 The strategy that Blue Sky Capital has for India. I understand that you've been here for For a while and now you're actively looking at investments. Yeah, so Ajika we came The fund in US has had a almost a eight-year history We started on the derivative side and then started getting into Small business buyouts in the US and then we started growing our VC business the VC side of the investments have been around for Little more than three years now. It started in August of 2015 and about two years ago. We came to India the prince The the reason was very crystal clear. There's a macro at a macro level. This is where the next level of growth is, right? as You know the US market is getting very competitive for deals and There's also a lot of stagnancy in terms of you know the growth potential, you know people Where do you come? You obviously come to you know places in the emerging markets, right? Right, so we started with India Yes, exactly, right? I mean it's a very different scale and I think there's also a lot of Risk capital that is required in the country. There's not enough risk capital here We saw that you know a lot of the segments were underserved or under penetrated when it came to venture capital So our premise is very simple. This is where the growth is. There's a demand for risk capital So, you know, let's evaluate so we came here about 18 20 20 months ago to be precise and we made three investments in the last 18 months So it's been pretty fast. You know having three investments in 18 months is like a run rate of six one every six months So the first deal we did was a company called sales pro Which is now by the name known by the name of the velocity What they do is very simple. There are a lot of tech founders who have very good idea about Technology and what it is solving but you know building sales and marketing outreach programs for them is a challenge, right? Because at the end of the day every startup needs customers. They don't need better capital, right? So they're focused on that space due location of Bangalore and Chandigarh and two founders, you know who have very strong sales background and they have You know scale this company little more than 100 people now You know the revenue run rate has grown significantly since we invested So that was the first investment the the second investment we made was in a hospitality tech company Called backpacker Panda very simple the rational for investing very simple You look at the entire infrastructure the hotels everything. They're all focused on three three four or five stars, right? There are players like oil in the budget segment, but there's literally nobody who's focused on the material travels You know the backpackers who travel on a certain Budget right we saw we like the founders Yes, right and what they've done is very beautiful. They're using a lot of tech Okay, so they have an OTA site to it and they also have built an entire operations management So it's a think of it like an ERP for hospitality, but only focused on Hostels, right? There's no concept of a key there. There's a concept of a bed, right? I mean their inventory pricing everything is very different from a typical hospitality play Yes, so the founder there, you know learned about this concept during his education in Canada and Germany, so he brought it now If you look at their own self-managed properties, I think that I don't know remember the exact number They're between 12 and 14 between franchisee and their own and the OTA site there more than 60 I mean world over right growing very fast. So, you know, they are pivoting to I have already pivoted very successfully towards being a OTA for the backpacking industry, right? So that's the second investment we made the third investment we made was a seed round Yeah, not more than six months ago The company is called MediMetry. They're in the telemedicine public health space So if you look at the Indian healthcare system, there is the tertiary care, which is large hospitals It gets choked. Okay, so every everything from a general practitioner where you have a throat infection to a fever To a heart surgery actually happens at the tertiary, right? That entire primary health care channel is completely missing Right and what these guys have done is they've said in the semi-rural side We will focus on that and we will leverage the primary healthcare to become a low-cost Low-cost marketing engine for insurance and pharma because they have not been able to penetrate Into the semi-urban areas at all and that infrastructure is completely missing Yeah, so you know they've gotten to that you know if you look at the telemedicine space the problem with telemedicine space is How do you get customers to come online? So what we've done is we change the entire model So the aggregation and connect with the doctors happening in physical through camps then you know, we are Working towards prototypes of mobile hospitals. These are not ambulances. These are hospitals Okay, we're building you know, we're going to raise the next round of funding is actually be focused on that So what happens is? Semi-urban. Yes. It's a you know, if you look at it by some estimates, it's like a 200 million population, right and Interestingly, what we have figured out as we have penetrated those, you know, we have micro-scaled it in Haryana, especially Faridabad We have a very good coverage there One thing we figured out that people are willing to pay for insurance and farm stuff But you don't have to pay for doctor consulting Okay, so what we did was instead of focusing on the consulting fee, we decided that we'll become a supply chain Yeah Yeah, I think One is that the quality of startups in India. It's like the third second or third largest biggest ecosystem now, right? Look at the quality of your confidence. I mean, it's packed, right? So I think there's an aspirational lot there people who you know want to become entrepreneurs are not exactly Interested in a lot of jobs, right? The while all this is there. There's an entrepreneurial spirit There's an opportunity the biggest missing piece there has been the lack of capital risk capital Right, I mean you need capital to grow. So I think that is also now improving So I'm pretty excited about, you know, although my background is all technology advisory I think I'm getting pretty excited about the healthcare space. I think there are a lot of Interesting solutions which are needed for India at the price point where it can be affordable Right. So medi-metry only focuses on chronic diseases as an example But you know, how many how many of these healthcare providers can actually hire DM MD doctors Right. I mean, we were focused on diabetes is a major area of focus on medi-metry I mean by some statistic there are two and a half thousand DM doctors in endocrinology So, you know, even if you have you even if you build a reach There's not enough medical talent available and this is not something you can solve as a problem overnight So we have turned the Problem upside down. We're building a disease management platform, which is tech where You know doctors are getting trained on what the clinical protocols are for treating it So we can now actually take A good MPBS doctor and while he does not have Capability to treat diabetes you're training him to understand what Diabetes as a disease how it progresses Right, so he at least has the clinical exposure And what about the Our evaluation is very focused on the promoter. Okay, our belief is very simple. If the promoter is good, the business will be You know good on its own right? He'll be he'll have the necessary skills to prevent He'll have the necessary skills to build a unit economics and build the business on a profitable basis Right, so the focus is all on promoters typically we observe companies anywhere between six months to 18 months