of requested a lot by these customer segment. One was just the private company financial data, right? That is one thing, for instance, that we augmented. We actually sort of increased the coverage within probably a couple of quarters to actually make it best in class now in India. Right? The other thing is, for instance, in U.S., the datasets that is getting prioritized is basically your revenue, your actual revenues, revenue estimate, and valuation data. Right? That is also coming live soon. Right? These are the similar customers, the dataset that we are also augmenting in the U.S. and U.K. geographies. It's not just the few segment, the data points that we mentioned, it also has to sort of go along with the other things that we mentioned, which are in pipeline. Once that sort of starts getting live, then we expect that we should start seeing more impact in the numbers as well. Okay. Thank you, Neha. I will come later on the joint. Yeah. Thanks a lot, Jignesh. Thanks, Jignesh. The next question will be from Praneeth Bommisetti. Praneeth, you can unmute and speak. Hi, management. Am I audible? Yes. Hi, Praneeth. Yes, you're audible. Thank you for the opportunity first. One thing I wanted to understand in terms of the IB in M&A, you mentioned that it's just a turnaround likely to happen right here this year, because right now the projections seem high for the full year. Does this mean that? Hello? Praneeth, your voice is breaking. It is not audible right now. Maybe we can take. Yeah. Really sorry. My connection got cut. Can I speak? Yeah, sure. You can go ahead. Yeah, I was wondering, you mentioned that IB in M&A seems to be getting back on track. Does this mean the decline stopped in those international markets and can we start expecting growth from these segments? What do you see? Usually before the transactions happen, buying software, like I said, using more of it is likely a lead indicator for this happening. Do you see that happening? Can you just give some idea on that? Just to add, for a few segments we have, for instance, investment banking, we have seen some turnaround happen. We expect that the growth should increase once we launch some of those things. Yes, on an average, I think for some of the segments, we are seeing sort of growth coming back, which includes your investment banking, your corporate sales as a segment, both internationally, where we have seen growth starting to happen. Do you think it's because the salespeople get employed or it's just because the market started turning around? I think two things. One is the sales team. I think there are three phases. One is your vertical sales team, which actually does very focused outbound and engagement with those customer segments. That was the phase wherein we saw first improvements in the conversions and the numbers. For instance, IBs live in U.K. and in U.S., those teams are live. The second is improvement in conversions we have seen when we actually augment the datasets, which is just primarily for these segments. Because they were a smaller portion of our customer segment, now they're actually going to become larger. We're also prioritizing some of the things based on to improve conversion. The second thing that we are actually seeing is once these things become live. The third thing that you'll see next year, which is basically scaling the sales team overall. Which is just doing that. That is planned for FY 2027. As I see it, the customers are increasing and everything seems to be this thing, but the pricing, I think, is taking a lot of hit. Over the years, we have maintained similar revenues, but internationally also, I think our pricing is getting affected. Do you see further degrowth in terms of our pricing, or do you expect it to stabilize at these levels? Yeah. Actually, interestingly, that's a good question. Interestingly, our prices haven't. Our ASP has reduced, but our pricing within the customer segment is actually not reduced that much. To give you an example, today our ASP is about INR 4 lakh per account per year, which is slightly lower than INR 5 lakh last year. The main reason is actually change in customer mix. Not our ASP going down. Because there are some segments, for instance, your IB or sales, which have lower ASP as compared to, say, investor as a segment. These segments are growing. It's mainly triggered by the change in mix that is happening. Within a particular segment, if I take up like a VC or a PE, it's not that the ASPs are changing a lot. In fact, for some of the segments, like the early segments, you're also seeing improvement is there. Within the segment, it has not changed much. It is mainly the mix which is happening. Got it. Apart from IB, do you see the VC turning around? Still I think that's still be a distinguishing factor, even though we put a sales team and everything, their results will still be based on the market turning around because no one is going to start buying us in a down market or without transactions happening at the end of the day. The results will only in that case. Right. Currently what we are planning is actually even if the market remains like this, we should be back to our growth trajectory. That is what we are working towards. We want to basically reach to like a more than 20% sort of growth rate. Currently, even if the market remains the way it is, we are still building for us to be able to grow because of change in customer mix and prioritizing some of the other segments and working with some of the customers like launching AI native data consumption so that there are more avenues that people can actually use that. If that improves, that's great, but right now we're not banking on that. Got it. Did our partnerships with TMX, [alone is also far like, did we generate any revenue from this partnership? They're still in the pilot stage and yet to be seen. No, we started generating revenues from that. Though they're small and we expect that to increase. One of the best part about working with large players like this, and they are a fairly large data platform, the largest exchange in Canada having a very entrenched sales network in North America. One of the best things about working with players like this is that you are also able to penetrate in the larger enterprises. You're also able to, because of the fact that the networks are already there. We're also able to penetrate into larger enterprises. We've had discussions with that. I think we are also working with some of the large enterprises and doing a POC and working with them to do that. Once we see sort of momentum on that one, then obviously that'll be more interesting. Having said that, we are fairly excited about that. Do we have any more in the pipeline for the year in terms of partnerships? In terms of partnerships? Yeah. We are working on a few, and once that closes, we'll probably also announce that. Usually when you start with these partnerships, how long do they take for them to set in stone? I understand it's maybe a lot of back and forth understanding the negotiation, whatever it is. How long does that take to start? Yeah. I think with any large player, I would say, it takes up at least one to two quarters to close and launch because obviously, you are working with a large enterprise. Having said that, there are a lot of large ones that we have known over time, and we are talking. Yeah, typically for the larger ones, it takes us anywhere between one to two quarters. Got it. Going forward in terms of new products, I think we've introduced new CXO datasets and all of that. Will it be just a part of our extra modules as we keep pricing our product better or will it be, let's say, a separate monetization strategy altogether for these? I would say both. One is obviously this is an augmented dataset that our customers get, and especially some of the customer segments which have been requesting, there we expect more conversions to happen. The second thing is for a few of these segments, we are also adding more pricing tiers. For instance, we are starting metered pricing. Based on the number of usage. It's a little bit of usage-based pricing that we are also launching for these segments. Understood. Right now, as I see it, we also have a product, probably like a la carte menu. Also, we can buy individual reports and all of that on our website. What kind of individual, let's say one-time purchases contribute to our overall revenue versus, let's say, annually? Yeah. That's a great question. Right now, we launched that. Right now, I would say still single-digit percentage, but that has grown well for us. This was anyways the data that we had and making it available for people to buy in bunch, and set. It has also helped us to tap into newer segments. For instance, the way banks, for instance, are used to working in this. Whenever they want to issue a loan to a corporate, they have to do some KYC. They have to get some docs and do some checks and balances and risk assessment based on the regulatory data of these customers. That's a necessary step, which is there, right? Thanks to these launches, we have also been able to penetrate into these customer segments, and that's also one segment that we expect should grow. Right now, it's a single-digit percent only of the overall revenue. Do you think this can be a large contributor because it will be much more a disciplined market, right? Like, as a product, can this grow or has this happened internationally? How does the strategy work with this? Right. This is also a segment wherein you have players in India, you have players in some of the other countries. It is very in line with what we are doing because we're anyways building our data. It is basically reselling, repackaging the same data that we are producing for a different customer TG. For us, it is actually very synergistic to actually leverage that and offer to a customer segment, and this is also a very large segment, which over time it can become. It may not be the top three segment, but it can definitely be among the top five customer segments that might eventually happen because even if you look at sort of global companies in this space. Understood. In terms of coming to our cost, let's say in terms of ESOP expense, will it remain in the similar percentage points, or is there any chance of going down in the future? We expect that it should remain in the same similar range as what it has been. It has been fairly range-bound in stock charge because of the way things are structured. It should remain in the same range. Understood. Got it. In terms of sales team, I think we have large plans of getting, let's say, to 30%. Do you think 30% will be the peak, or do you think we'll go further than that in the next two years? Yeah. That's an interesting point. One of the things that we are actually doing is, if you look at the GTM team overall, which is your sales and marketing, sales support, everything, it has grown from about 23% overall of the headcount to about 30%. If you look at typically your enterprise SaaS companies, they range anywhere between 25% to even 40% on the higher end. That is the range that we sort of also aspire that, once you start having a good conversion, etc., then you have a good percentage of your headcount and just basically sort of going to the market. We are also scaling the sales team, so probably It's a good percentage to have firstly, and then you might see sort of go up a few percentage points. Do you see, how long do you think it'll take for them to start converting into actual sales? Because probably there'll be training and other things, right? When do you think they'll start converting? Typically, our sales cycle are sort of fairly short, I would say. It's not your typical large enterprise sales cycle. It's typically, say, once a salesperson becomes productive, your sales cycle is anywhere between one and a half months to two months. Typically, a salesperson takes maybe one or two. Within a quarter, they are typically, in the next quarter, basically, they're expected to sort of be in line with the typical closure requirements of a salesperson. What would that be typical closure, like usually mandates for those? It depends by the different customer segments. Each TG have particular conversion. Typically, for instance, we are scaling the sales team in the verticals wherein you have higher conversions. Your average is about, say, 15%-20%, in some segments, you are even having 30% or higher conversions. You're essentially scaling in those segments wherein we have already seen good conversion percentage. In terms of, let's say rupee amounts, let's say if we were to pay INR 1 lakh or INR 1.5 lakh per month to the specific salesperson, what kind of return, like in terms of revenue, will it contribute to us? Right now, in our set, actually, the break-even that a salesperson has is not a very long duration. It happens in a fairly limited amount of time. What we focus on is basically, whenever you have different customer TGs. You have different segments, we track basically your demo-to-conversion. What's your demo-to-closure percentage? As soon as it starts crossing a particular level, we know that we can actually double the sales team in those segments. It has to be backed up by obviously a little bit augumentation and offering, etc., which is sort of required. To give you an example, sales is a very good segment. We already had, for instance, the private market data for the private market investors, which is also very relevant for sales team, because for sales team, they actually get very targeted outbound. Like if a logistics company wants to do outbound in B2C brands, they're able to actually get that list of B2C brands in a very curated way that they're not able to get across any other platform. Right? That is what is the value, which is there. Once we started tapping into that segment, it was not about just going behind that segment. It is also adding a few things, right? For instance, one of the requests that we got from the large enterprises is that the way my sales team is divided is by pin code. I also need pin code data to be added to these, right? That we were able to add in a few months. We also need more contacts, right, who's the right person within a thing. That we are sort of augmenting. You also have to do these two, three other things to then increase the conversion very meaningfully. Right? I think the two steps have to be done. Once you see that conversion is crossing, then it's easier to double those, right? Got it. Let's say in terms of corporate, I think it's a huge opportunity and most of our subscription, a lot of our money's coming from there. Do we see it expanding in terms of these MNCs, especially these large corporates? Let's say most of our investment size industries are much smaller in terms of numbers compared to, let's say, corporate, where you can probably sell 1,000 accounts at once. Are we targeting any large accounts like these, or how do we go about that? Yes, definitely. Right now, corporate has actually grown to more than 40% if you look at our customer base, right? That is a segment that we continue to invest in. When we are selling to these corporates, it includes the large corporate as well. We have a separate team to actually just sell to the enterprise corporates, because obviously the amount of growth that you can have in these is much more than the other. Yes, that is definitely an area of focus for us, and we believe that should, over time, become a large segment for us. Got it. Right now, I think, so you mentioned that 20% we probably will go. Do you expect that to happen during this year? Do you see India contributing most of it, or how is it going to work for this year? We've had this growth for the last four years you wanted to do. Yeah. India should actually start, as you can see, actually at the end, the growth rate has become even better. That trajectory we expect, that should continue in the subsequent year because we have made investments that is working out very well. We've seen the proof point of that. Now we're also next year scaling the sales team. That should be fairly interesting, and we expect that growth rate to accelerate. We are also working obviously in parallel to basically improve the international growth rate. You should start seeing some impact from Q1, Q2 onwards itself. I would say the meaningful impact will also come in once we have those launches which is probably maybe in the next couple of months, which is coming up, right? You should see some improvement, but I think you should see more improvement once we add those things in the coming months. Do we see at least breaking even this year? Is that a possibility? Hopefully, yes. Hopefully, it should look better. Understood. In terms of public market also, I think we also have information for public entities. Won't adding it also make the, let's say, total addressable market also bigger? I'm just wondering in the terms of that. Yeah. No, that's a great question. Obviously we see the opportunities of the private market and the corporate, those are very adjacent to the dataset that we have. We are also adding public market data, and you will see that's actually getting launched this quarter itself, which is mainly for private market investors who are looking to benchmark using the public market data. That is getting added. We haven't targeted the public market investors per se. Maybe we will have a few modules which is there, right? Because this market, we feel, is a lot more under-penetrated as much as the public market platforms are. Understood. Just one last question. When we added a few people during the year, when was that? Was it during the last few quarters that we added? I was just wondering, we added INR 5.5 crores, I think, about in terms of employee expense for the year. I was wondering, was it through the end of the year, or is it mostly for the first half? Yeah. It was primarily, I would say, in the last two quarters that some of these people were added. Got it. In terms of employee expense, where do you think we can end up at in the next, let's say, three years? I understand we've been rightsizing. Again, it's been a journey with us. We've been reducing some area, adding some area. Let's say in three years, we want to grow at 20%, how would? Right. What we have actually mentioned is, for instance, if you look at historically, our expense has grown at single-digit percentage, right. Between 5%-10%, that's what it has grown. Even going forward, we expect that it should probably be in the similar range, right. Single-digit percentage, which is there. If you look at our headcount, which is probably the largest part of our expense, though we are adding salespeople and the other things, there's a lot of efficiency which is also happening in the data production because a lot of automation, right. If you see, like we talked about earlier that, if you look at our DataOps team, that has actually shrunk. Last year, it shrunk by about 20% in terms of that headcount. Having said that, obviously we are investing in growth, and we are investing in some of the other things. You'll probably see the cost go a little bit, but in our case, it's been fairly range-bound, right? It has been typically single-digit percentage at which it has increased, and we expect that trend should probably continue. The only reason I ask is because, see, without us growing by 10%, our costs will also catch up usually. Even though we are breakeven, if we don't grow our revenues, let's say by at least 15%-20%, it won't make sense because we won't end up making any money. Just wondering in that perspective, where can we end up in, let's say, three years? Our costs seem to be growing high. I understand we're doing a lot of- Right experiments right now, most part. Could you explain what kind of more experiments would we need to do? If those don't pan out, can you also cut down on the workforce? I think making money will be first priority also as a public entity. I was wondering in terms of that. Right. No, that's a great question. See, we are very mindful about how we are scaling, and we are very thoughtful about how we are investing across all these units. In our case, actually, as soon as the growth rate sort of crosses a particular one, your margins improve fairly in a nonlinear manner. Your margins improve in a fairly quick manner. To give you an example, within one year itself, we were able to increase our EBITDA by INR 15 crore in one year. That's also feasible to do. In our case, for instance, we are obviously investing in some of the engines which we believe will help drive growth. It takes some time to sort of build that out. We've been sort of fairly conscious or cognizant, I would say, in terms of cost scale-up. It has been sort of fairly thought through, I would say. We see that once that catches up, we should be able to increase the bottom line at a fairly faster pace. Hopefully it should happen within the next three years or so. I understand that because most of our cash reserves didn't come down, and we've also been maintaining overall profitability to an extent. We didn't raise it. I understand all of that. Just wondering, because the PAT has been wisely generated, at least without other income and other factors. In terms of core business profitability, I was just wondering when we'll reach, because despite market softness, we have not able-- Like with the IT industry, I was just wondering in the next three years, where do you think we might end up at in terms of, let's say, revenues or profitability wise of it? Right. Right. What we are sort of, as we alluded to, how we are thinking about the sort of different growth engines that we are doing, then we believe we are fairly well geared up for FY 2027, right? On both the segments that we mentioned about India and international. We are investing in that, and because of the fact that the business is very high gross margin, right? The profitability actually increases in a fairly quick way. That we are lesser concerned about because we are sitting on a sort of good cash reserve, which is there. We did buyback also sort of in the first half of this financial year or the previous financial year, right? There's a good cash reserve that we are sitting in, and That's not so much of a concern for us. Got it. Do you think 20% will be a conservative number, or is it a good enough, fair enough estimate? We are gearing for reaching that at the overall level soon. Right? Got it. Thanks, Praneeth. We have a few more people in the pipeline. We'll come back to you later. Yeah. The next question we'll take it from Abhinav Aakash. Abhinav, you can unmute and speak. Hi, Neha. Can you hear me? Yes, Abhinav. We can hear you well. Thanks for the chance. Great performance in India. I wanted to understand the public market data also you are going to focus. How big of an opportunity that would be, and can it be bigger than the current opportunity as well, like total? Right. Got it. Thanks a lot, Abhinav, for the question. Just sort of connecting, we are adding public market data, but we are not focusing on public market investors as a segment because obviously, they require some more nuanced data. Right now, a few of the queries that we get from our customer segments are, for instance, like an investment bank, they want instant comps, right? For any company. We have a very good list of comparables, right? For instance, if you are looking at a company in food delivery, we are able to give you sort of all the global companies in that segment, and that's for all the large private companies as well. Right? This is something that we get requested a lot by the IBs or the PEs, right? These are the models that we are launching, which is using public market data to help the current customer segments that we are working with. Right? That is one thing that we are working on. For the private market investor, currently, it's not so much in focus because we believe that obviously that's a more well sort of catered-to segment, right? Currently, our focus is on private market and corporate. The reason I'm asking this is I have explored Tracxn platform for researching public companies and what their private competitors are and what they are valued. As a public investor, I feel that data is very valuable, and there is no other competitor who is providing that. That's one reason. You can even actually tie up with third party or Groww, Zerodha and probably give the data access the way you are giving to Parallel. Right Probably we're sitting on a goldmine there. No, thanks a lot, Abhinav. That's a great suggestion. I think we will probably look into that. We probably got some requests for that, but I'll see what can be monetized in that. Second question, at this valuation, we are at INR 300 crore valuation, and we have around INR 180 crore, INR 190 crore cash itself. We are at a very low valuation. Is there any chance for doing buybacks? Because it's a very low valuation considering the cash flow we are generating. Right. No, I think we also feel that, and in terms of your buyback and dividends, I think we had done our buyback last year, and then we'll probably be eligible for doing another buyback soon. Probably once that window opens up, we would be, as we've mentioned, that we would want to keep doing buyback because we believe that this company is able to generate a lot of cash and until we are able to give dividend, obviously, because we have accumulated losses, buyback is a great way to have some sort of use of cash in addition to all the investments that we are also doing. Yes, to answer your question, we would definitely consider that once we are eligible to do another one. Also one question I had is the way you're presenting the data, even though there are a lot of segments growing, a lot of segments falling down, the overall result looks flattish. The way we want to evaluate as a sum of parts method, so if we can get different segments data, like IB data, how it is growing through the years. Yeah The PE data, how it's growing through years. We might be able to evaluate differently, so rather than the data looking flattish. Sure. No, thanks. That's a good suggestion. I think we started giving India internationally, obviously, one thing, because overall, you don't see the impact, but actually, there are a lot of things which are working, and in that, which is sort of growing. We started giving that on a consistent basis. We'll also give some of these other split over time. We've been talking about some of the segments, like your vertical teams consistently for the last few quarters, and how they have been growing, and they continue to grow. Obviously, probably over time, we'll keep adding some of these metrics. Nothing else from my side. Thank you. Thanks a lot, Abhinav. All the best. Thanks, Abhinav. The next question we'll take it from Kalpesh Patel. Kalpesh, you can unmute and ask your question. Am I audible? Yes, Kalpesh. We have been very personally, you can say, we have a high respect for you people, both of you, and you have been driving this company. Lately, we are turning very skeptical the way our investment has turned out. Can you guide a clear-cut, whether we have a very clear-cut path of growth looking to down the line two, three years, or how, whether this AI would turn out our proprietary data into a commodity? If you can add, that would add to our confidence. Got you. No, thanks, Kalpesh, for the question. See, coming to that's why we have also started giving you some of the splits, and there is good amount of work that is going on, and we see a lot of things which are working, and we see it more predictable path for the other ones. Obviously, sometimes it takes longer. Our market, for instance, has gone through the worst, right? To give you an example, like the deal volume today, continues, is at a 10-year low, right? That is obviously, it's there. Despite that, we have been able to augment some of the other segments, we've been able to change some of our customer base, customer mix, right, and been able to get the growth back. It probably takes us some time to replicate that in the other geographies. I think for us, we believe that if you break it down into two parts, like India, that growth rate should continue, right? Hopefully, you should see some acceleration in that, and internationally, you should start seeing better in one or two quarters itself. Yeah. Am I audible still? Am I audible now? Yes. Yeah. The follow-up question what I would like to ask you. See, we want to see the cake, where is it baked. Actually, from last seven, eight quarters, I think we have been- Right growing into INR 20 CR, INR 21 CR kind of revenue. Right. Similarly, we have seen other companies also where in this revenue has stuck. They have either complemented few more segments where in the revenue can be generated. Are we exploring other segments to generate revenues for the company? Yes, to answer your question, yes, we are. To give you an example, in one of our key segments, I would say within private market, that VC segment was impacted, which used to be a large segment. We have actually increased focus on some of the other segments, like your corporate sales, which is a very different segment from an investment bank, from a PE or private market investor, investment bank, right? These are the segments that we have also started focusing on, which are actually doing well for us. Right. That is why you see, for instance, that the change in the mix is what you see the reason for growth in India as well, right? That's what is sort of also getting replicated, right? To answer your question, yes. We have actually prioritized some of the other segments, which used to be probably in the store for us, but now are, because of the fact that we also augmented our offering there, they are doing well for us. We expect that those segments should grow over time as a percentage of overall segment. See, what I'm looking out, these are the subsets of segments. I'm thinking of complementary to this data, what we are doing, what we are giving to customers or clients. Other than that, any research-based or are we going into different activities to boost the revenue? If not segments, I'm talking of other avenues of activities, what we can complement to our set of businesses. Right. Yeah. That's a great question. Yeah. Got it. That's a great question. In that respect, actually, just to answer that, there is one bucket of segment that we are actually going more deeper into, which is actually selling the data into different ways, right? To give you an example, one is your whole AI-native way, right? For instance, we launched that you can now access Tracxn data in Claude, et cetera, that you are working on. We have also added a chat-based interface, which can do more agentic work, right? Which can actually do more deeper workflow integration. This is actually available at a different sort of pricing, right? Which is not part of this subscription, but is actually a different product, right, which is built on the similar data, right? The third thing that we're also doing is partnering with some of the data platforms which you can actually have Tracxn data in various other formats as well, right. That is another initiative which is also there, and we believe that in FY 2027, that should actually be a percentage of revenue as well. Right. It should start contributing in the revenue from this financial year onwards, which is basically Tracxn data, proprietary data, being accessible in your AI-native workflows across these platforms. Okay. Any inorganic growths we are looking out or in the cards? If you cannot name it, you can just give a broad guideline. Right. We continue to evaluate opportunities right now. There are a few interesting opportunities that we are probably seeing. It doesn't look like imminent, but that's definitely some area that we continue to explore. Thanks, Neha. Good luck. Thanks, Sir. No problem. Thanks, Kalpesh. The next question, we'll take it from the Q&A section of the chat box from Neil. The question is divided into five parts. The first question is, if international IB accounts is growing, can you explain what segments in international accounts are we seeing de-growth, and bifurcate de-growth between pricing and accounts? The second question, can you bifurcate number of accounts. Sorry, yeah. I'll probably take up that. Thank you for that question. Actually, the segment that is impacted is the same, right? Like we talked about, which is your investment bank, which is your VC as a segment, which because of the softer markets in there, that we've seen impact. That's both India and international, right? Even India went into growing at a higher rate. That segment is still probably flattish for us, right? That is the same segment that is probably getting impacted internationally, while some of the other segments where it's growing. In that segment, you also see some of the funds shrinking in size, some of the funds cutting headcount, right? You also see a lot of those things which is happening in that segment, and that's the impact that we also see, right? That's probably the segment that is impacted most, and the other ones which is like the IB and the sales that we talked about are the segments which are doing better than this. The next question is, can you bifurcate number of accounts between India and international, and growth, de-growth number? In terms of the India/international, we have given the revenue split. I don't think we have given the account split. Just to have some sense, obviously, the India ASP is slightly lower than your international ASP. India ASP would be probably about half. Say, if our average ASP is about INR 4 lakh, India would be lesser than that, and international would be double of India. Okay. Next question is quantification of Tracxn Lite conversion to Tracxn paid users. Right. In that sense, yeah, we can probably take up the other questions as well, Ritika, together. The question four is Q4 India accounts growth. Question number five is the pricing trend between India and international. Sure. Yeah. Neil, just to answer on those. Tracxn Lite is like a big funnel for us. We are seeing sort of good leads from there in terms of the upgrade requests, et cetera, that we get. We are also able to prioritize which segments are getting most engaged with us organically, and then we can also do outbound in those segments, which also helps us to find out the engaged users, go behind them, right? That's a good, great funnel. There are a lot of other initiatives that we are also doing to engage with these customers. The exact numbers, we don't track yet. Overall, in all the segments, this is a good PLG acquisition channel for us. In terms of the pricing trend, India international, I think, as I was mentioning, your international ASP is essentially double of the India one. The India ASP has, the overall ASP has changed not because the pricing is basically changing, but the customer mix is changing. More about that. Some of the segments which are probably at a lower price point, they are doing well for us, which are at a lower price point than an investor. We see that. If you see that the ASP change on a QoQ basis, that is actually sort of converging more. We expect that to be more in the range bound sense. Thanks, Neha. The next question is from Matthew. Matthew, can you unmute and speak? Yeah. Hello, am I audible? Yes. Yeah. I have one question. Like in Q4 FY 2023, we had around 3,200 and something users. 3,227 or something. Now we have around 6,200, roughly double. Even the dollar has appreciated. Let's say our international payments are in dollar. Dollar has also appreciated around 15%-20% in these three years. Our total revenue will be number of users into revenue per user. With this calculation in these three years, either the revenue should have grown. The only other explanation is that the number of, let's say, revenue per user has halved. Right It comes with a lag. From the last one year, at least I'm seeing accelerated increase in the number of users. Even the lag should be completed in this period. Yeah, that's my question. Right. Price dependency. Yeah. Yeah. Thanks, Matthew, for that question. As I was mentioning, yes, the ASP, for instance, earlier per user, as you're saying, currently it's about INR 1.5 lakh per user per year. Which probably used to be about INR 2.5 lakh per user per year. There has been a change in that. That has been primarily driven by the change in customer mix. It's not that the same users are getting added at a similar price point. The segments that we are prioritizing, for instance, your sales as a segment, corporates as a segment, they have a slightly lower ASP as compared to your earlier investors. That is why you see that the overall growth rate is there. Having said that, I think what we see is that, in all the segments, actually, we are sort of growing. If you are growing, for instance, in 20% in IB India, the number of accounts are growing at double that. The number of accounts are growing at 40%. Whichever segment wherein we are seeing your user growth more than your account growth, more than, say, 30%, 40%, in all those segments, we're also seeing sort of revenue growth. What we focus a lot is, obviously, within a particular segment, how do you sort of increase your market share over time? Over time, what we have seen is that it's easier to grow your pricing over time. Okay, got it. One more question is that, is there any way that, let's say individual investors like us, shareholders, we can use Tracxn Lite? I went to the website to check, and I think it needed to sign up, and it's only available for organizations. Can we also sign up? I can just check out how it is. Yes, Matthew, you should definitely check that out, because you should be able to see what we are building and what are the new things that are getting live. You should be able to sign up. I think you require a business email ID. Personal email IDs may not be allowed, but you need an organization, any business ID. If you have sort of any business ID, you should be able to create. In case not, I can probably have my team also sync up. Obviously, you should see the Tracxn platform, so that you're also able to see what are the things happening, what are the new things that we are adding sort of every month in that. Okay, got it. Without business ID, I can reach out to investor relationship or something. Yes. Got it. We should be able to help you with that. Thank you. I don't have any other questions now. Thanks, Matthew. Thanks, Neha. Over to you, Sidharth. Yeah. Thank you very much. I believe that in the interest of time, we will have to close our valuable 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 Neha and Abhishek to give the closing remarks. Yeah. Thanks a lot, Sidharth. Thanks everyone for joining us today. I hope you got a clear picture of our recent business update, and we've been able to address some of your queries. If you have any follow-up queries, please feel free to reach out to us. As Sidharth was mentioning, you can reach out to our team at investor.relations@tracxn.com. You can reach out to us, neha@tracxn.com. Thanks again. Hope you have a good rest of the day.