Billionbrains Garage Ventures Limited CC-Nov25.pdf · 2025-11-21
So it is very -- LAS is very early stage today. So if you look at LAS is actually not even fully LAS. It is just loan against mutual funds as of now. Loan against securities is yet to be launched. So what we have seen is there is like a lot of features and kind of different, you can say optimization on the product side yet to be done. I think as we keep on doing some of these features, the growth will keep on scaling up. We generally don't look at like accelerating or something. Some of this is like adoption from the customer perspective, as the customer's need on the LAS side keeps on increasing. This will kind of keep on going up. What is happening is this is a AUM product, very similar to MTF. When we started, MTF was also started like almost more than a year back. And that time MTF also was going up slowly. But over a period of time, it has become larger. So we think LAS also will take some time for us to kind of come to a product with where the scale is larger. And hence the growth rate of the disbursement will keep on happening. Jayant Kharote: Sorry, if I could just squeeze one supplementary sort of encapsulating these two points only. If you can give me a broader three year outlook, where does your lending book look like? Ishan Bansal: So difficult to project again, from a forward looking perspective. But what we have seen is especially on the MTF side, our growth rate has been really good in the past. And what we are expecting in the future is that we have a fair share that we want to kind of reach. And it will take at least three years to probably reach there. And the fair share is significantly higher than where we are today, probably like a double digit number on the market side, where it's not going to be like we are taking share from the market. But we think we will end up expanding the market by that amount itself. Jayant Kharote: You mean double digit in terms of market share of MTF? Great. That is very helpful. Thanks a lot and best of luck guys. Moderator: Thank you. We'll take the next question from Nidhesh Jain. Please accept the prompt, introduce yourself and proceed with your question. Nidhesh Jain: My name is Nidhesh. I am from Investec. I have two questions. Firstly, on the customer sourcing, can you share some break up in terms of sourcing channel, whether it is organic referrals or performance marketing? And second question is on the revenue model in the wealth management, the equation that we have done and the plan that we have for the W app. What is the revenue model that we are thinking on the wealth management business?
So collection obviously is a mix of digital and physical. But on disbursement side, it is 100% digital. And that's how we operate both on book as well as on the distribution side. Nidhesh Jain: Sure. Thank you. That's it from my side. Moderator: The next question is from Aman Dugar. Please accept the prompt. Introduce yourself and proceed with the question. Aman Dugar: Hi, everyone. I'm Aman Dugar. I'm from Nuvama Wealth. Congratulations on a great set of numbers. I just wanted to ask some data keeping questions. So just wanted to know, as of like H1 FY '26, what is your loan book size for like the personal loans? And what is your LAS book size? Ishan Bansal: Lalit, do you want to answer? Lalit Bhimani: Our personal book size is INR1,140 crores. And our LAS book is about INR60 crores. Aman Dugar: And just to follow-up, like, what has been your AMC revenue this quarter? Ishan Bansal: It will be very small. Aman Dugar: That's it from my side. Thank you. Lalit Bhimani: It is about 17.99 million, very insignificant at this stage. Aman Dugar: Okay. Thank you. Moderator: Thank you. We'll take the next question from Nagendra Maurya. Please accept the prompt. Introduce yourself and proceed with the question. Mr. Maurya, please proceed. As there is no response, we will move on to the next question, which is from Bhuvnesh Garg. Please accept the prompt. Introduce yourself and proceed with your questions. Bhuvnesh Garg: Yeah. Hopefully, I'm audible. Moderator: Yes, you're audible. Bhuvnesh Garg: Thank you for the opportunity. A couple of questions from my side. So, firstly, on your cost to serve. So, if I see quarter-on-quarter basis, the cost to serve has declined, whereas our number of orders and other business metrics have improved. So if you can just elaborate in what has led to this decline?