Dear Readers,

As India achieves the important milestone of completing 75 years of independence this month, we stand tall as Indians and are grateful for where we are as a country today and the tremendous potential that lies ahead. As a nation, we have made great progress across multiple facets during these 75 years – be it the growth and resilience of our economy vis-à-vis the continuing global turmoil, advances in infrastructure – physical and digital, financial and tax reforms, defence capabilities, and socio-economic development goals.

An important enabler of the transformation of our nation has been technology. India has been at the forefront of laying digital infrastructure railroads much ahead of time, enabling us to leapfrog development at a pace much faster than several developed nations globally. One such example is the successful implementation of the Unified Payments Interface (UPI) in the country, which has democratized access to digital payments and accelerated financial inclusion and transparency. We applaud the government for its stellar execution on this.

As a home-grown internet company ourselves, we feel proud to have contributed to the growth of the digital ecosystem in India. As we complete our first year as an internet company listed on Indian stock exchanges, we reflect on the achievements and learnings during the year and look to the future with more conviction in the India growth story, which motivates us more than ever to do our best and make our nation proud.

We hope you enjoy reading our Q1FY23 shareholders’ letter (Click here to view PDF). In this letter, we continue with the ‘easy-to-read’ Q&A format we introduced a couple of quarters ago. For anything further that you would like to discuss, we look forward to speaking to you in our scheduled earnings call at 5:00 pm, India time, August 2^nd.

Best,

Deepinder