Board of Directors and senior management provides us with a significant competitive advantage as we seek to expand our store
network and increase our operating efficiency and profitability.

Our Strategies
The main elements of our business strategy include the following:
Strengthen Our Market Position by Increasing Store Penetration in Existing Clusters and Developing New Clusters

We intend to capitalize on the shift from unorganized to organized retail of pharmaceutical products in India, taking advantage
of the low base of organized pharmacy retail penetration and increasing penetration of mobile and internet usage in India, and
strengthen our market position by (i) increasing our store penetration and customer reach in existing clusters and (ii) developing
new clusters in other states and cities.

According to the Technopak Report, for the financial year 2021, we had an aggregate share of approximately 8% of the
pharmacy retail market for our key cities in which we operate, comprising of Hyderabad, Bangalore, Chennai and Kolkata.
Further, the penetration of organised retail in the pharmacy retail market in (i) Tier 1 cities and (ii) Tier 2 cities and beyond, is
approximately only 7% and 6%, respectively. As such, we believe that there is significant headroom for growth for our existing
clusters. We intend to leverage our replicable store roll-out process and well-developed supply chain and distribution
infrastructure to increase our market share in the states in which we have established clusters, firstly in Tier 1 cities, including
Chennai, Bangalore, Hyderabad and Kolkata, and, subsequently in Tier 2 cities and beyond. We also plan to replicate the
success we have had in our key cities, in cities that we have penetrated but have yet to become the leading pharmacy retailer,
such as Mumbai and Nashik, as well as across Tier 2 cities and beyond in the existing seven states that we are present.

We also intend to enter into one to two new states every year. To establish our presence in new geographies, we intend to use
our cluster based approach and replicable store roll-out process, as well as concurrently develop the required supply chain and
distribution infrastructure, including establishing primary warehouses in these states to serve as distribution hubs, building
fleets of delivery vehicles and hiring delivery personnel. Where new clusters are started in different regions of a state in which
we already have operations, we expect to be able leverage our brand equity in those states to grow these new clusters. We aim
to achieve this at lower incremental cost by leveraging increasing economies of scale, including from our established technology
framework that we can replicate cost-efficiently across the cities we expand into.

Further Develop Our Omni-channel Platform with a Hyperlocal Delivery Model

We plan to further develop our omni-channel platform with the aim to increase online sales revenue contribution to our total
revenue from operations. We intend to leverage our growing store network and focus on deliveries through our growing number
of larger format stores, as they tend to be better stocked and are more closely linked to our supply chain and distribution
infrastructure. We also aim to enhance our delivery infrastructure and to achieve a higher rate of online delivery purchases
reaching our customers within two hours. The 2-hour delivery services were started in the financial year 2021, and recent pilots
in July 2021 have showed promising results where 93% of online delivery purchases were delivered within two hours in select
micro-markets of Hyderabad. We expect to expand our ability to deliver online purchases within two hours of purchase in such
as Mumbai by December 31, 2021.

We aim to leverage (i) our ability to offer competitive prices and high rates of online delivery purchases reaching our customers
within two hours to increase customer stickiness and retention and (ii) our online sales channel as a strategic avenue to increase
the scale of our business and at the same time optimize our profit margins.

Increase Our Share of Private Labels and Enhance Our Stock Keeping Unit (“SKU”) Mix

We generally derive higher gross margins from sales of private label products and we intend to increase the range of private
label products we offer to enable sales of private label products to grow steadily. We believe that we are well-positioned to
purchase and stock more private label products, as we are less constrained by minimum order quantity requirements imposed
by suppliers due to the scale of the purchases we are able to make. This would, in turn, allow us to offer our customers a wider
range of private label products and, hence, potentially increase our customer wallet share and increase our gross margins.

We intend to (i) increase the penetration of our private label pharmaceutical products by introducing private label products for
more therapeutic areas, in particular for sub-chronic and chronic ailments and (ii) introduce new private label products for fast
moving consumer goods (“FMCG”), in particular, in the consumer categories of nutrition and wellness. To increase our sales
of private label products, we also plan to (i) market and advertise our private label products as good quality products offered at
competitive prices and (ii) conduct training of our sales staff and award them with financial incentives for identifying customer
needs and cross-selling our private label products, and continue to support them with our technology framework that provides
them with point-of-sale assistance and prompts.

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