The Monitoring Agency Report for the quarter ended March 31, 2026 is attached herewith.
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CRISIL Ratings Limited, the appointed Monitoring Agency, has submitted its report on the utilization of Rs 10,600 million raised through Groww's IPO in November 2025. As of March 31, 2026, the company has utilized Rs 4,016.26 million (37.9% of gross proceeds), with Rs 6,583.73 million remaining unutilized. The unutilized funds are deployed in fixed deposits with AU Small Finance Bank, SBI, and IndusInd Bank, earning interest rates between 6.25-6.75%. No material deviations from the offer document were observed. A minor delay is noted in the general corporate purposes bucket - the company planned to utilize Rs 691.56 million by Fiscal 2026 but only utilized Rs 670.31 million due to a change in business plan.
The IPO proceeds are being deployed largely as planned with no major deviations. The substantial unutilized amount parked in fixed deposits suggests a phased deployment approach, which is typical for large IPOs. The minor delay in GCP utilization is not material and does not raise red flags for shareholders.