Our recent interaction with financiers suggests most players are actively pursuing small ticket LAP (S-LAP) segment over medium ticket LAP. As per CRISIL MI&A, the estimated market size for S-LAP stands at INR 22trn, of which lenders have captured only INR 1.8trn (ticket size of up to INR 1.5mn) as on Mar’23, implying <10% penetration.