 

As of September 30, 2021, we had 459 EBOs located in 118 cities, spread across 23 states and union territories in
India. Our EBOs are located in malls, high-street locations and airports, and we enter into leases with property
owners for our EBOs. We endeavour to ensure that the customer experience at all our EBOs is standardized. The
size of our EBOs will range from 300 square feet and 700 square feet with an average of 500 square feet. We have
entered into lease agreements for occupying EBOs which we operate directly. The tenure of our leases generally
ranges from 11 months to nine years which, in certain instances, are renewable subject to mutual agreement. Under
certain lease agreements for our EBOs located in malls and at airports, our Company is required to pay rent which
is a percentage of our revenues or monthly net retail sales or monthly minimum guaranteed amount per square
feet of the store area per month. Our Company is required to make an upfront security deposit and a specified
monthly rental for the duration of the lease, subject to periodic rent escalations at agreed rates. We also employ
the staff at our EBOs and typically have three to four members that manage each EBO which includes a store
manager.

In addition, as of March 31, 2019, 2020 and 2021 and as of September 30, 2021, we operated 30, 25, 15 and 12
kiosks and 10, 11, 11 and 11 EBOs that are operated by our franchisees, based on a franchise agreement entered
with them, respectively.

179
