Startup growth,
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public filings only. Audited numbers. No press releases.
Read Latest →This week's contradictions
Two-sentence headlines. The data does the rest.
Flipkart
Flipkart's App Cut Losses 37%. Marketplace Fees Doubled.
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BigBasket
BigBasket Lost ₹3,857 Cr Last Year. It Has Zero Bank Debt.
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BigBasket
BigBasket's App Alone Lost ₹1,851 Cr in FY25. It Spent ₹497 Cr on Ads.
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BigBasket
There Are Two BigBaskets. Both Just Had Their Worst Year.
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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.
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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.
Flipkart
Flipkart's App Cut Losses 37%. Marketplace Fees Doubled.
Flipkart
The Flipkart App Just Became the Parent of Flipkart.
Meesho
Meesho: Ten Years, Four Phases, ₹11,500 Cr Lost, ₹543 Cr OCF Positive.
BlissClub
BlissClub Halved Its Loss. The Cost It Cut Was Payroll.
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.
Flipkart
The Flipkart Entity Nobody Talks About Lost ₹5,189 Cr.
BigBasket
BigBasket Lost ₹3,857 Cr Last Year. It Has Zero Bank Debt.
BigBasket
BigBasket's App Alone Lost ₹1,851 Cr in FY25. It Spent ₹497 Cr on Ads.
BigBasket
There Are Two BigBaskets. Both Just Had Their Worst Year.
Featured Deep Dive
Flipkart · Forensic Read
UnpopularVoiceSource: Annual filings, Registrar of Companies
E-COMMERCE / MARKETPLACE PLATFORM · 3 October 2026
The Flipkart App Just Became the Parent of Flipkart.
TL;DR
- –Flipkart Internet Private Limited, the Bengaluru-registered consumer-marketplace entity, is now the principal holding company for the entire Flipkart group in India. This is the result of a reverse flip from Singapore completed in March 2026.
- –The composite Scheme of Arrangement was lodged with the NCLT Bengaluru bench and the General Division of the High Court of the Republic of Singapore on 22 May 2025. The NCLT principal bench sanctioned the scheme on 12 December 2025. The Singapore holding entities that previously sat above Flipkart Internet (Flipkart Marketplace Private Limited and Flipkart Private Limited) have been merged into it.
- –The FY25 audit for Flipkart Internet captures the entity's pre-flip state. Revenue grew 14% to ₹20,493 Cr. Net loss narrowed 37% to ₹1,494 Cr. The post-year-end notes show where the restructuring architecture appears.
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.
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Uber India
Uber India's Rides Revenue Fell 89%. Its Rides Costs Didn't.
Rides revenue fell 89%. Rides costs did not.
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Vedantu
Vedantu's Reported Loss Fell 22%. Operating Loss Widened 25%.
Reported loss fell 22%. Operating loss widened 25%.
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Spinny
Spinny Shows ₹4.65 Cr Revenue. The Real Number Is ₹4,650 Cr.
The standalone hides ₹4,650 Cr of consolidated turnover.
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Editorial matchups
Two companies. Same business. Different ending.
Two rivals in the same category, compared on their audited filings. Same revenue base, different outcomes.
D2C Beauty / Brand Aggregator / Marketplace
One Beauty Aggregator. One Single Brand. One Marketplace. Three Outcomes.
Three beauty companies at their last available audit. The Good Glamm Group tried to build a beauty conglomerate by acquiring eight brands in twelve months and is now in insolvency proceedings. Sugar Cosmetics stayed a vertically-integrated single-brand D2C, and in FY25 it contracted 21% while losses doubled. Purplle ran a hybrid marketplace-plus-private-labels model, and in FY25 it doubled revenue to ₹1,367 Cr while keeping advertising flat, compressing its ad-intensity from 31% to 16% and its loss by 44%. Only the marketplace model showed the operating leverage that the D2C beauty thesis originally promised.
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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.
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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.
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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.
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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.
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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.
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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.
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Jobs Index
Filing-derived employer signals: cash, runway, OCF, employee-cost growth. Not gossip, not LinkedIn surveys.
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Is the salary safe?
Employer Check
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100+
Companies analysed
FY2025
Primary dataset
Audited
Audited public source
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