Monitoring Agency Report for the quarter ended March 31, 2026.
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Axis Bank Limited, as Monitoring Agency, submitted its quarterly report on the utilization of Route Mobile Limited's IPO proceeds. The company raised INR 2400 million (net proceeds INR 2230.91 million) in September 2020. As of March 31, 2026, INR 1580.91 million (70.9%) has been utilized while INR 650 million remains unutilized. The unutilized amount is entirely for the 'Purchase of office premises in Mumbai' and is currently deployed in Fixed Deposits with Axis Bank and HDFC Bank earning 5-6.25% returns. All other objects - loan repayment (INR 365 million), acquisitions (INR 830 million), and general corporate purposes (INR 385.91 million) - have been fully deployed. The monitoring agency confirmed no deviation from objects as disclosed in the Offer Document.
This is a routine compliance filing showing orderly utilization of IPO funds with no material deviations. The INR 650 million still parked in fixed deposits suggests the Mumbai office purchase remains delayed but is not a concern for shareholders as funds are safely deployed earning market returns.