Good evening, ladies and gentlemen. Thanks for joining us today on the Q4 FY25 earnings call of Tracxn Technologies Limited. On behalf of Systematics, me, Devanshi Kandar, and Riddharth Agrawal, would like to thank you, thank the management of Tracxn for giving us the opportunity to host this earnings call. Today on the call, we have with us Ms. Neha Singh, co-founder, chairperson, and managing director; Mr. Abhishek Goyal, co-founder, vice chairman, and executive director; and Mr. Prashant Chandra, chief financial officer. I would now like to hand over the call to Ms. Neha to give her opening remarks and take us through the PPT. And probably after that, we will open it up for a Q&A session. Please use the raise hand option to ask the question, or you can also submit your questions in the Q&A box at the bottom of the screen.
Thanks, and with that, over to you, Neha.
Thanks a lot, Devanshi. Warm welcome to everyone. Thanks so much for joining us today for our earnings call for the fourth quarter and the financial year FY25. We are excited to present our results. In terms of the format, it's the same. We would like to run through a short presentation to share some of the key highlights. I'll also give some commentary along, which will be helpful in the overall understanding, and then we'll follow it up with a Q&A session. Request you to take note of the standard disclaimers for this presentation. A quick recap on the business. Tracxn is a data and software platform for the private markets globally. If you look at the public market, it has created multiple large companies, many of which are cash-rich, highly profitable companies.
As the private market, as an asset class, is becoming large and important, it will also create platforms like this. We are building a global platform in this space. If you look at our customer base, it includes venture capital funds, private equity funds, investment funds, as well as M&A and innovation teams of large Fortune 500 corporations. Also, it is a global platform, so nearly 60% of our revenue is international, and we have customers in over 50 countries. I would like to begin by summarizing the financial performance for Q4 FY2025. To set the context, we have one business and one legal entity. You will not see terms like standalone or consolidated. All the numbers that we talk about are for the business overall. Revenue from operations for Q4 was INR 21.1 crores, which is a 4% growth on a year-on-year basis.
Total income was INR 22.7 crores, which is an annualized run rate of INR 90 crores, INR 90.9 crores. Coming to profitability, EBITDA for the quarter was negative INR 0.8 crores. To add, this EBITDA also includes all the non-cash expense, like ESOP charge. PAT for the same period was positive INR 0.5 crores, and PAT margin was 2.6%. Coming to some of the other key metrics, the customer account continued to grow. Our number of active customer accounts reached 1,926 at the end of Q4, which is a 47% increase on a year-on-year basis. Deferred revenue for Q4 FY2025 was INR 37.5 crores, which is a growth of 14% on a year-on-year basis. I'll also quickly summarize the overall numbers for the last financial year. So revenue from operations was INR 84.5 crores, which is a 2.1% increase. Total income was INR 90.4 crores, which is a 3.8% increase on a year-on-year basis.
In terms of profitability, EBITDA was INR 0.8 crores. For FY25, EBITDA margin was 1%. PAT was INR 4.9 crores for FY25, and PAT margin was 5.8%. The business continued to generate positive free cash flow. The free cash flow for FY25 was a good INR 14.3 crores. Cash and cash equivalents to debt nearly INR 94.6 crores, which is an increase of 25.7% on a year-on-year basis, or an increase of INR 19.4 crores in absolute terms on a year-on-year basis. That is a fairly large increase. In the subsequent slides, I'll be covering each of the metrics we talked about in the summary in more detail, starting with revenue. Revenue from operations is essentially revenue from platform subscription. Bulk of this revenue is subscription-based. It's a fairly high-quality revenue. Also, please note, this is accrued revenue.
Though we do prepaid billing and collections, like most of the financial data platforms you may have seen, we only recognize revenue for the time duration falling within the reporting period for which the service was made available. As discussed earlier, revenue from operations in FY2025 was INR 84.5 crores, and total income was INR 90.4 crores. We have also added the historical data for the last four financial years for handy reference. EBITDA, now coming to profitability, we continue to have profitable operations in FY2025. EBITDA for FY2025 was INR 0.8 crores. Please note this includes all the non-cash expense, primarily ESOP expense. If you exclude these non-cash expense, the adjusted EBITDA was INR 5.5 crores positive for FY2025. PAT was INR 4.9 crores. If you exclude the non-cash expense, the adjusted PAT was INR 10.8 crores for FY2025. Coming to margins, EBITDA margin was 1%, and PAT margin was 5.8%.
Just a point to note here, in the PAT calculations, you'll see a tax component, which is a tax amount set off with the deferred tax asset. So this is a non-cash component, as we don't have to pay taxes as we have accumulated losses. But this non-cash expense is included in the PAT calculation. There was some deferred tax provision in FY2025 due to the periodic assessment of the deferred tax asset. These are only accounting in nature. Hence, this has been excluded from the PAT calculation for a like-to-like comparison in this deck that you'll see. Another metric that we track is what part of the incremental revenue is going to bottom line. In a good year, like FY2021-2022, this metric was close to 80%. In FY2023, this was 31%. It went back to 43% in the last financial year.
In FY25, the incremental revenue was offset by the increase in cost as we aggressively are investing across various growth initiatives, which we'll talk about subsequently. Just a point to note that despite these investments in growth, we continue to have profitable operations as well as generate free cash flow during the financial year. Coming to expenses, our total expense for FY25 was INR 83.7 crores, which is a 7% increase over last financial year. On the right-hand side, we have given the breakup of this cost across the key components. The key components are the same as what you had seen previously, but just to summarize, first, bulk of the expenses team cost. In FY25, this was 88% of the total expense. This has been the same range across the last three financial years as well. Across FY22, FY23, FY24, this was 89%, 88%, and 88%.
Just a point to note that all our team is in-house. There is no outsource or contract workforce. The second largest item is cloud hosting, which accounted for 2.9% of the total expense, as we do a lot of data processing and analytics. This is followed by rental expense. The other interesting aspect is that we do not have a large paid marketing line item because we do not have a large paid marketing spend, neither digital marketing nor offline-based, typically required for customer acquisition. The reason for this is that we are a data company, and we produce a lot of content and hence are able to use that to generate a lot of organic traffic. It is a fairly efficient way to acquire customers.
Another interesting point that you see across the last four financial years from FY2021 to 2025, in the same period, the headcount increased by 6% from 624 four years back to ending 664 this financial year. The total expense during these four years increased by 37%, but the revenue nearly doubled. It is great to see that in the same period that the revenue doubled, the headcount only increased by 6%. This is also a great testimony to the operating leverage of the business. Moving to some of the other metrics, in terms of the customer accounts and users, we have seen a fairly high pace of volume growth in FY2025. We closed March 2025 at 1,926 accounts, which is a 47% year-on-year growth. In terms of users, there were 5,051 users at the closing, and this is a 41% growth on a year-on-year basis.
The net addition has been increasing Q1Q since last March of 2024, with Q4, like the last quarter, Q4 FY25 being the highest net addition in terms of number of accounts. You'll be glad to know that even FY25 was the highest net addition in terms of the number of accounts and the number of new users as well. Moving on to some of the other metrics, the company generated positive free cash flow of INR 14.3 crore in FY25. If you see, this is an increase of INR 4.1 crore over last financial year. The cash and cash equivalents to that, INR 94.6 crore, which is a very healthy increase of INR 19.4 crore on a year-on-year basis, or a 26% increase on a year-on-year basis. We continue to generate free cash flow and add to the cash throughout FY25.
Some of you had requested for a split of customers by customer type, so we have also added that data. If you look at the accounts ending FY 2025, the split across the three categories is as follows. Nearly 50% of the accounts are from investment industry, which includes customers across private equity investors like VC funds, PE funds, investment banks, family offices, accelerators, incubators, etc. 46% of the customers were from corporates. This includes primarily corporate development team, M&A team, innovation teams at the corporates, consulting companies, etc. The remaining were others, which includes your academic institutions, government agencies, and others. As we've mentioned previously, this is a fairly healthy spread across investor ecosystem as well as corporates. Essentially, there's a diverse and rich customer base that we address.
This slide also gives an expanded summary of the titles within the investment industry and the corporates that we work with. This gives us a large addressable market to tap into. Coming to some other interesting characteristics and metrics of the business, 60% of the revenue for FY25 was from outside India. These customers span over 50 countries. The top five countries within this show a similar spread to where you have large corporates as well as private market investors. The top five countries for us by number of customer accounts are India, U.S., U.K., Singapore, and Germany. In terms of some of the other metrics, you can also see the split of growth across India and international. On the left-hand side, you can see the split of India and international revenue for the last three financial years.
As you can see, in FY25, we had an accelerated growth in India, with the revenue increasing by 18% over last year. Though the overall growth looked lesser, mainly because the international market continued to have soft macros, you can see we have seen a fairly healthy growth acceleration in regions where we have been investing in growth initiatives, primarily the vertical teams. Once we replicate the same playbook in international geography, we expect to start seeing the overall growth rates also improve there. On the right-hand side, we have shared the number of accounts, which give us a revenue of more than INR 2 million, INR 3 million, INR 4 million across the last five financial years. If you see, the number of clients grew consistently across all the revenue buckets across the last five years.
It is interesting to see that despite market conditions during the last financial year, also some of the large accounts continued to grow for us. This indicates basically the fact that customers are willing to pay more if you deliver value, and there's also a headroom for account expansion. Similar to the previous quarters, I wanted to talk a little bit on the market as well. If you look at the last two years, 2023-2024 were muted years for the private market. Sorry, the calendar year 2023, the tech funding you see was down 40% globally. In India, it was down 60% on a year-on-year basis. 2024 was slightly better in terms of the dollar invested, but it was only the second lowest if you see across the last seven years, and 60% down from the peak.
The deal volume was actually significantly lower even as compared to 2023. 2024 was probably the lowest across the last 10 years in terms of the deal volume. A similar proxy, a similar trend you can also see on the late stage. One proxy for the late stage activity is the number of, say, new unicorn startups which are getting created or the new private companies which got valued at over $1 billion. In 2024, this number was 98 new unicorns that got added globally. In India, six new unicorns got added last year. This year is slightly better than, so 2024 is slightly better than 2023, but again, it was only the second lowest across the last seven years. In terms of M&A activity, you see some recovery. 2023 was fairly low.
2024, you saw a slight recovery, though it was only the second lowest across the last decade. The current run rate, if you see in 2025, it looks slightly better than 2024, as well as across the last two years. Even if you look at the IB investment banking fee, which is the investment banking M&A advisory fee in 2024, this also saw some recovery to what it was basically five to six years back. Though this is one of the lowest you see, you are seeing some recovery, and hopefully that will continue across 2025 as well. Coming to some of the other business metrics, we do see some sort of green shoots. One of the recent growth initiatives we had talked about earlier was vertical teams, was a vertical business unit-wise team.
We had mentioned that most of the vertical teams we had also launched in the India geography. While we will talk about the acceleration that we have seen due to individual vertical teams later in the presentation, we also wanted to share the overall acceleration that we have seen in the India geography due to this. Despite market conditions being sideways, we have seen a very healthy revenue growth acceleration in India geography. The India revenue accelerated from 14% last year FY2024 to 18% in FY2025. Further, the exiting trajectory was even higher. If you look at Q4 FY2025, the growth rate was 24% on a year-on-year basis. Hence, we expect this revenue growth trajectory to continue and further accelerate in FY2026. This playbook, which is only a few quarters old, is working and working very well.
Our plan is basically to replicate it to other geographies as well so that we can start seeing similar acceleration in other geos as well. Coming to our customer account growth, you'll be very excited to hear that we continue to have very high and accelerated volume growth. Here on the left-hand side, you can see the Q1Q trend of total number of ending accounts, and on the right-hand side, you can see the number of net accounts that got added each quarter. If you see, previously, we used to add anywhere on an average between 30-60 net new accounts on a quarterly basis. We had seen this pace accelerate starting from Q4 of last financial year, where we added 88 net new accounts. This pace has been accelerating across the last five quarters on a consistent basis.
If you see Q1, Q2, Q3 of the current financial year, FY25, which is last financial year, this increased to over 100 net new accounts getting added. This momentum sort of accelerated even further. If you see last quarter, which is Q4 of FY25, we added an all-time high number of accounts. In terms of numbers, Q4 saw 227 net new accounts getting added, which is, as I mentioned, a new all-time high. This is thanks to a lot of the growth initiatives that we'll talk about in the subsequent slides. On the user side also, this quarter saw a second highest number of users getting added. We added a total of 425 users on a base of slightly over 4,600, so crossing 5,000 users overall. Historically, we have added anywhere on an average like 40-80 users on a quarterly basis.
This is sort of a multi-fold increase that we saw in FY 2025. Coming to deferred revenue, we continue to see this increase. The deferred revenue for FY 2025 was INR 37.5 crores, which is a 14% year-on-year increase. Also, covering more details on the international markets, we have seen the account growth improve. In FY 2025, the number of subscription accounts as of end of the period grew by 26% on a year-on-year basis. Though it was not as high as the India geography, the number of accounts grew by 65%, but it is still improvement over last year. Last year, we saw a negative 5% growth in terms of number of accounts. This time, it was positive 26% in FY 2025. Most of the reason for acceleration here that you see is the generic sales and marketing initiatives, primarily increased organic traffic, and the second is launch of Tracxn Light.
What has worked well in accelerating the India growth is basically the vertical teams plus investing in augmenting data, which we will also talk about, sort of replicating these two things overall. Once this happens, we should start seeing the overall growth rate also improve. Coming to the platform engagement metrics, they continue to look very healthy and following the historical upward trend. If you look at the platform usage, which here is in terms of number of exports and my analyst data queries, it has grown by 1.5x across the last two years. Engagement has increased both at the overall level as well as per user level. This is a very healthy trend that we continue to see. Apart from these, we at Tracxn have been investing heavily across various growth initiatives over the last few quarters.
These span across go-to-market funnel of sales, marketing, account expansion, and we continue to see good results from this. In the following slides, we'll talk about some of the initiatives that are giving sort of good results, and hence we expect sort of further acceleration to happen. The first is the first growth initiative that we have talked about a couple of times that we aggressively work on is basically your search engine traffic. One of the interesting things is about scaling our organic traffic. This continues to be a big focus area for us. Being a data company, we are able to use a lot of data that we own to launch a large set of public pages, which generate a lot of customer traffic.
For instance, when someone is searching for things like fintech companies in Singapore or SaaS companies in North America, they come across our pages, and we are able to generate leads through that. If you look at our organic search traffic that we got across all our pages, that was over 21 million in FY 2025. A couple of things regarding that. One is that this is a very large traffic funnel that we've been able to build. Second, this has grown rapidly, as you see across the last few quarters. For instance, it has grown over three times across the last three years. Thirdly, we continue to work on this aggressively, and we expect it to increase even further. Another very interesting growth initiative that we talked about earlier is the launch of Tracxn Light.
We launched Tracxn Light last year for product-led growth to increase the awareness about the richness of the platform among potential customers. With Tracxn Light, users get access to the entire platform when they sign up, though obviously with some limitations such as restricted daily limits for the profile views, exports, etc., and certain platform modules. In just over one year since launch, we have over 139,000 sign-ups for Tracxn Light. This is a fairly large set of users that we've been able to sign up. Also, the pace of acquisition has been increasing on a quarter-on-quarter basis. Another interesting aspect is that the users who have signed up have also been using the platform actively. The monthly active users have now crossed over 30,000 users.
This is a fairly large set of users that are getting familiar with the platform, which helps us in building a very good acquisition pipeline as part of the users express interest and upgrade over time. Just to give you an update on the recent quarter in terms of the metrics, if you compare Q4 of last financial year 2024 to Q4 of 2025, the number of organic sign-ups have almost tripled. Average monthly actives have quadrupled, so increased more than 4x. Average number of users per day hitting the credit limit have almost tripled. We have also seen an increase in upgrade requests and demos. This overall continues to be on the path to become a very large acquisition channel for us.
Coming to the vertical teams or the specialized teams that we had set up for select high-potential customer segments, we continue to see very good results. A good example being universities, which we've talked about previously. Just to summarize, this is a specialized team with cumulative experience of over 20 years selling to universities that we have set up. Majority of our relevant customer segments, if you see, come from top universities globally, which is also a great avenue to educate them about data platforms like ours. Initially, this team started with new sales, wherein they were able to significantly accelerate customer acquisition rates. Later, they also took up engagement, where they were able to work towards increasing activation and account penetration. This was like university was one of our initial vertical teams which was set up, and it has been over a year since launch.
We also wanted to share some results, and you'll be very excited to hear that. If you see, the number of customers in this segment has increased by more than 300% in the last 12 months, which is FY 2025. The revenue from this segment has increased by 100% in FY 2025 as compared to the last financial year. Because of these focus teams, we are able to do very targeted outbound and get very high-potential logos as well. If you see, in the last financial year, FY 2025, we added many top universities, including three more IIMs, five IITs, and many other universities as well. In addition, we've also been working towards including Tracxn in the relevant courseworks to actually increase the sort of long-term sort of retention for these customers.
We're very happy to know that Tracxn has been included in some of the top universities, such as IIMs and ISB, for courses such as investment banking, impact investing, venture capital, and private equity courses. In addition to inclusion in coursework, we are also working towards increasing engagement with activities such as on-campus onboarding sessions for the entire incoming batch to familiarize them with the platform. This has led to a further increase in engagement as well. This is a good testimony to the vertical sales team approach that is very effective. This has enabled us to increase both revenue as well as market share in these segments. As we expand this approach to other segments, we accelerate a similar boost in growth across multiple other customer segments as well. We had also set up a specialized team for startups.
We see high volume of inbound from startups. Even though they are served by the same platform, they have a slightly different use case and workflow requirements. Some of them use Tracxn for business development, fundraising, competitor analysis, market research. It is a fairly high-volume segment, but at a lower price point than investors. Cumulatively, this can be a fairly sizable segment for us. We had set up a separate GTM team for this as we were getting a very high and increasing volume of inbound. An interesting point to note is that in FY2025, we saw over 100% volume growth and 60% revenue from international customers. Another recently launched team was accelerators and incubators under this initiative, focusing on customers across private incubators, government incubators, universities, and corporate accelerators.
We're seeing good initial success with the pace of acquisition having increased in just the first two quarters since launch. Interestingly, even in this segment, over 50% of the revenue from new customers are from international customers in Q4 FY25. Another vertical team we had launched was the investment banking team. This team sells to the investment banks through both outbound and inbound reach-outs. We had also augmented the data coverage required by this customer segment, which helped us to improve conversions in this segment. This included increasing coverage of private company financials, key ratios, PC and PE investor database for their outreach efforts, etc. We had also launched additional features on the platform, one of them being startups when they are looking, they can actually mention that they are looking to hire an investment bank on the platform.
This helps in building a sales pipeline for the investment banks. We continue to see very good results here. The logo penetration in India continues to increase by 1% on a month-on-month basis. The pace of customer acquisition in this segment has almost tripled with a dedicated team. In India, for instance, the number of accounts grew by 70%, and the revenue grew by nearly 30% on a year-on-year basis in FY25. We have started scaling this to other key geographies as well. Another vertical team that we had launched recently is the corporate sales team. This is a relatively newer team, which focuses on users with corporate sales background. We're typically looking for scouting and analyzing companies across various sectors and geographies for lead generation, market analysis, competitor benchmarking, business development mandates, etc. We are also augmenting the data on the platform for this segment.
For instance, they needed PIN code data, they needed CXO profiles, etc. In terms of volume growth, the number of accounts grew by over 100% year-on-year in 2025 for this segment. Even here, we see significant revenue acceleration. Interestingly, over 50% of the revenue in this segment was from international customers. Based on success that we saw in the initial vertical teams, we had accelerated the launch of more teams and launched about 10 additional vertical teams. These are specialized teams for customer segments such as venture capital funds, corporate M&A teams, corporate sales team, etc. As mentioned earlier, we believe that we have cracked a very repeatable playbook through this architecture and setting up new units, essentially to cover more of the customer universe that we already have should have a material impact.
In all these units, we have initially started with targeting new sales, which helps us accelerate the pace of customer acquisition. Later, these teams moved to also include engagement within these segments, which helps us in retention, market share penetration, and revenue growth in these segments. As mentioned in the earlier slides, we have also started scaling these vertical teams to key geographies internationally. We expect this will help bring us to our desired growth trajectory. Moving on, another interesting growth initiative that we have been working on is expanding our coverage in financials and cap table data sets on private companies on the platform. These data sets are particularly in demand by certain customer segments, like private equity, investment bank, among others. We have been significantly increasing the throughput of production of these data engines.
Talking about financials, today we have financials of private companies in over 20 countries globally. The number of detailed financials on the platform has increased at a fairly rapid pace. In 2023, we had increased this number by 5x on the platform. In 2024, we increased it by another 6x. It is essentially 30x in just two years. Within the first four months of 2025, we have increased by another 1.5x. As of April 25, we had over 1.6 million companies with revenue data and over 1.1 million companies with detailed financials updated and available on the platform. One thing which is obviously very interesting in this is that we have been able to add these data sets at a fairly great pace without increasing headcount much.
This again is a great testimony to the level of automation and intelligence we've been able to build as part of our infrastructure, which helps us to be able to do this at this pace. Coming to cap tables, cap tables are requested by investors to see the detailed shareholding valuation latest, as well as historical share price of private companies. Today, we track cap tables of over 15 countries. At the end of 2023, we had 39,000 companies with cap tables. The subsequent year, end of 2024, this increased to 313,000 companies with detailed shareholding on the platform. It is an 8x increase in just one calendar year. As of April 25, this number has further increased to 341,000 companies having cap tables on the platform. Legal entities. We had launched a legal entities database about two years back.
The legal entities basically help investors to screen through legal entities registered in various countries for specific high-growth matrices, like revenue growth, growth rate, profitability, employee count, etc. This data has also expanded at a very good pace. It started with 11 million at the end of 2023 to 64 million at the end of FY25. The major countries that coverage include the U.S., U.K., Japan, India, Australia, Brazil. We also continue to see good customer usage with legal entity pages increasing on a Q&Q basis, the views increasing on a Q&Q basis. There is a lot of focus also on adding more data points to the existing legal entity pages, which enables us to help to increase penetration in some of the new and existing customer segments. We are also building a deeper coverage of regulatory data on the private companies and legal entities.
Some of the data that are live and in pipeline include things like loans and charges data, patent data, legal case data, FDA approval data, among others. These are particularly important for new and existing use cases, which includes things like deeper due diligence, KYC, etc., which helps us increase the penetration within the existing and new customer segments. To give you examples, clinical trial data is crucial for healthcare and life sciences companies, as well as healthcare-focused funds. This is a fairly cash-rich customer segment, so we are also working towards building coverage in these data sets. Similarly, data points like taxation compliance, filing delays, payment delays, bankruptcy filings, etc., are essential for due diligence. Another interesting initiative that we have talked about earlier is press mentions. Whenever media talks about data on private companies, we want them to quote data from Tracxn.
We have been working on various initiatives, including launching reports with media, data contributions, regular columns in newspapers, etc., that have given us multiple increases in the number of press mentions across various respected media outlets. In FY 2025, we had some very prominent partnerships under this initiative. To give you examples, we were data partners for a report with Titan Capital, another report called the First Check Report with the Southeast Asia-focused fund called Jungle Ventures. We were the data partners for 50 future unicorns of Karnataka by Economic Times. We were also the knowledge partner of ET Startup Awards, which is a very prominent private market event hosted by the Economic Times. Lately, we have also been working on increasing coverage internationally, starting with Southeast Asia. We have launched reports in Southeast Asia and also are tracking some of the regular columns over there.
The advantage of press mention is that a lot of people discover our data for the first time through media and then come to our website and generate a very high-intent lead. This also goes a long way in building a brand as a data company and helps in our sales conversion and eventual revenue growth. We have also been an AI-first company and continue to harness GenAI for various key data production. A great testimony to our use of automation and intelligence in data production is that we've been able to multiply our data sets while reducing the manual intervention and shrinking headcount. In 2024, for instance, we increased the coverage of the key data points on our platform by over 5x, while in the same period, the data production teams' headcount reduced by 10%. We are seeing both.
On one hand, we are seeing acceleration in the amount of data production pace, and on the other hand, we are seeing much leaner teams to be able to do that. You will be glad to know that the data production team further shrank. If you look at the last quarter, which is Q4, the data production team shrank by another 10%, indicating further efficiency and accuracy in data production that we have been able to achieve through automation. GenAI continues to be a key focus for us. Some interesting areas in which we leverage AI include things like identification of upcoming private companies, data extraction from unstructured data and documents, enabling massive scalability to accelerate the pace of data addition, industry classification, data production for various transaction data sets like funding acquisitions, improving data accuracy.
Even on the GTM front, we are using it for refining lead profiling, sentiment analysis of the interactions. We expect further optimization to continue to happen. On one hand, you can expect that the throughput of the system continues, while on the other hand, you can expect that the data production becomes the team to become much more efficient and leaner. We remain fairly excited about the possibilities of GenAI technology and its potential for us to be able to accelerate building the global private market data. Coming to some of the other KPIs for handy reference, the first graph talks about the contract price or the invoicing amount. For FY2025, this was INR 88.5 crores, which is a 2% increase on a year-on-year basis. The second graph talks about the number of entities profiled, which is a proxy to the amount of data added on the platform.
Today, we track more than 4.5 million profiles on the platform, including private companies, funds, etc. This coverage of companies increased by 51% on a year-on-year basis. That's all. This covers most of the key updates that we had. Subsequently, we also have some slides for the detailed financial statements, which you can go through for more details. That's all. Passing it back to Devanshi for any Q&A that the group might have.
Thank you so much. It was a very good presentation. Loved it as always.
Yes, I think we can wait for a minute or two for the question queue to line up, and then we'll start taking questions, I guess.
Yeah. Three people have raised hands, I think. Yeah. Four. Yeah.
I think the first question we can take from the Q&A box from Sagata Roy.
Sneha, maybe you can read the question and then answer the same.
Yeah, from the Q&A box.
Yeah, so I'll just take the first question, which is basically now you've seen one year in growth in accounts from 100 per quarter to 200 net per quarter. Could you give us some stat of uptrend of revenues of some of these accounts that got added since some of them have seen over a full year? Also, can you see the trajectory of 10 lakh+ accounts for the last few years? Yeah. Yeah, so thanks, Sagata, for the question. So coming to the question of the upgrade cycle, I think most of the accounts, we are yet to see the upgrade cycles happening there because if you see, I think last year, obviously the volume growth had been fairly high.
Most of the customers will have the next upgrade cycle in the subsequent years, typically. For most of them, we have not had the upgrade cycle as yet, and we will probably see that in the subsequent quarters going forward. I think for us, this kind of account penetration is very interesting because there are a lot of accounts that we currently have to basically also engage and then go more deeper because most of these accounts actually start small. On the other second part of the question, which is the trajectory of the INR 1 million+ accounts for the last year, we have shared this data for the last five financial years and how these kind of accounts have trended. Hopefully, we should see some of the accounts that we have sort of acquired reach there.
My sense is that maybe in a few quarters. I'll move to the second question, which is, could you also give a flavor of dollar and euro accounts focus going forward? If you see, in terms of our international revenue, 60% of our revenue is from outside India. Most of this account are in dollar denominated. I'll also probably have Prashant add to this, but to my sense, most of these accounts internationally are in dollars. Prashant, maybe you can also add to that.
That's correct. I mean, for the international customers, we bill in USD, and I hope that's consistent for all our customers overseas.
Yeah. Yeah. Next question, I think we can take from Nikhil Chandha. You can unmute yourself and ask your question. You've raised your hand.
Hi, can you hear me?
Yes. Hi.
Yeah. Hi. Hi, Neha. Hi, Abhishek.
My question was more, say, mid to long term. Just given the way we've seen AI tools build out and get developed, on a longer-term basis, once these tools get more and more sophisticated, I'm just thinking if one just takes, for example, an OpenAI monthly subscription, would he be as good with the data with, say, Tracxn gives? Can he get similar kind of data on OpenAI? If that keeps happening, wouldn't customers just shift to a single tool like OpenAI or Grok or whatever for satisfying not just their data needs on unlisted companies, but other information or data needs?
From a longer-term perspective, while you always say that AI is helping, but somehow intuitively, it feels that AI can be a bigger threat because as these tools develop, somebody may not want to take up a Tracxn subscription, but just take one single OpenAI, Grok, or whatever subscription. I just wanted your thoughts on that. Over the medium term, how does this kind of impact growth and ARPU?
No, thanks a lot, Nikhil. AI is something that we are sort of very excited about because I think we have been using a lot of these for the last 10 years, a lot of sort of machine learning across the last few years. In the last, I would say, one to two years, the results that we have been able to get through these have increased. That is why we are sort of fairly excited about it.
That is why you also see a lot of our pace sort of increase. Coming to the second question, it is a thread. We do not see this as a threat. To give you a parallel, for instance, if you take maybe public market investors only use some of these frontends and stop using any of the databases, maybe that will happen to the private market investors after one or two years. There is still a lot of distance which is there because investors, especially institutional investors, because most of our customers are enterprise users, not so much retail investors, but all of them are enterprise sort of users, investors, as well as large corporates. For them, it is like a day job. For them, they will continue to sort of require more and more data, I would say. For us, we see it as an enabler.
We see it as a great enabler. I think for us, if you take us, we are probably having one of the best tech backends than any other private data market platform companies globally. That is why the pace at which we are able to add data is also fairly fast. Today, we have financials in more than 20 countries wherein a lot of the times, the filings are available in non-English language. We have been able to do that because of the use of technology and fairly aggressive sort of infrastructure that we've been able to sort of build. I think for us, we see as an enabler, we see this will continue to remain because we are serving not the retail, but the institutional, the asset class in the private market. Hopefully, that answers the question.
Okay.
The next question we can take from Mr. Vithij. You can unmute yourself and ask a question.
Thanks for taking my question. Just one from me. We've seen very, very good customer account growth and users' growth over the last three quarters or four quarters, in fact. What is the comfort level after which you think about start increasing pricing for these customer accounts? It may not be immediately when they're up for renewal. Are you targeting a certain account base before we think about increasing prices for our subscription?
Yeah. Thanks a lot, Vithij, for the question. Our current strategy continues to be so we will be so whenever the renewal happens, we have so we have done two things.
One is for some of the renewals, we have a default that there will be some price increase maybe in the first renewal or the second renewal. For some of the customers, that is part of their onboarding. Plus, another experiment that we have done for a limited set of customers is that having a 3% annual increase. We have started doing that for a smaller segment, which is an annual increase that is there, which you would be familiar with some of the other financial data platforms that have had. These are the things that we are sort of that will pan out in the coming quarters. Having said that, I think one of the things which we aggressively sort of also continue to do is basically the whole vertical team approach is working.
We basically have more of the customer base covered through these teams, which we believe helps us in working with these customers in a more increasing the engagement of these customers in a more deeper manner. That is the other thing that we'll also see in the quarters to come that we are working on. Hopefully, that answers the questions, Vithij. Okay.
The next question we can take from Abhinav Kashyap. You can unmute yourself and ask.
Hi, Neha. Thanks for taking my question. I have a couple of questions. One is, any subscriptions giving to brokerages like Zerodha or someone so that Tracxn data can be used for analysis within the platform? Because increasingly, a lot of investments are being made by public companies and private companies. Tracxn data is a lot valuable analyzing companies.
Thanks, Abhinav, for the question.
Currently, we haven't catered to this as a customer segment in a sense that we haven't sort of talked about partnering or licensing part of our data to any of these platforms. We are having, but maybe if there is a maybe that's something that we can explore. What we are exploring in terms of partnerships is with some of the large data companies in the international markets. For some markets, we are in conversation for some data partnership, which is essentially these are data companies which are anyway selling to large corporates or either large financial institutions. Those which are now also looking at private market data, we will be able to sell through them. They already have sort of sales team in these geographies.
These may be, for instance, large limited partners who are looking at public equities or also looking at private markets, or this would be corporates who are now looking also at private markets. This is something that we are probably more closer to working with. Okay. Next question is on partnership with AI companies and enabling Tracxn as an app within them. Directly as a chat platform, we can reach out to Tracxn database and get some data, right. No, that is interesting. I think that's something we are in early stages, but I think it's a little far off. This is something that we may sort of explore. We haven't done anything. Nothing is live as of now.
But this may be something that we may explore because some of the ones have reached out to us mentioning that financial data, financial customer segment is one of the largest segment that they are attracting, or it's a sizable piece of the customer segment that they are attracting. If we can do some collaboration, that data becomes accessible to them. Yes, that's an interesting point. Nothing is live, but yeah, this is something that we might explore.
Okay. Thanks, Neha.
Thanks a lot.
Okay. Next question, I think we can take from Akshay Sowani. You can unmute and ask. Hello, Akshay, you can unmute and ask your question.
Probably we're not able to reach him. Maybe we can move on to the next one, Devanshi.
Yeah. I think next we can take the question from Praneeth. You can unmute and ask your question.
Hello.
Thank you for the opportunity. I wanted to understand in terms of onboarding new clients, are we facing any bottlenecks in terms of onboarding? Before, when we started using dedicated teams, how do we see the ROI going forward? Because since we are putting dedicated teams, the cost is going to go high. How are we going to measure the ROI metrics on these? In terms of these clients also, I was wondering how many of them are the first-time clients in terms of using a data aggregator, how many of them are using it in addition, and how many of them are replacing their existing data aggregator with Tracxn completely? Can you give me an idea of all of this?
Sure. Thanks a lot, Praneeth, for the question. I'll break up into two parts.
One is basically in terms of the new customers, how many are using a data platform for the first time versus how many are moving from a competitor or those. In terms of, we do not have exact data. We have approximate data, more anecdotal, based on what the sales team basically gets feedback from the customers. Here, we continue to have about 40-50% of the customers starting to use a platform for the first time. This includes even some of the large funds which are there or like universities or IBs, right? They were used to doing something internally, but this is the first data platform that they had sort of signed up. That constitutes about 40-50%.
The remaining 20-30% are probably using some of the platforms and are using more than one platform as well. Or sometimes they were using some platforms, and then they are coming to our platform because they are getting multiple data points at the same place. That is part one of the question. The second part of the question, which is basically vertical teams and how do we have ROI on those teams? In terms of the cost of these teams, it is not very huge because these are fairly lean teams. These are typically teams which are having, say, one business head. Under them, they are having one team for the engagement, one team for sales, right? A senior salesperson and then a junior salespeople. This is a fairly lean team, I would say.
Typically, they are able to recover their ROI in the next, say, one or two quarters. Maybe Abhishek can also add a little bit to this. We are able to sort of track the efficiency of these vertical teams very closely.
I think usually you put up a business head, maybe a couple of guys in sales, and then one person for engagement. These are usually starting with four- to five-member teams. We would typically spend between INR 500,000-INR 800,000 a month to begin with. Within six months, in most cases, they are able to bring enough incremental revenue for us to justify them. We have seen significantly higher engagement rates as well as all other metrics. Our sales closure rates are much higher. Our engagement rates are much higher.
That is a broad sort of financial impact of a vertical team on our P&L. In most cases, we have seen that the ROI of the team is justified within a couple of quarters.
Also, just to add to that, the way we have been able to, the way they actually structure is that firstly, they start catering to the new customers. They work on new sales. There we are able to see a sort of increased customer acquisition that accelerates. Subsequently, they also take up engagement wherein they are working with also the existing customers to actually work on very interesting ways in which these vertical teams were not sort of able to work. They were able to work on very customer-specific teams to work on deeper engagement within them.
There we have seen sort of good success, and that is why we are sort of doubling down on that. Hopefully, that answers the question, Praneeth.
Okay. The next question we can take from Jagadeesh Sharma. You can unmute yourself and ask.
Hello. How are you?
Yes. Yes. Thank you.
Hi, ma'am. Thanks for this opportunity. I have a couple of questions from my side. My first question is, why was our deferred revenue day grown quarter on quarter? When does this deferred revenue growth translate into revenue?
Okay. Sure. Thanks, Vithij, for the question. One is the deferred revenue. Actually, if you see, even in the last year, you could see a similar trend in Q4 because of just the way the contracts are probably. You saw a similar trend in Q4 as well.
In terms of when they will translate to revenue, typically, most of our customers, most of our contracts are either annual upfront or quarterly upfront, like 60%-70% is as annual upfront. Most of them would translate into accrued revenue over the next two to four quarters. Maybe Prashant can also add here.
Hi, Jagadeesh. Hope you're doing well. I mean, like on your question of deferred revenue, there are two things about it. One is, see, the deferred revenue is a balance sheet item. What we see is an aggregate of the last one year, right? What we sort of see in the revenue is the portion of the revenue which has accrued over the period.
Now, what happens is, let's say if I bill a customer on an annual basis, maximum three months of revenue will flow into sort of the revenue, and the last nine months will hit the deferred revenue. As long as the billing is kind of increasing on a year-on-year basis, the deferred revenue will continue to grow. Now, how this equation is related, I mean, you'll have to see the change in deferred revenue because that's the portion which has been recognized in the revenue. If the billings increase, you'll see the increase in deferred revenue. If your billings are flat or sort of muted, you'll see some degrowth which is going to happen. Yeah. I think that's what it is, how these are linked.
Thank you, sir. I hope. Yeah. Yeah. Thank you, sir.
My second question is, which is related to deferred tax asset. We have what is the rationale for this DTA write-off, which we did in this quarter and for the overall year? Does it mean that the company does not see any potential profitability in the future? That is my second question. I want to know, we have INR 5 crore in our balance sheet as a DTA. Does it also need to be written off, or what is the future for five?
Can you take that question, Neha? Yeah. Yeah. So Jagadeesh, in regard to the DTA, basically, this is more of an accounting exercise that we do every six months. It is sort of tied to the historical growth rates, right? I mean, considering FY 2025 was somewhat flat on a year-on-year basis.
Once you plug in those historical numbers, obviously, we can't be factoring in a very huge growth rate. That really doesn't represent something because at our scale, I mean, a couple of sizable contracts and the growth picks up and so forth. For us, it's more of an accounting exercise, not necessarily very reflective of the business of the company. In case the revenue growth picks up, then again, after six months, you'll see otherwise it's going back into the balance sheet. It's purely an accounting exercise that we do. In terms of the balance, 5.6%, I mean, 5.6%. Like I said, I mean, totally again depends on how we do in the upcoming quarters.
While we have sort of taken a very conservative position on this one, we'll have to still see how the numbers turn up in the next quarter or so.
What you're saying is, especially INR 8.5 crore will come back once there is a growth in the revenue. That is what you're saying, right?
Yeah. It is like once the growth comes in, I mean, the deferred tax assets. Basically, the reason why it is moving is because these tax assets have a certain life. Before they expire, we have to utilize them. At every six-month interval, the company along with the auditors sort of try to estimate, I mean, what is the most likely scenario of realization. Like I said, it is a mathematical exercise, not really tied up to the revenue growth or something.
We punch in the historical numbers, and that's how we sort of estimate how it is going to be like.
Ma'am, my final question is, what is the guidance, growth guidance we are giving for FY2026 and FY2027?
So Jagadeesh, just to answer the question, we are not giving any guidance, but we are expecting, as we have mentioned, if you look at our business, thanks to all the initiatives that we've been able to do, the India part growth rate, which accounts for about 40% of the revenue. That growth rate for this year was 18%. On a Q1, Q basis, that is 24% growth on a year-on-year basis for the Q4. That is already in the 20%. Ideally, we would want to replicate the same thing in some of the key geographies so that that also comes to the same over 20% growth rate.
We are not giving any guidance, but our endeavor is basically to actually have work on the other geographies so that we can, the similar strategy which we have done it over here, just replicate it in some of the other geographies.
For us, overall, international growth has been day grown, like 6%-7% rate has day grown, right? Where do you see that? If we want to grow the India business at 15%-18% plus, but our international business is day grown, it will not lead to big growth here.
Right. No, our strategy is simple. Basically, the same thing which has worked over here, which is the business unit-wise team, which has helped us in revenue.
If you look at all the business vertical teams, there you have seen revenue accelerate anywhere between, in a lot of the cases, more than 30% on a year-on-year basis. This is the same strategy that we are basically expanding to more of our customer universe. Currently, these teams do not cover all of our customer universe. We are basically expanding so that we get a similar sort of acceleration over there.
Thank you for all the best. Yeah.
Thanks.
Thanks. I think the next question we can take from the Q&A box. It is from Ashwini Singh. I'll just read out the question. The net customer addition has been impressive, but that has not translated into a meaningful value growth. Even with 600-plus new clients, the revenue is up less than INR 2 crore year-on-year.
It seems the new clients, as well as the renewals that are happening at lower rates, from roughly INR 640,000 a year ago to INR 440,000 per client. Is there a target number for revenue per client that you have in mind? Will this number trend down further from here? Furthermore, when do you see meaningful value growth with respect to revenue? Would appreciate some revenue and corresponding net client addition guidance.
Yeah. That's it. Yeah. So thanks, Ashwini, for the question. So yes, that's correct. So the volume growth has been sort of accelerating.
You are not able to see that at the overall level, but actually, if you see this in parts, and that's why we've also given sort of the breakup across the different segments, wherever, in whichever segments wherein we have had sort of more than 20% average volume growth, account to growth, essentially, we've also had a decent revenue growth. For instance, for all the vertical teams that we mentioned about, like if you take IB in India, that grew by 30%. Obviously, universities grew by more than 100%. Even the other segments, like corporate sales, startups, you saw acceleration of over 30%, which is there. You saw it in the different vertical teams. You also saw it at the India level, right? Because a lot of those, a lot of the account addition also happened in this, whatever the initiative was like.
For instance, India, where the account growth rate was 65%, the revenue growth was also close to 20%, right? You are seeing that in parts, and that's the basic endeavor. We're basically working on two things. One is basically whichever segment that we are sort of prioritizing. We are working on both the sales as well as in augmenting the data coverage there. There we are able to, once we do that, then in addition to the volume growth, in those segments, we are also able to have the revenue growth. We are also able to see the revenue growth. Hopefully, that answers the question, Ashwini?
Okay. The next question, I think there's also something there. Yeah.
There's also a question just before that, Sanjay Sood.
Yeah. Sure. Sanjay Sood's question, I'll just read out.
You have mentioned that in spite of revenue increase of nearly 100% with 6% headcount, you are able to maintain revenue-employee expense of nearly at the same level of 80%. Can the revenue/employee be shared now and from now onwards?
Right. Yeah, thanks, Sanjay, for the question. In our business, actually, the revenue, unlike in the services business, wherein you care a lot about the revenue per employee, in our case, it is less relevant because essentially, with the same employee base as we mentioned, with hardly much thing, the revenue can essentially double because the gross margins of the business are fairly high. To basically serve the similar, even if we serve the double set of customers, the amount of incremental headcount that we'll incur is very limited, right? It's also the other investments that we continue to do.
That is not some of the metric that we sort of track closely because that can vary a lot. Like across one year, sort of it varies a lot, right? We gave this number just to also show that in the period wherein our revenue doubled, the headcount only increased by 6%. Though obviously, the cost also increased by about 37%. This is just to show that if you have to double the revenue, we do not need to double the number of people. It is only a very marginal increase in the team size that we would need because of just the high sort of margins of the business.
Hi, Devanshi. Next question. Yeah. Next question, I think we can take from Bhavik Narang. Despite decent customer addition in the international markets, the revenue growth was negative. Could you help better understand this?
Also, what is happening in the international market resulting in sluggish demand and not in the Indian market?
Right. Yeah. Thanks for the question. The sentiment is basically the same that we see in India as well as international. Even internationally, if you see both on the funding side, it has been one of the lowest years across the last 10 years. Even on the corporate side, as you may have seen, there continues to be some of the pressure, even in the large corporates as well. Typically, for instance, we would have some growth from the existing customer, which was muted because of the fact that a lot of the customers are not doing. Having said that, the market is not different in India and international. It's actually the same.
What we have realized is that there are some of the things that we had done during this that is sort of giving us good results. In the international market, in specific, you are seeing volume growth. For instance, this year, there was about 27% volume growth. This is basically because of two things, which is the generic sales and marketing initiatives that we are doing. One is basically the increased SEO traffic that we are getting across all the geographies, across all the customer segments. The second is launch of Tracxn Light. That is, we were able to sign up more than 100,000 users in just the first 12 months. A lot of the increase that you see is thanks to these initiatives.
The second thing, we have not launched much in the international markets, which is basically the vertical teams that we talked about, wherein we are also able to see the revenue growth. That is why once we replicate it, we hope that that should also start to happen. The pressure, in a sense, that it was negative in a sense because even we saw some impact in some of the large accounts, which is being some corporates or some of the investors, which are much less active than what they have been sort of traditionally across all these years. Having said that, we feel that this strategy, which we are doing, this is working well in getting us the good leads. Once we also start having the teams focusing on these geographies as well as working on the data, this will also help us in revenue acceleration.
We have already got results in one or two countries, like Germany, for instance, wherein we prioritize some of the vertical teams. There we already have double-digit growth in last year, but we have to replicate it to more geography to actually have the overall sort of growth rate also improve. Okay. There is another follow-up question from Bhavik. Also, we were planning to replicate similar GTM initiatives that we had taken in domestic markets, which has resulted positively. Any timeline when it is planned for international market, and would a significant increase in sales team be required? Yeah. Thanks. Thanks for the question. In terms of timeline, it will be in the subsequent quarters as well. Most of the teams that you see are probably four to six quarters old. We have just started in some of the newer geographies.
Maybe in the subsequent one or two quarters, you will see more action within them. Coming to the second part of the question, which is, will it lead to significant increase in sales team? There will be increase in headcount marginally in the sales team. This is something that we continue to sort of aggressively expand on. You may not see a lot increase in cost because, as I was saying, we do not have typically one of the large items which scales a lot in companies, the paid marketing item, paid marketing line item, which we do not have thankfully in our company. You will see some expense increase, but it may be sort of high single-digit or low double-digit increase only in terms of the overall expense, despite us investing in all these sort of growth initiatives, sales teams sort of going forward.
But even last year, when we were sort of investing a lot in this, we continued to sort of generate cash throughout the year. Okay. Next question, I think we can take from Ravi Sinha from the Q&A box. Impact of generative AI or any planned build MCP server, another channel of interface, and revenue growth guidance for FY26? Okay. Yeah. I'll take the first question, which is basically the impact of AI. I think, as you are saying, we are sort of very excited about the level that it has been able to sort of achieve. We are able to do through AI. We are, as I was saying, we are a very tech-heavy company. If you look at our DNA, our tech backend today is one of the best across all the private market data platforms globally.
That is why we have been able to add companies at this pace. We have been able to add data at this pace. Hardly any of the other platforms, for instance, have been able to add, if you look at it in terms of so many countries we have been able to add. To give you an example, a lot of the filings that we today track. We have private company financials in more than 20 countries, share price in more than 20 countries. A lot of them have filings in non-English language. We are able to still extract it, standardize it. We have been able to add so many other data sets, right, at a fairly fast pace. This is thanks to a lot of the technology that we have been able to use. Lately, obviously, GenAI has sort of become a key component, which has sort of good results.
It is not still perfect, so it's not so much that we've been able to expose to customers, but it is still fairly exciting than what we were seeing probably two years back. For us, I think we are fairly excited about it. That is why even if you look at another team, though just the data on the platform has increased by 5-10X in just one year, the headcount in the same period has shrunk by the data team headcount has shrunk by 10%, right? That is just a testimony to the kind of automation we've been able to sort of build. We are sort of fairly excited about it. We believe that this just helps us to capture global data at a much more faster pace. That is on the first part of the question.
On the second part of the question, in terms of the revenue, some guidance. Again, we are not giving guidance, but hopefully, we are expecting that we should come back to the historical sort of growth trajectory.
Okay. Thanks, Neha. Next question we'll take from Akash from the Q&A box. We see the private markets are taking time to pick up. Many companies in Europe and the U.S. are running cost-cutting initiatives. Why are customers not switching from competitors such as PitchBook? Is it due to stickiness of the product? What trends are you seeing with customers switching to Tracxn from other competitors?
Thanks a lot, Akash, for the question. Yes, there is that. Having said that, I think we have figured out sort of what is working, and we are going to just double down on that.
In terms of your question on whether customers are switching from one platform to the other, interestingly, as I was mentioning, 40-50% of the customers that we sign up have actually not used any platform. Even if you look at some of the corporate M&A teams, etc., a lot of them have been doing it internally, right, not using sort of any platform. A lot of times, it is not so much of a replacement of a platform. This market is not saturated, so it is not so much like you are replacing a platform. A lot of times, you have to sell independently. A lot of the government agencies, etc., that you are selling, right, a lot of these innovation teams that you are selling to, you have to sort of sell to them independently, right? We do see some advantage in this time.
For instance, if we are able to attract more customers, given all the changes that are happening. We do see that this is also a good opportunity for us to be able to sort of get to as many customers as possible. That is why we are also focusing a lot on sort of acquiring new logos and new customers because we believe that this is a good—this gives us a good long-term base that we can sort of expand over time. Okay.
Thanks, Neha. The next question we will take from Prithvi. What is the net retention rate of the customers on the platform? I mean, how much % of customers this financial year are the customers from last year?
Right. Yeah. Thanks a lot, Prithvi, for the question.
Just in terms of how we measure retention, one of the ways in which we do that is basically your proxy to net dollar retention, which is essentially what we track as your revenue from existing customers. What that means is that if one set of customers, my set of customers, paid me INR 100 last year, how much do they pay the subsequent year without me adding any new customers, right? Typically, this number historically has been between 103%-105%, right? In a good year, we have also seen that increase to 115%. Last year, it was lower, lower than 100%. This was in the 90%, right? We have seen two things to be able to improve this. That is why you also saw the impact in the overall one.
Two ways in which we have seen to increase retention, which has sort of worked, which we are also in the process of working with. One is in the segments wherein we are seeing impact, improving data, right? This can be a particular sector and region. We have done it, for instance, in one of the geographies in Europe last year wherein we saw results, wherein we sort of invested in data, where we saw the retention rates increase. The second, as I was mentioning, is launching vertical teams. The way they work is basically they work with these customers for better engagement, and they are able to work with customers much more closely than the vertical teams, right? To give you an example, the team which is working with investment bank, they come up with prioritizing more features.
Investment banks require particular ratios or global comms for the pitch decks, or they needed expanded investor database. They are also able to prioritize those features. In universities, they are able to work with them for inclusion in their coursework, right? This helps us in sort of—this is the second way in which we are able to increase retention. One is basically investing in data for those customer segments. The second is basically launching this vertical team and also adding the engagement layer on top of it, right? By doing this, we have seen this number improve. That is basically our current also in terms of the strategy. If you look at just India wherein we worked last year, there you saw the net dollar retention increase, right? The retention increase. In India last year, it was slightly less than 100%.
This year, FY25, this was more than 100%. We were able to sort of increase within just about three to four quarters. We were also able to see that in specific geographies wherein we worked with. This is basically our plan. Basically, wherever you work segment by segment, then you are basically able to get it back to your historical average, which has been around 103%-105%.
Okay. Thanks, Neha. Next question we'll take from the Q&A box again from Akshay Sowani. Currently, Tracxn is more focused on increasing penetration in different segments of clients. How do you increase the number of logins and prices once that is achieved? Is there stickiness as customers might move to a rival product that is cheaper?
Right. Yeah. Thanks a lot, Akshay, for the question. The upgrade is basically fairly straightforward.
Once you basically start working with the customer, you work towards increasing usage over there. The other team basically also works towards selling them more licenses and increasing the penetration within the teams. There are some strategies that have worked well. For instance, things like we give some temporary licenses to some part of the team members. In the next renewal cycle, we are able to upgrade them. The second thing which has also worked is that you curb on login sharing. Sometimes there is some login sharing which happens. As soon as you curb that, then you are able to have some upgrades through that. There are a few things which have worked, and we probably plan to replicate it.
For some of the accounts, for instance, we've been able to grow from INR 500,000 to INR 5,000,000 within five to six years. That is not us doing a lot of effort. Hopefully, once we do sort of more focused effort, we may be able to sort of shrink the time based on how large the customers are. This is something that we have anyways done with quite a lot of customers over time or has also happened sort of organically with the customers. This is something that we'll probably replicate to these customer segments as well. It may take some time. It may not happen immediately. It may take sort of some time.
Okay, Neha. Next question is from Praneeth in the Q&A box. What is the average account of a university and corporates? Universities seem like a good opportunity.
How are we scaling in terms of this opportunity? What are the bottlenecks we are facing in terms of onboarding these types of customers?
Right. If you look at the average price point of the university, this is our average overall ARPU, it is about INR 500,000 or INR 520,000. Universities may be slightly lesser, maybe closer to INR 500,000 on an overall level. There is a whole range. For most financial data platforms, actually, this is the same strategy. If you look at any of most of the top universities, they would have a student or a discounted version from the large public market data platforms.
This is a playbook that we have actually sort of taken from the large public market data platforms itself because a lot of times, even when we were there in our schools or B school, you would start using a platform for the first time through the universities. In our case, in fact, if you look at our customer base, which is the investment people that have come to the investment industry or the M&A company, a lot of them actually graduate from the top 2,000 universities globally. For us, actually, it is a great marketing channel that we are able to sort of, they are able to hear the name for the first time and get familiar with them when they are in the college. For us, we have also had a few cases wherein the people actually knew about Tracxn earlier.
They joined a fund, and then they bought the subscription as soon as they joined the funds. That just reinforces this. In addition to being basically a revenue channel, this is also a great marketing channel for us. That is how we see it. Coming to what is a bottleneck of scaling, I do not think, I think universities are working out very well. This was one of our oldest vertical teams which is there, which is about five to six quarters old. There, in just the last year, we have had more than 300% increase in the number of customers as well as more than 100% increase in the revenues, right? We are very happy to see the growth that we have seen from this vertical. It is also very good logos that we may be able to penetrate.
Now they basically have sort of a map of about 2,000+ universities, and the team is basically just working towards that. We do not see any bottleneck. I think we continue to be excited about the results that we are seeing and sort of the way going forward.
Okay. Thanks, Neha. Next question is from Prithvi. What does the other income component consist of? Is it a regular comp or any other extraordinary income limited to certain quarters?
I'll pass this question to Prashant.
Sure. Hi, Prithvi. I hope you're doing well. The other income that you see is a regular income, not necessarily anything particular to the quarter. It has two components. One is the other income, which is sort of the interest coming from the bank FDs and deposits and sort of things.
The bulk of it is the gains and loss we sort of have from the mutual fund investment because we have a sizable cash balance. That is kind of invested in high-quality liquid funds and equity securities. That has been consistent. I mean, in fact, it has been growing steadily on a quarter-on-quarter basis. I hope I was able to answer your question, Prithvi.
Okay. Next question is from Akash. Is Tracxn's management exploring potential collaborations with leading banks, financial institutions, or asset managers in the U.S. or Europe to strengthen brand credibility, build trust, and enhance distribution channels? Neha, you're on mute.
Okay. Thanks. Yeah. Thanks so much. Thanks a lot, Akash, for the question.
In terms of partnership, as I was mentioning, this is early days, but we are probably exploring partnership with some of the large data platforms or the financial data platforms which are there in specific geographies. Our endeavor is basically some of them which have a good footprint in terms of the sales teams that they have built in certain geographies. They have a footprint of financial institutions that they work with. These financial institutions, their customers are also now looking at private company data, right? This is something that they have heard multiple times from their customers. We are basically working with a couple of them to actually do that. Nothing is live as of now, but we are working towards it. Maybe we will end up closing one or two within this year to work on.
It'll be exciting for us to see how that sort of goes.
Okay. Thanks, Neha. I think this was probably the last question that we can take on. I will hand it over to you for closing remarks, and then probably Sidharth can also pitch in. Sidharth, you're on mute.
Sorry, I was on mute. What I was trying to say is that thank you very much to all of you for a very detailed and insightful presentation. I've attended almost 12 of your quarterly calls post-listing. Besides that, we've hosted you so many times, but each time I learned three, four new things about your company. That's the most interesting part of attending a presentation. Our questions and answers have been quite detailed. Of course, management's answers have also been as much detailed.
Thank you very much to you, Neha, Prashant, Abhishek, Krishna, management team, for a great and insightful presentation. Thank you very much to all our participants for your intelligent questions. Thank you very much to Devanshi for hosting the call. I would now like to hand it over to the management for the closing remarks.
Yeah. Thanks. Thanks, Sidharth. Yeah. Thanks, Devanshi. Thanks a lot, everyone, for joining us today and for the questions. Hopefully, we were able to answer most of them. In case there's anything which we were not able to sort of address, please feel free to write to us. We are at investor.relations@tracxn.com, or you can reach out to me, neha@tracxn.com, or Abhishek or Prashant. Thanks again for joining us. Hopefully, you have a good rest of the day.