I want to focus on one portion because you're the first person who's gone through that journey on our podcast, right? So this is the IPO side. So I want to focus on one portion of the journey which is going public. Yeah. Right. Very few people in India have gone through that journey. Yeah. For the founders listening, maybe walk us through that process. How do you think through it and we'll start with that? Yeah. No, I think it's truly something special for any founder and specially of a fast growth company. There are various other ways of I guess looking at giving a return to your investors. I mean the first thing I'd like the founders to know is that the moment you take venture capital or institutional capital, even angels expect a return but the moment you take institutional capital, please be very clear that there is a return expectation. What matters is only how long. Some people are very patient. It could be 7 to 10 years. Some people are looking at return at 5 - 7 years, but there’s an expectation. Now how will you give that return? You will either have a sale event which is a liquidity event for the company or you will have some other investor come and buy out the first Investors, but then that new investor also needs a return or you could look at an IPO. Now private markets were not quite as deep as they are now, way back in 2010. So it was very hard at that point to actually get a large company/ large investor come in and give a return out here and in fact if private markets were that deep, we could have continued being private and taken further rounds. We took four rounds of institution investment 2005 onwards with Safe Partners who was our first investor and carried on post IPO and probably one of the really best... say partners... one of the best investors possible. We had a great relationship with them. Then we had Helion and Sierra come in in 2006 and again an awesome relationship. In fact from Sierra Ventures, Tim Guleri continues to be on a board as an independent even today and we’ve actually asked him to stay on and he's kindly kind of accepted that and then we had Tiger Global come in with Lee in 2008 and 09. So I think we had a really great set of investors. We got very lucky and we built good credibility with them. It's a two-way street. And then I remember I also built a board of independents. We had Sanjeev Bikhchandani on our board. Everyone should know him from Info Edge and we had two other Independents Philip Wolfe and Frederick Lalonde. Both based in the US and we were in a meeting in 2009 when it was I think Sanjeev who said that listen you guys now should think about going public and we were really taken aback. I said “Really? Already?”. He says, “Yeah, This is the kind of scale where we looked at it. Info Edge is already public with Naukri and you should look at it and examine it with your bankers etc”. I said that we don't have bankers. So we first went about getting bankers. We went with Morgan Stanley, then we examined it and it looked like yeah, in a year or so, we could IPO and he said then the question was where to IPO? In India or US? Because our holding company was in Mauritius and the board was split. There were people who were very keen on an India listing. There were people very keen on a US listing and I was thoroughly confused. So I requested the board that give me five days to a week. Let me talk to people. Let me come back. And I actually spoke to a bunch of people who had had experience in listing in India & overseas, both. So right from Mohandas Pai who had taken Infosys public, was very kind of gracious for his time and to a classmate of mine Pulak who had been on the Bharti board when they had gone public. Multiple people actually who had experience again in different markets. Ajit Balakrishnan from Rediff etc, and I came to the conclusion that the Indian market is not quite ready for an internet company to go public. Info Edge might have been a you know unique company in that sense. B2B in the way they collected money, but B2C in the service they give and a profitable company. And this model I think in India wasn't ready to be accepted. However, the US had seen a lot of US companies and international companies particularly Chinese come and list in US. So there was an understanding among the investor base. So we decided to go public in the US and we were a little... people got us a little wary and scared that it will take very long. It's very onerous. The SOX compliance is very expensive etc. But I have to tell you it's one of the most exhilarating processes. So it took us actually just about six months. February was our kickoff meeting and in August, we were ready. We actually IPO’d on August 11th. So it didn't take that long to go ahead and list. But six months were frenetic. I think the auditors @ KPMG literally lived in our office. The bankers, the lawyers, we were all working as a well-oiled team. Again full credit to CFO. Rajesh was the CFO at that point of time and to make it happen and then we sold our story over a two-week roadshow. We started in Singapore went to Hong Kong then went to the US all across and I think the story was very well received as you know, India being an emerging market not just for travel but for everything more disposable income people ready to spend and us being the market leader. So I think it really resonated well, we had a great IPO. We were looking to raise just 70 million dollars, plus greenshoe became 80 million. That's how modest IPO raise was. Our total valuation was 450 million, but on Day 1 of close... so firstly we managed to raise over a billion. So we had more than 15x of what was expected and there you can allocate the pot as to say, so that's an exciting process, whichever investors you like. You can also revise the price if you want to, which we didn't. As good, decent Indian boys we decided we're going to keep the price at $14. But at the end of day one, we were already close to a billion dollar company and we appreciated 90% on day one itself. So it is quite a heady feeling. It is onerous. Every quarter you do have to talk to your analysts, talk to your investors. A good CFO takes a lot of the burden but they expect to get access to management. We would do a lot of physical roadshows in the first five years. I think every quarter we were out there in front of investors, which is pretty tiring. Now, we split it around between Rajesh, our CFO Mohit and myself. We split up the responsibilities, but I think it's a process and you know, if you are sure that you're running a good company where your processes are tight and you’re reporting, you’re in good shape. There's nothing which can't be, you know... then the US is looking for those kind of companies. Yes. There's a lot of compliance. It's good. I've always seen that as being a positive which keeps you honest and keeps the company really tight. So I think it's been one of the better decisions. There have been ups and downs. I mean, you know, we're on the on the stock market as lot of the macro, but I think at the end of the day the return that it has given a) even before our investors, even though I'm talking to an investor I have to say my first was we had a very deep ESOP plan when we IPO’d. Almost 70% of the company was covered by ESOP which is something I really wanted. So a lot of people at Make my Trip created, you know wealth for themselves and first time ever and they deserved every penny of it being here with the IPO. So for me, that was very fulfilling. I think as a founder, I think that's actually the most fulfilling thing and next our shareholders got handsome returns. And thirdly you could now access the public markets, raise money you had currency which was you know valuable, which you could use your stock as currency. You could really leverage and do a lot more. Also places you in a very different peer group with some of the biggest online travel companies in the world. So we are now in the same peer group, the moment we listed, as Booking.com, Expedia, Ctrip and you know, it's a hallowed group. Your learning is much more. So I would recommend that to any entrepreneur who's interested in building a durable company and you know not looking to sell; but there are people, if you choose to sell the company, there's nothing wrong with that. It's a very personal preference thing and I believe that IPO time - the best is yet to come. I believe 9-years post IPO, the best is still yet to come. For MakeMyTrip? Yeah, for MakeMyTrip. As an entrepreneur, I guess one is always optimistic, but I really think the best the foundation has been laid, but India is just about now opening up in a much more significant manner. Tier 1 is open, Tier 2, Tier 3... youngsters now have grown up on the internet. Mobile apps are omnipresent. Online payments are so easy. So I think what's going to happen going forward is just something which we haven't even you know fathomed. And also if you look at travel and you look at airports and you look at you know, every corner of the country being connected. Now the prime minister has told everyone please travel more. Please do 15 trips over the next 3 years. So I think we're clearly a country on the move and being well positioned as the market leader there. You get the maximum to gain. So yeah, it's a great feeling to be honest. That’s awesome.