 Hi everyone, this is Sunali. Thank you all for coming out some time for attending today's webinar on the episode 18th of the Business X Learning Series in West scale value and exit. Today's topic is on startup investment. To all the attendees out there, please type in any questions you might have in the Q&A section and we'll try to answer as many as possible at the end of the session. I would now like to welcome our speaker, Mr. Gaurav Mada, Chairman and Founder of the Franchise India Group. A very warm welcome to you, sir. Thank you, Sunali, for hosting another repetition of this Business X series. Business X is a part of Franchise Intergroup. It's a platform which is started for helping startups to raise capital. It can be early stage capital, it can be a mature stage capital and so forth. And also we work on Business X works on a lot of resell, which means that a lot of businesses which are now looking to exit can come on our platform and we will value the businesses and sell those businesses. So at this stage, I think today's discussion is a 30-minute discussion and we will keep 20 minutes for really run through, which we haven't actually covered a lot in the last few episodes in terms of what people look at investment, why should, how the startup should be ready to attract the right kind of investor at what stage, what you should really raise and so forth. And I'll keep about 20 minutes, I will talk about that and then 10 minutes, a lot of more interactive sessions because every time I think we get a lot of startups who come and join us and they have questions specifically to their industry and so forth. So today we would like to do a little more interactive way of doing it. So please go out and put your questions on a Q&A box. So I'll keep using and seeing that box and try to answer as many questions you have coming from. So because idea for these webinars is not really about learning alone, but I think it needs solutions and the idea should be that if we are able to give you some specific solutions, specific answers, that would be very important. And also as a network, if we are able to really take you through and help you through to network with some of the investors, that should be a broader idea for the platform. We hold a lot of between business X and entrepreneur entrepreneur is another a very large ecosystem we run for startups. We hold a lot of, you know, pitch sessions where we would bring startups to really go and present to potential investors. It can be angel investors, it can be venture capitalists and private equity and so forth. So, so that also we do that so keep following and if you are interested to raise capital and business X and entrepreneur can be interesting platforms for you to a network and reach. So let's start with a few questions one has to really find out at what stage the businesses and which is an ideation stage. Is it got to some kind of a prototype proof being done so it has been a commercial success of the business model. Or you have gone to a point where you already raised and now you want to do a multiple rounds. And this would be discussion around that at what stage, what thinking needs to come in. What kind of timelines you need to look at. What are these technologies which we use keep using in the investment space what does it mean and and so forth. So first question really is important, you know, and you should not just flow with raising money, you know, it's about, you need to ask yourself very clearly and see your business or your business idea at what stage it is that do you really need to raise money, because raising money to me is a bigger responsibility. Before you even venture out who should we raise from how much we should raise from, how do we value our businesses, how do we really define the whole tenure you need to really ask this very very important question. And sometimes I get to meet a lot of startups and I ask them, why do you want to raise an answer is not very convincing. And that disappoints me because fundamentally, if you not define why you want to raise, you know, and answer sometimes would be not very clear what money you read and what needs to be deployed for a lot of people would say I want to build the brand and I want to build this and answers which are to me are not very satisfying in that nature that and that's where it disappoints a lot of people that you don't have really come out why do you want to raise. And this is one of the questions we need to really answer before we even get on to that. Second is how realistic is your business goals. You know, and, and I feel that I like businesses of help we have invested into a lot of ideas, a lot of conceptualization on thought processes. But I like to invest into something which can give me a little bit indication that there is a merit in the commercial success of this business. Very carefully understand there is a there is always a problem solving in every business which needs to be done problem solving is one part of it right can be problem solving, but can be made a commercial success. You know, every problem solving situation can shift into becoming an independent private business, which can become a commercial success that's something which is very important to know. When we indicate in some form that there is a commercial success available in this business model. And if we are able to demonstrate that that builds a huge amount of confidence for anybody to come. Even people I've really feel that today, even if you come from a same domain, people are shying away because they don't able to really clearly see that there is going to be a commercial success, because we are in a very, very uncertain time and uncertain times money only goes for very, very clearly defined opportunities. Now this is a time where the big would become even bigger, because all the money would chase there. People become more safe, they want to really go out and I think nobody wants to take too much of risk. So I feel that this is a little difficult time for early stage businesses because they would not get the attention of the investors because investors would shy away from them and they would go back to businesses which are a little more proven and they have some kind of track record. And that's how the business is good work. Another area which I've realized in a couple of startups I've also invested as they present their opportunity at that stage, when they do the first round because now the expectation of the business is moved from creating value for the investors because you have put some projections say I've raised at this position and two years from now I'm expectation of my top line or a certain financial performance is X. Just to chase that I changed my business model itself. So I've seen people who started raising at a certain business model in two to three years have a different business model. Sometimes it's complimenting, sometimes it changes completely. Like look at a company like OLX. I am confused what the company stands for now. It started for something and we got into it. I can still have a logic of a company called Flipkart which started as a book online reseller and now a full-blown e-commerce company that's still a graduation from one product to another thing. But when I look at companies like OLX and likes of them, I just feel that they have actually, they have because of the fun of just raising capital and justifying their earlier investors and so on and so forth. So they jumped on categories which they have no experience, no capabilities. So now from running, you know, cars offline, selling laundry offline, doing something else, leveraging brands somewhere else. It's become a completely confused company. And I think there is a larger erosion of investors I would see would happen to companies like these. These companies become very, very complex and confused. And I feel that unless and until you are able to define that their business model is well thought through and it would stay stable as a business model for next five to ten years. With the minor, you know, adaptability changes, even the change of the way business is conducted and all that can do, you know, so it's like I was a furniture retailer online and now I change my model and I change my product makes. I change my entire, I think that's all is permissible. But you cannot shift the business model completely just to justify your capital raise. So one has to really thought through in terms of our thing through in terms of what is been a business model itself, how robust that business model and this is so going to what I call the hyper growth. You know, very clearly needs to be done. So the early stage startups have to go to become a scale company that watch a time frame, you feel that the scale is going to hit through because it's very clearly because you are creating a some kind of foundation of early investment to reach to a point where this business would go on scale and what stage that is and I think that also has to be done at what stage the company would be able to deliver genuine value creation for investors. That also has to be clearly defined. So these are what I call the different stages. One has to really be doing it. So now you have to be very careful in terms of at what stage who you really need. I feel that if I have I'm absolutely honest and I will say you're an absolute, I mean the early stage startup, and you just starting started, then first is who's your first two or three investors, I call the lead investors, they actually create the biggest foundation for how the journey of your investment would look like and never, never try to rush on that part. And I think a lot of startups actually fail on that because there is so much of rush of raising money, they don't understand the importance of this strategic investor coming at the first stage. And I feel that companies which have predominantly I mean I would say 75% of all the startups which were able to get the right kind of a lead investor initially were more successful in their entire life journey of their investment cycle. So it's very important and it's equally hard, very, very important and very hard because everybody wants them, everybody wants those lead investors. They don't have time, they're too busy, they're like early stage angel investors, and these are marquee angel investors which always are too many options for them. And it becomes very difficult to reach them, but you need to try hard. Hardest I say, you need to find whatever opportunity you get to reach them because this would really change the way your opportunity would look at it. By and large, I've seen if you put 10 similar kind of businesses, similar kind of funders, similar kind of an opportunities pretty much, the only thing which would change is a who has a better lead investor. That would create a possibility for you to attract further capital coming through. You know, because early days you cannot demonstrate governance, you cannot demonstrate a lot of other things which are hygiene of a good corporate management, you cannot give that the only thing which you can really go out and say that you've got a good investor like recently I'm advising one company which is invested by Ratan data. Now, Ratan data might have invested into his personal capacity, it's undisclosed amount, and he normally assigns a small check. It's more about encouraging young entrepreneurs and getting that. It's not even an investment case for him, because I've not heard that he's really made these investments as a very serious thought through process. This is personal investment, it's more driven from his own willingness to help young very early stage entrepreneurs, but he's a marquee investor. If he sits on any investment, even signs a 5 lakh rupees token check, that money really opens up windows for everybody goes and I think I'm advising one company which has raised same investment for Ratan data and the kind of retail investors because now we took the business into franchising and bought 100 retail investors have invested into the business, not because the business was this attractive because they all saw Ratan data being invested in that. So your lead investor is very, very critical in terms of who you really get on the board and don't just do that and sometimes the wrong investor sitting with you in the early stage who don't have any kind of strategic value, don't open up a network for you, doesn't come participate in any kind of mentoring for you, because most of the times early stage investor with the angels are very domain related. Some are retail, they would follow the lead investor because they know a lot of groups informed and they just follow the lead investor if the lead investor has some kind of inclination towards that a lot of retail investors would come in. But that's not really important to me because important is this core lead investor who has either a domain experience or I think so look at hand pick of technology guys who would come and invest into that. So this is very important part of your investment thinking and how you really define that. So now let's get into what kind of investments you can obviously raise an initial days obviously it's all angel and angel I think would last you for good 18 months and sometimes the angels actually continue to invest more till the time doing and they come in different branches or depending on the performance which needs to be done, some of them actually stay with you, they actually stay with you for a much longer period and go to the next level of the investment cycle. But the real investment which starts with companies because angel to early stage investments are I think at where an ideation is getting into a commercial success. This is a journey which needs to be done is more the driven from the founders vision of founders, you know, ideation, sometimes disruption, something which is very clearly bigger problem solving and needs. And I think I feel that India lacks innovative businesses but most of the times innovation is following that, because any kind of innovation you've done can take you to this pieces. Also, I think we're not encouraging innovation enough because we don't have a value talk about these incubators and places like that being built but if you really go deep down, it's left alone on the founders to do that we don't have so much of ecosystem being created. India needs a lot of ecosystem to be created we have more talk being done, but real sense we have not really created a significant, you know, ecosystem we do not created enough work like in pharma, I think we can do a lot better if we create a lot of pharma incubators, specialized industry incubators is required in India now, where I think people can get on to genuine innovations, and these innovations would then be able to attract a lot of capital. But large part of the businesses which I've seen has been success which are able to really get on to what I call equity based fundraising, and these fundraisings are then into different series, you know, series can be ABC, DE, and most of the time it's up to see, and that's where logically the business has reached to a certain model size, where it'll go for an IPO or a buyout or some kind of larger value creation for investors who really find their logical exits. But let's start with the series and understand the series a little more deeper into what the series would be all about. So series A is essentially the first indication, or what I call the first performance indicator for you that you have now got a somewhat of commercial success. Now, this is a first revenue guidance structure when you start with the early stage to go to Angel and work with them and when you get your first performance on board, and you get to a certain side where the clear indication of stability and predictability of your revenue cycle have come in. And that is the time you can really approach series A. Series A is typically valuation case where the company can be valued anything between, say, what anything above of 10 million to about 15, 20 million kind of a situation. If that is a stage where the valuation is like that, you will do your first series A round. Now series A again would mean a very important aspect for you because at this stage you are attracting a venture capital. And these venture capital are large firms which go into a lot of due diligence and not like more angels which are more impulsive and they're driven from their own equation with the founders and things of that nature. But this is now a venture capital. A venture capital would go deep down into understanding the business performance. And they also is now having some history. Now that history is very important and how that history is really coming and how the performance has happened. But if you are able to attract a right kind of series A to the venture fund, I think that's the first milestone in your investment cycle. Now that investment cycle would mean how early performance has happened, how your ability now clearly demonstrate to really sweat out the capital. This is also another problem. A lot of people know they want to raise money. There is a good case to raise money but they don't demonstrate how they're going to sweat the capital out. Fundamentally capital likes the people who have a very good ability and a clear ability to demonstrate how you're going to sweat this out. And what is your scale story? How their scale story is going to be done? At that stage, normally it would be from a series A to a series B. It can be anything which is a 12 month, 18 month kind of a window. And that window is very clearly defined and you normally would actually take the same investors of series A to series B. Normally. And I've seen most of the time that case would happen because if they see that kind of a growth, the venture fund itself would step up and put the series B back in the system. And that's a good case to be in. And that's a very, very good case to be in because you will be able to stay in and take the confidence back of the investors and they back you again and put the series B. Now series B essentially would mean that you have now scaled. So this is actually a scale of time where really the companies start showing in and you will start seeing the visibility. They're all out in the market. They're grabbing the customer base very, very fast and the burn rate also at this stage from sweating out the equity or sweating out the capital would become much, much faster. And this would be a raise of anything which is what I call you raise anything between 10 million to say about 15 million raise at a valuation case of anything which is 30, 40, 50 million kind of a valuation. So that's where the company really gets into that. I think I feel that a lot of businesses essentially find a challenge from series A to series B. I have found the lesser challenge for companies which have gone to a good cycle of angel investment. They normally wouldn't be able to attract the series A, but series A to series B. I'm seeing a big problem happening these days because of expectation mismatch growth mismatch and things of the nature. At that stage, I think that creates a nervousness of earlier investors, which has come in series A with you to not reinvest back into the system. And that actually shows a little bit of less confidence in outside world, you know, because it's the first question I would say when you are going for a series B, if somebody would ask you that why would your current investors not step up their investment. Because it's a good case because they've already sitting in the business, they already know the business, they are in the with the founder very closely. So they were already invested. And this why would this venture fund not step up and do that. It doesn't create a logic when they start shine away. Now that's a very important aspect. How do you continue to have your existing investors confidence back in the system is very, very integral part of the discussion. Now, at the series B to I think C is very, very logical that that I have seen very little drop, because now the business has gotten to some kind of trajectory, and you will be able to go to the series C. Normally, at this stage, you will start seeing a private equity funds really start participating because this is getting into a little bit of a pre IPO kind of a situation at a pre IPO kind of situation. A lot of great valuations go up and the relations can go up to 100 million plus plus plus. And this is where the companies logically become a sizable organizations, and and they would attract some very, very good high quality private equity funds to come for a long term investment in the businesses, because they can see that horizon for the business is 18 months to two years kind of an IPO. And that is a stage where companies would like to participate a little more. Now, this stage is normally at where the companies would logically go and after that they would go for an IPO or a listing or a or a buyout or a or a some kind of a structure would happen. But in very rare cases, there would be also going for a series D. Now, series D is is is very opportunist approach opportunities means that sometimes companies feel that they still need to be private and they don't want to go for an IPO route and there are other expansion opportunities coming in, which means that they suddenly this look looks like a global play you were Indian company, and you were you were doing well and there was a much bigger global play which means a market bigger valuation case, much bigger optionaries to list in different markets, rather than listing in only in India like we've seen a couple of our unicorns have now become oil started expanding in Europe US and the thing that the clear idea was that there can be a much more global play to do that so they might go for another round of larger investment because that's where the opportunity comes in. There also is a case where there is a down round to be done now down round is essentially where your series C has not performed from your revenue point, and you have actually not been able to do that so a lot of people now especially in these days, there is a lot of value correction, which has started happening, and now that value correction is means that the business has not performed especially now you will see because of COVID, a lot of changes would happen in them the last valuation you've got to the stage, and there is a pause period has come in right there's a period which you need to now pass, because the business was on a different trajectory, and suddenly you got a dip and and needs a rebuild capital and that thing at that stage you need to do a down round, which means at a lower valuation case you need to still bring in money to keep the company flow. So a lot of these businesses have got that I mean people got that kind of situation where valuation were eroded and then another round was infused at a much lower valuation, and this is normally pulled by the key investors they really because they they've seen that the larger erosion can happen and they want to keep the sustainability of the company, and then they would like to do that. Another round also is done, which is very very rare which is series E, where I think the business has for some reasons have failed expectation, and or they feel that the business has to be kept private for various reasons, and there is a little more time for the company to be ready for public or the markets are not ready. Sometimes markets are also itself not ready that they don't want to really have this institution so so a lot of these private equity funds would try to hold the company and try to keep it private. So these are different kind of a series which companies need to be doing and and this brings in my end of my the talk and I will now take a lot of questions, which are I already seen the Q&A box so I invite Sonali to pick up some of the questions where we go one by one and try to answer a few questions and if you have more questions keep writing it. So we'll do about 10 minutes of Q&A, over to you Sonali. Thank you so much Gaurav sir for another wonderful session. So yes, we do have quite a few questions lined up with us. I'll just take up the first one. So the first question is from Mr Vikrant Kumar. He says that he has a healthcare startup in the name of preheal, and he's at a prototype stage and currently bootstrapping. This question is at what stage should he start looking for investors? Very good question. So I think whenever as a founder you should always be available to grace me. That's very fundamental to business if you are seeking growth and this is one of the problems that I see a lot of people really don't shy away from thinking. So if you're seeking growth and any kind of expansion, it can be R&D, it can be getting into the market or building infrastructure or anything, all good would require a lot of loads of capital. And so there should be no problem in terms of asking capital and I think if you've already done your basic prototype and you feel that your ideation is ready for a commercial run, then go out and raise capital. My again suggestion would be because you are in a healthcare business and get some early good investor who has a strategic input on your business and also can come as a strong mentor to you for the first part of your journey. And that's very important and this is I think especially in areas like healthcare, technology and other places I think a domain investor always helps. Always helps because it opens up doors for you, a lot of relationships for you, which is very important because it's very, very closed industries sometimes and you need to really have somebody who can pick up phone and make your few introductions for you and you get a little bit of a go-to market in these places. Right, so the next question we have from Mr Vivekanand Gopal, he says once a startup has failed within a couple of years, is it possible for it to raise funds again with improved business plan and model? It is while it is going to be tough to justify why it failed and if you cracked why it failed and you brought in like we've seen a lot of startups which let technology or technology was not very well evolved or had a lot of other gaps in the business and they brought a good CTO, revamped their technology, brought the product back and the product was compelling and so they were able to raise capital. A lot of changes in the business model, I feel that one of the things that I've seen is that as I already said, problem solving is just one part of it. Sometimes great ideas come, brilliant ideas and they're solving a great problem but they look like have a very long haul before they can commercially make money. Now the issue is that the investor world is a little bit of a greedy world, let's be honest, they want a quick multiples on whatever capital they do so they're not able to see anything beyond three to five years. No investor I would know have a horizon to see 10 years, 15 years, 20 years, that's not the way they think. So they like to see their money or their equity multiple over two to three, four or five years, that's a max and the most interested investor also would not be able to see beyond five years. So you need to really see that is that cycle in your business model, would you be able to take that kind of a life cycle in PS then I think becomes interesting. Alright, so another interesting question we have from Mr. Manikant Singh, he says what is more important the top light or the bottom line for raising investment, the dilemma which always persists is should we work on creating profits or we go aggressive and capture the market and think of profits later on. Very, very good question and very, very good question and it is a question of, I'll answer this into two parts, real value for any business historically is only about bottom line. So that should be your clarity in mind, nobody should think that any business eventually would be valued if he doesn't have a good bottom line. If you really see the most valuable company in India Alliance and yesterday also they've released their results, even in this kind of economy, they have 13, 14, 15% of growth in business to business wise quarter on quarter year on year same time. Right, so, and that's purely bottom line this company, all our sense is listed, so they need to show dividends to the shareholders. And there is a very big pressure on that large balance sheet to continue to deliver profitability and they do it every time surprises me, but it delivers every day. But when you are an early stage business, obviously you cannot bring bottom line because not got what I call your addressable market. So, if you are in the middle of getting into what I call your total addressable market, whatever that size is, and continue to show and show the improvement of your margins. And there is a very definite line where you not only become profitable, but would continue to be more and more and more profitable by improvement of margins, larger distribution and so on and so forth. Then people can wait and give you good valuation or you get actually good valuation because the trajectory is very clearly strong. But you have actually not reached to your what I call addressable market. You can be at a 1%, 2% of your addressable market and if you say that my addressable market was X and I'm only trading at a 1%, not even 1% and lower than that. So, even if I go 5% this is what is going to happen and going at that level my margins going to improve, then you will get a good valuation. But eventually for any business, sooner or later it is only just bottom line. That's a fundamental of business. People business are done to see profitability and if you cannot demonstrate profitability in a certain life cycle, it could not be right. So eventually bottom line is the answer, but when does the bottom line go to come and how you went to demonstrate that, that's something which can be, is more timeline central again. I hope I answered the question. Definitely. So the next question we have is what is your most important and realistic advice to aspiring entrepreneurs. So again, very difficult to say. I think the two things which are very important for an early stage entrepreneur, I would keep this discussion to early stage on different life cycles of an entrepreneur are there. Is a strong ideation, much deeper, much focused, much really built on very strong foundational ideation rather than just a very floating and not so depth being done and a global ideation. Don't think now that everything you do is very global play. Even if you start in small and you need to really think through as a global business. That's what you'd be in that. And second is early proof of business model. These two are very important to me, you know, just ideation done demonstrate a founder's capability to execute well. So people like ideas, but they like more the founder who has ability to execute. You know, so that's what I like. I mean, I have no relation of oil very well who's and I think but I have really said that his idea was was is not his original idea really speaking and most of the unicorns in India have no original idea they've just picked up from somewhere. But these entrepreneurs are unique. They have ability to execute and just demonstrate the speed of executing is phenomenal to me, they have attracted money on more on that than ideation. So fundamental to me, I would say I would give 75% marks on the ability of a founder to really execute how fast he can go and execute that idea and deliver a logical business out there would be more more sensible to me. Right. Another question we have from Mr. Abhijeet. He says, what do you think of esports and gaming field as an investor? Yeah, very good space. I love the space and this is a good, very, very good space and would see a very large investment space but there's also a lot of global play in that and and one has to really see that how you are competing with that so that's very important. Right. Another question sir we have from Mr. Vivekanan Gopal. He says, at what stage should a startup company look for external funding and what points need to be kept in mind during the negotiation? Yeah, so at stage where you can clearly see that you can deploy capital that's very important and and you are very clearly defined where you need to deploy capital that has been agreed upon. As far as negotiation is concerned I think a realistic expectation from both sides understanding that you have ability to completely participate on your thoughts is very important because sometimes you are choked by the investors in and what they try to drive more what you want to do and your vision what you want to do is get start getting deleted then you start just behaving and answer for the investors so you need to really see through that. I don't think you have any other thing for negotiation at that moment. It's your ability to continue to pursue your passion and that ability should remain with you. Right, so sir I'll just take up the last two, three questions now if the time permits. Yeah, yeah we can take one or two. Sure, so one question we have from Mr. Robin Kumar he says, some businesses have situations where company is making losses and the payment is not done according to you what would be the best solution whether to close down the company or to continue and try once again? Yeah again, this issue is that what is the problem really problem why would you not get paid or why would you get money stuck and things like that. So at how real was your business model I mean it's very hypothetical for me to answer on anything of that nature but if there is a genuine problem and you go and repeat that again you get going to get into even worse situation. So you need to find out why that problem existed and first remove that problem do a little bit of test on that and test is done then go back in the market and try to raise. But connection offer any business model to rework and come back to the market it's actually a good thing to do. It's never a problem because if you genuinely want to address a problem and in the first attempt you were not able to do and you bring in another attempt it's never a problem it's a good thing to do. It really shows your belief on the problem solving you want to do so and you should do that and all innovations were early stage innovations were not really best. You know if you see anything the first mobile which was bought the first battery which was created or anything which needs to be done was not the finest product it started from there to the next evolution and slowly slowly became a more evolved as a product. So it's not a bad idea but you need to really in depth think through what is your real challenge in the business and why you are not able to address. Right so sir I'll just take up the last question of the day and then this question again is highly asked by all startups. It comes from Mr Sanjeev Kulkarni he says will banks be able to provide short term loans for a startup and what would they be looking for? So startups, a lot of banks are giving money to startups, MSME is giving startup, a lot of other incubation platforms are there to give startups. I would say the structure of the loan is to me very questionable because end of the day startups don't have ability so much to what I call pay for cost of capital. Even if I lower it down but it's still a cost of capital it's still a debt and I would say I would give marks to equity more than debt in any form because or expect the best equity which means that debt can be converted into equity that's still fine but I feel that the cost of capital on a startup is a burden and equity is a good way to do it. So take angel go to the next level, go to the next level, do your CVJ, BC and that's a logical journey and I think now the markets of India also mature enough for attracting this kind of kind. It takes effort, it takes six, seven months of conscious effort while you continue to build your product but you consciously also keep keeping every single week for three days to really reach out to new investors present your case. It's never a problem. I've seen people who gone to 100 investors and then they got the one who believed in them. I would not say it's easy, sometimes very frustrating because it's not that easy, you need to really keep knocking doors and some people feel too privileged and I don't like it because some investors are very pricey. They don't treat startups well, they don't come forthcoming which is a problem in India sometimes because they feel that everybody comes to them and so why they should treat. But good quality investors like Ratan Dutta or anybody who's that rich that they're very humble. They know that all beginnings are done from startups. So they're very humble in nature like that. So you need to really go out and make that effort and I think market is open, market is very, very open and business sex helps you. Business sex is a platform which can help you in mentoring you, creating a network and community for you, helping you to bring a lot of sport arms in terms of your legal, financial modeling, valuation document, all that and everything. So anything you require from business sex you can come to us and we'll be more than happy to help you out. And I'll put my email ID, we'll have to rush for another meeting and I'll just put my email ID. GM at gauravmaria.com. So please, if I'm not being able to take because I see a lot of questions here, it's bad on my part that if I don't take all questions, but just try to me on my email ID and I'll make sure that on a Sunday tomorrow, I'll answer you personally. Okay, so thank you very much. Thanks for your time today and please take care of yourself. Thank you. Thank you. Thank you so much, Gaurav sir for a wonderful session. Thank you to all our attendees for your time and for attending this session. We really hope you were able to add some value to your lives through the session. As Gaurav sir said, I'm really sorry if you were not able to take up your question. You can always write to him or to me directly and I would make sure I forward your question to him. And please join us next Saturday. We have this ongoing learning series that we do where we take up each topic every time the next Saturday we'll have the topic will be on scaling up your business. So if you are looking to scale up your startup or your business and you want to know more about that, please join us next Saturday at three o'clock. Thank you so much. And if you also want any previous recordings or if you want access to all of our previous webinars that we have done in this series, we have completed 18 weeks here. So if you need anything like that, please reach out to me. Thank you so much.