Monitoring Agency Report issued by ICRA Limited, Monitoring Agency, for the quarter ended June 30, 2025

Honasa Consumer (parent of Mamaearth) has filed the ICRA Monitoring Agency Report tracking use of its IPO proceeds for Q1FY2026. The IPO in November 2023 raised Rs 1,701.44 crore in total, of which Rs 350.49 crore (excluding OFS and issue expenses) was the fresh issue portion earmarked for specific objects. As of June 30, 2025, the company has utilized Rs 192.12 crore (~55%) of the net proceeds, with Rs 158.37 crore still unutilized. During the quarter alone, Rs 21.11 crore was deployed — mainly toward advertising (Rs 5.17 crore), EBO capex (Rs 1.29 crore), BBlunt subsidiary investment (Rs 0.25 crore), and general corporate purposes/working capital (Rs 14.40 crore). The unutilized amount is parked in fixed deposits with HDFC Bank, Yes Bank, and Unity Small Finance Bank, earning between 4% and 8.9%. ICRA confirmed no deviation from the stated objects, no major change versus earlier reports, and all projects remain on schedule.