Project Elevate
A household and corporate relocation services business offered for sale
01 Executive summary
Project Elevate is a privately held road-based relocation services business in western India. It moves household and office goods for retail and corporate customers, and it delivers by coordinating hired vehicles, loading labour and packing materials.
The business is owned by two promoters, who are exploring a sale. The financial figures in this summary are on a combined basis, stated in Indian rupees, as explained under the Financial snapshot.
At a glance
- Business
- Transportation and relocation of household and office goods by road
- Region
- Western India, with additional locations in other regions
- Ownership
- Two promoters
- Latest financial year
- Year ended 31 March 2025
- Net worth
- ₹345.83 lakh at 31 March 2025
- Borrowings
- ₹160.48 lakh at 31 March 2025
- Basis of figures
- Combined; part audited, part unaudited
- Indicative interest
- Full or majority acquisition, as indicated by management; terms to be discussed after NDA
02 Investment highlights
Each highlight below is drawn from the combined financial information. Management claims that are not yet evidenced are kept out of this section.
Established scale
Combined revenue was ₹847.61 lakh in FY23, ₹784.17 lakh in FY24 and ₹926.44 lakh in FY25, an increase of 18.1% in the latest year.
Profitable every year
Combined profit before tax was ₹72.22 lakh, ₹52.47 lakh and ₹63.72 lakh over FY23 to FY25.
Flexible delivery model
About 59.5% of FY25 revenue was paid to hired vehicle operators, so a large part of the cost base moves with volume.
Short collection cycle
Receivable days were 28.4, 25.1 and 27.8 across FY23 to FY25, on receivables of ₹70.52 lakh at March 2025.
Substantial equity base
Net worth was ₹345.83 lakh at 31 March 2025, supported by cash and bank balances of ₹73.96 lakh and investments of ₹18.09 lakh, against borrowings of ₹160.48 lakh.
03 Business overview
The company is engaged in the transportation of household goods by road. Customers book a move, and the company organises the labour, packing and vehicle needed to complete it.
Services revenue
All revenue is reported as sale of services. A split by service type will be shared after NDA.
Delivery by coordination
Vehicle hire, loading labour and packing materials are the main direct costs of delivering each move.
Own people
Employee costs were ₹58.64 lakh in FY25, including promoter-director remuneration.
Management describes two core service lines, home shifting and office relocation. The images below illustrate these services.
Home shifting
Packing, transport and unpacking of household belongings.
Office relocation
Planned moves of offices with a focus on minimal downtime and secure handling of equipment.
Images are illustrative and may not depict the company, its staff or its customers.
Fixed assets and investments, 31 March (₹ lakh)
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net fixed assets | 257.65 | 413.27 | 393.16 |
| Investments | 84.97 | 13.42 | 18.09 |
Net fixed assets stood at ₹393.16 lakh at March 2025. A detailed asset register, including vehicles, premises and equipment, will be shared once the transaction perimeter is confirmed.
04 Market and opportunity
The company sits between households and corporates that need goods moved and the vehicle operators, labourers and packers who carry out the physical work. It earns by organising and standing behind the whole move.
Independent market data will be provided separately. The demand drivers below are management's view.
Urbanisation
More households move between and within cities, which creates repeat demand for organised moving services.
Corporate mobility
Employers relocating staff need a dependable provider with predictable service.
Smaller households
Nuclear families seek packing and handling support rather than moving themselves.
Rising incomes
Higher disposable income supports spending on professional packing and transport.
05 Business model and economics
The business earns a single reported stream of service revenue per move and pays much of it onward to the vehicle operators and labour that execute the job.
Revenue stream
Move services, billed per job. Pricing basis and average order size will be shared after NDA.
Customer data
Customer count, concentration and repeat share are not yet available and will be provided in the data room.
The first table shows how the main direct costs moved as a share of combined revenue.
Selected costs as a percentage of combined revenue
| Cost line | FY24 | FY25 |
|---|---|---|
| Hired vehicle charges | 62.27% | 59.55% |
| Loading labour | 6.79% | 4.87% |
| Packing material | 3.60% | 2.37% |
| Employee cost | 5.97% | 6.33% |
| Claim settlements | 1.22% | 3.40% |
| Insurance | 0.33% | 0.69% |
Hired vehicles absorb roughly 60% of revenue, and the share fell in FY25. Claims rose sharply and are a focus area for buyers.
Collection speed (combined)
| Particular | FY23 | FY24 | FY25 |
|---|---|---|---|
| Trade receivables (₹ lakh) | 66.03 | 53.88 | 70.52 |
| Receivable days | 28.4 | 25.1 | 27.8 |
06 Competitive positioning
Customers can use another organised mover, a local operator or a self-managed move. The company competes by owning the booking relationship and managing quality across hired resources.
Position in the value chain
The company coordinates the move end to end and relies on third-party vehicles and labour, so its value lies in customer access, planning and service quality rather than in owned capacity.
Management's stated differentiators
Management cites an established brand, repeat clients and a partner network across India. These are management statements and will be supported with customer, contract and network evidence in the data room.
07 Financial snapshot
On a combined basis the business has been profitable in each of the last three years, with revenue dipping in FY24 and recovering in FY25. EBITDA margins have eased gradually as costs rose.
The figures are presented on a combined basis for the whole business. Part of them are unaudited management accounts, and no eliminations have been made for transactions between the combined entities. FY26 and current-year figures are not included.
Combined summary and management adjustment, years ended 31 March (₹ lakh)
| Particular | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 847.61 | 784.17 | 926.44 |
| Revenue growth | n/a | (7.5%) | 18.1% |
| Profit before tax | 72.22 | 52.47 | 63.72 |
| PBT margin | 8.52% | 6.69% | 6.88% |
| Depreciation | 19.72 | 25.22 | 22.45 |
| Finance cost | 8.59 | 9.26 | 13.18 |
| Reported EBITDA | 100.54 | 86.95 | 99.35 |
| Reported EBITDA margin | 11.86% | 11.09% | 10.72% |
| Add: promoter-director remuneration | n/a | 12.00 | 12.00 |
| Management adjusted EBITDA | n/a | 98.95 | 111.35 |
| Adjusted EBITDA margin | n/a | 12.62% | 12.02% |
| Profit after tax (as booked) | 57.79 | 46.31 | 52.11 |
Balance sheet, 31 March 2025 (₹ lakh)
- Net worth
- 345.83
- Borrowings
- 160.48
- Cash and bank
- 73.96
- Net debt
- 86.52
- Investments
- 18.09
- Receivables
- 70.52
- Trade payables
- 132.98
- Total assets
- 666.61
What the numbers show
- FY25 revenue rose 18.1% after a 7.5% dip in FY24.
- FY25 EBITDA bridge: PBT 63.72 + depreciation 22.45 + finance cost 13.18 = 99.35.
- Adding back promoter remuneration of 12.00 gives adjusted EBITDA of 111.35.
- Net debt (borrowings less cash and bank) is 86.52, with 18.09 of investments held in addition.
- Finance cost rose to 13.18 from 9.26.
Management adjusted EBITDA adds back the ₹12.00 lakh of remuneration paid to the promoter-directors in each of FY24 and FY25. For FY25 this takes reported EBITDA of ₹99.35 lakh to ₹111.35 lakh, a margin of 12.02%, and for FY24 from ₹86.95 lakh to ₹98.95 lakh, a margin of 12.62%.
This adjustment is management's and assumes the promoters' roles are not replaced at a cost. A buyer may deduct a market-rate cost for those roles. FY23 remuneration is not yet available, and no other adjustments are made. Normalised EBITDA will be determined in diligence.
08 Management and organisation
The business is led by its two promoters, who own it and are engaged in running it day to day.
Roles (anonymised)
| Role | Position |
|---|---|
| Promoter 1 | Director and owner |
| Promoter 2 | Director and owner |
Governance is promoter-led, with a two-person board and an annual statutory audit for the company. Headcount, department structure and second-line management will be shared after NDA.
FY25 employee cost, combined (₹ lakh)
| Component | ₹ lakh |
|---|---|
| Salaries and wages | 44.10 |
| Provident fund and ESIC | 2.54 |
| Directors' remuneration | 12.00 |
| Total | 58.64 |
09 M&A proposition
The shareholders are considering a sale of the company to a buyer that can support its next stage of growth.
What is on offer
Management has indicated a preference for a full acquisition, with a majority stake as an alternative. The perimeter, including property, cash and other assets, will be confirmed and shared at the next stage.
Why now
Growth
Revenue grew 18.1% in FY25 to ₹926.44 lakh.
Earnings
Reported EBITDA was ₹99.35 lakh in FY25.
Equity base
Net worth of ₹345.83 lakh at year end.
Buyer profile
Management expects interest from logistics, facilities management and related service groups that could add customers and capacity to the platform.
Proposed structure and value creation
Transaction terms will be discussed with interested parties after NDA. Management sees scope to scale through investment in people, technology and geographic reach; this is management's view and is not a forecast.
10 Risks and mitigants
The points below are those a careful buyer is likely to raise, with the current position on each.
Customer concentration unknown
Customer-level revenue has not yet been disclosed. It will be provided in the data room under NDA.
Dependence on promoters
Management states that both promoters drive client relationships and operations. A transition arrangement is expected.
Reliance on hired vehicles
About 60% of FY25 revenue is paid to hired operators. Operator concentration and contracts are to be provided.
Narrowing EBITDA margin
Reported EBITDA margin eased from 11.86% to 10.72% over three years, and claims rose to 3.40% of revenue in FY25 from 1.22%. Management explanation is pending.
Revenue volatility
Combined revenue fell 7.5% in FY24 before rising 18.1% in FY25. Drivers by service and customer are to be provided.
Adjusted EBITDA depends on promoter add-back
The ₹12.00 lakh add-back assumes no replacement cost for promoter roles. A buyer may price in a market-rate cost, which would lower adjusted EBITDA.
Combined, partly unaudited figures
Part of the figures are unaudited management accounts, and no eliminations have been made for transactions between the combined entities. A reconciliation and review of the unaudited portion will be provided in diligence.
Borrowings and payables
Borrowings were ₹160.48 lakh and trade payables ₹132.98 lakh at March 2025. Lender, security and creditor details are to be provided.
11 Process
Interested parties are invited to proceed through a staged, confidential process.
CA Dhiraj Ostwal, Transaction Advisory. All enquiries on Project Elevate (SEL-002) should be directed to the adviser.
Disclaimer. This Confidential Information Summary has been prepared for general information of prospective parties and does not constitute an offer or solicitation. It is based on combined financial information, comprising audited financial statements and unaudited management accounts, and on statements made by management, none of which have been independently verified by the adviser except where stated. No representation or warranty is given as to accuracy or completeness, and recipients must conduct their own due diligence. Management statements and views are identified as such and are not forecasts. The information is confidential, is provided on the understanding that it will not be disclosed or used for any other purpose, and may be amended or withdrawn at any time.