Naturewings Hol.

Growth in the customer base using cost-effective technology solutions.

Further strengthen its focus on Enterprise business.

Leverage its existing travel agent network in Tier II and Tier III cities.

Increase its product offerings.

Pre-purchase and bulk buying of inventories.

Continue to attract and retain talent.

The travel industry is intensely competitive, and its may not be able to effectively compete in the future.

The COVID-19 pandemic has had, a material adverse effect on the travel industry and its business, financial condition, results of operations and cash flows.

The company is exposed to risks associated with businesses in the geographies that its operate, particularly those in the Bhutan travel industry, including bankruptcies, restructurings, consolidations and alliances of its travel suppliers, the credit worthiness of these service partners, and the possible obligation to make payments to its travel suppliers.

Its may not be able to adequately control and ensure the quality of travel products and services sourced from its suppliers. If there is any deterioration in the quality of their performance, its customers may seek damages from it and not continue using the company services.

The company relies on third party service providers for a significant portion of its operational services and its business may be adversely affected if they fail to meet its requirements or face operational disruptions.

Any failures to maintain its brand and reputation or protect the company intellectual property could have a material adverse effect on its business.

Any disruption to the supply of air tickets, and reduced demand for hotel accommodation and related services or other travel elements, or an increase in the prices of travel elements could adversely affect its operation, turnover and profitability.

There are certain discrepancies noticed in some of its corporate records relating to forms filed with the Registrar of Companies.

Any negative operating cash flows in the future would adversely affect its cash flow requirements, which may adversely affect its ability to operates its business and implement the company`s growth plans, thereby affecting its financial condition.

Outstanding Litigations involving the Company, Promoter, Directors.

Its success and future growth depends significantly on the company`s successful marketing efforts, and if such efforts are not successful, its business and financial results may be adversely impacted.

The company generally do business with its customers on per travel package basis and does not enter into any contracts with its travel agent or travel supplier.

The Travel and Tours Industry is cyclical and sensitive to changes in the economy and this could have a significant impact on its operations and financial results.

The travel industry in India, as well in Bhutan and Nepal, is susceptible to extraneous events. Declines or disruptions in the travel industry could adversely affect its business and financial performance.

Insurance policy taken by the Company may not be sufficient to cover its potential losses to which its may be subject to risk and this may have a material effect on its business and financial condition.

The company has issued Equity Shares during the preceding twelve months at a price which may be below the Issue Price.

Its may not be successful in implementing the company`s growth strategies, which could adversely affect its business operations, financial condition and cash flows.

The expansion of its business to new geographic markets may expose the company to additional risks.

The company could be negatively affected by changes in Internet search engine algorithms and dynamics, or search engine disintermediation.

The company is dependent on a number of key personnel and its inability to attract or retain such persons or finding equally skilled personnel could adversely affect its business, results of operations, cash flows and financial condition.

Inability to maintain adequate internal controls may affect its ability to effectively manage the company operations, resulting in errors or information lapses.

The company requires several approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be transferred in the name of "Naturewings Holidays Limited" from "Naturewings Holidays Private Limited" pursuant to name change of the company and any failures or delay in obtaining the same in a timely manner may adversely affect its operations.

Its inability or failures to recognise, respond to and effectively manage the accelerated impact of social media could materially adversely affect its business.

The company is exposed to risks associated with the payments business, including online security and credit card fraud.

General economic and market conditions in India and the geographies that the company operates could have a material adverse effect on its business, financial condition, cash flows, results of operations and prospects.

If the company is unable to respond to the demands of its existing and new clients, or adapt to technological changes or advances, its business and growth could be adversely affected.

Any deficiency in its services could make the Company liable for customer claims, which in turn could affect the Company`s results of operations.

Its arrangements with certain of its travel suppliers including air ticketing and hotel suppliers, and airlines may subject it to additional monetary risks if the company is unable to manage its inventory.

If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.

The Company has entered into related party transactions in the past and may continue to enter into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.

Its operating expenses include overheads that may remain fixed in the medium term. In case there is any decline in its operating performance, the company may be unable to reduce such expenses.

Negative publicity could adversely affect its revenue model and profitability.

Its Promoter and Promoter Group will continue to retain significant control in the Company, which will allow them to influence the outcome of matters submitted to shareholders for approval.

In addition to normal remuneration, other benefits and reimbursement of expenses some of its directors (including its Promoter) are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.

The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.

Its ability to pay dividends in the future will depends upon the company`s future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.

The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.

Internal or external fraud or misconduct or misrepresentation or mis-selling by its employees could adversely affect the company reputation and its results of operations.

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

The company has not made any alternate arrangements for meeting its working capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `objects of the Issue`. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.

Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders` approval.

Inappropriate or fraudulent content may be displayed on its online platforms which may adversely affect the company reputation and brand.

Its management will have broad discretion in how the company apply the Net Proceeds and there is no assurance that the Objects of the Issue will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by us will result in any increase in the value of your investment.