The company was originally incorporated on May 25 1940 as Produce Dealers Private Limited. ln 1963 the company changed its name to Tungbhadra Pulp & Board Mills Ltd. and set up the first unit in Karnataka for manufacture of paper boards. Thereafter, in 1973, the company sold the unit and became a finance company engaged in financial services business. The name of the Company was changed to Hemakuta Industrial Investment Co. Ltd.
In the last 10 years since the liberalization of financial sector and strict regulatory guidelines of Government Agencies, the Company had to compete in a significantly competitive environment and this forced the Company to scale down its activities in investment in shares, stocks, debentures and other financial instruments.
In 2012, the company was taken over by Mr K Kannan by acquiring 69.8% of total share holding in compliance with SEBI take over guidelines.
After approval by members of the Company and approval of the Registrar of Companies the company was renamed to IDInfo Business Services Limited and now focuses on global software solutions; IDInfo Business Services Limited is headquartered in Mumbai.