About Open Elite Developers Limited
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Open Elite Developers Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Authum Investment & Infrastructure Limited. It operates in the non-banking financial services (NBFC) segment of the financial services sector. It was incorporated on 17 August 2000 and has been in existence for over 26 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U68200MH2000PLC128301. Its GSTIN is 27AABCR6898M1ZH (Maharashtra). The company holds 21 GST registrations, of which 18 are active.
The company has an authorised share capital of ₹1,000.2 Cr and a paid-up capital of ₹535.47 Cr. It was formerly known as Reliance Gilts Limited. It is led by directors Bhaviika Bharatkumar Jain and Rahul Arun Bagaria.
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 ₹178.86 Cr, a growth of 9% compared to the previous year. For the same year it recorded a net profit of ₹208.35 Cr (net margin 116.5%) and EBITDA of ₹1,308.76 Cr. Revenue has declined at a compounded annual rate (CAGR) of 31% over three years and 37% over five years.
The company has about 270 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Reliance Money. As per MCA filings, the company has open charges of ₹1,780.05 Cr and satisfied charges of ₹13,606 Cr on record. Court records list 5,877 cases involving the company, including 5,622 filed by the company and 257 filed against it; 645 cases are pending. The company has 11 deals on record (7 funding rounds, 2 rights issues, 2 secondary share transfers), with disclosed funding of ₹2,606.17 Cr; the latest was in March 2024. Its 10 peer companies in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities) are compared by revenue, 5 larger and 5 smaller; the largest is Crest Ventures Limited with revenue of ₹184 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 reliancemoney.co.in.
Company details
Name history
Open Elite Developers has undergone 2 name changes throughout its history. The company was previously known as Reliance Gilts Limited, and Open Elite Developers Limited. The current legal name is Open Elite Developers Limited.
| Company Name | Status |
|---|---|
| Open Elite Developers Limited | Current |
| Reliance Gilts Limited | Previous |
CIN history
Open Elite Developers has one previous CIN (Corporate Identification Number): U66010MH2000PLC128301. The current CIN is U68200MH2000PLC128301, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U68200MH2000PLC128301 | Current |
| U66010MH2000PLC128301 | Previous |
Contact details
Open Elite Developers Limited's registered office is in Mumbai, Maharashtra. Its website is reliancemoney.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressThe Ruby 11th Floor North – West Wing Plot No. 29, Senapati Bapat Marg Dadar (West) Mumba, Mumbai, Maharashtra, India – 400028
- IndustryFinancial Services, NBFC, Investment & Credit NBFC
To see the full contact details of Open Elite Developers 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
Open Elite Developers operates one associated brand: Reliance Money. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides consumer and commercial loans with financial services in India. | reliancemoney.co.in |
Financials of Open Elite Developers Limited
FY 2024 filings availableOpen Elite Developers Limited reported revenue of ₹178.86 Cr (up 9% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue rose 9% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 37%. EBITDA fell 70% 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 | ₹1,308.76 Cr | ||||
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| Net Profit (PAT) | ₹208.35 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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| EBITDA Margin | |||||
| Net Profit Margin | 116.5% | ||||
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To see the full financial statements and ratios of Open Elite Developers Limited, buy the company report.
Board of directors of Open Elite Developers Limited
Open Elite Developers has 2 current directors and 29 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Bhaviika Bharatkumar Jain Also directs: Winmore Leasing and Holdings Limited | Director | 09 Jan 2023 | 3 Years 9 Months | Current |
| Rahul Arun Bagaria Also directs: Bagaria & Co LLP, India Pesticides Limited., Authum Investment & Infrastructure Limited and 2 more | Director | 05 Nov 2022 | 3 Years 11 Months | Current |
Peer comparison
Open Elite Developers Limited is compared with the 10 companies closest to it by revenue in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Crest Ventures Limited | ₹184 Cr (FY 2024) | -72.0% | Mumbai, Maharashtra, India | |||
| Trucap Finance Limited | ₹182.84 Cr (FY 2024) | 48.0% | Mumbai, Maharashtra, India | |||
| Bachhraj and Company Private Limited | ₹182.05 Cr (FY 2018) | 94.0% | Mumbai, Maharashtra, India | |||
| Capital Trust Limited | ₹181.5 Cr (FY 2019) | 0.0% | New Delhi, Delhi, India | |||
| Accurate Finman Services Limited | ₹180.32 Cr (FY 2025) | -1.0% | Ballabgarh, Haryana, India | |||
| Open Elite Developers Limitedthis company | ₹178.86 Cr (FY 2024) | ₹208.35 Cr | 116.5% | 9.0% | Mumbai, Maharashtra, India | |
| VFS Capital Limited | ₹178.85 Cr (FY 2024) | 6.0% | Kolkata, West Bengal, India | |||
| Bhanu Vyapaar Private Limited | ₹176.55 Cr (FY 2019) | 444.0% | Kolkata, West Bengal, India | |||
| Eastern Investments Ltd | ₹175.47 Cr (FY 2024) | 36.0% | Bhubaneswar, Odisha, India | |||
| Robust Finvest Private Limited | ₹175.09 Cr (FY 2025) | 1012.0% | Ajmer, Rajasthan, India | |||
| Ativeer Finance Consultants Limited | ₹175.02 Cr (FY 2025) | 22.0% | Kolkata, West Bengal, India |
To see the full peer comparison of Open Elite Developers Limited, buy the company report.
Auditor
Open Elite Developers Limited is audited by Price Waterhouse & Co Chartered Accountants LLP for the financial year 2018.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Price Waterhouse & Co Chartered Accountants LLP | FY 2018 | 304026E |
Shareholding
The shareholding of Open Elite Developers 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 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Open Elite Developers Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 13 Oct 2022 | 100648233 | Others | ₹250 Cr | Open | |
| 18 Jun 2018 | 100189595 | Others | ₹732.02 Cr | Open | |
| 23 Feb 2018 | 100163021 | Others | ₹398.03 Cr | Open | |
| 03 May 2017 | 100105740 | Others | ₹100 Cr | Open | |
| 31 Mar 2017 | 100096891 | Others | ₹300 Cr | Open |
To see the full charge records of Open Elite Developers Limited, buy the company report.
Total charge records: 69 View all charges
Deals & funding
Open Elite Developers Limited has 11 deals on record (7 funding rounds, 2 rights issues, 2 secondary share transfers), with disclosed funding of ₹2,606.17 Cr; the latest was in March 2024.
Deals on record (5 of 11)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2023 | Rights issue | ₹14 Lakh | Investors: Authum Investment & Infrastructure Limited |
| Oct 2022 | Secondary share transfer | Undisclosed | Buyer: Authum Investment & Infrastructure Limited Seller: Reliance Capital Ltd |
| Mar 2018 | Funding round | ₹400 Cr | Investors: Reliance Capital Ltd |
| Mar 2017 | Funding round | ₹1,750.04 Cr | Investors: Reliance Capital Ltd |
| Feb 2016 | Funding round | ₹51 Cr | Investors: Reliance Capital Ltd |
To see the full deal history of Open Elite Developers 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
Open Elite Developers Limited has 5,877 court cases on record: 5,622 filed by Open Elite Developers, 257 filed against it. 645 cases are pending and 5,232 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 5,567 | 131 | 599 |
| High courts | 229 | 76 | 29 |
| NCLAT | 39 | 25 | 11 |
| NCLT | 28 | 11 | 4 |
| Supreme Court | 14 | 14 | 2 |
Cases on record (5 of 5,877)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (4704-Transfer Petitions : Criminal Transfer Petition under Section 406 Code of Criminal Procedure, 1973/Section 446 of the Bharatiya Nagarik Suraksha Sanhita, 2023) | Filed against the company by individuals | Disposed |
| Supreme Court | Court case (4704-Transfer Petitions : Criminal Transfer Petition under Section 406 Code of Criminal Procedure, 1973/Section 446 of the Bharatiya Nagarik Suraksha Sanhita, 2023) | Filed against the company by individuals | Disposed |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Satin Finserv Limited Earlier Known As Taraashna Financial Services Limited and 1 other | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Sub-K Impact Solutions Limited | Pending |
| District court, Solapur, Maharashtra | Civil suit | Filed against the company | Pending |
To see the full case history of Open Elite Developers 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
Open Elite Developers Limited was last rated by Care on 07 Mar 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 07 Mar 2022 |
To see the full credit ratings and regulatory alerts of Open Elite Developers Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Open Elite Developers Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Open Elite Developers has 3 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
GST
Open Elite Developers has 21 GST registrations: 18 active and 3 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCR6898M1ZH | Maharashtra | Active | 01 Jul 2017 |
| 27AABCR6898M2ZG | Maharashtra | Active | 16 Aug 2017 |
| 03AABCR6898M1ZR | Punjab | Active | 01 Jul 2017 |
| 04AABCR6898M1ZP | Chandigarh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Open Elite Developers Limited, buy the company report.
Recent activity
Open Elite Developers Limited has 31 board changes on record since 2008: 2 appointments and 29 cessations. The latest: Mahavir Mohanlal Hingar ceased to be Additional Director on 25 Sep 2023.
163 earlier events are in the company report.
News
Frequently asked questions
Open Elite Developers is an active public limited company based in Mumbai, Maharashtra, India. The company works in nbfc, within the financial services industry. It was incorporated on 17 August 2000 (26+ years old) and is registered under CIN U68200MH2000PLC128301.
Open Elite Developers has 2 current directors:
- Bhaviika Bharatkumar Jain - Director
- Rahul Arun Bagaria - Director
The latest financial statements of Open Elite Developers 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 Open Elite Developers is 27AABCR6898M1ZH, registered in Maharashtra. The company has 21 GST registrations in all, of which 18 are active and 3 are cancelled or inactive. Other active GSTINs include 27AABCR6898M2ZG (Maharashtra), 03AABCR6898M1ZR (Punjab), 04AABCR6898M1ZP (Chandigarh).
The CIN (Corporate Identification Number) of Open Elite Developers is U68200MH2000PLC128301. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Open Elite Developers has 5,877 court cases on record: 5,622 filed by the company and 257 filed against it. 645 are pending. Most are in the district courts.
Open Elite Developers was incorporated on 17 August 2000, making it 26+ years old. It is registered with the Registrar of Companies, Mumbai.
Open Elite Developers has 11 deals on record (7 funding rounds, 2 rights issues, 2 secondary share transfers), with disclosed funding of ₹2,606.17 Cr; the latest was in March 2024.
The peers of Open Elite Developers by revenue are Crest Ventures Limited, Trucap Finance Limited, Bachhraj and Company Private Limited, Capital Trust Limited, Accurate Finman Services Limited and 5 more, all in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities).
Mahavir Mohanlal Hingar ceased to be Additional Director on 25 Sep 2023. Amit K Dangi ceased to be Additional Director on 31 Mar 2023. Rahul Arun Bagaria ceased to be Additional Director on 31 Mar 2023. Open Elite Developers has 31 board changes on record in total.
Open Elite Developers can be reached through the website reliancemoney.co.in. Its registered office is in Mumbai, Maharashtra, India.