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
We had 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 we are unable to generate adequate revenue growth and manage our expenses, we may continue to incur significant losses.
We may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments, which could hinder the growth of our business and prevent us from achieving expected returns on such acquisitions or investments. Failure to realize the economic benefit of such acquisitions could result in substantial impairment charges.
We have relied on the judgment of our management when ascertaining our funding requirements and the proposed deployment of Net Proceeds. Our 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 our management and Board will have broad discretion over the use of the Net Proceeds. We have not entered into any definitive arrangements to utilize the Net Proceeds of the Offer.
Our results of operations and cash flows are significantly impacted by the operational results and business decisions of our Merchants, the web traffic they are able to generate, and our ability to attract Merchants through online channels, all of which are beyond our control.
We may face challenges in growing our Cross-border business due to our limited experience in such international markets, and will be reliant on our ecosystem partners to grow such business.
We do not have exclusive arrangements with our logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to our competitors, refuse to renew their contracts with us, or expand their offerings to provide the services we offer. Any of the foregoing could have an adverse effect on our business, financial condition, cash flows and results of operations.
We may face 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 our business, financial condition, cash flows and results of operations.
We have incurred negative cash flows from operations, with net cash used in operating activities of Rs.2,159.92 million in Fiscal 2024, while we had 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 our liquidity and prospects.
Our Statutory Auditors have 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 our Fulfilment business, we have entered into lease agreements and warehouse management agreements for the fulfilment centres owned by our customers. Failure 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 our business, financial condition, cash flows and results of operations.
