About Nuance Group (India) Private Limited
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Nuance Group (India) Private Limited is a private limited company based in Bangalore, Karnataka, India, a subsidiary of The Nuance Group Ag. It operates in the hypermarkets and large retail chains segment of the consumer services sector. It was incorporated on 12 December 2006 and has been in existence for over 20 years.
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN U51228KA2006PTC115512. Its GSTIN is 29AAKCS4860P1ZF (Karnataka). The company holds 3 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹110 Cr and a paid-up capital of ₹103.53 Cr. It was formerly known as Shopper'S Stop Duty Free Pvt. Ltd. It is led by directors including Prasad Muthu and Freda Chi Man Cheung.
Its last annual general meeting (AGM) was held on 13 November 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Manyata Redwood Block D3 Manyata Tech Park, Bangalore, Karnataka.
As per the financials filed for FY 2025, the company reported a revenue of ₹17.87 Cr, a decline of 95% compared to the previous year. For the same year it recorded a net profit of ₹25.56 Lakh (net margin 1.4%) and EBITDA of ₹86.87 Lakh (EBITDA margin 4.9%). Revenue has declined at a compounded annual rate (CAGR) of 38% over three years and 41% over five years.
The company is associated with 1 brand: Avolta. As per MCA filings, the company has satisfied charges of ₹57.5 Cr on record. Court records list 16 cases involving the company, including 12 filed by the company and 4 filed against it. The company has 8 deals on record (4 funding rounds, 3 secondary share transfers, 1 rights issue), with disclosed funding of ₹82.81 Cr; the latest was in October 2017. Its 5 peer companies in the Consumer Services industry (Hypermarkets), with the same principal business activity (retail trading) are compared by revenue, 2 larger and 3 smaller; the largest is Ceren Business India Private Limited with revenue of ₹18.52 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website dufry.com.
Company details
CIN history
Nuance Group (India) has one previous CIN (Corporate Identification Number): U51228MH2006PTC166148. The current CIN is U51228KA2006PTC115512, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U51228KA2006PTC115512 | Current |
| U51228MH2006PTC166148 | Previous |
Contact details
Nuance Group (India) Private Limited's registered office is in Bangalore, Karnataka. Its website is dufry.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressOffice No. 8 – 136 We Work, Manyata Redwood Block D3 Manyata Tech Park Road, Bangalore, Karnataka, India – 560045
- IndustryConsumer Services, Hypermarkets & Large Retail Chains
To see the full contact details of Nuance Group (India) 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
Nuance Group (India) operates one associated brand: Avolta. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Global travel retailer providing experience to travelers worldwide by uniting retail, convenience, and food & beverage | avoltaworld.com |
Business activity
The main business activity of Nuance Group (India) is trade. In detail, this covers retail trading.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G2 | Retail Trading |
To see the full business activity and turnover split of Nuance Group (India) Private Limited, buy the company report.
Financials of Nuance Group (India) Private Limited
FY 2024 filings availableNuance Group (India) Private Limited reported revenue of ₹17.87 Cr (down 95% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 41% over five years, including a 95% fall in the latest year. EBITDA fell 97% 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 |
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| EBITDA | ₹86.87 Lakh | ||||
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| Net Profit (PAT) | ₹25.56 Lakh | ||||
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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 | 4.9% | ||||
| Net Profit Margin | 1.4% | ||||
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To see the full financial statements and ratios of Nuance Group (India) Private Limited, buy the company report.
Board of directors of Nuance Group (India) Private Limited
Nuance Group (India) has 3 current directors and 24 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Freda Chi Man Cheung | Additional Director | 21 Feb 2024 | 2 Years 8 Months | Current |
| Vivek Jhunjhunwala Also directs: Dufry Business Services LLP, Alpha Airport Retail Holdings Private Limited, Dufry India Retail Private Limited and 2 more | Nominee Director | 24 Jun 2021 | 5 Years 4 Months | Current |
| Prasad Muthu | Director | 30 Jul 2025 | 1 Years 3 Months | Current |
Peer comparison
Nuance Group (India) Private Limited is compared with the 5 companies closest to it by revenue in the Consumer Services industry (Hypermarkets), with the same principal business activity (retail trading), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ceren Business India Private Limited | ₹18.52 Cr (FY 2024) | 39.0% | Bangalore, Karnataka, India | |||
| New A. V. Sons Super Store Private Limited | ₹17.98 Cr (FY 2025) | 3.0% | Surat, Gujarat, India | |||
| Nuance Group (India) Private Limitedthis company | ₹17.87 Cr (FY 2025) | ₹25.56 Lakh | 1.4% | -95.0% | Bangalore, Karnataka, India | |
| Embaby Trading Private Limited | ₹17.83 Cr (FY 2025) | 5.0% | Nattakom, Kerala, India | |||
| Dhanyam Superstores Private Limited | ₹17.49 Cr (FY 2025) | 13.0% | Chennai, Tamil Nadu, India | |||
| S R Modi Retail Private Limited | ₹17.47 Cr (FY 2021) | -55.0% | Surat, Gujarat, India |
To see the full peer comparison of Nuance Group (India) Private Limited, buy the company report.
Auditor
Nuance Group (India) Private Limited is audited by S.R. Batliboi & Associates LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S.R. Batliboi & Associates LLP | FY 2023 | 101049W/E300004 |
Shareholding
The shareholding of Nuance Group (India) 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 Nuance Group (India) Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Nov 2010 | 10258805 | Idbi Bank Limited | ₹16.5 Cr | Satisfied | |
| 14 May 2008 | 10107875 | Calyon Bank | ₹41 Cr | Satisfied |
To see the full charge records of Nuance Group (India) Private Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
Nuance Group (India) Private Limited has 8 deals on record (4 funding rounds, 3 secondary share transfers, 1 rights issue), with disclosed funding of ₹82.81 Cr; the latest was in October 2017.
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2017 | Secondary share transfer | Undisclosed | Buyer: The Nuance Group Ag & Dufry Participarion Ag, The Nuance Group AG Seller: Shopper's Stop Limited |
| Apr 2017 | Rights issue | ₹20.71 Cr | Investors: The Nuance Group AG |
| Dec 2013 | Funding round | ₹10 Cr | Investors: The Nuance Group AG, Shopper's Stop Limited |
| Mar 2010 | Funding round | ₹1.62 Cr | Investors: Shopper's Stop Limited, The Nuance Group AG |
| Nov 2008 | Funding round | ₹32.7 Cr | Investors: Shopper's Stop Limited, The Nuance Group AG |
To see the full deal history of Nuance Group (India) 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
Nuance Group (India) Private Limited has 16 court cases on record: 12 filed by Nuance Group (India), 4 filed against it. All cases are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 15 | 3 | 0 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (5 of 16)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Calcutta High Court | Writ petition | Filed against the company by Flemingo Dutyfree Shop Private Limited | Disposed |
| High Court of Karnataka | Writ petition | Filed by the company against The Bangalore International Airport Ltd(Bial) and 1 other | Disposed |
| High Court | Writ petition | Filed against the company by Assistant Commissioner of Income Tax | Disposed |
| Supreme Court | Court case (0428-Indirect Taxes Matters : Others) | Filed against the company by Union of India THR. the Revenue Secretary Department of Revenue, Minstry of Finance, 128-A North Block , District: New Delhi ,New Delhi , Delhi and 4 others | Disposed |
| High Court | Writ petition | Filed by the company against The Union of India and 4 others | Disposed |
To see the full case history of Nuance Group (India) 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Nuance Group (India) Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Nuance Group (India) has 3 GST registrations: 1 active and 2 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 29AAKCS4860P1ZF | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Nuance Group (India) Private Limited, buy the company report.
Recent activity
Nuance Group (India) Private Limited has 24 board changes on record since 2011: 3 appointments and 21 cessations. The latest: Prasad Muthu ceased to be Additional Director on 30 Oct 2025.
19 earlier events are in the company report.
Frequently asked questions
Nuance Group (India) is an active private limited company based in Bangalore, Karnataka, India. The company works in hypermarkets and large retail chains, within the consumer services industry. It was incorporated on 12 December 2006 (20+ years old) and is registered under CIN U51228KA2006PTC115512.
Nuance Group (India) has 3 current directors:
- Freda Chi Man Cheung - Additional Director
- Vivek Jhunjhunwala - Nominee Director
- Prasad Muthu - Director
The latest financial statements of Nuance Group (India) on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 13 November 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Nuance Group (India) is 29AAKCS4860P1ZF, registered in Karnataka. The company has 3 GST registrations in all, of which 1 is active and 2 are cancelled or inactive.
The CIN (Corporate Identification Number) of Nuance Group (India) is U51228KA2006PTC115512. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Nuance Group (India) has 16 court cases on record: 12 filed by the company and 4 filed against it. Most are in the high courts.
Nuance Group (India) was incorporated on 12 December 2006, making it 20+ years old. It is registered with the Registrar of Companies, Bangalore.
Nuance Group (India) has 8 deals on record (4 funding rounds, 3 secondary share transfers, 1 rights issue), with disclosed funding of ₹82.81 Cr; the latest was in October 2017.
The peers of Nuance Group (India) by revenue are Ceren Business India Private Limited, New A. V. Sons Super Store Private Limited, Embaby Trading Private Limited, Dhanyam Superstores Private Limited, S R Modi Retail Private Limited, all in the Consumer Services industry (Hypermarkets), with the same principal business activity (retail trading).
Prasad Muthu ceased to be Additional Director on 30 Oct 2025. Prasad Muthu was appointed as Director on 30 Jul 2025. Freda Chi Man Cheung was appointed as Additional Director on 21 Feb 2024. Nuance Group (India) has 24 board changes on record in total.
Nuance Group (India) can be reached through the website dufry.com. Its registered office is in Bangalore, Karnataka, India.
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