MSME (Udyam registered) Ministry of MSME
- Udyam number
- UDYAM-MH-18-0044999
White Crow Research Private Limited - business outsourcing in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹122.9 Cr
▲ 23% YoY
Net loss · FY 2025
₹14.13 Cr
Net margin -11.5%
EBITDA · FY 2025
-₹12.63 Cr
EBITDA margin -10.3%
Authorised capital
₹1.05 Cr
Registered with MCA
Paid-up capital
₹4.09 Lakh
Issued & subscribed
Satisfied charges
₹75 Lakh
No open charges
Company age
16 yrs
Est. 2010
Employees · EPFO
138
Provident fund records
About White Crow Research Private Limited
Data last updated:
White Crow Research Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the HR outsourcing and talent management segment of the business process outsourcing sector. It was incorporated on 30 December 2010 and has been in existence for over 16 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U73100MH2010PTC211609. Its GSTIN is 27AABCW0541N1Z6 (Maharashtra).
The company has an authorised share capital of ₹1.05 Cr and a paid-up capital of ₹4.09 Lakh. It is led by directors including Prems Aprain Srampical and Swyta Upendra Bahuguna.
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 Unit 1002 B Wing Supreme Business Park Behind Lake Castle Powai, Mumbai, Maharashtra, India – 400076.
As per the financials filed for FY 2025, the company reported a revenue of ₹122.9 Cr, a growth of 23% compared to the previous year. For the same year it recorded a net loss of ₹14.13 Cr (net margin -11.5%) and EBITDA of -₹12.63 Cr (EBITDA margin -10.3%). Revenue has grown at a compounded annual rate (CAGR) of 17% over three years and 16% over five years.
The company has about 138 employees on its provident fund (EPFO) records.
The company is associated with 3 brands: Webbtree, WhiteCrow and WhiteCrow Research. As per MCA filings, the company has satisfied charges of ₹75 Lakh on record. Court records list 2 cases involving the company, including 2 filed by the company; 1 case is pending. The company has 9 deals on record (6 secondary share transfers, 3 funding rounds), with disclosed funding of ₹5.82 Cr; the latest was in March 2023. The company has 2 MSME Form 1 returns on record between 2019 and 2021, listing 3 overdue payments to 3 micro and small suppliers.
White Crow Research Private Limited is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-MH-18-0044999). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website whitecrowresearch.com.
Company details
CIN U73100MH2010PTC211609
Registration Number 211609
Incorporation Date 30 December 2010
ROC Mumbai
Listing Status Unlisted
Company Status Active
Compliance Status Active Compliant
MSME Classification MSME
Udyam Registration UDYAM-MH-18-0044999
Recognitions & Rankings of White Crow Research
Contact details
White Crow Research Private Limited's registered office is in Mumbai, Maharashtra. Its website is whitecrowresearch.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressUnit 1002 B Wing Supreme Business Park Behind Lake Castle Powai, Mumbai, Maharashtra, India – 400076
- IndustryBusiness Outsourcing, HR Outsourcing & Talent Management, Business & IT Consulting
To see the full contact details of White Crow Research Private Limited, buy the company report.
Comprehensive company report
White Crow Research 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
White Crow Research operates multiple associated brands including Webbtree, WhiteCrow, and WhiteCrow Research. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers AI-powered tools for talent acquisition. | webbtree.com | |
| Candidate sourcing and talent pipeline management solutions | whitecrowresearch.com | |
| Global platform for job search, matching candidates with opportunities worldwide. | whitecrow.co |
Business activity
The main business activity of White Crow Research is professional, scientific and technical. In detail, this covers management consultancy activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| M | Professional, Scientific and Technical | M3 | Management consultancy activities |
To see the full business activity and turnover split of White Crow Research Private Limited, buy the company report.
Financials of White Crow Research Private Limited
FY 2025 filings availableWhite Crow Research Private Limited reported revenue of ₹122.9 Cr (up 23% YoY) for FY 2025.
Revenue · FY 2025
₹122.9 Cr ▲ 23%
Net loss · FY 2025
₹14.13 Cr margin -11.5%
EBITDA · FY 2025
-₹12.63 Cr margin -10.3%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 23%
3 years · compounded
▲ 17%
5 years · compounded
▲ 16%
EBITDA CAGR growth
1 year
▼ 299%
3 years · compounded
▼ 35%
5 years · compounded
▼ 23%
Revenue has grown at a compounded annual rate (CAGR) of 16% over five years, including 23% growth in the latest year. EBITDA fell 299% 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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| Total Expenses | |||||
| EBITDA | -₹12.63 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹14.13 Cr | ||||
| Balance Sheet | |||||
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| Reserves and Surplus | |||||
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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 | -10.3% | ||||
| Net Profit Margin | -11.5% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
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| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
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To see the full financial statements and ratios of White Crow Research Private Limited, buy the company report.
Board of directors and KMP of White Crow Research Private Limited
White Crow Research Private Limited currently reports 3 directors and 1 key managerial person. 4 former directors have served the organization.
Current Directors and KMP
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Neel Pankaj Majithia Also directs: Colvill Research Private Limited | Cfo | 01 Aug 2019 | 7 Years 3 Months | Current |
| Prems Aprain Srampical | Director | 30 Dec 2010 | 15 Years 10 Months | Current |
| Swyta Upendra Bahuguna | Director | 12 Oct 2011 | 15 Years 1 Months | Current |
| Mark Swain Also directs: Colvill Research Private Limited | Director | 03 Mar 2011 | 15 Years 8 Months | Current |
Auditor
White Crow Research Private Limited is audited by M P CHITALE & CO. for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| M P CHITALE & CO. | FY 2022 | 101851W |
Shareholding
The shareholding of White Crow Research 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 White Crow Research Private Limited, buy the company report.
Charges & borrowings
Open charges
None
Satisfied charges
₹75 Lakh
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 22 Jul 2016 | 100059363 | Axis Bank Limited | ₹75 Lakh | Satisfied |
To see the full charge records of White Crow Research Private Limited, buy the company report.
Total charge records: 1 View all charges
Deals & funding
White Crow Research Private Limited has 9 deals on record (6 secondary share transfers, 3 funding rounds), with disclosed funding of ₹5.82 Cr; the latest was in March 2023.
Total deals
9
Secondary share transfers
6
Funding rounds
3
Disclosed funding
₹5.82 Cr
Deals on record (5 of 9)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2023 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Karuna Business Solutions LLP , an individual |
| Nov 2022 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Karuna Business Solutions LLP |
| Jun 2021 | Secondary share transfer | Undisclosed | Buyer: Colvill Research Private Limited Seller: Karuna Business Solutions LLP |
| Apr 2018 | Secondary share transfer | Undisclosed | Buyer: Karuna Business Solutions LLP Seller: Agnus Capital |
| Mar 2016 | Secondary share transfer | Undisclosed | Buyer: Arpeo Data Research Private Limited , 2 individuals Seller: 4 individuals |
To see the full deal history of White Crow Research 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
White Crow Research Private Limited has 2 court cases on record: 2 filed by White Crow Research. 1 case is pending and 1 is disposed.
Total cases
2
Filed by the company
2
Pending
1
Disposed
1
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 1 | 0 | 1 |
| High courts | 1 | 0 | 0 |
Cases on record (2 of 2)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Case) | Filed by the company against an individual | Pending |
| Bombay High Court | Arbitration matter | Filed by the company against an individual | Disposed |
To see the full case history of White Crow Research 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
White Crow Research Private Limited has 2 MSME Form 1 returns on record between 2019 and 2021, listing 3 overdue payments to 3 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 (3 of 3)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| 1T9 Technology Private Limited | |||
| Mpower Securitas Private Limited |
To see the full MSME payment records of White Crow Research Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
White Crow Research has 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Associated companies
Employees & EPFO
White Crow Research Private Limited has a workforce of 138 employees on its EPFO records as of May 2026, across 1 active EPFO establishment.
Employee count
138
Active EPFO establishments
1
Employee growth
12.2%
Headcount by financial year
| Financial year | Employees (EPFO) |
|---|---|
| FY 2026-27 | 138 |
| FY 2025-26 | |
| FY 2024-25 | |
| FY 2023-24 | |
| FY 2022-23 | |
| FY 2021-22 | |
| FY 2020-21 | |
| FY 2019-20 | |
| FY 2018-19 | |
| FY 2017-18 | |
| FY 2016-17 |
To see the full employee and EPFO history of White Crow Research Private Limited, buy the company report.
GST
White Crow Research has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCW0541N1Z6 | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of White Crow Research Private Limited, buy the company report.
Recent activity
White Crow Research Private Limited has 8 board changes on record since 2010: 4 appointments and 4 cessations. The latest: Neel Pankaj Majithia ceased to be Additional Director on 29 Oct 2021.
AGM
White Crow Research Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
White Crow Research Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Ceased
Neel Pankaj Majithia ceased to be Additional Director.
Charges
A charge registered on 22 Jul 2016 via Charge ID 100059363 with Axis Bank Limited was fully satisfied on 01 Sep 2020.
Appointed
Neel Pankaj Majithia was appointed as CFO.
Charges
A charge with Axis Bank Limited amounted to Rs. 0.75 Cr with Charge ID 100059363 was registered on 22 Jul 2016.
Ceased
Christopher James Fenn ceased to be Director.
Ceased
Aprain Joseph Puthenpurayil ceased to be Director.
Ceased
Mark Swain ceased to be Additional Director.
Appointed
Swyta Upendra Bahuguna was appointed as Director.
Appointed
Mark Swain was appointed as Director.
Appointed
Prems Aprain Srampical was appointed as Director.
1 earlier event is in the company report.
Frequently asked questions
White Crow Research 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 30 December 2010 (16+ years old) and is registered under CIN U73100MH2010PTC211609.
White Crow Research has 4 current directors and KMP:
- Prems Aprain Srampical - Director
- Swyta Upendra Bahuguna - Director
- Mark Swain - Director
- Neel Pankaj Majithia - Cfo
The latest financial statements of White Crow Research 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 2015 are in the company report.
The GSTIN of White Crow Research is 27AABCW0541N1Z6, registered in Maharashtra.
The CIN (Corporate Identification Number) of White Crow Research is U73100MH2010PTC211609. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
White Crow Research has 2 court cases on record: 2 filed by the company. 1 is pending. Most are in the district courts.
White Crow Research was incorporated on 30 December 2010, making it 16+ years old. It is registered with the Registrar of Companies, Mumbai.
White Crow Research has 9 deals on record (6 secondary share transfers, 3 funding rounds), with disclosed funding of ₹5.82 Cr; the latest was in March 2023.
Neel Pankaj Majithia ceased to be Additional Director on 29 Oct 2021. Neel Pankaj Majithia was appointed as CFO on 01 Aug 2019. Christopher James Fenn ceased to be Director on 08 Mar 2016. White Crow Research has 8 board changes on record in total.
Yes, White Crow Research is registered as an MSME under Udyam registration (number: UDYAM-MH-18-0044999).
White Crow Research has 2 MSME Form 1 returns on record between 2019 and 2021, listing 3 overdue payments to 3 micro and small suppliers. The latest return was filed on 28 Aug 2021.
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