V2 Retail Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of funds raised through a Qualified Institutions Placement (QIP). The report, issued by India Ratings & Research Private Limited, confirms that there has been no deviation from the stated objects of the QIP. The QIP, which took place from October 30, 2025, to November 3, 2025, raised INR 39,999.99 Lakhs (approximately ₹400 crore). The funds were allocated to three main purposes: funding working capital requirements (₹16,500.00 Lakhs), repayment of outstanding borrowings (₹13,500.00 Lakhs), and general corporate purposes (₹9,080.00 Lakhs), along with issue expenses of ₹919.99 Lakhs. The report indicates that the entire QIP proceeds have been utilized. Specifically, ₹16,525.26 Lakhs were used for working capital, ₹13,500.00 Lakhs for debt repayment, and ₹9,320.25 Lakhs for general corporate purposes, which included vendor payments and statutory dues. The issue expenses incurred were ₹654.48 Lakhs, with the remaining amount adjusted towards general corporate purposes as per the company's information. All fund utilization aligned with the disclosures made in the Offer Document. The company has not reported any material deviations or changes in the means of finance for the disclosed objects. The report is based on management undertakings and certificates from the statutory auditor, Singhi & Co.