About Sourcebits Technologies Private Limited
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Sourcebits Technologies Private Limited is a private limited company based in Bangalore, Karnataka, India, a subsidiary of Ascendum Solutions India Private Limited. It operates in the application development and software solutions segment of the technology and IT services sector. It was incorporated on 27 April 2006 and has been in existence for over 20 years.
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN U72200KA2006PTC039143. Its GSTIN is 29AAJCS8491F1ZQ (Karnataka).
The company has an authorised share capital of ₹1 Cr and a paid-up capital of ₹54.35 Lakh. It is led by directors Velayudhan Krishnan Nair and Viral Champaklal Vora.
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at #170 – 172 Phase 2 Epip Whitefield, Bangalore, Karnataka, India – 560066.
As per the financials filed for FY 2022, the company reported a revenue of ₹11.34 Cr, a decline of 54% compared to the previous year. For the same year it recorded a net profit of ₹1.03 Cr (net margin 9.1%) and EBITDA of ₹1.3 Cr (EBITDA margin 11.4%). Revenue has declined at a compounded annual rate (CAGR) of 15% over three years and 3% over five years.
The company has about 15 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: Sourcebits and Ascendum. The company has 8 deals on record (4 funding rounds, 4 secondary share transfers), with disclosed funding of ₹13.21 Cr; the latest was in June 2017.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website ascendum.com.
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- Registered Address#170 – 172 Phase 2 Epip Whitefield, Bangalore, Karnataka, India – 560066
- IndustryInformation Technology, Application Development & Software Solutions
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Financials of Sourcebits Technologies Private Limited FY 2024 filings available
Sourcebits Technologies Private Limited reported revenue of ₹11.34 Cr (down 54% YoY) for FY 2022.
Compounded Annual Growth Rate (CAGR) of Sourcebits Technologies Private Limited
Revenue has declined at a compounded annual rate (CAGR) of 3% over five years, including a 54% fall in the latest year. EBITDA fell 81% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Sourcebits Technologies Private Limited
| Metrics | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | ₹11.34 Cr | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹1.3 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹1.03 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Sourcebits Technologies Private Limited
| Metrics | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 11.4% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 9.1% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Sourcebits Technologies are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Auditor Details of Sourcebits Technologies Private Limited
Sourcebits Technologies Private Limited is audited by P Murali and Associates for the financial year 2022.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| P Murali and Associates | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Sourcebits Technologies Private Limited
Sourcebits Technologies has 2 current directors and 12 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Velayudhan Krishnan Nair Also directs: Vora Tech-Venture Private Limited, Ascendum Solutions India Private Limited, Ascendum KPS Private Limited and 1 more | Director | 26 Apr 2017 | 9 Years 5 Months | Current |
| Viral Champaklal Vora Also directs: Vora Tech-Venture Private Limited, Ascendum Solutions India Private Limited, Ascendum KPS Private Limited and 5 more | Director | 26 Apr 2017 | 9 Years 5 Months | Current |
Ownership and Shareholding of Sourcebits Technologies Private Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Sourcebits Technologies Private Limited
Sourcebits Technologies Private Limited does not have any charges (loans) registered with the Registrar of Companies.
Deals & Funding of Sourcebits Technologies Private Limited
Sourcebits Technologies Private Limited has 8 deals on record (4 funding rounds, 4 secondary share transfers), with disclosed funding of ₹13.21 Cr; the latest was in June 2017.
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2017 | Funding round | ₹95 Lakh | Investors: Ascendum Solutions India Private Limited |
| Apr 2017 | Funding round | ₹3.2 Cr | Investors: Ascendum Solutions India Private Limited |
| Nov 2014 | Secondary share transfer | Undisclosed | Buyer: Globo Emea Holdings Limited Seller: Sourcebits Private Limited, an individual |
| Sep 2013 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Sourcebits Private Limited |
| Nov 2012 | Secondary share transfer | Undisclosed | Buyer: Sourcebits Private Limited Seller: an individual |
Full deal history
All 8 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Associated Brands with Sourcebits Technologies Private Limited
Sourcebits Technologies operates two associated brands: Sourcebits and Ascendum. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Mobile app development company | sourcebits.com | |
| IT and HR services are delivered across key industries. | ascendum.com |
Employees and EPFO Compliance at Sourcebits Technologies Private Limited
Sourcebits Technologies Private Limited has a workforce of 15 employees as of Mar 30, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Recent Activity on Sourcebits Technologies Private Limited
Sourcebits Technologies Private Limited has 14 board changes on record since 2011: 2 appointments and 12 cessations. The latest: Velayudhan Krishnan Nair ceased to be Additional Director on 28 Sep 2017.
5 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Sourcebits Technologies Private Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Sourcebits Technologies Private Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Sourcebits Technologies Private Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Sourcebits Technologies Private Limited
Sourcebits Technologies has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 29AAJCS8491F1ZQ | Karnataka | Active | 01 Jul 2017 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Sourcebits Technologies Private Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Related news about Sourcebits Technologies Private Limited
Frequently Asked Questions about Sourcebits Technologies Private Limited
Sourcebits Technologies is an active private limited company based in Bangalore, Karnataka, India. The company works in application development and software solutions, within the information technology industry. It was incorporated on 27 April 2006 (20+ years old) and is registered under CIN U72200KA2006PTC039143.
Sourcebits Technologies reported revenue of ₹11.34 Cr for FY 2022 (down 54% YoY).
Sourcebits Technologies has 2 current directors:
- Velayudhan Krishnan Nair - Director
- Viral Champaklal Vora - Director
Sourcebits Technologies reported a net profit of ₹1.03 Cr (net margin 9.1%) and EBITDA of ₹1.3 Cr (EBITDA margin 11.4%) for FY 2022, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Sourcebits Technologies is -15% over three years and -3% over five years. In the latest year (FY 2022) revenue fell 54%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Sourcebits Technologies is 29AAJCS8491F1ZQ, registered in Karnataka.
The CIN (Corporate Identification Number) of Sourcebits Technologies is U72200KA2006PTC039143. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Sourcebits Technologies was incorporated on 27 April 2006, making it 20+ years old. It is registered with the Registrar of Companies, Bangalore.
Sourcebits Technologies has 8 deals on record (4 funding rounds, 4 secondary share transfers), with disclosed funding of ₹13.21 Cr; the latest was in June 2017.
Velayudhan Krishnan Nair ceased to be Additional Director on 28 Sep 2017. Viral Champaklal Vora ceased to be Additional Director on 28 Sep 2017. Dimitrios Protogirou ceased to be Director on 27 Apr 2017. Sourcebits Technologies has 14 board changes on record in total.