Evolute - About the company
Evolute is an early stage company based in Mumbai (India), founded in 1970 by Amit Rameshchandra Mehta, Parag Mehta, Hanumanthappa Ramachandra Babu and Amitha Mehta. It operates as an Embedded systems and fintech solutions provider. Evolute has raised $241K in funding from Vertex Holdings, with a current valuation of ₹*****. The company has 60 active competitors, including 9 funded and 6 that have exited. Its top competitors include companies like Ezetap, Ingenico and Mswipe.
Company Details
Embedded systems and fintech solutions provider. The company designs and manufactures embedded systems, focusing on areas such as payment solutions, biometric authentication, and energy storage. Their offerings also extend to cleantech solutions and industrial electronics. The company's products are used in diverse sectors, including financial inclusion initiatives and smart city projects. They aim to empower people through technological advancements.
- Website
- www.evolute.in/
- Social
- Email ID
- *****@evolute.in
- Registered Address
- Office No 801, 8th Floor, Grande Edifice, Akurli Village, Akurli Road, Kandivali East, Mumbai, Kandivali East, Maharashtra, India, 400101
Key Metrics
Founded Year
1970
Location
Mumbai, India
Stage
Early Stage
Total Funding
$241K in 2 rounds
Latest Funding Round
Post Money Valuation
₹***** as on Oct 31, 2011
Investors
Ranked
4th among 60 active competitors
Annual Revenue
₹50 - ₹100 Cr as on Mar 31, 2025
Employee Count
171 as on Jul 31, 2026
Legal entities associated with Evolute
Evolute is associated with 2 legal entities given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Reports |
|---|---|---|---|---|
EVOLUTE FINTECH INNOVATIONS PRIVATE LIMITED CIN: U30006MH2009PTC192706 , India, Active | May 26, 2009 | ₹50 - ₹100 Cr (As on Mar 31, 2025) | 60 (As on May 01, 2026) | |
EVOLUTE CLEANTECH SOLUTIONS PRIVATE LIMITED CIN: U31909MH2000PTC129973 , India, Active | Dec 11, 2000 | ₹10 - ₹50 Cr (As on Mar 31, 2025) | 202 (As on Aug 31, 2024) |
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Evolute's funding and investors
Evolute has raised a total funding of $241K over 2 rounds. Its first funding round was on May 12, 2010. Its latest funding round was a Unattributed round on Oct 31, 2011 for $*****. 1 investor participated in its latest round. Evolute has 2 institutional investors and 2 angel investors.
Here is the list of recent funding rounds of Evolute:
Date of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
Oct 31, 2011 | 5757583 | Unattributed | 5233983 | 2218185 | 9948940 | 3982674 |
May 12, 2010 | 1920957 | Unattributed | 8661243 | 2487394 | 1137979 |
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Evolute's founders and board of directors
Founder? Claim ProfileThe founders of Evolute are Amit Rameshchandra Mehta, Parag Mehta, Hanumanthappa Ramachandra Babu and Amitha Mehta.
Here are the details of Evolute's key team members:
- Amit Rameshchandra Mehta: Co-Founder of Evolute. They are also an angel investor in 1 startup and serve on the boards of 4 companies.Contact Info: 1 email address and 1 phone number
- Parag Mehta: Founder & CEO of Evolute and founder of 1 other company. They serve on the board of 1 company.Contact Info: 2 email addresses
- Hanumanthappa Ramachandra Babu: Co-Founder of Evolute. They serve on the board of 1 company.Contact Info: 1 email address and 1 phone number
- Amitha Mehta: Co-Founder of Evolute. They are also an angel investor in 1 startup.Contact Info: 1 email address
Evolute's Board of Directors
Evolute's board has 4 active members. Amit Rameshchandra Mehta, Parag Mehta, Hanumanthappa Ramachandra Babu and Paras Kirit Mehta are part of team.Here is the list of Evolute's board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
Team | - | Current | 13y 11m | |
Team | - | Current | 17y 3m | |
Team | - | Current | 17y 3m | |
yrzzwtz | Team | - | Current | 6y 3m |
klorffp | Independent board member | - | Past | 2y 6m |
View details of Evolute's Founder profiles and Board Members
Evolute's employee count trend
Evolute has 171 employees as of Jul 26. Here is Evolute's employee count trend over the years:
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Evolute's Competitors and alternates
Top competitors of Evolute include Ezetap, Ingenico and Mswipe. Here is the list of Top 10 competitors of Evolute, ranked by Tracxn score:
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Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st | Cloud-based mPOS software and hardware solutions for businesses | $66.4M | 72/100 | ||
2nd | Provider of payment acceptance devices, estate management, and commerce enhancing solutions | - | 67/100 | ||
3rd | Provider of payment technology solutions for retail and online businesses | $126M | 67/100 | ||
4th | Embedded systems and fintech solutions provider | $241K | 54/100 | ||
5th | Provider of POS and mPOS terminals for businesses | - | - | 44/100 | |
6th | Provider of retail commerce software solutions for digital business operations | $1.85M | 44/100 | ||
7th | PAX Technology Limited 2000, Hong Kong (China), Public | Payment terminals and software | - | 42/100 | |
8th | BeWo Techno 2010, Chennai (India), Seed | Hardware and software-based terminal for the rural financial market | $1.52M | 40/100 | |
9th | Mobile based card reader for Russian market | $9.6M | 40/100 | ||
10th | Cloud-based POS software and hardware solutions for offline retailers | $7.15M | 39/100 |
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Evolute's Latest cap tables and shareholding
Founders (largest shareholder) own 76.81%, Enterprises own 3.99% and Other People own 19.20%. The net worth of Evolute's founders is INR 21.3Cr as of Oct 31, 2011.
Shareholders Name | Post Round Holding % | Net worth | Cumulative Investment | Realised Returns | Unrealised Returns | Return Multiple |
|---|---|---|---|---|---|---|
Founder | 76.81% | 21.3Cr | 3673075 | 5215056 | 7045294 | 9970560 |
1592456 | 8065788 | 5191097 | 6267090 | 5166072 | 9132993 | |
5244970 | 1723486 | 4244163 | 6310221 | 7940506 | 8927455 | |
Enterprise | 3.99% | 1.11Cr | 987 | 185 | 414 | 966 |
Other People | 19.20% | 5.32Cr | 1465785 | 5260763 | 6781154 | 5581806 |
Total | 100.00% | 27.7Cr | 3708272 | 2281098 | 4583012 | 5576927 |
To unlock detailed Cap Table of Evolute Sign up today!Notes: The column Net Worth represents the net worth of investments made by that entity, as per the latest cap table.
DisclaimerView more details of Evolute's Shareholding
Evolute's Investments and acquisitions
Evolute has made no investments or acquisitions yet.
Reports related to Evolute
Here is the latest report on Evolute's sector:
News related to Evolute
•
MSP eGroup Receives PE Investment From Evolute and Hunt Technology VenturesChannelE2E•Oct 18, 2021•Evolute, eGroup
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Evolute Group wins 360-degree global marketing mandate for Smaaash EntertainmentBestMediaInfo•Oct 16, 2019•Evolute, SMAAASH
•
Evolute Group makes India proud at seamless Africa; set to expand global footprintAsian News International•Sep 10, 2018•Evolute
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