Alteria Capital, which provides loans to startups, is one the three large companies that dominates India’s venture debt market. It was started by Vinod Murali and Ajay Hattangdi, former executives of Temasek-owned InnoVen Capital, which is among the three major venture debt firms in India. The third in the pack being Trifecta Capital. Venture debt or venture lending, simply explained, is debt financing typically for venture-backed companies. Unlike traditional bank loans, venture lending caters to startups and growth companies that may not necessarily have positive cashflow or hard assets to show as collateral.

“Venture dent is a mechanism for founders to reduce dilution when everything else is attractive. This is not a bailout product, this is not a last resort. It is the way you can optimise a good situation and make it even better,” says Alteria Capital Managing Partner Vinod Murali, during a late August chat with YourStory Founder and CEO Shradha Sharma.

Alteria Capital has 28 companies in its portfolio including the likes of hyperlocal delivery startup Dunzo, online learning platform Toppr, student housing startup Stanza Living, scooter rental platform Vogo, and digital lender Lendingkart.

“It (venture debt) provides you insurance, it provides you time, it gives you that extra oxygen which you may need, that you don’t know if you have a necessity (for) or not, up front. In February, nobody thought the rest of the year was going to play out like this, nobody would have forecast that,” says Vinod. 

As the novel coronavirus or COVID-19 continued to spread rapidly across the world, it was declared a global pandemic by the World Health Organization (WHO) in March. The unforeseen event and its adverse impact has left several businesses and economies across the globe reeling. The International Monetary Fund (IMF) has called it a “crisis like no other’ and its June projection estimates the global economy to grow at – 4.9 per cent in 2020, 1.9 percentage points below its April 2020 World Economic Outlook (WEO) forecast. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast, according to the IMF

“It’s like an umbrella you buy before it starts raining, once it starts raining everything gets expensive. Before it starts raining you grab it, keep it. If you don’t use it, great for you, if you use it, you’ve always had it with you — that's venture debt. It’s a debt product, it’s a monthly repayment of principal and interest but it gives a little bit more time for founders,” explains Vinod, who is an IIT-IIM alumnus.

The venture debt market in India is seeing transactions upwards of 300 million to 400 million in a year, with 80 per cent to 85 per cent of it being financed through the three large players Alteria, InnoVen and Trifecta, according to the former Citibank executive.

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Capital in the times of COVID-19

The pandemic has been a difficult time for most businesses, as cashflow has dried up for many. Capital has been critical for several companies to stay alive. While debt financing may be one of the options to raise capital, it could also sound the death knell for some, warns Vinod.

He explains, “While there is a fairly overwhelming need for capital I think it’s also important to distinguish as to what may be appropriate (depending on) what kind of companies, what kind of situation, because you can take a lot of equity and it will be sub-optimal (and) you don’t kill the company but if you take a lot of debt you can actually kill the company. So one needs to be very careful both founders and lenders alike in figuring out what the right fit is.”

Money

Taking on too much debt can kill a company, warns Vinod.

Vinod stresses upon the fact that venture debt is definitely not the right fit for all in need of capital.  “It’s not meant for all companies, I’ll be the first one to say that. Historically, we have seen 25 per cent -30 per cent of funded startups to be appropriate for venture debt and it may seem like an astonishingly small number but the reason is every single company that has taken venture funding is equity funded,” he says.

Alteria spent March to May largely figuring out what its portfolio needed. “We were in firefighting mode, which I think is true for most of the ecosystem,” says Vinod while adding that since June there’s been a lot more understanding on what’s working and where the damage is most heavy. “So we have also managed to calibrate and figure out which are the newer areas in which we can participate and help provide more capital to companies,” he says.

Unsurprisingly, edtech is one the sectors doing well through the pandemic and thus attracting deals from investors. However, even if a startup is part of a sector that is seeing tailwinds, it is important to have a differentiation factor to be able to seal deals with potential investors, according to Vinod.

“It’s not just that if you are an edtech company, everybody wants to give you money. You have to assure you are a good edtech company and you are showing some differentiation. There is a reason why companies are attractive and it’s not just the market,” he says.

Watch the full conversation here:

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During the current times, raising venture debt over venture funding may make sense for several startups, as the pandemic has hit many of their valuations hard. Raising capital through venture funding is likely to force many startups to dilute their equity heavily, making venture debt a more attractive option.

For businesses from the worst hit sectors, however, there is little or no interest from venture capital and venture debt firms alike. “There are some sectors that are fairly badly hit that involve physical community, which involves interaction necessarily for the way in which the way the business is done and this could be across travel, hospitality, offline retail, and all of those are going to take a long time to recover. And we are seeing low to no equity interest in those spaces, so consequently from a venture debt perspective these companies would be difficult to target right now,” says Vinod.

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

Original Source: yourstory.com

Launched in 2012, YourStory's Book Review section features over 250 titles on creativity, innovation, entrepreneurship, and digital transformation. See also our related columns The Turning Point, Techie Tuesdays, and Storybites.

Aspiring entrepreneurs and students wanting to learn about the funding aspects of starting up can find a useful overview in the compact book, Venture Capital Investments, by Raj Kumar and Manu Sharma.

The eight chapters, spread across 165 pages, provide a starting point to the world of venture dynamics. Raj Kumar is Vice-Chancellor of Panjab University, Chandigarh. Manu Sharma is Assistant Professor at the University Institute of Applied Management Sciences, Panjab University.

Here are my takeaways from the book, summarised as well in Table 1. See also my reviews of the related books Angel Investing, The Manual for Indian Startups, Straight Talk for Startups, and Startup Boards.

T1

The World of Venture Capital (Table 1 image courtesy YourStory)

Foundations

Venture capital is based on the model of high-risk high-return of investments, the authors begin. VCs bring in not just finance but also management expertise, industry connections, and mentorship support.

This is important in cases where the business idea is new and risky, or the founding team is not experienced or balanced. Early-stage VCs target startups are regarded as too small or risky by traditional financers; as the startup matures, risk decreases but return factors on new investments decrease.

Founders can raise funds through debt (highly leveraged; stakeholder value maximisation) or equity (less leveraged). The choice depends on factors like market conditions and type of industry and company.

Factors like liquidity, information asymmetry, and cyclicality define VC engagement, which can last for around 7-10 years in a startup’s lifecycle. “Venture capitalists follow the Pareto principle – 80 percent of the wins come from 20 percent of the deals,” the authors explain.

Deal structures vary in formative, mid-life, and expansion stages of the startup. “VC firms get rewarded for making accurate predictions and identifying a pattern before it becomes a trend,” the authors observe.

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Market growth

Two chapters trace the rise of the VC industry in the US and India, and map portfolios of VCs in India. The IT industry in the 1970s marked the growth of VC as an asset class in the US. In India, early venture financing was done by the government before formal recognition to private investors was given in the 1980s, the authors explain.

Tech and business clusters in China and India grew as investment destinations for many Internet-sector investors from the 1990s onwards. VC-funded startups have helped increase the “absorptive capacity” of business for new innovations.

The authors track some of the deals of VCs in India, such as Inventus Capital Partners (PolicyBazaar), Accel Partners (Flipkart), Nexus Venture Partners (Snapdeal), IDG Ventures (Yatra), and Sequoia Capital India (JustDial).

The journey is not always smooth, particularly when multiple investors are involved in a startup’s evolution. For example, discussions in 2016-2017 for a proposed merger of Snapdeal and Flipkart failed to get an approval of all investors.

Deal evaluation

VCs tend to look for industries where lower investments can lead to large exponential returns with enormous margins, the authors explain. They examine the size of the overall market, and what percentage can be dominated by the invested startup. VCs avoid saturated markets with large competitors (e.g. Coca-Cola, Pepsi for carbonated drinks).

The startup should have a balanced team capable of creating uniquely differentiated offerings, pick profitable price points, develop deep customer relationships, and create entry barriers to future competitors.

In the long run, brand equity and external advisors or partners help in growing the market as well. Other factors in keeping with the times are environmental sustainability and eco-friendliness, the authors add.

Based on these factors, agreements specify the amount and purpose of funds, working and runway capital, burn rate, and monthly cash flow.

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Valuation methodologies

One chapter packed with equations and tables shows valuation techniques in action. The market-based approach is based on multiples and ratios of enterprise value, earnings, revenue, price, earnings, tax, depreciation, and amortisation.

Based on this, VCs calculate required rates of return, fund performance, and shareholding patterns. This applies to pre-money and post-money stages in multiple rounds.

Discounted cash flow-based valuation determines the present value of free cash flows to the firm (FCFF), the authors explain. Factors like the nature (equity/debt) and the amount of capital raised come into play here.

Common equity and preferred equity have different implications for voting rights and dividends of shareholders. VC portfolio parameters include amount invested, amount returned, exit status, and exit multiples. Based on the performance, success can be “normal, grand or super”, the authors describe (in addition to failure, of course).

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Fund structure and economics

Two chapters describe VC fund structure and economics. Limited partners (LPs) are usually institutional investors such as endowments, insurance companies, pension funds, foundations, family-owned offices, or investors with very high net worth.

LPs do not make decisions on how exactly VC firms manage the funds raised for startups. General partners (GPs) raise and manage the VC’s funds, and extend services for startups. Portfolios are business strategies to attract investors, the authors explain.

The authors describe investment steps like business plan submission, meetings, due diligence, and term sheets. Some founder tips on negotiation and dispute resolution would have been a welcome addition to these chapters. An actual or hypothetical case study of fundraising activities of a startup through its journey would have also helped.

Exit routes of an investment are usually an IPO, acquisition, management buyout, or sale of shares to another investor. The authors show illustrative tables of payout models for multiple LPs and GPs, along with an analysis of management fees.

The last chapter of the book describes how a VC raises funds via a prospectus presented to LPs. The prospectus describes the track record of the GPs, performances of its earlier funds, fee percentages, number of startups targeted, and anticipated returns.

Overall returns and riskiness of past performance are assessed by LPs. For example, there may have been too much dependence on the success of only one startup instead of a few startups.

The book ends abruptly with this chapter. It would have been great to end with some suggestions or advice for founders and aspiring investors, or with some analysis on emerging trends and developments.

Edited by Saheli Sen Gupta

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

Original Source: yourstory.com

GirnarSoft, the parent company of India’s auto portals CarDekho.com, Gaadi.com, and Zigwheels.com, on Tuesday announced it plans to invest $20 million in its subsidiary InsuranceDekho, an omni channel insurance platform.

According to a statement released by the company, the startup will use the funds to invest in branding and strengthening its tech, product, and sales teams.

Commenting about the investment, Amit Jain, CEO and Co-Founder, GirnarSoft, said,

“InsuranceDekho started as a modest initiative to complete the ecosystem play. Over the years, under Ankit’s leadership, it has taken a life of its own and ranks among the leading insuretech companies in the country. They have inherited CarDekho’s capital efficiency and tech prowess but are building a large and independent business of their own." "This proposed fund infusion is our vote of confidence in their ability to build India’s most enduring insuretech business in India,” he added.

Launched in 2017, InsuranceDekho is an insurtech venture that enables its consumers to compare different insurance policies based on their requirements and offering them the best choices available.

funding, startup

Image Source: Shutterstock

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Speaking about the new development, Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said,

"In the first phase of our journey, we created a unique three-way marketplace of insurance consumers, India’s leading insurance companies, and distribution partners. This new capital infusion will be used to expand our digital footprint." "We are already a force to reckon with in the B2B space. With this round we aim to invest in branding and marketing to further strengthen our B2C platform, which has been seeing strong traction over the last two quarters.”

The online insurance platform has tied-up with over 26 general insurance companies. It claims to be at an annualised run rate of 20 lakh policies and intends to close March 2021 at an annualised run rate of 36 lakh policies. 

The company, which has over 12,000 partners in over 350 cities, foresees an accelerated shift towards digital platforms in the current environment.

Edited by Megha Reddy

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

Original Source: yourstory.com

Even as the coronavirus pandemic caused investors to become risk-averse, Indian startups continued to raise funding. However, the deal sizes shrank, pointing to the fact that investors put in less money in more startups to spread their risks.

Delhi-NCR, Bengaluru, and Mumbai retained their top spots in terms of the number of deals and funding raised. YourStory Research data revealed that the number of funding deals closed by Mumbai-based startups jumped about 20 percent to 79 in the first six months of 2020, up from 66 deals in H1 2019.

According to data accessed by YourStory, 69 deals were closed by Mumbai-based startups since the nationwide lockdown, announced at the end of March.

funding, startup

Image Source: Shutterstock

Here are the top 10 funding deals by Mumbai-based startups funding during the lockdown. (We have considered deals that were closed since March 25)

InCredInCred

Bhupinder Singh, Founder and CEO, InCred.

In July, NBFC InCred raised Rs 500 crore in debt funding from various public sector banks and public financial institutions.

The latest round of financing will boost the startup’s lending expansion across select segments in the consumer, education, and MSME markets.

Founded in 2016 by Bhupinder Singh, InCred started its operations with consumer lending in March 2016. It then diversified into small business lending in March 2017. At present, it claims to have a loan book of over Rs 2,000 crore. 

In April 2019, the digital lending platform had raised Rs 600 crore in its Series A round, led by Dutch development finance institution FMO.

Also Read[Funding Alert] NBFC InCred raises Rs 600 Cr in Series ARebel Foods

In April 2020, cloud kitchen operator Rebel Foods raised $50 million from existing investor US-based hedge fund Coatue Management, according to its filings with the Registrar of Companies.

Founded by Jaydeep Barman and Kallol Banerjee in 2010, Rebel Foods has overseas operations in Southeast Asia and Europe. Globally, it runs 325 cloud kitchens.

Earlier this February, the startup had raised additional venture debt of Rs 35 crore led by debt funding firm Alteria Capital.

Also Read[Funding alert] Faasos' parent Rebel Foods raises venture debt of Rs 35 Cr led by Alteria Capital TopprZishaan Hyath, CEO and Founder, Toppr

Zishaan Hayath, CEO and Founder, Toppr

In July, edtech startup Toppr raised Rs 350 crore in Series D round, led by Foundation Holdings, with participation from existing investors, including Kaizen Private Equity.

Toppr will use this latest investment to further help to develop the artificial intelligence (AI) based Toppr School Operating System (OS), a platform for schools to run digitally unifying in-school and after-school learning to create a standardised and personalised experience.

Founded in 2013 by Zishaan Hayath, the startup has cumulatively raised Rs 700 crore to date.

Also Read[Startup Bharat] How these IITians turned their student project into a profitable global edtech company CarTrade

In June, online automobile classifieds platform CarTrade raised Rs 321 crore ($42.5 million) from two of its existing investors in its Series H round of financing.

Earlier in 2017, the firm had raised Rs 370 crore in a funding round led by Temasek Holdings and a US family office.

Founded in 2006 by Vinay Sanghi, the portal also offers car price information, certification, insurance, used car finance, comparisons, on-road prices, and reviews. In November 2015, the platform acquired CarWale, an online classifieds portal, in an all-cash deal.

LEAD SchoolLead School founders

LEAD School co-founders: Smita Deorah (left) and Sumeet Mehta

In August, edtech startup LEAD School raised $28 million in a Series C round, led by Westbridge Capital along with existing investor Elevar Equity.

This round of funding will be used by the company to accelerate the development and rollout of new product offerings, increase its school network in Tier II and III cities, and hire talent across domains. 

Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD School combines technology, curriculum, and pedagogy into an integrated system of teaching and learning to create affordable private schools. It has partnered with 800-plus schools with an estimated three lakh-plus students in more than 300 cities in 15 states.

Also Read[Funding alert] LEAD School raises $28M in Series C round led by Westbridge CapitalNykaaNykaa

Falguni Nayar, Founder & CEO, Nykaa with Nihir Parikh, Chief Business Officer (2nd row, 3rd from L-R)

Online beauty turned omnichannel lifestyle retailer Nykaa raised three rounds of funding adding to $24.7 million. In June, the startup raised Rs 19.6 crore from Sunil Kant Munjal as part of its ongoing round.

In May, it raised Rs 66.64 crore from its existing primary investor Steadview Capital. With this round of investment, Nykaa became valued at $1.2 billion, thus entering the startup unicorn club.

Earlier in March, it raised Rs 100 crore from its existing primary investor Steadview Capital. This came after it had raised an additional Rs 100 crore from Singapore-based TPG Growth IV SF last year.

Prior to that, in September 2018, Nykaa raised Rs 113 crore from Lighthouse India Fund III, and another Rs 160 crore through primary and secondary share sales.

Since its launch in 2012 by Falguni Nayar (former Managing Director at Kotak Mahindra Capital), Nykaa has been instrumental in shaping the beauty and lifestyle industry in India through its omnichannel reach and curated product offering.KettoKunal Kapoor

Actor and Co-founder of Ketto, Kunal Kapoor

In July, Ketto — a crowdfunding platform for fundraising of social, creative, and personal causes — raised Rs 109 crore to help and support more than three lakh people in various capacities.

Founded in 2012 by Bollywood actor Kunal Kapoor along with Varun Sheth and Zaheer Adenwala, Ketto has been distributing PPE kits and ration kits, and providing support to migrant workers. It has established community kitchens to feed hundreds of people every day.

Earlier this year, Ketto raised Rs 30 crore in crowdfunding through the philanthropy arm of CleverTap, CleaverTap4Good.

Also Read[Funding alert] Kunal Kapoor's crowdfunding platform Ketto raises Rs 109 Cr amidst the pandemicServifysreevathsa

Sreevathsa Prabhakar, Founder, Servify

In June, Service Lee Technologies which operates device management and support platform Servify, raised $11.37 million in its Series C round from a clutch of existing investors.

Earlier, in April, it secured Rs 1.9 crore in debt from Germany-based Barkawi.

Launched in 2015 by Sreevathsa Prabhakar, Servify is an app-based customer support service channel for consumer electronics.

In three years, it has created a complete service life cycle management platform enabling top electronics and smartphone brands, carriers and retailers in device diagnostics with distribution, sales, warranty management, after-sales service, end of life management, and ecommerce capabilities.

Also ReadWith 740 million devices on its platform, Servify is India’s king of after-sales experienceLido LearningLido

Team Lido

In April, Lido Learning, an edtech startup that focuses on live online tutorials, closed a $7.5 million Series B round led by Ant Financial-backed BAce Capital. This put the edtech startup’s overall funding at $10.5 million.

With this round of funding, Lido plans to build a presence in Tier II and III towns to democratise high quality education across India. It will also expand into more curriculum-focused subjects, and 21st-century skills like analytical thinking, critical reasoning, communication, collaboration, and creativity.

Earlier in March, it raised another $3 million led by Picus Capital backed by Rocket Internet Founder Alex Samwer, and President of Paytm Madhur Deora.

Founded in 2019 by Sahil Sheth, Lido Learning offers live tutoring and personalised online coaching sessions to students from Class V-Class IX in Math and Sciences from both CBSE and ICSE boards.

Also ReadEdtech startup Lido Learning to hire senior citizens as tutors during coronavirus Suryoday

In May, scheduled commercial bank Suryoday Small Finance Bank (SSFB) raised Rs 62.14 crore from existing investors including Gaja Capital, Kotak Life, Lok Capital, TIAA, and Kiran Vyapar. 

SSFB, which provides microfinance loans to customers, has launched a working capital loan product for its MFI customers to meet their urgent liquidity requirements during the lockdown.

The bank has over 20 institutional investors with a healthy mix of institutional investors, development funds and private equity investors.

(With inputs from Sujata Sangwan, Thimmaya Poojary, Debolina Biswas, Sindhu Kashyap)

(Edited by Saheli Sen Gupta)

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

Original Source: yourstory.com

Vernacular.ai

Akashay Deshraj and Sourabh Gupta (L-R), Founders of Vernacular.ai

Sourabh Gupta and Akshay Deshraj came to Bengaluru in 2016 after graduating from IIT Roorkee. The duo was among the thousands of engineers who flock to the city every year with hopes to become entrepreneurs and start another Ola, Swiggy, or Flipkart. 

Not sure of the problem they wanted to solve, they started doing what most potential startup founders do – they attended as many events as possible, kept meeting people and making new connections, and never stopped reading.

In a recent conversation with YourStory, Sourabh said, “By then Reliance Jio was already here, and everyone was talking about the next 500 million internet users.” 

In order to explore what these ‘next 500 million internet users’ wanted and the problems they faced, the two friends started visiting villages in and around Bengaluru. In one of their visits to Kanakapura, a small town situated 55 kilometers from Bengaluru, they finally found the problem they had to solve. 

Sourabh recalls having met a farmer who had a very particular and long-existing problem.

“I receive SMS on my phone from the bank. I know the message is from the bank because it has numbers, but I cannot understand what the SMS means because it is in English,” the farmer told him.

He (the farmer) had to cycle 10 kilometers to the bank every time he received an SMS to get the bank manager explain to him what the message meant. Most of the other farmers, across villages, faced the same problem. 

“This was when we knew that the next generation of internet users are going to be voice-first,” Sourabh says. 

After months of research and development, the IIT graduates launched their company Vernacular.ai. Based out of Bengaluru. The startup is transforming customer interaction through its artificial intelligence (AI) based voice assistant – VIVA. The startup empowers locals and equips enterprises to cater to the non-English speaking population of the country. 

Vernacular.ai currently serves more than 25 enterprise clients in 16 different languages in the banking, insurance, food and beverage, and hospitality sectors. This includes the likes of Axis Bank, OYO Rooms, and Barbeque Nation, among others. According to the startup, it helps enterprises automate their call centre operations by up to 80 percent. 

Artificial Intelligence

Image Source: Shutterstock

Also ReadHow SaaS startup Vernacular.ai is going global as voice AI adoption accelerates amidst COVID-19Bumpy ride 

The journey from being a college student to a startup founder was not an easy one. When Sourabh was still preparing for the IIT-JEE examinations, the likes of Flipkart and Ola were ‘making a scene,’ says the Co-founder and CEO. 

“I wanted to start a business of my own. I went to IIT not to become an engineer but because my parents wanted me to,” says Sourabh.  

Back in college, Sourabh was the Head of the Entrepreneurship Cell in his final year of engineering. During the events, he met his co-founder Akshay. The duo worked on a couple of projects together as well. 

When they came to Bengaluru, not many people took them seriously for their age, Sourabh tells YourStory.

“When we expressed that we wanted to build a B2B business, we were told that enterprises want ‘grey hair’ to sell them something,” Sourabh says.

Additionally, there was a misconception that in order to create a deeptech platform, a startup needed a PhD scholar to understand the nuances of the platform. Being fresh out of college did not help Sourabh and Akshay. 

Cracking the deal 

Coming to a new city and without a job, the duo borrowed money from their parents for the basics. “At a time when everyone sends money back home, we were asking our parents for financial support,” he adds. And with this, came the incessant questions regarding the progress. “All we were doing was reading!” Sourabh says. 

Having incorporated the company in October 2016, Vernacular.ai was finally launched towards the end of 2017. Within the first 35 days of its launch, the startup raised an undisclosed amount as seed funding from Kstart Capital, the seed programme of venture capital firm Kalaari Capital. Recently, in May this year, it further raised $5.1 million in its Series A round. The round was led by Exfinity Ventures and Kalaari Capital. AngelList, IAN Fund, and LetsVenture also participated in the round.  

Going forward, Sourabh says, “We will now be scaling exponentially and invest heavily in R&D for Indian and South-Asian markets.” 

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

Original Source: yourstory.com

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