Rahul Garg Founder Moglix in conversation with Shripati Acharya, Managing Partner Prime Venture Partners.

Listen to the podcast to learn about:

01:00 - B2B Commerce Needs to Transform like B2C commerce

05:30 - Opportunity to Become a Disruptor Globally

14:00 - Find What Customers Don’t Want To Do

18:00 - How B2B Marketplaces Differ from B2C Marketplaces

25:00 - The China Plus One Strategy & Opportunity for India

31:00 - How to Evaluate a B2B Opportunity as an Entrepreneur

Read the complete transcript below

Shripati Acharya 00:45

Hello and welcome to Prime Podcast. My guest today is Rahul Garg, Founder and CEO of Moglix. I’m super excited to have you on the podcast. Rahul, welcome.

Rahul Garg 01:00

Yeah. Thanks for having me. Exciting to be part of it and happy to share whatever about our journey and the learning so far.

Shripati Acharya 01:10

Absolutely. So, let’s jump right in, Rahul. So tell us a little bit about just your own journey and the starting of Moglix and then we can dive in after that.

Rahul Garg 01:20

Yeah. So I started in 2015. I think the thought process was the entrepreneurial bug was there for probably five years before that, and multiple attempts at starting up, which I couldn’t. So, eventually, I said, “Let’s just resign and be unemployed, because that might be the right kick you need to start up as an entrepreneur.” So that’s exactly what I did.

I resigned and said I’m going to start a company. And there were a couple of spaces I was super excited about, and as I went through it, I felt like this B2B commerce needs to go through the transformation B2C has delivered. And that’s pretty much the birth of Moglix.

Simple, one single-line that we will transform B2B in a way that everything should happen using transaction platforms, and it should be done with the same level of ease, comfort delivered at the doorstep of a manufacturing sector, infrastructure companies, heart of the Indian economy. And we will try to attempt this problem, which didn’t seem easy at that point. And still, I think we are way, way ahead from getting to the goal that we aspired to get to as a company.

Shripati Acharya 02:35

So I’m curious. Did you very quickly narrow it down to the opportunity set, which was the start of Moglix? Or did you actually try a few things before you’re coming onto this?

Rahul Garg 02:50

No. So I never started anything else. I think it was a three-month period of sleeping with the problem. And I think two things eliminated other options, because as an entrepreneur, I feel this is going to be a long journey and you’ve got to be excited every day. You have to have the day one feeling for tens of years.

And therefore, you have to pick a problem that you feel, either you feel close to a customer, close to the mission, close to the supplier, because something like that. And I felt I grew up in a household in Faridabad which was all manufacturing folks and always felt like we were, as a country, missing out and China just took the shine away in manufacturing from India and we could have done a lot better.

And I felt like this is a problem which I’ve grown as a child and maybe if I feel that there is also an entrepreneurial opportunity, then I can probably continue to remain motivated about it for a longer period of time. I mean, many times, there are business problems which are exciting, but this touches you more internally and gives you that motivation in the good or a bad time to keep going on.

Shripati Acharya 04:10

Well said. And could you to set the context here for our talk, what is Moglix? How do you describe it?

Rahul Garg 04:15

In simple terms, Moglix is a B2B commerce platform for manufacturing and infrastructure companies. Just like we are used to having a one-stop of a Flipkart or an Amazon deliver any product that we want to our houses as a consumer, we do it for manufacturing companies.

So you pick up an automotive company, a steel company, or a mining company. You go and say, “I want to be the one-stop solution for Hero MotoCorp, I want to be doing that for Tata Steel. I want to do it for some of the vaccine companies, some of the chemical companies. That’s what Moglix is about.

And, obviously, as for many marketplaces and commerce companies in India, you end up building a full stack. You gotta build that warehousing, supply chain, technology and solve through the various elements in the process of how do you create this market?

And I think in the last seven years we have pretty much not just created the entire space, but a lot of the rails around it, because it’s like a second, third-order problem to solve we feel, and therefore a little more complicated than consumer. I mean consumer is complicated in its own shape or form, but we feel that the templates for B2B are less developed globally. So, your ability to learn from global counterparts is low, and therefore we become actually a unique B2B disruptor globally.

Shripati Acharya 05:40

So, just to take an example. You mentioned Hero MotoCorp. Let’s say an automobile manufacturer, could be Hero, could be Maruti, could be anybody else they want to source a part. They want to source an exhaust or the tires or whatever it is. They would potentially come to Moglix and say, “Hey, look. This is what you’re looking for and I would like it shipped,” and so forth.

Rahul Garg 06:05

Yeah. Many times we don’t realize. These companies buy tens of thousands of products. And I take an example as a consumer, I see a car is a car, right? It’s one single SKU. Maybe the colors and shades and others if I decided on the model. But if you look inside a car, it’s tens of thousands of products. And we can’t say that we can solve for all of them, but we take a sliver of category of products which we start to enable for many of these manufacturing plants running heavy machinery, heavy engineering tool rooms and various complex processes to get to that finished car.

And we solve for that category of products becoming a one-stop solution, which in many shape or form from a supply market. People also think of it as what is the like of a wholesale bazaar like a chawri bazaar or a lower chaal in Mumbai. So how do you visualize these markets in a modern India context? Will they remain like that? Or will they be transformed and will they be digitized? And will they be enabled using technology rather than the ad hoc nature in which those markets functioned in the past?

Shripati Acharya 07:25

So, as a B2B marketplace, is it fair to say that it is a small B, which is on one side and a large B on another side, meaning that the suppliers are probably smaller and significantly smaller in scale than the folks who are actually doing the procurement? Is that the right way to look at it?

Rahul Garg 07:40

I mean, technically you would say that the buyers will be from a small manufacturing plant to the largest of manufacturing plants. What you cater to at different points in the journey? How do you design your GTM? Those things may differ, but invariably it is almost like saying that a consumer, would you say that, “I only serve it to urban consumer, I don’t serve it to a tier 2 consumer,”? So yes, the GTM matters. Today we do service more of the large enterprises as a company, but because the SMEs in India are extremely fragmented, how do you design a GTM? How do you make sure that your CAC to LTV metrics make sense? Things like that.

And typically on the supply side, again I think, well, the default is the small guy, but you would also think a company like Havells would be selling through a platform. Now they may sell through a smaller supplier or distributor sometimes versus selling directly, but invariably your supply is like a one-million SKU, which can be coming from a large brand or a small brand.

And they might be supplying directly or they may be supplying through a stockist partner of theirs. So, it again has a variation of a large and small. We do tend up from a brand perspective, we do work with the largest of brands also on the supply side sometimes, though the end fulfillment partners can be SMEs.

Shripati Acharya 09:10

Got it. Okay. They’re actually the ones who are procuring it from the … There’s another leg to that supply chain, from that standpoint. Marketplaces are fundamentally very good concepts because we are removing market inefficiency, which exists. However, one of the largest challenges in two-sided marketplaces is actually just getting started.

And having liquidity in the systems. I’m just really curious to know, how did you start? So you said three months you went ahead and said, “Yes. All of this makes sense,” but then how do you get the transactions flowing through this?

Rahul Garg 09:45

I mean, I think there’s no magical answer. In our case, we find you need a critical supply before the demand guy will take you seriously. It’s like right-to-play and right-to-win dimension. So, most marketplaces, I feel that the demand will not come to you unless you have … Just like you think of software products as MVP products, you would think that there is a minimum supply that you need to create before you have a right to walk into a door and talk to a customer, that you can be the platform from where they can buy products.

So, I think that’s the simple thought process we had. And that’s how we went about build minimum supply, then go to the demand and build the demand. Then build the supply, then go build the demand. So, then you start the flywheel. I mean, you’re going back and forth on building one versus the other.

But, yeah. And particularly B2B is a fairly to certain extent I feel you are not flirting with the customer. I think in consumer you can little bit flirt with the customer and probably evaporate. And B2B, when people talk to you, they want a certain level of credibility. They want a certain level of seriousness, because it is a professional procurement guy or so on and so forth.

If you don’t do a job well, he can get fired or there can be line stoppages and things like that. And so, he doesn’t want to work with anybody who he thinks is not credible enough or allow that. So you gotta earn your right to play before you start to get into the zone of right to win.

Shripati Acharya 11:40

Fair enough. Now, I would think that for that to happen, once you aggregate a certain critical mass of suppliers, suppliers have to be then a little bit patient with getting demand, because they’re not going to get an order every week, for sure?

Because how did you manage that? When we look at marketplace, in other verticals, you can end up putting one side of the marketplace and then you start building the other, but some of this one side which you have built typically on the supply side in B2B supply aggregation starts churning, because you’re just not able to … And they say that, “Well, I kinda put my inventory there but I didn’t see anything. So sorry, I ran out of motors.”

Rahul Garg 12:25

I mean, those are challenges that you have to solve. I mean, it is not like the first supplier would’ve made that his motivation. And then, I think the question also becomes, is there a downside for them to be on your platform? If you’re taking care of the downside, they feel this is incremental. Everyone wants more sales.

So I go back to that basic, whether when you hold a conversation with the supplier like, “If you are on my platform, you can only get additional revenue and you are not doing any effort.” I mean, I’m digitizing, I’m doing the catalog, all of that stuff.

So, yeah. You’ll probably spend half an hour with my supply, BD guy to talk to him, understand that. And then I think at least for us, we do get benefited by the fact that the B2C revolution had happened, and therefore there was this positive suppliers. People would’ve seen that, okay, the mobile phone happened, or the apparels happened or shoes happened or whatever.

So I think it would’ve been a very different challenge for a Flipkart when they went and did it, because it was like why should I even do anything online? So, I was not solving for that question. I was solving for, “whether in my category? And how will the market change,” conversation.

Shripati Acharya 13:45

So, if you look on the buyer side, what was the value proposition which you gave the buyer? Was it you started off with saying, “Hey, look. You might actually have a better price.” But that seems a little bit hard to pull off given that especially if the buyer is a large buyer might already be having access to negotiations, which give them a decent price.

Rahul Garg 14:10

No. So, I think we pick a category of products which were the pain in the ass for them. I mean, that’s what you do. You say it goes back to the classical, what do people hate to do? Those are the ones that they want to pass on first.

So, customers would get products that they’re not able to source. There will be this one product SKU, which they just struggle with and they don’t have the patience or bandwidth to call 20 suppliers and figure out who has inventory and so on and so forth. And they’ll sort of say like, “Why don’t you do that stuff?

And, if you do that, then I’ll give you a right to play, do some other stuff, which is I’m able to source easily, but I still have the problem of fragmented multiple suppliers and things like that.” And then you eventually have to, at least because in our case, the GTM has a lot of sales force-related element, rather than the marketing oriented GTM.

The key question also becomes, you gotta make some customers who start to just give you this opportunity to build and have that right to service many of these products. And, I think we were lucky. We got some of these alpha customers who were somewhat emotionally invested into that we would like this industry to get transformed.

Some uber objective right around which, and then … I mean, we had a fairly credible team and walking into it. Normally those people in my Google context would probably make an appointment and come and see me.

So, the credibility in life somewhat helps you, so in various shapes or form that you may not imagine otherwise. So, I think that’s how we got lucky and got some early customers and then you get the flywheel to keep on going like that.

Shripati Acharya 16:10

Yeah. Reminds me of how eBay started. They started with antiques. This is hard to source things, actually Beanie Babies. It is a little toy, which was a big fad during one Christmas and nobody could find them in stores. And so people started selling those on eBay and that’s how the first flywheel started there, before becoming a lot more generic.

So, I think it is not too dissimilar. In this case. I guess the equivalent of Beanie Baby might be a particular bearing or a particular motor or a particular flange or whatever it is that the manufacturer needs, and just nobody’s making it. That’s fascinating. In which other ways do you think B2B differs from B2C? By the way, just to clarify, can consumers also go and buy on Moglix, or is it primarily a B2B platform?

Rahul Garg 16:55

I mean, we have opened it. I mean, that’s not the target. Probably not many consumers go out and figure out buying a bearing on the platform, or sometimes even buying an MCB or things like that. So we do have, however, some SKUs which people like to buy.

And sometimes there are people who can be buying fans, people who can be buying … Because electricals is a category for us. There are people now who are also buying power tools or hand tools or things like that for their own home use, or things like that.

So, yes customers can go and buy on Moglix.com, but that’s not our core GTM, because they will do point purchases based on specific needs. Whereas the core customer for us to go after is customers who are buying hundred times a month from us. That’s the key problem that we want to solve.

Shripati Acharya 17:45

So, coming back to the question then, if somebody’s looking at it and understands B2C marketplaces, how is the buyer here, or maybe even in the supplier, but maybe perhaps mostly the buyer, different than when you’re looking at a B2C marketplace? What are some of the aspects which are different?

Rahul Garg 18:05

So I think first you have to understand the consumer is a far more single decision maker. A B2B is typically a multi-decision maker for large organizations, which means you got to be more thorough about the decision and the implications of making a wrong decision are slightly more professional for people. If you bought a wrong t-shirt and you got the return, probably there’s no downside per se to it.

But, if you’ve got a wrong bearing and the plant blew up. So, there are ramifications in your professional job. So, I think that firstly the psychology changes. Second, I think I was joking yesterday when some of the folks I was sitting around, the typical TG probably for a consumer today is a 15-year-old to 45-year-old. Maybe that is like 90, 95% of the people who buy on e-commerce platforms.

I mean, we talked about Zomato having whatever, 5-10 Million people contributing 80% of the revenue. Things like that, right? So, in our case actually, it starts from 35 and goes to 65. So, suddenly you are also in a very different set of age profiles and people making decisions. Many of our customers have probably not bought on Amazon, Flipkart. Their kids have bought on that, or their spouses have bought on that, but they haven’t bought.

So, it’s a little bit of a generational change as well, because they know about it but they’re like … Yeah. Don’t do it by themselves. So, I think the second, the personas of people. The third, I think, it’s typically not an impulse. I can’t be incentivized to buy a product if I don’t need the product.

And if I need the product, I need to buy the product. Then I’m also not thinking “I’ll buy next month.” I need to buy a product, I need to buy a product today. Maybe a couple of days here and there doesn’t matter. I need to buy the product.

So, I think those things start to … And then business processes, how they buy, how do they run their GST? How do they run their capital flow? All of that starts to become very, very different in a B2B context versus consumer, how you run your supply chains and the ETA demand.

So, I think in many shape or form, while the core concept remains the same, the operationalization of the concept at a zoom-out view, it may seem like, “Yeah. You also operate warehouse, you also run logistics, you also run technology.” But when you look under that, it’s completely different. It has pretty much concepts…. As soon as you go to 100-feet level, it’s completely different from a consumer marketplace being created, in every single of those value prop that you are creating.

Shripati Acharya 21:00

Now that you mention it, it does make sense. I can imagine that this is not just marketing led. You said it’s sales led more than marketing led and that makes sense. You’re convincing the buyer that a critical piece of their operations can actually be relied upon here.

Second, you’re not necessarily actually looking for the cheapest cost. Although the cost would be a consideration. Just paraphrasing what you’re saying. You are looking for the right product, available at the right time, in a very predictable way, because it can be a small product, but my entire assembly line might actually be predicated on that. And so, the cost savings might come…

Rahul Garg 21:40

And if I’m a procurement guy, if I bought maybe 2% more expensive, it would not lead to me getting fired. But, if the product didn’t come or the product blew up, I’ll get fired.

Shripati Acharya 21:55

That makes sense. So, essentially the SLAs are just much tighter, in terms of just delivery and so forth. So, does that actually change the way you think about logistics and warehousing and so forth?

Rahul Garg 22:05

Yeah. It does change, because we realize all third-party supply chains in India is shit. So, basically you got to build it yourself. It’s almost like the e-cart and Amazon transportation, they just don’t believe that the third parties can do a great job.

But whatever. It’s true, but I think logistics and supply chain in India is far underdeveloped. I mean, you take a trucking industry, it’ll be super fragmented. The percentage of organizers is very low. You take the warehousing and then you look at the different configurations of how, because we are a large country, but with the slower nature of the truck and the speed in the past, which is changing now … With the configuration of what is the volume of products getting shipped from one location to the other.

The entire processes around it with GST, went through a change as well. So, I think those nuances make it actually quite a lot of movement from an unorganized to an organized supply chain infrastructure that you need to create.

Shripati Acharya 23:25

So what would be some of the largest categories on Moglix today?

Rahul Garg 23:30

Actually, it’s interesting. Our value proposition has been almost like an A to Z store. And in our case, because we started with the difficult categories, the pride is primarily that it is fragmented. We have 50-plus large categories and they are all fairly well represented as pretty much the size of the TAM of each of those categories, kind of a thing.

So, it’s a hugely fragmented category base, and it’s not electronics where you would say … In a consumer you would feel that 50% is probably electronics or mobiles and laptops and TVs, kind of a thing. We don’t have that. We just have this electrical tools, bearings, power transmission, packaging, all these categories which are bought through the platform and not a heavy index on a single category at all.

Shripati Acharya 24:35

I’m just curious, I cannot help asking. What is the bulkiest item which has ever been ordered on Moglix? The hugest thing?

Rahul Garg 24:45

Not the hugest. From early days now, I don’t somehow track that metric, but I remember early on we had a few hundred tons of fasteners that we shipped.

I mean, basically. So we do something I think 20 to 30 metric tons of shipment every month. So, it’s actually pretty large in terms of shipment volume that we deliver. But, we have variations where you could have a small cutting tool box, which goes into your pocket and might be actually 50,000 bucks with that small pocket of cutting tools, all the way to this extreme example.

Therefore again, I mean I can’t emphasize we don’t have that homogeneous nature of, “I have this iPhone 14, which I will ship one million SKUs.” I don’t have that fundamentally as a construct of the business. We thrive on the heterogeneous nature of SKUs and the shipments and nuances that happen across the industry.

Shripati Acharya 26:00

Let me just double, one step above. On the macro-manufacturing trend, there is a lot of talk and, I guess action on the ground, about the China Plus One strategy, which various large manufacturers, global, are looking at. And hence part of the global supply chain is moving to India and to some other smaller Southeast Asian countries, like Vietnam as well. Are you seeing that perceptively from your standpoint, because you’re in a great vantage point to see the impact of that? So, just would like to get your thoughts.

Rahul Garg 26:35

So the first thing is, I think that opportunity is real. There is global talks. There are people attempting to do that. Walmart has declared that they want to source the products from India, almost 3x from what they used to source still 2022 in the next five years.

So I think that intent is there. Execution attempt in the country is also highest versus the eight-year history that I’ve seen. So since 22, since the last 18 months, that execution on the ground in terms of Cap Ex … Cap Ex we think is the lead indicator. Are people increasing the capacity of manufacturing in the country? And both for domestic as well for export. So, that is happening.

Are we able to capture the rightful share of India? I feel we are far from it. I think we have the right to the global supply chain. We should be probably neck to neck to China, and we are probably one 20th of that. So, I think how far we will get to the rightful share we should as a country aspire towards? I think that will take a while. But I think are we slowly chipping away? The answer is yes.

Shripati Acharya 27:55

And, if what you’re saying is correct, which is it’s a leading indicator, you’re actually seeing tactics on the ground, then you’ll probably, and we as consumers, will start seeing the impact of it two to three years down the road, because capacity comes online, the supply chain portals start moving in the market, et cetera, et cetera. I think that as you look at job creation, there’s a lot of conversations about job creation and so forth, and manufacturing outside of construction. Manufacturing is just one of these huge categories, which have to contribute towards job creation.

Rahul Garg 28:30

No. Absolutely. And I think it’ll continue to increase. I think we almost had two decades of loss of manufacturing for the rightful share that India should control in global supply chains. I think the next 10 years or maybe next 20 years, we will have some amount of rebalance. How much we don’t know.

And I think it’s also important for us to become in many of the categories domestic, far more self-reliant, or at least partially self-reliant than we were in the past. Because our population is increasing, our GDP is increasing, our consumption is increasing, and we can’t be an economy which is for many of the products dependent on import.

And I think that is a beautiful time to actually step up, because you say that for all the global manufacturers as well, you tell them there’s going to be the base capacity of whatever manufacturing infrastructure you create in India, which is going to be used for just the domestic consumption itself, and then you can also use. And the global manufacturers also like that, because they know that there’s an intrinsic large domestic market they also want to cater too.

And the policy framework, if it supports the creation on the ground, versus importing for those manufacturing … Apple is a classical case. If the policy framework enables or supports in certain, sometimes also use a stick policy around it, I think you start to have that movement faster.

And I think that is what we are seeing is … I mean, the intent and direction is fastest than it was ever in the eight-year history that I have been at since I started Moglix. The question is how fast we can continue to have the momentum and what scale can we create?

So, it’s for us, the scale moment. Can we scale from … ? Okay, we have some capabilities. Maybe we are… in startup terminology instead of zero to one. I would say we are like 0.5. Can we go from 0.5 to 100? And do we have the right to play, right to win, right to compete? What does it mean to compete?

And then, can we solve for some of those operational really challenges, which sometimes may not make us the most productive manufacturing nation in the world? Bangladesh has done a great job on apparels. I mean, they have figured out some of those flywheels. So we have to go literally industry by industry and go for it. And it needs to be right. And I think both the industrial leaders and the political leaders, because there’s a political will, there is a industry will to put Cap Ex and to fight for it.

And then you need the enabling infrastructure and then you need to motivate the entire population. Most countries which have gone from a developing to developed, there is a mass amount of population which got motivated into this economic engine creation.

And I think we have seen that in the IT world. We have not seen that economic engine hunger and operational enablement on ground in the next workforce in India, to the extent we could actually. So I think that’s where I think I continue to remain passionate. I continue to remain bullish. We’ll get somewhere. I want us to get there faster and bigger. But let’s see.

Shripati Acharya 32:15

Well, let me say that I’m an entrepreneur and I’m interested in manufacturing. I’m interested in B2B doing something there. What would your advice, both in terms of the sector, but perhaps more generally, how to go about thinking through the process of starting a business?

Rahul Garg 32:35

I would say that I’ll answer the question in two parts. One is like, why do you want to be an entrepreneur? And then, how do you select the space? Why should you select the space? And then are you motivated about doing that space for the next 10 years?

So, the key points there I believe is that, this is going to be a long journey. In fact, I think we have to increasingly as the startup ecosystem start to think of it as an infinite journye, because it’s almost meditative, therapeutic, whatever you call it.

But, it’s a journey and a way of life that you have adopted. It’s not going to be linear. Everything in life is, if not sinusoidal, some ups and downs. Hopefully not sinusoidal, that will be catastrophic.

And, therefore, you need to have intrinsic motivation of why you’ll continue to pursue the space and continue to remain motivated about it. Now, it’s very difficult to know at a younger age, at least I feel, for entrepreneurs who start in thirties or things like that. They probably have a better sense.

And then younger, we continue to mentor and educate that it is important, because it’s going to be a long journey. Second, I would think the opportunities in India are just phenomenally high. I think sometimes we over-index too much on software.

But, I mean, I could be setting up a waste management company. There’s so much electronic waste that is going to get generated in the country.

I was talking to entrepreneurs which are now starting to think about not just the waste that gets generated using mobile phones and laptops, but using things like lithium-ion batteries, which will be now present with TV and so on, so forth.

So there are opportunities which are far more, due to the nature of how we are underdeveloped in many of the physical infrastructure and physical things. There’s so much opportunities.

And I do see that there is an over-indexing of the percentage of entrepreneurs trying to do another SaaS platform. But, I actually think that larger opportunities in the country are there. And are something which is untapped and probably only available to Indian entrepreneurs, sometimes not even available to global companies.

And we should make sure that those opportunities people go far and build it out. And then, third, I think hustle and joy and build teams around you, which are as excited or motivated about what you want to pursue.

Shripati Acharya 35:20

Fair enough. Well Rahul, it is just a terrific conversation. Well, let me end with this. So, if you roll back the clock, I guess you started 2015, eight years ago and you’re talking to your younger self, what one advice would you give knowing what now of this journey?

Rahul Garg 35:40

You see, one, I don’t live in retrospect and I don’t normally think like that. But I think the advice would be, start for the right reasons, which I did.

So I’m not sure what advice more I can give. Things take longer than sometimes you predict. There are elements that you would’ve thought that’s typically as techies we think these problems are too below the level we should not be solving and they should be…. and then we start to say that there’s something wrong with the country and things like that.

But, everything that is wrong is the opportunity available to Indian entrepreneurs.

So it may not be available in the same shape or form in the developed markets today. You can’t be building warehouses in the US. That’s probably crazy. Or you can’t be building a trucking or a supply chain network there. It’s probably going to be very different.

So I think you have to also make sure that you don’t get bogged down by many of those, because sometimes it’s like you are just breaking your head and you’re like, “What the fuck did I do?” But, yeah. That’s the opportunity and if you hustle through it, you’ll probably build a phenomenal company.

Shripati Acharya 36:55

Fair enough. A man of spirit. Opportunities are duties, as they say. You think you have an opportunity, you gotta fix it. Well, very well. A terrific conversation and all the best. I guess, the journey for Moglix is just beginning, and I look forward to many more successes for Moglix.

Rahul Garg 37:15

Yeah. Thanks a lot and have a good day, Shripati. And we’ll loop I think outside of this. This was a great conversation, but we’ll connect.

Shripati Acharya 37:25

Absolutely.

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