 reasons. One was a lot of miscommunication on investment products that used to happen. The second part was there was a dearth of people selling pure life insurance and health insurance and people buying pure life insurance and health insurance which was a very dire need for the middle class because the middle class has a dough solution to problems of death disease or disability of the earning member except insurance. That said we must bring some transparency into this area and help the customer sort of do what's good for him. We didn't know that there was a economic crisis coming but you know when you see something that powerful that look there's a whole industry which has a lot of communication problem which is somewhere getting the wrong product to the consumer and the right product which is protection against death disease disability is very small. It's too big a problem to worry about whether it's a downturn, whether it's an upturn, whether it's the right time. It is always the right time. At least I can't think of me saying okay you know what right now there's a downturn coming let me wait for the upturn and then I will start my business. The idea was very clear it was very powerful and we had to implement it. This was a very strange business. It never had a consumer challenge because the product we were selling it is such a powerful concept. If people die their families need support who can deny that and if they have to go about it term insurance is the best product for that. Term insurance was almost not sold at all before policy bizarre started. The second is if people fall sick and they go to hospital today it's costing 20-30,000 rupees per day who can deny that they need health insurance. Our fundamental story was very very strong consumers kept growing. We did not actually have too much of an industry challenge also because we are largely profitable for the industry also but see the regulatory architecture of the country has been built over the last 20-30-50 actually the regulation is 1938 etc etc and there are people who specialize at it and all of it largely was based on a person going to somebody and selling insurance. I don't think anybody had envisaged a situation where customers would start coming and saying I want insurance give me insurance. It was almost like the regulation was looking at something a new and it takes a long time to start to understand how laws would have to change to accommodate this new phenomena and I think we have spent the last better part of the last 12 years and we still are not there trying to accommodate the new phenomena into the regulation. We thought this meant more to the consumers this meant more to the industry. This was a more difficult thing to do. If you don't do something difficult it will be replicated very quickly. A very risk-averse person. At some point you conclude that the job you are in is actually more risky than the business you are going to do. Many of us think that jobs are not risky but they actually are. Lots of things don't work out. Lots of jobs don't work out. Lots of companies don't work out. You're seeing companies failing every day. We could also fail. If we fail, please understand 17,000 jobs are lost. I'm just one person. I think there is risk everywhere but if you're in a great company which you think is doing a great job, fantastic. If you think you have a better idea then I don't think the risk isn't actually doing it. The risk isn't not doing it. Did I know it would turn out this way? Yes, pretty much so. We were so convinced and that's why you protected the business very much because when you have a very powerful thought, you want to protect it. When we raised $5 million, raised a lot of eyebrows that you know they've raised $5 million. Very good team. Today $5 million is a pretty very very basic thing. So yes, times have changed. There's no doubt about it. See it's always a demand and supply. There is so much supply of capital. Sad part out of all this in my opinion, it's a very personal opinion, is that there are not very many high quality companies out there. I think the reason that's happened is because the capital came too quickly. Because the capital was so easily available, people tried to consume it very fast because that they've got bloated and I think correction should happen but time has not been given for that correction. We called 2016-17 as down periods but they were not really down. You know you still had startups getting valued at hundreds of millions and you know all that kind of stuff was still happening. If you look at it from a 2008 to 2010 to 2012 lens, it was still a crazy time. Some have been lucky. I think Walmart purchase of Flipkart was a very fortuitous event because of which we've somehow started to believe and we've forgotten that you know alongside that there were four other companies to which nothing much happened. I expect a big, big crash at some point. What I'm worried about is my children starting to grow up and believing that so much capital is available that you can build organizations in a certain way. I would rather many things don't work out than if they do work out. At least that's the right example for the next generation because every time you have a massive exit on a bad attempt, it sets the wrong example for the kids because they believe that can work and then they try the same thing. We kind of hate speaking about for two reasons. First of all, I think if I wanted our valuation could be double of what it was easily because we've chosen investors, we've not chosen our valuation always and I mean that with all honesty and the second part it brings trouble for us. Please understand we're in a very, very political industry. Every time you call me a unicorn, there are 100 people who get jealous and those 100 people talk to the regulator and then we get hammered. We don't speak about valuation because they say, what is this? This is our industry. Who's this joker who's come from outside? He's getting this valuation you know 10,000 crores, 20,000 crores. Oh my God, he's become worth 1000 crores. People start believing all this and because they believe it, they say, how do we spoil his things? So regulated industry, that's how the industry behaves and for me it's the worst thing. It's the first time I'm saying it on camera but it's the worst thing when somebody says unicorn because it goes and tickles somebody's, that hurts us. So we would rather nobody notice our valuation. So ever since we've become a unicorn, the number of complaints against us not by customers but by industry players, chartered accountants, by you know the RTI activists has increased dramatically because everybody wants to take a you know shot at you. Yeah that's the reality and I would rather it never happened. They could be anything. You can say anything about anybody right? See once you're at a regulated industry it's impossible for you from the morning till the evening not to make any mistakes. Now it depends upon how I want to look at those mistakes. We got one of the largest fines anybody ever got for what? You get into it for what? Because along with health insurance there was hospitalization, advertisement of some sort. Come on you know the insurance industry. What all goes on in the insurance industry is the largest fine reserve for that. I think most other players in our position in that position would not even get fined. There was another competitor of ours who at the same time was displaying television sets. They've not even got a warning so far. So all I'm trying to say is when you say unicorn it really comes and hurts me in a very negative manner. There's a lot of fearlessness. There is a lot of you know truth. Once I met a guy on a flight he says do you meditate? I said no I've never meditated in my life. He says it seems like you meditate a lot. Basically it was coming from the fact that that I exercised for so long. That's pretty much meditation. So yeah it helps. There's no doubt about it. It helps. But I don't do it because it helps. I don't do it for that reason. I do it because I really enjoy it I think even when I'm 80 years old or 90 years old I would rather be doing that. Something I'm passionate about. Something I'm competitive about. It bothers me when I don't do well. And a kind of it kind of puts things in perspective. Let us stay true to purpose. Let us stay true to beliefs. Let's not take undue advantage of the India story. Yes India is a great country. There's a lot of growth ahead. Nobody denies that. But if somebody's not understanding it let's not misuse their misunderstanding. We as Indian entrepreneurs need to be highly respected in the global community. As people who build great businesses. As a country that achieves great stuff. Let's also build out our capabilities from here into the rest of the world. But India itself has a big enough market to focus on. So I think sincerity, focus, drive all those things are very essential. And we to some extent we are the first generation of what you would call digital entrepreneurs. And in a way like you know Mr Tata and all did when they were the first generation of industrialists. And they set an example for everybody to follow. And we clearly know there are certain examples people would like to follow and certain examples people may not want to follow. So let's try to become those examples that people you know 10 years, 20 years from now would like to follow. I have been away from family for about 12 years now. And that over the last few years has started to be a regret over the last couple of years. It was always a regret. So I was never happy about it. But it wasn't they were both positives and negatives of it. And now I increasingly see only negatives of it. So you know what I mean like they were they were positives and negatives of being away from family in the sense for the family and for me both. But now I don't see any positives out of that. So yeah that part I think let's see how that goes.