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DVL USA INC. was incorporated as a wholly owned subsidiary of Dhunseri Ventures Limited (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.

With the infusion of funds by Twelve Cupcakes Pte Ltd. (subsidiary of the Company), the holding of the Company in DVL USA INC. was changed from 100% to 49% in March, 2022.

Subsequently, with the infusion of funds by the Company, the holding of the Company was changed from 49% to 72.33% in September, 2023.

The Company was holding 79.68% in DVL USA INC with the infusion of further funds in January, 2024 by the Company and Twelve Cupcakes Pte Ltd. was holding 20.32% shares in DVL USA INC.

Further, the Company had entered into a Share Purchase Agreement with Twelve Cupcakes Pte Ltd. (TCPL) to acquire the shares of DVL USA INC. held by TCPL as approved by the Board at its meeting dated 05.01.2024. As a consequence, DVL USA INC. became the Wholly Owned Subsidiary of the Company.

On May 21, 2024, DVL USA INC, Wholly-Owned Subsidiary (WOS) of the Company, had incorporated a Limited Liability Company  (LLC) in the name and style of “Waterford Orlando, LLC” in the State of Delaware, United States of America to expand the business of the WOS in the food and beverage industry majorly in confectionery and bakery industry. DVL USA INC. is the sole member of the said LLC and thus the Company had indirectly acquired 100% control in the LLC through its WOS.