Kiwi FY2025: ₹3.83 Crore Revenue. ₹50.66 Crore in 'Other Expenses.' A ₹64 Crore Loss.
GoKiwi Tech Private Limited (brand: Kiwi) is a fintech incorporated in November 2022 in Mumbai. The product is a RuPay credit card that allows UPI scan payments — bridging the gap between credit card rewards and India's dominant UPI payment rail. Co-founders Siddharth Mehta and Mohit Bedi are the primary equity holders. Revenue is classified as "payment gateways and similar allied services." Stellaris Venture Partners (Ritesh Banglani on board) is the identified institutional backer. This analysis covers three fiscal periods from MCA filings: the incorporation stub period (Nov 2022–Mar 2023), FY2024, and FY2025.
| Metric | Reported(Narrative) | Economic Reality |
|---|---|---|
| FY2025 Revenue from Operations | ₹3.83 Cr | up 5.5% from FY2024's ₹3.63 Cr |
| FY2025 'Other Expenses' | ₹50.66 Cr | 13.2x the service revenue; up from ₹17.48 Cr in FY2024 |
| FY2025 Employee Costs | ₹22.76 Cr | up 83% from FY2024's ₹12.40 Cr |
| FY2025 Net Loss | −₹64.18 Cr | cost-to-income: 7.66x — worse than FY2024's 5.61x |
| Liquid Assets (Mar 2025) | ~₹73 Cr | cash ₹11.30 Cr + current investments ₹61.79 Cr |
| Implied Total Capital Raised | ~₹163 Cr | derived from equity balance movements across all years |
The Ratio That Tells the Story
₹73.82 crore spent. ₹3.83 crore earned from actual business operations.
That is a 19.3x ratio of expenses to operating revenue — and it got worse every year. In FY2024, the same ratio was 8.3x. In FY2023's four-month stub period, it was 24.5x (though context matters: the product had barely launched).
FY2025 is the year that needed to show the curve bending. It didn't.
The core insight
Revenue grew ₹0.20 Cr. Expenses grew ₹43.63 Cr. One of these lines cannot continue without a different outcome.
More in this series: CRED FY2024 — ₹2,136 Cr revenue, ₹64 Cr losses still · Jar FY2025 — first-ever profit on ₹188.78 Cr revenue · Scapia FY2025 — revenue grew 67%, losses narrowed
Three Years of Numbers
| Period | Revenue (Ops) | Total Income | Total Expenses | Net Loss | Cost-to-Income |
|---|---|---|---|---|---|
| FY2023 (4.5 months) | — | ₹0.32 Cr | ₹3.18 Cr | −₹2.86 Cr | 9.94x |
| FY2024 | ₹3.63 Cr | ₹5.38 Cr | ₹30.18 Cr | −₹24.80 Cr | 5.61x |
| FY2025 | ₹3.83 Cr | ₹9.64 Cr | ₹73.82 Cr | −₹64.18 Cr | 7.66x |
GoKiwi Tech Private Limited — audited standalone statements. FY2023 covers Nov 17, 2022 to March 31, 2023 (4.5 months from incorporation). Cost-to-income uses total income as denominator. FY2025 total income includes ₹5.81 Cr in investment-related other income.
Kiwi's FY2025 total income is ₹9.64 Cr — but ₹5.81 Cr of that is other income: ₹4.95 Cr in net gains from selling current investments and ₹0.83 Cr in interest. Strip those out and the operating revenue is ₹3.83 Cr. The cost-to-total-income ratio of 7.66x looks better than the cost-to-operating-revenue ratio of 19.27x. Both are in the filing. Neither reflects a sustainable business at current scale.
The First 4.5 Months (FY2023 Stub)
GoKiwi Tech was incorporated on November 17, 2022. The first filing covers 4.5 months — November 2022 to March 2023.
Revenue from operations in those 4.5 months: zero. The product was in development or just launching. Total income: ₹0.32 Cr — entirely from interest on the cash raised.
The expense base was already running: ₹1.30 Cr in employee costs, ₹1.84 Cr in other expenses, ₹0.03 Cr in depreciation. Total ₹3.18 Cr burned in under five months. Loss: ₹2.86 Cr.
The balance sheet at end of FY2023: ₹45.61 Cr in equity, ₹45.58 Cr in cash. Nearly all the capital was sitting in the bank — pre-product, pre-revenue, pre-everything. The founders had raised a substantial seed round before the ink on the incorporation certificate was dry.
Implied pre-FY2023 capital raise: approximately ₹47–48 Cr.
FY2024: First Revenue. Wrong Direction on Cost.
FY2024 was Kiwi's first full year of operations — and its first year generating service revenue.
Revenue from operations: ₹3.63 Cr. That's the number that represents Kiwi's commercial output for twelve months of operating a credit card product: partner bank fees, payment gateway commissions, interchange economics. For context, ₹3.63 Cr is approximately the amount India's fintech market generates in UPI transactions every 0.3 seconds.
But a starting number is a starting number. More useful is the trajectory it implied.
Total expenses: ₹30.18 Cr — a 9.5x cost-to-revenue ratio. The breakdown:
- Employee benefits: ₹12.40 Cr
- Other expenses: ₹17.48 Cr
- Depreciation: ₹0.31 Cr
The ₹17.48 Cr in "other expenses" versus ₹3.63 Cr in revenue is a 4.8x ratio. In a credit card rewards business, "other expenses" typically absorbs cashback commitments, bank processing fees, cloud and tech infrastructure, and marketing. It is the economic weight of building a rewards platform before scale.
The equity balance at end of FY2024: ₹131.24 Cr — up from ₹45.61 Cr a year earlier. After absorbing the ₹24.80 Cr loss, this implies approximately ₹110 Cr in new capital raised in FY2024. The war chest was being refilled.
Revenue from Operations
₹3.63 Cr
first full year of commercial revenue
Other Income
₹1.75 Cr
interest + small investment gains
Total Income
₹5.38 Cr
operating + investment returns
Employee Costs
₹12.40 Cr
3.42x revenue from operations
Other Expenses
₹17.48 Cr
4.81x revenue from operations — rewards, tech, ops
Net Loss
−₹24.80 Cr
cost-to-income: 5.61x
Equity
₹131.24 Cr
implies ~₹110 Cr raised in FY2024
FY2025: The Number That Demands Explanation
Revenue from operations in FY2025: ₹3.83 Cr.
That is a 5.5% increase over FY2024's ₹3.63 Cr.
In the same year, total expenses went from ₹30.18 Cr to ₹73.82 Cr — a 144.6% increase.
The company nearly tripled its spending while revenue was essentially flat.
Revenue from Operations
₹3.83 Cr
+5.5% from FY2024 — essentially flat
Investment Income
₹5.81 Cr
₹4.95 Cr gains + ₹0.83 Cr interest on parked capital
Total Income
₹9.64 Cr
₹5.81 Cr is non-operating
Employee Costs
₹22.76 Cr
+83% YoY — significant team expansion
Other Expenses
₹50.66 Cr
13.2x revenue; +189% YoY — the unexplained number
Net Loss
−₹64.18 Cr
cost-to-income: 7.66x — worse than FY2024
Total Assets
₹83.85 Cr
down from ₹131.24 Cr equity in FY2024
Cash + Investments
~₹73 Cr
₹11.30 Cr cash + ₹61.79 Cr current investments
The ₹50.66 Crore Question
The filing contains one line that demands attention: "Other expenses — ₹50,58,10,000" (₹50.58 Cr rounded to ₹50.66 Cr across the filing entries).
This single line is:
- 13.2x Kiwi's ₹3.83 Cr in service revenue
- 5.25x Kiwi's total income including investment returns
- 2.22x Kiwi's employee cost base
The filing does not break it down further. Standard Schedule III does not mandate itemisation of "other expenses" for private companies below certain thresholds — so this is not a compliance failure. It is, however, an opacity that makes understanding the unit economics impossible from the filing alone.
In a co-branded credit card business, "other expenses" at this scale typically includes some combination of: cashback and reward payouts to cardholders, interchange and processing fees paid to banking partners, cloud infrastructure costs, marketing and user acquisition, and regulatory compliance costs. The ₹1.34 Cr in foreign exchange expenditure noted in the filing suggests some offshore tech or service vendor exposure.
What the filing can confirm: the line more than tripled in one year — from ₹17.48 Cr (FY2024) to ₹50.66 Cr (FY2025) — while the revenue it was presumably driving barely moved.
The core insight
₹50.66 crore in expenses the filing won't itemise. ₹3.83 crore in revenue it will. The distance between those two numbers is the Kiwi story in FY2025.
Where the Capital Went
Derived from equity balance movements across all three periods:
| Period | Equity (End) | Loss | Implied Capital Raised | |--------|-------------|------|----------------------| | Pre/FY2023 (stub) | ₹45.61 Cr | ₹2.86 Cr | ~₹47 Cr (seed) | | FY2024 | ₹131.24 Cr | ₹24.80 Cr | ~₹110 Cr (Series A) | | FY2025 | ₹73.08 Cr | ₹64.18 Cr | ~₹6 Cr (top-up) | | Total | | ₹91.84 Cr | ~₹163 Cr |
The FY2025 column is the concern. Kiwi raised approximately ₹6 Cr in new capital while burning ₹64.18 Cr. The equity base declined by ₹58.16 Cr in a single year — losses outpacing fresh capital by more than 10:1.
At end of FY2024, Kiwi had ₹131.24 Cr in equity — a comfortable position. At end of FY2025: ₹73.08 Cr. The depletion is visible in the balance sheet assets, which moved from (implied) ~₹131 Cr to ₹83.85 Cr.
The Runway Math
At end of FY2025 (March 31, 2025):
- Cash and cash equivalents: ₹11.30 Cr
- Current investments: ₹61.79 Cr
- Total liquid assets: ~₹73.09 Cr
At FY2025's burn rate of ₹64.18 Cr/year (₹5.35 Cr/month), this is approximately 13.7 months of runway from March 2025.
That puts the effective runway endpoint around May–June 2026 — which is now.
Three caveats: (1) Kiwi may have raised capital after FY2025 year-end that is not in these filings. (2) The company may have reduced its cost base since March 2025. (3) Revenue may have grown. None of these can be confirmed or denied from available MCA data. What can be confirmed is the position at the end of FY2025.
The Board and Ownership
From the latest MGT-7A annual return:
Directors:
- Siddharth Mehta (DIN: 08505732) — Director, co-founder
- Mohit Bedi (DIN: 09794437) — Director, co-founder
- Anup Kumar Agrawal (DIN: 09304394) — Director
- Ritesh Banglani (DIN: 02129763) — Director; Partner at Stellaris Venture Partners
- Treasa Mathew (DIN: 02069587) — Director; institutional nominee (fund not identified in filing)
Equity structure:
- 30,020 equity shares outstanding (₹10 face value each; total paid-up equity ₹3.00 lakh)
- 99.93% held by individuals — effectively founder-controlled
- 27,272 preference shares outstanding (₹100 face value; total paid-up preference ₹27.27 lakh)
- 99.12% of preference shares held by body corporates — institutional investors hold the structured upside
The economics of the preference structure are not disclosed in the filing. Preference shareholders — holding instruments with likely liquidation preferences and conversion rights — bear very different risk/return than equity holders at this stage.
What FY2025 Tells You
The product economics are not working at current scale. Revenue from operations grew ₹0.20 Cr on an incremental expense base of ₹43.63 Cr. That additional ₹43.63 Cr in spending generated ₹0.20 Cr in incremental revenue — a 218:1 spend-to-revenue ratio on the marginal investment.
The investment income dependency is real. Of Kiwi's ₹9.64 Cr total income in FY2025, ₹5.81 Cr came from selling investments — parked investor capital generating returns that make the total income line look less severe than the business revenue line. This is not unusual for early-stage companies, but it obscures the operating reality.
The company is at an inflection point. ₹73 Cr in liquid assets, ₹64 Cr in annual burn, and no visible acceleration in operating revenue — that combination requires either a step-change in revenue, a significant cost reduction, or new capital in the near term. Probably more than one.
The credit-card-on-UPI thesis has merit. The gap Kiwi is addressing — enabling credit card rewards on UPI rails — is real, and the RBI has expanded the regulatory framework for RuPay credit card UPI linkage. Whether GoKiwi Tech's specific implementation captures that opportunity before the capital is exhausted is what FY2026 will answer. That filing isn't available yet.
Employer Score
The FY2025 filing shows a company in a precarious financial position: 13 months of runway at current burn, a cost-to-income ratio moving in the wrong direction, and operating revenue that barely grew despite tripling expenses. The mission — making credit card rewards accessible via UPI — is defensible, and the product addresses a genuine regulatory and user need. But for candidates evaluating employment: the funding situation is uncertain, and the next capital raise appears both necessary and imminent. Wait for clarity on whether the company has extended its runway before committing.
Scores reflect financial health signals from public filings only. Not a complete hiring recommendation.
Predictions
GoKiwi Tech will raise fresh capital (equity or preference) of at least ₹50 Cr before December 2026
FY2026 'other expenses' will decrease as a percentage of total income, reflecting a cost rationalisation
Kiwi's operating revenue (services) will cross ₹20 Cr in FY2026
The company will not post a net profit before FY2028
Predictions are editorial assessments based on public filings. Validated outcomes are based on publicly available information after the filing date.
Share This
On X:
Kiwi FY2025: ₹3.83 Cr in revenue. ₹50.66 Cr in 'other expenses' the filing won't itemise. ₹64 Cr net loss. ~13 months of runway from March 2025. We read the MCA filing so you don't have to.
On Reddit / communities:
GoKiwi Tech (the Kiwi credit card startup) spent ₹73.82 crore to make ₹3.83 crore in FY2025. Revenue grew 5.5%. Expenses grew 144%. Cost-to-income went from 5.61x to 7.66x — the wrong direction. The company had ~₹73 Cr in liquid assets and ~13 months of runway at that burn rate. Full breakdown from the MCA filing.
For LinkedIn:
Kiwi's FY2025 filing: ₹3.83 Cr in operating revenue. ₹50.66 Cr in 'other expenses.' ₹64.18 Cr net loss. Equity fell from ₹131 Cr to ₹73 Cr in a single year. At current burn, runway is approximately 13 months from March 2025. The credit-card-on-UPI thesis is sound. The unit economics in FY2025 are not. The numbers are from the RoC filing.
Transparency Layer — What We Know vs. What We Infer
| Claim in Article | Type | Basis |
|---|---|---|
| FY2025: revenue ₹3.83 Cr; other income ₹5.81 Cr (interest ₹0.83 Cr + net investment gains ₹4.95 Cr + other ₹0.02 Cr); total income ₹9.64 Cr; employee costs ₹22.76 Cr; other expenses ₹50.66 Cr; depreciation ₹0.41 Cr; total expenses ₹73.82 Cr; PBT/PAT −₹64.18 Cr; total assets ₹83.85 Cr; equity ₹73.08 Cr; cash ₹11.30 Cr; current investments ₹61.79 Cr; trade receivables ₹0.96 Cr | Filed Fact | Audited standalone financial statements, GoKiwi Tech Private Limited, year ending March 31, 2025 — Form AOC-4, filed September 1, 2025, MCA |
| FY2024: revenue ₹3.63 Cr; other income ₹1.75 Cr; total income ₹5.38 Cr; employee costs ₹12.40 Cr; other expenses ₹17.48 Cr; depreciation ₹0.31 Cr; total expenses ₹30.18 Cr; PBT/PAT −₹24.80 Cr; equity ₹131.24 Cr | Filed Fact | FY2024 figures extracted from the 'previous reporting period' column of the FY2025 Form AOC-4 filing. The FY2024 standalone Form AOC-4 was filed with blank P&L fields; the FY2024 'Copy of Financial Statements' attachment was a scanned PDF (zero extractable text). These figures are the only machine-readable FY2024 P&L source available. |
| FY2023 (stub period Nov 17, 2022–Mar 31, 2023): revenue ₹0; other income ₹0.32 Cr; total income ₹0.32 Cr; employee costs ₹1.30 Cr; other expenses ₹1.84 Cr; total expenses ₹3.18 Cr; PBT/PAT −₹2.86 Cr; total assets ₹46.49 Cr; equity ₹45.61 Cr; cash ₹45.58 Cr | Filed Fact | Audited standalone financial statements, year ending March 31, 2023 — Form AOC-4, filed August 1, 2023, MCA |
| Implied capital raised approximately ₹47 Cr pre/at-incorporation, ₹110 Cr in FY2024, ₹6 Cr in FY2025 | Estimate | Derived from equity balance movements: end-period equity + period loss − beginning equity = implied raise. FY2023: 45.61 + 2.86 − 0 ≈ ₹48.47 Cr (seeded before or at incorporation, some rounding from precise start equity). FY2024: 131.24 + 24.80 − 45.61 = ₹110.43 Cr. FY2025: 73.08 + 64.18 − 131.24 = ₹6.02 Cr. Actual amounts depend on ESOP accounting and timing of allotments. |
| Runway approximately 13-14 months from March 2025 | Estimate | Derived: (cash ₹11.30 Cr + current investments ₹61.79 Cr) / (FY2025 net loss ₹64.18 Cr ÷ 12 months) = 73.09 / 5.35 = 13.7 months. Assumes burn rate remains constant and no new capital raised. Actual runway depends on post-March 2025 fundraising, revenue changes, and cost actions not visible in available filings. |
| Ritesh Banglani (DIN: 02129763) is a Partner at Stellaris Venture Partners | Filed Fact | Public record — Banglani is listed on Stellaris Venture Partners' website and in public reporting of Kiwi's funding. His DIN appears in the MGT-7A annual return as a Director of GoKiwi Tech. |
| 'Other expenses' likely includes cashback, rewards, processing fees, and marketing costs | Inference | Standard composition for a co-branded credit card rewards business at early stage. The filing does not itemise the ₹50.66 Cr line. The inference is based on business model, not disclosed data. |
A Note on This Data
The financial figures in this article come from annual statements filed by GoKiwi Tech Private Limited with the Registrar of Companies under the Ministry of Corporate Affairs — public documents accessible to any Indian citizen under the Companies Act, 2013.
FY2023 and FY2025 figures come from machine-readable Form AOC-4 PDFs (filed in absolute rupees as mandated by MCA). FY2024 P&L figures come from the previous-period comparative column in the FY2025 Form AOC-4; the FY2024 standalone Form AOC-4 was submitted with blank P&L fields, and the FY2024 financial statement attachment was a scanned PDF with no extractable text.
All figures are as filed and may have been rounded. This article is for informational purposes only. It is not investment advice, not a recommendation to buy or sell any security, and not a report of any SEBI-registered research analyst. UnpopularVoice is an independent publication.
Related Articles
The core insight
From the filing. Not the press release.