Startup growth,
stripped of
narratives.
MCA filings only. Audited numbers. No press releases.
Read Latest →This week's contradictions
Two-sentence headlines. The data does the rest.
Snitch
Snitch Doubled Revenue. Tripled Payroll. Flipped to a Loss.
Read the breakdown →
CashKaro
CashKaro's Stock-in-Trade Tripled to ₹118 Cr. Loss Widened 64%.
Read the breakdown →
INDmoney
INDmoney's Consolidated Revenue Doubled to ₹164 Cr. Its Consolidated Loss Widened by ₹50 Cr.
Read the breakdown →
WintWealth
WintWealth's PAT Was -₹8 Cr. Its Operating Cash Burn Was -₹176 Cr.
Read the breakdown →
The Spectrum
Every company falls somewhere.
Working models, scaling models, in-progress, restructuring, broken. The audited filings sort companies into one of five categories. Pick a column to see who fits.
Swipe to see all five →
Working
Working models
Profitable, self-funding, audited operating cash flow positive.
InCred Holdings
InCred Holdings (Formerly KKR Capital Markets India) Made ₹373 Cr Profit on ₹1,874 Cr Revenue.
Google Pay
Google Pay India's Profit Halved. License Fees to Singapore Grew 13x.
Myntra
Myntra's Profit Grew 21x. Revenue Grew 18%.
Plum (Pureplay Skin Sciences)
Plum Became Profitable Without Raising Capital.
Scaling
Scaling models
Profitable but deploying capital, debt, or accepting margin compression for growth.
LendenClub
LendenClub Turned Profitable. ₹28.6 Cr PAT on ₹241 Cr Income, From a -₹10.6 Cr Loss.
Stashfin
Stashfin's Loan Book Grew 20% to ₹1,675 Cr. Impairment Charges Fell 35%.
Infra.Market
Infra.Market Grew 37%. Profit Fell. Then Raised ₹3,000 Cr Anyway.
Progress
In-progress
Loss narrowing, unit economics improving, near-breakeven trajectory.
BlissClub
BlissClub Halved Its Loss. The Cost It Cut Was Payroll.
WintWealth
WintWealth's PAT Was -₹8 Cr. Its Operating Cash Burn Was -₹176 Cr.
Redcliffe Labs
Redcliffe Labs Cut Its Consolidated Loss 46%. Raised Another ₹190 Cr.
Tata 1mg
Tata 1mg's Standalone Made ₹65 Cr Profit. The Group Lost ₹271 Cr.
Restructuring
Restructuring
Profitable-but-shrinking, or loss-narrowing with revenue contracting. Cost discipline over growth.
Uber India
Uber India's Rides Revenue Fell 89%. Its Rides Costs Didn't.
Scaler
Scaler's First Profit Came From Cuts. Revenue Fell 5%.
mCaffeine
mCaffeine Didn't Grow Out of Losses. It Cut Them.
BRND.ME
Mensa Is Unwinding Its Roll-Up.
Broken
Broken / early
Loss deepening, structural gross-margin issues, or persistent capital-vs-revenue gap.
Snitch
Snitch Doubled Revenue. Tripled Payroll. Flipped to a Loss.
CashKaro
CashKaro's Stock-in-Trade Tripled to ₹118 Cr. Loss Widened 64%.
INDmoney
INDmoney's Consolidated Revenue Doubled to ₹164 Cr. Its Consolidated Loss Widened by ₹50 Cr.
Faircent
Faircent's Revenue Contracted 42%. The Profit Almost Disappeared.
Featured Deep Dive
BlissClub
Standalone audited financial statements FY2025, Blissclub Fitness Private Limited (brand: BlissClub)
Source: Annual filings, Registrar of Companies
DIRECT-TO-CONSUMER / WOMEN'S ACTIVEWEAR / APPAREL · Standalone audited financial statements FY2025, Blissclub Fitness Private Limited (brand: BlissClub) · 31 May 2026
BlissClub Halved Its Loss. The Cost It Cut Was Payroll.
TL;DR
- –BLISSCLUB FITNESS PRIVATE LIMITED (CIN U52520KA2020PTC133220), Karnataka-incorporated 2020, operates the BlissClub direct-to-consumer women's activewear brand. Bangalore HSR Layout headquarters. Filed under Indian GAAP (Accounting Standards), not Ind AS.
- –FY2025 standalone revenue from operations ₹131.57 Cr (FY24: ₹86.88 Cr, up 51%). Other income ₹3.77 Cr (FY24: ₹5.29 Cr, down 29% on lower treasury yield after current-investment drawdown).
- –FY2025 standalone net loss ₹20.17 Cr (FY24: ₹43.92 Cr, loss cut 54% in absolute rupees, a ₹23.75 Cr improvement). Pre-tax loss ₹20.17 Cr; tax expense nil; no deferred-tax asset recognised.
Forensic finds
What the audit revealed that nobody else covered.
Transfer pricing, exceptional gains, segment shifts, deferred revenue, goodwill impairment, intercompany flows. The mechanics that change the headline.
Google Pay
Google Pay India's Profit Halved. License Fees to Singapore Grew 13x.
License fees to Singapore parent grew 13x. Indian PAT halved.
Read the breakdown →
Uber India
Uber India's Rides Revenue Fell 89%. Its Rides Costs Didn't.
Rides revenue fell 89%. Rides costs did not.
Read the breakdown →
Vedantu
Vedantu's Reported Loss Fell 22%. Operating Loss Widened 25%.
Reported loss fell 22%. Operating loss widened 25%.
Read the breakdown →
Spinny
Spinny Shows ₹4.65 Cr Revenue. The Real Number Is ₹4,650 Cr.
The standalone hides ₹4,650 Cr of consolidated turnover.
Read the breakdown →
Editorial matchups
Two companies. Same business. Different ending.
Two rivals in the same category, compared on their audited filings. Same revenue base, different outcomes.
Direct-to-Consumer Apparel
Snitch Tripled Payroll. BlissClub Cut It 43%. Same Year, Same Category.
Two Indian D2C apparel brands, audited for the same FY2025 period, executing structurally opposite operating playbooks. Snitch (men's fashion, Karnataka-incorporated 2022) doubled revenue to ₹498 Cr, grew payroll 270% from ₹18 Cr to ₹65 Cr, doubled advertising, and flipped from a ₹4.4 Cr profit to a ₹1.7 Cr loss. BlissClub (women's activewear, Karnataka-incorporated 2020) grew revenue 51% to ₹132 Cr and halved its loss from ₹44 Cr to ₹20 Cr by cutting payroll 43% (₹31 Cr to ₹18 Cr) while keeping advertising in growth mode. Each playbook fits the entity's stage: Snitch had the capital cushion to invest aggressively; BlissClub had the capital pressure to compress costs. Two cost-side decisions made in the same audit period at structurally different stages.
Read the comparison →
Wealth, fixed-income and investment-platform fintechs
WintWealth's Loan Book Grew ₹172 Cr. Dezerv Spent ₹111 Cr on Salaries. Stable Money Kept ₹3.58 Cr of ₹104 Cr.
Three Indian fintechs in broadly the wealth, fixed-income and investment-platform category. The FY2025 audits show three structurally different shapes. WintWealth operates an online bond platform alongside an embedded lending entity; its consolidated loan book expanded ₹172 Cr in FY25, broadly matching the year's operating cash absorption. Dezerv operates an HNI-focused wealth-advisory platform; ₹111 Cr of employee benefits in FY25 ran 1.7x revenue, reflecting an advisory-delivery model where senior bankers and relationship managers are the product. Stable Money operates a fixed-income distribution platform; ₹104 Cr of reported revenue at consolidated level translates to ₹3.58 Cr of standalone retained income, an implied retained-income ratio on reported gross revenue of approximately 0.34%. The three entities cannot be compared on cost-to-income because each reports revenue on a structurally different basis.
Read the comparison →
Co-branded credit-card fintechs
OneCard Spent ₹116 to Earn ₹100. Scapia Spent ₹305. Kiwi Spent ₹766.
Three Indian fintechs operating co-branded credit cards in partnership with issuing banks. The FY2025 audits show the same broad co-branded credit-card category at three different scale points. Kiwi at ₹3.83 Cr revenue reported ₹7.66 of cost per ₹1 of income. Scapia at ₹40.42 Cr reported ₹3.05. OneCard at ₹1,877.75 Cr reported ₹1.16. The reported cost-per-rupee-earned compresses with scale across these filings, though exact comparability depends on revenue recognition and bank-partner share treatment. Each entity has product differences (Kiwi is UPI-on-credit-card; Scapia is travel-led; OneCard is general-purpose) and the bank-partner revenue share is disclosed explicitly only at OneCard.
Read the comparison →
E-Pharmacy / Diagnostics Platforms
PharmEasy Built by Acquisition. Tata 1mg Built by One Parent.
Two Indian consumer-health groups, audited for the same FY2025 period. PharmEasy (API Holdings Limited) continued expanding through multi-entity acquisitions: 31 consolidated subsidiaries including Thyrocare, Nueclear, Docon, and ~28 pharma-distribution entities, with gross goodwill of ₹8,364 Cr and ₹4,850 Cr (58%) impaired to date. Tata 1mg's (Tata 1mg Technologies Pvt Ltd) post-acquisition expansion happened largely within a single-parent structure: 100% owned by Tata Digital, with consolidated goodwill of just ₹5.93 Cr at the operating-group layer. Broadly the same consumer-health thesis, two different legal and entity pathways for capital deployment, two audit shapes. Both still loss-making at the consolidated level.
Read the comparison →
Ride-Hailing Platforms
Rapido Grew. Uber Reclassified. Ola Contracted.
Three Indian ride-hailing audits, the same FY2025 reporting period, three different reasons the numbers look the way they do. Rapido scaled. Uber India's Rides segment revenue collapsed on a recognition shift. Ola's standalone revenue halved on real operating contraction plus a separate ₹1,279 Cr Ola Electric markdown through OCI.
Read the comparison →
Audio Streaming Platforms
PocketFM Found Profit. KukuFM Is Looking at a Cliff.
Two Indian audio platforms, same subscription format, both raised aggressively in FY2023-24. By FY2025 their audits diverge sharply. PocketFM's loss compressed 77%, OCF turned positive, and net worth growth implies the business turned profitable. KukuFM's net worth fell ₹147 Cr in twelve months on a still-loss-making P&L. PocketFM solved the model abroad. KukuFM is still solving it at home.
Read the comparison →
Companies you know
The audit reads of the names you recognise.
Indexes
Three lenses. Same audited data.
Who's actually making money?
Profitability Index
Every covered startup ranked by audited PAT, OCF, and net-margin trajectory. The list updates with every new filing.
See the rankings →
Where is it safe to work?
Jobs Index
Filing-derived employer signals: cash, runway, OCF, employee-cost growth. Not gossip, not LinkedIn surveys.
Browse the index →
Is the salary safe?
Employer Check
Look up any covered startup. Get the financial floor read in 30 seconds. Audited filings only.
Run a check →
84+
Companies analysed
FY2025
Primary dataset
Audited
MCA-filed source
Zero
Press releases used
Get filings-based startup breakdowns.
One Indian startup. One MCA filing. The story the brand doesn't tell.
No spam. Unsubscribe anytime.