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

The Revenue That Is Not From Customers

Sahi earned ₹5.14 lakh from customers in FY2025.

It raised ₹57 crore.

This is not a loss-making business. This is a business still looking for revenue.

The standalone filing shows ₹0.91 crore in revenue, but that is entirely intra-group: tech service fees charged by the holding company to its own broking subsidiary. Strip that out and the actual brokerage income from external clients was ₹5.14 lakh for the full year.

All figures are from audited MCA filings: standalone and consolidated financial statements for FY2025 (AOC-4 XBRL, filed November 13, 2025), and the FY2025 annual return (MGT-7, filed December 11, 2025).

The Two-Entity Structure and Why It Exists

Sahi operates through two legal entities.

Aaritya Technologies Private Limited is the holding company. It develops and owns the technology platform, employs most of the team, and earns revenue by charging Aaritya Broking for that technology as a service. FY2025 standalone revenue: ₹0.91 Cr, entirely this intra-group fee.

Aaritya Broking Private Limited (CIN U66120KA2023PTC180274) is the 100% subsidiary. It holds the SEBI broking license, faces the customer directly, and earns the actual commissions. FY2025 brokerage revenue: ₹5.14 lakh.

This structure is not unusual. Indian fintechs routinely separate the regulated entity (which requires specific licenses) from the technology entity (which holds the IP and employs engineers). The holding company charges the subsidiary at cost-plus, creating an intra-group revenue line that eliminates in consolidation. The consolidated statement shows what the group actually earns from the outside world.

What the outside world paid Sahi in FY2025: ₹5.14 lakh.

Where the ₹19 Crore Goes

FY2025 standalone expenses: ₹19.27 Cr on ₹0.91 Cr in revenue.

The breakdown, in order of size:

Employee benefit expenses: ₹14.37 Cr. Other expenses: ₹4.78 Cr. Depreciation: ₹0.12 Cr.

The employee line dominates. It includes ₹4.43 Cr in ESOP expense, which is non-cash. The cash payroll was approximately ₹10 Cr across 26 employees, implying average annual cash compensation of roughly ₹38 lakh per person. This is consistent with a small engineering and product team in Bangalore.

The ESOP program is notable for its scale relative to company size. Aaritya Technologies had a pool of 26,316 options, granted 15,133 during FY2025, and had 11,183 options outstanding at year-end. The fair value per share used in valuation was ₹11,104 per option. At 15,133 options granted across a 26-person team, the implied equity upside per employee is significant if Sahi reaches scale.

Within other expenses, business promotion (₹1.52 Cr) and software subscriptions (₹1.50 Cr) are the two largest items. The business promotion line is new in FY2025. The company began marketing its product in its first full operating year. Software at ₹1.50 Cr reflects the cost of running fintech infrastructure: cloud providers, API vendors, compliance tools, market data feeds. The company also spent ₹0.34 Cr in foreign currency, primarily software and IT expenses paid to overseas vendors.

In the consolidated entity, other expenses rise to ₹6.63 Cr, with the incremental cost coming from Aaritya Broking's regulatory, compliance, and operational expenses as an active SEBI-registered broker.

The Capital Story: ₹57 Crore Parked While Building

Sahi raised approximately ₹57.55 Cr since incorporation in July 2023: ₹56.45 Cr in CCPS in FY2024, ₹1.06 Cr in FY2025, and ₹0.10 Cr in founder equity. At FY2025 year-end, consolidated liquid assets were ₹27.71 Cr: ₹15.50 Cr in fixed deposits, ₹2.37 Cr in current accounts, and ₹9.84 Cr in mutual funds. The company also put ₹13.19 Cr into Aaritya Broking as equity and lent it ₹2.25 Cr.

The FD and mutual fund strategy is deliberate. The company earned ₹0.90 Cr in interest income and ₹1.45 Cr in mutual fund gains in FY2025, contributing ₹2.35 Cr to the income statement. That is 2.6 times the intra-group revenue. In the current phase, treasury management contributes more to the income line than the product does.

It is also a clock. The company redeemed ₹20.94 Cr of mutual funds in FY2025 to fund operations. At the current rate, the liquid pool is gone in 19 months.

The Runway Calculation

Standalone runway: ₹39.79 Cr net worth divided by ₹15.93 Cr annual loss equals approximately 30 months from March 2025.

Consolidated runway: ₹36.44 Cr net worth divided by ₹19.03 Cr annual loss equals approximately 23 months from March 2025. That points to February 2027.

The liquid asset cover is tighter. ₹27.71 Cr in consolidated liquid assets at a monthly burn of approximately ₹1.44 Cr (₹17.22 Cr OCF per year) provides 19 months of operational cash before the company needs to either raise fresh capital or significantly reduce its spend.

Neither figure includes any revenue growth. If brokerage income scales from ₹5.14 lakh to, say, ₹5 Cr within the window, the runway extends substantially. If the burn rate also grows because of increased marketing and headcount, the runway compresses.

The CCPS investors will determine whether there is a follow-on raise. No fresh CCPS raise is visible in FY2025 beyond the ₹1.06 Cr top-up. A Series A raise within the next 12 months would be consistent with the runway math.

What Must Happen

External revenue must show up. The company has been in operation since July 2023 and earned ₹5.14 lakh from customers in its first full year. That is not a revenue problem yet; it is a launch. The question is trajectory. If FY2026 shows ₹5 Cr or more in consolidated brokerage and distribution income, the burn-to-revenue ratio starts to compress from 380:1. If it stays at ₹5-10 lakh, the filing will look structurally similar next year.

The ESOP structure must resolve into retention. With ₹4.43 Cr in ESOP expense for 26 people, Sahi has made equity a meaningful component of compensation. The pool of 11,183 outstanding options has a fair value above ₹11,000 per option. If the company reaches scale, this creates real retention incentive. If it does not, ESOPs granted to employees who leave before vesting get forfeited and the cost is reversed. The filing shows zero forfeitures in FY2025. The team is intact and presumably still building.

A raise is likely required before the window closes. ₹27.71 Cr in liquid assets against a ₹17-19 Cr annual consolidated burn provides approximately 19-23 months of operating cover. A new raise to extend the runway and signal investor confidence in the product traction would be the expected move in the next 12-18 months.

The product Sahi is building, a direct investment platform targeting retail investors in a category already occupied by Groww and Zerodha, is not underfunded. ₹57 Cr is adequate seed-stage capital for a regulated fintech. The question the filing cannot answer is whether the product has found users willing to pay for it. ₹5.14 lakh in FY2025 suggests that question is still open.

Sahi has two years to answer it.