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<v Speaker 1>Hollo On.

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<v Speaker 2>Welcome from Davos. I am Siddhad Zarabi and with Mela,

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<v Speaker 2>director of the Ada Group who oversees several businesses in

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<v Speaker 2>the group and has founded many companies as well. Ananea Welcome.

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<v Speaker 2>This is Brainstorm twenty twenty six, as we call our

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<v Speaker 2>coverage from here, and I'm wondering, in the time that

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<v Speaker 2>you've been here, what are the initial few stands of

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<v Speaker 2>thoughts and developments that you're picking up on the ground

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<v Speaker 2>here at Davos.

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<v Speaker 1>Thank you so much for having me. It's really beautiful.

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<v Speaker 1>You guys have chosen a fantastic spot and it's literally freezing,

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<v Speaker 1>so you know, it's been great. I attended the seventh

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<v Speaker 1>thirty session. I've been super keen about this a couple

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<v Speaker 1>of priorities for this year. I think, you know, AI

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<v Speaker 1>has is really transforming things quite rapidly, and we don't

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<v Speaker 1>quite know where or how the landscape of this may change.

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<v Speaker 1>Currently a group. There group stands at a market cap

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<v Speaker 1>of one fifteen billion USD as of March twenty twenty five.

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<v Speaker 1>We span across forty one countries. Global treading, for example,

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<v Speaker 1>is eighty countries, twenty plus sectors, so it's a very

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<v Speaker 1>interesting time for us to really understand what's the best

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<v Speaker 1>way to go about global integration. I think human capital

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<v Speaker 1>has become more important than ever. How does one train

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<v Speaker 1>the workforce to become more productive so that there is

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<v Speaker 1>no crunch in the labor force, so that there is

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<v Speaker 1>no suffering of the middle class in any way, so

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<v Speaker 1>that productivity goes up and there is no redundancy of

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<v Speaker 1>human capital. Right, So there is a little bit of

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<v Speaker 1>a moral dilemma when it comes to AI, and we

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<v Speaker 1>want to make sure that we make the most of

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<v Speaker 1>AI to increase our human efficiency and productivity and not

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<v Speaker 1>in any way make anything that we are doing in

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<v Speaker 1>terms of employment redundant. So there were point.

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<v Speaker 2>Because there are fears about the impact of AI on

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<v Speaker 2>the labor markets, and for a country like India, You're

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<v Speaker 2>absolutely right, it's a very significant point.

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<v Speaker 1>Also because the group our group is across at forty

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<v Speaker 1>one percent of our operations is outside are outside of India,

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<v Speaker 1>which means that global integration has become very, very very important,

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<v Speaker 1>more important than it probably has ever been. So a

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<v Speaker 1>huge question that we're asking ourselves is how do we

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<v Speaker 1>go about doing that in the best way possible Across

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<v Speaker 1>twenty plus sectors.

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<v Speaker 2>Absolutely, And one of the points right here yesterday in

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<v Speaker 2>our coverage that came out was about not just American

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<v Speaker 2>companies investing in India. This point that came up was

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<v Speaker 2>that the Group Group is also one of the largest

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<v Speaker 2>Indian investors in the United States. And in the context

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<v Speaker 2>of the US wanting more inbound investment, you know, what

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<v Speaker 2>is happening. What's your sense.

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<v Speaker 1>With such a wide.

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<v Speaker 2>Span of businesses and geographical coverage, how significant is the

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<v Speaker 2>trade related disruption that businesses are seeing. Also the fact

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<v Speaker 2>that we continue to have fifty percent tariffs on Indian

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<v Speaker 2>exports to the United States.

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<v Speaker 1>I think from global trade point of view, From global trading,

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<v Speaker 1>we're very still very much ranked on WTO and I

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<v Speaker 1>know the United States has said something about has offered

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<v Speaker 1>some reforms, so we'll see where that goes. As long

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<v Speaker 1>term investors. For whoever's long term investor across the world,

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<v Speaker 1>I think India is the market to be. We have

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<v Speaker 1>the highest working population, we are the fastest in WACGR

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<v Speaker 1>as well, we're the fastest moving short term. Of course,

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<v Speaker 1>right now there's a lot of volatility and we'll have

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<v Speaker 1>to wait and watch and see where that goes, but

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<v Speaker 1>I think India is the place to be. India is

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<v Speaker 1>the place to invest from a long term point of view,

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<v Speaker 1>and it is a very very very exciting time for

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<v Speaker 1>us as our Prime minister also mentioned, you know, Vick

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<v Speaker 1>sidbarat twenty forty seven. So whether that comes to companies

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<v Speaker 1>like Swatansa where inclusion becomes more important than ever. Again

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<v Speaker 1>coming back to AI, some people are going to be

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<v Speaker 1>able to given how diverse we are as a country,

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<v Speaker 1>some people are going to be able to really adapt

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<v Speaker 1>to this new way of working and some people are

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<v Speaker 1>going to struggle with it. So bringing women into the working,

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<v Speaker 1>into the formal banking absolutely becomes more important than ever. Infrastructure, right,

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<v Speaker 1>Royal estate which I lead us HR was ninety two percent,

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<v Speaker 1>So infrastructure is extremely important for US as a country

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<v Speaker 1>as well of course policies as well. So there's a

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<v Speaker 1>lot going on. There are a lot of moving parts

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<v Speaker 1>and uh, you know, when the Internet has had come in,

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<v Speaker 1>I was still a child at that time, but going

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<v Speaker 1>back and reading, I think we haven't even understood the

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<v Speaker 1>level of disruption or I would say evolution that AI

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<v Speaker 1>can create.

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<v Speaker 2>So that's what, according to you, is the single most

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<v Speaker 2>you know point that struck you about AI, saying that

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<v Speaker 2>oh wow, this is this is going to change everything.

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<v Speaker 2>That that one kind of pivotal moment for you, yourself

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<v Speaker 2>as a user and as a business person.

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<v Speaker 1>So a lot of things are getting automated, right So

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<v Speaker 1>I think from a softer point, as human beings, our

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<v Speaker 1>emotional intelligence becomes more important than ever, so how we

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<v Speaker 1>interact with each other. I think basically EQ becomes super

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<v Speaker 1>super super important, because that's that's one thing right now

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<v Speaker 1>the AI does not have that we have as human beings.

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<v Speaker 1>One thing that really struck me I was reading was

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<v Speaker 1>eighty five percent of companies institutions around the world are

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<v Speaker 1>working with AI, ten percent are seeing someund changes, but

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<v Speaker 1>only five percent are actually having some sort of impact

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<v Speaker 1>on their bottom line, which means that we're not really

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<v Speaker 1>there is some sort of a bottlenck when it comes

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<v Speaker 1>to AI in institutions around the world. So how do

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<v Speaker 1>we what is that bottleneck? Have we really understoody? I

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<v Speaker 1>do even know where this is going? When there's uncertainty,

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<v Speaker 1>there can it can either it can be fantastic because

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<v Speaker 1>there can be opportunity, or they can be disaster because

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<v Speaker 1>we don't really know what's going to happen? So have

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<v Speaker 1>we prepared ourselves enough to understand what's going to happen?

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<v Speaker 1>And go back to the point of human capital because

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<v Speaker 1>they're you know, there are two really major things when

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<v Speaker 1>it comes to productivity, which is something that I'm personally

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<v Speaker 1>working on. One is mobilization of workforce. So how do

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<v Speaker 1>we train our people, including myself to understand and things

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<v Speaker 1>like AI better to improve our skills, improve our adapt

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<v Speaker 1>rather right, things are changing, so how do we change

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<v Speaker 1>with moving times? And this is second second thing is destabilization.

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<v Speaker 1>So whether that comes to things like taxation which we

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<v Speaker 1>don't have much control over, or things like have we

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<v Speaker 1>linked or should we change what uh incentive? What sort

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<v Speaker 1>of KPIs A incentives are linked to in the in

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<v Speaker 1>this changing landscape. So I think these two points become

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<v Speaker 1>extremely important as strategies. Mobilization of workforces strategy and destabilization

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<v Speaker 1>of the workforce as a strategy. So again it comes

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<v Speaker 1>back to human beings, uh, And it comes back to

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<v Speaker 1>how do we use AI two improve our productivity, to

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<v Speaker 1>use it as a tool to strengthen ourselves rather than

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<v Speaker 1>to let take over labor markets.

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<v Speaker 2>Absolutely, in fact, just a couple of hours ago, we

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<v Speaker 2>released this global CEO survey alongside PwC, and one of

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<v Speaker 2>the points about productivity and how many of the respondents

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<v Speaker 2>have seen gains. One of the persons that I was

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<v Speaker 2>speaking to said that for his company, a listed company,

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<v Speaker 2>twenty five percent productivity gains is what they've seen, but

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<v Speaker 2>they want much more. So that's a very important point

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<v Speaker 2>that you made. Want to turn to microfinance that you've

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<v Speaker 2>touched upon. In the past year or more, we've seen

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<v Speaker 2>a softening of interest rates at the headline level the

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<v Speaker 2>report rad I wonder if you have any thoughts about

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<v Speaker 2>this lower interest rates scenario that is now feeding into

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<v Speaker 2>the banking system, and more importantly, can you tell our

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<v Speaker 2>viewers about the ground level changes that microfinance is witnessing.

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<v Speaker 1>So you're a microplants industry as a whole went through

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<v Speaker 1>a really hard time and now we have gotten out

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<v Speaker 1>of it. So Tantra I started when I was seventeen.

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<v Speaker 1>It's been a fantastic stick journey. We have seen some

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<v Speaker 1>really hard black swan events, but the most important thing

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<v Speaker 1>is that as an industry, we have always bounced back.

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<v Speaker 1>It's also the sort of industry that people rely heavily

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<v Speaker 1>on for vote banks. So we do get a lot

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<v Speaker 1>of backlash unfortunately, but that's something that we It's the

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<v Speaker 1>honest truth, and I am not afraid to share that

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<v Speaker 1>SA Tantra is now the second largest since inception we

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<v Speaker 1>have lent we have this persons of over sixty five

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<v Speaker 1>thousand CROs. We are the second largest in terms of

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<v Speaker 1>our AUM. However, if I'm allowed to say so, just factually,

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<v Speaker 1>I can back it up. We are the best performing.

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<v Speaker 1>Our ROA stands at about three point one percent, whereas

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<v Speaker 1>the second best is at about one point three percent.

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<v Speaker 1>NPAs stand at one point eight percent, whereas the second

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<v Speaker 1>best is at four point eight percent. So my team

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<v Speaker 1>has really been able to handle the market very well.

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<v Speaker 1>We have I think, really understood our clients and we

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<v Speaker 1>have been able to manage the balance between disbursements and collections.

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<v Speaker 1>We have this term which I monitored very person It

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<v Speaker 1>is called S one r F. That's the that's the

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<v Speaker 1>first bucket of the first thirty days when someone doesn't repay,

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<v Speaker 1>and that's the it's the most important to catch them

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<v Speaker 1>at that time to understand what their pain points are.

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<v Speaker 1>And so I think if you really we have we

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<v Speaker 1>I personally really believe in the microphone's industry and I

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<v Speaker 1>think that if we really power as a microphone's industry,

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<v Speaker 1>we power entrepreneurs who are going to power the Indian economy.

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<v Speaker 2>You interact with a lot of startup people, what is

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<v Speaker 2>the dominant theme right now? Because that industry has also

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<v Speaker 2>gone through a high of funding and then a deep

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<v Speaker 2>in funding. But a lot of the well run startups

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<v Speaker 2>are doing very very well. What's the mood of the

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<v Speaker 2>startup Indian nation? If I were to ask you.

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<v Speaker 1>That, I think we're very hut up. Someone coming from

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<v Speaker 1>legacy and also having founded companies. I think legacy and

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<v Speaker 1>innovation when come together correctly with the right vision, with

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<v Speaker 1>the right team, it's a very very very powerful combination.

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<v Speaker 1>I think India is again the place to be when

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<v Speaker 1>it comes to startups. There's a lot of potential from

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<v Speaker 1>a B two C consumer lens. To give you an example,

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<v Speaker 1>whether that's Love et cetera, Bula Cosmetics, whether it's contraband.

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<v Speaker 1>The perfumes that we've launched were doing extremely well. We

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<v Speaker 1>are competing with international brands. It's about building India first products,

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<v Speaker 1>building products in India for the Indian consumer, giving the

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<v Speaker 1>Indian consumer an Indian option. We are contrabandists competing with

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<v Speaker 1>I would say a discounted Hugo Boss, maybe even a

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<v Speaker 1>Hugo Boss now with a new argent range. And when

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<v Speaker 1>doing extremely well, and you know, all credit goes to

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<v Speaker 1>the Indian consumer for seeing the quality that we're providing

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<v Speaker 1>to them, for giving us feedback so that we can

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<v Speaker 1>understand how we can give them a better product. If

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<v Speaker 1>I personally, as a founder, as a director of the article,

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<v Speaker 1>that group can give my Indian consumer a better value

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<v Speaker 1>for their money, I am very bullish about that, and

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<v Speaker 1>I think young founders, old founders, age doesn't matter founders

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<v Speaker 1>in general in India, we want to now provide an

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<v Speaker 1>Indian option. We want to take this made in India

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<v Speaker 1>story forward by providing quality that is unmatched and that

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<v Speaker 1>is unmatched globally. Okay, so that's where we are at.

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<v Speaker 1>And from a funding point of view, you know, bubbles burst,

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<v Speaker 1>new bubbles come up right now, AA is the big

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<v Speaker 1>one where valuation is concerned. Let's see, Like I said,

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<v Speaker 1>there's a lot of uncertainty, but it's something that I

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<v Speaker 1>feel quite positively about. We just have to manage it correctly.

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<v Speaker 2>That's a very good point. Can I just quickly do

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<v Speaker 2>a follow up on this in terms of your understanding

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<v Speaker 2>of the typical Indian consumer, how do they perceive brands?

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<v Speaker 2>What is the brand perception of gen Z Indian uh

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<v Speaker 2>and is that different from elsewhere in the world. Can

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<v Speaker 2>you share any insights on that?

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<v Speaker 1>Amazing? I think gens is amazing because it's really good

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<v Speaker 1>because I have to be on my toes, which is

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<v Speaker 1>really really good. There's no way you can fool them,

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<v Speaker 1>which is fantastic. So whether that comes to what goes

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<v Speaker 1>inside the product, the ingredients of the product, where the

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<v Speaker 1>product is made, how the product is made, there is

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<v Speaker 1>complete transparency, and I personally give complete complete transparency as well.

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<v Speaker 1>What is go about the product, what is not so

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<v Speaker 1>good about the product, what we're working on. Please give

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<v Speaker 1>us your feedback. Founder led brands are taking the forefront,

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<v Speaker 1>which I think is fantastic. Contraband, for example, is a

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<v Speaker 1>very much founder lad brand. I think also now it's

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<v Speaker 1>very important to find brand ambassadors who genuinely have skin

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<v Speaker 1>in the game, who genuinely understand your brand, and who

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<v Speaker 1>want to be a part of your brand as well,

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<v Speaker 1>because consumers can see it and I don't want to

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<v Speaker 1>bring on a brand ambassador who is not interested in

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<v Speaker 1>what I'm.

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<v Speaker 2>Selling and who doesn't own the story in.

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<v Speaker 1>That and you see a lot of that happening with

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<v Speaker 1>the brands that we are looking at as well.

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<v Speaker 2>This is a very interesting insight and I can I

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<v Speaker 2>can tell our viewers and you that Business Today is

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<v Speaker 2>releasing its thirty fourth anniversary issue right here at Divorce

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<v Speaker 2>tomorrow and the gen Z survey that we conduct it

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<v Speaker 2>across India for several thousand respondents has given us some

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<v Speaker 2>fascinating insights. We'll be sharing that with you as well,

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<v Speaker 2>and hopefully that will inform the debate more as we

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<v Speaker 2>probably take a couple of more questions. I want to

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<v Speaker 2>come to real estate and your sense about how much

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<v Speaker 2>of a runway is left in that sector. And why

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<v Speaker 2>I'm asking you this is that if we sort of

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<v Speaker 2>separate commercial and residential, we're seeing one phenomenon after COVID,

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<v Speaker 2>which is premium super premium doing very well, but the

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<v Speaker 2>so called affordable housing segment seeing a bit of a

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<v Speaker 2>pain point and then of course input costs. What's your

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<v Speaker 2>own sense about how much of a leeway is left

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<v Speaker 2>for real estate growth in the next few quarters and

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<v Speaker 2>years ahead.

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<v Speaker 1>Perhaps as a prey. In real estate, we have a

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<v Speaker 1>CGR like I said of ninety two, Like you said,

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<v Speaker 1>luxury is booming, affordable is suffering a little bit right

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<v Speaker 1>now after I think value their home a lot more.

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<v Speaker 1>They want more space, more greenery, you know this whole

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<v Speaker 1>work from home as well. Infrastructures become more important than ever,

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<v Speaker 1>and I think we're contributing to that in a massive

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<v Speaker 1>way as well. I am super super bolish about real estate.

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<v Speaker 1>I think residential is the place to be. Of course,

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<v Speaker 1>commercial will continue, but from a working cash flow point

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<v Speaker 1>of view, from a working capital point of view, I

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<v Speaker 1>think residential is extremely important. I think commercial is something

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<v Speaker 1>that of course we have as well in our portfolio,

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<v Speaker 1>but it's a smaller part of our portfolio. Think residential

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<v Speaker 1>is a larger part of portfolio. It will continue to be.

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<v Speaker 1>There is a little bit of a slum that's happened

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<v Speaker 1>right now, but I think NCR, for example, we sold

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<v Speaker 1>out in less than twenty four hours. Noida is something

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<v Speaker 1>that we're extremely bullish about. The Noidra market is responding

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<v Speaker 1>extremely well to us as a brand as well. Of course,

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<v Speaker 1>Nyara the entire worldly area. Have a tower see that's

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<v Speaker 1>going to be launching very very soon that has amenities

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<v Speaker 1>that probably India has never seen before, which is something

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<v Speaker 1>that I'm working very strongly with the team. Again, we

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<v Speaker 1>want to give India and our people the best of

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<v Speaker 1>the best, and that's where we're coming from. Uh So,

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<v Speaker 1>you know, we've had a lunch with Mitsubishi the other day.

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<v Speaker 1>They have partnered with us on a project in Bangalore Ivara,

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<v Speaker 1>which is doing very well. They're coming on board for

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<v Speaker 1>a couple of other projects as well. So they are

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<v Speaker 1>very bullish on the Indian real estate market as well.

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<v Speaker 1>I know for a fact that Canada Pension is very

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<v Speaker 1>bullish about the Indian real estate market as well. And

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<v Speaker 1>these are very established long term investors. So that gives

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<v Speaker 1>me a lot of confidence that not only are they

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<v Speaker 1>very bullish about the real estate Indian market, but they're

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<v Speaker 1>also very bullish about partnering with us. You know, I

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<v Speaker 1>would like to give investors confidence on the market. Small

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<v Speaker 1>ups and downs will continue happening long term, I think

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<v Speaker 1>on the right pass.

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<v Speaker 2>As we wrap this conversation, Anana, I just want you

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<v Speaker 2>to leave us with any thoughts about one sector in

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<v Speaker 2>all that you do and your group does, which you

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<v Speaker 2>think has the greatest potential for growth that you can

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<v Speaker 2>share with our viewers at.

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<v Speaker 1>This stage, Ha, I'm going to get into trouble. Look,

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<v Speaker 1>I look into multiple different businesses. We've also I've also

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<v Speaker 1>founded multiple different businesses. I think different businesses are going

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<v Speaker 1>to see different trajectories of growth. I would just like

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<v Speaker 1>to say that being at the cusp of legacy and

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<v Speaker 1>innovation and new age, it's a very very interesting time.

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<v Speaker 1>I feel very grateful. I am working extremely hard and

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<v Speaker 1>extremely smart. I think I have a fantastic team. I

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<v Speaker 1>think as Indians we are very proud of we are

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<v Speaker 1>and our economy is booming. From a long term point

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<v Speaker 1>of view, we are the right place at the right time,

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<v Speaker 1>and I wouldn't have it any other way. Like I said,

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<v Speaker 1>we stand at the market cap of one hundred and

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<v Speaker 1>fifteen billion dollars a group, and I'm only seeing that.

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<v Speaker 1>I only see that rapidly moving forward.

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<v Speaker 2>You've given us your time and you've been very generous

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<v Speaker 2>with that, and an I thank you very much for that.

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<v Speaker 2>With that, it's a wrap on this conversation. From THATURS

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<v Speaker 2>will be back with more interesting conversations like this until then, goodbye,