Monitoring Agency Report in respect of utilization of proceeds raised through issuance of equity shares by way of Initial Public Offer of the Company for quarter ended June 30, 2026

August 12, 2026 To, To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block, Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai 400 001 Mumbai 400 051 Script Code: 544513 Trading Symbol: DEVX Dear Sir/ Madam, Sub: Disclosure under Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Monitoring Agency Report for the quarter ended June 30, 2026. Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, we hereby enclosing the Monitoring Agency Report, issued by Infomerics Valuation And Rating Limited, Monitoring Agency, in respect of utilization of proceeds raised through issuance of equity shares by way of Initial Public Offer of the Company, for the quarter ended June 30, 2026. The above information will also be available on the website of the Company viz. https://www.devx.work/investor-relations Request you to kindly take the same on record. Thanking you Yours faithfully, For Dev Accelerator Limited (Formerly known as Dev Accelerator Private Limited) Anjan Trivedi Company Secretary & Compliance Officer Encl: As above Monitoring Agency Report for Dev Accelerator Limited for the quarter ended June 30, 2026 Monitoring Agency Report August 12, 2026 Dev Accelerator Limited C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat – 380015 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public issue of Dev Accelerator Limited (“The Company”) We write in our capacity of Monitoring Agency for the initial public issue of equity shares for the amount aggregating to Rs. 143.35 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 18th September 2025. Request you to kindly take the same on records. Thanking you, For and on behalf of Infomerics Valuation and Rating Limited M ITHUN VYAS Digitally signed by MITHUN VYAS Date: 2026.08.12 13:14:42 +05'30' Mithun Vyas (Associate Director - Ratings) Mihun.Vyas@infomerics.com Report of the Monitoring Agency Name of the Issuer: Dev Accelerator Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Infomerics Valuation and Rating 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 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 further declare that this report provides true and fair view of the utilization of issue proceeds. MITHUN VYAS Digitally signed by MITHUN VYAS Date: 2026.08.12 13:18:04 +05'30' Signature: Name of the Authorized Person / Signing Authority: Mithun Vyas Designation of Authorized person / Signing Authority: Associate Director - Ratings Seal of the Monitoring Agency: Date: August 12, 2026 1) Issuer Details: Name of the issuer: Dev Accelerator Limited Names of the promoters of the issuer: Parth Naimeshbhai Shah Umesh Satishkumar Uttamchandani Rushit Shardulkumar Shah Jaimin Jagdishbhai Shah Pranav Niranjan Pandya Amisha Jaimin Shah Kruti Pranav Pandya Industry/sector to which it belongs: The Company is one of the flex space operators in terms of operational flex stock. The company provides comprehensive office space solutions including sourcing office spaces, customising designs, developing spaces and providing technology solutions to providing complete asset management. 2) Issue Details: Issue Period: September 10, 2025, to September 12, 2025 Type of issue (public/rights): Public Issue Type of specified securities: Equity shares Grading: Not Applicable Issue size (Rs in Crores): Rs. 143.35 crores (Note No. 1 & Note No. 2) Note 1 In Q2FY26, the company has issued 235,00,000 Equity Shares at an issue price of Rs. 61.00 (including a premium of Rs. 59.00) aggregating to Rs. 143.35 crore. Note 2 Particulars Amount as per the Prospectus (Rs. in crore) Total Proceeds Received from IPO 143.35 Less: Issue Related to Expenses 15.97 (Note a & b below) Net Proceeds Available for Utilization 127.38 a) Out of the total IPO proceeds, issue related expenses incurred by the company during Q2FY2026 (including reimbursements made to company for issue-related expenses made prior to receipt of IPO funds) amounted to Rs. 14.88 crore. In Q3FY2026, the company has further made Rs.1.00 crore towards issue related expenses (including reimbursements made to company prior to receipt of IPO funds). There were no issue related expenses (including reimbursements) incurred in Q4FY26 and Q1FY27. The unutilized balance towards issue related expenses as on March 31, 2026, was Rs. 0.09 crore. b) Reimbursement of Rs. 0.24 crore were claimed by the company in Q1FY27 (over and above the amount mentioned above) towards issue related expenses and paid from public issue account (ICICI Bank A/c 000405163870), which is not considered as part of utilization. Note: The company had utilized a total of Rs. 108.50 crore towards the objects of the issue and towards issue-related expenses till Q4FY26 and the remaining unutilized balance was Rs. 34.85 crore at the end of Q4FY26 were kept in various accounts including Public Issue Account, Public Monitoring Account, Fixed deposits. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications considered by Comments of Monitoring Particulars Reply Board of Monitoring Agency for Agency Directors preparation of report Bank Statement, CA Nil Whether all the utilization is as per disclosure No Comments Certificate*, Invoice, in Offer Yes ledgers, Management Document? Declaration Whether Shareholder approval is obtained in No material case of material deviations from expenditures deviations from disclosed in Offer objects disclosed in Not available No material deviations from No Comments Document? the offer documents objects disclosed in the offer documents As confirmed by the Whether means of finance for disclosed management in No Comments objects of the Issue has changed? No No change in Q1FY27 man [Showing first 8,000 characters — download PDF for full document]