2.11 Provisions and contingent liabilities

Provisions: Provisions are recognised when there is a
present legal or constructive obligation as a result of a
past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate of the amount of
the obligation can be made. Provisions are measured at
the best estimate of the expenditure required to settle the
obligation at the standalone balance sheet date.

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 Company 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 or a reliable estimate
of the amount cannot be made.

2.12 Revenue recognition

The Company owns digital platforms which are used by
truck operators (customers) to digitally manage payments
for tolling and fueling, monitor drivers and fleets using
telematics, find loads on platform and get access to
financing for the purchase of used vehicles.

Revenue is measured based on the consideration specified
in a contract with a customer net of variable consideration,
incentives or any payments made to a customer (unless
the payment is for a distinct good or service received from
the customer) and excludes amounts collected on behalf
of third parties. The Company recognises revenue when it
transfers control over a service to a customer. Revenue is
only recognised to the extent that it is highly probable that
a significant reversal will not occur.

Where the Company acts as an agent for selling services,
only the commission income is included within revenue.

The specific revenue recognition criteria described below
must also be met before revenue is recognized. Typically,
the Company has a right to payment before or at a point
services are delivered. Cash received before the services
are delivered is recognised as a contract liability. The
amount of consideration generally does not contain a
significant financing component as payment terms are less
than one year, except in relation to commission income on
sourcing, servicing and collection of loans on behalf of the
financial institutions.

Revenue from contract with customers is recognised
when control of services is transferred to the customer
at an amount that reflects the consideration to which the
company expects to be entitled in exchange for those
services. Revenue from sale of services is recognised
net of trade allowances, rebates and amounts collected
on behalf of third parties. Revenue is recognised as and
when performance obligations are satisfied by rendering
services to the customers.

Telematics services: Revenue from telematics services are
recognised over time as per the terms of the contract. The
Company is a principal in such arrangements.

Commission income:

Commission income includes commission income from
Oil Marketing Companies (OMC's) for distribution and
management of fuel cards and commission from banks for
distribution and management of Fastags. The Company
considers OMCs and banks as its customers.

The Company facilitates distribution and management
of fuel cards and Fastags and earns commission for
respective services. In both these services, the Company
stands ready to provide the services and the commission
income is based on the usage of the services by the end
consumers. Revenue for these services is recorded once
the performance obligation is completed.

Subscription and truck hiring income:

The Company charges subscription fees from its
customers for telematics based fleet management
solutions and subscription to access specific services on
the platform. Such income is recognised over the period of
the subscription as the Company satisfies its performance
obligation as services are rendered.

The Company enters into subscription contracts typically
for a period of one month to three years. As the Company
fulfil its obligations over the tenure of subscription, these
are presented as deferred revenue under contract liability
in the Standalone balance sheet. Even though the Company
offers plans of more than one year to its customers where
the subscription price is received upfront, the Company

has determined that the purpose of such terms is not
financing. Accordingly it is determined that there are no
significant financing components in such arrangements.

The Company also earns subscription fees from fleet
operators for the use of fuel cards issued under the
OMC 's membership plan for services such as recharge of
fuel cards, issue resolution through dedicated customer
support, notification alerts, transaction history. Revenue
from such services are recognized over the period of
subscription plan. Further, the Company grants certain
loyalty points to the fleet owners based on the recharges
made on the fuel card. Such points can be used by the fleet
owners for purchasing the fuel from OMCs. The Company
has determined payments to OMCs on utilisation of
such points by the fleet owners as consideration payable
to customer and thus has netted it off against such
subscription fees collected from the customers.

The Company takes trucks on hire from a base of
individual fleet owners and provides such vehicles on hire
to its customers. The Company's performance obligation
is to make a truck available on hire, in proper working
condition, for the agreed period. The Company is the
principal in such arrangements as it controls the service
before it is transferred to the customer, having regard to
its primary responsibility for service continuity, exposure
to utilisation and replacement risk on the trucks on hire,
and independent pricing discretion on each leg of the
arrangement. Revenue from this service is recognised
over the period of the hire as the customer simultaneously
receives and consumes the benefits as the Company
performs. The consideration is net of customary trade-
practice discounts given by the Company on the gross
consideration agreed with the customer, estimated based
on past commercial experience; the corresponding trade
receivable is recognised net of such estimated discount.

The Company provides demand-side and supply-side
users access to the platform for placement and acceptance
of loads for a subscription fee, which is recognised over
the subscription period.

Service fees:

Service fees comprises of following streams of income:

a. The Company earns fees from issuance/replacement,
activation and installation convenience of Fastags
to the fleet operators. The revenue for this service
is recognized at a point in time when the service is
provided to the customers.

b. The Company charges certain transaction fees from
the fleet owners on recharges of the Fastags. The
revenue from this service is recognised at a point in
time when the service is provided to the customer.

c. The Company facilitates the buying and selling of
second-hand commercial vehicles by providing lead
generation services. The Company charges fees to the
customer which is recognised at a point in time when
the transaction between the parties is executed. The
Company is an agent in such arrangement.

d. Sourcing, loan servicing and collection fees: The
Company acts as a business correspondent for
financial institutions/ bank where the Company
provides services such as sourcing loans, loan
servicing, collection services and onboarding of
the borrowers. The Company receives sourcing
fees for onboarding the borrowers which is
recognized at a point in time when the onboarding
services are completed.

e. The Company earns revenue from installation,
servicing or replacement of telematics devices to
customers. The revenue for this service is recognised
at a point in time when the service is provided
to the customer.

Freight services:

The Company used to operate a trucking network through
its freight and fleet management services. Revenue from
such contracts was recognised over the period of the
services as the customer simultaneously receives benefits
as the services are performed by the Company. The
Company was assessed as principal in this arrangement.
(Refer note 31 (a)(ii) for discontinued operations)

Incidental expenses relating to freight revenue i.e. freight
expenses were recorded over the period of services
delivered to the fleet owners.

Contract fulfilment costs:

Contract fulfilment costs are generally expensed as
incurred except for certain costs which meet the criteria for
capitalisation. The assessment of this criteria requires the
application of judgement, in particular, when considering if
costs generate or enhance resources to be used to satisfy
future performance obligations and whether costs are
expected to be recovered.

2.13 Interest Income:

Interest income is recognised using effective interest rate
method. The effective interest rate is rate that exactly
discounts estimated future cash receipts through the
expected life of the financial asset to the gross carrying
amount of a financial asset.

Financial Instrument

A 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 recognized when the
Company 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 Financial Assets

Financial assets are recognized when the Company
becomes a party to the contractual provisions of
the instrument.

Initial recognition and measurement On initial
recognition, a financial asset (except trade receivables)
is recognized at fair value. In case of financial assets
which are recognized at fair value through profit and
loss (FVTPL), its transaction cost is recognized in the
Standalone Statement of Profit and Loss.

However, trade receivables are measured at
transaction price. In other cases, the transaction
cost is attributed to the acquisition value of the
financial asset

Financial assets are subsequently classified
and measured at:

(i) Amortised cost

(ii) Fair value through other comprehensive
income (FVTOCI)

(iii) Fair value through profit and loss (FVTPL)

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

(i) Financial assets at amortised cost 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
on the principal amount outstanding.

After initial 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 Standalone Statement of Profit
and Loss. The losses arising from impairment
are recognized in the Standalone Statement of
Profit and Loss.

(ii) Financial assets at FVTOCI

A financial asset is measured at FVTOCI 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 on the principal
amount outstanding.

Further, the Company has made an irrevocable
election , for its investments which are classified as
equity instruments which are not held for trading
to be classified as FVTOCI (excluding investments
in subsidiaries, which are measured at cost).
The Company designated the investments in
equity instruments at FVOCI because these
equity securities represent investments that the
Company intends to hold for the long term for
strategic purposes. Dividends are recognised
as income in the Standalone statement of profit
and loss unless the dividend clearly represents
a recovery of part of the cost of the investment.
Other net gains and losses are recognised in
OCI and are not reclassified to the Standalone
statement of profit and loss.

(iii) Financial assets at FVTPL

Financial assets are measured at fair value
through profit or loss unless they are measured
at amortised cost or at fair value through other
comprehensive income on initial recognition.
The transaction costs directly attributable
to the acquisition of financial assets at fair
value through profit or loss are immediately
recognised in the statement of profit and loss.
In addition, the Company may elect to designate
a Financial asset, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL if

doing so reduces or eliminates a measurement
or recognition inconsistency (referred to as
'accounting mismatch').

Derecognition

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

a) The rights to receive cash flows from the
asset have expired, or

b) The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay
to a third party under a 'pass-through'
arrangement; and either the Company has
transferred substantially all the risks and
rewards of the asset, or

c) The Company has neither transferred
nor retained substantially all the risks and
rewards of the asset but has transferred
control of the asset.

When the Company 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 the risks and rewards of the
asset, nor transferred control of the asset, the
Company continues to recognize the transferred
asset to the extent of the Company's continuing
involvement. In that case, the Company also
recognizes an associated liability.

The transferred asset and the associated liability
are measured on a basis that reflects the rights
and obligations that the Company has retained.

B. Financial Liabilities

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 recognized initially at fair value and,
in the case of loans and borrowings and payables,
net of directly attributable transaction costs. The
Company's financial liabilities include trade and
other payables, lease liabilities, loans and borrowings

including bank overdrafts. 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 at Amortized cost

After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognized in profit or loss when the liabilities are
derecognized 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
Standalone Statement of Profit and Loss.

Derecognition

A financial liability is derecognized 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 recognized in the Standalone Statement of
Profit or Loss.

C. 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 recognized amounts and there is an intention to
settle on a net basis, to realise the assets and settle
the liabilities simultaneously.

2.15 Exceptional items

The Company considers exceptional items to be those
which derive from events or transactions which are
significant for separate disclosure by virtue of their size
and incidence in order for the user to obtain a proper
understanding of the Company financial performance.
These items include, but are not limited to, impairment
charges, restructuring costs and profits and losses on
disposal of subsidiaries, contingent consideration and
other one-off items which meet this definition. To provide

a better understanding of the underlying results of the
period, exceptional items are reported separately in the
Standalone Statement of Profit and Loss.

2.16 Earnings per share

Basic earnings per share is calculated by dividing the profit
(or loss) attributable to the owners of the Company by the
weighted average number of equity shares outstanding
during the year. The weighted average number of
equity shares outstanding during the year is adjusted
for bonus issue, bonus element in a rights issue to
existing shareholders, share split and reverse share split
(consolidation of shares).

Diluted earnings per share is computed by dividing the
profit (considered in determination of basic earnings per
share) after considering the effect of interest and other
financing costs or income (net of attributable taxes)
associated with dilutive potential equity shares by the
weighted average number of equity shares considered
for deriving basic earnings per share adjusted for
the weighted average number of equity shares that
would have been issued upon conversion of all dilutive
potential equity shares.

Potential equity shares are deemed to be dilutive only if
their conversion to equity shares would decrease the net
profit per share or increase the net loss per share. Potential
dilutive equity shares are deemed to be converted as at
the beginning of the period unless they have been issued
at a later date.

2.17 Share based payments

Share based compensation benefits are provided to
certain employees under the Employee Stock Option Plan
2016 and Employee Stock Option Plan 2019 (collectively
called as "ESOP plan").

The fair value of options granted under the ESOP plan, which
are equity settled plans, are recognised as an employee
benefits expense with the corresponding increase in
equity. The total amount to be expensed is determined
by reference to the fair value of the options granted.
The total expense is recognised over the vesting period,
which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period,
the entity revises its estimates of the number of options
that are expected to vest based on the non-market vesting
and service conditions. In case where the Company re¬
purchases vested equity instruments, the payment made
to employees are accounted as a deduction from equity,
except to the extent that payment exceeds the fair value
of the equity instruments re-purchased, measured at the
re-purchased date. Any such excess are recognised as an
expense in the Standalone Statement of Profit and Loss.

2.18 Discontinued operations

Non-current assets and disposal groups are classified as
held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through
continuing use. This condition is regarded as met only when
the asset (or disposal group) is available for immediate
sale in its present condition subject only to terms that are
usual and customary for sales of such asset (or disposal
group) and its sale is highly probable. Management must
be committed to the sale, which should be expected to
qualify for recognition as a completed sale within one year
from the date of classification.

Non-current assets and disposal groups classified as
held for sale are measured at the lower of their carrying
amount and fair value less costs to sell except for those
assets that are specifically exempt under relevant Ind AS.
Once the assets are classified as "Held for sale", those are
not subjected to depreciation till disposal.

An impairment loss is recognised for any initial or
subsequent write-down of the asset (or disposal group)
to fair value less costs to sell. A gain is recognised for
any subsequent increases in fair value less costs to sell
of an asset (or disposal group), but not in excess of any
cumulative impairment loss previously recognised. A gain
or loss not previously recognised by the date of the sale of
the non-current asset (or disposal group) is recognised at
the date of derecognition.

Non-current assets classified as held for sale and the
assets of a disposal group classified as held for sale
are presented separately from the other assets in the
Standalone Balance Sheet.

A discontinued operation is a component of an entity
that either has been disposed off or is classified as held
for sale and that represents a separate line of business
or geographical area of operations, is part of a single
coordinated plan to dispose of such a line of business or
area of operations, or is a subsidiary acquired exclusively
with a view to resale. The results of discontinued
operations are presented separately in the Standalone
Statement of Profit and Loss.

3 Use of estimates, assumptions and
judgements

The preparation of the Standalone Financial Statements 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 Standalone
Financial Statements 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 recognized
in the period in which the estimates are revised, and future
periods are affected.

Key source of estimation uncertainty and judgement as at the
date of Standalone Financial Statements, 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:

Estimates and assumptions:

3.1 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 inputs to these models are taken from
observable markets where possible, but where this is not
feasible, a degree of judgement is required in establishing
fair values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported
fair value of financial instruments.

3.2 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 from 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 interest rate is determined by reference to market
yields on government bonds at the balance sheet
date. The mortality rate is based on publicly available
mortality tables.

3.3 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, risk-free interest rate and assumptions about
them. The assumptions and models used for estimating
fair value for share-based payment transactions are
disclosed in note 20.

3.4 Taxes

The Company's tax jurisdiction is India. Significant
judgements are involved in determining the provision
for income taxes and tax credits including the amount
expected to be paid or refunded. The Company reviews
the carrying amount of deferred tax assets at the end of
each reporting period.

(i) includes receivable from related parties (Refer note 24). These balances are unsecured, interest free and require settlement
in cash. No guarantee or other security has been received against these receivables. The amounts are recoverable within
0 to 60 days from the reporting date (March 31, 2025: 0 to 60 days from the reporting date). For the year ended March
31,2026, the entity has not recorded any impairment on receivables due from related parties (March 31,2025: Nil).

(ii) includes loss allowance of H 84.20 million (March 31,2025: 84.20 million) on trade receivables of corporate freight business.

(iii) No trade or other receivables are due from directors or other officers of the Company either severally or jointly with
any other person. Nor any trade or other receivables are due from firms or private companies respectively in which any
director is a partner, a director or a member. Also refer note 23(A)(iii) and note 24 for further details.

(ii) Terms/ rights attached to shares
Equity shares

The Company has one class of equity shares having a par value of H 1/- per share. Each shareholder is eligible for one vote
per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to
their shareholding.

(iv) The Company has reserved 15,489 equity shares of H 1/- each for Employee Stock Option Plan ("ESOP") under the "ESOP
Plan 2016" which was approved by the Board of Directors vide resolution dated April 26, 2016 and members in extra¬
ordinary general meeting dated May 21, 2016. Further, the Company had transferred 6,013 equity shares of H 1/- each
from "ESOP Plan 2016" to "ESOP Plan 2019" which was approved by the Board of Directors vide resolution dated January
18, 2019 and members in extra-ordinary general meeting dated February 12, 2019. Pursuant to board resolution dated
July 12, 2021 and approval from shareholders in extraordinary general meeting dated July 13, 2021, the Company has
increased the number of shares reserved for ESOP under the "ESOP Plan 2019" scheme to 7,950 equity shares of H 1/-
each. Pursuant to board resolution dated June 10, 2024, giving impact of bonus issue referred to in note (viii) below, the
Company now has 5,221,276 equity shares of H 1- each and 4,380,450 equity shares of H 1/- each reserved under the
"ESOP Plan 2016" and "ESOP Plan 2019" respectively. Refer note 20.

(v) There are no other shares reserved for issue under contracts or commitments other than CCPS and ESOPs. Since
incorporation of the Company, there have been no;

(a) Shares that have been issued pursuant to a contract without payment being received in cash.

(b) For the aggregate number of bonus shares issued during the period of five years immediately preceding the
reporting date, refer note (viii) below

(c) The Company had bought back 369 equity shares (pre-bonus) of H1/- during the year ended March 31,2021 at buyback
price of H1,93,589.51 per share which was approved by the Board of Directors and shareholders of the Company.

(vi) Pursuant to a resolutions passed by the Board of Directors dated April 1, 2024 and Shareholders vide an extraordinary
general meeting dated April 10, 2024, the Company has increased the authorised equity share capital from H 15.00 million
divided into 15,000,000 equity shares having face value of H1/- each to H 250.00 million divided into 250,000,000 equity
shares having face value of H1/- each.

(vii) The Board of Directors and Shareholders of the Company in their extraordinary general meeting, pursuant to the
resolutions dated May 27, 2024 and May 28, 2024, respectively, approved a bonus issue of 550 equity shares for every
equity share held by the equity shareholders of the Company as of May 27, 2024. Accordingly, the Board of Directors of
the Company has, pursuant to the resolution dated June 7, 2024, made an allotment of 56,463,000 bonus equity shares of
H 1/- each to its equity shareholders utilising securities premium account balance. Consequent to the bonus issue to the
equity shareholders, the Board of Directors and Shareholders of the Company, pursuant to the resolutions dated June
10, 2024 and June 10, 2024, respectively, approved to adjust the conversion ratio of Series A, Series B, Series B1, Series C,
Series C1, Series C2, Series D and Series E CCPS and ESOP 2016 Plan and ESOP 2019 Plan to give an impact of the bonus
issue referred above. The revised conversion ratio is (1:551); (1:551); (1:642.6864); (1:551); (1:204.0353); (1:195.6601);
(1:551); (1:557.2814); (1:551); (1:0.551) respectively.

(viii) In respect of Series D partly paid CCPS, the Board of Directors shall upon receiving written notice from the holders of the
Series D CCPS within a period of 7 years from the date of issue, make calls upon the holders of the Series D CCPS in respect
of monies unpaid (H 9 per CCPS towards face value and the securities premium of H 1,93,579.51 per CCPS) on the Series D
CCPS. The Company had issued 372 partly paid Series D CCPS to Trifecta Venture Debt Fund- II and 111 partly paid Series
D CCPS to Trifecta Venture Debt Fund- I (together known as "Trifecta"). During the year ended March 31,2025, out of the
above 483 partly paid Series D CCPS, Trifecta fully paid up the amount called for 64 Series D CCPS. The remaining 419 partly
paid Series D CCPS were forfeited by the Company vide resolution passed by the Board of Directors on June 1,2024.

(ix) During the year ended March 31, 2025, the Company has completed an initial public offering (IPO) of 40,834,377 equity
shares with a face value of H 1 each at an issue price of H 273 per share (including 22,464 equity shares - employee
reservation portion with a face value of H 1 each at an issue price of H 248 per share), comprising fresh issue of 20,148,577
shares and an offer for sale of 20,685,800 shares.

(x) During the year ended March 31, 2025, the shareholders have entered into a waiver cum amendment agreement dated
July 05, 2024 to the existing Shareholder's Agreement, wherein the CCPS holders have agreed to adjust and modify the
conversion price upward of the respective preference shares held by them which is subject to the successful completion
of the proposed Initial Public Offer (IPO) by long stop date as defined in the agreement. Consequent to the agreement,
the conversion ratio of Series A, Series B, Series B1, Series C, Series C1, Series C2, Series D and Series E CCPS is revised to
(1:450.50); (1:445.87); (1:531.89); (1:452.87); (1:167.31); (1:160.44); (1:451.82); (1:456.97) respectively.Vide board resolution
dated October 07, 2024, 256,485 CCPS were converted into 99,764,500 equity shares at the agreed revised conversion ratio.

Nature and purpose of reserves

(i) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Act.

(ii) Retained earnings

Retained earnings are the profit/ loss that the Company has earned/ incurred till date, less any dividend distributions paid
to shareholders.

(iii) Capital redemption reserve

Created on account of buy back of equity shares in compliance with Section 69 of the Act.

(iv) Share options outstanding account

The share options outstanding account is used to recognise the grant date fair value of options issued to employees
under Employee stock option plan.

(i) Compensated absences

The leave obligations cover the Company's privilege leave. The entire amount of provision of compensated absences of H 34.76
million (March 31, 2025: H 40.05 million) is presented as current, since the Company does not have the right at the end of
reporting period to defer the settlement for atleast twelve months after the reporting date.

(ii) Gratuity

The Company provides for gratuity to employees as per the Payment of Gratuity Act, 1972, as amended from time to time.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The Company does not externally
fund these liabilities but instead creates an accounting provisions in its books of accounts and pay the gratuity to its employees
directly from its own resources as and when the employee leaves the Company.

E. Defined benefit liability and employer contributions

The Company does not externally fund these liabilities but instead create an accounting provision in its books of accounts
and pay the gratuity to its employees directly from its own resources as and when the employee leaves the Company.

(iii) Others

The Company provides privilege leaves to contract employees. The liability is actuarially determined and the entire amount
of provision is presented as current, since the Company does not have the right at the end of reporting period to defer the
settlement for atleast twelve months after the reporting date.

C. Sensitivity analysis

When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method
(present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting
period) has been applied as when calculating the defined benefit liability recognised in the Standalone Balance Sheet. Any
reasonable changes to discount rate, salary escalation rate and attrition rate are not expected to have a material impact
on profit or loss.

D. Risk exposure

Inherent risk:

The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the
risks pertaining to the plan. In particular, there is a risk for the Company that any adverse salary growth or demographic
experience can result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump
sum in nature, the plan is not subject to any longevity risks.

Change in bond yields:

A decrease in the bond interest rate will increase the defined benefit obligation.

Life expectancy:

The present value of the defined benefit plan liability is calculated by reference to future salaries of the plan participants.
As such, an increase in the salary of then plan participants will increase the plan's liability.

The leave encashment expenses relating to contract employees has been recognised as manpower services under other
expenses.(Refer note 19).

Notes:

(a) The discount rate is based on the prevailing market yields of Indian Government Securities as at the reporting dates for
the estimated term of obligations.

(b) The estimated future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion
and other relevant factors such as supply and demand in the employment market.

Refer note 3.2 for detailed accounting policy

Notes:

14.1. Trade receivables are non-interest bearing and generally carry credit period of 0 to 30 days. These include unbilled
receivables which primarily relate to the Company's rights to consideration for work completed but not billed at the
reporting date.

14.2 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 Company. The Company expects the current portion of Contract
liabilities amounting to H1,053.22 million to be recognised as revenue over the period of next twelve months. The non
current portion of contract liabilities amounting to H120.74 million is expected to be recognised as revenue over the next
two years. (Refer note 10)

The amount of H 777.22 million included in contract liabilities at March 31,2025 has been recognised as revenue during
the year ended March 31,2026 (March 31,2025: 554.58 million).

No information is provided about remaining performance obligations at March 31, 2026 or at March 31, 2025 that are
part of contracts that have an original expected duration of one year or less, as allowed by Ind AS 115.

Aggregate amount of the transaction price allocated to long term contracts that are partially or fully unsatisfied as at the
reporting date is not significant.

20 Employee Stock Option Plan (ESOP) (Contd..)

B) ESOP Plan 2019

(i) The Company has reserved 4,380,450 equity shares of H 1/- each for ESOP under "ESOP Plan 2019". Eligible employees
are granted an option to purchase equity shares of the Company, subject to vesting conditions as set out in the ESOP
Plan 2019. The said stock options vest in a graded manner over a period of 4-5 years as set out in the option holder's
Stock Option Agreement, subject to minimum period of 12 months between the grant date of the option and the vesting
date of the option.

Options granted under the plan are equity settled. The holder of the options is entitled to receive one equity share for
1,000 options. Unvested options are forfeited upon resignation.

(in) Fair value of options granted

For share options granted during the period, the fair value has been determined under the Black Scholes model. The
assumptions used in this model for calculating fair value are as below:

(b) Valuation technique to determine fair value

21.1 The carrying value of these financial assets (except security deposits) and liabilities in the financial statements are
considered to be the same as their fair value, due to their short term nature. For Security deposits, the carrying value
approximates the fair value as at the reporting date, considering comparable instruments with similar terms.

21.2 The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these
mutual fund units in the published statements as at balance sheet date. NAV represents the price at which the issuer will
issue further units of mutual fund and the price at which issuers will redeem such units from the investors.

21.3 The fair values of the unquoted investments in equity instruments have been estimated using one or more of the valuation
techniques such as Discounted cash flow method ("DCF").

21.4 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.

(c) Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes quoted bonds that
have quoted price.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, mutual
funds) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible
on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is
included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value through Other Comprehensive Income or fair value through Profit and Loss and

(b) measured at amortised cost and for which fair values are disclosed in the Standalone financial statements. To provide
an indication about the reliability of the inputs used in determining the fair value, the Company has classified its financial
instruments into the three levels prescribed under the Ind AS. An explanation of each level follows underneath the table.

22 Capital management (Contd..)

The Company monitors capital on the basis of gearing ratio. However, as the Company does not have debt as at the year end, the
gearing ratio is not presented.

23 Financial risk management

The Company's activities expose it to credit risk, liquidity risk and market risk. The following notes explain the source of risk which
the entity is exposed to and how the entity manages the risk.

22 Capital management

The Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while
avoiding excessive leverage. This takes into account the subordination levels of the Company's various classes of debt. The Company
manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics
of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

A. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The
Company is exposed to credit risks from its operating activities, primarily loans, trade receivables, cash and cash equivalents,
deposits with banks/ financial institutions, security deposits and investments in bonds.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter
party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual
credit loss experience and considering differences between current and historical economic conditions. Assets are written
off when there is no reasonable expectation of recovery, such as a borrower declaring bankruptcy or a litigation decided
against the Company. The Company continues to engage with parties whose balances are written off and attempts to enforce
repayment. Recoveries made are recognised in Standalone Statement of Profit and Loss.

Impairment of financial assets

The Company has assessed following types of financial assets that are subject to the expected credit loss model:

a) Security deposits

b) Trade receivables

While cash and cash equivalents are also subject to the impairment requirements of Ind AS 109, the identified impairment loss
was immaterial.

(i) Financial assets

Deposits with banks, Deposits with financial institutions, balance with payment gateways, investments in mutual funds
and cash and cash equivalents with banks and other financial institutions are considered to be having negligible risk or nil
risk, as they are maintained with high rated banks or financial institutions. Deposits with banks where its outlook changes
to negative, the Company reassesses its deposit strategy. The Group assumes that the credit risk on a financial asset has
increased significantly if it is more than 30 days past due

(ii) Security deposits

Security deposit paid to customers carry certain amount of credit risk. The Company considers past history of recovery of
such deposits adjusted for forward looking information, considers whether the Company continues to have transactions
with these parties and also future recoverability basis which a loss allowance is made in the Standalone Statement of
Profit and Loss.

(iii) Trade receivables

The Company applies the simplified approach to provide for expected credit loss prescribed by Ind AS 109, which permits
the use of lifetime expected loss provision for all the trade receivables. Determination of expected credit losses includes
consideration of forward looking information. The loss allowance is determined as follows:

Expected credit loss for trade receivables is computed as per the simplified approach based on ageing of receivables,
information about past events, current conditions and forward looking information. The company has assessed
impairment for financial assets measured at FVOCI and, based on the valuation performed as at the reporting date,
adjusted for forward looking information, no impairment loss is considered necessary.

The Company does not have any risk in relation to collection from subscriptions since the collections are made in advance.
In relation to commission and service fee, given the customer profile, the Company has concluded there is no risk of
default and time value of money is not material.

In respect of trade receivables from truck operator services, collection is received within an average of 30-45 days. The
Company assumes that the credit default if it is more than 45 days past due. Historically, such receivables have carried
insignificant risk of credit loss. In respect of receivables from customer for corporate freight business, considering there
is a higher risk of credit loss, the Company monitors these separately.

C. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of securities price risk, such as equity price risk. The Company's treasury team manages
the market risk, which evaluates and exercises independent control over the entire process of market risk management.
The Company does not have any significant foreign currency transactions and hence is not exposed to the foreign currency
risks. The Company also does not have borrowings with variable interest/ fixed interest rates and hence is not exposed to the
interest rate risks.

(i) Securities price risk

The Company's exposure to price risk arises from investments held and classified in the Standalone Balance Sheet as fair
value through profit or loss. To manage the price risk arising from investments, the Company diversifies its portfolio of
assets in the form of investing in short and long term deposits and diversified mutual funds.

Sensitivity

Below is the sensitivity impact in profit or loss account and equity on account of investments in mutual funds. The analysis
is based on the assumption that NAV has increased/ decreased by 5% with all other variables held constant, and that all
the Company's instruments moved in line with the NAV.

(a) On 21 November 2025, the Government of India notified the four Labour Codes the Code on Wages, 2019, the Industrial
Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code,
2020 consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs
to enable assessment of the financial impact due to changes in regulations. The Company has assessed and disclosed the
incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by
the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this
impact, the Company has presented such incremental impact as an Exceptional Item in these standalone financial results.

29 Exceptional items (Contd..)

Accordingly, an incremental liability of H 38.30 Million has been recognized as an exceptional items during the year ended
March 31, 2026. The Company continues to monitor the finalisation of Central/ State Rules and clarifications from the
Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such
developments as needed.

(b) Initial public offer

During the previous year ended March 31, 2025, the Company completed an initial public offering (IPO) of 40,834,377 equity
shares with a face value of H 1 each at an issue price of H 273 per share (including 22,464 equity shares - employee reservation
portion with a face value of H 1 each at an issue price of H 248 per share), comprising fresh issue of 20,148,577 shares and an
offer for sale of 20,685,800 shares.

The total IPO expenses are estimated to be H 535.98 million which are allocated between the Company (H 264.37 million) and
selling shareholders (H 271.62 million). Such amounts were allocated based on an agreement between the Company and the
selling shareholders in proportion to the total proceeds of the IPO. Out of the Company's share of expenses, H 172.00 million
has been adjusted with the securities premium account and H 92.36 million has been disclosed under Exceptional items.

30 Discontinued operations and sale of subsidiaries
(a) Disposal of corporate freight business:

(i) Description

Pursuant to an approved plan of the Board of Directors on January 25, 2024, the Company entered into a Business
Transfer Agreement dated August 05, 2024 and completed the transfer of its corporate freight business to a buyer on
August 22, 2024 for a total estimated consideration of H 958.54 million. The results of corporate freight business were
classified as discontinued operations in the Standalone Profit and Loss for the year ended March 31,2025. Accordingly,
the Company has presented net gain/ (loss) from corporate freight business under discontinued operations as below:

(c) During the previous year ended March 31, 2025, the shareholders of the Company entered into a waiver cum amendment
agreement to the existing amended and restated Shareholders' Agreement wherein among other things, the conversion ratio for
the Series A, Series B, Series B1, Series C, Series C1, Series C2, Series D and Series E CCPS Compulsorily Convertible Preference
Shares were agreed to be modified and adjusted downwards [Refer note 9(a)(x)]. Further, certain equity shareholders of the
Company have transferred 5,850,277 equity shares (including certain equity shares by two promoter directors) to one of the
Promoter directors.

The aforementioned modification and the transfer of equity shares have resulted in a benefit of increased shareholding to
the existing equity shareholders which consists of promoter directors of the Company. The benefit received by the promoter
directors through this arrangement has been accounted under Ind AS 102 "Share Based Payment" and the Company has
recognised a share based payment expense of H 3,901.81 million as it is determined to be in respect of past services. These
expenses for the year have been presented under 'Exceptional items'.

(d) The Company had granted certain lenders (including erstwhile lenders of non-current borrowings) the right to subscribe to
its Series C CCPS or partly-paid Series D CCPS (where the lenders have right to call) which can be exercised by the lenders at
any time before the expiration date as per the terms of the agreements. The liability was measured at fair value through profit
and loss. During the previous year, the right to subscribe CCPS agreements were amended wherein the lenders agreed to
absolutely, irrevocably and unconditionally waive, relinquish, terminate and surrender its Right to subscribe in consideration
of liquidated damages aggregating to H 222.54 million payable to the lenders and the balance liability of H 256.23 million, being
no longer payable has been recognised as a gain on settlement and disclosed as an exceptional item for the year ended March
31,2025.

33 Additional disclosures as mentioned under Schedule III to the Act

(i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(iii) Relationship with struck off companies

The Company has not entered into any transactions with companies struck off under section 248 of the Act or section 560 of
Companies Act, 1956.

(iv) Compliance with number of layers of companies

The company has complied with the number of layers prescribed under Sec 2(85) the Act.

(v) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(vi) Borrowing secured against current assets
March 31, 2026:

The Company has been sanctioned working capital limits in excess of five crore, in aggregate, from banks/ financial institutions
against the security of current assets. During the year, the Company submitted quarterly statements to one of the banks
for all quarters, and such statements were in agreement with the unaudited books of account. However, the Company has
not availed/ utilised the aforesaid working capital facilities from the majority of the lenders during the year. Accordingly, the
Company was not required to submit quarterly returns/ statements to those banks/financial institutions, and hence, no such
statements have been filed with them.

Subsequent to repayment of borrowings in November 2024, the Company has not submitted the information to the banks/
financial institutions.

(vii) Utilisation of borrowed funds and share premium

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of The
Company (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(viii) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(x) Registration of charges or satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies (ROC)
beyond the statutory period for the years ended March 31,2026 and March 31,2025.

33 Additional disclosures as mentioned under Schedule III to the Act (Contd.)

(xi) Title deeds of immovable properties not held in name of the Company

The Company did not own any immovable properties during the year.

(xii) Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which
such loans were taken.

(xiii) Core investment companies (CIC)

The Company does not have any CICs which are registered/ required to be registered with the Reserve Bank of India.

(xiv) Corporate social responsibility

As per Section 135 of The Company's Act, 2013, a Corporate Social Responsibility ('CSR') committee has been formed by
Company. The primary function of the committee is to assist the Board of Directors in formulating a CSR policy and review the
implementation and progress of the same from time to time. The CSR policy intends to adopt the CSR activities mentioned
in the Schedule VII of the Company's Act, 2013. The Company has incurred losses during the three immediately preceding
financial years and accordingly, is not required to spend any amount for CSR purpose.

(xv) The Company has not incurred cash losses in the current financial year and also during the previous year.