As of August 31, 2021, we had a team of 250 “feet on street” personnel, 393 channel partners and 86 bank
partnerships catering to the POS and other merchant service needs of small- and medium-scale retailers. We
focus our merchant acquisition efforts on certain verticals, such as banks, corporate merchants and OMCs.

We also intend to continue to monetise our POS network to cross-sell our VAS to merchants, such as loans
against card receivables, local account management, bill payments and domestic money transfer facilities. By
offering more VAS products, we believe that we will be able to attract more merchants to join our network.

Pivot from Payments-as-a-Service to Payments-as-a-Convenience through our Ongo Card and Ecosystem

We intend to grow our digital payments business by attracting more merchants and consumers to join our Ongo
ecosystem. We aim to do this by pivoting from ‘payment-as-a-service’ to ‘payment-as-a-convenience’. Our
Ongo ecosystem allows consumers to use one single payment system, Ongo, to make payments at POS
terminals through various modes of payment including card-based (debit and credit cards), RFID, Bharat QR
and UPI online acceptance. Merchants and consumers who initially use any of our Ongo applications benefit
from the convenience of continuing to use Ongo for other services, without having to switch to other platforms
or providers. Through our Ongo Prepaid platform, consumers only need to top up one central Ongo account to
be able to use it for the various services covered by our Ongo ecosystem. For merchants, the Ongo ecosystem
enables less paper and manual work, lower costs of payment terminals and improved customer confidence. For
OMCs, the Ongo ecosystem reduces transaction cost and billing time. Merchants and OMCs who partner with
us can tap into our pool of consumers who use our Ongo ecosystem, even if these consumers have not
previously availed of goods and serves from these dealers or OMCs.

We were among the first companies in India to launch QR-code based payments for various card schemes
(Source: Ken Payments Report). We believe that by developing mobility-based payment solutions, which
enables additional modes of making payments beside cash or card, we are able to develop customized payment
solutions, including mobile wallet offerings for our customers. Through our omni-channel payment processing
platform, merchants are able to accept payments in multiple ways. We believe this will enable us to grow our
customer touch points and other service offerings, and consequently, our total revenue.

By offering ‘payment-as-a-convenience’ to consumers, we believe that we will be able to tap into a variety of
services and platforms and expand our revenue streams. For example, following our initial contact with
consumers through our consumer POS interface, we will seek to offer them VAS at POS terminals, such as cash
withdrawals through our POS terminals which can act as micro-ATM, vehicle insurance, coupons, bill payments
and loyalty programs.

Focus on Automated Teller Machines (ATM) and Cash Recycler Machines (CRM) Outsourcing and
Managed Services

We expect the volume of cash payment transactions, and consequently, the demand for ATMs, CRMs and
related services, to continue to grow for a number of reasons, including:

e¢ The Government’s Direct Benefit Transfer program (Source: Ken ATM Report), under which subsidies
and wages are paid electronically to beneficiaries;

e¢ The Government of India’s launch in August 2014 of the Pradhan Mantri Jan-Dhan Yojana
(“PMJDY”), a plan of financial inclusion to provide banking access to all households across the
country (Source: http://www.pmjdy.gov.in);

e Replacement of existing ATMs which will drive the increase in revenue share of ATM supply in the
future (Source: Ken ATM Report);

e The expected growth in the number of CRM machines in India from 34,631 units as of March 31, 2021
to 100,276 as of March 31, 2026 (Source: Ken ATM Report); and

e An increase in interchange fee structure for ATM transactions, which was allowed by the RBI in July
2021 (Source: Ken ATM Report).

As the volume of cash payment transactions have increased, banks have increasingly outsourced management of
ATMs and CRMs, either partially or wholly, to third parties such as us. These functions include site
identification, leasing, maintenance, housekeeping, security and monitoring of ATMs and CRMs and sites. We
believe that banks will increasingly outsource their ATM and CRM management functions as they focus on
their core business and operations and seek to increase their productivity and reduce costs. As of August 31,
2021, we had 33,260 ATMs, including 3,908 CRMs, under the outsourcing and managed services models. We

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