What kind of companies have you seen give you the highest return? You know as I think about that question, I think the one thing is it's a matter of timing and you know, there are II would rush to say good teams, but then I've also seen good teams and companies that have not scaled and I go back to this point a lot when I think about what makes success and I think it's about serendipity. It's about the combination of preparedness as a team for the Idea that you willing to execute it's the quality of the execution, but it's also being lucky being in the right place at the right time with the right idea. So I think for me the way I've seen it is that the companies that have succeeded have a had people who've been Visionaries. They've had very strong execution on their charted path. They've also had the ability to swivel and pivot their businesses when they needed to but most of all they've had businesses which have been you know, which I've just hit the timing in a sweet spot. So it's I would say it's a combination of all of those Rather than you know anyone sort of factor because execution is good but it's of no use if the timing is off the business model doesn't work. So I'd say It's a combination of a lot of things that have to come together the right time. So let's say in India every year at least 50 200 companies reach series a if not more and among them if most have Tier 1 investors. How do you pick and choose which one has going to be or which one has? As the timing right see that is always difficult to tell and for us on the death side. It's not so important to be able to see look out five years and pick the winners. That's not how we would underwrite how we would underwrite is we need to necessarily be more short-term and how we think about the next round coming together. We need to think about whether this business given this in these sets of investors and this business plan in this founding team is likely to get the next round of capital with Explode 15 months before it runs out of capital today and if it doesn't raise the next round of capital, what are the alternative sources of capital could be the existing investors. So for us my primary risk mitigation strategy is to look at the loan and look at the ways out in that loan. If a company does become the next successful sort of a hundred X bagger then I get an additional pick up on the equity kicker, but for me, I am at the end of the day A lender. I have to think about this business as a lender doesn't know. It is an equity investor does okay, which markets have been a win for you in an average of last 10 years. Look I think in India, it's largely been the consumer space, but that's again not a secret because that's the way that most companies have been in India, but you know that we don't have a top down approach the way that most investors think about it. We have more a bottom-up approach to how we do deals and for us it's not about the industry. It's about the specific combination of investor founder and A business idea. So we've actually had a fair number of successes across Industries. I would say and that's representative of our of our portfolio. We've had you know, B2B we would be to see we've had success we've had a whole bunch of companies across the Spectrum our portfolio very closely approximates the portfolio most VC's in Orleans because that's the you know, our target market is sub-segments about VCS are doing in the market today. So we've really had a string of success across the industry and we've been doing this now for 12 years in the past. We've had a hundred and six seven companies in our past in this one we've had now about 30 or so 30 transactions rather. So we've seen the cross-section really of the Venture Capital industry are the situations where we see our Tier 1 VC has backed up business, but you haven't and what was the reason for that the Venture Capital decision in the Venture debt decision come from different directions, right? And what works for Equity may not work for debt and vice versa. So Avicii has invested in a company is obviously, you know, they've got their own thinking and logic and rationale for it from our perspective. We have to look at whether the deal is under writable whether this is lending Risk by taking or Equity risk now see in some situations where for example, there's a binary element to the company. So for example, there's a situation in the past when we were pursuing a deal and we call the VC to ask whether this is something that they would like us to do and the investor basically said look, you know, we waiting for a license to come through of the company and if that license comes Through then it's a you know, it's a deal that you should certainly look at. But if the license doesn't happen, then may not be the right risked for you to take and so for us in that instance. It did make sense for us to get in and then we re-engage with the company subsequently a few months later when the license did come through. So there are lots of situations where it makes a lot of sense for an investor to make an investment in that company, but it may not stack up from a date perspective and vice versa Who coming onto what kind of businesses are the risk so much that we see it makes a great VC business but not a witch. Sort of business. Can you take some more examples of that? I think when there is for example, like one element I said which is the binary Enos of the outcome, right? The other situation is when there is the company has to be the model has to be proved and this typically happens in companies when there is no Revenue as yet we've typically found those situations a little bit more challenging and we've done very few deals in the past where the companies have not had Revenue yet because I think that's an important element and sometimes we see is do want to play In in in spaces where they have to explore certain models which are emerging but there is still some time to go before those models approved. And you know, that's not a risk that should be leveraged in my opinion. So in situations in the past unless we have had some specific reason to back a company at pre-revenue. We've generally not contemplate of new companies or J in Winter dipped industry. You have to be very close with the VC to know what kind of startups he's going to invest in and simultaneously in Meeting with those startups as well. Can you give an analogy? How can this relationship works out? Why there's so much trust on the VC saying that you know, I love this startup. I'm going to back it for long. So obviously our you know, our engagement to the VCS is the single most important sort of risk mitigation that we have while we underwrite our credit and you know, let me give you an analogy and you know, this is kind of a little bit flippant sounding but it might you know illustrate how we look at things is basically this is kind of a relationship. Between a parent and a child right where the VC is the parent and the child is a start-up in as long as the parent loves the child and is protective of the child you are relatively safe as a lender to that startup you expecting the VC to basically contribute and help the company navigate through its Minefield of growth. It's when that child grows up and becomes an adolescent and is you know, it's not completely controlled by the parent when things get a little bit hairy and when that adolescent grows up and becomes A responsible mature adult that's a safe time again to lend right and that's the world of corporate banking corporate financier. We see around us the world of venture debt that we do is the stage when we have funding that little child that's been protectively held in and managed by the parent and that middle ground there is when the companies are sort of an SME Stage Company in which is why you find that a lot of the credit troubles around in the world are you know later to SME banking a semi funding so the two safest times to lend in our opinion or one is When the company is a large, you know, it's a mature adult and the other time is when it's a small startup that is working very closely with the VC and being protected by the VC. So for us therefore the The Venture Capital investor is of Paramount importance. And you know, that's our relationships. I think with the with the Venture Capital industry is a very important aspect of how we manage our risk in this business at what stage should start up start engaging with you. So the right time to engage for the Venture debt Conversation is really when a company is looking to close a series a round or Beyond that's a starting point for us and series a for us is any time a company raises three to four million dollars of institutional VC funding. We have a separate separate program called activate, which I referred to earlier which is where we work with large corporates and help them with their corporate Innovation programs and really help them find and connect them with startups that can help them to insource Innovation and In those cases we often find in a there's lots of great pre-series a companies that we reach out to and connect with and that's an ongoing effort. We've got several mandates running with, you know, fairly large corporates today almost a dozen of them. So I think the right time you know is when we have some of these mandates we go out looking for some of these startups.