# VC10X - Inside a $1.5 Billion Japanese Fund’s Big Bet on India - Rajeev Ranka, Partner, Incubate Fund

An episode of [VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management](https://invisiblenetwork.ai/podcast/1632806986), 30 Dec 2025, 29 min.

Audio: https://anchor.fm/s/a453ddd4/podcast/play/113288319/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-11-30%2F415219620-44100-2-5b1300a914f7f.mp3

In this episode, we sit down with Rajeev Ranka from Incubate Fund, a Japanese Venture Capital firm managing over $1.5 Billion in AUM, to understand the bold decisions behind building generational companies. Rajeev breaks down the Japanese Way of investing which involves thinking in 100 year cycles. He shares why they backed Captain Fresh during the first month of the COVID lockdown and the massive decision to kill a profitable domestic arm to build a global giant. We also dive into why he believes Quick Commerce will eventually be bigger than E-Commerce, the untapped potential of Middle India, and what it takes to get a Day Zero investment from a Japanese VC. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com We talk about: - How a Japanese VC views the Indian startup ecosystem. - The Japanese Way: Why they plan for 100 year timelines. - The Captain Fresh Pivot: Moving from a domestic player to global seafood exporter. - Why Yulu dominates 90% of the last mile delivery market. - The Middle India opportunity that most VCs are ignoring. - Red Flags & Green Flags: How to pitch Incubate Fund. Connect with Rajeev: LinkedIn: https://www.linkedin.com/in/rajeevranka Incubate Fund Asia: https://incubatefund.in/ SMBC Asia Rising Fund - https://www.smbc-asiarising.vc/ VC10X links: Prashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com For sponsorship queries reach out to prashantchoubey3@gmail.com #VentureCapital #StartupIndia #IncubateFund #JapaneseInvestment #CaptainFresh #QuickCommerce #Yulu #Entrepreneurship #BusinessPodcast

## Transcript

[0:00] Incubate is one of the largest venture capital fund in Japan
[0:04] managing 1.5 billion in AUM 300 plus portfolio and I think close
[0:09] to 3040 exits they produced. And the typical Japanese life
[0:14] tenure is 90 to 100 years, right?
[0:16] So their way of thinking of life and and things they want to do
[0:20] in life is very very long term. Hey everyone, this is Prashanth.
[0:26] And I'll be host of the VC10X podcast.
[0:28] And today, we have Rajeev Ranka with us.
[0:30] He's the India partner at Incubate Fund, a Japanese VC
[0:34] firm with over $1.5 billion in AUM.
[0:37] Today, we'll look at venture capital to a completely
[0:39] different lengths, the Japanese way.
[0:43] We dive into what it really means to build generational
[0:45] companies with patient capital. Rajeev shares the incredible
[0:48] contrarian story of backing Captain Fresh during the first
[0:52] month of the COVID lockdown and the massive, gut wrenching
[0:55] decision to shut down a domestic business doing 100 crores a
[0:59] month to pivot entirely to a global model.
[1:02] So without wasting any time, let's dive straight in.
[1:05] This episode is brought to you. By Podcast Enix, my podcasting
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[1:39] the description below. Now enjoy the episode.
[1:42] Hey Rajiv, so good to have you on the VC10X podcast.
[1:45] How are you doing? I'm good Prashanth quite excited
[1:49] and also nervous since given this is my first podcast.
[1:53] Yeah, don't worry, I'll make it very comfortable for you to
[1:57] start things off. Let's start with your story of
[2:00] that moment when you knew you had to move on from consulting
[2:03] to venture capital, specifically from consulting background to
[2:06] into a Japanese fund like incubate fundation.
[2:10] So tell us that story. Yeah, sure.
[2:12] A Post my graduation from IT Bombay in 2014, I joined
[2:17] Deloitte, their strategy and operations team and we were
[2:21] actually helping one of the large NBFC who recently acquired
[2:26] universal banking license to roll out their ban in their
[2:29] banking operations. So for close to an year, we
[2:33] worked with the management of that bank NBFC to strategize lot
[2:40] of the things which includes branch wide operations, millions
[2:44] of customers going live processing units, products and
[2:48] all. But I think one one part which
[2:51] was clearly missing while we were strategizing that when we
[2:55] actually go and roll out some of these things, how the impact
[2:59] would be. And I think that is where I
[3:02] found that I need to see this through.
[3:06] So then, then I actually put some thought like which kind of
[3:13] profession can give me both best of both the world's, which
[3:16] includes strategy and little bit more going in depth and at the
[3:22] same time seeing the journey through.
[3:24] And I think the answer was pretty much clear.
[3:28] And and also I think while I was graduating and in my first year
[3:34] of job, IIT Bombay was the hotbed of startup ecosystem.
[3:38] Bowie Valley was where most of the startups were starting.
[3:41] So venture capital was one of the sort of segments I thought
[3:47] maybe a good starting point. And and that's how it it all
[3:52] started. And I came across in Kuwait
[3:56] while I was working with another fund and we Co invested together
[4:01] in a in a portfolio company. Also I happened to visit Japan
[4:07] in my later parts of the career. And I I realized incubate is one
[4:12] of the largest venture capital fund in Japan, managing 1.5
[4:17] billion in AUM 300 plus portfolio and I think close to
[4:21] 3040 exits they produced. And I think couple of things
[4:25] which clicked immediately, 1 was I, I, I knew actually how these
[4:31] guys are investing and making money, which was not very clear
[4:35] in early days and startup ecosystem.
[4:38] And, and second thing was they believe that their largest one
[4:43] and AUM will come from India. So that was the moment I decided
[4:47] that maybe it's a chance to build something from scratch and
[4:53] and and also build very long term in a more Japanese way.
[4:57] Absolutely. And when you say in a Japanese
[4:59] way, what does that mean? I know you've been to Japan.
[5:03] Do you know any Japanese by any chance?
[5:06] Yes, yes, yes. So my other Co founder colleague
[5:09] is a Japanese partner and and like half of our team is
[5:13] Japanese. So when I say Japanese way, I
[5:16] think the the typical Japanese life tenure is 90 to 100 years,
[5:22] right. So their way of thinking of life
[5:26] and and things they want to do in life is very, very long term.
[5:29] And I think the time frame they dedicate to a certain sort of
[5:35] organization or or anything which they want to build is in
[5:39] like decades. So that is what I meant when I
[5:42] said Japanese ways like thing from a long term.
[5:45] There are organizations in Japan which have survived 500 years.
[5:49] So the perspective is to build an organization which would
[5:54] outlaws and I think 100 years is the time frame in which they
[5:58] think of everything. Being the India partner of a
[6:01] Japanese firm, right? Did you have to explain it to
[6:05] the Japanese partners who would like already established, have
[6:07] their own way of functioning, already scaled the firm to 1.5
[6:12] billion AUM, as you said. So they would have their own way
[6:16] of ways of operating. But being the India partner, you
[6:18] know, things happen differently here.
[6:21] You know, the market dynamics are different.
[6:22] You know how how to scale, how to go public, everything is
[6:26] different, right? The market is entirely different
[6:29] even compared to the US as well. It's way different than that as
[6:32] well. How did you communicate that
[6:34] initially and and that learning curve for them or they were the
[6:38] understanding that? OK, yes, you, you do how it
[6:41] should be done in India or did they also have their own inputs
[6:44] that OK, let's also have our own flavour to it.
[6:48] Yeah. I think a very, very good
[6:50] question. So I think they had some
[6:54] perspective given they've seen and followed some US ecosystem
[6:59] and and and the startup journeys there.
[7:02] But I think in India, they have given us a lot of liberty to
[7:06] localize our operations, localize our decision making.
[7:10] And I think in Japan last 5-6 years, we are just doing deep
[7:14] tech investments mostly in space or bio.
[7:19] That way I think India is far behind in terms of I mean today
[7:26] the per capita income is in a very different segment and
[7:29] different curve. So it will take some of its time
[7:32] to mature and get to that level. So that way I think our our
[7:36] Japan counterparts have been quite supportive and have let us
[7:41] sort of take those calls. Yeah.
[7:46] So yeah, I think and I think it has been a learning curve for
[7:49] them also that house some of the loss making companies still able
[7:55] to attract large set of capital and and continue to grow.
[8:00] But I think looking back now when they're seeing some of
[8:03] these large IPOs, large outcomes, liquidity, I think
[8:08] they have they have been able to find some place in, in, in their
[8:13] mind in in terms of India. Great.
[8:15] So you're forming this from day zero, right?
[8:17] Can you give us some examples of what your hands on approach
[8:21] looks like like in the first three months with the founder?
[8:24] And what are the kind of founders that you're looking for
[8:27] to back at those early stages? Sure.
[8:30] So let me start with the first part of the question.
[8:33] So while we are investing in day zero, I think we typically work
[8:39] backwards. So let's say if a company will
[8:41] raise their next round in 15-18 months, what is the kind of PMF
[8:47] we want to go in, in the market and and and look at that PMF to
[8:55] scale up further. So from there on, we actually
[8:59] create a sort of a business plan along with the founders that how
[9:03] our next three months and every quarter should look like and
[9:08] what are the things we should sort of check box as a part of
[9:11] it given. That said, of course I think the
[9:16] first three months are very important because that is the
[9:19] time founders are also building the production and the same time
[9:22] selling it to the consumers or the enterprise customers or
[9:25] SMEs. So some early learnings and
[9:28] early feedbacks we closely I trade, we work with them on
[9:32] weekly basis to understand what is the early responses but but
[9:38] at the same time we also give this long term vision which is
[9:41] of 1518 months that we need to get there while we look to scale
[9:44] it up. So I think there are a lot of
[9:47] examples I can give you from multiple industries like one
[9:51] company which we see that was was selling was was selling
[9:58] apparels through a reseller model in early days of Michel
[10:02] also. So we we realize that this space
[10:06] is already becoming competitive and may not be a great idea to
[10:11] continue compete. We actually help founders think
[10:16] through of other spaces. So they narrowed down and
[10:19] pivoted to beauty and cosmetics in AB to B to C model.
[10:23] But of course the long term idea was to maybe create AB to C
[10:27] outcome because we put in a very limited set of capital.
[10:31] So we like backing some of these B to B to C models, but with the
[10:36] mindset of when we'll have access to capital, we'll go B to
[10:40] C. So I think a lot of these
[10:42] conversations and, and, and like weekly engagement with the
[10:46] founders is, is what we do on, on early stages.
[10:51] And I think that gives us also active.
[10:56] I think the, the founders see India is a very large startup
[11:00] base. And I think for the same
[11:02] product, there will be 1020 companies and different founders
[11:06] which will be competing. I think we like founders who
[11:11] bring in momentum in, in terms of their industry expertise or
[11:18] something they have started doing like 3-4, six months
[11:22] capital is not something which is stopping them to sort of come
[11:26] and execute. And we also like little bit of
[11:30] spikes in terms of what they have achieved and demonstrated
[11:34] in their past roles or in their academic backgrounds, because
[11:39] that brings in a different flavour of longevity resilience
[11:44] while while they while they have delivered some outcomes in their
[11:49] past rules. So I think this is this is this
[11:53] is broadly I think early stage. We don't have typically much
[11:58] time before we make a decision making.
[11:59] But I think given we have invested, we keep some of these
[12:02] signals always at the center stage of Disney making.
[12:07] One of your portfolio companies like Captain Fish filed for an
[12:11] IPO, right? So, looking back, what was the
[12:14] journey like with Captain Fish for you?
[12:17] Yeah. I think in hindsight, Captain
[12:20] Fish was a very, very contrarian bet for us because we actually
[12:26] invested in the company in the first month of lockdown.
[12:30] And this was also my first investment when I joined
[12:34] Incubate Fund. So I think it was a double
[12:38] whammy because in COVID everything was closing.
[12:41] Like if you look at April to June, July, even the essential
[12:45] services were not operating. So we were investing in a
[12:48] company which was high operational business model in
[12:52] itself. But I think we had the belief
[12:54] that the market will come back. And if we come back, probably
[12:58] this company will do much better.
[13:00] And we also saw during COVID founder, even if he's not
[13:05] getting any external mobility, he was driving his own car and
[13:11] going from one port to other to scout for supply.
[13:15] And also I think that gave us a lot of conviction to back.
[13:19] But when we invested, the company was purely a domestic
[13:22] business. They were sourcing from the
[13:25] local fisherman's and supplying it to the more wholesalers and
[13:29] organised retail over a period of time.
[13:34] Of course the aspiration change as the capital excess change and
[13:38] now I think the company is almost 100% global seafood
[13:43] exporter. So that that way I think lot of
[13:47] bold calls company has taken over a period of time and I
[13:51] think the board has been quite supportive throughout this.
[13:55] And I think we also had the believe that Uttam can sort of
[14:00] deliver and I think which he has delivered over a period of time.
[14:03] So I mean when India business was doing 100 crores a month,
[14:08] that time we decided and let by founder to shut down the
[14:13] business. But India business because it
[14:14] was not so profitable and we were losing money and going down
[14:19] to zero. And then again scaling to what
[14:22] we are today. I think in itself was a is a
[14:26] journey probably very few places one could experience.
[14:30] Absolutely. That's quite an interesting
[14:32] story that you scaled to 100 crores a month a revenue,
[14:36] although that was on heavy burn. So you decided to scale that
[14:39] down with this massive decision in itself and then decided to go
[14:43] global with the same product. Can you go deeper into that?
[14:45] What did that entail, you know, shutting that down and then
[14:49] shifting your focus to other markets and how did you look for
[14:51] what? What other market should we
[14:53] first look for? What are the low hanging fruits
[14:56] and so on? Give me insight into that
[14:57] thought process. We are sure.
[14:59] So I think if you look at India is one of the largest shrimp
[15:03] exporters. So it was relatively easy to
[15:06] actually plug into the supply chain and there was a lot of
[15:10] tech which was built by Captain Fresh which provided the
[15:13] traceability which was required during COVID time.
[15:16] So that gave us a bench to enter into the value chain and then it
[15:21] was about peeling of the layers from one distributor to another
[15:25] distributor and eventually reaching to the Walmarts of the
[15:29] world with the large distributor excess in US and Europe.
[15:34] So, so that, that that was the way in which the scale up
[15:38] happened. And over a period of time as, as
[15:40] we became like larger part in the value chain from the supply
[15:44] perspective, like we start thinking, should we also look at
[15:51] distribution play, brand play. And there are a bunch of
[15:55] acquisitions which company ended up doing to have the full market
[15:59] access and also bring in the entire value chain within the
[16:03] Captain Fresh so that we can enjoy good gross margins from
[16:07] procurement to end product distribution.
[16:11] And I think every acquisition probably took us 6-9 months and
[16:17] then the six, nine months before it could absorb into the company
[16:21] and start delivering the performance.
[16:23] Absolutely quite interesting. So you champion in Japan, India
[16:28] SEA partnership right beyond capital.
[16:31] What is 1 unique advantage this cross-border partnership gives a
[16:35] founder that they can't get elsewhere?
[16:38] Sure. So I think the excess is 1/1 of
[16:42] the thing which we think we, we, we bring in a very unique way
[16:46] because in Cuba, Japan has a very long history of operations
[16:50] and we have most of the large corporates as a part of our LP
[16:55] base in some of the other fun. So any, any introductions or any
[17:01] sort of a Japanese corporate looking to enter into Indian
[17:05] market, we becomes like the first port of the call.
[17:08] And I think Japanese also operate a lot on the trust and
[17:15] the reputation. So the bridge which we are
[17:17] building with the founders startups somehow helps in in in
[17:23] evangelizing the startup ecosystem, their capabilities.
[17:27] And I think given we are also on the board of some of these
[17:31] companies, it helps them build the trust on the capabilities
[17:36] they bring in. I think Japan is also a market
[17:38] which is highly dense on the local language.
[17:42] So having a Japanese collects in a way add value in in
[17:47] translating what basically we are building in India and what
[17:52] can be the sort of collaboration opportunities in Japan.
[17:57] Absolutely. You would also an early investor
[18:00] in Yulu under another very popular last mile connectivity
[18:04] startup in India, right. So tell us about that story, how
[18:08] has that played out? What were the difficulties or
[18:11] you know, the learnings from that journey is still still
[18:14] going on, right? So yeah, give us an insight into
[18:16] that. Yeah, sure.
[18:18] I think this was the investment which my colleague Na Murakamihi
[18:21] led it before I joined. But I think when when we
[18:26] invested, it was a very different company.
[18:28] But I think when when Amit started this business after
[18:34] moving out from Inmobi, he wanted to solve this problem.
[18:38] Statement of last mile logistics and also he wanted to make sure
[18:43] that we solve it more sustainably.
[18:47] So they started with the model of bicycles.
[18:51] But of course I think during COVID and given the
[18:56] infrastructure which don't exist, they also evolved and
[18:59] came up with the current U Loop product which they have.
[19:03] And I think today they command 8090% market share on the B2B
[19:08] delivery side. They work with on the platforms
[19:12] like Zomato, Swiggy, Zepto and they've also expanded to other
[19:16] business verticals, which is battery, battery exchange,
[19:21] battery storage. So I think quite a journey for
[19:24] them. But I think now, now we are
[19:27] seeing probably the benefits leaping in.
[19:31] Yeah, absolutely. So you manage both a seed fund
[19:35] and a $200 million corporate VC fund with SMBC.
[19:39] Briefly tell us about what both these funds are and how they're
[19:42] different from each other. Yeah, sure.
[19:45] So IAF Asia is all flagship fund, which is an early stage
[19:49] focus fund with the fund size of $25 million.
[19:54] We do first check up to $1,000,000 and it's a sector
[19:58] agnostic fund. The SMBC Asia Rising Fund is a
[20:02] single LP fund. It's a $200 million fund.
[20:05] Where SMBC as a bank has put in money.
[20:08] So this is little strategic in nature where we invest in areas
[20:13] which are importance to SMBC ecosystem their corporate
[20:18] customers. So that way and and this is also
[20:22] focused on little bit growth stage which is Series B and
[20:26] further. So I think both the funds have
[20:29] have a very different kind of approach and ways of investment
[20:35] and also the stages. Yeah.
[20:37] Interesting. So SMBC is more like fintech
[20:40] focused or something else? Yes, yes, yes.
[20:43] Broadly fintech focus but open to investing in some adjacent
[20:47] areas which could be meaningful for SMBC Bank or SMBC banking
[20:53] customers which could be large corporates.
[20:55] Got it, Got it. Your firm has a focus on Middle
[20:59] India. What is 1 sector in India's
[21:02] smaller cities that you believe is completely overlooked by most
[21:06] VCs today? I think we have done bunch of
[21:09] Middle India team based investments I think and I also
[21:13] come from a Tier 4 city, some 1,000,000 population.
[21:19] I think there is a value conscious customer which exist
[21:25] and they are actually looking at more organised opportunities in
[21:29] terms to in, in, in terms of means to buy and and and
[21:35] purchase some of the products they are seeking.
[21:37] So there is there is an opportunity to build a value
[21:41] retail focused chain. And I think that is the that is
[21:45] the unorganised part, which will become more organised in Tier 3,
[21:49] Tier 4I, like the way it has shaped up in Tier one city.
[21:54] And I think with our portfolio investments, we are seeing a lot
[21:57] of signals while they're expanding and getting good
[22:01] responses from that audience. Yeah, absolutely.
[22:04] And when you're investing in the early stages, you know, a
[22:07] founder might not even have a product at that stage.
[22:11] What is the key personal trait you look for that signals a high
[22:15] potential for success? So I think 3 things are quite
[22:20] important for US1 is of course the, the, the past background of
[22:26] the founder. I think that that gives a bit
[22:29] more inputs on his behaviour, personality and and I think the
[22:36] resilience because it will be a very tough journey going
[22:40] forward. Second part, we also look at
[22:43] little bit of commercial saviness of the founder because
[22:47] he has to deal with lot of large leaders, investors, customer
[22:53] base. So what sort of background he
[22:58] has on that side also. And I think the third part is I
[23:03] think which probably a lot of young entrepreneurs may need to
[23:09] scale up is the business aptitude.
[23:12] I think we are, we are very much focused on business model if not
[23:17] on day one, but what business model can shape up going
[23:21] forward. So I think that kind of your
[23:24] mindset is very important like just acquiring users for the
[23:28] sake of acquisition is something probably the not, not right set
[23:32] of time founder of mind frame for us.
[23:35] Yeah, absolutely. And what is 1 contradian bit
[23:38] that you hold about the Indian setup ecosystem that goes
[23:42] against the current hype? I don't know if it's too late to
[23:45] say, but I think like I'm a big believer of quick commerce, very
[23:50] first users of Zepto when they started back in Powai in Mumbai.
[23:54] So I think that quick commerce probably will be much larger
[23:58] than the e-commerce. I think it's already panning
[24:01] out. But I think that is that is one
[24:03] of the contrarian belief I have if people have questions on the
[24:09] business model and economics. Got it, got it.
[24:13] What's your perspective on the sky high valuations not just in
[24:17] the private markets but also the exit market?
[24:20] That is, the IPO market recently had several IP OS and most of
[24:24] them were fully subscribed or oversubscribed.
[24:27] How do you view that? Do you think that's a good sign
[24:30] as AVC that you can get a handsome exit from this market
[24:34] or do you think that might be a wedding sign as well?
[24:39] I think most, if you look at the traditional companies also in
[24:43] India, a lot of them actually said on a very high B of 4050.
[24:47] And I think it's just an interpretation of how difficult
[24:51] it is to build a large business, very large scalable business in
[24:54] India. So I think Indian market
[24:58] probably in next 5-10 years will continue to sort of enjoy the
[25:04] rich valuations because of the scale growth potential which is
[25:07] coming in. I think subscriptions and all
[25:12] will depend on like what is the kind of structure of that
[25:17] industry if this is the only player.
[25:20] But I think our belief is that it will probably continue.
[25:24] Maybe there will be some cycles, but yeah, it it may continue for
[25:30] for some time. B.
[25:31] What are the red flags that when you see something of that sort
[25:35] in a company or a founder, you just say no, we are not going
[25:38] forward with this? And on the other side, what are
[25:40] the green flags that make you get a meeting with them or pay
[25:44] more attention to it? So we, we, we like as a fund, we
[25:50] also work very, very much thesis driven.
[25:55] If we have a thesis and if we meet a good team, I think the
[25:59] momentum and the process is very fast.
[26:02] If something which we don't understand and I think may take
[26:06] some time for us to figure out the right way to just that
[26:10] startup and if we are the right fit for that company.
[26:13] So maybe I think that's the right way to put it then.
[26:17] Got it, got it. Awesome.
[26:18] With that, we move to the Rapid Fireground, wherein I'll ask you
[26:22] 6 quick questions about the investing you're doing.
[26:24] You can answer for both the funds that you're managing.
[26:27] So the first one goes, what are the sectors and regions you
[26:29] invest in? We broadly invest in commerce,
[26:32] B2CB2B, Fintech and now actively also looking at deep tech as an
[26:38] area. But these are like the four
[26:41] segments where the focus is. And from the growth fund, it's
[26:46] broadly Fintech and some adjacent areas like maybe
[26:49] manufacturing, tech, logistics or all the places where we can
[26:53] have an embedded finance. Got it.
[26:55] And all all the companies need to be India based, right?
[26:58] Yeah, I think majority of the operation should be in India.
[27:03] OK. And and the registration can be
[27:05] elsewhere as well. That's.
[27:06] Fine. Yeah, yeah, yeah.
[27:07] Because we have a Singapore dollar sale fund, so investing
[27:10] outside company is not a challenge.
[27:13] Got it. What's the typical stage of
[27:15] investment so? We can go very early, please see
[27:20] it, see it like there is a company called Plum where we
[27:23] have invested at idea stage almost so and and growth
[27:27] typically Series B, Series C would be the right stage for us.
[27:32] Got it. Do you lead rounds?
[27:35] Yes, we have 90% of the cases in early stage.
[27:38] We have led the rounds growth stage depending upon the deal,
[27:42] but we have led 50% of the deals where we have invested.
[27:46] Got it, got it. What's the typical cheque size
[27:49] you put in? So on early stage we can do up
[27:52] to $1 million from growth stage we we can go 5 to 10 million so
[27:59] on and I was 890,000,000 awesome.
[28:02] Where you can found us, get in touch.
[28:03] I think you've already said that e-mail and link.
[28:06] That would be best, yes. I'll make sure to put those in
[28:09] the show notes. Last one, where can our
[28:11] listeners follow you? I think LinkedIn is where I'm
[28:16] very proactive, so maybe they can follow me at LinkedIn.
[28:21] Awesome. I'll make sure to put your
[28:23] LinkedIn in the show notes. Thanks so much for doing this
[28:26] with us, Rajiv. Love what you're doing within
[28:29] Kuwait and I wish you all the best.
[28:30] Thank you. Thank you.
[28:32] Thank you, Prashant.

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