OUR BUSINESS

Unless otherwise indicated, the industry-related information contained in this section is derived from an
executive summary of a report titled “India ATM Market Outlook to 2026” dated August 2021 (the “Ken ATM
Report”) and a report titled “India Payment Services Market Outlook to 2026” dated August 2021 (the “Ken
Payments Report”, and together with the Ken ATM Report, the “Ken Reports”), both prepared by Ken
Research Private Limited. We commissioned Ken Research Private Limited on July 9, 2021 for the Ken Reports,
and paid for such report for an agreed fee only for the purposes of confirming our understanding of the industry
in connection with the Offer. For further details and risks in relation to commissioned reports, see “Risk
Factors — We have referred to the data derived from two industry reports commissioned and paid for by our
Company from Ken Research which have been used for industry-related data in this Prospectus.” beginning on
page 52.

Unless otherwise stated, all financial information of our Company used in this section has been derived from
our Restated Consolidated Financial Information. Financial information for the five months ended August 31,
2021 is not indicative of full year results and is not comparable with the annual financial statements presented
in this Prospectus. We have included various operational and financial performance indicators in this
Prospectus, many of which may not be derived from our Restated Consolidated Financial Information or
otherwise be subject to an examination, audit or review by our auditors or any other expert. The manner in
which such operational and financial performance indicators are calculated and presented, and the
assumptions and estimates used in such calculations, may vary from that used by other companies in India and
other jurisdictions. For the purposes of this section, for certain analyses we have used historical methodologies
and internal categorizations to enable a consistent representation of our business. Such information may vary
from similar information publicly disclosed by us in compliance with applicable regulations in India. Investors
are accordingly cautioned against placing undue reliance on such information in making an investment
decision, and should consult their own advisors and evaluate such information in the context of the Restated
Consolidated Financial Information and other information relating to our business and operations included in
this Prospectus. Some of the information in this section, including information with respect to our plans and
strategies, contain forward- looking statements that involve risks and uncertainties. You should read the section
entitled “Forward-Looking Statements” on page 22 for a discussion of the risks and uncertainties related to
those statements, and the section entitled “Risk Factors” on page 24 for a discussion of certain risks that may
affect our business, financial condition or results of operations.

Certain non-GAAP financial measures (“Non-GAAP Financial Measures”) relating to our operations and
financial performance have been included in this section and elsewhere in this Prospectus. See “Other
Financial Information” beginning on page 312. We compute and disclose Non-GAAP Financial Measures
relating to our operations and financial performance as we consider such information to be useful measures of
our business and financial performance, and because such measures are frequently used by securities analysts,
investors and others to evaluate the operational performance of financial services businesses, many of which
provide non-GAAP financial measures when reporting their financial results. However, note that Non-GAAP
Financial Measures relating to our operations and financial performance may not be computed on the basis of
any standard methodology that is applicable across the industry and therefore may not be comparable to
financial measures and statistical information of similar nomenclature that may be computed and presented by
other financial services companies. Non-GAAP Financial Measures should be read together with the nearest
GAAP measure.

Unless otherwise indicated, all financial, operational, industry and other related information derived from the
Ken Reports and included herein with respect to any particular year refers to such information for the relevant
financial year.

Overview

We were one of the largest integrated omni-channel payment solutions provider in India in terms of providing
digital and cash-based solutions to banks and corporate clients, as of March 31, 2021 (Source: Ken Payments
Report). We provide customised products and services comprising ATM and CRM outsourcing, cash
management and digital payment solutions including merchant solutions, transaction processing services and
mobile wallets. As of March 31, 2021, we were the second largest company in India in terms of (i) revenue from
ATM managed services under the outsourcing model, and (ii) revenue from cash management and number of
ATMs replenished (Source: Ken ATM Report). As of August 31, 2021, we deployed 221,066 payment terminals
and were one of the largest deployers of POS terminals at petroleum outlets in India, having rolled out IPS at

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