Bundl Technologies Private Limited, Independent Auditors’ Report and Consolidated Financial Statements, year ended March 31, 2022

Summary

The independent auditors' report of BSR & Associates LLP on the consolidated financial statements of Bundl Technologies Private Limited and its subsidiaries as at 31 March 2022, with the statements and notes. The auditors state that the statements give a true and fair view in conformity with the accounting principles generally accepted in India. An Emphasis of Matter paragraph draws attention to Note 14 (g), which indicates that the comparative information for the year ended March 31, 2021 has been restated. A later note states that on July 01, 2022, the Group acquired the dining out platform 'Dineout' from Times Internet Limited in exchange of 18,011,135 equity shares. The signature block for BSR & Associates LLP names Pawan Kejriwal and is dated November 07, 2022, at Bengaluru.

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BSR &Associates LLP

Chartered Accountants

Embassy Golf Links Business Park Telephone +91 80 4682 3000
Pebble Beach, B Block, 3rd Floor Fax +91 80 4682 3999
Off Intermediate Ring Road

Bengaluru 560 071 India

dependent Aucitars Report

To the Members of Bund Technologies Private Limited

Report on the Audit of the Consolidated Financial Statements

We have audited the consolidated financial Statements of Bund! Technologies Private Limited (hereinafter
referred to as the “Holding Company") and its subsidiaries (Holding Company and its subsidiaries together
referred to as “the Group") and its associate, which comprise the consolidated balance sheet as at
31 March 2022, and the consolidated statement of profit and loss (including other comprehensive
income), consolidated statement of changes in equity and consolidated statement of cash flows for the
year then ended, and notes to the consolidated financial Statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as “the consolidated
financial statements’).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid consolidated financial statements give the information required by the Companies Act, 2013
(“Act”) in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the consolidated state of affairs of the Group and its associate, as at
31 March 2022, of its consolidated loss and other comprehensive income, consolidated changes in equity
and consolidated cash flows for the year then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are
independent of the Group and its associate, in accordance with the ethical requirements that are relevant
to our audit of the consolidated financial statements in terms of the Code of Ethics issued by the Institute
of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our Opinion on the consolidated financial
statements.

Emphasis of Matter

a. We draw attention to Note 14 (g) to the consolidated financial statements which indicates that the
comparative information presented as at and for the year ended March 31, 2021 has been restated.
Our opinion is not modified in réspect of this matter.

Other Information

The Holding Company’s Management and Board of Directors are responsible for the other information.
The other information comprises the information included in the Holding Company's directors' report, but
does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial Statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other

Page 1 of 8

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco

8 S R & Associates (a partnership tirm with Regi lon NeneA82226) rlinte 8 S/A|B Astociates LCP Center, Western Express Highway, Goregaon {East}, Mumbai - 400063

{a Limited Liability Partnership with LLP Registration No. AAB - 8182) with effact from October 14, 2013
BSR &Associates LLP

Independent Auditor’s Report (Continued)

Bundl Technologies Private Limited

information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.

Management's and Board of Directors Responsibilities for the Consolidated Financial

Statements

The Holding Company’s Management and Board of Directors are responsible for the preparation and
presentation of these consolidated financial statements in term of the requirements of the Act that give
a true and fair view of the consolidated state of affairs, consolidated profit/ loss and other comprehensive
income, consolidated statement of changes in equity and consolidated cash flows of the Group including
its associate in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective Management and
Board of Directors of the companies included in the group and of its associate are responsible for
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of each company and for preventing and detecting frauds and other irregularities; the selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the consolidated financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error, which have been used for the
purpose of preparation of the consolidated financial statements by the Management and Board of
Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Management and Board of Directors of
the companies included in the Group and of its associate are responsible for assessing the ability of each
company to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the respective Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associate are
responsible for overseeing the financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls with
reference to financial statements in place and the operating effectiveness of such controls.

Page 2 of 8
BSR & Associates LLP

Independent Auditor’s Report (Continued)
Bundl Technologies Private Limited

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management and Board of Directors.

* Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting in preparation of consolidated financial statements and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,
future events or conditions may cause the Group and its associate to cease to continue as a going
concern.

* Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance of the Holding Company and such other entities
included in the consolidated financial statements of which we are the independent auditors regarding,
among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Other Matter

a. The consolidated financial statements include the Group’s share of net loss (and other comprehensive
income) of Rs. 10 million for the year ended 31 March 2022, as considered in the consolidated
financial statements, in respect of one associate, whose financial statement/financial information have
not been audited by us or by other auditors. These unaudited financial statements/ financial
information have been furnished to us by the Management and our opinion on the consolidated
financial statements, in so far as it relates to the amounts and disclosures included in respect of this
associate, and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to
the aforesaid associate, is based solely on such unaudited financial statements/ financial information.
In our opinion and according to the information and explanations given to us by the Management,
these financial statements/financial information are not material to the Group.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory
Requirements below, is not modified in respect of the above matter with respect to the financial
statements/financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 (the Order’) issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in the “Annexure A” a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2 A. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

a. We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated
financial statements.

b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid .
consolidated financial statements have been kept so far as it appears from our examination of \Y

Page 3 of 8
BSR &Associates LLP

Independent Auditor’s Report (Continued)

Bundl Technologies Private Limited

those books.

The consolidated balance sheet, the consolidated statement of profit and loss (including other
comprehensive income), the consolidated statement of changes in equity and the consolidated
statement of cash flows dealt with by this Report are in agreement with the relevant books of
account maintained for the purpose of preparation of the consolidated financial statements.

In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified
under Section 133 of the Act.

On the basis of the written representations received from the directors of the Holding Company
as on 31 March 2022 taken on record by the Board of Directors of the Holding Company and on
the basis of written representations received by the management from directors of its subsidiaries
which are incorporated in India, as on 31 March 2022, none of the directors of the Group
companies incorporated in India is disqualified as on 31 March 2022 from being appointed as a
director in terms of Section 164(2) of the Act.

With respect to the adequacy of the internal financial controls with reference to financial
statements of the Holding Company and its subsidiary companies and the operating effectiveness
of such controls, refer to our separate Report in “Annexure B’,

B. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:

a.

The consolidated financial statements disclose the impact of pending litigations as at
31 March 2022 on the consolidated financial position of the Group and its associate. Refer Note
34 (b) to the consolidated financial statements.

The Group and its associate did not have any material foreseeable losses on long-term contracts
including derivative contracts during the year ended 31 March 2022.

There are no amounts which are required to be transferred to the Investor Education and
Protection Fund by the Holding Company or its subsidiary companies or its associate company
incorporated in India during the year ended 31 March 2022.

d (i) The management has represented that, to the best of it’s knowledge and belief, no funds have

(ii)

been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Holding Company or its subsidiary companies or its associate to
or in any other persons or entities, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:

* directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Holding Company or its subsidiary companies or its
associate (“Ultimate Beneficiaries”) or

* provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

The management has represented that, to the best of it’s knowledge and belief, no funds have
been received by the Holding Company or its subsidiary companies or its associate from any
persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Holding Company or its subsidiary companies or its
associate shall:

* directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or

* provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed that have been considered reasonable and appropriate

in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) above contain any material misstatement.

Page 4 of 8
BSR &Associates LLP

Independent Auditor’s Report (Continued)
Bundl Technologies Private Limited

e. The Holding Company, its subsidiary companies and its associate company have neither
declared nor paid any dividend during the year.
C. With respect to the matter to be included in the Auditor's report under section 197(16):

In our opinion and according to the information and explanations given to us and as referred to in ‘Other
Matters’ paragraph above, the holding company, its subsidiary companies and its associate company are
private limited companies and accordingly the provisions of Section 197 of the Act are not applicable to
the Group and its associate,

ForB SR & Associates LLP
Chartered Accountants
Firm’s Registration No.:116231W/W-100024

Pawan Kejriwal

Partner
Place: Bangalore Membership No.: 064368
Date: 07 November 2022 ICAI UDIN:22064368BCJCRW1462

Page 5 of 8
BSR &Associates LLP

Annexure A to the Independent Auditor's Report on the Consolidated
Financial Statements of Bundl Technologies Private Limited for the year
ended 31 March 2022

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)

(xxi) In our opinion and according to the information and explanations given to us, there are no
qualifications or adverse remarks by the respective auditors in the Companies (Auditor's Report)
Order, 2020 reports of the companies incorporated in India and included in the consolidated
financial statements.

ForBS R & Associates LLP
Chartered Accountants
Firm's Registration No.:116231W/W-100024

Pawan Kejriwal

Partner
Place: Bangalore Membership No.: 064368
Date: 07 November 2022 ICAI UDIN:22064368BCJCRW1462

Page 6 of 8
BSR &Associates LLP

Annexure B to the Independent Auditor’s Report on the consolidated financial
statements of Bundl Technologies Private Limited for the year ended
31 March 2022

Report on the internal financial controls with reference to the aforesaid consolidated
financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act

(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)

In conjunction with our audit of the consolidated financial statements of Bundl Technologies Private
Limited (hereinafter referred to as “the Holding Company”) as of and for the year ended 31 March 2022,
we have audited the internal financial controls with reference to financial statements of the Holding
Company and such companies incorporated in India under the Companies Act, 2013 which are its
subsidiary companies, as of that date.

Management's and Board of Directors’ Responsibilities for Internal Financial Controls

The respective Company's Management and the Board of Directors are responsible for establishing and
maintaining internal financial controls based on the internal financial controls with reference to financial
statements criteria established by the respective company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”). These
responsibilities include the design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to the respective company's policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the
timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the internal financial controls with reference to financial
statements based on our audit. We conducted our audit in accordance with the Guidance Note and the
Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit
of internal financial controls with reference to financial statements. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls with reference to financial statements were
established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls with reference to financial statements and their operating effectiveness. Our audit of
internal financial controls with reference to financial statements included obtaining an understanding of
internal financial controls with reference to financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor's judgement, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the internal financial controls with reference to financial statements.

Meaning of Internal Financial Controts with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of
consolidated financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal financial controls with reference to financial statements include those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable

Page 7 of 8
BSR &Associates LLP

Annexure B to the Independent Auditor’s Report on the consolidated financial
statements of Bundl Technologies Private Limited for the year ended
31 March 2022 (Continued)

assurance that transactions are recorded as necessary to permit preparation of consolidated financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect
on the consolidated financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements,
including the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls with reference to financial statements to future periods are subject to the risk that the
internal financial controls with reference to financial statements may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Holding Company and such companies incorporated in India which are its subsidiary
companies, have, in all material respects, adequate internal financial controls with reference to financial
statements and such interna! financial controls were operating effectively as at 31 March 2022, based on
the internal financial controls with reference to financial statements criteria established by such companies
considering the essential components of such internal controls stated in the Guidance Note.

ForB SR & Associates LLP
Chartered Accountants
Firm’s Registration No.:116231W/W-100024

Pawan Kejriwal

Partner
Place: Bangalore Membership No.: 064368
Date: 07 November 2022 ICAI UDIN:22064368BCJCRW1462

Page 8 of 8
Bundl Technologies Private Limited
Consolidated Balance Sheet as at March 31, 2022

ASSETS
Non-current assets

Property, plant and equipment
Right-of-use assets

Goodwill

Other intangible assets
Investment in an associate

Financial assets
Investments

Other financial assets

Income tax assets

Other non-current assets

Current assets
Inventories
Financial assets

Investments

Trade receivables
Cash and cash equivalents
Bank balances other than cash and cash equivalents above
Other financial assets
Other current assets

Total

EQUITY AND LIABILITIES

Equity

Equity share capital*
instruments entirely equity in nature

Other equity

Non-current liabilities

Financial liabilities
Borrowings

Lease liabilities
Other financial liabilities

Provisions

Current liabilities
Financial liabilities
Borrowings

Lease liabilities
Trade payables
Other financial liabilities

Contract liabilities

Other current liabilities

Provisions

Total

* Amount less than a million as at March 2021, refer note 14 for details.

Significant accounting policies

The accompanying notes are an integral part of the consolidated financial statements

As per our report of even date
for BSR & Associates LLP
Chartered Accountants

ae Number: 116231W/W-100024
*
Pawalt Kejriwal

Partner

Membership No: 064368

Bengaluru
November 07, 2022

for and on behalf of the Board of Directors of

Bundl Technologi

Sriharsha Majety
Director

Sonal Bhandari
Company Secretary
Bengaluru
November 07, 2022

Private Limited

Note

40

11
12
13

10
11
13

14
14
15

16
40
18
20

16
40
17
18
19
21
20

(® in Million)

As at
March 31, 2022

As at
March 31, 2021

3,116 1,387
4,622 4,340
109 1,226
163 514
12,800 -
573 307
1,092 484
246 459
22,721 8,893
177 160
90,680 9,077
11,119 1,654
10,961 5,225
77 1,800
3,199 865
5,123 1,477
121,336 20,258
144,057 29,151
9
155,625 9
(32,965) 17,365
122,669 17,374
: 665
4,087 3,897
186 -
277 184
4,550 4,746
: 253
995 885
9,561 3,477
3,827 877
227 49
1,622 1,051
606 439
16,838 7,031
144,057 29,151

Rahul Bothra
Chief Financial

Officer
Bundt Technologies Private Limited
Consolidated Statement of Profit and Loss for the year ended March 31, 2022

(% in Million)
Nate Year ended Year ended
March 31, 2022 March 31, 2021
Income
Revenue from operations 22 57,049 25,469
Other income 23 4,149 1,290
Total income 61,198 26,759
Expenses
Cost of material consumed 24 511 379
Purchases of stock-in-trade 22,245 5,266
Changes in inventories of stock-in-trade (75) 56
Employee benefits expense 25 17,085 10,853
Finance costs 26 484 729
Depreciation and amortisation expense 27 1,701 2,209
Other expenses 28 53,794 21,902
Total expenses 95,745 41,394
Loss before exceptional items and tax (34,547) (14,635)
Exceptional items 29 (1,732) (1,481)
Loss before share in net loss of associate and tax (36,279) (16,116)
Share in net loss of associate (10) (53)
Loss before tax (36,289) (16,169)
Tax expense, comprising:
Current tax : =
Deferred tax = =
Loss for the year (36,289) (16,169)
Other comprehensive income ("OCI'), net of tax
items that will not be reclassified subsequently to profit or loss:
- Re-measurement gain/ (loss) on defined benefit plans Refer Note 32(b). (23) 22
(23) 22
Total comprehensive loss for the year, net of tax (36,312) (16,147)
Loss per equity share 30 (221) (99)
Basic and Diluted (in %}
Significant accounting policies 2
The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date for and on behalf of the Board of Directors of
for BSR & Associates LLP Bundl Technologies Private Limited
Chartered Accountants
Firm's Registration Number: 116231W/W-100024
Pawan Kejriwal Sriharsha Majety Lakshmi Nandan Reddy Obul Rahul Bothra

Partner Director Director
Membership No: 064368 DIN: 06680073

Chief Financial Officer

Sonal Bhandari

Company Secretary
Bengaluru Bengaluru
November 07, 2022 November 07, 2022
Bundl Technologies Private Limited
Consolidated Statement of Cash Flows for the year ended March 31, 2022

A. Operating activities

Loss before tax

Adjustments to reconcile the loss before tax to net cash flows:
Depreciation and amortisation expense
Fair value gain on financial instruments at fair value through profit or loss (including profit on sale)
Interest income on financial assets carried at amortised cost
Gain on termination of Leases
Impairment loss on property, plant and equipment, goodwill and other intangibles
Write-downs of inventories
Share based payment expense
Loss on disposal / write off of property, plant and equipment
Advances/Deposits written off
Allowances for doubtful debts
Allowances for doubtful advances
Interest on borrowings
Interest on lease liabilities
Interest income
Liabilities written back
Interest on tax refund
Share of loss of associate
Profit on sale of investment in associate

Operating cash flow before working capital adjustments

Working capital adjustments - changes in
Inventories
Trade receivables
Other financial assets
Other assets
Trade payables
Other financial liabilities
Other liabilities
Contract liabilities
Provisions
Cash used in operating activities
Direct taxes paid (net of refund)
Net cash used in operating activities

B. Investing activities
Purchase of investments
Proceeds from sale/ maturity of investments
Purchase of property, plant and equipment and intangible assets
Proceeds fram disposal of property, plant and equipment and intangible assets
Investment in term deposits
Interest received
Payments towards purchase of undertaking on slump sale (refer note 44)
Investment in an associate company
Proceeds from sale of an associate company
Net cash (used in}/ generated from investing activities

<< This space has been intentionally left blank >>

{2 in Million}

Year ended
March 31, 2022

Year ended
March 31, 2021

(36,289) (16,169)
1,701 2,209
(2,548) (602)
(38) (50)
(246) (285)
1,671 1,481
61 -
4,858 2,239
24 131

13 51

104 305

- 16

25 67

444 654
(628) (291)
(27) {50)

(18) .

10 53
(655) :
(31,538) (10,241)
(77) 123
(9,567) (477)
(2,159) (201)
(3,343) 761
6,078 954
1,206 3
571 179
178 :
237 61
(38,414) (8,838)
(590) 47
(39,004) (8,791)
(210,736) (37,044)
118,881 47,147
(2,913) (387)
639 25
1,723 (309)
205 440
(221) :
(16) (19)

837 ‘
(91,601) 9,853
Bundl Technologies Private Limited
Consolidated Statement of Cash Flows for the year ended March 31, 2022

C. Cash flows from financing activities

(2 in Million}

Year ended
March 31, 2022

Year ended
March 31, 2021

Proceeds from issue of equity shares 3 4
Proceeds from issue of instruments entirely equity in nature 139,055 1,635
Payment of principal portion of lease liabilities (617) (785)
Payment of interest portion of lease liabilities (444) (654)
Share issue expenses (709) (25)
Proceeds from short term borrowing - 135
Repayment of borrowings (918) (105)
Interest paid (29) (68)
Net cash flow generated from financing activities 136,341 137
Net increase in cash and cash equivalents (A+B+C) 5,736 1,199
Cash and cash equivalents at the beginning of the period 5,225 4,026
Cash and cash equivalents at the end of the period 10,961 5,225
Components of cash and cash equivalents
Cash in hand
Balances with banks
- In current accounts 6,961 5,225
- In deposit account (with original maturity of 3 months or less) 4,000
Total cash and cash equivalents 10,961 5,225
Reconciliation of liabilities arising from financing activities
Lease liabilities (refer note 40) (% in Million)
As at April 1, 2020 8,033
Cash flows (1,439)
Non cash changes (1,812)
As at March 31, 2021 4,782
Cash flows (1,061)
Non cash changes 1,361
As at March 31, 2022 5,082
Borrowings (refer note 16) (% in Million)
As at April 1, 2020 888
Cash flows 30
Non cash changes -
As at March 31, 2021 918
Cash flows (918)

Non cash changes
As at March 31, 2022

Significant accounting policies (refer note 2)

The accompanying notes are an integral part of the consolidated financial statements

As per our report of even date

for BSR & Associates LLP

Chartered Accountants

Firm's Registration Number: 116231W/W-100024

for and on behalf of the Board of Directors of
Bund Technologies Private Limited

Sriharsha Majety
Director
DIN: 06680073

Pawan Kejriwal
Partner
Membership No: 064368

Director
.~ DIN: 06686145

Sonal Bhandari
Company Secretary
Bengaluru
November 07, 2022

Bengaluru
November 07, 2022
Bund Technologies Private Limited
Notes to the consolidated financial statements

1 Group overview
The Consolidated Financial Information comprise the financial information of Bundl Technologies Private Limited (“The Company" or "Swiggy"), its
subsidiary companies i.e., Scootsy Logistics Private Limited ("Scootsy") & Supr Infotech Solutions Private Limited ("SuprDaily") collectively hereinafter
referred to as ("the Group") and its associate company i.e., Maverix Platforms Private Limited ("Maverix") for the years ended March 31, 2022 and
March 31, 2021,

The Company was incorporated on December 26, 2013 as a private limited company, with its registered office situated at Bengaluru,

The Group is principally engaged in facilitating the food orders and delivery through its own application platform, subscription services to enable
logistics and supply chain in the food e-commerce market. Effective August 2020 the Group is merely a technology platform provider where delivery
partners can provide their delivery services to restaurant partners and consumers through the Swiggy platform.

The Group is also in the business of preparing food in its own kitchen and selling through the aforesaid platform and delivers daily needs like milk,
bread and other items on a pre-subscription model basis to B2C customers and delivery of household items including groceries, fruits and vegetables
in the B2C and B2B segment.

Following companies have been considered in the preparation of the consolidated financial statements:

. . . Country of Effective date % of holding
Name of the entity Nature of relationship . :
incorporation of control March 31, 2022 March 31, 2021
Scootsy Logistics Private Limited Wholly owned subsidiary india Aug 03, 2018 100% 100%
Supr Infotech Solutions Private Limited Wholly owned subsidiary India Sep 27, 2019 100% 100%
Maverix Platforms Private Limited Associate company* India Feb 22, 2019 18.93% 18.93%

* till December 2021

N

Significant accounting policies

=

Statement of compliance and basis of preparation

The Consolidated Financial Statements of the Group comprises of the Consolidated Statement of Assets and Liabilities as at March 31, 2022 and
March 31, 2021 and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), Consolidated Statement of Changes in
Equity and the Consolidated Statement of Cash Flows for the years ended March 31, 2022 and March 31, 2021, Notes to the Consolidated Financial
Statements as at and for the years ended March 31, 2022 and March 31, 2021 (together referred to as ‘Consolidated Financial Statements’).

These Consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as
prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time,
under the historical cost convention on the accrual basis, except for certain financial instruments, defined benefit plans and share based payments
which are measured at fair value or amortised cost at the end of each reporting period, as explained further in the accounting policies below.
Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing
accounting standard requires a change in the accounting policy hitherto in use.

The Consolidated financial statements are presented in Indian Rupee ( % ) which is the functional currency of the Group and all the values are
rounded off to the nearest Million (INR 000,000) except when otherwise indicated.

The Consolidated financial statements are approved and authorised for issue in accordance with a resolution of Board of Directors on November 07,
2022.

The significant accounting policies used in preparation of these Consolidated financial statements have been discussed in the respective notes.

2.2 Basis of consolidation

The Group consolidates the companies which it owns or controls. The Consolidated financial statements comprise the financial statements of the
Company, its subsidiaries and share in profit and loss of associate, as detailed in note 1 above.

Control exists when the parent has the power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and
has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct
relevant activities, those which significantly affects the entity's returns. Subsidiary is consolidated from the date of control commences until the date
control ceases. Associate entity has been considered in the consolidated financial statement as per equity method of consolidation as per Ind AS 28
(refer note 2.12 for details on associate).

The financial statements of Group Companies are consolidated on line by line basis and intra-group balances and transactions including unrealised
gain/ loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting
policies in use at the Group.

The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e.,
year ended on March 31.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.3

2.4

a

b

Business combination and goodwill

The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the
date of acquisition, which is the date on which control is transferred to the Group. The cost of acquisition also includes the fair value of any
contingent consideration. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at
their fair value on the date of acquisition.

Purchase consideration paid in excess of the fair value of net assets acquired is recognised as goodwill. Where the fair value of identifiable assets and
liabilities exceed the cost of acquisition, after reassessing the fair values of the net assets and contingent liabilities, the excess is recognised as capital
reserve.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees and other
professional and consulting fees are expensed as incurred,

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, over the net identifiable assets acquired
and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses
whether it has correctly identified all of the assets acquired and ail of the liabilities assumed and reviews the procedures used to measure the
amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the
aggregate consideration transferred, then the gain is recognised in OC] and accumulated in equity as capital reserve. However, if there is no clear
evidence of bargain purchase, the entity recognises the gain directly in equity as capital reserve, without routing the same through OCI.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit
from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that
the unit may be impaired. If the recoverable amount of the cash generating unit is less than its carrying amount, the impairment loss is allocated first
to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of
each asset in the unit. Any impairment loss for goodwill is recognised in profit or loss. An impairment loss recognised for goodwill is not reversed in
subsequent periods. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the
goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating
unit retained. Goodwill is tested for impairment annually as at March 31 and when circumstances indicate that the carrying value may be impaired.

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations .

Use of estimates, assumptions and judgements

The preparation of the Consolidated Financial Information in conformity with Ind AS requires the management to make estimates, judgements and
assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities on the date of the
Consolidated Financial information and the reported amounts of revenues and expenses for the year reported. Actual results could differ from those
estimates,

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimates are revised and future periods are affected.

Key source of estimation uncertainty as at the date of Consolidated Financial Information , which may cause a material adjustment to the carrying
amounts of assets and liabilities within the next financial year , is in respect of the following

Impairment of investment:

Impairment exists when the carrying value of an asset or cash generating unit (“CGU”) exceeds its recoverable amount, which is the higher of its fair
value less costs of disposal and its value in use, The fair value less costs of disposal calculation is based on available data from binding sales
transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in
use calculation is based on a discounted cash flow (“DCF”) model, and involves use of significant estimates and assumptions including turnover,
earning multiples, growth rates and net margins used to calculate projected future cash flows, risk adjusted discounted rate, future economic and
market conditions.

Fair value measurement of financial instruments
When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active
markets, their fair value is measured using valuation techniques including the DCF model. The policy has been further explained under note 2.13.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.4 Use of estimates, assumptions and judgements (Contd..)
c Defined benefit plans
The cost of the defined benefit gratuity plan and other post-employment benefits and the present value of the gratuity obligation is determined
using actuarial valuation, An actuarial valuation involves making various assumptions that may differ fram actual developments in the future. These
include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date. The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the
management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit
obligation.

The mortality rate is based on publicly available mortality tables. These mortality tables tend to change only at interval in response to demographic
changes. Future salary increases and gratuity increases are based on expected future inflation rates, The assumptions and models used for defined
benefit plan are disclosed in note 32.

d Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which is dependent on
the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the
expected life of the share option, volatility, dividend yield, forfeiture rate and making assumptions about them. The assumptions and models used
for estimating fair value for share-based payment transactions are disclosed in note 33.

e Useful lives of property, plant and equipment
The Group reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in
depreciation expense in future periods.

f Taxes
Significant judgments are involved in determining the provision for income taxes and tax credits including the amount expected to be paid or
refunded. The Group reviews the carrying amount of deferred tax assets at the end of each reporting period. The policy for the same has been
explained under note 2.21.

g Business combination
In accounting for business combinations, judgment is required whether Group has control over the entity acquired. Control is achieved when the
Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee. Specifically, the Group controls an investee if and only if the Group has:

*Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)
*The ability to use its power over the investee to affect its returns.
eExposure or rights to variable return from its involvement with the investee.

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a
majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over
an investee, including:

¢The contractual arrangement with the other vote holders of the investee

®The Group’s voting rights and potential voting rights

®The size of the group’s holding of voting rights relative to the size and dispersion of the haldings of the other voting rights holders.

Right arising from other contractual arrangements.

Leases
The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. identification of a lease requires significant
judgment. The Group uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Group determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if
the Group is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Group is reasonably certain
not to exercise that option. In assessing whether the Group is reasonably certain to exercise an option to extend a lease, or not to exercise an option
to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Group to exercise the option to
extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non-cancellable
period of a lease.

The discount rate is generally based on the incremental borrowing rate to the lease being evaluated or for a portfolio of leases with similar
characteristics.

Impairment of goodwill
A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that
the unit may be impaired.

The impairment indicators, the estimation of expected future cash flows and the determination of the fair value of CGU {including Goodwill) i
the Management to make significant judgements, estimates and assumptions concerning the identification and validation of impai
fair value of assets, revenue growth rates and operating margins used to calculate projected future cash flows, relevant risk-adjus
future economic and market conditions, etc.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.4 Use of estimates, assumptions and judgements (Contd..)
j Provisions and contingent liabilities
The Group estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be
required to settle the obligations. These provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best
estimates. The Group uses significant judgement to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an
outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither
recognised nor disclosed in the Consolidated Financial Information.

2.

Current and Non-current classification
The operating cycle is the time between the acquisition of assets/inputs for processing and their realisation in cash and cash equivalents. The Group
has identified twelve months as its operating cycle.

The Group presents assets and liabilities in the balance sheet based on current/non-current classification.

An asset is treated as current when it is:

> Expected to be realised or intended to be sold or consumed in normal operating cycle

> Held primarily for the purpose of trading

> Expected to be realised within twelve months after the reporting period, or

> Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.

A liability is current when:

> It is expected to be settled in normal operating cycle

> {tis held primarily for the purpose of trading

> It is due to be settled within twelve months after the reporting period, or

> There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
The Group classifies all ather liabilities as non-current.

2.6 Revenue recognition
The Group generates revenue mainly from providing online platform services to partner merchants (including restaurant merchants, grocery
merchants and delivery partners), advertisement services, sale of food and traded goods, subscriptions and other platform services.

Revenue is recognised when control of goods and services is transferred to the customer upon the satisfaction of performance obligation under the
contract at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

Where performance obligation is satisfied over time, Group recognizes revenue over the contract period. Where performance obligation is satisfied
at a point in time, Group recognizes revenue when customer obtains control of promised goods and services in the contract. Revenue is measured
net of taxes.

Order facilitation fee:

Group generates income from partner merchants for facilitating food/grocery ordering and delivery services through its technology platform.

Income generated from partner merchants, for use of its platform related services is recognised when the transaction is completed as per the terms
of the arrangement with the respective partner merchants, being the point at which the Group has no remaining performance obligation.

The fulfilment of the order is the responsibility of partner merchants, accordingly, the gross order value is not recognised as revenue, only the order
facilitation fee to which the Group is entitled is recognised as revenue.

b Delivery income:
Group earned delivery income by providing food/grocery delivery services. Such income was recorded by the Group on gross basis, as fulfilment of
the food/grocery delivery order was responsibility of the Group. Delivery fee was recognised as revenue at the point of order fulfilment.

Effective August 2020, the Group is merely a technology platform provider connecting delivery partners with the Restaurant partners and the
consumers and generates income from Lead generation only.

c Advertisement revenue:
Advertisement revenue is generated from the sponsored listing fees paid by partner merchants and brands. Advertisement revenue is recognized
when a consumer engages with the sponsored listing based on the number of clicks. There are certain contracts, where, in addition to the clicks, the
Group sells online advertisements which is usually run over a contracted period of time. Revenue is presented on a grass basis in the amount billed
to partner merchants as the Group controls the advertisement space.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.6 Revenue recognition (Contd..)

2.

d Onboarding fee:
Partner merchants pay one-time non-refundable fees to join the Group's network. These are recognised on receipt or over a period of time in
accordance with terms of agreement entered into with such relevant partner.

e Subscription fee:
Revenue from the subscription contracts is recognised over the subscription period on a systematic basis in accordance with the terms of agreement
entered into with the customer.

f income from sale of food and traded goods:
Revenue from sale of food and traded goods are recognised when the performance obligations are satisfied i.e. when control of promised goods are
transferred to the customer i.e. when the food or traded goods are delivered to the customer.

g Discounts/ incentives:
The Group provides various types of incentives to consumers to promote the transactions on our platform. Since the Group identified the transacting
consumers as one of our customers for delivery services when the Group is responsible for the delivery services, the incentives offered to transacting
consumers are considered as payment to customers and recorded as reduction of revenue on a transaction by transaction basis. The amount of
incentive in excess of the delivery fee collected from the transacting consumers is recorded as Advertising and marketing expenses.

When incentives are provided to transacting consumers where the Group is not responsible for delivery, the transacting consumers are not
considered customers of the Group, and such incentives are recorded as Advertising and marketing expenses.

h Contract balances
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the
consideration is due). Refer to accounting policies of financial assets in section 2.13 b for initial recognition and subsequent measurement of financial
assets.

Contract liabilities

A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the
related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the
related goods or services to the customer)

i. Other income:

Profit on sale of mutual funds and fair value impact on mark to mark contracts are recognised on transaction completion and or on reporting date as
applicable.

Interest income is recognised using the effective interest method or time-proportion method, based on rates implicit in the transaction.

Dividend income is recognized when the Group’s right to receive Dividend is established.

Property, plant and equipment

Plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase
price, borrowing costs if capitalization criteria are met, directly attributable cost of bringing the plant and equipment to its working condition for the
intended use and cost of replacing part of the plant and equipment.

When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their
specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a
replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in Consolidated Statement of Profit or
Loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective
asset if the recognition criteria for a provision are met.

Gains or losses arising from derecognition of the assets are measured as the difference between the net disposal proceeds and the carrying amounts
of the assets and are recognized in the Consolidated Statement of Profit and Loss when the assets are derecognized.

Capital work in progress:

Amount paid towards the acquisition of property, plant and equipment outstanding as of each reporting date and the cost of property, plant and
equipment not ready for intended use before such date are disclosed under capital work-in-progress. The capital work- in-progress is carried at cost,
comprising direct cost, related incidental expenses and attributable interest. No depreciation is charged on the capital work in progress until the
asset is ready for the intended use.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.8

2.9

2.10

Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination are
measured at fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation
and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related
expenditure is reflected in consolidated statement of profit and loss in the period in which the expenditure is incurred.

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the
intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed
at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits
embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting
estimates

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying
amount of the asset and are recognised in the consolidated statement of profit and loss when the asset is derecognised.

Depreciation and amortisation
Depreciation on property, plant and equipment and amortisation on intangible assets with finite useful lives is calculated on a straight-line basis over
the useful lives of the assets estimated by the management.

The Group has used the following useful lives to provide depreciation on plant and equipment and amortisation of intangible assets:

Asset category Useful lives estimated by the management
Plant and equipment* 5

Office equipment 5

Computer equipment 3

Furniture and fixtures* 5

Leasehold improvements Lower of lease term or useful life
Computer software 5

Non-compete asset 3

Other intangible assets 1-6

* Based on an internal technical evaluation, management believes that the useful lives in the table above are realistic and reflect fair approximation
of the period over which the assets are likely to be used. Hence, the useful lives for these assets is different from the useful lives as prescribed under
part C of Schedule Il of The Companies Act 2013.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at the end of each reporting period and
adjusted prospectively, if appropriate.

Intangible assets with finite lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting
period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are adjusted
prospectively.

Impairment

Impairment of Financial Assets

The Group assesses at the end of each reporting period whether a financial asset or a group of financial assets is impaired. Ind AS 109 (‘Financial
instruments’) requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime expected lasses for all contract
assets and/or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured
at an amount equal to the 12 month expected credit losses or at an amount equal to the lifetime expected credit losses if the credit risk on the
financial asset has increased significantly since initial recognition.
Bundi Technologies Private Limited
Notes to the consolidated financial statements

2.10 Impairment (Contd..)
Impairment of non-financial assets:
Non-financial assets including property, plant and equipment and intangible assets with finite life and intangible assets under development are
evaluated for recoverability whenever there is any indication that their carrying amounts may not be recoverable. If any such indication exists, the
recoverable amount (i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does
not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to
which the asset belongs.

If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced
to its recoverable amount. An impairment loss is recognised in the Consolidated Statement of Profit and Loss. For assets excluding goodwill , an
assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist
or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market
transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used.

A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been
recognised for the asset in prior years. Such reversal is recognised in the Consolidated Statement of Profit and Loss unless the asset is carried at a
revalued amount, in which case, the reversal is treated as a revaluation increase.

A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that
the unit may be impaired. If the recoverable amount of the cash generating unit is less than its carrying amount, the impairment loss is allocated first
to reduce the carrying amount of any goadwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of
each asset in the unit. Any impairment loss for goodwill is recognised in Consolidated statement of profit and loss. An impairment loss recognised for
goodwill is not reversed in subsequent periods.

2.11 Leases
Group as a lessee
The Group’s lease assets primarily consist of leases for buildings. The Group assesses whether a contract contains a lease at the inception of a
contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (i) the
contract involves the use of an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset through the period
of the lease and (iii) the Group has the right to direct the use of the asset.

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The
Group recognises lease liabilities representing obligations to make lease payments and right-of-use assets representing the right to use the
underlying assets,

i) Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The
cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the
commencement date less any lease incentives received and an estimate of costs to be incurred by the lessee in dismantling and removing the
underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of
the lease. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful lives of the assets
whichever is earlier.

(f ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting
policies in section 2.10, Impairment of non-financial assets.

ii { Bengaluru }™
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.11 Leases (Contd..)

ii) Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the
lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease
term reflects the Group exercising the option to terminate, Variable lease payments that do not depend on an index or a rate are recognised as
expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date as the interest
rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or
rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group’s lease
liabilities are included in financial liabilities.

iii) Short-term leases and leases of low-value assets

The Group applies the short-term lease exemption (i.e., those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of assets that are considered to be
low value. Lease payments on short term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.

Group as a lessor

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating
leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the Consolidated Statement
of Profit or Loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease term on the same basis as rental income, Contingent rents are recognised as revenue in
the period in which they are earned.

2.12 Investments in associate
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating
policy decisions of the investee, but is not control or joint control over those policies.

The Group’s investments in its associate is accounted for using the equity method. Under the equity method, the investment in an associate is
initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group's share of net assets of the
associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for
impairment individually,

The statement of profit and loss reflects the Group’s share of the results of operations of the associate. Any change in OCI of those investees is
presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the associate, the Group
recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions
between the Group and the associate is eliminated to the extent of the interest in the associate.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Consolidated
Statement of Profit and Loss.

2.13 Financial instruments
Financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are recognised when the Group becomes a party to the contract that gives rise to financial assets and liabilities,
Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial
assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the
fair value measured on initial recognition of financial asset or financial liability.

a Cash and cash equivalents
The Group considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an
insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and
cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.13 Financial instruments (Contd..)
b Financial assets
Financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument.

Initial recognition and measurement

On initial recognition, a financial asset is recognised at fair value. In case of Financial assets which are recognised at fair value through profit and loss
(FVTPL), its transaction cost is recognised in the statement of profit and loss. In other cases, the transaction cost is attributed to the acquisition value
of the financial asset.

Financial assets are subsequent classified and measured at:
*Amortised cost

Fair value through profit and loss (FVTPL}

Fair value through other comprehensive income (FVOCI)

Financial assets are not reclassified subsequent to their recognition, except during the period the group changes its business model for managing
financial assets.

Financial assets at amortised cost (debt instruments)
The financial asset is measured at the amortised cost if both the following conditions are met:

a)The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal
amount outstanding.

After initia! measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This
category generally applies to trade and other receivables.

Financial assets at FVTPL (Debt instrument)
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as
FVTOCI, is classified as at FVTPL.

in addition, the Group may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL, However,
such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’).

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

Financial assets at FVOCI (Debt instrument)
A debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

a)The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and
b) Contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the
principal amount outstanding

Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Group of similar financial assets) is primarily derecognised (i.e. removed
from the balance sheet) when:

®The rights to receive cash flows from the asset have expired, or
* The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full withor
material delay to a third party under a ‘pass-through’ arrangement; and either

(a)the Group has transferred substantially all the risks and rewards of the asset, or
(b)the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to
what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards
of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing
involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis
that reflects the rights and obligations that the Group has retained.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.13 Financial instruments (Contd..)
c Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost (loans and
borrowings, payables}, as appropriate,

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.

The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.

Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term,

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, only
if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are
recognized in OCI. These gains/ loss are not subsequently transferred to Profit and Loss. However, the Group may transfer the cumulative gain or
loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss. The Group has not designated any
financial liability as at fair value through profit and loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses
are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR, The EIR amortisation is included as
finance costs in the statement of profit and loss.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability, The difference in the respective
carrying amounts is recognised in the statement of profit or loss.

d Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to
offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

2.14 Fair value measurement
In determining the fair value of its financial instruments, the Group uses following hierarchy and assumptions that are based on market conditions
and risks existing at each reporting date.

All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Information are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the Consolidated Financial Information on a recurring basis, the Group determines whether transfers
have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

2.15 Inventories
Inventory is stated at the lower of cost and net realisable value. Cost of inventories comprise of all cost of purchase and other cost incurred in
bringing the inventories to their present location and condition. Cost is determined using weighted average method. Net realisable value is the

wi} Bengaluru
Bund! Technologies Private Limited
Notes to the consolidated financial statements

2.16

2.19

2.20

Borrowing cost

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to
get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing casts are expensed in the period in which
they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also
includes exchange differences to the extent regarded as an adjustment to the borrowing costs

Share issue expenses
Share issue expenses eligible to be capitalised are adjusted with securities premium.

Foreign currency:
Transactions in foreign currencies are initially recorded by the respective entities of the Group at their respective functional currency spot rates, at
the date the transaction first qualifies for recognition,

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting
date, Exchange differences arising on settlement or translation of monetary items are recognised as income or expenses in the period in which they
arise.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the
initial transactions.

Share based payments

The Group measures compensation cost relating to employee stock options plans using the fair valuation method in accordance with Ind AS 102,
Share-Based Payment. Compensation expense is amortized over the vesting period as per graded vesting method, The cost of equity-settled
transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognised,
together with a corresponding increase in employee stock options reserves in other equity, over the period in which the performance and/or service
conditions are fulfitled in employee benefits expense. The cumulative expense recognised for equity-settled transactions at each reporting date until
the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that
will ultimately vest.

When an award is cancelled by the Group or by the counterparty, any remaining element of the fair value of the award is expensed immediately
through the Statement of Profit and Loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share,

Employee benefits

Employee benefits consists of Salaries, wages, bonus, contribution to provident and other funds, share bases payment expense and staff welfare
expense.

Defined contribution plans

The Group’s contributions to defined contribution plans (provident fund) are recognized in Consolidated Statement of Profit and Loss when the
employee renders related service.

Defined benefit plans

Gratuity, which is a defined benefit plan, is accrued based on an independent actuarial valuation, which is carried out based on project unit credit
method as at the balance sheet date, The Group recognizes the net obligation of a defined benefit plan in its Consolidated Balance Sheet as liability.
Actuarial gains and losses through re-measurements of the net defined benefit liability/ (asset) are recognized in other comprehensive income. In
accordance with Ind AS, re-measurement gains and losses on defined benefit plans recognised in OCI are not to be subsequently reclassified to the
Consolidated Statement of Profit and Loss. As required under Ind AS compliant Schedule Il, the Group transfers it immediately to “surplus/(deficit) in
the statement of profit and loss under other equity.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises the following changes in the
net defined benefit obligation as an expense in the Consolidated Statement of Profit and Loss:

-Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

-Net interest expense or income

Short-term employee benefits

Short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised during the year when the
employees render the service. Compensated absences, which are expected to be utilised within the next 12 months, are treated as short-term
employee benefits. The Group measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused
entitlement that has accumulated at the reporting date.

Long-term employee benefits

Compensated absences which are not expected to accur within twelve months after the end of the period in which the employees render the related
services are treated as long-term employee benefits for measurement purpose. Such long-term compensated absences are provided for based on
the actuarial valuation using the projected unit credit method at the year end, less the fair value of the plan assets out of which the obligations are
expected to be settled, Actuarial gains/losses are immediately taken to the Consolidated Statement of Profit and Loss and are not deferred.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.21 Taxes on income

2.2

2.2

N

w

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and deferred tax
are recognised in the Consolidated Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive
income or directly in other equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in
equity, respectively,

Current income tax

Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities
based on the taxable income for that period. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted as at the balance sheet date.

Current income tax relating to items recagnised outside profit or loss is recognised outside profit or loss (either in OCI or in equity).

Deferred income tax

Deferred income tax is recognised using the balance sheet approach, deferred tax is recognized on temporary differences at the balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, except when the deferred income tax
arises from the initial recagnition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting
nor taxable profit or loss at the time of the transaction.

Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilized.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the
liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is
recognised for MAT credit available only to the extent that it is probable that the Group will pay normal income tax during the specified period, i.e,,
the period for which MAT credit is allowed to be carried forward. In the year in which the Group recognizes MAT credit as an asset, it is created by
way of credit to the statement of profit and loss and shown as part of deferred tax asset. The Group reviews the “MAT credit entitlement” asset at
each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.

Provision (other than employee benefits) and contingent liabilities

4 provision is recognized when Group has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation, in respect of which a reliable estimate can be made of the amount of the obligation. If the effect of
time value of money is material, provision is discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. When some or all of the economic
benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset, if it is virtually certain
that reimbursement will be received and the amount of the receivable can be measured reliably.

Provisions for onerous contracts, i.e. contracts where the expected unavoidable costs of meeting obligations under a contract exceed the economic
benefits expected to be received, are recognized when it is probable that an outflow of resources embodying economic benefits will be required to
settle a present obligation as a result of an obligating event, based on a reliable estimate of such obligation.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of
one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an
outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that
cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in the
Consolidated Financial Information.

Earnings/(loss) per share
Basic earnings/{loss) per share is computed by dividing the profit/(loss) after tax attributable to the equity holders of the Group by the weighted
average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend, interest (net of any attributable taxes) other
charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for
deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive
potential equity shares.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

2.24 Segment reporting

2.25

2.26

Operating segment are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Chief
Executive Officer has been identified as the chief decision maker.

The Group identifies primary segments based on the dominant source, nature of risks and returns and the internal organization and management
structure, The operating segments are the segments for which separate financial information is available and for which operating profit/loss
amounts are evaluated regularly by the chief decision maker in deciding how to allocate resources and in assessing performance, the analysis of
geographical segments is based on the areas in which major operating divisions of the Group operate.

The accounting policies adopted for segment reporting are in line with the accounting policies of the Group. Segment revenue, segment expenses,
segment assets and segment liabilities have been identified to the segments on the basis of their relationship to the operating activities of the
segment.

Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors.

Revenue, expenses, assets and liabilities which relate to the Group as a whole and are not allocable to segments on reasonable basis have been
included under “unallocated revenue / expenses / assets / liabilities".

Consotidated statement of cash flow

Cash flows are reported using the indirect method, whereby profit/(loss) for the period is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or
financing cash flows, The cash flows from operating, investing and financing activities of the Group are segregated.

For the purpose of Consolidated Statement of Cash Flows, cash and cash equivalents comprise the total of current portion of cash and cash
equivalents as disclosed in cash and cash equivalent schedule.

Recent accounting pronouncements

The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules,
2022, applicable from April 1st, 2022, below are the amendments which are relevant to the Group. Based on preliminary assessment, the Group
does not expect these amendments to have any significant impact on its Consolidated Financial Statements, The Group has not early adopted any
other standard or amendment that has been issued but is not yet effective.

(i) Ind AS 16 - Property Plant and equipment : The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if
any, shall not be recognized in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property,
plant, and equipment.

{ii) Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets : The amendment specifies that the ‘cost of fulfilling’ a contract comprises the
‘costs that relate directly to the contract’, Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples
would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the
depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

(iii) Ind AS 103 - Business combination: The amendment states that to qualify for recognition as part of applying the acquisition method, the
identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the Framework for the Preparation and
Presentation of Financial Statements in accordance with Indian Accounting Standards issued by the institute of Chartered Accountants of India at the
acquisition date. Therefore, the acquirer does not recognise those costs as part of applying the acquisition method. Instead, the acquirer recognises
those costs in its post-combination financial statements in accordance with other Ind AS.

{iv) Ind AS 109 - Financial Instruments: The amendment clarifies which fees an entity includes when it applies the ‘10 percent’ test of ind AS 109 in
assessing whether to derecognise a financial liability.

(v) Ind AS 116 - Leases : The amendment removes the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve
any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that
illustration.

Impact of COVID -19 (Pandemic)
The Group has taken into account all the possible impacts of COVID-19 in preparation of this consolidated financial statements, including but not
limited to its assessment of, liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenue
recognition, impact on leases etc,

The Group has carried out this assessment based on available internal and external sources of information upto the date of approval of these
consolidated financial statements and believes that the impact of COVID-19 except to the impact already considered in the consolidated financial
Bundl Technologies Private Limited
Notes to the consolidated financial statements

3 Property, plant and equipment

(2 in Million)
Plant and Office Computer Furniture Leasehold Total
equipment equipment equipment and fixtures improvements
Cost
As at April 01, 2020 578 406 901 139 2,545 4,569
Additions 36 34 35 15 90 210
Disposal (1) (27) (77) (13) (107) (225)
As at March 31, 2021 613 413 859 141 2,528 4,554
Additions 38 538 1,284 301 983 3,144
Adjustments - - - (19) 19 -
Acquisition on business combination (refer note 44) 3 - 1 - - 4
Disposal (9) (389) (117) (92) (516) (1,123)
As at March 31, 2022 645 562 2,027 331 3,014 6,579
Depreciation and Impairment
As at April 01, 2020 98 74 380 25 322 899
Charge for the year 111 81 233 26 A406 857
Impairment for the year (Refer note 29.1) 314 143 28 15 981 1,481
Disposal - (11) (33) (3) (23) (70)
As at March 31, 2021 523 287 608 63 1,686 3,167
Charge for the year 29 111 218 35 264 657
Impairment for the year (Refer note 29,2) 2 9 1 10 83 105
Disposal (12) (29) (95) (5) (325) (466)
As at March 31, 2022 542 378 732 103 1,708 3,463
Net block
As at March 31, 2021 90 126 251 78 842 1,387
As at March 31, 2022 103 184 1,295 228 1,306 3,116
Note: Refer note 16 for the details of assets given as collateral for the borrowings.
4 Goodwill and other intangible assets
(% in Million)
Non-
Customer Developed Trade mark Computer .
contracts technology & Others compete software = Goodwill
asset
Cost
As at April 01, 2020 118 13 610 48 22 811 1,226
Additions - 93 - - 93
Disposal : : - - (1) (1) -
As at March 31, 2021 118 106 610 48 21 903 1,226
Additions - - - - - - -
Acquisition on business combination ae 85 4 : a7 109
(refer note 44)
Disposal - - - - (11) (11) -
As at March 31, 2022 118 144 695 62 10 1,029 1,335
Amortisation and impairment
As at April 01, 2020 92 13 81 39 12 237 -
Charge for the year 6 24 110 9 3 152 -
Disposal : - - : - : :
As at March 31, 2021 98 37 191 48 15 389 -
Charge for the year 6 34 100 2 - 142
Disposal - - - - (5) (5) -
Impairment for the year (refer note 43) 14 - 326 - - 340 1,226
As at March 31, 2022 118 71 617 50 10 866 1,226
Net block
As at March 31, 2021 20 69 419 - 6

As at March 31, 2022 - 73 78 12 -
Bundl Technologies Private Limited
Notes to the consolidated financial statements

5

investment in an associate

Non-current

Unquoted - Equity method

Investment in equity & preference shares of an associate
Maverix Platforms Private Limited (refer note below)
(Nil Equity shares of % 10 each, fully paid up (March 31, 2021: 10)
(Nil Series C1 0.01% CCPS of % 20 each, fully paid up (March 31, 2021: 1,476,545)
(Nil Series C3 0.01% CCPS of % 20 each, fully paid up (March 31, 2021: 69,850)
(Nil Series A OCPS 0.01% of = 20 each, fully paid up (March 31, 2021; 38,241)

(%in Million)

As at
March 31, 2022

As at
March 31, 2021

176

176

During the year, the Group has carried out investment through subscription of Series A OCPS amounting to % 16 Million (March 31, 2021 : % 19 Million).
Further, during December 2021, the group has disinvested its entire holding in Maverix Platforms Private Limited by way of sale of all instruments for a
total consideration of % 837 million and recorded a gain of % 655 Million in the statement of profit and loss. (net of loss of 210 million during the

current year)

Investments

Non-current
Unquoted - carried at fair value through other comprehensive income (FVTOCI)
Urbanpiper Technology Private Limited (refer note 6.1)
(1,260 Series B 0.001% Preference shares of % 100 each, fully paid up (March 31, 2021: NA)

Unquoted - carried at amortised cost
Investments in Non-Convertible Debentures(NCDs)}/Bonds
Investments in certificate of deposits

Current
Quoted - carried at fair value through profit or loss (FVTPL)
tnvestments in mutual fund units

Unquoted - carried at amortised cost
Investments in Non-Convertible Debentures(NCDs}/bonds
Investments in certificate of deposits

Details of aggregate amount of quoted, unquoted and impairment of investments:
Aggregate amount of quoted investments and market value thereof

Aggregate amount of unquoted investments

Aggregate amount of impairment in value of investments

{® in Million}

As at
March 31, 2022

As at
March 31, 2021

374
6,476 :
5,950
12,800 :
86,228 7,927
3,700 1,150
90,680 9,077
86,228 7,927
17,850 1,748
598 598

6.1 On March 11, 2022, the Group has acquired 5% of shareholding in Urbanpiper Technology Private Limited ("Urbanpiper") for a total consideration of
% 374 Million. The Compulsory Convertible Preference shares are designated as FVTOCI as they are not held for trading purpose and are not in similar
line of business as the company. Further, disclosing their fair value fluctuation in profit or loss will not reflect the purpose of holding. From the date of

acquisition till March 31, 2022, there is no change in fair value of the investment.

inventories

Raw material

Stock in trade
Less: write-down of stock in trade for the year (refer note 29.3)

(% in Million)

As at
March 31, 2022

As at
March 31, 2021

50
110
Bundl Technologies Private Limited
Notes to the consolidated financial statements

8 Trade receivables

{Carried at amortised cost) (2 in Million)
As at As at
March 31, 2022 March 31, 2021
Current
Unsecured, considered good 11,119 1,654
Trade receivables - credit impaired 493 389
11,612 2,043
Impairment allowance (allowance for bad and doubtful debts}
Trade receivables - credit impaired (493) (389)
11,119 1,654

The allowance for doubtful debts as of March 31, 2022 and March 31, 2021 and changes in the allowance for doubtful debts during the year ended as
of that date are as follows:

As at As at
March 31, 2022 March 31, 2021
Opening balance 389 84
Add: Provision of trade receivables - credit impaired 104 305
Closing balance 493 389

No trade or other receivable are due from directors or other officers of the company either severally or jointly with any other person. Nor any trade or
other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member. Refer note 39(b)(i) for
further details on Trade receivables,

Trade receivables are non - interest bearing and are generally on terms of 0 to 60 days

Trade receivables ageing schedules for the year ended March 31, 2022 and March 31, 2021:

Outstanding as at March 31, 2022 from the due date of payment

Unbilled Less

Particulars 6 months - 1 More than 3 Total
dues than 6 1-2 years 2-3 years
year years
months
(i) Undisputed Trade receivables — 808 10,223 79 9 - - 11,119

considered good

(ii) Undisputed Trade Receivables — - - . - - -

which have significant increase in -
(iit) Undisputed Trade Receivables — 105 6 213 64 16 89 493
credit impaired

(iv) Disputed Trade Receivables - - - - -

considered good

(v) Disputed Trade Receivables - which : - - - - -

have significant increase in credit risk

(vi) Disputed Trade Receivables — - - : - :
credit impaired

Outstanding as at March 31, 2022 from the due date of payment

Unbilled Less

Particulars 6 ths - 1 More than 3 Total
dues than 6 iiialiialle 1-2 years 2-3 years ¢
year years
months
(i) Undisputed Trade receivables — 215 1,404 5 30 - - 1,654

considered good

(ii) Undisputed Trade Receivables — - - - : a
which have significant increase in

(iii) Undisputed Trade Receivables — 80 - 192 29 88 - 389
credit impaired

(iv) Disputed Trade Receivables - - - . ° 7
considered good -

(v) Disputed Trade Receivables - which : - - ; ° s
have significant increase in credit risk

(vi) Disputed Trade Receivables — - = = .
credit impaired
Bundl Technologies Private Limited
Notes to the consolidated financial statements

9 Cash and cash equivalents

(2 in Million)

As at
March 31, 2022

As at
March 31, 2021

Cash in hand
Balances with banks
- In current accounts 6,961 §,225
- Restricted cash held in separate account * - -
- In deposit account (with original maturity of 3 months or less) 4,000 -
10,961 5,225

* The Group maintains online payments received from customers in a separate account. The balance in these accounts as on 31 March 2022 amounting
to 1,590 million (31 March 2021: 655 million) is not recorded within the financial statements, as these are collected on behalf of restaurant partner

merchants and are not balances of the Group.

10 Bank balances other than cash and cash equivalents above

(® in Million)

As at
March 31, 2022

As at
March 31, 2021

Fixed deposit with original maturity greater than 3 months and less than 12 months 11 501
Margin money deposit (refer note 10,1) 66 1,299
77 1,800

11

12

10,1 Represents the margin money deposits with banks as security against the term loan % nil (March 31, 2021; % 625 Million) and security against the
OD/credit card/ bank guarantee facilities = 1,520 Million (March 31, 2021: = 674 Million).

Other financial assets
(Carried at amortised cost) (3 in Million)

As at As at
March 31, 2022 March 31, 2021

Non-current
Unsecured, considered good

Security deposits 573 307
573 307
Current
Unsecured, considered good
Bank deposits with more than 12 months maturity 375 -
Margin money deposit (refer note 10.1) 1,454 -
Security deposits 483 643
Interest receivable 508 85
Balance with delivery partners 147 137
Others 232
3,199 865

Income tax assets
(in Million)

As at As at
March 31, 2022 March 31, 2021

Non-current
Tax deducted at source 1,092 484

1,092 484
Bundl Technologies Private Limited
Notes to the consolidated financial statements

13 Other assets
(® in Million)
As at As at
March 31, 2022 March 31, 2021

Non-current

Capital advances* 157 54
Prepaid expense 89 130
Others** - 275
246 459
Current

Prepaid expense 1,080 280
Advance to suppliers 1,564 264
Employee advances : 4
Balance with statutory and government authorities 2,280 898
Others** 199 31
5,123 1,477

* Net off allowances for doubtful advances of = 16 Million (Mar 31, 2021: % 16 Million).

** Includes = 180 Million as amount paid under protest towards dispute an GST input credit (March 31, 2021 % 275 Million; other non current assets).
During the current year, in the Writ petition filed before the Hon'ble High Court of Karnataka, the Hon'ble Court has decided the matter in favour of the
Group and has directed the department to refund the entire amount to the Group, of which the company has received 2% 95 Million by March 31, 2022.

14 = Share capital
{2 in Million)
As at As at
March 31, 2022 March 31, 2021

Authorised share capital
Equity shares of % 1 each.
2,145,006,000 (March 31, 2021: 500,000) 2,145 a

0.01% compulsorily convertible cumulative preference shares of = 10 each.
Series A - 61,440 (March 31, 2021: 61,440) 1 1
Series B - 85,000 (March 31, 2021: 85,000)
Series C - 111,766 (March 31, 2021: 111,766)
Series D - 29,800 (March 31, 2021: 29,800)
Series E - 102,960 (March 31, 2021: 102,960)
Series F - 80,290 (March 31, 2021: 80,290)
Series G - 118,850 (March 31, 2021: 118,850)
Series H - 247,750 (March 31, 2021: 247,750)
Series | - 47,637 (March 31, 2021: 47,637)
Series |-2 - 1,33,357 (March 31, 2021: 1,33,357)
Series J - 100,238 (March 31, 2021: 97,495)
Series J2 - 123,411 (March 31, 2021: N/A)

ray
BR

0.01% compulsorily convertible cumulative preference shares of % 10,000 each.
Series K - 108,000 (March 31, 2021: N/A) 1,080

0.01% compulsorily convertible cumulative preference shares of = 1,000 each.
Bonus CCPS - 163,105,600 (March 31, 2021: N/A}
163,106
166,343 12

(i) Equity share capital
Issued, subscribed and fully paid-up share capital
Equity share capital* 9 ES
Bund Technologies Private Limited
Notes to the consolidated financial statements

14 Share capital (Contd..)
(R in Million)
As at As at
March 31, 2022 March 31, 2021

(ii) Instruments entirely equity in nature
0.01% compulsorily convertible cumulative preference shares

Series A 1 1

Series B 1 1

Series C 1 1

Series D** -

Series E 1 1

Series F 1 1

Series G 2 2

Series H 2 2

Series | *** a ‘

Series [2 1

Series J 1

Series J2 1

Series K 954

Bonus CCPS 154,659 .
155,625 9

Total issued, subscribed and fully paid-up share capital 155,634 9

* Consists of equity share capital of = 8,562,704 (March 31, 2021: % 104,802)
** Consists CCCPS of = 297,930 (March 31, 2021: = 297,930)
*** Consists CCCPS of = 476,370 (March 31, 2021: = 476,370)

(a) Reconciliation of shares outstanding at the beginning and at the end of the reporting period:
(i) Equity share capital

No of shares a in
As at April 1, 2020* 102,130 -
Issued during the year* 2,672 -
As at March 31, 2021* 104,802 -
Conversion of Bonus CCCPS to equity shares 8,446,200 8
Issued during the year* 11,702 -
As at March 31, 2022 8,562,704 3
* Amount less than a million
(ii) Instruments entirely equity in nature
0.01% compulsorily convertible cumulative preference shares (" CCPS")
As at March 31, 2022 As at March 31, 2021
No of shares pains - No of shares perc a
At the beginning of the year 61,340 1 61,340 1
Issued during the year - - : -
At the end of the year 61,340 1 61,340 1
Series B
At the beginning of the year 84,345 1 84,345 1
Issued during the year - - - -
At the end of the year B4,345 1 84,345 1
Series C
At the beginning of the year 111,766 1 111,766 1
Issued during the year < S - ‘
At the end of the year 111,766 1 111,766 1
Series D
At the beginning of the year* 29,793 - 29,793 -
Issued during the year . FA
At the end of the year* 29,793 - 29,793
Bundl Technologies Private Limited
Notes to the consolidated financial statements

(ii) Instruments entirely equity in nature (Contd..)
0.01% compulsorily convertible cumulative preference shares (" CCPS") (contd..)

As at March 31, 2022 As at March 31, 2021
No of shares AMeUHt in No of shares ee: 7
% Million & Million
Series E
At the beginning of the year 102,956 1 102,956 1
Issued during the year - - - -
At the end of the year 102,956 1 102,956 1
Series F
At the beginning of the year 80,280 1 80,280 al
Issued during the year " = .
At the end of the year 80,280 1 80,280 1
Series G
At the beginning of the year 118,843 2 118,843 2
Issued during the year - P
At the end of the year 118,843 2 118,843 2
Series H
At the beginning of the year 247,714 2 247,714 2
Issued during the year - : -
At the end of the year 247,714 2 247,714 2
Series |
At the beginning of the year* 47,637 - 34,078 -
tssued during the year* - - 13,559 -
At the end of the year* 47,637 - 47,637 -
Series 12
At the beginning of the year - - - -
Issued during the year 133,357 1 - -
At the end of the year 133,357 1 - -
Series J
At the beginning of the year - - -
Issued during the year 100,238 1 - -
At the end of the year 100,238 1 - -
Series J2
At the beginning of the year - - - -
Issued during the year 123,411 1 - -
At the end of the year 123,411 1 - -
Series K
At the beginning of the year - - - -
Issued during the year 95,361 954 - -
At the end of the year 95,361 954 - -
Bonus CCPS
At the beginning of the year - - - -
Issued during the year 163,105,600 163,105 - -
Converted during the year (8,446,200) (8,446) - .
At the end of the year 154,659,400 154,659 - -
Total 155,996,441 155,625 884,674 9

* Amount less than a million
Bundi Technologies Private Limited
Notes to the consolidated financial statements

14 Share capital (Contd..)

(b) Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of % 1 per share (March 31, 2021: % 1). Each holder of equity shares is entitled to one
vote per share. All equity shares rank equally with regard to dividends and share in the Company's residual assets. The company declares and pays
dividends in Indian rupees, The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of
all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders, further, the equity share holders
other than non-investors shall have priority over other equity share holders and will have the same rights as the preference shareholders.

{c) Terms/ rights attached to CCCPS
The Company has twelve classes of 0.01% CCCPS having a par value of % 10 per share (March 31, 2021: % 10) Series A to J-2 CCCPS, one class of 0.01%
Series K CCCPS having a par value of % 10,000 per share (March 31, 2021: NA) and 0.01% Bonus CCCPS having a par value of % 1,000 per share (March
31, 2021: NA}. All CCCPS holders shall carry a cumulative dividend rate of 0.01% per annum on an as If converted basis. tn addition to the same, if the
holders of Equity Shares are paid dividend in excess of 0.01% per annum, the holders of the CCCPS shall be entitled to dividend at such higher rate. Any
dividend proposed by the Board of Directors is subject to shareholders’ approval at the ensuing Annual General Meeting.

Preference shares of all classes of CCCPS rank pari passu except Bonus CCCPS. Bonus CCCPS issued to investors shall rank subordinate to the Series A to J
2 CCCPS & Series K CCCPS but ranks pari-passu to instruments that are outstanding and/or which may be issued by the Company to investors in all
respects including but not limited to voting rights, dividends and liquidation. Bonus CCCPS issued to non-investors shall rank pari passu with their equity
shares issued by the company in all respects including but not limited to voting rights, dividends and liquidation.

All classes of 0.01% CCCPS except Bonus CCCPS and Series K CCCPS are convertible into 1,401 equity shares. Series K 0.01% CCCPS are convertible into
1,376 equity shares. Bonus CCCPS consist of Class A and Class B CCCPS where Class A Bonus CCCPS are convertible into 1 equity share and Class B Bonus
CCCPS are convertible into 1.6 equity shares as per the terms of the respective shares issue.

All CCCPS are compulsorily convertible in whole or part into equity shares before the expiry of nineteen years from the date of issuance. If not converted
earlier voluntarily by the holder thereof, shall automatically convert into Equity Shares at the then applicable CCCPS Conversion Price only in the
following circumstances, (i) in connection with a Qualified IPO, on the latest permissible date prior to the issue of Shares to the public in connection
therewith; or (ii) on the day following the completion of 19 (nineteen) years from the date of issuance of the same.

The holders of 0.01% CCPS shall be entitied to attend meetings of all Shareholders of the Company and entitled to the same number of votes as a holder
of 1 (one) Equity Share, subject to any adjustment, the number of votes associated with each CCPS will change accordingly.

On winding up of the Company, the holders of preference shares will be entitled to receive remaining assets of the Company, after distribution of alt

preferential amounts, in priority to the equity share holders, Equity shares issued upon a conversion shall be fully-paid and free of all liens, charges and
encumbrances.

{d) Details of shareholders holding more than 5% shares in each class of shares of the Company

As at March 31, 2022 As at March 31, 2021
No. % of total No. % of total
Equity shares
Sriharsha Majety 61,125 1% 54,690 52%
Lakshmi Nandan Reddy Obul 24,087 0% 24,690 24%
Rahul Jaimini 18,182 0% 19,690 19%
IIFL Special Opportunities Fund —$ 4,060,098 48% - 0%
SAIF Partners India V Ltd. 1,401,000 16% - 0%
Sushma Anand Jain 847,605 10% - 0%
MIH India Food Holdings B.V 947,076 11% - 0%
Mauryan First 494,553 6% - 0%
Others 708,978 8% 5,732 5%
8,562,704 100% 104,802 100%
Instruments entirely equity in nature
0.01% compulsorily convertible cumulative preference shares ("CCPS")}
Series A
Accel India IV (Mauritius) Ltd. 22,928 37% 22,928 37%
MIH India Food Holdings B.V 18,688 31% 18,688 30%
SAIF Partners India V Ltd. 8,415 14% 8,415 14%
Tencent Cloud Europe B.V. 4,402 7% 4,402 Glee ~
Others 6,907 11% 6,907 ZOOS =ti%

61,340 100% 61,340 //S 200 ;
Bundl Technologies Private Limited
Notes to the consolidated financial statements

14 Share capital (Contd..)
{d) Instruments entirely equity in nature (Contd..)
0.01% compulsorily convertible cumulative preference shares ("CCPS") (Contd..)

As at March 31, 2022 As at March 31, 2021
No. % of total No. % of total
Series B
SAIF Partners India V Ltd. 22,021 26% 22,021 26%
Norwest Venture Partners VII-A-Mauritius 19,669 23% 19,669 23%
Accel India lV (Mauritius) Ltd. 16,840 20% 16,840 20%
MIH India Food Holdings B.V 12,180 15% 12,180 14%
Apoletto Asia Ltd 6,633 8% 6,633 8%
Others 7,002 8% 7,002 8%
B4,345 100% 84,345 100%
Series C
Norwest Venture Partners VIl-A-Mauritius 30,815 28% 30,815 28%
SAIF Partners India V Ltd, 26,572 24% 26,572 24%
Accel India IV (Mauritius) Ltd. 25,955 23% 25,955 23%
Apoletto Asia Ltd 8,515 8% 8,515 8%
MIH India Food Holdings B.V 7,477 7% 7,477 7%
Others 12,432 10% 12,432 11%
111,766 100% 111,766 100%
Series D
MIH India Food Holdings B.V 18,795 63% 18,795 63%
Tencent Cloud Europe B.V. 2,366 8% 2,366 8%
SAIF Partners India V Ltd. 1,997 7% 1,997 7%
Accel India IV (Mauritius) Ltd. 1,853 6% 1,853 6%
Norwest Venture Partners VII-A-Mauritius 1,734 6% 1,734 6%
Others 3,048 10% 3,048 10%
29,793 100% 29,793 100%
Series E
MIH India Food Holdings B.V 80,754 75% 77,215 75%
SAIF Partners India V Ltd. 7,723 8% 7,723 8%
Accel India IV (Mauritius) Ltd. 6,435 6% 6,435 6%
Norwest Venture Partners VII-A (Mauritius) 6,435 6% 6,435 6%
Others 1,609 5% 5,148 5%
102,956 100% 102,956 100%
Series F
MIH India Food Holdings B.V. 48,174 60% 48,174 60%
Inspired Elite Investments Limited 32,106 40% 32,106 40%
80,280 100% 80,280 100%
Series G
MIH India Food Holdings B.V 40,464 34% 40,464 34%
DST EuroAsia V B.V. 40,454 34% 40,454 34%
Coatue PE Asia XI LLC 25,280 21% 25,280 21%
Inspired Elite Investments Limited 12,645 11% 12,645 11%
118,843 100% 118,843 100%
Series H
MIH India Food Holdings B.V. 150,179 61% 150,179 61%
Tencent Cloud Europe B.V. 40,342 16% 40,342 16%
HH BTPL Holdings I! Pte. Ltd. 14,384 6% 14,384 6%
Inspired Elite Investments Limited 11,923 5% 11,923 5%
Others 30,886 12% 30,886 12%
247,714 100% 247,714 100%
Series!
MIH India Food Holdings B.V. 30,170 63% 30,170 63%
Inspired Elite Investments Limited 3,606 7% 3,606 8%
Tencent Cloud Europe B.V. 6,034 13% 6,034 13%
Ark India Food-Tech Private Investment Trust 2,759 6% 2,759 VAS Ce
Others 5,068 11% 5,068 Vice q
47,637 100% 47,637 /// __ 100%’
tl Bengaluru
Bundi Technologies Private Limited
Notes to the consolidated financial statements

14 = Share capital (Contd..)
{d) Instruments entirely equity in nature (Contd..)
0.01% compulsorily convertible cumulative preference shares ("CCPS") (Contd..}

As at March 31, 2022 As at March 31, 2021
No. % of total No. % of total
Series 12
MIH India Food Holdings B.V. 47,071 35% =
INQ Holding LLC 30,170 23%
Alpha Wave Ventures, LP 18,102 14% -
Lathe investment Pte. Ltd. 15,085 11% -
Accel Leaders 3 Holdings (Mauritius) Ltd 13,576 10%
Amansa Investments Ltd 9,051 7% -
Others 302 0% -
133,357 100% - -
Series J
MIH India Food Holdings B.V. 34,413 34% - 7
INQ Holding LLC 13,714 14% - 7
Alpha Wave Ventures, LP 13,714 14% - -
Accel Leaders 3 Holdings (Mauritius) Ltd 8,228 8% - -
CGH AMSIA S.a r.|. (R.C.S. Luxembourg : B184.756) 8,228 8% a -
West Street Global Growth Partners (Singapore) PTE. LTD. 6,396 6% - -
TIMF Holdings 6,857 7% - -
Amansa Investments Ltd 5,485 6% - -
Others 3,203 3% - :
100,238 100% - -
Series J2
SVF II Songbird (DE) LLC 123,411 100%
123,411 100% = «
Series K
OF! Global China Fund LLC 28,844 30% - -
Alpha Wave Ventures, II LP 19,296 20% - -
Baron Emerging Markets Fund 11,578 12% - -
Others 35,643 38% - :
95,361 100% = 5
Bonus CCPS
Sriharsha Majety 85,575,000 55% - -
Lakshmi Nandan Reddy Obul 33,721,800 22% - -
Rahul Jaimini 25,454,800 16% - -
Others 9,907,800 7% - -
154,659,400 100% : .

(e) Shares reserved for issue under options:
The Group has reserved 88,029 (March 31, 2021: 56,726) number of equity shares for issue on exercise of employee stock options, refer note 33 for
details.

(f) During the year, the group has issued and allotted 163,105,600 compulsory convertible preference shares as fully paid up bonus shares (Bonus CCPS)
having face vaiue of Rs.1000 each to the existing shareholders whose names appear in the register of members of the Group as on Dec 31, 2021 such
that for every 1 equity share 1400 Bonus CCPS shares were issued.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

14

(h)

15

Share capital (Contd..)

During financial year 2018-19, the Group had transitioned from IGAAP to Ind AS financial reporting, on transition the Group was required to adopt as per
Ind AS 32 Financial Instruments: Presentation, that requires to classify CCCPS (including premium) as a financial liability as at the respective balance
sheet dates i.e. as at April 01, 2017, March 31, 2018 and March 31, 2019 given that the agreement had a buy back right available to the majority of the
CCCPS holders. However, the Group classified the CCCPS (including premium) as equity in its first Ind AS financial statement as at April 01, 2017, March
31, 2018 and March 31, 2019. Further, the Group did not recognise any gain/ loss in respect of such CCCPS during the year ended March 31, 2018 and
March 31, 2019, As on September 27, 2019, the majority preference shareholders having the ability to trigger the put option irrevocably waived these
rights of buy back. The Group had obtained the legal opinion, which confirmed that based on the above waiver obtained from the majority shareholders,
the buyback clause is neither enforceable nor exercisable, The management had continued to carry the aforesaid preference shares as equity
classification at the respective balance sheet dates and it did not recognise any gain/ loss in respect of such CCCPS during the year ended March 31,
2020. In this regard, the statutory auditors had carried qualified their audit opinion in their independent auditor's report for the year ended March 31,
2019, March 31, 2020 and March 31, 2021, respectively,

During the year, the Group has rectified the aforesaid accounting by considering the financial impact in the latest comparative financial statements,
where the impact of classification of CCCPS as liability as at March 31, 2017, March 31, 2018 and March 31, 2019 and it's subsequent reclassification as
equity effective September 27, 2019, resulting in a net impact of % 106,287 Million has been reclassified from "Retained earnings" to "Securities
Premium".

The following table summaries the impact on balance sheet. There is no impact on Statement of Profit and Loss, on basic or diluted earnings per share
and on total operating, investing or financing cash flows.

As at March 31, Adjustments on
ele , As at March 31,

2021 account of 9021
(Previously extinguishment of (Corrected)
reported) financial liability
a b-a b
Total equity 17,365 - 17,365
Securities premium 98,810 106,287 205,097
Retained earnings (86,170) (106,287) (192,457)
During the year, the Group had issued 6,737 equity shares in the nature of sweat equity shares.
Other equity
(® in Million)
As at As at

March 31, 2022 March 31, 2021

Securities premium
Equity share premium

At the beginning of the year 262 18
Addition during the year, on issue of shares 3 4
Addition during the year, on exercise of share options 2,061 240
2,326 262
Preference share premium
At the beginning of the year (Previously reported) 204,835 95,371
Adjustment pursuant to CCCPS - 106,287
At the beginning of the year after adjustment 204,835 201,658
Addition during the year, on issue of shares 138,099 3,202
Addition during the year, on conversion of CCCPS 8,438 -
Utilised for bonus issue during the year (163,106) -
Share issue expenses incurred during the year (709) (25)
187,557 204,835
189,883 205,097
(8 in Million)
As at As at

March 31, 2022 March 31, 2021

Share based payment reserve

At the beginning of the year 4,725 2,734
Share based payment expense 4,854 2,239
Share option exercised (2,061) (240)
Transfer to retained earning from share based payment reserve (534) (8)
Effect of modification of equity settled share based payment to cash settled payment (1,028) -

5,956 4,725
Bundi Technologies Private Limited
Notes to the consolidated financial statements

15 Other equity (Contd..)
(% in Million)

As at As at
March 31, 2022 March 31, 2021

Retained earnings

At the beginning of the year (Previously reported) (192,457) (70,031)
Adjustment pursuant to CCCPS - (106,287)
At the beginning of the year after adjustment (192,457) (176,318)
Loss for the year (36,289) (16,169)
Re-measurement gain/ (loss) on defined benefit plans (23) 22
Transfer to retained earning from share based payment reserve 534 8
Effect of modification of equity settled share based payment to cash settled payment (569) .
(228,804) (192,457)
Share application money pending allotment*
At the beginning of the year : 1,567
Shares allotted during the year - (1,567)
Total other equity (32,965) 17,365

*Represents share application pending allotment amount received as part of Series | share issue, during the previous year the applicable number of
shares has been allotted to the respective investors.

Nature and purpose of reserves:

Securities premium

Securities premium represents the premium on issue of shares. The reserve can be utilised only for limited purpose such as issue of bonus shares,
utilisation towards the share issue expenses etc. in accordance with the provisions of Companies Act, 2013.

Employee stock options reserve
The employee stock options reserve represents the expenses recognised at fair value on the grant date, on the issue of ESOPs to employees of the
Company and its subsidiary companies, under Bundl ESOP 2015 and 2021 plan.

Retained earnings

Retained earnings are the profits/(loss) that the Group has earned/incurred till date, less any transfers to other reserves, dividends or other distributions
paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to
restated consolidated statement of profit and loss. Retained earnings is a free reserve available to the Group and eligible for distribution to
shareholders, in case where it is having positive balance representing net earnings till date.

16 Borrowings
(Carried at amortised cost)
(2 in Million}

As at As at
March 31, 2022 March 31, 2021

Non-current

Secured
Term loan from financial institution* - 665
- 665

Current

Secured
Term loan from financial institution* - 118
Overdraft from banks** - 135
- 253

*During the year ended March 31, 2020 the Group had availed an Indian currency term loan from HDFC Bank Limited amounting to = 912 Million {out of
the sanctioned limit of = 950 Million}, the joan carried an interest rate of 7.6% p.a (Previous year: 8.6% p.a.,) [MCLR + spread of 0.30 %] and is repayable
in 84 monthly instalments commencing from January 07, 2020. The term loan is primarily secured by fixed assets of Private brands to the extent of 100%
amounting to % 950 Million and collateral security to the extent of 60% by fixed deposits (or 30% by debt mutual fund investments and 30% by fixed
deposits) amounting to 2 570 Million. As on July 07, 2021, the outstanding balance of the term loan has been fully repaid.

** During the year ended March 31, 2021 the Group has availed an Indian currency over draft facility from Yes Bank Limited amounting to = 135 Million
(out of the sanctioned limit of % 200 Million), the loan carries an interest rate of 7.5 % p.a (MCLR + spread of 0.90 %) for a period of 12 months subject to
annual review. The over draft facility is secured by Fixed deposit. As on January 05, 2022, the outstanding balance of overdraft has been fully repaid.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

(Carried at amortised cost)

{2 in Million)

As at
March 31, 2022

As at
March 31, 2021

Current
Outstanding dues of creditors 9,561 3,477
9,561 3,477
Terms and conditions for above financial liabilities:
- Trade payables are non-interest bearing and are normally settled on 30-40 day terms.
- For explanation on Group's liquidity risk management, refer note 39
Outstanding as at March 31, 2022 from the due date of payment
Less than 1
1-2 years 2-3 years More thanks Total
year years
(i) MSME 31 2 0 0 33
(ii) Others 9,366 128 27 7 9,528
(iii) Disputed dues - MSME - - - -
(iv) Disputed dues - Others - - .
Total 9,397 130 27 7 9,561
Outstanding as at March 31, 2021 from the due date of payment
Less than 1
1-2 years 2-3 years Sa Total
year years
(i) MSME 22 - - 22
(ii) Others 3,420 21 11 3 3,455
(iii) Disputed dues - MSME : = = -
(iv) Disputed dues - Others - - - -
Total 3,442 21 11 3 3,477
18 Other financial liabilities
(Carried at amortised cost) {% in Million)
As at As at

Non -Current
Security deposit payable

Current
Payable to merchants
Employee related liabilities
Capital creditors
Security deposit payable
Interest accrued but not due on borrowings
Liability component of Share based payment
Others

March 31, 2022

March 31, 2021

186
186 a
309 354
551 306
424 90
512 110
- 4

1,876 .
156 13

3,827 877
Bundl Technologies Private Limited
Notes to the consolidated financial statements

19 Contract liabilities

Contract liabilities

20 ~~ Provisions

Non-current
Provision for employee benefits
Gratuity (refer note 32(b))

Current
Provision for employee benefits
Gratuity (refer note 32(b))
Compensated absences

21 ~~ Other liabilities

Current
Statutory liabilities
Others

<< This space has been intentionally left blank >>

her Xe,\

(2 in Million}

As at
March 31, 2022

As at
March 31, 2021

227 49
227 49
(in Million)
As at As at
March 31, 2022 March 31, 2021
277 184
277 184
41 20
565 419
606 439
(® in Million)
As at As at
March 31, 2022 March 31, 2021
1,558 770
64 281
1,622 1,051
Bundl Technologies Private Limited
Notes to the consolidated financial statements

22 Revenue from operations

(2 in Million)

Year ended
March 31, 2022

Year ended
March 31, 2021

Sale of services

Income from provision of platform services 34,444 18,789
34,444 18,789
Sale of goods
Sale of food 875 833
Sale of traded goods 20,356 5,174
21,231 6,007
Other operating income 1,374 673
1,374 673
57,049 25,469
Disaggregation of revenue as per {nd AS 115: The entire source of Revenue is in India and the category of revenue is the same as disclosed above.
Timing of rendering of services
(® in Million)
Year ended Year ended

March 31, 2022

March 31, 2021

Revenue from services

Services rendered at a point in time 34,444 18,789
Services rendered over time 1,374 673
35,818 19,462
Revenue from sale of goods
Goods transferred at a point in time 21,231 6,007
21,231 6,007
Total 57,049 25,469
Contract balances
The following table provides information about trade receivables and contract liabilities from customers:
Year ended Year ended
March 31, 2022 March 31, 2021
Trade receivables (refer note 1 below) 11,119 1,654
Contract liabilities (refer note 2 below) 227 49

Notes:

1. Trade receivables are non-interest bearing and generally carries credit period of 0 to 60 days, These include unbilled receivables which primarily

relate to the Group’s rights to consideration for work completed but not billed at the reporting date.

2. Contract liabilities relates to payments received in advance of performance against which amount has been received from customer but services are
yet to be rendered on the reporting date. Contract liabilities are recognized evenly over the period of service, being performance obligation of the

Group.

Changes in contract liabilities during the year ended March 31, 2022 and March 31, 2021 were as follows:

Year ended Year ended
March 31, 2022 March 31, 2021
Balance at the beginning of the year 49 49
Add: Unearned revenue 959 288
Less: Revenue recognised during the year
Out of opening unearned revenue (49) (49)
Out of unearned revenue received during the year (732) (239)
Balance at the end of the year 227 49
The transaction price allocated to the remaining performance obligations as at March 31, 2022 and March 31, 2021.
Year ended Year ended
March 31, 2022 March 31, 2021
To be recognised within one year 227 49
To be recognised in more than one year - -
227 49
Bundl Technologies Private Limited
Notes to the consolidated financial statements

23

24

25

26

27

Other income

{% in Million)

Year ended
March 31, 2022

Year ended
March 31, 2021

Interest Income

- Bank deposits 628 291
- Interest income on financial assets carried at amortised cost 38 50
Fair value gain on financial instruments measured at fair value through profit or loss (including profit on 2,548 602
sale)
Gain on termination of leases 246 285
Profit on sale of investment in associate 655 -
Others 34 62
4,149 1,290
Cost of materials consumed
(in Million)
Year ended Year ended
March 31, 2022 March 31, 2021
Inventory at the beginning of the year 50 117
Add: Purchases of raw material 514 312
Less: Inventory at the end of the year (53) (50)
Cost of material consumed 511 379
Employee benefits expense
( in Million)
Year ended Year ended
March 31, 2022 March 31, 2021
Salaries, wages and bonus 11,454 8,304
Contribution to provident and other fund (refer note 32(a)) 152 151
Share based payment expense® (refer note 33) 5,134 2,239
Staff welfare expenses 345 159
17,085 10,853

*Includes expense pertaining to cash settled share-based payment amounting to % 276 Million (March 31, 2021 : NA) and issue of sweat equity shares

amounting to % 1,508 Million (March 31, 2021 : NA)

Finance costs

(8 in Mitlion)

Year ended Year ended
March 31, 2022 March 31, 2021
Interest on borrowings 25 67
Interest on lease liabilities 444 654
Others * 15 8
484 729
* Includes % 10 Million (March 31, 2021 : = 8 Million) pertaining to interest cost on defined benefit obligations (refer note 32)
Depreciation and amortisation expense
(2 in Million}
Year ended Year ended
March 31, 2022 March 31, 2021
Property, plant and equipment 657 857
Right-of- use assets 902 1,200
Other intangible assets 142 152
1,701 2,209
Bundl Technologies Private Limited
Notes to the consolidated financial statements

23

28.a

28.b

29

29.1

Other expenses

(2 in Million)
Year ended Year ended
March 31, 2022 March 31, 2021
Advertising and marketing expense 18,487 4,610
Communication and technology expense 3,280 2,202
Warehousing and transportation cost 1,395 -
Loss on order cancellation and others (refer note 28.a} 1,564 1,245
Outsourcing support cost (Refer note 28.b) 23,502 10,310
Payment gateway expenses 937 643
Rent expense 397 313
Legal and professional fees 473 244
Payment to auditors 14 12
Travelling and conveyance 380 310
Recruitment expenses 137 39
Repairs and maintenance
- Others 1,222 416
Power and fuel 300 221
Insurance 650 325
Loss on disposal / write off of property, plant and equipment 24 131
Rates and taxes 423 245
Advances/Deposits written off 13 51
Printing and stationery 50 35
Postage and courier 21 10
Bank charges 22 24
Consumables 312 141
Allowances for doubtful debts 104 305
Allowances for doubtful advances 16
Miscellaneous expenses 87 54
53,794 21,902

Loss on order cancellation and others primarily relate ta the cost of orders cancelled by the customers after the orders have been picked up by the
delivery partners from the respective restaurants, wherein the cost is borne by the Group, it also includes cash loss incurred by the Group due to

absconding of the delivery partners with cash.

Outsourcing support cost

Outsourcing support cost for the year ended March 31, 2021 includes delivery charges upto July 2020, where the Group was responsible for the
delivery, Effective August 2020, Group acts as a technology platform provider enabling delivery partners to provide their delivery services to the
restaurant partners and the end consumers (accounting policy refer note 2.6) and therefore any support cost provided to Delivery partners is also
included as outsourcing support cost.

Exceptional items
{® in Million)

Year ended Year ended
March 31, 2022 March 31, 2021

Impairment loss on property, plant and equipment (refer note 29.1 and note 29.2) 105 1,481
tmpairment loss on goodwill and other intangibles (refer note 43) 1,566
Write-downs of inventories to net realisable value (refer note 29.3} 61

1,732 1,481

Due to outbreak of COVID-19 which was recognised as pandemic by World Health Organization (WHO), the Governments of many countries including
India had taken and may continue to take preventive or protective actions, such as imposing country-wide lackdowns, restrictions on travel and
business operations and advising or requiring individuals to limit their time outside of their homes. Temporary closures of businesses had been ordered
and numerous other businesses were temporarily closed on a voluntary basis as well.

The Group's food delivery business was significantly impacted during the first quarter of fiscal 2021 as most restaurant establishments had temporarily
closed operations in response to a government mandated lockdowns and customers were unwilling to order food from restaurants. Similarly, the
Group's revenues from sale of food were severely impacted by the COVID-19 pandemic. While the food delivery business had recovered since
lockdowns eased in India, sale of food business is still recovering. In addition, further government actions and lockdowns to contain the spread of
COVID-19 could adversely impact sale of food business.

With respect to sale of food business, management had evaluated the long term plan and the current situation and decided to dis-continue certain
kitchens considering the profitability, growth and the long term objectives. The management on a conservative basis had assessed the carrying value of
the property, plant and equipments pertaining to non-operational kitchens which includes majorly leasehold improvements, Ki ipments,
Bundl Technologies Private Limited
Notes to the consolidated financial statements

29 Exceptional items (Contd..)

29,2 As per the board meeting held on 25th March 2022, the Group had passed a resolution to discontinue the operations of the subsidiary 'SuprDaily' in 5
out of 6 cities, ie. Mumbai, NCR, Pune, Chennai and Hyderabad. On 12th May 2022, the Group had announced this decision publicly. Pursuant to the
same, the Group has initiated the process of selling the property, plant and equipment and inventory.

IND AS 36 requires the entity to assess at the end of each reporting whether there is any indication that an asset shall be impaired. Considering there is
an internal indicator of impairment, the Group has estimated the recoverable amount of the asset and recognize the impairment as applicable.

29.3 As mentioned in note 29.2, the Group had decided to discontinue SuprDaily's operations in 5 cities and as a result of which the inventories present in
these locations will be sold subsequently. IND AS 2 requires the entity to value the inventories as on closing date at lower of cost or net realisable value,
whichever is lower. On account of closure of operations the entity expects to realise the inventories at lower than their cost price because of which
these will need to be written down to their net realisable value.

< This space has been intentionally left blank >
Bund! Technologies Private Limited
Notes to the consolidated financial statements

30

31

32
(a)

(b)

Loss per share

The following reflects the income and share data used in the basic and diluted loss per share (EPS) computations:

. Year ended Year ended
Particulars
March 31, 2022 March 31, 2021
Nominal value per equity share ( 2) 1 1
Loss attributable to equity shareholders (2 in Million) (36,289) {16,169}
Weighted average number of equity shares for basic EPS (No.) 164,423,067 164,092,740
Loss per share (2) (221) (99)

Note: ESOPs outstanding as at March 31, 2022 and March 31, 2021 are anti-dilutive in nature and accordingly have not been considered for the purpose
of Dilutive EPS.

Income taxes

Reconciliation of tax expense and the accounting profit multiplied by India's domestic tax rate for the year ended March 31, 2022 and March 31,
2021.

(% in Million)
. Year ended Year ended
Particulars
March 31, 2022 March 31, 2021

Accounting profit before income tax (36,289) {16,169}
Tax charge at India's statutory income tax rate of 34.22% (March 31, 2021: 31,20%) - -
income tax expense reported in the consolidated statement of profit and loss - -

Deferred tax

As at year ended March 31, 2022 and March 31, 2021, the Group is having net deferred tax assets primarily comprising of deductible temporary
differences, unabsorbed depreciation and brought forward losses under tax laws. However, in the absence of reasonable certainty as to its realization of
Deferred Tax Assets (DTA), OTA has not been created. The unused tax losses may expire upto 8 years.

As at As at
March 31, 2022 March 31, 2021

Particulars

Deferred tax liability
Impact on business combination - =

Deferred tax assets

Brought Forward losses 98,323 72,071
Unabsorbed Depreciation 7,952 1,652
Other temporary differences 11,261 9,601

117,536 83,324

Recognised in books - -

Employment benefit plans

Defined contribution plan

The Group makes contributions to provident fund, employee state insurance scheme contributions which are defined contribution plans for qualifying
employees. Under the schemes, the Group is required to contribute a specified percentage of the payroll costs to fund the benefits. The Group
recognized % 124 Millian (March 31, 2021: % 129 Million) for provident fund contribution and % 3 Million (March 31, 2021: % 6 Million) for employee state
insurance scheme contribution in the Statement of profit and loss.

Defined benefit plan

The Group offers Gratuity benefit to employees, a defined benefit plan, Gratuity plan is governed by the Payment of Gratuity Act, 1972. The gratuity plan
provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount
equivalent to 15 days basic salary payable for each completed year of service, Vesting occurs upon completion of five continuous years of service.

Disclosure of Gratuity plan as per Ind AS 19

As at As at
March 31, 2022 March 31, 2021

Particulars

A Change in defined benefit obligation

Obligation at the beginning of the year 204 159
Current Service cost 101 71
Interest cost 10 8
Actuarial loss /(gain) (accounted through OCI) 23 (22)
Benefit paid (20) (12)
Obligation at the end of the year 318 204

B Plan assets - —__ -

S 7

CNet liability recognised i
Bundl Technologies Private Limited
Notes to the consolidated financial statements

32 Employment benefit plans (Contd..)
(b} Defined benefit plan (Contd..)

Particulars

As at
March 31, 2022

As at
March 31, 2021

D

Expenses recognised in the statement of profit and loss:
Service cost

Interest cost (net)

Net gratuity cost

Remeasurement (gains)/losses in other comprehensive income
Actuarial (gain)/ loss due to financial assumption changes
Actuarial (gain)/ loss due to experience adjustments

Actuarial (gain)/ loss due to demographic assumptions changes
Total expenses recognised through OCI

Assumptions
Discount rate

Salary escalation rate
Attrition rate
Retirement age (years)
Mortality rate

101 71
10 8
111 79
(11} 5
34 (27)
23 (22)

5.6% - 6.10%
10% - 12%
12%-35%

58

14

4,85% - 5.35%
10% - 12%
12%-35%

58

100% of IALM 2012- 100% of IALM
2012-14

The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors,

benefit obligation such as supply and demand in the employment market.

The weighted average duration of defined benefit obligation is 4 years (March 31, 2021: 4 years)

The expected maturity analysis of gratuity is as follows (Undiscounted basis)

( Zin Million)

Particulars

As at

March 31, 2022

As at
March 31, 2021

Five years pay-outs

0-1 year 41 20
2-5 years 217 132
6-10 years 110 76
> 10 years 62 46
Quantitative sensitivity analysis for significant assumption is shown as below:

. Year ended March 31, 2022 Year ended March 31, 2021
Particulars

Decrease increase Decrease Increase

Effect of change in discount rate ( -/+ 1%) 329 299 216 194
Impact on defined benefit obligation 3% -6% 6% -5%
Effect of change in salary growth rate (-/+ 1%) 300 327 195 215
Impact on defined benefit obligation -6% 3% -4% 5%
Effect of change in attrition assumption (-/+ 50%) 437 250 315 149
Impact on defined benefit obligation 37% -21% 54% -27%
Effect of change in mortality rate (-/+ 10%) 313 313 204 204
Impact on defined benefit obligation -2% -2% 0% 0%
Bundi Technologies Private Limited
Notes to the consolidated financial statements

33. Employee Stock Option Plan (ESOP)
The Group has granted stock options under the employee stock option scheme- Bund! ESOP 2015 plan respectively, as approved by the Board of
Directors and shareholders in the Annual General Meeting of the company, to the eligible employees of the Group. These options would vest generally
over 4 years from the date of grant based on the vesting conditions as per letter of grant executed between the Group and the employee of the Group.
Option vested can be executed at the time of liquidity event as per the provisions outlined in the Bundi ESOP plan 2015, Each option when exercised
would be converted into fourteen hundred and one fully paid-up equity share of INR 1 each of the Group but not exceeding 10,46,23,878* (March 31,
2021: 9,05,50,833) equity shares (after adjusting for the bonus issue).

The Bund! ESOP Plan 2021 has been approved by the Board of Directors of the Group at their meeting held on August 06, 2021 and the shareholders of
the Group by way of Ordinary resolution passed at their Extra Ordinary General meeting held on August 10, 2021 for granting of aggregate 25,370
options which were increased to 30,370 options vide Extraordinary General meeting held on January 03, 2022. The scheme shall be in force until such
time all the Options are granted and Exercised by the eligible employees in accordance with the scheme. Option vested can be executed at the time of
liquidity event as per the provisions outlined in the Bundl ESOP plan 2021. Each option when exercised would be converted into fourteen hundred and
one fully paid-up equity share of INR 1 each of the Group but not exceeding 4,25,48,370* equity shares (after adjusting for the bonus issue).

*During the year , the Group has issued bonus shares in the ratio of 1400:1 to all the existing shareholders whose names appear in the register of
members of the Company as on Dec 31, 2021. Hence each option granted under the above schemes would be eligible for 1,401 equity shares. Also for
the options granted on or after the bonus issues exercise price has been fixed as = 1,401/-.

The following table summarises the movement in stock option granted and weighted average exercise price {WAEP) during the year:

Bundl ESOP 2015 Plan

As at As at

March 31, 2022 March 31, 2021
Outstanding at the beginning of the year 56,726 54,507
Granted 27,995 11,291
Exercised (4,955) (2,656)
Forfeited, expired and surrendered (10,869} (6,416)
Outstanding at the end of the year 68,897 56,726
Exercisable at the end of the year 34,276 26,963

The aforesaid Bundl ESOP 2015 plan carries a weighted average price of INR 1, for all of the above category for all the years

Bundi ESOP 2021 Plan

As at As at
March 31, 2022 March 31, 2021
Outstanding at the beginning of the year - -

Granted 19,955

Exercised -

Forfeited, expired and surrendered (823) -
Outstanding at the end of the year 19,132 -

Exercisable at the end of the year =

Details of weighted average remaining contractual life and range of exercise prices for the options outstanding at the reporting date:

No of equi

7 . a equity Range of exercise Remaining life

Particulars No of options shares arising 7
: price (years)*
out of options

March 31, 2022

Bundl ESOP 2015 Plan 68,897 96,524,697 1-1401 83

Bundl ESOP 2021 Plan 19,132 26,803,932 1-1401 83
March 31, 2021

Bundl ESOP 2015 Plan 56,726 56,726 1 83

*Weighted average remaining contractual life in years.
Bundl Technologies Private Limited
Notes to the consolidated financial statements
33 Employee Stock Option Plan (ESOP) (Contd..)

The Group has used Black Scholes Option Pricing Model. The following table list the inputs to the models used for Bund! ESOP 2015 plan & Bundl
ESOP 2021 plan:

Year ended March 31, 2022

RarHculars Jan 01, 2022 to Oct 01,2021to July 01,2021to Apr 01, 2021 to
Mar 31,2022 Dec 31, 2021 Sep 30, 2021 June 30, 2021
Risk free interest rate 5.95% 5.62% 5.66% 5.47%
Expected life of options granted 5.01 5,01 4,73 4.48
Expected volatility (weighted average) 43.82% 39.33% 39.21% 39.23%
Fair value of the option 232,566 232,563 223,905 211,741
Exercise price 1,401 1 1 1
Year ended March 31, 2021
Particulars Aug 03, 2020 to Apr 01, 2020 to
Mar 31, 2021 Aug 02, 2020
Risk free interest rate 5% 6%
Expected life of options granted 5 4
Expected volatility (weighted average) 49% 48%
Dividend Yield (%)
Fair value of the option 194,170 194,170
Exercise price 1 1

The expected life of stock options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may
occur. The expected volatility reflects assumption that the historical volatility over a period similar to the life of the options is indicative of future trends,
which may also not necessarily be the actual outcome.

During the year ended March 31, 2022, the Group has launched Swiggy Liquidity Program (“SLP” or"Program") to provide liquidity to its eligible
employees subject to certain conditions. As per the program the liquidity is being carried out in two rounds i.e, during July, 22 and July, 23. Liquidity price
would be fair market value (FMV) at the time of liquidity, facilitated by the Group preferably through a secondary market sale or internal company
financed liquidity event. The liquidity event was considered as a modification, considering appropriate assumptions and the fair value on the date of
modification of 21,596 Million is recognized as financial liability with a corresponding adjustment to equity. Subsequent to the Balance Sheet date, the
Group has facilitated the first round of liquidity i.e. during July, 2022 for the eligible employees, accordingly a cost of % 48 Million at the FMV as on March
31, 2022 for 3,363 options pertaining to first raund of liquidity scheme and % 227 Million for 5,725 options pertaining to second round of tiquidity
scheme has been recorded in the financial statements for the year ended March 31, 2022.

34 Commitments and contingencies
{a) Commitments
(i} Estimated amount of contracts remaining to be executed on capital account and not provided for:
As at March 31, 2022, the Group had commitment of % 215 Million (March 31, 2021: % 14 Million) towards the procurement of property, plant and
equipments.

(b} Contingent liabilities (Xin Million)
As at As at
March 31, 2022. = March 31, 2021

Claims against the Group not acknowledged as debts:

Service tax demands (refer note (i) below) 14 14
Legal claim contingencies (refer note (ii) below) 27 26
Income Tax demands (refer note {iii) below) 16 16

57 56

{i) The Group has received demand notice towards the CENVAT credit input availed with respect to exempted income and others, under the provisions of
the Finance Act, 1994 pertaining to the period September 2015 - June 2017. The notice is disputed by the management and the Group has filed a
response against this notice. The Management is of the view that the service tax is exempt on the matters discussed in the notice and there was no
related CENVAT pertaining to exempted income, and is confident that the demands raised by the Assessing Officers are not tenable under law. Pending
the outcome of the aforesaid matter under litigation, no provision has been made in the books to account for these tax demands. No reimbursements
are expected against the aforesaid claims.

{ii) Majorly consists of customer claims through consumer forum relating to quality of service etc. these demands are disputed by the company, and
matters are presently under arbitration with the consumer forum and other arbitral tribunal. The Group has been advised by its legal counsel that it is
only possible, but not probable, that the action will succeed, Accordingly, no provision for any liability has been made in these financial statements. The
trial on these cases are on-going and therefore it is not practicable to state the timing of the payment, if any. No reimbursements are expected against
the aforesaid claims. Other pending cases in which the Group has been made a party are not material in the nature.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

34 Commitments and contingencies (Contd..}
(b) Contingent liabilities (Contd..)

35

<

(iii) In the year ended March 31, 2020, one of the subsidiaries of the Group had received an income tax order for the assessment year 2017-18 in respect
of disallowances of certain expenses and transactions, the order demanding = 16 Million has been raised by the authorities which have been challenged
by the management and have paid an amount of 2 1 Million under protest, Based on the management internal assessment supported by external legal
counsel views believes the expenditures are deductible and is confident that the demands raised by the Assessing Officers are not tenable under the
Income Tax Act, 1961, Pending outcome of the aforesaid matters under litigation, no provision has been made in the books of account towards these tax
demands.

Related party transactions

. Related parties where control exists:

Wholly owned subsidiaries
Scootsy Logistics Private Limited ("Scootsy")
Supr Infotech Solutions Private Limited ("SuprDaily")

Associate company
Maverix Platforms Private Limited (“Maverix") - till December 26, 2021

ii, Related party which have significant influence

MIH India Food Holdings 8.V.(Naspers)

Related parties under Ind AS 24:
Key management personnel

Name Designation Date of appointment Date of resignation
Sriharsha Majety Director and Chief Executive Officer Dec 26, 2013

Lakshmi Nandan Reddy Obul Director Dec 26, 2013

Rahul Jaimini Nominee Director Jan 30, 2015 Nov 18, 2021
Anand Daniel Nominee Director Jul 10, 2015

Mukul Arora Nominee Director Oct 21, 2015 Oct 21, 2021
Jayant Goel Nominee Director Dec 29, 2015 Oct 21, 2021
Ashutosh Sharma Nominee Director Jun 21, 2017

Lawrence Charles IIlg Nominee Director Mar 21, 2019

Daniel Joram Brody Nominee Director May 08, 2020 Nov 15, 2021
Zhu Wengian Nominee Director May 20, 2020 Oct 29, 2021
Rahul Bothra Chief Financial Officer Sep 1, 2017

Vivek Sunder Chief Operating Officer Jul 02, 2018 Sep 30, 2021
Sumer Juneja Nominee Director Jul 28, 2021

Sonal Bhandari Company Secretary Jan 03, 2022

iv. Details of transactions with the related parties:

Year ended Year ended

Particulars
March 31, 2022 March 31, 2021

. Transactions with associate

Capital infusion into the Company
Maverix 16 19

16 19

. Transactions with key managerial personnel:

(i) Remuneration to key management personnel

Short-term employee benefits 80 115
Post-employment benefits 4 1
Share-based payment 1,785 155
1,869 271

(ii) Issue and allotment of bonus CCPS shares to key managerial personnel 119,297 -
119,297 -

. Details of balance receivable from and payable to related parties are as follows:

As at As at

Particulars
March 31, 2022 March 31, 2021

. Salary and perquisites payable to key managerial personnel: s 13

All the above related party transactions are carried at arm's length price.
Bundi Technologies Private Limited
Notes to the consolidated financial statements

36 Segment reporting
The Group has identified business segments as its primary segment. Business segments are primarily (i) Market place services for food ordering and
delivery segment which provides a single window for ordering from a wide range of restaurants and delivers the same to the customers, (ii) Private
brands engaged in preparing food in its own kitchen and selling the food to the end customers. (iii} B2B business engaged in trading of FMCG goods.
Transfer pricing between operating segments is on arm's length basis in a manner similar to transactions with third parties.

A Segment results

Year ended March 31, 2022

(2 in Miltion)

Particulars Market place Private brands B2B Inter segment Total
adjustments
Revenue from operations 34,838 875 21,478 (142) 57,049
Operating expenses : (653) (22,170) 142 (22,681)
Other expenses (65,065) (1,369) (6,146) - (72,580)
Segment operating income (30,227) {1,147) (6,838) - (38,212)
Unallocable income 4,149
Unallocable expenses
Finance costs (484)

Loss before exceptional items and tax (34,547)
Exceptional items (1,732)
Loss before share in net profit / (loss) of associate (36,279)
Share in net loss of associate (10)
Loss before tax (36,289)
Tax expense :
Net loss for the year {36,289)
Year ended March 31, 2021

(Rin Million)
Particulars Market place Private brands B2B waice segment Total

adjustments
Revenue from operations 19,437 660 5,518 (146) 25,469
Operating expenses - (525) (5,322) 146 (5,701)
Other expenses (27,231) {4,469} (3,264) - (34,964)
Segment operating income (7,794) (4,334) (3,068) - (15,196)
Unallocable income 1,290
Unallocable expenses
Finance costs (729)

Loss before exceptional items and tax (14,635)
Exceptional items (1,481)
Loss before share in net profit / (loss) of associate (16,116)
Share in net loss of associate (53)
Loss before tax (16,169}
Tax expense -
Net loss for the year (16,169)
Segment assets and liabilities

(in Million)

As at March 31, 2022 As at March 31, 2021
Particulars Market Private Others Total Market place Private brands Others Total
place brands

Segment assets 12,457 2,443 14,639 29,539 7,432 3,324 2,293 13,049
Unallocable assets 114,518 16,102
Total 144,057 29,151
Segment liabilities 12,868 2,562 5,958 21,388 6,901 4,015 861 11,777

Unallocable liabilities - -
Total 21,388 11,777
Bundl Technologies Private Limited
Notes to the consolidated financial statements

37 Capital Management

For the purpose of Group's capital management, capital includes subscribed capital (equity and preference), securities premium and all other equity
reserves attributable to the owners of the Group. The Primary objective of the Group's capital management is to safeguard the Group's ability to
continue as a going concern in order to finance the sustained growth in the business and to protect the shareholders value.

The Group is predominantly equity financed, which is evident from the capital structure below. The Group determines the capital requirement based on
annual operating plans and long-term and other strategic investment plans. The funding requirements are met through equity and operating cash flows

generated, The Group is not subject to any externally imposed capital requirements.

The capital structure and key performance indicators of the Group as at year end is as follows: ( 2 in Million)
. As at As at
Particulars March 31,2022 March 31, 2021
| Debt to equity position:
A Total equity attributable to the shareholders of the Group 122,669 17,374
B Borrowings:
Non-current borrowings - 665
Short term borrowings 253
Total borrowings = 918
C Total capital (A+B) 122,669 18,292
D Debt to equity ratio (%) (B/A) 0% 5%
E Total borrowings as a % of total capital (B/C) 0% 5%
F Total equity as a % of total capital (A/C) 100% 95%
i] Cash position:
Cash and cash equivalents 10,961 5,225
Other balances with banks 77 1,800
Investment in money market instruments 103,106 9,077
114,144 16,102
38 Financial instruments - category and fair value hierarchy
The carrying value and the fair value of the financial instruments by categories is as follows:
As at As at

Particulars Note March 31, 2022. March 31, 2021

Financial assets measured at amortised cost:

Trade receivables 38.1 11,119 1,654
Security deposits 38.2 1,056 950
Investments in Non-Convertible Debentures(NCDs}/Bonds 38.4 7,228 -
Investments in certificate of deposits 38.4 9,650 1,150
Interest receivable 38.1 508 85
Balance with delivery partners 38.1 147 137
Other receivables 38.1 232 -
29,940 3,976
Financial assets measured at fair value through profit and loss 38.4
Investments in liquid mutual fund units 86,228 7,927
86,228 7,927
Cash and cash equivalents and other balances with banks 38.3
Cash in hand . =
Balances with banks 6,961 5,225
Deposits with banks (including margin money deposits) 5,906 1,800
12,867 7,025
Financial liabilities measured at amortised cost
Term loan from financial institutions (including current maturities) 38.2 - 665
Overdraft from banks 38.2 : 135
Trade payables 38.1 9,561 3,477
Lease liabilities 38.2 5,082 4,782
Other financial liabilities 38.1 4,013 877

18,656 9,936
Bundl Technologies Private Limited
Notes to the consolidated financial statements

38

39

Financial instruments - category and fair value hierarchy (Contd..}
Fair value hierarchy
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted price included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices)

Level 3 Inputs for the assets and liabilities that are not based on observable market data (unobservable inputs)
38.1 The carrying value of these financial assets and liabilities in the financial statements are considered to be the same as their fair value, due to their
short term nature.

38.2 The carrying value of these financial assets and liabilities in the financial statements are carried at amortised cost, to achieve a constant effective
rate of interest over their respective lives,

38.3 These accounts are considered to be highly liquid / liquid and the carrying amount of these are considered to be the same as their fair value.

38.4 Fair value hierarchy of assets and liabilities carried at fair value on recurring basis is as follows:

(2 in Million)
. Fair value measurement at the end of the reporting
Particulars Balance .
period

Assets Level 1 Level 2 Level 3
As at March 31, 2022

Investments in liquid mutual fund units 86,228 86,228 -

86,228 86,228 = -

As at March 31, 2021

Investments in liquid mutual fund units 7,927 7,927

7,927 7,927 -

Financial risk management
The Group ts exposed to various financial risks majorly Credit risk, Liquidity risk and Market risk and Equity price risk. The Group's senior management
oversees the management of these risks with an objective to minimise the impact of these risks based on charters and (in)formal policies.

. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in
the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market
changes.

The Group's exposure to foreign currency exchange rate risk is very limited, as the Group doesn't have any significant foreign exchange transactions.
Further, the Group's investments are primarily in fixed rate interest bearing investments. Accordingly, the Group is not significantly exposed to interest
rate risk.

Impact of COVID-19

Considering the current COVID-19 situation, we have analysed the credit risk and the consequential delay in realisation from restaurant partners, online
payment partners and financial institutions. This assessment is based on market outlook and the financial strength of the restaurant partners, online
payment partners and financial institutions in respect of whom amounts are receivable. Based on our assessment, the valuation of receivable, unbilled
receivable and investments as at March 31, 2022 is considered appropriate. The Group continues to closely monitor the business outlook and the
financial stress in the market and shall! consider taking appropriate steps as may be needed to secure the financial interests of the Group.

interest rate risk:

interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The
Group’s debt obligation included the term loan from the financial institution which carried an interest rate of 7.60% p.a (March 31, 2021 7.60% p.a)
which is MCLR + spread of 0.30%. Accordingly, the Group’s risk of changes in interest rates relates primarily to debt obligations with floating interest
rate. The impact of possible change in floating rate on the entity's profitability is not material.

. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The
Group is exposed to credit risk fram its operating activities (primarily trade receivables and unbilled receivables) and from its treasury activities, including
deposits with banks and financial institutions, investments in money market and other financial instruments. Credit risk has always been managed by the
Group through credit approvals, established credit limits and continuously monitoring the creditworthiness of customers to which the Group grants
credit in the normal course of business.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

39 ‘Financial risk management (Contd...)

b. Credit risk (Contd...)

i) Trade receivables
Trade receivables consists of receivables from large number of unrelated restaurant partners and online payment partners, The Group’s credit risk with
regard to receivables from restaurant is reduced by it's business model which allows it to offset payables to restaurants against receivables. The Group
cooperates with known online payment partners, these are short term and carried very low credit risk at the reporting date, The Group's trade
receivables are non-interest bearing and generally carries credit period of 0 to 60 days. The Group does not have significant credit risk exposure to any
single counterparty. The Group does not hold collateral as security.

As per Ind AS 109, the Group uses the expected credit loss model to assess the impairment loss. The Group uses the provision matrix to compute the
expected credit loss allowances for the receivable balances. Provision matrix is calculated based on the actual and credit loss experience that takes in to
account the historical experience as well as the current economic conditions, Refer note 28 for the details on allowances for doubtful debts and advances
and note 8 for the outstanding trade receivable balance which is subject to credit risk exposure of the Group.

Outstanding customer receivables are regularly and closely monitored basis the historical trend, the Group provides for any outstanding receivables
beyond 180 days which are doubtful, the trade receivables on the respective reporting dates are net off the allowances which is sufficient to cover the
entire life time loss of sales recognised including those that are currently less than 180 days outstanding, the total provision of % 493 Million (March 31,
2021: % 389) consists of both these types of amounts.

ii) Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Group's treasury department in accordance with the Group's approved
investment policy, Investments of surplus funds are made primarily in liquid mutual fund units, fixed maturity plan securities, fixed deposits, quoted
bonds issued by government and quasi government organisations, certificate of deposits, commercial papers etc. Investments of surplus funds are made
only with approved counterparties and within credit limits assigned to each counterparty, Counterparty credit limits are reviewed by the Group's Board
of Directors/ Audit Committee on quarterly basis, and may be updated throughout the quarter subject to approval of the Group’s Audit Committee, The
limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments

The Group's maximum exposure to credit risk for the components of the balance sheet at March 31, 2022 and March 31, 2021 is the carrying amounts as
illustrated in note 5 and the liquidity table below. Basis assessment, the Group has not identified any expected credit loss on the financial instruments
and cash deposits.

. Liquidity risk
Liquidity risk is the risk of being unable to meet the payment obligations resulting from financial liabilities, which may arise from unavailability of funds.
The exposure to liquidity risk is closely monitored on Group level using daily liquidity reports and regular cash forecast reports to ensure adequate
distribution, The Group believes that cash and cash equivalents and current investments are sufficient to meet its current requirements, accordingly, no
liquidity risk is perceived.

The break up of cash and cash equivalents, deposits and current investments are as follows:

(% in Million)
Particulars = ast
March 31, 2022 March 31, 2021
Cash and cash equivalents 10,961 5,225
Other balance with banks 77 1,800
Investments (investment in money market mutual funds) 86,228 9,077
97,266 16,102

The table below summarises the maturity profile of the Group's financial liabilities at the reporting date. The amounts are based on contractual
undiscounted payments.

Particulars Carrying On Demand 0-180 days 180-365 days More than 365 Total
value days
As at 31 March 2022
Borrowings - - - - - -
Lease liabilities 5,082 - 786 781 6,395 7,962
Trade payables 9,561 589 8,972 - - 9,561
Other financial liabilities 4,013 553 3,170 104 186 4,013
18,656 1,142 12,928 885 6,581 21,536
As at 31 March 2021
Borrowings 918 135 77 60 665 937
Lease liabilities 4,782 - 543 533 5,463 6,539
Trade payables 3,477 - 3,477 - - 3,477
Other financial liabilities 877 110 767 - - 877
10,054 245 4,864 593 6,128 11,830

d. Equity price risk
The Group does not have any material exposures to equity price risk.
Bundl Technologies Private Limited
Notes to the consolidated financial statements

40

Leases

The Group has entered into lease contracts for premises to use it for commercial purpose to carry out it business i.e. office Buildings and for its
operations of Kitchen set up. These lease contracts of premises have lease terms between 2 and 10 years. Lease agreements does not depict any
restrictions/covenants imposed by lessor. The Group also has certain leases of buildings (temporary spaces) with lease terms of 12 months or less. The
Group has elected to apply the recognition exemption for leases with a lease term (or remaining lease term) of twelve months or less. Payments
associated with short-term leases and low-value assets are recognised on a straight-line basis as an expense in profit or loss over the lease term.

The carrying amounts of right-of-use assets recognised and the movements during the period:

Particular Buildings
Cost
As at April 01, 2020 9,208
Additions 452
Disposal/ Derecognition during the year (3,536)
Reclass of prepaid expense to security deposit on account of vacation of premises as per Ind As 109 (118)
As at March 31, 2021 6,006
Additions 3,551
Disposal/ Derecognition during the year (3,020)
Reclass of prepaid expense to security deposit on account of vacation of premises as per Ind As 109 (89)
As at March 31, 2022 6,448
Depreciation
As at April 01, 2020 1,362
Charge for the year 1,200
Disposal/ Derecognition during the year (896)
As at March 31, 2021 1,666
Charge for the year 902
Disposal/ Derecognition during the year (847)
Impact of remeasurement 105
As at March 31, 2022 1,826
Net block
As at March 31, 2021 4,340
As at March 31, 2022 4,622

< This space has been intentionally left blank >

Bengaluru }™

S
Bundl Technologies Private Limited
Notes to the consolidated financial statements

40
B

41

Leases (Contd..)

The carrying amounts of tease liabilities {included under financial liabilities) and the movements during the period:

Particulars (% in Million)
As at April 01, 2020 8,033
Additions 452
Deletions (2,918)
Accretion of interest 654
Payment (1,439)
As at March 31, 2021 4,782
Additions 3,430
Deletions (2,408}
Accretion of interest 444
Payment (1,061)
Impact of remeasurement (105)
As at March 31, 2022 5,082
Current and Non-current classification:
As at As at
March 31,2022 March 31, 2021
Current liability 995 885
Non-current liability 4,087 3,897
5,082 4,782
The amounts recognised in the statement of profit and loss:
Particulars As at Year ended
March 31, 2022 March 31, 2021
Depreciation expense of right-of-use assets (refer note 27) 902 1,200
Interest expense on lease liabilities (refer note 26) 444 654
Gain on termination of Leases (refer note 23) 246 267
1,592 2,121
Maturity analysis of lease liabilities - contractual undiscounted cash flows
Less than one year 1,567 1,076
One to five years 5,830 4,286
More than five years 564 1,177
7,961 6,539

Other disclosures
i. Expenses relating to short-term leases have been disclosed under rent expenses in note 28.
ii, The incremental borrowing rate of 9.5% p.a. has been applied to lease liabilities recognised in the consolidated Balance sheet.

Compliance with FDI regulation:

The Group is not owned and is not controlled by resident indian citizens. The Group has received foreign direct investment (“FDI”) up to ~85% of its paid-
up share capital and resident Indian citizens do not have the ability to appoint and remove the majority of the Group’s board of directors. Accordingly,
the Group is required to comply with regulations applicable to Foreign Direct Investments.

FDI is governed by (collectively, “Exchange Control Regulations”) (a) the Foreign Exchange Management Act, 1999 (including the rules and regulations
made thereunder) (“FEMA”), (b)}Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (Notification No. $.0. 3732(E) dated October 17,
2019) as amended from time to time (“NDI Rules”) , and (c) the consolidated FDI policy effective from August 28, 2017 and issued by the Department of
Industrial Policy and Promotion, Ministry of Commerce and Industry (“DIPP”), as amended and restated from time to time including through various
‘Press Notes’ (“FDI Policy”).

The Group has evaluated the guidance above and has obtained a legal opinion from the external legal counsel to conclude that the Group conducts its
businesses under various categories namely ‘sale of services through e-commerce’ and ‘sale of goods through e-commerce’ amongst others, Accordingly
the conditions enumerated in Press Note No. 2 (2018 Series) dated December 26, 2018 (“PN2”} read with Notification No, FEMA. 20(R) (6)/2019-RB
dated January 31, 2019 and Press Note No. 3 (2016 Series) dated March 29, 2016 (“PN3”) are not applicable to the Group whilst undertaking business
under the ‘sale of services through e-commerce’ category. Accordingly, the Group has not determined any possible exposure on account of compliance
with conditions enumerated under PN2 and PN3. In relation to the business activities relating to ‘sale of goods through e-commerce’, the Group duly
complies with the conditions set forth under the FDI Policy including PN2.
Bundl Technologies Private Limited

Notes to the consolidated financial statements

42 Additional information pursuant to para 2 of general instructions for the preparation of consolidated financial statements:

Year ended March 31, 2022

Name of the entity

Net assets

Share in profit and loss

Share in total comprehensive income

Zin Millions] —_% Xin Millions | % Xin Millions | %

Parent
Bundl Technologies Private Limited 136,470 111% (28,424) 78% (28,455) 78%
Indian subsidiary
Scootsy Logistics Private Limited (3,200) -3% {2,954) 8% (2,954) 8%
Indian subsidiary
Supr Infotech Solutions Private Limited (10,601) -9% (4,911) 14% (4,903) 14%
Indian associate
Maverix Platforms Private Limited 0% 0% 0%
Total 122,669 100% (36,289) 100% (36,312) 100%
Year ended March 31, 2021

. Net assets Share in profit and loss Share in total comprehensive income

Name of the entity
Zin Millions] -% % in Millions | % Zin Millions — | %

Parent
Bundl Technologies Private Limited 23,142 133% (13,194) 82% (13,171) 82%
Indian subsidiary
Scootsy Logistics Private Limited (246) -1% (55) 0% (55) 0%
Indian subsidiary
Supr Infotech Solutions Private Limited (5,698) -33% (2,867) 18% (2,868) 18%
Indian associate
Maverix Platforms Private Limited 176 1% (53) 0% (53} 0%
Total 17,374 100% (16,169) 100% (16,147) 100%

43 Impairment of goodwill and other intangible assets
As on March 31, 2022, the Group had assessed the carrying value of the investment in the subsidiary (SuprDaily) considering it's restructuring plan to
suspend operations in 5 out of 6 cities with effect from May 2022.

Management performed an assessment of the recoverable amount of the CGU based on the future operational plan and projected cashflows and based
on the assessment the entire investment as at March 31, 2022 has been impaired in the standalone financial statements of the holding company.

The recoverable amount of the cash-generating unit (CGU) has been determined based on the value in use. Value in use has been determined based on
future cash flows, after considering current economic conditions and trends, estimated future operating results, growth rates, and anticipated future

economic conditions.

As at March 31, 2022, the estimated cash flows for a period of 5 years were developed using internal forecasts, and a pre-tax discount rate of 24.5%.

The Group had identified and recognised Goodwill and other intangible assets as a part of business acquisition of SuprDaily during FY 2019-20, As at
March 31, 2022, the Group has assessed the carrying value of these assets for impairment and accordingly impaired the entire carrying value of Goodwill
and other intangible assets of SuprDaily as at March 31, 2022. (Refer note 29)
Bundl Technologies Private Limited
Notes to the consolidated financial statements

44 Acquisition of Shandaar Foods Private Limited
On 2 November 2021, the Group has purchased Shandaar Foods Private Limited ("SFPL") as a going concern on a slump sale, for a total consideration of
INR 221 Million, SFPL is engaged in manufacturing of food products and operates several centralized cloud kitchens across Hyderabad and Bengaluru,
The investment was carried out through a business transfer agreement and the entire consideration was paid during November 2021. Refer below for
the purchase price allocation on the date of acquisition. The pro-forma effects of this acquisition on the Group's financial statements are not material

The purchase price has been allocated based on the Management's estimates and independent appraisal of fair value as follows:

Balances recognised on

acquisition
Assets acquired
Property, Plant and Equipment 4
Trade receivables 2
Inventories 1
Total assets acquired 7
Liabilities Assumed
Trade Payables (33)
Total Liabilities (33)
Identifiable net assets at fair value (26)
Fair value of intangible assets identified
Trademark 85
Non-Compete 14
Developed Technology 38
Total identifiable net assets at fair value 111
Goodwill arising on acquisition 109
Total purchase consideration 220

45 Other notes
{i) Subsequent to the year end, the Group subscribed for 1,99,948 Series D CCPS shares of Roppen Transportation Services Private Limited ('RTSPL') with
a face value of = 10 each, for a consideration of % 9,505 million, which has been fully paid. RTSPL is engaged in providing services as an on-demand
technology-based transportation aggregator for two-wheelers and three-wheeler vehicles and operates through the mobile application ‘Rapido’,

{ii} On July 01, 2022, the Group had acquired restaurant tech and dining out platform 'Dineout' as a going concern on a slump exchange basis from Times
Internet Limited in exchange of 18,011,135 equity shares of the Group pursuant to the definitive agreement dated May 12, 2022.

(iii) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Group towards Provident Fund
and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has
invited suggestions from stakeholders which are under active consideration by the Ministry. The Group will assess the impact and its evaluation once the
subject rules are notified and will give appropriate impact in its financial statements in the period in which the Code becomes effective and the related
rules to determine the financial impact are published.

As per our report of even date for and on behalf of the Board of Directors of
for BS R & Associates LLP Bundl Technologies Private Limited
Chartered Accountants
Firm's Registration Number: 116231W/W-100024
Pawan Kejriwal riharsha Majety Lakshmi Nandan Reddy Obul Rahul Bothr:
Partner Director Director

Membership No: 064368 DIN: 06680073 + DIN: 06686145

ow

Sonal Bhandari

Company Secretary
Bengaluru Bengaluru
November 07, 2022 November 07, 2022


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