MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-18-0047509
Evolute Fintech Innovations Private Limited - information technology in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹66.95 Cr
▼ 9% YoY
Net profit · FY 2024
₹6.41 Cr
Net margin 9.6%
EBITDA · FY 2024
₹9.1 Cr
EBITDA margin 13.6%
Authorised capital
₹7.5 Cr
Registered with MCA
Paid-up capital
₹2.37 Cr
Issued & subscribed
Open charges
₹10 Cr
Satisfied ₹5 Cr
Company age
17 yrs
Est. 2009
Employees · EPFO
88
Provident fund records
About Evolute Fintech Innovations Private Limited
Data last updated:
Evolute Fintech Innovations Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the electronic components and equipment manufacturing segment of the technology and IT services sector. It was incorporated on 26 May 2009 and has been in existence for over 17 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U30006MH2009PTC192706. Its GSTIN is 27AACCE1791M1ZB (Maharashtra). The company holds 3 GST registrations, of which 2 are active.
The company has an authorised share capital of ₹7.5 Cr and a paid-up capital of ₹2.37 Cr. It was formerly known as Evolute Systems Private Limited. It is led by directors Parag Kirit Mehta and Paras Kirit Mehta.
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 Mumbai, Maharashtra.
As per the financials filed for FY 2024, the company reported a revenue of ₹66.95 Cr, a decline of 9% compared to the previous year. For the same year it recorded a net profit of ₹6.41 Cr (net margin 9.6%) and EBITDA of ₹9.1 Cr (EBITDA margin 13.6%). Revenue has declined at a compounded annual rate (CAGR) of 7% over three years and 7% over five years.
The company has about 88 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Evolute. As per MCA filings, the company has open charges of ₹10 Cr and satisfied charges of ₹5 Cr on record. The company has 8 deals on record (6 secondary share transfers, 2 funding rounds), with disclosed funding of ₹3.37 Cr; the latest was in March 2020. Its 3 peer companies in the Information Technology industry (Electronic Equipment and Components Manufacturing, Fintech), with the same principal business activity (computer, electronic, communication and scientific measuring & control equipment) are compared by revenue, 2 larger and 1 smaller; the largest is Sun Electro Devices Private Limited with revenue of ₹67.6 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2020, listing 1 overdue payment to 1 micro and small supplier.
Evolute Fintech Innovations Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0047509). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website evolute.in.
Company details
CIN U30006MH2009PTC192706
Registration Number 192706
Incorporation Date 26 May 2009
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-18-0047509
Recognitions & Rankings of Evolute Fintech Innovations
Contact details
Evolute Fintech Innovations Private Limited's registered office is in Mumbai, Maharashtra. Its website is evolute.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressOffice No 801 8th Floor Grande Edifice, Akurli Village Akurli Road, Mumbai, Maharashtra, India – 400101
- IndustryInformation Technology, Electronic Components & Equipment Manufacturing
To see the full contact details of Evolute Fintech Innovations Private Limited, buy the company report.
Comprehensive company report
Evolute Fintech Innovations Private Limited - one report that includes everything
- 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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Brands
Evolute Fintech Innovations operates one associated brand: Evolute. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Embedded systems for fintech and payments are designed and manufactured. | evolute.in |
Business activity
The main business activity of Evolute Fintech Innovations is manufacturing. In detail, this covers computer, electronic, communication and scientific measuring & control equipment.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C9 | Computer, electronic, Communication and scientific measuring & control equipment |
To see the full business activity and turnover split of Evolute Fintech Innovations Private Limited, buy the company report.
Financials of Evolute Fintech Innovations Private Limited
FY 2024 filings availableEvolute Fintech Innovations Private Limited reported revenue of ₹66.95 Cr (down 9% YoY) for FY 2024.
Revenue · FY 2024
₹66.95 Cr ▼ 9%
Net profit · FY 2024
₹6.41 Cr margin 9.6%
EBITDA · FY 2024
₹9.1 Cr margin 13.6%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 9%
3 years · compounded
▼ 7%
5 years · compounded
▼ 7%
EBITDA CAGR growth
1 year
▼ 1%
3 years · compounded
▼ 13%
5 years · compounded
▼ 12%
Revenue has declined at a compounded annual rate (CAGR) of 7% over five years, including a 9% fall in the latest year. EBITDA fell 1% 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 | ₹9.1 Cr | ||||
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| Net Profit (PAT) | ₹6.41 Cr | ||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 13.6% | ||||
| Net Profit Margin | 9.6% | ||||
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To see the full financial statements and ratios of Evolute Fintech Innovations Private Limited, buy the company report.
Board of directors of Evolute Fintech Innovations Private Limited
Evolute Fintech Innovations has 2 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Parag Kirit Mehta Also directs: Glomore Electro-Tech Solutions LLP, Yatra Angels Scale Up Ventures LLP, Evolute Synergies LLP and 4 more | Director | 26 May 2009 | 17 Years 5 Months | Current |
| Paras Kirit Mehta Also directs: Glomore Electro-Tech Solutions LLP, Evolute Synergies LLP, Evolute Cleantech Solutions Private Limited and 4 more | Director | 19 Dec 2012 | 13 Years 10 Months | Current |
Peer comparison
Evolute Fintech Innovations Private Limited is compared with the 3 companies closest to it by revenue in the Information Technology industry (Electronic Equipment and Components Manufacturing, Fintech), with the same principal business activity (computer, electronic, communication and scientific measuring & control equipment), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Sun Electro Devices Private Limited | ₹67.6 Cr (FY 2025) | 116.0% | Pune, Maharashtra, India | |||
| Brevera Technologies Private Limited | ₹67.07 Cr (FY 2024) | 29.0% | Mangalore, Karnataka, India | |||
| Evolute Fintech Innovations Private Limitedthis company | ₹66.95 Cr (FY 2024) | ₹6.41 Cr | 9.6% | -9.0% | 88 | Mumbai, Maharashtra, India |
| Wep Solutions Limited | ₹66.39 Cr (FY 2025) | -5.0% | Bangalore, Karnataka, India |
To see the full peer comparison of Evolute Fintech Innovations Private Limited, buy the company report.
Auditor
Evolute Fintech Innovations Private Limited is audited by UMESH P GOSAR & ASSOCIATES for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| UMESH P GOSAR & ASSOCIATES | FY 2023 | 103111 |
Shareholding
The shareholding of Evolute Fintech Innovations 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 Evolute Fintech Innovations Private Limited, buy the company report.
Charges & borrowings
Open charges
₹10 Cr
Satisfied charges
₹5 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 11 Feb 2025 | 101055047 | Others | ₹10 Cr | Open | |
| 29 Aug 2011 | 10310623 | Bank of India | ₹5 Cr | Satisfied |
To see the full charge records of Evolute Fintech Innovations Private Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
Evolute Fintech Innovations Private Limited has 8 deals on record (6 secondary share transfers, 2 funding rounds), with disclosed funding of ₹3.37 Cr; the latest was in March 2020.
Total deals
8
Secondary share transfers
6
Funding rounds
2
Disclosed funding
₹3.37 Cr
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: Evolute Venrures Private Limited Seller: an individual |
| Jan 2017 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Oct 2015 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2014 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: an individual |
| Mar 2013 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
To see the full deal history of Evolute Fintech Innovations 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
No court or tribunal cases involving Evolute Fintech Innovations 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
Evolute Fintech Innovations Private Limited has 1 MSME Form 1 return on record for the period ending Mar 2020, listing 1 overdue payment to 1 micro and small supplier. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (1 of 1)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier |
To see the full MSME payment records of Evolute Fintech Innovations Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Evolute Fintech Innovations has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Spiritus Payments Private Limited | U93000MH2014PTC251907 |
To see the full group structure of Evolute Fintech Innovations Private Limited, buy the company report.
Employees & EPFO
Evolute Fintech Innovations Private Limited has a workforce of 88 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.
Employee count
88
Active EPFO establishments
1
Employee growth
-1.12%
GST
Evolute Fintech Innovations has 3 GST registrations: 2 active and 1 cancelled or inactive.
Total GSTINs
3
Active
2
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCE1791M1ZB | Maharashtra | Active | 01 Jul 2017 |
| 29AACCE1791M1Z7 | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Evolute Fintech Innovations Private Limited, buy the company report.
Recent activity
Evolute Fintech Innovations Private Limited has 6 board changes on record since 2009: 2 appointments and 4 cessations. The latest: Ushma Parag Mehta ceased to be Director on 04 Apr 2017.
Charges
A charge with Others amounted to Rs. 10.00 Cr with Charge ID 101055047 was registered on 11 Feb 2025.
AGM
Evolute Fintech Innovations Private Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Filing
Evolute Fintech Innovations Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Mumbai.
Charges
A charge registered on 29 Aug 2011 via Charge ID 10310623 with Bank Of India was fully satisfied on 05 Dec 2018.
Ceased
Ushma Parag Mehta ceased to be Director.
Ceased
Hanumanthappa Ramachandra Babu ceased to be Director.
Ceased
Paras Kirit Mehta ceased to be Additional Director.
Ceased
Amit Rameshchandra Mehta ceased to be Director.
Appointed
Paras Kirit Mehta was appointed as Director.
Charges
A charge with Bank Of India amounted to Rs. 5.00 Cr with Charge ID 10310623 was registered on 29 Aug 2011.
Appointed
Parag Kirit Mehta was appointed as Director.
Incorporation
26 May 2009
Evolute Fintech Innovations Private Limited was registered on 26 May 2009 with Roc Mumbai & aged 17 years 5 months as per MCA records.
Frequently asked questions
Evolute Fintech Innovations is an active private limited company based in Mumbai, Maharashtra, India. The company works in electronic components and equipment manufacturing, within the information technology industry. It was incorporated on 26 May 2009 (17+ years old) and is registered under CIN U30006MH2009PTC192706.
Evolute Fintech Innovations has 2 current directors:
- Parag Kirit Mehta - Director
- Paras Kirit Mehta - Director
The latest financial statements of Evolute Fintech Innovations 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 2015 are in the company report.
The GSTIN of Evolute Fintech Innovations is 27AACCE1791M1ZB, registered in Maharashtra. The company has 3 GST registrations in all, of which 2 are active and 1 is cancelled or inactive. Other active GSTINs include 29AACCE1791M1Z7 (Karnataka).
The CIN (Corporate Identification Number) of Evolute Fintech Innovations is U30006MH2009PTC192706. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Evolute Fintech Innovations was incorporated on 26 May 2009, making it 17+ years old. It is registered with the Registrar of Companies, Mumbai.
Evolute Fintech Innovations has 8 deals on record (6 secondary share transfers, 2 funding rounds), with disclosed funding of ₹3.37 Cr; the latest was in March 2020.
The peers of Evolute Fintech Innovations by revenue are Sun Electro Devices Private Limited, Brevera Technologies Private Limited, Wep Solutions Limited, all in the Information Technology industry (Electronic Equipment and Components Manufacturing, Fintech), with the same principal business activity (computer, electronic, communication and scientific measuring & control equipment).
Ushma Parag Mehta ceased to be Director on 04 Apr 2017. Hanumanthappa Ramachandra Babu ceased to be Director on 30 Sep 2015. Paras Kirit Mehta ceased to be Additional Director on 30 Sep 2014. Evolute Fintech Innovations has 6 board changes on record in total.
Yes, Evolute Fintech Innovations is registered as a medium enterprise under Udyam registration (number: UDYAM-MH-18-0047509).
Evolute Fintech Innovations has 1 MSME Form 1 return on record for the period ending Mar 2020, listing 1 overdue payment to 1 micro and small supplier. The latest return was filed on 14 Oct 2020.
Evolute Fintech Innovations can be reached through the website evolute.in. Its registered office is in Mumbai, Maharashtra, India.