Profitable and scalable Core Business with Operating Leverage.
Expanding platform network effects driving merchant growth and service adoption.
Leveraging scale to optimize our business performance
Self-serve platform offering enterprise-grade experience drawing organic traffic.
Diversified merchant base minimizing revenue concentration risk.
Full transaction accountability enhancing merchant trust and retention.
AI, data and automation-driven platform for operational efficiency.
Modular and open platform enabling rapid expansion.
Experienced leadership team and strong corporate governance
The company has Restated Loss for the year of Rs.792.45 million, Rs.744.49 million and Rs.5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. If the company is unable to generate adequate revenue growth and manage its expenses, the company may continue to incur significant losses.
The company may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments, which could hinder the growth of its business and prevent it from achieving expected returns on such acquisitions or investments. Failures to realize the economic benefit of such acquisitions could result in substantial impairment charges.
The company has relied on the judgment of its management when ascertaining the company's funding requirements and the proposed deployment of Net Proceeds. Its funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and the company's management and Board will have broad discretion over the use of the Net Proceeds. The company has not entered into any definitive arrangements to utilize the Net Proceeds of the Offer.
The company's results of operations and cash flows are significantly impacted by the operational results and business decisions of its Merchants, the web traffic they are able to generate, and the company's ability to attract Merchants through online channels, all of which are beyond the company's control.
The company may faces challenges in growing its Cross-border business due to the company's limited experience in such international markets, and will be reliant on its ecosystem partners to grow such business.
The company does not have exclusive arrangements with its logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to the company's competitors, refuse to renew their contracts with it, or expand their offerings to provide the services its offer. Any of the foregoing could have an adverse effect on the company's business, financial condition, cash flows and results of operations.
The company may faces challenges expanding into new business verticals or product categories, potentially leading to the incurrence of substantial expenditure and/or delayed returns on investment, which could adversely affect the company's business, financial condition, cash flows and results of operations.
The company has incurred negative cash flows from operations, with net cash used in operating activities of Rs. 2,159.92 million in Fiscal 2024, while the company has positive cash flows from operations, with net cash flows from operating activities of Rs.526.37 million and Rs.18.97 million in Fiscals 2026 and 2025, respectively. Negative cash flows may adversely impact its liquidity and prospects.
The company's Statutory Auditors has reported an emphasis of matter in the auditors' report for Fiscal 2024. Further, there are modifications reported for certain matters specified in the Report on Other Legal and Regulatory Requirements relating to daily backup of books of account and audit trail for Fiscals 2026, 2025 and 2024.
In relation to its Fulfilment business, the company has entered into lease agreements and warehouse management agreements for the fulfilment centres owned by the company's customers. Failures to manage these fulfilment centres in a cost-effective manner and maintain or renew lease agreements or warehouse management agreements on favourable terms may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
