When Baiju's acquired White Hat Jr. for $400 million, VCs like Nexus, Omidyar, Owl Ventures, who had invested in White Hat Jr., got an exit. In 20 months, Nexus Ventures' investment of $4.7 million became $66 million. Omidyar's $3.17 million became $45 million and Owl Ventures' $2.8 million became $30 million. Another example of exit through acquisition is Flipkart. Walmart bought 77% stake in Flipkart for a whooping $17 billion. All the major investors like SoftBank, Tiger Global, Axel Partners exited by selling their stake to Walmart. The founder, Sachin Bansal, also exited by selling his 5.5% stake for $1 billion. Next option, IPO. IPO is arguably the most sought-after and the flashiest way to give an exit to the investors. Exits through IPOs are rare, but they bring a certain level of prestige to the company and the founders.


Another example of exit through acquisition is Flipkart. Walmart bought 77% stake in Flipkart for a whooping $17 billion. All the major investors like SoftBank, Tiger Global, Axel Partners exited by selling their stake to Walmart. The founder, Sachin Bansal, also exited by selling his 5.5% stake for $1 billion. Next option, IPO. IPO is arguably the most sought-after and the flashiest way to give an exit to the investors. Exits through IPOs are rare, but they bring a certain level of prestige to the company and the founders. In 2010, InfoEdge Group, the parent company of Naukri.com, had invested seed capital of 4.7 crores in food delivery app Zomato.


Next option, IPO. IPO is arguably the most sought-after and the flashiest way to give an exit to the investors. Exits through IPOs are rare, but they bring a certain level of prestige to the company and the founders. In 2010, InfoEdge Group, the parent company of Naukri.com, had invested seed capital of 4.7 crores in food delivery app Zomato. 10 years later, when Zomato came up with their IPO, InfoEdge's stake grew to a massive 15,000 crores.


In 2010, InfoEdge Group, the parent company of Naukri.com, had invested seed capital of 4.7 crores in food delivery app Zomato. 10 years later, when Zomato came up with their IPO, InfoEdge's stake grew to a massive 15,000 crores. During the IPO, InfoEd sold shares worth 750 crores and partially exited the venture.


10 years later, when Zomato came up with their IPO, InfoEdge's stake grew to a massive 15,000 crores. During the IPO, InfoEd sold shares worth 750 crores and partially exited the venture. Lastly, promoters or the company can also opt for buyback and give an exit to the investors. The founders and the company need to be cash rich to give an exit to the investors through a buyback option.


During the IPO, InfoEd sold shares worth 750 crores and partially exited the venture. Lastly, promoters or the company can also opt for buyback and give an exit to the investors. The founders and the company need to be cash rich to give an exit to the investors through a buyback option. What we have seen so far is the positive side of exit. Now, what if, post-investment, the company does not perform as per expectations and has failed? Globally, 75% of funded startups actually fail to deliver on exit expectations, which means that they either fail or investor is stuck in the same venture with no one wanting to buy their stake. What happens in this situation? Reality is that the investors have to write off such investments, which means their value become absolutely zero.


Lastly, promoters or the company can also opt for buyback and give an exit to the investors. The founders and the company need to be cash rich to give an exit to the investors through a buyback option. What we have seen so far is the positive side of exit. Now, what if, post-investment, the company does not perform as per expectations and has failed? Globally, 75% of funded startups actually fail to deliver on exit expectations, which means that they either fail or investor is stuck in the same venture with no one wanting to buy their stake. What happens in this situation? Reality is that the investors have to write off such investments, which means their value become absolutely zero. We are slowly moving towards the ending of our fundraising movie.


What we have seen so far is the positive side of exit. Now, what if, post-investment, the company does not perform as per expectations and has failed? Globally, 75% of funded startups actually fail to deliver on exit expectations, which means that they either fail or investor is stuck in the same venture with no one wanting to buy their stake. What happens in this situation? Reality is that the investors have to write off such investments, which means their value become absolutely zero. We are slowly moving towards the ending of our fundraising movie. We are super excited that with the fact that we've just signed a term sheet with the investors and we know that the money is on the way. But like every movie, even here there is a small twist.


We are slowly moving towards the ending of our fundraising movie. We are super excited that with the fact that we've just signed a term sheet with the investors and we know that the money is on the way. But like every movie, even here there is a small twist. After signing the term sheet and before executing the shareholder's agreement, there is a crucial step and this step is a tricky one. I am not trying to scare you here. I am just saying this is a step which can make or break your deal. You need to be prepared to clear this hurdle called due diligence. In this session, we are going to focus on how to steer through the DD process. We will be starting by understanding what exactly is due diligence. We will then go through the details of what do investors look for during the due diligence process. Finally, we will go through the step-by-step process to prepare for due diligence. Let's get started. Due diligence, as we've just seen, evaluates a deal from legal, compliance and financial perspective. The exercise is to evaluate the due diligence process. The exercise is to evaluate the due diligence process. The exercise is all about finding hidden skeletons that might create huge liability for the companies in the future. The investor expects the capital to go towards expansion and not towards setting off liabilities due to non-compliance. The outcome of this exercise is a list of red flags. If the red flags are extremely critical, such as fraud by the founders, then the deal gets called off. If the findings are true, then the deal is called off. If the findings are minor, then the company is given time to take corrective actions. Generally, angel stage DD is not as exhaustive as series A DD. This is because in early stages, the company has very little data to share. But by series A, the company has clients, employees, operating history, which makes the DD process very, very intensive. We hope this course helps you prepare. We hope this course helps you prepare for DD process and tackle it. Thank you. Thank you. Thank you.


We are super excited that with the fact that we've just signed a term sheet with the investors and we know that the money is on the way. But like every movie, even here there is a small twist. After signing the term sheet and before executing the shareholder's agreement, there is a crucial step and this step is a tricky one. I am not trying to scare you here. I am just saying this is a step which can make or break your deal. You need to be prepared to clear this hurdle called due diligence. In this session, we are going to focus on how to steer through the DD process. We will be starting by understanding what exactly is due diligence. We will then go through the details of what do investors look for during the due diligence process. Finally, we will go through the step-by-step process to prepare for due diligence. Let's get started. Due diligence, as we've just seen, evaluates a deal from legal, compliance and financial perspective. The exercise is to evaluate the due diligence process. The exercise is to evaluate the due diligence process. The exercise is all about finding hidden skeletons that might create huge liability for the companies in the future. The investor expects the capital to go towards expansion and not towards setting off liabilities due to non-compliance. The outcome of this exercise is a list of red flags. If the red flags are extremely critical, such as fraud by the founders, then the deal gets called off. If the findings are true, then the deal is called off. If the findings are minor, then the company is given time to take corrective actions. Generally, angel stage DD is not as exhaustive as series A DD. This is because in early stages, the company has very little data to share. But by series A, the company has clients, employees, operating history, which makes the DD process very, very intensive. We hope this course helps you prepare. We hope this course helps you prepare for DD process and tackle it. Thank you. Thank you. Thank you. So let us start by understanding what valuation really means. Valuation is nothing but the 100% worth of your company.


After signing the term sheet and before executing the shareholder's agreement, there is a crucial step and this step is a tricky one. I am not trying to scare you here. I am just saying this is a step which can make or break your deal. You need to be prepared to clear this hurdle called due diligence. In this session, we are going to focus on how to steer through the DD process. We will be starting by understanding what exactly is due diligence. We will then go through the details of what do investors look for during the due diligence process. Finally, we will go through the step-by-step process to prepare for due diligence. Let's get started. Due diligence, as we've just seen, evaluates a deal from legal, compliance and financial perspective. The exercise is to evaluate the due diligence process. The exercise is to evaluate the due diligence process. The exercise is all about finding hidden skeletons that might create huge liability for the companies in the future. The investor expects the capital to go towards expansion and not towards setting off liabilities due to non-compliance. The outcome of this exercise is a list of red flags. If the red flags are extremely critical, such as fraud by the founders, then the deal gets called off. If the findings are true, then the deal is called off. If the findings are minor, then the company is given time to take corrective actions. Generally, angel stage DD is not as exhaustive as series A DD. This is because in early stages, the company has very little data to share. But by series A, the company has clients, employees, operating history, which makes the DD process very, very intensive. We hope this course helps you prepare. We hope this course helps you prepare for DD process and tackle it. Thank you. Thank you. Thank you. So let us start by understanding what valuation really means. Valuation is nothing but the 100% worth of your company. We will now explain to you the transaction comparable method to find your company's valuation.


So let us start by understanding what valuation really means. Valuation is nothing but the 100% worth of your company. We will now explain to you the transaction comparable method to find your company's valuation. In this method, we estimate the valuation by analyzing valuations of funded companies operating in the same space or having similar business models. Without further ado, let us take you through an example to help you understand this method.


We will now explain to you the transaction comparable method to find your company's valuation. In this method, we estimate the valuation by analyzing valuations of funded companies operating in the same space or having similar business models. Without further ado, let us take you through an example to help you understand this method. Consider this company, Terraman. It is a D2C company selling men's grooming products. In year one of operations, the company has made a revenue of 1 crore.


In this method, we estimate the valuation by analyzing valuations of funded companies operating in the same space or having similar business models. Without further ado, let us take you through an example to help you understand this method. Consider this company, Terraman. It is a D2C company selling men's grooming products. In year one of operations, the company has made a revenue of 1 crore. The founders now have a plan to expand their business. They want to develop and launch a new product range. To actually sell this inventory, they want to create a digital marketing push and hire quality people to manage growing operations.


Consider this company, Terraman. It is a D2C company selling men's grooming products. In year one of operations, the company has made a revenue of 1 crore. The founders now have a plan to expand their business. They want to develop and launch a new product range. To actually sell this inventory, they want to create a digital marketing push and hire quality people to manage growing operations. With this expansion strategy, the founders are targeting a revenue of 100 crore in the next financial year. Now, for the expansion to happen, they will need 3 crores in funding.


The founders now have a plan to expand their business. They want to develop and launch a new product range. To actually sell this inventory, they want to create a digital marketing push and hire quality people to manage growing operations. With this expansion strategy, the founders are targeting a revenue of 100 crore in the next financial year. Now, for the expansion to happen, they will need 3 crores in funding. After multiple meetings with various investors, they've finally secured the interest of a venture capital fund called Lion Capital. Lion Capital has completed evaluating Terraman and is keen on investing in the company. The question now is, at what valuation do they invest? Like the start of every valuation discussion, Lion asks the founder about their expectations of the valuation. The founders get back saying that they are comfortable offering a 10% stake for a 3 crore investment. Now, Lion Capital starts analysing this deal. If the founders are willing to give a 10% stake for a 3 crore investment, it means 100% valuation of the company is equivalent to 30 crores.


With this expansion strategy, the founders are targeting a revenue of 100 crore in the next financial year. Now, for the expansion to happen, they will need 3 crores in funding. After multiple meetings with various investors, they've finally secured the interest of a venture capital fund called Lion Capital. Lion Capital has completed evaluating Terraman and is keen on investing in the company. The question now is, at what valuation do they invest? Like the start of every valuation discussion, Lion asks the founder about their expectations of the valuation. The founders get back saying that they are comfortable offering a 10% stake for a 3 crore investment. Now, Lion Capital starts analysing this deal. If the founders are willing to give a 10% stake for a 3 crore investment, it means 100% valuation of the company is equivalent to 30 crores. But is this 30 crore the right valuation for Terraman? To find this answer, Lion Capital will follow 6 steps of the transaction comparable method. Step 1. We will now try to find out details of their fundraising round. The objective is to find the following details for comparable companies.


After multiple meetings with various investors, they've finally secured the interest of a venture capital fund called Lion Capital. Lion Capital has completed evaluating Terraman and is keen on investing in the company. The question now is, at what valuation do they invest? Like the start of every valuation discussion, Lion asks the founder about their expectations of the valuation. The founders get back saying that they are comfortable offering a 10% stake for a 3 crore investment. Now, Lion Capital starts analysing this deal. If the founders are willing to give a 10% stake for a 3 crore investment, it means 100% valuation of the company is equivalent to 30 crores. But is this 30 crore the right valuation for Terraman? To find this answer, Lion Capital will follow 6 steps of the transaction comparable method. Step 1. We will now try to find out details of their fundraising round. The objective is to find the following details for comparable companies. How does one get this data? One way to get this data is by downloading it from the registrar of company or the ROC portal. There are several other databases such as FundEnable which provide you with this data. FundEnable.com provides you with repository of all the multiples required for transaction comparable method with which you will be able to calculate your company's valuation. Your company's valuation is important because basis the 100% valuation, you will be able to arrive at a number or the percentage stake that you can give to the investor. The most important aspect for valuation is your current ARR. What is an ARR? ARR is nothing but annualized revenue run rate. Let's say you are doing a monthly revenue of 1.5 lakh rupees per month consistently. This monthly revenue of 1.5 lakh rupees is what we call as your MRR or the monthly revenue run rate. The monthly revenue run rate is basically that consistent revenue which you will keep making even if there is no funding available to you. Now, the ARR which is the annualized revenue run rate is calculated by multiplying the MRR with 12 which is the 12 months in a year. So, let's see how it works. Let's say if you are a startup doing an MRR of 1.8 lakhs, then your ARR is nothing but 1.8 into 18 which is into 12 which is somewhere around 18 lakh rupees.


But is this 30 crore the right valuation for Terraman? To find this answer, Lion Capital will follow 6 steps of the transaction comparable method. Step 1. We will now try to find out details of their fundraising round. The objective is to find the following details for comparable companies. How does one get this data? One way to get this data is by downloading it from the registrar of company or the ROC portal. There are several other databases such as FundEnable which provide you with this data. FundEnable.com provides you with repository of all the multiples required for transaction comparable method with which you will be able to calculate your company's valuation. Your company's valuation is important because basis the 100% valuation, you will be able to arrive at a number or the percentage stake that you can give to the investor. The most important aspect for valuation is your current ARR. What is an ARR? ARR is nothing but annualized revenue run rate. Let's say you are doing a monthly revenue of 1.5 lakh rupees per month consistently. This monthly revenue of 1.5 lakh rupees is what we call as your MRR or the monthly revenue run rate. The monthly revenue run rate is basically that consistent revenue which you will keep making even if there is no funding available to you. Now, the ARR which is the annualized revenue run rate is calculated by multiplying the MRR with 12 which is the 12 months in a year. So, let's see how it works. Let's say if you are a startup doing an MRR of 1.8 lakhs, then your ARR is nothing but 1.8 into 18 which is into 12 which is somewhere around 18 lakh rupees. All you have to do is to divide the funding amount in column E by the investor stake in column F. For example, in Beardo's case, Venture Catalyst has invested 3.5 crores for a 50% stake in the company. This means Beardo's valuation is nothing but 7 crores. 3.5 crores multiplied by 50%. Next is to find the next year revenue of the comparable company. The next year revenue can be figured out through the financial model projections. The one-year forward projection will give you an understanding of how much revenue the company is expected to make or projecting in the immediate next financial year. We use a simple formula of revenue multiple. Revenue multiple is equal to the valuation of the company divided by the revenue of the company. So if revenue multiple is equal to valuation divided. Divided by revenue, valuation is nothing but revenue multiple multiplied by the revenue of the company. The revenue multiple is through the transaction comparable method that you will find on Fund Enable. The revenue is nothing but the ARR of the company. So the revenue in this case will be 18 lakhs against a revenue multiple of 10. So the valuation of the company will be 10 which is the revenue multiple. Multiplied by 18 lakhs, which comes out to be 1.8 crores. Let's say you are looking to raise 18 lakh rupees of funding from your seed venture investor. In this case, the percentage dilution or the percentage stake that you will be offering to the investor will be equal to the investment amount, which is 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. which is 1.8 crores. So for this reason there is not big cost of the investment. In this situation, you will be giving 10% stake to the investor. So in a way, if you are a grids startup looking to raise 18 lakhs with a revenue of somewhere around 12 lakhs and a revenue multiple of 10, then you will be offering somewhere around 10% stake to the investor.


How does one get this data? One way to get this data is by downloading it from the registrar of company or the ROC portal. There are several other databases such as FundEnable which provide you with this data. FundEnable.com provides you with repository of all the multiples required for transaction comparable method with which you will be able to calculate your company's valuation. Your company's valuation is important because basis the 100% valuation, you will be able to arrive at a number or the percentage stake that you can give to the investor. The most important aspect for valuation is your current ARR. What is an ARR? ARR is nothing but annualized revenue run rate. Let's say you are doing a monthly revenue of 1.5 lakh rupees per month consistently. This monthly revenue of 1.5 lakh rupees is what we call as your MRR or the monthly revenue run rate. The monthly revenue run rate is basically that consistent revenue which you will keep making even if there is no funding available to you. Now, the ARR which is the annualized revenue run rate is calculated by multiplying the MRR with 12 which is the 12 months in a year. So, let's see how it works. Let's say if you are a startup doing an MRR of 1.8 lakhs, then your ARR is nothing but 1.8 into 18 which is into 12 which is somewhere around 18 lakh rupees. All you have to do is to divide the funding amount in column E by the investor stake in column F. For example, in Beardo's case, Venture Catalyst has invested 3.5 crores for a 50% stake in the company. This means Beardo's valuation is nothing but 7 crores. 3.5 crores multiplied by 50%. Next is to find the next year revenue of the comparable company. The next year revenue can be figured out through the financial model projections. The one-year forward projection will give you an understanding of how much revenue the company is expected to make or projecting in the immediate next financial year. We use a simple formula of revenue multiple. Revenue multiple is equal to the valuation of the company divided by the revenue of the company. So if revenue multiple is equal to valuation divided. Divided by revenue, valuation is nothing but revenue multiple multiplied by the revenue of the company. The revenue multiple is through the transaction comparable method that you will find on Fund Enable. The revenue is nothing but the ARR of the company. So the revenue in this case will be 18 lakhs against a revenue multiple of 10. So the valuation of the company will be 10 which is the revenue multiple. Multiplied by 18 lakhs, which comes out to be 1.8 crores. Let's say you are looking to raise 18 lakh rupees of funding from your seed venture investor. In this case, the percentage dilution or the percentage stake that you will be offering to the investor will be equal to the investment amount, which is 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. which is 1.8 crores. So for this reason there is not big cost of the investment. In this situation, you will be giving 10% stake to the investor. So in a way, if you are a grids startup looking to raise 18 lakhs with a revenue of somewhere around 12 lakhs and a revenue multiple of 10, then you will be offering somewhere around 10% stake to the investor. The last step is the easiest. All you have to do is find an average revenue multiple of all the comparables. Now, we have all the data that you need to estimate Terraman's valuation. This brings us to one final step. Let us take a look at the formula of the revenue multiple. As we have seen, revenue multiple is calculated by dividing valuation by the next year revenue. We have already found the average revenue multiple which is 2x. The founders are projecting Terraman's next year revenue to be 10 crores. Let us plug in these figures into our revenue multiple formula. As you can see, the valuation can now be found by simply multiplying 2x by 10 crores. The valuation of Terraman is hence estimated at 20 crores. This is also termed as post-money valuation of the company. The pre-money valuation of the company is nothing but post-money valuation of the company. So, if the valuation of the company is 20 crores and if the investment amount is 3 crores, the pre-money valuation is nothing but 20 crores minus 3 crores which comes out to 17 crores.


All you have to do is to divide the funding amount in column E by the investor stake in column F. For example, in Beardo's case, Venture Catalyst has invested 3.5 crores for a 50% stake in the company. This means Beardo's valuation is nothing but 7 crores. 3.5 crores multiplied by 50%. Next is to find the next year revenue of the comparable company. The next year revenue can be figured out through the financial model projections. The one-year forward projection will give you an understanding of how much revenue the company is expected to make or projecting in the immediate next financial year. We use a simple formula of revenue multiple. Revenue multiple is equal to the valuation of the company divided by the revenue of the company. So if revenue multiple is equal to valuation divided. Divided by revenue, valuation is nothing but revenue multiple multiplied by the revenue of the company. The revenue multiple is through the transaction comparable method that you will find on Fund Enable. The revenue is nothing but the ARR of the company. So the revenue in this case will be 18 lakhs against a revenue multiple of 10. So the valuation of the company will be 10 which is the revenue multiple. Multiplied by 18 lakhs, which comes out to be 1.8 crores. Let's say you are looking to raise 18 lakh rupees of funding from your seed venture investor. In this case, the percentage dilution or the percentage stake that you will be offering to the investor will be equal to the investment amount, which is 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. 18 lakhs divided by the 100% valuation of the company, which is 1.8 crores. which is 1.8 crores. So for this reason there is not big cost of the investment. In this situation, you will be giving 10% stake to the investor. So in a way, if you are a grids startup looking to raise 18 lakhs with a revenue of somewhere around 12 lakhs and a revenue multiple of 10, then you will be offering somewhere around 10% stake to the investor. The last step is the easiest. All you have to do is find an average revenue multiple of all the comparables. Now, we have all the data that you need to estimate Terraman's valuation. This brings us to one final step. Let us take a look at the formula of the revenue multiple. As we have seen, revenue multiple is calculated by dividing valuation by the next year revenue. We have already found the average revenue multiple which is 2x. The founders are projecting Terraman's next year revenue to be 10 crores. Let us plug in these figures into our revenue multiple formula. As you can see, the valuation can now be found by simply multiplying 2x by 10 crores. The valuation of Terraman is hence estimated at 20 crores. This is also termed as post-money valuation of the company. The pre-money valuation of the company is nothing but post-money valuation of the company. So, if the valuation of the company is 20 crores and if the investment amount is 3 crores, the pre-money valuation is nothing but 20 crores minus 3 crores which comes out to 17 crores. Lion Capital follows exactly these six steps to arrive at Terraman's 20 crore valuation.


The last step is the easiest. All you have to do is find an average revenue multiple of all the comparables. Now, we have all the data that you need to estimate Terraman's valuation. This brings us to one final step. Let us take a look at the formula of the revenue multiple. As we have seen, revenue multiple is calculated by dividing valuation by the next year revenue. We have already found the average revenue multiple which is 2x. The founders are projecting Terraman's next year revenue to be 10 crores. Let us plug in these figures into our revenue multiple formula. As you can see, the valuation can now be found by simply multiplying 2x by 10 crores. The valuation of Terraman is hence estimated at 20 crores. This is also termed as post-money valuation of the company. The pre-money valuation of the company is nothing but post-money valuation of the company. So, if the valuation of the company is 20 crores and if the investment amount is 3 crores, the pre-money valuation is nothing but 20 crores minus 3 crores which comes out to 17 crores. Lion Capital follows exactly these six steps to arrive at Terraman's 20 crore valuation. 100% worth of the company's 20 crores, then for 3 crores, the investment should be somewhere around 15% stake in the business. Here, there is a disconnect between the founder's comfort and the investor's expectation. So at what valuation will this deal happen? At a 30 crore like the founders wanted or will it be at 20 crores that Lion Capital has estimated basis market data? Nobody can tell. This is where founders' reasoning and negotiation skills play a critical role in closing the deal. The negotiation skills will be very, very critical. As entrepreneurs, you should be prepared to justify your valuation ask. The best way to do it is to be ready with a transaction comparable method analysis for your business. We are looking forward to you to be a part of this particular program. Thank you.


Lion Capital follows exactly these six steps to arrive at Terraman's 20 crore valuation. 100% worth of the company's 20 crores, then for 3 crores, the investment should be somewhere around 15% stake in the business. Here, there is a disconnect between the founder's comfort and the investor's expectation. So at what valuation will this deal happen? At a 30 crore like the founders wanted or will it be at 20 crores that Lion Capital has estimated basis market data? Nobody can tell. This is where founders' reasoning and negotiation skills play a critical role in closing the deal. The negotiation skills will be very, very critical. As entrepreneurs, you should be prepared to justify your valuation ask. The best way to do it is to be ready with a transaction comparable method analysis for your business. We are looking forward to you to be a part of this particular program. Thank you. How do I determine whether the founder will be able to raise a round of capital or not? The fund enables fundability matrix is a tool which is given to you to determine whether your company is fundable or not. The tool basically has 8 building blocks. There are around 8 blocks which determine your fundability. The first is the team. The team is the most important block while looking to raise a round of capital. Always remember the bet is on the jockey and not on the horse at least in the initial phases of fundraising. The horse is your product. The jockey is actually the founding team. What do we look at in a founding team? There are two things that we look at. First is relevant skill sets. Second is complementary skill sets. The next block which is extremely critical is what we call as the value proposition. There are two types of companies. What is value proposition? Value proposition is nothing but the end benefit that you are actually offering to the customer.


100% worth of the company's 20 crores, then for 3 crores, the investment should be somewhere around 15% stake in the business. Here, there is a disconnect between the founder's comfort and the investor's expectation. So at what valuation will this deal happen? At a 30 crore like the founders wanted or will it be at 20 crores that Lion Capital has estimated basis market data? Nobody can tell. This is where founders' reasoning and negotiation skills play a critical role in closing the deal. The negotiation skills will be very, very critical. As entrepreneurs, you should be prepared to justify your valuation ask. The best way to do it is to be ready with a transaction comparable method analysis for your business. We are looking forward to you to be a part of this particular program. Thank you. How do I determine whether the founder will be able to raise a round of capital or not? The fund enables fundability matrix is a tool which is given to you to determine whether your company is fundable or not. The tool basically has 8 building blocks. There are around 8 blocks which determine your fundability. The first is the team. The team is the most important block while looking to raise a round of capital. Always remember the bet is on the jockey and not on the horse at least in the initial phases of fundraising. The horse is your product. The jockey is actually the founding team. What do we look at in a founding team? There are two things that we look at. First is relevant skill sets. Second is complementary skill sets. The next block which is extremely critical is what we call as the value proposition. There are two types of companies. What is value proposition? Value proposition is nothing but the end benefit that you are actually offering to the customer. There are two types of businesses. One is a vitamin business and second is a painkiller business. What is a vitamin business? I know that vitamin D is important for me for my good bone health. But did I pop in a tablet of vitamin D today before I started my day? Not really. Because even without popping in the vitamin D, I am able to actually stand in front of you for 8 hours and deliver the session. But what if I would have fallen in the morning? The first thing that I would require is actually a tablet of painkiller. I would ask someone to get me a painkiller at whatever cost, at whatever price for consuming it at this point in time. Businesses are also of two types. There is a vitamin business and a painkiller business. A vitamin business is a good-to-have business whereas a painkiller business is a good-to-have business. A vitamin business is actually solving a very, very severe pain point of the customer.


How do I determine whether the founder will be able to raise a round of capital or not? The fund enables fundability matrix is a tool which is given to you to determine whether your company is fundable or not. The tool basically has 8 building blocks. There are around 8 blocks which determine your fundability. The first is the team. The team is the most important block while looking to raise a round of capital. Always remember the bet is on the jockey and not on the horse at least in the initial phases of fundraising. The horse is your product. The jockey is actually the founding team. What do we look at in a founding team? There are two things that we look at. First is relevant skill sets. Second is complementary skill sets. The next block which is extremely critical is what we call as the value proposition. There are two types of companies. What is value proposition? Value proposition is nothing but the end benefit that you are actually offering to the customer. There are two types of businesses. One is a vitamin business and second is a painkiller business. What is a vitamin business? I know that vitamin D is important for me for my good bone health. But did I pop in a tablet of vitamin D today before I started my day? Not really. Because even without popping in the vitamin D, I am able to actually stand in front of you for 8 hours and deliver the session. But what if I would have fallen in the morning? The first thing that I would require is actually a tablet of painkiller. I would ask someone to get me a painkiller at whatever cost, at whatever price for consuming it at this point in time. Businesses are also of two types. There is a vitamin business and a painkiller business. A vitamin business is a good-to-have business whereas a painkiller business is a good-to-have business. A vitamin business is actually solving a very, very severe pain point of the customer. Venture capital investors typically like painkiller type of businesses versus vitamin businesses because the price that you can fetch for a painkiller is higher, the margins are higher, etc. One example of a painkiller business is actually a company called Terraman. To forecast the revenue, we will have to find answers to a few questions such as how do you acquire customers, what is the average price of the service or the product that you are selling to your customers and what does the customer conversion funnel look like.


There are two types of businesses. One is a vitamin business and second is a painkiller business. What is a vitamin business? I know that vitamin D is important for me for my good bone health. But did I pop in a tablet of vitamin D today before I started my day? Not really. Because even without popping in the vitamin D, I am able to actually stand in front of you for 8 hours and deliver the session. But what if I would have fallen in the morning? The first thing that I would require is actually a tablet of painkiller. I would ask someone to get me a painkiller at whatever cost, at whatever price for consuming it at this point in time. Businesses are also of two types. There is a vitamin business and a painkiller business. A vitamin business is a good-to-have business whereas a painkiller business is a good-to-have business. A vitamin business is actually solving a very, very severe pain point of the customer. Venture capital investors typically like painkiller type of businesses versus vitamin businesses because the price that you can fetch for a painkiller is higher, the margins are higher, etc. One example of a painkiller business is actually a company called Terraman. To forecast the revenue, we will have to find answers to a few questions such as how do you acquire customers, what is the average price of the service or the product that you are selling to your customers and what does the customer conversion funnel look like. We will now think through our revenue calculation. Let us consider that your market of business is actually online. You target audience sees your business or ads on Google, Facebook and are diverted to your website.


Venture capital investors typically like painkiller type of businesses versus vitamin businesses because the price that you can fetch for a painkiller is higher, the margins are higher, etc. One example of a painkiller business is actually a company called Terraman. To forecast the revenue, we will have to find answers to a few questions such as how do you acquire customers, what is the average price of the service or the product that you are selling to your customers and what does the customer conversion funnel look like. We will now think through our revenue calculation. Let us consider that your market of business is actually online. You target audience sees your business or ads on Google, Facebook and are diverted to your website. From there, a certain percentage of visitors get converted into buyers and they spend a certain average amount on your product or service. This is the customer conversion funnel.


We will now think through our revenue calculation. Let us consider that your market of business is actually online. You target audience sees your business or ads on Google, Facebook and are diverted to your website. From there, a certain percentage of visitors get converted into buyers and they spend a certain average amount on your product or service. This is the customer conversion funnel. Hi, my name is Vikrant Pothnis and I run a company called Fund Enable. Fund Enable is essentially a platform that helps startups in raising a round of capital. So we work with startups, technology startups, D2C startups, whoever is actually doing something new and wants to expand their business, we come in and we help them in raising a round of funding through equity. I actually was not into this field at all by, you know, during my school days, I came from a school called Parle-Tlyok Vidyalay, which was very high on activities, a lot of activities, right? So in fact, today coming to a studio is very nostalgic because I used to be a dubbing artist for a lot of cartoons of Walt Disney. So I used to dub at the UTV studio and most of the cartoons like Quack Pack, you know, Jungle Cubs, all these, I have actually done a lot of dubbings throughout my, you know, childhood. But then unfortunately, what happened was in the 10th, I scored well. And then the next thing is that, boss, go for science and you should do engineering. So unfortunately, my acting and dubbing, you know, kind of that whole hobby went down the drain and I got into engineering. At the end of engineering, I realized that. I don't want to do something which is related to technology. I want to kind of go into some other field. And that is when luckily on campus, I did my engineering from Sardar Patel Institute of Technology in Andheri. I was lucky enough that on campus, finance companies used to come to hire engineers because globally engineering is a four-year degree and globally all the degrees are actually four years. In India, we have three years. So they're global. Global parameter was that you should hire people with a degree with four years and therefore even for finance, they used to hire engineers, right? That is where I actually, and I took a bet that let's leave technology and let's at least try and understand investment banking and raising capital and so on and so forth. And that is where JP Morgan, I learned how to actually read financial statements. What is finance? You know how it is not technical, but it is basically numbers. And that is what we have learned in engineering all this while.


From there, a certain percentage of visitors get converted into buyers and they spend a certain average amount on your product or service. This is the customer conversion funnel. Hi, my name is Vikrant Pothnis and I run a company called Fund Enable. Fund Enable is essentially a platform that helps startups in raising a round of capital. So we work with startups, technology startups, D2C startups, whoever is actually doing something new and wants to expand their business, we come in and we help them in raising a round of funding through equity. I actually was not into this field at all by, you know, during my school days, I came from a school called Parle-Tlyok Vidyalay, which was very high on activities, a lot of activities, right? So in fact, today coming to a studio is very nostalgic because I used to be a dubbing artist for a lot of cartoons of Walt Disney. So I used to dub at the UTV studio and most of the cartoons like Quack Pack, you know, Jungle Cubs, all these, I have actually done a lot of dubbings throughout my, you know, childhood. But then unfortunately, what happened was in the 10th, I scored well. And then the next thing is that, boss, go for science and you should do engineering. So unfortunately, my acting and dubbing, you know, kind of that whole hobby went down the drain and I got into engineering. At the end of engineering, I realized that. I don't want to do something which is related to technology. I want to kind of go into some other field. And that is when luckily on campus, I did my engineering from Sardar Patel Institute of Technology in Andheri. I was lucky enough that on campus, finance companies used to come to hire engineers because globally engineering is a four-year degree and globally all the degrees are actually four years. In India, we have three years. So they're global. Global parameter was that you should hire people with a degree with four years and therefore even for finance, they used to hire engineers, right? That is where I actually, and I took a bet that let's leave technology and let's at least try and understand investment banking and raising capital and so on and so forth. And that is where JP Morgan, I learned how to actually read financial statements. What is finance? You know how it is not technical, but it is basically numbers. And that is what we have learned in engineering all this while. interestingly that was the time so what jp morgan used to do is for large companies it used to raise capital required for expense for expansion what


Hi, my name is Vikrant Pothnis and I run a company called Fund Enable. Fund Enable is essentially a platform that helps startups in raising a round of capital. So we work with startups, technology startups, D2C startups, whoever is actually doing something new and wants to expand their business, we come in and we help them in raising a round of funding through equity. I actually was not into this field at all by, you know, during my school days, I came from a school called Parle-Tlyok Vidyalay, which was very high on activities, a lot of activities, right? So in fact, today coming to a studio is very nostalgic because I used to be a dubbing artist for a lot of cartoons of Walt Disney. So I used to dub at the UTV studio and most of the cartoons like Quack Pack, you know, Jungle Cubs, all these, I have actually done a lot of dubbings throughout my, you know, childhood. But then unfortunately, what happened was in the 10th, I scored well. And then the next thing is that, boss, go for science and you should do engineering. So unfortunately, my acting and dubbing, you know, kind of that whole hobby went down the drain and I got into engineering. At the end of engineering, I realized that. I don't want to do something which is related to technology. I want to kind of go into some other field. And that is when luckily on campus, I did my engineering from Sardar Patel Institute of Technology in Andheri. I was lucky enough that on campus, finance companies used to come to hire engineers because globally engineering is a four-year degree and globally all the degrees are actually four years. In India, we have three years. So they're global. Global parameter was that you should hire people with a degree with four years and therefore even for finance, they used to hire engineers, right? That is where I actually, and I took a bet that let's leave technology and let's at least try and understand investment banking and raising capital and so on and so forth. And that is where JP Morgan, I learned how to actually read financial statements. What is finance? You know how it is not technical, but it is basically numbers. And that is what we have learned in engineering all this while. interestingly that was the time so what jp morgan used to do is for large companies it used to raise capital required for expense for expansion what What happened luckily was at that point in time, Flipkart was raising their first round of funding. And that was the first in India that here are a bunch of people who have just left their jobs. They have started something and some investor has actually come and invested 8-10 crores in the company. So at that point in time, it was very new. So me and a friend of mine actually started analyzing that what is this happening? You know, why are such small companies able to raise money and so on and so forth. And what we did was we left our jobs and we said what J.P. Morgan actually provides as a service to large companies. We will start doing that same thing for smaller businesses because for J.P. Morgan, etc. Morgan Stanley, J.P. Morgan, Bank of America, they don't take any work which is less than 200-300 crores. But in India, a lot of small, small businesses were wanting 20 crores. 50 crores, 30 crores. And until then, everyone was going to bank and raising loan. No one went to an investor at this early stage and raised equity. So basically, what we learned at J.P. Morgan for large companies, we started doing the same thing for smaller companies through this entire fundraising service platform per se. That time it was called Orega. So we ran it for a few years. And then we changed our business. We picked up another business. And in 2018, I had actually invested a very small amount of capital in a company, in a startup. And by God's grace, I got an exit from that startup. So whatever I'd invested, three years later, someone bought that stake from me for a higher valuation. So after that point in time, I was like, now, at least for the next three, four years, I don't need to make... I don't need to make money for a living, right? I can actually experiment. And that is when in 2018, I started Fund Enable. At Fund Enable, what we do is, we actually do three things. One is we work with smaller businesses and help them to raise money from investors. And those businesses then become large and then they list or they get acquired. Second is, every person in India who's starting a business wants to know how should I raise money. You know, what should I do to expand my business? So they know a bit about marketing, getting customers and so on and so forth. But the bloodline or the main important ingredient of growth is actually capital. If you don't have capital, you will not be able to expand. So we are now teaching founders, teaching everyone who want to start their business or existing founders, existing business owners, how to raise money through this equity capital route. And that happens through... We have an academy called Indian Academy of Venture Capital. So that is the second business where we train people how to raise money. And on the other side, we also train people how to invest money through what we call as Angel Investing. And the third module is that in India, there are 500 plus incubation centers set up by the government. The objective of these incubators is to support startups by providing them space, by providing them money, by providing them mentoring. But these incubators are actually housed in universities. So what we do at Fundainable is we go to incubators and we help them in running their operations. So today we are working with 50 such incubators in the country and providing our services to them. And that is essentially what we are doing. Right now, we are actually working towards creating more educational content. And this is exactly the reason why we are doing this entire... exercise. And that's my quick background. So I personally come from a middle class Maharashtrian family. My mother, her name is Neeta Pothnis. She is a teacher. She was a teacher in the school. She retired two years ago. So all through her life, she taught language at one school. All 30 years, she was a teacher at one school, taught language. I was actually a part of the same school. And therefore, it was quite interesting. That in the same school, you are learning and your mother is a teacher. It's actually quite challenging. My father, his name is Santosh. He runs his own business. So both my father as well as my uncle, his name is Dilip. Both of them ran businesses. And therefore, getting something into your own came very naturally to me. You know, a lot of people say that, you know, how did you switch from working somewhere to starting your business? Actually, it was not very difficult because for whatever 20 years, 15 years, you are growing in that environment. So you keep only hearing about those things. So I think in entrepreneurship or someone choosing to become an entrepreneur, one big factor is actually the culture, right? And 15, 20 years of prolonged culture in that atmosphere makes a lot of difference. You are no more worried about how do I get into this? I am worried about how do I get into something on my own. So that's my father's background. He still continues to run his business. He is 65 and still goes to his factory every day and runs it. I am the only son, but I was never interested in the business that he runs. It's too crude. It's too dhanda type, right? So therefore, I never went into that.


interestingly that was the time so what jp morgan used to do is for large companies it used to raise capital required for expense for expansion what What happened luckily was at that point in time, Flipkart was raising their first round of funding. And that was the first in India that here are a bunch of people who have just left their jobs. They have started something and some investor has actually come and invested 8-10 crores in the company. So at that point in time, it was very new. So me and a friend of mine actually started analyzing that what is this happening? You know, why are such small companies able to raise money and so on and so forth. And what we did was we left our jobs and we said what J.P. Morgan actually provides as a service to large companies. We will start doing that same thing for smaller businesses because for J.P. Morgan, etc. Morgan Stanley, J.P. Morgan, Bank of America, they don't take any work which is less than 200-300 crores. But in India, a lot of small, small businesses were wanting 20 crores. 50 crores, 30 crores. And until then, everyone was going to bank and raising loan. No one went to an investor at this early stage and raised equity. So basically, what we learned at J.P. Morgan for large companies, we started doing the same thing for smaller companies through this entire fundraising service platform per se. That time it was called Orega. So we ran it for a few years. And then we changed our business. We picked up another business. And in 2018, I had actually invested a very small amount of capital in a company, in a startup. And by God's grace, I got an exit from that startup. So whatever I'd invested, three years later, someone bought that stake from me for a higher valuation. So after that point in time, I was like, now, at least for the next three, four years, I don't need to make... I don't need to make money for a living, right? I can actually experiment. And that is when in 2018, I started Fund Enable. At Fund Enable, what we do is, we actually do three things. One is we work with smaller businesses and help them to raise money from investors. And those businesses then become large and then they list or they get acquired. Second is, every person in India who's starting a business wants to know how should I raise money. You know, what should I do to expand my business? So they know a bit about marketing, getting customers and so on and so forth. But the bloodline or the main important ingredient of growth is actually capital. If you don't have capital, you will not be able to expand. So we are now teaching founders, teaching everyone who want to start their business or existing founders, existing business owners, how to raise money through this equity capital route. And that happens through... We have an academy called Indian Academy of Venture Capital. So that is the second business where we train people how to raise money. And on the other side, we also train people how to invest money through what we call as Angel Investing. And the third module is that in India, there are 500 plus incubation centers set up by the government. The objective of these incubators is to support startups by providing them space, by providing them money, by providing them mentoring. But these incubators are actually housed in universities. So what we do at Fundainable is we go to incubators and we help them in running their operations. So today we are working with 50 such incubators in the country and providing our services to them. And that is essentially what we are doing. Right now, we are actually working towards creating more educational content. And this is exactly the reason why we are doing this entire... exercise. And that's my quick background. So I personally come from a middle class Maharashtrian family. My mother, her name is Neeta Pothnis. She is a teacher. She was a teacher in the school. She retired two years ago. So all through her life, she taught language at one school. All 30 years, she was a teacher at one school, taught language. I was actually a part of the same school. And therefore, it was quite interesting. That in the same school, you are learning and your mother is a teacher. It's actually quite challenging. My father, his name is Santosh. He runs his own business. So both my father as well as my uncle, his name is Dilip. Both of them ran businesses. And therefore, getting something into your own came very naturally to me. You know, a lot of people say that, you know, how did you switch from working somewhere to starting your business? Actually, it was not very difficult because for whatever 20 years, 15 years, you are growing in that environment. So you keep only hearing about those things. So I think in entrepreneurship or someone choosing to become an entrepreneur, one big factor is actually the culture, right? And 15, 20 years of prolonged culture in that atmosphere makes a lot of difference. You are no more worried about how do I get into this? I am worried about how do I get into something on my own. So that's my father's background. He still continues to run his business. He is 65 and still goes to his factory every day and runs it. I am the only son, but I was never interested in the business that he runs. It's too crude. It's too dhanda type, right? So therefore, I never went into that. I, in fact, I met my wife through a proper arranged marriage setting. Her name is Ishita. So by 28, I had, you know, I had done everything in life. You know, I had girlfriends, but never worked. Nothing worked. So by 28, my mother got really, you know, started getting panic attacks that, boss, if you don't get married right now, then nothing is going to, no girl is going to kind of marry you. And therefore, I actually went into this entire process of arranged marriage. And not to digital platforms for arranged marriage. We have to, you know, give your profile, our profile to a proper marriage broker, right? And then you get to see those files. So my mom, every Thursday, used to physically go to that broker, check the files and figuring out, yeah, and she used to figuring out which is the right, you know, person to get married. And that's how I met my wife, Ishita, through a proper arranged marriage meet, where there is a restaurant, parents meet, and then on the side table, you know, the girl and boy kind of talks. It was that kind of marriage. Even in this, you know, in this century, I never believed that I'll go through that, you know, route, but that happened. And my wife, Ishita, is also a school teacher. She teaches English in a school in Khar. She teaches English for 9th and 10th grade for ICSE students. So I've been... I've been married for six years, and I have a daughter who is four years old. Her name is Avni. So she is also, you know, basically, she has... she's very lucky because of one reason, which I think is most important at this point in time, that she stays with her grandparents, right? All of us are together. And therefore, the best moments that I see her spending or getting at this point in time is actually spending time with her grandparents. And I have a grandmother as well, who's still alive. So she gets time with my grandmother as well, which is like a very, very rare thing in today's day and age. And those moments are quite beautiful, right? So that is what it is. Me and my wife are like very, very different. I am a very outgoing person, have a lot of friends, like to party. She is basically an introvert, has only three or four very close friends. Hates going out to party, hates loud music. Her definition of party is to sit at home with candles, with light music and chill. My definition is to go all night and come back the next day morning. So, but that is what makes it very interesting, very complimentary. So that's a bit about my personal life per se.


What happened luckily was at that point in time, Flipkart was raising their first round of funding. And that was the first in India that here are a bunch of people who have just left their jobs. They have started something and some investor has actually come and invested 8-10 crores in the company. So at that point in time, it was very new. So me and a friend of mine actually started analyzing that what is this happening? You know, why are such small companies able to raise money and so on and so forth. And what we did was we left our jobs and we said what J.P. Morgan actually provides as a service to large companies. We will start doing that same thing for smaller businesses because for J.P. Morgan, etc. Morgan Stanley, J.P. Morgan, Bank of America, they don't take any work which is less than 200-300 crores. But in India, a lot of small, small businesses were wanting 20 crores. 50 crores, 30 crores. And until then, everyone was going to bank and raising loan. No one went to an investor at this early stage and raised equity. So basically, what we learned at J.P. Morgan for large companies, we started doing the same thing for smaller companies through this entire fundraising service platform per se. That time it was called Orega. So we ran it for a few years. And then we changed our business. We picked up another business. And in 2018, I had actually invested a very small amount of capital in a company, in a startup. And by God's grace, I got an exit from that startup. So whatever I'd invested, three years later, someone bought that stake from me for a higher valuation. So after that point in time, I was like, now, at least for the next three, four years, I don't need to make... I don't need to make money for a living, right? I can actually experiment. And that is when in 2018, I started Fund Enable. At Fund Enable, what we do is, we actually do three things. One is we work with smaller businesses and help them to raise money from investors. And those businesses then become large and then they list or they get acquired. Second is, every person in India who's starting a business wants to know how should I raise money. You know, what should I do to expand my business? So they know a bit about marketing, getting customers and so on and so forth. But the bloodline or the main important ingredient of growth is actually capital. If you don't have capital, you will not be able to expand. So we are now teaching founders, teaching everyone who want to start their business or existing founders, existing business owners, how to raise money through this equity capital route. And that happens through... We have an academy called Indian Academy of Venture Capital. So that is the second business where we train people how to raise money. And on the other side, we also train people how to invest money through what we call as Angel Investing. And the third module is that in India, there are 500 plus incubation centers set up by the government. The objective of these incubators is to support startups by providing them space, by providing them money, by providing them mentoring. But these incubators are actually housed in universities. So what we do at Fundainable is we go to incubators and we help them in running their operations. So today we are working with 50 such incubators in the country and providing our services to them. And that is essentially what we are doing. Right now, we are actually working towards creating more educational content. And this is exactly the reason why we are doing this entire... exercise. And that's my quick background. So I personally come from a middle class Maharashtrian family. My mother, her name is Neeta Pothnis. She is a teacher. She was a teacher in the school. She retired two years ago. So all through her life, she taught language at one school. All 30 years, she was a teacher at one school, taught language. I was actually a part of the same school. And therefore, it was quite interesting. That in the same school, you are learning and your mother is a teacher. It's actually quite challenging. My father, his name is Santosh. He runs his own business. So both my father as well as my uncle, his name is Dilip. Both of them ran businesses. And therefore, getting something into your own came very naturally to me. You know, a lot of people say that, you know, how did you switch from working somewhere to starting your business? Actually, it was not very difficult because for whatever 20 years, 15 years, you are growing in that environment. So you keep only hearing about those things. So I think in entrepreneurship or someone choosing to become an entrepreneur, one big factor is actually the culture, right? And 15, 20 years of prolonged culture in that atmosphere makes a lot of difference. You are no more worried about how do I get into this? I am worried about how do I get into something on my own. So that's my father's background. He still continues to run his business. He is 65 and still goes to his factory every day and runs it. I am the only son, but I was never interested in the business that he runs. It's too crude. It's too dhanda type, right? So therefore, I never went into that. I, in fact, I met my wife through a proper arranged marriage setting. Her name is Ishita. So by 28, I had, you know, I had done everything in life. You know, I had girlfriends, but never worked. Nothing worked. So by 28, my mother got really, you know, started getting panic attacks that, boss, if you don't get married right now, then nothing is going to, no girl is going to kind of marry you. And therefore, I actually went into this entire process of arranged marriage. And not to digital platforms for arranged marriage. We have to, you know, give your profile, our profile to a proper marriage broker, right? And then you get to see those files. So my mom, every Thursday, used to physically go to that broker, check the files and figuring out, yeah, and she used to figuring out which is the right, you know, person to get married. And that's how I met my wife, Ishita, through a proper arranged marriage meet, where there is a restaurant, parents meet, and then on the side table, you know, the girl and boy kind of talks. It was that kind of marriage. Even in this, you know, in this century, I never believed that I'll go through that, you know, route, but that happened. And my wife, Ishita, is also a school teacher. She teaches English in a school in Khar. She teaches English for 9th and 10th grade for ICSE students. So I've been... I've been married for six years, and I have a daughter who is four years old. Her name is Avni. So she is also, you know, basically, she has... she's very lucky because of one reason, which I think is most important at this point in time, that she stays with her grandparents, right? All of us are together. And therefore, the best moments that I see her spending or getting at this point in time is actually spending time with her grandparents. And I have a grandmother as well, who's still alive. So she gets time with my grandmother as well, which is like a very, very rare thing in today's day and age. And those moments are quite beautiful, right? So that is what it is. Me and my wife are like very, very different. I am a very outgoing person, have a lot of friends, like to party. She is basically an introvert, has only three or four very close friends. Hates going out to party, hates loud music. Her definition of party is to sit at home with candles, with light music and chill. My definition is to go all night and come back the next day morning. So, but that is what makes it very interesting, very complimentary. So that's a bit about my personal life per se.