About Source IT
Source IT is a Business Services company based in Navi Mumbai (India) founded in 2012 by Nilesh Hindurao. It operates as a staffing, payroll, and compliance management services are provided. Source IT has raised $723.03 thousand across 1 funding round from investors including Fonex Corporate. The company has 6,010 employees. Source IT was last valued at $3.59 million in February 2024. Its chief executive is Praful Yerwankar. Its Indian entity Unh Management Services Private Limited reported revenue of ₹348 Cr. Source IT offers products and services including Staffing, Payroll Management, Facilities Management, and Compliance Management. Its focus areas include HR Services and End to End Services. Its competitors include Randstad, ADP, Alera Group, UKG and Insperity and 5 more; 5 of its 10 listed competitors have raised funding.
Company details
Source IT was founded in 2012 and is based in Navi Mumbai, India. Operations focus on human resources solutions within the IT sector, including staffing placements, payroll processing, and compliance oversight. Additional services support workforce management for businesses. The company is led by key executives such as the founder and managing director, with activities centered on domestic operations.
- Headquarters Navi Mumbai, India
- Employees 6,010
- Founders Nilesh Hindurao
- Stage Minicorn
- SectorsBusiness Services
- Website sourceitt.com
- Social LinkedIn Facebook
- Legal Name Unh Management Services Private Limited
- Date of Incorporation 22 Oct, 2012
- Jurisdiction Navi Mumbai, Maharashtra, India
- Annual Revenue₹348 Cr
FY 2025 · -7% YoY
- Net Profit₹1.60 Cr
FY 2025 · 0% margin
- EBITDA₹2.24 Cr
FY 2025 · 1% margin
- Total Equity Funding$723.03K (USD)
in 1 rounds
- Latest Funding Round$723.03K (USD), Seed
Feb 2024
- Employee Count6,010
Associated legal entities of Source IT
Source IT is associated with 2 registered companies on The Company Check; the primary company is Unh Management Services Private Limited. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Unh Management Services Private Limited CIN U74120MH2012PTC237119 | Active | 22 Oct 2012 | Navi Mumbai, Maharashtra | ₹348 Cr | 6,010 | 4 | View details |
| Hands-On Management Services Private Limited CIN U74999MH2012PTC238211 | Active | 23 Nov 2012 | Navi Mumbai, Maharashtra | ₹27.7 Cr | – | 3 | View details |
Products & Services of Source IT
Source IT offers a comprehensive portfolio of products and services, including Staffing, Payroll Management, Facilities Management, and Compliance Management.
Provides recruitment and staffing solutions for businesses
Handles payroll processing and employee payments
Offers administrative support for business facilities
Ensures adherence to regulatory and legal requirements
Funding Insights of Source IT
Source IT has successfully raised a total of $723.03K through 1 strategic funding round. The most recent funding activity was a Seed round of $723.03 thousand completed in February 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $723,030
- Total Rounds 1
- Last Round Seed — $723,030
- First Round $723,030
(Feb 2024)
- Investors Count 1
All 1 funding rounds of Source IT 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 |
|---|---|---|---|---|---|
| Feb 2024 | $723,030 | Seed | $3.59M | Fonex Corporate | – |
| Date | Valuation | Stage |
|---|---|---|
| Feb 2024 | $3.59M | •••••••• |
Last known valuation $3.59M (Feb 2024). 1 investors in total: 1 institutional.
Investors in Source IT
Source IT has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Fonex Corporate.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
- | – | fonexcorporate.tcc.mode | - |
Investor details for Source IT
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Unh Management Services Private Limited (Source IT)
Unh Management Services Private Limited is the primary company behind Source IT. The boards of the 2 registered companies of Source IT currently have 4 directors; the longest-serving is Praful Bhaskar Yerwankar, appointed in 2019. 19 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Praful Bhaskar Yerwankar DIN 08183526 | Director | 03 Apr 2019 | 7 yrs 6 mo | Unh Management Services Private Limited, Hands-On Management Services Private Limited |
| Subrata Nag Kumar DIN 02234000 | Director | 12 Apr 2023 | 3 yrs 6 mo | Unh Management Services Private Limited, Hands-On Management Services Private Limited |
| Rishab Ramesh Siroya DIN 07621134 | Director | 12 Apr 2023 | 3 yrs 6 mo | Unh Management Services Private Limited, Hands-On Management Services Private Limited |
| Hithendra Karadathodi Ramachandran DIN 01773455 | Director | 12 Apr 2023 | 3 yrs 6 mo | Unh Management Services Private Limited |
People of Source IT
10 people are tracked at Source IT (3 in leadership, 7 in team); the tracked headcount is 6,010.
| Name | Role | Group |
|---|---|---|
| Founder & Managing Director | Leadership | |
| CEO | Leadership | |
Pushpendra Singh Rajput | Head Of Sales And Recruitment | Leadership |
Prachi Manjrekar | Assistant Manager Human Resource Operation | Team |
Hemant Rao | Recuritment | Team |
Swapnali Borade | Human Resources Operation Manager | Team |
Ujwala Sonavane | Payroll Executive | Team |
Nitin Bhardwaj | Assistant Fsb | Team |
Nitin Yadav | Asst.administrer | Team |
Sachin Gosavi | Assistant Manager | Team |
Complete people profiles for Source IT
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Financials of Source IT
Figures of Unh Management Services Private Limited, the primary company behind Source IT, for FY 2025. Revenue was ₹348 Cr (-7% year on year). Net profit was ₹1.60 Cr (0% margin). EBITDA was ₹2.24 Cr (1% margin). Revenue has grown at a compounded annual rate of +41% over three years and +40% over five years.
- ₹348 CrRevenue · FY 2025 · -7% YoY
- ₹1.60 CrNet profit · 0% margin
- ₹2.24 CrEBITDA · 1% margin
- ₹76.4 LakhPaid-up capital
- 6,010Employees (provident fund records)
- +41%Revenue CAGR, 3 years
- +40%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Unh Management Services Private Limited are on its company page.
Detailed financial statements for Source IT
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of Source IT
3 dated milestones of Source IT across 12 years, from founding to its latest funding, stage changes and deals.
- Founded Source IT is founded.
- Funding First funding round of $723K.
- Milestone Reaches Minicorn status.
Competitors of Source IT
Source IT has 10 listed competitors in our database, 5 of them funded. They include Randstad, ADP, Alera Group, UKG and Insperity, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| randstad.com | 1960 | Diemen, Netherlands | – | – | HR consulting, recruitment, and outsourcing services are offered worldwide. | |
| adp.com | 1949 | Roseland, United States | – | 44 | Cloud-based HR management solutions are offered for payroll and compliance. | |
| aleragroup.com | 1995 | Deerfield, United States | $250M | – | HR, insurance, and liability services are provided by Alera Group. | |
| ukg.com | 1977 | Weston, United States | – | – | Provider of HR and payroll & workforce management solutions | |
| insperity.com | 1986 | Kingwood, United States | – | 4,400 | HR outsourcing services are provided to businesses by Insperity. | |
| cielhr.com | 2015 | Bengaluru, India | $7.59M | 1,034 | HR management, recruitment, and staffing services are provided. | |
| wanted.co.kr | 2015 | Seoul, South Korea | $9M | – | HR management services are provided by Wanted in South Korea. | |
| hr-path.com | 2001 | Nanterre, France | $1.06B | – | HR and payroll outsourcing plus consulting services are provided. | |
| gigroup.com | 1998 | Milan, Italy | – | – | End-to-end HR services are provided globally by Gi Group. | |
| bullhorn.com | 1999 | Boston, United States | $26M | 876 | Cloud-based ATS and CRM systems are offered for staffing agencies. |
Detailed competitors of Source IT
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Top companies in Human Resource & Staffing Services
10 companies that operate in the same segment as Source IT (Human Resource & Staffing Services), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Staffing and recruiting services connect employers with job candidates. | 2000 | Bengaluru, Karnataka, India | USD 28.39 M | USD 1.26 B | 2,470 | |
HR consulting, recruitment, and outsourcing services are offered worldwide. | 1960 | Diemen, Noord-holland, Netherlands | – | USD 27.12 B | – | |
HR management, recruitment, and staffing services are provided. | 2015 | Bengaluru, Karnataka, India | USD 15.95 M | – | – | |
Cloud-based HRMS platform is offered for small and medium businesses. | 1988 | Dublin, United States | USD 60 M | USD 5.01 B | 3,600 | |
HR, insurance, and liability services are provided by Alera Group. | 1995 | Deerfield, United States | USD 250 M | – | – | |
Provider of laboratory tests for physicians | 1969 | Burlington, Vermont, United States | – | USD 13.95 B | 70,000 | |
Provider of software development, data analytics, and other IT suite services | 1993 | Newtown Square, Pennsylvania, United States | USD 50 M | USD 5.46 B | 61,200 | |
Provider of HR and payroll & workforce management solutions | 1977 | Weston, Florida, United States | – | – | – | |
HR management services are provided by Wanted in South Korea. | 2015 | Seoul, South Korea | USD 9 M | USD 26.43 M | 179 | |
End-to-end HR services are provided globally by Gi Group. | 1998 | Milan, Lombardy, Italy | – | – | – |
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Frequently Asked Questions about Source IT
Source IT was founded in 2012 and raised its 1st funding round 12 years after it was founded.
Source IT is headquartered in Navi Mumbai, India. It is registered at Navi Mumbai, Maharashtra, India.
Praful Yerwankar is the current CEO of Source IT.
Source IT is a funded company, having raised a total of $723.03K across 1 funding round to date. The company's 1st funding round was a Seed of $723.03K, raised on Feb 2024.
Source IT has 6,010 employees.
The primary company behind Source IT, Unh Management Services Private Limited, reported revenue of ₹348 Cr for FY 2025, down 7% year on year.
Source IT was founded in 2012 and is based in Navi Mumbai, India. Operations focus on human resources solutions within the IT sector, including staffing placements, payroll processing, and compliance oversight. Additional services support workforce management for businesses. The company is led by key executives such as the founder and managing director, with activities centered on domestic operations.
Source IT's top competitors include Randstad, CIEL HR and Alera Group.
Source IT offers Staffing, Payroll Management, Facilities Management, and Compliance Management.
Source IT has 1 investor. Key investors include Fonex Corporate.
The valuation of Source IT is $3.59M as of Feb 2024.
Source IT is associated with 2 legal entities: Unh Management Services Private Limited, Hands-On Management Services Private Limited.