SHUVONEEL RAS SYSTEM PRIVATE LIMITED

Business Overview

• Per the company's own site, snrassystems.com, and TheCompanyCheck: SNRAS Systems is an aquaculture-engineering company that designs and manufactures Recirculating Aquaculture Systems (RAS) enabling fish-production yields the company claims are up to 30x traditional methods, including a compact "Bluebox" nano-RAS unit, 32 sq ft footprint, ~80 kg/m³ yield.
• Product line includes iStart, Bluemax, Combofilter, and Neelvahan.
• The company operates from Pune and Bangalore (WeWork offices) and is DPIIT-recognized as a startup, empaneled under PMMSY, National Fisheries Development Board, Govt. of India.
• It also runs a second brand, "Fishmongers," described as a tech-enabled live-fish supply chain platform.
• Recognitions include Young Entrepreneur of the Year, 2020-21, Indian Achievers Forum, and joint winner at Aqua Aquaria India 2019.
• Not obtained: employee headcount, precise revenue mix between the RAS-manufacturing and Fishmongers segments.

Sector & Classification

Reported inconsistently across sources: TheCompanyCheck labels it "Fishing and aquaculture" (Code A3) matching CIN prefix U05000 (the task CIN); Tofler's current record (CIN prefix U62099) labels it "Transport and Storage"; InstaFinancials reads NIC 5000 but mislabels it "Air Transport." Actual business activity (per company website and product pages) is unambiguously aquaculture engineering/RAS manufacturing plus a live-fish supply platform — the U05000 NIC code (fishing/aquaculture) is the one consistent with real operations; conflicting labels flagged as a source discrepancy.

Directors & Key Management

GST Registrations

Primary GSTIN: 27ABBCS5241E1ZK (source: gst.jamku.app — single source, not independently cross-verified on knowyourgst/mastersindia in this session, so treat as partial). Legal name on GST record: "Shuvoneel Ras System Private Limited"; trade name "snrassystems." Status: Active/Regular. Registration date: 15 March 2019. Home state: Maharashtra (state code 27). Principal place of business: WeWork Futura, Magarpatta Road, Hadapsar, Pune 411013. Compliance flagged "yellow" (some GSTR-1 filings after due date). Number of state registrations: only one (Maharashtra) found; presence of registrations in other states not confirmed either way — "not obtained."

Financials

• CONFLICTING figures across sources — flagged, not resolved: (a) TheCompanyCheck states FY2025 revenue ₹88.34 crore, +150% YoY growth, with EBITDA/PAT locked behind paywall
• Last filed balance sheet 31 March 2024. (b) Tofler, same underlying MCA filings, states FY2024: revenue "below ₹1 crore," with total revenue change -89.53% YoY, net profit change -2032.09% YoY, net worth growth +262.65% YoY, borrowings growth +1024.9% YoY, debt-to-equity 0.68. (c) InstaFinancials confirms only capital structure, not P&L figures.
• These two revenue readings, ₹88+ crore vs. sub-₹1 crore, opposite growth signs, cannot both be describing the same fiscal year for the same standalone entity — likely a data-attribution or period-mismatch issue on one vendor's side (possibly conflating group/brand-level GMV, e.g.
• Fishmongers platform volume, with the standalone filed financials).
• Given paid-up capital of only ₹3.34 lakh and open secured borrowings in the ₹20-40 crore range, an ₹88 crore revenue is not impossible but is unverified.
• Recommend treating financials as "partial/unconfirmed" until a primary MCA filing or audited financial statement is sourced.
• Standalone vs consolidated not specified by any source.

Funding History

• Partial/unconfirmed — via a DuckDuckGo search snippet referencing Tracxn, direct tracxn.com company page returned 404 in this session and could not be loaded, the company reportedly "has 2 institutional investors including BIRAC, Biotechnology Industry Research Assistance Council, and the Ministry of Electronics & Information Technology (MeitY)" — this reads as government grant/scheme support rather than a priced equity round
• No round name, amount, or date obtained. No other funding announcements found on Entrackr/Inc42 in this session, searches returned no results. Treat as unconfirmed pending direct Tracxn access.

Shareholding

• Partial — precise shareholding percentages/cap table not obtained, locked behind premium access on Tofler/TheCompanyCheck. What is known: of the 4 directors, Vivek Saha, Arindom Sanyal, and Suvadeep Sarkar are flagged as shareholders per Tofler
• Founder-director Kejal Thacker is flagged as a non-shareholder director. Paid-up capital is only ₹3.34 lakh, implying a small, likely founder-held cap table with no institutional equity investor named.

Loans & Charges

• Confirmed presence of secured borrowings, exact aggregate figure conflicting across sources. Tofler's itemized charge register: Axis Trustee Services Limited — 3 charges totaling ₹15 crore, dated 03 Oct 2023 ×2, and ₹5 crore dated 08 May 2025
• Indian School Finance Company Private Limited — 1 charge of ₹5 crore, dated 04 Aug 2025.
• Sum of itemized charges ≈ ₹20 crore.
• Separately, TheCompanyCheck's summary states "Open Charges: ₹40 crore, Satisfied Charges: ₹50 lakh" — this aggregate does not reconcile with Tofler's itemized ₹20 crore, so the true open-charge total is flagged as uncertain pending a full charge-register pull.
• Lender type: NBFC/financial institutions, Axis Trustee Services acts as debenture/security trustee; Indian School Finance Company is an NBFC lender, not banks.

Related Parties

• None found — no parent/subsidiary or group entity identified in registry sources beyond the company's own two operating brands, "Snrassystems", RAS manufacturing, and "Fishmongers", live-fish supply chain, which appear to be brand names/divisions of this single legal entity rather than separate group companies.

Competitive Landscape

• Not sourced from registries — analytical list based on business description, RAS/aquaculture-tech manufacturing + tech-enabled live-fish D2C supply: 1) Aquaconnect (Chennai) — aquaculture-tech platform, similar early-stage scale; 2) Eruvaka Technologies (Andhra Pradesh) — aquaculture IoT/sensor systems, similar early-stage scale; 3) The Waterbase Limited, Andhra Pradesh, part of Avanti group, — shrimp/prawn aquaculture, larger/established scale; 4) Avanti Feeds Ltd, listed, NSE/BSE, — aquaculture feed & shrimp processing, large listed-company scale; 5) FreshToHome (Bengaluru) — D2C fresh fish/meat delivery, larger VC-funded scale, competes with the "Fishmongers" brand; 6) Licious (Bengaluru) — D2C meat/seafood delivery unicorn, much larger funded scale, indirect competitor to "Fishmongers."

Frequently Asked Questions