EbixCash Limited IPO

The COVID-19 pandemic has had and may continue to have certain adverse effects on its business, operations, cash flows and financial condition and the continuing impacts of COVID-19 are unpredictable and could be significant, and the extent to which it or the effect of outbreaks of any other severe communicable disease may continue to do so in the future, is uncertain and cannot be predicted.

The company predominantly undertake fee and commission-based activities, and its financial performance maybe adversely affected by an inability to generate income from such activities.

The company relies extensively on its information technology systems and any weakness, disruption or failure insuch systems, or breach of data, could adversely affect its operations and reputation. Further, its success depends on its ability to innovate, upgrade and adapt to new technological advances.

Cybersecurity threats continue to increase in frequency and sophistication. A successful cybersecurity attack could interrupt or disrupt its information technology systems or cause the loss of confidential or protected data, which could disrupt its business, force it to incur excessive costs or cause reputational harm.

Any disruption of its internet connections, including to any third-party cloud providers, could affectthe success of its internet-based products and services and certain parts of its physical distribution.

The company has and will continue to introduce new products and services, and have limited experience inoffering these new products and services, and the company cannot assure you that such products and serviceswill be profitable now or in the future. Further, Its may not be able to successfully diversify its productand services portfolio or enter into new lines of business, which may adversely affect the business prospects and future financial performance. The company may not be able to develop new products or services necessary to effectively respond to rapid technological changes.

The company significantly depend on agents, franchisees, commercial relationships with affiliates andemployees for its product and service distribution network. Changes in its relationships with suchentities, or adverse conditions that affect such entities (such as the current COVID-19 pandemic),could impair their respective operations and therefore their ability to meet their obligations under ouragreements, which in turn could have an adverse effect on its business, results of operations, financial condition and cash flows.

An inability to obtain, renew or maintain its statutory and regulatory permits and approvals required to operate its businesses may adversely affect the business, financial condition, results of operation and cash flows.

Stringent and changing laws and regulations relating to privacy and data protection could result in claims, harm its results of operations, financial condition, and prospects, or otherwise harm the business.

Revenues from its pre-paid gift card business has grown significantly over Financial Year 2021 and the six months ended September 30, 2021. If the growth of its pre-paid gift card business does not continue at the same level, it may adversely affect its business, financial condition, results of operation and cash flows.