Working models

Profitable, self-funding, audited operating cash flow positive.

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InCred Holdings

Consolidated revenue (+47% YoY)

Consolidated PAT (+21% from ₹309 Cr)

FY2025 PAT (-55%)

License fee increase to GAP

FY2025 Revenue (+18%)

Net Profit (21x YoY)

Plum (Pureplay Skin Sciences)

FY2025 Revenue (+23%)

FY2025 Net Profit

Consolidated Revenue

Consolidated PAT

FY2025 Revenue

Consolidated Revenue

Consolidated PAT

FY2025 Revenue

Consolidated Revenue

Operating Cash Flow

Blue Tokai Coffee

Revenue FY2025 (+51%)

Net Loss FY2025 (down from ₹63 Cr)

Revenue FY2025 (+447% YoY)

Net profit (56% gross margin)

Revenue FY2025 (-11.5% from record FY2024)

PAT, 48% net margin

Revenue FY2025 (+57% YoY)

First full-year profit

FY2024 revenue from operations

FY2024 profit before tax

Standalone revenue FY2025

First profit in three years

Total income FY2025

First-ever net profit

Working models

InCred Holdings (Formerly KKR Capital Markets India) Made ₹373 Cr Profit on ₹1,874 Cr Revenue.

Google Pay India's Profit Halved. License Fees to Singapore Grew 13x.

Myntra's Profit Grew 21x. Revenue Grew 18%.

Plum Became Profitable Without Raising Capital.

Snapmint Borrowed ₹288 Cr. Made ₹6.8 Cr Profit.

RentoMojo Made ₹116 Cr in Operating Cash. Spent ₹111 Cr Buying Things to Rent.

MoneyView Made ₹240 Cr Profit. Took ₹3,413 Cr in Debt.

Dhan's Numbers Don't Look Like a Startup

BookMyShow FY2025: Revenue ₹1,831 Cr, OCF ₹250 Cr, ₹69 Cr in Employee Cost Nobody Was Paid

Blue Tokai Scaled for Years. Losses Fell Only Now.

UltraHuman Made ₹106 Cr Profit. Revenue Grew 5x. Employee Costs Were ₹37 Cr.

Zerodha Made ₹4,232 Cr Profit. Revenue Actually Fell 11%.

Porter Grew Revenue 5x and Turned Profitable. Without Raising a Rupee.

Upstox's First Profitable Year: It Grew Revenue and Cut Headcount Costs at the Same Time.

boAt Cut Its Way to Profit. Revenue Still Hasn't Recovered.

Jar Lost Money for Four Consecutive Years. FY2025 Was Different.