 A very good evening to all our attendees. Welcome to the concluding session at Entrepreneurs Tech Innovation Summit. I am Punita Kapoor, Deputy Editor Entrepreneur India, your host and session lead. Ladies and gentlemen, to build a consumer tech company in India, you really need to have access and distribution to the belly of the Indian market. You can't build a large scalable consumer tech company just focusing on the top. You need to reach out to the consumers of products middle class and the lower middle class and deliver digital products and services to them. In that context is our session on the future of consumer tech, where we would be discussing about IoT, e-commerce and food tech. With this, let me welcome on the virtual stage, a virtual stage, our amazing set of panelists. A warm welcome to Mr. Puneesh Chaudhary, Founder and CEO Zanruf. Mr. Shan Cadeville, Co-Founder and CEO Fresh to Home. Ashish Sharma, MD and CEO in Avin Capital India. Mr. Mukun Jha, Co-Founder and CTO Danzo and Mr. Sahil Jain, Co-Founder, Dine Out. Gentlemen, thanks for taking out time to be a part of the summit. As the format goes, we have about 45 minutes or so. We'll have a very brief introduction from each one of you. Let me start with you Mukun. If you could explain to our audience the technology and innovation you have done in your respective field and with that, each of our other speakers can follow. Sure, can you hear me? Yes. Cool. So I don't know how many of you have used Danzo before, but we are essentially an on-demand, hyper-local delivery platform. We can redo about two million orders a month present in eight cities and largely operate on three different verticals. One is commute, where we run a bike taxi product in two cities. Second is courier, which is largely used by small and medium businesses to ship things across town. And lastly, it's commerce, which is our largest vertical, where anything that you want from your neighborhood is available to you at a press of a button. And you can browse stores nearby. You can send it to any nearby store and they can purchase things for you and bring it to your storehouse. Especially during COVID, I think we have been able to deliver and enable a lot of folks to get essentials to their house and has been really full-printing for us. I think tech innovation plays a key role in Danzo in every small and big thing that we do. Like everything about what Danzo does, like essentially we're making your entire neighborhood accessible to you at a press of a button, right? And you can ship and buy anything that you want within your neighborhood, right? It's fairly complex. And the real world has a lot of moving parts and technology literally makes all of these complexity sort of masks all of this thing for you, right? Hides everything, all of this thing for you, right? And like bringing together all of these moving parts to work in cohesion is something that we are doing through technology at Danzo, right? Like I would like to say that there are probably like, if I would just call out about innovation, there'll be three large parts of it. One has been just making a marketplace work. It's a three-side marketplace with a merchant who's keeping your order ready. There's a delivery partner who's actually delivering guidance to you and there's a user who's placing the order, right? Just to keep the marketplace working in an efficient manner, right? If you need a lot of tools and technology and infrastructure to be built right from location search to discovering to how do you enable sort of fine, precise location tracking for every delivery partner to sort of complex algorithms that run in the background to figure out like who's the best partner to run for your task so that it can be run in the most efficient way, right? That's been a large sort of continuous effort at Danzo to sort of innovate sort of every chance that we get, right? Second I think has been around digitizing the real world. How do you sort of build around all the complexity of the real world? Just to give you an example, when we started Danzo, there were only 20 of us in the partner. You could send a guy to any store and get things delivered to your house, right? As you started sort of getting more and more merchants on the platform, we started sort of digitizing the local neighborhood, right? We realized that the technology penetration at local stores has been really, really poor, right? Almost non-existent, right? Like they had no standardized way of collecting inventory, they had no standardizing of billing, right? And we had to build a lot of these things ground up for our merchants to sort of really help and enable them to come online, right? And like how do you really track inventory in real time? How do you track pricing in real time? How do you give this picture to every user on what is available in the neighborhood so they can actually search and get the demand fulfilled? It's been second sort of really big thing that we have been doing at Danzo. There are other challenges, like for example, like it might start raining in one part of the neighborhood and how do you sort of treat that? How do you sort of detect that in real time? How do you react to that? How do you enable sort of market based functions efficiently during those times, especially even during COVID, like you have to build a lot of things that are very rapid scale from social distancing to ensuring that there are no more, like two partners at a store at a given point of time. A lot of those things have to be built in really short time. Like our onboarding of building a partner used to be completely sort of physical and in overnight we had to build out a tool to sort of really onboard and completely online. The last part I would want to talk about is scaling Danzo. I think as you sort of scale whatever you're building, like it becomes really important for you to sort of innovate at that scale. And technology really sort of plays the big part here. Right from like, how do you focus on making sure that every order runs perfectly when you're running two million orders? Like that is something that sort of technology that we do right from tracking every order to sort of really constantly optimizing delivery times when we started, like our delivery time used to be upward of 60 minutes now that somewhere around 24 minutes, right? And a lot of this has been efficiently running the platform and optimizing at every step, right? And that also sort of helps us bring down the unit economics to enable more and more people to sort of place orders on Danzo, right? Matching demand and supply has been at scale and something that's been really challenging an interesting problem for us to do to solve like how do you solve for peaks and how do you sort of balance the demand and supply so that every order sort of gets fulfilled, right? And how do you sort of build integration and sort of technology around third-parting so that they can sort of directly plug into Danzo and start selling, right? How do you scale customer sort of support via bots and while keeping human empathy intact, right? I think a lot of those things have been sort of keystone of how Danzo has been able to scale its experience right from day one and like they've been very sort of focused on providing the best human experience to our users and I think technology has been playing a very key part in sort of solving all these small and big problems that we are sort of doing this. And also like we are probably one of the only firms in India who is doing this at a massive cross category scale where we run multiple categories on the same platform and everything is real time, right? So it makes things even more complex. Okay, thank you. Shan, if you could give a brief introduction please. I think you're on mute. I am on mute? Okay, sorry about that. Am I audible now? Yes. Okay, thank you for that. So I'm Shan Kadavel. I'm the CEO of FreshToHome.com. I'm a serial entrepreneur. You know, have spent most of my early gigs in the valley where I was the CEO for a software company and then started a cybersecurity company and then ended up in games. I was the general manager of a game called Farmville which many of you have played. And if not, then you are probably the next generation to my generation, right? So that is sort of an age gap. And then in 2015, I jumped on to figuring out the problem of solving fresh and chemical-free fish and meat. Every sort of seven years or so, the entrepreneur pitch gets it into me and I typically look at sort of new problems. At this time, the problem of sort of India not having, and that's the divide that Puneeta talked about in terms of the Bharat in India, right? So if you look at sort of how the fishermen are farmers of India, how they take their produce to the end consumer, it's typically through a layers, multiple layers of middlemen. And these middlemen not only add sort of price exploitation and others to the producers, but also because India does not have coal chain, most of these change of hands, and it can be upwards of three or four days in the case of fish from a coast back to your end consumer, there would be addition of chemicals like formalin or ammonia or something of that sort, right? Because how do you keep a perishable commodity fresh and especially something that's as perishable and that decays in 30 minutes as fish or meat? So this is the core problem that we started working on. And then talking about innovation, right? Whenever I look at a big market and clearly obviously the fish and meat market ticked all the right bells, but there had to be something that is different to us that's different from everybody else. So the way that we looked at it is that how can we cut short that three days or four days of time to potentially 24 hours, right? And that's really the key thing that we started working with. And we came, I think there was a little bit of a disturbance of somebody's mic. So may I request the others to just mute the mic? So just the key problem that we were trying to solve is how do we get the freshness intact and how do we get the produce from a fisherman who might be in the extreme, you know, say Cochin coast or some of the else to say Bangalore within 24 hours time, right? And all of this, you know, just in time for you to get your order right. And the way that we were able to do it is on the front end, we created an e-grossary venture which is like the FreshToHome.com that you probably have used or know it today. We are today the India's largest fish and meat online player. We do about a million orders per month and we move around about, we sell about a thousand tons of fish and meat in a month. That's pretty reasonably large size volume. But that's just one side of the equation, right? So on the other side, it's really that technology really makes a differentiator for us on how we solve the sourcing problem. And remember, I talked to you about the middlemen in between, right? Those middlemen are key to how the old economy moves, but they're also adding new sets of problems around hygiene and quality and so on. So what we ended up doing is that we've got a patented technology that we call Commodities Exchange. And it's essentially like a virtual stock exchange, right? And we've given an app to some of the most remote fishermen across India. So about 1,500 fishermen use our app. It's a very simple app, right? And, you know, if you're trying to explain technology to a fisherman, trust me, it's really hard because the first thing that you might get is a slap before you try to tell them, you know, how do you use this particular button here and so on and then try to trade with you, right? So our biggest challenge was to create an auctions kind of app and get it used by all of the fishermen. And then in real time, what we were able to do is, you know, very soon, we were able to directly source from some of these fishermen, understand their problems, and then cut off the middlemen in between. So we have probably created, I mean, this may not be known to most people, but we probably created some of the world's largest virtual auctions platform. And it's a really massive technology undertaking. And on the back of that auctions platform, we get over 10,000 price bits from various different cores at any given point in time, right? And there is no human being involved in sourcing, just given the volumes that we do. And it's an AI-based algorithm on the backend that particularly learns from patterns of the past. And then it automatically sources from each of these fishermen. And the biggest challenge there is one of, you know, communicating an app idea to the fishermen, right? Because these are people who can't read or write and trying to get them to actually use technology, learn how to use technology, and then trade with us has been an incredibly difficult field. But we've surmounted that challenges. It took us about three years for the technology to be stable. We have a US-pated around that technology. And then the next challenge then came in is how to do, you know, a cold chain, right? Because essentially the other problem is to move things in India where essentially cold chain is very small. So we used a lot of IoT. We are able to now manage our entire supply chain way back from the boat it came from. All the way through the source, we can do traceability. And we are also able to manage temperature to make sure that it's between zero to four degrees centigrade all through the entire supply chain of the technologies that we use. But just to summarize, I think it's really about identifying the market and identifying that whether it's a big or small market and then looking at what differentiator can you bring in? Trying to do the same thing as everybody else is probably a good strategy if the market is that large and it's too nascent. But given the level of egressive penetration today being differentiated and specialized is really what led to a large growth for Fresh to Home. Thank you, Puneetha, that's all for me. Thank you, Shan. Puneesh, if you could share. Sure. Thanks, Puneetha. Hi, I'm Puneesh Chaudhary. I'm the founder and CEO of Zunroof. Sushant and I co-founded Zunroof about four years ago now. We have been friends for a long time since IIT days and work in different fields for that. I worked for Capital One and a couple of consulting firms before coming back to India 2016 and deciding to do a startup together. And Sushant was working with Sunward Energy all this while he had an idea that the supply and demand of electricity in Indian homes is broken. And that's where we can fix both of them, supply through rooftop solar and demand through IOT. Now, as Shan was just explaining, they're just trying to do same thing in our industry where, which is large enough, is different. But if you are coming up with a niche idea which rooftop solar was, you have to create differentiated product. And that was the biggest challenge for us while the customers understood that solar will reduce electricity bill, will produce electricity for them, they usually thought there will be batteries involved, there will be some government subsidy involved and there was no way for them to design the system themselves, right? So the way we started out was we created a design delivery diagnostics app end-to-end capturing the customer's life cycle. So the first thing that you do is you take one image of your rooftop, upload it to the app, and the app then tells you using image analysis and virtual reality, how the roof will look post installation, what sort of panel should you go for, where should you put the panels at, right? If your roof is big enough, what area should you put the PV panels at? All this creates a good aha moment for the customer. Once they are there, then once you install the system at the customer's rooftop, that's where the investment relationship from the customer starts, right? When we, as an Indian, when we buy a share or a mutual fund, we want to see how the investment is working out. The similar thing happens with solar as well. When you are a homeowner, you put on your rooftop, you want to know how the system is working out. That's where IoT was the first thing that we came in and I'll just talk about the IoT play completely. There is a lot of business innovation that we have done. There is a lot of business model innovation that we have done on both solar and IoT side. I think for this particular session, IoT is what should be the focus for us. On the solar side, what we did was we created a very Indian version of solar energy monitoring. What it does, it's a very inexpensive device, it just measures the current and voltage that is coming out of the solar inverter. And on a real-time basis, it gives the customer a look into how is my system performing. It sends you basic data, it's like, hey, you are in the top quartile in Gurgaon, that's a solar power plant. You need not worry, even if it's a monster in the day. It's a cloudy day, you still don't need to worry about the production of the system. But you need to make it as a learning day, your inverter is not working perfectly fine today. This is what you need to do. So that's the first IoT product that we built and put out in the market. And we realized that created a great differentiator for us, we were able to scale to become the number one rooftop solar provider across cities. So we scale to 70 plus cities in the span of 18 months. And we found acceptance across the country because of this. That's what led us to believe that, if we can think of measuring the production of electricity from solar rooftop system, we can use the same IoT to measure the consumption of electricity in Indian homes as well. That's where we have made nine IoT devices. All of them work with one single app. All of them are retrofitted, retrofitable. All of them work with Wi-Fi and this marries with the consumer inside, right? You're not going to use an app just to control your bulb or just to measure the electricity being consumed or just to control your AC. What you need is one app which allows you to do all this. Also, you won't be changing your, let's say you buy one new smart AC. You're not going to change the two other older ACs in your house or you're not going to change the geyser that's already there in the house. So how do you ensure that all these devices work with one single app? That's the consumer inside. That's the problem that we started working with. And the way we did was we, and then the other thing was how do you bring the cost down, right? You have to make it mass market rate so that everybody in India can actually get a taste of IoT. So we started working on this about 15 months ago. We started with the first day which is that smart energy monitor. It's a plug-in play. Reads your house every 30 seconds. We use our clustering ALGO techniques. If I did not have a, if I did not know the exact ALGO I would have said we use AI to cluster them and then tell you how much is your AC consuming? How much is your geyser consuming electricity? Based on that, you get predictive maintenance alerts. Like all you get alerts like, hey, your five-year-old three-star AC should now get replaced by a newer three-star AC because you'll save more on that, right? So all these, the IoT devices are retrofitable. Then you have a smart light, smart plug which allows you to plan, schedule your geyser to go on at a certain time or your microwave to switch on or off at a certain time. We have a TV remote and an AC remote working with the same as well. Then we have smart doorbells and cameras which allow you to remotely converse with somebody. Even if you are not sitting in your office, you are able to see who came at your door. Now we did all this with a target on the homeowner but as the COVID situation has happened in the last two, three months, we have seen a wider acceptance amongst the sharing economy like the cloud kitchens, the hospitals. And we realized that because we focused so much on the end consumer and we were able to keep the cost slow, this is going to help out a lot in the new normal as it is being called by ensuring that you are able to communicate with the devices in your home or in your workplace without actually touching them to the same app, right? Also, you are able to sense and control the flow of electricity in your homes at a very low rate for you. So that's the product that we have. And another point that we have is that the innovation that we have to make was that in usual startups or when you make a app software and is the only angle that you have to be concerned about. When we were building our team, we knew that hardware, software and firmware, all three angles need to be looked at. And that's how we have assembled a team because you have to figure out how do you communicate with the hardware that is remotely in, let's say, in Bangalore as well as in Gurgaon as well as in Guwahati and how do you push updates to them, right? It's doing a software update is not any different than a hardware update. So it has had its own challenges in how do you, in short, that you are 90% plus accurate in doing that and still keep the cost low. That's been the kind of innovation that we are still working on and we think we'll be able to add more and more electrical appliances over the course of the next two to three years as the case may be in the context. That's been our story today. Okay, thanks, Pruneesh. We'll come back to you soon. Sahil, if we can have a very quick brief intro from you. Hey, hi, hi, everyone. Sahil, this side I'm a founder at Dynout. So just to give you quick context, Dynout is now today one of the largest restaurant tech platforms in the country. We work with close to about 25,000 odd partner restaurants in 20 cities. We started off in 2012 before co-founders and the journey how it started is that, the four of us, we know each other for the last 30 years and we always had a passion of starting our own business. And I was in the US and Ankit was in UK and we saw that there is an opportunity where there are a lot of platforms which are working in these markets which are not available in India today. And from a future of restaurant's perspective, we felt that the time is right where restaurants will need to adopt technology to understand their business better, the customers better, and ultimately to become more profitable over time. So the way we look at the businesses in a very full stack manner, we look at all the problems that a restaurant has starting from discovery of a restaurant to marketing of a restaurant to the actual technology required inside the restaurant, to perform various functions starting from yield management to cost management. And we've got products for each of these categories. So Dynout is our B2C platform which is something that we started out with where we enable customers to discover 20,000 plus restaurants, reserve tables, make their bill payments and take multiple actions while we've got a B2B tech platform which we call in Resto which is a completely SaaS based product which kind of enables a restaurant on multiple fronts from a technology perspective, right? So I just quickly want to share my screen and talk a little bit about how we've been building that technology for the last five years on the Resto side and how we believe that restaurants will have to adopt it and while they have been adopting it for the last five years, we see now a very clear case in the post COVID world where that will become a hygiene, right? Or something which is a default for a restaurant to run their operations. So let me just quickly... So yeah, I hope you guys can see my screen. So how we look at in Resto, it's like AWS for restaurants, right? So what we are building as a platform is where the restaurant can own its own customers. There are multiple products through which we can kind of get the customer to give their details to the restaurant partner which could be through a reservation management module or a delivery and takeaway module or an in restaurant digital ordering module which is finding a lot of relevance in the current post COVID world, right? Integrating with multiple POS systems, whatever they might be using, so that so in Resto becomes a layer between the POS and the multiple other technology services that the restaurant needs to integrate into. Then owning your own marketing channels, running your own campaign management system, running your own loyalty management, running your own customized offer through the platform that is something that we enable the restaurant to do from day one, right? So that they can get the customer data and then reach back to their customers, remarket to their customers at a very low cost and it is very ROI driven, right? Because I can segment the customers based on their past behavior and actually retarget them depending on their past behaviors, right? They can enable their own delivery channels which could be direct channels through their own website, Facebook, Instagram, or even aggregators like Zomardo, Swiggy, et cetera. Enabling logistics integration for them with the likes of Dunzo, Delivery, Shadow Facts that they can deliver directly to their customers. Material management systems where we are looking to integrate with B2B commerce players like Amazon B2B, et cetera, where we can integrate and enable restaurants to order their raw materials, supply chain management materials directly through the POS, right? Because we own the supply chain management module as well where we can kind of enable that for them. So the idea is essentially to give the restaurant all the technology integration that they need to actually run their restaurant and increase their profitability. The whole idea is how can we increase profitability, right? So the idea is can we help the restaurant acquire all the data about their customers and on top of that we've got multiple modules starting from our in-restaurant ordering module which is finding a lot of acceptance where we can help them increase their revenue or to yield management for them via dynamic pricing or up-selling, cross-selling products for them. So the question we ask is that, why can't beer be priced at 200 on a weekday versus 400 on a weekend when the demand is higher, right? And can we cross-sell upsell products to customers on the table which is more intelligent and machine learning driven? If a person is ordering a dim sum, can I recommend a combo of a soup along with it and increase the average order value for the restaurant partner and hence the revenue? This becomes all the more important now because with limited capacity inside the restaurant where restaurants are forced to operate with 40, 50, 60% of their original capacity, figuring out ways to increase their average bill value and repeat rates becomes even more important than previous times, right? So repeat rate is something which is a function of do it yourself loyalty programs, campaigns where they can run automated campaigns through the platform becomes extremely important from a restaurant partner perspective. And then from an efficiency perspective, obviously we've got our own boss and supply chain management module where we help our restaurants bring down their pilferage by doing complete recipe management where we can track that based on the recipe and the number of orders, what is the pilferage happening and how can they streamline those operations? And some of the largest cloud kitchen in the country use our supply chain management module to do exactly that, right? So that is where we are at. And Sahil with this, I ask Ashish, the only investor in the panel to share his perspective as an investor and how he's looking at food tech and consumer tech and Ecom space. And if you could share some of the startups you've invested in, Ashish, I want you to share your investor perspective and share some insights and some of the startups you have invested in in consumer tech Ecom. Okay. Okay, so I mean, we are a venture debt firm with presence in Asia. So India is one of our key platforms and then we have offices in Beijing covering China and Singapore that covers Southeast Asia. I mean, over the years we have invested in a couple of hundred companies and have been fortunate to kind of see the journey and invested in it. I would like to ask the first question to you, Mukun. So Mukun, how hyperlocal Ecommerce you think is going to revolutionize the retail experience in the current times? Yeah, I think there is a massive revolution that's coming. One, I think everything, especially with given COVID and everything I think is going to become a lot more sensitized to sort of local retail. I think a lot of the people who didn't have a direct to consumer plan, a lot of the brands that we are working closely with right now are accelerating their direct to consumer brands. A lot of people who in this time have realized the value of sort of having things online and sort of having a separate sort of channel to sell as well. So we are seeing massive shift where large brands are working on direct to consumer and others partnering with multiple of them to sort of enable home deliveries. I also think that home delivery as a trend is going to become very massive. We're already seeing that in our demand numbers where the boundary between sort of you experiencing something and sort of ordering something is sort of going to start getting bridged a lot, right? And I also think that a lot of the sort of experiential things will remain in physical retail, but a lot of the things which are more commodity will start moving to more and more e-commerce and hyperlabel commerce they've done over things. I think as the trend progresses, like things that are that are commodity will start moving to more and more e-commerce and hyperlabel commerce and spaces will largely sort of remain for experiential buying where you need to go and experience certain things. Right? It's also too early. And I think like as humans, we have to instead to sort of over project something long term, right? But from like what I'm seeing right now, I think some of these things which are a long term trend which were going to happen in probably next five to six years, I want to get accelerated and probably will happen much sooner, right? I mean, we are already moving in that direction, but I think COVID is just going to accelerate that where the things will become more and more omni channel and like local retail will be a lot more about experience than sort of every form of fulfillment. Would love to hear anybody else has any thoughts on this? Sorry, I got disconnected, Punita. So I missed the question, sorry. Same here, Punita. I got disconnected as well. Okay. No worries. I'll ask the question once again to you, Sahil. So Lahil, how food tech and cloud kitchens are set to change our eating in and eating out? Can you share your perspective on that? Right. So see, I think food tech is going to change in the sense that obviously there is going to be a significant shift towards ordering in, which is home delivery and takeaway. Like I said, takeaway is going to turn out to be a new category, which is going to grow in India over the next couple of years. It had already been a large category in the US and Europe, but I think people will find a lot more comfort, especially in the next six to eight months, but takeaway as a category will grow and restaurants will have to adopt to that in terms of menu engineering and refiguring out their menus as to what will be the right menus to kind of manage that as a category. And even in restaurant ordering, I think it's going to shift away from physical menus to more difficult forms of ordering, not just because of COVID or due to hygiene factors, but even post that, I think it is just far more convenient from a consumer perspective. And from a restaurant perspective, it gives them a lot more data to understand user behavior based on which they can run yield management things and specialized combos. So like I mentioned, dynamic pricing is not possible on a physical menu. And all other channels, if you look, let's say hospitality or airlines have used dynamic pricing as a great tool to do yield management. So why not inside a restaurant? So I think over time, restaurants are also going to kind of adopt that and kind of move in that direction. So that's how I think the industry is kind of set to change from a technology adoption standpoint. And obviously there will be changes around packaging, menu engineering, because hygiene will become top notch and most important from that perspective. And one last part which is very important is you have a supply chain perspective. I think it's going to change a lot because again, as hygiene and quality of products becomes important, I think restaurants will focus a lot more on that, customers will focus a lot more on that. And that also is set to change from the current offline processes and where a lot of uncertified vendors are providing material to restaurants. I think that is also going to change over the next couple of years. Thanks. Ashish, do we have you back? Can you hear us, Ashish? You have it on. So I think, I hope you can hear me. Yes, I can hear you. If you could share your perspective on what are some of the opportunities and challenges that aggregated platforms like Pugia and Tomato Face and how do you see the space evolving over time? I think we have lost him again. So with this, I move to you, Prenesh. Prenesh, can you share some of the challenges that block the growth of IoT startups in India? Challenge has been on the supply side for us more because demand is as it's talking in my direction as well. We initially focus only on the home but during the COVID we realized that there is a lot of demand coming from the cloud to change in the hospitals and the Phoenix as well, right? Because people don't want to pass the food force. So the supply side and the supply lines are broken almost for us. All the factories were almost not working during the lockdown. So it's been difficult for us. We depend a lot on the manufacturing of our PCBs and to assemble them into the final product. And still early days, I mean, even though unlock 1.0 is in progress we're not seeing our vendors and suppliers back to their full portfolio of strength. So that's going to be the biggest challenge for us over the next three, four months to see how we can reduce some of our dependence on the chip manufacturers for us or on the PCB assemblers for us. Apart from that, not much has changed the demand side as I said at the beginning as well. It has only picked up, yeah. Sure. So one common question to all of you with Geo entering the space of e-commerce and hyper-local in particular, I mean, do you think that's gonna have an impact on entrepreneurs or do you have anything to worry about? I think, you know, with Geo coming in it's just gonna make the market bigger, right? I think their entire spiel is to make it, you know, available to the masses, right? And ensure that a lot of the people who don't understand technology eventually come onto that technology and start using it. So I think from that, our perspective is that, you know, that's just gonna make the market even larger, give new opportunities to SMEs and businesses to scale up their businesses. So I think that's good in a way, right? I mean, even when, like, if you go to the cab era, right? When Ola started, when Uber came in, it actually expanded the market rather than cause a challenge, right? So I think from that perspective, it's, I don't see that as a threat. I think it's more of an opportunity, I guess, for everyone. That's my perspective. Chan, would you like to add to it? So I kept going in and out, so I apologize if, you know, I lost some of the trail, but from a COVID perspective, you know, we think this could potentially be the demonetization moment for anything online, right? So similar to what demonetization did to the fintech, from a startup perspective, e-grossery in particular and also delivery is seeing a huge growth. And I think this is sort of people, you know, not familiar with sort of how this played out in China or the others, would think that this sort of is a peak that will come back to the old normals when COVID comes in. But I think this is simply a switch from an off into online behavior. If you look at sort of, you know, we see about 5.5% of the market are online, right? And India is less than 0.3% or even lower for an e-grossery perspective. So if you just look at the, if you are able to offer a solution that sort of, you know, at least suited to sort of the lower side of the average Indians in terms of mass premium pricing and also manages the quality, I think we are in for taking that 0.3% to a 5% or 6%. And that's a huge number, right? We are talking about $600 billion of consumption and about 5% of that is a huge number. We may not all see it going to all of the platforms. In China, it's typically the mom and pop shops which launch, you know, the small stores on WeChat. It could happen in India the same way. They could be large players. They could be a combination of platforms. They could be new entrants like WhatsApp. It could be the Facebook shop or others that might disrupt the industry. But overall, I think this is definitely a sign for taking the offline industry to online. So Mukund, what's your view on that? Yeah, I think very similar views. I think it's market expansion and also like currently we're spending so much energy and time in educating the users about what's possible online. I think Geo comes and acts away that for everybody. I also think that grocery like, especially a marketplace model in India is really hard. Like where like quality is a big concern, like, you know, like how sort of big bust where other people have been able to manage quality by having warehouse. And I think the whole marketplace mode that Geo is taking right now, like I think we'll have to watch if the quality is something that they're able to maintain. So I think, yeah, I mean, we're like very excited about the move. I think it expands the market for everybody, increases visibility. And overall it's a great thing for consumers, right? Like they get more options, pushes everybody else to like really do better to serve the customers. Sure. With this, I think we'll open the floor for questions as we are running short of time. Sahil, we have one of the questions from Harshad Curve for you. So he's asking, can you give more insight into the B2C model of Dineout, like the revenue model you have adopted? Right, see the revenue model for us is pretty simple, right? On the Dineout side or on the B2C side, we send business to the restaurant partner. So for every transaction that we're able to drive for a partner restaurant, there's a simple sort of commission model for discovering that restaurant, right? So either the customer could reserve a table or could be transacting at a restaurant, which could be a QSR, it could be a food court, it could be a fine dining place. For every transaction we charge a commission, and that's the discovery fee that we charge as a restaurant partner. The revenue models are obviously around advertising and marketing services. So the other thing that we also enable the restaurant to do is to do very effective ROI based marketing, right? Where I can clearly tell the restaurant that if you're spending 50,000 rupees on marketing, I was able to deliver two lakhs or three lakhs worth of transactions at your partner restaurant, right? Which is something other marketing channels are unable to kind of give to a restaurant, whether it is even a channel like Facebook or Google for that matter, it doesn't really tell you what was the transaction that you're able to drive inside your restaurant or even other channels which are offline, like print, you know, print media, the radio, et cetera. They don't really deliver that to you, but we as a channel partner are able to give a very focused, target-based marketing service to the restaurant partners. So these are the two major revenue models on the B2C side. Plus, we are also able to kind of up in our B2C products into our B2C model and kind of cross-subsidize that, which we are able to do to a large extent and leverage both sides of our products while selling to restaurant partners. So there's another question for Ashish. It's from Akhil Ahuja. He's asking, do you think after this pandemic, investors would be interested in investing in leisure-based startups, dealing in travel and tourism industry? Ashish, are you online? Can you hear us? I think he's not there. Any of you would like to pitch in? So I think like from an investor perspective, I think it's gonna be a hard time for the next six to eight months. It is going to be hard for folks to get investment, especially as per the question of the leisure and hospitality side. But I think some of the stronger guys who already have built a brand should be able to follow on investment because see, in the current times, people will trust brands which have already been created from a safety, hygiene perspective and anything of that sort. So folks have already built a brand over the last three, four years. I think them to get follow-on rounds etc. should be much easier versus a brand new guy starting up to create a brand at least in next six to twelve months. That's why you want that at least. So with that, we'll just have a parting note from each one of you, Pranesh. Yes, it's great to join this and get a perspective from some of the names that I've always used, like the Tango or Dynau. I didn't hear a lot about the IOD as a project, but I would love to touch this with Shaman and Kyle and see what are the uses that the super IOD in their spaces. Apart from that, I don't think there are a lot of stuff which are focusing on real revenues and real profits instead of just focusing on the growth side. So it would be difficult for me to find the right views, which I could see from the lack of questions about the actual hardware software on the kind of business we are. So yeah. Sure, thanks, Mukun. Yeah, I think it was pleasure coming here. Thank you so much for inviting us. I'm going to do a personal plug-in so that we are hiring and very aggressively. So please, if you're interested in technology positions, do let me know. Thank you so much for inviting me. It was a really good time interacting with everybody. Thanks, Shan. It was a great session. I got to know a lot about stuff that I did not know before. Thank you for inviting me, and I wish all the best for the remaining sessions. Sahil, a parting note from you. Yeah, no, I think it was a great experience being here, talking to everyone and understanding how everyone is dealing with the current challenges and what are the new opportunities. On a parting note, I think this is a great time from someone who's looking to start up not from a funding perspective for sure, but from a number of problems or opportunities that have arisen because of the current situation. There are a lot of new use cases which have come up which can be solved for and there is a natural progression because of the current pandemic, et cetera, where people will need new solutions, whether it's the consumer or whether it's a merchant. There are multiple new opportunities to explore and build on, and I think that is something that young folks who are looking to start up can focus on because the adoption will be high because of the current situation and if they can get that product market fit right, I think there's an opportunity where a lot of entrepreneurs can come out out of this current situation. So that's my parting note on this. Thanks for this. I can try to conclude that the way you all are building digital products and services on top of it that can really help the digital economy. Thank you. Thank you. Thank you. Thank you. Thank you for his action. Thanks, Ashish. Thank you. Thank you.