00:00Mish show stands for Mary shop our user
00:01base uses flip cart and Amazon as well I
00:03think more than 60% of our products are
00:05decently cheaper than any other
00:23Marketplace currently misho um is the
00:27only true Marketplace which is hor
00:29horzontal and profitable as well
00:31currently operate at a scale of about
00:33140 million annual transacting users so
00:36just to understand what exactly is life
00:38Commerce life Commerce uh is basically a
00:41live streamer which is a person could be
00:43a supplier could be a influencer trying
00:45to sell a product online through video
00:49in a live setting the big differentiator
00:51is we launched our industry first zero
00:53commission model 0% commission model
00:55entrepreneurship is hard you should be
00:57willing to spend at least a decade in in
01:00building something which is
01:02Meaningful hi guys welcome to my way
01:04today I have with me sanjie banwal who
01:06is uh the founder of one of India's
01:09largest e-commerce platforms misho misho
01:12needs no introduction but just for the
01:14benefit of our viewers it's uh an
01:16e-commerce platform that is now about 7
01:18eight years into its uh you know um into
01:22coming into its own and it's a
01:24profitable e-commerce space it caters
01:26largely to the tier 2 tier three cities
01:28so the bhat as we call it and today what
01:31we're going to do is we're going to try
01:32and understand that if you want to build
01:34an e-commerce platform or you if you
01:36want to get into this space What are the
01:38Dos what are the Dos what are the big
01:39learnings from sanjie himself sanjie
01:41thanks so much for joining us excited to
01:42be here Sonia I'm excited to have you
01:44here actually um it's very interesting
01:47right just to set the context if you
01:48want to tell us what is the situation at
01:51hand currently how many active users
01:53does misho have compared to say some of
01:56your peers in this space yeah sure
02:00um is the only true Marketplace which is
02:03horizontal and profitable as well
02:05currently operate at a scale of about
02:08140 million month annual annual
02:10transacting users and uh I think most of
02:13our users belong to tier 2 cities in
02:15Beyond so we have reach in deeper parts
02:17of the country probably unlike any other
02:19e-commerce Marketplace was that a
02:22conscious decision to cater to tier2 and
02:24theer three I think some background
02:26there we started in 2015 me and with my
02:29co-founder and I think we started with
02:30one simple Insight right so India has
02:33always been a SMB economy so even if you
02:37look at retail sector like more than
02:3985% is powered by small businesses right
02:42now most of them still is offline was
02:45definitely offline then even today it's
02:46offline so I think that was simple
02:48Insight of how do we kind of bring all
02:51of this online and take e-commerce to
02:54remote parts of the country because in
02:552015 the incumbents had built e-commerce
02:58only for users in Metro cities right and
03:02they would end up buying mostly Brands
03:04versus the unbranded segment that you
03:06have that was completely left offline
03:09and that is where we started this
03:10journey with simple mission of
03:11democratizing Internet Commerce so
03:13compared to your peers uh just give us
03:15you know set the context for us say
03:17compared to a zomato compared to uh
03:19other e-commerce platforms say a minra
03:22uh where do you stand yeah I think the
03:23key difference is being asset light
03:26which is we are a tech driven
03:27marketplace where we don't own any
03:30inventory we don't own any warehouses
03:32it's completely asset light which then
03:34gives us this agility of expanding into
03:37deeper parts of the country very quickly
03:39changing expanding to different
03:41categories within e-commerce and hence
03:43we have been able to successfully kind
03:44of build a horizontal e-commerce which
03:47is profitable and that's why you're
03:49profitable even now exactly so I think
03:51profitability has been a pretty
03:52interesting Journey for us um so we
03:55started this about 12 to 18 months back
03:57and uh I think things that have worked
03:59out really well for us uh one is we kind
04:02of more than doubled our
04:04revenues in 12 to 18 months and uh we
04:08reduced our operating costs which is
04:10cost per delivered order by more than
04:1210% by kind of bringing in more
04:15Logistics efficiencies by reducing our
04:17server cost by more than 40% so I think
04:20profitability has been a very exciting
04:21Journey but again it lot went into kind
04:24of delivering that so when you talk
04:26about horizontal e-commerce you're
04:28trying to say that anything and
04:29everything is available on me show
04:30including Electronics clothes U you know
04:34other items stationary perhaps
04:36everything so like an Amazon basically
04:38so yeah just said we are a Marketplace
04:39model so we don't hold any inventory and
04:42it's as simple as any small business can
04:45come and take a photograph of their
04:47product from their phone there is no
04:48restriction of shooting a product on a
04:50Model there has to be a background white
04:52image no such restrictions you shoot a
04:54uh image from your phone you list it on
04:56misho and you'll start selling to like
04:58millions of user based that we have in
05:00India oh how did you think about this
05:02idea no I think it's been quite a
05:04journey lot of iterations which led to
05:06that if you want to go deeper and kind
05:08of share course I would love to I would
05:10love to yeah so I think when we started
05:12uh uh when we had this idea of
05:15democratizing Internet Commerce right so
05:18uh it started with building something
05:20which we called fashioner then which we
05:23which stood for fashion nearby which was
05:25more like a hyperlocal fashion
05:27Marketplace so it as simple as people
05:29would order um uh products from shops
05:32around them which is mostly fashion and
05:35then uh they could get it within few
05:37hours and very quickly we realize in
05:38fashion or rather in e-commerce that
05:40doesn't work because uh especially in
05:43fashion it doesn't work because people
05:45go after variety you need a very wide
05:46selection of uh kind of products as
05:49opposed to grocery where you have a very
05:51limited selection hence you can kind of
05:53store it nearby so I think very quickly
05:55in few months we realize this is not
05:56going to work out but I think we spend a
05:58lot of time in kind of partnering with
06:00small businesses onboarding them on our
06:02fashional platform and that is when we
06:04realized one big problem for them is
06:06they don't know how to sell online and
06:08that is when we started our first model
06:10which we now called misho 1.0 by the way
06:13misho stands for Mary shop which is we
06:15wanted everyone to give their own shop
06:17every small business to give their own
06:19shop and uh we started with u uh
06:22building a storefront for them you can
06:24think of it as simpler version of
06:25Shopify for Mobile in India where
06:28anybody can come and start their own
06:30shop and they can start listing their
06:31products and then start marketing on
06:33Facebook Etc so we're solving only for
06:35this how do you maintain quality in that
06:37case so I think in the first model it
06:39was more the hus was on the on the SMB
06:42themselves to kind of maintain quality
06:43because we are not responsible for
06:45driving demand and that is where the
06:46second model comes in where we kind of
06:49pivoted and then we launched Misha 2.0
06:51which is very closer to the current
06:52model that we have any supplier who
06:55uploads an inventory today or uploads a
06:56new product today they'll get some
06:58visibility in the Marketplace then we
07:00look at a lot of their performance data
07:02which is ratings reviews dispatch times
07:04quality and so on in terms of the
07:06product reviews that is provided and
07:08then our algorithm decides whether this
07:11product can be scaled and uh to lot more
07:15users and can can be scaled on the
07:17marketplace or if not there'll be
07:19certain issues that show up in your
07:20reviews like maybe the color doesn't
07:22match your description and so on so we
07:24summarize those reviews and then pass it
07:26back to supplier to help the supplier
07:28make a better decision because
07:29ultimately it's about making the supply
07:31successful as well and that is only then
07:33you democratize internet Commerce right
07:35so how do you make it very easy for
07:37suppliers to understand how to go online
07:39how to write the product description
07:41right how to set the right expectations
07:43in the images but yeah in short it's
07:45about using Tech to infer quality and
07:48then either pass the feedback to
07:50suppliers or scale it up further to more
07:52relevant users so if I am a manufacturer
07:56of clothes for example right I'm a small
07:58brand from Mumbai right what is the
08:00incentive for me to uh sort of host my
08:04clothes on your platform compared to
08:06others no definitely I think the biggest
08:08one is uh so you think about it the kind
08:10of reach that we have uh that is
08:12probably one of the few companies in
08:14India will have that but the big
08:16differentiator is we launched our
08:18industry first zero commission model 0%
08:20commission model so that is where it's
08:22more like you just own your own
08:25storefront on Mish show you just upload
08:27your own product and it immediately
08:29starts kind of selling to this millions
08:32of user base in India you don't have to
08:33pay any commission so it's zero tax zero
08:36zero commission pay commission to you
08:39they don't play they don't pay
08:40commission to the to misho platform so
08:42then how do you make money exactly and
08:43that's a good question so that is where
08:45we kind of have found a very different
08:47business model so in unbranded items
08:50right so one is there'll be some
08:51products which organically work really
08:53well because they just have better
08:55liability better uh whatever like better
08:59merchandising and so on now if someone
09:02wants inorganic visibility they run ads
09:04on misho very similar to the way
09:06companies run ads on Facebook to drive
09:08installs and so on so it's a ad driven
09:10business model that is one source of
09:11Revenue and the second source of Revenue
09:12is fulfillment which is your Logistics
09:15charges okay but primary one is ADS okay
09:19but in today's day and age where the the
09:22buyer has become really price conscious
09:25right especially in the markets that you
09:27operate in do you think that uh ad based
09:31selling works really because if a buyer
09:34is price conscious then he doesn't
09:36really care about what he's anyway not
09:39concerned about Brands right he may not
09:42be very influenced by ads as well
09:44definitely so it's not about influencing
09:46the buyer it's about giving in inorganic
09:48visibility to suppliers while still
09:50retaining the user experience so you
09:52think about it like there'll be certain
09:54products which naturally don't surface
09:57in the feed for users
09:59but if they end up paying for the ad our
10:02algorithm then figures out okay can we
10:04take some more risk to show it to
10:06certain users who are more likely to buy
10:08this product so probably users will
10:10again end up seeing that product and
10:12they'll only buy if they like the
10:14product but then through inorganic
10:16visibility so example one of the common
10:18use cases for this inorganic visibility
10:20is cold start problem so if a supplier
10:22uploads a product which is new it
10:24doesn't have rating profile now when
10:26you're buying something online you need
10:28a rating profile you need a review
10:29profile to build trust with the buyer
10:31now ads is a good way to build that
10:33trust with the buyer that okay now this
10:36is getting inorganic visibility and
10:37hence this accumulate few ratings in the
10:39beginning and which helps in building
10:41the rating profile for the for the new
10:43product for the new supplier Second Use
10:45case is again liquidation so a lot of
10:47suppliers would want to kind of
10:48liquidate their inventory very quickly
10:50so that is another use case where we
10:52want to push for inorganic visibility uh
10:55to help suppliers again um run ads and
10:58then liquidate their products okay so
11:00you know my aim with this podcast is to
11:03make sure that whoever's watching it if
11:05they want to start a business in
11:06e-commerce right or in quick Commerce or
11:09whatever they have to get some insights
11:12so what would your let's start from the
11:14start if I'm someone who wants to put up
11:17an Ecom uh like put up a startup which
11:20is into the e-commerce space how do I go
11:23about it what are the things that I need
11:24to keep in mind I think the first and
11:26foremost you know have to understand
11:28what the user base that you're going
11:30after so there has to be a wi space
11:32somewhere so you have to find an
11:33opportunity which hasn't been tapped
11:35into right for example we found that uh
11:38there are this millions of customers in
11:40India who have never been reached out
11:41who have never been touched by
11:43e-commerce so similarly finding a white
11:45space is important it could be you had
11:47an early mover Advantage now a lot of
11:49these spaces have been filled don't you
11:50think so it is but probably you'll have
11:52let's say for example we have a lot of
11:54active weer based d2c Brands coming up
11:57in India which is again focused more on
11:59Indian active we building active we for
12:01Indian climate suitable for Indian users
12:03versus copying a US sort of active we
12:06market right so I think there are nichas
12:08available as well people in metros for
12:10example now becoming more conscious
12:12about the Sleep patterns so they're
12:13investing in let's say a better mattress
12:15so wake fit is a one example where they
12:16found a niche of helping people maybe
12:19get their sleep better so I think
12:20finding those niches are important any
12:22other brands that you've seen recently
12:24that have sort of filled the spaces that
12:26are present in the consumer Market in
12:29India I think um um not necessarily
12:32e-commerce but if you look at let's say
12:34cucko FM again a subscription based
12:36business where uh it's audio uh podcast
12:39uh sort of platform and uh they have
12:42been able to again penetrate deeper into
12:45uh the bhat so to say which is like
12:47again smaller towns and cities where
12:49people end up paying for the uh for
12:52listening to their to their podcast to
12:54their stories uh so it seems like there
12:57is a wide opportunity they will be
12:59opportunities available for people who
13:01have come online in the last five to six
13:04years and uh I think mostly people in
13:07smaller towns have now also started
13:09building trust in trying to purchase
13:12online so and Co definitely helped and
13:14we also saw that so that helped in
13:16accelerating that journey of building
13:17trust in buying online but I think
13:19people who have come uh online in last 5
13:22to 10 years right five to six years
13:23maybe there it is I I I still hope like
13:26there are a lot of opportunities left
13:29new businesses can be built okay so you
13:31said first find the spaces right white
13:34spaces that exist in the industry and
13:36sort of then find where the opportunity
13:38lies what next yeah I think finding user
13:40base is important otherwise you just
13:42don't know where to go to where to start
13:44and I think in the beginning it's not
13:46about scale it's about finding that
13:48first smaller cohort of users could be
13:50thousand users but who really love your
13:51product who can be your Champions now
13:54once you identify that Niche uh that
13:56that smaller set of um user base
14:00next is probably spending a lot of time
14:02with them to understand what are their
14:04problems and for us that has been a very
14:05big learning like we kind of pivoted our
14:07model twice I talked about fashion year
14:09to misho 1.0 and then the second
14:11Marketplace model and the single biggest
14:14thing that has worked out really well
14:15for us was talking to users so we are
14:17always in touch with our users on
14:19WhatsApp on call just trying to
14:21understand what are their problems and
14:23again you can go to your users to
14:25understand their problems but Solutions
14:27you have to figure out because they
14:28don't know what could be the best
14:29solution they could be looking for a
14:30better or a faster horse card but what
14:32you will end up providing them is a
14:34Ferrari which is a very different
14:35solution the next the third step is just
14:38trying to launch an MVP now MVP is
14:40minimum viable product which is what is
14:43the minimum amount of effort that you
14:45can put to build a app a business a
14:50platform in a very Scrappy way to test
14:52out your idea because building an app
14:55building a business is hard so you want
14:57to learn fast and fail fast and the only
15:00way to do that is build something very
15:02quickly to start to start build
15:04something very quickly go back to your
15:05users and get their feedback because if
15:08you end up building keep building
15:10building building for three months
15:12imagine the feedback cycle is so low
15:13that you invested three months of your
15:15time your team's time and then you
15:17realize it just doesn't work so for us
15:19for example WhatsApp was the platform
15:20that we leveraged a lot so our first
15:22version of marketplace interestingly was
15:24not an app it was WhatsApp so we would
15:26just run a WhatsApp group with lot of us
15:29seven years ago that was 7 years ago
15:31yeah this is turned 15 16 so that is
15:33where we got a lot of feedback okay this
15:35is the type of product that works really
15:36well this is the type of user base that
15:38we should go after okay and is the bhat
15:41user I mean just to you know clarify
15:42bhat is the user base that's largely in
15:45tier 2 tier three or the rural
15:47population right uh is it very different
15:49from the Urban Market no it's amazingly
15:51different and we had yeah we had a lot
15:54of our learnings we had to put our bases
15:55aside I'll give you one example so you
15:58You' be using a lot of Android apps
15:59right and you'll find a lot of settings
16:02in the a lot of options in the app is
16:04hidden behind those three dots some
16:06people call it hamburger icon some
16:07people call it those three dots now for
16:10bhat users when we started I think the
16:12tech savviness was not at a level where
16:15people would understand that there are a
16:16lot more options hidden behind that
16:18hamburger icon so how do you put most of
16:20the options up front on the app for
16:23people to kind of make it easier to
16:25navigate across the app so bat users for
16:28very long time had used only WhatsApp
16:30Facebook YouTube maybe so those were two
16:32three apps they always comfortable with
16:34so how do you keep your interface as
16:35simple as WhatsApp and WhatsApp is a
16:37great example of simple interface right
16:40that is one second is in e-commerce for
16:42for example for us particularly like how
16:44do you make it more visual so if you
16:46want to convey this idea that okay in
16:48this particular section you'll find
16:50price points which are let's say less
16:52than 300 rupees or in this SP section
16:55you'll find cies like instead of writing
16:57cies you put a photo of CTI there so
16:59make it more visually appealing and
17:01visual navigation as opposed to text
17:03Heavy because reading is hard and
17:05there'll be a lot of vernacular problems
17:08as well like not everybody understands
17:09English and some people will develop
17:11Comfort or most people will develop
17:13comfort with reading English but then
17:14that is not their natural language now
17:16e-commerce as an experience is hard for
17:18a lot of people you have to make lot of
17:20decisions which product do I click on
17:23how do I read my reviews what is a one
17:25star what is a five star like how do I
17:27go to check out screen which payment mod
17:29do I choose so a lot of nuances in an
17:31e-commerce Journey so how do you make it
17:33very simple for people to use but I
17:35think few few few things uh uh that that
17:38that people should really keep in mind
17:40while building for parat is use the
17:43first mindset you go back to your users
17:44keep your B aside go back and understand
17:48want keep it more visual keep it light
17:52browse if you're building a search
17:55experience we've seen voice search has a
17:58much higher adoption on our platform
18:00than so out of the percentages of total
18:02search that we have upwards of 20 25% is
18:05voice searches which is people actually
18:08tap on the microphone and call it out
18:10that I want a red Sardi I want red
18:13t-shirt which is very Which is higher
18:15than most of the other platforms and a
18:17lot of this must be happening in
18:18vernacular languages exactly and the
18:20next one is vernacular so how do you
18:21support how do you build support for
18:23multiple languages in India and lot of
18:25these queries will not be very exact so
18:28so um it could be read juta for example
18:31now it's a combination of English and
18:34Hindi and similarly you'll find multiple
18:35languages getting combined so how do you
18:37cater to all of that so all of so
18:40broadly these are the problems and these
18:42are insights that you should keep in
18:43mind but you've seen AI going of play a
18:45very important role and AI is a tool
18:47that we have leveraged a lot in making
18:49all of this seamless and easier for our
18:51users I want to talk a little more about
18:53AI but before that you know generally
18:54they say when entrepreneurs build
18:56businesses they build businesses to Sol
18:58problems that they face but in your case
19:01you don't belong to that bhat category
19:03so how did you decide to cater to a
19:05market that you probably have no
19:07exposure to true I did not have exposure
19:10uh was I able to relate to that user
19:11base definitely yes because I was born
19:13and brought up in a small town in Chand
19:15called haad probably most of would have
19:16heard of it but uh um um so I think one
19:21thing that we have realized is that I
19:24don't think it's important to solve a
19:27problem that you are facing it's
19:29important to solve a problem that you
19:30are able to relate to and if I just
19:33build on it like it's very important to
19:35not get married to an idea it's more
19:38important to spend time in a particular
19:41domain for us it was retail as a domain
19:44and as you go deeper like finding good
19:47enough problems to solve and uh good
19:50enough in that sense you'll spend
19:51probably more than 8 to 10 years of your
19:53life and maybe more so decades in
19:55building a good business so it should be
19:58worth pursuing that right which means
20:00the impact that it should create should
20:02be very high and that is where finding
20:04problems which creates a lot of impact
20:06takes time and e-commerce was a new
20:08domain for us so I um me and with we
20:11both graduated from it Delhi in 2012 I
20:13was an engineer uh I went to Sony as in
20:16Japan for three years as a software
20:17engineer building consumer cameras far
20:19away from e-commerce like it's not that
20:20it's not even in India so we knew that
20:24when you're starting up like it will
20:25take time to build understanding of
20:27domain that is what first couple of
20:28years was about for both of us so from
20:31growing up in a small town like hazari
20:34bag and moving all the way to creating
20:36one of the biggest e-commerce Platforms
20:38in India how has the journey been for
20:40you growing up in a small town it's
20:42always about you either want to become
20:43an engineer or a doctor because that is
20:45what the society conditions you to do
20:46right so yeah that was a choice that I
20:49made I wanted to become an engineer and
20:51then I did develop a lot of interest in
20:53technology and that is where I chose my
20:55first job uh as a software engineer in
20:58up building for Consumer cameras but 3
21:00years into the journey I realized okay
21:03what next what do I want next from my
21:05career like what should my next 10 years
21:07look like and it's hard like deciding to
21:10start up is hard because you have a
21:11decently paying job and it's fairly
21:14stable you have great work life balance
21:16uh uh so to say and uh so we thought uh
21:20and and this both me and with it I think
21:23both went both us went through probably
21:24similar thought process but uh I think
21:28what we realized was the next few years
21:31we definitely want to kind of try to
21:34build something which has massive impact
21:36on the society there should be a hard
21:38enough problem to be pursued and this is
21:402015 this was a time when startup
21:42ecosystem in India was kind of in its
21:45nent stage exactly in its na stage but
21:47also there a lot of opportunities
21:48showing up you would hear like tens of
21:50startups coming up every month very
21:52different uh kind of business models
21:54very different opportunities so we
21:56thought now is the time if not now now
21:58probably you're going to miss on a big
22:00opportunity and miss out the bus exactly
22:02so you said you have 140 million users
22:04unique users at the moment so we have
22:06140 million annual transacting users so
22:09in a year 140 million users Buy on Mish
22:12show okay and 14 million users Buy on
22:15misho in a year yeah this compares to 4
22:18million users that buy on naika yeah in
22:20a month yes in a month okay and uh so
22:24okay so just to give you overall like we
22:25have us the monthly numbers monthly
22:28active user base is roughly 150 million
22:30users so about 150 million users open
22:33our app every month so that is a kind of
22:36scale that we have today and on the
22:38supplier side again we have about 15
22:40lakh suppliers on Mish show so so 150
22:43million users open your app every month
22:45but how much how many of those 150
22:48million users spend on your
22:50app um I think on an average uh our aovs
22:55are roughly about uh 3 360 370 rupees so
23:01um and uh a large percentage of them
23:03will end up buying in that month so uh
23:06overall I could so basically our overall
23:08gmv annual gmv is roughly $5 billion so
23:11that is either fourth or fifth largest
23:13retailer in the country wow okay that's
23:15that's big and what are what are the
23:17plans that you have over the next four
23:19to five years so if you look at uh
23:22e-commerce Market overall I think it's
23:25uh it's forecasted to grow to roughly
23:27100 33 billion in 2 years it's currently
23:30about 72 billion so close to double now
23:33large part of their growth is going to
23:35come on the back of new to e-commerce
23:38users which is mostly users in small
23:41towns and Villages so them coming online
23:44and them increasing their buying
23:46behavior and increasing their uh
23:48transaction frequency and misho is
23:50probably the best suited platform to
23:52kind of cater to that market because we
23:54already have that penetration we already
23:55have the lowest uh cost distribution
23:57supply chain that we have built uh so I
24:00think I'm very excited about taking Mish
24:02show to millions of hundreds of millions
24:04of more users in the next 3 to four
24:07years expanding across categories as
24:09well so while we have presence in almost
24:12uh every category uh right from Fashion
24:14to home and kitchen to home decor and
24:16cosmetics and so on how do we go deeper
24:18in each of these categories and how do
24:20we unlock Supply from remote parts of
24:23the country as well and third am me
24:26being the the the C and and I'm very
24:28interested in technology so I'm very
24:30excited about AI so generative AI kind
24:33of became the thing about two years back
24:36and uh we are already seeing generative
24:38creating a lot of impact in terms of
24:41fundamentally changing Industries where
24:43there's a lot of content involved uh
24:45customer support vertical in general but
24:48uh probably the potential of generative
24:51AI hasn't been unlocked yet completely
24:54because uh the cost of using generative
24:56VA continues to go go down it's it's
24:58slightly costly now and uh at our scale
25:00where your aovs and India specifically
25:03for everyone where aovs are not very
25:04high how do you deploy very large models
25:08uh costlier models uh AI models uh and
25:11that is where the challenge is but this
25:13cost continues to go down with better
25:14Hardware better software Innovations so
25:16generative AI is supposed to kind of
25:18create a lot of disruption I'm very
25:19excited about that okay uh you know
25:21recently I met someone who runs an
25:23e-commerce platform in China and they
25:26were saying that in China now this life
25:28Commerce has become it's really blowing
25:30up but it's been there for a while a
25:33couple of years why do you think it's
25:34not worked out in India yet so I think
25:38um so life Commerce is a lot of people
25:41are experimenting with it including us
25:43as well um but just to understand what
25:46exactly is life Commerce yeah so life
25:48Commerce uh is basically uh live
25:51streamer which is a person could be a
25:53supplier could be a influencer trying to
25:56sell a product online online through
25:58video in a live setting so um they would
26:01try to explain your value prop in real
26:03time they would also try to answer
26:05questions in real time so users can kind
26:07of ask questions over chat like can you
26:10show me that product how's the quality
26:12of that product so life Commerce is
26:15currently the closest shopping
26:17experience that you have to an offline
26:19shopping so closest online shopping
26:22experience uh the online shopping
26:24experience which is closest to a offline
26:26buying right because blowing up in China
26:28right now in China I think the user
26:30Behavior itself has kind of transformed
26:32over time to kind of it has become the
26:35default so if people have time like when
26:37when they are kind of riding a cab like
26:39the default behavior is to you know
26:42start watching a live stream so I think
26:44China Market in in that sense has kind
26:47of matured a lot and it's a slightly
26:49fewers ahead of us uh in terms of user
26:51Behavior but people are a lot more
26:53comfortable with uh uh spending time uh
26:57on on on phone watching a lot of videos
26:59playing a lot of video games as well
27:01which again leads to a lot of time
27:02getting wasted as well and that is where
27:04you see Chinese government cracking down
27:06on it but uh I think it's about majority
27:09of the users uh in India we are we are
27:11also experimenting with lcom with a lot
27:13of other companies are doing it as well
27:14and how is it doing yeah I think it's
27:16still in nent stages we have a lot of
27:17learnings uh we have uh I think on
27:21selling in a life setting is a skill so
27:24for suppliers and for
27:26influencers uh there's some learning
27:28curve on how do you present a product in
27:31the right way which is very appealing to
27:32your users how do you hold on to that
27:35engagement yeah exactly holding that
27:37attention is important because so it
27:40watching a live video warrants un un un
27:44filtered yeah unfiltered attention right
27:45you just have to focus on that uh it's a
27:48very immersive experience you have that
27:50full screen video going on so it better
27:52be worth it so it has to be very
27:53engaging now people are still learning
27:55how to do it and that is where I believe
27:57that uh as people do it more they'll
28:00start learning what works what doesn't I
28:02also believe some of the Technologies
28:04progress that has happened specifically
28:05in generative AI I believe can help us
28:08kind of create videos in a much more
28:11engaging way versus earli because for
28:14example one of the bigger problems that
28:17you have is apart from engaging content
28:19is so there are millions of users asking
28:21questions you can only or the live
28:23streamer can only pick maybe tens of
28:25questions in a in a in a in a 30 minute
28:27setting so how do you answer other
28:29questions it's very difficult so can you
28:32use AI to kind of automatically read the
28:35question understand the question and
28:36answer it or maybe help live streamers
28:39prioritize certain questions which are
28:40more frequent ones and hence create a
28:42lot more engagement so I believe with
28:44lot of advancement that has that have
28:46happened in AI in the last couple of
28:47years live streaming streaming will
28:49become slightly easier for Content
28:51creators which is influencers uh but
28:53still we exper a long time to so what do
28:56you see as a future of e-commerce in
28:58India so I think future um
29:03um be honest I feel future is a
29:06Marketplace uh which
29:09is fair fair in terms of enabling every
29:13supplier to kind of uh go online and
29:17sell online without any filters without
29:19any biases from the platform so that is
29:21on the supply side fairness of
29:23marketplace is very important fairness
29:24is you don't favor one supplier over the
29:28just because you end up making more
29:29margin from one supplyer right so
29:31fairness is more important second is I
29:35think e-commerce experience in general
29:37tends to be very complex for users so it
29:40should get simplified over time so in
29:43the next 5 to 10 years how do we bring
29:45this e-commerce experience closer to
29:48offline shopping experience so can it
29:50evolve to become as seamless as buying
29:53going to a local shop going to a local
29:56uh Bazar and kind of interacting with
29:58the shopkeeper and uh trying to look at
30:01a lot of products ask a lot of questions
30:03uh trying to understand the look and
30:05feel as much as possible through a more
30:07immersive experience the the Restriction
30:10there is technology so um uh technically
30:14on highend smartphones uh uh this AR
30:17experience or this immersive experience
30:19is possible even today but penetration
30:21is very low so will technology kind of
30:24become cheaper to an extent where
30:27uh you can run kind of immersive
30:30experience on most of the smartphones
30:32out there and then can you uh modify
30:36e-commerce shopping to make it very
30:38closer to live interaction with the
30:40shopkeeper probably that is the data
30:42which remains even today and hopefully
30:43it'll get bridged in the next 5 to 10
30:45years okay and you were talking about AI
30:46right uh the use of AI in the e-commerce
30:49space What are the big trends the couple
30:51of big trends that you see in the AI
30:53space happening now so I'll come to
30:54generative AI but before that AI has
30:56been there for quite some time now and
30:58uh we ourselves have uh we set up ouri
31:02team about four years back the some of
31:04the biggest use cases in a Marketplace
31:06like ours is personalization and
31:09recommendation so just to give you some
31:11perspective like we have millions of
31:12products at a given point in time now
31:16users span is very attention span is
31:19probably few minutes 2 minutes 5 minutes
31:21maybe so for every session that user
31:24gives you which is opens the app and
31:26starts browsing it's feed experience
31:28probably user will end up browsing 20
31:31products if user doesn't like 20
31:33products I don't think user going to
31:34continue on the app so how do you filter
31:37most relevant 20 products from millions
31:40of products and you can't do that uh
31:43using uh human tagging using human
31:46involvement because it just doesn't
31:48scale you have millions of users
31:50millions of catalogs how do you do this
31:51demand Supply matching right so this is
31:54where personalization and recommendation
31:56comes into picture so how do you
31:57understand user Behavior traits of a
32:00user based on past history of purchases
32:02past clicks um the different types of
32:05products that user has viewed and bought
32:07and not bought there are positive
32:09signals there are negative signals so
32:10how do you take into account all of that
32:12and build a AI model to find those most
32:15relevant 20 products and then show it to
32:18users so how do you implicit understand
32:19that's why I get all these ads on
32:21whenever I open these apps of all the
32:23stuff that I actually want just keeps
32:25popping up on my feet has advaned to an
32:27extent where given right data you would
32:29probably end up getting a very relevant
32:31feed which will drive conversions for
32:33the platform and will drive better user
32:35experience for for users okay so
32:37personalization personalization is one
32:39now second is uh on the supplier side
32:42now especially for new to e-commerce
32:45users like the price points in offline
32:49Market is different from online in in
32:51offline Market manufacturers would be
32:53selling in bulk and the price points
32:55would be very different now when when
32:57they start selling one by one in misho
32:59what should the price be how do how do
33:01they price the product in a competitive
33:03manner which is let's say a is selling
33:05for 400 should it be 400 should it be
33:07410 like it depends on lot of
33:09competitive Dynamics on the
33:11platform so how do you help a new to
33:14e-commerce supplier to price the product
33:16right it's a AI problem again so how do
33:19you look at different categories
33:21performance of similar products visually
33:23similar technically similar products and
33:26then look at price points and then
33:28suggest a price to a supplier which then
33:30makes supplier successful on the
33:32platform again II problem so price
33:34recommendation product
33:36recommendation a SMB or a small business
33:40uh uh can potentially manufacture any
33:43type of product like probably this this
33:45person will have hundreds of options
33:47which type of product will really sell
33:49well based on the Trends on your
33:51Marketplace B based on the Trends on
33:52social media and so on so helping in
33:56recommending the right product again
33:58based on a lot of signals on the
33:59platform so this is again a AI problem
34:02to solve address is a very interesting
34:04problem to solve for bath users so
34:05you'll hear addresses like U I don't
34:08know left of this Mand and then behind
34:11this paid and so on so and these are
34:14real addresses like uh because not every
34:16house has a number uh in in in smaller
34:19Villages so how do you understand this
34:23address and how do you convert it to a
34:25address which is reachable in which your
34:27Logistics Partners kind of go ahead and
34:30are able to deliver successfully is an
34:31interesting AI problem how do you
34:32rewrite that address how do you help
34:34users in writing the right address uh
34:36fraud is another area which in
34:38e-commerce kind of tends to be uh pretty
34:40interesting and a challenging problem
34:42for most marketplaces and AI plays a
34:44very important role in understanding
34:46what type of users are colluding
34:49together to create this fraud and can
34:51you detect them can you detect duplicate
34:53logins from the same user across
34:54different devices so a lot of a
34:57algorithms are used to detect fraud up
34:59front right so these are trivial AI has
35:03been there for some time and we have
35:04applied a lot voice search Etc
35:06everything is powered by image search
35:07again uh we have more than 10% of our
35:09searches where user clicks image of a
35:12product and then searches post it and
35:14then searches for the same image in the
35:15product again this is very BH type this
35:18has been there for a while it been there
35:19for a while but again all of this
35:21requires AI uh powering it the recent
35:24development has been generative AI which
35:26is in the last last two years um um the
35:30most popular one people would have heard
35:31of is open aai right open has come up
35:33with this chat gbt uh it's a consumer
35:36product which people can use to kind of
35:37Leverage uh generative AI but generative
35:40AI has a lot of applications in
35:41automation so customer support vertical
35:45um you can automate customer support
35:47chats through generative AI where AI can
35:49kind of understand the context and reply
35:52in a very humanlike manner with very
35:54empath with very good empathy with good
35:57reasoning capabilities so that person
35:59who I keep complaining to is not real
36:01unfortunately it depends on in what
36:04stage of the J company is in but yes
36:06some people have implemented J but yeah
36:09that that's great I mean generative a
36:10what are the other ways to use it so you
36:12said customer support is one of them
36:13yeah so automating conversations any
36:16type customer support sales agent uh and
36:19on content generation so through
36:22generative AI you can generate much
36:24better product descriptions so when a
36:26supplier is uploading a product the
36:29supplier has to find the right image
36:31edit that image to whatever make the
36:33background nice looking and catchy write
36:35a description which is again catchy and
36:37describes a product in the right way and
36:39remember attention span is very low for
36:41consumers so you have to be right in the
36:44first time itself and you have to be
36:46very accurate there because if you don't
36:48write the if suppliers don't write the
36:49product description in nice way if they
36:51don't shoot the images in the right way
36:52they not get yeah exactly so generative
36:56wayi can take an image as input and
36:58modify the entire background to make it
37:01more appropriate now for example if I
37:02want to sell this coffee mug right like
37:04probably a better setting for this
37:05coffee mug could be a table right
37:08instead of just holding it against the
37:09wall and shooting it so just finding the
37:12right setting for this product and
37:14changing this background image and all
37:16of this automatically the way people
37:18would do it without generative they'll
37:20hire a photo editor to kind of do it
37:22which will then cost them whatever 50
37:23100 rupees per image which is again like
37:26in a lowk business it's unsustainable
37:29same for product description like not
37:31everybody has that marketing skill set
37:33to kind of write a very catchy product
37:35description writing blogs I think
37:38largely is going to be automated so uh
37:40is is has already happened in a lot of
37:42cases but uh it used to be um hard to
37:45kind know it used to be a skill to kind
37:47of convert few points to a nice blog
37:50which gets a lot of s which gets good
37:52traction on Google and and people do
37:55optimizations probably all of that is
37:56going to be automated through generative
37:58Ai and these are some of the obvious
38:00applications so productivity is one
38:01vertical which is you write thousands of
38:04blocks with a matter of Click you
38:06generate thousands of product images
38:08very quickly um so productivity is one
38:11vertical which is getting automated on
38:12the business side uh uh customer support
38:15is one sales agent uh understanding
38:17Search terms in a better way so there's
38:20a potential application in ranking and
38:21personalization as well so because this
38:24is a powerful model can you kind of uh
38:26uh use this to rank the feed better can
38:29you understand the text query that user
38:31is asking so there's this concept of
38:34conversational Commerce which is kind of
38:36uh come up now and it has been there for
38:38a while but generative a has made it
38:39possible conversational Commerce is
38:41essentially you try to browse the app
38:45through conversations rather than uh uh
38:48browsing the feed or doing onetime
38:50search so for example if I want to buy
38:52shoes like I'll go to Misha and I'll
38:55search shoes for example I see a list of
38:57products but conversational Commerce is
39:00I'm able to build on that query so what
39:03I really wanted was red shoes after
39:04looking at few shoes I realize okay I
39:06want red shoes so I should be able to
39:07type oh no I want red shoes and the
39:10system understands that okay this person
39:12wants red shoes now in the next step I
39:14would want okay I want red casual shoes
39:17but I don't have to completely type it
39:19like red casual shoes I can just build a
39:21conversation hey show me shoes oh I like
39:23the red ones oh show me only casual ones
39:26and then system and this generative VI
39:28enabled system driven system would then
39:30understand the context and keep refining
39:32and showing you the right products some
39:34companies have implemented this we are
39:35still experimenting but uh so that is
39:37where like the power of generative AI is
39:39yet to be unlocked but we are already
39:42seeing a lot of applications wow that's
39:43amazing there's so much learning over
39:45there I mean I didn't know that there
39:47were so many things that AI used for
39:49especially you know for eCommerce um but
39:51you know I I want to talk a little bit
39:53about your own Journey also because I
39:54noticed there's a lot of passion in your
39:57product in your business and you said
40:00you started by saying that you come from
40:01a very small town right hazari you said
40:05um is it a cliche that people who you
40:08know come from nothing who come from a
40:10place of no wealth uh have more passion
40:14to build or do you think it's otherwise
40:16I would personally not believe in that
40:20because passion comes from having did
40:22you come from a definitely I was from a
40:25um um what l m income segment family
40:29like low to middle class probably lower
40:31middle class probably did you always
40:33want to be an entrepreneur no no
40:35definitely not like in the first so
40:36right until College I was never sure
40:38that I wanted to start a business at all
40:40like I really love technology and I I
40:42chose uh uh Sony in Japan because I
40:45thought I'll I'll get i'll get to build
40:47this cool consumer camera some software
40:49powering that again reach of millions of
40:52consumers I think it's going to be
40:53pretty interesting and I love building
40:55product I loved solving problems through
40:57technology I think that was the only
40:58thing that I knew then and few years
41:01before that I didn't even know that I
41:04will get into software programming and
41:06and into technology and so on so I think
41:10I don't think it's about uh the
41:12background it's more about if you if
41:15people develop Clarity in
41:17life uh like what do they want probably
41:21if they understand a notar in life which
41:23is let's say for us uh it took a lot of
41:25time for me took a lot of time like uh
41:28even after college getting into job it
41:30took almost three years to understand
41:31what what I want from my life and it
41:34know answer was very simple which is we
41:35want to maybe build something which has
41:37massive impact now that is the only
41:39thing that uh kind of uh uh was the
41:43source of passion for for
41:45me if I had come from a very different
41:47background I don't think situation would
41:48be very different what it does help in
41:51is because in our business we're trying
41:52to build for the similar type of user
41:53base I'm able to relate to it um um so
41:56there's this sort of humbleness to it as
41:59you if you call it like uh we do lot of
42:01uh user visits and user calls to
42:04understand and I don't think I'll shy
42:06away from visiting remote Village and we
42:08have done that every six months we have
42:10this concept of uh we call it internally
42:12listen or die basically user first
42:15principle which is uh you have to go
42:17back and talk to your users to
42:18understand what next to build yeah
42:20exactly and we would keep visiting
42:22remote parts of of of a smaller town to
42:25and keep visiting users houses to
42:28understand how do they think about
42:29e-commerce and what's the next uh you
42:32know where do you see the next big
42:33demand come from since you talked to so
42:35many users in rural tier 2 tier three
42:37cities uh where is the next big demand
42:40boom going to come from I think it's
42:42going to be from this user base which
42:45went online for The Last 5 Years right
42:47uh people who have started purchasing
42:48online in the last couple of years uh
42:51who were online for the last five years
42:52and then they probably through covid or
42:55otherwise they had to buy online and
42:57that is when they discovered okay now
42:59they have this access to massive
43:00selection which is never available in
43:02your local shop so this is a user base
43:05which is not spending a large percentage
43:08of their uh overall spend online yet
43:11maybe so if you if you think of typical
43:14uh low to Med income segment customer
43:16tier2 plus like uh maybe in fashion
43:18they'll be spending sub 30% of their
43:20overall spend like 60% is in grocery um
43:24so um and large part of that is offline
43:26so how do you kind of convert uh some
43:30decent percentage of that to online
43:32because this user is reachable now has
43:35bought some products online and hence
43:37trusts online as a medium to purchase
43:40but then how do you uh expand to some of
43:44the other categories and that is a
43:46problem that we're also solving in Mish
43:48which is actually that was my next
43:49question uh quick Commerce has become
43:51such a big area of growth right does
43:54misho plan to sort of expand into areas
43:56of grocery quick Commerce food in
43:59general so quick Commerce I believe is
44:01doesn't resonate with our segment
44:03because quick Commerce is more to say
44:05convenience overprice which is uh so
44:08people who can afford certain Logistics
44:10charge uh can get this uh would seek
44:13this convenience of getting stuff in 15
44:1520 30 minutes I don't think RTG is like
44:18that so they would rather wait for a day
44:21to kind of uh get the stuff at 10 10
44:24Rupees cheaper so for us quick Commerce
44:27is not the right model to you know
44:29explore we've recently expanded into uh
44:32this small concept which is within misho
44:34we now have a tab which is called Mall
44:37which is essentially we have onboarded
44:39certain brands but these are more
44:41Regional and affordable Brands like
44:43decathlon and boat and so on which is
44:46slightly higher price points but still
44:48affordable by RTG and this is a new and
44:51upcoming uh uh vertical that we have
44:53within misho where we see very good good
44:56traction and users kind of uh uh in
44:59addition to all their daily buying which
45:01is their daily we buying sort of thing
45:03now moving to some of the occasional
45:04purchase where they they let's say
45:07Festival oriented buying where they try
45:09to uh prefer certain brands which are
45:13still affordable but more Reginal in
45:15nature okay okay so you have you're very
45:18clear that you have particular target
45:20audience which is bhat we don't want to
45:22move to the urban side today that is the
45:25case because we believe there's large
45:27opportunity that is left uh still on the
45:30table with this you have any competition
45:32so in our user base I'm sure like our
45:34user base uses flipcart and Amazon as
45:36well but I would believe that the the
45:39the the type of products that we have
45:42the price points at which we offer I
45:45think more than 60% of our products are
45:47decently cheaper than any other
45:49Marketplace and that is because we have
45:50built this asset light model and uh
45:53We've chosen to invest in certain areas
45:54and not invest in certain areas which
45:56then unlocks this lowest cost
45:58distribution supply chain and which
46:00makes it very viable for Value conscious
46:02customers versus some of the other
46:04people so I want to understand more
46:05about this asset light model so you're
46:07saying that misho has no assets of his
46:09own either Logistics either uh you know
46:12warehouses nothing do others like Amazon
46:15Flipkart also operate on that model no I
46:17think uh they have their own Amazon I
46:19know of course has warehouses Etc flip
46:21card has their own warehouses their own
46:23e-card as well which is their Logistics
46:24Fleet which is their uh
46:26primary uh uh uh way of shipping items
46:31but yes Misha is the only platform which
46:33has been able to scale to this level uh
46:37without holding any other not doing it I
46:39think it's fundamental difference in the
46:41strategy so when Amazon and flip cart
46:44started um I don't think there were a
46:47lot of suppliers who are willing to sell
46:48online so there was and there was there
46:51were not many Logistics players third
46:55party Logistics players who would build
46:56so I think they had to do it because
46:58started in a time when uh e-commerce was
47:01not there so when you're building
47:03e-commerce and this is a story with
47:05Amazon as well in us like they started
47:07with holding inventory and then they
47:09actually exploring 3B but uh uh I think
47:12we started in a time when the ecosystem
47:14was so mature that there were enough
47:15people on the supply side who wanted to
47:17sell online who who believed in the
47:19power of online and and enough Logistics
47:22players as well and Logistics players as
47:23well and which made the the the job
47:25easier for us yeah okay okay that's
47:27interesting that's interesting that is
47:29on the profitability side but on the
47:30growth side do you feel like there is
47:32this in competition from Amazon because
47:34I do know that even Amazon is making its
47:36price points really low in many
47:38categories especially in you know Parts
47:40different parts of India Flipkart as
47:42well so do you feel that competition so
47:44just to give you some perspective on
47:46growth like uh in the last one year like
47:49and we have reduced our marketing spans
47:5280% now that is again one of the reasons
47:54why we became profitable as well apart
47:56from a lot of the efficiencies in
47:57business and AD revenues and so on and
47:59then we became profitable in July and we
48:01have continued to stay profitable for
48:04the subsequent two quarters as well so
48:06that momentum continues and hopefully uh
48:08we are on for a potential IPO in the
48:10next 12 to 18 months
48:12but despite reduced marketing spends by
48:1480% we have grown 40% Yi year over year
48:19in during the sales season so that talks
48:22that that kind of shows the amount of uh
48:25expert that we have built in organic
48:27growth so if you've reduced your
48:28marketing spend so much how are you
48:30building distribution and reach so a lot
48:33of this is uh backed by organic growth
48:36that is one and the 20% that we're
48:38spending on inorganic marketing we have
48:40found really good efficiencies in terms
48:42of spending it in the right way
48:45optimizing our marketing spend to make
48:46sure it is spent on the right TG with
48:48the right signals so which is the
48:50platform the like what is the main kind
48:53of media that you use in order to market
48:56so I think one is brand marketing where
48:57we run TV ads with cell apps and so on
48:59and then there is Performance Marketing
49:01and and there's decent investment in
49:02both of these buckets on the Performance
49:04Marketing um the the Facebook and Google
49:08continues to be and I think that is for
49:10everyone but continues to be top two
49:11platforms where people invest uh heavily
49:14uh I think the the catch there is uh
49:17you'll have to optimize a lot in terms
49:18of there a lot of tactical optimization
49:20that you can do to experiment with lot
49:22of creatives on the Fly and that is
49:24where gen also I'm saying like you can
49:26generate because you can generate
49:27thousands of creatives with a matter of
49:29in in in a matter of seconds you can
49:31then experiment with a lot of creatives
49:33in social media to understand which one
49:35works really well so how do you optimize
49:37your marketing spend how do you target
49:38the right TG how do you pass the signals
49:41back to Facebook and Google to help them
49:43help their algorithms tune the targeting
49:45well so I think all of this kind of
49:47unlocks a lot of efficiencies in
49:49customer acquisition cost okay have you
49:51made any major blunders in your
49:53entrepreneurial career wow it's a good
49:56question and I think I wouldn't say um
49:59we haven't made mistakes we keep making
50:01mistakes because we pivoted twice you
50:03can always call the first two models a
50:06blunder because it did not work out
50:07right but I think what is more important
50:09is see entrepreneurship is hard you'll
50:12keep taking a lot of bets you'll keep
50:14make uh launching lot of experiments 90%
50:17of them will fail but at 10% that
50:19succeeds should probably hit it out of
50:21the park so that should lead to
50:23disproportionate success right so when
50:25you fail it's important to learn from
50:27those failures and try to avoid
50:29repeating that so I think U failures
50:32will always happen but it's more about
50:34how do you take it and how do you move
50:35forward the first two models did not
50:37work for us but then that did not that
50:39did set us back to some extent but then
50:41that helped us learn a lot about our
50:43users that is where we build this
50:45Marketplace okay you were telling me you
50:47want to do an IPO in the next 12 to 18
50:49months that's your goal that is
50:50definitely I think that's not a goal
50:52that is one another Milestone that we
50:53would want to pursue and take it public
50:55and make it easier for a lot of people
50:57raise Investments make it easier for us
50:59to raise in Investments make it easier
51:01for our employees to generate wealth as
51:02well but yes we have become profitable
51:05and we have continued to stay profitable
51:07for the last you have any revenue or
51:08profitability Target before you uh come
51:10out with the ipu uh not yet we're not
51:12disclosing yet but uh we have we became
51:15profitable in July and we have continued
51:17since then okay uh just some more
51:20insights from your own entrepreneurial
51:21Journey uh anything that you'd want to
51:24sort of say was your biggest takeaway or
51:26biggest learning something that our
51:28viewers can you know yeah sure I think
51:30first and foremost entrepreneurship is
51:32hard so you need to have the right
51:36amount of energy and you should be
51:38willing to spend at least a decade in
51:41building something which is Meaningful
51:42if you cannot spend a decade it's harder
51:45it's probably unlikely that you'll end
51:48up building a huge business and second I
51:51um having open-minded being open-minded
51:54is important important so you start with
51:56one idea but again as you spend a lot of
51:58time in a particular domain you'll end
52:01up discovering newer problems andary
52:03opportunities so being more open-minded
52:06and open to expanding your business to
52:08kind of encapsulate and try to attack
52:10all more opportunities all the
52:11opportunities that kind of are um
52:15anciliary to each other kind of
52:16definitely is important okay sanjie it
52:19was great to learn from your journey and
52:21to understand this whole business of
52:23e-commerce and you've been doing
52:24exceptionally well in years you've
52:26achieved a lot achieved profitability
52:28one of the biggest e-commerce Platforms
52:30in the country and you know targeting uh
52:32a part of the country which is ever
52:35growing right bhat as we call it so all
52:38the best with your journey thank you
52:40it's nice talking to you as well happy
52:41to was great sharing experience with you
52:44thank you so much thank you for watching
52:46CNBC TV8 for all the latest news and
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