Fintech

CashKaro · Standalone and consolidated audited financial statements FY2025, Pouring Pounds India Private Limited (operating brands: CashKaro, EarnKaro, BankKaro)

CashKaro's FY25 audit shows two movements that don't usually appear together for a cashback platform. Revenue grew 21% to ₹341 Cr. And purchases of stock-in-trade tripled to ₹117.60 Cr from ₹38.20 Cr the year before, accompanied by an inventory line that appeared on the balance sheet for the first time. The audit does not state which product line drove the inventory build. Loss widened 64% to ₹38.18 Cr; the net worth movement of -₹38 Cr matches the loss exactly, indicating no fresh equity was raised in FY25. Advertisement and promotional spend held flat at ₹120 Cr, which is a per-rupee-of-revenue improvement from 42% to 35%. Zero borrowings; ₹25 Cr cash on hand.

INDmoney · Standalone and consolidated audited financial statements FY2025, INDmoney Tech Private Limited (formerly Finzoom Investment Advisors Private Limited)

INDmoney's FY25 consolidated audit records revenue more than doubling to ₹164 Cr (+133%). The same audit records consolidated net loss widening to ₹133 Cr from ₹83 Cr, a ₹50 Cr deterioration. The revenue growth is real; the cost-side movement was larger. Other expenses at the consolidated level grew 135% (₹100 Cr to ₹236 Cr) while employee benefits grew 14%. Pre-tax loss was ₹175 Cr; a ₹44 Cr deferred tax credit cushioned the reported PAT loss to ₹133 Cr. Consolidated operating-cash absorption rose to ₹181 Cr from ₹84 Cr. The standalone parent layer remains different: net worth ₹1,003 Cr, with ₹739 Cr deployed as investments in subsidiaries.

WintWealth · Standalone and consolidated audited financial statements FY2025, FourDegreeWater Capital Private Limited (operating brand: Wint Wealth)

WintWealth's FY25 consolidated audit reports a net loss of ₹8.15 Cr. The same audit reports operating cash flow of -₹176.12 Cr. The PAT is small. The operating cash absorption is twenty-two times larger. The audit's loans schedule explains where the cash went: consolidated loans on the balance sheet grew from ₹76.53 Cr to ₹248.28 Cr, an expansion of ₹171.75 Cr that mirrors the operating-cash absorption almost rupee-for-rupee. There is a lending entity inside the WintWealth group, extending credit alongside the corporate-bond distribution platform. Revenue at the consolidated level more than doubled to ₹44.54 Cr; total assets nearly doubled to ₹373 Cr; borrowings expanded 83% to ₹109 Cr alongside approximately ₹223 Cr of fresh equity raised during the year. Net worth flipped from -₹117 Cr to +₹98 Cr.

Snapmint · AOC-4 Standalone and Consolidated Financial Statements FY2025, Snapmint Credit Advisory Private Limited

Snapmint (Snapmint Credit Advisory Private Limited) reported FY2025 consolidated revenue of ₹151.43 Cr, up 71% from ₹88.56 Cr. Consolidated PAT was +₹6.83 Cr, swinging from a loss of -₹33.65 Cr in FY2024. The loan book nearly doubled to ₹354.73 Cr; borrowings to fund it doubled to ₹288.15 Cr. Finance costs tripled. The standalone parent earned ₹5.06 Cr; the lending arm now contributes the rest.

Zeta · AOC-4 XBRL Standalone Financial Statements FY2025, Better World Technology Private Limited

Zeta India (Better World Technology Private Limited) reported FY2025 standalone revenue of ₹599.43 Cr, down 32.9% from ₹892.95 Cr. PAT was ₹53.55 Cr, down 55% from ₹119.83 Cr. Employee costs were cut ₹160 Cr; other expenses cut ₹64 Cr. Operating cash flow flipped from +₹58.86 Cr to -₹11.94 Cr. The company is still profitable, but the business is contracting.

MoneyView · AOC-4 XBRL Standalone and Consolidated Financial Statements FY2025, Whizdm Innovations Limited

MoneyView (Whizdm Innovations Limited) reported FY2025 consolidated revenue of ₹2,339 Cr, up 74% from ₹1,342 Cr. Consolidated PAT was ₹240 Cr, up 40% from ₹171 Cr. Borrowings grew to ₹3,413 Cr from ₹1,709 Cr. Finance costs nearly tripled to ₹370 Cr. The standalone (tech platform) profit was ₹164 Cr; the rest comes from the NBFC subsidiary.

Dhan · AOC-4 XBRL Standalone Financial Statements FY2025, Raise Software Private Limited

Dhan (Raise Software Private Limited) reported FY2025 standalone revenue of ₹876.59 Cr, up 136% from ₹370.84 Cr. PAT was ₹408.08 Cr, up 156% from ₹159.24 Cr. Current tax paid was ₹140.19 Cr, three times FY2024's ₹41 Cr. Net margin: 46.6%. Operating cash flow: ₹134.97 Cr.

OneCard · AOC-4 XBRL Standalone and Consolidated Financial Statements FY2025, FPL Technologies Private Limited

OneCard (FPL Technologies Private Limited) reported FY2025 standalone revenue of ₹1,877.75 Cr, up 32% from ₹1,425.58 Cr. Net loss compressed from ₹401.15 Cr to ₹297.57 Cr. Branding and advertisement spend was cut from ₹175.01 Cr to ₹26.71 Cr, an 85% reduction. The company raised fresh ₹214 Cr in CCPS during FY2025. Cumulative losses to date stand at ₹1,330 Cr.

Sahi · AOC-4 Standalone and Consolidated Financial Statements FY2025 (filed November 13, 2025), MGT-7 FY2025 (filed December 11, 2025), Aaritya Technologies Private Limited

Sahi (Aaritya Technologies Private Limited) reported standalone revenue of ₹0.91 Cr in FY2025, its first full operating year. But that revenue is entirely intra-group: tech services charged to its own broking subsidiary. Actual brokerage income from customers, on a consolidated basis, was ₹5.14 lakh. The group burned ₹19.03 Cr and has approximately 23 months of runway at the current rate.

CheQ · Annual Filings FY2025 Standalone + Consolidated (Cheq Digital Private Limited)

CheQ spent approximately ₹87 Cr on marketing in FY2025 and earned ₹84 Cr in revenue. That ₹3 Cr gap, before employee costs and everything else, produced the ₹32.75 Cr net loss. One year earlier, the same company spent ₹61 Cr in marketing to earn ₹14 Cr. The ratio moved from 4.25x to 1.03x in a single year. Net worth is ₹20.38 Cr with zero long-term debt. The credit card repayment platform is closer to profitability than almost any consumer fintech in India right now.

FamPay · Annual Filings FY2025 Standalone (Trio Tech Solutions Private Limited)

FamPay's FY2025 revenue tripled from ₹15.64 Cr to ₹44.46 Cr. The company crossed 6 million users on its rebranded Famapp by Trio platform. But 6 million users generating ₹44 Cr means ₹74 per user per year. The filing does not break down how much of that is durable subscription revenue versus float income from fundraising cash. Net worth fell from ₹20.73 Cr to ₹12.67 Cr despite a ₹3.31 Cr reported loss, suggesting equity adjustments beyond the P&L.

Slice · Annual Filings FY2025 Standalone (Slice Small Finance Bank Limited)

Slice Small Finance Bank's FY2025 filing covers the first full reporting year after the three-way merger of Slice fintech, North East Small Finance Bank, and RGVN Microfinance (effective October 2024). Total income was ₹603.71 Cr. Net loss: ₹316.70 Cr. Operating expenses of ₹481 Cr exceeded net interest income of ₹209 Cr. The loan book stands at ₹2,904.87 Cr. This is what a newly merged bank building its cost base looks like before scale arrives.

BharatPe · Annual Filings FY2025 Consolidated (Resilient Innovations Private Limited)

BharatPe's FY2025 headline is an 82% loss reduction: PAT improved from -₹491 Cr to -₹88 Cr. But operating cash flow worsened from -₹97 Cr to -₹440 Cr. Cash fell ₹363 Cr in a single year. Debt nearly doubled from ₹528 Cr to ₹969 Cr. The improvement rests on three one-time drivers: advertising slashed 84%, an exceptional gain of ₹70 Cr, and ₹148 Cr in non-cash ESOP charges. The operating trajectory tells a different story than the PAT line.

Kissht · Annual Filings FY2025 Standalone (OnEMI Technology Solutions Limited)

Kissht made ₹51 Cr in profit in FY2025. It also saw revenue fall 26%, from ₹412 Cr to ₹306 Cr. Most consumer fintechs would celebrate the profit and obscure the revenue decline. The MCA filing records both. The balance sheet is strong: zero debt, ₹764 Cr net worth. Whether the contraction was deliberate (tighter credit standards post-RBI warnings) or forced (competition, regulatory pressure) is the question the filing does not answer.

Zerodha · Annual Filings FY2025 Standalone (Zerodha Broking Limited)

Zerodha made ₹4,232 Cr profit in FY2025 on a 48% net margin. That is the good news. Revenue fell 11% from the FY2024 record of ₹9,950 Cr as SEBI's new F&O regulations reduced trading volumes. The decline is real. The profits are still enormous. Zero debt, zero external funding, ever.

Razorpay · Annual Filings FY2025 Standalone (Razorpay Software Limited)

Razorpay's core payments business (transferred to a subsidiary during restructuring) earned ₹63.62 Cr PAT in FY2025 on ₹2,202 Cr in revenue. The headline PAT for the standalone holding entity is -₹1,022 Cr, but ₹879 Cr of that is an exceptional non-cash write-down from the restructuring. Operating cash flow turned positive at +₹313 Cr. Zero debt, ₹1,763 Cr cash.

PhonePe · Annual Filings FY2025 Standalone (PhonePe Limited)

PhonePe's FY2025 P&L shows a ₹1,265 Cr accounting loss. The cash flow statement shows ₹1,903 Cr generated from operations. The gap is almost entirely ₹2,017 Cr in ESOP charges and ₹1,146 Cr in depreciation, both largely non-cash. Revenue reached ₹6,544 Cr, up 33%. The operating loss on a cash-comparable basis is narrowing rapidly. The filing also includes a ₹421 Cr exceptional write-down of a subsidiary investment.

Upstox · FY2024 Consolidated filing data Financial Statements (RKSV Securities India Private Limited)

Upstox reported ₹1,150 Cr revenue and ₹177 Cr profit before tax in FY2024. Two years earlier it lost ₹701 Cr. The reversal happened without layoffs: employee costs fell from ₹211 Cr to ₹191 Cr while revenue grew 22%. The first profitable year, arrived on operating leverage rather than cost cuts.

CRED · MCA audited annual filing FY2024 (consolidated + standalone) + capital raise filings through June 2025

CRED's FY2024 consolidated filing shows revenue of ₹2,397 Cr, up 71%, and a loss of ₹1,646 Cr, up 22%. The cumulative retained-earnings deficit at the parent has reached ₹5,256 Cr. A June 2025 capital raise priced at 71% below the August 2024 DCF baseline. Eight subsidiaries, a controlled NBFC associate, and a cost-to-income ratio of 1.67x. The full breakdown from the MCA filing.

Kiwi · Annual Filings FY2023 (stub)–FY2025

Kiwi's FY2025 filing shows ₹3.83 Cr in revenue and ₹50.66 Cr in a single line item labelled other expenses. That is 13.2 times the revenue from operations. The filing does not break down what those expenses are. The company lost ₹64.18 Cr on a revenue base that grew just 5.5%. Roughly 13 months of runway from March 2025. Three years of MCA filings, every number.

Jar · Annual Filing FY2025

Jar turned profitable for the first time in FY2025: ₹13.17 Cr net profit on ₹188.78 Cr revenue, after four consecutive years of losses totalling over ₹286 Cr. Revenue grew 4.9x from ₹38.36 Cr to ₹188.78 Cr while total expenses grew only 31%. That ratio shift is what operating leverage looks like when it finally arrives in a consumer fintech.

Scapia · Annual Filings FY2023–FY2025

Scapia grew revenue 67% to ₹40.42 Cr in FY2025 while actually cutting other expenses from ₹76.32 Cr to ₹61.65 Cr. A startup that grew revenue and reduced costs simultaneously is unusual. The net loss still held at ₹83.05 Cr, marginally below FY2024's ₹87.97 Cr. Cash at ₹304.65 Cr provides meaningful runway. The cost-to-income ratio compressed from 9.82x to 3.05x over three years, but the gap to profitability remains large.

Super Money · Annual Filings FY2024–FY2025

Flipkart's Super Money earned ₹93.97 Cr in FY2025. It lost ₹147.81 Cr doing it. Revenue grew 4.8x from FY2024. Losses grew 7.2x. The legal entity is an AR startup acquired by Flipkart and repurposed as Walmart's India fintech arm. Here's what the MCA filing shows.

Stable Money · Annual Filings FY2025

Stable Money reported ₹104 Cr in revenue. The platform itself retained ₹3.58 Cr. That gap, between what was reported and what was kept, produces the ₹44.9 Cr net loss. The cost base is running at 14x retained revenue.