Tracxn Technologies Limited (TRACXN) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen. Thanks for joining us today on the first quarter FY '27 Earnings Call of Tracxn Technologies Limited. On behalf of Systematix, I would like to thank the management of Tracxn for giving us the opportunity to host this earnings call. Today on the call, we have with us Ms. Neha Singh, Co-Founder, Chairperson and Managing Director; Mr. Abhishek Goyal, Co-Founder, Vice Chairman and Executive Director; and Mr. Prashant Chandra, Chief Financial Officer. I would now like to hand over the call to Neha to give opening remarks and take us through the PPT. And after that, we will open it up for Q&A. [Operator Instructions] Thanks. And with that, over to you, Neha.

Thanks a lot, Sidharth. Hello, everyone. A very warm welcome to everyone who's joining us today. We are here to present the results for the first quarter of the financial year FY '27. We are very excited to present our results for the quarter. Similar to the previous times in terms of the format, we'll run through a short presentation covering the key highlights. It will take about 15 to 20 minutes, and then we'll follow it up with the Q&A session. A quick recap on our business. For those who are joining us for the first time, Tracxn is a data and software platform for the global private markets. So if you look at the parallel public markets, it has created multiple large companies, many of which are highly profitable cash-rich companies. As private markets are becoming large and important, it will create similar platforms, and we are building a global platform in this space. If you look at our customer base, it spans 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 nearly half of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance of Q1 FY '27. So revenue from operations was INR 21.1 crores for the quarter, which is a 2.9% increase on a Q-on-Q basis. On profitability, EBITDA was negative INR 4.2 crores and PAT was negative INR 3 crores. Please note this also includes the noncash expense, primarily ESOP expense. We'll cover the adjusted ones in a subsequent slide. By segment, India revenue grew by 4.4% on a Q-on-Q basis to INR 10.6 crores, while the international revenue grew 1.4% on a Q-on-Q basis. Customers account grew 16% year-on-year to 2,350. Cash and cash equivalents stood at a healthy level of INR 88.2 crores. On this slide, we have provided the historical numbers in addition to the Q-on-Q for reference. You can go through this for more details. Another metric that we like to share is what percentage of the incremental revenue goes into the bottom line. In Q1 FY '27, we did not see margin expansion because we are investing in growth. However, historically, when the growth accelerates, the margins improve fairly quickly, right? We have converted as high as 80% of the incremental revenue into EBITDA. So once the growth reaccelerates, we expect this pattern to repeat, driving nonlinear EBITDA expansion. Coming to the expense. Our total expense for Q1 FY '27 was INR 25.4 crores, which is an 18% year-on-year increase. On the right-hand side, we have given the breakup of the key components, which are same as what you saw in the previous quarters. Bulk of our expense is team cost, which is about 87% of the total expense for the quarter. And it's worth noting that our entire team is in-house, there's no outsource or contract workforce. One other point worth highlighting is that we do not have a large paid marketing line item, neither digital or offline, typically required for customer acquisition. So being a data company, we produce a lot of data and content in-house, which helps us to generate organic traffic and lets us acquire leads fairly efficiently without having a large marketing spend. Moving to the volume growth, both customer accounts and users continue to grow at a fairly healthy pace. So we closed June '26 at 2,350 accounts, which is 16% year-on-year increase. Number of users reached 6,534, which is 22% up year-on-year. So we continue to acquire customers as well as penetrate within existing accounts at a fairly good pace. Moving on to some of the other financial metrics. FCF free cash flow for the quarter was negative INR 2.2 crores. Cash and cash equivalents stood at INR 88.2 crores. Please note, this is net of the cash utilized for buyback, which was completed in Q2 of last year. Coming to deferred revenue, it continued to grow both on a Q-on-Q basis as well as year-on-year basis, reaching an all-time high level of INR 38.8 crores in Q1 FY '27, which is a 6% Q-on-Q increase. Moving to more details on our customer base, starting with the split by type. At the end of the quarter, 50% of our revenue was from investment industry -- 50% of the accounts, sorry, was from the investment industry. This includes private market investors like VC funds, PE funds, investment banks, family offices, et cetera. 45% was corporates, primarily corporate development teams, M&A teams, innovation teams, strategy and sales teams as well as consulting companies. The remaining were others, including educational skills, government agencies, et cetera. So we continue to have a fairly healthy spread across the investment ecosystem as well as corporates. This slide gives an expanded view of the titles within the investment ecosystem and corporates that we work with. So this gives us a fairly large addressable market to tap into. And as you can see, we cut across more than a dozen distinct customer segments, which is why we've been able to build the vertical specialized teams for each, right, a playbook that's working well, which we'll cover later in the subsequent slides. In terms of geographical split, 50% of Q1 FY '27 revenue was from outside India. Our customers span over 50 countries. Our top 5 markets by customer accounts are India, U.S., U.K., Singapore and Germany. Moving to India and International. We saw acceleration in both on a Q-on-Q basis. India revenues grew 4.4% Q-on-Q, annualizing to nearly 19% yearly growth, which is an acceleration over the 14% growth that we had seen in the previous financial year FY '26. International revenue growth turned positive on a Q-on-Q basis. We will cover in the subsequent slides on what initiatives we are working on for continuing this acceleration. A quick word on the broad market environment. The total dollars invested are rising. Global tech funding for 2026 is on track to become the highest in the decade, largely driven by the mega AI rounds. Deal volume, however, is at a 10-year low, both in India as well as internationally. Global late-stage funding saw a similar continued year-on-year improvement. Coming to the global M&A the rebound is strong. 2026 YTD continues with a strong momentum. The current run rate suggests that 2026 could actually become the second highest year after the 2021 peak, both in terms of global M&A deal value as well as IB advisory fee. Moving on from the financials, I'd like to walk through some of the key highlights for Q1 FY '27 and some of the interesting growth initiatives we are working on. Starting with the first, which is a repeatable playbook that we have tracked and we are working on across the different business units. So if you look at the India's growth overall, it accelerated from 14% last year to between 19% to 20% annualized growth rate based on the Q-on-Q growth of the last 2 quarters. The main driver for this is the launch of the vertical teams, which we've talked about earlier and the growth playbook that we have implemented across each of these verticals. So going into what this playbook is and what are the phases for growth. So this is a very predictable 3-phase growth playbook, right, that we have established. In Phase 1, we launched a specialized BU team aligned to that customer segment. This drives the early customer growth, typically takes between 1 to 2 quarters, and we are able to see about 50% increase in the pace of new customer acquisition in that segment. In Phase 2, based on the inputs received from these vertical sales team, the data and the product teams augment the data to make it best-in-class for that particular segment. This takes anywhere between 3 to 4 quarters. And as a result, we are able to see a noticeable increase in the win rates across that customer segment. In Phase 3, once the conversions improve, we scale the sales team typically to about 4x of the initial size. And through this, we are able to increase -- have a noticeable increase in the overall growth rate of the segment and as well as we are able to gain market share between 1% to 2% every month. So this has already played out in a few verticals. A good case study for this is Investment Bank India. We launched the -- so after we launched the vertical team, the new customer acquisition picked up almost immediately from about 9 per month that we are acquiring to 13 per month. Subsequently, in the Phase 2, we worked on closing the gaps to make the offering best-in-class for this segment. right? So we did a couple of things. So for instance, we launched live deals so that bankers could source M&A and fundraise companies, enrich the investor database for their outreach effort and augmented private company financials, which is one of the requested features, which is now actually best-in-class across all the platforms in India as well as globally. As a result of this, we saw an improved win rate substantially and the new acquisition went up to nearly 20 a month, right? So it is nearly double of -- more than double of what it was in the initial phase when we started -- before we started this team. We are now in Phase 3, which is scaling the sales team and working on upgrades within the existing customers. We have been gaining nearly 1% incremental market share every month for the last over 12 months. And also if you look at the revenue growth in this segment currently, Q1 FY '27, which is the latest quarter, it grew at nearly 8% Q-on-Q basis, which is over 30% annualized growth rate. So currently, the growth rate is already close to 30% year-on-year annualized based on latest quarter growth rate and which is up from 20% growth rate that we had seen last financial year, which is FY '26. So once the sales scale-up is complete, we expect that this growth rate can actually go even further. So this is a good example of a playbook and the same growth playbook is being applied to different business units, as we can see and different business units are in different phases. And as more BUs graduate to the scale-up phase over the coming quarters, we expect a substantial improvement in the overall growth. Moving on to the next initiative, which is scaling our sales team. So one of the key initiatives has been scaling our GTM teams, primarily the sales team. As you can see, the GTM team has grown both in terms of the absolute size as well as the share of the total headcount. Sales and marketing now account nearly 30% of the total headcount, which is up from 27% in the same quarter last year, a meaningful shift towards the sales growth. Building on this momentum, now that the vertical playbook is working and our outbound conversions have also improved following the data set augmentations that we have done, we are scaling our sales effort even further. We had about 34 closing sales team as of end of December '25. And we plan to double this to nearly 60 by the end of this calendar year, which is December '26. These include teams serving India as well as international Geos that is India-based team doing sales for international Geos. We expect this expansion to drive meaningful growth in the new customer acquisition. Moving on to the next initiative, which is exponential increase in data sets and coverage. So previously, we talked about data augmentation as being one of the key things that we do in the Phase 2 to increase win rates across the various customer segments. So if you look at India overall, there are various initiatives which are underway and which have been recently done. Beyond the private company financials, which is now best-in-class in India, another bucket of request primarily from venture capital funds that we used to get was deeper founder signal coverage for early-stage investors. So here, we have launched a suite of companies founded by alumni, top colleges, companies, serial entrepreneurs, right, as this is becoming an important segment for early-stage investors to track. We have also expanded cap tables and shareholding coverage of private companies by more than 5x, taking it to near complete. These data set launches contributed to the growth acceleration that we saw in Q4 of last year as well as Q1 of the current financial year, a trend that we expect to continue. On the international front, several data sets are getting launched over the coming months. One of the recent ones which went live the coverage of stealth companies, something clients have been consistently asking for, which is to source early-stage deals before they actually become public. So this is already showing good early results. Additionally, we expanded the headcount coverage and growth trend, which now span more than 3.4 million entities. A few other data sets getting launched in the coming months include estimated revenues for private companies, valuations for M&A deals. Both of these are among the most requested data sets by the investment banking segment. So once these go live, we expect a meaningful impact on the overall international growth rate. Our coverage of regulatory data and private companies across geography continues to expand rapidly, starting with company financials. Here, we have grown the coverage by nearly 10x. We now have 3.1 million companies with revenue data and 7.2 million retail financials across over 20 countries. Next is cap tables. Investor uses to share -- to track shareholding valuation, share price history of private companies. Here, we have grown the coverage by over 5x in the last 6 months, and we now track over 1.7 million companies across 15 countries. We cover 66 million legal entities across markets, including U.S., U.K., Japan, India and Australia. Since much of the regulatory data anchors to legal entities, we continue to augment data sets, which includes in addition to financials, loans and charges data, patent data, legal case data, trademarks, et cetera. So this helps us increase the penetration in both new as well as existing customer segments. And just a point to note here, we've been able to add these data sets at a pace without a significant increase in headcount, which is a strong testament to the level of automation and intelligence we've been able to build in our infrastructure, which enables us to scale very efficiently. Another initiative that we talked about earlier is the specialized vertical team. So in addition to the investment banking vertical, which we talked about earlier, there are various other segments which are also live and we continue to see good results. For instance, corporate sales, which serves sales teams in large -- of large corporates for business development use cases grew nearly 30% year-on-year by revenue in India. The universities grew 45% year-on-year in India. And today, our customers include many of the top institutions, including IITs, IIMs, ISB, XLRI, et cetera. These are a few of the several vertical teams which are live -- so to summarize, the vertical playbook continues to work well for us. About a dozen other BUs are live across various phases. And as more units graduate to the scale-up phase, we expect a meaningful impact in the overall growth rate, both for India as well as international dealers. Moving on to the next initiative, which is AI native access to Tracxn data. Another key growth initiative that we have been working on is enabling our users to access Tracxn data and AI native workflow. So we have launched 3 things here. First, we have launched Tracxn Connector for AI tools such as Claude, ChatGPT, and Gemini. So using this state customers can now access reliable real-time company intelligence from traction's proprietary database directly within Claude and their AI workflows. Second, we have launched AI Assistant on the Tracxn platform for data searching as well as more complex stuff like our due diligence, competitive landscaping, market analysis and more. We are also working on agent workflows that combines investors in-house data with tractions data to address the most common use cases that investors have. So these are ready-to-use agents for task investors do most often like making a one pager, making a deal diligence report, competition benchmarking, building a scouting list and more. They can also be customized to the fund internal processes and templates, right? So together, these will make our data significantly more accessible inside customers' AI native workflows, embedding this more deeply into the customer workflows and over time, becoming a meaningful revenue segment. Moving on to some of the other initiatives for PLG and customer acquisition. So first, our organic search traffic. We continue to see very high and increasing volumes of organic traffic. In Q1 FY '27, this drove 7.9 million organic visits. Second is Tracxn Light, which is a freemium platform for product-led growth to drive platform awareness among potential customers. Users can get access to the full platform with usage limits. Since launch, we have had over 300,000 sign-ups. So this is a very strong pipeline through organic sign-ups, users hitting credit limits and upgrade requests and demos. Another initiative is press mentions. In Q1 FY '27, we had over 900 press mentions, which is a 5% Q-on-Q increase. So all of these builds our brand as a data company and helps us in the sales conversion. So to summarize the 3 key growth initiatives that you can expect to see in FY '27. So one is that we have established a very repeatable 3-phase growth playbook. So this is a very predictable phased approach that leads to increased growth rate and pace of market share capture within each segment. This is already proven in verticals like IB India, which is currently growing at over 30% annualized growth rate based on the latest quarter's Q-on-Q growth. The same playbook is also being replicated across BUs, most of which are already live. So as more and more BUs graduate towards the places, we expect to have a meaningful impact in the overall growth rate. The same playbook that has worked at the India level overall, where the growth accelerated from 14% last year to between 19% to 20% annualized growth rate across the last 2 quarters Q-on-Q growth based on that. And we expect that to continue. On the international front, Q-on-Q turned positive, growth turned positive. A couple of data launches that we have just gone live, and there are many more actually in pipeline in the coming months, which we believe should start showing impact in the coming quarters. On the sales front, we plan to nearly double the closing sales team. The AI native access to Tracxn data is another key growth area that we expect to start beginning contributing to revenue in the current financial year. So overall, we have a strong set of growth initiatives in place, and we expect FY '27 to show the impact of these investments, both in improved growth and expanded market share across the key segments. So this covers most of the key updates from the recent past. In the subsequent slides, we have additional KPIs and detailed financial statements, which you can go for more reference. With that, I'll pause, and I'll pass it back to Sidharth for the Q&A.

Yes. Thank you. So we just wait for a minute the [Operator Instructions] let me just see the first question is from -- one second. So we have Ajit Kumar's question on the chat window actually. So Ajit, do you want to ask your question or should I ask it for you? Okay. So I think we can ask them. Do you have clarity on road map to positive EBITDA?

Yes. Thanks, Ajit, for the question. So actually, it's a fairly sort of -- you can actually -- it's fairly predictable the EBITDA expansion. You haven't seen the EBITDA expansion in recent quarter or the last year because we've been investing in growth. And as soon as the growth actually sort of reaccelerates and we come back to the historical sort of growth levels, we are able to increase the EBITDA at a fairly rapid pace. To give you an example, in one of the recent years where the top line increased by INR 20 crores, our EBITDA actually increased by INR 15 crores in this year, right? So because of the fact that it's a very high gross margin business and the EBITDA expands in a nonlinear fashion. So that trickle down happens fairly quickly, right? So what we are focusing on is some of the initiatives that we talked about, right? And the margin expansion sort of happens as a result of that fairly quickly.

So we have a question from [ Sidhant ].

Just wanted to -- so you explained on the EBITDA, but wanted to understand the reason behind revenue being flat since March '23. Quarterly revenue has been around INR 20 crores only. And the playbook, I think, has been shown since the last 2 quarters as well. So when will it start playing out? Because it's been a while now that we have not actually seen any form of growth in terms of revenue, EBITDA, so I'm not even getting there at this point.

Sure. Thanks, Sidhant, for the question. So in terms of the growth, we talked about our market -- if you look at actually the deal volumes, which is a good proxy for the level of activity which is going on in the market, even today, it's actually at a 10-year low right, which is both in India as well as globally. So it is actually a 10-year low. And if you look at -- even if you look at some of the other anecdotal things, the number of large rounds, which is happening in India, these are also much lower than what it was until a few years back, right? So there have been some changes in our industry, which is why our -- some of the segments which were largest for us got impacted, like VC segment was one of the largest for us, which got impacted. What we had done over there is that we had actually prioritized some of the other segments like investment bank or corporate sales, right, by augmenting our offering, which then are actually growing at a fairly good pace for us, right? So sort of prioritizing that and adding the offering probably takes us a few quarters, right? But after that, we are able to sort of see that growth coming in those segments, right? So even if you look at India overall, right, which is now growing at close to like 20% overall annualized growth rate based on the Q-on-Q growth rate. The segment which used to be the largest, VC is probably still flattish, but some of the other segments that we have prioritized now and we've been able to augment our offering into that segment are growing at 20% to 30%, right? So I think that is a change that probably took us a few quarters. But I think it's in good shape right now, and there are segments which we are seeing that acceleration. We are just expanding that to the other ones. Probably the development takes a couple of quarters, and that is why you saw that impact to come in a few quarters. But it's what we are seeing is sort of fairly predictable in terms of the segments that we are working on.

And any bit on how we are evaluating competition because I think it's become a fairly crowded market at this point. And as VC and PE firms in India have grown, a lot of them have actually moved on to Bloomberg now. So then they sort of fall out of our TAM in a way because once a company gets Bloomberg, then I don't think they would want to subscribe for a platform that does not give them listed company data or say, I mean, Bloomberg covers the Sky, right? So how are we evaluating competition from that front?

So actually, to answer that, Sidhant, we don't run into Bloomberg. Actually, Bloomberg has obviously awesome public market data. But for the private markets, it's actually -- it's hardly used. So even when we were at a respective funds, which is more than $1 billion in AUM. For the private market investments, we did not use Bloomberg because the whole sourcing and all the use cases, which is there is actually -- it is catered to the public market investors and not to the private market investors, right? So we don't actually run into them. In terms of competition, as it is there in all segments, we do have that. But I would say because we are in a vertical industry, the level of competitors that we have globally is actually only a handful. There are only about 3 to 4 in each segment that we typically run into, right? So -- and essentially, what we take is you take a particular segment and whatever -- our offering is typically 80% to 90% already there. Whatever additional gap that we need to sort of build and augment to make it sort of best-in-class that we are able to sort of do that fairly quickly. right -- so that is something -- so it's a different set, I would say, in private market data.

Next question is from Praneeth.

I wanted to ask in terms of IB, I understand that we've been talking about IB for like last 2, 3 quarters at least in terms of the success it has shown in terms of teams. Could you also list out the next in line in terms of success along with IB so that we also get a perspective on what [indiscernible].

No, that's a great question. And that is why we have been also talking about continued sort of growth and how those segments have transitioned across different phases and how that sort of growth acceleration that we had anticipated is actually is now proven, right? And there are multiple segments, I would say, that is there. So one is obviously investment banking, India, which is there. In addition to that, VC India as another segment wherein we are scaling the sales team, where the first 2 phases are already done, third phase is actually in process. Apart from that, there are a bunch of other segments which are in Phase 2, which is actively being worked upon. To give you an example, for instance, investment bank in U.K. and U.S., right, or international. essentially, that is another bucket that we are working on in the second phase. And there are about a bunch of some 5, 6 verticals which are in different phases, right? To give an example, like VC Europe. So we recently launched a coverage on like early stage and stealth companies and that team was there, we have seen most acceleration, right? So there are -- so we want to listed down in the slide deck, which is all the different business units, which are across different phases.

Yes, I noticed that. I just wanted to understand in terms of the success, how successful are they in terms of contribution of revenues. First, I'd like to understand at our peak, how much was VC revenue versus what is the start of that number?

Yes. So VC, for instance, used to be nearly 1/3 or over 1/3 of our total revenue. And then right now, the other segments are actually growing much faster than that. So they have been sort of increasing in terms of the market share. in terms of the overall revenue share.

So how much would the VC be today because at the peak, you mentioned it was third. Now is it half of that or lower?

No, not half, but it's still decent, but like it's lesser than that, like ID has grown. We haven't given the percentages, but investment banks have grown. I would say corporate sales has grown as a segment, right? So these are the segments which have sort of increased in terms of the revenue share.

Got it. And one more thing, you mentioned in the annual report that we had some degrowth in America despite -- it's been happening for a while. So could you explain what is structurally changing there? And would it be -- is there a point of inflection coming anytime soon? Because those are huge markets for us. Europe and U.S. were one of our primary markets. I think that's where we started also in terms of huge things. So just wanted to understand what's the plan there because I understand vertical teams can be scaled there. But has the growth degrowing stopped? Have we expanded beyond the VC community there? Or how is it right now?

Right. No, that's a great question. So the U.S., U.K. will continue to be large markets for us even in terms of what initiatives that we are going to do going forward. And you can expect this to be a large part of our revenue even going forward, right? And so obviously, all the segments have seen impact, I would say, starting about 2 years back. There were quite a few things that we did. We initially started doing in India first, right, because it's easy to sort of test it out to see the output, right, which is launch of vertical teams, augmenting data and all the scale up that we did. And there are multiple segments where it got proven, right? So that's the same playbook that we are also replicating internationally, right? Last year, we have seen -- for the last few quarters, we were seeing impact in the international segment. If you see this Q-on-Q, it has actually turned positive, right? And there are a bunch of things which are planned for the international Geos. So the same playbook that we incorporated in India, the same playbook we are also replicating in the different business segments in the international Geos. Second is there are a bunch of data launches which are there, just got done and upcoming, right? That should also help increase the sales conversions. We also talked about the AI suite launch, right, which is also launched to a lot of these customers. We are also scaling the sales in the international Geos, right? So there have been sort of some early good signs in this quarter, and we expect that once some of the other things which are in pipeline also become live, it should have a notable improvement in the coming quarters in the international geo as well.

Got it. Just a clarification in the U.S., what exactly happened? Did we lose the number of customers or the customers exist the number of accounts reduced, which contributed to most of the growth?

So the same thing which actually happened in India, which is the same thing which has happened in the different regions. So for instance, if you look at we see overall, right, the deal volume today is like at a 10-year low. That means if fund was doing probably -- whatever number of deals that they were doing, they're probably doing a fraction of that now, right? So obviously, that impacts to the level of the upgrades that we are able to do, the new customers that we are able to sort of sell to, right? So -- and also it impacted some of the -- like some of the M&A customers, some of the large customers that we had, they got acquired or they had closed this initiative. So we saw sort of impact in this particular segment, right, which is same as what we saw in India and internationally. So it's nothing different. And that's why once we prioritize some of the other segments, which are now growing well for us -- that is why we have been able to sort of improve the overall growth rate.

But one more thing I want to understand. So I understand that we start with India and we want to scale it to the world. But why don't we just start it with that market itself? Because if it worked out, it would be much faster in terms of revenue growth rate. Why don't we just start from there instead of taking it from India to there because the metrics and even average revenue per user is so much higher there?

Actually, like even today, so for instance, in India today, it's now accounting for 50% of the revenue, right? So we selected a few segments there, we selected a few segments here. But here, we wanted to sort of play it out, we can sort of scale the sales team much sooner, I would say, in this geography to see that impact. And then replicating to the other would be easier, -- so I think that's the prioritization we took and it's still -- that's like a good bulk of the revenue as well today for us, even in India, I would say.

So there were specific teams that are set up in the U.S. also in terms of vertical before, not right now.

Yes, yes, of course. Yes.

Okay. Got it. And right now, see, I understand that we are focusing on industries and new customers and IB and all of this. But in terms of corporate, why don't we build up our, let's say, assets because corporate is much faster to scale, right? I understand it's right now half our contribution. But why can't we take it to much bigger because the opportunity is so much bigger there compared to getting into niches and where it's a lot more cyclical with VCs, IB, everything is a lot more cyclical and right? So why don't we just focus more on corporate and like increase the database there and all of that...

So I think on the long run, we would expect that both private market investors and corporate would be fairly sizable for us. So yes, you're correct that there are some segments which are fairly large in terms of corporates like an M&A innovation or sales, right? These are typically the type that we work with. But even having said that, like we would expect that VC or PE or an IB will also be sort of sizable segment for us over time, right? So because these are large asset classes, if you see, right? Like if you look at today, if you look at a limited partner, right, and their allocation across public equities, they are anywhere between, say, maybe like 75% to 80%. They allocate anywhere between 10% to 15% to the private market, right? So that's a large AUM that you are also sitting on. So we expect that we should be able to sort of grow within both of these segments, both of these sort of buckets.

So basically, you're saying that first, we'll focus here and then go there or it will focus along with everything. I don't think.

No, we are focusing on both, right? Like I would say investment banking is more closely related to the private markets, right? And sales or innovation are more.

Actually, on the corporate side, I think we are working very actively on title sales. We are very actively working on M&A and innovation team. So for all these 3, we have been very actively working on offering now. And I hope that in a couple of quarters, we'll start to see some momentum there as well. But all 3 are actually being actively worked for last few quarters now.

Got it. So did we make any key hire in corporate because I feel like it's mostly relationship done also, right? So did we hire a lot of...