Dear Readers, 

We have been receiving a lot of good vibes for the candor and readability of our shareholders’ letters since (and before) our listing. The objective of these letters has been to share progress of our business with you in a friendly and engaging format.

I believe that we should always continue to look for areas to iterate and improve every aspect of our life. Nothing should be, because it has been. In the spirit of iterations, we are introducing a new format of our shareholders’ letter; which is a conversation between us (Akshant and I) and a fictitious third person (in our minds, a savvy investor – let’s call her Ms Savvy) who is interviewing/grilling us. 

This format is inspired by one of my all time favourite books “All I want to know is where I’m going to die so I’ll never go there – Buffett and Munger – A Study in Simplicity and Uncommon, Common Sense”. 

We are confident that you will like this new format, as this is more direct, more informative, and calls out the elephant(s) in the room. And if there’s anything else that you are still curious about, we look forward to speaking to you in our scheduled earnings call at 5:30 pm, India time, May 24th.

Best,

Deepinder