FY25 Financial Tracker: Tracking The Financial Performance Of Indian Startups

The Indian startup ecosystem has witnessed a massive transformation in its operational ethos and strategic priorities over the past few years. The onset of the funding winter in 2022, following the funding boom of 2021, brought the biggest change.

As funding dried up, many Indian startups had to shut shop or resort to mass layoffs to extend their runway and slash cash burn. Having become accustomed to readily available capital, new-age tech companies were compelled to confront the harsh realities of unit economics and operational efficiency.

But as they say, adversity breeds resilience. Companies quickly pivoted from their earlier mantra of “growth at all costs” to achieving profitability at the earliest. High promotional and marketing expenses, exorbitant pay hikes, and overhiring – once a common norm – were curtailed as the focus moved to bottom lines.

These efforts to trim losses and improve operational efficiency was evident in the financial statements of Indian startups for the fiscal year 2023-24 (FY24). While just 36 of the 146 startups posted profits in FY23, the number improved to 45 (out of 112) in FY24.

This trend is likely to continue in FY25 as well, with the number of Indian startups posting profits and cutting down losses expected to increase.

To keep you informed on the financial health of new-age tech companies, Inc42 has launched the FY25 Financial Tracker, consolidating key numbers in one place. The tracker will be updated periodically to offer deeper insights into Indian startups’ financials.

Currently, 83 new-age tech companies are part of this tracker. They collectively posted an operating revenue of INR 2.75 Lakh Cr in FY25, up 19.5% from INR 2.3 Lakh Cr in the previous fiscal. Of these, 35 reported a cumulative net loss of NR 19,281.3 Cr, while 48 generated a cumulative net profit of INR 8,063.6 Cr.

Editor’s Note: This list is not a ranking of any kind, we have placed the companies alphabetically. This is a running list and will be updated periodically.

Inside The FY25 Financials Of Indian Startups Note: All amount in INR Cr

Company Name	Operating Revenue (FY25)	Operating Revenue (FY24)	Revenue Change In % YoY	Loss/ Profit (FY25)	Loss/ Profit (FY24)	Loss/Profit Change In % YoY	Employee Benefit (FY25)	Employee Benefit (FY24)	Advertisement Spends (FY25)	Advertisement Spend (FY24)
Adda247	217	219.0	-0.91	-103.6	-101.00	2.5	125.9	137.1	27.9	25.8
Aequs	925	956.0	-3.2	-103.6	-14.20	618.7	158.7	143.4	–	–
AITMC Ventures	88	46.8	87	14	8.80	59	8.45	3.74	2.1	2.6
Amagi	1,163	879.1	32.23	-68.7	-245.00	-7195.92%	694.8	663.4
Amazon Seller Services	30,139	25,406.0	18.62	-374.3	-3,469.50	89.21	2,656.50	2,771.20
ArisInfra	768	696.8	10.16	6	-17.20	36	30	–	–
Ather	2,255	1,753.8	28.58	-812.3	-1,059.70	-23.35	412.4	369.2
Awfis	1,208	848.9	42.24	67.8	-17.50	136	135.6	–	–
BigBasket	9,867	10,062.0	-1.94	-2,006.80	-1,415.20	41.80	971.2	936.5	496.8	330
BharatPe	1,667	1,426.1	16.89	-88.20	-492.00	-82.07	360	336.6	26.2	162.7
BlackBuck	426.7	296.9	43.72	-8.6	-193.9	-95.56	147	286.9
BlueStone	1,770	1,265.8	39.83	-221.8	-142.2	55.98	202.6	138.4	15.9	12.4
boAt	3,073	3,117.7	-1.42	60.4	-73.7	134.8	130.6	389.7	365.7
CarTrade	641.1	489.9	30.86	145.2	19.9	629.65	284.3	246
Cashfree’s	640	642.7	-0.42	-154.1	-135	14.15	243.3	244.9
Cashify	1,095.90	935.1	17.20	-10.6	-53.3	-80.11	121.7	122.8
Cleartrip	169	99.0	70.91	-651.1	-810.3	-19.65	239.40	400.50	102.1	128.4
CoinDCX’s	560	391.8	42.83	1.7	1.5	13.33	161.40	188.00	51	6.3
DeHaat	3,010	2,674.8	12.53	369	-1133.1	174.90	206.80	–	–
Delhivery	8,932	8,141.5	9.71	162.1	-249	1,375.90	1,436.70
DevX	159	108.0	47.04	1.74	0.43	304.65	13.20	7.50
EaseMyTrip	587	590.5	-0.54	108.6	103.4	5.03	102.80	82.10	95.4	82
Ekart	13,733	12,115.3	13.35	-1,515	-1,718.10	-11.82	1,270	1,245	–	–
Eternal	20,243	12,114.0	67.10	527	351	50.14	2,558	1,659	1,972	1,432
Fino Payments Bank	1,847.00	1,478.3	24.94	92.5	86.2	7.31	206.5	177.3
Flipkart Internet	20,493.00	17,907.0	14.44	-1,494	-2,359	-36.67	4,748.40	5,177	1,586.40	1,119.70
FirstCry	7,659.60	6,480.8	18.19	-264.8	-321.5	-17.64	728.3	686.4
Fractal	2,765.40	2,196.3	25.91	220.6	-54.7	2004.8	1,737
Go Digit	10,282	9,015.5	14.05	424.4	181.6	133.70	321.50	269.50
Groww	3,902	2,609.3	49.53	1,824.40	-805.5	315.10	1,188.00
ideaForge	165.90	317.0	-47.67	-51	47.8	49.4	52.5
IndiaMART	1,388.30	1,196.7	16.01	550.6	333.9	64.90	600.9	544	5.6	2.3
InCred	1,871.90	1,269.9	47.41	374	316.4	18.20	336.8	261.4	–	–
IndiQube	1,059.00	830.6	28.00	-139	-341	-60.00	75.8	63.7	–
Innov8	114.50	52.7	117.27	1.2	37.7	-96.82	3.9	2.3
InsuranceDekho	1,290.00	743.6	73.48	-47.5	85.7	153.7	130.2	258.8	95.8
ixigo	914.2	655.8	39.40	60.2	73	-17.53	163.6	141	–	–
Kissht	1,337.47	1,674.5	-20.12	160.62	197.29	-18.59	193.3	180.7
Lead School	351.8	350.5	0.37	-43.3	-143	-69.72	139.7	174.62
LeadSquared	326.2	279.2	16.83	-89.2	-162.2	-45.01	280.2	306.2
LEAP India	466.4	364.9	27.82	37.5	37.1	1.08	89.6	62.4
LendingKart Finance	862.2	1,142.0	-24.50	-288.3	60.1	164.7	147.4	–	–
Lenskart	6,652.50	5,427.7	22.5	297.3	-10.1	1,378.70	1,086.40
Livspace	1,459.30	1,216.2	22.5	-242.6	-461.7	-43.00
Mamaearth	2,067	1,920.0	7.66	73	111	-34.23	200	171
MapmyIndia	463.2	379.4	22.09	147.6	134.4	9.82	–	–
Menhood	23.6	17.7	33.56	2.6	2.15	20.93	1	1	6.7	5.5
Meritto	92.3	70.4	31.11	1.9	0.04	4,650.00	56.8	44.8
Mobikwik	1,163.90	866.9	34.26	-122.3	8.9	165.2	114.3	–	–
Moglix	6,007.25	5,209.5	15.31	-99.60	-191.28	-47.90	240.60	227.40
Myntra	6,043.00	5,122.0	17.98	548.00	31	1,667.74	749.00	800.00	2,105.30	1,677.40
Nazara	1,623.90	1,138.2	42.67	50.9	74.7	-31.86	287.4	186	376.8	177.5
Navi Finserv	2,271.00	1,906.2	19.14	221.9	668.8	-66.82	172.3	149.9	–
Nykaa	7,949.82	6,385.0	24.51	72.07	39.74	81.35	107.3	82.8	–	–
Ola Electric	4,514	5,010.0	-9.90	-2,276	-1,584	43.69	463	439
OPEN	45.90	24.8	85.08	-109	-168	-35.33	97.6	112.7	5.2	8.8
OYO	6,253	5,388.8	16.03	245	230	6.62	616.1	744.4	169.8	66.5
Paytm	6,900	9,977.8	-30.85	-663.2	-1,422.40	-53.37	3,288.10	4,589.20	659.4	922
PayU India	5,563	4,527.9	22.86	-248.1	-429.50	-42.24	667.60	614.30
PB Fintech	4,977	3,437.6	44.79	353.1	64.00	451.72	1,958.60	1,644.10	1,090.10	899
PharmEasy	5,872	5,664.2	3.67	-1,516.80	-2,522.00	-39.86	908.30	699.30
PhonePe	7,115	5,064.1	40.49	-1,727.40	-1,996.10	-13.46	4,096.70	3,603.90	541.60	691
PhysicsWallah	2,887	1,940.7	48.74	-243.3	-1,131.10	-78.49	1,401.20	1,159.20	276.20	195.7
Porter	4,306	2,733.7	57.52	55.2	-95.70	285.20	237.30	80.00	75.8
Purple Style Labs	490	504.4	-2.85	-188.6	-47.70	295.39	66.20	33.20
RateGain	1,077	957.0	12.50	208.9	145.30	43.77	398.70	379.90	–	–
Spinny	4,656.10	3,730.0	24.83	-423.80	-590.00	-28.17	338.20	392.00	123.40	141.40
Swiggy	15,226.70	11,247.3	35.38	-3,116.70	-2,350.20	32.61	2,012.10	2,711.70	1,850.70
TAC	30.50	11.7	160.68	14.8	6.3	134.92	8.5	3.6	–	–
TBO Tek	1,737.40	1,392.8	24.74	229.8	200.5	14.61	376	277.3
Trust Fintech	31.60	35.0	-9.82	9	12.57	-28.40	9.49	6.45
Tracxn	84.40	82.7	2.06	-9.5	6.5	73.8	69.2
Turtlemint	674.50	505.0	33.56	-47.1	7.4	107.5	118.6
Unicommerce	134.7	103.5	30.14	17.6	13.1	34.35	61.1	62	–	–
Ultrahuman	564.7	104.6	439.87	71.5	-37.7	51.6	27.3
Urban Company	1,144.40	828.0	38.21	239.7	-92.7	350.1	344.8	172.7	173.1
Veefin	78.5	24.9	215.26	16.2	7.39	119.22	27.3	6.15	–	–
WeWork India	1,949.20	1,665.1	17.06	128.2	-135.7	115	113.9
WROGN	223.20	245.3	-9.01	-75.5	-56.8	32.92	38.9	32.3	49.2	30.5
Yatra	791.4	422.3	87.40	36.5	-4.5	59.9	73.6	41	45.3
Yudiz	21	26.1	-19.50	-1.71	-2.8	-39.00	21.2	20.4
Zaggle	1,303.70	775.5	68.11	87.8	44	99.55	66.7	51.2	–	–
Zappfresh	130.70	90.4	44.58	9.1	4.7	93.62	6.9	1.41	6.7	5.1

Adda247’s Loss Swells To INR 104 Cr

Edtech startup Adda247’s net loss grew 2.5% to INR 103.6 Cr in the year ended March 2025 from INR 101 Cr in FY24.

The startup’s operating revenue declined marginally to INR 217.10 Cr in FY25 from INR 219 Cr in the previous year. Total expenses stood at INR 343.8 Cr during the year under review as against INR 344.3 Cr a year ago.

Read More: Adda247’s Loss Rises 2.5% To INR 104 Cr In FY25, Revenue Remains Flat

Aequs’ Loss Jumps 7X To INR 102 Cr

Bengaluru-based contract manufacturing company Aequs saw its net loss soar 618.7% to INR 102.3 Cr in FY25 from INR 14.2 Cr in the year-ago period. The surge in loss was primarily due to impairment loss on goodwill of INR 48.3 Cr for its subsidiary.

Revenue from operations declined 4.19% to INR 924.6 Cr in the fiscal year under review from INR 965 Cr in FY24. Total expenses grew a marginal 1% to INR 851.2 Cr from INR 842.8 Cr in the previous year.

Read More: Aequs FY25: Loss Soars 7X YoY To INR 102 Cr

AITMC Ventures’ Profit Grows 59%

AITMC Ventures recorded a 59% rise in its net profit to INR 14 Cr in FY25 from INR 8.8 Cr in the preceding fiscal. Operating revenue jumped 87% to INR 87.5 Cr from INR 46.8 Cr in FY24.

The startup’s total expenses rose 96.6% to INR 65.5 Cr in FY25 from INR 33.3 Cr in the previous fiscal year.

Read More: Dronetech Startup AITMC Pre-Files DRHP For INR 200 Cr IPO

Amagi Trims Its Loss

IPO-bound media SaaS unicorn Amagi trimmed its net loss by 71.9% to INR 68.7 Cr in FY25 from INR 245 Cr in FY24 on the back of strong revenue growth and controlled rise in expenses.

Revenue from operations zoomed 32.2% to INR 1,162.6 Cr during the year from INR 879.1 Cr in FY24.

Amagi’s total expenses for the period under review stood at INR 1,274.8 Cr, rising a mere 8.1% from INR 1,179.1 Cr in FY24.

Read More: Amagi’s Loss Narrows 72% To INR 69 Cr In FY25

Amazon Seller Services Cuts Loss By 89%

Amazon Seller Services reduced its loss by 89% to INR 374.3 Cr in FY25 from INR 3,469.5 Cr in the previous fiscal year. Its operating revenue zoomed 19% to INR 30,138.6 Cr from INR 25,406 Cr in FY24.

The marketplace arm of Amazon India saw its expenses rise 6% to INR 30,865.6 Cr in FY25 from INR 29,062.3 Cr in FY24.

Read More: Amazon Seller Services Trims Loss 89%, Revenue Crosses INR 30K Cr In FY25

ArisInfra Turns Profitable

ArisInfra Solutions turned profitable in the year ended March 31, 2025, reporting a net profit of INR 6 Cr as against a net loss of INR 17.2 Cr in the previous year.

The company, which went public in June 2025, saw its revenue rise 10% to INR 767.6 Cr during the year under review from INR 696.8 Cr in FY24.

Meanwhile, total expenditure grew 6% to INR 762.3 Cr from INR 719 Cr in FY24.

Read More: ArisInfra Q4: Loss Declines 97%, Revenue Up 7% YoY To INR 221 Cr

Ather Energy Trims Its Loss To INR 812 Cr

Listed EV major Ather Energy managed to trim its net loss by 23% to INR 812.3 Cr in FY25 from INR 1,059.7 Cr in the previous year. Its top line zoomed 29% to INR 2,255 Cr during the fiscal under review from INR 1,753.8 Cr in FY24.

Its expenses rose 16% to INR 3,117 Cr during the year under review from INR 2,674 Cr in FY24.

Read More: Ather Q4: Loss Narrows 17% YoY To INR 234 Cr

Awfis In The Black

Delhi NCR-based coworking company Awfis, which went public last year, reported a profit of INR 68 Cr in FY25 as against a net loss of INR 17.5 Cr in FY24. Besides turning profitable, it saw its operating revenue jump 42% to INR 1,208 Cr during the year under review from INR 849 Cr in FY24.

The company’s total expenses jumped 36% to INR 1,217 Cr in FY25 from INR 892.3 Cr in the previous fiscal.

Read More: Awfis Q4: Profit Jumps 8X YoY To INR 11.2 Cr

BigBasket’s Loss Crosses INR 2,000 Cr Mark

Tata Digital-owned BigBasket saw its consolidated net loss surge 42% to INR 2,006.8 Cr from INR 1,415.2 Cr in the previous financial year. Despite the rapid growth in the quick commerce segment in the country, BigBasket’s operating revenue declined 2% to INR 9,866.7 from INR 10,062 Cr in FY24.

Total expenditure increased 3% to INR 11,893.6 Cr in FY25 from INR 11,515.1 Cr in the previous fiscal year.

Read More: BigBasket FY25 Loss Crosses INR 2,000 Cr, Revenue Dips

BharatPe’s Loss Declines 82%

Fintech unicorn BharatPe slashed its net loss by 82% to INR 88.2 Cr in FY25 from INR 492 Cr in FY24. Operating revenue increased almost 17% to INR 1,667 Cr during the year from INR 1,426.1 Cr in FY24.

The fintech giant managed to trim its expenses by 3.5% to INR 1,906 Cr during the year from INR 1,974.4 Cr in FY24.

Read More: BharatPe FY25: Loss Narrows 82% To INR 88 Cr, Revenue At INR 1,667 Cr

BlackBuck’s Loss Narrows To INR 9 Cr

Logistics company BlackBuck posted a net loss of INR 8.6 Cr in FY25 as against a net loss of INR 193.9 Cr in FY24. However, its loss would have been higher if not for a tax credit of INR 244.6 Cr in FY25.

The company’s operating revenue jumped 43.7% to INR 426.7 Cr during the year under review from INR 296.9 Cr in FY24. The startup’s expenditure rose to INR 371.5 Cr, a 23% lower from INR 483.4 Cr a year earlier.

Read More: BlackBuck Posts INR 280 Cr Profit In Q4 On Tax Credit

BlueStone’s Loss Widens

BlueSstone saw its net loss jump 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr in the previous fiscal year, despite a strong growth in revenue. The omnichannel jewellery brand’s operating revenue zoomed 40% to INR 1,770 Cr during the fiscal year under review from INR 1,265.8 Cr in FY24.

In line with the rise in the top line, total expenses grew 41.7% to INR 2,049.9 Cr from INR 1445.7 Cr in FY24.

Read More: BlueStone Sees FY25 Losses Soar 56% On Offline Push

boAt Turns Profitable With INR 60 Cr PAT

Ahead of its IPO, consumer electronics startup boAt returned to profitability in FY25. It posted a net profit of INR 60.4 Cr compared to a loss of INR 73.7 Cr in FY24.

However, the Aman Gupta-led startup saw a marginal decline in its operating revenue to INR 3,073.3 Cr in FY25 from INR 3,117.7 Cr in FY24.

Its total expenses for the fiscal year declined 6% to INR 3,040.4 Cr from INR 3,233.6 Cr in FY24.

Read More: boAt Turns Profitable In FY25, Posts INR 60 Cr PAT

CarTrade Posts INR 145 Cr Profit

CarTrade reported its highest-ever profit and revenue in FY25. Its bottom line skyrocketed 629.6% year-on-year (YoY) to INR 145.2 Cr from INR 19.9 Cr in FY24.

Meanwhile, operating revenue jumped almost 31% to INR 641.1 Cr in FY25 from INR 489.9 Cr in the previous fiscal year.

The company’s total expenses grew over 18% to INR 542.9 Cr in FY25 from INR 457.2 Cr in the previous fiscal

Read More: CarTrade Q4 Profit Jumps 85% YoY To INR 46 Cr

Cashfree’s Loss Widens To INR 154 Cr

Fintech soonicorn Cashfree Payments’ net loss widened 14% to INR 154.1 Cr from INR 135 Cr in FY24.

The fintech startup’s operating revenue declined marginally to INR 640 Cr in FY25 from INR 642.7 Cr in the previous fiscal year. Total expenditure rose 2% to INR 794.6 Cr in FY25 from INR 779.4 Cr in FY24.

Read More: Cashfree’s FY25 Loss Widens 14% To INR 154 Cr As Revenue Slips

Cashify’s Loss Narrows 80% To INR 11 Cr

Recommerce startup Cashify narrowed its net loss by 80% to INR 10.6 Cr in FY25 from INR 53.2 Cr in the previous fiscal year. Operating revenue increased 17% to INR 1,095.9 Cr in FY25 from INR 935.1 Cr in FY24.

Its total expenditure grew 12% to INR 1,132.9 Cr during the year under review from INR 1,008.1 Cr in FY24.

Read More: Cashify Trims Loss By 80% To INR 11 Cr In FY25

Cleartrip’s Loss Declines 20% To INR 651 Cr

Flipkart’s travel aggregator arm Cleartrip saw its net loss decline 20% to INR 651.1 Cr in FY25 from INR 810.3 Cr in the previous fiscal year.

Operating revenue surged 70% to INR 169.2 Cr during the year under review from INR 99.7 Cr in FY24. Expense declined 10.5% to INR 885.8 Cr from INR 990.7 Cr in the previous fiscal year.

Read More: Flipkart-Owned Cleartrip Spent Over INR 5 To Earn Every Rupee In FY25

CoinDCX’s FY25 Profit Jumps 15%

Crypto unicorn CoinDCX posted a net profit of INR 1.7 Cr in FY25, up about 15% from INR 1.5 Cr in FY24. Operating revenue rose 43% to INR 559.6 Cr from INR 391.8 Cr in FY24.

Total expenses climbed 48% to INR 550.2 Cr from INR 370.9 Cr spent in FY24.

Read More: CoinDCX’s FY25 Profits Jump 15% To INR 1.7 Cr.

DeHaat Turns Profitable On Non-Cash Gains

Agritech startup DeHaat turned profitable in FY25, reporting a consolidated net profit of INR 369 Cr as against a loss of INR 1,133.1 Cr. However, the profitability came on the back of a non-cash gain of INR 576.1 Cr in FY25 due to change in fair value of CCPS as against a non-cash loss of INR 888.4 Cr under the head in the previous fiscal year. Without this gain, the startup would have posted a loss of about INR 207 Cr in FY25.

Its operating revenue saw a modest increase of 11% to INR 3,009.9 Cr during the year under review from INR 2,674.8 Cr in FY24. Despite the growth in its top line, DeHaat managed to trim its total expenditure by 30% to INR 2,676.9 Cr in FY25 from INR 3,853.4 Cr in the previous fiscal year.

Read More: DeHaat Posts INR 369 Cr Profit In FY25 On Back Of Non-Cash Gains

Delhivery Reports Maiden Profitable Year

Logistics giant Delhivery reported its maiden profitable fiscal year in FY25, posting a net profit of INR 162.1 Cr as against a net loss of INR 249.2 Cr in FY24.

Its revenue from services increased 9.7% to INR 8,932 Cr in the year under review from INR 8,141 Cr in the last fiscal.

While the company’s EBITDA rose to INR 376 Cr in FY25 from INR 127 Cr in the previous fiscal, its EBITDA margin stood at 4.2% as against 1.6% in FY24.

Its total expenditure stood at INR 9,216.7 Cr in