 Good afternoon everyone. Welcome to Entrepreneur India's Resilience Series. The ongoing pandemic has forced everyone, humans, businesses, to change the way one was operating at the start of 2020. It is human nature to adapt and move on. And that is what startups have also done. We are today going to look at how and why businesses pivoted and what that meant for them. I'm Saurav Kumar, editor of Special Projects Entrepreneur India, the moderator for this session. I will quickly lay down the rules for our attendees. The discussion will go on for 30 minutes and followed by a 15-minute Q&A session. If you have any questions during the course of the discussion, you can post them on our Facebook, through comments on Facebook and we'll take it up at the end of the session. Do mention if it's directed to any specific panelists. Let me now introduce our panelists for the day. We have with us today Mr. Amit Agarwal, co-founder and CEO of Broker.com. Mr. Amit Ramani, founder and CEO of Office. Mr. Avinash Pr, co-founder of Global Ventures. Welcome everyone. So to start with, let me come to each of you and ask that, you know, to tell the audience very briefly, what changes did you make to survive a period of say zero revenue maybe and what outcomes did you, did you achieve? So Mr. Agarwal, if I can come to you first please. So in our business, which is a real estate business, not having customers not being able to go on the ground and see properties is a big, big setback, right? Because the entire real estate is about going, seeing properties, renting them out or buying them. And for us, that was a big shock. In fact, when it happened in March, we, like everybody else, we thought it was a one month affair, a two month affair, but it kept on going on and on. And of course in the month of April and May, our revenues took a dip of 50%. Our customers went down by 50%. We took so less from the fact that at least it is not 90% down, it's 50% down. And I think just like every other entrepreneur in this panel, we also thought as to how we can innovate. And the team basically found ways in which we can organize meetings with customers over video call. Many of the owners started giving us the videos of the properties because when we're talking about rental, it's not a very large decision. And hence, if it's an apartment society and the video is good, you can make a decision and people started making a decision. So I think that was some innovation that we did. This summer is typically a peak season for us. So it got shifted. That was a setback. But thankfully, the way in which it went down, it also improved drastically. In July, our biggest city, Bangalore, was in lockdown. And in August, everything jumped back beautifully. We did our highest revenue, higher customer base in the month of August. And the thing which was harming us in the month of April, because we kept on giving it a fight, started benefiting us because customers said that instead of visiting a physical broker, going to his office, or spending more on brokerage, let's try to save some money and do some internet search. So in our way, the situation has changed. So we had a V-shaped recovery and we're hoping for better days. Okay. Good that you've seen a V-shaped recovery. A lot of people really want to see that. And for the entire economy, Mr. Raman, if I can come to you with the same question. So sort of firstly, thank you for inviting me. And thank you to the entrepreneurial team as well. Glad to be here. I think clearly, some of the things, I think so the way we approached it was, our core business essentially is a mix of our co-working and our enterprise clients. And obviously, it ranges between B2B clients, which are more stable and non-term, to B2C clients, which are more startups and freelancers and smaller SMEs. So clearly we saw some, really in terms of the smaller cohorts, which were our SME base and our startups, we saw exits happening. So as of April, we started seeing a trend and then obviously it started getting larger and larger as we went ahead. But what really worked for us, I think, is two of the things in the core business. One, we had enterprise clients which were long-term customers with us and they continued to use our spaces to host their server spaces, use our platform, use it for meeting rooms, whatever. Reasons the enterprise customers continued and that was 75% of our base. So that gave us some level of support as we went ahead. Second, our landlords and our partners. And we were in a model where almost 60% of our space was in partnership with the landlord. So there was no fixed rent. And as a result of that strategy which we had instituted in 2016, it helped us because when our partners made money in the good times, they also were able to support us in some of the challenging times. So I think that, in terms of foresight, really helped. And third, we raised capital in September of 2019, which was primarily luck as I would call it. And we were well-capitalized for the business. And we were profitable since November of 2018. All of these things which were irrelevant pre-COVID and which were very relevant kind of helped us manage the business really well. And I think we are now seeing the business become stable. So instead of more exits, I mean, we're adding more seats. In fact, the last five months, our sales have been 80-85% of our pre-COVID levels. So clearly we see a recovery. It's not, I don't think it's we as yet, but it's certainly a switch. It's recovering, but it's recovering well. Second, what we did was we went in and looked at what was going to change in terms of customer behavior. Customer were earlier all required to come to a central location. And we saw that completely changing. So what we did was we looked at the behavior of the customer and what was in real estate, location, location, location. Now we came location choice and time. So customers changed and customers employee base changed. So people were not willing to travel to come to a center and they were willing to work from home or work from a nearest center. So because we had a distributed network of almost 70 centers across India, we were able to offer work near home solutions. We also pivoted and launched what we call as office at home, which is a basically subscription based desk and chair at home gives you all the amenities at home. So that was the first pivot we did. The second was we understood really well that in terms of people managing their own spaces, earlier most of the facility management in spaces was being done by unorganized players. 90% of the market was that way. So we launched office care, which basically helped us manage spaces for other customers and which allowed people to have a sense of safety and security coming into a branded environment being managed by a branded player. The third was office transform. People were exiting their spaces, reducing their footprint. So we worked with enterprise customers to reduce their footprint and the excess real estate, we were able to take on board and offer it to other customers that were looking at on a just in time basis. And the final solution was powered by office. A lot of players were in the market, co-working players, hotel players, mall players, which were trying to do something similar. So we have won in and now started managing those single one, two, three locations. That's having the network of across India allowed us to be able to manage those solutions for people who are trying to do these one, two, three locations on their own. So all of this, I mean, the core business got protected, we pivoted and managed that really well by managing our landlords and our customers really well. On the other side, we launched these new services. The new services in the last four months is almost 15% of our revenue right now. So I mean, those are the things that we did to kind of keep the business going and kind of get into a recovery mode. Before I go to Mr. Raminash, I'll stay with you Mr. Ramanee and I'll request everyone gentlemen in case you have, you want to chip in anywhere in between the discussion, please feel free to do so. I'll keep on shifting questions here and there. Mr. Ramanee, so you talked about that, you've reached 80-85% of your pre-COVID. So is there a change in terms of the quality of the purchase that you're witnessing or in terms of type of businesses that are coming in to for buy or maybe the ticket size? Is there a change that you've seen pre-COVID? So Saurav, I think pre-COVID, the life was 90-95% of people went for conventional space, right? Co-working space or flex space was only a small portion of their portfolio. I think clearly what is visible right now is that people are giving up their conventional offices wherever the lease is coming up for renewal, lock, stock and barrel. The market which was 60 million square feet in 2019 will at best do about 20 million square feet this year, right? And co-working which was about almost 25 million square feet is projected to grow in the next two to three years to 125 million square feet, right? So clearly the shift in the customer behavior is moving into flex because uncertainty and moving from a capital-intensive conventional space to an operating expense-oriented flex space is a clear trend we are seeing. And it is going to be here forever. It's the demonetization moment for fintech companies. That's exactly what's happening in real estate for co-working companies right now. We'll come back to that discussion. I'll go to Mr. Ravinesh now. Mr. Ravinesh, going back to our first question that what were the changes that you did during this entire pandemic period to stay relevant, to stay focused, to stay in the business and to thrive whenever the situation comes back to normal? Yeah, I think so given that we are in the perishable fresh produced space, ours is a business that actually involves physical movement of goods, right? So from the farm, the freshly harvested fruits and vegetables have to come to our warehouse. It has to get graded back and then lead to the customer, right? So the biggest challenge that we saw was actually maybe a step back. Ironically, the first impact of COVID, so to speak, was a non-linear increase in demand, right? Because people were living with this heightened sense of awareness as to where they are buying their fruits and vegetables from, right? The larger format stores where some of them were shut. So Kirana Stores, which is one of our channels, saw a high footfall. So ironically, the first impact of COVID was a non-linear increase in demand for us, unfulfilled demand to be honest. But then we went through the same challenges as most of the others where there was heavy uncertainty in terms of whether we'll be able to operate, whether people will be able to reach their workplaces, especially warehouses, whether the vehicles would be able to operate in all of the areas, villages that we are going to. So we went through a whole lot of uncertainties. So three things, possibly, that we did is one is obviously we had to rig the roles in the corporate office for different people to start doing different roles, given that you're not able to step out, right? So we had completely, people who were not involved in operations start looking into operations to let a helping hand. So a lot of people started turning different hats, I would say. Secondly, from an infrastructure point of view, because again, warehouses is where a lot of people work. So we had to sort of de-risk and ensure that there's absolutely no risk to any of the stakeholders internal or external in terms of any of the risks. So we had two different warehouses. So we had to clearly bifurcate operations, ensure that the two warehouses, there's no people or material movement happening between the two warehouses. So sort of really operate them as silos, right? And on the demand side and consumer side, we've always prided on the fact that the material produce that we grow is grown in a clean environment and handled hygienically. So not much of tinkering needed to change on the output of the delivery side, but especially on the farm side, especially on the warehouse side and especially on the corporate office side, right? In terms of people process is what we actually had to really rejig and think for the COVID environment as opposed to the operational efficiency environment, if you will. So those are some of the things that we did during COVID. And yeah, I think I mean, post the two months of uncertainty, some sort of semblance and balance started to coming in. And I think we've grown by about six times to eight times at the peak of COVID, I think our volumes that we were handling came down by more than 50%. But then from the baseline, if February was the baseline to now, I think we've grown by over six times to eight times. We are present in Bangalore and Hyderabad. Hyderabad was operationally much more constrained than Bangalore because we had just taken up a warehouse space, but we were unable to occupy and start sort of operating out of that. So all of those challenges have sort of gone away as time has passed. I'm glad to hear that you've grown six to eight times from your baseline in February. That's a really good sign for the economy. So before we're going to the next question, I'll again request our Facebook audience to keep the questions coming. We'll take them up after the panel discussion. So Mr. Nachal, Steve with you, another question that we were discussing earlier also that was this pivot in the pipeline already and was fast track due to the pandemic or was it necessary just to remain relevant during this period? Yeah. So I think we started off primarily as a B2B company offering our perishable produce to the likes of internet kitchens, fine dining outlets, modern trade and general trade. But the way we were building the supply chain capability, which is traceable, first principle-based, clean, minimal use of chemicals, pesticides. We knew that we would serve the end consumer market, the B2C market, if you will, sometime down the line. And for us, that was about 12 to 15 months down the line. But when COVID happened, again, serendipitously, our first thought was not that we will pivot immediately, but the first thought was how do we ensure that we keep the show running given all of the obstacles. But then naturally, we started getting requests from societies, from friends and families who are living in apartment complexes telling, hey, given that the last mile delivery is not allowed till doorstep, is there a provision for you guys to come and serve our apartments or societies with your produce? So again, it sort of began from a very outside in way. And over about 30 to 45 days, which I would say was the March April time period is when we started realizing, hey, the core of the business, the core of the supply chain, the core of the capabilities is already built, so to speak. I mean, we have our farms, the produce is already grown in a clean way. It's not that we have to learn something new on that side. We were always handling the produce in a clean environment in the warehouse. It was always packed diligently. So even there, it didn't require any change. The only change it required was in the last mile, instead of serving B2B, we had to serve B2C. So once the initial request started coming in, that's when we went back to the drawing board and said, maybe we have to view this as an opportunity given the core or the foundation is not being changed. All the core capabilities exist, but the pace of the end customer, if you will, will change from business to an end consumer. So what does it entail for us? What are the changes that we had to make is what we went back to the drawing board to sort of, as I said, reaching the process, the front end delivery mechanisms, and few of the other integrities. Therefore, to your question, for us serving end consumers was always in the plan. What COVID helped us was sort of accelerate the plan. And I would say sort of also in some way help us answer the traditional product market fit, if you will, in this environment. So I think it was certainly not a short term trigger that we had to maximize the situation of COVID to our benefit, but it was always in the plan and we had to accelerate it given the constraints that were there. Mr. Garal, I'll come to you in your kind of business. I'm sure that even if I am as a customer, I would want to travel to that location, see how that travel itself, how much time does it take? What kind of road is it? What kind of traffic is it? And then I'll finally obviously see the property take a tour and see how the fittings are, how the electricals are and everything. So for you, was it the same as Mr. Vinash mentioned or it's something that has been necessitated and you have adapted it well? So there have been both the cases. I would basically split this entire lockdown period or unlockdown period into two phases. One is when one is basically the period between March and say May, June and one is post that. So in the first period where the strict lockdown was applied, in that case, the new deals stopped happening for buy and sell. But yes, the deals which were in pipeline, in which the cases the customer had already seen a house, but he was not able to decide whether I should buy it or not. In these times, those deals did happen and we chase those deals to make sure that happens. Owner also to some extent wanted to now get some cash and basically compute those deals. So he became also a little bit flexible in terms of the price that he was willing to negotiate. In terms of rentals, I am the past six years since I have been running this business, I have never seen any deal happening without a person visiting a house. This is the first time that even I am surprised that people in this period did finalize deals by seeing property videos. It's a big revelation to me also that customers also adapt. It's not that we entrepreneurs adapt, but even the customers adapt to the new situation. So they did adapt. As soon as the lockdown opened up, the demand, we also do packers and movers, we do painting cleaning, we do furniture, home loan, insurance. I think these were additions during the COVID period. Some of these additions were during the COVID period. Many of them were basically before. Some of them were during the COVID period and we were surprised that the moment lockdown opened up, the demand for packers and movers was such that the entire system just buckled. We couldn't handle the demand because a lot of people are waiting for these lockdown months. The moment it opened, they just pounced and we thought that people would still not want to shift houses. But they were. Yes, many of the people did pack and went to their hometowns. But contrary to popular belief, a lot of people did shift houses within cities, across cities. So we were pleasantly surprised by that. Many of the home interiors, many of the people who had bought the house, but because of lockdown could not shift, wanted to shift, wanted to stop paying, rent. I wanted to handle the AMIs better and they requested us for quick home interiors, which we did. So I think post lockdown, post July, we saw a huge surge in demand because a lot of demand was suppressed. So it came back. And now if you talk about today, the buy and sell market is very, very vibrant because almost every newspaper in the country have printed that real estate is in mess. So this has basically made every buyer excited. So people who over years thought, yes, one day we'll research on what home you want to buy. Now I have more time at their home, internet in front of them and they are researching, which we can see in terms of traffic. And the seller wants to basically liquidate, the buyer wants to buy. So suddenly there's a splurge surge in terms of buyer seller transactions, which personally I could never foresee will happen. Rentals has come to the normal level. But I would still like to believe that overall rental transactions in the market would have reduced. That's my intuition. I will be really surprised if it has increased. So I would like to deduce that perhaps our market share has increased. But so that's what I'm seeing with the customer behavior. So you said that sellers of properties were ready to negotiate more to get some cash on hand. And you said that a lot of people actually moved houses. Obviously, there was a chunk which went back to their own house. Obviously, so did you see a change where a person who was say residing in a 40,000 flat has actually moved to a 30K house because he wants to save some money because obviously there have been job losses, there have been salary cuts and everything. Is that something that you have seen or any kind of trend that you have noticed in terms of the ticket sizes? See, we did notice this trend change when things were much more uncertain. So in the month of May, June, July, the typical transactions did go down, the rent amount went down by three to eight percentage. But the moment I think people have started realizing that this is going to continue for long and whatever job losses had to happen have happened and the rest of the companies have adapted to the new situation. Now for rentals, owners are not willing to take a cut. So there was a period when they were willing to take a cut, but now that period has majorly gone and now it is again happening at the fairer price. I think if, God forbid, if basically new job losses start to happen, then perhaps trend may change. But right now the rentals have come back to what they were earlier. Okay. That's sad news for people who want affordable housing. So Mr. Ravani, I'll come to you to understand from you that all these changes that we're talking about, Mr. Avnash talked about, Mr. Agarwal talked about, you yourself talked about. So are these obviously as Mr. Agnash said that now that he has turned from B2B to B2C, I'm sure that he will want to continue with it. All Mr. Agarwal said that new videos, taking that tour of the property through videos and then making it. So do you think these are permanent changes or these are just changes till the time we find a vaccine or coronavirus decides to leave us alone in peace? What do you think? Are these permanent changes or these are going to be back to again the way we were in terms of behavior? So sort of at least the way we look at it, and obviously there is about seven months of data. I think at least when it comes to what I would call as the real estate arena, the customer behavior has changed forever. So clearly companies are now going to look at real estate as a flexible option. So the developer community and the landlord community will have to change and adapt because the six year, nine year leases, people are so uncertain. And obviously this pandemic is happening right now. We are still not out of it. We don't know how long this is going to go. Is it going to go down in terms of number of cases? Is there going to be again a spike, etc.? So a lot of unknowns are there and unknowns bring uncertainty and uncertainty can be managed by flexibility. So I think flexibility is going to be at the core of how companies look at real estate. From a consumer standpoint, we were forcing people to travel two and a half every hours, every day to come to a central location. And what has proven in the last seven months is most companies, I can't say for all, most companies have been as productive as they were when they were bringing people into that central location. So the central location idea will continue, but it will continue for a smaller number of people that are required to come for various reasons. It could be data security. It could be internet speed. It could be processes. It could also be things like innovation, which happens through face to face, brainstorming, etc., right? But a large portion, our sense is 30% of their workforce is never going to come back to that central location. They're going to work near home or work from home as and when we come back. And we are seeing that trend in every single company today where they're giving up real estate and nobody's going back to the same amount of square footage. They're going back to at least a 25 to 30% reduction in real estate. So I think some of this is going to continue the behavior, little changes that have come in. I don't think the office space is going to go away. I don't think homes are structured forever for everybody, all the household members to be together 24 by 7. I don't think it was built. Societies were never built in that manner. So there will be that disconnect where people want to go away for whatever eight, 10 hours. It could be work near home. It could be at a different location. It could be at a central location. But ultimately, office space will come back because we are not structured to live together 24 by 7 at home between husband, wife and kids and family. Would you say that your solution to provide office kind of a space at home is a temporary solution and you will not be like this is not a long-term solution that you will be offering? So sort of, I think what is very, very interesting and when we launched the work from home product, we thought companies will provide this solution to the employees. Unfortunately, companies gave them an allowance. So what was basically a B2B product launch that we did became a D2C product market. So direct to consumer. So the sale of our desk and chair and the subscriptions has gone up, but it's direct to consumer. So clearly what will happen, at least our perspective is people will have a space where you can basically have concentrated work at home. It could be an extra study room and I'll allude to Amit who probably has more data on home sales. But clearly there seems to be a trend where a study room or a Pooja room gets converted at work from home kind of a solution. Clearly people will have that solution going forward. It was not going to be a dining table, use a dining table for a one-hour kind of a solution. People will have that dedicated solution, whatever that environment works out for people as they go forward. I would basically like to add a little bit if I can. Yes, please go ahead. So just basically continuing to what Mr. Ramanee was saying, see what we are observing is you observe it from the from employee's perspective also. So what I have basically noticed is that there are two types of broad people in every company, one who are slightly naughty, who basically want to take advantage of work from home, want to chill a bit more. And second who are passionate, who want to basically give all that they can broadly to that. Now, what is happening is that people who are slightly naughty, for them companies are becoming more and more draconian to measure the time that they are spending on work. And there are times of things which you can do with the help of technology much, much better. So many of these people who earlier felt that working from home is going to be fun are of course enjoying the commute time which is saved. And hence perhaps in the future there would be solutions in which they would come and they would want to still save the commute time. But now they are bored of it. They are bored of being constantly monitored, constantly questioned. And they would like to go to a so-called normal setting in which they have some luxury of some coffee talk or some bitching about boss and giving some sanity to office hours. On the second hand, the people who are very passionate about work, their work life balance is totally screwed. They are working from morning to night. They are taking calls at all odd hours. They have no differentiation between office and life. So I would say that yes in many companies perhaps they will continue to work from home. But largely people would still want to go to office because it does provide work life balance to people who are passionate and does give a better overall scenario to people who are slightly not here. I'm sure there are not here people. So Mr. Avinash, I'll come to you. Are you working from home or you're going to office? We started working from office quite some time back. So my question to you would be, as Mr. Ramani was pointing out that the change in behavior which is happening, so some of it will get retained. Some of it will again go back to the normal. So for you Mr. Avinash, like you said that the produce coming to my doorstep at my house, obviously it's a great benefit. But still we are in that, we have that thinking that we'll go to a market where we'll see two, three options that we are available, bargain for one particular capsicum or anything and then by the best that we would want. We would see and take a look and feel of two, three and then we'll pick it up. So do you think that's going to change for your business or do you think that the convenience and the quality that you have provided is going to stick with the customers for a long time? I think the data is structurally showing that the e-commerce sales of hip and V and groceries has gone up during the period. So that's certainly a trend which shows that structurally the market is going to move towards e-commerce. Obviously FNV as a category is still a largely touch and feel category. More than 85 or 88% of retail actually happens in the offline environment but yes I think what we have begun to see is especially we speak to a lot of senior citizens and they have become much more comfortable today, downloading an app, ordering fruits and vegetables which is not their most common behavior. So there are elements in consumer behavior in terms of the choices that they are making that points towards a structural change but given the space at least in which we are operating, it will not be a momentous shift just over a two month, three month time frame but over years I think it will head to what we are seeing in terms of the e-commerce penetration in the other markets. If I can spend one minute, I think where we are actually seeing true structural changes is on the farmer side. So farmers were dealing with a lot of intermediaries, aggregators, traders, middlemen, all of whom actually disappeared, dissipated overnight. So this strong thought in a farmer's mind of always wanting to have a structural access to the market for their produce, I think that is a huge structural change. I mean we have seen a lot of farmers, small land holding, large land holding, greenhouses, no greenhouses, all of them actually coming to companies, I would say like us, October is not the only one by the way. So companies like us wanting to figure out how to work on a long-term structural arrangement for marketing their produce, which is a structural change. Many of these intermediaries, middlemen may never come back. So we have seen farmers sort of starting to head towards that. Obviously overlaying that is the fact that the government has actually brought in a lot of regulatory changes. Obviously there's viewpoints on both sides of that regulation change but I think those are actually the structural changes which will enable farmers to make better remunerative choices for them. So on the supply side, we have seen changes which are actually going to be structural and long-lasting on the demand side or on the consumer side. Yes, I think we are beginning to see semblance of some changes in terms of the consumer behavior. Also I would you agree that once brands kind of get established and people gain faith of them over a period of time through repetitive orders or maybe branded products, I just said that e-commerce mostly 85% is offline right now. But maybe once we start especially the home makers and elderly people who if they start getting trust, having trust over brands, more and more people are going to stick to this kind of an arrangement in the mountains. I think yes and no. It also depends on what a brand actually truly stands for, its purpose, its vision. So what at least we have seen in this space is a lot of what I would call as fly by night operators who have realized that fruits and vegetables at some point in time seem to be the only way to be in business. So we have seen a lot of big companies try to enter groceries and fruits and vegetables and they've stopped actually already. I know of a large company which has actually stopped. So we are seeing a lot of activity in this space. Many of them I truly believe are short-term operators who are in it to sort of maximize the current situation. What will emerge at the tailwind of end of COVID will be only those players who are going to be truly in it for the long run. Today a consumer may have lot of choices in terms of brands or companies who are claiming certain promises, value propositions. Not all of those companies I'm sure will remain towards the tailwind of COVID. At that point in time, it truly depends on what the company is in it for, what is the brand standing for, what is the promise, is it consumer friendly, farmer friendly, is it equitable balance between the two, is it organic produce, non-organic produce? Because all of these terms are being today used by everybody just to catch the consumer attention. I think only people who are in it truly in it for the long run will survive. Until then, yes, there will be some sort of chaos in the system. We will take up the questions in a bit, but this one last question before we move to questions that we have got on Facebook. So Mr. Raghurwal, I'll come to you. So did all this period and given that our audience consists of people from the startup community, how has the funders reacted to these kind of favorites that companies have made? Because obviously when they made the investment decision, they saw one vision which was there and then now suddenly it has to move, the goalpost has to move is because of the situation. So and obviously none of the founders would have shown a zero revenue period or a COVID happening in their spreadsheets that would have presented to them. So how have the funders reacted? Have you got calls about that, whether the change that you need are aligned with their vision or something like that? I think as far as the existing investors are concerned, because they were seeing the same trend, same struggle across all companies, so I think they have been very, very patient and customers have devoted them in us by coming back with equal enthusiasm. I would also take this question as a fact that many of the audience who are either running a startup or who want to start something and perhaps raise funding, I would basically translate this question into the fact that whether it's a good time to raise funds, should we start something of your own or not? In terms of the funding environment, what we have been seeing is that when there was a period of uncertainty in the previous quarter, mainly up until June, then the environment did dry up. But now I think because the uncertainty is to some extent over and people have assumed that this is going to continue slowly for some time to come. Now the deals are happening, investors are looking at prospective deals, they are transacting. So yes, as long as you are fully prepared with your genuine approach towards how your business will navigate through this time or perhaps even take advantage of these times, I think it's a good time to basically start chatting with the potential investors. Okay, Mr. Ramanu. To sort of, I think clearly what's become very visible right now is that companies that have a first principles approach, if you had a path to profitability or are already profitable, are able to scale up, are able to mitigate the risks that come out of such crises. I think there is a very large pool of capital chasing such companies. I mean clearly, I think capital is both VC and PE funds are flush with capital because of the US liquidity that's been thrown into the whole ecosystem. So clearly funds are available, but the kind of companies that are getting funded have changed in my opinion. I think clearly just on paper ideas, it's very hard to raise funds in this environment because a lot of that is about the founding team and a touch and feel of understanding, meeting people and that's become a bit of a challenge right now because of the travel and such. But large companies that are well sorted business models, capital is chasing those companies, specifically in areas such as where e-commerce, edtech, fintech, etc., where technology is at the core of it. Clearly, there's a lot of capital available right now. As far as your question on starting a business, I think crisis is the best opportunity to start a business because what were seemingly challenges that you potentially were trying to solve are now in front of everybody. I mean, I've been asked, talked about how they turned into a completely a B2C kind of a business. I think it's a great time to start a new business. Good businesses will get funded and I think there's never been a better time to start new businesses than now. We have just a couple of minutes before we take up your questions, but on the same question, Mr. Arunach, I'll come to you. Obviously, we hear that there's a lot of money chasing businesses, and everyone in this panel said that businesses have recovered 85%, 60%. But the GDP numbers or the growth numbers of the economy does not really reflect those numbers. So do you think still funds will chase new businesses? You already had the farmer's side, your procurement side was sorted and that's why it was easier for you to go from B2B to B2C, but someone's starting out right now. Will that be that easy? I think I'll echo partially what Amit said in the sense, I think so obviously existing investors are supportive and accommodative of the times that we are living in and the transitions that are happening and should happen, not just for short-term survival, but also for the long-term sustainability. But speaking very specific to agri tech, I think in general after the last set of wave of investments in food tech and fintech, I think generally sectorally money had started coming towards agri tech. So and thanks to COVID and thanks to the abundant set of activities that are happening regularly with private participants in the agri space, the spotlight is clearly on agri tech. But as Amit said, I think yes, there's a lot of interest, a lot of startups coming up, a lot of existing players now looking at their next level of scale trying to raise capital, but I think the investor lens will never change in terms of viewing all of these investments with a first principle-based approach as Amit said. I mean that will never change irrespective of what times it is. As I said, a lot of fly-by-night operators are there in the guise of wanting to raise quick capital here, trying to make use of the opportunity. I'm sure a lot of such players will not get punted by investors even though they are out there in the market. So from whether it is a VC or a PE, I think the founding team, the opportunity that they are going behind, the first principle-based approach, the path to profitability are the factors that will continue to remain. The good thing that has happened during COVID is, yes, I think it is agri tech's time to come into the spotlight, which is great because the opportunity is huge, the high risk country, multiple problem statements across the length of the supply chain. So more the spotlight on the sector, the better it is, and truly people who are actually building strong businesses based on strong foundation, I think will be able to raise capital, will be able to raise their game or scale even during these times. So we have one question for agri tech's I'll stay with you here Mr. Vinash's. Obviously, we have all seen agri tech gaining ground. So at this point in time, how is the whole storage business would look like Govindyagi wants to know starting a course. Obviously, I know that there are problems in the whole storage chain in the country. Obviously, some solutions have come up. Yeah, I think so we are seeing quite a lot of activity to be honest, both in terms of, I would say, the fixed cold storage infrastructure as well as mobile cold storage infrastructure which is for transportation of goods. I think generally, there has been a lot of activity in the past in terms of the agri infrastructure space itself in terms of investments. I think the government is also supportive of the fact that the country requires extensive cold storage network for a subset of the produce that can be transported and stored and used over time. I think that the government has also subsidy mechanisms for people putting up fixed cold storage infrastructure. So yes, I think within the sector itself cold storage is seeing a lot of activity. So we've just run out of time, but I'll take one more question. This is for you Mr. Ramani. Do you think there will be a pent up demand among freelancers and employees who would like to go to co-working workplaces? So sort of I being a eternal optimist would like to believe so. I think the clear way that at least I look at it is that because we were swimming between B2B and B2C, being a hybrid co-working player, servicing enterprises as well as startups and freelancers, the startups in the freelancer and the smaller companies were the first ones to walk away because they had smaller code size and shorter tenures with us. So it's no different than the demand that comes from in an airline industry from people who are just in time flyers. So it's the same logic. I mean when pent up demand comes back and Amit Agarwal mentioned earlier that people are frustrated working sitting at home. They want to come back and do some setting which is other than a home setting. So clearly the entrepreneurs, the freelancers, as they think about working anywhere other than their home, they will come into a co-working space or a distributed network environment or a flex space because what else is the option? Because clearly the hotel lobby and the Starbucks are not the solution. You still have people that are unknown, are strange and you're going into a public environment versus a co-working where there's a lot more hygiene, a lot more regular in terms of who comes in and they're all tracked. So I firmly believe they will be the first ones to come back. I haven't seen that fully as yet but I think post Diwali that is going to take off. Gentlemen, we have run out of time so we'll have to wrap up. Obviously we have a lot of questions. We'll try to get them answered through you post this section. But thank you so much. It really is good to my ears to hear that the sales levels are reaching baseline levels of February because that gives us everyone hope and to our audience also who are in the startup ecosystem and which that recovery we shift for every sector and economy as well. I will thank you once again everyone to be here today. I would like to see you again in the future. Thank you so much. All right. Thank you Saurabh. Thank you the entrepreneur.