28. We have in the past entered into related party transactions and may continue to do so in the future, which
may potentially involve conflicts of interest with the equity shareholders.

We have entered into transactions with related parties in the past and from, time to time, we may enter into related
party transactions in the future. These transactions principally include remuneration to executive Directors and
Key Managerial Personnel. Pursuant to the lease agreement dated April 30, 2018, entered into by our Company
with our Group Company, Meridian Global Ventures Private Limited (“Meridian”), for our warehouse, our
Company was required to pay = 1.18 million along with applicable taxes as rent every month from May 1, 2018
and the rent was subject to yearly escalation at the rate of five percent. Subsequently, our Company entered into
a new lease agreement dated June 1, 2020, with Meridian for our warehouse, under which our Company was.
required to pay 2 1.31 million along with applicable taxes as rent every month for a period of one year from the
commencement of the agreement, post which the rent is subject to yearly escalation at the rate of eight percent. In
Fiscal 2021, our Company paid 2 18.58 million as rent to Meridian. For further information relating to our related
party transactions, see “Restated Financial Information — Related party disclosure” on page 253. While we believe
that all such transactions have been conducted on an arm’s length basis and in compliance with the provisions of
the Companies Act, 2013, we cannot assure you that we might not have obtained more favorable terms had such
transactions been entered into with unrelated parties.

While we shall endeavour to conduct all related party transactions post listing of the Equity Shares subject to the
Board’s or Shareholders’ approval, as applicable, and in compliance with the applicable accounting standards,
provisions of Companies Act, 2013, as amended, provisions of the SEBI Listing Regulations and other applicable
law, such related party transactions may potentially involve conflicts of interest. The Company will endeavour to
duly address such conflicts of interest as and when they may arise. We cannot assure you that these arrangements
in the future, or any future related party transactions that we may enter into, individually or in the aggregate, will
not have an adverse effect on our business, financial condition, results of operations, cash flows and prospects or
may potentially involve any conflict of interest.

In Fiscal 2019, 2020 and 2021 and in the three months ended June 30, 2020 and June 30, 2021, the aggregate
amount of such related party transactions was % 141.71 million, = 47.58 million, = 43.85 million, = 10.96 million
and & 11.62 million respectively. The percentage of the aggregate value of such related party transactions to our
revenue from operations in Fiscal 2019, 2020 and 2021 and in the three months ended June 30, 2020 and June 30,
2021 was 4.97%, 1.21%, 1.75%, 10.64% and 3.75%, respectively. For further information on our related party
transactions, see “Summary of the Offer Document — Related Party Transactions” on page 19.

29. We operate our Registered Office, and warehouse on a leasehold basis. If we are unable to comply with
the terms of the leases, renew our agreements or enter into new agreements on favorable terms, or at all,
our business, results of operations and financial condition may be adversely affected.

As of September 30, 2021, we operate our Registered Office on leasehold basis, and have one warehouse and
office located in Tirupur, Tamil Nadu on a leasehold basis. Rent and hire charges were 24.08 million, = 25.88
million, = 25.96 million, % 5.64 million and % 6.69 million, or 0.84%, 0.66%,1.04%, 5.47% and 2.16%
respectively, of our revenue from operations, for Fiscal 2019, 2020 and 2021 and in the three months ended June
30, 2020 and June 30, 2021, respectively. Our rent and hire charges, including as a percentage of our revenue
from operations, may increase in the future as we seek to expand our warehousing operations and due to
contractual escalation of rents payable in accordance with the lease agreements entered into by us.

The term of our lease agreements for our offices ranges from three years to 10 years, and the current lease
agreement for our warehouse is valid up to 2030. Further, the warehouse has been leased to our Company from
one of our Group Companies, Meridian Global Ventures Private Limited, in which our Promoters also serve as
directors. For further information, see “ - Certain Promoters and Directors are interested in our Company's
performance in addition to their remuneration and reimbursement of expenses.” on page 35. We cannot assure
you that we will be able to fully comply with all the terms of the lease deed, renew such lease or enter into new
lease in the future, on terms favorable to us, or at all. We are subject to a lock-in provision under majority of our
leases which may restrict our ability to terminate such leases, including in the event the location of the leased
premises is no longer profitable. Further, generally the lessors are entitled to terminate the lease deeds prior to
the end of their tenure including due to our non-compliance with its terms or non-payment of rent for over a
specified period. We may also face the risk of being evicted in the event that our landlords allege a breach on
our part of any terms under these lease/ leave and license agreements and there is no assurance that we will be
able to identify suitable locations to re-locate our operations. Although no such incidents have occurred in the
past, we cannot assure you that such instances will not occur in future.

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