 at the core, we will always be merchant first. If it is not adding value to the merchant at the core of it, I will not do it. But 20% of our business going forward would also be consumer, but that will be consumer credit or buy now pay later. So our buy now pay later product is post pay. And it's extremely differentiated. It's the only product through which you can actually use credit to pay on a QR. So think about the way I think about the product is pretty simple. Why are you able to buy an iPhone on credit? But why are you not able to pay for your gold cup on credit? In fact, a gold cup by the transaction is much less riskier than someone buying an iPhone, which is going beyond his regular means and regular income. So the whole idea with post pays you want to power everyday transactions to credit and end of the month given option to the consumer. If he wants to pay in full, enjoy that one month credit. If you want to fund it and say you want, you know, let's say end of the month, you have a 50,000 rupees total spend and you want to pay it out in six months, just pay me like, you know, 9,000 rupees every month and just pay that 50,000 out over six months. When you are spending, you should not be thinking of, oh, how am I going to fund it? Or should I convert into an EMI on the machine itself right now? I think that's a very suboptimal behavior, right? 80% of our business, the core will remain merchant lending and much bigger merchant lending, much deeper merchant lending, but we are also going to do auto loans. We are going to do home loans because I understand the merchant, I understand his needs. I mean his cash flow, I have an ability to collect. So I will not only restrict myself to business loans and on 20% of the business as I told you will be by now, which will be post-paid. So we will have a merchant app which is Bharatpe and a consumer app which will post-paid 80-20 ratio. And I think from here in the next four years, we should at least grow, you know, on an overall company with a scenic unity small finance bank, which we have created along with Centrum. It's a, it's a almost a 50-50 JV, it's 51-49. So we have 49% equity, they are 50-50. What we do as a business at Bharatpe continues as it is. To the extent we can help unity small finance bank become much bigger by also enabling them within our app, of course we will do that. But our lending business continues, will continue to flourish within the Bharatpe fold. The parts of the lending business which are de-risked enough for the bank to fund, this will get funded by the bank. If you step back and look at us, right, in a few months, years time, we would have, to anyone look like a bank and a tech-enabled bank. Now, one thing I have figured is everyone has today calling themselves, started calling themselves a bank, right. But the sad part is no one has a banking license. And genuinely to build something at a very different scale, you need to have that underlying license. I was very clear that we would eventually have to become a bank. Now it's, for me it's come because of the PMC opportunity. That license has come maybe a five to 10 years earlier than it would have in the normal course. And of course, I'm going to use this five to 10 years time that I've earned to create significant leadership for us in the digital banking space. Year one and a half year down the line, unity small finance bank, will be a very different digital banking experience than any other traditional bank in the market or anyone claiming to be a new bank as well. Traditionally, we have been a savings economy. And I can tell you, they're two extremes of it. You have a economy like Japan, which is high on savings, which has also done well. And on the other extreme, you have an economy like the US, which is high on consumer behavior and consumption. The way I think about it is, you have to be responsible as a lender on how much are you underwriting the person for. So now if you're underwriting an individual for much more than his ability to repay, you as a lender have to be responsible. The consumer will do what he has to do. I don't believe that a consumer in the US is in a debt trap. Some of the most diverse consumers you'll find is in the US. But look at the way the economy has grown. My fundamental belief is if you're saying you're a $2 trillion dollar economy and if your aim is to become a $5 trillion dollar economy, the path to that is through easier access to credit, both at a business level and at a consumer level. So we have to stop demonizing credit for a company of our size and the level of volumes and value of transactions that we deal, level of lending that we deal with. We probably have and previously also had the smallest tech team. I believe in quality of tech. We do 55 lakh transactions a day. No amount of number of people I put behind that can solve that problem. And because I had the right tech, I could even scale up to the level we have scaled up. So my fundamental view is get extremely good quality engineers. Give them the best of problems to solve. Give them good salaries. Give them market leading equity ownership. And what they will be able to build will be much better than having 500 techies, which are average. And when you have to attract the best of talent, then you also have to be much ahead of the market. My fundamental view is and I'm an engineer myself. I went to IIT Delhi. Everyone who is an engineer has the fantasy of two things. A beautiful girlfriend and a bike. I can't get you the girlfriend, but I can get you a bike which can get you the girlfriend. I simply said, market is becoming competitive. How do we differentiate ourselves? How do we attract talent? And you know, what is the first thing a techie loves, right? And if that's a bike and I'm giving a BMW bike, so be it. I think see the IPO market has gone south. I like to listen to the market. I'm very keen to understand what the market is saying. My understanding is that where you have monopoly or duopoly, the market is willing to give a premium. So if you look at Nica, they got a good premium. Nica is the only big player in this space. Maybe there's another purple, but which is much smaller. If you look at Zomato, it is just Zomato and Swiggy. So where your duopoly or monopoly is well established, the market is willing to give you a premium. Where your differentiation from other players is not established. That's where the struggle is, right? So let's say Policy Bazaar is again fintech. They came out, it's differentiated, right? They know they only do one thing, which is selling insurance and they do it well. They might be using tech. They might not be using tech. They might be using a bit more of call center. All said and done, they make money. So it's a, the market gave a premium for that. The moment you are coming up and saying, oh, I am very big, but there's no differentiation. That's where the market doesn't seem to be rewarding. So for example, if you look at Paytm, now Paytm can say, oh, I do everything. I also am a Bharat, I'm also a phone pay. I'm also a policy bazaar. I'm also a gaming company. When you say I'm everything for everyone, that's where the market starts discounting you. If you overvalue yourself, you're setting yourself up for failure. You should, as a company, be always undervalued. Even today in today's market, right? For the amount of business that we do, for the amount of network effect we have built, we are seriously undervalued against any comparable company, right? You know, the people who are going and, you know, valuing it themselves at 6 billion, 7 billion, 8 billion now, right? Which are our peer groups and we're saying, no, we're very happy. In the last round, we were valued at 2.8. We are in no rush to get to the bigger number already. What's all for the fundamentals, no? See, valuation is a trap. It's a notional number. It's not money in the bank. What you have as money in the bank is the real thing. My fundamental belief in that and where a lot of founders flounder, right, or start floundering is they start thinking of valuation as a parameter of success. It's a quantification of their success at some level. It's extremely wrong. I always keep telling people undervalue, undervalue, undervalue, keep a buffer, keep money on the table, right? There is no point in optimizing on value. Look for people who have leadership in their space. If you believe that best product in the market is also the one taking out an IPO, or if you've seen that in play in the market and you believe it's a good product, then put money into it. Second, don't go by size. The most highest returns IPOs are the smaller ones. The bigger the IPO amount, it's in all probability, it means high valuation in the first place. Most important thing, there is primary and the secondary. Primary is when the IPO is happening and the money is going to come into the company. So the company is going to get stronger, which will have so much cash to build more business. Secondary is when someone who's an existing shareholder, it might be promoter, but it might be early investors are selling their stock, keep away from the secondary stocks. And the fourth thing I will add is be smart. By applying on first day, it's not first come first serve. In retail segment, if it's oversubscribed, it's always lottery based or proportionate, right? If it's not that much oversubscribed, there's no points for applying on the first day. All HNI's, all institutional investors apply in the last two hours of the IPO, right? Wait to see what's happening in the, why are you taking the two-day additional risk, right? It's not worth it.