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. changes in India’s tax, trade, fiscal or monetary policies, such as application of GST;
. strikes, lock-outs, work stoppages or increased wage demands by employees, suppliers or other service providers;

° political instability, civil unrest, acts of violence, terrorist attacks, regional conflicts or situations or war in India or
in countries in the region or globally, including in India’s various neighbouring countries;

° man-made or natural disasters such as earthquakes, tsunamis, floods and droughts, as well as the effects of climate
change;

. prevailing regional or global economic conditions, including in India’s principal export markets;

. other significant regulatory or economic developments in or affecting India or its financial services sectors;

. downgrade of India’s sovereign debt rating by an independent agency; and

. infectious disease outbreaks or other serious public health concerns, such as the current COVID-19 pandemic, the

highly pathogenic H7N9, H5N1 and H1N1 strains of influenza in birds and swine. A worsening of the current
COVID-19 pandemic or any similar future outbreaks of COVID-19, avian or swine influenza or a similar
contagious disease could adversely affect the Indian economy and economic activity in the region.

Our performance and the growth of our business depend on the performance of the Indian economy and the economies of
the regional markets we currently serve. Any slowdown or perceived slowdown in the Indian economy, or in specific
sectors of the Indian economy, could adversely affect our business, financial condition and results of operations and the
trading price of the Equity Shares.

Changing laws, rules and regulations and legal uncertainties across the multiple jurisdictions we operate in may
adversely affect our business, financial condition and results of operations.

Our business, financial condition and results of operations could be adversely affected by changes in the laws, rules,
regulations or directions applicable to us and our business, the interpretations of such existing laws, rules and regulations,
or the promulgation of new laws, rules and regulations. The governmental and regulatory bodies may notify new regulations
or policies, which may require us to obtain approvals and licenses from the government and other regulatory bodies, or
impose onerous requirements and conditions on our operations, in addition to those which we are undertaking currently,
or change the manner. Any such changes and the related uncertainties with respect to the implementation of new regulations
may have an adverse effect on our business, financial condition and results of operations.

Further, we are subject to various labour laws and regulations governing our relationships with our employees and
contractors, including in relation to minimum wages, working hours, overtime, working conditions, hiring and terminating
the contracts of employees and contractors, contract labour and work permits. Our full-time employees are employed by
us and are entitled to statutory employment benefits. In addition to our full-time employees, we use agencies for our
outsourcing requirements and engage persons on a contractual basis. A change of law that requires us to increase the
benefits to the employees from the benefits currently provided may create potentially liability for us. Such benefits could
also include provisions which reduce the number of hours an employee may work or increase the number of mandatory
casual leaves, which can all affect the productivity of the employees. A change of law that requires us to treat and extend
benefits to our outsourced personnel, and personnel retained on a contractual basis, similar to our full-time employees may
create potential liability for us. Moreover, our failure to comply with current and future health and safety and labour laws
and regulations at all times, including obtaining relevant statutory and regulatory approvals, could adversely affect our
business, financial condition and results of operations. For example, in September 2020, the Government of India
implemented a new legislation relating to social security and wages, the Code for Social Security, which took effect
beginning April 1, 2021 (the “Social Security Code”). The Social Security Code impacts overall employee expenses
which, in turn, could impact our profitability. The Social Security Code has introduced the novel concept of deemed
remuneration, such that where an employee receives more than half (or such other percentage as may be notified by the
Government of India) of such employee’s total remuneration in the form of allowances and other amounts that are not
included within the definition of wages under the Social Security Code, the excess amount received shall be deemed as
remuneration and accordingly added to wages for the purposes of the Social Security Code, and the compulsory
contribution made towards the employees provident fund. As an immediate consequence, the Social Security Code could
increase the financial burden on the employer and could impact profitability.

Unfavourable changes in or interpretations of existing, or the promulgation of new, laws, rules and regulations including
foreign investment laws governing our business, operations and investments in the Issuer by non-residents, could result in
us being deemed to be in contravention of such laws or may require us to apply for additional approvals. We may incur
increased costs and other burdens relating to compliance with such new requirements, which may also require significant
management time and other resources, and any failure to comply may adversely affect our business, results of operations
and prospects. Uncertainty in the application, interpretation or implementation of any amendment to, or change in,

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