SECTION II: RISK FACTORS

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information
in this Prospectus, including the risks and uncertainties described below, before making an investment in the Equity Shares.
The risks and uncertainties described below are not the only ones relevant to us or the Equity Shares and the industry in which
we currently operate or to India. Additional risks and uncertainties, not presently known to us or that we currently deem
immaterial may also occur and adversely impact our business, financial condition, results of operations, prospects and cash
flows. If any of the following risks, or other risks that are not currently known or are currently deemed immaterial, actually
occur, our business, financial condition, results of operations and cash flows could suffer, the trading price of and the value of
your investments in the Equity Shares could decline, and you may lose all or part of your investment.

To obtain a complete understanding of our Company, prospective investors should read this section in conjunction with
“Industry Overview”, “Our Business” and “Management's Discussion and Analysis of Financial Condition and Results of
Operations” on pages 124, 147 and 283, respectively, as well as the financial, statistical and other information contained in
this Prospectus. In making an investment decision, prospective investors must rely on their own examination of our Company
and the terms of the Offer including the merits and risks involved. You should consult your tax, financial and legal advisors
about the particular consequences to you of an investment in the Equity Shares. Prospective investors should also pay particular
attention to the fact that our Company is incorporated under the laws of India and is subject to a legal and regulatory
environment, which may differ in certain respects from that of other countries.

This Prospectus also contains forward-looking statements that involve risks, assumptions, estimates and uncertainties. Our
actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors,
including but not limited to the considerations described below and elsewhere in this Prospectus. For details, see ““Forward-
Looking Statements” on page 27.

Unless specified or quantified in the relevant risk factors below, we are not in a position to quantify the financial or other
implications of any of the risks described in this section. Unless the context requires otherwise, the financial information of our
Company has been derived from our Restated Financial Information.

Unless otherwise indicated, the industry-related information contained in this section is derived from the Technopak Report.
We commissioned such report for the purposes of confirming our understanding of the industry in connection with the Offer.
Unless otherwise indicated, all financial, operational, industry and other related information derived from the Technopak
Report and included herein with respect to any particular year refers to such information for the relevant year.

INTERNAL RISKS
Risks Relating to our Business

1. We will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the net proceeds
from the Offer for Sale.

The Offer consists of a Fresh Issue and an Offer for Sale. The Selling Shareholders shall be entitled to the net proceeds
from the Offer for Sale, which comprise proceeds from the Offer for Sale net of Offer expenses shared by the Selling
Shareholders, and our Company will not receive any proceeds from the Offer for Sale.

2. One of our Promoters, Lone Furrow Investments Private Limited, has pledged a portion of its shareholding with
certain lenders under various loan and security agreements. Any exercise or enforcement of such pledge could dilute
the shareholding of Lone Furrow Investments Private Limited, which may adversely affect our business and future
prospects.

One of our Corporate Promoters, Lone Furrow had pledged 1,676,418 Series B2 CCPS held by it in favour of Zash Traders
(through Vistra ITCL (India) Limited) aggregating to 7.64% of the pre-Offer equity share capital of our Company, on a
fully diluted basis which have since been converted into 8,543,340 Equity Shares (““Pledged Shares”). In terms of the loan
documentation with Zash Traders, Lone Furrow has created a pledge over the Pledged Shares in favour of Zash Traders.

Further, pursuant to the Pledge Modification Letter dated August 6, 2021 read with the supplemental letter dated November
25, 2021, the pledge on the Pledged Shares shall be released on or about the Bid/ Offer Closing Date. For further details,
see "Capital Structure" on page 84. While the pledge will be released prior to listing, one of our Corporate Promoters,
Lone Furrow, is in discussion with certain financial institutions in relation to availing a refinancing facility. Pursuant to the
proposed refinancing, our Promoters may provide collateral, including inter-alia by way of pledge over their post-Offer
shareholding in our Company (to the extent permitted under the SEBI ICDR Regulations and applicable law) or guarantees,
as applicable, to the lender(s) to secure the refinancing arrangement. If such loan and security arrangements are breached,
the pledge on our Promoters” shares may be invoked, adversely affecting the trading price of the Equity Shares and reduce
the aggregate shareholding of our Promoters in our Company.

3. Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject

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