Zaggle Prepaid Ocean Services Limited has informed the Exchange about General Updates
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Zaggle has submitted the Monitoring Agency Report from CARE Ratings for the quarter ended June 30, 2025, covering both its IPO (Rs. 392 crore raised in September 2023, net proceeds Rs. 362.16 crore) and its QIP (Rs. 594.84 crore raised in December 2024). For the IPO, the company has utilized Rs. 273.37 crore so far (about 75%), with Rs. 88.79 crore still unutilized, and there are reported delays in deploying funds for customer acquisition and technology development. For the QIP, only Rs. 140.38 crore (about 24%) has been utilized, with Rs. 454.46 crore remaining unutilized and zero deployment during Q1 FY26. Idle proceeds are parked in fixed deposits with AU Small Finance Bank and ICICI Bank earning 4-8.2% interest. CARE Ratings confirmed no deviation from stated objects, though Rs. 1.70 crore of QIP issue expenses was reclassified into General Corporate Purposes per a May 12, 2025 board resolution. The company is behind its self-declared deployment schedule, particularly for QIP funds earmarked for strategic acquisitions and inorganic growth (Rs. 316 crore still unspent).
The slow pace of capital deployment, especially of the large QIP proceeds meant for acquisitions and inorganic growth, signals delayed strategic execution that may concern investors. However, idle funds are earning interest in FDs, no deviation from stated objects has been flagged, and loan repayments are nearly complete, which provides some comfort.