India is one of the fastest growing developing countries in the world. There are some amazing use cases happening in India because of the scale of operations in India and the current situation. So from a market perspective, this is a completely strategic market for Snowflake. And we will do whatever it takes to ensure we deliver the best value proposition to our customers.
What we did, not recently, but almost a year ago, was we created an INR pricing option for our customers, an Indian rupee regime for trading. And since most American companies do business in US dollars, this obviously deprives them of valuable foreign currency outflows. So we set up an Indian corporation to enable our customers to have Indian jurisdiction and everything else in India and trade in Indian rupees and local currencies.
Another interesting thing is that we operate on a consumption model. This means customers only pay for what they consume. Snowflake AI Data Cloud is a fully managed data cloud available on leading hyperscalers, where customers only pay for what they consume, including data, storage, and compute.
Second, you don't have to worry about the base fees that hyperscalers like Azure and AWS typically charge. Snowflake absorbs all of that in its pricing model.
