# UnpopularVoice

> Financial teardowns of Indian startups from MCA filings. Revenue, PAT, debt and cash flow — audited numbers only. No press releases.

## About

UnpopularVoice publishes financial analysis of Indian startups built from MCA (Ministry of Corporate Affairs) annual filings and XBRL data. Each article extracts FY2025 revenue, PAT, operating cash flow, total debt, and employee costs directly from audited standalone filings. Data is sourced from AOC-4 XBRL submissions. No estimates, no analyst projections.

## Coverage

Indian startups across fintech, logistics, mobility, e-commerce, and consumer sectors. FY2025 filings (April 2024 - March 2025) are the primary dataset.

## Comparisons

- [Dhan and Zerodha Run the Same Business.](https://unpopularvoice.com/compare/dhan-vs-zerodha)
- [Chaayos vs Chai Point: Same Drink. Opposite Trajectory.](https://unpopularvoice.com/compare/chaayos-vs-chaipoint)
- [PocketFM Found Profit. KukuFM Is Looking at a Cliff.](https://unpopularvoice.com/compare/pocketfm-vs-kukufm)
- [Rapido Grew. Uber Reclassified. Ola Contracted.](https://unpopularvoice.com/compare/rapido-vs-uber-vs-ola)

## Articles

- [Zerodha FY2025: Revenue ₹8,810 Cr, PAT ₹4,232 Cr, 48% Net Margin](https://unpopularvoice.com/zerodha-fy2025)
- [Razorpay FY2025: Payments Business Profitable, ₹879 Cr Write-Down Drives Headline Loss](https://unpopularvoice.com/razorpay-fy2025)
- [PhonePe FY2025: Revenue ₹6,544 Cr, OCF +₹1,903 Cr, ₹2,017 Cr ESOP Charge](https://unpopularvoice.com/phonepe-fy2025)
- [Porter FY2025: Revenue ₹4,287 Cr, First Full-Year Profit +₹131 Cr, Zero Debt](https://unpopularvoice.com/porter-fy2025)
- [Rapido FY2025: Revenue ₹910 Cr, Losses Cut 64% in Two Years, Zero Debt](https://unpopularvoice.com/rapido-fy2025)
- [OYO FY2025: Revenue ₹6,253 Cr, PAT +₹233 Cr (DTA-driven)](https://unpopularvoice.com/oyo-fy2025)
- [Zepto FY2024: Revenue ₹4,455 Cr, PAT -₹1,249 Cr](https://unpopularvoice.com/zepto-fy2024)
- [boAt FY2025: Revenue ₹3,063 Cr, PAT +₹64 Cr, Zero Long-Term Debt](https://unpopularvoice.com/boat-fy2025)
- [Scapia FY2025](https://unpopularvoice.com/scapia-fy2025)
- [Navi FY2025](https://unpopularvoice.com/navi-fy2025)
- [CRED FY2024](https://unpopularvoice.com/cred-fy2024)
- [Dezerv FY2025](https://unpopularvoice.com/dezerv-fy2025)
- [Jar FY2025](https://unpopularvoice.com/jar-fy2025)
- [Kiwi FY2025](https://unpopularvoice.com/kiwi-fy2025)
- [SuperMoney FY2025](https://unpopularvoice.com/supermoney-fy2025)
- [Stable Money FY2025](https://unpopularvoice.com/stable-money-fy2025)
- [Sugar Cosmetics FY2025](https://unpopularvoice.com/sugar-fy2025)
- [Upstox FY2024](https://unpopularvoice.com/upstox-fy2024)
- [BharatPe FY2025: Revenue ₹1,667 Cr, Losses Cut 82% — But OCF Worsened to -₹440 Cr](https://unpopularvoice.com/bharatpe-fy2025)
- [Chaayos FY2025: Revenue ₹305 Cr (+23%), Losses Halved, OCF Positive](https://unpopularvoice.com/chaayos-fy2025)
- [Chai Point FY2025: Revenue ₹208 Cr, Net Worth ₹20 Cr, Cash ₹14.50 Cr](https://unpopularvoice.com/chaipoint-fy2025)
- [Slice Small Finance Bank FY2025: ₹604 Cr Income, ₹317 Cr Loss, ₹2,905 Cr Loan Book in Year One](https://unpopularvoice.com/slice-fy2025)
- [Kissht FY2025: Revenue ₹306 Cr (-26%), PAT ₹51 Cr — Profitable Fintech, Shrinking Business](https://unpopularvoice.com/kissht-fy2025)
- [FamPay FY2025: Revenue ₹44 Cr (+184%), Loss ₹3.31 Cr | Teen Fintech Triples Revenue](https://unpopularvoice.com/fampay-fy2025)
- [MyGate FY2025: Revenue ₹173 Cr (+80%), Net Worth ₹140 Cr | Society Super-App Accelerates](https://unpopularvoice.com/mygate-fy2025)
- [Spinny FY2025: ₹4,650 Cr Consolidated Turnover, -₹672 Cr Loss | The Filing That Hides the Scale](https://unpopularvoice.com/spinny-fy2025)
- [Acko FY2025: Revenue ₹118 Cr, Net Worth ₹3,821 Cr | The Tech Company That Hides an Insurer](https://unpopularvoice.com/acko-fy2025)
- [CheQ FY2025: Revenue ₹84 Cr (+487%), Loss ₹33 Cr | Credit Card App on the Edge of Breakeven](https://unpopularvoice.com/cheq-fy2025)
- [Third Wave Coffee FY2025: Revenue ₹269 Cr (flat), FY2024 Loss ₹110 Cr | Losses May Have Compressed Sharply in FY2025](https://unpopularvoice.com/thirdwave-fy2025)
- [Infra.Market FY2025: Revenue ₹6,053 Cr (+37%), Net Profit ₹247 Cr | Profitable B2B Platform With Declining Margins](https://unpopularvoice.com/inframarket-fy2025)
- [Blue Tokai Coffee FY2025: Blue Tokai Scaled for Years. Losses Fell Only Now.](https://unpopularvoice.com/bluetokai-fy2025)
- [Noise FY2025: Made ₹2 Cr Profit. Generated ₹176 Cr Cash. Revenue Fell 24%.](https://unpopularvoice.com/noise-fy2025)
- [UltraHuman FY2025: Made ₹106 Cr Profit. Revenue Grew 5x. Employee Costs Were ₹37 Cr.](https://unpopularvoice.com/ultrahuman-fy2025)
- [Plum FY2025: Lost ₹14 Cr. Revenue Grew 62%. The Insurance Broker Is Almost Profitable.](https://unpopularvoice.com/plum-fy2025)
- [Zetwerk FY2025: Revenue Fell ₹3,000 Cr. Not in Any Press Release.](https://unpopularvoice.com/zetwerk-fy2025)
- [GIVA FY2025: Revenue ₹519 Cr. FY2024 Cash Drain Was ₹98 Cr on a ₹52 Cr Net Loss.](https://unpopularvoice.com/giva-fy2025)
- [KukuFM FY2025: Spent More on Marketing Than It Earned. Then Revenue Tripled.](https://unpopularvoice.com/kukufm-fy2025)
- [PocketFM FY2025: Cut Losses 77%. Turned Cash-Flow Positive. Half Its Revenue Is One US Customer.](https://unpopularvoice.com/pocketfm-fy2025)
- [Sahi FY2025: Raised ₹57 Crore. Customers Paid ₹5 Lakh. Burn Is ₹19 Crore.](https://unpopularvoice.com/sahi-fy2025)
- [BookMyShow FY2025: Revenue ₹1,831 Cr, OCF ₹250 Cr, ₹69 Cr in Employee Cost Nobody Was Paid](https://unpopularvoice.com/bookmyshow-fy2025)
- [Licious FY2025: Revenue ₹775 Cr, Loss ₹210 Cr. A Year of Survival, Not Growth.](https://unpopularvoice.com/licious-fy2025)
- [OneCard FY2025 Financials: ₹1,878 Cr Revenue, ₹298 Cr Loss, Branding Spend Cut 85%](https://unpopularvoice.com/onecard-fy2025)
- [CarDekho Made ₹21 Cr Profit. Lost ₹401 Cr As a Group.](https://unpopularvoice.com/cardekho-fy2025)
- [Dhan's Numbers Don't Look Like a Startup](https://unpopularvoice.com/dhan-fy2025)
- [MoneyView Made ₹240 Cr Profit. Took ₹3,413 Cr in Debt.](https://unpopularvoice.com/moneyview-fy2025)
- [ShareChat Halved Its Loss. Revenue Didn't Grow.](https://unpopularvoice.com/sharechat-fy2025)
- [RentoMojo Made ₹116 Cr in Operating Cash. Spent ₹111 Cr Buying Things to Rent.](https://unpopularvoice.com/rentomojo-fy2025)
- [UpperCase Spent ₹144 to Earn ₹100.](https://unpopularvoice.com/uppercase-fy2025)
- [Zeta Is Profitable. But 33% Smaller.](https://unpopularvoice.com/zeta-fy2025)
- [SuperTails Has ₹23 Lakh Cash. Revenue Is ₹120 Cr.](https://unpopularvoice.com/supertails-fy2025)
- [Snapmint Borrowed ₹288 Cr. Made ₹6.8 Cr Profit.](https://unpopularvoice.com/snapmint-fy2025)
- [Unacademy Is Smaller. Losses Fell Anyway.](https://unpopularvoice.com/unacademy-fy2025)
- [Renee Spends ₹49 to Earn ₹100.](https://unpopularvoice.com/renee-fy2025)
- [Pilgrim Doubled Revenue. The Loss Almost Tripled.](https://unpopularvoice.com/pilgrim-fy2025)
- [Purplle Doubled Revenue Without Spending More on Ads.](https://unpopularvoice.com/purplle-fy2025)
- [Mensa Is Unwinding Its Roll-Up.](https://unpopularvoice.com/brndme-fy2025)
- [mCaffeine Didn't Grow Out of Losses. It Cut Them.](https://unpopularvoice.com/mcaffeine-fy2025)
- [Plum Became Profitable Without Raising Capital.](https://unpopularvoice.com/pureplay-fy2025)
- [Captain Fresh's P&L Inflected. The Cash Hasn't Caught Up.](https://unpopularvoice.com/captainfresh-fy2025)
- [Fresh2Home's Reported COGS Exceeds Revenue. The Filing Doesn't Show Why.](https://unpopularvoice.com/fresh2home-fy2025)
- [Scaler's First Profit Came From Cuts. Revenue Fell 5%.](https://unpopularvoice.com/scaler-fy2025)
- [Myntra's Profit Grew 21x. Revenue Grew 18%.](https://unpopularvoice.com/myntra-fy2025)
- [upGrad Cut Its Loss in Half. Revenue Grew Only 6%.](https://unpopularvoice.com/upgrad-fy2025)
- [Vedantu's Reported Loss Fell 22%. Operating Loss Widened 25%.](https://unpopularvoice.com/vedantu-fy2025)
- [Google Pay India's Profit Halved. License Fees to Singapore Grew 13x.](https://unpopularvoice.com/googlepay-fy2025)
- [Uber India's Rides Revenue Fell 89%. Its Rides Costs Didn't.](https://unpopularvoice.com/uber-fy2025)
- [Ola's Cabs Business Lost Half Its Revenue. The Ola Electric Stake Halved Too.](https://unpopularvoice.com/ola-fy2025)
- [Amazon Cut Its India Marketplace Loss 89%. The Cumulative Bill Is ₹45,650 Cr.](https://unpopularvoice.com/amazon-fy2025)
- [Furlenco Cut Losses 99%. The ₹100 Cr It Raised Went to Debt, Not Growth.](https://unpopularvoice.com/furlenco-fy2025)
- [PharmEasy's Loss Narrowed 38%. The Cumulative Goodwill Write-Down Is ₹4,850 Cr.](https://unpopularvoice.com/pharmeasy-fy2025)
- [Healthians Cut Its Loss 79%. Net Worth Is Negative ₹901 Cr.](https://unpopularvoice.com/healthians-fy2025)
- [HealthifyMe Cut Its Loss 95%. Operating Cash Flow Worsened to -₹74 Cr.](https://unpopularvoice.com/healthifyme-fy2025)
- [Orange Health Doubled Revenue. The Reported Loss Did Not Move.](https://unpopularvoice.com/orangehealth-fy2025)
- [Tata 1mg's Standalone Made ₹65 Cr Profit. The Group Lost ₹271 Cr.](https://unpopularvoice.com/tata1mg-fy2025)
- [PharmEasy Built by Acquisition. Tata 1mg Built by One Parent.](https://unpopularvoice.com/compare/pharmeasy-vs-tata1mg)
- [Redcliffe Labs Cut Its Consolidated Loss 46%. Raised Another ₹190 Cr.](https://unpopularvoice.com/redcliffelabs-fy2025)
- [Faircent's Revenue Halved. The Profit Almost Disappeared.](https://unpopularvoice.com/faircent-fy2025)
- [Stashfin's Loan Book Grew 20% to ₹1,675 Cr. Impairment Charges Fell 35%.](https://unpopularvoice.com/stashfin-fy2025)
- [WintWealth's PAT Was -₹8 Cr. Its Operating Cash Burn Was -₹176 Cr.](https://unpopularvoice.com/wintwealth-fy2025)
- [InCred Holdings (Formerly KKR Capital Markets India) Made ₹373 Cr Profit on ₹1,874 Cr Revenue.](https://unpopularvoice.com/incred-fy2025)
- [INDmoney's Consolidated Revenue Doubled to ₹164 Cr. Its Consolidated Loss Widened by ₹50 Cr.](https://unpopularvoice.com/indmoney-fy2025)
- [LendenClub Turned Profitable. ₹28.6 Cr PAT on ₹241 Cr Income, From a -₹10.6 Cr Loss.](https://unpopularvoice.com/lendenclub-fy2025)
- [OneCard Spent ₹116 to Earn ₹100. Scapia Spent ₹305. Kiwi Spent ₹766.](https://unpopularvoice.com/compare/kiwi-vs-scapia-vs-onecard)
- [WintWealth's Loan Book Grew ₹172 Cr. Dezerv Spent ₹111 Cr on Salaries. Stable Money Kept ₹3.58 Cr of ₹104 Cr.](https://unpopularvoice.com/compare/wintwealth-vs-dezerv-vs-stablemoney)
- [Snitch Tripled Payroll. BlissClub Cut It 43%. Same Year, Same Category.](https://unpopularvoice.com/compare/snitch-vs-blissclub)
- [CashKaro's Stock-in-Trade Tripled to ₹118 Cr. Loss Widened 64%.](https://unpopularvoice.com/cashkaro-fy2025)
- [Snitch Doubled Revenue. Tripled Payroll. Flipped to a Loss.](https://unpopularvoice.com/snitch-fy2025)
- [BlissClub Halved Its Loss. The Cost It Cut Was Payroll.](https://unpopularvoice.com/blissclub-fy2025)
- [Country Delight Raised ₹622 Cr. Burned ₹269 Cr. Parked ₹207 Cr.](https://unpopularvoice.com/countrydelight-fy2023)
- [Swish Earned ₹4 Cr. Spent ₹23 Cr. Sits on ₹119 Cr Cash.](https://unpopularvoice.com/swish-fy2025)

## Data Methodology

All financial figures are sourced from audited annual filings submitted to India's Ministry of Corporate Affairs. Values are in Indian Rupees Crores (1 Crore = 10 million). Standalone filings are used unless otherwise stated. FY2025 refers to the financial year ending March 31, 2025.

## Contact

https://unpopularvoice.com