Tracxn Technologies (NSE:TRACXN) Q1 2027 Earnings Call

0:00 Good evening, ladies and gentlemen. Thanks for joining us today on the first quarter FY twenty seven earnings call of TRACXN Technologies Limited. On behalf of Systematics, 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 miss Neha Singh, cofounder, chairperson, and managing director mister Vishay Goel, cofounder, vice chairman, and executive director and mister 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 and a's. Please use the raise hand option to ask a question, or you can also submit your questions in the q and a box at the bottom of your screen. Thanks. And with that, over to you, Neha.

0:46 Thanks a lot, Tracxn. Hello, everyone. A very warm welcome to everyone who is joining us today. We are here to present the results for the first quarter of the financial year FY twenty seven. 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'll take about fifteen to twenty minutes, and then we'll follow it up with the q and 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'll 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 and a and innovation teams of large fortune 500 corporations.

1:40 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 q one f y twenty seven. So revenue from operation was 21.1 crore for the quarter, which is a 2.9% increase on a q on q basis. On profitability, EBITDA was negative 4.2 crore, and TAC was negative 3 crore. Please note this also include the noncash expense, primarily ease of expense. We'll cover the adjusted ones in the subsequent slide. By segment, India revenue grew by 4.4 on a q on q basis to 10.6 crores, while the international revenue grew 1.4% on a q on q basis.

2:27 Customers account u... Grew 16% year on year to 2,350. Cash and cash equivalents stood at a healthy level of 88.2 crores. On this slide, we've provided the historical numbers in addition to the q one q for reference. You can go through this for more details. Another metric that we'd like to share is what percentage of the incremental revenue goes into the bottom line. In q one FY twenty seven, 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 to EBITDA. So once the growth reactivates, we expect this pattern to repeat, driving nonlinear EBITDA expansion.

3:17 Coming to the expense, our total expense for q one, FY twenty seven, was 25.4 crore, which is an 18% year on year increase. On the right hand side, if we have given the key, breakup of the key components, which are same as what you saw in the previous quarters. Bulk of our expenses 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, helped us to generate organic traffic and lets us acquire leads very efficiently without having a large marketing spend.

4:07 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 matrices, FCF, free cash flow for the quarter was negative 2.2 crore. Cash and cash equivalents stood at 88.2 crore. Please note, this is net of the cash utilized for buyback, which was completed in q two 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 38.8 crores, in q one FY twenty seven, which is the 6% q on q increase.

5:15 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, etcetera. 45% were corporates, primarily corporate development teams, m and a teams, innovation teams, strategy and sales teams, as well as consulting companies. The remaining were others, including education institutes, government agencies, etcetera. So we continue to have a fairly healthy spread across the investment ecosystem as well as corporates. This slide gives a 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.

6:25 In terms of geographical split, 50% of q one f y twenty seven revenue was from outside India. Our customers span over 50 countries. Our top five markets by customer accounts are India, US, UK, Singapore, and Germany. Moving to India International, we saw acceleration in both on a q on q basis. India revenues grew 4.4% q on q and analyzing to nearly 90% yearly growth, which is an acceleration over the 14% growth that we had seen in the previous financial financial year f y twenty six. International revenue growth turned positive on a q on q basis.

7:11 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 ten year low, both in India as well as internationally. Global late stage funding saw similar continued year on year improvement. Coming to the global m and a, the rebound here is strong. 2026 YTV continues with this 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 and a deal value as well as IB advisory fee.

8:05 Moving on to the financials, I'd like to walk through some of the key highlights for q one FY twenty seven and some of the interesting growth initiatives we are working on. Starting with the first, which is a repeatable playbook that we have flagged 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 90 to 20% annualized growth rate based on the q on q growth of the last two quarters. The main driver for this is the launch of the vertical teams, which you've talked about earlier, and the globe growth playbook that we've implemented across each of these verticals. So going into what this, playbook is and, you know, what are the phases for growth, so this is a very predictable three phase growth playbook, right, that we have established.

8:58 In the phase one, we launch a specialized view team aligned to that customer segment. This drives the early customer growth, typically takes between one to two quarters, and we are able to see about 50% increase in the pace of new customer activation in that segment. In phase two, 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 three to four quarters, and as a result, we are able to see a noticeable increase in the win rates across that customer segment. In phase three, once the conversions improve, we scale the sales team typically to about four x of the initial size.

9:47 And through this, we are able to increase... You know, have a noticeable increase in the overall growth rate of the segment and as well as we're able to gain market share between one to 2% every month. So this is 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, you know, about nine per month that we are acquiring to 13 per month. Subsequently, in the phase two, 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 and a and fundraise ready 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.

10:48 As a result of this, we saw an... Of the, you know, improved win rates 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 three, 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 twelve months. And also if you look at the revenue growth in this segment currently, q one f y twenty seven, 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, you know, 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 f y twenty six.

11:49 So once the sales scale up is complete, we expect that this growth rate can actually go even further. So this this is a good example of a playbook, and the same growth playbook is being applied to different business units as you 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 rates. 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.

12:39 Sales and marketing now account nearly 30% of total headcount, which is up from 27% in the same quarter last year, a meaningful shift towards a steel... Sales that growth. Building on this momentum, now that the vertical playbook is working and that outbound conversions have also improved following the dataset augmentations that we have done, We're scaling our sales effort even further. We had about 34 closing sales team as of end of December twenty five, and we plan to double this to nearly 60 by the end of this calendar year, just December 26. These include teams serving India as well as international geos. That is India based team doing sales for international geos.

13:29 We expect this expansion to drive meaningful growth in the new customer acquisition. Moving on to the next initiative, which is exponentially increase in datasets and coverage. So previously, we talked about data augmentation as being one of the key things that we do in the phase two of... 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 fund that we used to get was deeper founder signal coverage for early stage investors. So here, we have launched a fleet of companies founded by alumni of top colleges, companies, serial entrepreneurs, right, as this is becoming an important segment for early stage investors to track.

14:23 We've also expanded cap tables and shareholding coverage of private companies by more than five times, taking it to near complete. These dataset launches contributed to the growth acceleration that we saw in q four of last year as well as q one of the current financial year, a trend that we expect to continue. On the international front, several datasets are getting launched over the coming months. One of the recent ones which went live is a 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 3,400,000 entities.

15:15 A few of the datasets getting launched in the coming months include estimated revenues for private companies, valuations for m and a deals. Both of these are among the most requested datasets 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 10 x. We now have 3,100,000 companies with revenue data and 7,200,000 detailed financial that cross over 20 countries. Next is cap tables. Investor uses to share, to track shareholding valuation, share price history of private companies.

16:05 Here, we have grown the coverage by over five x in the last six months, and we now track over 1,700,000 companies across 15 countries. We cover 66,000,000 legal entities across markets including US, UK, Japan, India, and Australia. Since much of the regulatory data anchors to legal entities, we continue to augment datasets, which includes, in addition to financials, loans and charges data, patent data, and legal case data, trademarks, etcetera. So this helps us increase the penetration both new as well as existing customer segments. Just a point to note here, we've been able to add these datasets 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.

17:00 Another initiative that we've 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 where we continue to see good results. For instance, corporate sales, which serve sales teams in large... Of large corporates for business development use cases, grew nearly 30% year on year by revenue in India. The university's view grew 45% year on year in India. And today, our customers include many of the top institutions, including IMs, IIT, ISB, XLRI, etcetera. These are few of the several vertical teams which are live. So to summarize, the vertical team playbook continues to work well for us.

17:46 About a dozen other views are live across various phases. And as more units graduate to the scale up phase, we expect a meaningful impact in the overall growth rates, both for India as well as international genos. Moving on to the next initiative, which is AI native access to traction data. Another key growth initiative that we've been working on is enabling our users to access traction data and AI native workflow. So So we have launched three things here. First, we have launched traction connector for AI tools such as Clor,, Gemini, Cursor. So using this state, customers can now access reliable real time company intelligence from traction's proprietary database directly within Clor and their AI workflows. Second, we have launched AI assistant on the traction platform for data querying as well as more complex tasks like company due diligence, competitive landscaping, market analysis, and more.

18:41 We are also working on agented 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 tasks investors do most often, like making a one pager, making a deal diligence report, accomplishing benchmarking, building a scouting list, and more. They can also be customized to the funds 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 PLGN customer acquisition. So first, our organic search traffic, we continue to see very high and increasing volumes of organic traffic.

19:26 In q one FY twenty seven, this drove 7,900,000 organic visits. Second is TRACXN Lite. This is a premium 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 builds a very strong pipeline through organic sign ups, users hitting credit limits, upgrade request and demos. Another initiative is best mentioned. In q one f y twenty seven, we had over 900 press mentions, which is a 5% q one q increase. So all of these builds our brand as a data company and helps us in the sales conversion. So to summarize the three key growth initiative that you can expect to see in f five twenty seven. So one is that we have established a very repeatable three phase, you know, 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 corpus q on q growth.

20:31 The same lay... Playbook is also being replicated across views. Most of it are already live. As So more and more DUs graduate with the phases, we expect to have a meaningful impact in the overall growth rate. The same playbook that has worked at the India level over... Overall where the growth accelerated from 14% last year to between 90 to 20% annualized growth rate across the last quarters q on q growth based on that, and we expect that to continue. On the international front, q on q turned positive. Growth could turn 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 a native access to traction data is another key growth area that we expect to start becoming contributing to revenue in the current financial year. So overall, we have a strong set of growth initiatives in place, and we expect FY twenty seven to show the impact of these investments both in improved growth rate and expanded market share across the key segments.

21:32 So this covers most of the key updates from the recent part. In the subsequent slides, we have, additional KPIs and, you know, detailed financial statements, which you can go for more reference. With that, I'll pause, and I'll pass it back to Siddharth for the q and a. Yeah. Thank you. So we'll just, wait for a minute, till the, participants can raise their hands or write down the question in the q and a box. Okay. Let me just see the first question is from... One second. Steep it here. Yeah. So we have, Ajeet Kumar's question, on the chat window, actually. So, Ajeet, do you want to ask a question, or should I ask it for you?

22:27 Okay. So I think we can ask them. Do you have clarity on road map to positive EBITDA? Right. Yeah. Yeah. Sure. Thanks, Harjit, for the question. So, actually, not... You know, it's a fairly, you know, sort of a plot. You know, you can actually... So it's fairly predictable, the EBITDA expansion. You haven't seen the EBITDA expansion lead... Recent quarter or the last year because we've been investing in growth. And, as soon as the growth actually sort of reaccellates 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, you know, in one of the recent years, you know, when the top line increased by 20 crores, EBITDA actually increased by 15 crores in just one year. Right? So because of the fact that it's a very high gross margin business and, you know, the EBITDA expansion in nonlinear fashion, so that trickle down happens fairly quickly.

23:27 Right? So what we are focusing on is, you know, some of the initiatives that we talked about. Right? And the margin expansion sort of happens, you as a result of that fairly quickly. Okay. You, Neha. So we have a question from Siddhant. Yeah. Siddhant, are you there? Yes. Good evening, everyone. 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 20 crores only. And the playbook, I think, has been shown since the last two quarters as well. So when it... 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 too, I'm not even getting there at this point.

24:25 Sure. Sure. Thanks, Tracx, the question. So in terms of the growth, see, we talked about, you know, ad 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, You know, even today, it's actually at a ten year low, right, which is both in India as well as, you know, globally. So it is actually a ten year low. And if you look at, you know... Even if you look at some of the other anecdotal things, the number of large rounds which is happening in, you know, in India, these are also much lower than what it was, you know, till a few years back. Right? So there have been some changes in our industry, which is why are some of the segments which were largest for us, you know, got impacted. Like, VC segment was one of the largest for us which got impacted. What we had done in, you know, over there is that we had actually prioritized some of other segments, like investment banks or corporate sales, right, by augmenting our offering, which then are actually growing at a fairly good pace for us.

25:24 Right? So sort of prioritizing that and, adding the offering probably takes us a few quarters. Right? But after that, you're able to sort of see that growth coming in those segments. Right? So, the... You know, even if you look at India overall, right, which is, you know, now growing at close to, like, 20% overall, annualized growth rate based on the q one q growth rate. The segment which used to be the largest, you know, we see 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 segments are growing at 20 to 30%. Right? So I think that is a change that probably took us a few quarters, but, you know, you know, I think it's in good shape right now, and, you know, there are segments which we are seeing that acceleration. We are just expanding that to the other ones. Probably the, you know, the development takes a couple of quarters, and that is why you saw that, you know, that impact to come in a few quarters.

26:19 But, you know, it's... What we are seeing is sort of fairly predictable in terms of the the the segments that we are working on. And any bit on how they're evaluating competition? Because I think it's become a fairly crowded market at this point. And as we see then 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 time in a way because once a company gets Bloomberg, then I don't think they would want to, you know, subscribe for a platform that give... 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?

27:05 So, actually, to answer that, Tracxn, we don't run into Bloomberg. Actually, Bloomberg has a, you know, obviously, awesome public market data. But for the private markets, it's actually, you know, it's hardly used. So even when we were at the respective funds, which is more than a billion dollar in AUM, for the private market investments, we did not use Bloomberg because they were sourcing and and all the use cases which is there is actually, you know... 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, you know, as it is there in all segments, we do have that. But, you know, I would say because we are in a vertical industry, the level of competitors that we have globally is actually only a handful. They're only about, you know, three to four in, you know, in each segment that we typically run into. Right?

27:54 So... And, you know, essentially, what we take is, you know, you take a particular segment and whatever, you know, our offering is typically 80 to 90% already there. Whatever additional gaps that we need to sort of build an argument to make it sort of best in class that we're able to sort of do that fairly quickly. Right? So that is something, you know, it's... So it's a different set, I would say, in in private market data. Alright. That's my question. Thank you. Thanks. Thank you, Sunan. Next question is from Praneeth. Praneeth, would you like to unmute yourself and ask your question? Oh, yeah. Yeah. Yeah. So... Yeah. I wanted to ask in terms of IP. I understand that we've been talking about IP for, like, last two, three quarters at least. And in terms of the success, it has shown in terms of work called teams. Would Would you also list out the next in line in terms of success along with IB so that we also get a perspective on what is also sort of working on it. Right? One take point. Right.

28:56 No. No. Pen, that's a great question, and that is why we have been also talking about, you know, continued sort of growth, you know, and how those segments have transitioned, you know, across different phases and how that sort of growth acceleration that we had anticipated is actually... Is now proven. Right? And... But there are multiple segments, I would say, that is there. So one is obviously investment banking, you know, India, which is there. In addition to that, we see India as another segment wherein they are failing the scales... Scaling the sales team. But, you know, the first two phases are already done. Third phase is actually, you know, in process. Apart from that, there are a bunch of other segments which are in phase two, which is actively being worked upon. To give you an example, you know, for instance, investment bank in UK and US, right, or international.

29:41 Essentially, that is another bucket that we are working on in the second phase, and there are about a bunch of, some five, six verticals which are in different phases. Right? To give an example, like, BC Europe, you know, so we recently launched a coverage on, like, early stage and stealth, companies, and, that team was... You know, there, we have seen most acceleration. Right? So there are, so we also listed down in the slide deck, which is all the different... The business units, which are, you know, across the different phases. Okay. Let me pull that slide, Krishna. I noticed that. I just wanted to understand in terms of the success, how successful were they in terms of contribution of revenues. First, I'd like to understand at our peak, how much was VC revenue versus what what is it today? Could you start with that number?

30:28 Yeah. So VC, for instance, used to be nearly a third, you know, or over a third of our total revenue. And then, you know, 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 at the peak, you mentioned it was third. Now is it half of that or lower than that? Not half. It is still, decent, but, like, it's lesser than that. Like, IB has grown, you know, we haven't given the percentages, but investment banks have grown. I would say, corporate sales have grown as a segment. Right? So these are the segments which have sort of in... Increase in terms of the revenue share. Got it. And one more thing, if you... You mentioned the annual report that we had some degrowth in America. You... 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 were huge markets for us. Europe and US were... They were one of our primary market, and that's where we started also in terms of huge things. So I just wanted to understand what's the plan there because I understand what call teams can be scaled there. But has the growth be going stopped?

31:35 Have we expanded beyond our VC community there, or how is it right now? Right. Right. No. That's a great So, you know, The US, UK will continue to be large markets for us even, you know, in terms of what initiatives that we are going going to do going forward. And you can expect this to be, you know, a large part of our revenue even going forward. Right? And, so, obviously, you know, all the segments had seen impact, I would say, you know, starting about two years back. There were quite a few things that we did. We initially started doing, in India first. Right? Because, you know, 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, you know, there are multiple segments where where it got proven. Right? So that's the same playbook that we are also replicating internationally.

32:25 Right? Last year, we had seen... You know, 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 geo. So the same playbook that, you know, we incorporated in India, that same playbook we are also replicating in the different business segments, you know, in the international geos. Second is there are bunch of data launches which are there, just got done in our coming. Right? That should also help increase the sales conversions. We also talked about the AS Suite launch, right, which is also launched to a lot of these customers. We are also scaling the sales in international deals. Right? So there have been sort of some early good signs, you know, in this quarter, and we expect that, you know, once some of the other things which are in pipeline also become live, we should have a notable improvement in the coming quarters in the international geo as well.

33:18 Got it. Just a clarification. In The US, what exactly happened? Did we exact... You you use the number of customers, or did the customers exist in the number of accounts reduced? Which contributed to most of the degrowth? So the same thing which actually happened, you know, in India, which is the same thing which has happened, you in the different regions. So for instance, if you look at VC overall, right, the deal volume today is, like, at a ten year low. That means, you know, if a fund was doing probably whatever number of deals that they were doing, they're probably doing a fraction of that, you know, now. Right? So, obviously, that impacts to, the level of, you know, the upgrades that we are able to do, the new customers that we are able to, you know, sort of sell to. Right? So, and also impacted, you know, some of the exist... Like, some of the, m p n a customers, you know, some of the large customers that we had, you know, they got acquired or they had closed this, initiative. So we saw sort of impact in this, in this particular segment, right, which is same as what we saw in India and nationally. It's... So it's nothing different.

34:19 And, you know, that's why, you know, once we prioritize some of the other segments, which are, you know, now growing well for us, that is why we have been able to sort of improve the overall growth rate. But... And one more thing I wanna understand. So I understand that with what we started with India, and we want to scale it to the world. But why didn'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 didn't we just start from there instead of taking it from India to there? Because our data metrics and even average revenue per users are so much higher there. No. Actually, like, even today... So for instance, in India today, you know, that is now accounting for the people's not the revenue. Right? So, yeah, you know, like, we selected a few segments there. We selected a few segments here. But, you know, here, we we wanted to sort of play it out. We can, you know, sort of scale the sales team much sooner, I would say, this geography to, you know, see that impact.

35:14 And then, replicating to the other is... Would be easier. Right? So, so I think, you know, that's the prioritization we we we took, and, you know, it's still... You know, that's, a good bulk of the revenue as well today for us even even India, I would say. So there were specific teams that are set up in The US also in terms of vertical before, not just right now? Yes. Yes. Of course. Yes. Okay. Got it. And right now, see, I understand that we are focusing on and new customers and IB and all of this. But in terms of the corporate, why don't we build up our net assets? Corporates is much faster to scale. Right? I understand it. It's not right now hard thing, half a contribution, but why can't we take it too much bigger? Because opportunity is so much bigger there compared to putting into niches and where it's a lot more cyclical with VCs, IV. Everything is a lot more cyclical and...

36:01 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 longer end, we would expect that, you know, both private marketing versus and corporates would be, fairly sizable for us. So, yes, you're correct that, you know, there are some segments which are, which are which are fairly large, you know, in terms of corporates, like an m and a innovation or sales. Right? We don't typically the titles that we work with. But even having said that, you like, know, like, we would expect that, you know, in BC or a PE or an ID will also be sort of sizable segments for us over time. Right? So, you know, 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, are anywhere between, say, know, maybe, like, 75 to 80%.

36:50 They 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, you know, we should be able to, sort of grow within both of these segments, both of these sort of buckets. And so, basically, you're saying that first we'll focus here and then go there or you... It's... We'll focus along with everything. I don't get... No. We are focusing on both. Right? Like, I would say investment banking is is related close... More closely related to the private markets. Right? And say... Sales... Corporate sales or innovation are more closely related to the corporate side, I think we are working very actively on title sales. We are very work actively working on m and a and innovation team. So for all these three, we have been very actively working on offering now.

37:36 And I hope that in couple of quarters, we start to see some momentum there as well. But all three 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 Yes. Relationship done also. Right? So did we hire a lot of We have had very dedicated teams for those, and they are actively working with us. Got it. And in terms of expanding beyond, let's say, Australian markets and all of these, I think we were looking in the past. So what's the progress there right now? Sorry. In terms of? In terms of expanding on new markets, like, wanted to go beyond US and Europe. Right? So how is it working out there as well? So I think today, US, Europe, and India, these are three key markets. And on... In all these three markets, we are going after broadly eight to 12 TGs.

38:25 So there is a lot of work that is going on these fronts. For the smaller geographies, we are also working with few resellers. And as we can get resellers in the smaller geographies, we'll prefer to take distribution through resellers and then work with them. So just like in Canada, we closed TMX as a key partner. Similarly, we are now working very closely with few. And as we close some of them, we are going to announce them. I think maybe we are seeing many exchanges now looking to get into data businesses. So some of the... We are seeing some interest there. And we will announce it every quarter as we close because we feel that in smaller markets, reseller partnership can be one of the biggest way to enter the market with lot of credibility. Got it. So, basically, these sellers will be selling the same TRACXN software, but they will be selling it for you. Or will we do some new branding for them in terms of, let's say, the... Same same TRACXN platform.

39:14 Yeah. Got it. And for the year, what kind of cash burn do you think we'll have for this year? I think we'll probably see how that, you know, that sort of unfolds. But on the top line, you can expect that, you know, the India... So I'll divide it into two parts. Right? On the top line, you can expect that the Indian growth rate between 15 to 20% is what we have indicated most likely and being to be on the higher end. Right? So that would continue in international impact or, you know, hopefully, will be much lesser than last year. So that's on the top line. On the expense increase, you know, if you look at the current q one q, you know, expense increase, it annualizes to about, you know, 12 and a half percent. So we'll end up probably between, say, you know, anywhere between 10 to, you know, around that percent is my sense.

40:02 And that that is, you know, what you can sort of expect. Got it. So for the year, we expect India to grow as it has been going, but for international, it can still be yet to seen. Is that a fair understanding? International, we have... We expect that, you know, the things which have, you know, which have planned, it should start looking much better in the coming months. Right? And... We should be able to demonstrate Yeah. Some some impact in this I think next quarter's result, we will know how much what we are doing in international is starting to create impact because a lot of these launches have gone live. The sales initiatives are still in early days, but we are hoping in next quarter, are able to make some... Show some of the impact of that. Praneeth, we can move to our next participant.

40:48 And then we can take a different. Sorry. Yeah. Thank you, Praneeth. Thank you, Vishay. Thank you, Niyad. Next question we have from Jignesh. Jignesh, would you like to unmute yourself and ask your question? Yeah. Already, I've written on the question and answer,. Just read it and try to get the answer. Okay. Sorry. Just read it. Bearly personally see the first genuine green shoots, not the strategy, the actual evidence that's making your confidence it's turning? And follow-up second question, if those green shoots are real, why aren't they showing up in the revenue line yet? What's the lag between what you are seeing internally and what we see it in the numbers? Yes, Nehaji. Okay. Thanks a lot, Dinesh, for that question. So in terms of, you know, green shoots, what we are really excited about is, you know, this segment wise approach that, we have taken and how that is panning out.

41:46 Right? Like... So, so with each segment. Right? And, you know, we are probably catering to about a dozen, target customer segments, right, across India and international geographies, and how the acceleration that we are seeing across each of these segments. So I think that is probably, you know, very exciting for us to see. Right? And, quarter on quarter, you know, how that is sort of amplifying. Right? To give you an example, right, like, took example of ID because, you know, we've talked about that and how that transition has happened. Right? Last year, it grew at 20% year on year for the whole year. Right? Right now, we've already reached nearly 30% and rise growth rate based on the q on q numbers. Right? Similarly, corporate sales, for instance, in India is growing at nearly 30%. Right? The other, like, you know, segments are also sort of increasing in terms of the growth rate. Right? So this is one thing which is really excited to us with... Because it's a very sort of predictable way that we are able to increase growth rate across each of these segments and increase market share, right, across each of these segments. Right? So I think this is something that, that we already, sort of excited about.

42:52 And this is what we are also tracking internally very closely, right, across the different views, how we, face of customer acquisition increases, how, and then there's a bunch of data offering, you know, that gets prioritized based on that. Right? So it takes probably about, you know, maybe, like, three to four quarters to launch that to make that live. But once it is live, you start seeing, you know, immediate increase in sort of conversions, sales conversions, right, from being, like like, 15 to 20% to as high as even 50% in some segments. Right? And the the whole trickle down effect. So I think this is something that that we are watching, you know, working on very closely, and very, very excited to see the continued results through that. Basically, this question why I am asking you no, $20.21 crores revenue is still last, I mean, more than two and a half years.

43:44 Right? And currently, we are indicating 44.4% growth q on q on Internet and 1.4. Yet we are not any meaningful revenue growth. And you already said many times that your EBITDA margin will directly impact into the net profit. Right. So you are better know than us. K. Where is this this green suit? I mean, how... You will pick up? Of course, you you have mentioned a Right. Previous questions, some other investor too. But that green suit and your internal confidence, we want to see in these numbers. You know what I mean? Right. Yeah. Yeah. No. No. That's a very fair question.

44:29 See, our industry is probably, you know, had the one of the worst times in the... I would say in the last two years, and this has impacted multiple players, not just us. But, a lot of the, you know, global players have got impacted because of it. You know, thanks to the fact that we were also getting to a lot of other segments that we were able to sort of prioritize and grow those. That's why we have been able to sort of turn around. Right? And we expect that, you know, that should, that this momentum, that we've been able to sort of pick up, you know, that should sort of continue. One more thing. I I I have genuinely some positive thinking I have seen in this presentation, like, price, 7% Y o Y. Right? Right. This is a plus positive billing signal in our data, billings lead, revenue. So this is the real law.

45:15 Am I right,? Right. Right. So, yes, quarterly, you know, contract sizes will increase. Deferred revenue has increased. We were able to start up, you know, sign up some, you know, good accounts. Right? So, yes, Like, momentum... And and some some other green suit, like, before revenue at all time high, 38.28 koruna. Yes. Then IB India case study proves the playbook works and BU is finished. And we have caught up in Aviso Right. And venture as clients. And volume is record, like, 61 accounts versus 43 in q four users plus three zero sevens. And Mercury logo, Google's OpenAI HSBC Siemens being capital boss. Right? And AIA public MCP product now live. So I am seeing this genuine positivity. So you you better know this positivity will convert into revenue, and and what I'm trying to say... I mean, this visibility now, we can predict.

46:09 Yes. Yes. So, you know, so that's some guys is actually, you know, quite a few of the interesting numbers. And, yeah, yes, we do expect, you know, that momentum that we'll be able to sort of build. Now that continues. Thank you. If any question, I will mail you. And Thanks a lot. Thanks, Pankaj. Thank you. Thank you, Jigesh. Next question we have from Shivam. Shivam, would you like to unmute yourself and ask a question, please? Shivam? I will read it. Shivam has mentioned that. Question one, can you help with numbers of new accounts and clients onboarded in the last two quarters?

46:56 Question two, what has been the trend in average realization annually per paying client and per user seat? Yeah. Thanks a lot. Thanks a lot, Shivam, for that question. Yeah. So in terms of the... So two parts to that question. One is the pace of new acquisition. So that has been fairly good. I would say we added about 60 net new accounts this quarter on a q on q basis. The number of users were fairly high, so we added about 300 plus users, I would say, on a q on q basis. In terms of the average, you know, a... ASP across, you know, the... Across the accounts as well as users, so ASP, you know, across the accounts is close to about 3.6 lakhs per account per year. Right?

47:44 And about 1.3 lakh per user per year. Right? And, one interesting point to note, right, like, instance, because of the fact that our customer mix had changed, our ASK, you know, was... Had sort of reduced a little bit. Right? But, you know, we see that, you know, that's stabilizing now. Right? So for instance, this was the first quarter, you know, after some time that we actually saw a minor increase in the ASP. But overall, you know, I would say that is also, you know, sort of stabilized, I would say, because of the, you know, change in the customer mix is probably, you sort of played out. Right? So so on on an average, I would say a good, healthy growth in terms of both the accounts as well as number of users. Thank you, Neha. So we have... Next will be note from chat box. We note what part of the user is number 6537 is related to TRACXN Lite, and how much margin does TRACXN Lite generate?

48:59 No. You know, thanks for that question. So in the user count that we have, we actually don't include any TRACXN Lite users, right, because we only include the paid users from the paid accounts, right, which are sort of onboarded. The traction light is a premium offering, right, which is more of a marketing channel for us. So the reason why we had launched this earlier is because, you know, like, if you look at historically, we had more than a lakh, customers that signed up at various points in time on TRACXN, but we only used to give them trial access for a couple of days. And after that, they will not be able to see what is... What else is happening on the platform, right, apart from maybe the newsletters that that we are sending. We wanted to show the the customers about, you know, sort of what is getting added and, you know, what are the things which are coming up. Right? So that's why we did launch traction light, which is more of a, you know, building the top of funnel for us, right, and giving us a good pipeline of leads to work on. Right?

50:00 So this is sort of a more for, you know, PLG, led sort of top of the funnel acquisition funnel for us. And those users are not counted in the, in the user count that we give. Right? So hopefully that answers the question, you know. Yep. Okay. I'll just wait. In case any other, participants want to ask any questions, I'll just wait for one minute. Any more questions for participants?

51:08 Okay. I guess we don't have any more questions. So I think in the interest of time, we can close this call now. And in case participants have any further questions, you can reach out to the management at investor, I n v e s t o r, dot relations, r e l a t I o n s, at the rate of traction, tracxn dot com. I will now pass it on to Neha and Abhishek to give their closing remarks. Thanks a lot to that, and thank you everyone for joining us today. Hopefully, you've got a clear picture of our, you know, recent business update, and we've been able to address your queries. Of course, if you have any follow-up questions, please feel free to reach out to us at dot com, or you can write to our team at investor dot relations attraction dot com as Sudhad mentioned.

51:58 And thanks again. Hope you have a great rest of the day. Thanks a lot for joining us. Thank you. Thank you. Thank you. Thank you.