and dedicated operations and business development teams at the area, city and state levels that would vet and approve the
opening of new stores.

Our cluster-based expansion approach and replicable store roll-out strategy have allowed us to achieve and maintain attractive
and healthy store level economics. According to the Technopak Report, for the financial year 2021, our average revenue per
store was approximately 215.9 million, as compared to the average revenue per store in the domestic pharmacy retail industry
of approximately 22.3 million. Between April 1, 2018 and September 30, 2021, we opened an aggregate of 1,158 new stores,
and as of March 31, 2021, over 60.0% and 75.0% of our new stores achieved a positive Store Level Operating EBITDA within
the first three months and first six months of operations, respectively. Further, as of September 30, 2021, our Mature Stores had
a median payback period of less than 3 years and demonstrated a compounded average same store sales growth of 8.30% on
maximum retail price (“MRP”) from financial year 2019 to financial year 2021. For the financial year 2021 and the six months
ended September 30, 2021, our Store Level Operating EBITDA Margin for Mature Stores was 11.0% and 11.58%, respectively,
and our Store Level Operating ROCE for Mature Stores for the financial year 2021 was over 60%.

We are the first pharmacy retailer in India to offer an omni-channel platform, according to the Technopak Report. For details,
see “Industry Overview — Competitive Benchmarking — Pharmacy Retail Market — Omnichannel Sales Contribution” on
page 142. Commencing in 2015, our customers could either visit our stores or access our offerings online, through our website
and mobile application. Through this omni-channel model, we seek to (i) deepen and extend our customer reach for each of our
stores, (ii) enhance “convenience” as a core customer value proposition, and (iii) retain customers within our ecosystem.
Accordingly, our customers have multiple options to transact with us, including (a) purchasing products at one of our stores, or
(b) placing an order through a telephone call to receive delivery of their purchased products, or (c) placing an order online to
receive delivery of their purchased products, or (d) “Click and Pick”, by placing an order online and picking up their purchased
products from one of our stores. We started actively focussing on online sales in the financial year 2020. Over the last two
years, revenue from our online sales channel has steadily increased and for the financial years 2020 and 2021 and the six months
ended September 30, 2021 accounted for 6.99%, 8.98%, and 8.44% of our total revenue from operations, respectively. As part
of our focus on “speed” and “convenience” as a customer value proposition for customers who place an order online to receive
delivery of their purchased products, we offer delivery for online purchases in the cities in which we have stores, leveraging
our dense store network for last-mile delivery from our stores. Further, with our wholly-managed and operated last-mile delivery
infrastructure from our stores, we are now able to deliver our customers’ online purchases within two hours of purchase in
select cities of Hyderabad, Bangalore, Chennai, Kolkata, Pune and Nagpur. These services were started in the financial year
2021, and recent pilots conducted 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 cities such as Mumbai by December 31, 2021.

Our business operations across the entire value chain are backward integrated and are wholly-managed and operated by us. Our
operations are supported by our technology-driven supply chain and distribution infrastructure, organized in a hub-and-spoke
model, which we believe provides us with a strong foundation and significant leverage to continue to scale our business. Our
entire business value chain, from sourcing of products, to warehousing, to distribution to our stores, to store operations and
interfacing with customers, and to last mile delivery, is supported by our integrated technology infrastructure, which we have
developed in-house. As of September 30, 2021, we have a primary warehouse, in each of Bangalore, Chennai, Hyderabad,
Vijayawada, Kolkata, Pune, Bhubaneshwar, Mumbai and Nagpur. These warehouses are supported by smaller warehouses in
cities where we have higher store density. These technologically enabled warehouses form hubs for our stores, and our stores’
inventories are replenished through our centralized inventory management system, which is capable of tracking the sales and
inventory levels at our stores and warehouses in real-time. We manage our fleet of vehicles and delivery personnel to facilitate
the transportation of inventory between our warehouses and stores, generally providing for daily inventory replenishment for
our stores located in densely populated metropolitan areas and thrice per week for stores in other cities. Our supply chain is
supported by an algorithm driven automated replenishment and stock picking system that is driven by a real time inventory
analytics platform, which we have developed in-house and refined over the last ten years. We generally procure our inventory
directly from pharmaceutical companies and their carry forward agents, in an effort to reduce commissions and leakages in our
value chain, and offer products at more affordable price points to our customers. Our product offering is enhanced by our
curated selection of private label products, from which we are able to derive higher margins while maintaining quality. We
believe that all of the aforementioned attributes of our technology driven supply chain and distribution infrastructure distinguish
us from other pharmacy retailers.

Our business operations are led by a qualified and experienced management team, comprised of individuals who come from
diverse backgrounds and various fields of expertise, such as medicine, finance, business and technology. The founder,
Managing Director and Chief Executive Officer of our Company, Gangadi Madhukar Reddy, both a doctor and an entrepreneur,
plays an instrumental role in the strategic direction and growth of our business. Our Company’s shareholders include marquee
investors, including Lavender Rose, belonging to the Warburg Pincus group, and affiliates of Premji Invest, and we maintain
strong corporate governance and internal controls.

We have an established track record of delivering strong financial performance. Between financial year 2019 and financial year
2021, our total revenue from operations grew at a compound annual growth rate (“CAGR”) of 16.21% from 22,727.37 million

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