Good summary. You got mixed up with distribution and DaaS. DaaS has been their best performing vertical.
Now that all the acquisition led growth is accounted for, it will be interesting to see how their Q4 numbers will look like (Adara was acquired in Q4FY23) since it will be all organic growth. Frankly I feel Rategain should be able to cross the 1000cr revenue for FY24 (or come very close to it) as Q4 has historically been their best quarter. Also, the management has been always under promised with their guidance, so realistically, I will be surprised if it takes them 3 years to double their revenue, especially if they do acquire another company or 2 in the due course.
Disc : Invested and biased.
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