FY2025 audited reality
57% of Indian startups are still losing money.
Most aren't profitable. Here are the ones that are. Ranked from FY2025 audited filings, not press releases.
Jump to leaderboardsThe breakdown
20
Profitable
17
Loss narrowing
6
Loss deepening
4
Survival mode
Of 47 Indian startups in this index, only 20 are actually profitable on the latest audited filing.
Sector winner
Fintech leads profitability
8 of 19 companies in this sector are profitable, the highest hit-rate in the index.
Sector laggard
Consumer drags the most
Only 0 of 3 are profitable. The rest are still in capital-deployment mode.
The pattern
Capital is funding ops, not operations
57% of the index is loss-making. Borrowings, fresh equity, or carried losses are funding the gap until profitability lands, or until the runway closes.
Only 43% of the startups in this index are profitable today. The other 57% are running on capital, not on operations.
Source: latest available audited annual financial statements
Survival mode
4 companies with runway under 12 months
At the FY2025 burn rate, the cash buffer would be exhausted before the next financial year ends, unless a fresh funding round, a turnaround, or a wind-up changes the picture.
Recent movement
Companies that crossed loss → profit
These companies recorded their first profitable year (or a clear swing from loss to profit) in the latest audited filing.
The leaderboards
Ranked by what the audit actually says.
Five leaderboards, one source: latest available audited annual filings of each entity that operates the brand.
Most Profit
Top 10 by absolute PAT (₹ Cr)
- 1ZerodhaRevenue ₹8810 Cr+₹4232 Cr
- 2DhanRevenue ₹877 Cr+₹408 Cr
- 3BookMyShowRevenue ₹1831 Cr+₹253 Cr
- 4Infra.MarketRevenue ₹6053 Cr+₹247 Cr
- 5MoneyViewRevenue ₹2339 Cr+₹240 Cr
- 6OYORevenue ₹6253 Cr+₹233 Cr
- 7PorterRevenue ₹4287 Cr+₹131 Cr
- 8UltraHumanRevenue ₹542 Cr+₹106 Cr
- 9boAtRevenue ₹3063 Cr+₹64 Cr
- 10KisshtRevenue ₹306 Cr+₹51 Cr
Highest Net Margin
Top 10 by PAT/Revenue (₹50 Cr+ revenue)
- 1ZerodhaRevenue ₹8810 Cr+48.0%
- 2DhanRevenue ₹877 Cr+46.5%
- 3UltraHumanRevenue ₹542 Cr+19.6%
- 4KisshtRevenue ₹306 Cr+16.7%
- 5RentoMojoRevenue ₹266 Cr+16.2%
- 6BookMyShowRevenue ₹1831 Cr+13.8%
- 7MoneyViewRevenue ₹2339 Cr+10.3%
- 8Infra.MarketRevenue ₹6053 Cr+4.1%
- 9OYORevenue ₹6253 Cr+3.7%
- 10PorterRevenue ₹4287 Cr+3.1%
Largest Revenue
Top 10 by topline (₹ Cr)
Biggest Losses
Top 10 by absolute net loss (₹ Cr)
- 1CREDRevenue ₹2397 Cr-₹1646 Cr
- 2ZeptoRevenue ₹4455 Cr-₹1249 Cr
- 3ShareChatRevenue ₹723 Cr-₹1108 Cr
- 4ZetwerkRevenue ₹8540 Cr-₹918 Cr
- 5UpstoxRevenue ₹1150 Cr-₹701 Cr
- 6SpinnyRevenue ₹4650 Cr-₹672 Cr
- 7CarDekhoRevenue ₹2643 Cr-₹401 Cr
- 8SliceRevenue ₹604 Cr-₹317 Cr
- 9OneCardRevenue ₹1878 Cr-₹298 Cr
- 10RapidoRevenue ₹910 Cr-₹240 Cr
Most Inefficient
Top 10 by loss as % of revenue (₹10 Cr+ revenue)
- 1ScapiaLoss -₹83 Cr on ₹40 Cr-205%
- 2AckoLoss -₹194 Cr on ₹118 Cr-164%
- 3ShareChatLoss -₹1108 Cr on ₹723 Cr-153%
- 4KiwiLoss -₹64 Cr on ₹51 Cr-127%
- 5CREDLoss -₹1646 Cr on ₹2397 Cr-69%
- 6UpstoxLoss -₹701 Cr on ₹1150 Cr-61%
- 7SliceLoss -₹317 Cr on ₹604 Cr-52%
- 8Third Wave CoffeeLoss -₹110 Cr on ₹269 Cr-41%
- 9CheQLoss -₹33 Cr on ₹84 Cr-39%
- 10ZeptoLoss -₹1249 Cr on ₹4455 Cr-28%
Rankings are derived from the prominent figures shown on each company's analysis page and reflect the entity-level audited figure. Where a brand operates through both a parent and a subsidiary, the article specifies which entity each number covers.
Why this matters
Funding rounds compound losses. Profitability compounds value.
Most Indian startup news is about funding rounds. The number that matters for the business is whether the company makes money on its core operations.
Press releases use defined-by-the-author terms like contribution margin positive, adjusted EBITDA breakeven, or profitable on a unit basis. Audited PAT is a single, standardised, regulator-filed number. We use the second.
Profitable Indian startups are rare. The ones that are profitable are compounding meaningfully. The ones that aren't are running on capital, not operations.
How to use this index
- 1.Check the category a company falls in. Then read the article for the why.
- 2.Read the leaderboard rank in context. #1 in revenue is not #1 in profit. High margin on small revenue is different from low margin on large revenue.
- 3.Open the article for cost structure, OCF, and balance sheet. Profitability is the headline; the article explains how it got there.
- 4.Subscribe to be notified when a company moves between categories at the next audited filing.
The full index
Every company we've analysed, with category and article.
The full index
Showing 47 of 47 companiesRentoMojo
PAT positive in the audited filing
₹266 Cr
FY2025 Revenue
+₹43 Cr
FY2025 PAT
MoneyView
PAT positive in the audited filing
₹2,339 Cr
Consolidated Revenue
+₹240 Cr
Consolidated PAT
Dhan
PAT positive in the audited filing
₹877 Cr
FY2025 Revenue
+₹408 Cr
FY2025 PAT
BookMyShow
PAT positive in the audited filing
₹1,831 Cr
Consolidated Revenue
₹253 Cr
Standalone PAT
PocketFM
PAT positive in the audited filing
₹580 Cr
FY2025 Revenue
₹16 Cr
FY2024 Net Loss (down from ₹69 Cr)
Infra.Market
PAT positive in the audited filing
₹6,053 Cr
Standalone Revenue FY2025
₹247 Cr
Standalone Net Profit FY2025
Noise
PAT positive in the audited filing
₹1,048 Cr
Revenue FY2025 (–24% YoY)
+₹2.17 Cr
First profit after two years
UltraHuman
PAT positive in the audited filing
₹542 Cr
Revenue FY2025 (+447% YoY)
+₹106 Cr
Net profit (56% gross margin)
Kissht
PAT positive in the audited filing
₹306 Cr
Revenue FY2025 (-26% YoY)
₹51 Cr
PAT (profitable 3rd year running)
Zerodha
PAT positive in the audited filing
₹8,810 Cr
Revenue FY2025 (-11.5% from record FY2024)
₹4,232 Cr
PAT, 48% net margin
Razorpay
PAT positive in the audited filing
₹2,254 Cr
Total Revenue FY2025 (inc. discontinued)
+₹313 Cr
Operating Cash Flow (turned positive)
Porter
PAT positive in the audited filing
₹4,287 Cr
Revenue FY2025 (+57% YoY)
+₹131 Cr
First full-year profit
Rapido
PAT positive in the audited filing
₹910 Cr
Revenue FY2025 (+40% YoY)
-₹240 Cr
Loss - down 64% from FY2023 peak
Zepto
PAT positive in the audited filing
₹4,455 Cr
Revenue FY2024 (+120% YoY)
-₹1,249 Cr
Loss - flat despite revenue doubling
OYO
PAT positive in the audited filing
₹6,253 Cr
Consolidated revenue FY2025
+₹233 Cr
Second consecutive PAT profit
Upstox
PAT positive in the audited filing
₹1,150 Cr
FY2024 revenue from operations
₹177 Cr
FY2024 profit before tax
boAt
PAT positive in the audited filing
₹3,063 Cr
Standalone revenue FY2025
₹64 Cr
First profit in three years
Dezerv
PAT positive in the audited filing
₹65.62 Cr
FY2025 consolidated revenue
−₹111.98 Cr
FY2025 consolidated net loss
Jar
PAT positive in the audited filing
4.9x
Revenue growth YoY
₹13.17 Cr
First-ever net profit
Super Money
PAT positive in the audited filing
Rs 93.97 Cr
Total income FY2025
Rs 147.81 Cr
Net loss FY2025
ShareChat
Loss compressing year over year
₹723 Cr
Revenue (Flat)
-₹1,108 Cr
Loss (Halved)
Licious
Loss compressing year over year
₹775 Cr
FY2025 Revenue
-₹210 Cr
FY2025 Net Loss
OneCard
Loss compressing year over year
₹1,878 Cr
FY2025 Revenue
-₹298 Cr
FY2025 Net Loss
GIVA
Loss compressing year over year
₹519 Cr
FY2025 Revenue
₹52 Cr
FY2024 Net Loss
Plum
Loss compressing year over year
₹66.98 Cr
Consolidated Revenue FY2025 (+62% YoY)
₹13.96 Cr
Consolidated Net Loss FY2025
Zetwerk
Loss compressing year over year
₹8,540 Cr
FY2025 Standalone Revenue (-27% YoY)
₹918 Cr
FY2024 Consolidated Net Loss
Blue Tokai Coffee
Loss compressing year over year
₹325 Cr
Revenue FY2025 (+51%)
₹50 Cr
Net Loss FY2025 (down from ₹63 Cr)
Third Wave Coffee
Loss compressing year over year
₹269 Cr
Revenue FY2025 (flat from ₹241 Cr in FY2024)
₹110 Cr
Net Loss FY2024 (last disclosed)
Acko
Loss compressing year over year
₹118 Cr
Standalone Revenue FY2025 (flat YoY)
₹194 Cr
Standalone Net Loss FY2025
Spinny
Loss compressing year over year
₹4,650 Cr
Consolidated Turnover FY2025
₹672 Cr
Consolidated Net Loss FY2025
MyGate
Loss compressing year over year
₹173 Cr
Revenue FY2025 (+80% YoY)
₹39.75 Cr
Net Loss FY2024 (from ₹227 Cr in FY2023)
FamPay
Loss compressing year over year
₹44.46 Cr
Revenue FY2025 (+184% YoY)
₹3.31 Cr
Net Loss (down 31%)
Slice
Loss compressing year over year
₹604 Cr
Total Income FY2025 (Year 1 as bank)
-₹317 Cr
Net Loss After Tax
BharatPe
Loss compressing year over year
₹1,667 Cr
Revenue FY2025 (+17% YoY)
-₹88 Cr
PAT (vs -₹492 Cr FY2024)
Chaayos
Loss compressing year over year
₹305 Cr
Revenue FY2025 (+23% YoY)
-₹25 Cr
PAT (vs -₹54 Cr FY2024)
PhonePe
Loss compressing year over year
₹6,544 Cr
Revenue FY2025 (+33% YoY)
+₹1,903 Cr
Operating cash flow
Scapia
Loss compressing year over year
₹40.42 Cr
Total income FY2025
₹83.05 Cr
Net loss FY2025
CarDekho
Loss widened in latest year despite growth
₹2,643 Cr
Consolidated Revenue
-₹401 Cr
Consolidated Loss
Sahi
Loss widened in latest year despite growth
₹5 Lakh
Revenue From Customers
₹19 Cr
FY2025 Net Loss
CRED
Loss widened in latest year despite growth
₹2,397 Cr
FY2024 consolidated revenue from operations
₹1,646 Cr
FY2024 consolidated net loss
Navi
Loss widened in latest year despite growth
−₹126 Cr
FY2025 net loss (continuing ops)
−67%
Navi Finserv (NBFC) PAT YoY
Kiwi
Loss widened in latest year despite growth
₹50.66 Cr
FY2025 'other expenses', 13x revenue
₹64.18 Cr
FY2025 net loss
Stable Money
Loss widened in latest year despite growth
Rs 104.4 Cr
Reported revenue
Rs 44.9 Cr
Net loss
KukuFM
Runway under 12 months at current burn
₹258 Cr
FY2025 Revenue
₹102 Cr
FY2024 Marketing Spend
CheQ
Runway under 12 months at current burn
₹84 Cr
Revenue FY2025 (+487% YoY)
₹33 Cr
Net Loss (halved from ₹70 Cr)
Chai Point
Runway under 12 months at current burn
₹208 Cr
Revenue FY2025 (+4.3% YoY)
₹14.50 Cr
Cash remaining (vs ₹41.67 Cr FY2024)
Sugar Cosmetics
Runway under 12 months at current burn
₹405 Cr
FY2025 total income (standalone)
−₹134 Cr
FY2025 net loss (doubled YoY)
Caveats by category
Profitable: read carefully
A positive PAT can be inflated by deferred tax asset (DTA) recognition or one-time gains. Where this happens we flag it inside the article. The highest-confidence read is PAT supported by current cash tax paid.
Loss narrowing: distinguish driver
Loss compression from revenue scale (operating leverage) is structurally different from loss compression from cost cuts. The article specifies which lever is dominant.
Loss deepening: not always alarming
Some loss-deepening companies are deliberately scaling investment ahead of revenue (e.g. an NBFC growing its loan book). Look for OCF, borrowings, and credit-cost trajectory in the article.
Survival mode: time-bound
Runway is calculated at the most recent year-end. A new funding round resets it. A pivot or wind-up can change the trajectory in either direction. Treat it as a flag, not a forecast.
How to read this index
- All numbers are from the latest available audited annual financial statements at the legal entity that operates the brand.
- Where a brand operates through both a parent and subsidiary, the article specifies which entity the numbers cover.
- FY2025 covers the year ending March 31, 2025. Filings typically arrive 6–15 months after the year-end.
- Categories reflect the most recent year only. Multi-year trajectory is in each article.
- Subscribe to be alerted when a company moves between categories at the next filing.
Read carefully
What “profitable” really means in a filing
A positive PAT is not always operating profit. The audit can show a profit driven by deferred tax credits, one-time gains, or accounting choices. The article on each company specifies which.
DTA-driven PAT
Some companies report a positive PAT because they recognised a deferred tax asset (DTA), a non-cash credit that reduces tax expense. Operating PBT may still be a loss. We flag these inside the article.
Standalone vs consolidated
A company can be profitable at the holding-company level (standalone) but loss-making at the group level (consolidated), or vice-versa. The category here reflects the entity-level view; the article shows both.
Loss deepening is not always bad
A growing NBFC's loan book mechanically produces deeper losses (and negative operating cash flow) while staying healthy. Look at borrowings, OCF, and credit cost trajectory in the article.
Survival mode is time-bound
Runway is calculated at the most recent year-end. A new funding round resets it; a pivot or shutdown changes it. Treat it as a signal at a point in time, not as a forecast.
Disclaimer
All rankings and classifications are based on the most recent available audited statements, typically 6–18 months behind real time. A new funding round, a turnaround quarter, or a regulatory change is not reflected here until the next filing arrives. Numbers are extracted from each company's prominent metrics on its analysis page and represent the entity-level audited figure. Where a brand operates through a parent and a subsidiary, the article specifies which entity the numbers cover. Audited numbers describe a specific legal entity, not a brand. “Loss → profit” flags are heuristic, derived from text in the article's summary; the article is the authoritative source.
New filings reorder the leaderboard every quarter.
Get notified when a company moves up, down, or out of a category.