Company Intelligence Profile
Baggit India Private Limited
Mumbai-based, Nina Lekhi-founded manufacturer and retailer of vegan/non-leather handbags and lifestyle accessories, currently undergoing NCLT-ordered insolvency (CIRP) amid sharp financial deterioration.
Last updated 17 August 2026
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
See what AICA knows about Baggit India
Deeper analysis, financial signals and peer comparisons.
Company Identity
Confirmed| Registered name | Baggit India Private Limited |
|---|---|
| CIN | U74999MH2008PTC187968 |
| PAN | AADCB6607J. |
| Status |
|
| Listing | Not listed (unlisted private limited company; no stock exchange listing found). |
| Incorporated | 04 November 2008 |
| ROC | Registrar of Companies, Mumbai / Maharashtra. |
| Sector (NIC) |
|
| Registered address | 218, Narayan Udyog Bhavan, Dr. Ambedkar Road, Lalabaug, Mumbai, Maharashtra – 400012, India. |
| Authorized capital | ₹2.0 crore. |
| Paid-up capital | ₹1.89–1.9 crore. |
Business Overview
Confirmed- Baggit is an Indian "internet-first" fashion-accessories brand founded in 1989–90 by Nina Lekhi (started with an initial ~₹7,000 investment; the corporate entity Baggit India Private Limited was incorporated later, on 04 Nov 2008)
- The company designs, manufactures and retails handbags, wallets, belts and lifestyle accessories, positioned around all-vegan/non-leather materials and donates a portion of profits to PETA per company messaging
- Distribution is through its own exclusive stores plus roughly 350 multi-brand outlets across India, e-commerce (own site plus Myntra/Flipkart/Amazon/Shoppers Stop), and some international retail presence (including London)
- Nina Manoj Lekhi continues as Managing Director
- As of early-mid 2026 the company is in acute financial distress, having gone from a reported ~₹111 crore-revenue brand to an NCLT-admitted insolvency case (CIRP) after failing to clear an operational debt of ~₹1.11 crore, with steep reported declines in revenue, EBITDA, PAT and net worth in FY2023-24
- Sources: LinkedIn company page, TheCompanyCheck, Tofler, and multiple news items (Insolvency Tracker, LiveLaw Biz, Free Press Journal)
Directors
Partial / conflicting| Name | DIN | Role | Appointed |
|---|---|---|---|
| Nina Manoj Lekhi | 02338112 | Managing Director & Shareholder | 04 Nov 2008 |
| Vishal Lalchand Ahuja | 07955049 | Director | - |
| Vikas Nandlal Ahuja | 06434727 | Director | - |
| Ramcharitra Lakhan Dhusiya | - | Additional Director | 26 Apr 2025 |
| Sudhir Uttamlal Mistry | - | Director | - |
| Amit Vijay Karia | 06846654 | - | - |
GST Registrations
Partial / conflicting| GSTIN | State | PAN | Status |
|---|---|---|---|
| 32AADCB6607J1ZV | Kerala | AADCB6607J (derived from GSTIN base found via search aggregator snippet, not directly viewed on a primary GST/registry page — partial/unconfirmed; not independently listed as "PAN" on Tofler or TheCompanyCheck, which both show PAN as not available on their free pages). | Active |
| 29AADCB6607J1ZI | Karnataka | AADCB6607J (derived from GSTIN base found via search aggregator snippet, not directly viewed on a primary GST/registry page — partial/unconfirmed; not independently listed as "PAN" on Tofler or TheCompanyCheck, which both show PAN as not available on their free pages). | - |
| 33AADCB6607J1ZT | Tamil Nadu | AADCB6607J (derived from GSTIN base found via search aggregator snippet, not directly viewed on a primary GST/registry page — partial/unconfirmed; not independently listed as "PAN" on Tofler or TheCompanyCheck, which both show PAN as not available on their free pages). | - |
Primary GSTIN: not obtained directly from a registry page (falconebiz/knowyourgst individual GSTIN pages were not accessible in this session — 404/500 errors). Via a secondary search-aggregator snippet (single source, not independently viewed on a primary GST page — partial/unconfirmed), the following registrations under PAN AADCB6607J were referenced: - 32AADCB6607J1ZV — Kerala, status "Active," registered 01 Jul 2017 (per snippet) - 29AADCB6607J1ZI — Karnataka, registered 01 Jul 2017 (per snippet) - 33AADCB6607J1ZT — Tamil Nadu (state code 33), details incomplete in snippet Home-state GSTIN (expected Maharashtra, code 27, given the Mumbai registered office) was not found/confirmed. Total number of GST registrations nationwide not obtained — likely higher than 3 given the retail footprint (~350 outlets), but unconfirmed. Flag: none of these were cross-verified on an individual knowyourgst.com or mastersindia.co GSTIN page directly, so treat as partial pending primary-source confirmation.
Financials
Partial / conflictingLatest audited period referenced: FY2023-24 (year ended 31 Mar 2024), standalone. Tofler (financial-summary page, absolute figures gated behind paid subscription) discloses only a revenue band and YoY deltas:
| Revenue | reported band ₹100–150 crore for FY23-24; YoY change –38.54% (i.e., a sharp decline from the prior year). A separate press mention describes Baggit as "a ₹111 crore brand" — directionally consistent with the Tofler band but not independently confirmed as the exact audited turnover figure |
|---|---|
| EBITDA | YoY change –473.4% (implies swing from positive to significantly negative EBITDA); absolute figure not obtained |
| PAT | YoY change –1913.48% (implies a swing into substantial net loss); absolute figure not obtained |
| Net worth | YoY change –107.71% (implies net worth turned negative); absolute figure not obtained |
| Total borrowings | YoY change +7.65%; absolute figure not obtained |
| Total assets | YoY change –25.28% |
All figures above are standalone, per Tofler; consolidated financials not applicable (no subsidiaries identified). Given the magnitude of these YoY swings, they are consistent with — and help explain — the subsequent NCLT insolvency admission (Feb 2026). Absolute rupee figures for revenue/EBITDA/PAT/net worth/borrowings are NOT independently confirmed. Treat as partial.
Funding
Partial / conflicting- No confirmed institutional/VC funding rounds identified
- Tracxn reportedly classifies Baggit as a "funded company" per a secondary search snippet, but no round names, dates, amounts, or investor names could be retrieved
- The company's own narrative (founder-led, started with ~₹7,000 in 1989) suggests a largely bootstrapped history for most of its life; whether any formal equity funding round occurred remains not obtained/unconfirmed
Charges / Loans
Partial / conflictingTofler states (as of its last-checked snapshot): "As per information available, the company has no registered charges." This is a single-source statement carrying Tofler's own disclaimer ("as per information available"), so it should be treated as partial rather than fully confirmed — and it may be stale given the company's subsequent insolvency/creditor litigation (an operational creditor, Sunrise Global Tradelinks, and a separate litigant, Psn Supply Chain Solutions Pvt Ltd, both have unresolved claims against the company, though these are litigation/insolvency claims rather than registered charge instruments).
Credit Ratings
Partial / conflictingCRISIL Ratings (only agency with confirmed coverage found; no ICRA or CARE ratings identified for this specific entity):
- 19 Jan 2024: CRISIL reaffirmed "CRISIL BB+/Stable" on the company's long-term bank facilities, citing "extensive experience of the promoters and established market presence."
- 28 May 2026 (later rating action, per secondary snippet of the CRISIL rationale document): CRISIL notes it "has been consistently following up with Baggit India Private Limited (BIPL) for obtaining information" but "the issuer has remained non-cooperative" — i.e., the rating has effectively lapsed into a non-cooperative/withdrawn-type status, consistent with the company's parallel insolvency proceedings. This is drawn from a single secondary source (not the primary CRISIL PDF rationale itself, which could not be directly accessed), so treat as partial-confirmed pending direct verification on crisilratings.com.
Legal Proceedings
ConfirmedIndian Kanoon and news sources show active legal/insolvency exposure: 1. NCLT Mumbai admitted a Section 9 (operational creditor) insolvency petition against Baggit India Pvt Ltd, filed by Sunrise Global Tradelinks over an alleged unpaid debt of ~₹1.11 crore; order dated 27 Feb 2026, CIRP commenced, Amit Vijay Karia (DIN 06846654) appointed IRP. Reported by Insolvency Tracker, LiveLaw Biz, Free Press Journal, and referenced on IBBI's registry and the IPAICMAI Newsletter — corroborated by 4+ independent sources. 2. Psn Supply Chain Solutions Private Limited vs Baggit India Private Limited — Bombay High Court, two listed proceedings (11 Feb 2026; and 02 Jul 2026 before Justice Amit B. Borkar) per Indian Kanoon. Nature/outcome of the case not detailed in the excerpts retrieved. No other litigation was identified in the sources checked.
Competitors
Confirmed- Hidesign — premium leather-craft heritage brand; larger/comparable scale, established national + export presence.
- Lavie — described as a dominant mid-market player; generally larger revenue scale than Baggit.
- Caprese — also a leading mid-market brand; generally larger revenue scale than Baggit.
- Da Milano — premium leather goods brand; comparable/larger scale.
- Lino Perros — mid-market handbag brand, roughly comparable scale to Baggit.
India's overall handbag market is cited at roughly $2.4 billion; no precise market-share or revenue figures for individual named peers were available to benchmark scale precisely, so scale tags above are directional/qualitative only.
Frequently Asked Questions
What does Baggit India Private Limited do?
What is the CIN of Baggit India Private Limited?
Where is Baggit India Private Limited registered?
When was Baggit India Private Limited incorporated?
Explore on Recur Club
Bharat Ke Super Founders
Recur Club's show spotlighting the founders building India's next generation of companies. Watch their stories.
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.