Monitoring Agency Report for the quarter ended March 31, 2026
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CARE Ratings submitted two Monitoring Agency Reports covering the Rs. 392 crore IPO (September 2023) and Rs. 594.84 crore QIP (December 2024). For the IPO, the company utilized Rs. 2.037 crore excess under General Corporate Purposes (GCP) due to lower issue expenses, but requisite approvals were not received—flagged as a concern. All main IPO objects (customer acquisition, technology, debt repayment) are fully utilized, though there were delays: debt repayment delayed by 611 days and GCP by 633 days. For the QIP, Rs. 121.52 crore has been deployed toward strategic acquisitions including 100% stake in Rivpe Technology Private Limited (effective March 30, 2026), while Rs. 253.48 crore remains unutilized. GCP utilization was minimal at Rs. 10.67 crore against a planned Rs. 50 crore. The company has parked Rs. 402.90 crore in fixed deposits with AU Small Finance Bank and ICICI Bank, earning interest at 5.85%-6.75% p.a.
The IPO shows minor compliance issues with excess GCP utilization lacking approvals, though this is within 10% deviation range. The QIP is progressing as planned with no material deviations—unutilized funds are safely deployed in FDs. Delays in fund deployment for acquisitions and GCP are ongoing but within the extended timelines through March 2027.