India’s evolving fintech landscape has hardly witnessed a raging chorus, with every stakeholder – from regulators to startups and lenders – pressing for a change in guidelines. That’s what is taking the country’s $793 Bn fintech market, on course to surpass $2.1 Tn by 2030, by storm at the moment. 

The stakeholders have reached out to Prime Minister Narendra Modi, seeking a green light to charge large merchants on any UPI transactions above INR 2,000. The Merchant Discount Rate (MDR), which is the fee charged to merchants by banks or payment service providers for processing digital transactions through the Unique Payment Interface (UPI), was brought down to zero from January 1, 2020, to push for digital payments. 

But the need to bring back the MDR was amplified with UPI becoming the primary mode of retail payments and RuPay gaining traction, and the industry felt the blanket waiver was no longer necessary to drive digital payments. 

On March 24, the Payments Council of India (PCI) in a letter to PM Modi sought urgent reconsideration of Zero MDR on UPI and Rupay debit card transactions. PCI is an industry body of members like Airtel Payments Bank, Amazon Pay, Google Pay, Cashfree, and Jio Payments Bank. PCI’s call to impose MDR on big-ticket transactions was supported by another industry body, Startup Policy Forum, which counts Razorpay, Groww, and Zerodha as its constituent members. 

They have called for an MDR of 0.3% on UPI payments above the ticket size of INR 2,000 for P2M transactions where merchants have an annual turnover of INR 20 Lakh. The two-tiered approach will balance growth with financial inclusion on one hand, while on the other, foster a sustainable ecosystem for digital payments space.

Banks had earlier requested the government to restore MDR on UPI payments for merchants with an annual GST turnover exceeding INR 40 Lakh. In fact, various industry players have repeatedly demanded that MDR be restored. 

The call for MDR turned louder even as some of the largest players in the ecosystem, especially third-party applications (TPAPs) like Google Pay, PhonePe, and Paytm, maintained an unusual silence on the issue. Together, Google Pay and Phonepe constitute more than 80% of the UPI transactions on a volume basis, while Paytm remains a distant third. 

“While it is true that we have not heard much from the TPAPs on the MDR issue, there is no reason why they should not be supporting this, considering that it will not impact 90% of their transaction volume as the average transaction value for them is below INR 2,000,” Rajesh Londhe, cofounder, Phi Commerce, told Inc42. 

The fintechs and some of the leading banks that have taken up the issue with the RBI have not found any resistance from the regulator. “What the industry has been told is that the regulator is awaiting clarity from the government on MDR and once that happens, the RBI and the NPCI will have no choice but to allow the acquiring banks and payment companies to charge MDR from large merchants,” he said. 

An acquiring bank enables businesses or merchants to accept various types of transactions, including credit or debit cards and other digital payments. 

Sources privy to the discussions among the banks, fintechs and the RBI indicated that the industry hopes to see an announcement from the finance ministry on MDR soon. The participation of some of the largest private lenders has strengthened the case in their favour. 

With the chorus growing louder to reinstate MDR on UPI, we unpack what’s really driving the demand.

What Went Wrong In Zero MDR Regime

The zero merchant discount rate regime was rolled out in January 2020 for RuPay Debit Card and BHIM-UPI transactions through amendments in Section 10A of the Payments and Settlement Systems Act, 2007 and Section 269SU of the Income-tax Act, 1961. The move was intended to accelerate digital payment adoption in the wake of the government’s 2016 demonetisation push towards a cashless economy.

Finance Minister Nirmala Sitharaman had backed the move, arguing that while the government imposed Zero MDR, the costs incurred in UPI payments were far lesser than the other modes of transactions. 

While the government did not allow banks and payment companies to charge MDR from merchants on any UPI transactions, it compensated banks, PSPs and TPAPs to the tune of 0.15% for UPI transactions below INR 2,000, while there were no sops for big-ticket transactions. 

The incentive payout stood at INR 1,389 Cr in FY22 and it went down to INR 2,210 Cr in FY23. The corpus was raised to INR 3,631 Cr in FY24, but was again brought down to INR 1,500 Cr (revised estimate) in FY25. According to media reports, the allocation has been hacked down to INR 437 Cr for FY26 (projected).

While the government incentives slowed down, UPI transactions gathered momentum, emerging as the most preferred form of digital payments in India. 

In March 2025, UPI processed 18.3 Bn transactions valued at INR 24.7 Tn. The UPI’s share in India’s digital payments pie stood at 83% in 2024 from 34% in 2019, averaging a growth rate of 74% in the five years, as per data collated from The National Payments Corporation of India (NPCI), which runs the UPI. Merchants payments constituted 62% of all UPI transactions. 

Riding on the UPI wave, the government has signed agreements with various countries like France, Singapore, Maldives, and the UAE to develop UPI-like payment systems there and promote cross-border payments. 

Banks and fintech players argued that some of the goals aimed at Zero MDR on UPI had been achieved, with Indian consumer habits also undergoing a seismic shift. 

Why The Call To End Zero MDR Turned Louder

Over the past couple of years, banks, payment processors, and even TPAPs have had to upgrade their tech stacks and bear server costs to accommodate exponentially rising UPI transactions. 

“We have seen frequent outages because of technical issues faced by the NPCI, latency in the bank network, and such challenges. There were five reported UPI outages over the past one year across the country with NPCI attributing the same to some ‘intermittent technical issues’,” founder of a TPAP said. 

While it isn’t certain as to what the specific technical challenges could be, industry analysts say that it has become unsustainable for fintechs and banks to keep up with the rising costs associated with UPI transactions under the current Zero MDR regime.

Some fintech founders complained that the government’s incentives for UPI players were never enough to cover the costs associated with transactions. 

“It is crucial for payment companies to rely on sustainable models to whatever extent possible.This has been in the works for a while. The timing now seems right because the government has completed its initial digitisation and UPI groundwork. Now, the focus is on making the system sustainable while ensuring quality for those supporting it,” Rohit Taneja, founder and chief executive of Decentro, a banking integration platform for merchants, told Inc42. 

“Banks, in particular, have been vocal about this. Any senior banker would say that while UPI is great for maintaining trust, it is incredibly costly. They are expecting better support and incentives from the government, which has been the broader discussion,” he added.

Taneja went on to add that government incentives cannot be a solution since banks and fintech will have to first spend on infrastructure costs to enable transactions, and then only the government incentives will cover the costs. “Moreover, these incentives have been heavily skewed towards a few players, and they clearly benefited the most,” Taneja added.

Zero MDR is not the only issue that has roiled the fintech space. The dominance of TPAPs like PhonePe and Google Pay has created an uneven field in the consumer-facing UPI apps market. Industry leaders have long argued that this is against competitive practices.

The NPCI had called for limiting the market cap of UPI for each TPAP to 30% of the market share, but over the last couple of years, it has repeatedly deferred the deadline for this. 

Will MDR Restoration Be A Nemesis For UPI

“Certainly not,” the founder of a Bengaluru-based TPAP platform ruled out the possibility of a downfall for the UPI in bringing back the merchant fees. “Our demand is only to charge big merchants for transactions above INR 2,000. Big-ticket transactions make up only 10% of the UPI volumes.” 

PCI members Inc42 spoke to said the majority of the UPI volume is made up of micro-transactions, or those below INR 2,000. Also, the government incentives were for micro-transactions on the UPI and not large-ticket transactions. Since Zero MDR was a sweeping regulation, banks and payment companies weren’t charging merchants anything. 

Rajesh Londhe of Phi Commerce argued that the demand of charging 0.3% on each big transaction would not necessarily impact merchant behaviour or lead them to opt for other payment methods. 

“Merchants typically adopt the payment methods that consumers prefer. A decade ago, people asked for POS machines, but today, QR codes are the norm. The same will continue even after MDR is introduced. UPI adoption will not decline – it will simply create a more balanced ecosystem,” Londhe said. 

There are murmurs in fintech circles that some payment gateway companies were charging a certain percentage of the transaction amount as a payment processing charge disguised as hidden fees or convenience fees. 

“Once this merchant discount rate (MDR) comes into play, the concept of free UPI will no longer exist. Large merchants expect UPI transactions to be free, which puts pressure on PGs (payment gateways) to monetise through credit cards or offer additional services at very low margins – sometimes as low as 0.1% or 0.2%. This is not a sustainable solution,” Taneja said.

“Once the free aspect is removed, merchants can no longer expect free UPI transactions by default, since the government won’t mandate it. Each PG will develop its own pricing strategy. Some PGs may still choose to offer free UPI transactions, but it won’t be a universal rule.” he added.

The NPCI, however, negated the complaints of the payment service providers. The absence of MDR is not deterring new participants from joining the UPI ecosystem, NPCI managing director and chief executive Dilip Asbe was quoted as saying in the media recently, with 50 TPAPs keen on boarding the real-time payment rails.

What Keeps Third-Party Big 3 Silent On MDR Issue 

As the demand to end the Zero MDR regime grows louder, the silence from the big three consumer-facing UPI apps — PhonePe, Google Pay, and Paytm — hasn’t gone unnoticed, especially in the wake of the government slashing incentives over the past month.

Some of the big TPAPs are also members of the PCI, which has been leading the rally against Zero MDR. 

Although restoration of MDR on UPI is not likely to have any financial impact on these applications since most transactions are micro-transactions on these apps, these players are concerned that the merchants may pass on the costs being charged to the consumer that may, in turn, impact the userbase of these apps. 

The MDR being proposed to be charged from merchants will be shared between the acquiring banks and the payment gateways, not the TPAPs. Only if a TPAP has its own payment gateway business, like PhonePe or Paytm, will it make revenue out of the MDR ambit.

“Google Pay doesn’t have its own PG business. PhonePe and Paytm’s PG businesses are small, compared to mature players. This regulation although would not impact them directly, there are concerns of a spill-over effect on the consumer behaviour if large merchants are charged and they pass it on to consumers.This could impact the UPI userbase which, in turn impacts these TPAPs,” the Bengaluru TPAP founder pointed out.

Any erosion in the user base would also concern the government, which has been promoting UPI on international stages. 

What Lies Ahead For Debates And Deterrents 

Taneja of Decentro believes that the larger concern with the government lies in the challenges faced by banks, including some of the biggest lenders, in maintaining the infrastructure associated with a huge volume of UPI transactions.

“The government is also concerned about the sustainability of banks. In an extreme scenario, there could be a major financial crash due to banks being unable to sustain the system. That would be a far bigger problem. So, banks are already spending heavily on maintaining the UPI ecosystem. That is why we have seen even the likes of HDFC Bank and several big lenders supporting this demand,” Taneja said.

Londhe of Phi Commerce, however, ruled out such a possibility, saying that the concerns of shifting consumer behaviour because of the reintroduction of MDR were unfounded since businesses cannot charge any additional convenience fee to the consumer without government approval.

“The kind of UPI transactions which will most likely come from the UPI purview will involve large merchants and enterprises who will be ready to absorb a 0.3% cost for a large transaction or to retain consumers and not pass it on,” said the founder of a large payments gateway startup that deals with enterprises.

Taneja added that in such transactions the majority of the volume gets generated by the top 1% or 5% of high-spending individuals in India. “Most of them wouldn’t mind paying a convenience fee of INR 1 or INR 2. BookMyShow is a great example. When you book tickets online, you pay an INR 90 convenience fee, yet people prefer booking online rather than going to the theatre in person,” he added.

While there is a lot of chatter going on within the banking and fintech circles across India over the MDR issue, all eyes are now set on the next big move by the government and whether FM Sitharaman would further reduce the MDR incentives to banks and fintechs in the FY27 from an allotment of INR 437 Cr in FY26 or altogether cut back on incentives and introduce MDR on large UPI transactions.

[Edited By Kumar Chatterjee]

The post End Of Free UPI? Why Fintech Startups Want MDR appeared first on Inc42 Media.

Startup initial public offerings (IPOs) were a rage in India in 2024. As many as 13 new-age tech companies listed on the bourses last year and cumulatively raised INR 29,070 Cr via their public listing.

From sector giants Swiggy and FirstCry to SME maverick TAC Infosec, 2024 was abuzz with healthy activity on the IPO front. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X. 

While 2024 was a blockbuster year for Indian startup listings, will the momentum seep into 2025 too? It definitely seems so. As per Inc42 data, 23 startups were in various stages of undertaking their IPO preparations at the start of 2025. While some of them have already received SEBI’s nod to go ahead with their public issue, others are lining up bankers to helm their respective IPOs. 

As many as 11 startups have already filed their draft red herring prospectuses (DRHPs) with SEBI, including Ather Energy, Ecom Express, ArisInfra, Avanse Financial Services, BlueStone, among others. Of these, six have received the regulatory nod to go ahead with their listings. 

Then, there are sectoral giants such as CarDekho, InCred, OfBusiness and Ola Consumer that too are pushing the pedal on listing on the bourses later this year. 

So, what is powering this startup IPO frenzy? One of the key factors that is likely to contribute to the public listing mania in 2025 is India’s strong position in the equities market. While the last few months have seen a major correction, there is bullishness in the medium to long-term. Besides, more rationalised valuations sought by startups in 2024 is expected to further create healthy momentum for new-age tech IPOs this year too. 

“The successful public listings of a sizable number of PE/VC-backed companies and, importantly, the improved performance of many of these companies post their listing is an incentive for investors to further explore the IPO route for liquidity. Also, post-downturn, valuations are more realistic and attractive for long-term investors,” said Lightbox Ventures founder and managing director (MD) Sandeep Murthy.

While the overall outlook for startup IPOs is positive in 2025, challenges remain. The focus of investors continues to remain on profitable and sustainable ventures. Additionally, investors also want potential listees to differentiate themselves on aspects such as scalability, market penetration, advanced technology integration, premium offerings, sustainable features and products tailored to specific industries.

“Startups also need to be cognizant about the valuations at which they want to list. Unrealistic, high valuations come with the risk of poor subscription and underperformance of the stock post listing, both bad for investor confidence in new-age businesses,” added Murthy.

Nevertheless, for now, the Indian startup ecosystem continues to revel in IPO spring. Forging ahead with innovation and grit at its heart, the homegrown new-age tech landscape appears to be headed for a “record-breaking” year on the IPO front.

With much remains to be said and done, we, at Inc42, have compiled a list of Indian new-age tech companies that plan to list on the exchanges this year and next. But, before we dive into the list, here are the latest developments from the Indian IPO landscape: 

Latest Updates:

• Consumer services startup Urban Company’s board approved a proposal to raise up to INR 528 Cr via fresh issue as part of its proposed IPO
• Wakefit has selected Axis Capital, IIFL Capital Services and Nomura as bankers for its upcoming INR 1,500 Cr to INR 2,000 Cr IPO
• EV maker Ather Energy is mulling trimming its IPO size by at least $50 Mn amid the ongoing volatility in the Indian and the global stock markets

The companies have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers.

Now, let’s take a detailed look at the list: 

Startups That Have Filed DRHP

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that utilises artificial intelligence (AI) to simplify procurement of construction materials. It links real estate developers with vendors for sourcing building materials, and also offers project management services.

Backed by Think Partners, Logx Venture Partners, PharmEasy cofounder and chief executive officer (CEO) Siddharth Shah, and Karbonite Ventures, the startup has bagged more than $25 Mn in funding to date. 

In August 2024, the startup kicked off its IPO proceedings by filing its DRHP with SEBI to raise INR 600 Cr via its IPO. Its public issue will comprise solely a fresh issue of shares, and there will be no offer for sale (OFS) component. 

Later on, the company, in an addendum to its DRHP, informed the markets regulator that it has trimmed the size of the fresh issue in the IPO to INR 579.6 Cr from INR 600 Cr earlier. It received approval from the market regulator for its public listing in November 2024.

In January 2025, the B2B ecommerce platform undertook a pre-IPO placement to raise INR 80 Cr by issuing 36.03 Lakh equity shares for INR 222 per share. 

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary. 

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in the financial year 2023-24 (FY24), while revenue from operations fell more than 6% YoY to INR 696.84 Cr during the fiscal under review.

Ather Energy

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the biggest players in the Indian electric two-wheeler segment. The startup manufactures and services electric scooters and operates its own charging infrastructure.

The EV major has raised more than $431 Mn in funding to date from the likes of Hero MotoCorp, GIC, Tiger Global, among others. 

The Bengaluru-based startup commenced its proceedings in June 2024 as its board passed a resolution to convert the startup into a public company, considered the first towards an IPO. A couple of months later in September, the startup filed its DRHP with SEBI for its IPO. 

As per the draft IPO papers, Ather’s public issue comprises a fresh issuance of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares. Last heard, the company was eyeing a valuation of $2.4 Bn for its upcoming IPO, a premium of over 80% from over its last fundraise.

In December 2024, the company received SEBI’s approval to go ahead with its IPO plans. 

The proceeds from the IPO will be utilised for kickstarting the construction of its upcoming manufacturing facility in Maharashtra, R&D, marketing initiatives, and other general corporate purposes.

In March 2025, reports surfaced that the EV maker was eyeing a valuation of $1.6 Bn for its much-awaited IPO, which could happen by April 2025. However, amid the global market turmoil, Ather Energy, in April 2025, was said to be looking to trim the size of its public issue by at least INR 430 Cr. A report claimed that company’s shareholders were mulling offering a lower number of shares under the OFS component.

Ather Energy’s net loss zoomed 22.5% to INR 1,059.7 Cr in FY24 from INR 864 Cr in the previous fiscal. Meanwhile, operating revenue rose a mere 0.4% to INR 1,789.10 Cr during the year under review from INR 1,783 Cr in FY23.

Avanse Financial Services

Founded in 2013, Avanse is a non-banking financial company (NBFC) that offers education financing for students and educational institutions in India. Its products also cater to students looking to study abroad and in India. 

The company filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the non-bank lender’s DRHP on “technical grounds”. A month later, the company refiled its draft IPO papers with the market regulator. Subsequently, SEBI gave its nod to the NBFC for the IPO in October 2024.

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC), Mubadala Investment Company and Kedaara Capital, the startup has reportedly raised more than $299 Mn in funding to date. 

As per the DRHP, Avanse clocked a net profit of INR 342.4 Cr in FY24, more than doubling from INR 157.71 Cr in the previous fiscal year. Operating revenue also grew sharply to INR 1,726.9 Cr in the fiscal under review from INR 989.5 Cr in FY23.

Aye Finance

A brainchild of Sanjay Sharma and Vikram Jetley, Aye Finance was founded in 2014. The NBFC’s unique selling proposition (USP) lies in its AI-powered credit assessment algorithms that it leverages to offer loans to small businesses across the country. 

The NBFC has secured $500 Mn in funding to date and counts the likes of Google, ABC Impact, Dutch entrepreneurial development bank FMO, among others, as investors. In the run up to its IPO in January 2025, it secured INR 110 Cr in debt from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

Prior to that in early December 2024, the NBFC’s board approved a proposal to raise up to INR 1,450 Cr through an IPO. Consequently in mid-December, the company filed its draft red herring prospectus with the SEBI for a public listing. 

The markets regulator greenlit the NBFC’s IPO plans on April 3, 2025. 

As per the DRHP, Aye Finance’s IPO will comprise a fresh issue of shares worth INR 885 Cr and an OFS component of INR 565 Cr. The OFS will see the likes of investors such as LGT Capital, CapitalG, A91 Fund, MAJ Invest and Alpha Wave offload their stake in the company. 

The NBFC plans to use the fresh proceeds to meet future capital requirements and for undertaking existing business activities.

Aye Finance’s net profit declined marginally to 107.8 Cr in the first half (H1) of FY25 as against INR 113.89 Cr in the year-ago period. Alongside, operating revenue soared to INR 692.24 Cr during the period from INR 472 Cr in H1 FY24.

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery brand that sells rings, pendants, earrings and other products. Backed by Prosus, Steadview Capital and Think Investments, the startup has raised more than $184 Mn in funding till date. 

Kicking off its IPO proceedings in August 2024, the jewellery startup raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. Just four months later in December, the omnichannel jewellery brand filed its DRHP for an INR 1,000+ Cr IPO.

SEBI issued its observation letter to BlueStone to go ahead with the IPO on April 1, 2025.

The IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares. Existing investors Accel, Kalaari Capital, Saama Capital and IvyCap Ventures will offload their stake in the company via OFS.

It plans to use the IPO proceeds to fund its working capital requirements and for general corporate purposes. 

On the financial front, BlueStone reported a net loss of INR 59.2 Cr against an operating revenue of INR 348 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25). 

DevX

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.

The startup, backed by Kalpesh Gala, Unmaj Corporation, and Bidiwala Family Office, last raised $7 Mn in a mix of debt and equity in February 2024. DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Surat, among others. 

The coworking startup initially filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. At the time, DevX’s IPO consisted solely of a fresh issue of 2.47 Cr shares and no OFS component. 

However, in February 2025, SEBI returned the DRHP of the managed office space provider for unspecified reasons. Subsequently, the company refiled its DRHP with the markets regulator in April 2025. 

As per the updated DRHP, the company has increased the size of its fresh issue to up to 2.75 Cr shares from 2.47 Cr shares earlier. 

It plans to deploy the fresh proceeds for the repayment of debt, expanding its footprint and for general corporate purposes. 

As per the DRHP, DevX reported a net profit of INR 43.7 Lakh in FY24 compared to a loss of INR 12.8 Cr in the previous fiscal. Operating revenue also jumped more than 54% to INR 108.08 Cr in the financial year under review compared to INR 69.91 Cr in FY23. 

It clocked a net profit of INR 38.4 Lakh in the first half (H1) of the fiscal year 2024-25 (FY25) on an operating revenue of INR 59.4 Cr. 

Ecom Express 

Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express is a logistics startup that caters to ecommerce platforms, D2C brands and quick commerce players. 

The startup claims to have 3,000 delivery centres spanning 9.6 Mn sq. ft. of space and delivers orders to 27,000 pin codes in 2,700 cities and towns across the country. In April 2025, listed logistics unicorn Delhivery said that it will pick up a 99.4% stake in Ecom Express for INR 1,407 Cr ($164.5 Mn) in a fire sale. 

While Ecom Express’ IPO plans seem to be hanging in balance now, the company, in August 2024, had filed its DRHP with the market regulator SEBI for an INR 2,600 Cr IPO. The logistics startup received SEBI’s approval for its IPO in December 2024. 

As per the draft papers, the proposed public issue comprised a fresh issue of shares worth INR 1,284.5 Cr and an OFS component of up to INR 1,315.5 Cr. 

Backed by the likes of Warburg Pincus, PG Esmeralda and BII, Ecom Express has raised more than $275.79 Mn in funding to date. 

The logistics major trimmed its net loss by 67% to INR 255.8 Cr in FY24 compared to INR 428.1 Cr in FY23. Meanwhile, its operating revenue saw a marginal 2.15% YoY increase to INR 2,609 Cr in the fiscal ended March 2024.

IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking space provider that offers workspace design, interior build out and other B2B and B2C-focussed services. 

Backed by WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube has raised more than $45 Mn in funding to date across multiple rounds. 

Kicking off its IPO proceedings, the Bengaluru-based company turned into a public limited company in December 2024. In the same month, the managed office space provider filed its DRHP with markets regulator SEBI for an INR 850 Cr IPO. In March 2025, SEBI greenlit the coworking space startup’s IPO. 

The company’s IPO will comprise a fresh issue of shares worth up to INR 750 Cr and an offer for sale (OFS) component of up to INR 100 Cr. Promoters and cofounders, Das and Agarwal, plan to offload a part of their stake via OFS.

The company’s shares will be listed on the BSE and the NSE. IndiQube plans to utilise the fresh proceeds to establish new centres, repay certain borrowings, and for general corporate purposes.

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous fiscal. However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23. 

Smartworks

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises. 

The startup has raised $41 Mn in funding till date and is backed by the likes of Ananta Capital, Keppel Land and Plutus Capital. 

Taking the first step towards its IPO, the startup turned into a public company in July 2024 and changed its name to Smartworks Coworking Spaces Ltd from Smartworks Coworking Spaces Private Ltd previously.

In August 2024, it filed its DRHP with SEBI for an INR 550 Cr initial public offering and received approval from the markets regulator for its listing in December 2024. 

As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) component of up to 67.49 Lakh equity.  In December 2024, the company received approval from the SEBI to go-ahead with its IPO.

Smartworks trimmed its net loss to INR 49.9 Cr in FY24 from INR 101.4 Cr in FY23. Operating revenue jumped 46% YoY to INR 1,039.3 Cr during the year under review.

Ullu

Founded by the husband-wife duo of Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform that deals with the distribution, promotion, exhibition, marketing and delivery of video content on its streaming platform Ullu. 

It filed its DRHP with the BSE SME for an IPO in February 2024. As per the draft papers, the company’s IPO would comprise a fresh issue of 62.63 Lakh shares and would not have OFS component. Ullu Digital plans to raise INR 135-INR 150 Cr via the IPO. 

The platform plans to use the net proceeds raised via the IPO to meet its expenses for production of new content, purchase of international shows, tech investment, and to meet the working capital requirements.

While Vibhu Agarwal holds a 61.75% stake in Ullu Digital, Megha Aggarwal owns 33.25% of the company. 

In March 2024, the OTT streaming platform came under the scanner of multiple government authorities including SEBI, the Ministry of Corporate Affairs and the Ministry of Electronics and Information Technology (MeitY) for allegedly selling “pornographic” content using school children.

Later on in December 2024, cofounder and CEO Vibhu Agarwal told a publication that Ullu’s IPO was delayed due to certain “obstacles”, adding that the company now plans to hit the bourses by March 2025. However, there have been no further updates on the public listing plans.

Ullu Digital’s net profit declined 16% to INR 12.68 Cr in FY24 from INR 15.14 Cr in the previous fiscal. The streaming major’s revenue from operations rose 7% to INR 99.67 Cr during the fiscal under review from INR 93.15 Cr in FY23. 

WeWork India 

Karan Virwani brought WeWork to India in 2017 through a partnership with his family’s Embassy Group. The coworking major operates over 54 centres spanning across eight cities in India including Mumbai, Delhi NCR, Bengaluru, among others. These centres include over 1 Lakh desks and 8 Mn square feet of space. 

The company has been planning its IPO for some time now. In November 2024, WeWork India rejigged its board and followed it up by raising INR 500 Cr via a rights issue in January 2025. 

Subsequently, in February 2025, the company filed its DRHP with SEBI to raise funds through an IPO. However, the market regulator, in March 2025, said that it has kept the approval for the coworking giant’s IPO in “abeyance”, without specifying any reason. 

WeWork India’s public issue consists solely of an offer-for-sale (OFS) component of up to 4.3 Cr (43,753,952) equity shares 

Of these, promoter group Embassy Buildcon LLP will sell 3.34 Cr shares, while Ariel Way Tenant will offload 1.02 Cr shares. 

As per its DRHP, WeWork India reported a net loss of INR 174.5 Cr in the first half (H1) of the fiscal year 2024-25 (FY25) against an operating revenue of INR 918.1 Cr.

Zappfresh

Founded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, Zappfresh is a D2C meat startup that supplies meat from farms to customers within 90 minutes. 

Taking its first step towards IPO,the startup converted into a public entity in April 2024 after dropping “private” from its name. As per its RoC filings, the company changed its name to DSM Fresh Foods Limited from DSM Fresh Foods Private Limited previously. 

The startup’s parent filed its DRHP for listing on BSE SME in August 2024. Zappfresh’s IPO will comprise a fresh issue of 59.06 Lakh equity shares, with no offer for sale component. 

While there has been clarity on the public issue since then, Zappfresh cofounder and CEO Deepanshu Manchanda, in February 2025, told Inc42 attributed the delays in the company’s public listing to SEBI tightening IPO rules for SMEs in December 2024. Manchanda said that the company is following up with SEBI on the matter and expects Zappfresh to become a listed entity in 2025 itself. 

The D2C meat delivery startup is looking to raise fresh capital in the range of INR 60 Cr to INR 70 Cr via the public issue. 

As per its DRHP, Zappfresh plans to use the proceeds from the IPO to fuel acquisitions, meeting marketing and capital expenditure requirements and for general corporate purposes.

Zappfresh reported a net profit of INR 4.7 Cr in the fiscal 2023-24 (FY24), up 70% from INR 2.7 Cr in the previous year. Meanwhile, operating revenue surged more than 60% to INR 90.4 Cr in the fiscal under review from INR 56.3 Cr in FY23.

Startups Lining Up IPO Plans In 2025

Bira 91

Founded by Ankur Jain in 2015, Bira 91 sells craft, lager and strong beers as well as non-alcoholic beverages. Backed by Sofina, DS Group and Peak XV Partners, Bira 91 has bagged $449 Mn in funding to date across multiple rounds. 

The beer marker’s IPO has been in works for some time now. Although Bira converted into a public company and renamed itself as B9 Beverages Limited back in 2022, it is yet to file its00 DRHP with the SEBI.

However, the company resuscitated its IPO plans in July 2024 amid a spree of new-age tech public listings. At the time, reports said that the alco-beverage brand was looking to list on the bourses in 2026 and had roped in investment banking firm Morgan Stanley to helm its pre-IPO process.

The Delhi NCR-based brand’s operating revenue rose 15% to INR 824.3 Cr in the year ended March 2023 as against INR 718.8 Cr in FY22. Meanwhile, net loss jumped 12% YoY to INR 445.4 Cr in FY23.

boAt

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that sells products such as headphones, smart watches and speakers. 

The startup has raised more than $171 Mn across multiple rounds from marquee names such as Warburg Pincus,Qualcomm Ventures, Malabar Investments, Innoven Capital, Fireside Ventures, among others. 

boAt has been planning its IPO for some years now. In 2022, it filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue but later shelved the plan amid adverse macroeconomic conditions. 

Subsequently, in June 2024, cofounder and CEO Sameer Mehta hinted at an impending IPO and said that boAt would be looking to raise INR 2,000 Cr via the IPO in the next 12-18 months. He also said that the company was looking to turn net profitable yet again in FY25 before moving ahead with IPO plans.

A few months later in September, cofounder and chief marketing officer Aman Gupta echoed the sentiment and said that the startup was eyeing a listing on the Indian stock exchanges in 2025. 

Kicking off its IPO plans in November 2024, boAt reportedly finalised ICICI Securities, Goldman Sachs and Nomura as the bankers to helm its IPO in 2025 at a valuation north of $1.5 Bn. In February 2025, reports claimed that the company was planning to file its DRHP with SEBI via confidential pre-filing route for an INR 2,000 Cr IPO by FY26.

The D2C brand’s board, in late-February 2025, greenlit plans to amend the company’s articles of association (AoA) and raise up to INR 500 Cr via fresh issue of shares during the IPO. Subsequently, the company’s parent Imagine Marketing filed its DRHP via the confidential pre-filing route. 

Meanwhile, on the financial footing, boAt continued to be in the red for the second consecutive fiscal year in FY24. It posted a net loss of INR 79.7 Cr in FY24, down 38% from INR 129.4 Cr in the previous year. Operating revenue also fell 7% to INR 3,117.7 Cr during the year under review from INR 3,376.8 Cr in FY23.

Capillary Technologies

Founded in 2008 by Aneesh Reddy, Capillary Technologies is a SaaS startup that offers omnichannel engagement and commerce solutions. 

With presence spanning India, Southeast Asia, MENA, and the US, the startup has raised more than $239 Mn in funding to date. It is backed by the likes of marquee names such as Avataar Ventures, Filter Capital, Peak XV Partners, among others. 

In January 2025, Inc42 exclusively reported that the company has restarted its IPO preparations and will likely file its DRHP with SEBI for a $200 Mn public offering by June 2025. The IPO will comprise a fresh issue of shares in the range of $12 Mn to $24 Mn while the remaining will be part of the OFS component. 

The promoter group and investors who joined the startup’s cap table over the last couple of years are expected to offload their stakes via the OFS. Capillary is eyeing a valuation in the range of $500 Mn to $1 Bn during the potential public listing. 

This will be the SaaS startup’s second stab at a public listing. In 2021, the company filed its DRHP to raise $114 Mn via its market debut. 

As per Tofler, the company’s India entity closed FY24 with a revenue of INR 150.1 Cr, up marginally from INR 142.6 Cr in the previous fiscal. Its net loss declined to INR 52.3 Cr in the fiscal under review compared to INR 90.1 Cr in FY23.

Captain Fresh

Founded in 2019 by Utham Gowda, Captain Fresh is a B2B startup that exports and sells fish and seafood. Besides operating a marketplace for fisherfolk to sell their catch, it also offers an end-to-end operations management tool for retail outlets and supermarket chains for sale of seafood.

Backed by the likes of Tiger Global, Prosus and British International Investment (BII), the B2B startup has raised more than $172 Mn in funding to date. 

In May 2024, the company appointed Mathew George as its group chief financial officer (CFO) ahead of its potential IPO. Subsequently, in October, it was reported that Captain Fresh had roped in Axis Capital and Bank of America (BofA) as bankers to helm its planned IPO in the second half of 2025. 

In December 2024, reports surfaced that the B2B seafood chain was in discussions with investors to raise $50 Mn to $100 Mn in its pre-IPO round at a valuation of $600 Mn to $650 Mn. The fundraise is expected to include both primary and secondary components, with existing backers such as Accel and Prosus likely to participate.

The B2B seafood startup is looking to raise $350 Mn to $400 Mn as part of its public issue. Of this, half will be part of the fresh issue while the remaining will be the offer for sale (OFS) component. The startup is said to be eyeing a valuation of $1.3 B to $1.5 Bn for the IPO. 

In February 2025, the B2B seafood startup secured INR 250 Cr as part of its ongoing pre-IPO round led by existing investors Prosus Ventures, Accel and Tiger Global.  

CarDekho

Founded in 2008 by siblings Amit Jain and Anurag Jain, CarDekho operates an online car listing platform, insurance platform InsuranceDekho, and lending platform Rupyy. 

CarDekho has so far raised more than $692 Mn in funding and competes with the likes of CarTrade, Spinny and Cars24. During its last fundraise in 2021, the company was valued at $1.2 Bn. 

As per reports, the auto marketplace is in advanced talks to appoint merchant bankers to helm its IPO, and is eyeing a public listing in 2025. The company is looking to raise nearly $500 Mn at a valuation of $2 Bn to $2.5 Bn.

Its early backers, including Peak XV, Google Capital, and Hillhouse Capital, are expected to offload a part of their stakes via OFS. 

CarDekho plans to utilise the proceeds from the IPO to fuel CarDekho’s geographical and category expansion as well as for future acquisitions. 

However, this is not the first time that CarDekho is planning to list on the bourses. While the company internally was looking to list on the bourses in 2021, the plans did not materialise then.

As per MCA filings, CarDekho Group reported a consolidated operating revenue of INR 2,250.43 Cr in FY24, down 3.49% from INR 2,331.88 Cr in the previous fiscal. Meanwhile, the company trimmed losses by nearly 40% to INR 340.08 Cr during the period under review from INR 566.13 Cr in FY23.

Cult.fit

Founded in 2016 by former Myntra cofounder Mukesh Bansal and ex-Flipkart executive Ankit Nagori (left in 2020), Cult.fit operates a chain of gyms, health-focussed cloud kitchen brand Eat.fit, mental wellbeing platform Mind.fit, primary healthcare vertical Care.fit, among others. 

Backed by the likes of names such as Zomato, Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, Cult.fit has raised more than $650 Mn to date. 

Jumping on the IPO bandwagon, the fitness startup, in March 2025, kicked off plans for a public listing. As per a report, the company has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as bankers to helm its INR 2,500 Cr public offering.

Cult.fit is reportedly eyeing a valuation of $2 Bn, a steep 27% jump from its last known valuation of $1.56 Bn in 2021 when Zomato invested $100 Mn in the company to acquire a 6.4% stake.

The startup saw its operating revenue zoom 33.6% to INR 926.6 Cr in FY24 from INR 693.7 Cr in the year-ago period. Meanwhile, its consolidated net loss widened 42% to INR 888.5 Cr in the fiscal under review from INR 625.5 Cr in FY23.

Curefoods

Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen unicorn that operates a diverse portfolio of brands including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle. 

It claims to manage more than 200 cloud kitchens and offline outlets across 15 cities in India, offering over 10 cuisines. The startup has raised more than $175 Mn in funding to date and is backed by names such as Iron Pillar, Accel, Three State Ventures, Chiratae Ventures, ASK Finance, among others. 

In January 2025, it was reported that the Bengaluru-based cloud kitchen startup was looking to float a $300 Mn to $400 Mn IPO in the latter part of FY26. The company, which has already initiated talks with bankers for the public issue, will finalise the bankers in the coming days.

On the financial front, the company trimmed its net loss by 49.64% to INR 172.6 Cr in FY24 from INR 342.7 Cr in FY23. Meanwhile, operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.

Droom

Founded in 2014 by Sandeep Aggarwal, Droom operates an ecommerce platform that connects used car dealers with customers. In addition, the company also offers car rental services, and owns a car financing arm, a SaaS vertical, and advertising business. 

The startup has raised nearly $300 Mn in funding to date and is backed by names such as Lightbox, 57 Stars and Seven Train Ventures, among others.

The used car marketplace plans to file its DRHP for an INR 1,000 Cr IPO by June 2025 and is targeting a listing on the exchanges by November 2025. Its public issue will consist of a fresh issue as well as an offer for sale, with the fresh issue likely to be over 50% of the offer. 

Droom is aiming for a valuation of $1.2 Bn to $1.5 Bn for the IPO and has already finalised two middle market banks for the public issue. 

If the plan fructifies, this will be Droom’s second attempt at a public listing. In late 2021, the company filed its IPO papers with markets regulator SEBI to raise INR 3,000 Cr but later deferred the plan due to market volatility.

Meanwhile, the startup also plans to raise nearly INR 200 Cr as part of a pre-IPO round from existing investors and new investors including Indian family offices and high net worth individuals (HNIs). 

In March 2025, the auto tech platform secured $3 Mn in a round co-led by India Accelerator and Finvolve. As per the startup, the proceeds will “expedite” its plans for refiling its draft IPO papers in 2025 itself.

On the financial front, Droom reported a net loss of INR 40.4 Cr in FY24, down 35% from INR 62.1 Cr in the previous fiscal year. Meanwhile, the Lightbox-backed company’s operating revenue also tanked 66% to INR 85.4 Cr in the fiscal under review from INR 253.3 Cr in FY23.

Flipkart

Flipkart was founded in 2017 by Binny Bansal and Sachin Bansal. Later, the duo sold a majority stake in the ecommerce juggernaut to Walmart in 2018 for $16 Bn. Since then, the ecommerce major has become India’s biggest online marketplace and has diversified into a host of new areas, including fintech, travel aggregation, and quick commerce. 

Flipkart, which is also backed by Google, was last valued at $35 Bn during a $1 Bn fundraise. 

Arguably the biggest startup in the country by valuation, the ecommerce major is aiming to list on the Indian bourses soon. Flipkart, which has already received internal approvals to shift its domicile to India from Singapore, may launch an IPO by 2025-end or early-2026. 

In February 2025, Inc42 reported that the company has sped up plans for a public listing and has been rejigging its top brass and strengthening its board. In addition, the top brass has issued directions internally to employees to stick to stricter profit targets, pitch plans for new verticals, and scale up revenues.

The ecommerce major’s B2C arm, Flipkart Internet Private Ltd, reported an operating revenue of INR 17,907.3 Cr in FY24, up from INR 14,825 Cr in the previous fiscal. Meanwhile, loss declined 41% to INR 2,358 Cr from INR 4,028 Cr in FY23.

Fractal

Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal and Ashwath Bhat, Fractal is a SaaS startup that offers artificial intelligence (AI) and advanced analytics solutions to enterprises globally. 

Backed by TPG Capital, Khazanah Nasional and Apax Partners, the enterprise tech startup has raised $685 Mn in funding till date. It turned unicorn in 2022 and was last valued at over $2 Bn. 

As per Fractal’s annual report for FY24, the startup converted into a public company from a private company in May 2024.

Last reported, the company was looking to raise $500 Mn to $600 Mn via its IPO at a valuation of around $3.5 Bn. As per reports, Fractal’s public issue will likely have a “large share” of secondary share sale by existing investors, the quantum of which is still yet to be decided. 

Fractal slipped into the red in FY24 as it reported a net loss of INR 54.7 Cr in the fiscal under review as against a profit of INR 194.4 Cr in the previous fiscal. Meanwhile, revenue from operations jumped 11% to INR 2,196.3 Cr in the fiscal ended March 2024 from INR 1,985.4 Cr in FY23.

Groww

Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, exchange-traded funds (ETFs) and other financial instruments.

The investment tech major has been looking to list on Indian bourses for some time now. Groww shifted its domicile back to India in March 2024 with an eye on an IPO. It also paid a hefty INR 1,340 Cr in taxes to US authorities to reverse flip back to India. 

In January 2025, reports surfaced that Groww’s parent Billionbrains Garage Ventures plans to file its DRHP by April-May 2025 for an IPO worth over $1 Bn. It is eyeing a public listing by the end of FY26. Previous reports noted that the company was targeting a valuation of $7-8 Bn for the IPO.

The company has also finalised five investment banks, Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal, to helm its public listing. The public issue is expected to largely comprise an offer for sale (OFS) component. 

Meanwhile, in March 2025, the IPO-bound invest tech unicorn’s parent, issued bonus compulsorily convertible preference shares (CCPS) to existing investors Peak XV Partners, Ribbit Capital and Y Combinator, as per a CCI notice. The deal also resulted in the collapse of the differential voting rights (DVR) held by Groww cofounders Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal.

In the same month, the investment tech unicorn was said to be in talks with Singapore’s sovereign wealth fund GIC and existing backer Tiger Global to raise $200 Mn ahead of its listing, for which is is likely to seek a valuation of $6.5 Bn.

The company reported a profit of INR 535 Cr in FY24 on an operating revenue of INR 3,145 Cr.

InCred

Founded in 2016 by Bhupinder Singh, InCred Group operates three separate verticals. While InCred Finance is the lending vertical, InCred Capital is the company’s wealth and asset management arm. Finally, InCred Money deals in retail bonds and alternative investments. 

InCred is backed by marquee names such as Abu Dhabi Investment Authority (ADIA), OAKS, Investcorp, Moore Capital, Elevar Equity, among others. 

In December 2024, reports claimed that the fintech unicorn InCred Financial Services was looking to raise INR 4,000 Cr to INR 5,000 Cr via an IPO in late-2025. The company is said to be eyeing a valuation in the range of INR 15,000 Cr to INR 22,500 Cr. 

InCred’s net profit surged 162% to INR 316.3 Cr in FY24 as against INR 120.9 Cr in the previous fiscal. Operating revenue also soared 47% to INR 1,270 Cr during the fiscal under review from INR 864.6 Cr in FY23.

Infra.Market

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates a B2B marketplace that sells construction products and other range of building materials such as concrete, steel, pipes, fittings, and chemicals. 

The startup has raised over $415 Mn in funding to date and is backed by marquee investors such as Tiger Global, Accel, and Nexus Ventures.

Infra.Market has set the ball rolling for its IPO and has shortlisted eight investment bankers, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, among others, as advisors for the IPO. 

While the company is eyeing raising $500 Mn -$700 Mn via its IPO, it may also increase it further depending on “market conditions”. Its public issue will comprise a fresh issue of shares as well as secondary share sale. 

While the talks are still in early stages, the proceeds from Infra.Market’s potential IPO will be utilised to repay the debt incurred for the startup’s organic and inorganic growth initiatives.

In the run up to the IPO, the company, in January 2025, raised INR 1,050 Cr as part of its pre-IPO round at a valuation of about $2.8 Bn, up over 10% from $2.5 Bn at which it was last pegged. 

The B2B ecommerce major’s net profit narrowed 17% YoY to INR 155.2 Cr in FY23 while operating revenue soared 90% YoY to INR 11,846.5 Cr during the fiscal under review.

InMobi

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi is an adtech platform that offers a suite of product discovery and monetisation solutions. 

Headquartered in Singapore, the SaaS startup also has offices in Bengaluru, New York, Beijing, London, Dubai, and several other locations. Backed by the likes of Sherpalo Ventures, SoftBank and Kleiner Perkins, InMobi has raised more than $320 Mn in funding till date and was one of the first Indian new-age tech companies to enter the unicorn club in 2011. 

The SaaS startup is eyeing a public listing in India by October 2025 at a valuation of about $8 Bn to $10 Bn. The adtech major is looking to file its DRHP with SEBI for a $1 Bn IPO.

The IPO will comprise a fresh issue of shares as well as an OFS component. However, the IPO size is yet to be finalised, given discussions with bankers are still on. 

However, this will not be InMobi’s first stab at an IPO. In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter.

Innoviti

Founded in 2002 by Rajeev Agrawal, Innoviti is a digital payments solutions provider that allows businesses to accept payments and integrate real-time sales data into critical business processes. 

Backed by the likes of Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India and Alumni Ventures, the startup has raised more than $87 Mn in funding to date.

In August 2024, the company said it was eyeing a public market debut within the next 12 months. But, later on in January 2025, the company yet again extended its IPO deadline and said that it was looking to list on the bourses by 2025-end. 

Innoviti saw its revenue from operations decline marginally to INR 105.6 Cr in FY24, down from INR 110.2 Cr in FY23. Meanwhile, loss also fell to INR 70.5 Cr during the fiscal under review from INR 86.6 Cr in FY23.

Kissht

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a digital lending platform which offers personal and business loans of up to INR 5 Lakh. It leverages AI and machine learning algorithms to assess creditworthiness of customers. 

In addition, it also offers health-related insurance products and loans against property. 

In April 2025, reports surfaced that the digital lending startup has shortlisted ICICI Securities, UBS Securities, and Motilal Oswal as the investment bankers for its proposed $225 Mn IPO. The public issue will primarily comprise a fresh issue, and the proceeds will be utilised to fund growth and “new business lines”.

The fintech startup plans to file its DRHP by June 2025 and is eyeing a valuation of $900 Mn to $1.1 Bn for the public listing. 

The startup was valued at $344 Mn during its last fundraise of $80 Mn in 2022. Kissht has raised more than $140 Mn in funding to date and counts the likes of Vertex Growth, Brunei Investment Agency, Endiya Partners, and Ventureast among its backers. 

On the financial front, Kissht’s net profit zoomed 234% to INR 82.46 Cr in FY24 from INR 24.67 Cr in the previous year. Operating revenue surged 60% to INR 412 Cr from INR 258 Cr in FY23.

Lenskart

Founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer that caters to customers in India, the UAE, Singapore, Japan, among others.

The company claims to have over 2,500 stores and a customer base of 2 Cr.

Jumping on the IPO bandwagon, the startup, in January 2025, initiated talks with bankers for a $750 Mn to $1 Bn IPO. The company is reportedly eyeing a valuation of $7-8 Bn through its IPO and plans to list on Indian bourses toward the end of FY26. If reports are to be believed, the eyewear major is planning to file its draft papers by May 2025 for an IPO at a valuation of $10 Bn. 

By late-January 2025, the company was said to have roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO. It was said to be looking to raise a pre-IPO round of about $1 Bn.

The eyewear startup narrowed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous fiscal year. Meanwhile, operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. 

Licious

Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious is a D2C brand that sells meat products. Operating on a farm-to-fork business model, the startup is focused on cold-chain food deliveries, including meat and chicken. 

The startup has raised nearly $555 Mn in funding to date and is backed by the likes of Temasek, 3one4 Capital, among others. 

The Bengaluru-based startup has been lining up plans to list on the bourses and is targeting a 2026 listing. As per the reports, Licious is eyeing a public listing at a valuation of more than $2 Bn. The D2C unicorn was last valued at $1.5 Bn in March 2023.

Licious claims to have trimmed its loss by 44% to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23. Meanwhile, revenue declined 8.4% to INR 685.05 Cr during the fiscal under review from INR 748 Cr in FY23.

Meesho

Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho initially started off as a social ecommerce platform. But, in 2022, it pivoted to the marketplace model, taking on the giants like Flipkart and Amazon.

The ecommerce platform has raised close to $1.36 Bn in funding so far and was last valued at around $5 Bn. 

Meesho’s IPO plans came to light after investor Prosus Ventures, in its half-yearly report for H1 FY25, said that it sees the online marketplace listing on the Indian bourses in the next 18 months.

In contrast, Meesho’s chief financial officer (CFO), in August 2023, said that the company was eyeing a stock market listing in the next 12-18 months.The 18-month deadline ends in February 2025. However, the company is far away from listing as it is yet to reverse flip to the country. However, preparations appear to be underway. 

In August 2024, Meesho announced the appointment of four independent directors, with an eye on shoring up its board ahead of its IPO. Subsequently, in March 2025, reports surfaced that the company had shortlisted Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO. 

The ecommerce giant is said to be looking to raise $1 Bn at a likely valuation of $10 Bn. It plans to file its DRHP with markets regulator SEBI by April 2025 as it eyes a late-2025 listing. 

In the run up to its IPO, the company’s board, in late March 2025, passed a resolution to allot 20.65 Lakh equity shares to Aatrey and 6.59 Lakh shares to Barnwal on exercise of their ESOPs. 

On the financial front, Meesho narrowed its net loss by 81.8% to INR 304.9 Cr in FY24 from INR 1,675 Cr in the previous fiscal. Operating revenue jumped 32.8% to INR 7,614.9 Cr during the year under review from INR 5,734.5 Cr in FY23. 

Navi 

Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a financial services company that offers a range of products, including personal, vehicle, and home loans. Besides digital payments, the company now also offers insurance, and mutual fund investments.

In February 2025, reports emerged that the fintech unicorn had kicked off discussions with merchant bankers to restart its IPO proceedings. While the valuation and other details have not been finalised, Navi is eyeing a public listing in the second half of FY26.

Navi cofounder and executive chairman Sachin Bansal, in April 2025, said that the unicorn is looking to get listed on the bourses in FY26 itself. 

Notably, this is not the first time that Navi has lined up plans to list on the exchanges. In 2022, the company filed its DRHP with SEBI for an INR 3,350 Cr IPO but later shelved the plan amid raging market volatility. 

As per ratings agency Care Ratings, Navi Technologies reported a profit after tax (PAT) of INR 130 Cr in the first half (H1) of FY25 against a total income of INR 2,614 Cr. 

NoPaperForms

A brainchild of Naveen Goyal and Suraj Sapra, NoPaperForms, which was founded in 2017, helps educational institutions and edtech businesses automate student enrollment and fee collection processes. 

Serving 1,200 educational institutions including Manipal University, Shiv Nadar University, and PhysicsWallah, the startup also caters to customers in the UAE and Malaysia.

In March 2025, the Info Edge-backed startup, which operates under the brand Meritto, received a go-ahead from its board to undertake a public listing. 

If reports are to be believed, the SaaS startup has appointed two investment bankers, IIFL Capital and SBI Capital, for its IPO. The startup is eyeing an IPO in a range of INR 500 Cr to INR 600 Cr by the end of this year. 

NoPaperForms, which may file DRHP by Q2 FY26, is likely to seek a valuation of INR 2,000 Cr for the public listing. While Info Edge is yet to take a call on whether it will participate in the startup’s IPO, reports claim that the VC firm is unlikely to sell its stake in the company.

On the financial front, NoPaperForms turned profitable in FY24 and clocked a standalone net profit of INR 4 Lakh in the fiscal under review against a loss of INR 15 Cr in the previous fiscal year. Meanwhile, operating revenues jumped 45.4% to INR 70.03 Cr in FY24 from INR 48.18 Cr in FY23.

OfBusiness

Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness operates a B2B ecommerce platform that sells construction materials and offers financing solutions to merchants.

In November, the startup reportedly appointed five investment banks, including Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America to oversee its up to $1 Bn IPO.

The startup is said to be in the process of merging and integrating internal businesses ahead of the public listing. It plans to seek approval from SEBI between March and June 2025 and is eyeing a late-2025 listing. 

As per OfBusiness CFO Bhavesh Keswani, the company is targeting a $750 Mn to $1 Bn IPO, which will include a fresh issuance of shares worth $200 Mn. The remaining amount will be earmarked for OFS. 

The B2B marketplace is looking to debut on the bourses at a valuation of $6 Bn to $9 Bn. 

In January 2025, the B2B unicorn converted itself into a public company. Following its board’s approval, OfBusiness rechristened itself as OFB Tech Limited from OFB Tech Private Limited previously.

OfBusiness saw its consolidated operating revenue surge over 25% YoY to INR 19,296.3 Cr in FY24, while net profit soared to INR 603 Cr during the fiscal under review from INR 463.2 Cr in FY23.

Ola Consumer

Founded by Bhavish Aggarwal, Ola Consumer operates a mobility platform that offers ride-hailing, food delivery and financial services. Backed by SoftBank, Ola has raised more than $3.84 Bn in funding till date and is one of the biggest players in the Indian ride-hailing segment. 

In October 2024, it was reported that the startup had sought approval from its investors to turn into a public entity, the first step towards IPO. Subsequently, the company’s shareholders gave their approval to turn Ola Consumer into a public limited company.

Additionally, the company is also said to be finalising the bankers to handle the public issue. 

Previous reports said that the company had held talks with investment banks like Goldman Sachs, Bank of America, Citi, Kotak, and Axis to helm its $500 Mn IPO at a nearly $5 Bn valuation. 

Ola parent ANI Technologies narrowed its loss by nearly half to INR 772.2 Cr in FY23 from INR 1,522.3 Cr in the previous fiscal. Operating revenue rose 42% YoY to INR 2,799.3 Cr .

OYO

Founded in 2012, OYO is a travel tech startup that offers vacation homes, casino hotels, coworking spaces, budget hotels, corporate stays and more. 

The company has revived its IPO plans yet again and is looking to refile its DRHP by the end of Q1 FY26. As per reports, the latest attempt at an IPO comes after a reshuffle in the startup’s ownership structure, with OYO targeting a valuation of up to $5 Bn for its public listing. 

This comes a year after the Delhi NCR-based hospitality major, in May 2024, officially withdrew its IPO documents. Interestingly, this was OYO’s second attempt at a public listing and it was looking to raise $400 Bn to $600 Bn. 

Notably, this was lower than INR 8,430 Cr ($1.2 Bn) that the company was looking to raise during its earlier attempt at an IPO in 2021. 

The hospitality giant has now expedited its IPO plans amid increasing pressure from its creditors to clear a looming debt repayment. The lenders, including Mizuho Financial Group, have reportedly directed founder and CEO Ritesh Agarwal to cough up the $383 Mn he owes as part of a $2.1 Bn loan package or list by October 2025. 

OYO turned profitable in FY24 with a net profit of INR 229.5 Cr against a net loss of INR 1,286.5 Cr in the previous financial year. However, operating revenue declined 1.3% to INR 5,388.7 Cr in FY24 from INR 5,463.9 Cr in the previous fiscal year.

PayU India

Delaying its IPO plans, the Prosus-backed payments solutions startup now plans to go public “sometime after the first quarter” of FY26. As per reports, PayU India has finalised Goldman Sachs as one of the lead bankers to helm the public issue and will likely file its DRHP by early-2025. 

Confirming this, Prosus’ chief investment officer (CIO) Ervin Tu said that it is eyeing a listing for PayU in India in 2025. This is in line with what investor Prosus said in December 2024. At the time, the Dutch investment firm said that it expected the fintech startup to list on the Indian bourses in the next 12-18 months.

Previously, in November 2023, Tu said that PayU could be ready for a public listing in India by the second half of calendar year 2024. At the time, the company was eyeing a $500 Mn IPO but the fintech major later postponed the plans. 

As per the Dutch investor’s annual report, PayU India’s revenue jumped 11% YoY to $444 Mn in FY24. However, this was lower than the 31% revenue growth reported in FY23 and over 40% jump it clocked in FY22.

PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe is India’s biggest online payments platform. It regularly accounts for nearly half of all Unified Payments Interface (UPI) transactions processed in the country. 

From offering merely digital payments at the outset, the fintech giant has morphed into a full-fledged financial services platform, offering a host of offerings including insurance products, and broking services to customers. 

The fintech major was acquired by ecommerce juggernaut Flipkart in 2016. Six years later, parent Walmart hived off PhonePe as a separate entity from Flipkart and redomicile the fintech company back to India. In late-2022, PhonePe flipped back to the country, with an eye on listing on Indian bourses. 

However, in June 2024, a senior Walmart executive said that PhonePe’s IPO could take a couple of years, effectively indicating a 2026 IPO. Subsequently in February 2025, the company publicly confirmed that it has commenced preparatory steps in connection with its potential IPO.

The fintech major has picked up four investment bankers, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, to helm its IPO. PhonePe is reportedly eyeing a valuation of up to $15 Bn for its FY26 IPO, which will likely comprise both primary and secondary issuance of shares. 

The fintech major saw its consolidated net loss narrow 28% YoY to INR 1,996 Cr in FY24 while revenue soared 74% YoY to INR 5,064 Cr. 

Physics Wallah

Founded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) operates online and offline coaching centres for K-12 students and test preparation platforms for various exams. It also has a skilling arm and a study abroad vertical.

In 2024, PW finalised Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its proposed $400 Mn to $500 Mn public listing in 2025. As per reports, the public issue will likely be a mix of fresh issuance of shares and offer for sale.

Previous reports noted that the edtech unicorn was eyeing a flat valuation of over $2.8 Bn, the number at which it was last pegged. If the plan fructifies, PW will become India’s first edtech startup to list on the stock exchanges.

Ahead of the public listing, the edtech unicorn, in March 2025, appointed three independent directors to its board – former Zomato deputy CFO and Moonstone Ventures founder Nitin Savara, former RBI regional director Rachna Dikshit, and ex-bureaucrat Deepak Amitabh.

The company also changed the designation of Prateek Boob from executive director to wholetime director of the company for a period of five years, effective February 2025. Not just this, the company also issued bonus equity shares worth INR 212.3 Cr to all its stakeholders in the run up to the IPO in March 2025. 

Subsequently in March 2025, the edtech unicorn finally filed its DRHP via confidential route with the SEBI for an INR 4,600 Cr IPO. As per reports, a big chunk of the public issue will comprise the OFS component.

PW reported a net loss of INR 1,131.2 Cr in FY24 compared to INR 84.06 Cr in FY23. The startup’s operating revenue jumped 2.6X to INR 1,940.4 Cr in the fiscal under review from INR 744.3 Cr in FY23.

Pine Labs

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs is a payment solutions provider that sells point of sales (PoS) devices and other payment systems to businesses. It also helps businesses deploy rewards and cashback solutions.

Pine Labs kickstarted its IPO proceedings in June 2024 as it began moving its domicile back to India for a $1 Bn public listing at a valuation of over $6 Bn.

Subsequently, in November 2024, reports surfaced that the fintech major has shortlisted five investment banks – Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies – to helm its IPO, which is expected to be launched in the first half of FY26.

In March 2025, the fintech major’s CEO Amrish Rau said that the company is looking to launch its IPO in the second half of 2025. As per a report, Pine Labs is targeting a $1 Bn public issue, which will comprise a fresh issue of shares as well as an offer for sale component.

Pine Labs has raised nearly $1.6 Bn in funding to date and is backed by the likes of Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, among others. 

As per data available on Tofler, Pine Labs reported a 233% jump in its net loss to INR 187.2 Cr in FY24 from INR 56.1 Cr in the previous year. Operating revenue grew 2.2% to INR 1,309.6 Cr during the fiscal under review from INR 1,280.5 Cr in FY23. 

Pure EV

A brainchild of Nishanth Dongari and Rohit Vadera, the startup manufactures electric bikes and scooters namely eePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350 and 3TrystX.

It has raised more than $14 Mn in funding till date and counts the likes of Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, among others, as backers. 

Setting its plans to become India’s second listed EV player in motion, the startup, in August 2024, said it plans to list on the bourses in 2025. 

In March 2025, Inc42 reported that the Hyderabad-based Pure EV’s board passed a special resolution, in September 2024, to change the status of its parent, PuR Energy, from private to public.

However, it continues to be a loss-making entity and reported a net loss of INR 9.3 Cr in FY23. Meanwhile, revenue from operations also declined 42% to INR 131.28 Cr from INR 225.98 Cr in FY22. 

Razorpay

Founded in 2014 by IIT-Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay is an omnichannel payments and banking platform. Starting off as a payment gateway, the fintech major has grown to a multi-product platform offering SME payroll management, banking, lending, payments, insurance, and other fintech solutions.

Razorpay claims to clock an annualized total payment volume (TPV) exceeding $180 Bn and caters to a majority of India’s unicorns. 

Looking to capitalise on the ongoing startup IPO spring, the fintech major too has accelerated plans to list on the Indian bourses. In February 2025, cofounder and CEO Mathur told Inc42 that the company has pushed the pedal on redomiciling back to India. 

“When we started thinking about our future, especially in terms of an IPO, we had to decide not just when we wanted to go public but also where. It became quite clear to us that India is our home market. This is where people know us, use our services daily — directly or indirectly — so it made logical sense to list here,” Mathur told Inc42.

To date, Razorpay has raised nearly $740 Mn in funding and is backed by the likes of marquee names such as Y Combinator, Tiger Global, Peak XV Partners, Lone Pine Capital, Alkeon Capital Management, GIC, among others. 

The fintech major saw its net profit soar over 365% to INR 33.5 Cr in FY24 from INR 7.2 Cr in the year ago fiscal. On similar lines, operating revenues jumped 9% to INR 2,475 Cr in the fiscal under review compared to INR 2,283 Cr in FY23.

Rebel Foods

Founded by Kallol Banerjee and Jaydeep Barman in 2011, Rebel Foods is a cloud kitchen startup that operates multiple quick service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee and Wendy’s, among others. 

The startup has raised more than $563 Mn in funding across multiple rounds so far and is backed by names such as Coatue Management, Lightbox and Peak XV Partners. Besides, Singapore sovereign investment fund Temasek is also said to be looking to acquire a significant shareholding in the startup.

In October 2024, reports surfaced that the cloud kitchen unicorn was looking to list on the Indian bourses in the next 12-18 months. Ahead of the IPO, the company’s early investors such as Coatue Management, Lightbox and Peak XV plan to offload partial stakes in the startup to Temasek. 

Servify

Founded in 2015 by Sreevathsa Prabhakar, Servify is a B2B device management startup that offers services such as device protection, product buyback, and device exchange. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.

Besides India, the startup also operates in countries such as the US, Canada, China, the Middle East, among others. Servify has raised nearly $130 Mn in funding to date and counts names such as BEENext, Blume Ventures, DMI Sparkle Fund, Iron Pillars, among others, as its backers. 

In January 2025, Inc42 exclusively reported that the Mumbai-based startup kicked off preparations for its IPO by roping in three investment bankers. Servify plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn.

The company’s public issue will primarily comprise the OFS component (about 55-60%), while the remaining 40-45% will be a fresh issue of equity shares. It plans to file its DRHP with SEBI by August 2025 and is eyeing a listing in late-2025 or in the first quarter of 2026. 

The company is also in advanced talks with existing as well as new investors to raise $100 Mn in a pre-IPO round before filing its draft papers at a unicorn valuation. 

On the financial front, Servify saw its operating revenue jump 23% to INR 754 Cr in FY24 from INR 611 Cr in FY23. Meanwhile, net losses declined 59% YoY to INR 93.81 Cr in FY24.

Shadowfax

Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup that offers hyperlocal and on-demand deliveries to businesses. 

The Flipkart-backed startup competes with the likes of Delhivery, Ecom Express, XpressBees, LoadShare, Ripple and Pickrr. It is also backed by the likes of Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.

Kicking off its IPO proceedings, the logistics startup turned into a public entity in March 2025 by dropping the word ‘private’ from its erstwhile name “Shadowfax Private Technologies Limited”.

While it is yet to make a formal announcement, the logistics services platform is reportedly looking to raise INR 2,500 Cr to INR 3,000 Cr via its public market debut at a valuation of INR 5,000 Cr to INR 8,000 Cr. There is no clarity on the timeline for the IPO, but its promoters and investors have kicked off discussions with merchant bankers for the IPO.

In February 2025, Shadowfax raised INR 34.24 Cr in its Series F funding round from existing investors Mirae Asset and Nokia Growth Partners. In the run up to its IPO, the company also roped in Bijou Kurien, Ruchira Shukla and Pirojshaw Sarkari as independent directors to its board.

Subsequently in March 2025, the IPO-bound logistics major raised INR 65.4 Cr from its cofounders Vaibhav Khandelwal and Abhishek Bansal at a post-money valuation of $750 Mn. While Bansal infused INR 37.3 Cr, Khandelwal invested INR 28.1 Cr. The fundraise was part of the startup’s larger ongoing funding round of about $50 Mn. 

Shadowfax trimmed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year. Revenue from operations jumped 33% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in FY23.

Shiprocket

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics companies. It partners with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, and caters to customers across 24,000+ pin codes in India. 

Backed by names such as Temasek, Bertelsmann, Tribe Capital, Lightrock, among others, Shiprocket has raised more than $260 Mn in funding to date. 

Kicking off its IPO proceedings, the logistics unicorn’s board, in January 2025, passed a resolution to convert the startup into a public company from a private one. This comes as the company is said to be eyeing a listing on the bourses by FY26. 

On the financial front, the startup reported a net loss of INR 595 Cr in FY24, up 74.4% from INR 341 Cr in the year-ago fiscal. Its operating revenue jumped 20.8% to INR 1,316 Cr in the year under review from INR 1,089 Cr in FY23. 

Turtlemint

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates an insurtech platform that helps financial advisors distribute insurance to their community of customers. The startup claims to have so far catered to more than 3 Lakh advisors across offerings such as car, bike, health, and term life insurance. 

Backed by the likes of Amansa Capital, Jungle Ventures, Peak XV Partners, Vitruvian Partners and Nexus Venture Partners, the insurtech startup has raised more than $197 Mn in funding to date. 

In April 2025, it was reported that Turtlemint was in talks with four bankers – Motilal Oswal, JM Financials, ICICI Securities and Jefferies – to launch its $200 Mn to $250 Mn IPO in late-2025. As per the report, the company plans to file its DRHP with SEBI by June 2025 and hit the bourses by October 2025. 

Turtlemint’s total income surged 3X to INR 507 Cr in the fiscal year ended March 2024 (FY24) from INR 157 Cr in the previous year. However, net profit remained flat at INR 6 Cr during the fiscal under review. 

Urban Company

Founded in 2014 by Abhiraj Singh Bahl, Raghav Chandra, and Varun Khaitan, Urban Company is a hyperlocal services startup that offers a range of services such as home cleaning, appliance salon and massage, repair services, painting, among others.

Backed by Tiger Global, Prosus and Steadview Capital, the Delhi NCR-based startup has raised more than $646 Mn in funding to date. 

In January 2025, reports surfaced that the hyperlocal services startup was looking to file draft papers for its INR 3,000 Cr IPO before the end of March. The company’s public issue will largely comprise fresh issue of shares. 

It has appointed Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley to helm the IPO. 

Subsequently, in February 2025, the Gurugram-based home services marketplace’s board approved a resolution to turn the company into a public entity, renaming it from “Urbanclap Technologies India Private Limited” to “Urbanclap Technologies India Limited”. 

In April 2025, Urban Company’s board approved a proposal to raise up to INR 528 Cr via a fresh issue of shares as part of its IPO and an undisclosed amount of offer-for-sale component.

Urban Company reported a loss before tax of INR 93 Cr in FY24, down 70% from INR 312 Cr a fiscal ago. The Gurugram-based startup’s net revenue rose 30% YoY to INR 827 Cr.

Wakefit

A brainchild of Ankit Garg and Chaitanya Ramalingegowda, Wakefit was founded in 2016. The D2C startup sells a range of products such as mattresses, pillows, bed frames, mattress protectors, home decor and furniture. 

Backed by Peak XV Partners, Investcorp, Verlinvest, SIG, among others, Wakefit has raised more than $100 Mn since its inception. It competes with the likes of The Sleep Company, Duroflex, Kurlon and Sleepwell in the burgeoning Indian mattress and home decor market. 

Kicking off its IPO proceedings in April 2025, the D2C startup reportedly shortlisted Axis Capital, IIFL Capital Services and Nomura as bankers for its IPO. The startup is looking to raise around INR 1,500 Cr to INR 2,000 Cr as part of the public listing. However, there was no clarity on the company’s timeline to list on the bourses. 

Meanwhile, on the financial front, Wakefit managed to trim its net loss by 90% to INR 15.05 Cr in FY24 from INR 145.68 Cr in the previous fiscal year. Operating revenue rose 21% to INR 986.35 Cr during the fiscal under review from INR 812.62 Cr in FY23.

Zepto

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup that claims to offer 10-minute deliveries of groceries and other items. 

Backed by Y Combinator, Nexus Venture Partners, Glade Brook Capital, Motilal Oswal AMC, the quick commerce startup has raised nearly $2 Bn in funding to date.

In preparation for its IPO, the quick commerce major shifted its domicile back to India from Singapore in January 2025. As part of its public listing plans, the company also set up a new entity, Zepto Marketplace Private Limited to pivot to a marketplace model from its current B2B2C structure. 

In September 2024, it was reported that the quick commerce major commenced active discussions with domestic and global merchant bankers, including Morgan Stanley and Goldman Sachs, for a potential IPO by August 2025. 

Zepto was initially targeting a $450 Mn public issue but later internally increased the size to $800 Mn to $1 Bn, including a $300-400 Mn OFS component. 

It is also looking to shore up domestic shareholding in the company to 50% from 33% currently ahead of the IPO. In March 2025, a report noted that Zepto is pushing existing investors and employees to offload stakes worth $250 Mn at $5 Bn valuation. The private equity arms of Motilal Oswal Financial Services and Edelweiss Financial Services are said to be in talks to lap up the shares.

Zepto’s net loss declined 2% to INR 1,248.64 Cr in FY24 from INR 1,271.84 Cr in the previous fiscal year. Meanwhile, revenue from operations more than doubled to INR 4,454.52 Cr in the fiscal year ended March 2024 from INR 2,025.70 Cr in FY23.

Zetwerk

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk connects manufacturers with vendors and suppliers of industrial machine components.

Backed by Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital, Peak XV Partners, among others, the B2B manufacturing unicorn has raised more than $793 Mn in funding till date.

In February 2025, it was reported that the Peak XV-backed B2B marketplace had finalised Axis Capital, Goldman Sachs Group and Kotak Mahindra Bank as bankers to helm its potential IPO later in the year.

The company is looking to raise at least $400 Mn to $500 Mn during the IPO and is eyeing a valuation of nearly $5 Bn. The public issue will also reportedly include a “small” secondary component.

In March 2025, Inc42 exclusively reported that the B2B manufacturing unicorn has secured INR 43 Cr in a funding round co-led by Arc Investments and Oriental Biotech Limited.

The contract manufacturing startup saw its loss zoom 82% to INR 108.7 Cr in FY23 from INR 59.76 Cr in the previous fiscal year. Operating revenue jumped nearly 130% to INR 11,448.6 Cr during the fiscal under review from INR 4,960.5 Cr in FY22.

Last Updated: April 13, 09:00 AM IST

The post Indian Startup IPO Tracker 2025 appeared first on Inc42 Media.

At the start of the year, we knew that the IPO momentum was going to be super strong among Indian startups. Some of the most noted companies in the country — PhonePe, Urban Company, OYO, Pine Labs, Zepto and others — are on the cusp of going public and naturally, there was a lot of confidence among investors about exits and maturity in the startup ecosystem.

But in the past month or so, there is also a new wave of caution. Under the President Donald Trump administration in the US, global trade has been shaken to quite some extent, and markets are reacting every day to new developments and changes in trade tariffs.

Many believe this is a temporary pain that should not deter the IPO parade in India, but it will have some impact on new IPOs. The first sign of this was perhaps on display this week as Urban Company finalised its plans for the IPO and received its board approval.

But the final issue size might be well below previous expectations.

For one, the next set of IPOs are likely to be much smaller than the ones we have seen in the past four years. More and more companies will be looking to take a rational approach to fundraising in this current environment, and companies with minimal exposure to global trade winds will be the ones that will cash in.

Take for example, Urban Company, which was bullish about a mega IPO in late 2024 but has had to rejig its plans in the past two months. As we reported this week, the company’s board has approved raising up to INR 528 Cr (about $60 Mn) via a fresh issue in its IPO, in addition to an offer-for-sale component.

Incidentally, earlier this year, when the startup converted into a public entity, reports suggested that Urban Company was planning to file its draft papers for an INR 3,000 Cr IPO ($300 Mn+) before the end of March. While that timeline has since changed, clearly, so has the company’s appetite for fundraise from public markets.

It’s not just Urban Company — even EV maker Ather Energy is cutting its IPO size by at least $50 Mn (about INR 430 Cr) from its earlier target of $400 Mn (about INR 3,460 Cr) amid the ongoing volatility in the Indian and the global stock markets.

The market turmoil might also result in Ather seeking a lower valuation for the IPO, however, as of now, Urban Company’s valuation for the IPO remains under wraps.

The New Look Of Urban Company

Founded in 2014 by Abhiraj Singh Bhal, Raghav Chandra and Varun Khaitan, Urban Company has been in the news recently for its quick commerce transition with the launch of InstaHelp to offer services in 15 minutes. Under it, the startup offers services such as cleaning, cooking, washing and more, connecting users to professionals in their area.

Urban Company’s revenue model has changed quite a bit in the past two years. In fact, the revenue has nearly doubled since the end of FY22, and losses have come down significantly. It saw a near 30% increase in its revenue to INR 827 Cr in FY24 and narrowed its loss before tax to INR 93 Cr.

The company has gone beyond the commission-based model it started with. Today, it operates a marketplace for professionals and even these gig workers have to pay a subscription fee to remain on the platform. In addition to this, there is a commission charged on every job, plus of course revenue collected from consumers.

With the IPO on the horizon, revenue from services is a key focus for Urban Company, along with revenue from products sold to professionals for fulfilling these services. But it’s also adding other pieces such as InstaHelp, its take on quick commerce and venturing into consumer brands.

No Room For Loss-Making IPOs?

“There is no real precedent for a model like Urban Company in the public markets. While most investors and institutions would be familiar with Zomato or Swiggy’s model, they may not quite be in sync with how Urban Company pulls off the operations and the many moving pieces,” said a Bengaluru-based VC fund partner.

According to him, not having a counterpart in the market is often a disadvantage for companies looking to list, as most public markets investors like to have benchmarks for revenue and profitability. Even among the Indian listed companies and new-age tech stocks, there is no precedent for a model like Urban Company.

This is undoubtedly a challenge for the company, similar to what Paytm faced when it listed, and it will have to spend considerable time and effort to convey the model to the investor base.

The other big issue is sustaining profitability even as rules for gig work and part-time professionals change and evolve in the long run. The likes of Zomato and Swiggy have diversified quite a bit and while any changes in gig worker rules will naturally impact them severely, Urban Company is more heavily reliant on gig workers for revenue and business momentum.

It is perhaps for this reason that Urban Company is reported to be mulling a D2C play, launching beauty, wellness, and personal care products for consumers, which could put it in the same league as Nykaa or Honasa, and therefore give investors a better view of its financial roadmap.

The IPO size cut is a strong message that the public market investors are no longer willing to pay 10x or 20x revenue multiples for loss-making startups.

Even though cofounder and CEO Bhal claimed that Urban Company hit profit before tax in the first quarter of FY25, long-term profitability will be key for the company as it hits the public markets trail. This is perhaps the biggest hurdle for Urban Company as it goes through the IPO litmus test.

Stock In Focus: Honasa

Honasa Consumer, the parent of Mamaearth, showed signs of resilience after opening the week at its 52-week low. The stock rebounded on Friday after four sessions of decline, gaining 5.72% on April 11, 2025, outperforming its sector.

In terms of performance metrics, Honasa outperformed the retail sector by 5.35% this week, but it remains below the 5-day, 100-day, and 200-day moving averages, indicating that this may be a temporary bump for the stock.

Incidentally, this past week, Honasa earned a victory in its lawsuit against RSM General Trading LLC in the UAE. A Dubai court ruled in favour of Honasa, overturning a previous ruling which ordered the company to pay AED 25 Mn as compensation. This court case has been an overhang on Honasa for the past year or so, and settling this would allow the company to press ahead with its international business.

Over the past month, Honasa has seen a 7.38% gain in its stock price compared to the 1.68% bump for the overall Sensex. However, the Varun Alagh and Ghazal Alagh-led company’s year-to-date stock performance remains well below par at -8.82%, compared to the Sensex’s decline of -3.57%.

Honasa was not the only major gainer this past week, as a host of new-age tech stocks bounced back after two weeks of pressure. Here’s a look at the top ten stocks last week:

IPO Watch: Upcoming Issues & More

• Paytm Gets Domestic Boost: Domestic mutual funds increased their stake in Paytm to 13.11% in the fourth quarter from 11.2% in the Q3 FY25, primarily led by Nippon India Mutual Fund and Motilal Oswal Mutual Fund
• Wakefit Rises For IPO: Bengaluru-based D2C furniture and mattress startup Wakefit is reportedly looking to make a splash and aims to raise around INR 1,500-2,000 Cr (around $173-231 Mn) through a public offering later this year
• More’s IPO Roadmap: Amazon India backed supermarket retailer More Retail is planning to launch its initial public offering (IPO) next year as it looks to expand its network of supermarket stores in India and cater to the quick commerce boom
• Pine Labs’ Reverse Flip: Making another stride towards its IPO journey, fintech major Pine Labs has now secured the final approval from the National Company Law Tribunal (NCLT) to merge its Indian and Singapore entities and redomicile to India

The post Urban Company Lines Up For IPO Race appeared first on Inc42 Media.

In early 2023, restaurant body National Restaurant Association of India (NRAI) was gung-ho about the Open Network For Digital Commerce (ONDC) and so were other retail associations, but two years later, ONDC does not seem to have moved the needle too much.

The buzz was so loud around ONDC in 2023 that various consumer and payments apps such as Paytm, Magicpin, Ola and others joined ONDC as a buyer app, looking to break into the Swiggy-Zomato duopoly.

But that noise is all but a whimper today. Amid a leadership crisis that has seen CEO Thampy Koshy stepping down this week after CBO Shireesh Joshi had quit earlier, ONDC is going through a transition. The number of orders reducing significantly since last year, the government backed network is struggling to meet its milestones.

So let’s catch up with ONDC this Sunday and where it is headed. Will the government-backed network fulfil its promise and potential? Before we find out, here’s a look at the top stories from our newsroom this week:

• Ecom Express Derailed: Once valued at $850 Mn and gearing up for a public listing, Ecom Express has now been acquired by rival Delhivery for just $165 Mn, an 80% value erosion. What went wrong?
• SaaS’s Inflection Point: Indian SaaS startups raised over $2.1 Bn in 2024, up 31% YoY. A growing chunk of this capital is flowing toward companies that are not just building on AI, but being built by AI. Behind this investment flurry
• Behind Aisle’s Boom: Info Edge-owned Aisle’s revenue soared by nearly 146% in two years and the dating app reduced its cash burn by 42% this year. What exactly turned things around for this Tinder and Bumble rival?

From Highs To Lows

ONDC, backed by the Department for Promotion of Industry and Internal Trade (DPIIT), was introduced in December 2021 and launched for public use in 2023. It was seen as an alternative to the marketplaces and aggregators who were dictating terms for sellers. Instead, the ONDC offered an incentive-based structure for apps and an open network of sellers that everyone on the network could access.

That beginning was great —  mammoth discounts rained on food delivery on ONDC, almost 50% cheaper than aggregators like Zomato and Swiggy. The social media buzz pegged ONDC as a Zomato and Swiggy killer.

More than two years down the line, today, the network has crossed 200 Mn lifetime transactions as of March 2025 with a significant increase in annual transactions volume, however did ONDC prove to be a Swiggy, Zomato killer or has it been the other way round?

ONDC, which was tipped to be a one-stop shop for all things digital commerce, is now struggling to compete with well-capitalised startups in food delivery and quick commerce segments.

And the resignation of CEO Koshy this month is another blow. Post his exit, an executive committee has been formed to take things forward, with Nitin Nair who heads logistics, mobility, travel segments and  Vibhor Jain who is the head of network governance and chief operating officer as key members

“It is a seven member committee which has  several vertical heads as members. This executive committee has been tasked with overseeing the operations at ONDC post the exits of the CEO and CBO,” sources told Inc42.

Meanwhile, former CEO Koshy who was also in the founding committee at ONDC,  is expected to help with the transition and will be handing over the charge in June 2025.

Inc42 sent detailed queries to ONDC regarding the above developments. The story will be updated as and when the ONDC spokesperson responds.

Behind The CEO Exit

Speaking to Inc42, T Koshy said he believed it was the right time for him to step down as several milestones in transaction volumes, seller onboarding had been achieved.

“If not sizable, we have initiated an idea, set a stage for alternative stakeholders in digital commerce to access wider markets and build products/ services on top of an open source network. This has never happened in India’s digital commerce industry,” Koshy, whose name had become synonymous with ONDC, told us.

While denying any reports on whether ONDC’s transactions, revenue milestones were missed during the last three years, Koshy responded by saying that any transformative idea in a particular industry takes several years to shape and further more time to be accepted broadly.

“The UPI transformation happened over the course of a decade. While the UPI was made open to public in 2016 the idea was conceived several years ago and then many tweaks were done until the fintech industry recognised this digital payment,” Koshy, who served as executive director of National Security Depository Limited (NSDL) prior to joining ONDC, added.

Koshy added that while one may argue on the metrics like market share etc, to compete with deep pockets of giants like Zomato, Swiggy or Zepto continues to be a challenging task.

“We did not anticipate in the first year of ONDC being made open to the public that we would cross 50 Mn transactions but we did so. We are anticipating 150 Mn transactions in 2025 alone and by all means this is a huge leap,” Koshy added.

Did Quick Commerce Craze Doom ONDC?

Arguably 2023-24 has been a significant transformative year in India’s ecommerce industry with Zomato’s Blinkit, Swiggy Instamart and Zepto leading a consumer behaviour shift in India. The trio have raised $3.5 Bn in 2024 alone via private funds raise, IPO and qualified institutional placement.

A majority of this capital raise has been deployed to strengthen the capital intensive dark store network, offer cashbacks and expand into new categories, impacting not only ecommerce giants like Amazon, Flipkart but India’s mammoth $1 Tn retail industry which includes scores of kirana stores and small shops.

ONDC’s retail transactions also became a casualty of the quick commerce advent with a foreseeable slump in retail orders towards the latter part of 2024 and first three months of 2025.

Retail transactions which include food deliveries, fashion, electronics and groceries have consistently fallen, peaking at 6.5 Mn per month in October 2024 but declining to 4.6 Mn in February 2025 marking a 10-month low.

In the retail segment, the grocery reportedly constituted 1.8  Mn monthly transactions in February 2025 — a paltry number by most comparisons in the grocery space. Sources said that the share of grocery has consistently shrunk in the overall retail order volumes on ONDC whereas food delivery volumes have seen flat growth from the peak of 2024.

“Zepto single handedly changed the narrative of digital retail delivery and consumption by expanding faster and raising mega funds raises in the first half of 2024. Blinkit and Swiggy Instamart have not held back and targeted the markets  quickly capturing almost 90% of the industry. When it started, ONDC was reporting better than expected numbers due to seasonal peak demand in the festive season. After that, it has been a sob story for ONDC retail segment with consistently falling retail transactions,” a source within ONDC added.

Meanwhile, Koshy believes that the idea was not to challenge these large players as competing with flush ecommerce giants is a herculean task. He said that ONDC wanted to prove that an alternative can exist for India’s digital commerce industry.

“If you think about it, this is akin to what happened in the financial services and other industries. Some sort of consolidation will be there but that does not mean there should be no market competitiveness,” Koshy added.

On the other hand ONDC’s founding members that includes Protean eGov Technologies Limited and Quality Council of India and other shareholders like ICICI Bank, Bank of Baroda, Avaana Capital, HUL among others decided to scale down the incentive programme launched at the outset to attract buyers and sellers.

In addition, the buyer side applications like Paytm, Magicpin, Ola and others have also reduced the discounts they were offering to the consumers for retail orders placed via ONDC network. Is ONDC fading away as a result?

Shrinking Discounts Play Spoilsport 

Despite being just a year old in 2024, ONDC started a strategic shift and cut down incentives offered to network participants from the peak of INR 3 Cr in July 2024 per participant, to INR 30 Lakh in December 2024 per participant if sellers averaged 1 Mn monthly orders.

In addition, the network began charging INR 1.50 transaction fees for any transaction above INR 250 from the seller in a move underscoring ONDC’s thrust on maintaining financial stability and operational sustainability.

On the other hand, the buyer-side apps have also significantly reduced the discounts being offered on grocery, food delivery orders which includes players like Paytm, Ola and Magicpin. The operational costs were being supported by the incentives offered by the network shareholders but with that significantly down, buyer apps are finding it increasingly difficult to compete with quick commerce companies.

“PhonePe’s Pincode also opted out of ONDC primarily due to this reason. While the buyer side apps were offering discounts to the buyer, they were not charging high enough commissions from sellers which almost made it difficult for them to sustain,” a senior executive with ONDC associated buyer-app told us requesting not be named.

An ecommerce player which onboards sellers on ONDC stated that in comparison to Swiggy, Zomato which charged restaurants 30%-40% commissions, ONDC’s buyer apps like Paytm, Ola or even Magicpin took a mere 5% commission and have stuck to this low rate despite food delivery seeing an overall slump.

“Even Zomato, Swiggy’s food delivery business has slowed down. But they have been able to post healthy margins due to higher commissions from restaurant partners and other charges being levied on the platform passed on to consumers. For ONDC this proved to be deadly with overall industry slowing and discounts disappearing,” the above person stated.

The Silver Lining For ONDC

Despite retail orders slowdown, mobility and logistics segments have held onto strong transaction volumes and surprisingly performed better than retail.

“Mobility overall is undergoing a rapid shift with Ola, Uber’s dominance withering, Rapido taking over and BluSmart in deep crisis. Namma Yatri which was the first mobility player to onboard ONDC paved the way for zero commission rides which was trend setting for the industry. ONDC in that sense has a first mover advantage and has done good so far,” an ecommerce sector analyst said.

Koshy told us that in addition to ride hailing services, ONDC has been able to rope in various city metros, bus services to facilitate the mobility segment business.

“The mobility segment is now active in three metros and 18 cities. We started mobility services in Bhubaneswar and expanded later on. We are now collaborating with Delhi Transport Corporation (DTC) for online sale of DTC bus tickets. Besides, we have made bus bookings available via Redbus,” Koshy added.

The other success story of ONDC seems to be from the logistics industry with the network now onboarding multiple large and small players which include Delhivery, Shadowfax, Loadshare, Ola, Porter, Amazon Logistics, Ekart among others. The logistics orders increased from 35,000 in April 2024 to 2 Mn in February 2025.

“Logistics is perhaps the most important success story to have come out of ONDC so far with a huge gap being filled by logistics players onboarding ONDC and sellers now being given the choice to choose anyone among these players for running their deliveries,” founder of a key logistics company which is working with ONDC told us.

Despite the initial hiccups ONDC has made some strides in the digital commerce but will likely bank on a more financially sustainable model as well as generate heightened consumer awareness in order to give the rivals some competition. As of now, the immediate challenge will be to overcome the leadership crisis and ensure the smooth operations.

“ONDC is here to stay. It is a process in making. Today we have the likes of Reliance, Tata Group and Bajaj joining us besides numerous new age companies from each vertical. We have set the stage and someone will have to take it to the next level,” former CEO Koshy added.

But food delivery and grocery shopping are the most frequent use-cases that ONDC was looking to unlock and gain some advantage over delivery apps and marketplaces. Will the entry of conglomerates and new-age giants force it into a new direction and take it off the public limelight?

Sunday Roundup: Startup Funding, Deals & More

• UPI Goes Down Again: Digital transactions were impacted today due to a widespread outage on the UPI network — the sixth such outage in the past year — with several users reporting failed transactions and payments
• Funding Sees Bump: Between April 7 and 12, Indian startups cumulatively raised $195.1 Mn across 20 deals, marking a 35% surge from the previous week

• Ola’s New Launch: EV major Ola Electric has launched its first Roadster X motorcycle from its Futurefactory, the model which the company had accounted for in its February sales data
• Sovereign Models: Amid the ongoing global AI race, India must focus on building a ‘sovereign AI’ ecosystem to ensure autonomy over its data, Sarvam AI cofounder Vivek Raghavan said at the GenAI Summit By Inc42 this week

Edited by Nikhil Subramaniam

The post Did Quick Commerce Eat ONDC’s Lunch?  appeared first on Inc42 Media.

Last week, the Indian startup ecosystem witnessed a different kind of distress sale. Typically speaking, such deals involve companies going through a downturn, but this time it was for an IPO-bound company —  Ecom Express. 

Listed major Delhivery informed stock exchanges that it is acquiring 99.4% stake in Ecom Express for INR 1,407 Cr ($165 Mn), an almost 80% valuation drop from Ecom Express’s last valuation of INR 7,300 Cr ($850 Mn). 

The deal will go down in history for two reasons. Firstly, this distress sale is arguably the most severe of its kind in Indian startup history. Global marquee investors are expected to take a massive loss in the exit — as we will see. 

And the second: Delhivery, an arch rival for Ecom Express, is the one giving some form of a lifeboat and in the process acquiring a bigger piece of the market share. However, as a result of this acquisition there are grave consequences in store for thousands of employees at Ecom Express, who are likely to take the worst hit in this deal.

If we have to track the distress for Ecom Express, we have to go back to the company’s initial plan in February 2022 for an IPO, which was eventually shelved. 

This was soon followed by the tragic loss of CEO TA Krishnan in 2023. And almost immediately after that Ecom Express found itself without its biggest customer. This is how the past 14 months have unfolded for the company:

• February 2024: Meesho, Ecom Express’ biggest customer, launches an in-house logistics vertical Valmo
• June 2024: Ecom Express shelves plans to raise INR 400 Cr at $1 Bn+ valuation from existing investors, raises INR 1,400 Cr via rights issue
• August 2024: Refiles IPO papers with an aim to raise INR 2,600 Cr from public market after withdrawing first bid in 2022
• September 2024: Delhivery alleges Ecom Express inflated shipment numbers and hid costs in its representations to investors and regulators
• December 2024: Meesho reduced almost 40%-50% of shipment volume with Ecom Express
• January 2025: Several Ecom Express’ clients, including Reliance and Amazon, significantly reduced their orders, according to sources
• February 2025: Shelves IPO plans for a second time; over 500 employees laid off and 1,000 delivery centres shut down
• March 2025: Archrival Delhivery announces acquiring 99.4% stake in Ecom Express for nearly half of its targeted IPO valuation

Ecom Express, which claims to have handled over 2 Bn shipments since inception and reached around 97% of the country’s population, is in a dire situation, with revenue declining in FY25 and losses growing. 

What exactly went wrong for Ecom Express, especially after it was one of the first companies in this space to hit profitability?

Delhivery, Ecom Express, and its investors, such as Partners Group, Warburg Pincus, and British Investment International, did not respond to Inc42’s queries.

Ecom Express’ Missed Growth Curve

Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express offers shipping and fulfilment services for ecommerce brands and B2C marketplaces. It claims to have 3,000 delivery centres with a network that spans 2,700 cities and towns across India.

Till date, it has raised more than $324 Mn in funding from global marquee VCs and private equity funds, including Warburg Pincus, British International Investments (BII), Partners Group and others, across 12 funding rounds, and was last valued at around $850 Mn in 2022.

In fact, Ecom even turned profitable in FY21, well before its competitors, which was an encouraging sign in a sector that has cut-throat competition, low margins, and high operational cost. 

For context, Delhivery reported its first ever profit in Q3 FY24 (Oct-Dec 2024), and Ecom’s other competitor, Xpressbees is yet to book its first profitable year since inception in 2015.

However, cut to 2024 and the picture is different. Ecom Express saw its revenue increase by mere 2.3% to INR 2,653 Cr in FY24, from INR 2,554 Cr a year ago. This growth was the slowest among the competition.

Despite this, by August 2024, Ecom Express had come back to the IPO table after the failed first attempt in 2022. However, as sources have now told Inc42, the DRHP only revealed what Ecom Express wanted to show to the market. 

For instance, it didn’t mention that Ecom Express’ biggest customer Meesho was clearly moving away from the company. Nor did it mention anything about how the company’s service quality was hampered by the exit of key leaders from late 2023. 

As per Delhivery’s latest exchange filing dated April 11, 2025, Ecom Express reported operating revenue of INR 1,912 Cr in the first nine months of FY25, which would take it close to INR 2,500 Cr in terms of full year revenue, or back to FY23 level. 

Moreover, the startup saw net loss increase to INR 398 Cr in this period, with an operational loss of INR 184 Cr. This raises even more questions about why Delhivery is acquiring the company?

“The January to March quarter revenue has fallen by 30% YoY, as the company saw more of its clients pull out,” according to an industry insider aware of Ecom Express’ situation. 

The first trigger was Meesho. 

Meesho’s Breakaway Move That Broke Ecom Express

In late 2023, Ecom Express was busy improving its infrastructure and operations by launching same-day, next-day and express deliveries to fulfill the changing needs of D2C players and ecommerce marketplaces. Then its biggest customer — Meesho — became a competitor.

Ecommerce giant Meesho launched its very own logistics vertical Valmo in early 2024 after months of testing to cut operational costs, and this left a big dent in Ecom’s revenue prospects. 

As per Ecom Express’ DRHP, the company made 52% of its revenue from a single customer, which is most likely to be Meesho. 

The company’s DRHP, filed in August 2024, said that in the past, the business had seen a significant impact from a major customer withdrawing its business. 

It would not be a stretch to say that Ecom Express’ revenue growth between FY22 and FY24 was largely driven by Meesho. In FY22, Ecom Express’ largest customer brought in 29% of all revenue, which nearly doubled in FY24. 

This spike coincided with Meesho’s transition towards a full-blown marketplace rather than an affiliate platform with some bits of fulfillment and seller services sprinkled in. When Meesho took full control of the logistics like any other marketplace, Ecom Express was left with a big hole in its roof.

While such a heavy reliance on one customer is always risky, it had other customers such as Amazon India, Roposo, Shiprocket and others that offered the potential for growth. However, just as Meesho gradually pulled its business away from Ecom Express, others did too. 

It is not unusual for logistics companies to have a large reliance on a small set of customers. However, this needs to be reduced over a period of time. Delhivery’s top five customers contributed 38.4% of revenue in FY24, down from 48.8% in FY19. 

Sources claim the lack of revenue diversification was a problem that Ecom Express had encountered earlier and  the company didn’t learn from its mistakes in the past. The company is said to have faced a similar situation when Shopee abruptly exited India in 2022. 

In 2024, without Meesho, Ecom Express had a problem of excess resources and a wide network that was not being utilised efficiently. It also saw an exodus of long-time employees and key leaders. 

A Tragedy And Key Exits 

After the demise of former CEO Krishnan in October 2023, Ecom Express brought in former Airtel Business chief Ajay Chitkara as the managing director and CEO. 

Chitkara, who came with no prior experience in the logistics industry, was tasked to take the company to a public listing at the earliest, according to sources.

“Chitkara’s primary target was to increase order volume and resume the IPO process, which was shelved two years back,” said one of the sources on the condition of anonymity.

As per industry sources, one of Chitkara’s first measures was slashing down the delivery cost by 30%, causing a stir in the industry and prompting other companies to cut their prices too. This naturally resulted in higher volumes, but put a strain on the infrastructure and impacted quality of service. 

Incidentally, within a year of Chitkara’s appointment, several department heads and CXOs departed the company, allegedly due to differences with Chitkara’s approach.

• Dipanjan Banerjee, who was the chief business officer for over eight years, exited and joined BlueDart as chief commercial officer
• Prashant Gazipur, country head operations and chief process officer at Ecom Express left and joined Delhivery as senior VP
• Sonam Paliwal, who looked after hub and network operations at Ecom Express, quit to join as director of operations at DTDC 

These exits severely impacted day-to-day operations, and while Ecom Express had massive team at its disposal, the new leadership was more focussed on growing volumes. 

Sources in the industry point to regular delays in deliveries to customers, delivery fraud and an overall sub-par customer experience with Ecom Express.

For example, a cursory search of “Ecom Express” on social media will yield posts by disgruntled customers narrating their poor experience around misplaced orders, late deliveries and more.

As per another industry insider, Reliance was the first one to express its dissatisfaction with Ecom Express’ service quality, and the rest followed. “By the end of 2024, most clients cut their business with Ecom Express and moved to competitors. This heavily affected the topline and profitability,” said a source.   

Dropping The B2B Ball

For years, Ecom Express’ singular focus on the B2C ecommerce market was seen as an advantage in the logistics tech space. Umesh Chandra Paliwal, CEO of unlisted trading platform UnlistedZone, had earlier told Inc42 that Ecom Express enjoys higher margins compared to Delhivery, which had a more diversified business, and in the long run, this is preferred. 

Up to 80% of Ecom Express’ business was concentrated in Tier 1 and 2 cities where delivery costs are considerably lower than rural areas or remote locations. This gave it something of an edge on margins and commissions from brands. 

But without its biggest customer Meesho, the stubbornness to not venture beyond B2C deliveries became a thorn in the startup’s growth arc.

“Diversification is a must when you are heading for an IPO. What Ecom Express did was too risky, especially when your largest client becomes your competitor,” said another industry insider in the space, adding that it was “red flag” for anyone who was looking at investing in the IPO.

While Delhivery continues to generate 62% of its revenue from B2C deliveries, it has also added B2B and cross-border deliveries to the mix. FirstCry-owned Xpressbees has also diversified beyond B2C and ventured into cargo and B2B areas.  

“Meesho was a major client for other logistics players too, but having diversified businesses and multiple revenue streams cushioned the likes of Delhivery from getting severely impacted,” another source highlighted.

Even if we talk about ecommerce deliveries, Ecom Express stood second with 27% market share with 514 Mn shipments, as per the industry report section in its DRHP — numbers that have to be taken with a grain of salt.

Moreover, Ecom Express claimed to deliver products in 27,000 pin codes, while as per India government the country has around 19,300 pincodes, excluding army postal services. 

Soon after the DRHP was released, Delhivery alleged that Ecom Express’ shipments stood at about 450 Mn when adjusted for return to origin (RTO) shipments.

The claim was that Ecom Express had counted the initial shipment to the customer and the RTO as two shipments, whereas the industry norm is to record it as one shipment. Ecom Express never responded to this claim publicly. 

What’s also clear is that the startup was never able to capitalise on the growing popularity of quick commerce like its competitors such as Shadowfax, which have partnered with brands to facilitate 10 to 30-minute deliveries.

Real Synergy Or A Baggage In The Making?

With several red flags in the company’s DRHP that would eventually need to be addressed closer to the IPO, Ecom Express was running the risk of a dud listing. It seems that the company was left with little choice than to provide an exit to investors through an acquisition, and found a rescue act in Delhivery.

According to a VCCircle report, Partners Group, which had invested over $250 Mn in Ecom Express and owns just under 50% stake, is set to make a 71% loss on its investment in the exit. Similarly, British Institute of Investment (BII), which has 10% stake, will exit at a 70% loss. 

Inc42 did not receive responses from any investors and shareholders of Ecom Express about the extent of their losses and the state of their investment. 

Incidentally, Ecom Express CEO is in line to receive a bonus of up to INR 15 Cr if the company gets listed or gets acquired, as per details seen by Inc42. 

While it is not yet clear how the acquisition will pan out, we know that the company’s workforce is close to 50,000, with the majority being part-time delivery partners. The company employs around 16,000 full-time workers to manage the operations, engineering and technology teams, sales and marketing and other central functions. 

Their fate remains unknown, but it’s unlikely that Delhivery will absorb all the jobs. Some roles would be redundant while others might not fit within Delhivery’s operational wheel. 

While Delhivery is ambitious and says that the acquisition is expected to make “steady state profits” on retained revenue, assumed to be ~30% of FY25 base, it’s also not clear whether Ecom Express will remain independent of Delhivery, but this scenario seems highly unlikely as Delhivery is the bigger brand and there’s no clear need for a multi-brand strategy in this space unlike ecommerce or SaaS. 

Moreover, Delhivery has only just started showing profitability. It’s not exactly clear how much revenue Ecom Express will be adding to its business, even though the acquisition would definitely add to the costs.

Delhivery’s experience with the previous acquisition of Spoton was also not great. Integrating that acquisition was a major challenge for the company and it resulted in unsavoury complications at the management layer. In this regard, Delhivery claims there is significant operational overlap with Ecom Express to prevent such an issue. 

The one thing that could count in Delhivery’s favour is that with thinning competition in this space, it can dictate the pricing to some extent. However, given that the likes of Meesho’s Valmo, Xpressbees, Shadowfax and others are expanding in the logistics space, this advantage could be short-lived.

[Edited By Nikhil Subramaniam]

The post What Triggered Ecom Express’ $165 Mn Fire Sale To Delhivery? appeared first on Inc42 Media.

A total of 60 founders of 34 Indian new-age tech companies took home INR 307.08 Cr in cumulative annual salary in the financial year 2023-24 (FY24)!

However, the average founder salary plummeted 25.6% to INR 4.93 Cr in FY24 from INR 6.63 Cr in the previous fiscal year.

It is pertinent to note that the Indian startup ecosystem continued to be in the grip of the funding winter, which began in 2022, in FY24. As investors tightened the purse strings following the start of the Russia-Ukraine war in 2022, there was mayhem in the Indian startup ecosystem, which was riding high on the bull run of 2020 and 2021.

Consider this: The total funding raised by Indian startups fell to $25 Bn in 2022 from $42 Bn a year ago. This number further plummeted to $10 Bn in 2023 and no respite in 2024 with a total funding raised worth $12 Bn.

This acute funding crunch has meant that Indian startups have had to take drastic measures to cut their costs and extend their runways. Following the onset of the funding winter, startups reduced their advertising and marketing budgets to cut losses or turn profitable in FY23. They also resorted to massive restructuring exercises which resulted in thousands of employees losing their jobs. Some of them even shut down operations.

Amid all these, Inc42 launched ‘Founder Salaries Tracker FY23’ to keep you updated with the salaries of the founders at a time when employees were losing jobs and taking pay cuts.

Continuing that, we are bringing to you the tracker for FY24, which was not much different from FY23. Consolidation remained the main theme in FY24 as well, as startups looked to improve their bottom lines even if they had to compromise on growth in their top lines.

As per the data collated by Inc42, the aforementioned startups posted a cumulative operating revenue of INR 81,937 Cr in FY24. Of these, nine startups reported a combined loss of INR 7,198 Cr, whereas the remaining reported a total profit of INR 7,960 Cr. 

For a deep dive into the financial numbers, take a look at Inc42’s ‘FY24 Financials Tracker’.

Now, let’s delve deeper into the salaries that the startup founders earned in the last financial year. The tracker will keep you informed about the remuneration earned by the founders in FY24, the percentage increase/ decrease in their salaries compared to FY23, and more.

Editor’s Note: This list is not a ranking of any kind. The companies have been placed alphabetically. This is a running list and will be updated periodically.

Founder Remuneration Tracker FY24

Companies are placed in alphabetical order | Data has been sourced from MCA filings, annual reports, and DRHPs |

*Note: Includes Share-based payments, reimbursements, bonus, variable pay, among others

Supam Maheshwari | FirstCry

Supam Maheshwari, the founder of recently listed ecommerce marketplace FirstCry, retained the top spot in terms of annual remuneration in FY24 as well. As per the startup’s red herring prospectus, the founder took home INR 103.8 Cr as remuneration in FY24, which was almost 50% lower than INR 200.7 Cr a year ago.

However, it needs to be highlighted that this amount includes short-term employment benefits, share based payments accrual, and excludes provisions for gratuity, compensated absences and other long term employment benefits which have been actuarially determined and the amounts pertaining to the key managerial personnel (KMP) are not material.

FirstCry reported an operating revenue of INR 6,480 Cr, with a loss of INR 321.5 Cr in FY24. 

Kamath Brothers | Zerodha

Nikhil and Nithin Kamath, founders of Zerodha, clinched the second spot in terms of annual salaries in FY24. Nithin took home INR 33.5 Cr as gross salary during the year, a 30% decline from INR 48 Cr he took home last year. Similarly, Nikhil’s gross salary stood at INR 33.9 Cr in FY24, down 29% from INR 48 Cr in FY23.

However, including the income clubbed under ‘other’ head, their total remuneration stood at INR 96 Cr each. 

Zerodha reported an operating revenue of INR 9,372.1 Cr, while its profit jumped to INR 5,496.3 Cr in FY24. 

Aneesh Reddy | Capillary Technologies

Aneesh Reddy, the founder of SaaS startup Capillary Technologies, was at the third spot in the list. He took home INR 13.3 Cr in the last financial year, an increase of 1,480% from the gross salary of INR 84 Lakh in FY23. Aneesh received a share-based payment of INR 23.1 Cr in FY23, which plummeted to INR 50 Lakh this year. The startup, earlier this year, extended its Series D funding round to $140 Mn, securing $90 Mn in its secondary transaction. 

Bhanu Chopra | RateGain

Publicly listed RateGain’s Bhanu Chopra took home INR 5.8 Cr in FY24, and was fourth on the list. However, his gross salary declined 5% compared to INR 6.1 Cr in FY23. The company’s net profit rose 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in the previous fiscal year. Operating revenue jumped 69% to INR 957 Cr from INR 565 Cr in FY23. 

Vijay Shekhar Sharma | Paytm

Vijay Shekhar Sharma, the founder, chairman, MD and CEO of fintech giant Paytm, was at the fifth spot with an annual remuneration of INR 4.4 Cr during the year under review. Sharma, who is one of the most active angel investors in the county, saw a 10% hike in his annual remuneration in FY24 from INR 4 Cr in the previous fiscal year.

Varun Alagh | Mamaearth

Varun Alagh, the CEO of publicly listed beauty care startup Mamaearth, took home INR 3.97 Cr in annual remuneration in the recently concluded financial year. He received a hefty increment of 166.4% compared to INR 1.49 Cr he took home in the previous year. 

In comparison, his wife Ghazal Alagh, who is the cofounder of the startup, took home INR 1.79 Cr in remuneration in FY24, a jump of 80.8% higher than INR 99 Lakh in the previous fiscal year. 

The Delhi NCR-based startup reported an operating revenue of INR 1,919.9 Cr during the year under review with a profit of INR 110.5 Cr.

Edited By Vinaykumar Rai

Last Updated On April 11, 6:00 PM IST

The post Founder Salaries Tracker FY24: How Much Did Startup Founders Earn? appeared first on Inc42 Media.

By mid-2024, the Indian SaaS landscape reached a turning point. AI was no longer an edge or an innovation layer; it had become a foundational pillar for SaaS and software development.

Inc42 reported that AI startups comprised nearly 40% of new SaaS ventures funded in 2024, a sharp leap from 19% in 2022. In total, Indian SaaS startups raised over $2.1 Bn in 2024, up 31% YoY. A growing chunk of this capital is flowing toward companies that are not just building on AI, but being built by AI.

The shift is clear even in boardroom conversations or pitch meetings. Investors now probe product architecture with surgical precision. The question isn’t simply whether a company uses AI — it’s how deeply AI is embedded, whether it creates a durable moat, and whether it meaningfully improves the startup’s economics and defensibility.

“An AI-native SaaS firm is created with AI at its foundational level,” says Ankur Mittal, cofounder and partner of Inflection Point Ventures, adding, “These businesses constantly train and enhance their algorithms using private data, creating a defensible tech moat that is hard to replicate. In contrast, typical SaaS providers frequently patch AI onto existing systems, providing only incremental gains rather than radical revolution.”

This distinction is becoming crucial to funding decisions. Indian SaaS is no longer chasing AI adoption—it’s being rebuilt around it. And this evolution is rapidly reshaping investor priorities, frameworks, and thesis.

Ashwin Raguraman, founding partner at Bharat Innovation Fund, believes that once the power of AI itself became evident, it compounded, especially as compute power increased.

The capabilities that were there back then at a certain level have dramatically advanced today. Users are more aware. Interfaces are more intuitive. People can describe a task, toss in a prompt, even if they’re not tech-savvy, and get meaningful results.

There’s now a common understanding of how to use AI. That’s made a huge difference.

From Cloud-First To AI-Native SaaS 

Before we go further, it is important to rewind the clock and understand India’s SaaS journey. The SaaS ecosystem has come a long way from making software more accessible to now fundamentally reshaping how intelligence is built into applications.

In the early 2010s, the appeal of SaaS was straightforward: cloud-native tools that were easy to deploy, cost-effective, and didn’t require complex on-premise infrastructure. Businesses of all sizes could access software on demand, paying monthly and scaling as needed.

This ease of use created the perfect environment for workflow applications to thrive — CRMs, billing software, customer support — products built for efficiency. Indian SaaS startups, in particular, found success by tailoring these tools for mid-sized and emerging enterprises.

But things started to shift. With growing public cloud infrastructure and better digital readiness, SaaS began consolidating into unified platforms. Instead of scattered point solutions, companies started offering end-to-end cloud-native experiences.

And then came generative AI.

The rise of GenAI around 2018 didn’t just enhance SaaS — GenAI resulted in reinvented models.

Traditional SaaS solutions became smarter, more adaptive, and more intuitive. And new AI-native platforms emerged, built from the ground up with LLMs, natural language interfaces, and agentic automation.

As Raguraman puts it, “We’re watching the line between software and intelligence blur.”

What made this leap possible? Two enablers: data and compute. Enterprises now have access to structured, well-connected datasets that were previously hard to collect or clean.

Meanwhile, GPU acceleration — originally built for gaming — unlocked the compute power needed to train and deploy AI at scale.

These building blocks have fuelled a rapid acceleration — one where startups can now move from idea to intelligent software in months, not years.

Gauging AI-Native Depth

When a startup claims to be “AI-native,” the first question investors ask is: Is AI core to the product, or just a layer?

Many companies today integrate third-party AI APIs and label themselves GenAI players. But for investors, depth matters — how embedded is the AI, and does it meaningfully enhance the product?

As Raguraman puts it, this is where enterprise buyers and investors often align: they want to see if the solution truly solves a business problem. Large incumbents like Zoho or Freshworks can add AI layers to existing platforms. But newer players need to show real differentiation — through proprietary data, custom models, or vertical-specific applications.

On the customer side, especially in large enterprises, adoption is cautious. Security, bias, and governance remain top concerns. The Bharat Innovation Fund partner shares an example: a SaaS company added GenAI and pitched it to CIOs, who responded, ‘I’m glad you didn’t activate it yet.”

This hesitation is symptomatic of the need for compliance and control in mission-critical environments. That’s why enterprise use cases for AI today are mostly around support functions — report generation, summarisation, or automation — rather than core systems like payments or telecom networks.

Adoption will scale only once AI proves reliable and safe enough for critical workflows.

From the investor’s lens, diligence runs deeper. They evaluate three key aspects:

• Data Quality & Results: What training data was used? What accuracy does the model achieve today?
• Data Flywheel: Is there a mechanism to keep improving via fresh data? Does the system learn over time?
• Technical Rigour: Why was a particular model chosen? Is it truly ML, or just rule-based logic masked as AI?

Investors such as Raguraman also test claims during founder conversations — asking how model accuracy evolved, what trade-offs were made, and how deployment impacted real customers.

“Ultimately, the test is not just in claims, but in proof — where is it deployed, what’s the accuracy, and how much has it changed the customer’s workflow?”

In a market filled with AI branding, these questions help separate foundational AI-native platforms from SaaS products with superficial AI add-ons.

New Chapters In SaaS Investments Playbook 

For investors like Abhishek Prasad, managing partner at Cornerstone Ventures, the AI wave in SaaS is prompting fundamental changes in deal evaluation. His lens has shifted from traditional SaaS metrics like CAC and ARR growth alone to newer AI-driven qualifiers.

“We give the most importance to the business model and the impact being created by the startup for its customers,” says Prasad. “With AI becoming core to SaaS, we are interested in how AI is being leveraged by these companies, what is the impact it is making to the value proposition, is it creating new moats, and is the cost of leveraging AI capabilities delivering the right ROI to both the startups and their customers.”

This evolving lens has consequences for early-stage evaluation. Investors are digging deeper into the architecture of the product stack, the flexibility and efficiency of AI models, and how core AI is to the startup’s evolution and scalability.

IPV’s Mittal echoes the shift: “We now evaluate data strategy, model flexibility, and AI-driven defensibility. Startups that capitalise on proprietary data and thoroughly integrate AI into their value offering outperform those who only use AI as an add-on.”

Take vertical SaaS, for instance. Once considered niche, it’s now center stage in investor pitch decks. From financial risk platforms to HR tech, legal automation, and precision healthcare tools, domain-specific SaaS models with embedded AI are drawing attention for their ability to deliver tailored solutions and faster ROI.

“The biggest disruptions will come in horizontal SaaS, where several features and functionalities could become commoditised with AI accelerating the ability to build these capabilities. But vertical SaaS, with deep domain capabilities, will benefit the most from AI. Speed of innovation and operational efficiencies will change dramatically,” Cornerstone’s Prasad claimed.

AI is also informing how investors assess the founding team. While technical depth remains essential, investors now look for domain fluency, product-founder fit, and a nuanced understanding of AI ROI.

A good AI team consists of more than simply technical talent; it also comprises deep domain knowledge, research-backed AI capabilities, and a clear vision for AI-driven value generation. Mittal said, “We seek entrepreneurs who have not only created AI models but also effectively implemented them at scale, resolving real-world challenges with demonstrable results.”

Even the AI model choices are scrutinised. Investors are keen to see if founders are making strategic decisions — using lightweight, specific language models (SLMs) instead of large language models (LLMs) where efficiency and cost justify it. It’s not just the sophistication of the AI but its relevance to business goals that matters. For example, there are SLMs for AI in radiology or imaging. Now, other people can build on top of those using the data they have access to, for example, in diagnostics.

What’s Changing In SaaS And What India Gets Right

AI is reshaping how SaaS products are built and scaled. It’s not just about features anymore — it’s about driving new economics through smart, efficient AI deployments.

In India, this shift is visible across CRM, ERP, cybersecurity, and process automation, where AI is already powering predictive insights and operational gains. “AI-powered CRM and ERP platforms are revolutionising organisational decision-making by enabling customisation and predictive analytics,” says Mittal of IPV.

Startups here are embracing a constraint-driven approach, building narrow, efficient models suited for low-compute settings and multilingual use cases. Proprietary data loops are also becoming long-term moats, as each user interaction improves the model.

India’s edge lies in three things: frugal innovation, a 7M+ strong tech workforce, and massive digital adoption. It’s really the technology workforce that gives India the advantage to be a global SaaS leader, according to the investors we spoke to.

But challenges persist. Access to high-quality talent, annotated data, and reliable compute infrastructure become critical barriers as startups scale. Startups building with regulatory readiness, especially around privacy, explainability, and compliance, are better poised for enterprise deals.

The playbook for Indian SaaS founders is now two-fold:

• India for the world: Competing on enterprise-grade solutions globally.
• India for India: Solving uniquely local problems with contextual, high-ROI AI

The Road Ahead: Where SaaS Investing Is Going

The next five years will test whether Indian SaaS can shift from smart experimentation to sustained, AI-led leadership. For investors, this moment calls for a reset in how defensibility is defined, particularly in a landscape where open-source models are abundant, features are easy to replicate, and compute is commoditised.

In this new environment, the spotlight is shifting toward proprietary data, AI-native product architecture, execution speed, and the depth of integration across the value chain. Startups showing strong sales efficiency, high expansion revenue, and well-tuned AI deployments are setting the new benchmarks.

Multimodal AI is changing how users interact with software. Emerging use cases like AI copilots, synthetic data generation, and verticalised automation layers are moving from theory to execution.

But the road ahead is also about safeguarding trust. As digital footprints grow and AI-generated content becomes harder to distinguish from the real, startups are under pressure to bake responsible AI into their systems from day one. Security, explainability, and provenance tracking are no longer optional—they’re becoming table stakes in enterprise conversations.

Investors expect that regulation will catch up eventually, but many believe that the first line of defense will be technological. Just as antivirus and encryption became foundational to internet adoption, detection and traceability tools will become essential to the AI stack. Some even liken it to the early cybersecurity playbook, where one threat sparks an entire ecosystem of solutions.

At the same time, questions are emerging around AI adoption itself: how much is real, how much is hype, and what metrics actually indicate long-term impact. For SaaS founders, that’s creating a different kind of execution dilemma. Should they move fast and build on fast-evolving tools or wait for more stable ground before scaling critical infrastructure? It’s a tension that shows up both in product roadmaps and in boardroom conversations.

Looking further ahead, infrastructure shifts like scalable quantum computing and decentralised architectures and others could change the game again. SaaS companies may soon need to redesign not just their tech stacks, but their entire GTM strategies, around new computing models and user expectations.

In this broader context, Indian SaaS startups have a distinct opportunity in the AI-first world.

The post The AI Rush In SaaS: How Indian VCs Are Reinventing Their Thesis appeared first on Inc42 Media.

Over the past decade, the Indian startup ecosystem has undergone a remarkable transformation. With over $150 Bn in funding raised by 2024, India now stands as one of the most vibrant hubs for innovation and entrepreneurship globally. 

However, while foreign venture capital (VC) firms and global investors dominated the early stages of this growth, a significant shift is underway. Domestic investors have started to take the reins of investments in the country, with Indian family offices leading the way.  

This is happening at a time when the foreign direct investment (FDI) inflow is on a downward spiral. Notably, FDI into India fell more than 16% to $70.9 Bn (about INR 6 Lakh Cr) in FY24,  from $84.8 Bn (about 7.2 Lakh Cr) in FY23. Unfortunately, the situation this fiscal does not seem very rosy.

With foreign capital drying up, the spotlight is now on Indian family offices to step up and invest more in the private sector. As vital sources of patient capital, their support is crucial for sustaining the startup ecosystem in these challenging times.

Traditionally focussed on managing real estate, equity and fixed-income portfolios, family offices in India have broadened their horizons to include alternative investments, particularly in startups.

The growing maturity of India’s startup ecosystem, coupled with the rise of IPO-bound ventures, is attracting family offices to startups as investment class.

The increasing interest and participation can also be attributed to factors like millennials and GenZ inheriting family wealth and finding new and interesting investment avenues. 

But why is everyone looking at Indian family offices with hope? Well, the sheer reason is that, unlike VCs, they have the heart to invest for the long term, making them a treasure trove of patient capital. This makes them a perfect match for sectors like deeptech, cleantech and semiconductor where research and development take precedence and final products may take several years to disrupt market dynamics. 

Besides, family offices come with a deep understanding of the Indian market, consumer behaviour, and regulatory landscape. This allows them to provide not just capital but also strategic guidance to startups.

For instance, Azim Premji’s family office PremjiInvest has backed about 51 startups. Among them are names like Mintifi, GIVA, Purplle and The Sleep Company, which today are well-established ventures. Similarly, Lido Learning, Lenskart, and Easypolicy emerge from the stable of Ronnie Screwvala’s family office, Unilazer Ventures.

While these are just two of the many examples paving the way for the success of new-age tech ventures in the world’s third-largest startup ecosystem, we have decided to compile a list of Indian family offices that are navigating the investment scene in these times of distress.

Editor’s Note: This is not a ranking of any kind; family offices are listed alphabetically. It is a dynamic tracker that will be updated periodically. For any queries, additions, or updates, reach out to us at editor@inc42.com. View our methodology and disclaimer here.

Editor’s Note: This list is not a ranking of any kind, we have placed the family offices alphabetically. This is a running list and will be updated periodically with new names.

Aarin Capital

Aarin Capital is a Bengaluru-based proprietary venture fund established in 2011, cofounded by ex-Infosys CFO Mohandas Pai and Ranjan Pai. The firm invests in technology-intensive businesses across sectors such as life sciences, healthcare, education, and other significant India-centric market opportunities. 

Since its inception, Aarin Capital has built a diverse portfolio of companies. Notable investments include Vyome Biosciences and EdCast.

In addition to direct investments in startups, Aarin Capital also backs entrepreneurial fund managers whose investment theses align with its core focus areas. 

B2V Ventures

B2V Ventures is a Mumbai-based single-family office of B L Taparia, the chairman of Supreme Industries. The firm invests across various asset classes, including public equity, private equity, venture debt, structured debt, real estate, and art, both in India and overseas.

B2V Ventures has a diverse portfolio, including one unicorn, Cult.fit. Other notable investments include Cremeitalia, Style Union, Arcatron, Beleqtric, Agnikul, Easy Home Finance, among others. It also partners with various funds to fuel growth opportunities and diversify investments.

Burman Family Holdings

Burman Family Holdings is the strategic investment platform of the Burman family, the controlling shareholders of Dabur Group, one of India’s largest FMCG companies. 

As of October 2024, Burman Family Holdings invested in more than 40 companies, primarily focussing on early-stage investments in sectors such as enterprise applications, consumer goods, fintech, financial services, and healthtech. 

The firm typically engages in seed and Series A funding rounds. Its portfolio companies include Isprava, Centricity, Melorra, Quickwork and Reliable Records.

The leadership team comprises seven members, including two partners: Abhas Gupta and Gaurav Burman. 

Gaurav, a fifth-generation scion of the Burman family, serves as a partner at Burman Family Holdings.

Catamaran 

Catamaran Ventures is a private investment firm founded in 2010 by N. R. Narayana Murthy, the founder of Infosys, and Arjun Narayanswamy. 

The firm manages a significant portfolio across multiple asset classes, including strategic joint ventures, private equity, public equity, and growth-stage venture capital. With a focus on fostering innovation, Catamaran Ventures has made several notable investments in startups across a variety of industries.

Among its investments are Aequs, a contract manufacturer specialising in aerospace and electronics, and Log9 Materials, a company working on lithium-ion battery technology tailored for tropical climates. 

The firm has also invested in VerSe Innovation, which owns Dailyhunt and the short-video platform Josh. Other key investments include Udaan and Acko.

Additionally, Catamaran Ventures has been involved with the National Stock Exchange of India and even invested in SpaceX.

Hunch Ventures

Hunch Ventures, established in 2016 and headquartered in New Delhi, is a family office that invests in early-stage startups across various sectors, including air mobility, fine arts, sustainable food supply chains, and food security. 

The firm has made investments in companies such as BLADE India, GoodTimes, and Red Otter Farms. Other notable companies include Dolomite Restaurants, The Circle, MyHealthcare, Oceanaire Yachting, and Teamonk.

Hunch Ventures is led by Karanpal Singh, who serves as the founder and managing director. 

Through its strategic investments, Hunch Ventures aims to support visionary founders and contribute to the growth of innovative enterprises across diverse industries.

Munjal Brothers’ Family Offices: Survam Partners & Pawan Munjal Family Trust

Survam Partners is the family office of Suman Kant Munjal, a member of the Hero Group and chairman of Rockman Industries. The firm primarily focusses on investments in the technology sector, with a keen interest in areas such as ecommerce, fitness, mobile applications, augmented reality, sports, and consumer electronics, among others. 

The firm has a diverse portfolio, which includes names like Hudle, BluSmart Mobility, BharatPe, Atomberg Technology and Rusk Media.

The Pawan Munjal Family Trust serves as the investment arm of Pawan Munjal, the chairman and CEO of Hero MotoCorp. This family office focusses on sectors such as consumer products, transportation, and logistics technology. 

As of early 2025, the trust has its investments in companies like Rapido and ShareChat. 

It often coinvests alongside firms like Lightspeed India Partners and Alsthom Industries. The trust’s investment activity peaked in 2019, but it generally participates in fewer deals compared to Survam Partners. 

In addition to its active investments, the Pawan Munjal Family Trust has achieved several exits, including those in Ola Electric and Vogo. 

PremjiInvest

PremjiInvest, the private investment arm of Wipro founder Azim Premji, was established in 2006 with a focus on long-term investments across diverse sectors, including technology, healthcare, consumer goods, financial services, fintech, and ecommerce. The firm targets both private equity and public market opportunities, primarily in India and the United States.

Over the years, PremjiInvest has strategically backed some of India’s most successful new-age startups. Its portfolio includes Zomato, Udaan, Swiggy, FirstCry, and Lenskart.

Beyond investments, PremjiInvest plays a key role in supporting the philanthropic initiatives of the Azim Premji Foundation, a not-for-profit organisation focussed on improving the lives of underserved communities. The foundation works extensively in education, healthcare, and social development, aiming to create a lasting impact by empowering marginalised groups across India.

Paipal Ventures

Paipal Ventures, founded in 2016 and based in Mysore, is a family office that invests in early-stage startups across various sectors. The firm is sector-agnostic and focusses on partnering with founders who have scalable ideas. 

The firm’s investment portfolio includes companies operating in diverse industries such as digital media, fintech, healthcare, and AI. 

Paipal Ventures was founded by Ajith Pai, who is also the cofounder and partner at Farmiculture Organics LLP, a leading organic farming company. 

The firm supports startups through various stages, including validating strategies, assisting in profitable growth, facilitating scalability, optimising cash flows, and strengthening governance and compliance. Its key investments include ReDesyn, TraceX Technologies and Kahanibox.

Pratithi Investment

Pratithi Investments, established in 2014 and headquartered in Bengaluru, is a private equity firm specialising in late-stage debt and equity investments. Since its inception, the firm has invested in over 100 Indian startups across more than 20 sectors. It has a total assets under management (AUM) exceeding $500 Mn. 

The firm’s investment portfolio includes companies such as Lenskart, Cult.fit, and MobiKwik. It has also achieved significant exits, including the IPO of MobiKwik on December 18, 2024. 

Pratithi Investments operates with a sector-agnostic approach, primarily focussing on later-stage ventures. Pratithi often co-invests alongside leading institutional investors who share a similar commitment to supporting enterprise growth. 

The leadership team at Pratithi Investments includes K C Ganesh as a partner. 

Pico Capital

Pico Capital is a family wealth management firm operating as a registered non-banking financial company (NBFC). It manages its proprietary capital by investing across various asset classes, including equity, fixed income, real estate, renewable energy and startup funding. 

The firm also provides flexible financing via structured debt to companies that are unable to raise capital from traditional sources. 

In the private sector, the company has invested in companies like Vroom, Spotinst, Autoleadstar, Gloat, Tastewise, Chargeafter, and Sepio Systems, among others.

Randev Ventures

Randev Ventures, established in 2018, is the private investment arm of the Randev Family Office, with a presence in India and the United Arab Emirates.

The firm focusses on value investing in early-stage startups across India, Southeast Asia, and the United States. Their investment strategy emphasises capital preservation and growth, with a multi-stage, sector-agnostic approach and a long-term investment horizon.

Randev Ventures invests in sectors such as SaaS, Web3, mobility, B2B, deeptech, sustainability, API, creator economy, XR, and AR. It typically invests in startups at various stages, including pre-seed, seed, and Series A. 

A few of the portfolio companies include abCoffee and EMO Energy.

Spectrum Impact

Spectrum Impact is an investment firm cofounded by Rajendra Gogr and Arti Gogr, with a focus on making a positive social impact through investments. The firm specialises in impact investing, targeting opportunities that not only deliver strong financial returns but also foster long-term, sustainable solutions to some of the world’s most pressing challenges.

Spectrum Impact focusses on sectors such as renewable energy, education, healthcare, and financial inclusion, with a particular emphasis on businesses that can create scalable and sustainable solutions to global challenges.

Among the companies it has invested in are Mooev Technologies, Exposome, Atomberg Technologies, EEKI Foods, and HB11 Energy, among others.

Sarcha Advisors

Sarcha Advisors is a financing advisory firm established in 2018 by Rohit Chanana, former head of the Hero Enterprise family office. 

The firm offers a range of services, including large family realignments, family office consultancy, mergers and acquisitions, joint ventures, buyouts, business building and execution, restructuring, and strategic advisory.

In addition to its advisory services, Sarcha Advisors has made investments in startups such as Stack, a neo-banking platform aimed at automating financial management for millennials, and Financepeer, an education fintech company that provides interest-free loans for school fees.

Sharrp Ventures

Sharrp Ventures is the investment office of the Harsh Mariwala family, established to manage their proprietary capital. The firm focusses on partnering with unique businesses that have significant growth potential, particularly in sectors such as food and beverages, beauty and personal care, and consumer technology, among others.

The firm’s notable investments include Mamaearth, Nykaa, Zouk, Super Bottoms, Bold Care, Kapiva, CureSkin, etc. 

Sharrp Ventures has also achieved several successful exits, including investments in companies like Vyome Biosciences, Wooqer, and Securens. 

The firm continues to focus on backing companies that are shaping new-age consumerism in India, leveraging its extensive experience and network to support the growth and success of its portfolio companies. 

Unilazer Ventures

Unilazer Ventures is a Mumbai-based private equity and venture capital firm founded in 1991 by Ronnie Screwvala. The firm specialises in early and late-stage investments across various sectors, including ecommerce, internet software, information technology, food and beverage, education, fashion, and shopping. 

Over the years, Unilazer Ventures has built a diverse portfolio of companies, including Lenskart, ShopClues, DailyObjects, Zivame, and Niki.ai.

The firm has also achieved several successful exits, including ShopClues, InI Farms, and Micro Housing Finance Corporation.

Editor’s Note: This is not a ranking of any kind; family offices are listed alphabetically. It is a dynamic tracker that will be updated periodically. For any queries, additions, or updates, reach out to us at editor@inc42.com. View our methodology and disclaimer here.

The post Family Office Tracker: Here’s The List Of 200+ Investors Betting Big On Startups appeared first on Inc42 Media.

The pandemic has split human civilization into two distinct phases. . If pre-Covid was about pacing up along a known track, then post-Covid has been about zooming into uncharted territories. After we wriggled out of the restrictions, there was a frenetic rush to revive both in lives as well as in businesses, and the world embraced New Normal. 

India, the fifth-largest economy and home to over 1.4 Bn people, stood at the heart of this global transition, with its retail market growing at the fastest clip across the world. 

The government’s push for financial inclusion and the transformative rise of fintechs has positioned the Indian consumer at the best spot to try out solutions that could make their lives safer, simpler and, of course, smarter. This was the inflection point for the origin and growth of quick commerce. Once the consumer got the taste of its speed and convenience, there was no turning back. 

Quick commerce zoomed to incredible heights in sync with the speed with which it delivers products to consumers and its overall revenue surpassed $4.2 Bn between 2021 and 2023. The disruption expanded from metros to tier II cities, deepening the penetration rate to 2.7% by 2025 and yielding room for new players. Quick commerce companies gave marketplaces & direct-to-consumer (D2C) players a run for their money with speed being their main selling point. 

The urban Indian consumer is not only spoilt for choice now, but is also pampered with doorstep delivery in minutes. Initially limited to groceries and daily essentials, the influence of 10-minute delivery models has now expanded into categories like electronics, personal care, and even fashion. 

Most new-age D2C brands are unable to list themselves on the popular 10-minute delivery platforms because of limited resources and the lack of bargaining power. As a result, selected omnichannel FMCG majors and category-leading companies are firming up their presence further on quick delivery apps, taking a larger chunk of the pie and eventually hurting sales of other  brands. 

This is leading brands to reinvent their logistics and adopt strategies that prioritise speed and efficiency to meet the evolving customer expectations in this fast-paced market. While building the supply chain is completely out of the question for early-stage companies, finding the right channel to reach customers faster could be a make-or-break deal. 

A fear of missing out seeped into D2C brands as they raced against the quick commerce companies. 

Platforms like Zippee saw the sweet spot in solving this niche problem for D2C businesses by helping them deliver their products directly to customers within hours. Instead of paying high commissions on sales to list on popular quick commerce platforms, the D2C brands are increasingly integrating Zippee into their supply chain.

Towards Greater Customer Experience

D2C brands traditionally relied on third-party courier  services which are generally ill-equipped for redefined expedited timelines. Most of the companies recorded a rise in drop-offs and non-delivery reports (NDR) along with high rate of return-to-origin (RTO) due to long delivery periods. Sales went downhill as buyers turned reluctant to wait for 4 to 10 days to get their products. 

Besides logistics, managing inventory across multiple locations to ensure proximity to customers is a challenge as it comes with its technical complications and adds to the cost. 

Enablers like Zippee help brands address these challenges by enabling 120-min & same-day delivery, which can significantly reduce NDRs and RTO rates. By executing orders directly through a brand’s D2C channel, they allow brands to retain customer data— an advantage that is often lost when selling through quick commerce platforms or third-party marketplaces.

For snacking giant Mondelez India, speed and reliability play a crucial role in transforming how they serve their Cadbury Gifting customers.

A Mondelez India spokesperson, explains “With quick commerce now offering gifting products, consumer expectations on delivery speeds have changed. So naturally, speed has been a critical element of our value proposition at Cadbury Joy Deliveries, as last-minute gifting continues to grow. It will be pertinent to maintain a competitive delivery speed & experience to drive long term growth for cadburygifting.in.”

Zippee’s WhatsApp tool enables real-time order tracking, improving WISMO (where-is-my-order) rates. Its cash-on-delivery (COD) verification flow prompts customers to reconfirm orders before dispatch, helping brands reduce logistics costs.

Operating in 13 cities and 1,000+ pin codes, Zippee uses dark stores and last-mile fleets to streamline deliveries. Its tech stack integrates with brands’ existing online stores, giving them full control over sales, marketing, and customer data. A centralized dashboard allows brands to track everything from order confirmations to live delivery updates—without disrupting core operations.

Brands on Shopify, WooCommerce, Magento, and marketplaces like Amazon, Flipkart-Myntra, and AJIO can integrate Zippee through a simple plug-and-play model to sync orders, catalogs, and inventories.

The startup delivers more than 3 lakh shipments every month for brands across F&B, beauty personal care, & apparel including Epigamia, Clinikally, Frido, Mondelez, mosaic wellness, Masterchow and krishna’s herbal.

Despite its advantages, the rapid growth of Zippee and similar logistics enablers raises the question: Can such models truly level the playing field for D2C brands?

While enablers have played a role in improving conversion rates for many brands, their broader impact, particularly on smaller players, remains an area of debate.

As Madhav Kasturia, founder & CEO of Zippee puts it, “Consumers love it. Brands love it even more—because they get to offset CAC more sustainably. We’re solving the most-pressing Q-comm painpoints— by building products from the ground-up. How do I know it’s working? Several Indian consumer brands started off as our customers, saw the impact first-hand, and their founders ended up becoming investors in Zippee.”

Road Ahead for Quick Commerce And D2C

As quick commerce giants like Blinkit, Zepto, and Swiggy Instamart continue to expand aggressively, they are reshaping consumer behavior and setting new expectations for delivery speed and efficiency. While this shift presents growth opportunities, it also creates pressure on D2C brands to meet the rising demand for faster deliveries. Logistics is increasingly becoming a critical factor in customer satisfaction and brand loyalty.

Many D2C brands listed on quick commerce platforms are facing challenges with fulfilling and replenishing orders to their dark stores and central distribution hubs on time. App stockouts and delays in replenishment hurt customer experience and undermine brand trust- which are missed opportunity costs for the brands.

According to Inc42, India’s D2C market is expected to reach $300 Bn by 2030, fueled by innovation and new brands entering the space. To remain competitive, D2C brands must adapt to new delivery standards, ensuring speed and efficiency are embedded in their strategies. Today, success for D2C brands hinges on three core pillars—product, price, and logistics— underpinned by a robust tech stack.

For Allter, a fast-growing babycare brand, quick commerce plays a vital role, but it’s not their only focus.

“We’re active across all major quick commerce platforms, but having a direct channel with our community of young parents is crucial to our strategy. Enablers like Zippee help us bridge the gap, offering the speed of quick commerce while preserving a relationship with our customers,” says Surbhi Gupta, founder of Allter.

Enablers help brands navigate this evolving landscape, allowing them to meet quick commerce expectations while maintaining control over customer experience, marketing, and logistics costs. Growing dark store networks and efficient last-mile delivery are key to reducing return rates, increasing conversion, and fostering repeat purchases.

As two of India’s fastest-growing sectors, quick commerce and D2C continue to evolve, logistics innovation will be critical in shaping brand success. Startups like Zippee are working to address fulfillment challenges, but the real test lies in how these models scale sustainably. What’s clear is that the quick commerce opportunity is still unfolding— and its long-term impact on the ecosystem could be far greater than projected.

The post Matter of Minutes: How D2C Brands Can Win the Quick Commerce Game appeared first on Inc42 Media.

Ola Electric seems to be on the cusp of a transformation. And we don’t necessarily mean with the number of scooters sold, its ambitious HyperDelivery model or the upcoming motorbikes. The Bhavish Aggarwal-led giant’s focus is turning to something that could open up a bigger market: battery and cell manufacturing.

With a proposed investment of INR 200 Cr in the battery subsidiary, Ola Electric is looking to take some of the focus away from sales figures in a competitive EV two-wheeler market, and is instead looking to not only improve its margins but contribute to India’s battery supply chain ecosystem as well.

To be clear, battery manufacturing has always been on the cards for Ola Electric. But this is the first big push we have seen from the company after it brought on board some bigwigs to lead this business in the pre-IPO days.

For instance, Hyun Shik Park, previously head of cell operations at LG’s so-called Mother Factory in South Korea, now leads the Ola Cells Gigafactory and is a critical link in Ola’s battery push given his prowess.

Now that Ola Electric is well into its life as a public company though, this push is a sign that relying on the sales prowess and building up a user base was not quite enough. To be clear, Ola Electric’s customer base is still strong, but now as Aggarwal & Co have come under competitive pressure, the focus needs to turn to the full EV stack.

Bajaj Auto and TVS Motor surpassed Bhavish Aggarwal-led Ola Electric in terms of electric scooter sales in March, continuing their dominance in the segment. Bajaj Auto topped the charts, with registrations of its Chetak electric scooters surging nearly 62% to 34,863 units last month from 21,537 units sold in February.

Ola Electric’s net loss surged 50% year-on-year (YoY) to INR 564 Cr in Q3 FY25, while revenue from operations declined 19% YoY to INR 1,045 Cr.

Over the past three months, the OEM has been dousing fires on multiple fronts, including regulatory scrutiny, mounting losses, dwindling stock price, among others. It relied on cutting service and warranty related expenses to the tune of INR 32 Cr per month, and reduced its headcount to effectively save INR 29 Cr per month, according to the company.

In the meanwhile, the company’s shares have slumped over 32% over the past three months, and have been under the INR 60 mark since late February. With the new HyperDelivery model and the investment in scaling up battery manufacturing, Ola Electric would be hoping that

Ola Electric’s Season Of Woes

Largely to blame for this spiral are the raids at Ola Electric’s stores by state government departments in Madhya Pradesh and Maharashtra and other states in February and March. This saw authorities impounding scooters and reports claimed a majority of the company’s 4,400 stores were operating without necessary trade certificates.

While Ola has denied these allegations, reports, as recently as this week, suggested authorities in Maharashtra are continuing to look into stores being operated potentially without licences. Ola Electric is likely to respond to the latest notice from the state government next week.

In addition, the heavy industries and transport ministries are probing the EV maker over alleged discrepancies between its reported sales figures and actual vehicle registrations in February.

While these concerns are likely to be solved in the near future, Ola Electric’s focus is beyond that. Unlike peers such as Ather Energy or even Bajaj and TVS, Ola is manufacturing its own cells. It is worth noting that building cells in India is extremely important for the company from a strategic point of view because this was always the end goal for Aggarwal.

For every INR 100 spent on an electric scooter, over INR 32 goes towards importing cells and other components. Since March 31, 2024, Ola Cell Technologies has developed the capability to produce 1.4 GWh at the company’s Gigafactory in Krishnanagar, Tamil Nadu, located near the Ola Futurefactory.

This is not enough in the short term. In the past, Ola Electric had revealed plans to invest heavily in cell manufacturing till 2027 to meet the targets per year as promised under the PLI scheme to the Indian government.

The most recent investment in the battery manufacturing business is just the first step. Ola Electric is expected to continue investing in this business to increase production capacity to not just meet its internal demand but also supply to the rest of the industry.

As for the sales dip, Ola Electric has touted its HyperDelivery model as a saviour. Questions sent to Ola Electric about more context on the model and how exactly it is leveraging AI to solve the friction did not elicit a response. We will update this story if the company sends us the responses.

Here it’s important to note how exactly Ola Electric’s new HyperDelivery model fits with its company-owned stores approach. Since late last year, Ola Electric has added close to 3,000 new stores to its network, and each of these also has service facilities for customer support.

Some of the larger stores act like dealerships for Ola Electric, stocking scooters from the factory and delivering them to customers after registration. Now same-day delivery of scooters is not new, but same-day registration is something that has the potential to completely disrupt the market.  Usually, there’s some friction between OEMs and dealerships in terms of data and customer details, which leads to delays in registration.

But with Ola Electric being both the OEM and the dealer, this could indeed be streamlined to a certain degree. Whether it will always follow the same-day rule is hard to tell.

However, we have now seen a problem arise with how Ola expanded its stores in terms of the trading licence. Ola Electric sought complete ownership of the sales experience, and absorbing the registration process internally could lead to similar woes. The question also is will Ola Electric’s process comply fully with registration norms?

The market’s reaction to Ola Electric’s investments and the March sales figures will come over the course of the first month of the new fiscal year. And after that, a lot will rest on how impactful the cost-cutting of the past quarter has been. Crunch time for Aggarwal & Co as they face the public markets litmus test once again.

Stock In Focus: Zomato

This week, Zomato did what not many expected Zomato to do, but the signs were there. Amid slowing growth in its food delivery vertical and rising competition in the quick commerce space, foodtech giant Zomato laid off nearly 600 employees from its customer support team.

The company is leveraging AI to automate its customer support functions to trim costs, but the market was not convinced with this cost-cutting step quite as expected.

Zomato is expected to allow its AI-based product Nugget run the customer support show for now, but these are sensitive times in terms of market share in the food delivery and quick commerce space, so any drawbacks in customer retention could hurt Zomato badly.

However, lower costs are typically welcomed by investors, and that’s one of the reasons why Zomato had a bright start to the week. Will Zomato see another big rally in the coming weeks just as we saw in the early days of 2024, or will that entirely depend on the company’s Q4 results?

IPO Watch, Acquisitions & More 

• Globalbees Gets A Boost: FirstCry has transferred the first tranche of the INR 146 Cr infusion in the house of brands, with an investment of INR 73 Cr, as the ecommerce giant looks to diversify its revenue mix
• Navi Eyes IPO This Year: Sachin Bansal-led fintech unicorn Navi is looking to get listed on the bourses in the current fiscal year, the founder said during a session at the Startup Mahakumbh
• Swiggy Gets Tax Notice: Swiggy has received a tax demand notice from the Income Tax Department to pay INR 158 Cr for allegedly miscounting deductions for cancellation charges paid to merchants
• Kissht’s Listing Plan: Digital lending startup Kissht is gearing up for a public offering of $225 Mn with ICICI Securities, UBS Securities, and Motilal Oswal expected to lead the IPO

The post Ola Charges Up Battery Game appeared first on Inc42 Media.

When OYO stepped out of losses and emerged into profitable territory in FY24, there was more than a healthy dose of scepticism. But in the 12 months since then, the Ritesh Agarwal-led company has shown that that was not a flash in the pan.

While the hospitality giant has not filed its FY25 numbers, each quarter, OYO’s revenue performance has come under the spotlight as well as its growing profits. This week, Agarwal told employees that the revenue for the final quarter touched INR 2,100 Cr.

What exactly fueled OYO to this position, and will OYO hit the INR 1,100 Cr profit milestone by FY26 as Agarwal has claimed? But before we answer that, here’s a look at the top stories from our newsroom this week:

• Swiggy’s New Bet: While Zomato’s Hyperpure has a head start, Swiggy Assure is expected to address its shortcomings, such as a lack of flexible credit options, and pre-processed essentials. Will Swiggy outpace its arch rival?
• The Sneaker Mania: India is witnessing a sneaker revolution right now, with a new generation of consumers flocking to new-age sneaker marketplaces to show off their identities and personalities through a pair of trendy shoes
• MakeMyTrip’s GenAI Playbook: Listed giant MakeMyTrip is doubling down on the personalisation of user experience at a time when the GenAI wave has taken the industry by storm, and hyper-personalisation is the new norm

How OYO Made The U-Turn

In his message to employees earlier this week, Agarwal said the 60% YoY revenue growth highlights the company’s ability to drive sustainable, profitable growth. “A key contributor to this performance has been the successful integration of G6 Hospitality, adding INR 275 Cr to our revenue,” Agarwal’s email is reported to have said.

It is pertinent to note that OYO clocked its maiden profitable year in FY24. While it posted a net profit of INR 229 Cr, its revenue declined 1.3% YoY to INR 5,388.78 Cr in FY24. But in FY25, the revenue growth is evident, with the total operating income expected to cross INR 6,700 Cr.

After the downturn of the pandemic years, OYO has bounced back in a significant way in the next four years, nearly doubling revenue between FY21 and FY25.

Of course, these are unaudited numbers for FY25, and as such we can expect a change in the final outcome. Even though the company has not spoken about the expenses in FY25, OYO has also claimed improving profits each quarter. A large portion of that can be attributed to the acquisition of international properties as well as the investments in new properties abroad and in smaller cities in India.

OYO Bets Big On G6 

Firstly, in order to shore up its revenue and expand presence in the US, OYO acquired G6 Hospitality from Blackstone Real Estate for $525 Mn (around INR 4382.72 Cr) in an all-cash transaction in September last year.  The hospitality unicorn expects G6 Hospitality to contribute INR 630 Cr to its overall EBITDA of INR 2,000 in FY26.

The move was aligned with OYO’s strategy to increase its presence in international markets like Europe and the US, where it earns higher revenues. The company also acquired Paris-based company Checkmyguest for INR 230 Cr in a cash and stock deal in August 2024 as it looked to push into the homestay and long-term rental property market and take on the likes of Airbnb.

Besides the US and Europe, OYO is looking to invest and expand its base of SUNDAY Hotels, eyeing 100 properties under the brand globally by the end of FY26. This is expected to draw in a host of international visitors to OYO’s house of hotel brands.

In addition to India, SUNDAY Hotels have opened in the United Kingdom, Saudi Arabia, the United Arab Emirates, Bahrain, Indonesia, Malaysia, Thailand, Philippines, and Vietnam — which shows that OYO is also diversifying its international presence and not just relying on the US market with G6.

SUNDAY Hotels, a premium brand of four-star and five-star hotels, was originally launched in May 2023 and is part of the premiumisation strategy that worked so well for OYO in FY24.

The India Story

Besides the international push, a big boost to the revenue has come from the India business, where spiritual tourism has been a big draw for OYO, particularly given the tourist rush at the recent Maha Kumbh Mela in UP. With OYO said to have reached INR 2,100 in revenue in Q4 FY25, a large part of this would have come from the Indian business and Kumbh travellers.

In early January, Agarwal said OYO would be adding 500 hotels across 12 major pilgrimage destinations, particularly in Ayodhya, Varanasi, Haridwar and Puri (Odisha). Among other destinations on OYO’s radar are the likes of Amritsar, Ujjain, Nashik, Vrindavan, and Tirupati.

The CEO claimed that Ayodhya has become one of the most searched destinations, with searches up by 39% YoY on the OYO app. “This isn’t just about adding hotels—it’s about addressing real demand. With religious tourism expected to generate $59 Bn in revenue by 2028 and create 140 Mn jobs by 2030, we’re excited to contribute to this growing movement.”

Overall, Agarwal expects OYO to report a profit of INR 1,100 Cr in FY26, which would set up the company nicely for an IPO.

On The IPO Trail

As reported a few weeks ago, OYO is being pushed to expedite its IPO plans as founder Ritesh Agarwal faces pressure from creditors to clear a looming debt repayment.

Lenders, including Mizuho Financial Group, had reportedly urged Agarwal to pay up $383 Mn, part of the debt raised by the founder in 2019.

A Bloomberg report claimed that if the company doesn’t list by October this year, the lenders want Agarwal to repay $383 Mn as part of the $2.2 Bn loan which was used to increase his stake in the company and gain more strategic control in 2019 after years of dilution.

The OYO founder has paid off a portion of the debt through secondary deals, but the company’s slow revenue growth has set some alarm bells ringing. Lenders are likely wary as OYO has turned its focus towards profitability and revenue contribution of recent acquisitions is only likely to become pertinent by next year.

A clearer look at the fundamentals for FY25 and more up-to-date unit economics nitty-gritties is warranted, which is likely to only come before OYO’s listing. The company has come to the IPO table twice before in 2021 and 2023, but Agarwal’s debt situation and poor market condition forced it to step back.

Now with the market having a bullish mid-term outlook, OYO is back on the IPO trail. And this time, it has the backing of a profitable business to make its pitch, which was not the case in the past. Will this turn of events propel OYO to a bumper IPO in the near future?

Sunday Roundup: Startup Funding, Deals & More

• Delhivery’s Mega Deal: Listed major Delhivery is acquiring rival logistics tech startup Ecom Express in an all-cash deal for INR 1,407 Cr for 99.4% equity
• Funding Remains Steady: Between March 31 and April 5, startups cumulatively raised $144.4 Mn across 22 deals, with the total funding for Indian startups crossing the $3 Bn mark in the first quarter of 2025

• The GenAI Summit Is Here: Bringing together 350+ founders, policymakers, business leaders, and investors, The GenAI Summit By Inc42 will decode the transformative potential of AI in India’s startup ecosystem
• Snitch’s Rise: D2C fashion brand Snitch posted an operating revenue of about INR 520 Cr (as per unaudited numbers) in FY25, founder and CEO Siddharath Dungarwal told Inc42
• Piyush Goyal’s Reality Check: Addressing a huge audience at the Startup Mahakumbh, the commerce and industry minister said Indian startups need to move beyond convenience-oriented consumer models and focus on deeptech and IP creation

The post OYO Builds Its Tower Of Profits  appeared first on Inc42 Media.

The world’s third largest startup ecosystem has been in the midst of a raging funding winter for a couple of years now. As investors tightened their purse strings, the Indian startup ecosystem has had to go through a lot of pain, which included thousands of employees losing their jobs. 

This was especially true for the fiscal year 2023-24 (FY24), when the funding drought peaked. Far from the capital boom of 2021, when fear of missing out (FOMO) among investors drove a valuation bubble, FY23 and FY24 turned out to be a reality check for the startup ecosystem as many shut shop while others took the debt route to extend their runways. 

However, not everything was doom and gloom. The struggle of the funding winter brought with it sanity in valuations and forced startups to cut their expenses to chart a profitable growth. This trend was evident in the financial statements of Indian startups in FY23 and seems to have continued in FY24 as well.

Of the 112 startups that have released their financial statements for FY24 so far, 45 ended the year with profitable numbers. Their cumulative profit stood at INR 7,137.3 Cr. 

The likes of Zomato, PB Fintech, Honasa, and Milk Mantra turned profitable during the year under review.

Meanwhile, the remaining 67 startups posted a cumulative loss of INR 21,472 Cr, with just Paytm and Ola Electric accounting for more than INR 3,000 Cr of this loss figure. However, it needs to be highlighted that many of these startups were also able to cut their losses in FY24.

In terms of top line, the 112 startups posted a cumulative operating revenue of INR 2.05 Lakh Cr (INR 2,05,407 Cr to be precise) in the year ended March 2024. 

So, without further ado, let’s take a look at the financial performance of these startups in FY24. 

Editor’s Note: This list is not a ranking of any kind, we have placed the companies alphabetically. This is a running list and will be updated periodically.

Inside The FY24 Financials Of Indian Startups

Note: All amount in INR Cr

ACKO’s Net Loss Narrows 9%

ACKO managed to trim its consolidated net loss by 9% to INR 669.98 Cr in FY24 from INR 738.55 Cr in the previous year, on the back of a strong growth in its top line and improvement in EBITDA margin.

The digital insurance policy provider clocked sales of INR 2,106.25 Cr in FY24, a 20% jump from INR 1,758.64 Cr in the previous year.

Including other income, the startup’s total revenue rose 20% to INR 2,160.20 Cr during the year under review from INR 1,796.81 Cr in FY23.

Total expenditure grew to INR 2,830.18 Cr in the year ended March 2024 from INR 2,535.36 Cr last year.

Read More: ACKO’s Revenue Jumps 20% To Cross INR 2,000 Cr Mark In FY24

Amagi’s Loss Declines 24% 

SaaS unicorn Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in FY23, due to improvement in its EBITDA margin.

The company saw strong business growth, with its operating revenue rising 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in FY23.

Despite the strong revenue growth, Amagi’s total expenditure increased only 13.43% to INR 1,179.1 Cr in FY24 from INR 1,039.5 Cr in FY23.

Read More: SaaS Unicorn Amagi’s FY24 Loss Declines 24% To INR 245 Cr

Apna Trims Net Loss By 57%

Professional networking unicorn Apna trimmed its consolidated net loss by over 57% to INR 51.3 Cr in FY24 from INR 120.3 Cr in the previous fiscal year due to improvement in its EBITDA margin.

Its operating revenue tumbled over 29% to INR 127.6 Cr during the reported period from INR 180.3 Cr in FY23, largely due to a sharp decline in income from software development support services.

Total expenses fell over 37% to INR 191 Cr during the year under review from INR 308.4 Cr in FY23.

Read More: Hiring Platform Apna’s FY24 Loss More Than Halves To INR 51 Cr

Apna Mart’s Loss Jumps 2X

Apna Mart, which is in the process of raising $25 Mn funding, reported a near 2X jump in its standalone operating revenue in FY24. Revenue from operations zoomed 85% to INR 59.4 Cr from INR 32.2 Cr in FY23, as per its filings accessed from Tofler. Net loss surged 52% to INR 33.1 Cr from INR 21.8 Cr in FY23.

Meanwhile, expenses shot up 78% to INR 96 Cr in FY24 from INR 54 Cr in the previous fiscal year.

Read More: Apna Mart’s Revenue Surges 85% To INR 59 Cr In FY24

Avanse’s Profit Crosses INR 300 Cr Mark

IPO-bound non-banking financial company Avanse Financial Services posted a profit of INR 342.4 Cr in FY24, a jump of 117% from INR 157.7 Cr in the previous fiscal year.

Operating revenue also jumped 74.5% to INR 1,727 Cr in FY24 from INR 989.6 Cr in the previous year. 

Its IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr. It plans to use the IPO proceeds to increase its capital base to fuel further expansion of its business.

Read More: IPO-Bound Avanse’s PAT Doubles To INR 342.4 Cr In FY24, Operating Revenue Surges 74%

Ather Energy’s Loss Crosses INR 1,000 Cr Mark

IPO-bound Ather Energy’s operating revenue declined 1.5% to INR 1,753.8 Cr in FY24 from INR 1,780.9 Cr in the previous fiscal year. On the other hand, its net loss widened over 22% to INR 1,059.7 Cr from INR 864.5 Cr in FY23.

Total expenses in FY24 stood at INR 2,674.2 Cr, rising marginally from INR 2,666.3 Cr in the previous year.

Read More: Ather Energy FY24: Revenue Declines On Reduction In FAME-II Subsidy, Loss Up 22% To INR 1,060 Cr

Awfis’ Loss Narrows 

Coworking space startup Awfis managed to reduce its loss to INR 17.75 Cr in FY24, a 62% decline from INR 46.6 Cr in the previous year. Though the startup was in loss for the entire fiscal year, it turned profitable in Q4 FY24. It posted a profit of INR 1.4 Cr in Q4 FY24. 

In terms of revenue, Awfis’ operating revenue jumped 55.6% to INR 848.8 Cr in FY24 from INR 545.2 Cr in the previous year. In Q4 FY24, the startup’s operating revenue jumped over 45% YoY to INR 232.4 Cr. 

Awfis went public in May this year. Its IPO comprised a fresh issue of shares worth INR 128 Cr and an OFS component of up to 1.23 Cr shares. Peak XV Partners and Bisque Limited were among the investors who sold shares via the OFS. 

Read More: Awfis Turns Profitable In Q4 With INR 1.4 Cr PAT, Operating Revenue Jumps 45% YoY

BlackBuck’s Loss Falls Below INR 200 Cr Mark

IPO-bound BlackBuck managed to lower its loss by over 30% in the financial year ended March 31, 2024. The logistics startup incurred a net loss of INR 194 Cr, a decline of 33% from INR 290.4 Cr in the previous fiscal year. 

The Flipkart-backed startup’s operating revenue zoomed 69% to INR 296.9 Cr in FY24 from INR 175.6 Cr in FY23. It primarily earns revenue by offering payments services, telematics, load marketplace, and vehicle financing services on its platform. 

The logistics unicorn’s IPO will comprise a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares (2,16,09,022 to be precise). 

Read More: IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

BlueStone’s Loss Narrows By 15% To INR 142 Cr

Omnichannel jewellery brand BlueStone managed to narrow its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24) from INR 167.2 Cr in the previous year. 

Its operating revenue surpassed the INR 1,000 Cr mark during the year under review. Revenue from operations surged over 64% to INR 1,265.8 Cr in FY24 from INR 770.7 Cr in the previous year. 

Total expenditure rose 51.4% to INR 1,445.7 Cr from INR 955.1 Cr in FY23.

Read More: BlueStone FY24: Revenue Surpasses INR 1,000 Cr Mark, Loss Narrows 15% To INR 142.2 Cr

boAt’s Revenue Slips 

Aman Gupta-led boAt saw its operating revenue fall 7% to INR 3,117.7 Cr in FY24 from INR 3,376.8 Cr in the previous fiscal year.

Despite the decline in its revenue, the startup managed to narrow its loss by over 38% to INR 79.7 Cr during the year under review from INR 129.4 Cr in FY23.

The audio consumer brand’s expenses fell over 9% to INR 3,233.6 Cr from INR 3,562.1 Cr in FY23.

Read More: boAt’s FY24 Revenue Declines 7% To INR 3,118 Cr

Bombay Shaving Company’s Loss Narrows 

Shantanu Despande-led D2C grooming and personal care brand Bombay Shaving Company’s net loss declined 23% to INR 62.1 Cr in FY24 from INR 80 Cr in the previous fiscal year, as its top line rose and margins improved.

Operating revenue breached the INR 200 Cr mark during the year under review. Revenue from operations rose 26% to INR 204 Cr from INR 161.8 Cr in FY23.

The rise in the startup’s expenditure was lower than the increase in its revenue. Its total expenses grew 13% to INR 295.5 Cr in FY24 from INR 262.6 Cr in the previous fiscal year. 

Read More: Bombay Shaving Company’s FY24 Loss Declines To INR 62 Cr

BookMyShow’s Profit Breaches INR 100 Cr Mark

Online ticketing platform BookMyShow’s net profit zoomed 27.61% to INR 108.6 Cr in FY24 from INR 85.1 Cr in the previous fiscal year. The Mumbai-based company reported an operating revenue of INR 1,396.8 Cr in FY24, up 44% from INR 975.5 Cr in FY23.

The live events segment saw its revenue nearly double to INR 454.7 Cr from INR 237.5 Cr in FY23, on the back of rising trend of live shows in the country. The online ticketing segment brought in INR 740.7 Cr in revenue.

Read More: BookMyShow Profit Jumps 27% To INR 109 Cr In FY24

CaratLane’s Revenue Breaches INR 3,000 Cr Mark

The Tata-owned omnichannel jewellery startup reported a 42% jump in its operating revenue to INR 3,080 Cr in FY24 from INR 2,169 Cr in the previous fiscal year. 

However, net profit declined nearly 5% to INR 78.59 Cr during the under review from INR 82.08 Cr in FY23 due to rise in advertising and “miscellaneous” expenses. 

CaratLane FY24: Profit Declines 5% To INR 79 Cr, Revenue Crosses INR 3,000 Cr Mark

CarTrade’s Profit Halves 

Used car marketplace startup CarTrade saw its profit fall 50% to INR 20 Cr in FY24 from INR 40 Cr in the previous fiscal year. The decline in the loss could be attributed to the startup’s acquisition of Sobek Auto India, comprising OLX Autos C2B business and OLX classifieds business, for INR 535.54 Cr.

CarTrade reported an operating revenue of INR 489.9 Cr in FY24 as against INR 363.7 Cr in the previous year.  

Read More: CarTrade Back In The Black With INR 25 Cr PAT In Q4; Revenue Jumps 38% YoY

Chaayos Loss Reduces By 51%

Popular QSR chain Chaayos reduced its net loss by 50.59% to INR 54 Cr in FY24 from INR 109.3 Cr in FY23, as it cut its expenses and turned EBITDA profitable.

Chaayos’ operating revenue rose a mere 4.89% to INR 248.6 Cr during the year under review from INR 237 Cr in FY23. Including other income, total revenue grew 7% to INR 271.2 Cr in FY24 from INR 253.4 Cr in the previous fiscal year. 

Chaayos managed to reduce its total expenditure by 3.69% to INR 352.2 Cr in FY24 from INR 365.7 Cr in the previous fiscal year.

Read More: Chaayos’ Loss Halves To INR 54 Cr In FY24

Cleartrip’s Loss Crosses INR 800 Cr Mark

Flipkart-owned online travel aggregator Cleartrip’s net loss jumped 18.5% to INR 810.3 Cr in FY24 from INR 683.8 Cr in the previous fiscal year, despite a surge in its top line. 

Cleartrip’s operating revenue almost doubled to INR 97.2 Cr in FY24 from INR 49.4 Cr in FY23. Its revenue would have been INR 622.2 Cr if not for discounts. The company gave INR 524.9 Cr worth of discounts in FY24 as against INR 441.1 Cr in the previous fiscal. 

Cleartrip’s expenses during the period under review jumped 26.7% to INR 988.2 Cr from INR 780.1 Cr in FY23.

Read More: Flipkart-Owned Cleartrip Spent INR 10 To Earn Every Rupee In FY24

Curefoods Net Loss Reduced To INR 173 Cr

Bengaluru-based cloud kitchen startup Curefoods reduced its net loss by 49.64% to INR 172.6 Cr in FY24 from INR 342.7 Cr in the previous fiscal year, as its top line surged and margins improved.

The startup’s operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.

The startup’s expenses grew only 6.97% to INR 806.8 Cr in FY24 from INR 754.2 Cr in FY23.

Read More: Curefoods’ FY24 Loss Halves To INR 173 Cr

Daalchini’s Loss Declines 34% 

Retail tech startup Daalchini’s consolidated net loss narrowed 34% to INR 8.58 Cr from INR 13.14 Cr in FY23. The startup, which offers vending machines, saw its operating revenue surge as much as 66% to INR 37.31 Cr from INR 22.44 Cr.

Daalchini’s IoT-based smart vending machines are present across 2,600 stores in over 80 cities in India, catering to on-the-go consumption with a specialised supply chain designed to serve 6-meal-a-day to its customers. 

Read More: Daalchini’s Standalone Revenue Jumps 56% To INR 18.3 Cr in FY24

Delhivery’s Loss Narrows By 75% 

Delhi NCR-based Delhivery posted a 75% decrease in its loss in FY24. The logistics unicorn reported a loss of INR 249 Cr during the year as against INR 1,007 Cr in FY23. 

Operating revenue stood at INR 8,141 Cr in FY24, an increase of 12.6% from INR 7,225 Cr in the previous fiscal year. 

The startup also reduced its advertising expenses to INR 16 Cr from INR 22 Cr in FY24. 

Read More: After A Profitable Q3, Delhivery Posts INR 69 Cr Loss In Q4 FY24

DealShare’s Revenue Plummets 75%

The Delhi NCR-headquartered startup’s operating revenue plunged nearly 75% to INR 499 Cr in FY24 from INR 1,963.5 Cr in the previous fiscal year. 

In line with the fall in revenue, DealShare managed to lower its net loss by 67% to INR 167.7 Cr from INR 503 Cr in the previous fiscal year.

In a bid to improve its bottom line, DealShare cut its expenditure by 70% to INR 768.1 Cr in FY24 from INR 2,557.6 Cr in the previous fiscal year.

Read More: DealShare’s FY24 Revenue Plummets 75% To INR 500 Cr

DevX Turns Profitable In FY24

IPO-bound coworking space provider DevX posted a net profit of INR 43.7 Lakh in FY24 as against a net loss of INR 12.83 Cr in the previous fiscal. 

The startup’s operating revenue zoomed 55% to INR 108.08 Cr during the year under review from INR 69.91 Cr in the previous fiscal year. 

The coworking space provider’s total expenses rose 37% to INR 119.50 Cr in FY24 from INR 87.49 Cr in the previous fiscal year.

Read More: IPO-Bound DevX Posts INR 44 Lakh Profit In FY24

Dezerv’s Revenue Surges 157%

Accel-backed wealthtech startup Dezerv’s operating revenue surged 157% to INR 26.25 Cr in FY24 from INR 10.20 Cr in the previous fiscal year.

Despite the growth in its top line, Dezerv’s consolidated net loss rose 95% to INR 74.53 Cr during the year under review from INR 38.20 Cr in FY23, on account of a sharp increase in its expenses.

Dezerv’s total expenditure shot up 108% year-on-year to INR 100.84 Cr in the year ended March 31, 2024. It had incurred expenses of INR 48.42 Cr in the previous year.

Read More: Dezerv’s FY24 Revenue Zooms 157% YoY To INR 26 Cr

DroneAcharya’s Profit Doubles

Pune-based drone startup DroneAcharya Aerial Innovations reported a consolidated profit after tax (PAT) of INR 6.2 Cr in FY24, almost double of INR 3.42 Cr profit it posted in the previous fiscal year.

DroneAcharya’s operating revenue increased nearly 90% to INR 35.19 Cr in FY24 from INR 18.56 Cr in FY23. The startup attributed this increase to the company’s steady and consistent growth as a drone solution provider and a drone training organisation.

Read More: DroneAcharya’s Net Profit Doubles To INR 6.2 Cr In FY24, Operating Revenue Jumps 90%

Droom’s Net Loss Narrows 35%

IPO-bound automobile ecommerce platform Droom reported a 35% decline in its consolidated net loss to INR 40.4 Cr in the fiscal year 2023-24 (FY24) from INR 62.1 Cr in the previous fiscal year due to lower expenses.

A change in its business model resulted in the IPO-bound startup’s operating revenue plunging 66% to INR 85.4 Cr in the year ended March 2024 from INR 253.3 Cr in the previous fiscal year.

Droom’s total expenses also fell over 64% to INR 100.9 Cr in the year ended March 2024 from INR 277 Cr in the previous fiscal year.

Read More: IPO-Bound Droom’s FY24 Loss Declines 35% To INR 40 Cr

EaseMyTrip’s Revenue Inches Closer To INR 600 Cr Mark

Online ticketing platform EaseMyTrip saw its revenue rise 32% to INR 591 Cr from INR 488.8 Cr in FY23, driven by an increase in sales of air tickets. 

Despite the increase in revenue, the startup’s profit took a hit. EaseMyTrip’s profit fell 23% to INR 103.4 Cr in FY24 from INR 134 Cr in the previous fiscal year. Increase in advertising expenses was among the reasons for the decrease in profit.

Read More: EaseMyTrip Q4: Incurs Loss Of INR 15 Cr Due To One-Time Expenses

Ecom Express Sees Its Loss Decline 67%

IPO-bound logistics startup Ecom Express managed to reduce its net loss by 67% to INR 255.8 Cr in FY24 from INR 428.1 Cr in FY23.

The startup’s operating revenue saw a marginal 2.15% increase to INR 2,609 Cr in FY24 from INR 2,553.9 Cr in the previous fiscal year, as per its DRHP. Total expenses rose marginally by 0.64% to INR 2,921.5 Cr in  FY24, from INR 2,902.8 Cr.

Read More: Ecom Express FY24: IPO-Bound Startup’s Loss Narrows 67% To INR 255.8 Cr

ElasticRun’s Revenue Plummets 49%

Elasticrun reported a 49% decline in its operating revenue to INR 2,434.8 Cr in FY24 from INR 4,738.0 Cr in the previous fiscal year.

In line with the decrease in revenue, net loss fell 42% to INR 359.6 Cr in FY24 from INR 619.0 Cr in the previous fiscal year.

ElasticRun generates revenue through the sale of products and services. Revenue from the sale of products stood at INR 2,023.19 Cr in FY24, a sharp decline from INR 4,366.11 Cr in FY23. However, revenue from the sale of services increased 10.3% to INR 406.30 Cr from INR 368.34 Cr in the previous fiscal year.

The Pune-based startup’s total expenditure fell 47% to INR 2,904.4 Cr from INR 5,452.8 Cr in FY23

Read More: ElasticRun’s FY24 Revenue Narrows To Half, Loss Declines 42%

Fasal’s Revenue Surges Nearly 90%

Agritech startup Fasal’s revenue from operations grew 89% to INR 34.1 Cr in FY24 from INR 18 Cr in FY23. Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.

Meanwhile, total expenses rose 34% to INR 69.5 Cr during the year under review from INR 51.6 Cr in FY23. 

Loss increased 6% to INR 34 Cr from INR 32 Cr in FY23. 

Read More: Agritech Startup Fasal’s FY24 Revenue Jumps 89% to INR 34.1 Cr

Fino Payments Bank’s Profit Jumps Over 30%

Mumbai-based Fino Payments Bank’s operating revenue jumped 20% to INR 1,478.3 Cr in FY24 from INR 1,229.9 Cr in the previous fiscal year. 

Its expenses also grew almost in line with revenue. Total expenses stood at INR 1,391.5 Cr in FY24, up 19% from INR 1,164.8Cr in the previous fiscal year.

Fino’s net profit zoomed 32% to INR 86.2 Cr from INR 65 Cr in FY23. 

Read More: Fino Payments Bank Q4: Net Profit Rises 14% YoY To INR 25.21 Cr

FirstCry’s Loss Declines Over 30% 

Ahead of its IPO, kids-focussed omnichannel retailer FirstCry managed to reduce its net loss by 34% to INR 321.5 Cr in FY24 from INR 486 Cr in the previous fiscal year.

Its operating revenue increased 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23. Expenses rose 9.2% to INR 6,896.6 Cr from INR 6,315.7 Cr in FY23. 

FirstCry made its public market debut in August. Its shares listed at INR 651 on the NSE, a premium of 40% over its issue price of INR 549.

Read More: FirstCry FY24: Loss Narrows 34%, Revenue Crosses INR 6K Cr Mark Ahead Of IPO

Fisdom’s Loss Narrows 19%

Investment tech startup Fisdom, which is reportedly in talks to get acquired by Groww, managed to narrow its loss by 19% YoY to INR 57.4 Cr in FY24. The Bengaluru-based startup had reported a net loss of INR 70.5 Cr in FY23. 

Its operating revenue grew 28% to INR 82.9 Cr during the year under review from INR 64.7 Cr in FY23. Total expenditure increased 3% YoY to INR 141.7 Cr.

Read More: Investment Tech Platform Fisdom’s FY24 Loss Declines 19% To INR 57 Cr

Fractal Analytics Slips Into The Red

IPO-bound Fractal Analytics reported a consolidated net loss of INR 54.7 Cr in FY24 as against a profit of INR 194.4 Cr in the previous fiscal. While the startup had registered a gain of INR 494.9 Cr from exceptional items in FY23, it incurred a loss of INR 21.8 Cr in FY24 from it. 

The SaaS startup’s revenue from operations surged 11% to INR 2,196.3 Cr in FY24 from INR 1,985.4 Cr in the previous fiscal year. Including other income of INR 45.6 Cr, Fractal’s total income for the fiscal year surged 10% year-on-year (YoY) to INR 2,241.9 Cr. 

Fractal’s total expenses rose a mere 1.1% to INR 2,250.6 Cr from INR 2,225.2 Cr in FY23. 

Read More: IPO-Bound Fractal Slips Into The Red In FY24, Reports INR 54.7 Cr Loss

Freo’s Loss Narrows 65%

Freo narrowed its net loss by 64.54% to INR 14.16 Cr in FY24 from INR 39.94 Cr in the previous year, on the back of improvement in its EBITDA margin. 

Revenue from operations rose 11% to INR 111.46 Cr in the financial year ended March 2024 from INR 99.80 Cr in the previous year. 

The digital banking startup managed to bring down its expenses by 10.28% to INR 125.58 Cr from INR 139.97 Cr in FY23. 

Read More: Freo’s FY24 Loss Declines 65% To INR 14 Cr

Furlenco’s Sales Dip

The Bengaluru-based furniture rental startup’s operating revenue declined 10.4% to INR 139.56 Cr in FY24 from INR 155.78 Cr in the previous fiscal year.

Furlenco also managed to lower its loss by 2.3% to INR 129.97 Cr in FY24 from INR 127.04 Cr in FY23.

Total expenditure declined 1.3% to INR 282.1 Cr from INR 285.9 Cr in the previous fiscal year.

Read More: Furlenco’s FY24 Operating Revenue Declines 10%, Net Loss Down 2.3%

Gramophone’s Revenue Plunges

Gramophone’s operating revenue slumped 69% to INR 98.2 Cr in FY24 from INR 315.7 Cr in the previous year, as the startup shuttered its marketplace business during the year under review. 

This also led to its expenditure falling 64% to INR 133.4 Cr from INR 374 Cr in FY23. As a result, the startup’s net loss declined 40% to INR 34.8 Cr from INR 57.9 Cr in the previous year. 

Read More: Gramophone’s FY24 Revenue Slumps 69% To INR 98 Cr

Go Digit’s Profit Zooms 5X

Insurtech startup Go Digit posted strong results with a 400% jump in its profit after tax (PAT) to INR 182 Cr in FY24 from INR 36 Cr in the previous fiscal year.

With the sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23.

Net earned premium rose over 37% to INR 7,096 Cr in FY24 from INR 5,164 Cr in FY23.

Read More: Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr

HealthKart Becomes Profitable

Delhi NCR-based HealthKart, which bagged a funding of $153 Mn in November 2024, turned profitable in FY24, posting a net profit of INR 38.3 Cr in FY24 as against a net loss of INR 164.7 Cr in the previous fiscal year. 

The startup’s sales rose 23% to INR 1,021.5 Cr during the year under review from INR 832.4 Cr in the previous fiscal year. Total expenditure saw a marginal 1% rise to INR 1,031 Cr in FY24 from INR 1,016 Cr in the previous year. 

Read More: HealthKart Turns Profitable, Posts INR 38 Cr PAT In FY24

Infra.Market’s Profit Crosses INR 350 Cr Mark

Mumbai-based Infra.Market reported a profit of INR 378 Cr in FY24, an increase of 144% from INR 155 Cr in the previous fiscal year. 

The IPO-bound startup’s operating revenue increased 23% to INR 14,530 Cr from INR 11,846.5 Cr in the previous year. 

In line with the increase in sales, total expenditure grew 23% to INR 14,272 Cr from INR 11,607.6 Cr in FY23. 

Read More: Infra.Market’s FY24 Profit Crosses INR 350 Cr, Sales Breach INR 14K Cr Mark

Jar’s Loss Narrows To INR 104 Cr

Wealthtech startup Jar narrowed its net loss by 15% to INR 103.97 Cr in FY24 from INR 123 Cr in the previous year, as revenue grew and expenses declined. 

Revenue from operations skyrocketed 461% to INR 49.03 Cr in FY24 from INR 8.73 Cr in the last fiscal (FY23).

Including other income of INR 7.37 Cr, total revenue surged 277% to INR 56.41 Cr during the year under review from INR 14.93 Cr in the previous year.

Jar’s total expenses for the fiscal year ended March 31, 2024 increased 16.2% to INR 160.3 Cr from INR 137.5 Cr in FY23. 

Read More: Jar Cuts FY24 Loss To INR 104 Cr

Jimmy’s Cocktail’s Revenue Tanks

D2C brand Jimmy’s Cocktails saw its operating revenue decline 30.9% to INR 23.7 Cr in FY24 from INR 34.3 Cr in the previous fiscal year. Including other income of INR 2.9 Cr, the startup’s total income fell 23.3% to INR 26.6 Cr during the year under review from INR 34.7 Cr in FY23.

Despite the decline in its revenue, Jimmy’s Cocktails’ net loss widened 47.1% to INR 10 Cr in FY24 from INR 6.8 Cr in the previous year.

The startup managed to cut its total expenditure by 8% to INR 40.4 Cr in FY24 from INR 43.9 Cr in FY23.

Read More: Jimmy’s Cocktails’ Revenue Dips 31% To INR 23.7 Cr In FY24

Juspay’s Loss Declines 8% 

Fintech company Juspay’s net loss narrowed 7.7% to INR 97.54 Cr in FY24 from INR 105.75 Cr in the previous fiscal year.

It posted a 49.6% rise in operating revenue to INR 319.32 Cr from INR 213.39 Cr in FY23. 

Total expenses climbed 29.5% to INR 443.74 Cr in FY24 from INR 342.59 Cr in FY23.

Read More: Juspay Trims Net Loss To INR 97.54 Cr In FY24

Lenskart’s Revenue Crosses INR 5,000 Cr Mark

Peyush Bansal-led Lenskart saw its sales jump 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. 

Including other income, total revenue rose 43% to INR 5,609.8 Cr in FY24 from INR 3,927.9 Cr in the previous fiscal year. 

Lenskart managed to reduce its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in FY23. 

Read More: Lenskart’s FY24 Loss Declines 84% To INR 10 Cr

Kuku FM’s Revenue Inches Closer To INR 100 Cr Mark

Kuku FM saw its operating revenue increase over 100% in FY24. Revenue from operations zoomed 114% to INR 88 Cr from INR 41.1 Cr in FY23.

The IFC-backed startup saw its expenditure increase 21% to INR 200 Cr in FY24 from INR 165.4 Cr in the last fiscal year.

It also managed to bring down its loss. Net loss stood at INR 96 Cr in FY24, down 18% from INR 116.5 Cr in FY23. 

Read More: Kuku FM’s FY24 Revenue Jumps 114% To INR 104 Cr

ideaForge’s Profit Nears INR 50 Cr Mark 

ideaForge reported its third consecutive profitable fiscal as the drone maker clocked a net profit of INR 47.8 Cr in the fiscal ended March 2024. This was an increase of almost 50% from INR 31.9 Cr. Its profit stood at INR 44 Cr in FY22. 

Operating revenue also soared more than 70% year-on-year (YoY) to INR 186 Cr during the year under review.

Meanwhile, expenses zoomed 81% to INR 282.9 Cr in FY24 from INR 155.6 Cr in the previous year. 

Read More: ideaForge PAT Slips 30% QoQ To INR 10.3 Cr In Q4

iD Fresh Foods Turns Profitable

The Bengaluru-based read-to-eat food maker turned profitable in FY24, posting a net profit of INR 1.84 Cr as against a loss of INR 23.25 Cr in FY23. 

iD Fresh Foods clocked a 16% increase in its operating revenue to INR 395.76 Cr in FY24 from INR 340.9 Cr in the previous year. 

Total expenditure grew 8.4% to INR 398.75 Cr during the year under review from INR 367.94 Cr in FY23. 

Read More: iD Fresh Food Turns Profitable In FY24, Posts INR 1.8 Cr PAT

InCred’s Profit Surges 2.6X 

The fintech startup’s operating revenue crossed the INR 1,000 Cr mark during the year under review. InCred saw its top line grow nearly 47% to INR 1,270 Cr in FY24 from INR 864.6 Cr in FY23.

Meanwhile, profit soared 162% to INR 316.3 Cr from INR 120.9 Cr in FY23. Rising finance costs and employee benefit expenses pushed up InCred’s total expenses by over 37% YoY to INR 871.3 Cr during the fiscal year under review. 

Read More: InCred FY24: Profit More Than Doubles To INR 316.3 Cr, Revenue Crosses INR 1,000 Cr Mark

IndiaMART’s Revenue Crosses INR 1,000 Cr Mark

The B2B ecommerce major posted a 17% rise in its net profit to INR 334 Cr in FY24 from INR 283 Cr in the year-ago period. 

Operating revenue jumped 21% to INR 1,196 Cr in the fiscal ended March 2024 from INR 985 Cr in FY23. On similar lines, total expenses also rose 20% to INR 910.7 Cr in FY24 from INR 756.7 Cr in the previous fiscal year. This increase in expenditure was largely attributable to a sharp jump in employee benefit costs, which rose 27% YoY to INR 507 Cr during the year under review. 

Read More: IndiaMART Q4: Profit Surges 78% YoY To INR 99.6 Cr

IPO-Bound IndiQube’s Loss Widens By 72%

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous year, primarily due to a sharp increase in loss on fair valuation of financial liabilities.

However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23.

The IPO-bound managed office space provider saw its total expenses zoom 51% to INR 1,252.48 Cr during the year under review from INR 829.20 Cr in FY23.

Read More: IPO-Bound IndiQube’s Loss Widens 72% To INR 341.5 Cr In FY24

InsuranceDekho Turns Profitable

Auto marketplace CarDekho’s insurance arm InsuranceDekho turned profitable in FY24 on the back of a multifold jump in revenue. The startup reported a net profit of INR 85.7 Cr during the fiscal year under review compared to a loss of INR 51.6 Cr in FY23. 

Operating revenue zoomed 670% to INR 743.6 Cr from INR 96.5 Cr in FY23. The startup’s total expenditure also rose 360% to INR 699.2 Cr in FY24 from INR 151.9 Cr in the precious fiscal year. 

Read More: InsuranceDekho Turns Profitable, Posts INR 86 Cr PAT In FY24

ixigo’s Profit Triples 

Online travel aggregator ixigo had a bumper year as its net profit more than tripled to INR 73.1 Cr from INR 23.4 Cr in FY23. 

The travel tech major’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23. This came largely on the back of broad-based growth across its business verticals and healthy uptick in annual active users. 

Total expenditure jumped almost 30% YoY to INR 627.8 Cr in FY24.

Le Travenues Technology, the parent company of the travel tech startup, made a stellar debut on the stock exchanges in June 2024 and listed at INR 138.10 per share on the BSE, a 48.5% premium from the issue price of INR 93. 

Read More: ixigo FY24: Profit Jumps Over 200% To INR 73.1 Cr, Train Bookings Biggest Revenue Source

Josh Talks Trims Loss By 25%

Delhi NCR-based media and entertainment startup Josh Talks pruned its loss by 25% in FY24 to INR 9.88 Cr from INR 13.21 Cr loss it incurred in the previous fiscal year.

Revenue from operations rose 2% to INR 18.71 Cr from INR 18.29 Cr in FY23. Including other income of INR 65.40 Lakh, the startup’s total revenue for the fiscal stood at INR 19.37 Cr. This number was 3% higher than the INR 18.80 Cr total revenue for FY23. 

The startup also managed to lower its total expenditure by 9% to INR 29.2 Cr in FY24 from INR 32 Cr. 

Read More: Josh Talks FY24: Losses Come Down 25% To INR 9.8 Cr, Revenue Up 2%

LeadSquared’s Revenue Rises 9%

WestBridge Capital-backed SaaS startup LeadSquared reported a marginal 0.73% increase in its net loss to INR 162.24 Cr in FY24 from INR 161.06 Cr in the previous year.

Operating revenue rose 9.12% to INR 279.29 Cr during the year under review from INR 255.93 Cr in FY23. Including other income of INR 45.9 Cr, the Bengaluru-based startup’s total revenue jumped 9.77% year-on-year to INR 325.2 Cr.

LeadSquared’s overall expenses rose 6.6% to INR 486.45 Cr during the year ended March 31, 2024 from INR 456.21 Cr in the previous year.

Read More: SaaS Unicorn LeadSquared Posts INR 162 Cr Loss In FY24

Lendingkart’s Profit Declines 97%

Lendingtech startup Lendingkart reported a 97.2% decline in its consolidated net profit to INR 3.25 Cr in FY24 from INR 118.8 Cr in FY24, primarily due to a sharp increase in impairment loss on financial assets, loans and advances.

However, operating revenue zoomed 36.6% to INR 1,090.6 Cr during the year under review from INR 798.4 Cr in the previous year.

Lendinkart’s total expenses rose 58.92% to INR 1,194.3 Cr during the year ended March 31, 2024 from INR 751.5 Cr in the previous year. 

Read More: Lendingkart FY24: Profit Declines 97% To INR 3.25 Cr

M2P Reports INR 134 Cr Loss

Fintech startup M2P Fintech’s loss stayed flat in FY24. The startup posted a loss of INR 133.5 Cr in FY24, an increase of 0.15% from INR 133.3 Cr in the previous fiscal year.

However, this came at the cost of its top line. The startup’s operating revenue slipped 13.3% to INR 382 Cr in FY24 from INR 440.7 Cr in FY23. 

M2P’s total expenses declined 15.4% to INR 527.6 Cr in FY24 from INR 623.3 Cr in the previous year. The startup’s spending on employees jumped 33.46% to INR 251.3 Cr from INR 188.3 Cr in FY23.

Read More: M2P Fintech’s FY24 Loss Stagnant At INR 133 Cr

Mamaearth Turns Profitable In FY24

Honasa Consumer Ltd, the parent entity of D2C unicorn Mamaearth, returned to the black during the year under review. After posting a net loss of INR 150.9 Cr in FY23, the startup minted a profit of INR 110.5 Cr in FY24. 

Operating revenue rose 28.6% to INR 1,919.9 Cr from INR 1,492.7 Cr in FY23. Total expenditure jumped 21.3% to INR 1,822.4 Cr in FY24 from INR 1,501.6 Cr in the previous fiscal year.

Read More: Honasa FY24: Mamaearth Parent Turns Profitable For Full Fiscal Year

MapmyIndia’s Profit Jumps 25% 

Geotech company MapmyIndia reported a profit of INR 134.4 Cr in FY24, up 25% from INR 107.5 Cr in the previous fiscal year. 

Operating revenue rose more than 34% to INR 379 in the year ended March 2024 from INR 281 Cr in FY23. Meanwhile, total expenditure increased 36% YoY to INR 240.9 Cr on the back of a sharp rise in other expenses, which rose 73%.

Read More: MapmyIndia’s Q4 PAT Jumps 35% YoY To INR 38 Cr

Mensa Brands Trims Loss

House of brands Unicorn Mensa Brands’ consolidated net loss declined about 31% to INR 155.85 Cr in FY24 from INR 227.03 Cr in the previous fiscal. 

The startup’s operating revenue increased 11.6% to INR 557.66 Cr during the year under review from INR 499.63 Cr in FY23. Including other income of INR 40.53 Cr, total income stood at INR 598.20 Cr in FY24.

Mensa Brands managed to cut its total expenses by 7% to INR 712.60 Cr in FY24 from INR 763.22 Cr in the previous fiscal year. 

Read More: Mensa Brands’ FY24 Loss Narrows 31% To INR 156 Cr

Milk Mantra Back In The Black

Bhubaneswar-based dairy tech startup Milk Mantra turned profitable in FY24, posting a net profit of INR 9.8 Cr as against a net loss of INR 12.3 Cr in the previous fiscal year. It is pertinent to note that the startup slipped into the red for the first time in FY23 after eight straight years of profitability. 

Operating revenue stood at INR 276.4 Cr in FY24, a marginal increase of 1.3% from INR 272.9 Cr in FY23.

 In terms of expenditure, the startup’s total cost fell a little over 7% to INR 269.1 Cr in FY24 from INR 289.5 Cr in the previous year. 

Read More: Milk Mantra Back In The Black With INR 9.8 Cr Profit In FY24, But Growth Remains Muted

Minimalist’s Profit Jumps 2X In FY24

D2C skincare brand Minimalist’s net profit more than doubled to INR 10.9 Cr in the financial year 2023-24 (FY24) from INR 5.2 Cr in FY23, on the back of a strong growth in its top line.

The Rajasthan-based startup’s revenue from operations surged 89% to INR 347.4 Cr during the year under review from INR 183.8 Cr in FY23.

Expenditure rose largely in line with the growth in its sales. Total expenses jumped 84% to INR 331.7 Cr in FY24 from INR 180.2 Cr in the previous fiscal year.

Read More: D2C Brand Minimalist’s FY24 Profit Doubles To INR 10.9 Cr, Revenue Up 1.9X YoY

Mintifi’s Profit Jumps 273%

Supply-chain financing startup Mintifi’s net profit zoomed 273% to INR 92.53 Cr in FY24 from INR 24.79 Cr in the previous year on the back of robust growth in its topline and improvement in margins.

Revenue from operations surged nearly 72% to INR 383.67 Cr during the year under review from INR 223.20 Cr in FY23. Including other income of INR 17.80 Cr, total revenue climbed almost 77% year-on-year to INR 401.47 Cr in the year ended March 31, 2024.

Mintifi’s total expenses also rose sharply to INR 276.68 Cr in FY24, up nearly 44% from 192.35 Cr a year ago

Read More: Mintifi’s FY24 Profit Zooms 273% To INR 92.5 Cr

Mokobara Halves Its Loss

D2C luggage startup Mokobara’s loss nearly halved to INR 4.24 Cr in FY24. It had posted a loss of INR 8.22 Cr in the previous fiscal year. 

Revenue from operations jumped 120% to INR 117.44 Cr from INR 53.27 Cr it reported in FY23. Total expenditure nearly doubled to INR 123.28 Cr from INR 61.85 Cr in FY23.
Read More: Mokobara’s Revenue Surges 2.2X To INR 117 Cr In FY24

Mosaic Wellness’ Revenue Crosses INR 300 Cr Mark

Health and wellness startup Mosaic Wellness saw its consolidated operating revenue zoom 60% to cross the INR 300 Cr mark in FY24. It posted revenue from operations of INR 333.32 Cr during the year under review as against INR 206.20 Cr in FY23. Including other income of INR 8.37 Cr, total income stood at INR 341.69 Cr in FY24.

The startup’s loss declined 38% to INR 38.78 Cr in FY24 from INR 62.19 Cr in the previous fiscal year.

Total expenses rose at a lower pace than the increase in its top line. Expenses grew 38% to INR 380.47 Cr from INR 275.80 Cr in FY23. 

Read More: Mosaic Wellness’ FY24 Revenue Surges 60% To Cross INR 300 Cr Mark

Myntra Turns Profitable 

Fashion ecommerce giant Myntra turned profitable in the fiscal year 2023-24 (FY24), posting a consolidated net profit of INR 30.9 Cr as against a loss of INR 782.4 Cr in the previous fiscal year.

The profitability came on the back of a bump in Myntra’s topline and slight reduction in its expenses in the fiscal. 

The startup’s revenue from operations stood at INR 5,121.8 Cr in FY24, up about 15% from the INR 4,465 Cr in the previous fiscal year. 

Myntra cut its expenses slightly to turn profitable in the fiscal. In FY24, the startup spent INR 5,123 Cr, down 3% from the INR 5,290.1 Cr it spent in the prior fiscal.

Read More: Myntra Turns Profitable In FY24, Revenue Soars 15%

Navi Finserv’s Operating Revenue Takes Hit 

Navi Finserv’s consolidated operating revenue fell 6.6% to INR 1,906.2 Cr in FY24 from INR 2,040.6 Cr in FY23. The startup’s profit from continued operations also slipped 41% year-on-year (YoY) to INR 155.6 Cr in FY24. 

It is pertinent to mention that Navi Finserv divested its entire holding in microfinance subsidiary Chaitanya India Fin Credit Private Ltd during the year under review. Including profit from discontinued operations, its net profit more than doubled to INR 545.1 Cr in FY24 from INR 264.2 Cr.

Total expenses saw a marginal increase to INR 1,750.4 Cr in the reported year from INR 1,743.9 Cr in FY23, with finance cost alone comprising over 37% of its total spending.

Read More: Navi Finserv FY24: Revenue Falls 6.6% To INR 1,906 Cr, Profit Down 41% YoY

Nazara’s Profit Increases By Over 20% 

Gaming major Nazara Technologies reported an operating revenue of INR 1,138.2 Cr during the year under review. This was an increase of 4.3% from INR 1,091 Cr in FY23. 

Profit jumped 21.7% to INR 74.7 Cr from INR 61.3 Cr in the previous fiscal year. 

Nazara’s total expenses stood at INR 1,112.4 Cr in FY24, an increase of 5.7% from INR 1,051.7 Cr in the previous fiscal year. 

Read More: Nazara Q4: Profit Shrinks To INR 18 Lakh, Operating Revenue Declines To INR 266.2 Cr

Nykaa Nearly Doubles Its Profit 

Fashion ecommerce startup Nykaa reported an operating revenue of INR 6,358.6 Cr in FY24, 23.6% higher than INR 5,143.8 Cr in the previous fiscal year. 

Its profit increased 89.5% to INR 40 Cr in FY24 from INR 21.1 Cr in FY23. 

The Falguni Nayar-led unicorn’s total expenditure grew 23.5% to INR 6,346.5 Cr in FY24 from INR 5,135.6 Cr in the previous fiscal year. 

Read More: Nykaa FY24: Despite Q4 Slide, Profit Rises By 80% For Full Fiscal Year

OfBusiness’ Revenue Crosses INR 19,000 Cr Mark

B2B marketplace OfBusiness’ consolidated operating revenue surged over 25% to INR 19,296.3 Cr FY24 from INR 15,342.6 Cr in the previous fiscal year. Net profit increased by over 30% to INR 602 Cr from INR 463 Cr in the previous fiscal year. 

Total expenses jumped 24.3% to INR 18,695.7 Cr in FY24 from INR 15,037.5 Cr in the previous fiscal year.

Read More: OfBusiness FY24: Profit Surges Over 30% To Cross INR 600 Cr Mark

Ola Consumer’s Loss Narrows

Ola Consumer’s parent ANI Technologies reported a 57.46% decline in its consolidated net loss to INR 328.5 Cr in FY24 from INR 772.2 Cr in the previous fiscal year. The decline in loss came on the back of a sharp 42.28% reduction in employee benefit expenses.

However, its operating revenue took a hit. ANI Technologies’ operating revenue slipped 5.48% to INR 2,011.9 Cr in FY24 from INR 2,128.5 Cr in FY23.

The company’s expenditure for FY24 declined 16.3% to INR 2,106.7 Cr from INR 2,516.7 Cr in FY23. 

Read More: Ola Consumer’s FY24 Loss Declines 57% To INR 329 Cr

Ola Electric Breaches INR 5,000 Cr Revenue Mark

Recently listed two-wheeler EV startup Ola Electric reported a 90% jump in its revenue to INR 5,010 Cr in FY24 from INR 2,630 Cr in the previous year, on the back of increase in sales of its EV scooters. 

The Bhavish Aggarwal-led startup also managed to cap the increase in loss ahead of its IPO. Its net loss rose 7% to INR 1,584.4 Cr in FY24 from INR 1,472 Cr in the previous year. Employee benefit expenses increased to INR 439 Cr from INR 427 Cr in FY23. 

Read More: IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

OneCard’s Revenue Crosses INR 1,400 Cr Mark

Peak XV Partners-backed fintech unicorn OneCard’s operating revenue zoomed 163% to INR 1,425.58 Cr in FY24 from INR 541.16 Cr in the previous fiscal year. Including other income of INR 39.19 Cr, total revenue for the fiscal stood at INR 1,464.77 Cr.

The startup incurred a net loss of INR 401.15 Cr in FY24, down 1.1% from INR 405.66 Cr in the previous fiscal year.

Expenses also surged during the fiscal year as its top line grew. OneCard spent INR 1,865.92 Cr in FY24, up about 87% from INR 999.51 Cr in the previous fiscal. 

Read More: OneCard’s FY24 Revenue Surges 2.6X To INR 1,425 Cr

OPEN’s Revenue Slumps To INR 25 Cr

Neobanking startup OPEN’s operating revenue declined 17% to INR 24.8 Cr in FY24 from INR 29.9 Cr in FY23.

Including other income, the startup’s total revenue declined 13% to INR 46.1 Cr from INR 53.1 Cr in FY23. 

With the decline in revenue, the Temasek-backed startup’s net loss also reduced 30% to INR 170 Cr during the year under review from INR 242.2 Cr in the previous fiscal year.

Total expenditure fell 34% to INR 194.6 Cr in FY24 from INR 296.5 Cr in FY23. 

Read More: OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Oxyzo’s Profit Rises To Almost INR 300 Cr

Fintech unicorn Oxyzo, led by couple Ruchi Kalra and Asish Mohapatra, reported a 47% rise in profit to INR 290 Cr in FY24 from INR 198 Cr in the previous fiscal year. 

Operating revenue zoomed 58% to INR 903.3 Cr from INR 569.9 Cr in FY23. Oxyzo primarily earns revenue from the interest it earns by offering loans to small and medium enterprises.

Read More: Fintech Unicorn Oxyzo’s Profit Zooms 47% To INR 290 Cr In FY24

OYO Turns Profitable With INR 229 Cr PAT As Employee Costs Halve

IPO-bound OYO posted a net profit of INR 229.5 Cr during the year as against a net loss of INR 1,286.5 Cr in the previous financial year. 

However, its operating revenue remained almost flat during the year under review. Revenue from operations stood at INR 5,388.7 Cr in FY24, a decline of 1.3% from INR 5,463.9 Cr in the previous fiscal year.

The startup managed to reduce its total expenditure by 16% to INR 5,725.7 Cr in FY24 from INR 6,799.6 Cr in the previous fiscal year. 

Read More: OYO Turns Profitable With INR 229 Cr PAT In FY24 As Employee Costs Halve

Paytm’s Revenue Nears INR 10K Cr Mark

Troubled fintech giant Paytm posted a revenue of INR 9,977.8 Cr in FY24, an increase of 24.8% from INR 7,990.3 Cr in the previous year. It also managed to narrow its loss by 19.3% to INR 1,422.4 Cr from INR 1,775.6 Cr in FY23. 

However, it needs to be mentioned that the Vijay Shekhar Sharma-led company’s revenue is likely to take a hit in FY25 due to the RBI’s crackdown on Paytm Payments Bank. 

Read More: Paytm Q4: Net loss Widens To INR 550 Cr

PB Fintech Operating Revenue Crosses INR 3,000 Cr Mark

PB Fintech, the parent company of insurance tech platform PolicyBazaar, saw its revenue cross the INR 3,000 Cr mark in FY24. Its operating revenue rose 34.4% to INR 3,437.6 Cr during the year under review from INR 2,557.8 Cr in FY23. 

The company also turned profitable, posting a profit of INR 64.61 Cr during the year under review compared to a loss of INR 487.9 Cr in FY23. 

Read More: PB Fintech Stock Goes Through Market Swings After Reporting Profitable Q4 FY24

Perfios Profit Zooms Past 800%

SaaS startup Perfios saw its consolidated net profit jumping 819.2% at INR 71.7 Cr in FY24 from INR 7.8 Cr. Revenue from operations jumped 37.1% to INR 557.8 Cr during the year under review from INR 406.8 Cr in FY23.

In line with the surge in its revenue, Perfios’ total expenses zoomed 28.2% to INR 495.5 Cr in the year ended March 31, 2024 from INR 386.4 Cr in FY23.

Read More: Perfios FY24: Profit Jumps 819% To INR 71.7 Cr

Perfora’s Sales Jump 180%

D2C oral care startup Perfora’s operating revenue skyrocketed 180% to INR 42.2 Cr in FY24 from INR 15.1 Cr in the previous fiscal year amid rising demand for electric toothbrushes and other oral care products.

Despite strong growth in the top line, the startup’s consolidated net loss more than doubled to INR 10.7 Cr in FY24 from INR 4.9 Cr in the previous fiscal year. Amid a surge in sales, the D2C oral care startup’s overall expenses ballooned 167% to INR 54 Cr during the year under review from INR 20.2 Cr in the previous fiscal year.

Read More: Perfora’s FY24 Revenue Zooms 180% YoY To INR 42 Cr

PharmEasy’ Net Loss Halves

Epharmacy PharmEasy saw its consolidated net loss halve to INR 2,531.1 Cr in the financial year 2023-24 (FY24) on the back of a decline in its expenses and exceptional items. The company’s net loss declined 51.35% from INR 5,202.5 Cr in FY23.

The company, which was hit by financial and operational struggles in the recent past, also saw a 14% decline in operating revenue to INR 5,644 Cr from INR 6,643.9 Cr in FY23. 

Total expenditure declined 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23

Read More: PharmEasy’s FY24 Loss Halves To INR 2,531 Cr

PhonePe’s Revenue Breaches INR 5,000 Cr Mark

Walmart-backed fintech giant PhonePe reported an operating revenue of INR 5,064 Cr in FY24, an increase of 74% from INR 2,914 Cr in the previous fiscal year. 

It also managed to reduce its net loss by 28% to bring it under INR 2,000 Cr. The company’s net loss stood at INR 1,996 Cr during the year under review as against INR 2,795 Cr a year ago. Excluding share based payment expenses of INR 2,193 Cr, PhonePe posted adjusted profit after tax of INR 197 Cr in FY24 as against a loss of INR 738 Cr in FY23.

Read More: PhonePe Narrows Net Loss To INR 1,996 Cr In FY24

Pilgrim’s Sales Near INR 200 Cr Mark

The Mumbai-based D2C beauty and personal care startup, which recently bagged INR 200 Cr funding, saw its operating revenue increase 160% to INR 199 Cr in FY24 from INR 77 Cr in FY23. 

In line with this, expenses shot up 130% to INR 230 Cr from INR 99 Cr in FY23. The biggest expenditure was marketing, which zoomed over 100% to INR 109 Cr in FY24.

Pilgrim’s loss increased 14% to INR 26.3 Cr during the year under review from INR 23 Cr in FY23. 

Read More: Pilgrim’s FY24 Revenue Jumps 160% To INR 199 Cr

Porter’s Loss Declines 45% To INR 96 Cr 

The Peak XV Partners-backed startup’s loss declined 45% to INR 95.7 Cr in FY24 from INR 174.6 Cr in the previous fiscal year. Operating revenue zoomed 56% to INR 2,733.7 Cr in FY24 from INR 1,737.4 Cr in the previous fiscal year.

The startup’s total expenditure rose 46% to INR 2,862.1 Cr during the year under review from INR 1,964 Cr in the previous fiscal year. 

Read More: Porter FY24: Loss Declines 45% To INR 96 Cr, Revenue Crosses INR 2,500 Cr Mark

Pristyn Care’s Loss Remains Flat

Healthtech startup Pristyn Care reported a net loss of INR 381 Cr in FY24, down a negligible 0.42% from INR 382.6 Cr in the previous fiscal year.

The startup’s loss was flat despite a strong growth in its top line. Pristyn Care’s operating revenue grew 32.6% to INR 600.5 Cr during the year under review from INR 452.9 Cr in FY23.

It earned INR 226.7 Cr from the sale of products, and generated INR 332 Cr from the sale of services. While the revenue from the sale of services remained stagnant in the period under review, the revenue from products grew 112.6% from INR 106.6 Cr in FY23. 

Total expenditure rose 15.6% to INR 1,013.8 Cr in FY24 from INR 876.8 Cr in FY23.

Read More: Pristyn Care’s Loss Flat At INR 381 Cr In FY24

Purplle’s FY24 Sales Zoom 43% To INR 680 Cr 

The Abu Dhabi Investment Authority (ADIA)-backed unicorn reported an operating revenue of INR 679.6 Cr in FY24, an increase of 43% from INR 475 Cr in the previous fiscal year.

Purplle’s total expenditure rose only 15% year-on-year. Its expenses stood at INR 849.6 Cr in FY24 as against INR 738.3 Cr in the previous fiscal year. 

Purplle managed to reduce its cash burn during the year under review, as a result of which its net loss plummeted 46% to INR 124.1 Cr from INR 230 Cr in FY23.

Read More: Purplle’s FY24 Sales Zoom 43% To INR 680 Cr, Loss Almost Halves

Rare Rabbit’s Profit Doubles 

Radhamani Textiles, the parent entity of Rare Rabbit, posted a profit of INR 74.5 Cr in FY24, up 131% from INR 32.2 Cr in the previous fiscal year

The apparel brand’s operating revenue zoomed 69% to INR 637 Cr during the year under review from INR 376 Cr in FY23. 

The startup’s expenses also increased. However, the rise in revenue was more than the increase in expenses. Total expenditure rose 60% to INR 542 Cr in FY24 from INR 339 Cr in the previous fiscal year.

Read More: Rare Rabbit’s FY24 Profit Doubles To INR 75 Cr

RateGain’s Profit More Than Doubles 

Traveltech company RateGain’s consolidated profit after tax jumped 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in FY23. Its operating revenue zoomed 69% to INR 957 Cr during the year under review from INR 565 Cr in FY23

Employee benefit expenses increased to INR 380 Cr from INR 252.7 Cr in FY23, indicating an increase in employee count. 

Read More: RateGain FY24 Results: Profits More Than Double To INR 146 Cr

Razorpay’s Profit Quadruples 

Peak XV Partners-backed Razorpay posted a profit of INR 33.5 Cr in FY24, an increase of 365% from INR 7.2 Cr in the previous year, as margins improved. 

Operating revenue rose 9% to INR 2,475 Cr from INR 2,283 Cr in the previous fiscal year. 

Total expenditure stood at INR 2,454.3 Cr, an increase of 7% from INR 2,283.1 Cr in FY23. 

Read More: Razorpay’s FY24 Profit Jumps 4.5X To INR 34 Cr

Rebel Foods’ Loss Narrows By 42%

Cloud kitchen unicorn Rebel Foods narrowed its net loss by 42% to INR 378.2 Cr in FY24 from INR 656.5 Cr in the previous fiscal year. The Faasos-parent trimmed its loss on the back of an increase in its top line and controlled expenses.

Rebel Foods’ operating revenue jumped 19% to INR 1,420.2 Cr in FY24 from INR 1,195.2 Cr in FY23. Total expenses increased marginally by 1.6% to INR 1,857 Cr from INR 1827 Cr in the previous fiscal year.

Read More: Rebel Foods FY24: Net Loss Nearly Halves To INR 378 Cr, Revenue Up 19% YoY

IPO-Bound Smartworks’ Loss Falls 51% 

IPO-bound coworking space provider Smartworks’ net loss narrowed 51% to INR 49.8 Cr in FY24 from INR 101.02 Cr in the previous fiscal year. The startup, which recently filed its DRHP to raise over INR 550 Cr via its IPO, saw its operating revenue jump 46% to INR 1,039.4 Cr during the year under review from INR 711.4 Cr in FY23. 

Total expenditure increased 34% to INR 1,180.7 Cr from INR 880.2 Cr in the previous fiscal year. 

Read More: Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Swiggy’s FY24 Revenue Crosses INR 10K Mark

IPO-bound Swiggy managed to narrow its loss by 44% to INR 2,350 Cr in FY24 from INR 4,179.3 Cr in the previous fiscal year. 

Operating revenue stood at INR 11,247.3 Cr, up 1.3X from INR 8,264.5 Cr in FY23. 

The IPO-bound company managed to control the rise in its expenses during the year. Its total expenditure grew a mere 8% to INR 13,947.3 Cr from INR 12,884.3 Cr in FY23.

Read More: Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Shadowfax Trims Loss To INR 12 Cr

IPO-bound Shadowfax slashed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year, on the back of an increase in its top line and improvement in margins.

Operating revenue jumped 33.19% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in the previous year. 

The logistics major’s total expenses rose 21.9% to INR 1,908.3 Cr in FY24 from INR 1,565.5 Cr in the previous fiscal year. 

Read More: IPO-Bound Shadowfax’s FY24 Loss Falls 92% To INR 12 Cr

TAC Infosec Reports INR 6 Cr Profit

SaaS cybersecurity startup TAC Infosec reported a net profit of INR 6.33 Cr in the financial year 2023-24 (FY24), a 23% jump from INR 5.12 Cr in FY23. 

Operating revenue rose 17% to INR 11.84 Cr during the year under review from INR 10.09 Cr in FY23.

Total expenditure for the fiscal stood at INR 5.49 Cr, an increase of 10% from the INR 4.97 Cr in the previous fiscal year.

Read More: SaaS Cybersecurity Startup TAC Infosec’s FY24 Profit Rises 23% To INR 6.3 Cr

Tata 1mg Narrows Its Loss By 75% 

The Bengaluru-based startup’s net loss narrowed 75% to INR 313 Cr in FY24 from INR 1,254.8 Cr in the previous fiscal year. 

The startup, which primarily earns revenue from sales of medicines, and offering lab and diagnostics test services, saw its operating revenue rise 21% to INR 1,967.7 Cr during the year under review from INR 1,627 Cr in FY23.

It managed to cut its total expenditure by 20% to INR 2,302.7 Cr in FY24 from INR 2,893.6 Cr in the previous fiscal year.

Read More: Tata 1mg FY24: Loss Declines 75% To INR 313 Cr On Business Growth, Fall In Expenses

TBO Tek Posts INR 200 Cr Profit 

B2B travel portal TBO Tek, which made a strong market debut in 2024, reported a 35% increase in its net profit to INR 200 Cr in FY24 from INR 148.4 Cr in the previous fiscal year. Operating revenue jumped 31% to INR 1,392.8 Cr from INR 1,064 Cr in FY23. 

Employee benefit expense rose to INR 277.3 Cr during the year under review from INR 228.3 Cr in FY23.

TBO Tek made its public market debut in May. The stock listed at INR 1,426 on the NSE, a premium of 55% to its issue price of INR 920. Similarly, the stock listed at INR 1,380 on the BSE, a premium of 50% to its issue price.

Read More: TBO Tek Q1: Profit Jumps 29% YoY To INR 61 Cr, Revenue Up 21%

Teachmint’s Loss Reduces To INR 110 Cr

Lightspeed-backed edtech startup Teachmint’s consolidated net loss narrowed 37% to INR 110.1 Cr in FY24 from INR 180.7 Cr in the previous year, on the back of a robust growth in its top line and decline in expenses.

Operating revenue increased over 2X to INR 17.1 Cr during the year ended March 31, 2024 from INR 8.1 Cr in FY23. 

Teachmint managed to bring down its total expenses by 26.6% to INR 160 Cr during the year under review from INR 217.9 Cr in FY23.

Read More: Teachmint Cuts FY24 Loss To INR 110 Cr, Revenue Soars 111%

Tracxn’s Profit Tanks In FY24

In what was a sombre fiscal for Tracxn, the market intelligence platform saw its net profit shrink by more than 80% to INR 6.5 Cr in FY24 from INR 33 Cr in the year-ago period. 

Tracxn’s operating revenue rose nearly 6% to INR 82.70 Cr during the year under review from INR 78.10 Cr in FY23.

Tracxn FY24 Results: Profits Shrink By 80% For Full Year

Trust Fintech’s Profit Triples 

The fintech SaaS company’s net profit zoomed 210% to INR 12.5 Cr in FY24 from INR 4 Cr in the previous fiscal year, on the back of a healthy growth in its top line.

The company, which made its public market debut in April 2024, saw its operating revenue jump 55.4% YoY to INR 35 Cr during the fiscal year ended March 2024.

Trust Fintech’s Net Profit Jumps 3X To INR 12.5 Cr In FY24

Ultraviolette’s Loss Jumps 8X

EV two-wheeler startup Ultraviolette’s net loss surged 8X to INR 61.58 Cr in FY24 from INR 7.46 Cr in the previous year. Operating revenue almost doubled to INR 15.8 Cr from INR 8.67 Cr in FY23. 

The startup’s total expenses zoomed 312% to INR 106.89 Cr from INR 25.92 Cr in FY23, outpacing the increase in revenue. 

Read More: Ultraviolette’s Loss Jumps 8X To INR 62 Cr In FY24

Ustraa’s Loss Widens

Men’s grooming D2C brand Ustraa, which is owned by VLCC, saw its net loss jump 25% to INR 50.3 Cr in the financial year 2023-24 (FY24) from INR 40.2 Cr in the previous fiscal year. 

Revenue from operations declined 2.9% to INR 94 Cr during the year under review from INR 96.8 Cr in FY23. 

Despite the decline in revenue, Ustraa’s total expenses rose 5.1% to INR 144.6 Cr in FY24 from INR 137.6 Cr in FY23. 

Read More: Ustraa’s FY24 Loss Widens 25% To INR 50 Cr

Vedantu’s FY24 Loss Declines 58%

Edtech unicorn Vedantu’s net loss declined 58% to INR 157.52 Cr in FY24 from INR 372.64 Cr in the previous fiscal year on the back of growth in its top line and improvement in margins.

The startup’s revenue from operations increased 21% to INR 184.50 Cr from INR 152.59 Cr in FY23. Including another income of INR 14.73 Cr, total revenue for the fiscal stood at INR 199.23 Cr.

The startup managed to reduce its expenses by 34% to INR 367.79 Cr from INR 553.09 Cr in FY23. 

Read More: Vedantu’s FY24 Loss Falls 58% To INR 158 Cr

Whatfix’s Revenue Crosses INR 400 Cr Mark

SoftBank-backed Whatfix posted a 49% increase in its revenue from operations to INR 425 Cr in FY24 from INR 285 Cr in the previous fiscal year.

Including other income, the startup’s total revenue rose 1.5X to INR 445.3 Cr from INR 303.9 Cr in FY23.

Whatfix also managed to lower its loss. Its net loss declined 20% to INR 263 Cr from INR 328.3 Cr in FY23. Besides, the startup’s total expenses rose only 12% to INR 706 Cr from INR 631.3 Cr in FY23.

Read More: Whatfix’s Revenue Jumps 49%, Crosses INR 400 Cr Mark

WonderChef Turns Profitable

Celebrity chef Sanjeev Kapoor’s D2C startup WonderChef turned profitable in FY24. The D2C kitchenware startup reported a profit of INR 1.55 Cr as against a net loss of INR 51.83 Cr in FY23.

Revenue stood at INR 377.67 Cr, up 20% from INR 315.6 Cr in FY23. Total expenditure rose 16.6% to INR 374.63 Cr in FY24 from INR 321.21 Cr in the previous fiscal year. 

Read More: Sanjeev Kapoor’s Wonderchef Turns Profitable In FY24

Wow! Momo’s Loss Remains Unchanged In FY24

Kolkata-based QSR chain Wow! Momo’s net loss remained almost flat at INR 114.4 Cr in FY24. This was 0.53% higher than the loss of INR 113.8 Cr in FY23.

Operating revenue rose 13.83% to INR 470 Cr during the year under review from INR 412.9 Cr in FY23. 

The startup’s expenditure for the fiscal year under review grew 11.9% to INR 593.1 Cr from INR 530 Cr in FY23. 

Read More: Wow! Momo’s Loss Flat At INR 114 Cr In FY24

WROGN’s Operating Revenue Slumps 29%

Virat Kohli and Accel-backed youth fashion brand WROGN’s operating revenue slumped 29% to INR 243.8 Cr in FY24 from INR 344.3 Cr in the previous fiscal year. Including other income, total income declined 27% to INR 264.7 Cr in FY24 from INR 361.3 Cr in FY23.

Despite the decline in revenue, WROGN’s net loss rose 28% to INR 56.8 Cr during the year under review from INR 44.3 Cr in FY23.

Read More: Virat Kohli-Backed WROGN’s FY24 Revenue Falls 29% To INR 244 Cr, Loss Up 28%

Yubi’s Loss Narrows By 22%

Lending tech startup Yubi managed to reduce its net loss by over 22% to INR 395.8 Cr in FY24 from INR 509.8 Cr in the previous year.

Operating revenue jumped 47% to INR 483.7 Cr in FY24 from INR 327.6 Cr in the previous fiscal year.

 The Peak XV Partners-backed startup’s total expenses increased marginally to INR 938.8 Cr during the year under review from INR 922.9 Cr in FY23.

Read More: Yubi Group Cuts FY24 Net Loss By 22%, Revenue Jumps 47%

Yu Foods’ Operating Revenue Jumps Over 100%

D2C brand Yu Foods’ operating revenue surged 103.9% to INR 15.7 Cr in FY24 from INR 7.7 Cr in the previous fiscal year.

Currently, Yu Foods earns 40% of its revenue from quick commerce, 10% from ecommerce channels, 35% from offline business, and the remaining 15% from airlines.

Its net loss widened 80.5% to INR 11.2 Cr from INR 6.2 Cr in FY23. 

Total expenses zoomed 92.86% to INR 27 Cr in FY24 from INR 14 Cr in the previous fiscal year.

Read More: Yu Foods’ FY24 Revenue More Than Doubles To INR 15.7 Cr

IPO-Bound Zappfresh’s Profit Rises 70% 

The IPO-bound D2C meat delivery startup reported a 70% jump in its net profit to INR 4.7 Cr during the fiscal ended March 2024 from INR 2.7 Cr in FY23. 

As per its draft red herring prospectus (DRHP), Zappfresh’s operating revenue zoomed over 60% to INR 90.4 Cr in FY24 from INR 56.3 Cr in the previous fiscal year. 

Zappfresh DRHP: Revenue Surges 60% To INR 90 Cr In FY24, Profit Jumps 70%

Zepto’s Revenue More Than Doubles

Quick commerce unicorn Zepto’s consolidated revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24), on the back of growing popularity of quick commerce. The startup’s operating revenue jumped 120% during the year under review from INR 2,025.70 Cr in FY23.

Despite a surge in revenue, it managed a slight reduction in its loss to 2% to INR 1,248.64 Cr from INR 1,271.84 Cr in FY23. The startup spent INR 5,747.21 Cr in FY24, up 72% from INR 3,350.09 Cr in the previous fiscal year. 

Read More: Zepto’s FY24 Revenue More Than Doubles To INR 4,454 Cr

Zypp Electric’s Revenue Jumps Over 2.5X

The two-wheeler electric bike manufacturer saw its operating revenue surge over 2.5X in the financial year ended March 31, 2024. The Delhi NCR-based startup reported an operating revenue of INR 292.7 Cr in FY24, a jump of 168% from INR 109 Cr in FY23.

However, loss also surged over 125% to INR 91.1 Cr in FY24 from INR 40 Cr in FY23. 

Total expenditure grew 160% to INR 394 Cr from INR 152 Cr in FY23. 

Read More: Zypp Electric’s Revenue Zooms 2.7X, Nears INR 300 Cr Mark

Edited By: Vinaykumar Rai
Last Updated: 5 April, 9:30 PM IST

Note: This story has been edited to correct boAt’s FY24 operating revenue in the table.

The post Indian Startup FY24 Financials Tracker: Tracking The Financial Performance Of Top Startups appeared first on Inc42 Media.

Every morning, Raj, the owner of a bustling café in Mumbai, meticulously plans his day, ensuring that he is fully rationed to serve his customers. However, no matter how well he plays, it is always difficult to tide through the day without supply-side hiccups.

For a long time, Raj has juggled multiple suppliers, negotiated costs, and dealt with the unpredictability of India’s unorganised food supply chain. With fluctuating prices, delayed deliveries and vendor reliability issues, running a restaurant is a constant battle with procurement.

This was precisely what Zomato sought to change when it launched Hyperpure in August 2018. The idea was simple — provide kitchen supplies and a more organised supply chain solution to the hotels, restaurants & caterers (HoReCa) industry.

The B2B restaurant supply chain vertical empowers restaurants to source everything from fresh produce to meat and dairy from farmers and suppliers. Per Hyperpure’s LinkedIn page, it now serves 100+ cities across India, delivering over 4,000 products to 40,000+ partners.

But, there was enough white space then and there is enough now. For one, Zomato is the only organised player in this segment in India, which leaves enough scope for experiments, changes, pivots, expansions and innovation.

This is probably what Swiggy, too, must have thought before floating the Assure app in September last year. With Assure, Swiggy wants to revolutionise the “procurement process for HoReCa customers” — at least that’s what the Assure app claims.

Now, before we dive right into understanding what Assure brings to the table, let’s first talk about the potential peeves of Hyperpure users, eventually transitioning to where Assure fits in the B2B supply-side equation.

Hyperpure’s Blind Spots

While Zomato’s Hyperpure has made significant inroads into the restaurant supply chain, it still leaves enough room for further optimisation in pricing, logistics, and product variety.

For one, even after seven years, Hyperpure has not been able to scale its operations across diverse restaurant formats. According to the restaurateurs Inc42 spoke with, Hyperpure doesn’t fully meet the needs of large chains with multiple locations or smaller regional restaurants struggling with supply chain inefficiencies.

Besides, Zomato’s Hyperpure operates on a cash-and-carry model. “This means that restaurants are forced to settle dues directly from their earnings. While the model helps Zomato manage dues efficiently, it can be financially restrictive for larger chains that prefer more flexible credit options or structured payment terms,” a restaurant owner said, requesting anonymity.

Then, restaurateurs feel that sourcing through Hyperpure exposes them to fluctuating raw material prices. The absence of fixed-price contracts also impacts their long-term cost planning.

While Hyperpure does ensure 2-3 day fulfilment even in smaller cities like Kanpur, it does not yet provide real-time inventory tracking or on-demand, same-day deliveries. There is a significant white space here as many restaurants or kitchens are often in dire need of last-minute procurement.

Another area is pre-processed essentials, like chopped vegetables, sauces, or ready-to-use ingredients, to reduce preparation time in kitchens. As of now, Hyperpure only supplies fresh ingredients, including vegetables, dairy, and meat.

According to industry observers, what the market currently needs is a more optimised supply chain to make procurement more efficient, predictable, and stress-free. To carve out a niche for itself, Swiggy needs to take a different route than Zomato — the one that is more skewed towards the needs of its users.

The company will have to literally assure (no pun here) restaurants that it has stepped into the market to make a difference and not just to ape its closest rival — even though it now has all the arrows that Zomato flaunts to have in its quiver.

However, what’s surprising is that the company has kept its Assure plans very close to its heart. So far, it has also refrained from revealing anything about its geographies — the cities it is currently catering to.

However, a few restaurant owners we spoke with have hinted that Assure is currently being piloted in Bengaluru only. We have reached out to the company for comments, but there has been no response thus far.

Is Aping Hyperpure An Attractive Proposition?

Zomato launched Hyperpure in 2018 to leverage its extensive restaurant network and create an integrated supply chain to ensure quality and cost efficiency.

According to the company’s filings, the vertical reported INR 80 Cr in revenue in the first quarter of the financial year 2021-22 (FY22). From there, Hyperpure’s revenue has grown nearly 1,000%, if we were to look at the INR 859 Cr it harvested in Q3 FY25. Not only this, Hyperpure’s adjusted EBITDA loss improved to INR 19 Cr in Q3 FY25 from an adjusted EBITDA loss of INR 34 Cr in the year-ago period.

“Zomato has been doing B2B for some time, which proves there is already a market need for such services. Swiggy, too, has an established working relationship with restaurants due to food delivery. This move aligns naturally with its existing services within the ecosystem,” Sateesh Meena, the founder of ecommerce analytics firm Datum Intelligence said.

Highlighting what else makes this line of work an attractive proposition for Swiggy, Karan Taurani, the VP of Elara Capital, said that the restaurant supply chain business is only 20% organised. Then, despite operating with 10-20 outlets, many restaurants are not remotely adept at managing supply chains efficiently. These two factors alone give Swiggy enough headroom to expand and grow.

Meena added that Swiggy’s progression makes sense as the market opportunity in this segment is massive, and with scale, profitability won’t be a scarce commodity.

Moving on, according to industry experts, the entry of Swiggy in the B2B food supply business could not have come at a better time. This is because Hyperpure has already done most of the groundwork for Swiggy in the last seven to eight years. From here, Swiggy only needs to study the market to offer what Hyperpure couldn’t.

But, Assure To Endure Short-Term Pains For Long-Term Gains

The opportunity in the restaurant supply chain space is massive, but profitability won’t come overnight. As per industry experts, new players in supply chain logistics absorb losses for 3 to 5 years before fetching sustainable margins.

This is why Swiggy’s core revenue drivers will continue to be food delivery and quick commerce for a while now. “The restaurant supply chain business is more of a complementary play — an avenue to leverage existing infrastructure and unlock additional revenue rather than a primary growth engine,” said Meena.

However, a key advantage of B2B businesses like Hyperpure and Assure is that order values are much larger than in quick commerce, making expansion into the space strategic.

While it may weigh on the balance sheet in the short term, it has the potential to contribute significantly to revenue in the long run.

“There might not be major expenses upfront. Hyperpure, for instance, hasn’t spent much on marketing since it integrates directly with restaurants on its platform. This keeps customer acquisition costs low. However, logistics and delivery costs could add some pressure. While revenue will offset part of these expenses, margins may stay tight, especially in the early stages,” Kush Ghodasara, CMT, managing partner, InvestValue explained.

A Price War Is Inevitable

According to Ghodasara, Swiggy may choose not to undercut Zomato by offering promotional deals or setting a minimum order value, but a price war is inevitable. This could squeeze margins for both players. Swiggy will likely offer discounts to attract restaurant partners, forcing Zomato to adjust its pricing strategy to stay competitive. But, these dynamics will settle eventually.

“Think of it like the telecom industry, where a few key players dominate the market. Customers may switch between Jio and Vodafone for short-term benefits, but the reality is that they are stuck with a few players in an otherwise large market,” Ghodasara said.

While existing relationships with restaurants will play a role in early deals, Swiggy will need to lure customers away from Zomato with better pricing and added value. However, since B2B supply agreements are typically for the long term, switching won’t be easy.

However, Meena believes the bigger challenge is baiting restaurants dependent on local vendors into switching to an organised supply chain — nothing that Hyperpure hadn’t already tried before.

“This is the real hurdle. Restaurants already using Hyperpure understand the benefits. Swiggy’s key task will be to educate and onboard those who’ve never used a structured supply chain, showing how it can streamline operations, improve quality, and cut costs over time,” Meena explained.

Is Assure Only A Catch-Up Play?

Swiggy Assure has been on the Google Play Store for nearly seven months, yet the company has shared nothing about its plans to rival Hyperpure. Swiggy has not made an official announcement about the app’s rollout or its strategy for this vertical. However, sources have said that an official launch of Assure is expected soon.

What’s even more intriguing is that Swiggy’s RHP, filed with SEBI in late October ahead of its November 13 listing, makes no mention of Assure.

This raises a key question — Is Assure just a catch-up-to-Zomato exercise for Swiggy right now?

According to Taurani, Swiggy’s strategy seems to be closing the valuation gap with Zomato by tapping into the same market opportunities. Swiggy also entered into the live events segment last year with Scenes — a move that was seen as its answer to Zomato’s District.

Notably, Zomato currently holds an m-cap of INR 1.91 Tn while Swiggy stands at INR 773.07 Bn, at the time of publishing this article. This creates a valuation gap of approximately 60%. It is a no-brainer that Swiggy needs a lot of catching up. Even in terms of revenue, Zomato harvested INR 5,405 Cr in Q3 FY24 and Swiggy generated INR 3,993.1 Cr.

“Zomato and Swiggy have evolved into near replicas of each other, consistently expanding their offerings to capture every aspect of consumer spending, be it food delivery, dining out, groceries, or even events. Their approach to restaurants follows a similar playbook. Just as they aim to be the go-to platform for consumers, they also want to be indispensable to restaurant partners by providing end-to-end services, including supply chain solutions,” Meena said.

As per market analysts, Swiggy’s expansion into the restaurant supply chain business will likely boost its valuation. While Zomato enjoys its first-mover advantage, Swiggy’s move into B2B procurement strengthens its overall ecosystem and makes it more attractive to investors in India’s food service market expected to breach the $125 Bn mark by 2029 on the back of rising urbanisation, increasing disposable incomes, and changing consumer habits.

[Edited By Shishir Parasher]

The post Can Swiggy Outserve Zomato’s Hyperpure With Assure? appeared first on Inc42 Media.

It’s been a year since a bumper listing opened up the growth path for Awfis, and now the company is looking to grab a big slice of the GCC boom currently swepping across the country.. 

Awfis saw its revenue surge 44% in the third quarter of fiscal 2024-25 to INR 318 Cr, while its EBITDA jumped 59% over the previous year to INR 107 Cr, driving a margin of 33.8%, wider by 320 basis points.

In the second quarter of FY25, the top line shot off 40% over the previous year to INR 292.38 Cr. The company not only stepped out of an INR 4.3 Cr loss it had incurred in Q1, it swung into an INR 38.67 Cr profit in the three months to September 2024.

All this happened in a year when the stock prices of most new-age companies either tumbled or slipped into the red. Awfis held strong, and hit an all-time high of INR 945 earlier this year. The shares closed at INR 671.7 on April 3.

The first coworking space company to go public, Awfis, after a stellar debut on the bourses, has inspired a host of shared work space solution providers like Indiqube, DevX, and Smartworks to explore public floats in 2025. 

Amit Ramani, the founder, CEO, chairman and managing director of the coworking space solutions provider, is bullish on the growth of global capability centres, or GCCs, set up by multinationals.

GCCs are single-handedly creating huge demand for shared workspace. With favourable government policies, we’ll see more GCCs coming up in the country and, prospects for companies like Awfis will grow in sync,” the chairman added.

Awfis Banks On The GCC Boom

The GCCs, also called global in-house centres (GICs), are the modern-day version of back offices set up for outsourcing business processes to India. Such facilities have evolved into innovation hubs and centres of excellence in India, according to an HSBC report.

Thanks to policy support and a business-friendly environment, the country is set to host 2,550 such centres, with a market value of $110 Bn by 2030. 

A report by Colliers said GCCs contributed 60% of the overall office leasing activity in 2024, when GCC leasing spiked 41% to 25.7 Mn sq ft across top six cities. This demand is expected to reach 30 Mn sq ft, accounting for around 40% of the total office space demand, in 2025. Bengaluru and Hyderabad are likely to remain preferred knowledge and innovation-driven GCC hubs, said the report. 

Flexible space operators, along with industries such as banking and financial services, technology and engineering, are now contributing half of the office leasing activity, Colliers said in its report.

Coworking companies serve the MNCs with strategic business needs. These are cost-efficient and make perfect fit for their hybrid model of operation. 

Some metro and non-metro cities have recently seen a surge in GCCs set up by mid-sized tech companies, with some of them going for micro GCCs that employ 40-50 people, the founder of a Bengaluru-based proptech firm said.

This trend, according to one founder in the real estate space, calls for tailor-made solutions for multinationals to provide an agile work environment to their remote workers. The increasing demand for customisation prompts flex space providers to innovate products.

Overseas companies, for instance, may need a custom-made, smart, ready-to-use office setup without necessarily committing an investment for the long term like in conventional real estate business partnerships. Large enterprises, as per market analysts, too are turning to coworking spaces in a big way. 

Awfis recently launched Awfis Elite – a luxury workspace solution crafted for GCCs and large enterprises.

“As GCCs increasingly prefer agile workspace solutions over traditional leases, Awfis has capitalised on this trend by offering customisable, tech-enabled offices with short-term leasing options,” Ramani told Inc42.

The Awfis chief added this offering goes beyond traditional office spaces to provide an elevated work experience tailored to global enterprises.

The company is also weighing expansion to Tier 1 and 2 cities. “In their initial phase, GCCs often require smaller, agile setups, but as they scale operations rapidly, their need for expanded workspace grows within a year,” he claimed.

Going Asset-Light To Push Growth

Building office spaces is a cash-intensive business. To address this, the company has partnered with landlords under the managed aggregation model. It involves sharing of both expenses and profits between the two sides. Awfis typically sets the minimum guarantee at 50% of market rental. 

“Around 67% of our total seats and 63% of total centres operate under the MA model,” Ramani said.

This strategy continues to drive operational efficiency and long-term growth.

“Majority of the capital investment in these arrangements comes from our partners, which significantly reduces our capital expenditure. This not only makes Awfis asset-light but also helps us mitigate risks associated with occupancy build-up. This model ensures high returns on capital employed (ROCE), exceeding 75%,” he added.

Did this translate into profits and play a key driver for margins? As per its internal estimates, under the MA strategy, there has been a 37% on-year growth in seats from 70,000 to nearly 96,000 in 2024. Awfis also saw a 26% increase in coworking centres under the MA model from 107 to 135 between 2023 and 2024.

Awfis has over 3,000 active clients with 66% of the seats taken by large corporations and MNCs, 20% by SMEs, and 13% by startups. Freelancers occupy the rest.

While nearly 77% of its revenue in Q3 of FY25 came from coworking and allied services, amounting to INR 234 Cr, its newer products like construction, fit-out projects, design and build contributed to the remaining 23% of the topline at INR 73 Cr. 

“We recently secured a deal with the NSE to design, build, and manage over 1.65 Lakh sq ft of office space in BKC, Mumbai. Our clients hail from various industries – from healthcare and financials to industrials, IT, and consumer goods. Some of our key clients include Lenovo, Capgemini, Subway, Clevertap, and Atlas Copco,” Ramani said.

Betting Big On Small Towns 

Although 80%-85% of the demand for coworking space stems from metros and large cities, Awfis is concentrating heavily on Tier 2  and beyond.

“Smaller cities are primed for shared workspaces, driven by a rising demand from the GCCs. The government’s new framework to promote GCCs in these cities is accelerating this shift, driving the need for flexible, hybrid workspaces. After the pandemic, commercial real estate demand in tier-II cities has surged. Industries like ecommerce, IT, and quick commerce are actively tapping into the tier-II talent pool,” the Awfis MD added.

The coworking company ventured into smaller towns in 2018 by setting up a centre in Chandigarh and claimed to be the first flex space operator in India to enter micro-markets.

“In line with this vision, we are further strengthening our presence by expanding into Lucknow. Since December 2023, we have grown our footprints in tier-II cities by 29% and increased our network from 17 to 22 centres. This expansion reinforces our commitment to unlocking the immense potential of these emerging markets,” he said.

In terms of performance by micro-markets, the Awfis boss said that cities like Jaipur and Bhubaneswar have emerged as strong performers, fuelled by cost-effective real estate, a growing pool of skilled talent, and improving infrastructure. These factors make them increasingly attractive to businesses looking for flexible workspace solutions, contributing to the company’s expanding presence in these markets.