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December 29, 2025
Yash Bhatia, Impact Magazine
29 December 2025
App, Tap, Pay and Zoom it’s delivered – that is Quick commerce for you. And in India, the narrative has so far been defined by speed, scale, high SKU counts, and the dominance of dark stores. Last week, however, Instamart nudged that model by opening an experiential store in Gurugram, allowing consumers to see and feel select products available on the platform.
The Bengaluru-based company has positioned the outlet not as a conventional retail store, but as a compact experiential format with a sharply curated assortment of around 100–200 SKUs, compared to the 15,000–20,000 SKUs typically housed in a dark store. Spanning roughly 400 sq. ft., the space is about one-tenth the size of a standard 4,000 sq. ft. dark store.
Under this model, sales proceeds are paid directly to sellers. This differs from Instamart’s regular arrangement, where payments are routed through the platform and later settled with sellers after deducting the platform’s share. IMPACT reached out to Instamart for further details, but the company declined to comment.
Sources close to the development say that Instamart has enabled sellers to open branded experiential stores in and around residential societies as part of a targeted consumer experiment. These are not conventional retail outlets, but compact experiential formats with a highly curated SKU assortment, focused on categories where consumers prefer to assess the products first-hand before purchasing, such as fresh fruits, vegetables, pulses, new product launches, and selected D2C brands. The initiative is largely centred on fresh categories and allows sellers to experiment with Instamart’s branding and service ecosystem.
Devangshu Dutta, Founder, Third Eyesight, a retail consultancy firm, says that physical presence plays a vital role in anchoring trust, particularly in premium products, groceries, and fresh produce. “Experiencing a product or brand physically can significantly enhance perceived value and help create stickiness. For this reason, offline stores continue to remain integral to the consumer products sector,” he explains.
Built on the promise of speed and convenience, quick commerce brands have come under growing scrutiny for quality and hygiene lapses at dark stores. Over the past year, several reports have flagged issues ranging from poor storage conditions and compromised freshness to the sale of expired or damaged products, particularly in food and grocery categories.
In some instances, regulatory inspections have led to licence suspensions after authorities identified hygiene violations at fulfilment centres. “Trust is what builds loyalty, and the shift is clearly moving from minutes to confidence,” says Shankar Shinde, Co-Founder, Aisles and Shelves, a behaviour-led brand consultancy in India. Shinde adds that the emergence of offline formats such as Instamart’s physical store aligns with this transition, particularly in grocery and fresh categories where consumers place a high premium on quality and consistency. “Physical touchpoints help reduce consumer anxiety, especially in a market like India, where shoppers still prefer hand-picked fresh produce such as fruits and vegetables,” he explains.
Against this backdrop, the opening of experiential centres could emerge as one way for quick commerce players to rebuild consumer trust by allowing shoppers to experience products in person before purchasing. IMPACT also reached out to Blinkit and Zepto for their views, but both declined to comment.
Kushal Bhatnagar, Associate Partner, Redseer Strategy Consultants, believes the move is aimed at unlocking incremental growth by tapping into offline-first consumers who are not yet active on quick commerce, while also catering to the offline purchase missions of existing quick commerce users. He notes that quick commerce currently reaches only about 75–80 million annual transacting users as of CY2025, even as over 90% of India’s grocery consumption continues to take place offline.
Beyond expanding reach, Bhatnagar sees offline formats as a way to address deeper trust barriers within the category. He adds that such formats can help deepen consumer confidence, particularly in categories where apprehensions around quality and freshness persist in quick commerce deliveries, concerns that are partly alleviated when consumers can experience products first-hand. Additionally, he points out that this approach benefits brands, especially emerging ones that are largely confined to quick commerce or a limited set of platforms, by giving them greater physical retail visibility without requiring heavy investment in traditional distribution networks.
Viewed through a financial lens, the move also carries implications for how quick commerce platforms justify value. Saurabh Parmar, fractional CMO, believes the initiative signals a shift from promise to performance, with a stronger emphasis on optimisation and a more realistic assessment of long-term value creation. He notes that while quick commerce has expanded into Tier 2 markets and seen growth in user numbers, these metrics alone still fall short of fully justifying current valuations. In this context, an offline presence becomes another lever to strengthen the overall business case.
At the same time, Parmar cautions that offline formats cannot replace the core proposition of quick commerce. He adds that experiential centres enhance brand credibility and make quick commerce feel closer to conventional retail, with the potential to eventually extend into other facets of e-commerce. However, he emphasises that quick commerce must continue to remain the frontline, as the sector’s valuations are fundamentally anchored in its speed-led proposition.
Retail experts, meanwhile, view physical touchpoints as a long-standing mechanism for building trust rather than a structural shift.
Dutta adds that such formats complement existing digital trust mechanisms such as delivery consistency, speed, ratings, and reviews by making brands feel tangible and accountable rather than abstract.
Bhatnagar notes that quick commerce currently has an average monthly transacting user base of around 40 million as of CY2025, leaving significant headroom for growth when compared to India’s overall e-commerce base of nearly 300 million active transacting users.
Beyond expanding the user base, he adds that experiential stores can also support wallet-share expansion across categories, which remains a key growth lever for the sector. “Non-grocery segments such as beauty and personal care, electronics, and fashion currently contribute about 25% of quick commerce GMV (Gross Merchandise Value), a share that is expected to rise further. Within groceries as well, platforms can drive incremental growth by building greater depth in fresh produce and staples,” Bhatnagar highlights.
From an operational perspective, however, the offline format is viewed more as a supporting layer than a core growth engine. Dutta sees Instamart’s offline presence as an experimental add-on rather than a replacement for its delivery-led model. The operating processes and economics differ significantly from those of quick commerce delivery, positioning physical formats as a complement to the speed proposition rather than an alternative. If the model proves viable and is backed by sufficient resources, it could eventually lead to a parallel scale-up of dark stores and experiential formats across different catchments.
For now, Instamart’s offline foray remains a tightly scoped experiment rather than a strategic pivot. Its significance lies less in square footage and more in what it signals about the evolving priorities of quick commerce. As the category matures, speed alone may no longer be sufficient to secure trust, loyalty, or long-term value. Experiential touchpoints, if deployed selectively, could help platforms bridge the gap between digital convenience and physical reassurance, particularly in categories where quality perception continues to remain fragile.
(Published in IMPACT)
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November 4, 2025
Yash Bhatia, IMPACT
4 November 2025
It started with groceries. Quick commerce started delivering milk, bread, and eggs in 10–15 minutes, which seemed revolutionary enough in 2022. Then came the iPhone 14 launch, and suddenly, quick commerce wasn’t just about convenience; it was about spectacle. Overnight, India’s app-based delivery ecosystem became the stage for a new ritual: flagship products arriving at your doorstep faster than you can say ‘checkout.’
And now? Phones aren’t the limit. You can even order motorcycles online. Yes, motorcycles. Royal Enfield has partnered with Flipkart to list its entire 350cc portfolio, which will be delivered to five cities: Bengaluru, Gurugram, Kolkata, Lucknow, and Mumbai.
The lines between e-commerce and quick commerce are becoming increasingly blurred. Flipkart’s Flipkart Minutes and Amazon’s instant delivery options are proof that speed is no longer a differentiator; it’s table stakes. And as platforms race to expand, high-ticket items are joining the frenzy, from electronics and furniture to watches, fitness equipment, and premium kitchen appliances. For platforms, these products are goldmines of margin; the challenge lies in logistics and consumer trust.
According to a report by CareEdge Advisory, India had over 270 million online shoppers in 2024, making it the second-largest e-retail user base globally, while the e-commerce market grew 23.8% in 2024 over the year-ago period, it said. The report also added that Indians ordered Rs 64,000 crore of goods from quick-commerce platforms.
From the consumer standpoint, one of the challenges for consumers to buy high-ticket items from the quick commerce platforms is to get consumer trust, which used to be the case when e-commerce started its operations. Can quick commerce move to high-ticket items? Is quick commerce looking at these items as a branding exercise, or are they looking at them as a serious revenue stream channel?
Chirag Taneja, Founder & CEO, GoKwik – an e-commerce enablement platform, says what began as a branding exercise for D2C brands has now evolved into a credible revenue stream. “In the early days, high-ticket categories on D2C platforms saw limited traction,” he explains. “Trust was still being built, customers were unsure if their orders would even reach them. There were many friction points.”
But that’s no longer the case. According to GoKwik’s network data, high-ticket purchases (above ₹2,500) are no longer outliers, they’re becoming a consistent driver of topline revenue.
Interestingly, most of these premium purchases are powered by credit instruments from no-cost EMIs to instant credit options at checkout. “This reflects a clear shift in mindset,” says Taneja. “Consumers no longer view high-value spending as a financial strain. They see it as a set of manageable, bite-sized payments that help them aspire higher, quicker. It’s not just a financial enabler, it’s a psychological unlock that makes premium consumption feel accessible and routine,” he adds.
“With strong trust in delivery reliability, smooth returns, and credible brand backing, the ecosystem has bridged the gap that once kept premium shopping offline,” says Taneja.
Devangshu Dutta, Founder of a specialist consulting firm, Third Eyesight, thinks differently and points out that high-value items still make up a small slice of quick commerce sales. “The model thrives on simplicity, a limited product range on the platform’s end, and quick, low-friction decision-making on the consumer’s,” he explains.
That said, Dutta believes quick commerce can still play a strategic role for premium brands. “For high-value products, q-comm can be an excellent lever for driving velocity, testing market response, or amplifying brand visibility. But it should be viewed as one piece of the channel mix, not the primary sales driver.”
From the platform’s perspective, however, listing high-ticket products brings its own upside. “They create excitement, boost average transaction values, and improve realised margins,” Dutta notes. “Consumers are often drawn in by novelty, exclusivity, or status appeal, especially during big launches or limited-time promotions.”
Still, he adds a note of realism: “Premium and high-ticket purchases largely remain planned decisions. Most consumers continue to prefer established offline and e-commerce channels for such buys where trust in authenticity, return policies, and after-sales services still carry greater weight than instant gratification.”
Seshu Kumar Tirumala, Chief Buying and Merchandising Officer, BigBasket, says the company doesn’t look at electronics as a high-ticket item category but rather focuses on building a complete category experience for customers. “For example, if we list an Enfield bike, we’d also want to offer spare parts, servicing options, and extended warranties, because that’s how the category functions,” he explains.
Tirumala adds that BigBasket adopted the same approach when it ventured into mobiles and mobile accessories. “When we launched this category last year, it was a trial. Today, it’s a sizable part of our business,” he says. Currently, electronics and mobile accessories contribute 5–10% of BigBasket’s monthly sales, having grown 250–300% year-on-year since the first iPhone launch on the platform.
While the launch day drives the highest demand for flagship devices like the iPhone, Tirumala notes that the following one to two months see strong accessory sales, from AirPods and headphones to chargers and power banks. “On average, mobiles and accessories account for 7–8% of our total sales, peaking at 10% during the festive season. Overall, this category has grown from zero to 7–8% of our total business in just a year, and we expect it to reach around 25% next year,” he adds.
Currently, the platform offers select models from smartphone brands, including OnePlus, Realme, Redmi, Vivo, and Oppo.
The Bengaluru-based platform is now piloting the delivery of large home appliances across across select city areas in partnership with Croma. If successful, BigBasket plans to expand this model to other cities, further broadening its quick commerce offering beyond everyday essentials.
Taneja points out that the traditional e-commerce model, once driven by discounts and affordability, is now evolving toward experience and access. Over the next few years, two major shifts will shape this transformation: credit-first commerce, where EMIs become the default mode for premium purchases, and aspirational commerce, where consumers view e-commerce as the easiest path to lifestyle upgrades. Consequently, platforms will need to reposition themselves from being “where you save more” to “where you unlock more”, prioritising personalisation, trust, and a seamless shopping experience.
As quick commerce matures, it is no longer just about instant gratification; it’s becoming a bridge between aspiration and accessibility.
Platforms are proving that speed, trust, and seamless experience can coexist with high-value purchases.
(Published in IMPACT)
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October 24, 2025
Entrepreneur India
Oct 23, 2025
Indian consumers are increasingly opting for private labels and in-house brands over established ones, and retailers are taking note. According to EY’s ‘Future Consumer Index 2025’, more than half of India’s consumers are now choosing in-house brands over legacy labels.
The report highlights that 52 per cent of Indian consumers have switched to private labels for better value, while 70 per cent believe these in-house brands offer comparable or superior quality. Backed by this shift, retailers from BigBasket to DMart, and quick-commerce players like Zepto and Blinkit, are doubling down on their private label strategies, viewing them as a path to higher margins, stronger brand loyalty, and greater pricing control.
“Indian consumers’ growing preference for private labels reflects both short-term price pressures and a longer-term structural evolution in retail,” said Devangshu Dutta, CEO of Third Eyesight, speaking to Entrepreneur India.
Trending globally
The surge isn’t unique to India. A recent report by the Institute of Grocery Distribution (IGD) notes that globally, private labels now account for over 45 per cent of grocery volume and are expanding faster than legacy brands.
In India, this shift is becoming increasingly visible in-store. The EY report found that 74 per cent of consumers have noticed more private label options where they shop, and 70 per cent say these products are now displayed more prominently, often placed at eye level, signalling a strategic retail push.
Commenting on this trend, Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon, said, “Consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products.”
From price-fighters to power brands
According to Dutta, private labels are no longer just “copycat” alternatives meant to undercut national brands.
“For retailers, not just in India but globally, lookalike private labels used to be tools at the opening price point to hook the customer, who saw them as credible, affordable alternatives to national brands,” he explained, adding, “However, as retailers have grown, they have gained both scale and expertise to widen and deepen their supply chains.”
Over time, he said, investments in formulation, packaging, and quality consistency have increased consumer trust.
“Private labels now compete on functional benefits rather than only on price, particularly in food staples and apparel, but also in brown goods and white goods, and increasingly in personal care and other FMCG categories,” he added. [Must read: “Private Label Maturity Model”]
Retailers scale up private labels
As demand for in-house brands grows, retailers are scaling up their strategies across sectors.
BigBasket, one of India’s largest online grocery platforms, reported that 35–40 per cent of its FY24 sales came from private labels like Fresho, BB Royal, and Tasties. The company aims to push this share closer to 45 per cent through expansion in frozen foods and ready-to-eat categories.
DMart’s private label arm, Align Retail, has reportedly more than doubled its sales in two years, touching INR 3,322 crore in FY25. The retailer’s in-house brands in staples, apparel, and home essentials have helped boost margins in a highly competitive retail landscape.
Zepto, the quick-commerce player, is taking private labels into the 10-minute delivery domain. Its brand Relish, focused on meats and eggs, has achieved INR 40 crore in monthly sales.
Meanwhile, Reliance Retail has also expanded its portfolio of private labels, including Good Life, Enzo, and Puric, across groceries, personal care, and household products, strengthening its broader FMCG play. In 2024, Reliance Retail’s Tira Beauty also announced the launch of its latest private label brand, Nails Our Way, signifying a major expansion in its beauty offerings.
Capturing a lion’s share in retail
Dutta noted that in India, private labels will remain a core pillar of modern retail strategy rather than a cyclical response to cost pressures.
“Consumers increasingly view retailers as brand owners rather than intermediaries. As private labels mature in branding and innovation, their growth aligns more and more with brand equity development rather than just opportunistic cost-saving,” he said.
From a retailer’s perspective, private labels deliver higher gross margins and greater strategic control, Dutta said. [Must read: “Private Label Maturity Model”]
Another report by the Private Label Manufacturers Association (PLMA), using Circana data, found that in 2024, private-label sales in food and non-edible categories grew faster than bigger brands globally. While figures vary by region and quarter, the pattern remains consistent: private labels are outpacing traditional FMCG growth.
Collectively, these shifts show that private labels are becoming a major revenue driver for retailers in India, and are fast evolving from value alternatives into brands with genuine consumer pull.
(Published in Entrepreneur India)
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September 22, 2025
Christina Moniz, Financial Express
22 September 2025
It is already the largest player among organised fumiture makers with over 15% of the market. With 1,000 stores, it has the widest retail store footprint among organised players. The 102-year-old brand is also the second-largest revenue con-tributor to the parent enterprise.
So why is Interio tinkering with its name, logo and colour attributes?
“We want to move away from being viewed as a functional brand to more of a design-led lifestyle one. We have a wider range of offerings that are more modular and aesthetic,” says Reshu Saraf, head of marketing communications at Interio by Godrej.
As a first step, it has a new logo and name change – from Godrej Interio to Interio by Godrej. The brand has earmarked ₹50 crore towards an integrated campaign across TV, digital, outdoor and in-store branding to promote its new proposition over the next year. Overall, it will invest ₹300 crore in expansion and technology with the goal to more than double revenues to ₹10,000 crore by FY29.
Younger consumers don’t see furniture as utility but as lifestyle, observes Puneet Pandey, strategy head and managing partner, OPEN Strategy & Design. “By moving from ‘solid and sturdy’ to ‘stylish and aesthetic’, the brand earns the right to play at higher price points as well. Design-led positioning will also unlock repeat purchase since people no longer wait a decade to change their furniture based on utility; they want constant upgrades to refresh their living spaces as their tastes evolve,” he notes, adding that Interio needs to make the marketing leap from “catalogue to culture”.
Saraf says the brand is also building differentiation with its customer experience. “We’re using digital tools for store walkthroughs and visualisers to help visualise our products in the home. Our product portfolio, which is deeply personalised ane tailored for Indian sensibilities, it is a major differentiator that few other brands offer,” she points out.
E-commerce is also a focus area with the brand looking to increase the revenue share from 15% to 20-22% by 2029. The company is leveraging Al to improve the search functionand sharpen personalisation. Saraf adds the that offline too, the brand will have large format experience centres to help people envision what their rooms could look like, along with mid-size and small-format stores.
Interio also plans to widen its retail store footprint from 1,000 to 1,500 by 2029.
As per industry estimates, the Indian furniture market is set to grow at 11% annually to reach $64.1 billion by 2032 from $30.6 billion in 2025. It is this growth momentum that Interio is looking to cash in on.
Built-in differentiation
Although a significant chunk of Interio’s business comes from its home remodelling services, within the furniture category, it competes with global players like IKEA and digital-first brands like Pepperfry. The challenge for Interio in this market is to embed the design-led positioning in its productsandcus-tomer experience, says Nisha Sam-path, managing partner at Bright Angles Consulting.
One of its biggest advantages is the Godrej brand. “The Godrej brand stands for many values prized in interiors such as quality, trust, reliability and durability with a ‘Made in India’ tag. However, the brand has not been so successful in building an image of cutting-edge design and innovation. These are new values that can make the brand more contemporary,” she remarks.
Devangshu Dutta, CEO of Third Eyesight concurs, pointing out aside from nimble competition, Interio’s key challenges also come from the dual pressures of increasing consumer expectations for rapid delivery and customisation on the one hand, with aggressive price competition on the other.
(Published in Financial Express – Brandwagon)
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August 6, 2025
Naini Thaker, Forbes India
Aug 06, 2025
It’s a known fact that of the thousands of startups founded each year, only a small fraction survive—and even fewer scale to become unicorns. Rarer still are those unicorns which, after reaching dizzying heights, come crashing down. The Good Glamm Group is one such cautionary tale.
Once celebrated as a unicorn that cracked the code on content-to-commerce, the company’s meteoric rise was matched only by the speed of its unravelling. At the heart of its downfall lies a critical misstep: The relentless pursuit of growth through acquisitions and brand launches, even as cracks in its house-of-brands model began to show. Instead of pausing to consolidate and build sustainably, Good Glamm doubled down—prioritising valuation over viability.
That strategy came to a head on July 23 when founder and CEO Darpan Sanghvi announced the dissolution of the group’s house-of-brands structure. In a LinkedIn post, Sanghvi confirmed that lenders would now oversee the sale of individual brands, effectively ending the company’s vision of building a digital-first FMCG conglomerate.
Despite raising $30 million in 2024 and undergoing multiple rounds of restructuring, the group failed to integrate its acquisitions or generate sustainable profitability. With key investors such as Accel and Bessemer Venture Partners exiting the board and leadership turnover accelerating, the company’s ambitious empire—built on rapid expansion and aggressive brand aggregation—has now been reduced to a lender-led breakup.
In the aftermath of the announcement, Sanghvi offered a candid reflection on what went wrong. “In hindsight, it wasn’t one decision, one market force, or one acquisition. It was three levers we pulled, which together, turned Momentum into a Trap,” he wrote in a LinkedIn post. According to Sanghvi, the group’s downfall stemmed from doing “too much, too fast and too big”.
He elaborated: “At first, Momentum feels like your greatest ally. Every headline, every funding round, every big launch is a shot of adrenaline. And you start believing you can do more and more and more. But momentum has a dark side. If you stop steering and go in a hundred different directions, it doesn’t just carry you forward, it drags you faster and faster until you can’t breathe.”
Where The Model Broke?
In October 2017, Sanghvi launched direct-to-consumer (DTC) beauty brand MyGlamm. Most brands at the time were big on selling on marketplaces such as Amazon or Nykaa. However, Sanghvi believed, “We wanted to be truly DTC and not just digitally enabled. We believed that to own the customer, the transaction needs to happen on our own platform.”
But the biggest challenge with being a DTC brand is its customer acquisition cost (CAC). Towards the end of 2019, the company was spending about $15 (over ₹1,000) to acquire a customer to transact on their website. “Around the same time, our revenue run rate was ₹100 crore. We were spending about $0.5 million to acquire 30,000 customers a month. That’s when we realised it was time to solve the CAC problem,” Sanghvi told Forbes India in 2022. In an attempt to find a solution, Sanghvi turned to the content-to-commerce model.
And then, started the acquisition spree. According to Sanghvi, with a single brand in a single category one can’t build scale. He told Forbes India, “The most you can scale it is ₹1,000 crore, if you want a company that’s doing ₹8,000 or ₹10,000 crore in revenue, it has to be multiple brands across multiple categories.” In hindsight, this perspective might be debatable.
As Devangshu Dutta, founder of consultancy Third Eyesight, points out, the “house of brands” model is essentially a modern-day consumer-facing business conglomerate—and its success hinges on multiple factors working in harmony. While there are examples globally and in India of such models thriving, both privately and publicly, the reality is far more nuanced. “Brands take time to grow, and organisations take time to mature,” Dutta notes, emphasising that rapid aggregation of founder-led businesses under a single ownership umbrella is no guarantee of success.
In recent years, Dutta feels the influx of capital into early-stage startups and copycat models—often seen as lower risk due to their success in other geographies—has shortened business lifecycles and inflated expectations. The hope is that synergies across the portfolio will unlock outsized value, but that rarely plays out as planned. “It is well-documented that more than 70 percent of mergers and acquisitions fail,” he adds, citing reasons such as weak brand fundamentals, lack of synergy, inadequate capital, limited management bandwidth, and internal misalignment.
In the case of Good Glamm, these fault lines became increasingly visible as the group expanded faster than it could integrate or stabilise.
Scaling Without Steering
In FY21, the company had losses of ₹43.63 crore, which rose to ₹362.5 crore in FY22 and went up to ₹917 crore in FY23. Despite the mounting losses, Good Glamm marked its entry into the US market, in a joint venture with tennis player Serena Williams to launch a new brand—Wyn Beauty by Serena Williams. The launch was in partnership with US-based beauty retailer Ulta Beauty.
For its international expansion, it invested close to ₹250 crore over three years. “We anticipate that the international business will account for 25 to 35 percent of our total group revenues by the end of next year. This strategic focus on international expansion is pivotal as we prepare for our IPO in October 2025,” he told Forbes India in April 2024.
Clearly, things didn’t pan out as expected. As Sanghvi rightly points out, it was indeed a momentum trap. “You tell yourself you’ll fix the leaks after the next milestone. But the milestones keep coming, and so do the leaks. Soon, you’re running from fire to fire, never realising that the whole building is getting hotter. And somewhere along the way, you lose the stillness to think,” he writes on his LinkedIn post.
Dutta feels that a strong balance sheet is the most fundamental requirement, “to provide growth-funding for the acquisitions or for allowing the time needed for the acquisitions to mature into self-sustaining businesses over years. In the case of VC-funded businesses, the pressure to scale in a short time can go against what may be best for the business or for its individual brands”.
The Good Glamm Group’s fall is a reminder that scale alone doesn’t build resilience. Its story reflects the risks of expanding faster than a business can integrate, and of prioritising valuation over value. The house-of-brands model can work—but only when backed by strategic clarity, operational discipline, and patience. This is less a warning and more a reminder for founders: Scale is not success, and speed is not strategy.
(Published in Forbes India)
