Since you mentioned SMBs,

Since you mentioned SMBs, that brings me to the second stage. We have been talking about the India B2B opportunity for a long time, and Tally is probably the only example that has cracked it at scale. 

Do you think the timing is different, and the scale could come at a totally different level in the Indian B2B space?

The scale in India, for example, today we have two million licenses sold, which roughly implies about five–six million businesses whose accounting and inventory are done on Tally.

That makes us the third-largest such business software in the world. If you take the next level of the market and how large it is, if you go to the MSME industry, they talk about 60 million small and micro-businesses.

But, realistically speaking, that is an artificial number from a technology solution perspective, at least in our space. 

I’m not saying that other solutions are not applicable to them, but the space that we play in perhaps the addressable market is closer to 15 million, so we have got 3x the size of our current market, which is addressable and we are currently going after.

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