Tracxn Technologies Ltd Management Discussions

1. INDUSTRY OVERVIEW - GROWING PRIVATE MARKETS

Private companies are increasingly driving innovation and value creation globally. Beyond the companies listed on public exchanges, thousands of private enterprises - early-stage ventures, growth- stage businesses, family-owned firms and subsidiaries - collectively form the larger and more dynamic part of the corporate landscape.

The number of "unicorns" - privately held companies valued at US$1 billion or more - has grown from fewer than 40 when the term was coined in 2013 to more than 1,500 today, with a combined valuation exceeding US$5 trillion. Rapid advancements in AI, automation, big data, machine learning and other emerging sectors are creating new opportunities across industries with many of these innovations originating within private companies. For instance, in India, year 2025 marked a record year for VC and PE-backed IPO activity, highlighting the increasing ability of private market investors to achieve successful public market exits and generate value.

The sustained growth, innovation and successful exit opportunities delivered by private companies have reinforced investor confidence in the asset class, with institutional capital following this shift. Institutional allocations to private markets have steadily increased over time, with many limited partners (LPs) now targeting allocations ranging from 10-20% of their portfolios to private market assets. Private market assets under management (AUM) has grown to approximately $13 trillion globally and is expected to reach $15 trillion by 2028.

Private market AUM growth

(In USD trillion)

During the year, funding activity in the private sector improved with the trend continuing into 2026. While overall funding volumes increased, the number of funding rounds remained near a ten-year low. Capital flow was mainly into narrow themes and with higher ticket size, with AI emerging as the dominant theme in 2025, attracting 61% of global VC investment (OECD Report - Feb 2026, Venture capital investments in artificial intelligence through 2025). On the other hand, M&A deal activity rebounded in 2025, recording the second-highest level of activity over the past decade, with this momentum carrying into 2026. Based on the current run rate, 2026 is on track to become the second-highest year on record for global M&A transaction value, behind only the 2021 peak. Irrespective of the headline numbers for each segment, the demand for enterprise-grade, high- quality data around private markets continues to increase. Segments such as investment banks, corporates, startups, accelerators and incubators are increasingly relying on structured private market data for earlier identification of opportunities and faster decision making. Based on our internal analysis, these segments collectively represent an addressable market of over 300,000 organisations globally that could potentially benefit from structured, reliable private market data.

The convergence of a dynamic and expanding private market ecosystem, increasing institutional participation and rising demand for structured data creates a unique opportunity to build a scaled, global private market intelligence platform.

This shift is expected to support long-term growth and value creation in private markets, with Tracxn focused on strengthening its offering, expanding global coverage with richer data.

2. COMPANY OVERVIEW

Tracxn is a leading global market intelligence platform for private markets, used by investors and corporations to source deals, identify M&A opportunities, conduct due diligence, analyze private markets, and track emerging themes across industries. The feature rich platform delivers indepth coverage of the global private markets landscape, including company profiles, private company financials, revenue data, captables, funding and M&A transactions, competitive landscapes, emerging technology sectors such as Native AI, High Tech, Auto Tech and much more.

Tracxn was founded in 2012 by former venture capital investors Neha Singh and Abhishek Goyal. During their investing careers, both experienced first-hand a lack of reliable, enterprise-grade information on private markets - a stark contrast to the high quality data available for public market investors. With backgrounds in computer science engineering, they decided to themselves solve this industry wide problem with the use of technology, and created Tracxn.

The Company operates on a SaaS model with customers paying for access through prepaid subscriptions. The business is asset-light, as it requires limited working capital to grow. It also benefits from strong operating leverage, as the platform and research infrastructure are highly scalable, enabling the Company to serve additional customers at relatively low incremental cost. While Tracxn serves a global customer base, its entire operations are based out of Bengaluru, India. This

"Make in India, Sell Globally" operating model provides the Company with a significant cost advantage in terms of global competitiveness.

Customer segments for Tracxn include private market investors such as venture capital firms, private equity funds, investment banks and more, using the platform for deal sourcing, due diligence, portfolio monitoring, and investment research. Corporates, including multiple Fortune 500 companies, leveraging Tracxn for strategic planning innovation, partnerships, and M&A opportunities. Educational institutions and others include universities, government agencies etc. In FY26, around 55% of Tracxns revenue came from international markets, with customers across more than 50 countries. Top 5 countries by number of customer accounts are India, USA, UK, Singapore, and Germany.

3. CUSTOMER SEGMENTS

The Tracxn platform serves a diverse global customer base across the private market ecosystem, including leading investment firms, global enterprises, academic institutions and government organisations. This diversified customer base reflects the broad applicability of the platform across industries and geographies. Tracxns customers include globally recognised organisations such as Bain Capital, Lightspeed, Google, Deloitte, HSBC, The University of Sydney, major IIMs etc. demonstrating Tracxns ability to serve organisations with diverse use cases through a single, scalable platform.

a. Customers by type

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

• Investment Industry, including venture capital funds, private equity funds, family offices, investment banks and accelerators and incubators.

• Corporates. Within this segment, our customers are from various teams eg. Corporate Development, Strategy, Innovation, in addition to working with consulting firms, startups and mid to large corporations including several Fortune 500 companies.

• The other customer segments include universities, government agencies, industry bodies etc.

b. Customer segments by geography

As of March 31, Tracxn had an active customer base of 2,289 accounts across 50+ countries. The top five countries by customer count were: India, USA, UK, Singapore and Germany.

While India continues to contribute approximately 45% of revenue, more than half of Tracxns revenue came from outside India underscoring the platforms global reach across Americas, EMEA, and APAC.

4. PLATFORM OFFERING

Tracxn is a comprehensive data intelligence and software platform for the private markets. At the back-end is a robust and in-house developed technology equipped with proprietary algorithms, machine learning and AI that scans millions of data points to identify and deliver structured, actionable information. As of March 31, 2026, the platform was enriched with approximately 66 million legal entities and profiled over 7.7 million entities across 3,000+ curated feeds, categorized by industry, sector, sub-sector, geography, and network. Using AI and human-in-loop, the platform provides enterprise grade data across high-tech as well as traditional industries, supporting critical activities such as deal sourcing, identifying acquisition and M&A targets, investment and deal diligence, portfolio tracking, market analysis, and monitoring emerging themes across industries, sectors, and geographies. The offering includes structured company profiles, business overviews, competitor mapping, funding history, and deep regulatory and financial datasets covering company revenue, captables, legal entities, CXO data, and more.

a. Platform - Key features

Tracxns platform spans a suite of features and functionalities across two broad layers: private- market data and the workflow software and tools that sit on top of it. Together they give customers not just the data, but the means to act on it. Key capabilities include:

i) Global private company coverage: Profiles of private companies with curated information, competitive landscapes, sector and business model classification, and more.

ii) Private company financials: Financial

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

iii) Private company captables & valuations:

Detailed private company captables and valuations across over 15 countries, including historical shareholding structures, valuation trends, and more.

iv) AI features: AI-powered capabilities to automate research, streamline complex workflows, and integrate Tracxn data into customers AI ecosystem.

A. AI Native Assistant: AI assistant that goes beyond simple data retrieval to deep-dive due diligence, generate competitive landscapes, conduct comprehensive market analysis, and execute custom research tasks.

B. MCP Integration: Securely integrates Tracxn data into existing AI applications like Claude and ChatGPT in real time.

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

vi) Investor database: Extensive information on private market investors and funds, globally.

vii) 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.

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

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

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

xi) MyAnalyst 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) News: Comprehensive, real-time news coverage of companies, investors, sectors, and transactions, curated from global sources to help users monitor market developments, track emerging trends, and stay informed about the latest activity across the private markets.

xiv) Unicorn/ Soonicorn status: Curated lists of Unicorns, Soonicorns, Minicorns, and other high- growth private companies, with detailed profiles, funding histories, valuations, investors, and financial information.

xv) Global private company coverage: Profiles of private companies with curated information, competitive landscapes, sector and business model classification, and more.

xvi) Integrations and automation tools: Integrations with leading CRM platforms such as Salesforce, HubSpot, Affinity, and Pipedrive; productivity tools like Google Sheets and Microsoft Excel; and email platforms for direct outreach. The platform also offers APIs for direct database access, browser extensions for instant insights, and an MCP (Model Context Protocol) connector that enables AI agents to securely access Tracxn data within existing LLM-based workflows in real time.

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

b. Global data coverage

Tracxn data covers private market information across all key geographies. As of March 31, 2026, the platform has scanned over 980 million web domains and has profiled more than 7.7 million private entities and has categorized them across more than 3,000 feeds by industry, sector, geography, affiliation, and business model. Data is processed from both English and non-English sources - including German, French, Swedish, Korean, Dutch, Greek, Finnish, and Italian. Additionally, company financials for over 6.7 million companies across more than 20 countries, with revenue data for over 2.8 million companies is available on the platform, this data set is particularly useful for late stage investors like private equity investors and investment banks. Similarly, cap table coverage spans over 419,000 companies with detailed shareholdings across more than 15 countries. The Legal Entities database now covers around 66 million legal entities across key geographies, including datasets such as loans and charges, patent data, legal cases, trademarks, cross-directorships and more.

c. Proprietary taxonomy

Tracxns proprietary taxonomy was designed to bring structure and clarity to an otherwise massive and somewhat confusing world of private market landscape. Companies are grouped on the basis of business models and other parameters so that similar companies can list together. This feature is one of the key differentiators of the platform. Every company on the platform is organized within industries and practice areas, which are further classified into feeds. Each feed is then branched out into deeper taxonomy nodes that classify

Electric Vehicles Autonomous Vehicles El Connected Vehicles Auto IT Flying Cars Hyperloop

Internet-First Banks Cryptocurrencies Robo Advisors Q RegTech

Internet First Insurance Platforms Remittance

Healthcare

Life Sciences Tech Assistive Tech Genomics

Disease Self Management Chronic Disease Management Al in Healthcare Q

Retail

In Store Retail Tech Cross Border Commerce Social Commerce E-Commerce Enablers AR VR in Retail Video Commerce companies with even greater specificity based on the business models and other key attributes, allowing users to drill down to precisely the niche they are interested in and also get the competitive landscape on a global scale in no-time. Users can control exactly how granular they want to go; from a broad industry view down to a highly specific business-model niche tailoring the depth of their search to their exact needs. As of FY26, the taxonomy on the platform spans across 3,000+ feeds and 55,000+ different taxonomy nodes. This unparalleled and detailed classification system improves the segregation of datasets into smaller logical groups, enabling users to navigate and analyze information efficiently.

Tracxn also stays at the forefront of emerging and rapidly growing sectors, Its coverage extends to fast-evolving sectors such as Voice AI, Agentic AI, Senior Care Services, Generative AI, Enterprise Networking, Drones, Quick Commerce, Organ-on-a- Chip and many others. In particular, Tracxn has also built out deep coverage of the AI-native landscape. As investor and corporate attention has shifted decisively toward artificial intelligence, this dedicated AI-native coverage has enabled customers to discover, evaluate, and track emerging companies at the AI frontier.

d. Private company financials and valuations

Tracxn provides deep coverage of private company financials. This data is particularly useful for private equity firms, venture capital funds, investment banks, and corporate development teams who are focused on late stage deals or M&A activities. The platform also provides revenue data for over 2.8 million companies and detailed financials for more than 6.7 million companies across more than 20 countries. In addition to detailed shareholding information for over 419,000 companies for over 15 countries is also available. This information as of now is available for major markets such as the United States, Germany, India, United Kingdom, France, Japan, South Korea, Australia, and others. Funding Benchmarks and Valuation Trends were also launched recently enabling founders, investors, and advisors to benchmark fundraising activity, valuation movements, and deal activities across stages, sectors, and geographies.

e. Demo and trial accounts

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

i) Product Demo Video

[https://w.tracxn.com/investor- relations/corporate-presentation#tracxn- platform-demol .

ii) For setting up a trial account, please sign up on the Tracxn platform fhttps://tracxn.com/signup1 using official email ID.

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

5. BUSINESS MODEL

Tracxn is a pure SaaS subscription business. Customers pay a recurring annual license fee for seat-based access to the platform, typically billed upfront. In FY26, ~75% of the billings came from annual subscriptions. Revenue is recurring and contracted, which gives visibility into forward income. The economics scale with the number of seats within an account, not with assets under management of the customers or deal volumes.

The business is asset light; that means there are no inventories or capital intensive infrastructure required. While a significant amount of expenses go towards technology and research teams in building the data, however once the data is built, the cost of serving an additional customer is minimal as the same dataset is used by all the customers. This operating leverage brings in efficiencies and profitability follows.

The platform itself is the product and its value grows with the depth of its coverage. Every additional company, market, and sector Tracxn profiles makes the dataset harder to replicate, creating an inherent moat. Further, since the operating teams are based out of India, the cost of building the coverage is lower compared to the overseas geographies hence helping reach the profitability faster.

Given, Tracxn serves a diverse customer base, the revenue and business resilience is not tied to any specific customer base. Our diverse customers use the platform for various use cases like dealsourcing, diligence, M&A scanning, competition tracking, ecosystem mapping and business development among others. This variety of use cases across geographies and across lifecycles gives business an inherent resilience.

6. GO-TO-MARKET FUNNEL

Tracxn serves a global customer base through a data-driven and scalable go-to-market funnel, comprising sales, marketing and customer success teams. As of March 31, 2026, our closing sales team comprised around 30 members, and we plan to scale this to 60 over the coming year. The sales team is based in India and works across multiple time zones, enabling coverage of customers across Asia-Pacific, Europe, the Middle East, Africa and the Americas. Over the last two years, we have built dedicated vertical sales teams focused on specific customer segments. These teams are like mini business units, focusing on some of the key segments such as investment banks, universities, private equity firms and startups. This approach has enabled more targeted engagement and improved conversion rates. It has also helped drive the development of segment-specific offerings on the platform (for example LE database for IBs in India, management-team background companies for VCs). Dedicated acquisition and expansion teams for each segment help in ensuring that we deliver a tailored value proposition that resonates deeply with each group.

Inside-sales shifts spanning global time zones

Our marketing efforts are primarily driven through digital and content-led channels, with a strong emphasis on organic and cost-effective approaches. Tracxn regularly publishes insights on private companies, emerging sectors and industry trends, helping us to attract a steady stream of organic traffic from users seeking reliable insights and research. In FY26, our website recorded over 26 million organic visits, a ~52x increase compared to FY20. This growth in organic reach underscores the strength of our content marketing engine and the growing relevance of our platform.

We are also frequently cited by leading media publications, with over 4,000 media mentions in FY26, reinforcing our position as a trusted source of private market intelligence. We had mentions in leading global publications such as Forbes, Reuters, and Singapore Business Review. Brand recall and visibility further strengthened through partnerships with Kalaaris CXXO report, ET Top Soonicorns report and regular mentions in newspaper columns.

We have customer success teams aligned to different geographies and time zones. The customer success team focuses on onboarding, support, engagement and account expansion. We have also established customer-segment focused engagement teams to better address the requirements and use cases of different customer groups. Through ongoing customer interactions and focused engagement initiatives, we are able to drive deeper platform usage and strengthen long-term customer relationships.

7. KEY BUSINESS ATTRIBUTES

a. Large and growing market

The private market data market represents a massive and largely unpenetrated opportunity. There are over 300,000 addressable organisations across segments such as investment firms, financial institutions, large MNCs to startups, government bodies, academic institutions, and others. Despite the large market, only a small percentage of this market is currently being served by structured data platforms, leaving significant headroom for growth. As the private market evolves, more players with newer use cases and requirements arise. For instance, just in the investor segment of our customer base, the number of institutional investors has grown around three times in the last decade.

Number of VC, PE & IB firms globally

Institutional investors have grown ~3x over the last decade

Besides new customers, there is significant depth for expansion within each account by selling additional seats. This market opportunity is also reflected in Tracxns customer expansion. The company continues to see growth across different customer revenue buckets. The cumulative number of accounts with annual accrued revenue exceeding ?20 lakh across tiers demonstrates ongoing headroom for realized pricing growth and expanding customer value.

Revenue	FY 21	FY 22	FY 23	FY 24	FY 25	FY 26
INR 20L+ accounts	13	26	33	40	46	45
INR 30L+ accounts	5	11	22	23	22	23
INR 40L+ accounts	3	6	12	16	19	20

b. High operating leverage and margin expansion

Our business model benefits from significant operating leverage. Following the initial investment in building our technology infrastructure, proprietary data assets, and workflow automation capabilities, the incremental cost of serving additional customers remains minimal.

The platform is entirely productized, and requires no custom development or bespoke servicing for each new customer, allowing us to onboard and support a growing number of accounts without increasing the cost. The strength of this operating leverage is reflected in the difference between our revenue and expense growth. Between FY21 and FY26, revenue grew at a CAGR of 14%, while total expenses increased at a much lower CAGR of 8%.

Although FY26 margins were impacted by our continued investments in growth, our past performance demonstrates the scalability of our business model and its potential for margin expansion as growth accelerates. The table below illustrates this by showing how incremental revenue has translated into incremental EBITDA over the years.

Incremental revenue going into bottom line

Particulars	FY 26	FY 25	FY 24	FY 23	FY 22	FY 21
Revenue from operations	83.97	84.47	82.77	78.11	63.45	43.78
Incremental Revenue from Operations (A)	(0.49)	+1.70	+4.66	+14.65	+19.67	+6.44
EBITDA	(6.55)	0.83	4.59	2.57	(1.92)	(17.06)
Incremental EBITDA (A)	(7.38)	(3.75)	+2.02	+4.49	+15.14	+5.39
Incremental EBITDA as a % of Incremental Revenue from Operations	-	-	43.20%	30.63%	76.97%	83.61%

Note: EBITDA exclusive of exceptional expenses/ provisions (FY22, FY23: IPO Expenses, FY26: Provision towards impact due to new Labour Codes)

c. Significant India cost advantage

Nearly 55% of the revenue is generated internationally from a global customer base spanning to more than 50 countries, yet the entire operations are based out of India. This Make in India, Sell Globally model creates a significant, sustainable cost advantage for us. Furthermore, our business development and support teams operate across multiple time shifts to cover various international time zones, ensuring seamless service and support for our global clients. This gives Tracxn a competitive advantage in terms of profitability and scale up compared to its global peers.

d. Free cash generation

The business model is inherently cash generating like any SaaS business. The bulk of the expense is employee expenses, which is about 88% of the total expenses. Further, the business does not require any major capital expenditure. This free cash flow is available for investing in growth as well as returning to shareholders. The company did a buyback of 7.9 Cr. in H1 FY26 from the accumulated cash from the previous years. Pursuant to the buy back and as at the end of FY26 the company has 89.2 Cr. in cash and cash equivalents to fund the next stage of growth.

e. Scalable and proprietary technology platform

Our technology and data platform has been developed entirely in-house using leading-edge architecture, making it highly agile and scalable. We also leverage advanced AI capabilities such as auto-extraction, categorization, personalized recommendations, and AI-assisted generation and review. The servers are hosted on the leading cloud servers, increasing the reliability and scalability, as per the requirements. Further, the entire technology development and the engineering team is internal thereby increasing the responsiveness of the development and launch of new features in a relatively short period of time and keeping the development costs under control.

f. Low cost, content-driven acquisition flywheel

Being a data company, we are able to use a lot of content from in-house resources for marketing purposes. This allows us to drive content-based marketing that generates high-quality leads without relying on paid advertising. In FY26, our public pages generated over 26 million organic visits and we had more than 4,000 press mentions across prominent news media. This was a ~37% YoY increase in FY26, including coverage in leading global publications such as Forbes, Reuters, and Singapore Business Review.

We also partnered with leading industry organisations, serving as the research partner for Kalaaris CXXO Report and the ET Top Soonicorns Report, in addition to serving as the knowledge partner for the Economic Times Startup Awards.

Alongside these partnerships, regular mentions in newspaper columns and attributions for data provided, help us to spread brand awareness and increase brand recall amongst the stakeholders.

g. Minimal Capex

The operating model is structured as a software-as- a-service (SaaS) business, which inherently limits capital expenditure requirements. While computer servers represent a major expense for traditional information technology businesses, Tracxn utilizes cloud infrastructure for software hosting, allowing us to avoid the significant upfront capital required for physical servers and pay only for what we use. Capital expenditure is further optimized by leasing managed office facilities inclusive of necessary fixtures and furniture. This infrastructure footprint is evident from our fixed assets totaling INR 45.3 Lakh on the balance sheet, alongside a depreciation and amortisation charge of INR 18.97 lakh for the fiscal year 2026.

h. Proven playbook of large financial data companies

We believe the private markets today mirror the public market data space, presenting a clear opportunity to learn from the proven playbook of the large financial data companies in public market data. While public market data companies are collectively generating over $40 billion in annual revenue, these businesses share a common model: recurring subscription revenue, proprietary data that deepens as a competitive moat over time, high switching costs, and pricing power that compounds with scale. The result has been high operating margins, strong cash flows, and sustainable growth.

8. TECHNOLOGY PLATFORM & DATA ENGINES

The private market is vast and there are millions of companies to be evaluated and tracked as compared to ~60,000 companies which were publicly traded and had fairly structured information about them available at the end of 2025. Information on private companies is fragmented, unstructured, and often difficult to access, making tracking and evaluation significantly more challenging.

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.

The following sections outline our proprietary data sourcing methodology, technology stack, and the analyst and data operations engines 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, funding and M&A transactions, private company financials, captables, valuations and other key business metrics.

We source this information through a combination of publicly available information, proprietary data, and regulatory filings.

• 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 process information from over 980 million web domains at the backend and add over 140 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 that are profiled on the platform. As of March 31, 2026, we have mapped over 7.7 million entities across more than 55,000 taxonomy nodes in more than 3,000 feeds across 45 practice areas and industries. This unparalleled level of structured and detailed classification enables our customers to track companies in a more focused manner, benchmarking against global peers, applying highly specific and niche search criteria, and facilitating prompt and effective decisionmaking.

• 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, labour filings, taxation filings and other regulatory submissions. 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 proprietary technology platform has been designed focusing on high performance and the massive data assimilation and processing capabilities. 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 are 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 to meet evolving business needs and customer demands. We have also automated the management and utilization of our cloud resources to keep our costs under control. While our database at backend has been increasing at a significant 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 automation to curate 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 PDFs using optical character recognition (OCR) 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 two-layer, automated and manual check processes.

Our human-in-the-loop methodology ensures the delivery of high quality enterprise grade information and bridges the data and intelligence gaps that technology alone cannot address. We have a dedicated team of 40+ sector specialists who perform the review of the system outputs, develop taxonomies, provide editor ratings, define new report formats and data points to be covered.

In addition, we 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, cap-tables, valuations, industries and feed coverage etc. These teams play a critical role in addressing information gaps, validating complex disclosures, and standardizing data in areas where information is fragmented, subjective, or lacks a consistent reporting format.

d. Generative artificial intelligence (AI)

Technology has been a key enabler in building our global private market data platform, and we continue to use AI to enhance our data capabilities and customer experience. Over the past year, we have evolved from using AI primarily in our backend data production workflows to integrating AI across our platform, including customer-facing updates, analyst workflows, and support functions.

During the year, we expanded access to our proprietary private market data through AI-native experiences. We launched the Tracxn Connector for Claude, enabling customers to access real-time company intelligence from our database directly within their AI workflows. We also introduced an AI Assistant on the Tracxn platform, allowing users to query our datasets using natural language and perform more complex workflows such as company due diligence, competitive landscaping, and market analysis. These initiatives make our proprietary data more accessible within customers AI-driven workflows while improving productivity, deepening platform engagement, and enabling more efficient access to actionable private market intelligence.

We are leveraging AI across several stages of our data production and other processes:

• Identification & extraction: Identifying emerging private companies, extracting data from unstructured sources and documents (including non-English content), and enabling massive scalability to accelerate the pace of data addition; industry classification and more.

• Data Production: Enhancing company profiling, augmenting transaction datasets (including funding, acquisitions and other corporate events) and improving data accuracy.

• Engagement & Outreach: Empowering our GTM teams through enhanced lead profiling, interaction sentiment analysis and optimized engagement strategies.

9. SELECT RECENT GROWTH INITIATIVES & STRATEGIES

a. India & International growth

India accounts for 45% of our total revenue in FY26, and the revenue continues to grow. Revenue increased by 14% YoY and customer accounts grew by 33%. This momentum accelerated in Q4FY26, with revenue growing 5.1% QoQ (~22% annualized).

Initially, acceleration was due to the launch of vertical teams in the India geo. Additionally, this year, we further augmented the underlying datasets to meet the needs of these verticals, significantly increasing data coverage in FY26. One of the major launches was our coverage of private company financials, developed specifically for the Investment Banking and Private Equity segments. In FY26, we increased coverage by more than 10x. Our private company financials dataset is now best-in-class, with broader coverage of Indian companies than any other platform in India or globally.

Legal Entity coverage reached 3.5 million - with data on board members, cross-directorships, risk indicators, and loans & charges - making it comprehensive coverage of private limited companies in India. New launches in FY26 included: legal entity reports with 20+ financial ratios for banks and NBFCs, corporate tree structures, people database now increased to 2.6 million directors data and pincode data covering 2.7 million entities.

Because of these initiatives, we see the growth rate has further increased in Q4 and we expect that to continue in FY27 as well. The same playbook that is working well in India - vertical teams and augmented datasets - is now being rolled out in our international geographies.

In the UK, for example, private company financials expanded to over 4.6 million entities, a ~14x YoY increase, while company coverage grew around 4x and loans & charges data expanded to 2.6 million records over FY26.

In the US, company coverage rose 45% year-on-year, funding transactions grew nearly 5x YoY to over 1.2 million (including grants and debt transactions), and headcount data expanded to 850K companies, an 8x jump over two years. In addition, financial reports launched for geographies including Germany, Singapore, among others, with company financials now covered across 20+ countries and captables across 15+. More is on the way over the coming quarters. In the US, this includes revenue estimates (augmented), valuation data (actuals), and people & CXO datasets, while in Europe it includes expanded headcount and growth-trend datasets, among others. India proved the model - invest in data depth, win customers, and grow steadily.

As these become live along the same path as India, overall growth rates are expected to improve.

b. Scaling sales & marketing teams

One of the key initiatives has been scaling our GTM team - primarily our sales and marketing teams. From FY25 to FY26, the GTM team has increased not just in absolute numbers, but also as a share of the overall headcount. Sales and Marketing increased from 23% of the total headcount in FY25 to 28% in FY26.

Building on this momentum - now that the vertical sales playbook is working and our outbound conversions have improved following our dataset augmentation - we are scaling our sales effort further. We plan to nearly double our closing sales team headcount over the next few quarters - from 34 members as of December 2025 to 60 by December 2026 - across vertical teams serving both India and international geographies (i.e., India- based teams selling into international markets). Additionally, sales partnerships, such as with TMX, will help us further extend our reach into enterprise accounts.

We expect these initiatives to drive meaningful growth in new customer acquisition.

c. Vertical BU growth

The specialized vertical teams are set up for key customer segments. These teams continue to deliver good results, especially across verticals like Investment Banks, Corporate Sales, Universities, and more.

Our Investment Banking vertical continues to gain ground. India logo penetration is growing ~1% month-on-month with 28%+ market share, accounts are up 40%+ YoY, and India revenue grew 19% YoY in this vertical. International accounts grew over 35% YoY as we scaled into key geographies over the year, and we expect further momentum as we now lead the market in private company financial coverage and continue expanding our presence.

Another vertical that grew well is Corporate Sales. This team focuses on corporate users who use data for lead generation, market analysis, comps analysis, and partnerships, and this year we have augmented the product specifically tailoring to their use case - adding pincode and CXO datasets, tech- stack parameters for targeted outreach, and CRM plugin integration. In FY26, total accounts grew 35%, India accounts grew 45%, while India revenue grew ~30% YoY.

In addition, we have vertical teams across other segments. In Universities - which double as a marketing and discovery channel, we work with 5 of the top 6 IIMs, as well as ISB, XLRI, and others. We also worked with them to include Tracxn in the coursework of these top universities, building a long-term moat. In this segment, India customer count rose over 55% and revenue grew over 60% YoY in FY26. Our Accelerators & Incubators vertical is expanding across private, government, university, and corporate incubators. We are also introducing Grants data to the platform to help A&I identify government funding and support opportunities for their portfolio startups.

This playbook of vertical teams by customer segment continues to work very well for us. We have now launched 12+ vertical sales units. These units represent a repeatable engine for capturing market share segment-wise.

List of Vertical Sales Units Launched

Startups	Universities	Investment Banks
Accelerator & Incubators	Venture Capital Funds	Sales
Mergers & Acquisition	Debt	Events

d. AI-native access

What started as AI at the core now spans an AI- native frontend with an assistant built to act, and intelligence woven through the backend, from data production to customer support to our analyst teams.

Weve done this by making Tracxn data natively accessible through AI - both by bringing our data into the AI tools customers already use, and by building AI-powered access directly on our own platform. As research workflows increasingly run through AI, we are positioning Tracxns proprietary data to be the trusted source these workflows draw on.

We launched the Tracxn Connector for Claude in April 2026. Paid users can now pull reliable, realtime company intelligence from Tracxns proprietary database directly inside Claude and their broader AI workflows - so the data flows into the analysis they are already doing, rather than sitting in a separate tool. This makes us a trusted source of company intelligence within their AI workflows.

We also launched an AI-Assistant on the Tracxn platform in June 2026. This is an AI-chat based assistant for querying our data, as well as for handling more complex tasks like company due diligence, competitive landscaping, and market analysis - work that previously took multiple manual steps across the platform. The assistant is already live for select customer segments, showcasing how Tracxns data depth can be paired with an AI layer that does more of the analytical work for the customer.

Together, these will make our data significantly more accessible within customers AI-native workflows, enabling us to embed more deeply into customer workflows and over time become a meaningful revenue segment.

e. Expanding regulatory data coverage

One of the key focus areas has been expanding our coverage of regulatory data on private companies. This includes private company financials, captables and legal entity records across geographies, further strengthening Tracxns position as a reliable source of private market intelligence.

Detailed company financials available on our platform have expanded significantly. We now cover over 6 million companies across 20+ countries, roughly 9x growth year-on-year, including 2.8M+ with revenue data. Coverage spans key geographies across Europe, Asia-Pacific, and beyond, from Germany, Japan, and the UK to India, Singapore, and South Korea. This is one of the most comprehensive datasets of private company financials available globally.

We have scaled our captables and detailed shareholding data to over 419K companies across 15+ countries - more than 10x growth in roughly two years. This gives users a clear view of ownership and cap structure across markets including the US, UK, Germany, India, and Singapore.

We have also launched a Legal Entities Database with coverage of ~66M legal entities across key geographies including the US, UK, Japan, India, and Australia. On top of this, we are continuing to add new datasets like loans and charges, patent data, legal cases, trademarks, and cross-directorships.

Using AI across data production, weve been able to add datasets at this pace without a significant increase in headcount. This is a strong testament to the automation weve built into our infrastructure, enabling us to scale efficiently.

f. Product-led growth & customer acquisition

We continue to see a steady momentum in our product-led growth initiatives, led by organic search, Tracxn Lite, and growing press visibility.

Organic search traffic continues to compound. We saw 26 million organic visits in FY26, roughly 3x increase over the last three years, with the funnel growing steadily year after year. The traffic is geographically broad, led by India, the US, the UK, Canada, and Germany. This gives us a large and reliable inbound user channel that keeps widening as our coverage deepens.

Tracxn Lite offers limited-access to the platform, so prospective users can experience the product firsthand, before they buy. Cumulative sign-ups have reached 285K, and in FY26 we saw growth in organic sign-ups alongside users hitting credit limits and raising upgrade requests and demos - thereby helping us convert free users into paying customers.

We had over 4,000 press mentions in FY26, a ~37% YoY increase, including coverage in leading global publications such as Forbes, Reuters, and Singapore Business Review. Brand recall and visibility were further strengthened through partnerships with Kalaaris CXXO report, ET Top Soonicorns report and mentions in regular newspaper columns.

Taken together, these initiatives position us well for FY27.

10. HUMAN RESOURCES

The Tracxn family was 717 members strong as of March 31, 2026. Tracxn takes pride in fostering a culture of inclusivity, collaboration and high productivity, with a strong emphasis on work-life balance, streamlined work timings and focus on efficiency. As a SaaS company, people are the biggest contributors to growth hence the companys human resources programmes and policies remain committed to their well-being through health and engagement initiatives, continuous professional growth, hands-on problem solving and greater responsibilities. Focus is on creating a work environment where every member of the Tracxn family feels respected and thrives personally and professionally. Some of the key aspects of our human resources policies are provided below.

a. Equal opportunities @ Tracxn

Tracxn strongly believes in creating an inclusive workspace and providing a sense of belongingness to all the employees. We are proud to share that wehad 42% women workforce as of March 31, 2026.

b. Building a High Productivity Workplace

We endeavor to build a high-productivity workplace for all our employees. Over the years, we have implemented several initiatives to improve efficiency, strengthen collaboration and create an environment that enables our teams to perform effectively.

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

i) Time boxing

Our workdays are planned and managed through a structured calendar system, enabling teams to efficiently manage meetings while ensuring that priority tasks receive adequate focus and attention.

ii) Written notes for each meeting item

As a standard practice, we prepare comprehensive meeting notes outlining the key discussion points in advance. These serve as a reference during discussions, helping keep meetings focused and aligned on priorities.

iii) Clear agendas

Every meeting is accompanied by a clearly defined agenda, which is documented in advance. This helps keep discussions focused, ensures agenda items are addressed efficiently, and enables timely completion of meetings.

iv) Milestone/stage-based project management

Our project management approach follows a structured and unique three-stage framework comprising Ideation (M1), Solution (M2), and Execution (M3). At each stage, stakeholders review progress, align on priorities, and refine the approach based on insights gathered, ensuring a systematic and collaborative 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 an in-house IT team that supports the organisations technology requirements. This enables timely resolution of IT-related issues and helps ensure the smooth functioning of day- to-day operations.

c. Employee well-being

i) Health and fitness

We believe that employee well-being is an important contributor to a productive workplace and encourage our team members to adopt healthy lifestyle practices. During the year, we organized a 21-day Yoga Challenge to promote physical and mental well-being and a 21-day Stepathon Challenge to encourage regular physical activity and healthy habits. We also introduced a Menstrual Leave Policy in December 2025 for women employees as part of our leave policy, in line with the guidelines issued by the Government of Karnataka. Together, these initiatives reflect our focus on fostering a healthy and inclusive workplace.

ii) Employee engagement

We strive to foster a strong sense of belonging within the workplace, boost employee motivation and cultivate positive sentiments toward the organisation. Some of the activities that we at Tracxn conduct include department level team lunches, fun-events, contests and sports tournaments, among others.

We believe in creating an engaging workplace that encourages collaboration and strengthens employee connections. During the year, we organized a range of employee engagement initiatives, including a badminton tournament with over 80 participants, indoor sports competitions such as carrom and foosball, and festive celebrations such as Tracxn Utsav and Merry December. We also marked International Womens Day through initiatives such as a fireside chat with our Founder, Neha, on topics including womens wellness, work-life balance, and motherhood, as well as She Speaks @ Tracxn, where women employees shared their experiences of balancing professional and personal commitments. These initiatives provide opportunities for employees to connect beyond their day-to-day work and contribute to a collaborative workplace culture.

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

iii) Quality of work

We have established regular feedback mechanisms to gather inputs from our employees. These surveys help us identify organisation-wide and department-specific trends, understand areas for improvement, and assess the effectiveness of our initiatives. The insights gathered enable us to take actions to enhance the employee experience and address concerns proactively.

iv) 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.

v) 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.

d. ESOP policy

Employee Stock Option Plans provide employees with 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 to ESOPs.

11. TRACXN IN MEDIA

Tracxn Technologies Limited continues to attract media attention. The companys success story and IPO listing were covered by major media companies such as Business Today, Business India and

Moneycontrol, publishing elaborative articles about the Company. Our data is regularly cited by prominent media houses, and we are now seeing traction in international media as well.

12. FINANCIAL PERFORMANCE

a. Abridged profit and loss statement (in INR Crores)

Particulars	FY 26	FY 25
Revenue from operations	83.97	84.47
Other income	0.52	0,28
Other gains/(losses) - net	5.65	5.62
Total Income	90.14	90,37
Expenses
Employee benefit expense	79.67	73.87
Depreciation expense	0.19	0.11
Other expenses	10.85	9.76
Profit / (Loss) before tax and exceptional items	(0.57)	O.UA
Exceptional Items - Impact of new Labour Codes	1.30	0.00
Income tax expense:
- Current tax	0.00	0.46
- Deferred Tax	6.01	15.71
Profit! (Loss) for the year (PAT)	(7.89)	(9.54)
Less: Other income	0.52	0.28
Less: Other gains/(iosses) - net	5.65	5.62
Add: Depreciation expense	0.19	0.11
Add: Current tax	0.00	0.46
Add: Deferred tax expense	6.01	15.71
EBITDA	(7.85)	0.83
EBITDA Margin	(9.35)%	0.99%
Add: Exceptional Items	1.30	0.00
EBITDA excl. exceptional items	(6.55)	0.83
EBITDA margin excl. exceptional items	(7.80)%	0.99%
PAT excl. exceptional items and deferred tax	(0.56)	4.93
PAT margin excl. exceptional items and deferred tax	(0.67)%	5.83%
Total comprehensive income/(loss) for the year	(7.98)	(10.04)

b. Result of operations

i) Revenue from operations

Revenue from operations stood at INR 84.0 crore in FY26 with 45% revenue contribution from India

and 55% from international geographies. India revenue grew by 14% YoY, the growth was seen due to launch of various growth initiatives. The company is replicating these initiatives across international geos as well.

Revenue split by geography (in INR Cr.)	FY 25	FY 26	FY26 % contribution
Americas	24.51	20.71	24.67%
APAC (excl. India)	7.86	7.65	9 11%
EMEA	18,59	17.41	20.74%
India	33.51	38.20	45.49%
Total	84.47	83.97	100%

ii) Total expenses

The total expense increased by 8% YoY from INR 83.7 crore in FY25 to INR 90.7 crore in FY26. The largest component of the expenses were employee benefit expenses which accounted for 87.8% of our total expense. This increased from INR 73.9 Cr in FY25 to INR 79.7 Cr in FY26 which was a 7.9% increase. The increase was primarily due to investment in various growth initiatives such as scaling of our GTM teams and closing sales teams.

Cloud hosting charges were our second largest expense item and accounted for 3.1% of the total expense. Being a SaaS company, our platform runs entirely on cloud infrastructure, and this cost reflects the computing and storage that powers our large-scale data processing and analytics.

The remaining expenses include depreciation expense, rent expense, and other expenses that add up to 9.1% of our total expense.

Total Expense Breakup

Particulars	FY 26	% Total Expense
Employee benefit expense	79.67 Cr	87.83%
Salaries, Wages & Bonus	74.55 Cr	82.18%
Employee stock option expense	3.10 Cr	3.41%
Other Employee Benefit Expenses	2.03 Cr	2.23%
Depreciation Expense	0.19 Cr	0.21 %
Other Expenses	10.85 Cr	11.96%
Cloud Hosting Charges	2.82 Cr	3.11%
Rent for Building	2.48 Cr	2.73%
Remaining Other Expenses	5.55 Cr	6.12%
Total Expenses	90.71 Cr	100.00%

iii) PAT and PAT Margin

PAT stood at negative 0.6 Cr. and PAT margin stood at a negative 0.7% in FY26.

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 FY26, the incremental revenue was offset by the increase in costs due to investments in various growth initiatives discussed in earlier sections.

(1) Note:

a) PAT is adjusted for changes due to movement in deferred tax provisions.

b) For the year FY20 & FY21, PAT is adjusted for Fair Value gain/(loss) on CCPS.

c) For the year FY23, PAT is adjusted for IPO expense.

13. 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 and 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.

4.1n 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 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.

9.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 amortisation 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.

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