Anubhav Jain

It's a very standard warrants.

No, we were in the, yeah, in the, in the 1% range.

It would not be easy because the cost of capital, if we were to do this on our balance sheet, would be fairly higher.

But I think the good part about that is that you would have good flexibility in terms of how you run your balance sheet because today when we work with banks and NBFCs,

We don't get 100% flexibility in the kind of segments we want to go after, in the kind of processes we want to run.

So banks have a lot of controlling power on that.

But I think if I were to do this with my own balance sheet, it would have been at least 300 to 400 basis points higher in terms of past.

So I think it's all about what you want to optimize for on day one.

Do you want to optimize for cost?

Do you want to optimize for risk?

Yeah, absolutely.

So I think that's the idea that, Nathan, we'll build our risk models.

We'll prove that what we're doing, this works.

Then we'll apply for a license, sometime raise our own capital under our own balance sheet, and then maybe do a co-lending or an onward lending kind of an arrangement.

We've recently grown quite rapidly.

I think if you asked me this question three months back, we were 25.

Today, we are around 60-odd people in the team.

So the engineering team would be like 17, 18 people.

Yeah.

Yeah, so we keep on looking at how many of the active transacting SMEs transacted again next month.