Monitoring Agency Report for the quarter ended June 30, 2026

ZAGGLE/26-27/65 August 14, 2026 To To Listing Department The Corporate Relations Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED BSE LIMITED Exchange Plaza, Plot No C/1, G Block Phiroz Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), 25th Floor, Dalal Street, Mumbai -400 051, Maharashtra Mumbai -400 001, Maharashtra Company Symbol: ZAGGLE Company Scrip Code: 543985 Dear Sir / Madam, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(2) and 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed Monitoring Agency Report for the quarter ended June 30, 2026, issued by CARE Ratings Limited, duly reviewed and taken on record by the Audit Committee and Board of Directors of the Company in their respective meetings. Thanking you Yours faithfully, For Zaggle Prepaid Ocean Services Limited Hari Priya Company Secretary and Compliance Officer Encl: as above Monitoring Agency Report CARE/HO/GEN/2026-27/1158 The Board of Directors Zaggle Prepaid Ocean Services Limited 15th Floor – Western Block, Vamsiram – Suvarna Durga Tech Park Nanakramguda Village, Mandal GHMC, Serilingampalle (M), Hyderabad - 500032 Telangana, India August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (IPO) of Zaggle Prepaid Ocean Services Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 392 crore of the Company and refer to our duties cast under Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations 2018. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 29, 2023. Request you to kindly take the same on records. Thanking you, Yours faithfully, Darshan Shah Associate Director Darshan.shah@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Zaggle Prepaid Ocean Services Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: The company has utilized Rs.11.05 excess under GCP during Q1FY27. As per the management, the same is due to lower issue-related expenses as compared to the estimated level disclosed in the Prospectus which has been utilized under GCP. However, requisite approvals for the same are not received. (b) Range of Deviation: up to 10% 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: Name and designation of the Authorized Signatory: Darshan Shah Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Zaggle Prepaid Ocean Services Limited Name of the promoter : Raj P. Narayanam; Avinash Ramesh Godkhindi Industry/sector to which it belongs : IT Services – IT Enabled Services 2) Issue Details Issue Period : September 14, 2023, to September 18, 2023 Type of issue (public/rights) : Initial Public Offer (IPO) Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 392.00 crores 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors • Utilization of net proceeds is in line with the objects of the IPO. However, there have been delays in utilization of proceeds as compared to timeline mentioned in the offer document, i.e., Prospectus. • The company has utilized Rs. 11.05 excess under GCP. As per Whether all utilization is as per the disclosures in the Offer Prospectus, Bank Statement, Board No comments No management same is due to lower Document? Resolution of Q4FY24 received issue-related expenses as compared to the estimated level disclosed in the Prospectus which has been utilized under GCP. However, requisite approvals for the same are not received. During the quarter Rs. 11.05 was utilized as vendor payment in other expenses. Whether shareholder approval has been obtained in case of Not Prospectus, Management Certificate Not applicable No comments Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors material deviations# from expenditures disclosed in the Offer applicable received Document? Whether the means of finance for the disclosed objects of the No comments No Prospectus, Management Certificate Not applicable issue have changed? received There are deviations reported in the Is there any major deviation observed over the earlier No comments Yes Previous Monitoring Agency Report monitoring agency report for Q4FY26, monitoring agency reports? received and Q4FY25. Whether all Government/statutory approvals related to the Not No comments Prospectus, Management Certificate Not applicable object(s) have been obtained? applicable received Whether all arrangements pertaining to technical Not No comments Management Certificate Not applicable assistance/collaboration are in operation? applicable received Are there any favorable/unfavorable events affecting the There is a delay in utilization of No comments Yes Prospectus, Bank Statements viability of these object(s)? proceeds towards the object received Is there any other relevant information that may materially Not No comments Management Certificate Not applicable affect the decision making of the investors? applicable received #Where material deviation may be defined to mean: a) Deviatio [Showing first 8,000 characters — download PDF for full document]