Tracxn Technologies (NSE:TRACXN) Q2 2027 Earnings Call

0:36 Good evening, ladies and gentlemen. Thanks for joining us today on the first quarter f y twenty seven... Second quarter on... F y twenty seven earnings call of TRACXN Technologies Limited. First of all, I would like to extend our warmest wishes to all of you and your families for a very happy, safe, and prosperous Diwali. On behalf of Systematics, Siddharth Dhruval and Ashish Das, 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 Abhishek 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. Please use the raise hand option to ask the 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.

1:39 Thanks a lot, Tracxn. Hello, everyone. A very warm welcome to everyone who's joining us today. We are here for the earnings call for the second quarter of the financial year f y twenty seven. We are excited to present our results. And in terms of the format, it will be similar to the previous calls that we'll run through a short presentation, which will last about fifteen to twenty minutes, covering the key highlights, which will be followed by a 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 private markets. So if you look at the parallel public market, it has created multiple large data companies, many of which are very highly profitable and cash rich companies. As private markets in the parallel become larger and important, they will also create similar platforms, and we are building a global platform in this space.

2:30 If you look at our customer base, this includes investment industry, which includes your venture capital funds, private equity fund, investment banks, as well as your m and a and innovation teams of large Fortune 500 corporations. Also, a global platform, so nearly half of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance for q two and h one f y twenty seven. Revenue from operations in q two, was 21.3 growth, which is a 1.1 increase on a q on q basis. On profitability, EBITDA was negative 5.9 crore, and PAT was negative 4.1 crore. Please note this also includes all the noncash expense, primarily ESOP charge, and we'll also cover the adjusted view in the next slide. Default revenue at the end of q two FY twenty seven was 38.1 crore, which is a 9% year on year increase.

3:25 By segment, India revenue grew by 6.9% on a q on q basis, Right? And international stood at 10. Customer accounts grew by 13% to 2,419. Cash and cash at, equivalents were at a healthy level of 86 crore nearly. On this slide, we have provided the, more detail as well as the historical version, numbers for, revenue and profitability, and you can go through it for more details. Another metric that we'd like to share is what portion of the incremental revenue flows into the bottom line. In q two, we did not see margin expansion because we're investing in growth. But, historically, if you see, as soon as the growth actually varies, the margins improve quickly. Right? So we have converted as high as 80% of the incremental revenue into incremental EBITDA.

4:15 Right? So once the growth reacclimates, we expect this pattern to repeat, driving a non linear EBITDA expansion. On the cost side, the total expense for h one f I twenty seven was 52.7 crores. On the right hand side, we have given, the key components of it, which is similar to what you have seen in the previous quarter. So bulk of the cost, about 86% of the total cost is your team cost. And, you know, our entire team is in house. There's no social contract workforce. The second largest item is your cloud hosting cost, right, driven by the data processing and analytics work that we do, and the and the third is basically your end cost. Point worth noting is that we do not have a large paid marketing expense line item, because we are able to use a lot of data to generate organic traffic.

5:07 Moving to our revenue growth, both customer accounts and user continue to grow at a healthy pace. We closed September 26 at 2,419 accounts, which is 13% year on year increase. Number of users reached 6,854, which is 16% year on year ex... Increase. So we continue to acquire customers as well as penetrate within the existing accounts. Right? Moving to some of the other financial matrices, FCF for h one, FY twenty seven was negative 6.1 crore. Cash and cash equivalents stood at nearly 86 crores. Moving to deferred revenue, it stood at 38.1 crore at the end of q two, which is an up 9% year on year. Moving to some other details of the customer base starting with the split by type. So at the end of q two, 49% of our accounts were from the investment industry, which includes primarily private market investors like VC funds, venture capital funds, private equity funds, investment banks, family offices, accelerators, incubators, etcetera.

6:15 45% were corporates, primarily your corporate development teams, m and a teams, innovation teams, strategy and sales teams, as well as consulting companies. Right? The remaining were others, like education institutes, government agencies. So we continue to have a fairly healthy spread across the investment industry as well as the corporates. So this slide gives an expanded summary of the titles within the investment ecosystem of the corporates that we work with. So this this gives us a large addressable market to tap into. And as you can see, we cut across a dozen distinct customer segments, which is, why we have been able to build a vertical specialist team for each, and this is a playbook that we invest in. We'll also cover subsequently in this slide. In terms of the geographical split, 48% of the revenue in h one f r twenty seven was from outside India. We have customers spanning 50 countries.

7:10 Our top five markets by customer accounts are India, US, UK, Singapore, and Germany. A quick word on the broader market environment. So total dollar invested, if you see in the private markets that are... That is rising. So global tech funding for 2026 is actually on track to become the highest in the decade driven by primarily the mega AI rounds. The deal volume, however, is at a ten year low both in India and international. Global late stage funding also continues to see a sort of a year on year increase. Coming to the global m and a, the rebound here is actually much stronger. So 2026, you know, it continues with a very good momentum, and the current run rate suggests that this year could actually become the second highest year after the 2021 peak, both in terms of the global m and a deal value as well as the IV advisory fees.

8:07 Moving on from the financials. So coming to the, you know, the key parts, I'd like to walk through some of the key highlights from q two FY twenty seven and, some of the interesting growth initiatives that we are working on. Starting with a very repeatable playbook that is working well for us. Right? So I'll start with the, revenue of the India overall. Right? So if you look at India, which now accounts for over half of our revenue, you will see that we have steadily accelerated our growth rate over the last two years. Okay? So on a q on q basis, you know, you can see the acceleration. Last quarter, which is q two, India grew by nearly 7% on a q on q basis, which is an annualized run rate of 30% growth rate. K? So this is a fairly good trajectory.

8:54 And one of the key drivers for this growth and this sort of steadily increasing growth is because of the investments that we've made in data and sales across our vertical teams. Right? And through a growth playbook that we've implemented across these verticals. Right. So coming into, you know, what this sort of playbook is, and last of quarter, we talked about, you know, briefly about, you know, some of this playbook. So it's a very predictable and a repeatable three phase growth playbook. So we cater to about, you know, dozen... About two dozen customer segments. So in the phase one, we launch a specialized view team aligned to that particular customer segment. Right? So in this phase, which typically takes about two quarters, we see a roughly 50% increase in the pace of new customer acquisition just because of the focus team behind this customer segment.

9:45 Right? In the second phase, we use what we learn from these vertical sales team to make our data and product best in class for that segment. Right? So to actually fill in those small gaps that we see, for this particular segment. This typically takes us about three to four quarters, and, we are able to see a very notable increase in our win rates, right, as soon as, you know, this starts happening. Phase three, which is like the scale up phase. So once we have the improved win rates, we scale our sales team, typically, to about four three... Four times of the initial size. Right? And this helps us drive a very marked increase in the segment's growth rate and as well as market share. So, typically, we are able to acquire about one to 2% incremental market share every month.

10:33 And just to show you this in action, so, you know, we have seen this sort of play in a in a few verticals now. A good case study is investment banks in the vertical. When we launched the vertical team, we saw the new customer acquisition pick up almost immediately. Subsequently, in the phase two, we closed the gaps by making our offering sort of best in class for bankers. For this, we launched live deals so that bankers can source m and a and fundraise ready companies. We enrich our investor database to support their outreach. We also expanded our coverage of private company financials, which is now best in the market for both India as well as globally. As a result, our win rates improved substantially, and, we grew our new customer acquisition to around 20 a month, which is nearly double to what it was at the starting.

11:20 We are now in phase three, right, in this particular b u, where we are scaling the sales team and driving upgrades within the existing customers as well, as well as new customer acquisition, and we have gained around 1% incremental market share every month for the last twelve months. So if you just look at the last quarter q two, the segment's revenue grew 11% on a q on q basis. That's an annualized run rate of over, you know, well over 40%. Right? Up from about 20% growth rate that we had seen last financial year. So, you know... And, increasingly more as the new sales, team sort of becomes more productive, we expect this, growth to sort of accelerate. Right? So this is a good, you know, case study that it's also there, and there are few articles in which this have... This is played out. And this is the same playbook that we are applying across the views.

12:12 And, you know, as you can see from this slide, the different vertical teams are in different phases. Right? So most of the growth that you've seen in India and the previous ones is actually just from the two b u's that are in the scale up phase. Right? And and as more of the business units move up the scale up phase in the upcoming quarters, we expect our overall growth rates to sort of improve meaningfully. We're now applying the same playbook also to international geographies. So in in India, we invested in sales and data across the last two to three years, and those investments have started to show results, you know, within a few quarters actually since we started. And India is now growing, as we mentioned, at an annualized run rate of, nearly 30%.

12:58 Internationally, we are we are following the same strategy, though we are at an earlier stage. So we are making similar investments in data and sales across the international business units, and we are already seeing encouraging early signs, from some of the units. And we expect these investments to start showing up in our international growth rates in the coming quarters. So these investments have also led to a one time cost step up. And once, they are in place, we also expect... Which we expect to happen within the next one to two quarters, we expect that the subsequent cost growth, should be back to our historical levels, which has been in the low single digit levels. Right? So taken taken together, this also puts us back to sort of path to profitability. Moving on to the next initiative, which is scaling our sales team.

13:48 So one of the initiatives that we had talked about earlier is is scaling our GTM teams, primarily our sales team. So as you can see, our GTM team has grown both in terms of the absolute size as well as share of the overall headcount. So sales and marketing today accounts for nearly 30% of our total headcount, which is up from 25%, same quarter last year. So that's a meaningful shift towards a sales led growth. And, we had mentioned earlier that we are scaling our sales team to accelerate the growth across the vertical business units. We had set out in the beginning of the year with a plan to nearly double our closing sales team up from 34 at the beginning of the year 2026 to around 60 by December end of this year. This covers both, India and international markets with our India based teams also selling to international geographies.

14:41 So we are pleased to share that we have completed most of this expansion. As of September 2026, we have onboarded, nearly 56 of the 60 planned closing sales team members. And as the team members sort of ramp up and become more productive, we expect this expansion to drive meaningful growth in the new customer acquisition. Moving on to the next initiative, which is sort of exponentially increasing the datasets and our coverage. So previously, we talked about data augmentation as one of the key things that we do in phase two, right, to increase the win rates. So at the India level, there have been several initiatives underway. Beyond the private company financials, which is our best in class in India. For investment banks, we also introduced a proprietary industry taxonomy covering nearly 3,000,000 legal entities to enable deeper sector wise benchmarking.

15:35 Another bar... Bucket of request family from venture capital funds was deeper founder signal coverage for early stage investors. So for this, we have launched feed of companies founded by alumni of top college, top companies, by serial entrepreneurs as this is becoming an increasingly important segment for early stage investors to track. We've also expanded our coverage of cap tables and shareholding of private companies by more than five times, right, taking it to near complete. These dataset launches contributed to our growth acceleration that we saw in the previous, quarters, and we expect this trend to continue because we... A lot of them are... Have also recently got added. On the international front, we have launched several datasets over the months. One that recently went live is our coverage of stealth companies, something that clients had been consistently asking about, which is to source early stage deals before their public launch, and this is already showing good early results.

16:33 We have launched talent signals, which highlights founders from top colleges, top companies, serial founders. For investment banks, we have launched estimated revenues for private companies and valuations of historical m and a deals. Both were among the most requested datasets, for this investment banking segment. Additionally, we have also expanded our coverage of headcount, data, and growth trends, which now spans more than three three point four million entities. In The UK, we have expanded our coverage of private company financials to, 5,200,000 entities, which is 16 x since last, since March 25, taking to near complete coverage. Right? So we expect these launches to also to have sort of meaningful impact in the international growth rates.

17:23 Our coverage of regulatory data and private companies across job bookings continue to expand rapidly, starting with the private company financials. Here, we have grown our coverage nearly 11 x. We now have 3,100,000 companies with revenue data, 7,500,000 companies with detailed financials across 20 plus countries. Investors... Nexus Capitals, and so investors use this to track, shareholding valuation, share price, his, data for private companies. So here, we have grown our coverage by five times over the last nine months, and we now track more than 1,800,000 companies with a shareholding partner across over 15 countries. We cover 66,000,000 legal entities across US, UK, Japan, India, Australia, lot of other countries.

18:11 And we also keep adding more regulatory datasets on these legal entities, includes things like financials, loans and charges data, legal cases, directorship holding, etcetera. So this also helps us deepen up integration across the customer segments. And just a point to note here, like, we've added all these datasets without significantly increasing our head count in the data production, right, which is thanks to the automation and AI we have been able to build in our data infrastructure. Right? So this helps us sort of scale very efficiently. Beyond some of the business units that we talked about earlier, like investment bank, we've also launched sort of specialized teams or verticals in several other customer segments where we continue to see sort of good results.

18:59 So we listed some of them. You can, you know, go through in more details. To give you just a gist, corporate sales, for instance, in other segments, which basically serves the sales teams of large corporates for business development use case. For this segment, the India revenue grew by nearly 23% year on year in q two. M and is another vertical that is, starting to do, you know, fairly well for us. And these are just a few of the live, verticals that we have. And just to summarize, the vertical team playbook continues to well, to do well for us. So as dozen other views reach their scale up phase, we expect a meaningful lift in the overall growth rates across India and international. Moving to the next initiative, which is AI native access to traction data.

19:51 Right? So this is another one of the key initiatives, which is basically enabling users to access traction data and their AI native workflows. So here, we have launched three things. The first is traction MCP for AI tools. So now you can have your traction, sort of MCP listed on Claude and ChartGPT marketplaces, and it also works with tools like Gemini, Curseur, and we've also enabled sort of faster responses, lower token consumption, you know, for this. So what that means is that all your paid customers can now access reliable real time company intelligent from Tracxn's proprietary database directly within their plot and other AI workflows. The second thing that we have launched is your AI assistant, which is on TRACTION platform itself that lets users ask TRACTION's data, you know, in plain English.

20:42 Right? So the... Basically, the AI assistant handles your data querying and more complex task as well. Right? So you can actually do that right from the platform itself. The third thing is that we are also working on agented workflows, which combines investors in house data with tractions data to address the most common use cases the investors have. So these are sort of ready to use agents for task the investors do more frequently, like, you know, your deeper diligence, competition benchmarking, less sector landscaping, building a scouting list, and many more. They can also be customized to a funds internal processes and templates. Right? So together, these will make our data significantly more accessible inside the customer's AI native workflows and which helps us also in embed... Embedding more deeply in the customer workflows and becoming a... You know, what I'm... You know, the segment we expect to become a meaningful revenue segment for us.

21:41 Moving on to some of the other initiatives for PLT and customer acquisition. So first, organic search traffic. We continue to see high and increasing volumes of organic traffic with over 17,000,000 visits during the first half of the year. Current run rate is nearly 30,000,000. Second is TRACXN Lite. We have now crossed over, around 3,500, users, sign up since launch. Another growth initiative is press coverage. In h one f y twenty seven, we had over 2,100 press mentions, and that mention sort of grew 30% on a q on q basis. So, you know, it's a fairly large number. It also helps us strengthen our brand as a trusted data source and helps us convert more sales.

22:30 So to summarize, our three key growth areas are as follows. So India growth, if you see, you know, that is accelerating. India now accounts for more than half of our overall revenue, and the growth here has accelerated to, you know, now nearly 30% annualized run rate based on this quarter's q on q growth, and we are now applying the same playbook also to the international business units. The second is that we have built a very repeatable three phase playbook. So it helps us lift both the growth as well as market share within each of the segment, And this is already proven in in a couple of segments, like investment bank India, which is now growing at actually nearly 50% annualized run rate. We are now applying it to a a dozen other live business units in India as well as international.

23:18 And as more of these business units reach a scale up phase, we expect a meaningful improvement in our overall growth. Third on the sales front, we we had planned to nearly double our sales capacity in the beginning of the year, and, you know, we are already nearly completed most of this, like, expansion. So we grew the closing sales team from nearly 34 in the beginning of the year to 56 now, and we'll end up, you know, slightly over 60, by December end. Right? So this helps us sort of, increase our new customer acquisition pace. On the data front, we continue to strengthen our data lead and make us best in class in the prioritized segments. In India, for instance, we are best in class in, you know, private company financials, and we have added, many more datasets also recently.

24:04 On the international front, we have launched, you know, lot of other datasets like your coverage and stealth companies, early stage founders, talent signals, and there are many more launches which are there in the pipeline in the upcoming months as well. Another initiative is your AI native access to traction data, which includes the MCP connectors, in platform AI assistant partnerships with the AI native platforms. Right? And in terms of profitability, we have taken a one time cost step up to fund some of these investments. Once this is complete, we expect the cost growth to actually return to low single digit. Right? So, overall, we have a strong set of growth initiatives in place, and we expect, you know, the financial year at 05/27 to start showing the impact of, some of these investments, growth in terms of improved growth rate as well as expanded market share across our key, segments.

24:55 Right? So this covers most of the key updates from the recent period. In the subsequent slides, we have also included some other additional KPI and detailed financials. Please feel free to go through that in more details. With that, I'll pause, and I'll pass it back to, to Ashish for the q and a side, section. Yeah. Thank you, Neha. And now we'll start the q and a session. Participants can raise their hands or write down their questions in the q and a box at the bottom of your screen. Once we call out your name, you can unmute yourself and ask your questions. We will wait for a minute. Yeah.

26:02 Okay. We have the first question from Sanjay Sud. Would you like to unmute yourself and ask your question? And my first question is that you have taken very good initiatives for universities and very strong growth also you have. Now in terms of value, how much percentage it is of the total revenue? So this would be a single... So so thanks, Sanjay, for that question. So university, that segment would be single digit percentage for us. There are lot of other segments that are probably, you know, also growing faster for us, which includes, for instance, your investment banking in the segment.

26:55 In fact, even VC is a segment which was slower probably till two quarters back. There were some data sets that we had sort of added for this segment, and they know now that is also a segment that is growing well for us. And there are some other segments as well. So corporate sales is, for instance, growing the... You know, it's it's growing well for us more than 20% year on year growth and, like, m and a is starting to grow. But, like, there are other segments which are probably more sizable, which we have shown up is probably in the scale up phase, which, which is where we are also sort of investing in some of the datasets that we mentioned about. Hopefully, answers the question, Sanjay. No. Actually, in terms of revenue, if we can get some firm idea, like, suppose you have x in the total revenue, and this is having some strong goal. But in terms of value, what it is?

27:48 What growth... You you mean to say in universities in specific. Right? Yes. Yes. Yes. Specific to the... So universities... Yeah. So you... So talking about university as a view, as a business unit, so that's actually very, you know, good sort of strategic biz... Business unit for us. In terms of the revenue, it's probably only single digit percentage. But, you know, this is actually also a great marketing funnel for us. To give you an example, you know, even in our, b schools, we got, a a lot of time, we got introduced to some of the public market data platforms, you know, back when we were there in the, in the b schools. And similarly, you know, for instance, yeah. You know, here when we work with a lot of top universities, a lot of the students which actually enter into the investment banking segment and and the private equity segment or the venture capital segment, a lot of them are actually, you know, graduates of some of these into...

28:36 Institutes. And we've also been able to sort of acquire customers wherein these student at first use traction, you know, in their university. And, today, actually, you know, we are, glad to have sort of, like, most of the top INs as a customer. Stanford has been a customer. There are a lot of other top universities, you know, that are... That have been the customers. So so, you know, in addition to the revenue segment, it's also a great sort of funnel for us. Yeah. Ashish, we can go to the next question. Okay. Yeah. Sure.

29:22 So our next question comes from Abdul. Yeah, Yeah. Abdul. You can unmute yourself and ask your questions. Hello. Good afternoon. Hello? Yeah. Hi, Abil. We can hear you. Yeah. Hi. Hi. Hi. See, my question is that you have been... Like, I have noticed that since 2023, the revenues have been flat. It's around $20.28 crores per quarter. So what's your plan on increasing this? This is my first question. Second question is that I have been noticing that the customer accounts have been on increase. Okay? But it is not translating into revenue. So could you shed some light on that?

30:10 Sure. Thanks, Abdul, for that question. Just to take the first one, so, you know, we have mentioned that, like, for instance, if you look at our industry, and we also, you know, sort of share data on that. If you look at our industry, so venture capital used to be... Like, VC used to be our largest segment. Right? And, you know, that segment, you know, did have sort of a slowdown in terms of deal activity. So even if you look at today, the deal activity in terms of just the number of transactions happening, that is at a ten year low, both in India as well as globally. Right? And so what we had to do is, you know, actually, probably prioritize some of the other segments. So we had to sort of, you know, change the customer mix, prioritize some of the other segments, which is what we did. Right? So it probably takes us about two to three quarters to sort of build the offering, augment the offering, for that particular segment, you know, launch the team, and then do that. So that is what we had to sort of, you know, do in the last, I would say, two years. And, you know... But I would say that, you know, we are actually, sort of seeing results of that very well, you know, in select... Like, if you look at just India as a geography. Right? So that has grown at nearly 20% in the first half, and the current run rate is actually even higher. So if you look at the q one two, it's nearly 7%, which is actually annualizes to about 30%.

31:29 Right? So there, we had launched a lot of the business units, and, the other segments are actually, you know, had sort of... Other customer segments have started growing well for us. So that is a change that we had to sort of do. But, you know, right now, you know, I think that we are already able to show that in numbers, you know, in terms of the India view. International is what... You know, we have mentioned that, you know, we are also replicating that in the international. It's a little earlier stage than I would say in the India view. But, you know, it probably takes us about, you know, say, three to four quarters in augmenting the datasets, but we're already seeing sort of good early results in some of the ports. And we expect one or two of the ports, which is your business units, to start showing the signs as the India units have been showing in, you know, probably fairly soon in, like, a quarter or so.

32:18 Right? So that's only first part on the revenue. The second part is basically, you know, the customer account growth, and, you know, and how that translates to sort of revenue growth. So our customer account growth, you know, have been, like, fairly high, I would say, in the last two years. One of the reasons is that, you know, there are about... Our customer mix had changed, and there were a lot of new segments that we had sort of started to acquire. But, actually, you know, like, right now, if you see, you know, I think it should probably... You know, like, in a couple of quarters, it will probably become similar to, you know, your revenue will sort of catch up to the same rate as as the customer account growth. Right? Customer... We had sort of started acquiring... You know, we had changed our customer mix, so we had started acquiring a lot of customers in the newer segments wherein the price point was slightly lower. Right?

33:13 A lot of the growth had also happened in India where the ESP is actually half of what is there in the international geography. So because of it, you had also seen that growth, growth sort of accelerate. And this is how the playbook is. Like, even when we talked about, you know, when we start working on a particular business unit, we start seeing the customer acquisition to grow faster initially, and then that follows by the revenue acceleration. So this is how, you know, you can expect to sort of see this also going forward. I have a follow-up question on that. Can I ask? Yes. Yes, please. No. Yeah. So so basic... So first thing you just said, like, the deal volume is low on a ten year. That's correct. I agree with that. But you have been saying that the VC and your IP segments have been growing on. Okay. So, like, what services do you provide them differently? Because what I understand is that tax... Tracxn is a data platform.

34:05 So what are the... One... Like, how do you differentiate it? You're providing post service to, you know, something and venture capital letters from product. Yeah. Correct. So this is the first thing. And second thing was that on the customer account, as you have said. So I believe that in this, there there are accounts which are paid and which are for free. Maybe some free accounts are also there. The customers who are not paying anything, they are just utilizing the free free services. So can you provide a breakup of that also? Oh, cool. Yeah. Thanks, Abdul, for that question. So that's a very interesting question. Like, you know, how does our platform sort of differ for... Like, how does data differ for, IV versus VC? So, so that's a, you know... So we actually have the same platform that is used, but the datasets that a VC would use is actually different from, you know, an IV.

34:53 To give you an example, most of the VC sort of invest in tech. Right? So they're looking at a lot of tech coverage. They're looking at tech companies. They're looking at sectors. You know, sectors is probably higher priority to them than, say, the size of company and and, you know, the sector, for instance, if someone is looking to invest in AI companies, someone is looking to invest in defense tech companies, right, or someone is looking to invest in b two c brands. And these are very early stage as well. Right? Like, so, you know, when a company lists, it's probably seven to eight years before the company list. It's been a VC has to reach out to that company, right, to write the first check. So so the kind of you... So the kind of companies and the kind of data that an investor is looking at different. Right? When you take the example of an investment bank. Right? So the kind of datasets that we had to add is, for instance, you know, they are looking looking at a lot more offline companies.

35:43 Right? Your traditional companies, your hospital chains, your, you know, your large, like, food and beverage chains, etcetera. Right? So they are looking at a lot of offline companies as well. A big criteria for them is actually your revenue. So they typically like to work with companies beyond a particular revenue size. Right? So we did not used to have the revenue as one of the key data because for VCs, it's actually much lower priority. Right? But for investment bank, that is a a very high priority. So we actually took about two to three quarters to add, just the private company financials data, you know, for India. Today, you know, we are actually the best in class. Right? So within, like, about, I would say, yeah, three to four quarters, we've actually become, like, best in class in that. So it probably takes us some time, but, you know, not now we added that dataset.

36:30 Another thing is like live deals. Right? And, like, I just also want to see, okay, which companies are looking to sell, which companies are looking for fund raise. Right? So that just helps to build the pipeline for them. Right? So the platform is the same, but the datasets that that makes it very useful for them is actually, you know, different. So when we have to prioritize and then we have to grow in that segment and we have to, you know, reach to a market share of, like, 40, 50%, then we have to, you know, augment those things. So that is what is, you know, the, the... What it takes to... For us to sort of build deeper penetration and the dataset for each segment. So hopefully, that answers, you know, your first question, Abdul. Your second question was in terms of the customers and how many are paid and how many are free. So all the customers that we give, you know, the customer count that we give, which is, you know, about 2,000 and in terms of users.

37:23 So the customer accounts are basically all your paid customers. We do not include your, free, customers, you know, in the customer account count. The customer count that, in terms of the total number of accounts that we share, these are all paid, accounts. Hopefully, that answers your question, Sandeep. Okay. Our follow-up questions comes from Sanjay. So, Sanjay, please unmute yourself and ask your questions. Time back, I I had suggested that you can con... Connect with the procurement or the supply chain functions of different multinational companies or good industrial houses.

38:23 They always have need for good company, and many times, they are not aware. So that may help. It was just a suggestion. You can take it or leave it. Like, thought I'll just put that across because I'm also an old investor. So, yes, I thought I'll get this idea. And so we will probably even reach out to you offline, then maybe do one on one to sort of get more context and learn more on that. Okay. Right. Fine. You're welcome. And the thing is that since we are hiring the... So many persons in sales team, how they will be addressing the issue? Like, how they will get the same? That's a very basic question.

39:10 Whether they will be traveling international or working on Zoom or how they will address this. Right. Yeah. So thanks, Sanjay. Yeah. That's a very relevant question. So currently, all our sales actually happens remotely, you know, except for, like, maybe a few segments wherein you need, like, universities, etcetera. You need to visit them, you know, including those. Most of our sales happen, remotely. At the price points that we are in, people are fine with sort of buying remotely. Right? So, we have India based teams that actually sell remotely, even internationally. When we sell to customers in UK, Germany, you know, we have teams which are based out of India and then sell to customers over there.

39:57 They work across different time zones. So, you know, we we start in the morning APAC. We have customers in Japan, Singapore. Right? So our team basically starts in the morning. And then we also have your, you know, APAC shift, your EMEA shift, and then, you know, the night is The US shift. Teams are based out of India, then they sell remotely. We've also had, you know, sort of visits, but that's fairly less, I would say, because at the the price point at which sort of we enter, people are, you know, find it buying remotely. So these... The sales team that we have expanded is actually covering both for the Indian market as well as the international, international segments that we mentioned about that we are working on. Right? And, we had sort of also scaled because we were seeing, you know, the results in some of the business units. So we are actually... You know, as soon as we start seeing that the conversions have been improved, then we are able to sort of scale the sales team within those business units.

40:59 Right. That answers. Right. Thanks, Sanjay. Yeah. The next question comes from. Yeah., please unmute yourself and ask your question. Yeah. Hi, man. So, just want to understand the international strategy better. Like, in the Indian market, our brand is very well known, and we are very strong, and that will that will keep growing steadily. But, ma'am, for the international market, you know, these platforms like CB Insight, Harmonic, there are, like, there are so many features beyond just seeing data. And the platforms are so seamless that once you use these platforms, then shifting away from these platforms may not make sense. So, you know, is it time, like, for us to really develop new features for clients? Like like, why are we not developing use cases for enterprises, you know, which which would be interested in data from India? It's such a huge market.

41:58 So just your thoughts on this one for the international market. Thanks, Anubhav. So, no, that... That's a very key question. So in, actually, international, it's like the same strategy that you pick up a customer segment, and we already, for instance, you know, like, like, nearly 48% of our revenue is international. So we... There are already some PGs that we are working with. And so the playbook is the same. So you pick up a customer segment. You prioritize a customer segment. You firstly launch a vertical team for that particular segment. Earlier, we used to have horizontal teams, you know, primarily the horizontal team. The first phase is, you know, as soon as you have the customer segment focus team, an example for customer segment focus team is, for instance, investment banks in UK.

42:43 Right? Right? So investment bank in India, for instance, is growing very well for us. Right? And that continues to grow. Investment banking, UK. Right? We can similarly grow well, you know, for instance, that segment. So we have a customer... We have a team which is behind that. As soon as we launch that, we see sort of increased, you know, but, you know, slight increase in sort of conversion. The second phase is that we augment our data. Right? So for instance, you know, if they need private company financials in UK, you know, then we add your company house data. We augment our coverage over there. We augment our coverage of the companies over there. Right? And whatever is sort of required, the top two or three type... Things that is required, you know, in that segment, we prioritize that. We build the dataset. It probably takes us about three to four quarters to build a good sort of dataset. And then, know, as soon as that starts happening, we actually see sort of increased conversion.

43:34 So from, you know, like, sales conversion, sales to closure conversion. So there you see a marked increase in in in that closure. And the third is that we sort of scale that. So that cycle is actually fairly same, and I I think that, you know, in today's world, I would say that, you know, you know, all these platforms are there, but, you know, you still have to constantly, you know, keep, delivering sort of best in class for that particular segment. Right? So all the new datasets which is there, you know, sort of deepen your penetration within regulatory data, you know, that is one thing. Obviously, in the front end, that is there and, you know, you basically have seen this access to that. But I would say even, the larger platforms. Right? Like, you know, I don't think, it's a... You know, there's always, you know, you you have to basically, you know, become best class in that segment, and I don't think it's it's that longer process. Probably, like, just a few quarters.

44:24 Right? And, you are able to sort of, you know, you know, start getting market share fairly quickly as soon as that happens. Right? I would say. So even, you know, we... Yeah. Ma'am, just specifically for enterprises, because I think it's such a huge market. So for that, maybe you can just share a few comments. Like, maybe is that something which we see targeting maybe from yours later more aggressively or it's a step by step approach or, like, maybe some disadvantages we have in terms of reaching them out, like, the... You know, connecting with them itself is difficult. You mean to say the the the corporates or the enterprises. Right? Yes. Yes. Like like, Fortune 500, Fortune 2,000. Right. Right. So... Yeah, Abhish. So on the corporate side, I think we already have parts for m and a teams and innovation teams, and we are starting to see some results.

45:15 We are still working on the offering there, but we expect in a quarter to two to start delivering good numbers there. And we have also started the team for... Lot of sales folks and BD folks also need data on private companies. So we have started to work on that. I think in three to four quarters, that will... That can start to show results. So these are the three segments where we have active teams which are in phase two in terms of building out the product offering for them. And in next two to four quarters, we should see response. We are getting good early signs. In m and a, specifically, we are seeing good response from the customer there. And innovation and sales, we expect to see results in subsequent quarters after m and a is starting to deliver. K. Okay. Yeah. So just to add to, you know, to your question and thoughts. So enterprises, corporate is definitely an area of focus for us, and there are two, three departments. You know, as Abhishek mentioned that we work closely with them. Right? That includes your m and a teams, your innovation teams, and also your sales team. Right? So these are the DGs that we are going behind.

46:15 And... Right? So this is definitely at... You know, in sub... The segment that is prioritized. Okay. Great to hear. Just one more question. Just... So, like, are we working on, you know, maybe, like, some base... Some innovation beyond chatbot? Like like, you know, we can hire some domain experts, you know, try to prepare very rich reports, you know, which users really like. Just if you can speak from, like, any any feat, any measures we are using to, you know, make the platform better. Because on one hand, like, we have so much good data. Like, now in today's world, you know, this making sure the client is using this data very well is very important and, you know, providing features around it. So I think in innovation, specifically, we are making an AI scout agent.

47:05 I think we have constantly gotten feedback from innovation teams and then even self serve AI scout. So if they usually research on different technologies... So for example, if somebody wants to track, let's say, ball tracking technology or line marking in sports. So for that, they need an AI scout which can help them figure out five to 10 most innovative companies in that market. So we are working on that feature that will help us solve the needs of innovation markets very quickly. And so this AI now we have, like, on our own platform that a user can just go on to our platform and put in a query. So is this something which allows us to make... Like, is this something which will allow us to make money also? Like, is there, like, a top up balance you have to recharge and accordingly, like... You know?

47:54 So it is helping us in two ways. So it is helping us sell higher packs. So we have a pro and power pack. So those comes with much higher tokens for AI. And secondly, once you exhaust the tokens, there is an provision to buy tokens from us. We have just launched it last month, so we still have to see early results for that. And we will cover those in subsequent quarterly calls. Okay. Good day to hear, sir. Alright.. Yeah. Participants can raise their hands or write down their questions in the q and a box at the bottom of your screen. Hi. Can you hear me?

48:55 I don't mean you can ask. No. I just wanted to know, say, say, at my phone kind of use traction. And what what do we do when, say, there are five or 10 people in the team, but there are only one or two logins. Right? How do we optimize for that? Because one person or two people need it at once. Right? 10 people don't need it at once. So how do we optimize for... If it's a 10 member team, we can sell them not only just one account or one user, but more and kind of optimizing that. I think today we have APIs available and and... To... On a platform where we are able to detect some of these things. IP locations are there. We are able to fill out cities where the customers are logging from. So in most cases, we are able to detect when they are sharing logins.

49:47 That acts as a trigger for our upgrading. So we eventually reach out to customers who are most usage and urges them to buy more seats and move to our full team packs. And that has been a great way for upgrades. So we obviously have some tools in place, but this is one of the biggest signals for us to upgrade our customers. And a large portion of our business is about landing and then expanding across the team. So this is actually one of our most successful strategy for upgrades. So any any, say, anecdotal evidence of this that kind of worked out just to share with us? But, actually, half of our upgrades happened because of this today. Oh, okay. Half of them. Okay. Yeah. Yeah. So, basically, the team is using... You'll reach out to them. If a large portion of them agrees and buy the product. So Okay. You just tell them, k, you're using multiple account We tell them to look. Your team is using it.

50:38 Why don't you move to a full team pack? We give them a clean upgrade plan, and lot of times, there's an intent to buy. Our customers' segments are among the most paid customers, the people. Right? So the investment banks, private equity firms, venture capital, they have resources. So if something is helpful... Useful for them, if you give them enough proof that, look, people are using, they're going to buy it. Oh, thanks so much. Thank you. Thank you,. Thanks, Adam. Yeah. Participants can raise their hands or write down the... Their question in the q and a box at the bottom of your As we don't have any further questions, we'll have to close this call now. In case you have any further questions, you can reach out to the management at [email protected].

51:48 I will now pass it on to Neha and Abhishek to give their closing remarks. Thanks. Thanks, Ashish. Thanks, everyone, for joining us today. You know, hopefully, we were able to, give you a clearer picture of the recent update and our progress, and I've answered, you know, some of your questions. For any follow-up questions that you have, please feel free to reach out to me at [email protected] or our team at [email protected]. Thank you again for joining us, and a very happy Diwali in advance to everyone. Thank you, everyone. Thank you, everybody.