 Thank you, Sam. I know he's just left, but thank you, Vikram, for calling me here. I realize that, like the customers who want a delivery in less than 30 minutes, they want me to talk about a subject which I have no expertise on. In less than the amount of time it takes to deliver food. They've given me 20 minutes to talk about a topic that I definitely have very little perspective on. But I do think that in a lot of our businesses actually do go through cyclical ups and downs. So I just share my perspective on how we look at a slowdown on our business. In fact, most people ask me, do we have a slowdown? And we said, our slowdowns and our fastness is essentially entirely self-inflicted. People eat food, so any slowdown is happening because of things we do. But I do want to share a little bit about what I've learned in my previous experience as well in dealing with the slowdown. And I think a lot of what Sam said in his mantras of managing the brand portfolio and playing the portfolio game, premiumizing, et cetera, are all good sage advice. So I would definitely, a lot of that resonated with me when it was being presented. I do a couple of disclaimers. So we're talking about an economics slowdown. I have done some level of graduation in economics, but I'm not an economist. I am not discussing startups which basically are not bound by the laws of gravity. I mean, I guess SoftBank has left the room, but we are not discussing anti-gravity, anti-terrestrial startups in their stories where normal PNLs don't apply. We're discussing startups which do have PNL. But the last thing which I'm going to give, I do want to give a lot of credit, and not genuinely because there's a lot of advertisers in the room, because we genuinely believe that we are today where we are because of the work that we've done with our external partners. I was at lunch and meeting with a set of partners which were our restaurant ecosystem. I was meeting with a bunch of restaurant partners like Indigo Delhi and all at lunch today. So I do think that they are part of the ecosystem and definitely, I know Virat is here somewhere and I don't know if there you go. So thank you for being a partner with us. But any credit given to them in this meeting is just coincidental. So I have some biases now that comes out of working in the companies that I have and perhaps where I've grown up and I just wanted to state those biases. It may be useful for you, but I do use this presentation even when I'm talking to a non-advertising audience. On campuses I'm just paying the same thing. So I did see there was a co-professor from SP Gen. So I do say this. I genuinely believe that if you think of advertising as a peacetime expenditure, then you in a sense cause the slowdown that you're complaining about. So it can't be done away with during a downturn. And I think that ads are necessary until literally 100% of your target customers are using your product and they're using it 100% of the time. If the number is anything less than 100 on either of those two, then there's something wrong because either they don't know about your product or they don't know why they should use your product. So that's a mindset that we've had. We've had plenty of conversations with investors who are saying, oh, we have a downturn. Should we cut our advertising budget? I've actually cut our discounting budget during this time, but not our advertising budget. This is a fact of life. You'll still see Swiggy on TV, but you may see less discounts. So the background to the Swiggy story is that there's some numbers here. And so the 100 per month is relatively straightforward. It is the inherent consumer eating habit. There's roughly 100 meals eaten per month. Includes tea time snacks and so on and so forth. So 100 per month is essentially the total market potential for us per customer. The 17 to 8 is actually factually true data. In less than a decade, Bangalore's traffic speed has gone from 17 kmph to 8, which means it's officially faster to walk in Bangalore than it is to take any form of transportation. Now, what it means is that consumers absolutely hate to take that same traffic every time after they've come back from work because the commute back from work was perhaps unavoidable, but the commute to eat food out is definitely avoidable if that is the state of affairs. And a lot of our urban cities, I mean the fact that census is decadal means that we really don't know how many people have been added. So if you look at census data, if you look at digital data and so on and so forth, many of our cities and zones have actually had a 3x increase in addressable population in just 10 years. Now that's stupendous when you think about all these urban constructions and so happening. There's not that much population increase when it's a sprawl, urban sprawl, but when these high-rises coming up, it very easily adds up. So Bangalore, for example, is very clearly 30 to a crore for our addressable population in less than 10 years. And that's just an example. But what I have kept a little distantly here is another interesting trend and I know that this is a group that serves all of India. But I was in FMCG, of course, war stories are of going to all these random places and coming back and saying I went to these places. This is an actual town that's outside Lucknow that I've gone to. Obviously, there's many of these. But in 99 and 2010, I've done a visit to the same town and it's stark about how many things have changed in that town from the time I went there to 2010. Now in 2010, I wasn't in Swiggy, but I think what I learned in 2010 is relevant today. So that's why I wanted to say that. Which is in 1999, we used to go and do these... So one of the brands that the P&G is famous for is Whisper. And so we used to do a lot of these school hygiene programs with Whisper where there's an agency that's talking to girls of pre-menstrual age or menstrual age and talking about hygiene and then talking to them about the need for not missing school because of menstruation. So those programs, of course, back in those days we would stay in the van outside as men because we weren't going inside. But when the girls would finish the chat we would just chat with the girls and chat with the boys in the school. So I remember doing this chat in 99. And I asked the girls and I said, what are you going to do now? What are you going to do when you come back to school? And they would say, they would raise their mother's hand at home. That was the standard response given in 1999 when you asked a bunch of girls, what would you do when you went back home? You ask the boys and they'll go back and they'll say, they're going to play at home. As stereotypical as it gets, that was true in 1999. It was literally almost a trend that was the case. Which means they were going home and learning how to cook. Raising mother's hand was literally about learning how to cook amongst other things. In 2010, I'm not saying this with any value judgment, just to state the fact, in 2010 I went to the same village and a few things had changed. Of course, Airtel kiosks had come up and stuff like that. But when I asked almost the same school, the same set of questions, they answered differently. Obviously, for me, I was very happy to say that some of them said, they would do homework, some of them said, they would play with Sir Helio, but almost nobody said mother's hand would raise her hand. Now, it really means that they're not learning how to cook. Now, I'm not saying it's a good thing or a bad thing. It just means that when they come to the cities, that they, along with their honestly useless male colleagues at cooking, are basically going to rely on outside help to be able to cook. So it's another trend which you don't pick up when you're having these conversations. But 10 years later, many of these girls are also knowing how to cook, but it's only a functional knowledge. That's not what they think of themselves as the main purpose of being at home. They're working, which is great, because they've joined the workforce, which is also great. But the reality is that they now are economic migrants in a city that they didn't grow up in and they need to figure out a way to get food sorted. So if you add all of the other problems to many people in a city, not wanting to go out, and the fact that you have, you know, dual couples, et cetera, and a need to sort this thing out means that the business was sort of ripe for us. The business was ripe for us, but the reality is that food delivery as a platform existed even before Swiggy existed. It's not like we invented food delivery. So what were the things that needed to be true for us to do? No, I'm not just saying advertising, but there was a few things that needed to be true. And therefore, the name of the game was that the category conceptually existed, but it hadn't exploded. So the name of the game here is Category Development Index, a bunch of people who worked with Victor I'm smiling, but I'm sure you've seen this a lot. But to develop the category, you've got to invest deep in solving customer problems and solve it at a price and a sort of service equation that is working for them. And so we had to bust barriers of people getting into the category in a meaningful way, and we had to bust barriers of people then using the category in a high-frequency way. And then we had to bust barriers and people expanding the wallet for those categories. And that's literally the three-step process, which is get them in, get them to transact frequently, and then expand the wallet is the name of the game. And that's literally what we did. Now that work, if done well, is frankly from a consumer-facing company sort of economy agnostic. The economy can go 5%, 7%, 8%. If you keep investing in getting customers in and getting them to frequent and use the brand portfolio play because incomes can go up and down. But if you use that play, if you basically have that playbook and say that's my annual business plan, you genuinely find that there will be some ups and downs, but you're never going to go through a recession as a company. And the thing which it keeps saying is recession is a macroeconomic phenomenon, not a microeconomic phenomenon. We are discussing firms. We're not discussing the economy. So at a firm level, if you're doing the stuff that you're supposed to do, by and large you will be recession-proofed. You will have ups and downs, profits will go up and down, but you will largely be recession-proof at least. And that's essentially what I'm talking about, which is trade-in, trade-up and trade-across. And I'm going to use examples from the Swiggy sort of life to show how that's something which we have done. So the three creatives I'm going to show, and they are actually the sequence in which we went into this category. Step one, and this is for most of us who've been who've seen, Swiggy is really only entered. It was not the first entrant. It was really maybe number 14 or 15, so we didn't have first-mover advantage. But when it entered, it says I have to create the category. The category didn't really exist, and there were a whole bunch of reasons why it didn't exist. Most people felt that if you had to order food, you could not order a papad. You had to order a meaningful value, a volume of food. They had a minimum order value. You couldn't order it from any restaurant you wanted, and you couldn't order from any distance you wanted. It was within a four kilometer radius, and worse still, if Ramu in the store wasn't available, you couldn't have ordered the food anyway. So there were a whole bunch of things that were preventing people from relying on this as a habit, which meant that the habit never really formed. So we had to bust individual barriers that existed one by one, and of course we had to bust it by actually creating the platform and creating the product, but also then telling consumers at scale about the product. So what I'm going to do is if you can just play the first four series of ads which are really about category creation via busting barriers. He's looking for a single. And he sneaks one in there. Even the smallest food order is delivered. Swiggy, water delivery. Five balls, twenty to get. The fans are praying for a miracle. And he gets away with it. Even the smallest food order is delivered. Swiggy, water delivery. Hurry up, everyone has reached the restaurant. Riya is teaching guitar. You go. I also had a band in school. Black Mamba. Swiggy, do it. Then do whatever you want. Ajay, try it. Kassa? Kassa Dela. Even lasag gravy is delivered. Good choice. The batsmen are taking a risk here. Order anything you like. Come, let's eat. Oh, that's well played. Try something new with Swiggy matched in your disguise. Swiggy, water delivery. So you can see that essentially they are all about water delivery. The first two, if you think about it, I mean, of course the second one, the Swiggy uncle became so famous that he started getting recognized in airports. But that's why that was a sequel ad. But essentially it was about the fact that there is no minimum order and it will come quickly. So just do it because there is no minimum order. Because you could order for a fee, anything as less as 50 rupees. The searches for Gulab Jamuns after that ad, the night after that was ad, searches for Gulab Jamuns went up 11,000%. It is not that they didn't think that Gulab Jamuns were available. Everybody knew Gulab Jamuns are available in restaurants. But the fact that they could order Gulab Jamuns from restaurants is something that that created. And I don't think that anything close to that could have been created. But the reality today is that we do have a lot of snacks orders. Snacks is a meaningful segment for us. A lot of people order chai and snacks along with it in the evening slot. And those are things which basically meant that you have food at the fingertip. The next couple of creatives are essentially going to try to now talk about expanding occasions, which is that you think that you're ordering the whole meal in, but you could also order it for an additional occasion. And essentially you're trying to create both a wallet as well as penetration through that. So if you can play the last two, please. So what will you eat with us? Potatoes. Chole. Potatoes. This house has my own value. Thank you. Chole. It's not a house. It's a little sweet. It's one of my favourite restaurants. What's happening here? We're making pasta, Grandma. Pasta? It's not pasta, Grandma. It's pasta. You won't understand that. It's your garlic bread. You can also add some sweets. So you can see... I mean, I know... Next week I'm in Chennai, not this week. So I did play a Tamil lad without... I'm not a time lad. I know I'm in Bombay. But you can see that even without perhaps understanding the language, some of you may not. The fact is that you're talking about an addition in the... I mean, everybody knows chole can't be made on a jiffy even if you're the best cook in the world. It needs overnight and all of that. So if you suddenly have a situation where you're expanding the occasion to say this is the basic cuisine and you can add another dish to it, you can make an entry into a house where the absolute gatekeeper is in that particular case a homemaker or at least the primary cook in that house. So we are finding that penetration into localities which have a lot of homemakers, et cetera, et cetera, is increasing because you're essentially saying you may not want to replace what is truly replaceable, which is the mum of the house, but you could probably try something that even she couldn't do because chole can't be done except overnight. And therefore it's expanding penetration and overtime then frequencies too. Now, given that this is a business that can very quickly lead to dormancy, which is I may have changed my location, I may have changed my sort of habits and stuff like that, so there's a large number of dormants that you have to worry about. So you can get all those customers in but if you're not worrying about dormants, you're not going to basically get this business to expand because it's a leaky bucket problem. So we actually have a very smart and that's where the whole power of big data, et cetera, comes in to activate dormants. And you can activate dormants by saying, hey listen, you haven't come for a while, here's a coupon, which is a good way to increase burn because they didn't leave because they didn't have a coupon, they knew they were coupons. But there is a problem that we had that basically as a result of which you left. So understanding that problem at scale for over, you know, 50 or five crore people is not that easy at an individual level. So we obviously do that and then we make sure that the e-mailers and the advertising that's sent is basically capturing that insight. So I'll show you a couple of, I don't know if this is visible, but you can look, this is done at an individual level to be able to do that for five crore people on the basis of their real data is where the power lies. Essentially, I don't know if you can see it in the back, but I'll just say the key points. This is the person who's been at what we call a dormant or a lapsed user. Essentially, he's not made orders in Swiggy. So Shohan is being told that we have added new restaurants. We have essentially told him the specific restaurants that either he searched for and didn't find because we didn't have it at that point of time or searched for and at that point of time that restaurant was closed or we were not servicing those restaurants and those are popular restaurants in his area and those are now available in that area and we will send this email only when we have confirmation that those restaurants for that customer are serviceable or what is called available to order. So basically saying, look, you searched for it after that, you never came back because it's possible you thought these restaurants are not on Swiggy is a good reason to come back. Now there are 20, 30, 40 reason codes that we have found out and sending this out and saying order now is leading to a fair bit of dormant reactivation for us and that if you combine that to basically going into the restaurants into the consumer's home getting the frequencies in expanding the basket and going after consumers who have laps you can find enough people who are in any of these buckets frequency increase, wallet increase, lapsed increase that you can have growth. Now if you basically then read the papers and say the economic growth is forecasted to come down from 5% to 4% or whatever number you believe the reality is it can depress you because you can't control it but if you keep yourself the good news is nobody in Swiggy really reads the papers they're all millennials and the stuff that's coming in to their digital phones is not really news so the good news is that they are sort of devoid from that problem they're just looking at it and saying I have so many consumers I need to solve these consumers and literally every week all the conversations are about how do we solve these consumer problems as long as people see meaningful consumer pockets either individuals who haven't bought us or individuals who are buying less from us or individuals who are buying less rupee value from us and you keep the organization focused only on that you can find that you're not really you may slow down because there are some macroeconomic factors but you're not really going to see sort of the cycle of depression coming into your salespeople and cycle of depression coming into your advertising people and stuff like that and so that's really like I said I'm not an economist but essentially focusing on and I've experienced this even in my previous life and I was in PNG we would just focus on the fact that 8 out of 10 diapers and this babies in this country are still not diapers so what's slowed on are we talking about there's still 8 babies that you need to get into diapering territory or 7 out of 10 consumers don't really use toothbrushes and change their toothbrushes properly so the opportunity in a country like us if you look at the underserved, unserved or unpenetrated it's so big that it is like a perpetuity and if you as a microeconomic unit which is a firm keep focusing on that you can basically make sure some of that the gloom doesn't really affect you and I think that there is a part of sort of talking yourself into the gloom or talking yourself out of the gloom that is definitely true when you're focusing on customers only as opposed to other ecosystem statements so that's essentially the results so in 2014 we were one city we had three delivery boys and we had 100 we had orders in the hundreds in 2018 we had slowly learnt that hey does this model work we've gone to 10 cities remember it's taken us 4 years to get to 10 cities and we had 20,000 delivery boys and we had lakhs of orders 2020 this is now we've just started 2020 we're in 550 cities as of January 300,000 delivery boys and crores of orders and this is with the fact that barely anybody uses us still so you can imagine this all of this is the fact that barely any Indian consumer uses us still and therefore the growth forecast for 2020 is still pretty strong just because of that fact of barely anybody using us because the consumer metrics are that only 20 lakh people come every day they only order 4 times a month out of the 100 that I talked about they get the food in 31 minutes which is good but the opportunity is sitting right in those numbers that 20 lakh only that's not very much every day 4 times a month still leaves 9 to 6 times a month to deal with and so essentially that's the journey so we are essentially saying let's add customers move the 4 per month number upwards and let's now leverage the scale that we have to cut the burn so that's essentially the goal for 2020 which is possible if we basically look at the fact that now we know what to do with each of these things for example the number of people who ordered a dinner but haven't ordered a breakfast is 10% so 90% of the people who ordered a dinner haven't ever ordered a breakfast with us imagine the growth potential that is there if you just give them solutions it's not a coupon that's causing it it's a whole host of factors that are in our control that's causing them to not order breakfast and I can go on and on about it when I slice and dice the business so I think the mantra as it were I don't know why Vikram asked me to talk about this topic but the reality is that if you keep focusing on customer the category development and focus on the customer you will as a microeconomic unit find that the gloom affects you in some ways but it doesn't really affect your day to day of the employees so that's it from me Thank you