Yes, hi Amrish. So thanks for the additional color. A lot of additional color you provided on this call. One question I have on the OMC business. So you have said 130,000 terminals by end FY2027 and Amrish I think I caught you saying 50,000 terminals deployed right now, so we are looking at 80,000 net new additions just from the three OMCs account, is that how I should think about it?
I see. So 130,000 is not currently deployed right now?
2 questions. One, with this fundraise that you've announced. I know in the past, you've said that you look at the trailing 12 months operating profit as a benchmark or something to use for M&A activity. So my question first - is the ticket size somewhere around $200 million ? I understand it can go up and down, but is that the general ballpark? And a related question, have you kind of narrowed your focus on the kind of asset you want to acquire there as well?
My second question is on your remarks Anuj. You said a couple of times that in this next phase of growth in advertising will be direct to advertisers and first-party data integration and so on. I know that there's been some recent tensions between ad agencies and not you guys, but some other DSPs as well. Do you see the whole structure of industry kind of changing post-AI? Is that a nod to that? And related question that I suppose is if you can give me a color on what your current footprint is - in terms of your active SDK integrations that you have with our publishers and how that has trended over the last one year?
Congratulations on a good set of numbers. You mentioned you became Apple- certified partner this quarter. If you can talk about how that exactly impacts your ability to win new business? Are there particular categories within E, F, G, H where it is especially useful . If you could elaborate on that? That's my first question.
Got it. Anuj, my second question is, if I look at both Google and Facebook , they are massively investing in their Gen -AI infrastructure. If I see Google's results and with them moving on to ad AI mode, it looks like ad loads are going to be fewer and they'll probably deliver higher conversions. So my question is, for you , will ads served by you on Google and Facebook going to generally rise, given these companies clearly have a leadership in Gen AI on a global scale?
My first question is on the developments around anti-trust ruling on Google. From a broader market perspective, I would really appreciate your thoughts on how do you think this could change the ad industry in general, if something comes out of it? That's my first question. Also related to the developed markets, I know you have a relatively small base in U.S. and it's also domain-specific, slightly more gaming-centric than other industries in general. How do you think a mild recession scenario in U.S. plays out for you given your exposure to that market? Then I'll just follow up with a quick question with Kapil?
Got it. Just a follow-up on the India business. So if I look at the seasonality comment and I can see that in the numbers as well on a q-o-q basis. But if I look at the India and E merging Markets business on a y-o-y basis, in the last three quarters, growth has somewhat slowed on a y-o-y basis from 25% to 22%, and now 16%. So any comments on that? I know you've already guided to 20% plus broad -based growth for FY 2026. But what is driving this deceleration in the last two-three quarters?
Anuj, if you could broadly talk about how the overall ads ecosystem outside the big guys (walled gardens), has changed over the course of last 1 year. Any interest from your side in acquiring any supply side platforms or businesses now that it's been about 2 years since you last did acquired and integrated YouAppi? I asked that question because I keep seeing all these commentaries which suggest that having more first-party data or having more end-to-end offerings is attracting a lot of ad dollars, especially in the developed markets? Do you see that overall theme playing out? If you can give an overview from your vantage point? That will be very helpful.
Yes Anuj, that's helpful. My second question is just on the employee cost side. I believe the expectation at least I had here was there were going to be wage hikes in some geographies this quarter, but I see that the employee costs are down 7% Y -o-Y. So if you can just explain, is that just ongoing integration efficiencies and those kinds of things? Or is there more to it?
A couple of questions from my side. So first, with this private label and with Noice that you spoke about, is that contribution margin positive for you in quick commerce, private label as a whole or specific brands within that? That's the first question. And I'll just follow up with one more?
Understood. My next question is, can you elaborate a little bit more on this commentary where you say that you've repurposed customer incentives away from direct wallet subsidies. If you can elaborate on that? And then also, I see that marketing spends below the contribution line have started to trickle down this quarter. Now I know 1Q is seasonally strong. Typically, you see higher Monthly Transacting Users (MTU) additions in 1Q. So how should one think about both how you're tracking so far in 1Q on MTU additions in quick commerce and the marketing spends below contribution? And then if you can explain that commentary on repurposed customer incentives?
A couple of questions from my side. So first, with this private label and with Noice that you spoke about, is that contribution margin positive for you in quick commerce, private label as a whole or specific brands within that? That's the first question. And I'll just follow up with one more?
Understood. My next question is, can you elaborate a little bit more on this commentary where you say that you've repurposed customer incentives away from direct wallet subsidies. If you can elaborate on that? And then also, I see that marketing spends below the contribution line have started to trickle down this quarter. Now I know 1Q is seasonally strong. Typically, you see higher Monthly Transacting Users (MTU) additions in 1Q. So how should one think about both how you're tracking so far in 1Q on MTU additions in quick commerce and the marketing spends below contribution? And then if you can explain that commentary on repurposed customer incentives?
My first question, as you scale up the business, can you talk a little bit about the sourcing advantages that could unlock at scale? Could you unlock additional margins as you could do better price negotiations with brands and sellers? And broadly speaking, your views on how your scale can drive better input costs into your quick commerce operations would be helpful. That's my first question.
Got it. My second question is, now that you have -- from a balance sheet point of view, you now have a cash balance of almost $2 billion and I know that the working capital intensity of the business continues to rise. So in general, could you utilize the cash balance for better terms from brands and sellers as well? Is that a fair assessment to make? That's my second question. And then finally, if you could give me your views now on seeking IOCC? Thank you.
My first question, as you scale up the business, can you talk a little bit about the sourcing advantages that could unlock at scale? Could you unlock additional margins as you could do better price negotiations with brands and sellers? And broadly speaking, your views on how your scale can drive better input costs into your quick commerce operations would be helpful. That's my first question.
Got it. My second question is, now that you have -- from a balance sheet point of view, you now have a cash balance of almost $2 billion and I know that the working capital intensity of the business continues to rise. So in general, could you utilize the cash balance for better terms from brands and sellers as well? Is that a fair assessment to make? That's my second question. And then finally, if you could give me your views now on seeking IOCC? Thank you.
Yes. Hi. Thanks. My first question is on the food delivery business, right. For Bolt, can you comment on for mature food users, users who have been on your platform for a while, have you seen any impact on frequency since you have launched Bolt? And yes, I will just follow-up with next questions on quick comments later.
Yes. I mean, just the sense that faster delivery, does it increase use case in that sense for existing users as well?
Yes. Hi. Thanks. My first question is on the food delivery business, right. For Bolt, can you comment on for mature food users, users who have been on your platform for a while, have you seen any impact on frequency since you have launched Bolt? And yes, I will just follow-up with next questions on quick comments later.
Yes. I mean, just the sense that faster delivery, does it increase use case in that sense for existing users as well?
My first question is, so you added 96 stores in Jan, which is a pickup versus the entire of quarter 3Q. So, how much of the contribution margins in the quarter is due to stores not yet active as of December '24? And if you can separately just talk a little bit about between when you start to see expenses on a store and when it gets activated on the platform, what is the kind of time horizon are we looking at? That's one. And second, is there some element of advanced expenses on the performance marketing spending as well, where you've seen expenses or you've incurred expenses, but it hasn't resulted into a conversion into MAU or MTU?
Got it. So, Rahul, just to clarify on the first part, when you say 30 days to 45 days, so there will be some expenses related to these 96 -odd stores in January above the contribution line as well for quick commerce?
My first question is, so you added 96 stores in Jan, which is a pickup versus the entire of quarter 3Q. So, how much of the contribution margins in the quarter is due to stores not yet active as of December '24? And if you can separately just talk a little bit about between when you start to see expenses on a store and when it gets activated on the platform, what is the kind of time horizon are we looking at? That's one. And second, is there some element of advanced expenses on the performance marketing spending as well, where you've seen expenses or you've incurred expenses, but it hasn't resulted into a conversion into MAU or MTU?
Got it. So, Rahul, just to clarify on the first part, when you say 30 days to 45 days, so there will be some expenses related to these 96 -odd stores in January above the contribution line as well for quick commerce?
Yes, hi. Thank you for the opportunity and congratulations on the numbers to all of you and for the IPO. My first question is, if I look at platforms outside India, like Temu, etc., they have user bases, significant user bases across income curves, right? For you guys, do you think there is a path towards that where say the top 5 % - 10% households in the country also use more extensively than they do now? That is my first question.
Thanks, Vidit. My second question is with Valmo, with the things you described just now to the question from Sachin, you also said in the past and in this letter that you will remain asset-light there. So, I am just wondering, as you build out Valmo furthe r in terms of the workflow of logistics, I know you do network design, network orchestration, node design and all of those kinds of things which are more technology investments. I am just trying to understand as you build it out further, are there other aspects of that design that you could undertake and would there be any kind of capital involved within that? And relatedly, over time, in the mid -mile or even in the mid-mile especially, things like automation or tractor trailers there could be some benefit if someone can procure it at scale on behalf of your partners in the logistics network. Would you get involved in something like that if and when it makes sense for Valmo? That is my second question.
Sorry, I joined a little bit late in the discussion, I apologize.
My question is this quarter, we saw all the GST rate cuts that happened on cars, and a number of other categories, too. Two questions. One, at OLX level, did you see any surge in listing activities, as people might have replaced at a higher pace than they would have done earlier on both cars and other categories? So did you see any indicators there? And how should we think about that as it impacts your business going forward? And second, also how the car price changes affects your business across all 3 categories, if you could give me a broader color on how you think about these things?
Thank you and Congratulations on yet another terrific results. My first question is on OLX obviously. And so good to see now that the business is accelerating in growth and thanks for providing that update for the next few quarters as well. Could you give a sense of whe re this growth is coming from? How much of it is driven by the new initiatives you've spoken about recently versus the existing monetization channels? And to your comment on the next few quarters, any metrics or any color -- additional color on where that will be coming from and which initiatives are panning out better than expected? And any other color you can give on OLX would be super helpful.
Got it. Thanks Vinay, for that color. And any thoughts within this in terms of the metrics that you can share on OLX that can help us track this would be super helpful , the way you've disclosed certain metrics around other businesses in the past. My second question is on the Consumer business. Two questions there. One, I am mindful that you lap one full year of growth acceleration from 3Q of last year in the current quarter. So if you could talk about how one should think about the growth for the Consumer business from here on? And within that, if you can talk about the mix between 2 -wheeler and 4-wheeler platforms? And I'll just add my second question into this as well. I saw your recent updates on how Google's AI search mode highlight a lot of CarTrade results. My question is from AI mode, do you see lower site visits to your platform versus from 10 blue links, if you have any color on that part? Those are the questions on the Consumer.
Yes, hi. Thank you.
Hi, Vinay. Hi, Aneesha. Congratulations on a comprehensively spectacular results here. So, my first question on the consumer group business, if you can comment on the growth rate that you're now seeing in the business, I mean, this is a pretty decent acceleration, pretty sharp acceleration versus what you've seen in the last many, many quarters. So, is this what we should expect in the near term ahead as well? And broadly, if you can talk about whether you think you've taken wallet share from competition across OEM, ad budget wallet shares and across major dealers ad budget wallet share? That's my first question.
First off, congratulations. This looks like a pretty decent ly good set of numbers across all 3 businesses to me. My first question is on the OLX side, so growth looks pretty solid in the quarter, right? I mean the only way to look at growth, I guess, is Q-o-Q, and it's about 8%. And you guys had called out that gr owth should start to pick up from this quarter onwards. So congratulations on that. And I'm just wondering, how should one look at this Q -o-Q number from a going-forward perspective? And related to that, any thoughts on additional disclosures on user metrics on OLX?
Yes. So Vinay, just a quick clarification, the traffic metric that you shared, the 40 million unique visits, that doesn't include OLX properties, right?
Thank you for the opportunity. I have just one question. Could you give a broad sense of what is fragrance now in your overall mix? And I see that you've added 19 stores in 2Q. This is in the beauty side faster than you've done in the last few quarters and 8 new cities as well. So, I'm just wondering, specifically on the fragrance side, is that sizable enough of a category in its own right for you, especially also on the store expansion plan side? Yes, that's my question.
Thanks Anchit and best of luck with that new initiative. Any broad sense on where you think fragrance could be in your overall GMV mix, right now or if you prefer where you want it to be in a few years' time?
Just two questions. One, regarding the Blinkit dark store acceleration, you will add 475-odd stores this year. Would these mostly come with existing dark store partners in these cities, Bengaluru, Mumbai, Hyderabad, and Delhi? Or do you need to add new partners there? That's my first question. And the related question, if I got the math of it right, you have 32 stores each in 6 cities, 62 stores in Bengaluru, 178 in Delhi NCR. So essentially, in that 500-odd stores you're going to add, it's about 100 each in each of these other non-Delhi NCR cities, that is Bengaluru, Mumbai, Hyderabad. Is that interpretation, right? What I'm trying to get at is if 180-200 is the right store count for larger cities for you to kind of do 10-minute deliveries to almost everyone you can target?
Got it. And how about the dark store partners? Do you need them to ramp up also in a meaningfully different way? Or do you think that is not a constraint to your growth plans?