About Evolute
Evolute is a Retail company based in Mumbai (India) founded in 1970 by Amit Mehta, Ramachandra Babu Hanumanthappa, and Amitha Mehta. Embedded systems for fintech and payments are designed and manufactured. It operates on a FinTech and Direct-to-Consumer (D2C) model in Retail and Financial Services sectors. Evolute was last valued at $5.69 million in October 2011. Its website evolute.in draws about 14 thousand monthly visits. Evolute offers products and services including Fintech Innovations, Cleantech Solutions, Industrial Electronics, and Digital Payment Solutions. Its focus areas include Technology, Electronics, Embedded Systems and Finance. Its legal entity is Evolute Group. Its competitors include Ezetap, Mswipe and Innoviti; 3 of its 3 listed competitors have raised funding.
Company details
Evolute, based in India, is established as a prominent electronic technology conglomerate. Operations are focused on fintech, cleantech, and industrial electronics sectors. Solutions in digital payments, biometric authentication, energy storage, and power management are developed to serve diverse ecosystems, including remote areas globally. A commitment to the triple bottom line of people, planet, and profits is maintained through indigenous technology. Growth strategies under Vision 2025 are being implemented to achieve long-term goals across brand, culture, and digital transformation.
- Latest Funding Round$45.09K (USD), Unspecified
Oct 2011
Associated legal entities of Evolute
Evolute is associated with 2 registered companies on The Company Check. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Evolute Cleantech Solutions Private Limited CIN U31909MH2000PTC129973 | Active | 11 Dec 2000 | Mumbai, Maharashtra | ₹46.1 Cr | 160 | 2 | View details |
| Evolute Fintech Innovations Private Limited CIN U30006MH2009PTC192706 | Active | 26 May 2009 | Mumbai, Maharashtra | ₹66.9 Cr | 88 | 2 | View details |
Products & Services of Evolute
Evolute offers a comprehensive portfolio of products and services, including Fintech Innovations, Cleantech Solutions, Industrial Electronics, and Digital Payment Solutions.
Solutions for payments and biometric authentication are provided.
Energy storage and alternative energy systems are developed.
Components for IoT and automation are manufactured here.
Merchant acquiring and retail digitization solutions are offered.
Apps and channels of Evolute
its YouTube channel Evolute Group has 209 subscribers and 30 videos.
Videos from Evolute
The most watched videos on Evolute's YouTube channel, Evolute Group (209 subscribers). Click a video to play it here.
More on Evolute Group.
Funding Insights of Evolute
- Total Rounds 2
- Last Round Unspecified — $45,091
- First Round $195,580
(May 2010)
- Investors Count 1
All 2 funding rounds of Evolute with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Oct 2011 | $45,091 | Unspecified | $5.69M | Vertex Financial Solutions | – |
| May 2010 | $195,580 | Unspecified | $221,573 | Vertex Financial Solutions | – |
| Date | Valuation | Stage |
|---|---|---|
| Oct 2011 | $5.69M | •••••••• |
Last known valuation $5.69M (Oct 2011). 1 investors in total: 1 institutional.
Investors in Evolute
Evolute has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Vertex Financial Solutions.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Investor details for Evolute
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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Board of directors of Evolute
The boards of the 2 registered companies of Evolute currently have 2 directors; the longest-serving is Parag Kirit Mehta, appointed in 2009. 10 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Parag Kirit Mehta DIN 00090383 | Director | 26 May 2009 | 17 yrs 5 mo | Evolute Fintech Innovations Private Limited, Evolute Cleantech Solutions Private Limited |
| Paras Kirit Mehta DIN 00090494 | Director | 19 Dec 2012 | 13 yrs 10 mo | Evolute Fintech Innovations Private Limited, Evolute Cleantech Solutions Private Limited |
People of Evolute
4 people are tracked at Evolute (4 in leadership).
| Name | Role | Group |
|---|---|---|
Amit Mehta | Co-Founder | Leadership |
Ramachandra Babu Hanumanthappa | Co-Founder | Leadership |
Amitha Mehta | Co-Founder | Leadership |
| Managing Director | Leadership |
Complete people profiles for Evolute
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Financials of Evolute
Figures of Evolute Fintech Innovations Private Limited, the primary company behind Evolute, for FY 2024. Revenue was ₹66.95 Cr (-9% year on year). Net profit was ₹6.41 Cr (10% margin). EBITDA was ₹9.10 Cr (14% margin). Revenue has grown at a compounded annual rate of -7% over three years and -7% over five years.
- ₹66.95 CrRevenue · FY 2024 · -9% YoY
- ₹6.41 CrNet profit · 10% margin
- ₹9.10 CrEBITDA · 14% margin
- ₹2.37 CrPaid-up capital
- 88Employees (provident fund records)
- -7%Revenue CAGR, 3 years
- -7%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Evolute Fintech Innovations Private Limited are on its company page.
Detailed financial statements for Evolute
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
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Timeline of Evolute
4 dated milestones of Evolute across 41 years, from founding to its latest funding, stage changes and deals.
- Founded Evolute is founded.
- Funding First funding round of $196K.
- Funding Latest funding round, Unspecified, of $45K.
- Milestone Reaches Minicorn status.
Competitors of Evolute
Evolute has 3 listed competitors in our database, 3 of them funded. They include Ezetap, Mswipe and Innoviti.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| ezetap.com | 2011 | Bengaluru, India | $66.4M | 532 | Cloud-based mPOS software and hardware solutions are provided for businesses. | |
| mswipe.com | 2011 | Mumbai, India | $125.95M | 1,088 | Point-of-sale machines, soundboxes, and merchant payment solutions are offered. | |
| innoviti.com | 2002 | Bengaluru, India | $141.01M | 198 | Integrated online and offline payment solutions are provided for businesses. |
Detailed competitors of Evolute
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
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Verified entity values are shown only after access is granted.
Web traffic of Evolute
The website of Evolute (evolute.in) receives about 14.1K visits a month.
- Monthly visits14.1K
▲ 20.7% vs previous month
Websites whose visitors overlap most with Evolute. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| onix-systems.com | 100% | #1,343,621 | View details | ||
| google.co.in | 92% | 77M | #407 | View details | |
| artkai.io | 89% | 23.3K | #1,252,818 | View details | |
| softjourn.com | 89% | #1,015,632 | View details | ||
| digi.com | 89% | 326.3K | #146,371 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 30 similar websites and full traffic analytics for Evolute
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 30 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
Verified entity values are shown only after access is granted.
Top companies in Autonomous & In-Store Retail Tech
3 companies that operate in the same segment as Evolute (Autonomous & In-Store Retail Tech) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
App-based bookkeeping solutions are offered for small business management. | 2018 | Bengaluru, Karnataka, India | USD 186.62 M | USD 165.88 K | ||
Retail intelligence platform is developed for brands and B2B retailers. | 2008 | Bengaluru, Karnataka, India | USD 21.11 M | USD 7.69 M | 345 | |
Platform powering online and in-store retail operations using AI-driven tools | 2012 | Mumbai, Maharashtra, India | USD 16.02 M | USD 43.86 M | 851 |
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Related news about Evolute
Complete news archive for Evolute
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Frequently Asked Questions about Evolute
Evolute was founded in 1970 and raised its 1st funding round 40 years after it was founded.
Evolute is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Evolute, based in India, is established as a prominent electronic technology conglomerate. Operations are focused on fintech, cleantech, and industrial electronics sectors. Solutions in digital payments, biometric authentication, energy storage, and power management are developed to serve diverse ecosystems, including remote areas globally. A commitment to the triple bottom line of people, planet, and profits is maintained through indigenous technology. Growth strategies under Vision 2025 are being implemented to achieve long-term goals across brand, culture, and digital transformation.
Evolute offers Fintech Innovations, Cleantech Solutions, Industrial Electronics, and Digital Payment Solutions.
Evolute has 1 investor. Key investors include Vertex Financial Solutions.
The valuation of Evolute is $5.69M as of Oct 2011.
Evolute is associated with 2 legal entities: Evolute Fintech Innovations Private Limited, Evolute Cleantech Solutions Private Limited.
The legal entities of Evolute currently have 2 directors, including Parag Kirit Mehta, Paras Kirit Mehta.