About Aquity Solutions India Private Limited
Data last updated:
Aquity Solutions India Private Limited is a private limited company based in Navi Mumbai, Maharashtra, India, a subsidiary of Aquity Holdings Inc.. It operates in the medical transcription segment of the business process outsourcing sector. It was incorporated on 16 June 1999 and has been in existence for over 27 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U72900MH1999PTC120346. Its GSTIN is 27AAACC9165F1ZM (Maharashtra). The company holds 9 GST registrations, of which 6 are active.
The company has an authorised share capital of ₹84.3 Cr and a paid-up capital of ₹15.71 Cr. It was formerly known as Cbay Systems (India) Private Limited and Mmodal Global Services Private Limited. It is led by directors including Nithya Balasubramanian (Whole-Time Director) and Mitul Dipak Thakker.
Its last annual general meeting (AGM) was held on 30 June 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Navi Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹274.35 Cr, a decline of 5% compared to the previous year. For the same year it recorded a net profit of ₹24.62 Cr (net margin 9%) and EBITDA of ₹54.74 Cr (EBITDA margin 20%). Revenue has grown at a compounded annual rate (CAGR) of 7% over three years and 1% over five years.
The company has about 3,673 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: CBayScribe. As per MCA filings, the company has open charges of ₹33.5 Cr and satisfied charges of ₹117.12 Cr on record. Court records list 18 cases involving the company, including 12 filed by the company and 6 filed against it; 5 cases are pending. The company has 7 deals on record (4 secondary share transfers, 3 funding rounds), with disclosed funding of ₹4 Cr; the latest was in February 2019.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website aquitysolutions.in.
Company details
Name history
Aquity Solutions India has undergone 3 name changes throughout its history. The company was previously known as Cbay Systems (India) Private Limited, Mmodal Global Services Private Limited, and Aquity Solutions India Private Limited. The current legal name is Aquity Solutions India Private Limited.
| Company Name | Status |
|---|---|
| Aquity Solutions India Private Limited | Current |
| Cbay Systems (India) Private Limited | Previous |
| Mmodal Global Services Private Limited | Previous |
Contact details
Aquity Solutions India Private Limited's registered office is in Navi Mumbai, Maharashtra. Its website is aquitysolutions.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address1st Floor Unit No. 103 Reliable Plaza Plot No. K 10 Kalwa Industrial Area Village – E, Lthen, Navi Mumbai, Maharashtra, India – 400708
- IndustryBusiness Outsourcing, Medical Transcription
To see the full contact details of Aquity Solutions India Private Limited, buy the company report.
- 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
Brands
Aquity Solutions India operates one associated brand: CBayScribe. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Healthcare BPO services in transcription, coding, and imaging are delivered. | cbayscribe.com |
Business activity
The main business activity of Aquity Solutions India is information and communication. In detail, this covers information service activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| J | Information and communication | 63 | Information service activities |
To see the full business activity and turnover split of Aquity Solutions India Private Limited, buy the company report.
Financials of Aquity Solutions India Private Limited
FY 2026 filings availableAquity Solutions India Private Limited reported revenue of ₹274.35 Cr (down 5% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 5% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 1%. EBITDA rose 262% 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
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹274.35 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹54.74 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹24.62 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
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 20% | ||||
| Net Profit Margin | 9% | ||||
| 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 | |||||
To see the full financial statements and ratios of Aquity Solutions India Private Limited, buy the company report.
Board of directors of Aquity Solutions India Private Limited
Aquity Solutions India has 3 current directors and 25 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nithya Balasubramanian | Whole-Time Director | 26 Jun 2024 | 2 Years 4 Months | Current |
| Mitul Dipak Thakker Also directs: Iks Cares Foundation | Director | 16 Jul 2024 | 2 Years 3 Months | Current |
| Gaurav Jain Also directs: Iks Cares Foundation, Arai Solutions Private Limited | Director | 16 Jul 2024 | 2 Years 3 Months | Current |
Auditor
Aquity Solutions India Private Limited is audited by SKLR & Co. LLP for the financial year 2026.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SKLR & Co. LLP | FY 2026 | W100362 |
Shareholding
The shareholding of Aquity Solutions India Private Limited is on record for 5 financial years, the latest being FY 2025, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Aquity Solutions India Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 07 Feb 2025 | 101050547 | Jp Morgan Chase Bank, N.A. | ₹3.5 Cr | Open | |
| 15 Mar 2024 | 100895601 | Hdfc Bank Limited | ₹30 Cr | Open | |
| 29 Jan 2019 | 100240055 | Others | ₹2 Cr | Satisfied | |
| 29 Dec 2017 | 100144542 | Hdfc Bank Limited | ₹20 Lakh | Satisfied | |
| 16 Dec 2017 | 100144588 | Hdfc Bank Limited | ₹30 Lakh | Satisfied |
To see the full charge records of Aquity Solutions India Private Limited, buy the company report.
Total charge records: 31 View all charges
Deals & funding
Aquity Solutions India Private Limited has 7 deals on record (4 secondary share transfers, 3 funding rounds), with disclosed funding of ₹4 Cr; the latest was in February 2019.
Deals on record (5 of 7)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2019 | Secondary share transfer | Undisclosed | Buyer: Aquity Holdings, Inc. Seller: Mmodal Inc. |
| Jan 2019 | Secondary share transfer | Undisclosed | Buyer: Aquity Solutions, LLC, Aquity Holdings, Inc., Mmodal Inc. Seller: Mmodal Cb Inc, Mmodal Systems & Services, Inc. |
| Mar 2011 | Funding round | ₹3.38 Cr | Investors: Mmodal Cb Inc, Mmodal Systems & Services, Inc. |
| May 2007 | Secondary share transfer | Undisclosed | Buyer: CBay Global Limited, Mmodal Inc. Seller: Synergy Capital Advisors, Inc, Crompton Venture Ltd, AI Arkan (Europe) Ltd |
| Mar 2007 | Secondary share transfer | Undisclosed | Seller: Transdat (India) Private Limited |
To see the full deal history of Aquity Solutions India Private Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Aquity Solutions India Private Limited has 18 court cases on record: 12 filed by Aquity Solutions India, 6 filed against it. 5 cases are pending and 13 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 16 | 4 | 4 |
| District courts | 2 | 2 | 1 |
Cases on record (5 of 18)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Hyderabad Central, Telangana | Civil suit | Filed against the company by an individual | Pending |
| High Court | Interim or miscellaneous application | Filed against the company by PR Commissioner of Income Tax 6 | Pending |
| High Court, MAHARASHTRA | Writ petition | Filed by the company against The Deputy Commissioner of Income Tax 15 and Ors and 3 others | Pending |
| High Court of Karnataka | Tax appeal | Filed against the company by The PR. Commissioner of Income-Tax, Cit(A) | Pending |
| High Court, MAHARASHTRA | Writ petition | Filed by the company against Union of India and 7 Ors | Disposed |
To see the full case history of Aquity Solutions India Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Aquity Solutions India Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Aquity Solutions India Private Limited has a workforce of 3,673 employees on its EPFO records as of Apr 05, 2024, across 5 active EPFO establishments.
GST
Aquity Solutions India has 9 GST registrations: 6 active and 3 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACC9165F1ZM | Maharashtra | Active | 01 Jul 2017 |
| 29AAACC9165F1ZI | Karnataka | Active | 01 Jul 2017 |
| 33AAACC9165F2ZS | Tamil Nadu | Active | 01 Jul 2017 |
| 36AAACC9165F1ZN | Telangana | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Aquity Solutions India Private Limited, buy the company report.
Recent activity
Aquity Solutions India Private Limited has 32 board changes on record since 2007: 7 appointments and 25 cessations. The latest: Jacques Samuel Senechal ceased to be Director on 30 Sep 2024.
89 earlier events are in the company report.
Frequently asked questions
Aquity Solutions India is an active private limited company based in Navi Mumbai, Maharashtra, India. The company works in medical transcription, within the business outsourcing industry. It was incorporated on 16 June 1999 (27+ years old) and is registered under CIN U72900MH1999PTC120346.
Aquity Solutions India has 3 current directors:
- Nithya Balasubramanian - Whole-Time Director
- Mitul Dipak Thakker - Director
- Gaurav Jain - Director
The latest financial statements of Aquity Solutions India on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 June 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Aquity Solutions India is 27AAACC9165F1ZM, registered in Maharashtra. The company has 9 GST registrations in all, of which 6 are active and 3 are cancelled or inactive. Other active GSTINs include 29AAACC9165F1ZI (Karnataka), 33AAACC9165F2ZS (Tamil Nadu), 36AAACC9165F1ZN (Telangana).
The CIN (Corporate Identification Number) of Aquity Solutions India is U72900MH1999PTC120346. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Aquity Solutions India has 18 court cases on record: 12 filed by the company and 6 filed against it. 5 are pending. Most are in the high courts.
Aquity Solutions India was incorporated on 16 June 1999, making it 27+ years old. It is registered with the Registrar of Companies, Mumbai.
Aquity Solutions India has 7 deals on record (4 secondary share transfers, 3 funding rounds), with disclosed funding of ₹4 Cr; the latest was in February 2019.
Jacques Samuel Senechal ceased to be Director on 30 Sep 2024. Gaurav Jain ceased to be Additional Director on 29 Sep 2024. Mitul Dipak Thakker ceased to be Additional Director on 29 Sep 2024. Aquity Solutions India has 32 board changes on record in total.
Aquity Solutions India can be reached through the website aquitysolutions.in. Its registered office is in Navi Mumbai, Maharashtra, India.
Sample company reports
The same report you get when you buy one: financials, directors, ownership, deals, charges, legal cases, brands and filings, with the Excel workbook alongside.
