Cost increase in the past three years has been pegged at 1318 % given zero advertisement expenses, while revenue growth has always exceeded 20 %, providing long-term operating leverage to the company. 35 % of buyers are from tier-1 cities, while 60 % of suppliers come from the top eight metros (where the paying supplier IndiaMART operates in a negative working capital cycle, led by upfront collections from sellers on the platform. However, we are confident of strong fundamental growth in b) the need for out-of-the-circle buyers, c) a strong network effect, d) >70 % market share in the underlying industry, e) the ability to increase ARPU on account of low price sensitivity, and f) high operating leverage. Led by market growth, the company has been able to grow the number of paid sellers at a CAGR of 15 % over the past three years.