Evolute - About the company
Evolute is an early stage company based in Mumbai (India), founded in 1970 by Amit Rameshchandra Mehta, Parag Mehta, Ramachandra Babu Hanumanthappa 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 281 active competitors, including 24 funded and 11 that have exited. Its top competitors include companies like Ezetap, Mswipe and Innoviti.
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
Legal entities associated with Evolute
Evolute is associated with 2 legal entities given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Documents |
|---|---|---|---|---|
EVOLUTE FINTECH INNOVATIONS PRIVATE LIMITED CIN: U30006MH2009PTC192706 , India, Active | May 26, 2009 | $8.79M (As on Mar 31, 2025) | 63 (As on Aug 01, 2025) | |
EVOLUTE CLEANTECH SOLUTIONS PRIVATE LIMITED CIN: U31909MH2000PTC129973 , India, Active | Dec 11, 2000 | $3.13M (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 | 4098106 | Unattributed | 6208863 | 8056664 | 5888080 | 7654407 |
May 12, 2010 | 4639340 | Unattributed | 8067055 | 6756387 | 9756770 |
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Evolute's founders and board of directors
Founder? Claim ProfileThe founders of Evolute are Amit Rameshchandra Mehta, Parag Mehta, Ramachandra Babu Hanumanthappa 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
- Ramachandra Babu Hanumanthappa: Co-Founder of Evolute. They serve on the board of 1 company.Contact Info: 1 email address
- 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, Ramachandra Babu Hanumanthappa and Paras Mehta are part of team.Here is the list of Evolute's board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
Team | - | Current | 13y 7m | |
Team | - | Current | 16y 11m | |
Team | - | Current | 16y 11m | |
onunita | Team | - | Current | 7y 9m |
pqtjwwj | Independent board member | - | Past | 1y 6m |
View details of Evolute's Founder profiles and Board Members
Evolute's employee count trend
Evolute has 172 employees as of Apr 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, Mswipe and Innoviti. 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 technology solutions for retail and online businesses | $126M | 67/100 | ||
3rd | Provider of payment and revenue assurance software for retail businesses | $155M | 65/100 | ||
4th | Provider of retail solutions including technology, lighting, interior, and related services | - | 61/100 | ||
5th | Platform offering POS software for business | $50.2M | 56/100 | ||
6th | Cloud based ERP products for SMBs | $448K | 56/100 | ||
7th | Embedded systems and fintech solutions provider | $241K | 54/100 | ||
8th |  Kasir Pintar 2017, Surabaya (Indonesia), Unfunded | Cloud-based mPOS software solutions for offline retailers | - | - | 53/100 |
9th | High frequency sound based money transfer company | - | - | 53/100 | |
10th | Provider of fintech companion providing top-notch payment gateway services | - | - | 51/100 |
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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 | 8837907 | 1732206 | 7951706 | 2867764 |
6354550 | 4113671 | 6571072 | 3490159 | 3499869 | 4079094 | |
1519972 | 2478400 | 6888582 | 1717221 | 4084582 | 3805443 | |
Enterprise | 3.99% | 1.11Cr | 984 | 662 | 736 | 862 |
Other People | 19.20% | 5.32Cr | 5923958 | 5977250 | 4147049 | 9159584 |
Total | 100.00% | 27.7Cr | 5562178 | 7797599 | 1200854 | 9840092 |
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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
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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
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Evolute Group makes India proud at seamless Africa; set to expand global footprintAsian News International•Sep 10, 2018•Evolute
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