The Company's growth depends on its ability to attract, engage and monetize new and existing users on its platform. Registered Users increased from 83.27 million as of March 31, 2024 to 134.14 million as of March 31, 2026, and further to 140.28 million as of June 30, 2026. If users do not find desired products at attractive terms or have unsatisfactory experiences, the Company's ability to attract, engage and monetize users could be adversely affected.

The Company operates as a lending service provider (LSP) for its personal loan product through partnerships with Financial Partners, facilitating loan origination and end-to-end servicing. Its top ten Financial Partners contributed 39.02%, 38.69%, 37.36%, 46.82% and 56.78% of revenue from operations in the three month periods ended June 30, 2026 and 2025 and Fiscals 2026, 2025 and 2024, respectively. Discontinuation of these relationships could adversely affect the Company's business and financial condition.

As of June 30, 2026, the Company's Key Managerial Personnel and Senior Management Personnel had been associated with the Company for an average of approximately 7 years. The Board and Shareholders approved a one-time, non-recurring performance-based incentive of Rs.1,600.00 million in March 2026 to the Managing Director and Chief Executive Officer. Inability to effectively manage costs, retention or organisational culture during the Company's growth journey may adversely affect its business and financial condition.

The Company has witnessed rapid growth over the past three years and may not be able to sustain its historical growth levels, having a limited operating history across some of its products and services. Inability to sustain growth in a cost-effective manner may materially and adversely affect its business, financial condition and results of operations.

Any increase in borrower defaults on loans facilitated through the Company's platform may increase its impairment expense and adversely affect its financial performance. Impairment of financial instruments as a percentage of total income was 18.19%, 28.07% and 28.89% for Fiscals 2024, 2025 and 2026, respectively.

The Company's Material Subsidiary, WFPL, underwrites and disburses loans directly to borrowers. Gross Stage 3 Loans of WFPL comprised 2.72%, 2.58%, 2.74%, 1.88% and 0.94% of Total Gross Loans as at June 30, 2026, June 30, 2025, March 31, 2026, March 31, 2025 and March 31, 2024, respectively. Increased borrower defaults could lead to higher Gross Stage 3 Loans and related provisions and write-offs.

The Company's brand and reputation are key drivers of user trust and business performance. Any failure to satisfy user expectations regarding product quality, reliability, privacy or security practices, regulatory compliance, or operational or service disruptions could adversely affect its brand, business, financial condition and results of operations.

The Company's in-house technology stack and AI/ML models, trained on over 100,000 data variables, enable granular user assessment and segmentation for its lending and other financial products. Programming or other errors, or inaccurate data or parameters in these models, could adversely affect the Company's business, financial condition and prospects.

The Company is subject to extensive regulation, including by the RBI, IRDAI and NPCI, governing its digital lending, insurance distribution and UPI operations, as well as IT and data privacy laws. Any adverse regulatory action, penalties or changes in the regulatory framework could adversely affect its business, financial condition and results of operations.

The Company incurred negative cash flows from operating activities in Fiscals 2024, 2025 and 2026, as disbursals of portfolio loans are classified under operating activities while the corresponding borrowings are classified under financing activities. Net cash used in operating activities was Rs.(16,327.36) million, Rs.(14,207.05) million and Rs.(9,509.02) million for Fiscals 2024, 2025 and 2026, respectively.