Zaggle Prepaid Ocean Services Limited — Others, 15-05-2025: Monitoring Agency Report

Zaggle has announced a Monitoring Agency Report on its Rs. 392 Cr IPO and Rs. 594.84 Cr QIP proceeds. IPO funds have mostly been used as planned, mainly for customer acquisition (Rs. 208.78 Cr), technology development (Rs. 14.24 Cr), debt repayment (Rs. 16.8 Cr), and corporate purposes, with Rs. 117.31 Cr still parked in fixed deposits earning 7-8%. QIP funds saw Rs. 59.14 Cr used for debt repayment and Rs. 58.84 Cr for strategic investments including acquisitions, while Rs. 140 Cr remains unutilized. Issue expenses were Rs. 22.4 Cr, slightly above estimates. Fund deployment is steady but some areas face delays, with unutilized funds safely earning interest.