Monitoring Agency: Acuite Ratings and Research Limited
Audit Committee Review Date: Thursday, July 30, 2026
Overall Deviation Status: No deviation/variation in use of funds raised
Detailed Fund Utilization by Object
1. Funding Capital Expenditure for Existing Business
Proposed Amount: ₹11.07 Crores
Amount Utilized: ₹1.59 Crores
Status: No Deviation/Variation
Monitoring Agency Comments: Progress is delayed. As per the Prospectus, ₹8.50 crores were proposed for utilization by March 31, 2026.
Company Explanation: Hiring for identified positions is taking longer than anticipated, deferring hardware/software procurement and proposed working arrangements in Bengaluru (Bellandur) and Delhi (Connaught Place).
2. Funding Capital Expenditure for Setting Up Additional Office/New Studio
Proposed Amount: ₹7.14 Crores
Amount Utilized: ₹6.57 Crores
Status: No Deviation/Variation
Monitoring Agency Comments: Progress is delayed. As per the Prospectus, ₹7.09 crores were proposed for utilization by March 31, 2026.
Company Explanation: Office premises taken on lease; office setup substantially completed with major payments made. Studio setup completed with full payment made. A discount received against estimated amount has resulted in unutilized funds proposed for transfer to General Corporate Purpose.
3. Funding Capital Expenditure for Brand Building
Proposed Amount: ₹5.02 Crores
Amount Utilized: ₹2.34 Crores
Status: No Deviation/Variation
Monitoring Agency Comments: Progress is delayed. As per the Prospectus, ₹4.18 crores were proposed for utilization by March 31, 2026.
Company Explanation: Utilization delayed as underlying contract is for 12 months commencing December 2025. Utilization will occur progressively over the contract tenure per agreed payment terms.
4. Meeting Incremental Working Capital Requirements
Proposed Amount: ₹6.33 Crores
Amount Utilized: ₹6.31 Crores
Status: No Deviation/Variation
Monitoring Agency Comments: Issuer has not completed utilization within proposed timeline ending March 31, 2026, resulting in delay.
Company Explanation: ₹6.31 crores utilized out of ₹6.33 crores proposed.
5. General Corporate Purposes
Proposed Amount: ₹5.67 Crores
Amount Utilized: ₹0.85 Crores
Status: No Deviation/Variation
Monitoring Agency Comments: No funds utilized toward this object during reporting period. Utilization remains incomplete beyond proposed timeline of March 31, 2026, constituting a 3-month delay as of June 30, 2026.
Company Explanation: Utilization undertaken based on business requirements and operational priorities. Balance amount remains pending and will be progressively deployed toward eligible general corporate purposes.
