Company Intelligence Profile
Surfboats Solutions Private Limited
Surfboats Solutions Pvt Ltd operates Smytten, India's tech-enabled product discovery and sampling platform.
Last updated 10 August 2026
Surfboats Solutions Pvt Ltd operates Smytten, India's tech-enabled product discovery and sampling platform, allowing users to sample personal-care and lifestyle products before purchase. Despite a net loss of Rs 23.5 Cr in FY25, the company saw reduced expenses and continues to attract investment, with a notable valuation of approximately Rs 516 Cr as of September 2024.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
| Registered name | Surfboats Solutions Private Limited |
|---|---|
| CIN | U74999GJ2015PTC134189 |
| PAN | AAWCS1133K |
| Status | Active (Compliant) |
| Listing | Unlisted (private limited company) |
| Incorporated | 06 August 2015 |
| ROC | RoC Ahmedabad, Gujarat |
| Sector (NIC) |
|
| Registered address | A-14th Floor, 1409-1412, Navratan Corporate Park, SG Highway, Thaltej-Ambli Road, Sanand, Ahmedabad, Gujarat - 380058 |
| Authorized capital | Rs 11.01 Cr |
| Paid-up capital | Rs 7.8-8.92 Cr |
Business Overview
- Surfboats Solutions Pvt Ltd operates Smytten, India's tech-enabled product discovery and sampling platform
- Founded August 2015 by Siddhartha Nangia and Swagata Sarangi (both ISB graduates), Smytten lets users try/sample personal-care and lifestyle products (skincare, haircare, beauty, fragrance, food & beverage, home) across 250+ categories before purchase, monetizing via brand partnerships, D2C/FMCG trial and promotion fees, and subscription
- DPIIT-recognised startup
Directors
Confirmed (>=2 sources, matched to this exact Gujarat/Ahmedabad CIN, not the Haryana namesake "Surfboats Solutions Pvt Ltd" U74999HR2015PTC056308 which is a distinct entity):
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Siddhartha Vinay Nangia | - | Director & Co-founder | 06 Aug 2015 |
| Swagata Sarangi | 07252842 | Director & Co-founder | 06 Aug 2015 |
| Vettakkorumakankav Siva Subramaniam Sitaram | - | Nominee Director | 23 May 2022 |
GST Registrations
| GSTIN | State | PAN | Status |
|---|---|---|---|
| 24AAWCS1133K1Z3 | Gujarat | AAWCS1133K | Active |
| 29AAWCS1133K1C4 | Karnataka | AAWCS1133K | - |
| 26AAWCS1133K1CA | Dadra & Nagar Haveli and Daman & Diu | AAWCS1133K | - |
| 12AAWCS1133K1CJ | Arunachal Pradesh | AAWCS1133K | - |
| 34AAWCS1133K1CD | Puducherry | AAWCS1133K | - |
Primary/home-state GSTIN: 24AAWCS1133K1Z3 (Gujarat, state code 24) — regular taxpayer, registered 01 Jul 2017, Active. PAN AAWCS1133K matches MCA record (confirmed). Additional registrations found (partial — likely as Tax Collector/Electronic Commerce Operator given Smytten's marketplace model): - 29AAWCS1133K1C4 (Karnataka) — registered 15 Mar 2019 - 26AAWCS1133K1CA (Maharashtra) — registered 26 Aug 2021 - 12AAWCS1133K1CJ (Haryana) — registered 07 Mar 2019 - 34AAWCS1133K1CD (Puducherry) — registration date not obtained At least 5 GSTIN registrations identified across states; status/filing detail per-GSTIN not independently verified beyond registration listings (source: piceapp/knowyourgst/FnShift Solutions GSTIN directories). Home state per PAN/registered office: Gujarat.
Financials
Surfboats Solutions Private Limited reported Rs 111 Cr in revenue for FY25, a decrease of 10.5% year over year, with total expenses declining by 21% to Rs 131 Cr, resulting in a net loss of Rs 23.5 Cr, which improved by 41%.
Standalone, per Entrackr (citing provisional RoC financial statements) — most authoritative source found:
- FY25 (year ended 31 Mar 2025): Revenue from operations Rs 111 Cr (down 10.5% YoY); Total expenses Rs 131 Cr (down 21% YoY); Net loss Rs 23.5 Cr (down 41% YoY); EBITDA margin -16.92%; ROCE -76.92%. Cost of materials Rs 58 Cr; employee benefit expense Rs 20 Cr. Current assets Rs 67 Cr incl. Rs 20 Cr cash & bank balances.
- FY24: Revenue Rs 124 Cr; Total expenses Rs 165 Cr; Net loss Rs 40 Cr.
Minor source conflict: TheCompanyCheck cites FY2025 revenue as Rs 112.23 Cr (down 13% YoY) — broadly consistent with Entrackr's Rs 111 Cr. A separate aggregator (allindiaitr, secondary) cites FY24 revenue as Rs 130 Cr vs Entrackr's Rs 124 Cr — Entrackr (sourced to RoC filings) treated as more reliable.
- not obtained. Borrowings: see Charges section. PAT/EBITDA absolute figures beyond margin %: not obtained
Funding
Total raised: ~USD 22-23.8M across multiple rounds since 2015 — treat exact cumulative figure as partial/unconfirmed due to source disagreement. Key rounds:
| Series A | ~INR 75 Cr (~$10M) — May 2022, led by Fireside Ventures and Roots Ventures |
|---|---|
| Series A1 | ~INR 100 Cr (~$12M) round referenced by Bar & Bench (L&L acted on the raise) — valuation reportedly doubled to ~Rs 516 Cr as of 24 Sep 2024 |
| Most recent round | May 2024, ~Rs 15.9 Cr, led by "Legacy Assets" |
Other investors named across rounds: Waao Partners, Hero Growth Fund, Neelanchal Edifice, Rishabh Mariwala (angel). Valuation: ~Rs 516 Cr as of Sep 2024.
Charges
- Open charges Rs 30 Cr
- Satisfied charges Rs 6 Cr. Lenders include SIDBI (Rs 15 Cr) and others (Rs 15 Cr, incl. a Rs 5 Cr charge dated 19 Sep 2025)
- Note per data-source convention: "no charges" on Tofler-style views reflects no *open* charges, not none historically — TheCompanyCheck's satisfied-charges figure (Rs 6 Cr) confirms prior charges existed and were released
Competitors
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