About Clove IT Solutions Private Limited
Data last updated:
Clove IT Solutions Private Limited was a private limited company based in Hyderabad, Telangana, India, operated as a subsidiary of Clove Technologies Private Limited. The company has been amalgamated - it was merged with another entity and no longer exists as a separate legal entity. It operated in the application development and software solutions segment of the technology and IT services sector. It was incorporated on 15 November 2015.
The company was registered with the Registrar of Companies (ROC), Hyderabad, under CIN U72200TG2015PTC101728. Its GSTIN is 36AAGCC2509K1ZO (Telangana).
The company had an authorised share capital of ₹1.5 Cr and a paid-up capital of ₹1.38 Cr. It was led by directors including Vinay Kumar Penmetsa and Ayodyapuram Jyotheeswara Reddy.
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 was at Vvg Park, Hyderabad, Telangana.
As per the financials filed for FY 2024, the company reported a revenue of ₹4.29 Cr, a growth of 7% compared to the previous year. For the same year it recorded a net loss of ₹2.99 Cr (net margin -69.7%) and EBITDA of -₹73.67 Lakh (EBITDA margin -17.2%). Revenue has grown at a compounded annual rate (CAGR) of 64% over three years and 341% over five years.
The company had about 34 employees on its provident fund (EPFO) records before it was dissolved.
As per MCA filings, the company had satisfied charges of ₹85 Lakh on record. The company has 3 deals on record (3 funding rounds), with disclosed funding of ₹8.2 Cr; the latest was in March 2022. Its 3 peer companies in the Information Technology industry (Application Development), with the same principal business activity (computer programming, consultancy and related activities) are compared by revenue, 1 larger and 2 smaller; the largest is Tiltlabs Consultancy Services Private Limited with revenue of ₹4.29 Cr.
The last known website on record is cloveit.com.
Company details
Contact details
Clove IT Solutions Private Limited's registered office is in Hyderabad, Telangana. Its website is cloveit.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressVvg Parkview Pt No. 50 Hno: 1 – 63/50 Kavuri Hills Guttala Begumpet Village Serilingampally, Mandal, Hyderabad, Telangana, India – 500033
- IndustryInformation Technology, Application Development & Software Solutions
To see the full contact details of Clove IT Solutions 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
Business activity
The main business activity of Clove IT Solutions is information and communication. In detail, this covers computer programming, consultancy and related activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| J | Information and communication | J6 | Computer programming, consultancy and related activities |
To see the full business activity and turnover split of Clove IT Solutions Private Limited, buy the company report.
Financials of Clove IT Solutions Private Limited
FY 2024 filings availableClove IT Solutions Private Limited reported revenue of ₹4.29 Cr (up 7% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 341% over five years, including 7% growth 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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| EBITDA | -₹73.67 Lakh | ||||
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| Net Profit (PAT) | -₹2.99 Cr | ||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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| Profitability | |||||
| EBITDA Margin | -17.2% | ||||
| Net Profit Margin | -69.7% | ||||
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To see the full financial statements and ratios of Clove IT Solutions Private Limited, buy the company report.
Board of directors of Clove IT Solutions Private Limited
Clove IT Solutions has 3 current directors and 3 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vinay Kumar Penmetsa Also directs: Clove Innovent LLP, Clove Properties Private Limited, Clove Technologies Private Limited and 4 more | Director | 06 Jan 2020 | 6 Years 9 Months | As last reported |
| Ayodyapuram Jyotheeswara Reddy Also directs: Ingenious Inventive Comp. Solutions Private Limited | Director | 15 Nov 2015 | 10 Years 11 Months | As last reported |
| Narasimha Raju Kalidindi Kumara Venkata Also directs: Aquadata Informatics LLP, Clove Innovent LLP, Clove Properties Private Limited and 2 more | Director | 15 Nov 2015 | 10 Years 11 Months | As last reported |
Peer comparison
Clove IT Solutions Private Limited is compared with the 3 companies closest to it by revenue in the Information Technology industry (Application Development), with the same principal business activity (computer programming, consultancy and related activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Tiltlabs Consultancy Services Private Limited | ₹4.29 Cr (FY 2024) | -43.0% | Kazhakoottom, Kerala, India | |||
| Clove IT Solutions Private Limitedthis company | ₹4.29 Cr (FY 2024) | -₹2.99 Cr | -69.7% | 7.0% | 34 | Hyderabad, Telangana, India |
| Rokkun Systems Private Limited | ₹4.27 Cr (FY 2025) | 46.0% | Bangalore, Karnataka, India | |||
| Vikas Global Solutions Limited | ₹4.26 Cr (FY 2024) | -40.0% | Bangalore, Karnataka, India |
To see the full peer comparison of Clove IT Solutions Private Limited, buy the company report.
Auditor
Clove IT Solutions Private Limited is audited by NARVEN ASSOCIATES for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| NARVEN ASSOCIATES | FY 2023 | 005905S |
Shareholding
The shareholding of Clove IT Solutions Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Clove IT Solutions Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Apr 2019 | 100272612 | Others | ₹25 Lakh | Satisfied | |
| 20 Jun 2016 | 100044478 | Hdfc Bank Limited | ₹60 Lakh | Satisfied |
To see the full charge records of Clove IT Solutions Private Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
Clove IT Solutions Private Limited has 3 deals on record (3 funding rounds), with disclosed funding of ₹8.2 Cr; the latest was in March 2022.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2022 | Funding round | ₹2.7 Cr | Investors: Fidelis India, Konda Holdings Private Limited , 2 individuals |
| Mar 2021 | Funding round | ₹1 Cr | Investors: Ira Reality Tech Private Limited |
| Sep 2020 | Funding round | ₹4.5 Cr | Investors: Clove Technologies Private Limited |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
No court or tribunal cases involving Clove IT Solutions Private Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Clove IT Solutions Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Clove IT Solutions Private Limited has a workforce of 34 employees on its EPFO records as of Sep 26, 2024, across 1 active EPFO establishment.
GST
Clove IT Solutions has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 36AAGCC2509K1ZO | Telangana | Active | 01 Aug 2017 |
To see the full GST registrations and return filing status of Clove IT Solutions Private Limited, buy the company report.
Recent activity
Clove IT Solutions Private Limited has 5 board changes on record since 2015: 3 appointments and 2 cessations. The latest: Vinay Kumar Penmetsa ceased to be Additional Director on 31 Dec 2020.
Frequently asked questions
Clove IT Solutions has been "Amalgamated" (merged) as per MCA records. The company was combined with another entity and no longer exists as a separate legal entity. Business activities, if any, continue under the successor entity.
Clove IT Solutions was a private limited company based in Hyderabad, Telangana, India. The company worked in application development and software solutions, within the information technology industry. It was incorporated on 15 November 2015 and is registered under CIN U72200TG2015PTC101728. The company is recorded as amalgamated in MCA records and no longer exists as a legal entity.
Clove IT Solutions was incorporated on 15 November 2015. It is registered with the Registrar of Companies, Hyderabad.
Clove IT Solutions had 3 directors:
- Vinay Kumar Penmetsa - Director
- Ayodyapuram Jyotheeswara Reddy - Director
- Narasimha Raju Kalidindi Kumara Venkata - Director
The CIN (Corporate Identification Number) of Clove IT Solutions is U72200TG2015PTC101728. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
The registered office of Clove IT Solutions is at Vvg Parkview Pt No. 50 Hno: 1 – 6350 Kavuri Hills Guttala Begumpet Village Serilingampally, Mandal, Hyderabad, Telangana, India – 500033.
Clove IT Solutions can be reached through the website cloveit.com. Its registered office is in Hyderabad, Telangana, India.
The latest financial statements of Clove IT Solutions on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from FY 2016 are in the company report.
The GSTIN of Clove IT Solutions is 36AAGCC2509K1ZO, registered in Telangana.
Clove IT Solutions operated in the information technology industry, in the application development and software solutions segment.
Clove IT Solutions has 3 deals on record (3 funding rounds), with disclosed funding of ₹8.2 Cr; the latest was in March 2022.