Delhivery : Monitoring Agency Report

Date: August 8, 2022
BSE Limited	National Stock Exchange of India Limited
Floor 25, P J Towers,	Exchange Plaza, C-1, Block G,
Dalal Street,	Bandra Kurla Complex,
Mumbai - 400 001	Bandra (E), Mumbai - 400 051
India	India
Scrip Code: 543529	Symbol: DELHIVERY

Sub: Monitoring Agency Report for the quarter ended June 30, 2022

Dear Sir/ Madam,

Pursuant to Regulation 32(6) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find attached Monitoring Agency Report for the quarter ended June 30, 2022, issued by Axis Bank Limited, Monitoring Agency, appointed to monitor the utilisation of proceeds of the Public Issue (IPO) of the Company. The above report has been placed before and considered by the Audit Committee in its meeting held on August 8, 2022.

This disclosure will also be hosted on the Company's website viz. www.delhivery.com

You are requested to take the same on your record.

Thanking you,

Yours faithfully,

For Delhivery Limited

SUNIL

KUMAR BANSAL

Digitally signed by SUNIL KUMAR BANSAL Date: 2022.08.08 23:24:15 +05'30'

Sunil Kumar Bansal

Company Secretary & Compliance Officer Membership No: F4810

Place: Gurugram

Encl: As above

AXB/CO/IFB-TS/2022-23/69

August 05,2022

To,

Delhivery Limited

Corporate Office,

Plot 05, Sector 44,

Gurugram - 122002, Haryana,

India

Dear Sir,

Sub: Delhivery Limited (the Company) - Monitoring Agency Report

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 June 30, 2022 as per Schedule XI of the aforesaid SEBI Regulations.

Request you to kindly take the same on records.

Thanking you.

Yours Faithfully,

For and on behalf of Axis Bank Ltd

RAKSHI TA V SHETTY

Digitally signed by RAKSHITA V SHETTY

Date: 2022.08.05 16:42:41 +05'30'

Authorized Signatory

Corporate Office :

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: Delhivery Limited

For quarter ended: 30th June 2022

Name of the Monitoring Agency: Axis Bank Limited

(a) Deviation from the objects: No Deviation

• Utilization different from Objects stated in the offer document but in line with change of objects approved by shareholders' resolution; or
• Utilization neither in line with Objects stated in the offer document nor approved by shareholders' resolution
• In case of no deviation, the fact would be stated.

(b) Range of Deviation*: Not Applicable

Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10 - 25%, 25-50%,50-75%,75-100%, not ascertainable etc.

• Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes.

Declaration:

We hereby declare that this report is based on the format as prescribed by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended. We further declare that this report provides 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

RAKSHI TA V SHETTY

Digitally signed by RAKSHITA V SHETTY

Date: 2022.08.05 16:43:19 +05'30'

Authorised Signatory

Corporate Office :

Axis Bank Limited, 'Axis House', C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025.

www.axisbank.com

1. 1. Issuer Details: Name of the issuer: Delhivery Limited The names of the promoters of the issuer: N.A.
      Industry/sector to which it belongs: Logistics Solution Provider
2. Issue Details:

Issue Period : May 11, 2022 to May 13, 2022

Type of issue : Initial Public Offer (IPO)

Type of specified securities: Equity Shares

Issue size : Rs. 52350 (In Million)

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

(Give item by item description for all the objects, as well as for the sub-heads(if any)) given under objects, stated in the offer document separately in following format))

Particulars			Reply	Source of		Comments	Comments
				information	of	of Board of
				/certifications	Monitoring	Directors
				considered		Agency
				by
				Monitoring
				Agency for
				preparation
				of report"
Whether all the utilization is as per	Yes/No	Certificate		Yes	Yes
disclosure in Offer Document?			provided	by
				the chartered
				Accountant
Whether	Shareholder approval	is	Yes/No			Not	Not
obtained in case of material deviations#				Applicable	Applicable
from expenditures disclosed in Offer
Document?
Whether means of finance for disclosed	Yes/No	Certificate		No	Not
objects of the Issue has changed?			provided	by		Applicable
				the chartered
				Accountant
Any major deviation observed over the	Yes/No	-		Not	Not
earlier monitoring agency reports?					Applicable	Applicable
Whether all Government / Statutory	Yes/No	-		Not	Not
approvals related to the object(s)				Applicable	Applicable
obtained?
Whether all arrangements pertaining to	Yes/No	-		Not	Not
technical	assistance/collaboration	in				Applicable	Applicable
operation?
Any favorable events improving object(s)	Yes/No	-		Not	Not
viability						Applicable	Applicable
Any unfavorable events affecting	Yes/No	-		Not	Not
object(s) viability					Applicable	Applicable
Any other relevant information that may	Yes/No			Not	Not
materially affect the decision making of				Applicable	Applicable
the investors

# Where material deviation may be defined to mean:

1. Deviation in the objects or purposes for which the funds have been raised
2. Deviation in the amount of fund actually utilized by more than 10% of the amount projected in the offer documents.

Corporate Office :

Axis Bank Limited, 'Axis House', C-2, Wadia International Centre, Pandurang

Budhkar marg, Worli, Mumbai - 400 025.

www.axisbank.com

4) Details of object(s)s to be monitored:

1. Cost of object(s):

(Give item by item description for all the objects, as well as for the sub-heads(if any)) given under objects, stated in the offer document separately in following format)

(Rs. in Millions)

Sl.

Item Head

Original

Revise

Source of

Comment

Comments of Board of Directors

No

Cost

(as

d Cost

information

s

of

per

Offer

/

Monitorin

Documen

certificatio

g Agency

t)

ns

considered

by

Monitoring

Agency for

preparation

of

report

Reaso

Propose

Particulars

n of

d

of

firm

cost

financin

arrangemen

revisio

g option

ts made

n

1

Organic

Growth

Initaitive

(i)

Building

1600

NA

NA

NA

NA

NA

NA

scale

in

existing

business

lines

and

developing

new

adjacent

business

lines

(ii)

Expending

13600

NA

NA

NA

NA

NA

NA

our network

infrastructu

re

(iii

Upgrading

4800

NA

NA

NA

NA

NA

NA

)

and

improving

our

proprietary

logistics

operating

system

2

Funding

10000

NA

NA

NA

NA

NA

NA

inorganic

growth

through

acquisition

and

other

strategic

Initiatives

Corporate Office :

Axis Bank Limited, 'Axis House', C-2, Wadia International Centre, Pandurang

Budhkar marg, Worli, Mumbai - 400 025.

www.axisbank.com