Route Mobile Limited — Capital/Financing Update 2021

Oct 20, 2021

Ref No: RML/2021-22/147

Date: October 20, 2021

To,

BSE Limited National Stock Exchange of India Limited Scrip Code: 543228 NSE Symbol: ROUTE

Dear Sir/Madam,

Sub: Monitoring Agency Report for the quarter ended September 30, 2021

Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report in respect of utilization of proceeds of IPO for the quarter ended September 30, 2021 issued by Axis Bank Limited, Monitoring Agency.

You are requested to take the above information on your record.

Thanking you, Yours truly, For Route Mobile Limited

RATHIN Digitally signed by RATHINDRA DAS DRA DAS Date: 2021.10.20 17:37:57 +05'30'

____________ Rathindra Das Head Legal, Company Secretary & Compliance Officer

Encl: as above

AXB/CO/IFB-TS/2021-22/96

October 18, 2021

To,

Route Mobile Limited

4th Dimension, 3rd Floor, Mind Space, Malad (West), Mumbai 400 064, Maharashtra, India.

Dear Sir,

Sub.: Route Mobile Limited - Initial public offering of equity shares by the Company aggregating upto Rs. 240 Crores.

We write in our capacity of Monitoring Agent to the Company and refer to our duties cast under Regulation 41(2) of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018.

In terms of above, please find attached the Monitoring Report for the quarter ended on September 30, 2021 as per Schedule XI of the aforesaid SEBI Regulations.

Request you to kindly take the same on records.

Thanking you.

For and on behalf of Axis Bank Ltd

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Authorized Signatory

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

Report of the Monitoring Agency

Name of the Issuer: Route Mobile Limited

For Quarter ended: 30[th] September, 2021

Name of the Monitoring Agency: Axis Bank Limited

(a) Deviation from the objects: No deviation from objects (relevant comments are specified in the report below)

(b) Range of Deviation: Not applicable (relevant comments are specified in the report below)

Declaration:

We declare that this report is based on the format as prescribed by SEBI (ICDR) Regulations, 2018, as amended. We further declare that this report provides a true and fair view of the utilization of issue proceeds.

We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We also declare that the certificate is provided on the basis of management representation and certification provided by the independent chartered accountant.

For and on behalf of Axis Bank Ltd

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____ Name: Mangalagowri Bhat Date: October 18, 2021

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

1) Issuer Details:

Name of the issuer : Route Mobile Limited The names of the promoters of the issuer : Sandipkumar Gupta, and Rajdipkumar Gupta Industry/sector to which it belongs : Cloud Communication platform as a service (“CPaaS”). 2) Issue Details : Issue Period : 09[th] September, 2020 – 11[th] September, 2020 Type of Issue (public/rights) : Public Issue Type of specified securities : Equity Shares Grading : As this is an offer of Equity shares, no credit rating agency has been appointed in respect of obtaining grading for the offer. Issue size (Rs. in Crores) : Fresh issue of Rs. 240 crores

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

Particulars	Reply	Comments of Monitoring Agency	Comments of the Board of Directors
Whether all the utilization is as per disclosure in Offer Document?	Yes	INR 782.82 million has been utilised as on 31st Mar 2021, and the balance amount is still lyingin the bank account.	INR 782.82 million has been utilised as on 31st Mar 2021, and the balance amount is still lyingin the bank account.
Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document?	Not applicable	Not applicable	Not applicable
Whether means of finance for disclosed objects of the Issue has changed?	No	No	No
Any major deviation observed over the earlier monitoring agencyreports?	No	No	No
Whether all Government / Statutory approvals related to the object(s)obtained?	Not applicable	Not applicable	Not applicable
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Yes	Yes	Yes
Any favorable events improving object(s)viability	No	No	No
Any unfavorable events affecting object(s)viability	No	No	No
Any other relevant information that may materially affect the decision makingof the investors	None	None	None

# 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 object(s)s to be monitored:

• (i) Cost of objects-

Particulars	Amount in INR. Million
Gross Proceeds from the Fresh Issue	2400.00
(Less)Offer expenses*	169.09
Net Proceeds	2230.91

• Total issue expenses attributable to Route Mobile Limited is 178.42 mn. Thus additional INR 9.33 mm is paid by the Company from General corporate expense.

(Give Item by Item Description for all the Objects Stated in Offer Document separately in following format)

Sl. No	Item Head	Original Cost (as per Offer Document) INR In millions	Revised Cost INR In millions	Comments of Monitoring Agency	Comments of the Board	Comments of the Board	of Directors
					Reason of cost revision	Proposed financing option	Particulars of firm arrangements made
1	Repayment or pre- payment, in full or part, of certain borrowings of our Company	365.00	NA	NA	NA	NA	NA
2	Acquisitions and other strategic initiatives	830.00	NA	NA	NA	NA	NA
3	Purchase of office premises in Mumbai	650.00	NA	NA	NA	NA	NA
4	General corporate purpose	385.91	NA	NA	NA	NA	NA
	Total	2,230.91

(ii) Progress in the objects-

	(Give Item byItem Description f	or all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions	or all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions	or all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions	or all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Sr No	Item Heads	Projected utilization of proceeds as per the offer document	Amount Utilized upto 30 September 21	Total unutilized amount as on 30 September 21	Remarks
1	Repayment or pre-payment, in full or part, of certain borrowings of the Company	365.00	365.00	Nil	Company has made the repayment of loan availed from HDFC bank INR 65 million and Kotak bank INR 300 millions (Refer Annexure 2)
2	Acquisitions and other strategic initiatives	830.00	665.58	164.42	(Refer Annexure 3)
3	Purchase of office premises in Mumbai	650.00	Nil	650.00	-
4	General corporate purposes (including IPO related expenses apportioned to the Company)	385.91	9.33	376.58	INR 9.33 million represents IPO related expenses apportioned to the Company
¤	Total*	2,230.91	1,039.91	1,191.00

*Out of the total unutilised amount, INR 192.11 mn is being held in Current Account of the Company in form of Fixed Deposit.

**Pursuant to Regulation 41(2) of SEBI (ICDR) Regulations Monitoring Agency is not commenting on the utilization of issue proceeds under the head General Corporate Purpose.

(iii) Deployment of unutilised Issue proceeds: INR in millions

Sl. No	Type of instrument where amount invested*	Amount invested (INR in million)	Maturity date	Earnings (INR in million)	Return on Investment (ROI %)	Book Value as at the end of quarter (INR in million)
1	Fixed Deposit with ICICI bank bearing FD no. 195913004070	250.00	28-Mar-22	8.38	3.50%	258.38
2	Fixed Deposit with ICICI bank bearing FD no. 195913004071	130.00	28-Mar-22	4.36	3.50%	134.36

3	Fixed Deposit with Axis bank bearing FD no 920040055399996	19.99	27-Sep-22	0.99	5.10%	20.98
4	Fixed Deposit with Axis bank bearing FD no 920040055400094	19.99	27-Sep-22	0.99	5.10%	20.98
5	Fixed Deposit with Axis bank bearing FD no 920040055399336	19.99	27-Sep-22	1.01	5.10%	21.00
6	Fixed Deposit with Axis bank bearing FD no 920040055400216	19.99	27-Sep-22	0.99	5.10%	20.98
7	Fixed Deposit with Axis bank bearing FD no 920040055659434	15.00	03-Oct-22	0.73	5.10%	15.73
8	Fixed Deposit with Axis bank bearing FD no 920040055388899	19.90	27-Sep-22	1.01	5.10%	20.91
9	Fixed Deposit with Axis bank bearing FD no 920040055399158	19.99	27-Sep-22	1.01	5.10%	21.00
10	Fixed Deposit with Axis bank bearing FD no 920040055399679	19.99	27-Sep-22	1.01	5.10%	21.00
11	Fixed Deposit with Axis bank bearing FD no 920040055390520	19.90	27-Sep-22	1.01	5.10%	20.91
12	Fixed Deposit with Axis bank bearing FD no 920040055399857	19.99	27-Sep-22	0.99	5.10%	20.98
13	Fixed Deposit with Axis bank bearing FD no 920040055399970	19.99	27-Sep-22	0.99	5.10%	20.98
14	Fixed Deposit with Axis bank bearing FD no 920040055399608	19.99	27-Sep-22	1.01	5.10%	21.00
15	Fixed Deposit with Axis bank bearing FD no 920040055399475	19.99	27-Sep-22	1.01	5.10%	21.00
16	Fixed Deposit with Axis bank bearing FD no 920040055390805	19.90	27-Sep-22	1.01	5.10%	20.91
17	Fixed Deposit with Axis bank bearing FD no 920040055390177	19.90	27-Sep-22	1.01	5.10%	20.91

18	Fixed Deposit with Axis bank bearing FD no 920040055659168	15.00	03-Oct-22	0.73	5.10%	15.73
19	Fixed Deposit with Axis bank bearing FD no 920040055389180	19.90	27-Sep-22	1.01	5.10%	20.91
20	Fixed Deposit with Axis bank bearing FD no 920040055389698	19.90	27-Sep-22	1.01	5.10%	20.91
21	Fixed Deposit with Axis bank bearing FD no 920040055391057	19.90	27-Sep-22	1.01	5.10%	20.91
22	Fixed Deposit with Axis bank bearing FD no 920040055399750	19.99	27-Sep-22	1.00	5.10%	20.99
23	Fixed Deposit with Axis bank bearing FD no 920040055400232	19.99	27-Sep-22	0.99	5.10%	20.98
24	Fixed Deposit with Axis bank bearing FD no 920040055658907	15.00	03-Oct-22	0.73	5.10%	15.73
25	Fixed Deposit with Axis bank bearing FD no 920040055659845	10.00	03-Oct-22	0.49	5.10%	10.49
26	Fixed Deposit with Axis bank bearing FD no 920040055659670	15.00	03-Oct-22	0.73	5.10%	15.73
27	Fixed Deposit with Axis bank bearing FD no 920040055399815	19.99	27-Sep-22	0.99	5.10%	20.98
28	Fixed Deposit with Axis bank bearing FD no 920040055399459	19.99	27-Sep-22	1.01	5.10%	21.00
29	Fixed Deposit with Axis bank bearing FD no 920040055400164	19.99	27-Sep-22	0.99	5.10%	20.98
30	Fixed Deposit with Axis bank bearing FD no 920040055659528	15.00	03-Oct-22	0.73	5.10%	15.73
31	Fixed Deposit with Axis bank bearing FD no 920040055658367	15.00	03-Oct-22	0.73	5.10%	15.73
32	Fixed Deposit with Axis bank bearing FD no 920040055400313	19.99	27-Sep-22	0.99	5.10%	20.98

33	Fixed Deposit with Axis bank bearing FD no 920040055658147	15.00	03-Oct-22	0.73	5.10%	15.73
34	Fixed Deposit with Axis bank bearing FD no 920040055657438	15.00	03-Oct-22	0.73	5.10%	15.73
35	Fixed Deposit with Axis bank bearing FD no 920040055658606	15.00	03-Oct-22	0.73	5.10%	15.73
36	Fixed Deposit with Axis bank bearing FD no 921040067414497	9.70	11-Oct-21	0.06	3.00%	9.76
37	Fixed Deposit with Axis bank bearing FD no 921040061161735	5.00	17-May-22	0.09	5.15%	5.09
38	Fixed Deposit with Axis bank bearing FD no. 921040069492187	0.05	05-Aug-22	0.00	5.10%	0.05

• Where the market value is not feasible, provide NAV/NRV/Book Value of the same

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

Object(s)	Completion Date	Completion Date	Delay (no. of days/ months)	Comments of the Board of Directors	Comments of the Board of Directors
	As per the Offer Document	Actual*		Reason of delay	Proposed course of action
	Nil

* In case of continuing object(s), please specify latest/revised estimate of the completion date.

Annexure 2

Repayment or pre-payment, in full or part, of certain borrowings of our Company

			(In millions)
Date of payment	Payment made to	Amount	Purpose of Payment
19/09/2020	HDFC Bank	65.00	Repayment of loan
21/10/2020	Kotak Bank	90.00	Repayment of loan
25/10/2020	Kotak Bank	210.00	Repayment of loan
	Total	365.00

Annexure 3

Acquisitions and other strategic initiatives

	Acquisitions and other strategic initiatives
		(In millions)
Date of payment	Payment made to	Amount	Purpose of Payment
01/10/2020	TeleDNA	120.00	Acquisition as per BTA agreement
06/11/2020	365 Squared	272.275	Paid to Route Mobile UK as final payment for acquisition of 365 squared
22/01/2021	365 Squared	16.217
05/07/2021	Sarv Webs Private Limited	10.800	Paid to Sarv Webs Private Limited pursuant to Business Transfer Agreement
05/07/2021	Sarv Webs Private Limited	245.000
11/08/2021	TDS paid on behalf of Sarv Webs Private Limited	1.290
	Total	665.58