Good evening, ladies and gentlemen. Thanks for joining us today on the first quarter FY 2027, second quarter on FY 2027 earnings call of Tracxn Technologies Limited. First of all, I would like to extend our warmest wishes to all of you and your families for a very happy, safe, and prosperous Diwali. On behalf of Systematix, Sidharth Agrawal and Ashis Dash 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, and 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. With that, over to you, Neha. Thanks a lot, Sidharth. Hello, everyone. A very warm welcome to everyone who's joining us today. We are here for the earnings call for the second quarter of the financial year FY 2027. We are excited to present our results. In terms of the format, it will be similar to the previous calls, that we'll run through a short presentation, which will last about 15-20 minutes, covering the key highlights, which will be followed by 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 the private markets. If you look at the parallel public market, it has created multiple large data companies, many of which are very highly profitable and cash-rich companies. As private markets in the parallel become larger and important, they will also create similar platforms, and we are building a global platform in this space. If you look at our customer base, this includes investment industry, which includes your venture capital funds, private equity fund, investment banks, as well as your M&A and innovation teams of large Fortune 500 corporations. Also, it's a global platform, so nearly half of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance for Q2 and H1 FY 2027. Revenue from operations in Q2 was INR 21.3 crore, which is a 1.1% increase on a QoQ basis. On profitability, EBITDA was negative INR 5.9 crore, and PAT was negative INR 4.1 crore. Please note this also includes all the non-cash expense, primarily ESOP charge, and we'll also cover the adjusted view in the next slide. Deferred revenue at the end of Q2 FY 2027 was INR 38.1 crore, which is a 9% year-on-year increase. By segment, India revenue grew by 6.9% on a QoQ basis, and international stood at INR 10 crore. Customer accounts grew by 13% to 2,419. Cash and cash equivalents stood at a healthy level of nearly INR 86 crore. On this slide, we have provided the more detail as well as the historical version numbers for revenue and profitability, and you can go through it for more details. Another metric that we would like to share is what portion of the incremental revenue flows into the bottom line. In Q2, we did not see margin expansion because we are investing in growth, but historically, if you see, as soon as the growth accelerates, the margins improve quickly. So we have converted as high as 80% of the incremental revenue into incremental EBITDA. Once the growth re-accelerates, we expect this pattern to repeat, driving a non-linear EBITDA expansion. On the cost side, the total expense for H1 FY 2027 was INR 52.7 crore. On the right-hand side, we have given the key components of it, which is similar to what you have seen in the previous quarter. The bulk of the cost, about 86% of the total cost is your team cost, and our entire team is in-house, there is no outsource or contract workforce. The second-largest item is your cloud hosting cost, driven by the data processing and analytics work that we do. And the third is basically your rent cost. A point worth noting is that we do not have a large paid marketing expense line item, because we are able to use a lot of data to generate organic traffic. Moving to our revenue growth, both customer accounts and user continue to grow at a healthy pace. We closed September 26 at 2,419 accounts, which is 13% year-on-year increase. Number of users reached 6,854, which is 16% year-on-year increase. So we continue to acquire customers as well as penetrate within the existing accounts. Moving to some of the other financial metrics, FCF for H1 FY 2027 was INR -6.1 crore. Cash and cash equivalents stood at nearly INR 86 crore. Moving to deferred revenue, it stood at INR 38.1 crore at the end of Q2, which is up 9% year-on-year. Moving to some other details of the customer base, starting with the split by type. At the end of Q2, 49% of our accounts were from the investment industry, which includes primarily private market investors like VC funds, venture capital funds, private equity funds, investment banks, family offices, accelerators, incubators, et cetera. 45% were corporates, primarily your corporate development teams, M&A teams, innovation teams, strategy and sales teams, as well as consulting companies. The remaining were others, like education institutes, government agencies. So we continue to have a fairly healthy spread across the investment industry as well as the corporates. This slide gives an expanded summary of the titles within the investment ecosystem and the corporates that we work with. So this gives us a large addressable market to tap into. And as you can see, we cut across a dozen distinct customer segments, which is why we have been able to build a vertical specialist team for each, and this is a playbook that we invest in. We will also cover subsequently in this slide. In terms of the geographical split, 48% of the revenue in H1 FY 2027 was from outside India. We have customers spanning 50 countries. Our top five markets by customer accounts are India, U.S., U.K., Singapore, and Germany. A quick word on the broader market environment. Total dollar invested, if you see in the private markets, that is rising. Global tech funding for 2026 is actually on track to become the highest in the decade, driven by primarily the mega AI rounds. The deal volume, however, is at a 10-year low, both in India and international. Global late-stage funding also continues to see a sort of year-on-year increase. Coming to the global M&A, the rebound here is actually much stronger. 2026, it continues with a very good momentum, and the current run rate suggests that this year could actually become the second-highest year after the 2021 peak, both in terms of the global M&A deal value as well as the IB advisory fees. Moving on from the financials, coming to the key parts, I would like to walk through some of the key highlights from Q2 FY 2027 and some of the interesting growth initiatives that we are working on. Starting with a very repeatable playbook that is working well for us. I will start with the revenue of the India overall, right? If you look at India, which now accounts for over half of our revenue, you will see that we have steadily accelerated our growth rate over the last two years, right? On a QoQ basis, you can see the acceleration. Last quarter, which is Q2, India grew by nearly 7% on a QoQ basis, which is an annualized run rate of 30% growth rate. This is a fairly good trajectory, and one of the key drivers for this growth and this sort of steadily increasing growth is because of the investments that we have made in data and sales across our vertical teams, right? And through a growth playbook that we have implemented across these verticals. Coming into what this sort of playbook is, and last quarter we talked briefly about sort of this playbook. So it is a very predictable and a repeatable three-phase growth playbook. We cater to about two dozen customer segments. So in the Phase 1, we launch a specialized BU team aligned to that particular customer segment, right? So in this phase, which typically takes about two quarters, we see a roughly 50% increase in the pace of new customer acquisition just because of the focused team behind this customer segment, right? In the second phase, we use what we learn from these vertical sales team to make our data and product best in class for that segment, right? So to actually fill in the small gaps that we see for this particular segment. This typically takes us about three to four quarters, and we are able to see a very notable increase in our win rates, right, as soon as this starts happening. Phase 3, which is like the scale-up phase. Once we have the improved win rates, we scale our sales team typically to about four times the initial size, right? This helps us drive a very marked increase in the segment's growth rate as well as market share. Typically, we are able to acquire about 1%-2% incremental market share every month. Just to show you this in action, we have seen this sort of play in a few verticals now. A good case study is Investment Banks India vertical. When we launched the vertical team, we saw the new customer acquisition pick up almost immediately. Subsequently, in the Phase 2, we closed the gaps by making our offering sort of best in class for bankers. For this, we launched Live Deals so that bankers can source M&A and fundraise-ready companies. We enrich our investor database to support their outreach. We also expanded our coverage of private company financials, which is now best in the market for both India as well as globally. As a result, our win rates improved substantially, and we grew our new customer acquisition to around 20 a month, which is nearly double to what it was at the starting. We are now in Phase 3, right, in this particular BU, where we are scaling the sales team and driving upgrades within the existing customers as well, as well as new customer acquisition, and we have gained around 1% incremental market share every month for the last 12 months. If you just look at the last quarter, Q2, this segment's revenue grew 11% on a QoQ basis. That's an annualized run rate of well over 40%, right? Up from about 20% growth rate that we had seen last financial year. Increasingly more as the new sales team sort of becomes more productive, we expect this growth to sort of accelerate, right? This is a good case study that it's also there, and there are few verticals in which this is played out, and this is the same playbook that we are applying across the BUs. As you can see from this slide, the different vertical teams are in different phases, right? Most of the growth that you've seen in India in the previous ones is actually just from the two BUs that are in the scale-up phase, right? As more of the business units move up the scale-up phase in the upcoming quarters, we expect our overall growth rates to sort of improve mainly. We are now applying the same playbook also to international geographies. In India, we invested in sales and data across the last two to three years, and those investments have started to show results within a few quarters, actually, since we started. India is now growing, as we mentioned, at an annualized run rate of nearly 30%. Internationally, we are following the same strategy, though we are at an earlier stage. We are making similar investments in data and sales across the international business units, and we are already seeing encouraging early signs from some of the units, and we expect these investments to start showing up in our international growth rates in the coming quarters. These investments have also led to a one-time cost step-up, and once they are in place, which we expect to happen within the next one to two quarters, we expect that the subsequent cost growth should be back to our historical levels, which has been in the low single-digit levels. This also puts us back to path to profitability. Moving on to the next initiative, which is scaling our sales team. One of the initiatives that we had talked about earlier is scaling our GTM teams, primarily our sales team. As you can see, our GTM team has grown both in terms of the absolute size as well as share of the overall headcount. Sales and marketing today accounts for nearly 30% of our total headcount, which is up from 25% same quarter last year. That's a meaningful shift towards a sales-led growth. We had mentioned earlier that we are scaling our sales team to accelerate the growth across the vertical business units. We had set out in the beginning of the year with a plan to nearly double our closing sales team from 34 at the beginning of the year 2026 to around 60 by December end of this year. This covers both India and international markets, with our India-based teams also selling to international geographies. We are pleased to share that we have completed most of this expansion. As of September 2026, we have onboarded nearly 56 of the 60 planned closing sales team members. As the team members ramp up and become more productive, we expect this expansion to drive meaningful growth in the new customer acquisition. Moving on to the next initiative, which is sort of exponential increase in the datasets and our coverage. Previously, we talked about data augmentation as one of the key things that we do in Phase 2, to increase the win rates. At the India level, there have been several initiatives underway. Beyond the private company financials, which is now best in class in India, for investment banks, we also introduced a proprietary industry taxonomy covering nearly three million legal entities to enable deeper sector-wise benchmarking. Another bucket of requests, primarily from venture capital funds, was deeper founder signal coverage for early-stage investors. For this, we have launched feed of companies founded by alumni of top college, top companies, by serial entrepreneurs, as this is becoming an increasingly important segment for early-stage investors to track. We've also expanded our coverage of cap tables and shareholding of private companies by more than five times, taking it to near complete. These dataset launches contributed to our growth acceleration that we saw in the previous quarters, and we expect this trend to continue because a lot of them have also recently got added. On the international front, we have launched several datasets over the months. One that recently went live is our coverage of stealth companies, something that clients had been consistently asking about, which is to source early-stage deals before their public launch, and this is already showing good early results. We have launched Talent Signals, which highlights founders from top colleges, top companies, serial founders. For investment banks, we have launched estimated revenues for private companies and valuations of historical M&A deals. Both were among the most requested datasets for this investment banking segment. Additionally, we have also expanded our coverage of headcount data and growth trends, which now spans more than 3.4 million entities. In the U.K., we have expanded our coverage of private company financials to 5.2 million entities, which is 16x since March 2025, taking to near complete coverage. We expect these launches also to have meaningful impact in the international growth rates. Our coverage of regulated data and private companies across geographies continue to expand rapidly, starting with the private company financials. Here, we have grown our coverage nearly 11x. We now have 3.1 million companies with revenue data, 7.5 million companies with detailed financials across 20+ countries. Investors, next is cap tables, and investors use this to track shareholding valuation, share price data for private companies. Here, we have grown our coverage by five times over the last nine months, and we now track more than 1.8 million companies with the shareholding pattern across over 15 countries. We cover 66 million legal entities across U.S., U.K., Japan, India, Australia, and a lot of other countries. And we also keep adding more regulatory datasets on these legal entities, which includes things like financials, loans and charges data, legal cases, directorship holding, et cetera. So this also helps us deepen our penetration across the customer segments. And just a point to note here, we have added all these datasets without significantly increasing our headcount in the data production, which is thanks to the automation and AI we have been able to build in our data infrastructure. So this helps us scale very efficiently. Beyond some of the business units that we talked about earlier, like investment bank, we have also launched specialized teams or verticals in several other customer segments where we continue to see good results. So we have listed some of them. You can go through in more details. To give you just a gist, corporate sales, for instance, and other segments, which basically serves the sales teams of large corporates for business development use case. For this segment, the India revenue grew by nearly 23% year-on-year in Q2. M&A is another vertical that is starting to do fairly well for us. And these are just a few of the live verticals that we have. And just to summarize, the vertical team playbook continues to do well for us. As DAS and other BUs reach their scale-up phase, we expect a meaningful lift in the overall growth rates across India and international. Moving to the next initiative, which is AI-native access to Tracxn data. So this is another one of the key initiatives, which is basically enabling users to access Tracxn data in their AI-native workflows. So here we have launched three things. The first is Tracxn MCP for AI tools. So now you can have your Tracxn MCP listed on Claude and ChatGPT marketplaces, and it also works with tools like Gemini, Cursor, and we have also enabled faster responses, lower token consumption for this. So what that means is that all your paid customers can now access reliable real-time company intelligence from Tracxn's proprietary database directly within their Claude and other AI workflows. The second thing that we have launched is your AI assistant, which is on Tracxn platform itself, that lets users ask Tracxn's data in plain English. The AI assistant handles your data querying and more complex tasks as well. You can actually do that right from the platform itself. The third thing is that we are also working on agentic workflows, which combines investors' in-house data with Tracxn's data to address the most common use cases the investors have. These are sort of ready-to-use agents for tasks the investors do more frequently, like your deeper diligence, competition benchmarking, less sector landscaping, building a scouting list, and many more. They can also be customized to a fund's internal processes and templates. Together, these will make our data significantly more accessible inside the customer's AI-native workflows, and which helps us also in embedding more deeply in the customer workflows and becoming a, in overtime, the segment we expect to become a meaningful revenue segment for us. Moving on to some of the other initiatives for PLG and customer acquisition. First, organic search traffic. We continue to see high and increasing volumes of organic traffic, with over 17 million visits during the first half of the year. The current run rate is nearly 30 million. Second is Tracxn Lite. We have now crossed over around 3,500 users sign up since launch. Another growth initiative is press coverage. In H1 FY 2027, we had over 2,100 press mentions, and our mentions sort of grew 30% on a QoQ basis. This is a fairly large number. It also helps us strengthen our brand as a trusted data source and helps us convert more sales. To summarize, our three key growth areas are as follows. India growth, if you see, that is accelerating. India now accounts for more than half of our overall revenue, and the growth here has accelerated to now nearly 30% annualized run rate based on this quarter's QoQ growth. We are now applying the same playbook also to the international business units. The second is that we have built a very repeatable three-phase playbook. It helps us lift both the growth as well as market share within each of the segment. This is already proven in a couple of segments, like Investment Bank India, which is now growing at actually nearly 50% annualized run rate. We are now applying it to a dozen other live business units in India as well as international. As more of these business units reach the scale-up phase, we expect a meaningful improvement in our overall growth. Third, on the sales front, we had planned to nearly double our sales capacity in the beginning of the year, and we are already nearly completed most of this expansion. We grew the closing sales team from nearly 34 in the beginning of the year to 56 now, and we will end up slightly over 60 by December end. This helps us sort of increase our new customer acquisition pace. On the data front, we continue to strengthen our data lead and make us best in class in the prioritized segments. In India, for instance, we are best in class in private company financials, and we have added many more datasets also recently. On the international front, we have launched a lot of other datasets, like your coverage on stealth companies, early-stage founders, Talent Signals, and there are many more launches which are there in the pipeline in the upcoming months as well. Another initiative is your AI-native access to Tracxn data, which includes your MCP connectors, in-platform AI assistant partnerships with the AI-native platforms. In terms of profitability, we have taken a one-time cost step up to fund some of these investments. Once this is complete, we expect the cost growth to actually return to low single digit. Overall, we have a strong set of growth initiatives in place, and we expect the financial year FY 2027 to start showing the impact of some of these investments, growth in terms of improved growth rate as well as expanded market share across our key segments. This covers most of the key updates from the recent period. In the subsequent slides, we have also included some other additional KPI and detailed financials. Please feel free to go through that in more details. With that, I'll pause and I'll pass it back to Ashis for the Q&A section. Thank you, Neha. Now we'll start the Q&A session. Participants can raise their hands or write down their questions in the Q&A box at the bottom of your screen. Once we call out your name, you can unmute yourself and ask your questions. We will wait for a minute. Okay. We have the first question from Sanjay Sood. Would you like to unmute yourself and ask your question? My first question is that you have taken very good initiatives for universities, and very strong growth also you have. Now, in terms of value, how much percentage it is of the total revenue? So this would be a single. Thanks, Sanjay, for that question. So university as a segment would be single-digit percentage for us. There are a lot of other segments which are probably also growing faster for us, which includes, for instance, your investment banking as a segment. In fact, even VC is a segment which was slower probably till two quarters back. There were some data sets that we had added for this segment, and now that is also a segment that is growing well for us. And there are some other segments as well. So corporate sales is, for instance, growing. It is growing well for us, more than 20% year-on-year growth, and M&A is starting to grow. But there are other segments which are probably more sizable, which we have shown up is probably in the scale-up phase, which is where we are also investing in some of the data sets that we mentioned about. Hopefully, that answers the question, Sanjay. No, actually, in terms of revenue, if we can get some firm idea. Like, suppose you have X is the total revenue, and this is having some strong growth, but in terms of value, what it is? What growth? You mean to say in universities in specific, right? Yes, yes. Specifically. Yeah. Universities. Talking about university as a BU, as a business unit, that is actually a very good sort of strategic business unit for us. In terms of the revenue, it is probably only single-digit percentage. But this is actually also a great marketing funnel for us. To give you an example, even in our B-schools, we got a lot of time, we got introduced to some of the public market data platforms back when we were there in the B-schools. Similarly, for instance, here, when we work with a lot of top universities, a lot of the students which actually enter into the investment banking segment and the private equity segment or the venture capital segment, a lot of them are actually graduates of some of these institutes. We have also been able to acquire customers wherein these students at first used Tracxn in their university. Today, actually, we are glad to have most of the top IIMs as our customers. Stanford has been a customer. There are a lot of other top universities that have been the customers. So, in addition to the revenue segment, it is also a great sort of funnel for us. Yeah, Ashis, we can go to the next question. Okay. Yeah, sure. Our next question comes from Abdul. Yeah, Abdul, you can unmute yourself and ask your questions. Hello, good afternoon. Hello? Yeah. Hi, Abdul. We can hear you. Yeah. Hi. My question is that you have been. I have noticed that since 2023, the revenues have been flat. It is around INR 20 crore per quarter. So what is your plan on increasing this? This is my first question. Second question is that I have been noticing that the customer accounts have been on increase, okay? But it is not translating into revenue. So could you shed some light on that? Sure. Thanks, Abdul, for that question. Just to take the first one, we have mentioned that, like, for instance, if you look at our industry, and we also sort of share data on that. If you look at our industry, VC used to be, like VCs used to be our largest segment, right? And that segment did have sort of a slowdown in terms of deal activity. So even if you look at today, the deal activity in terms of just the number of transactions happening, that is at a 10-year low, both in India as well as globally, right? So what we had to do is actually probably prioritize some of the other segments. We had to sort of change the customer mix, prioritize some of the other segments, which is what we did, right? It probably takes us about two to three quarters to sort of build the offering, augment the offering for that particular segment, launch the team, and then do that. That is what we had to sort of do in the last, I would say, two years. But I would say that we are actually sort of seeing results of that very well in select. If you look at just India as a geography, right? That has grown at nearly 20% in the first half, and the current run rate is actually even higher. If you look at the Q1, Q2, it is nearly 7%, which actually annualizes to about 30%, right? There we had launched a lot of the business units, and the other segments are actually had sort of other customer segments have sort of growing well for us. That is a change that we had to sort of do. But right now, I think that we are already able to show that in numbers in terms of the India BU. International is what we have mentioned that we are also replicating that in the international. It is a little earlier stage than I would say in the India BU, but it probably takes us about, say, three to four quarters in augmenting the datasets. But we are already seeing sort of good early results in some of the pods, and we expect one or two of the pods, which is your business units, to start showing the signs as the India units have been showing in probably fairly soon, in like a quarter or so. Right? That is only first part on the revenue. The second part is basically the customer account growth and how that translates to sort of revenue growth. Our customer account growth have been fairly high, I would say, in the last two years. One of the reasons is that our customer mix had changed, and there were a lot of new segments that we had sort of started to acquire. But actually, right now, if you see, I think it should probably, in a couple of quarters, it will probably become similar to your revenue will sort of catch up to the same rate as the customer account growth, right? Customer, we had sort of started acquiring, we had changed our customer mix, so we had started acquiring a lot of customers in the newer segments wherein the price point was slightly lower, right? A lot of the growth had also happened in India, where the ASP is actually half of what is there in the international geography. Because of it, you had also seen that growth sort of accelerate. This is how the playbook is. Even when we talked about when we start working on a particular business unit, we start seeing the customer acquisition to grow faster initially, and then that follows by the revenue acceleration. This is how you can expect to sort of see this also going forward. I have a follow-up question on that. Can I ask? Yes, please. Yeah. First thing, you just said, like, the deal volume is low, on a 10-year low. That is correct. I agree with that. But you have been saying that the VC and your IB segments have been growing on. What services do you provide them differently? Because what I understand is that Tracxn is a data platform. So, how do you differentiate it? You are providing service to investment banking something and venture capital deals from product. Yeah. Correct. So, this is the first thing. Second thing was that on the customer account, as you have said. So, I believe in this, there are accounts which are paid and which are for free. Maybe some free accounts are also there. Customers who are not paying anything, they are just utilizing the free services. So, can you provide a breakup of that also? Okay, cool. Thanks, Abdul, for the question. That is a very interesting question. How does our platform sort of differ for, like, how does data differ for IB versus VC? We actually have the same platform that is used, but the datasets that a VC would use is actually different from an IB. To give you an example, most of the VCs sort of invest in tech, right? So they are looking at a lot of tech coverage, they are looking at tech companies. They are looking at sectors. Sectors is probably higher priority to them than, say, the size of the company and the sector. For instance, if someone is looking to invest in AI companies, someone is looking to invest in defense tech companies, right? Or someone is looking to invest in B2C brands. These are very early stage as well, right? When a company lists, it is probably seven to eight years before the company lists, is when a VC has to reach out to that company, right, to write the first check. So, the kind of companies and the kind of data that an investor is looking at different, right? When you take the example of an investment bank, right? The kind of datasets that we had to add is, for instance, they are looking at a lot more offline companies, right? Your traditional companies, your hospital chains, your large food and beverage chains, et cetera, right? So they are looking at a lot of offline companies as well. A big criteria for them is actually your revenue. So they typically like to work with companies beyond a particular revenue size, right? We did not use to have the revenue as one of the key data, because for VCs, it is actually much lower priority, right? But for investment bank, that is a very high priority. So we actually took about two to three quarters to add just the private company financials data for India. Today, we are actually the best in class, right? Within, like, about, I would say, three to four quarters, we have actually become best in class in that. So it probably takes us some time, but now we added that dataset. Other things like Live Deals, right? IBs also want to see, okay, which companies are looking to sell, which companies are looking for fundraise, right? So that just helps to build the pipeline for them, right? The platforms are the same, but the datasets that makes it very useful for them is actually different. So when we have to prioritize and when we have to grow in that segment and we have to reach to a market share of like 40%-50%, then we have to augment those things. So that is what it takes for us to sort of build deeper penetration and the dataset for each segment. Hopefully that answers your first question, Abdul. Your second question was in terms of the customers and how many are paid and how many are free. All the customers that we give, the customer count that we give, which is about 2,000 and in terms of users. The customer accounts are basically all your paid customers. We do not include your free customers in the customer account count. The customer count that in terms of the total number of accounts that we share, these are all paid accounts. Hopefully that answers your question, Abdul. Our follow-up questions comes from Sanjay. Sanjay, please unmute yourself and ask your questions. Some time back, I had suggested that you can connect with the procurement or supply chain functions of different multinational companies or good industrial houses. They always have need for good company, and many times they are not aware. That may help. It was just a suggestion. You can take it or leave it. I thought I will just put that across because I am also an old investor, so just I thought I would put this idea. Sanjay, we would probably even reach out to you offline and maybe do one-on-one to sort of get more context and learn more on that. Okay. Great. Fine. Most welcome. The thing is that since we are hiring so many persons in sales team, how they will be addressing the issue, like how they will get the sale? That is a very basic question. Whether they will be traveling international or over phone or Zoom, or how they will address this? Right. Yeah. Thanks, Sanjay. That is a very relevant question. Currently, all our sales actually happens remotely, except for like maybe a few segments wherein you need, like universities, et cetera, you need to visit them, including those. Most of our sales happen remotely. At the price points that we are in, people are fine with buying remotely, right? We have India-based teams that actually sell remotely, even internationally. When we sell to customers in U.K., Germany, we have teams which are based out of India and then sell to customers over there. They work across different time zones. We start in the morning, APAC, we have customers in Japan, Singapore, right? Our team basically starts in the morning. Then we also have your APAC shift, your EMEA shift, and then the night is the U.S. shift. Teams are based out of India, and then they sell remotely. We have also had visits, but that is fairly less, I would say, because at the price point at which we enter, people are fine with buying remotely. The sales team that we have expanded is actually covering both for the Indian market as well as the international segments that we mentioned about that we are working on, right? We had also scaled because we were seeing the results in some of the business units. We are actually, as soon as we start seeing that the conversions have improved, then we are able to scale the sales team within those business units. Right. That answers. Great. Thanks. Thanks, Sanjay. Yeah. The next question comes from Anubhav Goyal. Yeah. Anubhav, please unmute yourself and ask your question. Yeah. Hi, ma'am. So ma'am, just want to understand the international strategy better. Like, in the Indian market, our brand is very well-known and we are very strong, and that will keep growing steadily. But ma'am, for the international market, these platforms like CB Insights, Harmonic, there are so many features beyond just seeing data. And the platforms are so seamless that once you use these platforms, then shifting away from these platforms may not make sense. Is it time for us to really develop new features for clients? Like, why are we not developing use cases for enterprises, which would be interested in data from India? It is such a huge market. Just your thoughts on this one, for the international market. Thanks, Anubhav. No, that is a very key question. In actually international, it is like the same strategy that you pick up a customer segment, and we already, for instance, like nearly 48% of our MU is international. There are already some TGs that we are working with. The playbook is the same. You pick up a customer segment, you prioritize the customer segment. You firstly launch a vertical team for that particular segment. Earlier, we used to have horizontal teams, primarily the horizontal team. The first phase is, as soon as you have the customer segment focus team, an example for customer segment focus team is, for instance, investment banks in U.K., right? Investment bank in India, for instance, is growing very well for us, right? And that continues to grow. Investment bank in U.K., right? We can similarly grow well, for instance, in that segment. So we have a team which is behind that. As soon as we launch that, we see sort of increased but slight increase in sort of conversion. The second phase is that we augment our data, right? So for instance, if they need private company financials in U.K., then we add your Companies House data, we augment our coverage over there, we augment our coverage on the companies over there, right? And whatever is sort of required, the top two or three things that is required in that segment, we prioritize that, we build the dataset. It probably takes us about three to four quarters to build a good sort of dataset. And then, as soon as that starts happening, we actually see sort of increased conversion. So for our sales conversion, sales to closure conversion. There you see a marked increase in that closure. And the third is that we sort of scale that. That cycle is actually fairly same. And I think that in today's world, I would say that all these platforms are there, but you still have to constantly keep delivering sort of best in class for that particular segment, right? All the new datasets which is there, sort of deepen your penetration within regulatory data, that is one thing. Obviously, AI on the front end, that is there, and you basically have seamless access to that. But I would say even the larger platforms, right? I don't think it's a There's always, you have to basically become best in class in that segment, and I don't think it's that long a process. It's probably like just a few quarters, right? And you're able to sort of start gaining market share fairly quickly as soon as that happens, right? I would say. Ma'am. Yeah. Ma'am, just specifically for enterprises, because I think it's such a huge market. For that, maybe you can just share a few comments. Like maybe is that something which we see targeting maybe some years later more aggressively, or it's a step-by-step approach? Or like maybe some disadvantages we have in terms of reaching them out, like the connecting with them itself is difficult. Just- You mean to say the corporates or the enterprises, right? Yes, yes. Like Fortune 500, Fortune 2000 companies. Yeah, yeah. Right, right. On the corporate side, I think we already have pods for M&A teams and innovation teams. We are starting to see some results. We are still working on the offering there, but we expect in a quarter or two to start delivering good numbers there. We have also started the team for a lot of sales folks or BD folks also need data on private companies. We have started to work on that. I think in three to four quarters, that can start to show results. These are the three segments where we have active teams which are in Phase 2 in terms of building out the product offering for them. In next two to four quarters, we should see response. We are getting good early signs. In M&A specifically, we are seeing good response from the customer there. Innovation and sales, we expect to see results in subsequent quarters after M&A is starting to deliver. Okay. Okay. Yeah, just to add to your question and thoughts. Enterprises, corporate is definitely an area of focus for us, and there are two, three departments, as Abhishek mentioned, that we work closely with them, right? That includes your M&A teams, your innovation teams, and also your sales team, right? So these are the TGs that we are going behind. This is definitely in the segment that is prioritized. Okay, great to hear. Just one more question. So, like are we working on maybe like some innovation beyond chatbots? Like, we can hire some domain experts, try to prepare very rich reports, which users really like. Just if you can speak some, like any measures we are using to make the platform better. Because on one hand, like we have so much good data. Like now in today's world, making sure the client is using this data very well is very important and providing features around it. I think in innovation specifically, we are making an AI scout agent. I think we have constantly gotten feedback from innovation teams that they need a self-serve AI scout. They usually research on different technologies. For example, if somebody wants to track, let's say, ball tracking technology or line marking in sports. For that, they need an AI scout which can help them figure out five to 10 most innovative companies in that market. We are working on that feature that will help us serve the needs of innovation markets very quickly. This AI now we have, like on our own platform, a user can just go onto our platform and put in a query. Is this something which allows us to make money also? Is there like a top-up balance you have to recharge and accordingly, like, you know? It is helping us in two ways. It is helping us sell higher packs. We have a pro and power pack. Those come with much higher tokens for AI. Secondly, once you exhaust the tokens, there is a provision to buy tokens from us. We have just launched it last month, so we still have to see early results for that. We will cover those in subsequent quarterly calls. Okay, great to hear, sir. All right, wish you the best. Participants can raise their hands or write down their questions in the Q&A box at the bottom of your screen. Hi, can you hear me? Yeah. Aryan, you can ask. No, I just wanted to know, say, we at my firm kind of use Tracxn, and what do we do when, say, there are five or 10 people in the team, but there are only one or two logins, right? How do we optimize for that? Because one person or two people need it at once, right? 10 people don't need it at once. How do we optimize for if it's a 10-member team? We can sell them not only just one account or one user, but more, and kind of optimize on that. I think today we have APIs available on the platform where we are able to detect some of these things. IP locations are there. We are able to figure out cities where the customers are logging from. In most cases, we are able to detect when they are sharing logins. That acts as a trigger for our upgrade team. We eventually reach out to customers with the most usage and urge them to buy more seats or move to our full team packs. That has been a great way for upgrades. We obviously have some tools in place, but this is one of the biggest signals for us to upgrade our customers. A large portion of our business is about landing and then expanding across the team. This is actually one of our most successful strategy for upgrades. So any, say, anecdotal evidence of this that kind of worked out, just to share with us? Actually, half of our upgrades happen because of this today. Oh, okay. Half of them. Okay. Yeah. So basically, if the team is using, you reach out to them, a large portion of them agrees and buy the product. You just tell them, "You are using multiple accounts. We tell them, "Look, your team is using it. Why don't you move to a full team pack?" We give them a clean upgrade plan, and a lot of times there is an intent to buy. Our customers' segments are among the most paid customers, people, right? So investment banks, private equity firms, venture capital, they have resources. So if something is useful for them, if you give them enough proof that, look, people are using, they are going to buy it. Thanks so much. Thank you. Thank you, Neha. Thank you. Thanks, Aryan. Yeah. Participants can raise their hands or write down their question in the Q&A box at the bottom of your screen. As we do not have any further questions, we will have to close this call now. In case you have any further questions, you can reach out to the management at investor.relations@tracxn.com. I will now pass it on to Neha and Abhishek to give their closing remarks. Thanks, Ashis. Thanks, everyone, for joining us today. Hopefully, we were able to give you a clearer picture of the recent update and our progress, and have answered some of your questions. For any follow-up questions that you have, please feel free to reach out to me at neha@tracxn.com or our team at investor.relations@tracxn.com. Thank you again for joining us, and a very happy Diwali in advance to everyone. Thank you, everyone. Thank you.