In addition, our growth strategy also includes increased focus on sales through digital channels and digital
marketing efforts. In the event, we are unable to adapt with evolving online channels and the e-tailing market,
it may have an adverse effect on our business.

Our inability to execute our growth strategies in a timely manner, or within budget estimates, or our inability
to meet the expectations of our customers and other stakeholders, could have an adverse effect on our business,
results of operations and financial condition. Our future prospects will depend on our ability to grow our
business and operations. The development of such future business could be affected by many factors, including
general political and economic conditions in India, government policies or strategies in respect of specific
industries, prevailing interest rates and price of equipment and raw materials. Further, in order to manage our
growth effectively, we must implement, upgrade and improve our operational systems, procedures and internal
controls on a timely basis. If we fail to implement these systems, procedures and controls on a timely basis, or
if there are weaknesses in our internal controls that would result in inconsistent internal standard operating
procedures, we may not be able to meet our customers’ needs, hire and retain new employees or operate our
business effectively. Failure to manage growth effectively could have an adverse effect on our business and
results of operations.

24, If we fail to obtain, maintain or renew the licenses, permits and approvals required to operate our business,
or fail to comply with applicable laws, our business, results of operations and financial condition may be
adversely affected.

Our operations, including the manufacturing operations by job workers, are subject to extensive laws and
government regulations. See “Key Regulations and Policies” on page 185. There is a risk that we or such job
workers may inadvertently fail to comply with such regulations, which could lead to enforced shutdowns and
other sanctions imposed by the relevant authorities. We are also subject to laws and regulations governing
relationships with employees, including as to minimum wages and maximum working hours, overtime, working
conditions, hiring and termination of employees, contract labor, work permits, and maintenance of regulatory
and statutory records.

In addition, we are required to obtain and maintain a number of statutory and regulatory permits and approvals
under central, state and local government rules in India, generally for carrying out our business. A majority of these
approvals are granted for a limited duration and require renewal. We have in the past received show cause notices
from local and state authorities in relation to our failure to obtain registration under shops and commercial
establishment legislations of relevant states and our failure to update human resource records in accordance with
applicable laws. Recently, we received a notice dated June 26, 2021 (“Notice”) from the Municipal Corporation of
Gurugram directing us to apply for the business license within seven days of the receipt of the Notice. The Notice
further stated that any commercial activity under the municipal limit of Municipal Corporation, Gurugram, without
obtaining the necessary business license is illegal. While our Company has received the said business license on
August 10, 2021, we cannot assure that we will not receive such notices in future or no adverse action will be taken
against us. While we make all efforts to comply with relevant regulations and currently there are no pending notices
against us, we may, in future, be held liable for any regulatory lapses or non-compliance, and potentially incur
costs or be subject to penalties. Further, while we have applied for some of these approvals, we cannot assure you
that such approvals will be issued or granted to us in a timely manner, or at all. As on the date of this Prospectus,
there are 27 stores which are in operation and for which we are in the process of obtaining trade licenses. We are
also in the process of obtaining professional tax registrations in the states of Punjab, Madhya Pradesh and Odisha.
In states where our leased stores and kiosks are located, we obtain registrations under the respective shops and
commercial establishment acts of those states, wherever enacted or in force. We also obtain trade licenses from the
respective municipal authorities of areas where our leased stores are located and where local laws require such
trade licenses to be obtained. Similarly, for our warehouse in Tirupur, Tamil Nadu, we have obtained a registration
under the Tamil Nadu Shops and Commercial Establishments Acts, 1947 and a no objection certificate from the
Fire and Rescue Services Department, Tirupur. If we do not receive such approvals or are unable to renew the
approvals in a timely manner, our business and operations may be adversely affected.

For details of such approvals, including the approvals and registrations that we have applied for and are pending
renewal or have not applied for see “Government and Other Approvals” on page 346.

If we fail to comply with the laws and regulations governing our operations, or the consents and approvals

granted to us, or fail to apply for and renew such approvals in a timely manner, or at all, we may be involved
and potentially even be held liable in, litigation or other proceedings, incur increased costs, be subject to

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