Ideaforge Technology Limited — Others, 09-05-2025: Statement of deviation(s) or variation(s) under Reg. 32

ideaForge Technology Limited has confirmed that the utilization of its IPO proceeds aligns with the stated objectives. The company raised ₹567.25 Cr through the IPO and has allocated funds towards repayment of indebtedness (₹50 Cr), working capital needs (₹135 Cr), product development (₹40 Cr), and general corporate purposes (₹0.16 Cr). The Audit Committee reviewed and approved the quarterly utilization, underscoring disciplined fund management and transparency, which supports shareholder confidence.