The Company and Promoter of the company are party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before the court and regulatory authority. Any adverse decision may make it liable to liabilities/penalties and may adversely affect its reputation, business, and financial status.

Its success depends on the company's ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.

The company depends on third parties for the supply of raw materials and does not have firm commitments for supply or exclusive arrangements with any of its suppliers. Loss of suppliers may have an adverse effect on its business, results of operations and financial condition.

The company is dependent on few international suppliers for purchase of raw materials. Loss of any of these suppliers may affect its business operations.

The company depends on its distributors and dealers for its revenue, and any decrease in revenues or sales from any one of its key intermediaries may adversely affect the company's business and results of operations.

Pricing pressure from its customers may adversely affect its gross margin and profitability. Inability to increase its prices, which may have a material adverse effect on the company's results of operations and financial condition.

The company could experience defects, quality issues or disruptions in the supply or increase in prices of components used in its electric vehicles thus increasing material costs and the price of its electric vehicles and impacting the company projected manufacturing, delivery timelines and profitability.

If the company is unable to anticipate, identify, understand and respond timely to rapidly evolving technological and market trends and preferences and develop new products to meet its customers' demands and to adapt to major changes and shifts in the automotive market, its business may be materially adversely affected.

The objects of the Issue include funding working capital requirements of the Company, which is based on certain assumptions and estimates.

If its electric vehicles contain defects, does not perform as per industry standards and/or fails to meet the performance levels as advertised, its brand and reputation and the company ability to develop, market and sell its electric vehicles could be adversely impacted, and the company may be compelled to undertake product recalls or similar corrective actions and face legal actions taken against it.