Dear Shareholder(s),
This is the first letter after making your Company's debut the
public market in June this year. A lot of new investors trusted us and decided to
participate in our journey as a Public Company. I believe we got such an overwhelming
response because of financial in revenue and profits. We intend to continue following this
path but will not shy away from aggressive growth thrust should the opportunity arise.
The Market
We consider ourselves fortunate to be operating in a relatively modern
market landscape which is characterized by healthy topline growth and bottom-line returns.
The world is moving from inventory led models to marketplaces and we happen to be at the
vanguard of that change in the contingent staffing market. As we continue to grow in the
narrow expert network market, we can steadily expand our existing business by replicating
it in new geographies, we also recognize the potential for exponential growth by venturing
into peripheral gig economy marketplaces.
The Geographies
The market in which we operate is growing in the India geography at a
healthy click but has not shown any signs of exploding in the near future. This market
needs to be nurtured, not captured. It is a game of patience which will play out in
decades not quarters or years. It is analogous to a long and arduous trek where you would
be rewarded with breathtaking vistas at the top. From a future outlook perspective, the US
is still the largest market whichoffersboth high volumes and value and we are making
efforts to lay the foundation of our business in that geography.
Our Approach
The good old efficient operations with detailed, real-monitoring,
strong emphasis on collection and dissemination of KPI data is our USP. We keep it simple
but leave no stone unturned in empowering the leaders and teams after providing for the
relevant tools. Even if it comes at the expense of mistakes and losses, we tend to stick
to our guns and keep improving till we become the best version of ourselves. The aim is to
keep evolving- there is no rest - start planning about the next version even before the
current version is complete. We implement the initiatives as soon as possible but make
sure we keep evolving and fine-tuning it. Unless we are in the firefighting mode, we never
emphasize the "urgent" at the cost of "important". We make sure to
dedicate a team or a team member within the team for important long-term initiatives and
ring fence them from short term pressures. Give them time to think, consolidate and move.
The Pillars
1) Recruitment: - Our recruitment strategy focuses on uncovering
potential and innate talent rather than solely evaluating skills and knowledge. We delve
into discipline and sustained growth candidates' formative experiences, seeking
insight into their personal and professional development, emphasizing the value of a
well-rounded background over narrow expertise, fostering a team with diverse perspectives
and untapped potential.
2) Training: - In our conviction, a company's enduring
sustainability hinges on the training process. We are steadfast in our commitment to
nurturing and developing talent from within, even if it necessitates accelerating their
growth prematurely. We back them to the hilt no matter the cost of mistakes. This ethos
signifies our belief in the enduring value of a well-structured training regimen,
fostering a culture of continuous learning, and betting on the potential of individuals
who demonstrate exceptional promise. By cultivating our internal resources and taking
calculated risks on emerging leaders, we not only ensure the long-term vitality of our
organization but also make the process self-sustainable.
3) Technology: - Technology stands as the catalyst for transformative
change, unlocking previously unimaginable business models and cutting-edge visualization
techniques. Our perspective on technology is fundamentally rooted in its return on
investment
(ROI). We gauge its worth by assessing how effectively it empowers our
team, enhances the value to our clients and amplifies productivity. This implies more than
just acquiring the latest tools; it's about utilizing technology to enhance the value
delivered. Our commitment to tech-driven progress is a testament to our unwavering
dedication to staying at the forefront of industry advancements, ensuring that our
investments not only benefit our bottom to achieve new
heightsofefficiencyandeffectiveness.
Given this is the first letter after our public debut, I have taken the
opportunity to give you a sneak peek into our world view. We deeply appreciate your
ongoing support and the confidence you've vested in our organization.
Warm regards,
Gaurav Munjal Managing Director