One Mobikwik Systems Limited — Capital/Financing Update 2025

Feb 5, 2025

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Date: February 05, 2025

To,
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai – 400 051	BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001
Symbol: MOBIKWIK	Scrip Code: 544305

Sub: Statement of deviation(s) or variation(s) for the quarter ended December 31, 2024 under regulation 32(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)

Dear Sir/ Madam,

Pursuant to the Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Statement of deviation(s) or variation(s) in utilisation of funds raised through the initial public offer (“IPO”) by the Company, for the quarter ended December 31, 2024 along with Monitoring Agency Report issued by CARE Ratings Limited as reviewed by the Audit Committee at its meeting held on Tuesday, the February 04, 2025.

This is for your information and records.

Thanking you

For One MobiKwik Systems Limited

Digitally signed Ankita by Ankita Sharma Sharma Date: 2025.02.05 16:58:58 +05'30'

Ankita Sharma

Company Secretary and Compliance Officer Membership No.: A37518

ONE MOBIKWIK SYSTEMS LIMITED

Registered Office: Unit No. 102, 1[st] Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, Haryana-122003, India. Ph: +91 (124) 490-3344 | CIN: U64201HR2008PLC053766 | www.mobikwik.com

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STATEMENT ON DEVIATION OR VARIATION FOR PROCEEDS OF PUBLIC ISSUE

	Statement on deviation / variation in utilisation of funds raised	Statement on deviation / variation in utilisation of funds raised	Statement on deviation / variation in utilisation of funds raised	Statement on deviation / variation in utilisation of funds raised	Statement on deviation / variation in utilisation of funds raised	Statement on deviation / variation in utilisation of funds raised	Statement on deviation / variation in utilisation of funds raised
	Name of listed entity				One MobiKwik Systems Limited
	Mode of Fund Raising				Public Issue-Initial Public Offer (IPO)
	Date of Raising Funds				Issue Open Date – December 11, 2024 Issue Closing Date-December 13, 2024
	Amount Raised (Rs. in Crore)				572 (Fresh Issue)
	Report filed for Quarter ended				December 31, 2024
	Monitoring Agency				Applicable
	Monitoring Agency Name, if applicable				CARE Ratings Limited
	Is there a Deviation/ Variation in use of funds raised				No
	If Yes, whether the same is pursuant to change in terms of contract or objects which was approved by the shareholders				Not Applicable
	If yes, Date of shareholder Approval				Not Applicable
	Explanation for the Deviation/ Variation				Not Applicable
	Comments of the Audit Committee after review				NIL
	Comments of the auditors, if any				NIL
	Objects for which funds have been raised and where there has been a deviation, in the following table:
	Original Object	Modified Object, if any	Original Allocation (Rs. in crore)	Modified allocation, if any		Funds Utilised (Rs. in crore)	Amount of Deviation/ Variation for the quarter according to applicable object	Remarks, if any
	Funding organic growth in financial services business	NA	150.00	NA		NIL	NIL	NA
	Funding organic growth in payment services business	NA	135.00	NA		NIL	NIL	NA
	Research and development in data, ML and AI and product and technology	NA	107.00	NA		NIL	NIL	NA
	Capital expenditure for payment devices business	NA	70.29	NA		NIL	NIL	NA
	General Corporate Purpose	NA	68.23	NA		65	NIL	NA
	IPO related expenses	NA	41.48	NA		NIL	NIL	NA
	Deviation or variation could mean: a. Deviation in the objects or purposes for which the funds have been raised or b. Deviation in the amount of funds actually utilized as against what was originally disclosed or c. Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc.
	Name of signatory:Ankita Sharma Designation: Company Secretary Ankita Sharma Digitally signed by Ankita Sharma Date: 2025.02.05 16:59:26 +05'30'

ONE MOBIKWIK SYSTEMS LIMITED

Registered Office: Unit No. 102, 1[st] Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, Haryana-122003, India.

Ph: +91 (124) 490-3344 | CIN: U64201HR2008PLC053766 | www.mobikwik.com

February 04, 2025

Monitoring Agency Report

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No. CARE/NRO/GEN/2024-25/1111

The Board of Directors

One Mobikwik Systems Limited

Unit 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, Haryana-122003, India

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2024 - in relation to the IPO of One Mobikwik Systems Limited (“the Company”)

We write in our capacity of Monitoring Agency for the IPO issue for the amount aggregating to Rs. 572 crore of the Company and refer to our duties cast under 82 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended December 31, 2024 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated December 05, 2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Jatin Arora Assistant Director jatin.arora@careedge.in

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Report of the Monitoring Agency

Name of the issuer: One Mobikwik Systems Limited For quarter ended: December 31, 2024 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil

(b) Range of Deviation: Not Applicable

Declaration:

We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.

The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.

We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board.

Signature:

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Name and designation of the Authorized Signatory: Jatin Arora Designation of Authorized person/Signing Authority: Assistant Director

CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer Name of the promoter Industry/sector to which it belongs

: One Mobikwik Systems Limited

: Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust, Narinder Singh Family Trust : Financial Services

2) Issue Details

Issue Period Type of issue (public/rights) Type of specified securities IPO Grading, if any Issue size (in crore)

: December 11, 2024 to December 13, 2024

: Initial Public Offer

: Equity : Not Applicable : Rs. 572 crore

3) Details of the arrangement made to ensure the monitoring of issue proceeds:

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Comments of
Source of information / certifications
Comments of the the
Particulars Reply considered by Monitoring Agency for
Monitoring Agency Board of
preparation of report
Directors
The Board of
Directors noted
that there are no
All the proceeds of the IPO except IPO deviations,
Whether all utilization is as per the disclosures in the Offer Chartered Accountant certificate, Bank
Yes expenses and GCP have been invested and the net
Document? statement and Fixed Deposit Receipts
in FD as of now^ proceeds were
utilized for the
purpose stated
in the prospectus.
Whether shareholder approval has been obtained in case of Not applicable
Not
material deviations# from expenditures disclosed in the Offer Not applicable Not applicable
Applicable
Document?
Whether the means of finance for the disclosed objects of the No Not applicable
No Not applicable
issue have changed?
Is there any major deviation observed over the earlier monitoring Not Not applicable No Not applicable
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CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Comments of
Source of information / certifications
Comments of the the
Particulars Reply considered by Monitoring Agency for
Monitoring Agency Board of
preparation of report
Directors
agency reports? Applicable
Whether all Government/statutory approvals related to the Not applicable Not applicable Not applicable Not applicable
object(s) have been obtained?
Whether all arrangements pertaining to technical Not applicable Not applicable Not applicable Not applicable
assistance/collaboration are in operation?
Are there any favorable/unfavorable events affecting the viability Not applicable Not applicable No Not applicable
of these object(s)?
Is there any other relevant information that may materially affect Not applicable
No Not applicable No
the decision making of the investors?
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^ Chartered Accountant certificate from M/s V P G S & Co Chartered Accountants dated January 27, 2025

Where material deviation may be defined to mean:

a) Deviation in the objects or purposes for which the funds have been raised

b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

4) Details of objects to be monitored:

(i) Cost of objects –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Original cost (as per the Offer Document) in Rs. Crore	Revised Cost in Rs. Crore	Comments of the Monitoring Agency	Comments of the Board of Directors
						Reason for cost revision Proposed financing option Particulars of -firm arrangements made
1	Funding organic growth in financial services business	Chartered Accountant certificate*, Bank statements, Offer Document	150.00	Not applicable	NA	Not applicable
2	Funding organic growth in payment services business	Chartered Accountant certificate*, Bank statements, Offer Document	135.00	Not applicable	NA

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6
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CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Comments of the Board of Directors
Source of information / Original cost Comments
Particulars of
Sr. Item certifications considered (as per the Offer Revised Cost of the
Reason for Proposed -firm
No Head by Monitoring Agency for Document) in Rs. in Rs. Crore Monitoring
cost revision financing option arrangements
preparation of report Crore Agency
made
Research and development in Chartered Accountant
3 data, ML and AI and product certificate, Bank statements, 107.00 Not applicable NA
and technology Offer Document
Chartered Accountant
Capital expenditure for payment
4 certificate, Bank statements, 70.29 Not applicable NA
devices business
Offer Document
Chartered Accountant
5 General Corporate Purpose certificate, Bank statements, 68.23 Not applicable NA
Offer Document
Management Certificate,
Chartered Accountant
IPO related expenses 41.48 Not applicable NA
certificate, Bank statements,
Offer Document
Total 572.00
Chartered Accountant certificate from M/s V P G S & Co Chartered Accountants dated January 27, 2025
–
(ii) Progress in the objects
Comments of the
Amount utilised in Rs. Crore
Board of Directors
Amount as
Source of information / As at Total
proposed
Sr. Item certifications considered beginnin At the end unutilised Comments of the
in the Offer During the Reasons Proposed
No Head by Monitoring Agency for g of the of the amount in Monitoring Agency
Document in Rs. quarter in for idle course of
preparation of report quarter quarter in Rs. crore
Crore Rs. Crore funds action
in Rs. Rs. Crore
Crore
IPO related Management Certificate, Pending To be
41.48 Nil Nil Nil 41.48 Nil
expenses Chartered Accountant for deployed
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CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document in Rs. Crore	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency	Comments of the Board of Directors	Comments of the Board of Directors
				As at beginnin g of the quarter in Rs. Crore					Reasons for idle funds	Proposed course of action
						At the end	unutilised
					During the	of the	amount in
					quarter in	quarter in	Rs. crore
					Rs. Crore	Rs. Crore
		certificate*, Bank statements, Offer Document							deployme nt	as per business
1	Funding organic growth in financial services business	Chartered Accountant certificate*, Bank statements, Offer Document	150.00	Nil	Nil	Nil	150.00	Nil		requirem ent
2	Funding organic growth in payment services business	Chartered Accountant certificate*, Bank statements, Offer Document	135.00	Nil	Nil	Nil	135.00
3	Research and development in data, ML and AI and product and technology	Chartered Accountant certificate*, Bank statements, Offer Document	107.00	Nil	Nil	Nil	107.00
4	Capital expenditure for payment devices business	Chartered Accountant certificate*, Bank statements, Offer Document	70.29	Nil	Nil	Nil	70.29
5	General Corporate Purpose	Chartered Accountant certificate*, Bank statements, Offer Document	68.23	Nil	65.00	65.00	3.23	The amount has been transferred from Monitoring account of the company to its OD account and thereafter, to its escrow account, which is being used by the Company to carry out transactions in its ordinary course of

8

CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Comments of the
Amount utilised in Rs. Crore
Board of Directors
Amount as
Source of information / As at Total
proposed
Sr. Item certifications considered beginnin At the end unutilised Comments of the
in the Offer During the Reasons Proposed
No Head by Monitoring Agency for g of the of the amount in Monitoring Agency
Document in Rs. quarter in for idle course of
preparation of report quarter quarter in Rs. crore
Crore Rs. Crore funds action
in Rs. Rs. Crore
Crore
business, i.e., to fund
settlement mismatches
Total 572.00 Nil 65.00 65.00 507.00
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CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

9

CIN-L67190MH1993PLC071691

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(iii) Deployment of unutilized proceeds:

Note: The detail of remaining unutilized balance as on December 31, 2024 is as follows:

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Particulars Amount Remark Source of information
in ₹ Cr
Fixed Deposits 465.00 Details as per below table CA Certificate, Bank statement
and FD certificates
Closing Balance of Monitoring 0.26 The amount of Rs. 0.26 crore is lying in monitoring account
Account and will be used later as per the objects mentioned in
Prospectus.
Closing Balance of Public Issue 41.84 The amount of Rs. 41.84 crore is parked in Public issue
Account account and the same will be released in the IPO monitoring
account along with proposed IPO related expenses
amounting to Rs. 41.48 crore
Total 507.10
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*This includes interest of Rs. 0.10 crore on balances of monitoring account.

Detail of Fixed deposits as on December 31, 2024

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Return on Market Value
Sr. Type of instrument and name Amount
Maturity date Earning Investment as at the end
No. of the entity invested in invested
(%) of quarter
1 HDFC Bank Ltd 25 18-12-2025 7.40% 25
2 HDFC Bank Ltd 25 18-12-2025 7.40% 25
3 HDFC Bank Ltd 25 18-12-2025 7.40% 25
4 HDFC Bank Ltd 25 18-12-2025 7.40% 25
5 ICICI Bank Ltd-9927 25 19-03-2025 7.20% 25
6 ICICI Bank Ltd-9927 50 18-12-2025 7.70% 50
7 ICICI Bank Ltd-9927 75 02-01-2025 4.75% 75
8 Axis Bank Ltd-9347 50 12-01-2026 7.80% 50
9 Axis Bank Ltd-9347 50 18-10-2025 7.60% 50
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10

CARE Ratings Limited

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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10	Axis Bank Ltd-9347	25	18-07-2025		7.50%	25
11	Axis Bank Ltd-9347	90	10-01-2025		4.75%	90
	Total	465.00				465.00

• (iv) Delay in implementation of the object(s)

Objects	Completion Date	Completion Date	Delay (no.	Comments of the Board of Directors
	As per the offer	Actual	of days/	Reason of delay Proposed course of action
	document		months)
Funding organic growth in financial services business	2026
Funding organic growth in payment services business	2027	Implementation not yet started	N dl	Nt libl
Research and development in data, ML and AI and product and technology 2026
Capital expenditure for payment devices business	2027
General Corporate Purpose	2025	65.00 crore has been utilized as in the quarter ended December 2024	o eay	o appcae

5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:

			Source of information / certifications
		Amount
Sr. No	Item Head^		considered by Monitoring Agency for	Comments of Monitoring Agency	Comments of the Board of Directors
		in Rs. Crore
			preparation of report
1	Funds utilized towards ordinary course of business	65.00	Bank statement evidencing transfer to OD account. The amount has been transferred from the company OD account to escrow account to conduct transactions towards its ordinary course of business.	Nil	Utilized as per the business requirement

• ^ Section from the offer document related to GCP:

• “Our Company intends to deploy the balance Net Proceeds aggregating up to ₹ 3.23 crore in utilizing the proceeds earmarked for general corporate purposes.”

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CARE Ratings Limited

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

CIN-L67190MH1993PLC071691

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Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA” ). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.

b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditors (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable.

c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.

d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.

e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

CARE Ratings Limited

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Plot no. C-001 A/2 Sector 16B, Berger Tower, Noida, Gautam Budh Nagar (UP) - 201301 Phone: +91-120-4452 000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691