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So one thing that I want the audience to get a sense for is the scale of some of these companies in China either in terms of number of transactions per day or number of cities. They reach out to can you talk a little bit about that? So just to get a sense for the so yeah the thing they're quite a bit of publicly available information out there. So I won't repeat but basically example when our bus is doing their single state promotion on November 11th every second they are millions of Action to happen every second every second not every minute every second. So the amount of information in transaction that goes through is more than even Amazon at SP on a more broader basis whether it's bite then sweater is made to 1 JT or Ali Baba many of these companies have over a hundred million in the reactives daily actors. Okay, and then obviously for social networking is higher for our e-commerce will Lower, but they can also measure them at a hundred million kind of Da you to Mau level and so it is just it's a mind-boggling the volume of transaction as possible in China. So at one point three billion people you have not only 900 million people that's on smartphone already there for having a Tau of 50 million 200 million become something that a super app aspires to be. So 15 million tau is almost a cut-off point. When you can reach Beyond 50 million be a you then you have a chance to become a super app got it. So the scale is astounding India is now 500 million smartphones, maybe 400 million people on the on on social network. So that's it's good to learn about some of these so and and it's is also means what's possible for India? Yeah, not to a distant too far in the future. Yeah. Maybe that's a good segue into India how you thinking about India? And and what are the sectors or wrong? The observations you've been coming here for the last couple of years, right spending time with entrepreneurs your I think the first time I come into contact with India was during the era of Infosys and we prop as they expanded into other parts of Asia. I was in Singapore at that time in the late 90s. Yeah, obviously bangalore's very different place back then. Yeah. Now these days when you come to Bangalore, it's amazing. It's so well developed in the what's interesting in he has a lot of people focus on a GDP per capita and are the other quote unquote issues. But if you look at what's happening in the US the Indian Executives of India Indian descent are in very public places or as a Google or Microsoft or even Academia as in the case of Harvard and other universities, so the flexibility of Indian talent to do on a global basis is unquestioned. And so You have talent basic India. India has more than 2 million stem graduates. Every year China's number one in the world at four over four million. Everyone else is six hundred thousand or less. So it doesn't take a rocket scientist to see that given time given exposure given to know what is possible in the endowment can do while both India and taking businesses that expand Beyond India. That thing was obviously no yo making a very strong attempt grow Beyond India and we think oh, you know is not a liar. They should be more companies that grow your overt act. So they will be coming that was be solving India domestic problem, which a lot of times that could be turned into opportunities for startups at the same time. You'll be more companies coming from India to the rest of world over time. And I think that TV would love to be part of that to share what we have seen heard and learned to help those companies grow. Well, it's great that that's sinful so calm. I'm going back to China you talked about building for the masses. Rachel the the price points and everything. Yes, I'd so did the Chinese companies initially Focus only on the top of the pyramid and then go deep or like was there a phase where that happened? Right, right. So maybe talk is to that right? Yeah before Ali Baba. Did he Commerce in 2003? Yeah, most Chinese intercompany focus on the top 50 on a million in the users because they all started early and and that's the segment. I had money to spend when Jack ma started early and it's amazing. You can look at his video. Where you Give speech in Chinese men who have giving the subtitle thereafter on YouTube his first speech back in 1999 before he start Ali Baba. It was was to connect China to the rest of world and also make the Internet available for the mass Market in China. His belief is that you know any Marketplace I'll fly Marketplace. The reason that these offline marketers can happen is because everyone doesn't have everything then I can didn't get a chance to trade with each other. So the more he can hinge the mass Market. More likely, he's the SK use that a part from can carry a Marketplace can offer would be infinitely larger when everybody's on the platform. So from day one, he's focusing complicated more suppliers that anywhere else on my platform because we have suppliers the consumers welcome because of that experience so bad now if I'm more SK use and more selections overtime every consumer want to come to shop and my place not just a cheaper because he has more selection anywhere else and over time through escort service of other things I can. Curate and make the experience more reliable more trustworthy and safer for consumers in overtime as from the station the statistics infrastructure kids develop delivery time. We will cut shorter and shorter shorter. So if you're patient after many iterations, the experience was so much better than I appear offline experience in China that will be unparalleled. So he has a vacation early on even as early 2003 2004 2005 and by having that is show everyone else thereafter, including xiaomi and including Dance with Tick-Tock and in the choir show that if you focus on the mass Market over time the general Economic Development trajectory in a country will enable Whoever has the mass Market to what and everything else will catch on to provide a better experience for the mass Market over time. It's hard to believe that's the case when the country is an early stage of Internet penetration, but over time that has been proven true. In China again, and again that that's the case don't Focus only on the top but focus on the mass and then eventually they'll be the per capita GDP other things will catch out they'll be in and Wednesday in the heart of our did really well with our bond switch with homicide in made so many young people to set up shop on tawa. Yeah, and they get rich by making their first $100,000 US on that platform and they work hard to get the suppliers the manufacturers to be on to take the product and sell on a platform. So they were educating Manufacturers will never touch internet to how to do let them help them to win on top or so over time. When you have fourteen fifteen sixteen Seventeen eighteen million those kind of suppliers the impact that made to another 20 30 40 million people is immense so as after a while the country start to change that this is a new way of living and working and the impact of touched on people is massive. So when that happens is in our best interest be the pie. Has not grown everybody's business more efficiently. Therefore economic growth started happened in a new economy in a way that nobody in a state planning department ever thought was possible. So it's the network effect to the rest of the country in the rest of the company. That's so amazing beyond the transaction volume of topology of and similarly on the content side. You guys are the point where people are starting to consume content a lot more importance, especially that's right. Right, but monetization is still not very clear and sunny. Love to hear I'm sure China went through this journey your thoughts from that face you talk to munching. I meet one in his stuff. Probably tell you that he feels the Shawnee product is probably one of the best product out there, but you have to sell it for literally like less than ten million dollars and it had I think of Allah somewhere between 50 to a hundred million registered users and pain for some more monthly actives and he had to sell the for peanuts. So painful for early first one or two. Duration of funders to have a sell the company has a lot of traffic but you don't want ization having said that what was the lesson from China is a even as a pure content company if there's a way that you can enable transactions that happen when you get a chance to monetize it is not easy, but we both figure out a way to to to do that but working with Ali Baba and so forth. So the companies competing companies in India how to work with the Snapdeal the Flipkart and other e-commerce players over me show so forth to Go away to help that you Commerce companies grow by providing as engine that makes sense for both sides. If that can be done then e-commerce will take off and the condom company can monetize the effectively as well guarded that's one and how about digital goods and and other things that also took off, right? Yeah. I think this is probably a difference between us between China and India India Bollywood is so doing so well. Yeah the need to have entertainment on a foam is less in China because there is not a lot of content entertainment options available that the gaming companies really grow by being the most popular digital form of digital Goods in China that allow people to spend money to play games and get entertained and what we need to do that that's happened in the PC internet era in a mobile one dollar right? You have started seeing more of the different kinds of live streaming that happened in which we took off with a mobile to die. Era now when streaming happen he made a lot easier people on the tip the performer and that and they it's not just one on one relationship. But also League of forming people know putting giving money to their favorite competitor players in the players are competing for prices and competing for money raised. And is that moms like a tournament of competition happen? So the mixture of gaming and live streaming was done in the Wayne, I mean a lot of people willing to spend money Via Mobile payment in the form district has got it. Okay. We haven't seen that yet a dick off yet and idea but there is a chance that though the dream elevens of the world have dropped right so that there's actually money right being made that as well. This is this great. It's great to get the overview of China and the various phases and your learnings from that.