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DVL USA INC. was incorporated as a new wholly owned subsidiary is the subsidiary of the Company incorporated on 1st October, 2021 in United States (U.S) having its registered office at 251 Little Falls Drive, City of Wilmington, 19808, Country of New Castle, State of Delaware for exploration and expansion of the Cupcake Business in the U.S. Market. The Company has made an initial investment of USD 2 lakhs by subscribing to 20,000 equity shares at USD 10 per equity share at par.

Twelve Cupcakes Pte Ltd. (subsidiary of the Company) has infused funds in DVL USA INC. in the form of 20,800 equity shares at USD 10 per equity share at par on 7th March, 2022. Accordingly, DVL USA INC has become the step down subsidiary of the Company w.e.f the said date.