Innovana Thinklabs is a technology company that started in 2015 building software tools for Windows and Mac, and has since used that core to branch into a collection of consumer digital businesses - from astrology apps to franchised gyms - all run through separate subsidiaries. Its products reach users in more than 100 countries, and in December 2024 the company moved its stock listing from the NSE’s small-company platform to the main boards of both the NSE and BSE. The recurring pattern is to take a digital-first, asset-light approach to a consumer need - PC utilities, spiritual guidance, fitness, gaming - and build a branded platform around it, often with subscription or repeat-purchase economics. # Business segments Five engines at different stages - a software cash cow selling globally, two consumer platforms at national scale, and a pair of early-stage bets in gaming and real estate - each built with the cash flows of the one before. ## 1. Software products: the global utility-tools engine that funds everything else **A suite of Windows and Mac applications sold almost entirely overseas generates recurring subscription revenue from millions of users, with virtually no dependence on the Indian market.** - **Subscription-first model** - the business earns through recurring subscriptions for its utility tools, creating a predictable revenue stream rather than one-off sales. - **Exported to the world, not sold at home** - in FY25, sales to the United States, Germany, Singapore, and Romania together accounted for nearly all standalone revenue, while Indian sales were negligible at ₹0.08 Lakhs, so the business is effectively a pure exporter. - **Built on in-house R&D** - the company continuously develops and improves its own products, including AI-driven applications and a personalised Mac assistant tool under development, which keeps it from relying on third-party technology. - **Six dedicated subsidiaries** - Innovana Techlabs Limited broadens the product portfolio across domains, while I Solve Software Services Limited focuses specifically on creating Mac utility tools, giving each team a clear remit. ## 2. Astrology and spiritual services: the consumer platform scaling fast in India **A digital platform connecting over 10 million users with astrologers and tarot readers, monetised through consultations, online courses, and a spiritual-products marketplace - all under the Anytime Astro brand.** - **A marketplace, not a consultancy** - the Anytime Astro App acts as an aggregation platform where users connect with a network of astrologers, psychics, and tarot readers, so the company earns by facilitating rather than employing every practitioner. - **Three ways to pay** - revenue comes from live consultations on the app, an online academy selling astrology courses (its entry into EdTech), and Astro Mall, which sells energised and spiritual products, giving it multiple monetisation paths from the same user base. - **Scaled through digital advertising** - the business spends heavily on digital customer acquisition to build its brand and grow its user base, which is a primary component of digital advertising costs for its Astro Services. - **Recently widened its ownership** - in mid-2025, the subsidiary issued shares to outside investors including a promoter-group member, reducing the parent’s stake from 100% to about 86%, which brought in capital while keeping control. ## 3. Fitness centres and nutrition: a franchise gym chain with its own protein brand **A network of Anytime Fitness franchise gyms across three Indian cities, now extended into branded nutrition products with the launch of a premium whey protein.** - **Franchise operator, not a brand owner** - the subsidiary holds the Anytime Fitness franchise rights for Jaipur, Gurugram, and Indore, so it operates under an established global brand and earns from membership fees rather than building its own gym brand from scratch. - **From services to products** - in May 2024, the business launched Protivana, a whey protein powder sourced from the USA with 25.22 grams of protein per serving and a 92% protein concentration, targeting athletes and bodybuilders in the domestic market. - **Not fully owned** - the parent holds a 71.19% stake in the fitness subsidiary, making it a material but not wholly owned part of the group, so a portion of profits sits with outside shareholders. ## 4. Gaming: a small studio building casual and immersive titles **A wholly owned subsidiary that develops games across genres, from simple casual titles to AR and VR experiences, though it remains the smallest active engine.** - **Technology playground** - the studio works with advanced technologies including AR and VR, which gives it capabilities that could feed into the group’s broader digital ambitions even if the gaming business itself is modest. - **Reported together with astrology** - in financial disclosures, gaming is combined with the much larger astrology business under a single segment, which makes its standalone contribution hard to isolate. ## 5. Real estate and infrastructure: an early-stage property play **A small real-estate developer with two projects nearing completion, now setting up a new joint-venture entity to pursue further development.** - **Bricks-and-mortar, not digital** - unlike Innovana Astro Services Limited and Innovana Games Studio Limited, this subsidiary employs architects, a construction workforce, and interior designers, and earns by developing and selling property. - **Seeding the next vehicle** - in November 2025, the subsidiary took a 43% stake in a newly incorporated entity, Innovana Real Estate Private Limited, co-promoted with a group promoter, though the new entity has yet to start operations and has no turnover. # Group structure and partners **The listed parent sits above six operating subsidiaries and one green-energy venture, each a separate legal entity with its own business line, while the group also holds minority stakes in several outside startups.** - **Subsidiary-by-subsidiary structure** - each business engine lives in its own subsidiary: Innovana Techlabs and I Solve Software Services for software, Innovana Astro Services for astrology, Innovana Fitness Labs for gyms, Innovana Games Studio for gaming, and Innovana Infrastructure for real estate. - **A new green-energy arm** - in June 2025, the group acquired a 65% stake in Innovana Green Energy Private Limited, which designs, installs, and maintains rooftop solar systems and undertakes solar EPC (engineering, procurement, and construction) contracts. - **Startup bets on the side** - the group holds minority stakes in an agrotech company preparing for an IPO (Freshokartz Agri, 25%), a waste-management firm (WeVOIS Labs, 5.53%), and a green-energy company (ALBJ Green Power, 14.47%), giving it optionality beyond its core operations. - **Promoter-led board** - the six-member board includes two executive directors from the promoter family (Chandan Garg as Chairman and MD, Kapil Garg as Whole-Time Director), alongside three independent directors, keeping strategic control with the founders.