Tracxn Technologies Limited (TRACXN) Q3 FY2026 Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. Thanks for joining us today for the Q3 FY '26 and 9 months FY '26 earnings call of Tracxn Technologies Limited. On behalf of Systematix, it is Siddharth and me, thanks for giving us the opportunity to host the management of Tracxn Technologies Limited. Today on the call, we have with us Ms. Neha Singh, Chairperson and Managing Director; Mr. Abhishek Goyal, Executive Director; and Mr. Prashant Chandra, CFO. I would now like to hand over the call to Neha to give us opening remarks and take us through the PBT. And after that, we'll open up the floor for Q&A session. [Operator Instructions] Thanks. And with that over to you, Neha.

Thanks a lot Devanshi. A warm welcome to everyone joining us today. Thanks for taking out time for our earnings call for the third quarter of the financial year FY '26. In terms of the format, it will be similar to the previous time. We would like to run through a short presentation, in which we will share some key highlights for the period. We'll take about 15 minutes, and then we'll follow it up with a Q&A session. Request you to kindly take note of the standard disclaimers for this presentation. A quick recap on our business for those who are joining us for the first time. Tracxn is a data and software platform for the global private market. So if you look at the public market, it has created multiple large companies, many of which are profitable, cash-rich companies; as private markets, as an asset sample is becoming large and important, it will also create platforms like this. And we are building a global platform in this space. If you look at our customers, they include venture capital funds, private equity funds, investment banks as well as M&A and innovation teams of large Fortune 500 corporations. Also, it's a global platform. So more than half of our revenue is international, and we have customers from over 50 countries. I would like to begin by summarizing the financial performance of Q3 FY '26 and the 9 months FY '26. To set the context, right, we have one legal one entity, so you'll not see terms like stand-alone, it's for the business overall. Revenue from operations for Q3 was INR 21 crores and INR 63.5 crores for the 9 months FY '26. EBITDA for the quarter was negative INR 1.7 crores. Please note this EBITDA also includes all the noncash expense like ESOP charge. PAT was positive both for Q3 and 9 months. PAT for Q3 and 9 months was positive INR 0.1 crores and INR 1.7 crores, respectively. Our customers' account volume growth was fairly high. Our number of active customer accounts reached 2,246 at the end of 9 months, which was a 32% increase on a year-on-year basis. On the cash side, cash and cash equivalents stood at INR 90.2 crores. Please note this includes net of buyback cash outgo, which was done in H1 FY '26. On the subsequent slide, we have also provided the year-on-year and historical numbers for reference. Coming to profitability, 9 months FY '26 was PAT positive. We talked about EBITDA and PAT in the previous slide. Please note that these includes also the noncash expense, primarily ESOP expense. If you exclude these noncash expense, adjusted PAT was negative INR 10 lakhs for the 9 months and adjusted PAT was positive INR 3.7 crores for the 9 months FY '26. Another metric that we talk about is incremental revenue going to bottom line. Currently, we are investing in growth and hence, you do not see the margin expansion happening in Q3. However, we continue to show this because as the growth rates accelerate, the margins improved at a fairly fast pace, right? For instance, historically, we've been able to add as high as 80% of the incremental revenue to the bottom line. Coming to expenses. Our total expense for the 9 months was INR 66.1 crores, which is a 7% year-on-year increase. On the right-hand side of the slide, we have also given the expense breakup across the key components. The key components are similar to what you would have seen earlier. But just to summarize, first, bulk of our expenses team cost in 9 months FY '26, this accounted for 88% of the total expense. Please also note that all our team is in-house, so there's no outsourced or contract workforce. The second largest item is cloud hosting costs, which accounted for 3% of the total expense as we do a lot of data processing and analytics. This is followed by rental expense. The other interesting aspect is that you don't see a large paid marketing line expense item because we don't do -- we don't have large spend in digital marketing, not offline base because typically, it's required by companies for customer acquisition. The reason is that we are a data company. So we are able to use a lot of content that we produce to get traffic organically. Also, there's a fairly high operating leverage. So for the period that you see from over here, FY '21 to the current quarter, the revenue has nearly doubled. The expenses increased by 44%, but the headcount has only grown by 11%, right, because it's a fairly high margin product business. Moving to the volume growth, in terms of the customer accounts and users it continues to increase at a fairly high pace. We closed December '25 at 2,246 accounts, which is a 32% growth on a year-on-year basis. The number of users was 6,156, which is a 33% growth on a year-on-year basis. So we continue to acquire customers at a fairly good pace. Moving to some of the other metrices. The free cash flow for the company was slightly negative INR 2.6 crores. This was driven by higher employee benefit expense due to increased headcount and slightly lower billing as compared to the previous year in the same period. Cash and cash equivalents stood at INR 90.2 crores. Please note that this is also net of the cash utilized for buyback, which was concluded in Q2 of the current financial year. Moving to other details on the customer base, starting with the split of customers by type. So if you look at the accounts at the end of 9 months FY '26, 49% of the accounts were from the investment industry. This includes the private market investors, VC funds, PE funds, investment bank, family offices, et cetera. 47% for corporates. This includes primarily corporate development teams, M&A teams, innovation teams at these corporates, consulting companies, et cetera. The remaining are others, which includes academic institutions, government agencies and others. So we continue to have a healthy spread across the investment as well as across the corporate ecosystem. right? So essentially, we serve a very diverse and rich customer segment. This slide gives an expanded summary of the titles within the investment industry and the corporates that we work with, right? So this gives us a large addressable market to tap into. In terms of geographical split, 56% of the revenue for the 9 months was from outside India. These customers span over 50 countries. The top 5 markets by customer accounts were India, U.S., U.K., Singapore and Germany. So essentially, the similar set of geographies where we have large corporate and private market AUMs. Talking a bit about the market. If you look at the market activity, it continues to be sideways. In terms of the private market investments in 2025, it was slightly better than 2024. But in terms of dollar deployed, it was down over 40% from the peak. And in terms of the deal volume, it was a 10-year low, both in India as well as internationally. Similar was the trend that you also saw in the late-stage activity, right, which was down actually 70% from the peak. Coming to the global M&A market, here the recovery has been much better. So 2025 showed continued recovery in terms of the M&A deal volume, and it was only down less than 20% from the peak. Coming to some of the other growth metrices, the volume growth continues to be high. On the left-hand side, you see the Q-on-Q trend in terms of the number of ending accounts. And on the right-hand side, you see the number of net customer accounts that got added in each quarter. So if you see the net accounts addition per quarter, historically, this number has been anywhere between 30 to 60 net new accounts getting added on a quarterly basis. Last year, it increased to more than 100 net new accounts getting added every quarter. And this momentum continues in Q3 of the current financial year, where it saw 103 net new accounts getting added. The number of paid customers have crossed 2,200 last quarter. There's a similar trend in terms of number of users within these accounts as well. So historically, we used to add anywhere between 40 to 80 net new users on a quarterly basis. This increased to over 200 users per quarter last year, which is a multifold increase. This continued in the latest quarter as well and the first 9 months of the current financial year saw more than 1,000 users getting added. The total number of users across the paid accounts have crossed 6,000 in the latest quarter. The other interesting metric is the growth of the India BU overall. In terms of the growth initiatives we talked about, we mentioned about vertical team as one of our key growth areas. Given that we cater to a large, varied sort of customer personas, these are business units by customer segments, right? And most of the vertical teams by various customer segments were initially launched in India first. So while we talked about the acceleration that we have seen across the individual units, I also wanted to give a growth that we have seen overall in the India geo. So in the first 9 months, India geo continued to grow at a good pace. The number of accounts increased by 43% on a year-on-year basis and the revenue increased by 14% on a year-on-year basis. So this playbook of vertical teams, think about smaller business units, is working well, and we are in the process of replicating as we had mentioned earlier, to other geographies as well. We also give the split of the growth rates across international segment to help you triangulate. So as you can see, there's still impact that we see in certain international geos, which impacted the overall growth rate. Our plan is to expand the sales through extending the sales team within these geographies, which is vertical customer segment-wise BU teams for the selected customer segments, as well as through partnership and additionally also investing in augmenting data, right? So this is what we had led to the acceleration in India and also some of the other geos that we'll talk about later, right? And once that happens, it should make the overall growth rate look much better. In parallel, we have also been investing in augmenting our teams across the various growth initiatives. This is primarily across GTM units, which is sales, sales support and marketing. So while the headcount in the data operations has been reducing due to AI, these investments have led to a slight net increase in the headcount on a Q-on-Q basis and a temporary reduction in profitability. However, we believe that these investments will accelerate growth and lead to a higher profitability in the upcoming quarters. Apart from that, we at [ Tracxn ] has been investing heavily across various growth initiatives across the last few quarters, and we expect more results of this to come going forward. So I'll also take a couple of minutes to talk -- to give you an overview of the growth initiatives that we are aggressively working on. So one of the key initiatives is scaling our sales team, primarily the closing sales team, size. right? So this closing sales team size has been around 30 sales staff for the last 1 to 2 years. And earlier, we were doing primarily inbound. Now that we have the vertical teams, which are working well, we are doing both inbound as well as outbound. And hence, we are looking to scale these teams. So we plan to double this team from a current stand of about 34 in the beginning of this year to 60 by the end of this calendar year of 2026, right? So this would mean larger teams for the existing verticals as well as extending this to other geos, mainly the sales teams which are based out of India, but catering to international geos like U.S. and U.K. We expect this to have a meaningful impact on the new customer acquisition. Coming to the India BU, in the 9 months, the India BU, or business unit, revenue grew at 14% year-on-year, while the number of customer accounts grew at over 40%. We expect this to accelerate because in the current financial year, we had undertaken significant investments in expanding our data sets and offering, which were requested a lot by the new and existing customers. So one of the data sets that we expanded is the coverage of private company financials, which increased by over 10x in the last quarter, making it best-in-class across all platforms in India. Furthermore, we now have comprehensive coverage of private limited companies, including over 3 million legal entities, 2.5 million directors, over 50,000 corporate structured trees and more. We also added data sets that corporates buy, including legal entity report, which have detailed risk indicators, over 20-plus financial ratios. Sales is another vertical that is growing well for us within India, and we are adding more data sets, including people data here. So for a lot of these data sets, we now have best-in-class coverage and hence, we expect the acceleration of the customer acquisition, which will help the revenue growth and help us sort of increasing market share in existing segment as well as in the other segments like private equity and investment bank. This also helps us break into newer customer segments like debt market, which is selling to NBFCs and other financial institutions. Coming to the international BU, in Q3, the number of customer accounts grew by 17% on a year-on-year basis in the overall geo. Here, we are doing 2 things, augmenting the sales effort as well as augmenting the required data sets. So on the data side, we made significant push towards expanding our data coverage across certain geos, particularly in U.K. and the U.S. In U.K., for instance, we now have a fairly good coverage of private company financials with over 4 million data sets. We also increased our company coverage by over 4x, augmented loans and charges data to [ over ] $2.6 million. In U.S., we augmented our company coverage and transactions data. Additionally, there are certain data sets requested by customers, which we are in the process of adding, which includes things like headcount data, revenue estimates, people and CXO data. Furthermore, in the last quarter, we had entered into a partnership with TMX Datalinx, which is the Information Services division of TMX Group, the owner of Canada's largest stock exchange. So it's a fairly large financial institution with a market cap of about $10 billion. With this collaboration, we were able to reach the financial institutions in the network of TMX Datalinx in Canada and North America. So we are very excited about it, and we expect this to increase our customer acquisition, especially in the enterprise space in North America. Additionally, we have also made our investment banking and venture capital vertical teams live in U.K. and the U.S. with the objective of replicating the India playbook. So just to give you an example of this playbook, the revenue growth rate for the U.K. geo improved from a negative 3% in last year FY '25 to a positive 7% in the first 9 months of the current financial year. So this is a great testament, and we believe that continuing this playbook, we should be able to increase our growth in the other geos as well. Coming to the vertical team or the specialized team, we have set up for most key customer segment. We continue to see good results. So just to give you some context, these are like mini business units. So initially, these teams starts working on new sales when they are able to accelerate the customer acquisition rates. Later, they also take up engagement, thereby increasing activation and account penetration and eventually also start doing marketing initiatives. A good example being investment banks, which we have talked about earlier. This is a team that sells to investment banks both through inbound and outbound. In addition to investing in sales in the segment, we have also invested in augmenting the data coverage, which has helped to improve conversions in this segment. This includes things like increasing the coverage of traditional sectors, private company financials and key ratios, VC and PE investor database. We have also expanded in this vertical to other geos like PP and U.S., where we are seeing good initial traction. Overall, continue to see good results. The logo penetration in India continues to increase at 1% on a month-on-month basis. In India, the number of accounts grew by over 50%, the revenue grew by nearly 16%. International, the accounts grew by over 60%. Additionally, in Q3, our coverage of private company financials for Indian companies became best-in-class, and this was one of the key data sets requested by these customer segments and because of which we expect the growth rates to further accelerate. Another vertical that is working well is corporate sales teams. So these are specialized teams focused on corporate sales who are typically looking to scout and analyze companies across sectors and geos for lead generation, market analysis, competitor benchmarking, business development mandates. So this is a fairly large market, and we are able to give a very curated list of targets to go behind because of our detailed sector coverages. So in addition, we are also working towards augmenting some of the additional data sets on the platform as required by this customer segment. For instance, this includes things like PIN code data, CXO profiles and adding more parameters, for instance, company tech stack, which helps users identify companies in their technology in a more targeted manner. So we have started scaling this to other geographies internationally as well and are seeing good initial traction. The customer count increased by more than 80% in this segment, including high growth rates across India as well as international geos. The revenue grew by almost 23% in Q3 FY '26 on a year-on-year basis. So we continue to augment the data required by this segment, especially in North America, and hence, we can expect further acceleration to happen in this segment as well. Apart from that, there are some other segments where we have verticals team that we have talked about previously, but just to give a quick summary on that; universities. So university in addition to being a revenue segment, it's also a great marketing channel for us as majority of our relevant customers come from the top universities globally. So since formation of this vertical unit, we have been able to significantly increase our market share, get many of the top logos, including many of the IIMs, IIBs and others. For example, 5 of the top 6 IIMs are our customers as well as we are also able to work on building deeper engagements with these institutions. For instance, we have been able to include Tracxn in the relevant course work of many universities, including many top tier ones like IIMs and [ ISPs ], like building in a very long-term mode. In Q3 FY '26, the number of customer accounts grew by 68% on a year-on-year basis and the revenue grew by 15%. In India, this was higher and the number of customer accounts grew by nearly 70% and the revenue grew by over 50%. Start-ups is another segment where we get high volumes of inbound. The use cases include competitor intelligence, market research, business development. We have expanded the use cases for this segment over time. Accelerator incubators is another segment where we work with private accelerators, government incubators, universities and corporate incubators globally. Here, we have been bringing grants data to the platform to help incubator portfolio companies access government funding and support. So to summarize, the vertical team segment is working very well for us. We now have nearly a dozen vertical teams which are live. And because we serve a fairly diverse customer segment across the financial institution, corporate through this architecture, we have grabbed a fairly repeatable playbook, right? And we expect to see growth acceleration across different segments as well. Apart from these, there are some other initiatives that are working well, and I'll give a quick update on those. So one of the interesting initiatives that we have talked about previously is scaling our organic traffic. So this continues to be an area of focus for us. Being a data company, we are able to use a lot of the data that we own to launch large public pages, which generates a lot of customer traffic. So if you look at the organic search traffic, we got across all our pages, this was nearly 19 million in the first 9 months of the current financial year. So this is a fairly large traffic funnel that we've been able to build, right? Also, we continue to increase this even further. For instance, the current traffic annual run rate has reached over 25 million, which is higher than last year's. Also another interesting growth initiative that we had launched recently is Tracxn Light. To give a quick context, we launched Tracxn Light for product-led growth to increase the awareness about the richness of the platform among global customers. With Tracxn Light, users get access to the entire platform when they sign up. Though there are obvious limitations, it is restricted daily limits of profile use export and certain platform modules. Over 2 years -- it's been over 2 years since launch, and we have got over 2.5 lakhs sign up for Tracxn Light. So this is a large set of users that we were able to sign up, right? So this large set of users are getting familiar with the platform, and this helps us in building a very good acquisition pipeline. Moving on, another interesting growth initiative that we've been working on is expanding our coverage of regulatory data of private companies across countries. For instance, this includes a variety of information on private companies across the various government registries and other government databases. One of the information is, for instance, of the financials and cap table data sets of private companies, which are particularly in demand by certain customer segments like private equity and investment bank, among others. So talking about financials in specific, today, we track financials of private companies in over 20 countries globally. We have significantly increased our coverage of these data sets in particular detailed financials and revenue data. Q3 in specific saw one of the largest increments in this data set. So as you can see from the graph, overall in the last 2 years, we have increased the coverage of this data set by over 50x. At the end of Q3 FY '26, we had over 2.3 million companies with revenue data and over 6.3 million companies with detailed financials available on the platform. And interestingly, we have been able to add these data sets at a fairly rapid pace without a significant increase in headcount. This is again a strong testament to the level of automation and intelligence we've been able to build as part of our infrastructure that enables us to scale very efficiently. Coming to cap tables, cap tables are requested by investors to see the detailed shareholding valuation, latest as well as historical share price of private companies. Today, we track cap tables across over 15 countries. In the last 2 years, we've increased the coverage of cap tables and detailed shareholding from 39,000 to over 350,000. This is nearly a 9x increase. Another good example is legal entity database, which we launched about 2 years back. Today, we have about 65 million entities. Major countries that coverage include U.S., U.K., Japan, India, Australia, Brazil. A lot of the regulatory data is around legal entities, so we continue to augment these data sets. This enables us to increase penetration in some of the new as well as existing customer segments. Another initiative that we have been aggressively working on is leveraging AI for data production. So this is giving us great results. We are able to multiply and augment our data sets while reducing the manual intervention and even shrinking head [ firm ]. In 2024, for instance, we expanded the coverage of the key data points by over 5x, while the data production team's headcount reduced by 10% in the same period. In 2025, last year, we further multiplied the coverage of these key data points by over 4x, while in parallel, the data production teams' headcount got optimized by additional 20%, right? So this is a very strong testament to the use of automation and AI in data production, right? So by using AI for data production, we have been not even able to multiply the pace at which we are able to add data, especially around processing unstructured documents, regulatory filings, et cetera. But it has also allowed us to launch new data set at a much more faster pace than ever before, right? So this continues to be an area of focus, and we are fairly excited about the results that we are getting from this. Another growth initiative that we have talked about is press mentions. So in the 9 months FY '26, we got over 3,000 press mentions, which is a 50% increase from the same period last year. And we were also able to do some very prominent partnership in this period, including a report by Economic Times covering top [ semi coms and mini coms ] of Maharashtra, Economic Times Startup Awards, which is a prominent annual event. We were report partners for the Bangaluru Innovation Report. And last time, I had mentioned that we are also looking to expand to some of the other geos. So glad to share that we have got good initial success in that, received brand mentions across international publications, including Forbes, Khaleej Times, Singapore Business Review, among others. So we believe that this goes a long way in building a brand as a data company and helps in our sales conversion. So to summarize some of the growth initiatives that you can expect to see in 2026 are on the India BU front, we plan to scale the sales team across the verticals from the current nearly 25 to about 40 by the end of the calendar year. We already have market leadership for most data modules. And with the augmentation of financial data, which was done in Q3, we now also have best-in-class in that data module, which was one of the requested ones. And here, you can expect -- so in this BU overall, you can expect to see further acceleration. On the international BU front, you will see us working both on augmenting sales as well as data. So on the data front, there are some data sets that we are adding, especially in U.S., like your revenue estimate, headcount data valuation data. And in parallel we are also scaling the sales effort. So this is both by scaling the internal sales team from the current less than 10 to about 25 by the end of the year, as well as working with our sales partner in North America, right? We may potentially add 1 or 2 in certain non-English geos. Another area is AI data production. This continues to be a big area of focus for us because this enables us to augment data sets and to cover gaps with our international peers in a fairly short span of time, what would have otherwise taken them like a few years to build, as well as we are able to launch new data sets for the prioritized segments, right, like PIN code data, people data, [ LP ] data, et cetera. And on the regulatory data front, we plan to build comprehensive coverage on private company data available for the legal entities, mainly related to financials, transactions, headcount, IT in some of the key prioritized geographies like U.S. and U.K. And just to note, for India, this is already done. So hopefully, this gives you a good idea of what to expect in 2026. So this covers most of the updates from the recent period. In the subsequent slides, we have some -- added some other KPIs, as well as detailed financial statements that you may go through for more details. So thanks. That's all the key items I wanted to share and passing it back to Devanshi for any Q&A that the group might have.

Thank you so much Neha, for taking us through the PPT. That was quite an insightful discussion. So now we open the floor for Q&A. [Operator Instructions] First question is from [ RMN Pawash ].

So I was just seeing your corporate sales and they have done fairly well. I think it's up 23%. So I was assuming that the international markets, the revenue that has been down was largely because of corporate sales not picking. So I mean, where is the pain in the international sales happening currently?

So international, it's mainly some of the segments which are seeing most impact, primarily your VC segment. So even if you look at the market activity, that continues to be fairly sideways and one of the lowest in the last 10 years. So that is the impact that we see. And some of the other verticals -- so essentially -- so VC is probably most impacted and some of the other verticals are sort of growing. Like even if you look at a geography like India wherein the overall growth rates are higher, there a segment like VC is still flattish, and we are able to sort of have the overall growth because some of the other segments are growing well for us.

So I was just seeing the U.K. numbers, they are super strong. So I think, is this largely because of the sales team presence there because we have increased coverage?

Yes. So that's a great -- this thing. And we had mentioned about it last time that this is -- like we are replicating the India playbook and U.K. is a great example of that it has worked and it sort of works in a fairly predictable manner. So you basically did 2 things. One is augmented the sales and then you augmented also the data sets, right? So on both the side, you saw sort of good updates being there. Like if you look at U.K., we also augmented the data sets that is required by the customer segments like your financials, companies, et cetera, that we augmented. And the second thing is that we augmented the sales team. So some of the vertical teams which were live in India, we had extended that to the U.K., right? So in U.K., that turnaround sort of happened in a few quarters.

And how tough would this be to replicate in U.S. or completely different markets?

Yes. So that is our plan. And that is where we see like should the overall growth rate should start looking better. So replicating that in U.S., that is the plan for this year. And we have also started -- we already started working on both fronts. So one is you are augmenting of the data sets that is there, right? So that is already there. And then even on the sales, right, like we sort of closed one partnership and as well as we are scaling the vertical sales team. So you will see us doing a lot of things in that front this year.

And just last question. The augmentation part, especially in U.K. took us 4 quarters, right, if I'm not wrong?

About -- yes, 3, 4 quarters about -- from the beginning...

[indiscernible] this for the other geographies, right, more or less?

Yes. So we have already probably had started doing this work in this U.K. at least U.S. from last quarter itself, and that will continue in this and the subsequent quarters.

[Operator Instructions] So next question is from [ Pranand ].

So I understand that we are able to grow the sales like we have done a good job over the last 3 quarters in terms of developing new business units and all of it. But I was wondering in terms of our EBITDA, we are still not able to scale it. I understand it's going to take time. But could you give us a guidance on when will it actually turn EBITDA? Because right now, at a PAT level, basically, we're just getting money because based on interest. When are we going to move into profitability, not just because of our cash, but also because our business operations are also developing and sales are developing accordingly.

Thanks Pranand for that question. So I'll just take that. So right now, see, in our business, there is a fair amount of operating leverage. What that means is that whenever your growth rate increases, your EBITDA actually increases at a fairly fast pace, right? And that is why we continue to show that slide and have that because like just 2, 3 years back, we were able to add as high as 80% of the incremental revenue in the top line, right? Like for instance, if the revenue increased by INR 20 crores, the EBITDA actually in that year increased by INR 15 crores, right? So the EBITDA actually increases at a fairly fast pace because of just the nature of our business, high margin and operating leverage. That is why we are not focusing so much on the EBITDA. We are more focusing on the growth, right? So there are -- because of the impact that we saw in some, we have to -- we are sort of augmenting the other things that is required to actually give us that. And once the overall sort of growth rate increases, the EBITDA actually increases at a much more faster pace, right? And we still are sort of fairly judicious about in the amount of the investments that we are doing. So we still have cash in bank of nearly INR 90 crores, right? So that is still there. And right now, we are focusing on growth. And once that happens within like a couple of quarters, I think the EBITDA should start looking positive and increase at a faster pace.

This was the reason I've been specifically asking is I've been tracking the company since that EBITDA conversion has been the highest. So I've been waiting for the company to go back, which is the exciting part of the software business is that the incremental EBITDA will come much more quicker. But the thing is we have had substantial degrowth in our international business that we're not able to scale it. I was just wondering, do you think the degrowth has stopped? Or how do you see the degrowth in our international business? And going forward, do we expect sales continue to grow? Or is there still potential for the old accounts to stop renewal or that sort of thing?

Yes. No, that's a good question. So actually, see the -- in talking about the international market, so if you look at the market activity, both in India as well as internationally, right? So it was similar, right? But in India, for instance, we were able to turn it around last year because of all the initiatives that we are doing. We were also able to replicate that in U.K. And we now have to do it -- so the overall growth rate still looks lower because of the impact that is still there, especially primarily in U.S. as the geography. And so this is our focus this year that this year we'll try to -- we are doing sort of the similar things that we did in the other geographies in the U.S. as a geography. And hopefully, that should make the overall international growth rate look better.

But do you think we bottomed out in terms of our loss in accounts or, let's say, the overall market cycle of going further down? Like because I'm curious -- for us, our accounts to increase in the U.S., we still need that new fund cycle to start. But do you think we are at the bottom? Or do you think there's further way to go?

Hopefully, we have had, say, like 1 or 2 renewal cycles for most of the accounts, which were probably impacted. But I think we also have to sort of augment like the other segments, right, like which are sort of working well in the average U.S. and right? So I think we'll have to probably see that. But most likely, we have already had like a few revenue cycles for most of these accounts, right? And once the other segment sort of start growing well, I think we should look better.

So I also understand that I think our family -- India family office is very usual in terms of contributing for our growth and universities also. What are those key markets that you see, let's say, in the U.S. and in the U.K., which might drive your growth? Because I understand the overall existing of VCs and the old school investing has remained. Do you see any new green shoots in terms of new types of structures coming into the market, which you see a lot of growth in?

Right. Yes. So sure. So in terms of the segments, so the segments which are sort of doing well for us, like investment banking is one segment that is doing well, right? Corporate sales is another segment that's growing at more than 20% for us, both across India and international combined, right? Number of accounts are growing at 80%. So that is growing well. And there are some segments which are smaller but have good potential. So for instance, like your -- private equity is another segment that we have prioritized, right, because now we had also augmented the data that is required for that segment. So that is one. University is a smaller segment, but that's a good marketing channel for us. Because of the fact that we added your whole company data, we are also able to go behind banks, right, and debt as the market because they require sort of more information about the legal entities. And now we have much detailed information about those. So that's another newer segment that has opened up for us.

Could you give some perspective on how our total addressable market changed because over the last year, 1.5 years, we've substantially added new products, new type of customers and everything. Could you give us, let's say, 6 months ago, 12 months ago and like 18 months ago, how our addressable market has changed? And what is our potential in terms of market share in each addressable market? Because I was just wondering like how do we expand our market and how are we doing in those in terms of positioning?

Right. Yes, sure. So in terms of the addressable market, so that continues to be fairly large, right? There are different estimates, but essentially, even if we grow to 5x the current size, we are still single-digit percentage of the market. So the market continues to be fairly large. And also the fact that we have -- we also cater to like a large -- like more than 50% of our revenue is international, right? So that's a fairly large market that we play into. And if you look at our customer base, this is across investment industry as well as corporate. So it's half and half if you look at the number of accounts, right? So there are titles, segments that we work with within the investment industry, which includes venture capital, private equity, investment bank, family offices. These are primarily on the investment side. And on the corporates, that is also equally large for us wherein we work with their M&A teams, innovation teams, sales teams, right? So that's a fairly large TAM, I would say. And now we have to basically go deeper into those. To give you an example, our market share would be probably higher in like your VC as a segment, but it was fairly low in investment bank and private equity, right? And over the last 1 year, it has become better in investment bank, right? But if you look at the corporate, corporate sales, we are probably very, very small. That's doing very well for us, and that's a very large market, but we are very small in this. So I would say our market share in many of these segments is fairly small, right, to a single-digit percentage.

So I was actually specifically referring to the idea of, let's say, we were at -- when we had our -- only in Tracxn, let's say, 2 years ago, we had investment -- mostly investment banking product that usually VC is used for that with new universities and sales and I was just wondering how much extra TAM does each segment contribute in terms of our addressable market? I understand our addressable market is huge, especially with international combined. I was just wondering let's say, if it was 100, 2 years ago for total addressable market with that product, how did the overall -- did it go from 100 to 200, 1,000? I was just wondering in that sense because that will give a better perspective on how much more potential is there.

Yes. So the TAM, just to put -- that's fairly large. So like there are different estimates, which is there and then you estimate anywhere between $8 billion to $9 billion overall. And there are companies which are $100 million or plus also in some of these segments, right? So that is not a -- so it's a fairly large market. And then once we are able to, for instance, go more deeper into a segment like an investment bank, right, that opens up that market in a -- more for us, right? So I think the numbers are fairly large. I think that is not this thing. What our aim is basically to sort of increase our market share in some of these -- in each of these segments.

But -- so let's say, how many companies do you think are at this scale in the global market? Because since we are clearly competing on a global level, so where do you see your primary competition from? Is it from the U.S. or U.K.? Is it like from these boutique firms? I'm just wondering how the strategy for our competitors also is because we are going from India to global with probably better cost competitiveness compared to them. So I was just wondering like could you tell us international positioning and how the strategy differs from, let's say, our competitors or our peers?

Right. So in terms of international peers, so in terms of the peers for this market like comps, there are about 5 or 6 players which are there in the private market data space. We are among the top 3 in terms of the execution and the depth that we are able to have. Most of the comps are in U.S., right, as you can sort of expect. And these are the ones that we run into in a lot of our sales discussions, et cetera. We believe that we have a very -- like for instance, our tech stack and our ability to add data at a much more faster pace because of the whole tech DNA as well as the fact that we are sitting out of India and then at a fraction of a cost, we are able to produce sort of data. I think that goes -- that's sort of invaluable. And thanks to AI, we are also able to accelerate that pace of additional data. So interestingly, now we are able to add data sets in a matter of like a week to a month than what the traditional players would have taken like a few years to build, right? So that is another thing that is playing sort of in our advantage, and we are fairly excited about it. And this is something that we feel that that's why we are able to sort of build data for like a U.S. or a U.K. being here.

But isn't the AI going to be a double edged sword for you because I understand data production has become cheaper. But so will -- won't it also affect the pricing, especially as your peers and competitors might be using the AI tech stack slowly and improving their costing? Won't it also reduce the pricing in the market?

Right now, that's not happening so much. Maybe over time, that happens, but that also opens up a larger TAM for us. So right now, it is still because you are working with enterprises and financial organizations, which are highly paid professionals, there is still more demand for data and enterprise-grade data than so much over there in our existing segments.

So could you give us a tentative time line and when do you think all these initiatives are going to take place? Like would it be Q2 FY '27? Or like would it be the end of the year? Because we -- as investors, we also want to know when it's going to kick off also because most -- like if you see over the last 6 to 8 quarters, it's been fairly stable and unchanged in terms of all the numbers. So we would also like to understand when it is actually going to kick in because all the initiatives seems to be -- so the biggest confusing part is everything is working well with your account openings and despite the degrowth, we have been able to enter into new segments fairly successfully. Things are working out. But when will that actually meaningfully contribute?

So that we should see in a fairly short span of time. See, I think you're seeing the overall numbers, but you have to break it up into different segments, right? So for instance, the overall growth is about 30%, but there are segments wherein it's more than that, right? Like India, it's volume growth is 40%, where you're also having revenue growth of 14%. In U.K., it's 40%, and you're also having revenue growth of 7%. Overall, international is 17%, right? So it's lower. So whichever countries that we have been able to sort of cross the 30% growth, right, overall volume growth, there we are also starting to see the value growth, right? So I think it just -- you have to sort of replicate that in the other geos, right? We were able to replicate it well in India and in U.K. Now we have to -- this year, the plan is to actually augment those things in U.S.

Like in terms of -- I understand that till it meaningfully contribute to the revenues, efforts are interesting for the first few quarters. So just when will it actually materially contribute is my question because...

So hopefully, soon in a few quarters. But again, we don't -- we're not giving sort of guidance on that. But hopefully, like we also gave the plan of 2026 in that sense, right, to give you a sense of what to expect in this year, this calendar year.

And one last question regarding our cash reserves. Do we have any other incremental opportunities that we can deploy then in terms of acquisitions or something? Or would it continue to just remain a buffer for us?

So at least for the upcoming 1 or 2 quarters, there is -- there's a lot of organic initiatives that we are working on. Hopefully, after that, once the growth crosses a particular threshold, then we will also look at inorganic. We continue to evaluate opportunities in our segment. And if anything interesting comes up, we will definitely be seeing in the financial data space essentially.

So is there activity high in terms of the segment in terms of inorganic transactions? Or how does it -- because I'm just -- I'm assuming it's a fairly niche business. So would it be possible for us to get opportunities? Or how does it work?

No, there are opportunities which are there in the financial data space. Anything in the financial data space, that is of interest to us. So we keep seeing interesting opportunities which is there, right? But I think right now also, there are a lot of things which you will see organically.

So can you give us in terms of the deal size we will be looking for in inorganic? Or would it be?

So right now, we are not -- as we are saying that's right whenever that happens, we'll probably talk more about that.

So we will take the next question from the Q&A box from [ Anurag Arora ]. Please mention the total headcount and breakup among senior management, senior executive level, sales team and others. Please give us a sense of this as how we pay to generate revenue with no growth. Also, please elaborate the salary expenses between these categories, if possible out of the salary -- total salary expenses. Companies paying INR 90 lakhs to generate revenue of INR 1 crores isn't it exceptional in terms of industry standards. Total employee cost is 90% of the total revenue, which is not the industry standard.

Sure. I'll just take that. So in terms of -- see, in terms of the cost, like this is your R&D cost apart from that, right, like there is tech -- there's data hosting, cloud hosting cost is the second largest, but obviously, your team cost is primarily. It's primarily divided across 4 business -- 4 types of teams, right? And I'll just give a brief split of the headcount across these. So overall, the team size is about 695, so a little less than 700, right, across all the teams at the end of last quarter. In terms of tech and product is one key vertical wherein we have about 115 people. The second is analyst and data operations, wherein we have about 270 people. The third is your whole GPM, geo sales, marketing as well as customer success wherein we have about 250 people, and then your business support wherein about 60 people, right? Coming to the part of your portion, which is sales. So in sales, as we had mentioned, we have about -- just if you take the closing sales people, we have about 34 people in the closing sales, closing sales rep. And this is the team that we are also -- that we had also scaled recently, the GPM team right, which is across the sales and sales support and marketing. So hopefully, that answers your question, Anurag.

Okay. So next question, I think we can take it from Mr. [ Param Jay ]..

So I just wanted to get some direction of the revenue growth and EBITDA margins over the next 2 or 3 years, say, FY '28. So could you just give some guidance on that front?

Sure. Thanks Param, for the question. So coming to the guidance, we are not giving guidance, but we have mentioned about our plan for this year, which should help you break it down sort of directionally. So I'll probably break it down in 2 parts. One is your India view and the other is international. In the India view, in the first 9 months, we grew at about 14% and 40% by accounts. This view accounts for about 40% of our total revenue. We expect this to accelerate because as we had mentioned in Q3, we had done significant expansion in the data sets that is sort of required. We are already seeing early signs that is giving us good results, and we expect that is where this business unit, the growth rate should accelerate. On the international part, right, which is where you see some impact, right, there's still impact in like the VC segment. So here, we are doing sort of 2 things. One is investing in data and the sales, right, which is required in the adjacent segments like your investment banking, private equity, corporate sales and more. And like in U.K. was one of the geographies that we were able to sort of turn it around from like a minus 3% last year to plus 7% this year. And for this calendar year 2026, U.S. is a big area of focus, right? So we are planning to augment the data that is required for these customer segments, which is primarily your revenue estimates, headcount data valuations. And the second thing that we are doing in private is also expanding the sales, right? So we're doing it through 2 ways. One is expanding through vertical teams, which is based out of India and sells to U.S. and the other is through the channel partnership, right? So on the -- right, and as we have mentioned thanks to AI data production, we are able to accelerate some of these at a fairly fast pace what typically would have traditionally would have taken a player like a few years to build. So this year, we expect that international part right, to also sort of improve because of the things that we are doing, right? So with that blended, you should see sort of better growth in the upcoming sort of time.

And secondly, I just wanted to understand like about the industry, what is going on, on the competition front like internationally? And even if there are any Indian players that I'm not aware about in the same segments?

Yes. Sure. So Param, on the competition, essentially, there are about 5, 6 players in this space. It's a vertical space in the private market asset class, the platforms which provide data. There are only about a handful of players. Primarily, we run into like 3 or 4 players in U.S., right, which are large part of large financial companies. And so in terms of -- obviously, a lot of them have also been impacted recently, but we are able to sort of also sort of go into some of the adjacent segments. So I would say, right, like in terms of the competition, these are the ones that are there. It's a global one. In India, we are by far the largest in terms of most segments. And there -- again, there are some segments which -- wherein we had lesser penetration like an investment bank or we were hardly present in the corporate sales team that we have sort of prioritized over the last couple of quarters that are also growing very well for us, right? So hope that gives you an idea about the competition in that space. It's not as competitive as, say, like the SaaS or the horizontal SaaS space. There are only about like 4 or 5 players globally that you run into.

And lastly, who is the market leader in this space because I'm fairly new and I'm trying to understand the industry. And like what are their offerings sort of? And how does it differentiate from Tracxn's offerings? Could you just give me some -- a brief on that?

Yes. Sure. So there are these like a few players which exist in the private market. You have PitchBook, which is part of Morningstar's portfolio, which is one of the large players and then you have a few others. In terms of differentiation, see, there are some data sets which are there, but there are some differentiation additional data sets that you also have. So for instance, we have a fairly deep coverage of sectors, which is fairly interesting for investors and corporates. We are going -- I think what is really working well is that lately, we are able to add data sets at a much more faster pace. So like we augmented the regulatory data coverage last year, which is now in a fairly good shape, right? So there are some overlap, which is there, but there's a fair amount of differentiation which sort of exists. So at times, customers are sort of evaluating it independently and some of the customers, they buy more than one as well.

And is there like an underlying moat in this business? Or is there something that is replicable in your business model?

No, no. So definitely, there is a good amount of moat, which is there. So as you can see the moat in the data space is probably more than what is there in the SaaS space. And that is why if you see companies -- margins of the companies which are in the data space, right, which are also listed say in U.S., they are at times higher than your SaaS space. So definitely, the moat in the data right and data catering industry vertical is fairly deep. And that's what -- that's why we believe that you can build like a deep company in this.

Next question, I think we can take from Anurag Arora.

So I have asked earlier about the -- I mean, structure of the employees between categories like senior employees, et cetera. So I would like to know about the salaries, how much salary is given to every category. I can come offline also if you don't -- if you are not handy with the data. And my second question is about -- I mean, it is very unnatural for me, see, I have not come across any company which is paying 90% of the revenue to the employees. I mean, am I missing something about this because I know some of the other databases companies [indiscernible] Equity, which maintains the data of -- we also use their database, which is on the public listed companies actually. So they also give -- I mean, maximum 50% to 60% employee cost is of their revenue. So am I missing something in your business? My second question, I have gone through the annual report of 2025. So there is a nonexecutive directors, I mean, independent directors. So there are fixed remuneration, INR 10 lakh each every -- for average person and INR 21.25 lakh. So could you please elaborate on this INR 10 lakh, what is the nature of this remuneration, which is given to them and sitting fees also because I have not come across any company of this size paying INR 21.25 lakh sitting fees in a year to 4 independent directors. Those high sitting fees questions the independence of directors itself. So could you please elaborate on this?

Yes. Thanks Anurag. For the third part of it, I'll probably direct it to Prashant. I'll take the first 2 parts in the meanwhile. So in the salary numbers, these are sort of market standard. I don't have that handy. But typically, your -- if you have the average, your tech salary is more than double of it and the other ones is probably close to average. We don't have that handy, but it's sort of market competitive, which is there, salaries, which is there in the [ year ]. The second question is about 90% of the revenue being in the employee cost. So that's just a function of that's our R&D essentially. So you have to basically invest in building the data, right? And over time, your revenue sort of grows. So just to give you an example, the gross margin that we operate is more than 90%, right? So even if we double the number of customers, it's not that we need to double the number of people that is there, right. And there have been years where that has happened. So the revenue, even if we double it, the number of people that we need to sort of augment is fairly less because it's more than 90% gross margin, right? So it's a -- you can think about it as an R&D cost that you have to sort of do because you're building like a global platform, you're building a global data, you're catering to all these segments. So that's why you see it higher, but that's a fairly high margin. So as soon as even if we double it, it's not that we have to double the number of people that is sort of required. That's on the second part. On the third part on the remuneration, I'll probably direct it to Prashant to sort of take that.

Hey Anurag, I hope you are doing well. Yes, so in terms of the remuneration paid to the independent directors, someone like [indiscernible] it is really in the industry [indiscernible] and if you look at the profiles of the independent directors, they are all [indiscernible] with very, very relevant background and like [indiscernible] and we pay them the sitting fee, I mean, for the meetings that they spend -- attend and besides outside also of the regular meetings of the Board and the Committee, I mean, they [indiscernible] contribute and [indiscernible] and plus with various things [indiscernible] initiatives. So what you see in terms of the compensation is sort of one which is this remuneration ,which is about INR 10 lakhs for 2025 and the rest of the thing is the sitting fee. And sometimes when we have more number of Board meetings and the Committee meetings for [indiscernible] then obviously the [ salary ] goes up, depending on the, well, how many meetings we have. So I don't think so that impacts the -- of things, that sort of independence and especially when we talk about the dependent [indiscernible] which have been also mentioned in the Annual Report. So I don't think so that number will meaningfully impact their independence.

I am sorry to say I missed [indiscernible] I understand the function of the independent directors. I am in this business since 2007 and [indiscernible] I deal with them on a daily basis. This is too high for a company [indiscernible] with a revenue of INR 84 crore. My question was not on the sitting fees and fixed remuneration, it's all about the size of your company and what are you paying to independent directors. So it was all about that. You may pay INR 1 crore to each -- to independent directors also when you are -- when your revenue are say INR 1,000 crore [indiscernible]. So INR 61 lakh to independent directors you should first be conscious about the investors also. The investors [indiscernible] in 4 years and your stock, it is down 65% in the last month. So I'm not able to understand these kind of things. First time I am looking at your Annual Report and there are so many things like [indiscernible]. I am sorry to say I am little bad [indiscernible]. Your revenue is not growing since last 4 to 5...

I don't think -- I think...

[indiscernible] perhaps INR 61.25 lakh so put together, if it went to 4 independent directors, it questions their independence actually.

Anurag, I'll just add here, we have sort of people from fairly good industry. So I don't think that's this thing. And just to give an example, like we have been, as a company, fairly high on corporate governance. For instance, we have had a Big 4 for the last over 9 years, which is 5 years before we even got listed, right? So that because of the fact of we had the backing of investors, et cetera, we were -- this has been a fairly high agenda item for us, which is being fairly high. We have never had qualifications across all these years, right? So that is definitely one of the things which is there about the company, which is being fairly high on corporate governance, compliance, et cetera.

Anurag, just one more point to add over there. I mean like one more thing which I would say this is to also compare. I mean I understand you previously had also raised this question about the total expense of salary. But if you look at the growth rate of the salaries we have over here.

I am sorry for the revenue growth for the last 6 quarters continuously.

That is correct. I mean like -- see I mean like the revenue growth is obviously I mean like [indiscernible] but the salary growth is not something which is very disproportionate, right? I mean, when we look at it. Because see at the end of the day we can cut fat but we can't cut muscles, right? Like we need certain people to this thing perform and to compete in the industry, right? And people are our ultimate assets. If we start cutting on the muscles then obviously it will start showing the impact on the [indiscernible].

But sir, you know your business well, more than anybody else. That is not the question. But be aware of your strengths [indiscernible] it's a very tight game. You are working in a very tight thing, you are a loss-making company. So it is very tight here [indiscernible] concern.

No, no, absolutely. I mean we hear you out. And I just wanted to give you a [indiscernible].

First you make good amount of money you can spend -- that's not a problem.

Right. No, I mean like certainly but I [indiscernible]

No, I mean, I'm sorry. There is -- I'm not able to see any operating leverage in the business. It's a pure operating leverage gain. It's an example of like when you see an IT industry, even in your business, there is more operating leverage than any other business. And I'm not able to see in the last 6 to 8 quarters, it's missing completely. And when you are hiring 36 more accounts in the sales team, I'm seriously worried about the next year picture if they are not able to convert the revenue. You will be more loss-making and your cash balance will be reduced more by maybe INR 5 crores, INR 10 crores. This quarter, it is reduced by INR 2 crores just to paying employee cost.

Anurag, I'll just add here. See, basically, that is an investment that we are making. And I think we have sort of we have shown that in some of the other geographies. This market -- if you see this market, everyone had been impacted, right? And right? Obviously, in a good year, we have also grown at -- typically, like if you look at historically, we've also grown at 30%, right? And right now, obviously, because of the market conditions, we were sort of also impacted. But here we have sort of turned it around in a few geographies. It takes some time to sort of augment and build that in a few geographies, and we are hoping to sort of replicate that. So we are at least sort of working on that, and we feel that, that should work, and we don't see any other reasons for that.

I think we can take a few questions from the Q&A box as well. So we have a question from [ Nitin Natya ]. Based on the client usage data, what proportion would be such that a LLM would be -- could give by crawling the web.

Sorry, I'll just repeat the question, if I've understood it correctly, because basically what part of the data we can get it from LLMs?

Yes. I think so.

Okay. See, actually, so that's a good question.

Neha, I think Nitin has raised his hand as well. It's better if you hear it from him?

Yes, yes that will be helpful.

So the question was, one is the data set itself. But based on actual usage that you see within your clients, what proportion of the usage would be of such data, which in any case, an LLM would give them by crawling the web? And what would be sort of in the proprietary domain? This is based on a proportion of usage, not based on what you have.

So actually, thanks, Nitin, for the question. So the data that is there is fairly -- so that is actually not available in the open, right? And so internally, for instance, so that's both. So there is a lot of unstructured data that is there. There are a lot of data which is also behind the paywalls, right? Like for instance, if you have to get a share price of a private company, you'll not be -- that's not available. If you want to get all the transactions in a particular format, that's not available or different cuts, which is there. There's so much of regulatory data which is there behind across 20 different countries that is not sort of instantly available. So there are a lot of data sets which are there, which is not sort of available. And if you want to sort of compare like the public data through the private data, right in the public data, you have much lesser number of companies like you have 50,000 companies globally, wherein you have a few million companies in the private market. And you have very structured information about the public companies. And yet people are not able to get everything through an LLM and they still have to use like a Bloomberg terminal or a screener or other software, right? So I think in the private market, I think it's more complex because the data is very unstructured. A lot of it is behind the paywalls. There are a lot of proprietary data sets that also you have to sort of build. And internally, we actually also use a lot of these models to sort of mine the documents and to work on those. But I think right now, there's still a lot of data sets. And once -- like in the public markets and people say that you don't need any terminal, it will probably happen to the private market after a few years. Right now, there are still a lot of both unstructured data, which needs to be sort of synthesized as well as a lot of data, which is sort of not proprietary behind the paywalls, et cetera, which is there.

And would the TMX partnership have contributed to revenues at all in this quarter, actually not to revenues to the deferred number at all in this quarter or no, that is yet to happen?

We had -- so this got announced last -- we closed it last quarter itself and then there was a holidays. We have closed some sales. I'll probably have to check whether that is accounted for in this quarter or not. But having said that, I think it's more going forward, like there's a good pipeline of enterprise accounts, right, that we are working on wherein we -- which we were not able to sort of track remotely and that we are able to sort of do very well and that's active ones that we are sort of working on. So I think more thing you'll probably see going forward.

We can take one question from the Q&A box. So the question is from [ Ashwini Kumar Singh ]. Data stocks are globally under pressure due to AI-driven margin compression fears. Do we see that as a significant risk to the business?

And I...

There is one more. Any update on how the partnership with TMX is progressing? Are you seeing any meaningful traction? And are there any such partnerships in the pipeline for the other geographies? So these are the 2 questions that I can see from Ashwini.

Thanks a lot. Thanks, Ashwini, for those questions. So just to answer that on the first part, the AI, we believe that is a great enabler for us. To give you an example, we believe that, that helped -- and that's why we are also investing a lot in that because we believe that, that helps us accelerate the data traction in a much more faster manner. To give you an example like one of the data points like U.S., we started focusing about a quarter back and one of the data points that we had worked on is just the transactions data, right? And that was one of the feedback that we got that customers needed more transaction data. We had to sort of become more comparable. That said, we were able to make it 4x within just a matter of over a month and which otherwise would have taken like our peers quite some time to sort of build it, right? So -- and we are able to do all that, thanks to AI, which is something which someone was not able to do probably 2 or 3 years back. So I think definitely, the -- in terms of the legacy data players, there is definitely someone who is using AI, there is a lot of scope that you are able to catch up on that data at a much more faster pace, right? And that is why U.S. is also one geography that we are sort of prioritizing this year because we believe that we are able to bridge some of the gaps which is there, which sort of increases the conversions in the required segments, right? So this is definitely something that we are very excited about, and we think it's a great enabler for us to be able to do all the things which we are able to do today, right? That's one. And on the second time on the partnership, we -- I just talked about TMX and how that is there. So we are fairly excited about it. It's fairly early because it just got closed last quarter. And there's a good pipeline and sort of -- we are working towards it. In terms of any of the other players, we plan to -- we might end up doing, say, 1 or 2 in some of the other non-English geos, but we'll probably update that as that happens. That answers the question.

I think we've answered most of the questions. I think -- thank you so much, Neha and Prashant and Abhishek for addressing the investor queries. If anyone has any further questions, they can definitely reach out to the management at [email protected]. So Neha, over to you for closing remarks, if any.

Thanks a lot. Thanks a lot, everyone, for joining us today. Hopefully, we were able to give you some good understanding and answer some of the queries that you had. In case there are any follow-up questions, as Devanshi mentioned, please feel free to write to us at [email protected], right? Thanks again, and hopefully, you have a good rest of the day.

Thank you.

Thanks, everyone.

Thank you so much, everyone.