 Let's begin with your introduction, please introduce yourself and the organization. My name is Akhil Shahani, I'm the managing director of the Shahani group of institutions. We run a range of colleges out of Maharashtra and Gujarat. I'm also an angel investor and eventually a partner of a private equity fund that invests in education. So are they on the rise? Since this is a new concept in India, really it has come from the west. Earlier it used to be investment funds and now it's family offices. What are the recent trends that you have observed in family offices? Well, I think the family office phenomenon is rising a lot in India. In fact, most other high net worth individuals are realizing the value of having a self-contained family office where they actually have people who will not just manage their equity investments and debt investments. They also give them advice on things like succession planning, managing philanthropic activities, purchasing art, purchasing real estate. Something a little more complex than the classic wealth manager from a investment bank would be able to do. I think also as complexity is increasing in the Indian regulatory space where people have to start looking at taxation and planning like that, it's good to have a full-time person that manages their wealth for you. A trend that is coming up? Well, A, I think running a family office is an expensive proposition, especially if it's a single family office. So you need to make sure that your wealth is at least $50 million plus to justify it. I think the value of having a family office, as I said, is able to help you manage your wealth and to grow it a lot more. It is a healthy phenomenon. However, for those who may not necessarily want to manage a complete family office for their own family, they can take part in multi-family offices where they outsource the work to multi-family offices and three or four families sort of work together and outsource this work to a third party. What are the factors and what are the recent trends that you are observing? Well, I think unfortunately investors tend to follow the herd and every year there's a new sector, that's a hot sector and then the next year it's not the hot sector anymore. You should really look at long-term trends. So for example, let's say if you look at the larger phenomenon with the Indian market, you know that there are a lot of people moving to the middle class. That means a lot of middle class consumers are coming out. They require a lot better quality education, quality healthcare, better quality products. So I'm a big believer in the Indian consumer. So if you are looking at anyone in the Indian consumer space where you come to education, healthcare, consumer products or other services, I think that's a great place to be. We are also into education sector. I would like to know about this particular sector as well. It's been quite a traditional sector where education has always been in demand. But now with technology coming in, a lot of startups have come in. What are some of the changes that you have observed in education sector with technology? I think what's happened is that two things. Firstly is that the education sector today is roughly $101 billion in India itself. What's happened is that with the advent of technology, people who are not traditionally part of the conventional education space like people who are into smaller towns, smaller villages, who can access good quality education, they are able to access education because of distance learning. Secondly, people who are not conventional students like people in the working professions, people who have jobs, people who really can't take off time to get into college actually are able to then look at corporate training and a lot of the free education options out there. The other value add is that a lot of schools, colleges, tuition classes are now using technology to enhance the quality of education that they provide to their students in classrooms. So it's not just learning from textbooks anymore. You, for school children, you have animations, you have videos and ways to help the student understand better quality. What is happening overall is that as more and more players are coming to the market, the quality of education services are increasing, the reach of education services are increasing and the upside is that the Indian consumers are getting a lot more choice and the value of actually going abroad to get a good education has come down because people are getting good quality education in India. They see a lot of value and of course the price is lower here. So people are now looking at good quality colleges and schools in India and working in the Indian market and it's less focus on getting jobs abroad and education abroad. Right. Correct. So I'm slightly contrarian. I mean, I'm not a big fan of the classic 22-year-old IT engineer who just has a great product and less, you know, it's like, will be a potential unicorn. I rather invest in entrepreneurs who are probably around the age of 35 plus, who have actually worked in the corporate world, who have actually had some scars or maybe even a failed startup before then because ultimately growing a business is not a function of the idea or the technology. It's really a function of the ability of the entrepreneur to manage the business, build up a team and pivot as you need to go. So therefore someone with a certain amount of maturity and understanding of industry would be someone preferable, so someone in their mid-30s. The second thing of course is that do I see the technology or the product have a certain unique advantage that prevents other players from coming in. One of the issues with a lot of consumer technology, consumer products, is that the barriers to entry are very low. So let's say if you start, let's say, a delivery app, 10 other people can start the same delivery app and then you land up spending more and more money and losing money. I'd rather have a unique technology or unique IP that other people can't copy and I know that there's a fact that there's a growth potential and it's very difficult for competition to come in. The third thing, I'd like to see a lot of hunger in the entrepreneur. There are a lot of people who run lifestyle businesses with just want to fund, let's say, the next Mercedes or the next penthouse house. But I'm actually looking at people who say I want to scale up not just in India but maybe globally. I see I want to build something that lives beyond me, something that's not a classic Lala family company, it's really something that is scalable. So I look at really the characteristics of the entrepreneur, the IP that they're showing and the scalability of the business. Thank you very much.