Key Correction Disclosed

The figure in the column of 'Fund utilized for Capital expenditure towards procurement of Desktop and Laptops for the new Offline Centers' AI/ML labs' was erroneously shown as ₹195 lakhs (₹1.95 crore) instead of zero in the original filing. This correction is the primary reason for the revised statement.

IPO Details

  • Mode of Fund Raising: Public Issues
  • Date of Raising Funds: For anchor investor - 30 July 2026; For others - 31 July 2026 to 04 August 2026
  • Date of Allotment: 05 August 2026
  • Amount Raised: ₹3904.0 Lakhs (₹39.04 Crore)
  • Fresh Issue: 1,989,400 equity shares at ₹159 per share (₹31.63 crore)
  • Offer for Sale: 465,800 equity shares at ₹159 per share (₹7.41 crore)
  • Total Issue Size: 2,455,200 equity shares (₹39.04 crore)

Monitoring Agency

  • Monitoring Agency: Brickwork Ratings India Private Limited
  • Monitoring Agency Agreement Date: 15 July 2026
  • Report Number: BWR/2026-27/IPM/FKEL/01
  • Report Period: Quarter ended September 30, 2026

Utilization of IPO Proceeds (as of September 30, 2026)

The company reported no deviation/variation in use of funds raised. The audit committee and auditors had no comments.

Detailed Utilization (₹ in Crore):

1. Prepayment/repayment of borrowings: Allocated ₹2.36 crore, utilized ₹2.38 crore (slight overutilization of ₹0.02 crore)

2. Technology & AI/ML Development: Allocated ₹6.71 crore, utilized ₹0.14 crore, unutilized ₹6.57 crore

3. Content Development: Allocated ₹5.35 crore, utilized ₹0.18 crore, unutilized ₹5.17 crore

4. Desktop/Laptops for AI/ML labs: Allocated ₹1.95 crore, utilized ₹0.00 crore, unutilized ₹1.95 crore

5. Marketing initiatives: Allocated ₹5.22 crore, utilized ₹0.24 crore, unutilized ₹4.98 crore

6. Inorganic growth & general corporate purposes: Allocated ₹5.93 crore, utilized ₹0.69 crore, unutilized ₹5.24 crore

7. Issue Expense: Allocated ₹4.11 crore, utilized ₹4.01 crore, unutilized ₹0.10 crore

Total Utilization: ₹7.64 crore utilized out of ₹39.04 crore raised

GST Treatment Note

An amount of ₹0.81 crore was utilized from the Monitoring Agency Account towards GST expenses across various issue objects. As per the Prospectus, the base expenditure excluding GST is to be funded through Net Issue Proceeds, while the GST component is to be funded through internal accruals. The company is required to reimburse this ₹0.81 crore to the Monitoring Agency Account from internal accruals in the next quarter.

Deployment of Unutilized Proceeds

Unutilized proceeds of approximately ₹31.4 crore are deployed as follows:

  • Public Issue Account: ₹0.03 crore
  • Monitoring Agency Account: ₹0.87 crore
  • DBS Account: ₹0.31 crore
  • Fixed Deposits with ICICI Bank: ₹22.00 crore across four deposits with maturity dates between March and September 2027, earning interest between 5.5% to 6.6%

Implementation Timeline

All objects are ongoing with no delays reported:

  • Prepayment of borrowings, Content Development, Desktop/Laptops procurement, Inorganic growth: Completion target up to FY27
  • Technology & AI/ML Development, Marketing initiatives: Completion target up to December 2027

General Corporate Purpose Utilization

₹0.69 crore utilized under general corporate purposes as of September 30, 2026.

Certification and Verification

All information in the monitoring report was verified by R. S. Gokani & Co. Chartered Accountants (FRN: 140229W) through CA certificate and company statement dated October 29, 2026.