18.

19.

20.

We do not own our Registered Office, our Corporate Office and certain material properties and any
revocation of or adverse changes in the terms of our leases may have an adverse effect on our
business, results of operations, cash flows and financial condition.

We have entered into leave and license agreements in respect of our Registered Office with Mr. Ravi B.
Goyal, one of our Promoters and Directors, and Mrs. Anupama R. Goyal, one of our Directors and a
member of the Promoter Group, which are valid until December 9, 2024 and August 15, 2024,
respectively. As of August 31, 2021, we had provided a deposit of = 25.00 million and 2 2.00 million to
Mr. Ravi B. Goyal and Mrs. Anupama R. Goyal, respectively, and the monthly rent currently payable by
us to Mrs. Anupama R. Goyal is 2 0.175 million. We also lease other premises from which we operate,
including our Corporate Office. If any of the owners of these premises revokes the arrangements under
which we occupy the premises or imposes terms and conditions that are unfavourable to us, we may
suffer a disruption in our operations or have to pay increased rent, which could have an adverse effect on
our business, results of operations, cash flows and financial condition.

We may face challenges in operating and maintaining the sites we lease for our Automated Teller
Machines (ATMs) and Cash Recycler Machines (CRMs), which may adversely affect our business,
results of operations, cash flows and financial condition.

Our ATMs and CRMs are typically located at sites leased from various landlords. As of August 31, 2021,
we had approximately 8,000 ATM and CRM sites leased under our outsourcing business. As part of our
ATM and CRM outsourcing and managed services contracts, we are typically responsible for ATM and
CRM site identification, entering into agreements with landlords for leasing these ATM and CRM sites,
making payments for lease and other expenses for such sites and any other obligations that may be
imposed on us under the agreements with our landlords. As such, we enter into, renew and terminate site
lease agreements in the ordinary course of business. In the event that we are unable to carry out our
obligations under the ATM and CRM site lease agreements, our landlords may terminate our lease
agreements and make claims against us, which may adversely affect our business, results of operations,
cash flows and financial condition.

For example, we have received several notices from landlords in connection with the payment of arrears
of rent, outstanding security deposits and damage to property. Certain landlords have also filed
complaints with the police in relation to these demands. Further, certain landlords have in the past
obstructed access to ATMs and CRMs located in properties owned by them and have prevented us from
recovering ATMs, CRMs and related assets (including the cash in the machine) from such premises. For
details, see “Outstanding Litigation and Material Developments” on page 358.

Further, certain of our lease agreements with the landlords for our ATM and CRM sites have not been
registered with local authorities due to considerations outside our control, such as the relevant landlords
not taking the required steps in this regard. Consequently, we may not be able to enforce these leases. We
may also be required to make additional stamp duty payments or otherwise for certain of our lease
agreements with landlords which may be insufficiently stamped, which could have an adverse effect on
our business, results of operations, cash flows and financial condition.

We depend on third parties for certain products and services. Any disruption, deficiency in service or
increase in cost of such services could adversely affect our business, reputation, results of operations,
cash flows and financial condition.

We depend on third parties for a number of products and services, including technology licensors,
payment network providers, transaction processors, cash management agencies, and security and
housekeeping personnel providers. These third parties enable us to provide card authorization, data
capture, cash settlement, cash management and delivery, and maintenance services to our ATMs and our
products and services. See “Our Business — Description of our Business — Our Suppliers and Technology
Partners” on page 173.

We expect we will continue to rely on such third-party providers as we expand our business. These third
parties may undergo insolvency, file for bankruptcy, experience disruptions, provide lower quality
service or increase the prices of their products or services for a number of reasons that are beyond our
control. As a result, we cannot be certain that we will continue to receive satisfactory services or
products on acceptable terms or at all. We have experienced delays in making payments to certain third-
party providers and vendors. For further details, see “— Our business and results of operations could be
adversely affected by any disputes with our employees, customers or vendors. Further, we have
experienced delays in making payments to vendors and of salaries, reimbursements and statutory dues to

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