About Innovsource Services Private Limited
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Innovsource Services Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of Firstmeridian Business Services Limited. It operates in the HR outsourcing and talent management segment of the business process outsourcing sector. It was incorporated on 06 March 2016 and has been in existence for over 10 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U74900MH2016PTC273940. Its GSTIN is 27AAECI0979D1ZK (Maharashtra). The company holds 26 GST registrations, all of them active.
The company has an authorised share capital of ₹119 Cr and a paid-up capital of ₹115.33 Cr. It is led by directors including Manmeet Singh and Srinivasan Satish.
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 Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹2,004.02 Cr, a growth of 10% compared to the previous year. For the same year it recorded a net loss of ₹85 Lakh (net margin 0%) and EBITDA of ₹16.69 Cr (EBITDA margin 0.8%). Revenue has grown at a compounded annual rate (CAGR) of 8% over three years and 6% over five years.
The company has about 64,526 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Innovsource Services. As per MCA filings, the company has open charges of ₹155 Cr on record. Court records list 41 cases involving the company, including 11 filed by the company and 30 filed against it; 21 cases are pending. The company has 2 deals on record (1 secondary share transfer, 1 acquisition); the latest was in June 2018. Its 5 peer companies in the Outsourcing industry (HR Outsourcing), with the same principal business activity (placement agencies and hr management services) are compared by revenue, 3 larger and 2 smaller; the largest is Randstad India Private Limited with revenue of ₹3,291.89 Cr. The company has 4 MSME Form 1 returns on record between 2023 and 2024, listing 24 overdue payments to 23 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website innov.in.
Company details
Contact details
Innovsource Services Private Limited's registered office is in Mumbai, Maharashtra. Its website is innov.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address401 4th Flr Om Sadan Mehra Estate, Opp Union Bank Of India Lbs Road Vikroli, Mumbai, Maharashtra, India – 400079
- IndustryBusiness Outsourcing, HR Outsourcing & Talent Management, Business & IT Consulting
To see the full contact details of Innovsource Services 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
Brands
Innovsource Services operates one associated brand: Innovsource Services. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provider of recruitment services | innov.in |
Business activity
The main business activity of Innovsource Services is support service to organizations. In detail, this covers placement agencies and hr management services.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| N | Support service to Organizations | N2 | Placement agencies and HR management services |
To see the full business activity and turnover split of Innovsource Services Private Limited, buy the company report.
Financials of Innovsource Services Private Limited
FY 2025 filings availableInnovsource Services Private Limited reported revenue of ₹2,004.02 Cr (up 10% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 6% over five years, including 10% growth in the latest year. EBITDA fell 2% 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 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 | ₹2,004.02 Cr | ||||
| Cost of Materials Consumed | |||||
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| Depreciation and Amortisation | |||||
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| Total Expenses | |||||
| EBITDA | ₹16.69 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹85 Lakh | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 0.8% | ||||
| Net Profit Margin | 0% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
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To see the full financial statements and ratios of Innovsource Services Private Limited, buy the company report.
Board of directors of Innovsource Services Private Limited
Innovsource Services has 3 current directors and 10 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Manmeet Singh | Director | 19 Sep 2024 | 2 Years 1 Months | Current |
| Nilay Pratik | Nominee Director | 28 Jun 2018 | 8 Years 4 Months | Current |
| Srinivasan Satish Also directs: New Lane Trading LLP, Firstmeridian Global Services Private Limited, Surge Forth Technologies Private Limited and 1 more | Director | 19 Sep 2024 | 2 Years 1 Months | Current |
Peer comparison
Innovsource Services Private Limited is compared with the 5 companies closest to it by revenue in the Outsourcing industry (HR Outsourcing), with the same principal business activity (placement agencies and hr management services), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Randstad India Private Limited | ₹3,291.89 Cr (FY 2025) | 4.0% | Chennai, Tamil Nadu, India | |||
| Manpowergroup Services India Private Limited | ₹2,322 Cr (FY 2025) | 9.0% | New Delhi, Delhi, India | |||
| Firstmeridian Global Services Private Limited | ₹2,193.36 Cr (FY 2025) | 20.0% | Mumbai, Maharashtra, India | |||
| Innovsource Services Private Limitedthis company | ₹2,004.02 Cr (FY 2025) | -₹85 Lakh | 0% | 10.0% | 64,526 | Mumbai, Maharashtra, India |
| Genius Hrtech Limited | ₹1,881.18 Cr (FY 2025) | 6.0% | Kolkata, West Bengal, India | |||
| Adecco India Private Limited | ₹1,764.7 Cr (FY 2024) | 15.0% | Bengaluru, Karnataka, India |
To see the full peer comparison of Innovsource Services Private Limited, buy the company report.
Auditor
Innovsource Services Private Limited is audited by B S R & Co LLP for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co LLP | FY 2025 | 101248W/W-100022 |
Shareholding
The shareholding of Innovsource Services Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Innovsource Services Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 27 Aug 2021 | 100480158 | Others | ₹35 Cr | Open | |
| 16 Mar 2019 | 100253126 | Standard Chartered Bank | ₹120 Cr | Open |
To see the full charge records of Innovsource Services Private Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
Innovsource Services Private Limited has 2 deals on record (1 secondary share transfer, 1 acquisition); the latest was in June 2018.
Deals on record (2 of 2)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2018 | Secondary share transfer | Undisclosed | Buyer: First Meridian Business Services Private Limited, First Meridian Business Services Private Limited & Vikram Ranjan Agarwal Seller: Implenia Services and Solutions Private Limited , Innovsource Private Limited & Shishir Rambhau Gorle |
| Apr 2018 | Acquisition | ₹115.23 Cr | Buyer: Implenia Services and Solutions Private Limited |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Innovsource Services Private Limited has 41 court cases on record: 11 filed by Innovsource Services, 30 filed against it. 21 cases are pending and 20 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 38 | 28 | 20 |
| High courts | 3 | 2 | 1 |
Cases on record (5 of 41)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai CMM Courts, Maharashtra | Interim or miscellaneous application | Filed by the company against Samnee Auto OPC Pvt Ltd and 1 other | Pending |
| Bombay High Court | Writ petition | Filed against the company by Innovsource Private Limited and Anr | Disposed |
| District court, BELAGAVI, Karnataka | Court case (ECA) | Filed against the company by an individual | Pending |
| District court, Thiruvananthapuram, Kerala | Criminal case | Filed against the company by an individual | Pending |
| District court, Bhopal, Madhya Pradesh | Court case (UN CR) | Filed against the company by Union of India Labour Enforcement Officer Ashish Kumar Gupta | Pending |
To see the full case history of Innovsource Services Private Limited, buy the company report.
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.
Credit ratings & regulatory alerts
Innovsource Services Private Limited was last rated by Icra on 07 Apr 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 07 Apr 2021 |
To see the full credit ratings and regulatory alerts of Innovsource Services Private Limited, buy the company report.
MSME payment delays
Innovsource Services Private Limited has 4 MSME Form 1 returns on record between 2023 and 2024, listing 24 overdue payments to 23 micro and small suppliers. 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 (5 of 23)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| I Care | |||
| an individual supplier |
To see the full MSME payment records of Innovsource Services Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Innovsource Services has 1 subsidiary company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Surge Forth Technologies Private Limited | U72900TN2008PTC067042 |
To see the full group structure of Innovsource Services Private Limited, buy the company report.
Employees & EPFO
Innovsource Services Private Limited has a workforce of 64,526 employees on its EPFO records as of Jan 19, 2026, across 4 active EPFO establishments.
GST
Innovsource Services has 26 GST registrations: 26 active. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAECI0979D1ZK | Maharashtra | Active | 01 Jul 2017 |
| 27AAECI0979D2ZJ | Maharashtra | Active | 01 Apr 2025 |
| 04AAECI0979D1ZS | Chandigarh | Active | 01 Jul 2017 |
| 06AAECI0979D1ZO | Haryana | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Innovsource Services Private Limited, buy the company report.
Recent activity
Innovsource Services Private Limited has 12 board changes on record since 2018: 3 appointments and 9 cessations. The latest: Manmeet Singh was appointed as Director on 19 Sep 2024.
7 earlier events are in the company report.
Frequently asked questions
Innovsource Services is an active private limited company based in Mumbai, Maharashtra, India. The company works in HR outsourcing and talent management, within the business outsourcing industry. It was incorporated on 06 March 2016 (10+ years old) and is registered under CIN U74900MH2016PTC273940.
Innovsource Services has 3 current directors:
- Manmeet Singh - Director
- Nilay Pratik - Nominee Director
- Srinivasan Satish - Director
The latest financial statements of Innovsource Services on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from FY 2016 are in the company report.
The GSTIN of Innovsource Services is 27AAECI0979D1ZK, registered in Maharashtra. The company has 26 GST registrations in all, of which 26 are active. Other active GSTINs include 27AAECI0979D2ZJ (Maharashtra), 04AAECI0979D1ZS (Chandigarh), 06AAECI0979D1ZO (Haryana).
The CIN (Corporate Identification Number) of Innovsource Services is U74900MH2016PTC273940. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Innovsource Services has 41 court cases on record: 11 filed by the company and 30 filed against it. 21 are pending. Most are in the district courts.
Innovsource Services was incorporated on 06 March 2016, making it 10+ years old. It is registered with the Registrar of Companies, Mumbai.
Innovsource Services has 2 deals on record (1 secondary share transfer, 1 acquisition); the latest was in June 2018.
The peers of Innovsource Services by revenue are Randstad India Private Limited, Manpowergroup Services India Private Limited, Firstmeridian Global Services Private Limited, Genius Hrtech Limited, Adecco India Private Limited, all in the Outsourcing industry (HR Outsourcing), with the same principal business activity (placement agencies and hr management services).
Manmeet Singh was appointed as Director on 19 Sep 2024. Manmeet Singh ceased to be Additional Director on 19 Sep 2024. Srinivasan Satish was appointed as Director on 19 Sep 2024. Innovsource Services has 12 board changes on record in total.
Innovsource Services has 4 MSME Form 1 returns on record between 2023 and 2024, listing 24 overdue payments to 23 micro and small suppliers. The latest return was filed on 01 May 2024.
Innovsource Services can be reached through the website innov.in. Its registered office is in Mumbai, Maharashtra, India.