Large, growing and sticky user base with a flywheel effect for growth.
Data driven approach for user segmentation and risk assessment.
Strong technology and AI capabilities enabling scalable and efficient growth
Capital-light model with a diversified network of capital partners
Experienced management team with a track record of building and managing successful businesses.
Proven business model with sustained growth and improving profitability.
The company's success depends on its ability to attract, engages and monetize new and existing users on the company
platform. Any failures to do so could have an adverse impact on its business, financial condition, cash
flows and results of operations.
The company depends on cooperation with its Financial Partners. In the three month periods ended June 30, 2026
and 2025, and Fiscals 2026, 2025 and 2024, the company's top ten Financial Partners contributed to 39.02%,
38.69%, 37.36%, 46.82% and 56.78% of its revenue from operations, respectively. The company's business may
be negatively affected if its Financial Partners does not continue their relationship with the company, which could
have an adverse impact on its business, financial condition, cash flows, results of operations and
prospects.
The sustained success of the Company is closely linked to the continued contributions of its Key
Managerial Personnel, Senior Management Personnel and the company's employees, along with its ability to
attract, retain, and motivate talented individuals. In Fiscal 2026, the company paid a one-time non-recurring
performance-based incentive to its Managing Director and Chief Executive Officer, Puneet Agarwal,
and any inability to effectively manage costs, retention, motivation, or preserve the company organisational
culture and core values during its growth journey, may have an adverse impact on the company's business,
financial condition, cash flows, results of operations and prospects.
The company has witnessed rapid growth in the past three years and may not be able to sustain its historical
growth levels. Further, the company has a limited operating history across some of its products and services.
The company may not be able to sustain its current growth levels in a cost-effective manner, which could adversely
affect the company's business, financial condition, cash flows, results of operations and prospects.
Borrower defaults on loans facilitated through the company's platform may increase its impairment expense and
adversely affect the company's financial performance.
The company Gross Stage 3 Loans comprised 2.72%, 2.58%, 2.74%, 1.88% and 0.94% of its Total Gross Loans
as at June 30, 2026, June 30, 2025, March 31, 2026, March 31, 2025 and March 31, 2024, respectively.
If borrowers default on their repayment obligations, it may lead to increased levels of Gross Stage 3
Loans, and related provisions and write-offs, and if the company does not have sufficient provisioning coverage, the company
may faces an adverse impact on its business, financial condition, cash flows, results of operations and
prospects.
The company's brand is critical to its success. If the company is unable to maintain its brand or reputation, user and
financial partner acceptance of the company's platform could decline which could have an adverse impact on its
business, financial condition, cash flows, results of operations and prospects.
The company's technology-driven user assessment processes may not be able to effectively identify, monitor or
mitigate lending risks, which could have an adverse impact on its business, financial condition, cash
flows, results of operations and prospects.
The company is subject to a stringent regulatory framework that may affect the flexibility of its operations and
increase compliance costs and any regulatory action against the company and its employees may result in
penalties and/or sanctions that could have an adverse effect on the company's business, prospects, financial
condition and results of operations.
The company incurred negative cash flows from operating activities in the three month period ended June 30,
2025, and Fiscals 2026, 2025 and 2024.
