Finwave Forex Private Limited
About Finwave Forex Private Limited
Data last updated:
Finwave Forex Private Limited is a private limited company based in Ahmedabad, Gujarat, India. It operates in the forex services segment of the financial services sector. It was incorporated on 27 January 2014 and has been in existence for over 12 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U67100GJ2014PTC078447. Its GSTIN is 24AACCF3458N1ZE (Gujarat).
The company has an authorised share capital of ₹54 Lakh and a paid-up capital of ₹54 Lakh. It is led by directors Jitendra Tolaram Ahuja and Bhrugesh Kaushikkumar Vyas.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Ground Floor Raja Complex Vijay Char Rasta Navrangpura, Ahmedabad, Gujarat, India – 380009.
As per the financials filed for FY 2025, the company reported a revenue of ₹15.47 Cr, a decline of 67% compared to the previous year. For the same year it recorded a net loss of ₹31.35 Lakh (net margin -2%) and EBITDA of -₹20.11 Lakh (EBITDA margin -1.3%). Revenue has declined at a compounded annual rate (CAGR) of 5% over three years and 5% over five years.
As per MCA filings, the company has open charges of ₹10.5 Lakh on record. Court records list 1 case involving the company, including 1 filed by the company; 1 case is pending.
The current compliance status is marked as compliant by the Registrar of Companies.
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- WebsiteLocked
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- Registered AddressGround Floor Raja Complex Vijay Char Rasta Navrangpura, Ahmedabad, Gujarat, India – 380009
- IndustryFinancial Services, Forex Services
- 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
- One PDF report, delivered after checkout
Business Activity of Finwave Forex Private Limited
The main business activity of Finwave Forex is financial and insurance service. In detail, this covers other financial activities.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Finwave Forex Private Limited FY 2025 filings available
Finwave Forex Private Limited reported revenue of ₹15.47 Cr (down 67% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Finwave Forex Private Limited
Revenue has declined at a compounded annual rate (CAGR) of 5% over five years, including a 67% fall in the latest year. EBITDA fell 130% 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 of Finwave Forex Private Limited
| 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 | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | -₹20.11 Lakh | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | -₹31.35 Lakh | •••• | •••• | •••• | •••• |
| 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 of Finwave Forex Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -1.3% | •••• | •••• | •••• | •••• |
| Net Profit Margin | -2% | •••• | •••• | •••• | •••• |
| 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 | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Finwave Forex are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Finwave Forex Private Limited
Finwave Forex Private Limited is compared with the companies closest to it by revenue in the BFSI industry (Money Exchange Services). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ran Forex and Travels Private Limited | ₹15.81 Cr (FY 2025) | •••• | •••• | -37.0% | •••• | Kolkata, West Bengal, India |
| Debnath Forex & Travels Private Limited | ₹15.81 Cr (FY 2025) | •••• | •••• | -45.0% | •••• | Kolkata, West Bengal, India |
| Grey Heads Forex Private Limited | ₹15.69 Cr (FY 2024) | •••• | •••• | 49.0% | •••• | New Delhi, Delhi, India |
| Vajra Forex Private Limited | ₹15.57 Cr (FY 2024) | •••• | •••• | 83.0% | •••• | Jeedimetla Ranga Reddy, Telangana, India |
| Three Sons Forex India Private Limited | ₹15.5 Cr (FY 2025) | •••• | •••• | -15.0% | •••• | Jaipur, Rajasthan, India |
| Finwave Forex Private Limited this company | ₹15.47 Cr (FY 2025) | •••• | •••• | -67.0% | •••• | Ahmedabad, Gujarat, India |
| Sangeeta Ornaments and Forex Private Limited | ₹15.46 Cr (FY 2025) | •••• | •••• | -29.0% | •••• | Mumbai, Maharashtra, India |
| A.F. Money Exchange Private Limited | ₹15.44 Cr (FY 2024) | •••• | •••• | 130.0% | •••• | Naveen Market, Kanpur, Uttar Pradesh, India |
| Fly Lemon Travel & Forex Private Limited | ₹15.43 Cr (FY 2024) | •••• | •••• | 59.0% | •••• | Pune, Maharashtra, India |
| Exact Money Changers Private Limited | ₹15.43 Cr (FY 2025) | •••• | •••• | 14.0% | •••• | Bangalore, Karnataka, India |
| Natraj Forex Private Limited | ₹15.42 Cr (FY 2025) | •••• | •••• | 60.0% | •••• | Mumbai, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Finwave Forex by revenue in the BFSI industry (Money Exchange Services), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Finwave Forex Private Limited
Finwave Forex Private Limited is audited by V GOSWAMI & CO for the financial year 2021.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| V GOSWAMI & CO | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Finwave Forex Private Limited
Finwave Forex has 2 directors on record. No former directors are listed.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Jitendra Tolaram Ahuja Also directs: Money2abroad Private Limited, Diligenceos Global Private Limited | Director | 27 Jan 2014 | 12 Years 8 Months | Current |
| Bhrugesh Kaushikkumar Vyas Also directs: Money2abroad Private Limited | Director | 27 Jan 2014 | 12 Years 8 Months | Current |
Ownership and Shareholding of Finwave Forex Private Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Finwave Forex Private Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 15 Feb 2021 | Others | ₹10.5 Lakh | Open |
Total charge records: 1 View all charges
Legal Cases of Finwave Forex Private Limited
Finwave Forex Private Limited has 1 court case on record: 1 filed by Finwave Forex. All case is pending. Status as checked on 02 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 1 | 0 | 1 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Gujarat | Special civil application | Filed by the company against Reserve Bank Innovation Hub | Pending |
Full case history
All 1 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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.
Employees and EPFO Compliance at Finwave Forex Private Limited
Employment history and EPFO contributions of people linked to Finwave Forex.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Recent Activity on Finwave Forex Private Limited
Finwave Forex Private Limited has 2 board changes on record since 2014: 2 appointments. The latest: Bhrugesh Kaushikkumar Vyas was appointed as Director on 27 Jan 2014.
Credit Ratings, Litigation & Regulatory Alerts for Finwave Forex Private Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Finwave Forex Private Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Finwave Forex Private Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Finwave Forex Private Limited
Finwave Forex has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AACCF3458N1ZE | Gujarat | Active | 01 Jul 2017 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Finwave Forex Private Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Finwave Forex Private Limited
Finwave Forex is an active private limited company based in Ahmedabad, Gujarat, India. The company works in forex services, within the financial services industry. It was incorporated on 27 January 2014 (12+ years old) and is registered under CIN U67100GJ2014PTC078447.
Finwave Forex reported revenue of ₹15.47 Cr for FY 2025 (down 67% YoY).
Finwave Forex has 2 current directors:
- Jitendra Tolaram Ahuja - Director
- Bhrugesh Kaushikkumar Vyas - Director
Finwave Forex reported a net loss of ₹31.35 Lakh (net margin -2%) and EBITDA of -₹20.11 Lakh (EBITDA margin -1.3%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Finwave Forex is 5% over three years and -5% over five years. In the latest year (FY 2025) revenue fell 67%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Finwave Forex is 24AACCF3458N1ZE, registered in Gujarat.
The CIN (Corporate Identification Number) of Finwave Forex is U67100GJ2014PTC078447. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Finwave Forex has 1 court case on record: 1 filed by the company. 1 is pending.
Finwave Forex was incorporated on 27 January 2014, making it 12+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Finwave Forex by revenue are Ran Forex and Travels Private Limited, Debnath Forex & Travels Private Limited, Grey Heads Forex Private Limited, Vajra Forex Private Limited, Three Sons Forex India Private Limited and 5 more, all in the BFSI industry (Money Exchange Services).
Bhrugesh Kaushikkumar Vyas was appointed as Director on 27 Jan 2014. Jitendra Tolaram Ahuja was appointed as Director on 27 Jan 2014.