FY25 Financial Tracker: Tracking The Financial Performance Of Indian Startups

The Indian startup ecosystem has witnessed a massive transformation in its operational ethos and strategic priorities over the past few years. The onset of the funding winter in 2022, following the funding boom of 2021, brought the biggest change.

As funding dried up, many Indian startups had to shut shop or resort to mass layoffs to extend their runway and slash cash burn. Having become accustomed to readily available capital, new-age tech companies were compelled to confront the harsh realities of unit economics and operational efficiency.

But as they say, adversity breeds resilience. Companies quickly pivoted from their earlier mantra of “growth at all costs” to achieving profitability at the earliest. High promotional and marketing expenses, exorbitant pay hikes, and overhiring – once a common norm – were curtailed as the focus moved to bottom lines.

These efforts to trim losses and improve operational efficiency was evident in the financial statements of Indian startups for the fiscal year 2023-24 (FY24). While just 36 of the 146 startups posted profits in FY23, the number improved to 45 (out of 112) in FY24.

This trend is likely to continue in FY25 as well, with the number of Indian startups posting profits and cutting down losses expected to increase.

To keep you up to date with the financials of new-age tech companies and provide their key numbers at one place, we at Inc42 have launched the FY25 Financial Tracker. The tracker would be updated periodically to help you deep dive into the financials of Indian startups.

Currently, 20 new-age tech companies are part of this tracker. In FY25, these 20 companies reported an operating revenue of INR 85,830 Cr, up 20% from INR 71,243 Cr in FY24. While six startups reported a cumulative net loss of INR 5,093 Cr in FY25, 14 startups reported a net profit of INR 2,300 Cr.

Now, let’s take a detailed look at the key financial metrics of these startups.

Inside The FY24 Financials Of Indian Startups
Note: All amount in INR Cr

Company Name	Operating Revenue (FY25)	Operating Revenue (FY24)	Revenue Change In % YoY	Loss/ Profit (FY25)	Loss/ Profit (FY24)	Loss/Profit Change In % YoY	Employee Benefit (FY25)	Employee Benefit (FY24)	Advertisement Spends (FY25)	Advertisement Spend (FY24)
Ather	2,255	1,753.80	28.58	-812.3	-1,059.70	-23.35	412.4	369.2
Awfis	1,208	848.90	42.24	67.8	-17.50	136	135.6	–	–
BlackBuck	426.7	296.9	43.72	-8.6	-193.9	-95.56	147	286.9
CarTrade	641.1	489.9	30.86	145.2	19.9	629.65	284.3	246
Delhivery	8,932	8,141.50	9.71	162.1	-249	1,375.90	1,436.70
EaseMyTrip	587	590.50	-0.54	108.6	103.4	5.03	102.80	82.10	95.4	82
FirstCry	7,659.60	6,480.80	18.19	-264.8	-321.5	-17.64	728.3	686.4
IndiaMart	1,388.30	1,196.70	16.01	550.6	333.9	64.90	600.9	544	5.6	2.3
Ixigo	914.2	655.8	39.40	60.2	73	-17.53	163.6	141	–	–
Mamaearth	2,067	1,920	7.66	73	111	-34.23	200	171	744	661
MapMyIndia	463.2	379.4	22.09	147.6	134.4	9.82	–	–
Nazara	1,623.90	1,138.20	42.67	50.9	74.7	-31.86	287.4	186	376.8	177.5
Nykaa	7,949.82	6,385	24.51	72.07	39.74	81.35	107.3	82.8	–	–
Ola Electric	4,514	5,010	-9.90	-227.6	-158.4	43.69	463	439
Paytm	6,900	9,977.80	-30.85	-663.2	-1,422.40	-53.37	3,288.10	4,589.20	659.4	922
Swiggy	15,226.70	11,247.30	35.38	-3,116.70	-2,350.20	32.61	2,548.80	2,012.10	2,711.70	1,850.70
TBO Tek	1,392.80	1,737.40	-19.83	229.8	200.5	14.61	376	277.3
Unicommerce	134.7	103.5	30.14	17.6	13.1	34.35	61.1	62	–	–
Zomato	20,243	12,114	67.10	527	351	50.14	2,558	1,659	1,972	1,432
Zaggle	1,303.70	775.5	68.11	87.8	44	99.55	66.7	51.2	–	–

Ather Energy Trims Its Loss To INR 812 Cr

Listed EV major Ather Energy managed to trim its net loss by 23% to INR 812.3 Cr in FY25 from INR 1,059.7 Cr in the previous year. Its top line zoomed 29% to INR 2,255 Cr during the fiscal under review from INR 1,753.8 Cr in FY24.

Its expenses rose 16% to INR 3,117 Cr during the year under review from INR 2,674 Cr in FY24.

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Awfis In The Black

Delhi NCR-based coworking company Awfis, which went public last year, reported a profit of INR 68 Cr in FY25 as against a net loss of INR 17.5 Cr in FY24. Besides turning profitable, it saw its operating revenue jump 42% to INR 1,208 Cr during the year under review from INR 849 Cr in FY24.

The company’s total expenses jumped 36% to INR 1,217 Cr in FY25 from INR 892.3 Cr in the previous fiscal.

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BlackBuck’s Loss Narrows To INR 9 Cr

Logistics company BlackBuck posted a net loss of INR 8.6 Cr in FY25 as against a net loss of INR 193.9 Cr in FY24. However, its loss would have been higher if not for a tax credit of INR 244.6 Cr in FY25.

The company’s operating revenue jumped 43.7% to INR 426.7 Cr during the year under review from INR 296.9 Cr in FY24. The startup’s expenditure rose to INR 371.5 Cr, a 23% lower from INR 483.4 Cr a year earlier.

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CarTrade Posts INR 145 Cr Profit

CarTrade reported its highest-ever profit and revenue in FY25. Its bottom line skyrocketed 629.6% year-on-year (YoY) to INR 145.2 Cr from INR 19.9 Cr in FY24.

Meanwhile, operating revenue jumped almost 31% to INR 641.1 Cr in FY25 from INR 489.9 Cr in the previous fiscal year.

The company’s total expenses grew over 18% to INR 542.9 Cr in FY25 from INR 457.2 Cr in the previous fiscal

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Delhivery Reports Maiden Profitable Year

Logistics giant Delhivery reported its maiden profitable fiscal year in FY25, posting a net profit of INR 162.1 Cr as against a net loss of INR 249.2 Cr in FY24.

Its revenue from services increased 9.7% to INR 8,932 Cr in the year under review from INR 8,141 Cr in the last fiscal.

While the company’s EBITDA rose to INR 376 Cr in FY25 from INR 127 Cr in the previous fiscal, its EBITDA margin stood at 4.2% as against 1.6% in FY24.

Its total expenditure stood at INR 9,216.7 Cr in FY25, up 4% from INR 8,824.9 Cr in the previous fiscal year.

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EaseMyTrip’s Revenue Remains Flat

Delhi NCR-based online travel aggregator EaseMyTrip’s top line remained almost unchanged in FY25. The startup reported an operating revenue of INR 587 Cr, a slight decline from INR 590.6 Cr in FY24. However, net profit grew 5% to INR 109 Cr from INR 103 Cr FY24.

Total expenditure rose 16.7% to INR 460 Cr during the year under review as against INR 394 Cr in FY24. It saw its advertising as well as employee benefit expenditure increase during the fiscal under review.

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Eternal’s Revenue Breaches INR 20K Cr Mark

Zomato parent Eternal’s operating revenue rose over 67% to INR 20,243 Cr in FY25 from INR 12,114 Cr in the previous fiscal year, strengthened largely by its quick commerce and going out business verticals.

Its net profit jumped 50% to INR 527 Cr in FY25 from INR 351 Cr in FY24. Meanwhile, Eternal’s total expenditure rose 63% to INR 2,062.3 Cr in FY25 from INR 1,267 Cr in FY24.

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FirstCry’s Loss Falls By 18%

FirstCry parent Brainbees Solutions’ net loss declined 17.6% to INR 264.8 Cr during the year ended March 2025 from INR 321.5 Cr in FY24.

Its operating revenue rose 18.2% to INR 7,659.6 Cr during the year under review from INR 6,480.9 Cr a year ago. The company’s adjusted EBITDA profit grew about 43% YoY to INR 393.5 Cr. The company also said that its India multi-channel business turned net profitable.

The company’s total expenditure stood at INR 7,429.6 Cr in FY25, up 16% from INR 6,410.3 Cr in FY24.

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IndiaMart Posts INR 550 Cr Profit

B2B ecommerce marketplace IndiaMART’s net profit zoomed 65% to INR 550.7 Cr in the year ended March 2025 from INR 334 Cr in the previous fiscal year.

Its operating revenue grew 16% to INR 1,388.4 Cr from INR 1,196.8 Cr in FY24. The company’s EBITDA rose 58% year-on-year to INR 523 Cr in FY25.

The company’s total expenditure declined a marginal 0,5% to INR 905.9 Cr in FY25 from INR 910.7 Cr in FY24.

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ixigo’s Revenue Inches Closer To INR 1,000 Cr Mark

ixigo reported an operating revenue of INR 914.2 Cr in FY25, up 39.4% from INR 655.8 Cr in the previous fiscal year, boosted by strong demand from the train segment.

However, the bottom line of the company took a hit as it reported a net profit of INR 60.3 Cr, down 17.4% from INR 73 Cr profit in FY24, weighed down by high expenses.

ixigo’s total expenses for the year rose 34.8% to INR 846 Cr from INR 627.8 Cr in FY24.

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Mamaearth’s Profit Slumps 34%

Mamaearth parent Honasa Consumer saw its net profit decline 34.2% to INR 72.7 Cr in FY25 from INR 110.5 Cr in the previous fiscal year, hurt by weaker margins.

The company’s operating revenue grew 7.6% to INR 2,066.9 Cr in FY25 from INR 1,919.9 Cr in FY24. Its EBITDA margin declined 3.8 percentage points to 3.3% in the year under review from 7.1% in FY24.

The company’s total expenditure grew 12.8% to INR 2,056 Cr from INR 1,822.5 Cr in FY24.

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MapmyIndia’s Profit Nears INR 150 Cr Mark

Geotech company MapmyIndia’s consolidated net profit rose 10% to INR 147.6 Cr in FY25 from INR 134.4 Cr in the previous fiscal year.

Operating revenue jumped 22% to INR 463.3 Cr in FY25 from INR 379.4 Cr in FY24. During the year under review, MapmyIndia’s EBITDA rose 15% YoY to Rs 179.9 Cr and EBITDA margin stood at 39%.

Total expenses increased 27% to INR 306 Cr as against INR 240.9 Cr in FY24.

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Nazara’s Profit Slips 32%

Gaming major Nazara’s net profit declined 32% to INR 51 Cr in FY25 from INR 74.8 Cr in the previous fiscal year.

Its operating revenue rose 43% to INR 1,623.9 Cr from INR 1,138.3 Cr in FY24. EBITDA zoomed 20% YoY to INR 153.5 Cr in FY25, while EBITDA margin stood at 9.4% during the year under review.

The company’s expenses surged 46% to INR 1,629.9 Cr in FY25 from INR 1,112.5 Cr in the previous fiscal year.

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Nykaa’s Profit Zooms 82%

Beauty ecommerce giant Nykaa’s net profit surged 82% to INR 72.1 Cr in FY25 from INR 39.7 Cr in the previous fiscal, helped by the improvement in margins.

Operating revenue grew 25% to INR 7,949.8 Cr in FY25 from INR 6,385.62 in FY24. Its gross merchandise value (GMV) rose 25% YoY to Rs 15,604 Cr in FY25. While EBITDA increased 37% YoY to INR 474 Cr during the year under review, EBITDA margin improved to 6% from 5.4% in FY24.

In the year under review, Nykaa reported a 23.6% increase in its expenses to INR 7,849.63 from INR 6,346.54 in the last year.

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Ola Electric’s Loss Zooms 44%

EV major Ola Electric’s loss surged 44% to INR 2,276 Cr in FY25 from INR 1,584 Cr in FY24. Meanwhile, its top line shrank 10% to INR 4,514 Cr from INR 5,010 Cr in the last fiscal year.

In FY25, Ola Electric’s consolidated EBIDTA margin stood at -34.6%.

The company slightly reduced its expenses during the year under review to INR 6,253 Cr from INR 6,277 in FY24.

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Paytm’s Revenue Falls 31%

Fintech major Paytm’s operating revenue declined a sharp 31% to INR 6,900.4 Cr in FY25 from INR 9,977.8 Cr in FY24.

However, the company also managed to reduce its loss by 54% to INR 663.2 Cr in FY25 from INR 1,422.4 Cr in the previous year.

The company’s total expenses fell 22% to INR 9,059 Cr during the year under review from INR 11,644.6 in FY24.

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Swiggy’s Loss Crosses INR 3,000 Cr Mark

Foodtech giant Swiggy, which went public last year, saw its net loss zoom 33% to INR 3,116.8 Cr in FY25 from INR 2,350.2 Cr in the previous fiscal year, on the back of quick commerce expansion.

The company’s expenses went up almost 34.3% to INR 18,725.4 Cr in FY25 from INR 13,947.4 Cr in the previous year.

However, its top line also rose 35% to INR 15,226.8 Cr during the year under review from INR 11,247.4 Cr in FY24.

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TBO Tek’s Profit Jumps To INR 230 Cr

B2B travel tech company TBO Tek’s net profit rose 15% to INR 229.9 Cr in FY25 from INR 200.6 Cr in FY24.

Operating revenue increased 25% to INR 1,737.5 Cr during the year under review from INR 1392.9 Cr in FY24. The company’s expenses grew 29% to INR 1,537.4 Cr in FY25 from INR 1,187 Cr in FY24.

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Unicommerce Posts INR 18 Cr Profit

Ecommerce-focussed SaaS company Unicommerce’s net profit increased 34.3% to INR 17.6 Cr in FY25 from INR 13.1 Cr in FY24 on the back of strong top line growth and a rise in number of clients.

The company’s operating revenue rose 30.2% to INR 134.8 Cr in FY25 from INR 103.5 Cr in the previous fiscal year. Adjusted EBITDA increased 56% to INR 28.4 Cr in FY25 from INR 18.2 Cr in FY24.

Total expenses for the year stood at INR 116.1 Cr, up 26.3% from INR 91.9 Cr in FY24.

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Zaggle’s Profit Doubles

Fintech SaaS company Zaggle reported a profit of INR 87.9 Cr in FY25, a twofold increase from INR 44 Cr in FY24. Its operating revenue soared 68% to INR 1,303.7 Cr during the year ended March 31, 2025 from INR 775.5 Cr in the last fiscal.

Zaggle’s adjusted EBITDA grew 45.5% to INR 124.4 Cr in FY25 from INR 85.6 Cr in FY24. EBITDA margin stood at 9.6% during the year under review.

Total expenses increased 66% to INR 1,212.1 Cr in FY25 from INR 727 Cr in FY24.

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With Inputs From: Anne Florentyna & Ananya Upadhyaya

Edited By: Vinaykumar Rai

Last Updated: 15 June, 11:00 AM IST

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