Tracxn Technologies Limited (TRACXN) Earnings Call Transcript

Good afternoon, ladies and gentlemen. Thanks for joining us today for the Q2 FY '26 and H1 FY '26 Earnings Call of Tracxn Technologies Limited. On behalf of Systematix, Ambrish and myself would like to thank the management of Tracxn for giving us the opportunity to host this earnings call. Today on the call, we have with us Ms. Neha Singh, Chairperson and Managing Director; Mr. Abhishek Goyal, Executive Director; and Mr. Prashant Chandra, CFO. I would now like to hand over the call to Neha to give her opening remarks and take us through the PPT. And after that, we will open up the floor for Q&A session. Please use the hand raise option to ask questions or you can also submit your questions in the Q&A box at the bottom of your screen. Thanks. And with that, over to you, Neha.

Thanks a lot, Sidharth. A warm welcome to everyone who is joining us today for our earnings call for the second quarter of FY '26. We are excited to present our results for this quarter. In terms of format, similar to the previous time, we would like to run through a short presentation, and we'll share some key highlights for this period, which will take about 15 to 20 minutes, and then we'll follow it up with a Q&A session. I request you to please take note of the standard disclaimers. A quick recap on the business. And for those who are joining us for the first time, Tracxn is a data and software platform for the global private markets. If you look at the private markets globally, it has created multiple large data companies, many of which are profitable and cash-rich companies. As private markets are becoming large and important, it will also create similar platforms, and we are building a global platform in this space. Our customers include Venture Capital Funds, Private Equity Funds, Investment Banks as well as M&A and innovation team of large Fortune 500 corporations. It's a global platform. So more than half of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance for Q2 and H1 of FY '26. To set the context, we have one business, one legal entity. So you will not see terms like standalone or consolidated. All the numbers that I'll talk about is for the business overall. Revenue from operations for Q2 FY '26 was INR 21.2 crores and a total income of INR 22.5 crores. The revenue from operations for H1 was INR 42.4 crores and the total income was INR 45.4 crores. This is a growth of about 1% on a year-on-year basis. Our customer accounts or volume growth was very high, which is the number of the customer accounts. At the end of Q2, it reached 2,143 right, which is a 41% increase on a year-on-year basis. Coming to profitability, we continue to have profitable operations. EBITDA for the quarter was negative INR 0.8 crores. Please note this EBITDA also includes all noncash expense like ESOP charge. PAT was -- for the same period was positive INR 1.6 crores and PAT margin was 4%. On the cash side, the business continued to generate positive free cash flow. Free cash flow for H1 FY '26 was INR 1.6 crores. Cash and cash equivalents stood at slightly over INR 90 crores, which is an increase of 7% on a year-on-year basis or an increase of INR 5.7 crores in absolute terms on a year-on-year basis. Please note, this is also net of buyback cash outgo that was done in H1 FY '26. So on the subsequent slides, we have provided a year-on-year and historical numbers for reference, right, that you can see. Coming to profitability, we talked about the EBITDA and PAT margins in the previous slide. Please note that these also include the noncash expense primarily ESOP expense. If you exclude these expenses, the adjusted EBITDA was positive INR 0.7 crores for H1 FY '26 and PAT was positive INR 3 crores for H1 FY '26. Another metric is that what part of the incremental revenue is going to the bottom line. Currently, we are investing in growth, and we did not see the margin expansion in Q2. However, once the growth rate accelerates, we expect this to go up, right? Historically, we have been able to add as high as even 80% of the incremental revenue to the bottom line. Just a point to note that despite these investments in growth, we continue to have profitable operations as well as generate positive free cash flow. Coming to expenses. Our total expense for H1 was INR 43.3 crores, which is a 6% increase on a year-on-year basis. On the right-hand side of the slide, we give the breakup of -- into the key components. The key components are the same as what you have seen previously, but just to summarize, the first component is bulk of the expense is team cost. In H1, this accounted for 88% of the total expense, which has been approximately in the same range across the last 4 financial years. Also, please note that all our team is in-house, so we don't have any outsource or contract workforce. The second largest cost item is cloud hosting, which accounted for 2.9% of the total expense as we do a lot of data processing and analysis. This was followed by rental expense. Another interesting point to note that is we do not have a large paid marketing expense line item because we do not have a large paid marketing spend, either digital marketing or offline base typically required for customer acquisition. The reason for this is that because we are a data company, we produce a lot of content and hence are able to use that to get a lot of organic traffic, right. So we are able to acquire leads fairly efficiently. Another interesting aspect that you can see from here is actually a very high operating leverage. So if you see from FY '21 to the current quarter, the revenue has nearly doubled. The expenses increased by 43%, but the headcount has only increased by 3%, right, which is from 624 in FY '21 to 644 at the end of the last quarter, right? So it is great to see that while the revenue has doubled in this period, the headcount only increased by 3%, right? So it's a great testament to the operating leverage of the business. Moving to the volume growth in terms of the customer accounts and users, which continue to increase at a fairly high pace. We closed September '25 at 2,143 accounts, which is a 41% growth on a year-on-year basis. The number of users were 5,914, which is a 44% increase on a year-on-year basis. So this is the highest number of user addition in a quarter that we have seen as compared to all previous quarters, right? So we continue to acquire more customers at a fairly aggressive pace. Moving on to some of the other metrics. The company generated positive free cash flow of INR 1.6 crores in H1 FY '26. Cash and cash equivalents stood at INR 90.8 crores, which is a healthy increase of INR 5.7 crores on a year-on-year basis or a 7% increase on a year-on-year basis. Please note that this is net of the money utilized for buyback, which was concluded in Q2. So we generated positive free cash flow as well as added cash in the latest quarter. Moving on to some of the other details of our customer base, starting with the split of customers by type. So if you look at the accounts at the end of H1 FY '26, 49% of the accounts were from the investment industry. This includes customers in private market -- customers within the private market asset class like venture capital funds, private equity funds, investment banks, family offices, accelerators and incubators. 47% were corporates. This primarily includes the corporate development teams, M&A teams, innovation teams and these corporates, consulting companies, et cetera. The remaining were others, which is a smaller part, which includes academic institutions, government agencies and others. So we continue to have a very healthy spread across the investment ecosystem as well as corporates. So essentially, we service a rich and diverse customer base. This slide gives an expanded summary of the titles within the investment ecosystem and corporates that we work with. So this gives us a large addressable market to tap into. Coming to some of the other interesting characteristics and metrics of the business, 56% of the revenue in H1 FY '26 was from outside India. These customers span over 50 countries. The top 5 markets by customer accounts are India, U.S., U.K., Singapore and Germany. Essentially, the similar set of geos where you have large corporates and private market investors. Similar to the previous quarters, I also wanted to talk a bit about the market. So in terms of the market activity, the private markets have been fairly slow across the last 2 years. 2024 was down 50% from the peak in terms of tech funding and the deal volume was at a 10 year low. 2025 seems to be slightly better than last year in terms of dollar deployed. However, in terms of deal volume, it is still likely to be at a 10 year low. Similar was the trend in late-stage activity. One proxy to the late-stage activity that we look at is the number of new unicorns that got created or new private companies that got valued at over $1 billion. In 2025, the run rate is slightly better than last year, but it is still down 70% from the peak. Coming to the global M&A, here, the recovery seems slightly better. In 2023, M&A deal value had hit the lowest point in the past decade. 2024 was slight improvement, but it is only the second lowest, in the last decade. 2025 run rate, which is the current year run rate indicates continued recovery and the deal value is likely approaching to what it was about 7 years ago, right? So similar is a trend in M&A advisory fee as well. Coming to some of the other business metrics, we do see very positive metrics growth. So talking about the customer account growth, you will be glad to see that we continue to have a very high velocity of volume growth. On the left-hand side, you can see the Q-on-Q trend of total number of ending accounts. And on the right-hand side, you can see the number of net customer accounts that got added in each quarter. If you see historically, we have added an average of between 30 to 60 net new accounts on a quarterly basis. This pace of volume additions started accelerating from Q4 FY '24, wherein we added 88 net new accounts. Subsequently, for the last 6 quarters, we have been adding over 100 net new customer accounts every quarter. In the last quarter also, you'll be glad to see that we have continued that momentum. Q2 FY '26 saw 130 net new accounts getting added. This accelerated pace of account growth has been due to various growth initiatives, which I'll talk about in the subsequent slides. On the user side also, we have had a very good increase in terms of number of users. We added 538 users on a base of nearly 5,300 users, and historically, we have added anywhere between 40 to 80 net new users on a quarterly basis. So this is a multifold increase. Another very positive metric is growth of the India BU overall, one of the growth initiatives which we are working aggressively is on vertical teams and most of the vertical teams by various customer segments were launched in the India Geo first, as we had mentioned earlier. Given that we cater to a large set of customer personas, this team is by each different customer segment. So while we talk about the acceleration that we have seen due to the individual vertical teams later, I wanted to also share the growth that we have seen in the overall India geography, right? Here, we have seen a very healthy revenue growth acceleration. In Q2 FY '26, India accounts continue to grow at a very fast pace, so increasing 50% on a year-on-year basis, while the revenue grew at 16% on a year-on-year basis. So this playbook of vertical teams or think about it as smaller business units is working and is working very well. So we are in the process of replicating to other geographies, and we expect to see similar acceleration in other geographies as well. Now covering some details on the international markets. So we've seen the account growth improve. In Q2 FY '26, the number of ending accounts grew by 29% on a year-on-year basis. Though this was not as high as the India geo where the number of accounts grew by 50% on a year-on-year basis. However, still higher than the growth that we have seen a year back, right? So the account growth in the international segment increased from a negative 5% in FY '24 to positive 29% in Q2 FY '26. What has worked well in accelerating the India geo growth is vertical customer segment-wise teams plus investing in augmenting data, right? So we expect that as we replicate the same strategy for the key geographies that is extending the vertical teams here as well as augmenting the data coverage, we should start seeing acceleration here as well. And once that happens, it should make the overall growth rate looks much better. Coming to the deferred revenue, which is the billing done in advance. For Q2 FY '26, this was nearly INR 35 crores. Apart from these, we at our end have been investing heavily across various growth initiatives across the last few months, and we expect more results of this to come going forward. So I'll take a couple of minutes to share some of the key growth initiatives that we are aggressively working on. On one side -- so one of the work that we have done is on the side of India BU, right? So in H1, our India business unit growth accelerated to 16% on a year-on-year basis. Going forward, we expect that this may accelerate even further, right? Because in the current financial year, we have also undertaken significant investments in expanding our data sets, particularly around revenue and financial data of private companies. These data sets are in a lot of demand by investment banking and private equity customer segments. So once we make this data live, which is likely to be in Q3, right, of the current financial year, we will have best-in-class coverage in these data sets, which we expect will accelerate our customer acquisition revenue growth and help us significantly increase our market share, especially in these segments as well as for the India BU overall. Also, this will help us break into newer customer segments like debt market, which is, for instance, selling to NBFCs and other financial institutions. On the international BU front, one very interesting update is that we have entered into a partnership with TMX Datalinx, which is the information services division of TMX Group, which is owner of Canada's largest stock exchange. So it's a fairly large financial institution with a market cap of over $10 billion and an overall like revenues of nearly $1 billion at a group level. So they have a very entrenched network within the financial institutions and very active sales team. So through this collaboration, we will be able to reach the financial institutions in the network of TMX Datalinx in Canada and other parts of North America. So we are very excited about this, and we expect that this should increase our customer acquisition and our market share in North America. Apart from these, there are some initiatives that are working well that we have mentioned about it previously, and I'll give a quick update on those as well. So one of the very interesting growth initiatives that we have talked about previously scaling our organic traffic, right, which continues to be a big area of focus. So being a data company, we are able to use a lot of data that we own to launch a large set of public pages, which generates a lot of customer traffic. For instance, if someone is searching for FinTech companies in Europe or AI companies in North America, they come across our pages and we are able to generate leads through that. So if you look at the organic search traffic that we got across all our pages in H1 FY '26, this was 12.8 million, right? So this is a very large funnel that we have been able to build. And the current traffic run rate has reached nearly 25 million annualized visits, which is higher than last year's. Another interesting growth initiative that we had mentioned earlier is Tracxn Lite. To give a quick context, we launched Tracxn Lite last year for product-led growth to increase the awareness about richness of our platform among potential customers. With Tracxn Lite, users get access to the entire platform when they sign up, obviously, with some limitations around restricted limits around profile views, exports, et cetera. So it has been about 1.5 years since -- or nearly -- yes, nearly a little less than 2 years since launch, and we have had over 2 lakh sign-ups on Tracxn Lite. So this is a very large set of users that we've been able to sign up in a fairly short span of time, right? And so there's a very large set of users that are getting familiar with the platform, and this helps us bring a very good acquisition pipeline as part of the users express interest in upgrade over time. So just to give an update on the recent quarter in terms of metrics, if you compare H1 FY '25 versus H1 FY '26, the number of organic sign-ups continue to increase. Average number of users hitting the credit limit have nearly doubled. And we've also seen an increase in the number of upgrade requests and demos that we get. So overall, this continues to be on path to become a large acquisition channel for us. Coming to the vertical teams of the specialized team that we have set up for most of the key customer segments, we continue to see very good results, a good example being universities that we have talked about previously, right? Majority of our customer segments are from top universities globally, which is a great avenue for us to educate them about data platforms like ours. So initially, this team started with new sales, wherein they were able to significantly accelerate customer acquisition rates. And later, they took up engagement, thereby increasing activation and account penetration. And eventually, we're also doing marketing initiative in the respective customer segments, right? So this was one of our initial vertical teams that we had set up, and we continue to see good results. The number of customers in this segment have nearly doubled in the last 12 months and the revenue has grown by 70% on a year-on-year basis. One of the benefits of having a focused team is that they are also able to do very targeted outbound and get high potential logo customers. For instance, within this segment, we were able to add many top universities, right? So we were -- we now have like 5 out of the 6 top IIMs as our customers. Many of the new IIMs are also getting onboarded as customers. We have been able to sign up many top universities like IITs, ISBs, among others. Additionally, we continue to work towards including Tracxn in the relevant coursework, such as investment banking, impact investing, venture capital or private equity courses across universities like IIM and ISB, and we are also working towards increasing engagement with activities such as on-campus activation sessions for the incoming students to help them get familiar with the platform. So this is a great testimony to the vertical sales team approach that is very effective, and this has also enabled us to increase not just the revenue, but also market share within these segments. We'd also set up a specialized team for start-ups. So even the start-ups are served by the same platform, they have a slightly different use case and workflow requirement. Some of the start-ups use Tracxn for fundraising, competitor analysis, market research and business development. So it's a very high-volume segment, but it has a lower price point than investors. But cumulatively, this can be a sizable segment for us. So we have set up a separate go-to-market team, and we've been getting very high and increasing number of inbound in this segment. And in addition to that, in addition to the sales team, we had also launched some features specific to this customer segment. For instance, founders can actually see like who has viewed their company profile on the platform to build a good pipeline for fundraise or sales outreach. So we also launched a contribution engine allowing founders to maintain and update their profiles. So in Q2, nearly 50% of the revenue in this segment was from international geos. Similarly, they also launched a vertical team for accelerators and incubators, which includes corporate accelerators, government incubators, private accelerators and more. Interestingly, even in this segment, more than 50% of their revenue was from international customers in Q2 FY '26. Another vertical team that is working very well is that of investment bank. So these team sells to investment bank both through inbound and outbound reach outs. And in addition to investing in sales in this segment, we have also invested in augmenting the data coverage as required by this customer segment, which has helped us in the conversions -- improve the conversions in this segment. So this includes, for instance, increasing coverage of traditional sectors, increasing coverage of private company financials and key ratios, investor, which is PE and VC databases, right? We have also expanded regulatory data sets such as loans and charges data, legal case data, et cetera, right? And in addition to launching the -- augmenting the data sets, we have also launched additional features, which is required for this segment. For instance, one of them being the start-ups can now mention if they are looking to hire an investment bank on our platform. So this helps our customers build the sales pipeline, right? So we continue to see very good results here. Logo penetration in India continues to increase by 1% on a month-on-month basis. In India, the number of accounts grew by over 60% and the revenue by over 20% on a year-on-year basis. Internationally, the number of accounts have grown by 100% on a year-on-year basis, which is very encouraging initial success as we scale this model to the key geographies, right? So going forward, we expect further acceleration in this segment, right, as we expand the data sets as well as -- as we expand our efforts to the geographies. Another vertical team, which is working very well is that of corporate sales. So this is a specialized team that is focused on users from corporate sales teams who are typically looking to scout and analyze companies across sectors and geographies for lead generation, market analysis, competitor benchmarking, business development mandates and more. So we are able to give them very curated list of targets to go behind because of our detailed sector taxonomies. But the segment -- since the segment was prioritized, we have also been working towards augmenting some of the additional data sets that is required by this customer segment. For instance, one of the requirements was that of PIN code data, CXO profiles as well as regular updation of the contacts on the platform. And we have also added more parameters, for instance, what is the company's -- target companies tech stack, right, which helps our users identify companies by the technology for a more targeted outreach. We've also started scaling this to other key geographies internationally and are seeing good initial traction. The number of international accounts have doubled on a year-on-year basis. 50% of the revenue in this segment in Q2 FY '26 was from international customers. So we expect further acceleration to happen in this segment. To summarize, vertical teams by customer segment is working very well for us. And based on the success that we've seen in the initial vertical teams, we accelerated the launch of more teams and have launched about 10 additional teams. In addition to the ones that I talked about earlier, we have also set up teams behind customer segments like venture capital funds, corporate M&A teams, debt, et cetera. So since we cater to a diverse customer segment within the private market ecosystem through this architecture, we believe we have cracked a very repeatable playbook. In each of these segments, we have seen accelerated customer acquisition due to the improved conversions and more targeted outreach. So once the unit -- as the unit starts, they initially pick up sales and engagement, right, wherein they have higher activations, they improve sort of activation retention within the segments. And overall, this has led to increasing market share and revenue growth within each of these segments. So we believe as more of these business units mature, we expect to have material impact in growth across these segments and the overall growth. We have launched most of the team initially in India, and then that has led to the acceleration of the India BU overall, and we are in the process of scaling these to the key geographies internationally, which we believe that which will help us to bring back to the desired growth trajectory. Moving on, another interesting growth initiative that we've been working on is expanding our regulatory data among private companies. This includes from instance, information across of private companies from government registries, government databases, et cetera. One of the type of information is of financials and cap table data sets, which are very much in demand by customer segments like PEs and IVs. So we have significantly increased our coverage within this data set as well as added more geography to the coverage. Today, we track private company financials in over 20 countries. The number of detailed financials have increased at a fairly rapid pace. So in the last 2 years, this coverage of data sets has increased by over 30x. And interestingly, we have been able to add this data set without significant increase in the headcount, right? So this is a strong testament to the level of automation and intelligence that we've been able to build as part of our infrastructure, which helps us to be able to scale very efficiently, right? So as of September 25, we had over 1.6 million companies with revenue data and over 3.8 million companies in financials. Similarly, on the cap tables, cap tables are used by investors to see their shareholding valuation of the latest as well as historical share price of private companies. Today, we track cap tables across over 15 countries. In the last 2 years, we've increased the coverage of cap tables from 39,000 to 350,000, so nearly a 9x increase. Another good example is of legal entities, which was launched about 2 years back. So this helps investors screen legal entities registered across the various countries for various high growth metrics like revenue threshold, revenue growth rate, profitability, employee count, et cetera. This data set has also expanded at an amazing pace from 11 million at the end of 2023 to over 65 million at the end of September '25. Major countries by coverage includes U.S., U.K., Japan, India, Australia, Brazil. We continue to see very good customer usage in the legal entity page, which has been increasing on a Q-on-Q basis. This helps us to increase penetration in some of the new as well as existing customer segments. In parallel, we have also been adding data sets for the existing private companies and legal entities, some of the ones which are live and pipeline include loans and charges data, patent data, legal case data, taxation compliance, filing delays, payment delays, bankruptcy filings, among others. So these are particularly important for the existing and new use cases like deeper due diligence, KYC, et cetera, which we believe -- which helps us increase the penetration in the existing as well as the new customer segments. So another initiative that we've been aggressively working on is on leveraging AI for data production, right? So this is -- this continues to give us very good results. We have been able to multiply and augment our data sets while reducing the manual intervention and even shrinking headcount. So for instance, in 2024, we expanded our coverage of key data points on the platform by over 5x, while in parallel, our data production headcount actually reduced by 10%. In the first 9 months of 2025, we have further multiplied our coverage of key data points by over 2.5x, while in parallel, the data production team's headcount got optimized by another 20%, right? So this is a very strong testament to our use of automation and intelligence in data production. To expand further, we have been able to enhance the pace of addition with high accuracy. We have increased the pace of data processing of the existing processes. We have expanded coverage across multiple data sets through faster processing of unstructured documents, example, accelerated extraction of financials and company information from regulatory filings across over 20 countries, including some in non-English language as well. And also because of this, we are able to launch new data sets at a much faster pace. For instance, we needed the -- to add the PIN code data for the sales vertical, and that got launched in a fairly short span of time. So we expect continued optimization in the data production and further acceleration in the throughput of our systems. And we are very excited, and we believe that this accelerates our journey to build data on private companies globally. Lastly, another initiative that we have talked about earlier is that of test mentioned. So whenever media talks about private companies or start-ups or emerging technology sectors, we want them to quote data from Tracxn. So we got over 2,000 mentions across various respective media outlets in H1 '26. Some very prominent partnership, which was undertaken in this period included we being research partners for a report by Economic Times covering the most promising start-ups across 3 regions, including Telangana, Karnataka, Delhi NCR and another report covering emerging start-ups from Maharashtra. We were also the research partners for the Northstar Annual Report by WeWork Labs, which covers India's fast-evolving start-up landscape. We were the data partners for the state of operators led start-up report by RTP Global, which is a fund. We have also extended this initiative across some of the other geos to increase our coverage and brand mentions internationally. So we received mentions across various major publications, international publications like Forbes, Khaleej Times, Singapore Business Review, TechNode Global, amongst others. The advantage of the test mention is that a lot of the people discover our data for the first time through media and then come to our website and generate a very high-intent lead. And also, we believe that this goes a long way to help us build the brand as a data company and eventually in our sales conversion. So here, we have covered some of the other KPIs in the business for handy reference. The first graph talks about the contract price or the invoicing amount. For H1 FY '26, this was nearly INR 40 crores. The second graph talks about the number of entities profile, which is a proxy to the amount of data being added on the platform. Today, we track more than 5.5 million profiles, including private market companies, funds, et cetera, globally. This coverage has increased by nearly 50% on a year-on-year basis. So this covers most of the key updates on the recent period. Subsequently, we also have some slides in the detailed financials, which you may go through for more details. And thanks, that's all the key points that I wanted to cover. I'm passing it back to Ambrish for any Q&A that the group might have.

Thank you so much, Neha. [Operator Instructions] So we take our first question from Abhinav.

Thanks, Prashant. I have one question on live deals. So with the new SEBI order, how do you plan to leverage live deals as a segment? And what growth opportunities do you see there?

Yes. Thanks, Abhinav. So I'll just take this up. So we launched live deals, which is essentially listing of the active deals in the market. So this is -- we are still in the listing space. We are not into transactions, right? So we don't help do the whole transactions. But it's basically a listing of primary equity rounds as well as secondary blocks, which are sort of available on the platform. So we've got decent traction on that because a lot of our customers required that one of the use cases is that I want to get information about the deals which are active in the market, right? And we have founders or investment banks actually list some of the deals which is there. So some of the companies themselves list that or some of the banks list based on the mandates that they are working on to actually reach out to our set of -- very curated set of investors that is using the platform, right? So this has received sort of good traction, and we continue to work on that. But from the customer's perspective, they are finding this fairly a good model that we have launched.

Okay. And regarding the [ TMX Datalinx, ] so any plans of expanding such deals across the globe? And what will be the revenue impact of such deals?

I believe you mean to say about the channel partnership, right, that we had mentioned about.

Yes.

Okay. Perfect. Yes. So this is -- of course, we are very happy that we were able to sort of crack this and close this partnership. And if you look at our revenues, nearly 50% of our revenue -- over 50% of our revenue is from international geography and nearly 30% is from Americas, primarily North America. right? While we have our sales team, which is based out of India, which works fine as if we are -- because a lot of our new users sign up on price points between like a $10,000 or $13,000. But as we work with large enterprises and as we tap into the large enterprises, we believe having a physical sales presence, right, in the financial hubs is helpful. One of the ways we have been able to -- we are planning to do that is through channel partnership. So you've just entered into the channel partnership with TMX Datalinx, which is part of the TMX Group, which is -- which owns Canada's largest stock exchange. And this is a very large financial group with a market cap of nearly $10 billion. And through this partnership, their sales team will be able to sell our product into their network of financial institutions that they are already well connected with. And in terms of the impact, we believe that this will definitely help us accelerate our growth within North America, especially in the enterprise accounts, right, within North America and for the international segment, especially in the North America, it will help us increase our market share. And in terms of the revenue potential, I think it's a bit early to sort of say that. I think we'll probably have to see how that pans out to be able to sort of put a number to that.

Okay. And regarding the live deals, any number you can give like what kind of revenue impact that can get us?

Yes. So right now, actually, live is a part of the subscription. So we are actually selling this as part of the offering as part of the subscription itself, and we have got very good traction. I think there are more than 1,000 deals which have been live at points in time. So that's a good traction that we have seen. So this is part of the subscription itself, and this is not a separately sold module.

We take our next question from Praneeth.

So I had one question regarding the overall number of model. So I understand that you have different tiers of pricing for different type of investors. So I was just trying to understand the product differentiation between different tiers because, let's say, if the investor finds out that there's lower tier product, they might renegotiate the price, right? I was wondering in that sense, how are you exactly protecting that particular pricing for that particular product at that particular investor? Like I'm just curious on how you are doing the product differentiation.

Yes. Thanks a lot, Praneeth. So the strategy that we have taken, which is similar to a lot of, I would say, financial data is having one platform. So it's not that different customer segments have a different platform. It's one platform and all the things which are launched, et cetera, everything comes on that platform. And the way we have been able to sort of differentiate is by having different segment-wise pricing and offering. So the platform is essentially the same, but different segments have different use cases, right? So the use case of an investment bank, for instance, would be slightly different than what is that of a venture capital fund or a private equity fund, right? The way we have been able to do that is, obviously, there are some modules which are restricted depending on the customer segment, plus there is also the limits that they have in terms of the exports, et cetera, that they can do. We have also been adding the enterprise-wide module, which is essentially selling to more -- selling to corporates, for instance, which are having more number of seats, wherein there are a few seats which are active on a monthly basis, and there are a lot more users who are sort of using that, right? So I think using your user-based pricing and using a combination of tiers, we've been able to sort of have slightly different pricing for the different customer segments.

Understood. So I was wondering how -- when are we planning on growing our revenues? I understand that we are doing all the right things because of the last 4 quarters, we have had continuous additions. We have continuous new business units. We have done all of it right, but nothing seems to show up in the top line and in profitability because our costs tend to stay similar and grow, let's say, at a fixed rate. But at the end of the day, the top line is not growing fast enough. So I was just wondering on how you are looking at it? And when can we actually see some momentum in both the top and bottom line?

No, thanks a lot for that question. See, I think profitability is more easier to do that. So as soon as you have the revenue growth, the profitability actually follows. And right now, we are focusing on getting more growth. And as soon as the growth numbers improve, you will start seeing the profitability increase at a much more faster rate, right? Coming to the first part, which is your growth, which is there. So I think you can divide that into 2 parts, which is easier to sort of understand. So one is, for instance, if you look at your India BU and international BU, right? So India BU contributes to slightly over 40% of the overall revenue. That for H1 grew at 16%. So that's higher than what it was, say, last quarter. So that grew at 16% on a year-on-year basis for H1. Obviously, the accounts grew at much faster pace, more than 50%. Here, we expect that, that might accelerate further because of all the investments that we have done in terms of expansion in augmenting the data sets, right? So that is going to become live in Q3. So before the end of the year, that will become live. And that we believe that, that will help us in further accelerating our customer acquisition and market share within these segments. So coming to India, we expect that is accelerated, but we expect that, that might accelerate even further. Now coming to the international one. So that is something which is probably showing more impact, and that is why you don't see the overall growth rate to be higher because there's still impact in some segments within the international geos, right? And once that even sort of stabilizes, I think you'll see the overall growth rate improve. In the international BU, we are doing 2 things. One is we are investing in sales. So for instance, the channel partnership that we closed with TMX Group, which we believe should help us accelerate the customer acquisition in North America, which will be a large market for us. In Europe and other parts, we are also expanding our sales vertical teams, which is -- and the initial signs look very good in the segments that we have sort of expanded. The second thing that we are doing also in the international segment is we are augmenting some of the data sets. So there are some data sets which are requested by the customers, right, like a revenue estimate, et cetera, while they are creating target list of private companies. So that is another thing that we are working on that may become live probably in the coming months, right? So I think one -- because of these 2 things, we believe that the international growth rate should also improve. Maybe it will take a few months. And once that happens, then you will start seeing the overall growth rate to be much better. So hopefully that answers the question.

So we expect some sort of revenue growth to start kicking in, in the second half of this year and first half of '27. Is that it?

Yes, hopefully, yes.

Understood. And in terms of the pricing, I understand that are you able to increase the pricing of the older customers? And how are you working with overall pricing? Are you maintaining the similar price points for them in terms of, let's say, pricing per year or whatever it is, the pricing metrics you look at?

Sure. So in terms of the pricing, currently, a lot of our focus is on -- towards the increasing market share. So acquiring a lot more new users and getting a lot of logo penetration within the customer segments that we are working in. And a lot of the new users actually start small. So you'll see the realized pricing is slightly lesser in the initial phases. Coming to the second part and your question, which is how are we increasing sort of pricing for the existing customers. So we're doing 2 things. One is we have incorporated the annualized price increase for some segments. A lot of you would have seen platforms like a Bloomberg or others have that as a default clause that you have an annual increment because obviously, there's a lot of data that is getting added every year, right? That is one part that we are sort of adding and we'll see how that goes. The second thing that we are also doing is that selling more enterprise-wide licenses, right? So what that means is that if there's a large team, we will start with like a smaller set of active users, but we'll give the log-ins to their entire team. And we expect that more and more across the subsequent renewal cycles will become sort of active over time, right? So we are able to sort of also increase the pricing due to this, right? So these are the 2 things that we are doing, wherein the initial signs for both, at least the latter one looks fairly encouraging. And hopefully, that also helps us in getting more market share within the users. So right now, the first initiative is basically just getting market share within the logos. The second is basically how do you add -- increased penetration within the users of the existing accounts.

Understood. So you mentioned that the annual price increases, you haven't implemented that as of yet. Is that the right understanding?