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Dear Teammates,

This month was filled with activities and achievements.

From the beginning of the month, I had the opportunity to spend time with customers, investors, and the team, and I learned a lot.

My objective was to spend time with flexible packaging and food service customers to gain more insights. My team set up several meetings in Delhi, Mumbai, and Bengaluru. For any business, the biggest requirement is to understand the market and customer mindset and meet their expectations. After all the meetings, my conclusions were:

• We need to continuously work on reducing our costs. We must provide the best products at competitive prices.
• We need to choose our customers wisely and ensure timely and convenient delivery of goods to them.
• We must thoroughly understand the needs of our customers’ customers and provide solutions tailored to their requirements.
• We need to further improve our technical services and strive to deliver the best possible solutions.
• We need to provide comprehensive solutions for our customers and transform ourselves from being just a product supplier to a ‘solution provider.’

In the coming times, we will work together to transform Pakka in this direction and emerge as a top partner for our customers. Industries that are entirely customer-centric in business are guaranteed success. We need to make more efforts in this direction.

We have set a high goal for ourselves, and achieving our annual targets is crucial to accomplishing it. I sense that we are becoming apprehensive of challenges and are considering lowering our goals. This mindset will prove detrimental to us. One achieves what they believe in. When we become resolute in our plans, the entire universe conspires to help us—right ideas, guidance, partners, capital, and consciousness all manifest to support us. We must have faith in ourselves and our lofty goals because we are all engaged in the service of the earth, and this mission cannot be accomplished with a realistic mindset. We must push ourselves and our possibilities beyond the limits we’ve set. We must work together and support each other. There are still 7 months left in this year, and in that time, we can bring about a transformation. We are not far from our set targets—we just need to establish trust and collaboration. We will work together in these directions:

• Understanding the market and end customers’ needs in the paper sector, and under the leadership of Shailesh and Shashank, we will make our products more efficient and increase sales by establishing harmony with key customers.
• In molded products, with the experience in India, we will provide full service to select customers, expand the product line, and establish strong partnerships.
• Under Sumant’s leadership, we will launch CHUK in several international markets by establishing partners and strengthening the supply chain.
• With Arindam, we will empower the flexible packaging team and expand the products we’ve developed through partners.
• With Ted, we will establish our presence in the U.S. market and enter the market with the right strategy for food service, paper, and flexi-pack.

The goal for this year is clear. I request you to believe in yourselves—nothing is impossible. We are all together, and as soon as we achieve this year’s goal, our faith in ourselves will become even stronger, enabling us to accomplish more in the future.

The biggest achievement of this month was that, after many months of significant efforts by Himanshu Ji, we secured investors for the Jagriti and Kavok projects and made the path ahead easier. India’s largest mutual fund, SBI, and the dynamic Carnelian Capital have joined our investors, enabling us to undertake many expansion projects in the future.

With this capital coming in, we now have the courage to invest in R&D, and many decisions were made with Ramji and the innovation team. These decisions will be transformative for our future and will have a significant impact on bringing about change in packaging globally. Some key decisions are as follows:

• In Bengaluru, we will now invest in our building to work with foresight.
• The team will expand, and 8 different team leaders will be chosen to work in different directions—raw materials, process, waste valorization, food carry, flexibles, food service, rigids, and ecology.
• We will better understand customer needs and work closely with the product development team. Alan Gregerman, a renowned international thinker, will guide us.
• We will establish world-class alliances and work in many new directions.
• A Product Commercialization Lead will be selected in the U.S. to make this team even more impactful.

The work of raising funds for the Kavok project is ongoing, and we are continuously engaged in discussions with investors. Himanshu Ji completed the framework of his financial model this month, and after much deliberation, we all agreed on the presented figures.

We have opened the battlefield on many fronts, and to reach the right outcome, we need to focus on the structure, responsibility, accountability, and incentives of the game institution. I am working in this direction, and this month, we will work together to provide the right framework for the entire organization’s structure so that we can all achieve our respective goals.

Please continue to provide me with your suggestions.

With best wishes,

Yours,

Ved