Reflecting on my journey with this company and what went wrong. Going back a few years my case to buy was based on a rough sum of parts valuation applying a multiple of sales and considering their revenue growth at the time as well as what seemed like an approaching inflection point. Ignoring the risk of a possible total collapse of the Pakistan economy, the Pakistani business looked like it was worth the whole market cap at the time alone, and the other parts seemed like free options. They were led by a CEO with a track record in similar businesses with skin in the game and innovative ideas - like the idea to clip the ticket on transactions. What went wrong? I’ve realised something. A company like this can’t just be a collection of early stage businesses. There needs to be a cash cow in there that funds all the early stage ventures. Otherwise they will always have their hand out. They’ve had no plan or intention to develop a cash cow from the beginning. I struggle to understand what the end game could be other than being taken over by a larger player. They were destined to require constant cap raises from the start.