Founder & Editor, UnpopularVoice

ParthSarthy P

ParthSarthy P reads what the audit says, not what the press release claims. He writes forensic teardowns of Indian startups on UnpopularVoice, starting with the balance sheet and ending where the numbers stop.

Articles by ParthSarthy

94 audited teardowns

The Good Glamm Group

How the Good Glamm Group Ran Out of Money

10 min read

The Good Glamm Group

Good Glamm Has ₹594 Cr of Registered Secured Debt Still Active

5 min read

The Good Glamm Group

Eight Brands. One Year. ₹1,230 Cr Out the Door.

6 min read

Meesho

Meesho Inc (Delaware) Still Owns 96.87% of Meesho Ltd (India).

4 min read

Meesho

Meesho's Charges Register: 11 Loans, ₹1,750 Cr Registered, ₹0 Debt at Year End.

5 min read

Meesho

Meesho: Ten Years, Four Phases, ₹11,500 Cr Lost, ₹543 Cr OCF Positive.

8 min read

Meesho

Meesho's Founders Took ₹1,409 Cr in FY25. FY24 They Took ₹7 Cr.

5 min read

Meesho

Meesho Lost ₹3,883 Cr in FY25. Its Founders Took ₹1,409 Cr.

9 min read

Swish

Swish Earned ₹4 Cr. Spent ₹23 Cr. Sits on ₹119 Cr Cash.

7 min read

Country Delight

Country Delight Raised ₹622 Cr. Burned ₹269 Cr. Parked ₹207 Cr.

8 min read

BlissClub

BlissClub Halved Its Loss. The Cost It Cut Was Payroll.

7 min read

Snitch

Snitch Doubled Revenue. Tripled Payroll. Flipped to a Loss.

7 min read

CashKaro

CashKaro's Stock-in-Trade Tripled to ₹118 Cr. Loss Widened 64%.

7 min read

LendenClub

LendenClub Turned Profitable. ₹28.6 Cr PAT on ₹241 Cr Income, From a -₹10.6 Cr Loss.

8 min read

INDmoney

INDmoney's Consolidated Revenue Doubled to ₹164 Cr. Its Consolidated Loss Widened by ₹50 Cr.

7 min read

InCred Holdings

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

8 min read

WintWealth

WintWealth's PAT Was -₹8 Cr. Its Operating Cash Burn Was -₹176 Cr.

7 min read

Stashfin

Stashfin's Loan Book Grew 20% to ₹1,675 Cr. Impairment Charges Fell 35%.

7 min read

Faircent

Faircent's Revenue Contracted 42%. The Profit Almost Disappeared.

6 min read

Redcliffe Labs

Redcliffe Labs Cut Its Consolidated Loss 46%. Raised Another ₹190 Cr.

8 min read

Tata 1mg

Tata 1mg's Standalone Made ₹65 Cr Profit. The Group Lost ₹271 Cr.

8 min read

Orange Health

Orange Health Doubled Revenue. The Reported Loss Did Not Move.

7 min read

HealthifyMe

HealthifyMe Cut Its Loss 95%. Operating Cash Flow Worsened to -₹74 Cr.

7 min read

Healthians

Healthians Cut Its Loss 79%. Net Worth Is Negative ₹901 Cr.

7 min read

PharmEasy

PharmEasy's Loss Narrowed 38%. The Cumulative Goodwill Write-Down Is ₹4,850 Cr.

8 min read

Furlenco

Furlenco Cut Losses 99%. The ₹100 Cr It Raised Went to Debt, Not Growth.

9 min read

Amazon

Amazon Cut Its India Marketplace Loss 89%. The Cumulative Bill Is ₹45,650 Cr.

9 min read

Ola

Ola's Cabs Business Lost Half Its Revenue. The Ola Electric Stake Halved Too.

9 min read

Uber India

Uber India's Rides Revenue Fell 89%. Its Rides Costs Didn't.

9 min read

Google Pay

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

9 min read

Vedantu

Vedantu's Reported Loss Fell 22%. Operating Loss Widened 25%.

9 min read

upGrad

upGrad Cut Its Loss in Half. Revenue Grew Only 6%.

9 min read

Myntra

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

8 min read

Scaler

Scaler's First Profit Came From Cuts. Revenue Fell 5%.

8 min read

Fresh2Home

Fresh2Home's Reported COGS Exceeds Revenue. The Filing Doesn't Show Why.

9 min read

Captain Fresh

Captain Fresh's P&L Inflected. The Cash Hasn't Caught Up.

8 min read

Plum (Pureplay Skin Sciences)

Plum Became Profitable Without Raising Capital.

7 min read

mCaffeine

mCaffeine Didn't Grow Out of Losses. It Cut Them.

7 min read

BRND.ME

Mensa Is Unwinding Its Roll-Up.

8 min read

Purplle

Purplle Doubled Revenue Without Spending More on Ads.

8 min read

Pilgrim

Pilgrim Doubled Revenue. The Loss Almost Tripled.

7 min read

Renee

Renee Spends ₹49 to Earn ₹100.

7 min read

Snapmint

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

8 min read

Unacademy

Unacademy Is Smaller. Losses Fell Anyway.

8 min read

SuperTails

SuperTails Has ₹23 Lakh Cash. Revenue Is ₹120 Cr.

7 min read

Zeta

Zeta Is Profitable. But 33% Smaller.

8 min read

UpperCase

UpperCase Spent ₹144 to Earn ₹100.

7 min read

RentoMojo

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

7 min read

ShareChat

ShareChat Halved Its Loss. Revenue Didn't Grow.

9 min read

MoneyView

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

8 min read

Dhan

Dhan's Numbers Don't Look Like a Startup

7 min read

CarDekho

CarDekho Made ₹21 Cr Profit. Lost ₹401 Cr As a Group.

9 min read

Licious

Licious FY2025: Revenue ₹775 Cr, Loss ₹210 Cr. A Year of Survival, Not Growth.

7 min read

OneCard

OneCard FY2025 Financials: ₹1,878 Cr Revenue, ₹298 Cr Loss, Branding Spend Cut 85%

8 min read

BookMyShow

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

9 min read

Sahi

Sahi Raised ₹57 Crore. Customers Paid ₹5 Lakh.

7 min read

PocketFM

PocketFM Cut Losses 77%. Turned Cash-Flow Positive. Half Its Revenue Is One US Customer.

8 min read

GIVA

GIVA Lost ₹52 Cr. Burned ₹98 Cr in Cash. That's the Real Story.

9 min read

KukuFM

KukuFM Spent More on Marketing Than It Earned. Revenue Tripled. Losses Didn't Fall.

8 min read

Plum

Plum Lost ₹14 Cr. The Broker Works. The Platform Doesn't.

8 min read

Zetwerk

Zetwerk Revenue Fell ₹3,000 Cr. Not in Any Press Release.

9 min read

Blue Tokai Coffee

Blue Tokai Scaled for Years. Losses Fell Only Now.

8 min read

Infra.Market

Infra.Market Grew 37%. Profit Fell. Then Raised ₹3,000 Cr Anyway.

8 min read

Third Wave Coffee

Third Wave Coffee Opened Dozens of Stores. Losses Doubled. Revenue Grew 67%.

8 min read

CheQ

CheQ Earned ₹84 Cr. It Spent ₹87 Cr Getting There.

7 min read

Acko

Acko Shows ₹118 Cr Revenue. The Real Business Did ₹1,870 Cr.

8 min read

Noise

Noise Made ₹2 Cr Profit. Generated ₹176 Cr Cash. Revenue Fell 24%.

9 min read

UltraHuman

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

9 min read

Spinny

Spinny Shows ₹4.65 Cr Revenue. The Real Number Is ₹4,650 Cr.

8 min read

MyGate

MyGate Grew 80%. The Filing Doesn't Disclose the Loss.

7 min read

FamPay

FamPay Has 6 Million Users. It Earns ₹74 Per User Per Year.

7 min read

Slice

Slice Became a Bank. Year One: ₹604 Cr Income, ₹317 Cr Loss, ₹2,905 Cr Loan Book.

9 min read

BharatPe

BharatPe's Losses Look Better. Its Cash and Debt Do Not.

9 min read

Chaayos

Chaayos Halved Losses. Operations Generated Cash for the First Time. Still Not Profitable.

7 min read

Chai Point

Chai Point's Loss Looks Stable. Strip Out the One-Time Item and It Worsened.

7 min read

Kissht

Kissht Is Profitable. Revenue Fell 26%. The Filing Doesn't Say Why.

9 min read

Zerodha

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

9 min read

Razorpay

Razorpay's Payments Business Made ₹64 Cr. The Headline Shows -₹1,022 Cr.

10 min read

PhonePe

PhonePe Lost ₹1,265 Cr on Paper. It Generated ₹1,903 Cr in Cash.

10 min read

Porter

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

9 min read

Rapido

Rapido Doubled Revenue. Losses Fell 64%. It Has Zero Debt.

9 min read

Zepto

Zepto Doubled Revenue. Losses Barely Moved. That's the Point.

10 min read

OYO

OYO Posted a Profit. Pre-Tax, It Lost ₹501 Cr. Here's the Difference.

10 min read

Sugar Cosmetics

Sugar Cosmetics Revenue Fell. Marketing Spend Didn't. Losses Doubled.

10 min read

Upstox

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

9 min read

boAt

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

10 min read

CRED

CRED Generated ₹2,397 Cr Revenue. Its Total Accumulated Loss Is ₹5,256 Cr.

15 min read

Navi

Navi Was Profitable in FY2024. Strip Out the One-Off. It Wasn't.

16 min read

Kiwi

Kiwi Earned ₹3.83 Cr. It Spent ₹50.66 Cr on 'Other Expenses.'

8 min read

Dezerv

Dezerv Earned ₹65 Cr. It Spent ₹111 Cr on Salaries Alone.

9 min read

Jar

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

8 min read

Scapia

Scapia Grew Revenue 67% and Cut Costs. Still Lost ₹83 Cr.

8 min read

Super Money

Flipkart Built a Fintech. Losses Grew 7x Faster Than Revenue.

12 min read

Stable Money

Stable Money Reported ₹104 Cr Revenue. It Kept ₹3.58 Cr.

10 min read