• Valuation and IPO strategy: Management noted that the ~30% OFS and valuation adjustments reflect market price discovery, emphasizing that the business is cash-making rather than cash-burning and focused on long-term execution.
• Emerging segment growth: While physical delivery logistics accounts for roughly 75% of revenue, the emerging tech and software stack grew by 65% last year as the company expanded upstream into MarTech, conversion optimization, and quick commerce enablement.
• Core profitability and margins: Core business EBITDA margins expanded from 6.8%–6.9% to 12.5% last year, generating ₹187 crore in cash; management emphasized that each transaction is contribution margin positive, delivering operating leverage as scale increases.
• AI integration strategy: Rather than viewing AI as a replacement risk, the company leverages proprietary data from over 70 crore orders and 15 crore consumers to provide automated, superior decision-making tools to long-tail merchants.
• Inorganic expansion outlook: The company will maintain a build-or-buy approach post-IPO, acquiring products or teams lacking distribution to accelerate its goal of digitizing the entire merchant commerce lifecycle.