Tracxn Technologies Ltd Management Discussions

1. Industry Overview - Growing Private Market

Private companies around the world continue to grow in number and importance, playing a vital role in driving innovation, advancing workforce capabilities, introducing new technologies, and generating employment opportunities for skilled professionals. This expansion is being driven by several macro trends: lower barriers to launching businesses and products, improved access to global markets, greater availability of capital, and increasingly supportive regulatory and business environments.

A 2024 report by Ernst & Young, prepared for the American Investment Council, highlights the growing economic significance of the private equity sector in the U.S. alone. According to the study, private equity directly employed 13.3 million workers in 2024, up from 12 million in 2022. The average compensation - including

Private market AUM growth (In USD trillion) wages and benefits - for employees at private equity- backed companies reached $85,000 in 2024, reflecting a 6% increase over two years. In total, the sector contributed $2 trillion to the U.S. GDP accounting for approximately 7% of total GDP

Aligned with this broader growth, private market assets under management (AUM) have now surpassed $9 trillion globally. Private markets have become a key allocation for Limited Partners (LPs) across geographies. These investments play a crucial role fueling companies across stages and sectors, particularly high-growth startups. For LPs, private markets offer both diversification and the potential to generate alpha, making them a core part of institutional portfolios.

Private companies, hence, have become deeply embedded in the global economy, powering the products and services used by enterprises and consumers alike, while making substantial contributions to job creation and economic growth.

In public markets, the demand for financial data has already proven to be a strong, scalable business opportunity. The sector has produced multiple large, profitable, and cash-generating companies. According to Tracxns internal estimates, annual global revenue generated by companies providing data for public markets exceeds $40 billion.

Private markets are now seeing a similar trajectory. Not only has the AUM grown significantly, but the number of institutions participating in this asset class - across venture capital, private equity, corporates, investment banks, family offices, LPs, accelerators, debt funds, and more - has expanded rapidly. Based on our internal analysis, there are over 200,000 addressable organizations globally that could benefit from structured, reliable private market data.

Yet, market penetration in this space remains low. This presents a compelling and timely opportunity to build a leading data platform for private markets - one that caters to a broad and growing global customer base.

2. COMPANY OVERVIEW

Tracxn is a leading global market intelligence platform providing data and software solutions for the private markets. Through our subscription-based platform, we offer comprehensive insights into private companies, used by investors and corporates for deal sourcing, M&A opportunity identification, deal diligence, private market analysis, and tracking emerging themes across industries.

Founded in 2012, based out of Bangalore, India, Tracxn was established by former venture capital investors Neha Singh and Abhishek Goyal. During their investing careers, both experienced first-hand the lack of reliable, enterprise-grade information on private markets - a stark contrast to the data available for public market investors. With backgrounds in computer science engineering, they set out to solve this gap using technology, and Tracxn was born.

Catering to the large and fast growing private market, our customer segment includes the investment industry: venture capital funds, private equity funds, family offices and investment banks; M&A and corporate development and innovation teams at large corporations, including several Fortune 500 companies. Our customers also include government and educational institutions.

Today, over 60% of Tracxns revenue comes from international markets, with customers across more than 50 countries.

Operating on a SaaS-based model, Tracxn offers access to our platform through user-based subscriptions with upfront payment terms - similar to leading financial data providers in the public market space. Our platform delivers in-depth coverage of the global private market landscape, including: company profiles, funding and M&A transactions, financials and shareholding structures, valuations and benchmarking, competitive landscapes and sector mapping, emerging technology sectors and industry reports, and more.

Our business model benefits from high operating leverage, as the cost of serving additional customers remains minimal after the initial investment in our technology and data platform. Importantly, while we serve a global customer base, our entire research and technology operations are based in India. This structure provides a sustainable cost advantage, of Make-in-India while selling globally. Since inception, Tracxn has remained debt-free, asset-light, and profitable, and we continued to deliver positive EBITDA, PAT, and free cash flows in FY25. 3. CUSTOMER SEGMENTS

We have a global customer base spanning across the key segments of the investment industry: venture capital funds, private equity funds, investment banks; corporates: across corporate development teams, M&A teams and innovation teams at large corporations including multiple Fortune 500 companies and others including government agencies, academic institutions.

a. Customers segments by geography

In FY25, 60% of our revenue was generated from international customers, reflecting the global relevance of our platform and the strong demand for high-quality private market data across regions.

Tracxns platform offers global coverage of private companies, and we actively process and aggregate data from both English and non-English language sources including German, French, Swedish, Korean, Dutch, Greek, Finnish, and Italian, among others. This multilingual capability allows us to surface high-quality intelligence on companies from a broad set of geographies, helping our customers scout local opportunities more effectively.

As of March 31, 2025 Tracxn had an active customer base of 1,926 accounts across 50+ countries. The top five countries by customer count were: India, USA, UK, Singapore and Germany.

Geography	FY 21	FY 22	FY 23	FY 24	FY 25
Americas	12.5	18.6	24.1	26.7	24.5
APAC (excl. India)	4.8	6.9	8.1	8.3	7.9
EMEA	13.6	19.2	20.8	19.3	18.6
India	12.9	18.8	25.1	28.4	33.5
Total	43.8	63.5	78.1	82.8	84.5

Revenue split by geography:

(INR Cr.)

b. Customers by type

Our customer base spans a wide range of institutions involved in private market activities. The three primary segments we serve are:

?€? Investment Industry, including venture capital funds, private equity funds, family offices and investment banks.

?€? Corporates, where we work with various teams like, the corporate development teams, M&A teams and corporate innovation of large corporations including many Fortune 500 companies across industries.

Other customer segments include universities, government agencies, industry bodies etc.

Customer segments & departments that we work with

Investment Industry Corporates

In FY25, our account distribution was as follows: 50% from the investment industry, 46% from corporates and the remaining 4% from academic institutions, government bodies, and others.

We also continue to see growth across different customer revenue buckets. The number of accounts with annual accrued revenue exceeding Rs.20 lakh increased across tiers, demonstrating ongoing headroom for realized pricing growth and expanding customer value.

Revenue	FY 21	FY 22	FY 23	FY 24	FY 25
INR 20L+ accounts	13	26	33	40	46
INR 30L+ accounts	5	11	22	23	22
INR 40L+ accounts	3	6	12	16	19

Despite serving several large global corporations, our revenue base remains well diversified. In FY25, our largest customer accounted for only ~2.3% of the total revenue from operations, underlining the low concentration risk and resilience of our business model. 4. PLATFORM OFFERING

Tracxn is a comprehensive data intelligence and software platform for the private markets. Our platform is deeply integrated into the daily workflows of our users, supporting critical activities such as deal sourcing, M&A target identification, investment diligence, trend analysis, and the tracking of emerging themes across sectors and geographies. We offer an extensive global database of private companies, enriched with a wide array of features and customizable modules.

These offerings span across three core layers: private market data, workflow tools, and software modules. Together, they enable our customers to effectively scout, monitor, analyze, and collaborate on private market opportunities.

a. Modules

Our offering spans across multiple modules across Private Market data, Workflow Software & Tools. Some key modules include:

i. Global private company coverage: Profiles of private companies with curated information including factual data, competitive landscape, sector and business model classification, and more.

ii. Private company financials: Financial

statements and metrics for private companies across over 20 countries including India, the UK, Germany, and Singapore.

iii. Private company captables & valuations: Detailed private company captables and valuations across over 15 countries, including detailed shareholding historical valuations, etc

iv. Emerging sector coverage: Deep, structured insights into emerging sectors, complete with taxonomies, market maps, sector-level news, and proprietary reports.

v. Investor database: Extensive information on private market investors and funds globally

vi. Global funding, M&A transactions: A

comprehensive record of global private market transactions, including funding rounds and acquisitions with detailed metadata such as

deal values, round types, participants, and advisors.

vii. Live Deals: Curated list of ongoing investment opportunities in the private markets

viii. Leaderboards & benchmarks: Tracxn Score for companies and investors, as well as benchmarking tools for comparing private and public companies across performance metrics

ix. Advanced search: Powerful, keyword-based search functionality with support for complex queries to navigate our extensive datasets

x. Reports: Periodic, in-depth reports on trends, themes, and movements across sectors and geographies, generated and updated by our analyst teams

xi. My Analyst support: Dedicated team of analysts that provide support through email, platform chat and select social media platforms.

xii. Personalized dashboards & newsletters:

Tools for sourcing relevant deals and tracking sector-specific developments, with curated updates delivered via in-platform dashboards and email

xiii. Integrations and Automation Tools: Multiple workflow tools including APIs for direct database access, Excel plugins for dynamic data pulls, and browser extensions for instant insights on companies while browsing.

xiv. Others: Additional platform features include deal flow CRM, proprietary Tracxn Scores, editor ratings, and more.

b . Global coverage

Our coverage is truly global, enabling customers to scout and evaluate companies across their local and international markets. As of March 31, 2025, Tracxn was scanning over 836 million web domains and had profiled more than 4.5 million private entities categorized across 2,950+ feeds by industry, sector, geography, affiliation, and business model. We process data from both English and non-English sources - including German, French, Swedish, Korean, Dutch, Greek, Finnish, and Italian - to ensure comprehensive regional visibility for our global users c. Industry & emerging technology coverage

Tracxn offers deep coverage across 24 major industries as given below :

Each industry is further divided into sectors and sub-sectors, with companies mapped to specific business models and taxonomy nodes. As of March 31, 2025, more than 4.5 million companies were classified across 2,950+ feeds. This includes coverage of fast-evolving sectors such as Generative AI, Electric Vehicles, Cybersecurity, Enterprise Networking, Drones, Quick Commerce, Organ-on-a-Chip, K-Beauty, and many others.

d. Proprietary taxonomy

A key strength of the Tracxn platform is our proprietary taxonomy - designed to bring structure and clarity to the private market landscape. Each of the 24 industries is mapped into over 2,950 sectors, further divided into 57,000+ taxonomy nodes. This detailed classification system improves data accuracy and granularity, enabling users to navigate and analyze information efficiently. Each company on the platform is tagged to one or more of these nodes using a combination of machine intelligence and sector-specialist input. On average, over 5,800 companies are added to the platform every day and mapped to their relevant node

e. High pace of data addition

We continue to expand our data at a rapid pace, ensuring our platform reflects the latest information on the private markets. In FY25, the number of profiled entities on our platform grew by 51%, increasing from 3.0 million in FY24 to 4.5 million. On average, over 5,800 companies were added daily across our taxonomy nodes. In the same period, we published over 20,000 reports, added more than 200,000 funding and M&A transactions, and over 3,900 investor profiles - highlighting the scale and intensity of our data operations.

f. Demo and trial accounts

For platform demo and setting up a trial account, please see below:

i. Product Demo Video fLinkl

ii. For setting up a trial account, please sign up on the Tracxn platform fLinkl using official email ID

iii. For any further queries, please mail us at investor.relations@tracxn.com

5. BUSINESS MODEL & PRICING

Tracxn operates on a subscription-based business model, similar to other global financial data platforms. The bulk of our operational revenue is derived from subscriptions, providing a recurring revenue stream. Our model benefits from negative working capital, as customers typically pay upfront for their subscription periods, either annually or quarterly, depending on their preference. In FY25, approximately 70% of our billings were on an annual payment schedule, further strengthening our cash flow visibility.

The pricing of our subscription plans is primarily based on the number of users licensed by each customer. This license-based, or seat-based, pricing model is aligned with that of many public market financial data providers and offers customers the flexibility to scale access as per their organizational needs. Our standard pricing tiers start at $6,600 per year for a single user, $13,200 per year for a three-user license, and $26,400 per year for a seven-user license. We also offer custom enterprise packages tailored to the requirements of larger teams. Pricing is available in both USD and INR to accommodate customers across geographies.

In addition to core subscriptions, several of our customers choose to purchase additional licenses or opt for premium services such as API access to support automation and workflow integrations. For such requirements, we have customers subscribing to plans with annual fees exceeding $50,000.

This pricing model, combined with the scalable nature of our technology infrastructure, enables strong operating leverage. Since the initial investments in platform development are made, the marginal cost of serving additional customers remains minimal.

6. GO-TO-MARKET FUNNEL

We serve a global customer base through a robust and scalable go-to-market funnel, which combines specialized sales execution, a strong content-driven marketing engine, and an enterprise-grade customer success framework.

a. Sales team

As of March 31,2025, our internal sales team comprised 119 members, operating across key global regions - Asia-Pacific, Europe, the Middle East, Africa, and the Americas. The team, based in India, works across time zones to maintain active sales operations for nearly 20 hours a day, enabling effective coverage of global leads. All inbound and outbound sales - ranging from introductory meetings to platform demonstrations - are managed through digital channels.

Inside-sales shifts spanning all time zones

Timings according to Indian Standard Time In the previous year, i.e. FY24, we enhanced the depth of our sales initiatives by establishing specialized sales teams for key customer segments in India, including universities, private equity firms, and startups. These vertical-specific teams are staffed with members who bring relevant domain expertise, for example, the team focused on universities and educational institutions has over 20 years of combined experience in selling to these organizations.

Building on this momentum, in FY25 we launched 10 additional specialized sales teams, further strengthening our ability to serve a diverse and growing customer base.

This segment-driven approach allows us to address the unique workflows and use cases of each customer group more effectively. While all customers access the same core Tracxn platform, their needs around data discovery, research workflows, and usage patterns vary significantly. Dedicated acquisition and expansion teams for each segment help ensure that we deliver a tailored value proposition that resonates deeply with each group.

Our sales operations are supported by a custom-built technology infrastructure that has been developed and is maintained by a sales enablement team. The custom infrastructure includes automated processes and systems for improving efficiency, increasing productivity, measurement of key performance indicators, CRM for lead management, automatic generation of daily work plan for each sales representative, opportunity management dashboards, central collateral repository, pipeline review and reporting dashboards.

b. Marketing lead generation

Our marketing efforts are primarily focused on digital and content-led channels, with a strong emphasis on organic and cost-effective approaches. At the core of our strategy is a content-driven acquisition flywheel that consistently generates a high volume of qualified leads. As a data platform, we are uniquely positioned to produce rich and insightful content on private company data, emerging sectors, industry trends, and thematic reports. This enables us to attract a steady stream of organic traffic from users seeking reliable insights and research material.

In FY25, our website recorded over 21 million organic visits, a ~45X increase compared to FY20. This growth in organic reach underscores the strength of our content marketing engine and the growing relevance of our platform among professionals globally.

To build brand awareness, we regularly provide data to leading media houses in India and abroad, who quote us as sources in their articles and reports. In FY25, we were mentioned in over 3,000 media stories across prominent publications, further reinforcing our position as a trusted source of intelligence on private markets.

We continue to keep our marketing costs low by relying almost entirely on organic channels, with negligible spend on paid advertising. This approach enables us to achieve strong reach and lead generation outcomes in a highly cost-effective manner.

c. Customer success

We aim to provide enterprise-grade support for our global customer base. Our customer success function focuses on four core areas: onboarding, support, ongoing engagement, and account expansion.

Onboarding: The onboarding experience is tailored to ensure a smooth start for each customer based on their specific use cases. The customer success team provides a guided platform demonstration during onboarding, with a focus on the workflows and features most relevant to the customers segment. We also offer customized onboarding guides that allow users to explore the platform independently, with content focused on the use cases that are most relevant to them. Every customer is assigned an account manager who helps with initial setup, platform customization, query resolution, and provides ongoing assistance throughout the lifecycle.

Support: To ensure timely and consistent support, our team operates across multiple time zones, enabling prompt resolution of customer queries around the clock. All support interactions are logged through an automated ticketing system, which allows us to track and manage the resolution process efficiently. In addition to this structured system, we have started leveraging GenAI tools to analyze customer interactions in real time. These tools help us perform sentiment analysis and improve the relevance and effectiveness of our responses, enhancing overall customer satisfaction.

Ongoing engagement initiatives: Our customer success team conducts monthly webinars to showcase newly launched features and modules, and maintains regular touchpoints with accounts to deepen platform usage. The team also focuses on improving engagement both at the user level and at the broader account level. These efforts include initiatives such as setting up personalized dashboards, tailored alerts aligned with the customers investment mandates, forming specialized engagement teams, and analyzing usage patterns to proactively guide users toward more effective platform utilization.

Upselling and account expansion: The customer success team plays a key role in driving renewals and upsell opportunities within existing accounts. As of FY25, our largest customer account contributed approximately INR 2 crore in revenue. Our go-to- market efforts are supported by experienced and skilled teams, with 30 professionals in marketing, 119 in sales, and 41 in customer success. These teams work in close coordination to ensure we are consistently delivering value to our customers and uncovering opportunities to expand our relationships.

Our recent growth initiatives have been covered further in the Strategies and Outlook section.

7. KEY BUSINESS ATTRIBUTES

a. Large, growing market and rich customer segment

The private market data industry represents a vast and largely untapped opportunity. There are over 200,000 addressable organizations across segments such as investment firms, corporates, government bodies, academic institutions, and others. Despite its scale, only a small single-digit percentage of this market is currently being served by structured data platforms, leaving significant headroom for growth

Private market data is a large and expanding industry

Key user segments - large & growing ?€? ~200,000 addressable organizations*

36,288 Venture Capital Funds	26,862 Private Equity Funds	55,892 Listed Entities	31,097 Educational Institutes	2,740 Limited Partners
14,681 Investment Banks	10,346 Accelerators & Incubators	34,080 Large Corporates	1,881 Debt Funds	250 Industry Bodies
4,108 Family Offices	1,515 Angel Networks	16,299 Late-stage Startups	250 Government Bodies

Note. 1 Late-stage startups considered here are o! Series--C and above funding

?€? As of 2021, according to Global Information Servicer. Market* report by Frost & Suiiivan, other publicly available sources and internal estimates

b. High operating leverage and margin expansion

Our business model enjoys high operating leverage. Following the initial investment in building our technology infrastructure, data assets, and workflow automation software, the incremental cost of serving additional customers is minimal. As a result, the business enjoys strong gross margins and is structurally positioned for profitability as scale increases.

The platform is entirely productized, requiring no custom development or bespoke servicing for each new customer. This allows us to onboard and support a growing number of accounts without a corresponding increase in cost. The efficiency of our model is reflected in the relationship between our revenue and expense growth. Between FY21 and FY25, revenue grew at a CAGR of 18%, while total expenses increased at a much lower CAGR of 8%. In FY25, our EBITDA margin stood at 1.0%, while the PAT margin reached 5.8%.

c. Significant India cost advantage

We have a global customer base, with nearly 60% of our revenue coming from international customers, while our entire operations are based in India. This strategic model of "making in India while selling globally" gives us a considerable cost advantage. Our data production and technology platform is built in India yet covers private companies and markets worldwide, our global sales operations are managed centrally from India, and our content -driven customer acquisition flywheel further enhances efficiency. Together, these factors provide us with a significant and long lasting cost advantage.

d. Profitable operations and increasing free cash flow

We continued to maintain profitable operations in FY25, recording an EBITDA of INR 0.8 crore and a PAT of INR 4.9 crore. Free cash flow rose to INR 14.3 crore in FY25, up from INR 10.3 crore in FY24. Our cash and cash equivalents also continued to strengthen, reaching INR 94.6 crore at the end of FY25, representing a 28% year- on-year increase.

e. Scalable and proprietary technology platform

Our technology and data platform has been developed entirely in-house using leading technologies and architectures, making it highly agile and scalable. It leverages AI-driven analytical capabilities such as autoextraction, categorisation, and personalised recommendations. Supported by a central 108-member technology and product team, along with dedicated automation engineering teams within our data and business units, this structure allows us to proactively adopt the latest technological advancements in building robust data and software solutions.

f. Low cost, content-driven acquisition flywheel

As a data company, we are able to leverage the vast amounts of data that we own to drive content-based marketing, enabling us to acquire a high velocity of leads without relying on paid marketing. In FY25, our public pages had over 21 million visits, and had more than 3,000 press mentions across prominent news media.

g. Minimal capex and debt-free

Our SaaS-based business model enables us to operate with minimal capital expenditure. One of the major expenses for information technology businesses is the cost of computer servers. At Tracxn, we leverage cloud infrastructure to host our software, allowing us to dynamically manage capacity and ensure high availability and cost efficiency. Unlike physical servers, which require significant upfront investment, the cloud model allows us to pay only for what we use while seamlessly adapting to changing demand.

Additionally, by operating from managed office space that comes fully equipped with furniture and fixtures, we incur minimal capital expenditure related to office infrastructure. This is reflected in the value of the fixed assets on our balance sheet, which stands at INR 20.3 Lakh, along with a depreciation and amortization expense of INR 11.36 Lakh in FY25.

The company has remained debt-free since its inception.

h. Proven playbook of large financial data companies

Financial data markets have created several large companies that have collectively generated over $40 billion in annual revenue. Many of these companies are highly profitable, continue to generate strong cash flows, and have sustained growth for decades. We believe the private market today mirrors the public market data space from a few decades ago and we see an opportunity to learn from the proven playbook of these large financial data companies that have been built for the public market investors.

8. FINANCIAL PERFORMANCE a. Abridged profit and loss statement (INR Crores) Particulars	FY 2024-25	FY 2023-24
Revenue from operations	84.5	82.77
Other income	0.28	0.31
Other gains/(losses) - net	5.62	3.96
Total Income	90.37	87.04

Expenses Employee benefit expense	73.87	69.26
Depreciation expense	0.11	0.17
Other expenses	9.76	8.93
Profit / (Loss) before tax and exceptional items	6.62	8.68

b. Result of operations seen consistent growth in our revenue from operations

despite the industry headwinds of slower investment L Revenue from operations activity in private markets, also widely referred in media

Revenue from operations grew by 2.1% YoY from INR as funding winter .

82.8 crores in FY24 to INR 84.5 crores in FY25. We have

Revenue Split By Geo (in INR Crores)	FY 24	FY 25	FY25 % Contribution
Americas	26.7	24.5	29%
APAC (excl. India)	8.3	7.9	9%
EMEA	19.3	18.6	22%
India	28.4	33.5	40%
Total	82.8	84.5	100%

Revenue split by geography (INR Cr.)

Americas

APAC (excl. India)

EMEA India

Employee benefit expenses accounted for 88.2% of our total expense. This increased from INR 69.3 Cr in

crores in FY24 to INR 83.7 crores in FY25. FY24 to INR 73.9 Cr in FY25. These expenses remained largely range bound due to rationalization of headcount on the back of efficiency focussed initiatives that we undertook during the year.

Cloud hosting charges were our second largest expense item and accounted for 2.9% of the total expense.

The remaining expenses include depreciation expense, rent expense, and remainder of other expenses. These add up to 8.9% of our total expense.

Total expense breakup Particulars	FY 25	% Total Expense
Employee benefit expense	73.9 Cr	88.20%
Salaries, Wages & Bonus	67.2 Cr	80.30%
Employee stock option expense	4.6 Cr	5.50%
Other Employee Benefit Expenses	2.0 Cr	2.40%
Depreciation Expense	0.1 Cr	0.10%
Other Expenses	9.8 Cr	11.70%
Cloud Hosting Charges	2.4 Cr	2.90%
Rent for Building	2.1 Cr	2.50%
Remaining Other Expenses	5.2 Cr	6.20%
Total Expenses	83.7 Cr	100.00%

iii. Profitable Operations

EBITDA margin stood at 1.0% and PAT margin stood at 5.8% in FY25

We continued to have profitable operations in FY25. Since the operating expenses do not scale as much

with the growth in revenue due to the operating leverage of the SaaS business model of the company, a significant portion of the additional revenue flows to the EBITDA. In FY25, the incremental revenue was offset by the increase in cost due to investments in various growth initiatives.

iv. Cash and Cash Flow

Free cash flow for FY25 was INR 14.3 Cr, compared to INR 10.3 Cr in FY24.

Key Financial Ratios

Cash and cash equivalents 1 stood at INR 94.6 Cr. in FY25, a 26% growth YoY from INR 75.2 Cr. in FY24

For more details, please refer to the financial statements forming part of this annual report.

Particulars	March 31, 2025	March 31, 2024	Variance	Remarks
Current ratio	2.48	2.24	10.40%	NA
Return on equity (ROE)	-13.97%	9.96%	-240.24%	Refer note 3
Trade receivables turnover ratio	17.35	9.44	83.80%	Refer note 4
Trade payables turnover ratio	18.28	12.69	44.00%	Refer note 5
Net capital turnover ratio	1.58	1.97	-19.49%	NA
Net profit ratio	-11.30%	7.85%	-243.85%	Refer note 6
Return on capital employed	10.06%	12.25%	-17.83%	Refer note 7
Return on investment	5.92%	7.21%	-17.93%	NA

Notes:

1. The Company did not have any debt outstanding as at 31 March 2025 and 31 March 2024. Accordingly, the debt-equity ratio and the debt service coverage ratio have not been disclosed.

2. The business model of the company is services oriented hence there is no inventory. Accordingly the inventory turnover ratio is not applicable.

3. Decrease in profit after tax due to asset created on deferred tax on brought forward losses being charged off in the FY25 has resulted in decrease in INR 1448.67 lakhs in FY 25

4. Increase due to significant improvement in Debtor(Collection), due to Proforma Invoice Set up and improved recovery/collections

5. Increase in this ratio is due to improvement in payment cycles and reduction of credit period to vendors in the FY 25

6. Decrease in profit after tax due to asset created on deferred tax on brought forward losses being charged off in the FY25 has resulted in decrease in INR 1448.67 lakhs in FY 25

7. Decreased due to lower Profit before tax on account of higher increase in Expenses than Income

Definition of Ratios:

?€? Current ratio: The Current Ratio is an indicator of a companys liquidity and ability to meet short-term obligations. It is calculated by dividing current assets by current liabilities, providing a measure of the companys capacity to pay off debts due within one year.

?€? Return on equity (ROE): This ratio assesses the profitability of the equity invested in the company, showing how effectively the company has utilized shareholders funds. It also indicates the percentage return generated for equity holders. The ratio is calculated by dividing the Profit After Tax (PAT) by the average equity.

?€? Trade receivables turnover ratio: The Receivables Turnover Ratio measures a companys efficiency in collecting payments from its customers, how effectively the firm manages its receivables, indicating how well the company handles the credit it extends to customers and how swiftly it collects shortterm debts. This ratio is determined by

dividing revenue by average trade receivables.

?€? Trade payables turnover ratio: The Trade Payables Turnover Ratio shows how many times a company has paid its creditors within a given period. It helps assess the cash needed to settle outstanding debts with suppliers. The ratio is calculated by dividing total purchases by the average trade payables.

?€? Net capital turnover ratio: The Net Capital Turnover Ratio measures a companys efficiency in utilizing its working capital. It is calculated by dividing the revenue from operations by the working capital for the same period.

?€? Net profit ratio: Net Profit Ratio is the percentage of revenue that remains as profit after all expenses, including operating costs, interest, taxes, and other expenses, have been deducted. It indicates how efficiently a company converts revenue into profit.

?€? Return on capital employed: ROCE reflects a companys management effectiveness in generating returns for both debt and equity holders. It gauges the companys profitability and how efficiently it utilizes its capital. ROCE is calculated by dividing EBIT by total capital employed which for us is total equity since we do not have any debts.

?€? Return on investment: Return on

Investment (ROI) is a financial ratio that measures the benefit an investor gains relative to the cost of their investment. A higher ROI indicates a greater return on the investment. It is calculated by dividing EBIT by average total assets.

?€? EBITDA Margin: EBITDA margin measures a companys operating profit as a percentage of its revenue. This metric provides insight into how efficiently a company is generating profit from its core operations, excluding non-operating expenses and accounting decisions.

For more details, please refer to the financial statements forming part of this annual report.

1 Cash & Cash eq : Includes Cash in bank and payment gateways + Investments & Bank deposits + Security deposit paid against IPO - tax amounts received upon exercise of ESOPs, pending payment to Income Tax. 9. STRATEGIES AND OUTLOOK

a. New customer acquisition

The private market continues to expand, driven by an increase in the number of private market investors and a rising allocation of capital to these markets. While this sector is growing, the adoption to technology is still far behind what we typically see in the public markets. We continue to focus on reaching out to potential customers and demonstrating the technological capabilities and expanding our customer base.

b. Expansion from existing customers

Our pricing is based on the number of logins within each subscription. As platform adoption continues to grow, customers typically increase the number of logins. Our largest customers have grown sizable over the years both in terms of the number of logins as well as in terms of contribution to revenue. We continue to focus on this aspect of our business, where different initiatives are taken to increase the adoption and find upsell opportunities. This includes increasing user-level and account-level engagement through various initiatives such as better platform education, periodic touchpoints, hero features, personalization and more.

c. Cumulative number of account with significant revenue contribution

Revenue	FY	FY	FY	FY	FY
	21	22	23	24	25
INR 20L+ accounts	13	26	33	40	46
INR 30L+ accounts	5	11	22	23	22
INR 40L+ accounts	3	6	12	16	19

d. Expanding global customer base

Close to 60% of the revenue is from international customers. We have a customer base spanning over 50+ countries. The top 5 countries by number of customers as at the close of FY25 were India, United States of America, UK, Singapore, and Germany. We will keep expanding our customer base in these countries and other regions where we see substantial growth potential. Expanding our offerings to include companies from other countries

and geographies also makes the database more relevant to our global customers.

e. Increasing value proposition of the platform

We continue to introduce new features and enhancements on the Tracxn platform to increase value to our customers. Some of the key enhancements in FY25 include the launch of Regulatory Data such as loans and charges, legal cases and patent data, launch of Live Deals on the platform to assist both investors and startups to raise and receive funds.

We will continue to invest in deploying additional technologies for our platform that will enable us to scale our product offerings. In addition to introducing new features we continue to increase the coverage of data - we added data of more than 1,530,000 entities, 20,000 reports, and 2,00,000 funding rounds and acquisition transactions in FY25.

f. Expansion into adjacent customer segments

There are certain additional use cases of our private market and emerging technology data which make the platform useful for other customer segments beyond investors - for example product discovery, vendor discovery, business development to name a few. These diverse sets of customer segments such as startups, universities etc. have their own specific needs which can be addressed by our platform. For instance a Limited Partners in a fund may use our platform for fund performance data, and sales personnel rely on our platform for augmenting company information to improve their sales outreach. By tapping into these segments we can potentially expand our total addressable market.

g. Select recent growth initiatives

Apart from the above mentioned strategies, we have also been working on select growth initiatives, some notable ones include

i. Scaling Organic Traffic & Inbound Leads Pipeline: Our lead generation strategy is primarily driven by content marketing through SEO. Since all our content is developed inhouse and tailored for our platform, we do not use paid marketing. Our marketing team creates a wide range of public pages, and this efficient content-driven customer acquisition flywheel helps us to acquire a high volume of inbound leads. In FY25, our platform had over 21 million organic visits, 7x times higher than FY21. We expect this organic traffic to further increase, thereby increasing inbound leads pipeline.

ii. Tracxn Lite: We launched Tracxn Lite for PLG (Product-Led Growth) to create awareness to showcase the depth of the platform and drive product-led growth. With Tracxn Lite users get full platform access with certain limitations such as restricted daily profile views, exports and specific platform modules. In a little over one year since launch, more than 1,39,000 users have signed up for Tracxn Lite, with pace of acquisition increasing QoQ. Monthly active users have crossed 30,000

iii. Specialized Teams: We had set up specialized teams for select high potential customer segments such as Universities and Startups last year. Bulk of our relevant customer segments come from top universities globally and universities are a good marketing and discovery channel for us. We have also seen a high volume of inbound leads from startups. Seeing the success of the initially launched vertical teams, we further launched 10 more vertical teams in FY25 for Investment Banks, Venture Capital, Accelerators & Incubators to name a few.

Though they are served by the same platform, they have differentiated use case and workflow requirements. We have set up a separate team to focus on acquisition and expansion of customers in this segment.

We are seeing good response in the segments where we have launched vertical teams - in terms of account growth as well as revenue expansion. In addition to specialised teams selling to key segments, through both inbound & outbound, we have also augmented the platform coverage: increased coverage of private company financials and key ratios, VC & PE databases, etc. We have also launched additional features - for example, enabling startups to indicate if they are seeking investment banking support.

We have seen an accelerated volume growth from these vertical teams, leading to an

accelerated growth in India. We plan to extend these to other key geographies and expect similar growth in the international markets.

Press mentions: We have been increasing our reach through various media partnerships, data contributions, reports, and regular newspaper columns. In FY25, we had more than 3000 press mentions across various media and had some very prominent partnerships:

- We were the data partners for Titan capital to create exclusive list of "Indi corns" - Indian startups that are profitable and with revenue more than Rs.100 crore

- "The First Cheque Report 2024", a cobranded report with a SEA-focused VC fund - Jungle Ventures

- "50 Future Unicorns of Karnataka, by the Economic Times which was released at the Bengaluru Tech Summit 2024

- We were the knowledge partner at the ET Startup Awards - which is a very prominent private market event hosted by The Economic Times

DATA PARTNER

Fraexn :s a global private market data platform. providing analyst- curated data for over 3 -riluan comearies rcro33 2 . TOO sectors. T*an seivea 1.5DC* dents across 50 countries, including VC*. PCs. and corporates. Listed on the NSC and BSC since October 30. 2032. Tracwi cont rives to be a lusted source for investors worldwide

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THE FIRST CHEQUE REPORT 2024

Analysing Founding Teams and Seed Rounds in India & SEA

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iv. Increased coverage of financials and

captables across countries : We currently Process data from English and more than 35 non-English language sources which include German, French, Swedish, Korean, Dutch, Greek, Indonesian among others. We provide company financials from over 20 countries and capitalization tables from more than 15 countries . We are continuing to add more data for

companies from more geographies.

v. Increasing coverage of Legal Entities

Database : In FY25, we made our Legal Entities database richer to support diligence and similar use cases. As of March 2025, the platform now features over 64 million legal entities from a wide range of geographies like US, UK, India, Australia, Japan, Brazil. This database is particularly valuable for late -stage

investors, and we continue to increase the richness of data on our platform.

vi. Launched Regulatory Data: We are also building deeper coverage of Regulatory Data on private companies & legal entities. Some of the data points that are live and in pipeline include Loans and Charges data,

Legal Cases data, Patent data, FDA Approval data, amongst others. These are particularly important for existing and new use cases like deeper due diligence, KYC and similar use cases.

10. TECHNOLOGY PLATFORM & DATA ENGINES

The private market is vast and there are millions of companies to be evaluated and tracked as compared to less than 60,000 companies which were publicly traded and had fairly structured information about them available at the end of 2024. The data about private companies is largely fragmented and unstructured, which makes tracking data/disclosures for private companies very difficult.

To provide enterprise-grade information in a comprehensive, standardized and structured manner, we rely on a combination of technology and human-in-the loop systems. This makes information actionable and aids decision making for our users.

Following are the key features about how we source data, key components of our technology stack, analyst and data team engines that we have built in-house over the past decade.

a. Source of data

Our data on private markets includes a wide set of information spanning data on private companies, industries and sector coverage, transactions (funding, M&A), private company financials, capable, valuations, amongst others.

Our key sources of data are the following

Publicly available information

This includes factual information like funding related news, founded year, office locations and much more. This data is sourced from publicly accessible resources, including company websites, blogs, news articles, social media, and other secondary sources. We combine and capture relevant factual information to be included in the company profiles after verification from various such sources. We mine information from over 836 million web domains at the backend and add over around 60 million new web domains every year. We consistently identify interesting companies across various sectors everyday by processing and analyzing data from millions of web pages.

Proprietary data

We generate our own proprietary data through a range of models that we have defined, along with the assistance of our analyst team. This includes sector-based coverage, industry classification, taxonomy, understanding of company business models, among other factors. Our in-house developed taxonomy forms a key data point which is attached to the companies which are profiled on the platform. As of March 31, 2025, we have mapped over 4.5 million entities across more than 57,000 different taxonomy nodes in more than 2,950 sectors amongst more than 20 different industries. This unparalleled level of structured and detailed classification enables our customers to track companies in a more focused manner, drawing global comparables, applying niche search criteria, and facilitating prompt and effective decision-making.

Regulatory Filings

We also gather data from various regulatory filings that the private companies are required to submit across various countries. These include registrar of company filings, transaction filings, labor filings, taxation filings etc. These filings by companies, wherever available, are obtained from the respective registries. The information extracted from these filings is then carefully curated and verified to provide financial and shareholding data for the companies.

b. Scalable & proprietary in-house technology platform

Our in-house technology platform has been designed focusing on high performance and the massive data assimilation, processing capabilities. At the backend, the platform is scanning more than 836 million web domains for signals to identify interesting companies, and using intelligent algorithms to capture the relevant companies that are bubbled up in the queue for processing.

The front end of the platform is modular and based on micro frontends architecture where each module uses SPA (Single Page Application) for enhancing user experience across the platform. It is responsive (adaptive to different interfaces like laptops and mobiles) and accessible on web browsers, Android and iOS applications. The backend of the platform is built using microservices based architecture, which makes it highly scalable and yet modular enough for easy maintenance without any downtime. At the core of the platform is our databases which are built over widely used and proven technologies for managing large data based business. Further, use of performance enhancing technologies like JSON Web Tokens alongside the CDNs (Content Delivery Networks) helps us to load huge amounts of data at a very fast pace, thereby reducing the load time and enhancing the user experience.

We host our servers on the leading cloud servers thereby increasing the reliability and scalability as per the demand of the business and that of our customers. We have also automated the management and utilization of our cloud resources to keep our costs under control. So while our database at backend has been increasing at a very fast pace, our cloud server costs have remained range bound.

c. Proprietary models and human-in-the-loop for enterprise grade data

We have developed proprietary models and automations for curating enterprise data across various data modules for private companies globally. Our automation models extract, parse and standardize data from multiple sources such as images, documents, scanned portable document format or pdf using optical character recognition technology, and map relevant data to respective fields. These models are continuously developed and refined by the automation engineers of the respective data teams, tailored to specific requirements and processes. Additionally, we leverage automation and other internally developed models for quality assurance, implementing 2-layer, automated and committed to being pioneers in harnessing the power

manual check processes. of generative AI to enhance our platform.

Our human-in-the-loop methodology ensures the delivery of high quality enterprise grade information and addresses the data and intelligence gaps that technology alone cannot solve yet. We have a dedicated team of 65+ sector specialists who perform the review of the system outputs, develop taxonomy, provide editor ratings and define new report formats and data points to be covered.

We continue to harness GenAI in data production yielding significant and promising results. We have been able to multiply our datasets while reducing manual intervention, which is a great testimony to our use of automation and intelligence in data production.

We are leveraging AI in several stages of our data production and others: In order to provide enterprise grade data, we also have data teams focusing on addressing the data gaps and performing quality checks. They span across modules like company profiles, funding transactions, mergers and acquisitions, company financials, captables, valuations, industries & sector coverage etc. This is very useful where the information is highly subjective and does not follow a standard pattern of dissemination.

d. Generative Artificial Intelligence (AI)

Technology has been a key enabler in building our global private market data platform and we are excited about the recent advancements in artificial intelligence, particularly in generative AI. We are

- Identification of upcoming private companies, data extraction from unstructured data & documents including in non-English languages, enabling massive scalability to accelerate the pace of data addition; industry classification, & more

- Data production: for company profiling and for augmenting transaction data sets (including funding, acquisitions, etc.) as well as improving data accuracy

Engagement & Outreach: Empowering our GTM teams by refining lead profiling, sentiment analysis of interactions, and optimizing engagement strategies

11. HUMAN RESOURCES

a. Overview

The Tracxn family was 664 members strong as on March 31, 2025.

Our team split as on March 31,2025 is as follows: Function	Number of Employees
Analyst and Data Operations	303
Product and Technology	108
Sales Marketing and Customer Success	190
Business Support	63
Total	664

b. Equal Opportunities @ Tracxn

Tracxn strongly believes in creating equal opportunity and providing a sense of belongingness to all the employees. We are proud to share that we had 44% women workforce as of March 31, 2025.

c. Building a High Productivity Workplace

We endeavor to build a high-productivity workplace for all our team members. Over the last few years, we have implemented multiple things across the organization to maximize efficiency, enhance collaboration, and achieve optimal results in our workplace environment.

These span across how all the leaders manage their time & calendars, to meeting structures, to using technology & IT for automation, and more. Following are some examples:

i. Time boxing

Our days are meticulously planned and managed through our calendar. This structured approach enables us to efficiently handle meetings and ensure that all priority tasks receive the necessary attention

ii. Written notes for each meeting item

As a standard practice, we prepare comprehensive notes that outline the key discussion points. These notes serve as a reference during the meeting, promoting clarity and focus.

iii. Clear agendas

Every meeting is accompanied by a clearly defined agenda, which is documented as a separate event in the calendar. This practice enables us to address the agenda items efficiently, leading to the timely conclusion of meetings and maintaining focus on the intended course of action

iv. Milestone/stage-based project management

Our project management approach follows a unique methodology. At every stage of a project, stakeholders synchronize, review, and update strategies based on the insights gained. We categorize the stages as Ideation (M1), Solution (M2), and Execution (M3), ensuring a systematic progression throughout the project lifecycle.

v. Automate (almost) everything

Our primary objective is to optimize internal systems and processes by leveraging

automation wherever possible. We actively seek opportunities to automate either specific parts or entire workflows. To facilitate this goal, each department maintains a dedicated automation/ technology team. For example, our HR department has its own automation team, reflecting our commitment to streamlining operations.

vi. Internal IT

We have established an internal IT team to cater to our organizations technological needs. This dedicated team allows us to promptly address any IT related issues, ensuring a swift turnaround time for problem resolution

d. Employee well-being

Health and fitness

We firmly believe that staying healthy is one of the basic and most important pillars of productivity and we encourage and promote our team members to adopt and maintain a healthy lifestyle. We organised a 21 day yoga challenge to promote mental and physical wellbeing, in addition organised another 21 day challenge for occasions like World Mental Health Month in October in order to build new habits and incorporate healthier lifestyles. Team members are also encouraged to share their insights into what has proven effective for their physical and mental health journeys, serving as inspiration for others.

Employee engagement

We strive to foster a strong sense of belonging within the workplace, boost employee motivation and cultivate positive sentiments toward the organization. Some of the activities that we at Tracxn conduct

include department level team lunches, fun-events, contests and sports tournaments, among others.

Quality of work

We have created feedback mechanisms to gather regular input from our employees. These surveys enable us to compare different departments, identify trends, observe indicators affecting specific teams, identify gaps and double down on the measures that work towards organizational growth and address any concerns at individual level.

Training and skill enhancement

We promote employee upskilling by way of efficiency driving projects, in-depth problem solving and taking additional responsibilities. This approach allows our employees to gain hands-on experience and acquire new skills.

Work-life balance is a crucial part of a healthy and productive work environment. We encourage all teams to follow streamlined work timings and follow office timings to ensure balance and productivity. We dont encourage working post office hours and avoid work during weekends as well as holidays.

Reward and recognition

We believe in rewards and recognition, to acknowledge and appreciate our employees and their work. This leads to greater employee engagement and a positive workplace. A few examples of such rewards are monthly and quarterly star performer awards, long service recognition awards, amongst others.

e. ESOP policy

Employee Stock Option Plans provide employees ownership interest in the company in the form of shares of stock. ESOPs encourage employees to invest their best efforts, as the companys success translates into financial rewards. Employees benefit from the companys achievements and develop a sense of ownership, which can lead to increased productivity and overall performance improvement. This also creates opportunities for wealth generation for the employees.

We have created a robust ESOP policy keeping the interest of employees in mind, covering most of our mid to senior leadership, key team members and high performers. Under the policy, ESOPs are granted on a quarterly basis with a four-year vesting period. Promoters and other board members are not entitled for ESOPs.

12. TRACXN IN MEDIA

Tracxn Technologies Limited continues to attract media attention. The companys success story and IPO listing were covered by leading media companies such as Business Today, Business India and Money Control, which published elaborative articles about the Company. Our data is regularly cited by prominent forums.

Bharat GoooTimes

Neha Singh: Co-Founder of Tracxn Driving

Tracxn to the Top of Market Intelligence with her background in venture capital and technology, we identified a gap in startup research

Tracxn to provide aatatlnvon insights on emerging Business Standard

FOUNDER

InsideTracxns pursuit of building an iconic global data company

Source: Business Today : November 28,2021,8:34 p.m.

Private market data and insights provider Tracxns unique tech stack and low-cost; built in india for the worlds growth model augurs well for the start-up ecosystem at a time when high- bum rate consumer tech ventures are facing a funding winter

How Tracxn accelerates innovation

Source: Business India : November28 2021,834 pm.

Techie duo Neha Singh and Abhishek Goyal are flying high with their business intelligence platform Tracxn Technologies

Tracxn Listing Day : Goal is to build an iconic data providing company from India, like how Infosys is an iconic software company from India: Founders Abhishek Goyal and Neha Singh.

Source: moneycontrol : OCTOBER 20.2022/0825 AM 1ST

Tracxn Technologies, a private markets information provider, is all set to list later today, in what will be the first listing of a venture capital-backed software-as-a-service company in India this year.

RISK AND THREATS TO THE INDUSTRY AND OUR BUSINESS

1. Political, macroeconomic and demographic changes could adversely affect economic conditions globally thus impacting the private market investment industry. Such risks may impact our revenue and earnings.

2. We derive, and expect to continue to derive all of our revenues from operations from subscription by customers of our Tracxn platform. A substantial portion of our revenues is generated from existing customers and such customers may not renew or expand the use of their subscriptions after the expiration of their current subscription. If our customers do not renew or expand their subscriptions, or if they renew on less favourable terms, our future revenue and operating results may be adversely affected.

3. The market for private market data platforms is competitive and characterized by rapid changes in technology, customer requirements, industry standards and frequent new product introductions and improvements. If we are unable to anticipate or effectively react to these competitive challenges, our competitive position could weaken and could lose market share to our competitors, which could adversely affect our business, financial condition and results of operations, and we could experience a decline in our growth rate or revenue.

4. In order to gather private market data, we primarily rely on secondary sources, and there is no assurance that the information provided therein is accurate or reliable. If we are not able to obtain and maintain accurate, comprehensive, or reliable data, it could have an adverse effect on our business, results of operations, and financial condition.

5. Our success depends, in part, on our ability to expand use of our platform by customers globally and accordingly, our business is susceptible to risks associated with international operations. We expect to continue to expand our international customer base, which may include opening offices in new jurisdictions. Any additional international expansion efforts we may undertake may not be successful. We may be unable to keep up with changes in government requirements as they change from time to time. Failure to comply with these regulations could harm our business, financial condition and results of operation.

6. Any fluctuations in foreign exchange rates may have an impact on our profits generated from overseas markets. Since we have significant international sales, any fluctuations in the foreign currency exchange rates resulting from, inter alia, economic, geo-political or social factors may result in an asymmetric and disproportional impact on our profits, revenue, results of operations and cash flows.

7. Security breaches and attacks against our systems and network, and any potentially resulting breach or failure to otherwise protect personal, confidential and proprietary information, could damage our reputation and negatively impact our business, as well as materially and adversely affect our financial condition and results of operations. Our cybersecurity measures may not detect, prevent or control all attempts to compromise our systems, including distributed denial-of- service attacks, viruses, trojan horses, malicious software, break ins, phishing attacks, third party manipulation, security breaches, employee misconduct or negligence or other attacks, risks, data leakage and similar disruptions that may cause service interruptions or jeopardize the breaches, employee misconduct or negligence or other attacks, risks, data leakage and similar disruptions that may cause service interruptions or jeopardize the security of data stored in and transmitted by our systems subjecting us to legal and financial liability, reputation loss and revenue loss.

8. Failure to innovate in response to changing customer needs, new technologies and other market requirements may lead to current or prospective customers finding competing products or services more attractive. If we do not keep pace with market innovation and do our best to innovate and provide superior products and services, the demand for our platform may decline for any of these or other reasons and thus our business, results of operations, and financial condition could be adversely affected.

Our future success will depend, in part, upon our ability to internally develop and implement new and competitive technologies, use leading third-party technologies effectively and respond to advances in data collection, cataloguing and curating private market information. If we fail to respond to changes in data technology competitors may be able to develop products and services that will take market share from us, and the demand for our products and services, the delivery of our products and services, or our market reputation could be adversely affected.

10. We are dependent on our Key Management Personnel and our senior management, in terms of their expertise, experience and services which helps us to execute our growth strategy and expand our business. Our failure to hire or retain senior management personnel could materially impair our ability to implement any plan for growth and expansion

11. We have experienced rapid growth in recent periods and our recent growth rates may not be indicative of our future growth. We have also encountered in the past, and expect to encounter in the future, risks and uncertainties frequently experienced by growing companies in evolving industries. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our growth may be adversely impacted and our business, financial condition and results of operation would suffer.

12. Wage pressures in India may prevent us from sustaining our competitive advantage and may reduce our revenue. We may need to continue to increase the levels of our employee compensation to remain competitive and manage attrition, and consequently we may need to increase the prices of our services. If we are unable to sustain or increase the number of employees as necessary or are unable to pass on such increased expenditure to our customers without losing their business to our competitors, our business, financial condition, results of operations and cash flows could be adversely affected.

13. If the market for the private market data platform develops more slowly than we expect, or platforms for data collection, curation and management do not achieve widespread adoption, or there is a reduction in demand caused by a lack of customer acceptance, technological challenges, weakening

economic conditions, security or privacy concerns, competing technologies and products, decreases in corporate spending or otherwise, it could result in decreased revenue and our business could be adversely affected.

14. Our ability to achieve significant revenue growth will depend, in large part, on our success in recruiting, training and retaining sufficient numbers of sales personnel to support our growth. Our recent hires and planned hires may not become productive as quickly as we expect, and we may be unable to hire or retain sufficient numbers of qualified individuals in the markets where we do business or plan to do business.If we are unable to hire and train a sufficient number of effective sales personnel, we are ineffective at overseeing a growing sales force, or the sales personnel we hire are otherwise unsuccessful in obtaining new customers or increasing sales to our existing customer base, our business will be adversely affected.

15. Our platform relies on the collection and use of private market information to provide effective insights to our customers and users. Changes in laws, regulations, and public perception concerning data privacy, or changes in the patterns of enforcement of existing laws and regulations, could impact our ability to efficiently gather, process, update, and/or provide some or all of the information we currently provide or the ability of our customers and users to use some or all of our products or services.

14. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

We have robust and well-established internal control systems in place, commensurate with the size and nature of our operations. The control mechanisms are followed diligently at all levels across the Company, which helps in creating business efficiencies and streamlining our processes. We have appointed M/s SPR & Co., Chartered Accountants an independent CA firm, who conduct an internal audit to ensure adequacy of our internal control systems, and our compliance with applicable regulations. The Audit Committee, composed of Independent and Non-Executive Directors, periodically reviews the audit plan, findings of the internal audit, adequacy of the internal controls and monitors the implementation of the audit recommendations. Design and operating effectiveness of controls are tested by the management annually and later audited by the statutory auditors. Controls testing is carried out as per the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). Management also updates the control systems as per findings / changing operations and follow-up actions thereon are reported to the Audit Committee.

15. DISCLOSURE OF ACCOUNTING TREATMENT

The financial statements have been prepared, in accordance with Indian Accounting Standards (referred to as Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder as amended from time to time. The details of accounting treatment and policies form part of the Notes to the Financial Statement.

16. DEFINITIONS

1) Customer Accounts refers to the distinct contracts entered into by our Company with each customer, at the time of measurement. A customer account may include access for a single or multiple number of Users.

2) Users refers to the number of activated user accesses on the platform at the time of measurement and does not include bulk users like university/educational institutes accounts

3) Contract Price is net invoicing done in a given period adjusted for unbilled revenue for the period, till the time of measurement

4) Entities Profiled refer to the profiles published and available on the platform to the user at the time of measurement.

5) PAT refers to Profit / (Loss) for the Year, plus Exceptional Items - IPO Expenses, plus Deferred tax

6) EBITDA refers to Profit / (Loss) for the period, minus Other Income and Other gains / (losses) - net, plus Depreciation and Amortization Expenses, plus Finance Costs, if any, plus Income Tax Expense, plus Exceptional items - IPO Expenses

7) Free Cash Flow refers to Net Cash Flow from / (used in) Operating Activities, minus Capex (ie, payments for purchase of property, plant and equipment), minus IPO Expense reimbursement plus cash outgo towards Security Deposit for listing, minus tax amounts received upon exercise of ESOPs from employees.

8) Cash and Cash Equivalents includes balance with banks, investments in liquid mutual funds, bank fixed deposits, security deposit towards listing and cash on hand, minus tax amounts received upon exercise of ESOPs from employees

9) Organic Search Traffic - Traffic originating from an organic search result

10) Existing Customer - An account which had also contributed to the accrued revenue prior to the given financial year / period.

11) New Customer - An account contributing to the accrued revenue for the first time in the given financial year/ period

Headcount - Number of employees as on the close of business hours.