 We've heard a lot about what's happening in the environment today. Lots about funding winters, recent go mechanics and more recently SVB and perhaps one more bank. I wanted to share with you that all is not lost. In fact, the industry, and I call it the industry today because it's scaled to a massive level, the startup industry, today has changed dramatically. And for investors, what we see, what entrepreneurs are doing is very different from even five years back. If you look at the history of the last three years, entrepreneurs came out successfully. In fact, in our portfolio, 70% of entrepreneurs grew their businesses faster during COVID business than pre-COVID. And COVID is followed by the war and the war was followed by supply chain disruption and supply chain disruption has been followed by governance issues. What I want to share with you is how the industry is growing today and how we see it in the market space. Of course, there is macros. If some of you have read a Morgan Stanley report, we are today looking at a large economy. Morgan Stanley's prediction is that 20% of the world's GDP will be powered by India in a 10-year cycle. The market chain is increasing. If you today see issues which are improving, exports are improving drastically right now. Very big turning point, market cap of public equities has crossed the GDP. This has happened in many countries where the new tech is emerging in a very big way. And that's happened in India in the last one year. Renewables are increasing day by day. So what we are seeing is a very drastic change on the ground. And that is leading to a different investment climate in the country. Let me just go back a little bit how the private equity VC industry is seeing itself. In the last five years, Indian startups absorbed $140 billion worth of capital and returned $100 billion worth of capital. So today, the strength of the startup system, and I speak from an investor point of view at this moment, is that there is capital available and there is capital returned by industry, which I would say up to five, six years back was not the case. So the Indian industry has performed as such. We expect, this is our own research, in the next five to six years, India is likely to absorb approximately $350 billion worth of PVC tech capital, most of it will be tech, and return approximately $300 billion. We're talking about not a startup ecosystem anymore. We're talking about a massive industry, which is contributing to the GDP in substantial ways, which has never happened. If you look at measures which are there indicating towards this, you see a chart which is how much of PVC investments has happened in the USA as a percentage of GDP. And you see another column which says how much has happened in India. There is a gap, I have 21 data, about 4% of US PVC investments were 4% of US GDP in 21. India was about 2.5%. If you look at the run rate, it's about $40 billion a year, $35 to $40. To reach 4% India is likely, it has to perform at $80 billion a year. The question is whether it will or not. I'm an optimistic. I think private capital increase is gonna happen massively right now. Because the gap of 4% is the holy grail. It may take five to ten years, but it is happening today. I think the emergence of rupee capital is very important. Industry level, our estimate is that 15% of the capital has been from rupee investors in a large country like India. It is likely to be higher. We ourselves have reached 50% out of our 8,000 crores AUM. Which is in segue, and I see my friend Ivy Cap here. And they are also very large razor of rupee capital. Why do I say this? Because there's an example already in China where 60% of venture capital was local capital. So the local capital is very different because it adds value. It comes from industries. It's a different kind of value. And those industries are potential buyers of smaller companies also. Let's look at what the opportunity is. I define this opportunity as digital India, which is a $1 trillion opportunity by 2028. And there are elements to this. There are five elements. One is the startup element. The startup element today, based on our research, the revenue of these startups today is $40 billion. This is, since 2007, startups which have been funded by angel investors, as well as by VCs and private equity, 80% of these are tech. And we expect the growth patterns of these startups have been at 52% Kaggle. We expect at a 30% to 40% Kaggle, this industry with a 20% to 25% death rate, because startups don't always succeed in value terms, is expected to touch in five year time frame $200 billion revenue. It's a huge startup industry. It's absorbing capital both in equity form. It's absorbing capital in a debt form, venture debt, and all other forms of assistance which is required to help, and grants, of course, is coming up in India. The other thing which is happening is many of the startups are now no longer in the consumer market starting to get dependent on, sorry, many of these startups are reducing the dependence on traded products. If you look at a long-term survival of a company, there are two broader companies, especially in the consumer market, and maybe B2B, which is, let me import, let me trade, and I'll build, or let me manufacture my own products. If you look at Minthra, private labeling formed almost 40% of their revenue when they were sold to Pipkart. We were one of the first investors there. And that was done by design because margins increase with private labeling. If you look at all consumer companies, the narrative has been to become more profitable, increased margin by the front end efficiency coming in. Reduce your cap, make marketing more efficient. Let's make distribution channels more efficient. That has now started to change. Go back into vertical integration. If you manufacture the product, then in some cases, you will gain as high as a 25% margin on that product. Because you're owning the manufacturing, you're owning the design. You can change the product to suit consumer needs. You can reduce the price, okay? This, we expect to be a $300 billion industry in a five-year time frame. Software services, we know it's increasing at 7% to 10% per annum. And to that extent, that's a given. It's something which has been in existence for 20 years. Climate is emerging. I'm not counting here infrastructure like rooftops and windmills. This is just data-based climate companies. And to that extent, a small start has been made. And last but not the least is very interesting. Digital public infrastructure, many of us don't see as a revenue base. It's digital public infrastructure is one of the most innovative forms of infrastructure in the digital side made by any country in the world. UPI is a forefront runner. UPI is now used by 270 million people. By the way, how many of you know how many credit cards India has today? 15, 20 million? Maybe 25? So the narrative is, hey, without UPI, India will not have digital platforms in the country. The answer is yes. So digital and UPI plans to go to 30-plus countries across the world. Singapore has just been enabled. So we have made some efforts to see if that happens. What will be the UPI revenue in a five-year time frame? We believe it will cross $100 billion. And if you add up all these, we are now into a digital economy consisting of five elements which include these five elements where the revenue is crossing a trillion dollars. That is something which has never happened in the country before. Because it is now holistic in nature and not just e-commerce, not just B2B, not just SaaS, it is a supply chain integration which has never happened before in the country. And we've seen this in our own companies and I'll give you some examples. I also see new paradigms emerging. One of them is a billion-dollar revenue companies. In our own portfolio, we have three companies who are reaching that stage. And that is something even five years ago I did not believe will happen. A startup started 12 years ago. Firstcribe, Zongo, Lenskart are three portfolio in our portfolio. They are just nearing a billion revenue in the next, I would say, 12 months. How do they reach? They reach through domestic operations and becoming dominant in the country. And they also do international revenue. We just, we calculate our revenue from our portfolio companies every quarter. And we found that the international revenue by design has been increasing. And today, out of three billion revenue in our own portfolio, 18% comes from international revenue. And this was, trust me, I did not imagine. Why? Because when you sell an Indian product outside the country, the margins are higher. But that happens only when you manufacture and design not traded products. So some of these consumer companies have gone and what is surprising also to us and pleasantly surprising is that the international revenues we believe will grow up to 40% in a five year timeframe of the overall portfolio. Companies are expanding predominantly into three territories, Asia and Japan, Middle East, GCC region, and US. US is the holy grail. What took us by surprise was also the fact that out of our international revenue, 80% was consumer revenue. So the conventional thinking and the conventional narrative is the number one revenue international is SAS. It's not. Right? This may be peculiar to our own portfolio. However, I believe the industry will follow because there are large companies will go outside. So there'll be digital revenue and UPI is pure digital revenue, there's no product. But still it's a consumer company in the making. I think the other thing which I truly believe has happened is based on a need which India has. Most of us as investors have thought that India has a market which is a large market and it is defined by TAM, targeted addressable market. Which was always in 50 million, 100 million, 150 and 200 million. I propose to you that India's addressable market potentially is population scale market. VCs and entrepreneurs are starting to think what is this population scale and how to address this. There are a billion people in India who need insurance, who do not have efficient healthcare. COVID taught us that the efficiency of healthcare consulting can happen over WhatsApp. And a billion people did consult doctors successfully on WhatsApp. So how does the entrepreneurial world, using technology, service 1 billion plus people who need loans, who need insurance, who need efficient healthcare and the list goes on. That is population scale investing and population scale from an entrepreneur point of view because the technology and the product has to be designed in that way. Second, there are 300 million students. There are 150 million farmers who are looking at efficiencies in crop productivity, income increase. They're looking at soil management, disease management, water management which doesn't come in the physical world in an easy way. How do you do that? You can do that through Agritech. And there are many companies who are helping out in this manner. SMEs, over 100 billion including nano SMEs. We have one of our companies, Weiner, of balance sheet lending, 8,000 crores a month to trade SMEs. I never thought we would do about a billion dollars a month with NPAs close to zero. And they take money from banks, they take money from NPFCs and do that. So technology platforms are changing paradigms because they have a new product, they have a new technology. I called in lending this faceless technology and a new revenue model and a new business model which enables in an end situation to create something which is called a new company which can reach population scale. And last but not the least, population scale in India we have defined but there is a market outside. And how to get to that market is very interesting. So if you look at Lenscard as an example, the level of myopia in Southeast Asia, US and Japan as well as Middle East is 70 to 80% of the population. But the addressable market has already been tapped at 60% by other companies. So the growth patterns are smaller. But growth patterns are also by taking away market share from other competitors by becoming more efficient in product price and technology and quality of product. Whereas in India, myopia levels are still 70 to 80%. But the addressable market or the taken market of people who use IVAR is only 20%. So there's an untapped market of 60% of India's population, that's 600 or 700 million which has no solution. And that's where company Lenscard will grow. I mentioned UPI. I think UPI, potentially ONDC, are very, very interesting digital public's infrastructure and entrepreneurs can build products to scale along with UPI overall. Vertical integration we have discussed. Startup integration on international scale. In population scale, there's one very important combination which is very important, is today, GMV of Amazon and Flipkart, possibly 15, 20 billion dollars. How many consumers do you think buy for a company to be created at that scale? Any guesses? 50 million? 200 million? It's certainly between 50 and 100 million. So we have two very large commerce players who have built massive revenue by only addressing very small consumer base. Now if you want to reach 200 million people, the product has to be priced lower, the quality cannot be compromised which means you need to design and manufacturing and payment systems are UPI. So the stage one of population scale is how to get to a 250 million base in your respective sectors in consumer and that means designing of product, designing of strategy, which is very, very different from what it is today. So I believe the combination of population scale with UPI is very powerful and I know some companies at a larger scale who are already addressing this right now. I think emergence of Ruby Capital is a fuel for the nation. It's gonna increase in leaps and bounds. I also think that product companies are with IP and patents monetizable will increase as we move forward. VCs and PVs, are they delivering exits? In the last five years, $100 billion worth of exits compared to $140 billion worth of investing. I submit to you that entrepreneurs and VC and PC are delivering exits unlike perhaps the narrative which is running in the international and domestic markets. There are large global secondary players who are coming in for the top 20 companies who are going public perhaps in the next two to three years and those check sizes which are coming in at that level are anywhere between 100 to 400 to 500 million. I think the other thing is there is enough Indian capital at the early stage. The reason for funding winter is not because there is a large capital not present. There is capital available. However, due to market situations, decision making is slow, valuations are lower, and only very good sound propositions are getting funded overall. So, effectively, we still have to talk about the risks of investing in India and what does an entrepreneur look and what does a VC look? I think I won't go through all of them but the biggest one which is running in my mind is governance. We've seen some indications of this repeatedly in the last two to three years. Governance is very, very crucial adoption of ability to read simple balance sheets when you do a startup at the age of 26, 27. By the way, many young VCs need to learn how to read balance sheets overall. And to that extent, it's very crucial that governance tighten up, regulatory tighten ups be happening in startups and VCs to address some risks which are there in the market space. With that, thank you very much.