 I'll try and keep my talk to about 20 minutes and then open up at the end for questions. I inserted a little being because the learning is still on. It's not lessons learned. It's lessons being learned. In building Plum, we're still building. We're still quite small in the world of beauty and personal care. For those of you who don't know about the brand, we are India's first digital brand in beauty personal care. We launched in 2014. It's our 10th year. Now in July, we'll be celebrating our 10th birthday, as we call it. So this is a sort of a summary of an entrepreneur's view of what it takes to build a business. As much as it is about building a brand, I am a self-taught marketer. I say, I don't, I didn't have a formal career in marketing before I started Plum. So most of my lessons here will be common, sensical business related stuff rather than pure brand related stuff. I thoroughly enjoyed Deepak's session where there's a pure brand view of life and what we're also realizing as we build Plum is the brand view of life is so, so, so important in a crowded marketplace. And I'm sure I'm taking away lots of learnings from what Deepak said in the previous session. So I'll just add to that basket of learnings. And this is a very different perspective of a startup in a space which is sort of hot and happening in the country. So we have six key takeaways with examples and I'll just summarize the takeaways for you. We have eight ways of working at Plum and the first one says customer view is the only view that matters. And I'll give you examples of how it manifested itself in our small journey so far. The second one is it's easy to spot fakes and we should be real, sort of resonated with what we saw in the previous session. In the world of social media, when you're thousands of miles away from your audience, I'm amazed that the ability of the human mind to spot fakes. I'll give you examples of these two. The third one is something that's a topic that's discussed a lot. Did you raise money? What's your valuation? Whenever you're going, I always believed and I continue to believe that raising money is a means to the end. It is not the end. And I'll see some examples there. This is a very business building thing that I am myself learning, which is people process planning, repeat, go forward. We have to balance short-term, long-term. We always have sales pressure this month, this quarter. I have to run performance ads. I have to run brand building ads. That debate is endless. So how do you balance out short-term and long-term? And last but not the least, no matter what you do, speak numbers because numbers speak. If you don't speak the numbers, they'll speak. So I might have to speak the numbers. Is that where I see it? Let me give some examples of our learnings on how customer view is the only view that matters. It's a very simple example. For those of you who use a kajal or know how to use, it comes in the form of a pencil. When we first launched our kajal pencil, it was a PVC-free barrel. What we did not realize when we launched a PVC-free barrel is when you sharpen the pencil, the wood, the casing, the PVC-free plastic that was being used was too hard for the sharpeners that this market had. We started receiving complaints from the market saying, your kajal is awesome, but you know what? Once I use the first bit that is exposed, I can't sharpen it anymore. So we had to actually go to consumers' homes, sharpen the pencil with them and understand where the problem is with the sharpening. We launched a great kajal, but we didn't have a great sharpener. So when we launched the right sharpener with the kajal, the sales actually took off of that kajal. And to this day, we give a free sharpener with the kajal because we don't know how the sharpener works with it. So just the simple thing of not being able to sharpen a pencil can lead to your customer experience being completely ruined. And that's a lesson that we learned the hard way. The second example that I give is a very technical example of SLS and SLES. I don't expect any of you to know this difference. SLS is an old surfactant. SLES is a new surfactant which is used, for example, in a face wash or a shampoo. It sounds very similar for most people. Those who have done their chemistry will understand that one is an ethoxylated, one is not ethoxylated. What we realize is, we as chemists am myself a chemical engineer. I love chemistry, so I love talking about all of this. What I realize is my customer is not getting it. When I say SLS-free and I'm putting SLS in it, she's telling me, you know, you're lying, you're saying it's SLS-free. It should be sulfate-free is what we realize, this is what people understand. It's either sulfate-free, which I'm sure a lot of people have heard of, or it is not. If I try and get a further differentiation into it, you're saying it's SLS or SLDS, people are not going to get it. So it took us quite a bit of iteration to realize that we either talk sulfate-free or we don't talk sulfate-free. The third example is with respect to products that we want to discontinue. Now, I have a CFO, I have a Chief Supplation Officer. Both of you say you have too many SKUs, lots of small tail SKUs, which are occupying a lot of space in the warehouse. Why don't you chop the tail and focus on the core of your brand? That's an ongoing debate. When we chop the tail, what we realize is we're actually alienating a bunch of customers. So where we had to draw the line of where the tail starts was a thing that we learned the hard way. We discontinued certain products. People came back to us saying, when are you getting it back? When are you getting it back? We thought that noise will die down for six months. It didn't die down after a year. So we had to get some of our products back. And then we realized that as a brand, we probably are known for offering that variety. People love the variety that we offer. So we can't take a playbook that some other brand is using and then say, I want to chop the tail and just have fewer SKUs. So one brand has to decide what works for the customer. Just three examples, and there are countless others that I can go on about. I just thought I'd call out three examples to tell you that in a world of crowded brands, there's one truth, and that truth comes from the customer all the time. Sort of obvious, but we forget. The second one is also obvious that you should be real. But we have marketing to do. I loved what Deepak said, which is marketing versus mattering. I think it's the same sort of spirit here. When you have marketing to do, when X brand is saying 99% people agreed and 4x, whatever, brighter and whatnot, you start getting into that FOMO. Then I have to also start saying big bombastic things in order to matter to people. And that's when you start treading on the line of being real versus being fake. One thing is for sure, it's so easy for people to spot fakes. And our customer support and customer service ethos is something that we are very proud of. To this day, every mail that is escalated to Graven's officer comes to me. Every resolution goes with a cc to me. And there are people who write directly to me saying, my parcel did not reach from plumbgoodness.com. I'm very, very happy to answer that. I don't say I don't have a team to handle it. Because the team down below needs to know that a customer is a true owner of the business. And therefore, even the smallest of issues that customer faces is not okay for somebody who's a founder in the CEO has to be looked at. So even a single customer today matters to me. I make sure it is closed. And that ethos has stayed from day one when I used to handle customer support myself to this day when I have 15 members from customer support team. The second bit is being good. Being good is the same sort of philosophy as the do good that we saw in the previous presentation. For plumb, being good has manifested itself in a lot of ways. Whether it is the empties we take back. Whether it is the fairness cream that we did not do in 2014. Or whether it's the 1% for the planet that we started off. So there's a lot of stuff that plumb does, which is being good. But I really, again, would like to call out what we saw in the previous. You have to first do good, and then you have to talk about being good and saying good. If you don't support it with doing, then people easily spot that you're just talking nice things, but not really doing anything about it. So it's very important for us to be real as we go through the whole journey of building a brand. This is my favorite topic. I was bootstrap for the first five and a half years. I came from a PE world before I started, so it was not impossible for me to raise capital. But for some reason, I must admit that I tried to raise capital and did not. And I ended up being bootstrap for five and a half years. Post that, and after that, I'm now a series C pundit startup. So I can dare say that I've seen the bootstrap life as well as the funded life. And the first advice I have for anybody who's looking to start a brand is bootstrap if you can. Why do I say that it's not that the funding is bad? Funding is good. Funding has helped us do a lot of things that we have not dreamt of otherwise. But why bootstrapping is good is it helps you set your brand in the direction that you want without being forced or let's say taken in a very different direction from what your heart and your gut says. So it's very important to focus on the customer, build something of value, and then scale it rather than trying to scale as you build. My view is bootstrap if you can for as long as you can. And then raise capital from the right sources that support the right way of working for your brand. And one answer doesn't fit for everyone. The second thing is understand why you need capital. It's a very simple statement to make. But a lot of people think capital is for, actually, building a brand. Capital is for, I don't know, developing distribution, building products. But you really, really get down into what you really need money for and how much you need for. And make sure you take only that money that you need and put it to the use that you think you're going to put it to. I have made those mistakes when I raised a lot of capital after having been starved for capital. That suddenly the gate opens and then you have tons of requests for all kinds of nice, shiny things, including office, this, that, whatnot from people. This is only one lakh a month. This is only two lakhs a month. This is only five lakhs a month. Ends up being crores a month of spends, which you should not be. So you have to be very clear as to why you need capital and make sure you stick to the discipline of rising capital. Valuation is something, thankfully, the hype is somewhat quietened over the last 6, 9, 12 months. This whole talk about valuation, unicorns, unicorn, decacon, et cetera, is slightly distracting from the core task of building a business. It's important because your investors need to make money. But you also have to understand for your business, your money needs to come from a source that you value. And where they value your business and your brand, as much as they value the numbers behind it. So it's important to look at the source of money as much as it is. Look at what valuation you're being offered. This is a very sort of boring slide. But it is the task of an entrepreneur, the task of a guy who's building a business, I realize, can be summarized in these three words. Maybe not in the same order, but perhaps people, processors, planning. And it's sort of a circular loop. You can't scale without being process driven. That's something I'm realizing in the hard way. There was a time when I used to know everything. In my series, A diligence, I remember, when the guys came for due diligence, I remembered invoice level data. I used to tell them this invoices for this item, this invoices for that item. That time we were small, I could look at invoice level data. Today, we have SAP running, which needs a team to run SAP. I cannot run my business today without SAP, right? So, and we moved from being Excel to Tali to SAP. Being process driven, if you sort of move without the processes, while scaling, if you move without the processes being in place, you're for sure going to be slowed down at some point in time. It's sort of an effort to invest in process, but invest in process. Even if it's marketing, there is always a process to being done. But you can't build processes without people. That's the other thing. And you can't have people joining you without having the right processes to hire, retain them. So it's sort of a circular loop. And it sort of get confusing at times. And therefore, to do all of this, you have to have the right plan in place where I'm able to get the right people, put the right processes in place, and run the planning cycle so that, and this is very important as you scale, may not be so important when you're starting out. When you're starting out, it's just important to hustle and get the revenues going. Balance short term and long term. What's sweet in the short term is not definitely not going to be, may not be so in the long term. It's so easy to chase the fad, the revenue, the sale, the discount, the offer, the influencer, the celebrity who you think is hard short term. What I really was moved by in the previous presentation was how self-excel has remained consistent from 2004 to 2024. The ads actually looked almost the same. It is just updated to the reality of today. And that's why the brand endures. And for us, that's holy grail. To be solving for the short term, but in the short term, we're all dead, as people say, and the market can stay rational for longer than you can stay solvent. So if you're only solving for the long term, you say, I don't care about short term, you're probably not going to be in business. So it's very, very important to balance out the short term and the long term. And it is a long-term endeavor to keep balancing it. You just have to make sure you survive. I've always believed that this journey that we are on is a marathon. I should tell my team when they used to fight with me, why are we not getting funded? Why are we not getting funded? I said, we're running a marathon. We'll get funded when you have to get funded. Just be patient. Somewhere having the patience to run it as a long-term endeavor is important. And keep in mind that you have to balance out the short term and the long term. Most consumer build-outs are built for the long term. I'm again so glad for Deepak to have come in before me because that tells you that these brands have been built over decades rather than over a quarter or over two quarters or over a year. So it is always important to pace yourself when you're running this marathon. And the last bit is about speaking numbers. A lot of us end up making a mistake. That's the idea that matters. It is the thought that matters. It is the plan that matters. But you don't realize that unless and until you do the numbers that you are talking about, the numbers will someday come and speak louder than you at the meeting. And that's not a good place to be, trust me. So it's very, very important to make numbers a habit. It almost sounds obviously why you're talking about it. But I've seen a lot of people just bring a lot of concepts and photos in the presentation without putting numbers into it. Please make it a habit. I almost forced myself. This is one of the few decks where I don't have a single number on any slide. And I'm sort of feeling bad about it. I make it a habit. Forced myself to put some number somewhere. It sounds almost right when I say it, but it's actually true. When you start thinking, forcing yourself to talk numbers, everybody around you starts talking numbers. So make sure that you put numbers. And when your numbers are good, you need to speak less. That's an advantage. The numbers speak for themselves. And all activity is useless unless the outcome is measured. And outcome is always measured in numbers. So I always internally talk about activity versus outcome. That's really my very short talk to all of you. It's sort of a synthesis of all that I am learning as we build Plum. And today it's a team that learns with me. And I'm happy to take any questions you have.