Thank you, everyone. Good evening and welcome to this Zaggle Prepaid Ocean Services Limited Q1 FY 2026 Earnings Conference Call hosted by Equirus Securities. As a reminder, all participants’ lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator at the same star than zero on a touch-tone phone. Please note that this conference is being recorded. Kindly note that this conference call may contain forward-thinking statements about the company that are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I would now hand the conference over to Mr. Rohan Mandora from Equirus Securities. Thank you, and over to you, sir. Thank you, Mask an. Good evening, everyone. Thank you for joining the call. I extend a warm welcome to all of you. On behalf of Equirus, I welcome the management of Zaggle Prepaid Ocean Services Limited to give a brief update on 1Q FY 2026 results and address investor queries. We have with us from the management, Dr. Raj Narayanam, Founder and Executive Chairman; Mr. Avinash Godkhindi, MD and CEO; and Mr. Aditya Kumar, CFO. We will now begin with the brief opening remarks from the management, post which we will have Q&A. Thank you, and over to you, sir. Thank you so much, Rohan. Good evening to everyone. Thank you for joining the earnings call for Zaggle Prepaid Ocean Services Limited for the first quarter of fiscal year 2026. On behalf of the company, I extend a very warm welcome to all of you. On this call, we are joined by Mr. Avinash Godkhindi, Managing Director and CEO, Mr. Aditya Kumar, our CFO, and SGA, our investor relations advisor. The financial results, press release, and investor presentations were uploaded on the stock exchanges and on the company website. I hope everybody has had a chance to look at it. Now, I would like to take you through the Zaggle business update. Talking about our quarterly performance comparing Q1 FY 2026 to Q1 FY 2025, the company reported a healthy growth in revenues at INR 331 crores. This is our first, first best ever quarter of Q1, and the growth has been around 31%. Our adjusted EBITDA increased to INR 33 crores, growing at around 28%. The PAT tax surged to INR 26 crores, growing significantly at around 55%. We are off to a promising start in 2026 as we continue to drive sustainable growth and strong returns through relentless product innovation, strategic collaborations, and the momentum from our existing and proposed acquisitions. Now, I would like to take you through our investments and acquisitions. I want to give you a further overview of what we have done over the last six months, or maybe a little bit more than six months. We have pursued the investment or acquisition of six companies, successfully completing two, and are progressing with four more. Once finalized, this would add roughly about 600 - 700 people to our current workforce. And this would actually, in fact, call for a change the way we have run the business. We need to evolve our structure to suit the business needs now that the total workforce probably would be more than double of what we are today. To align with this growth, some of the changes we're going to bring in are as follows: we plan to consolidate the technology and engineering teams across this company and create technology as a central function. We plan to unify the finance function under our group CFO so that finances of all the companies can be centralized or centralized to an extent. We plan on centralizing the HR function, enabling best practices to enhance efficiency, effectiveness, and cross-utilization of services. With these changes, we can be charged savings of around INR 25 crore over the next one year, and those savings, in my opinion, should only increase as efficiency is taken. As you will all understand, acquisitions are easy, but integrations are tough, and that is where a lot of management's long-term effort would go in ensuring that the integration is up or higher slack. Our existing acquisition and investments are performing extremely well. Mobileware has generated a profit without tax of INR 2 crore through Q1 FY 2026, surpassing its entire FY 2025 PBT. On TaxSpanner, marquee customers signed, including Bosch for employee wellness -- financial wellness and KarmaLife for tax filings for their gig workers. Leveraging the Zaggle unified gig worker savings platform, we are expecting a further boost and increase in the number of filings -- tax filings on account of extension of the deadline. Our proposed acquisition of EffiaSoft will strengthen our merchant servicing and payment processing along with Dice, which I last time gave a very detailed explanation about why we are going ahead and acquiring Dice, which is an enhanced suite of spend management and AI capabilities. It's a world-class product and company. Our proposed acquisition of Greenedge, meanwhile, would enhance our offering in loyalty and rewards space, which will give a meaningful boost to our existing total platform. Our most interesting acquisition of Rio.money marks a strategic entry into the consumer credit card segment thereby allowing us to broaden our financial offerings to a much wider captive customer base of Zaggle. This move not only diversifies our portfolio, but also leverages and strengthens the UPI ecosystem enabling seamless credit solutions for users. We continue to actively seek strategic M&A opportunities in the adjacent domains across both domestic and international markets with the U.S. and MENA regions being the key priority markets overseas. Building on the globally proven strength of our existing acquisitions, we plan to further reinforce market entry, navigate regional dynamics effectively and leverage well-established partnerships through additional targeted acquisitions. We are also on the verge of closing one more, which is a pretty decent sized deal. Fingers crossed, if we are able to do that, that will be great. But again, between cup and lip there is a slip. So all this we would want to be -- we would want to under-promise and over-deliver, but hoping for the best on that acquisition. Now, I would like to give you the industry and gathering product updates. Take this opportunity to highlight our product development, which has happened as said by Eric Schmidt of Google, "The greatest breakthroughs won't come from AI alone, but from those who learn to harness it." Keeping this in mind, I would like to highlight some of the initiatives, which we are incorporating in Zaggle. On sales automation side, we, you know, for our flagship conversational AI platform called Zintel, you know, which enhances the multi-channel customer engagement. Our customers on, we also want to launch our multilingual conversational AI tool in the, you know, upcoming months, maybe about 3-4 months of, you know, when it should be fully released. We have launched an AI-powered bill processing automation tool which is already deployed, which has led to about 80%+ reduction in overall TAT for bill processing. We are also in the pilot stage of our AI-driven claim validation and approval workflow. Utilizing, you know, AI to as much means as high extent as possible. As we move forward with our integrating AI tools across our organization, our priority is not to chase high-level fashionable trends, but to delve deeply into, you know, specific enterprise challenges faced by our customers. With this, I would also want to give a guidance that we remain extremely bullish on our growth trajectory, driven by strong fundamental strategic investment and expanding global footprint. With the robust pipeline of opportunities and a clear execution roadmap, we are confident in our ability to deliver sustained value and capture new growth avenues. While I'm tempted to, you know, give you a guidance which is probably higher than, you know, what we had earlier stated of 35% - 40%, I would wait till the course of Q2 to be able to give you, especially keeping in mind the ongoing geopolitical uncertainties and macroeconomic volatility. We are fairly, fairly confident that we should be able to offer guidance from there, you know, which was about 35%-40%. Now, just, this I will hand over to our CEO, Mr. Avinash Godkhindi. Thank you, Dr. Raj, for your remarks. As mentioned by Dr. Raj, the start of FY 2026 has truly been a good one for Zaggle. The momentum we have built is not just encouraging, it's indicative of the scalable, resilient, and intelligent platform we're creating. Zaggle now serves over 3,500 customers across a wide spectrum of industries and sectors. Even more encouraging is the fact that we continue to maintain a churn rate below 1.5%, a clear reflection of the trust our clients place in us and the reliable ongoing value our platform delivers. By leveraging AI at the core of our product strategy, we are unlocking new levels of scale and efficiency. Our AI-led approach positioned service to stay well ahead of the curve, allowing us not just to respond to market trends, but to help chase them. Today, we are proud to report that we have around 3.4 million users using the Zaggle products and software. During this quarter, Zaggle platform fees contributed to about INR 10 crore, program fees contributed to about INR 1.5 crore, and Propel points contributed to about INR 176 crore. During this period, we also signed several marquee clients, including Hindustan Pencils, Apollo Health, MoEngage, Novozymes, DTDC, CK Birla Healthcare and Truecaller. To provide a brief overview of one of our clients, they were managing a Pan-India incentive plan involving over 60,000 retailers. They faced significant challenges in tracking individual performance and the dispersal rate of rewards, which ultimately led to loss of retailers, leading to a drop in the market share itself. We addressed these issues by deploying a Propel platform, which streamlined the redemption process and automated the incentivization plan, offering more than 125 options for redemption. For another one of our clients, they were managing all non-CapEx purchases, including services-related purchasing, in an entirely manual manner. This led to further issues on invoice reconciliation, thereby increasing costs of processing. The client also faced the challenge of maintaining separate systems for travel and expense, which further added to the reconciliation woes. We addressed all these issues by deploying the Save and Zoyer platform, which gave them a unified platform across not only managing all their non-CapEx and service purchases, but also gave them a complete visibility on their travel and other expenses in a seamless manner. As we move forward to our platform-based strategy, we anticipate rapid expansion supported by a robust influx of new clients and the ongoing success of our cross-selling efforts. In Q1 FY 2026, we built on our cross-selling momentum. It focuses on large clients, a large number of clients, including WhiteOak Capital, Daulat Ram, Apollo Health and Manipal TRUtest. I'd like to take this opportunity to elaborate a little further by giving a couple of examples. Manipal TRUt est is an existing customer for the Propel solution. We recognize the potential for further collaboration and successfully flagged in our Save solution, ground sweeping, operating monthly expenses solution for the diagnostic and pathology centers to streamline the petty cash expenses by automating the process of budgeting, usage, and reconciliation. Similarly, WhiteOak Capital has been an existing customer for our Propel solution. We identified an opportunity to strengthen our partnership with them by implementing our Zoyer solution to drive greater efficiency in their procurement processes and overall vendor payouts. Next, I'd like to share some strategic alliances and collaborations that are enhancing our market presence. We are entering into a channel partnership agreement with Grant Thornton, and this partnership, Grant Thornton, will promote and offer our spend management solutions to an extensive network of corporate and enterprise clients of Grant Thornton. Leveraging GT 's strong market presence and trusted relationships, this collaboration significantly broadens our reach by granting us access to a vast and fresh field of potential customers. We also further strengthened our relationship with Mastercard by signing a 7-year customer business agreement for Mastercard Premium Foreign Currency co-branded prepaid cards, which offers both launch- and spend-linked incentives to us. Building on the capabilities of our innovative employee benefits solution, the Smart Employee Purchase Program, Smart EPP. We have expanded our ecosystem by onboarding Tata Capital as a leasing partner and OneAssist as an insurance partner. Lastly, I'm very proud and humbled to share with you that Zaggle was awarded the title of the Fintech Brand of the Year at the fifth edition of the business week -- Business World Fintech Awards 2025. Additionally, we were awarded the great Indian B2B Fintech brand at the third edition of the Great Indian Corporate Communications Leader Summit & Awards 2025 by Transformance. And we also received the Pioneering Fintech Innovation in Spend Management Award at the ET Excellence Telangana 2025, further underscoring our commitment to industry excellence. I'll now hand over to our CFO, Aditya, to take you through the financial update. Thank you. Thank you, Avinash. I'm pleased to share that CARE Ratings has assigned Zaggle a credit rating of A- stable for availing credit facilities from banks. This rating underscores our strong financial discipline and strength of our well-established business model. In Q1 FY 2026, we delivered robust revenue growth of 31.4% YoY reaching to INR 331 crores. All our three revenue streams contributed to this performance with the Propel platform surging 50.6% on YoY basis and SaaS fee increasing 19.8% YoY. Our adjusted EBITDA rose to 27.9 percentage year-on-year, reaching to INR 33 crores this quarter versus INR 26 crores in Q1 last year, reflecting strong operational leverage. As Dr. Raj and Avinash highlighted, product development and AI remain strategic priorities for Zaggle, and we continue to invest heavily in this area. Consequently, our intangible assets base has been expanding. As a result, depreciation and amortization expenses for the quarter stood at INR 7 crores compared to INR 2 crores in Q1 FY 2025. Our PAT increased to INR 26 crores from INR 17 crores in Q1 FY 2025, which is 54.8% YoY growth. On cash PAT, which includes net profit along with depreciation and ECOP expenses, we are at a 57.6% increase on a by YoY basis, totaling INR 35 crores. Furthermore, our PAT rose by 54.8% from the previous year, reaching INR 26 crores. With that, I would like to conclude my update, and we are happy to open the floor for questions. Thank you. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask questions may press star and one on the touch-tone telephone. If you wish to remove yourself from the queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the questions are assembled. The first question is from the line of Parikshit Kabra from Pkeday, please go ahead. Hi. Thank you for the opportunity. My question was regarding the first question is regarding the program fees. The revenue has increased by about 15%. I think last call we had the guidance was that we would be growing by 30% from this quarter going forward, and it wouldn't be backloaded. Any commentary on that? Hi, Parikshit. Thank you for your question. If you look at it, the overall guidance for growth for the year is 35 - 40%, and we are, you know, staying true to that and, you know, likely to increase that in the next quarter depending on how things progress. Q1 traditionally has been a slow quarter for us because of the seasonality in the business. Also, if you look at how we have tried to focus more on the PAT and PAT growth and the incentives, if you look at the incentive growth, the incentives as a percentage of the program fees, both these line items correspond 1:1 to each other. That is 65, 66% this quarter versus 71% last year. The efficiency that has been built into the business, not just focusing on growth, that has been our mantra for this quarter and this year. Let me just ask this way, Avinash, should we assume that program fees this year will be at 15% growth? I know that you're saying that, you know, you've given a guidance of 35% at the company level, but at the program fees level, what is the guidance here for the revenue? Overall for the year, the program fees guidance is also being in the range of 35% - 40% per fee. It's just the first quarter that it has been a little tempered. This is seasonality, as well as the fact that, you know, some of the travel got impacted because of the geopolitical situation through the quarter. The first quarter generally is a little tippish, but we are seeing already trends pick up reasonably well for us. This was a little bit across the industry as well. Got it. Perfect. Thank you so much. The second question was on other expenses. We have seen a sharp decline in other expenses. Any commentary around that, Avinash? As I mentioned, the purchase years, focusing on efficiency, trying to increase our margins and profitability, and the other expenses we're asking as well, reflecting in that. We will hopefully continue to work behind the scenes on this, and we plan to, you know, deliver even better results in the coming quarter. Perfect. Thank you so much. I will join right back here. Thank you. Thank you. A reminder to all the participants, you may press star and plan to ask questions. The next question is from the line of Maitri from Sapphire Capital. Please go ahead. Hello, good evening. Am I audible? Yes. Yes, you're audible. Yeah. Firstly, congratulations on the results. Just two or three questions I have. Firstly, on the growth guidance, you've guided for 35% - 50% on the standalone basis. What sort of incremental growth do we see happening from our inorganic acquisitions for this year? Could you quantify a revenue for that? It's a little early for us because some of these acquisitions are still getting close. While we hope to close one or two by end of September, that's yes. You would appreciate that sometimes these processes take a little while longer. It's a little hard for us to quantify that and say. The price to pay, as we mentioned, the Mobileware performance, Mobileware is not an acquisition but an investment. There we've seen fabulous results, already INR 17 crore of revenue in just the first quarter against a full year INR 33 crore for the last full year. The PAT also has exceeded the last year's full year number except in one quarter. We hope to deliver great results with our other investments and acquisitions as well. Okay. My second question is, we mentioned in the last quarter that we'll be increasing our EBITDA margin 100 basis points every year for the next three years incrementally. Do we still stand on that guidance? Yes, we are. We are working towards that guidance. Could you please give us some drivers for this growth happening in our EBITDA margin? Consistency of operating leverage, as we mentioned about the other expenses, reduction in incentive costs. This business is a tech-first business, and with AI coming in in a big way and we leveraging it, we see a lot of exponential efficiencies kicking in. It's truly amazing what AI can actually do. If you strip out the frost, there is a lot of value to be extracted using the AI and AI tools. there any guidance on what the incentive costs will be compared to the program fees? Are we targeting any percentage over there for the next 2-3 years? Currently, I assume it's 65%. Is that correct? Yeah. At steady state, we would be somewhere in the range of 50% - 60% depending on the nature of the business, right? That is where these businesses, Zoyer would be on the higher side. Other businesses would be on the lower side. That is where these numbers should land in the next three years. Okay, this last question, sorry. This is the ESOP cost for next year FY 2027, if you could dive in that? A little too early because we are making these acquisitions, and, you know, there could be some ESOP costs that come in as part of those acquisition structures as well. It is a little too early for us to be able to guide for the next year in terms of the. Okay, we are guiding for about 2-3 acquisitions for this year. Is that correct, sir? Let's see. We have already spoken of the acquisitions that we have announced and we are doing. There could be one more large acquisition that we'll do this year, which we'll announce in detail. Yeah, that is it from my side. Thank you. All the best. Thank you. Thank you. The next question is from the line of Rajit Aggarwal from Nilgiri Investment. Please go ahead. Good evening, sir, and congratulations on the productive results. Thank you. I have two to three questions, if you may, please. One is on the collaboration that we do with the likes of Grant Thornton or Kotak Bank. Any customer onboarded through these collaborations, the margins for that customer would be a little lower than what we would have achieved if we had approached the customer directly. Would that understand be correct? See, when we get a customer from a partner bank, banks are not allowed to make money on, you know, non-banking services like software sales, right? Basically, it's an introduction done by the banks to us, and we then convert the customer. The bank's expectation is that the service quality is very high and the experience is great, but banks don't make money on that. In the case of GT, they bundle GT and companies like GT, they typically bundle other services that they're able to offer, like implementation services as a part of the contract. That is something that they would charge the customer directly. Our margins are, by and large, you know, sustained. GT is not deriving any benefits from us. I mean, is that correct? I mean, you have worked in that area. That would be simultaneously clarified, right? There's the sale of the software services of the SaaS business, right? It is our income, and then Grant Thornton is able to monetize on the implementation services that they are able to bundle. All right. Okay. Understood. The second question is on the global footprint that was mentioned during the initial part of the call. Can you shed some more light on how we are trying to achieve that? A related question, related observation is that we did invest in some funds. Is that part of that strategy, and do we plan to invest more amount in those funds or any other funds? Yeah. See, global footprint, we want to be very calibrated and very wise in strategy, as wise as we can, as to how we enter into those markets with maximum impact, with minimum investment, right? Keeping that in mind, one, of course, is a strategy where we take our solution to markets where there's greater profit pools, like the Middle East, and willingness to pay for SaaS software, although it's increased a lot in India today. Markets like the U.S. and Middle East, that is higher. Some of the markets are very dynamic. Things are changing on a very frequent basis. In those markets, we tend to also do a little bit of weighted watch. The other strategy is to make small ticket investments through VC funds. We would go ahead and deploy this capital in early-stage SaaS companies in markets like the States. That gives us tremendous insight as to how the market responds. We get direct access to the founders and their thought process, potential partnerships, some of them potential acquisition opportunities, depending on how those companies are performing and how they fit into our overall scheme of things. Basically, we are getting exposure and understanding of what's happening in those markets without actually being present in those markets physically and spending a lot of money in setting up a branch office or office in those markets. Right. Have you seen a certain amount that you invest through these funds, or is this stuff which we purchase by acquisitions? It's a relatively small amount that we invest. Okay. The last question is on the acquisition of Dice. Now there was a reference to Dice in the initial part where it was said that there was a detailed discussion on it and an explanation on why and how the Dice acquisition made a lot of sense for us. So was this part of the Q4 call or was there a separate call on this because I seem to have missed that? It's the Q4 call. Okay. Fair enough. I guess I'll revisit the transcript. Coming to the consideration that was paid for Dice, I don't think that was discussed in the Q4 call. It happened in June, I think. Do we understand, you know, you would have some basis for it, but can you objectively take us through some bit of rationale on the amount that we paid for it? Because it looks like a very small company, and it's not, I think, five or six years old company only. Yeah, I think it's a great company in terms of the capability that they have built in terms of AI and technology, especially in the spend management space. Their this year's revenue should be in the range of INR 20-INR 2 2 crore, right? It's a 6x multiple, about there or thereabouts to the forward-looking revenue. Also, if you look at it, the great opportunity that we have on table is to bundle our payment capabilities to that INR 20 crores, INR 22 crores software sales that they do because the revenues that they generate is pure software -- SaaS revenue, right? Just to give you a sense, last year, our SaaS revenue was about INR 35 crore, right? Now you can see just the opportunity that we have when we bundle our payment capabilities and offer it to their customers. There's a lot of value that can be extracted. Right. Understood, sir. Thanks a lot for your time, and wish you good luck. Thank you. Thank you. A reminder to all the participants, you may press star and plan to ask questions. The next question is from the line of Aadipta Ghosh from Invesmate Insights Private Limited. Please go ahead. Am I audible? Yes, sir. Many of my questions are already covered, but I want to ask one question. If the Dice acquisition was expected to accelerate international operations, planned for FY 2026, can you provide an update on specific markets you are entering and expected revenue contribution from the timeline? The market that we are looking at is the MENA region largely, and the U.S. at the right time. These are the two regions that we are looking to place the solution. It's a little early for us to talk about revenue contributions there, but that's what we are looking at in terms of target markets. Okay, thank you. Thank you. The next question is from the line of Ankush Agrawal from Surge Capital. Please go ahead. Yeah. Hi. Thank you for taking my question. Just one clarification on this Dice. As you have mentioned that Dice currently monetizes only through SaaS fee and not the payment flow, would it be possible for you to give a sense of what kind of, say, payments transactions will be flowing through Dice's platform currently, and the kind of take rate, would it be similar to what we are generating on our platform, in terms of the payments that are flowing through our platform? Yeah, the take rates would be similar, right, because the payment instruments and the use cases are, on the travel and expense side and the prepare-to-pay side, very similar. The overall volumes of spend would be hard to quantify because we are not using third-party platforms there, right? I mean, third-party instruments, payment instruments are NEFT, RTGS. That's, but it's very significant is what I can tell you. Okay. How fast would it be possible for you to get those payments flow to our platform? Would it be immediate, or would it be like a couple of quarters down the line? It would take some time too. Okay. Got it. That was it. Thanks. Thank you. Thank you. A reminder to all the participants, you may press star and plan to ask questions. The next question is from the line of Ashish Soni from Family Office. Please go ahead. Sir, we keep on hearing about agentic AI and your model is primarily a SaaS model. In that, what threats and opportunities do you see compared to because we are from Microsoft also on this thing? What are the threats and what are the important things you're adopting for your business? Sir, our objective with agentic AI or any of these capabilities is how can we bring more efficiency and value to our customers, right? The use cases that some of the larger organizations like Microsoft and others are building are, you know, in a very different way and a different space. Our usage is to create, you know, very custom capabilities for travel and expense, for rewards, for source to settle or procure to pay for our Goyal solution. Those capabilities are what ultimately our customer really doesn't care. Doesn't matter if a lot of AI is used or AI is not used. They want their reconciliation, their, you know, processes to be extremely efficient and for them to, you know, save time and money and, you know, have a reduced manpower in doing these mundane tasks. That's what we are working to deliver to our customers. In terms of pricing, we recently saw the news that Zoyer is coming with a very receptive pricing on tax planning, which is a small part of your acquisition business, right? Is that sort of how we're going to handle that? Yeah, I think, again, there in TaxSpanner our usage has never been to approach it from a pure mass market perspective. What we offer in TaxSpanner is very sophisticated services for, you know, people who require consulting on income that comes to them through, say, foreign income or, you know, other sources which are a little more complex. That's the value that we bring because a lot of people have diversified their income, young people, whether it's income from foreign sources or mutual funds or rental income or some of them even invest in cryptos and earn income. The tax laws, etc., are quite strict. You need to be able to make sure that you are fully compliant. That's where we are approaching this through the corporates, like we mentioned Bosch, and we have other customers like HCL and Accenture, etc. We are approaching it through the corporates to the employees. Last question, we are running the upcoming acquisition. Which are the target areas we are targeting, like in terms of adjunctivity? What are you targeting in the upcoming acquisition? If you can throw some light on that. I know it's placed with September or somewhere next this year. If you can throw some light on that, that would be awesome. It's similar around the space that we are as a SaaS fintech in the spend management space. Getting specifics beyond that in terms of adjunctivity is a little hard because we are looking at a variety of companies. The The thesis has been consistent. In the previous years, we have said what our thought processes are, that it has to be either EBITDA sensitive or product sensitive. It has to be a good fit. Those are the kind of things that we are looking at. Okay. Thank you for all that. Thank you. Thank you. The next question is from the line of Manish ankar Mandal from Alembic Pharmaceutical Limited. Please go ahead. Hi. Congratulations on the great set of numbers. My question, I have two questions, actually. One is, obviously, there was a mention of a lot of AI initiatives and development research at different phases of deployment. I wanted to understand, are these completely in-house or through a third party or some collaboration with some other companies as well? That is the first question. Second, how much of the expenses are there in OpEx or CapEx, especially in FY 2025? Yeah. First question, basically, is this in-house or is this through partnerships? This is largely in-house, but across our different acquisitions and investment companies. As Dr. Raj mentioned, we are consolidating our tech and engineering teams, bringing the capability together. That's the thesis. I didn't catch the last part in terms of. That's kind of CapEx. Are we inserting in specifically developing tech in-house in FY 2025? In FY 2025, we invested close to INR 40 crore. Just in developing tech, right? Developing, yes. Totally out there. Okay, sure. Thank you. Thank you. The next question is from the line of Akshay from AK Investment. Please go ahead. Yes. Thanks for the opportunity, sir. Sir, my first question is that I am new to this company. So can you put some color on what types of products? And currently, we have mainly three products, Zoyer, Save and Propel. So what are the different use cases of all the three products and how it adds value to the -- our customers and its employees? Thank you. The three products basically say we're taking all the expenses that corporates incur outside of budgeted CapEx. Propel caters to channel incentives, Save caters to all expenses related to employees, whether it's their travel and other expenses of that kind or benefits. And Zoyer is largely focused on all the vendor payouts and other payables that the companies have. We try to digitize all of these, integrate deeply with the corporate ERP, corporate HRMS systems. The whole idea is that there's a lot of decisions or a lot of policies that need to be enforced before a payment or a payout happens, right? Who's approving it, is it approved, not approved, the person who's approving it, does he or she have the authority limits, does it require two key levels of approval? All of that gets configured, the policies get configured and implemented on our platform. There's a lot of analytics and a lot of insights that get related to the dashboard that we have. That also is of a lot of value to the corporate. To the user who's typically an employee or a channel partner, through the mobile app, they get the ability to be able to seamlessly file their expenses, to be able to actually in real time see where their money is and how their money can be spent most effectively. That's the benefit that the user gets, especially in terms of being able to file their expenses on the go, which is a big, big value, actually. Okay. Basically, our product is a large-scale enterprise product like CRM, which is storage and pocketing, Propel, or spend management and the vendor of payment, right? Yes. 30 years ago, CRM was relatively unknown. 20 years ago, HRMS was unknown. 10 years ago, CRM was a little unknown. We believe in ten years' time, spend management will be a reestablished category. We hope to be the ones who are the thought sparers of this category, at least in India. Okay. My second question is, how many currently, how many players are there in India that provide the same type of products of spend management like us? What is the competitive intensity in the products that we are working in? I have also seen that Razorpay and all the payment gateways do have some typical product line as ours. Can you put some light on that also? Yes, sure it is. If you look at the straight-after solution, the horizontal straight-after solution or our platform, rather, where we span across rewards, we span across accounts payable, we span across employee expenses and benefits. To the best of our knowledge, nobody does this at an enterprise-grade level across all these three segments, you know, and then covering prepaid cards, corporate credit cards, UPI, etc., which we do today. Regarding other companies, I wouldn't want to comment specifically on any other company. The company that you mentioned is also a partner of our solution to their customers as part of RazorpayX. I'll leave it at that. Okay, sir. That's for them. Sir, my last question is, we are doing significant expansion in terms of industry growth, and we have acquired many customers in the past one to two years. What is the logic behind that? Is that for the cross-selling of other products to our existing clients, or is that for expanding our capabilities in terms of service offerings and increasing the consolidated offering? We believe this space is right for consolidation. There's a lot of value that gets built through scale and operating efficiency. We are able to today attract a lot of opportunities, given the position that we are in. We are able to hopefully close those deals at very attractive valuation. This is a mechanism that we are using to be able to scale up rapidly and consolidate our market leadership. Okay, sir. Thank you so much for our elaborate answer, and all the best for the future. Thank you. Thank you. The next question is from the line of Kushal Goenka from Mangal Keshav Financials. Please go ahead. Yeah. Hi. Thank you so much for giving me this opportunity. Sir, my question was, how does cash flow look for Q1, and what is the direction for the whole year? Like, what percentage of EBITDA can we expect to convert? Because, since the last four, five years, I can see that cash flow conversion was one of the main issues. If you can just let me know what are the steps that we are taking for that and what can be the guidance on that. Okay. So, sir, if you look at it in the year FY 2025, right, we just done 1st of June. Obviously, as in the growth phase, the cash flow of operation taxes were negative in the last couple of years past FY 2025. We don't postdate FY 2025. In the past, this year also we'll continue the momentum and we will do the same. Because we are in the growth phase of 50 - 60% in the last years, obviously, the investment has to go back to their operations as well as the results in the medical cash flow. Optimistically, we return positive. We continue the momentum and we'll be in the positive in the current year as well. Okay, any percentage you want to give in the range, like how much EBITDA can we convert? It's too early. It's maybe Q1, so possibly we will give an update on the fifth and the next quarter. Okay, thank you. Thank you. Ladies and gentlemen, due to the time constraint, I will take this as the last question. I will now hand the contents over to the management for the closing comments. Over to you, sir. Thank you all for participating in today's call. We hope we have addressed all your queries and provided valuable insights. We remain optimistic and focused on the future growth of the company, and we are excited about the opportunities ahead. For any further information, we request you to get in touch with SGA, our Investor Relations Advisors. Thank you and have a nice Independence Day in advance. Thank you. On behalf of Equirus Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.