Zaggle Prepaid Ocean Services Limited has informed the Exchange about the Monitoring Agency Report for the quarter ended March 31, 2026
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Zaggle submitted its Q4FY26 Monitoring Agency Report for two fundraisings - the September 2023 IPO (Rs. 392 crore) and December 2024 QIP (Rs. 594.84 crore). For the IPO, the company utilized Rs. 2.037 crore excess under General Corporate Purposes (GCP) due to lower issue expenses than estimated, though requisite approvals were not received. For the QIP, Rs. 121.52 crore has been deployed for strategic acquisitions including 100% stake in Rivpe Technology Private Limited (effective March 30, 2026), with Rs. 253.48 crore remaining. GCP utilization remains low at Rs. 10.67 crore against planned Rs. 50 crore. Total unutilized QIP proceeds of Rs. 382.81 crore are deployed in Fixed Deposits earning 5.85-6.75% interest.
The filing shows ongoing but delayed deployment of QIP funds for acquisitions and general corporate purposes. The IPO excess utilization without proper approvals raises minor compliance concerns, though no material deviation was declared for either fundraising.