36.

37.

38.

If we are unable to raise additional capital, our business, results of operations, cash flows and
financial condition could be adversely affected.

We operate in a capital-intensive industry, which requires substantial levels of funding. We cannot assure
you that we will have sufficient capital resources for the proposed increase in number of ATMs supplied,
managed or maintained by us or any future expansion plans that we may have. While we expect our cash
on hand, cash flow from operations and available borrowings under our credit facilities to be adequate to
fund our existing commitments, our ability to pay these amounts depends upon the success of our
operations. There may also be certain unsecured loans taken by our Company, our Promoters or our
Group Entities which may be recalled by the lenders at any time. Additionally, the inability to obtain
sufficient financing or the inability of one or more of our lenders to provide committed funding could
adversely affect our ability to complete expansion plans. Moreover, we cannot assure you that market
conditions and other factors would permit us to obtain future financing on terms acceptable to us, or at all.
Our ability to arrange financing and the costs of capital of such financing depend on numerous factors,
including general economic and capital market conditions, credit availability from banks, investor
confidence, the continued success of our operations and other laws that are conducive to our raising
capital in this manner. Any downgrade in our credit ratings could increase our borrowing costs, lead to
additional restrictive covenants and adversely affect our access to capital. Further, if we decide to raise
additional funds through the issuance of equity or equity-linked instruments, your interests as our
shareholders will be diluted. If we decide to meet our capital requirements through debt financing, our
interest obligations will increase and we may be subject to additional restrictive covenants. If we are
unable to raise adequate capital in a timely manner and on acceptable terms, or at all, our business,
results of operations, cash flows and financial condition could be adversely affected.

We may not be able to implement our business strategies or sustain and manage our growth.

In recent years, we have experienced significant growth, with revenue from operations of
% 7,534.00 million, = 17,589.44 million, = 18,004.43 million and % 18,057.42 million for the five months
ended August 31, 2021 and the financial years 2021, 2020 and 2019, respectively. Our growth strategy
includes focusing on growing our digital payment solutions business, pivoting from payments-as-a-
service to payments-as-a-convenience through our Ongo card and ecosystem, focusing on ATM and
CRM outsourcing and managed services, focusing on enhancing our integrated technology payments
platform, focusing on cash management services and expanding internationally. We cannot assure you
that our growth strategy will be successful or that we will be able to continue to expand further or
diversify our product and service offerings.

Our ability to sustain and manage our growth depends significantly upon our ability to manage key issues
such as selecting, recruiting, training and retaining key managerial personnel, maintaining effective risk
management policies, continuing to offer products and services which are relevant to our customers,
maintaining and expanding our customer base, developing and maintaining technical infrastructure and
systems, ensuring a high standard of customer service and maintaining our current level of profitability.
Failure to do any of the preceding may result in slower growth, loss of business, erosion of customer
service quality, diversion of management resources, significant costs and increase in employee attrition
rates, any of which could adversely affect our business, results of operations, cash flows and financial
condition.

Any failure to obtain, renew and maintain requisite statutory and regulatory permits, licenses and
approvals for our operations from time to time may adversely affect our business.

We require various statutory and regulatory permits, licenses and approvals to carry out our business and
operations. See “Government and Other Approvals” on page 384. A majority of these approvals are
granted for a limited duration and require renewal. While we have applied for certain licences and other
approvals, we cannot assure you that such approvals will be issued or granted to us in a timely manner, or
at all. For example, our Company has applied for renewal of our registrations under the Water
(Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act,
1981 for our operations in Daman and Diu. In addition, our Company has not filed an application to (i)
renew its registration with the RoC under the Trade Receivable Discounting System and (ii) to register
under the Contract Labour (Regulation and Abolition) Act, 1970 for Dehradun, New Delhi, Jaipur,
Raipur and Airoli. For further details on our material permits, licenses and approvals, see “Government
and Other Approvals” on page 384. If we do not receive these licenses and approvals or are not able to
renew the approvals in a timely manner, our business and operations may be adversely affected.

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