FORWARD-LOOKING STATEMENTS

This Prospectus contains certain “forward-looking statements”. All statements contained in this Prospectus that are not
statements of historical fact constitute “forward-looking statements”. All statements regarding our expected financial condition
and results of operations, business, plans and prospects are “forward-looking statements”. These forward-looking statements

generally can be identified by words or phrases such as “aim”, “anticipate”, “believe”, “expect”, “estimate”, “intend”, “likely
to”, “seek to”, “shall”, “objective”, “plan”, “project”, “propose” “will”, “will continue”, “will pursue” or other words or phrases
of similar import. Similarly, statements that describe our expected financial condition, results of operations, business, prospects,
strategies, objectives, plans or goals are also forward-looking statements. All forward-looking statements whether made by us
or any third parties in this Prospectus are based on our current plans, estimates, presumptions and expectations and are subject
to risks, uncertainties and assumptions about us that could cause actual results to differ materially from those contemplated by
the relevant forward-looking statement, including but not limited to, regulatory changes pertaining to the retail industry and our
ability to respond to them, our ability to successfully implement our strategy, our growth and expansion, technological changes,
our exposure to market risks, general economic and political conditions, in India and globally, which have an impact on our
business activities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in
interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India
and globally, changes in domestic laws, regulations and taxes and changes in competition in the retail industry, incidence of
natural calamities and/or acts of violence. Important factors that could cause actual results to differ materially from our
expectations include, but are not limited to, the following:

. The extent to which COVID-19 may affect our business and operations in the future is uncertain and cannot be
predicted;

° Changes in prescription drug pricing and commercial terms could adversely affect our operations and financial
performance;

. Non-compliance with and changes in drug and dispensary laws and other applicable regulation, such as the issuance

of show-cause notices;

. Outstanding legal proceedings involving our Company, Subsidiaries, Promoters and our Directors and any adverse
outcome in any of these proceedings may adversely impact our business, reputation, financial condition and results of
operations;

° Changes in our product mix may impact our results of operation;

. Failure to properly manage inventories and anticipate demand may impact our financial performance;

. Failure to meet customer expectations, needs and requirements may harm our brand and reputation, our ability to retain

and grow our customer base and our operating results.

  

Certain information in “Industry Overview”, “Our Business” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations on pages 124, 147 and 283, respectively, of this Prospectus have been obtained from the
report titled “Pharmacy Retail in India”, dated November 19, 2021 prepared by Technopak, which has been commissioned and
paid for by our Company.

For further discussion of factors that could cause the actual results to differ from the expectations, see “Risk Factors”, “Our
Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 29, 147
and 283, respectively. By their nature, certain market risk disclosures are only estimates and could be materially different from
what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been
estimated and are not a guarantee of future performance.

Forward-looking statements reflect current views as of the date of this Prospectus and are not a guarantee of future performance.
There can be no assurance to investors that the expectations reflected in these forward-looking statements will prove to be
correct. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and
not to regard such statements to be a guarantee of our future performance.

These statements are based on our management’s belief and assumptions, which in turn are based on currently available
information. Although we believe the assumptions upon which these forward-looking statements are based on are reasonable,
any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could
be incorrect. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements
and not to regard such statements as a guarantee of future performance. Neither our Company, the Selling Shareholders, our
Promoters, our Directors, the BRLMs nor any of their respective affiliates have any obligation to update or otherwise revise
any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if
the underlying assumptions do not come to fruition. In accordance with the requirements of SEBI, our Company shall ensure
that investors in India are informed of material developments from the date of this Prospectus in relation to the statements and
undertakings made by them in this Prospectus until the time of the grant of listing and trading permission by the Stock
Exchanges for the Offer. Further, each of the Selling Shareholders shall, severally and not jointly, ensure that investors in India
are informed of material developments from the date of the Red Herring Prospectus to this Prospectus in relation to the

27
