Monitoring Agency Report

July 15, 2026 To, To, The Listing Department, The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400001 Mumbai – 400051 Scrip code: 544603 Symbol: GROWW Dear Sir / Madam, Sub: Monitoring Agency Report issued by CRISIL Ratings Limited for the utilisation and application of funds raised through the Initial Public Offer (IPO) of the Company for the quarter ended June 30, 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we have enclosed herewith the Monitoring Agency Report issued by the CRISIL Ratings Limited, Monitoring Agency, appointed by the Company for the utilisation and application of funds raised through the Initial Public Offer (IPO) of the Company for the quarter ended June 30, 2026. The above information is being uploaded on the website of the Company viz. www.groww.in. Kindly take the same on record and oblige. Thanking you, For Billionbrains Garage Ventures Limited (Formerly known as Billionbrains Garage Ventures Private Limited) Roshan Dave Company Secretary and Compliance Officer Encl.: As above Billionbrains Garage Ventures Limited (Formerly known as Billionbrains Garage Ventures Private Limited) Registered Office: Vaishnavi Tech Park, South Tower, 3rd Floor, Survey No.16/1 and 17/2, Ambalipura Village, Varthur Hobli, Bellandur, Bangalore, Bangalore South, Karnataka, India, 560103 W: www.groww.in E:corp.secretarial@groww.in T: +91 80-69601300 CIN: L72900KA2018PLC109343 Monitoring Agency Report Billionbrains Garage Ventures Limited for the quarter ended June 30, 2026 CRL/MAR/BIGVPL/2026-27/1853 July 15, 2026 Billionbrains Garage Ventures Limited Vaishnavi Tech Park, South Tower, 3rd floor, Survey No. 16/1 and 17/2 Ambalipura Village, Varthur Hobli Bellandur, Bengaluru 560 103, Karnataka, India Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Billionbrains Garage Ventures Limited (“the Company”) Pursuant to Regulation 41 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated October 16, 2025, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Billionbrains Garage Ventures Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (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 we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Billionbrains Garage Ventures Limited Names of the promoter: Mr. Lalit Keshre, Mr. Harsh Jain, Mr. Neeraj Singh, Mr. Ishan Bansal Industry/sector to which it belongs: Stockbroking & Allied 2) Issue Details Issue Period: November 04, 2025, to November 07, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 1,060.00 crore* *Note: Particulars Amount (Rs. crore) Gross proceeds 1,060.00# Less: Issue Expenses 44.02 Net Proceeds 1,015.98 #Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments certifications Comments of the of the Particulars Reply considered by Monitoring Agency Board of Monitoring Agency for Directors preparation of report Management Proceeds were utilized undertaking, Peer- towards cloud reviewed Independent infrastructure expenses, Chartered Accountant brand building and The same is Whether all utilization is as per certificate^, Prospectus marketing expenses, in line with the disclosures in the Offer Yes dated November 07, investment in subsidiaries offer Document? 2025 (hereinafter for augmenting capital base document referred to as “Offer & funding margin trading document”), Bank facility business, and Statements general corporate purposes Whether shareholder approval has been obtained in case of No material deviations from NA No comments deviation. expenditures disclosed in the Hence, NA Offer Document? Whether the means of finance for the disclosed objects of the issue No No comments No has changed? Is there any major deviation observed over the earlier No No comments No monitoring agency reports? Whether all Government/ Management statutory approvals related to the NA No comments NA Undertaking, Peer- object(s) have been obtained? reviewed Independent Whether all arrangements Chartered Accountant pertaining to technical NA certificate^ No comments NA assistance/collaboration are in operation? Are there any favorable events improving the viability of these No No comments comments object(s)? Are there any unfavorable events affecting the viability of the No No comments comments object(s)? Is there any other relevant information that may materially No No No comments affect the decision making of the comments investors? NA represents Not Applicable ^Certificate dated July 08, 2026, issued by M/s Subek Agarwal & Associates, Chartered Accountants (Firm Registration Number: 328737E), Peer-reviewed Independent Chartered Accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment certificatio [Showing first 8,000 characters — download PDF for full document]