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Coaching chain Motion scale remains flat at Rs 108 Cr in FY25

EntrackrEntrackr · 2d ago
Coaching chain Motion scale remains flat at Rs 108 Cr in FY25
Medial

The content relevant to the URL is: Coaching chain Motion scale remains flat at Rs 108 Cr in FY25 IIT-JEE and NEET-focused bootstrapped coaching institute chain Motion reported no growth in the fiscal year ending March 2025. However, the Kota-based firm recorded a slight decline in profit in the same period. Motion’s revenue from operations stood at Rs 108 crore in FY25, marginally declining from Rs 109 crore in FY24, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2007, Motion offers coaching programs for competitive examinations such as JEE and NEET through classroom training at its offline centres as well as online learning solutions. The firm generates revenue from course fees paid by students enrolled in its programs. The firm added around Rs 2 crore from non-operating income, which kept its total income steady at Rs 110 crore in FY25. Employee benefit expenses accounted for the largest share of the company’s spending. This cost increased 4% to Rs 49 crore in FY25 and formed nearly 48% of the total expenditure. Advertising and promotional expenses declined 8% to Rs 12 crore in the last fiscal year. Legal charges grew 33% year-on-year to Rs 10 crore during FY25, while rent expenses also rose 17% to Rs 5.2 crore. Overall, the firm’s total expense increased marginally to Rs 103 crore in FY25 from Rs 102 crore in FY24. Despite stable income, Motion’s profit declined 6.7% to Rs 5.6 crore in FY25 from Rs 6 crore in the previous fiscal year. Its ROCE and EBITDA margin improved to 12.29% and 10.74%, respectively. On a unit basis, the company spent Rs 0.95 to earn a rupee of operating revenue during the fiscal year. Motion reported total assets of Rs 115 crore in FY25, up from Rs 81 crore in FY24. It recorded cash and bank balances of Rs 10 crore, while its current assets stood at Rs 23 crore at the end of FY25. The Kota-based company has not raised any funding yet and competes with the likes of Aakash, Career Point, Allen and Resonance. Allen reported Rs 3,067 crore in FY25, while its profit plummeted 70% to Rs 41 crore. On the other hand, Aakash recorded a loss of Rs 2,443 crore in FY24, which was primarily attributed to exceptional items connected to its parent company, Byju's. During the same fiscal year, Aakash's revenue from operations remained stable at Rs 2,438 crore. The company has not yet submitted its financial reports for FY25. Motion’s flat performance in FY25 also reflected the broader trend in the coaching segment. Larger players such as Allen and Aakash also reported limited growth during the period. While Allen’s profit dropped sharply despite large revenue, Aakash’s scale is expected to remain largely unchanged in FY25. Against this backdrop, Motion’s steady revenue indicates a stable but slow-moving phase for traditional coaching institutes amid rising competition and shifting student preferences.

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PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405

EntrackrEntrackr · 6m ago
PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405
Medial

Fintrackr All Stories PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405 PhysicsWallah has filed draft papers with SEBI to raise Rs 3,820 crore through IPO. Its financial statement shows the company significantly narrowing its losses on the back of strong revenue growth across online, offline, and hybrid channels. PW’s operating revenue grew nearly 49% to Rs 2,887 crore in FY25 from Rs 1,941 crore in FY24. Income from coaching services remained the largest contributor at Rs 2,498.5 crore, with the online segment rising 45.5% to Rs 1,404 crore in FY25 from Rs 965 crore in FY24, while offline coaching grew 45.7% to Rs 1,352 crore from Rs 928 crore. The Average Revenue Per User (ARPU) in its offline channel has steadily improved from Rs 34,467 in FY23 to Rs 40,405 in FY25. The offline channel now contributes nearly 47% of the top line. Revenue from hostel fees and transportation added Rs 88 crore, and the sale of products jumped 74% to Rs 259 crore in FY25. India remained the core market contributing Rs 2,851 crore or 98.75% of the total operating revenue, while Dubai and the USA collectively accounted for Rs 36 crore or 1.25%. PhysicsWallah employed 5,096 faculty members in FY25, a 40% increase from 3,654 in FY24. Of these, 4,207 were permanent teachers while 889 were hired on a contractual basis. To support the larger base of faculty and other staff, the company’s spend on salaries grew nearly 28% to Rs 1,426 crore in FY25, accounting for 44% of its overall expenditure. Marketing expenses stood at Rs 448 crore for FY25. The company also spent Rs 123 crore on materials and Rs 366 crore on depreciation. Overall, PhysicsWallah kept its spending broadly flat at Rs 3,265 crore in FY25 as against Rs 3,279 crore in FY24. With controlled expenses and growing revenue, PW managed to bring down its burn significantly by 78.5% to Rs 243 crore in FY25 from Rs 1,131 crore in FY24. The company reported a positive EBITDA of Rs 192.5 crore in FY25 with an EBITDA margin of 6.33%. The company’s ROCE stood at -6.37%. On a unit level, the firm spent Rs 1.13 to earn a rupee in FY25, a sharp improvement from Rs 1.69 in FY24. The company reported current assets worth Rs 2,237 crore as of March 2025, including Rs 175 crore in cash and bank balances. The company disclosed a political contribution of Rs 37 lakh during FY25. As per DRHP, co-founders Alakh Pandey and Prateek Boob hold the largest stakes in the company at 40.35% each, followed by WestBridge Capital with 7.8%, while Hornbill Capital, GSV Ventures, and Lightspeed hold 4.42%, 2.85%, and 1.79%, respectively. PhysicsWallah acquired a 40% stake in UPSC coaching institute Sarrthi IAS.

PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat

EntrackrEntrackr · 6m ago
PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat
Medial

PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat API Holdings, the parent of e-pharmacy and diagnostics brand PharmEasy, reported flat revenue in the fiscal year ending March 2025. However, the Mumbai-based company has cut losses by 38% due to a sharp reduction in finance and depreciation costs during the last fiscal year. PharmEasy’s operating revenue increased 3.7% to Rs 5,872 crore in FY25 from Rs 5,664 crore in FY24, according to the company’s financial statements reviewed by Entrackr. PharmEasy offers pharmaceutical products, along with diagnostic services and teleconsultations, through its mobile and web apps. PharmEasy derived about 87% of its operating revenue, or Rs 5,097.5 crore, from the sale of pharmaceutical and cosmetic products, while the remainder came from services such as diagnostics, teleconsultations, delivery, warehousing, and commissions from facilitating pathological tests. The firm also earned Rs 108 crore in non-operating income from interest and asset gains, taking its total revenue to Rs 5,898 crore in FY25. On the expenses side, the cost of materials remains the largest cost centre constituting 67.2% of the total expenditure to Rs 4,844 crore in FY25. PharmEasy’s employee benefit expenses went up by 30% to Rs 908.4 crore in the last fiscal year as compared to Rs 700 crore in FY24. Meanwhile, finance costs also went down 30% to Rs 506 crore while the depreciation and amortization expenses declined 21.7% to Rs 168.9 crore during the year. Contractual payment for delivery associates was another significant cost at Rs 90 crore. Other expenses include legal, professional, sales promotion, and marketing. The company’s overall expenses also remained flat at Rs 7,208.5 crore in FY25. While the company’s revenue and expenses remained largely unchanged in FY25, a reduction in exceptional items such as early redemption charges on non-convertible debentures, goodwill impairment and others helped narrow its losses by 38% to Rs 1,572.3 crore compared to Rs 2,533.5 crore in FY24. PharmEasy’s EBITDA (loss) stood at Rs 553.5 crore while its ROCE and EBITDA margin improved marginally to -13.9% and -15.71%, respectively. On a unit level, Pharmeasy spent Rs 1.23 to earn a rupee of revenue during the fiscal year ending March 2025. Thyrocare, a diagnostic and preventive healthcare service provider, in which Pharmeasy acquired a majority stake in June 2021, posted Rs 687.5 crore in FY25, a 20% increase compared to Rs 571.88 crore in FY24. During the same period, its profit also grew by 30% to Rs 90.75 crore. Earlier this year, PharmEasy cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia stepped back from the company, while the fourth cofounder Siddharth Shah exited last month. The parent entity API Holdings has now appointed Rahul Guha, who also serves as the MD and CEO of Thyrocare, as its new MD and CEO. According to the startup data intelligence platform TheKredible, PharmEasy has raised around $1.1 billion to date from Ranjan Pai’s MEMG, Prosus, and Temasek, among others.

SleepyCat reports Rs 98 Cr revenue and Rs 9 Cr loss in FY25

EntrackrEntrackr · 16d ago
SleepyCat reports Rs 98 Cr revenue and Rs 9 Cr loss in FY25
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SleepyCat posted strong growth in the fiscal year ended March 2025, with its operating revenue nearing Rs 100 crore. At the same time, the direct to consumer mattress brand kept its losses in single digits. SleepyCat’s revenue from operations rose 44% to Rs 98 crore in FY25 from Rs 68 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). SleepyCat operates a direct-to-consumer model focused on selling mattresses and sleep accessories primarily through its online channels. The company generated most of its revenue from the sale of finished goods, which contributed 89% of the total and increased 39% to Rs 87 crore in FY25. Revenue from the sale of traded goods nearly doubled to Rs 9.8 crore during the year. On the spending side, the cost of material accounted for half of its total cost, this expense climbed 52% to Rs 54 crore in FY25 from Rs 35.6 crore in FY24. Employee benefit expenses rose 11% to Rs 10 crore in FY25 from Rs 9 crore in FY24. Overall, SleepyCat’s total expenses expanded 44% to Rs 108.5 crore in FY25 from Rs 75.5 crore in FY24. Along with the increase in its scale, the company’s loss increased by 29% to Rs 9 crore in FY25 from Rs 7 crore in FY24. The company posted an EBITDA loss of Rs 9.6 crore in FY25 compared to Rs 6.7 crore in the previous year, while its EBITDA margin remained largely flat at -9.80%. The Bengaluru-based firm reported cash and bank balances of Rs 3 crore at the end of FY25, while its current assets stood at Rs 18.6 crore. SleepyCat has raised around $5 million of funding till date, having DSG Consumer Partners as its lead investor.

Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25

EntrackrEntrackr · 9m ago
Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25
Medial

Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25 Gaming and sports media firm Nazara Technologies reported a 95% year-on-year rise in operating revenue for Q4 FY25. However, the Mumbai-based company’s profit remained modest at Rs 4 crore in the final quarter of the previous fiscal year. Nazara’s operating revenue rose by 95.3% to Rs 520 crore in Q4 FY25 from Rs 266 crore in Q4 FY24, according to its audited consolidated financial statements sourced from the National Stock Exchange (NSE). E-sports accounted for 41.5% (Rs 216 crore) of the company’s total operating revenue, while the gaming segment held a 30% share (Rs 156 crore), followed by ad tech, which contributed 28% (Rs 148 crore). Nazara also earned Rs 18 crore from interest and gains on financial assets during the quarter, bringing its overall revenue to Rs 539 crore. However, the company posted a 40.8% YoY increase in its total income to Rs 1,715 crore in FY25, compared to Rs 1,218 crore in FY24. On the line of scale, Nazara’s total expenses surged by 85.3% to Rs 528 crore in Q4 FY25, compared to Rs 285 crore in the same quarter last year. Content and commission costs together stood at Rs 186 crore, while employee benefit expenses rose to Rs 80 crore. Notably, marketing expenses saw a sharp 3.5X jump, reaching Rs 151 crore in Q4 FY25. Despite a 95% year-on-year revenue growth in Q4, the company’s profit remained flat at Rs 4 crore in Q4 FY25. For the full fiscal year, its net profit declined to Rs 51 crore in FY25 from Rs 74.7 crore in FY24. Last week, the Competition Commission of India (CCI) also approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. Nazara is currently trading at Rs 1,270 (as of 03.41 PM) with a total market capitalization of Rs 11,127 crore (approximately $1.3 billion).

GoBoult posts Rs 763 Cr revenue, profit shoots up 10X

EntrackrEntrackr · 23d ago
GoBoult posts Rs 763 Cr revenue, profit shoots up 10X
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GoBoult posts Rs 763 Cr revenue, profit shoots up 10X According to its financial statements sourced from the Registrar of Companies, GoBoult’s revenue from operations increased 10% to Rs 763 crore in FY25 from Rs 697 crore in FY24. At a time when India’s wearables market has moved beyond its hyper-growth phase, GoBoult Audio took a different route to maintain steady growth through tighter cost control. While established players such as boAt and Noise reported flat or declining revenue in FY25, GoBoult continued to grow, albeit at a slower pace than earlier. The growth is clearly more moderate compared to the sharp jump it recorded in FY24, but in the current market environment, even double-digit growth stands out. Founded in 2017, GoBoult Audio designs and sells wireless earbuds, headphones, smartwatches, and speakers. Revenue from the sale of these products remains its only source of income. On the cost side, material expenses, which are entirely import-dependent, continued to be the biggest component, accounting for 53% of the overall costs. However, this expense declined 2.7% to Rs 391 crore in FY25 from Rs 402 crore in FY24. Employee benefit expenses increased 29.6% to Rs 35 crore. Its Advertising and promotional expenses also rose 9.3% to Rs 177 crore. After accounting for post-supply discounts, freight, rent, legal, and other overheads, the company’s total expenditure stood at Rs 731 crore in FY25. Despite moderate topline growth, tighter cost management significantly improved profitability. GoBoult’s net profit jumped to Rs 24 crore in FY25 from Rs 2.5 crore in FY24. Its EBITDA margin stood at 6.6%. On a unit level, the company spent Rs 0.96 to earn one rupee in FY25. Interestingly, GoBoult Audio has remained unfunded so far. In a category where venture-backed rivals scaled aggressively over the past few years, GoBoult’s numbers suggest that a disciplined approach can also work. For comparison, boAt reported flat revenue of Rs 3,073 crore in FY24 but posted Rs 60.4 crore in profit. Noise, on the other hand, saw its revenue decline 24% to Rs 1,048 crore, though it managed to turn profitable with Rs 3.2 crore to show after cost cuts. The larger picture is clear, however. The wearables market is no longer about chasing rapid scale at any cost. It is about protecting margins and building a sustainable business. GoBoult’s FY25 performance reflects that shift. Growth may have slowed, but profitability has strengthened, and in the current environment, that matters more.

Drishti IAS posts Rs 364 Cr revenue and Rs 61 Cr PAT in FY25

EntrackrEntrackr · 1m ago
Drishti IAS posts Rs 364 Cr revenue and Rs 61 Cr PAT in FY25
Medial

Fintrackr All Stories Drishti IAS posts Rs 364 Cr revenue and Rs 61 Cr PAT in FY25 Offline coaching firm Drishti IAS has reported operating revenue of Rs 364 crore in FY25, a 10% decline from Rs 405 crore in the previous year, according to its audited financial results. The company’s EBITDA declined to Rs 77 crore from Rs 127 crore, while profit after tax fell 32% to Rs 61 crore from Rs 90 crore year on year. The company attributed the revenue dip to Ind-AS based accounting adjustments and a broader normalisation in the offline coaching sector following the post Covid surge in enrolments. Drishti IAS also cited the stabilisation of classroom admissions across major coaching hubs as student numbers return to pre-Covid levels. Importantly, the relocation of its primary Mukherjee Nagar centre to a compliant facility in Noida during FY25 resulted in a revenue loss of over Rs 30 crore. Founded in 1999 by Vikas Divyakirti, Drishti IAS focuses on UPSC and PCS exam preparation and operates eight centres across Delhi, Noida, Prayagraj, Lucknow, Jaipur, Indore, Ranchi, and Patna. Drishti IAS is expanding across offline and online segments. It opened new centres in Ranchi and Patna in FY26, launched lower-priced studio-based online programmes, and entered Judiciary, Teaching Exams, and SSC categories. The firm also plans to expand into Banking, Defence, and School education, said CEO Vivek Tiwari through a press statement. The company has appointed Vipan Joshi as Chief Financial Officer. Joshi previously served as CFO at Aakash Institute. Originally an offline only coaching institute, Drishti IAS launched its online arm in FY21. In FY25, nearly one third of its revenue came from online operations, with the remainder from offline centres. It is worth noting that PhysicsWallah was in talks to acquire Drishti IAS, but the discussions were eventually called off, with both companies choosing to pursue independent growth strategies.

Samunnati posts Rs 2,434 Cr GMV and Rs 5 Cr PBT in FY25

EntrackrEntrackr · 1m ago
Samunnati posts Rs 2,434 Cr GMV and Rs 5 Cr PBT in FY25
Medial

Samunnati, an agri-value chain enabler, reported muted growth during the fiscal year ended March 2025, while continuing to remain profitable at the pre-tax level. According to its consolidated financial statements filed with the Registrar of Companies (RoC), the Chennai-based company’s gross revenue inched up to Rs 2,434 crore in FY25 from Rs 2,404 crore in FY24. Founded in 2014, Samunnati is a specialised agri ecosystem platform, providing both financial and non-financial solutions across the agricultural value chain. The company primarily works with farmer-producer organisations (FPOs), agri SMEs, and agri-tech startups, and claims to serve over 6,000 farmer collectives, impacting millions of smallholder farmers across India. Trading and allied activities continued to be the mainstay of Samunnati’s business, contributing around 90% of its total gross revenue. Income from this segment stood at Rs 2,205 crore in FY25, while the remaining income was generated from its financing and lending operations. On the cost front, procurement expenses remained the largest component, accounting for nearly 85% of total expenses. The cost of procurement rose to Rs 2,084 crore in FY25. Employee benefit expenses also moved up by 8% to Rs 76 crore during the year. Samunnati’s lending business led to a sharp rise in finance costs, which surged 42.9% to Rs 215.8 crore in FY25 from Rs 151 crore in FY24. Legal, professional, and other overhead expenses further pushed the company’s total expenditure to Rs 2,463 crore in FY25, compared to Rs 2,434 crore in FY24. Despite flat gross revenue growth and rising costs, Samunnati reported earnings before tax (EBT) of Rs 5.3 crore in FY25. However, a deferred tax expense of Rs 74 crore dragged the company into losses, with a net loss for the year standing at Rs 74 crore. The company spent nearly Re 1 to earn a unit of revenue in FY25, indicating near break-even operations. Its total current assets stood at Rs 2,103 crore as of March 2025, including cash and bank balances of Rs 308 crore. On the fundraising front, Samunnati closed a $44 million Series E round in May last year. Before that, the company had raised $135 million from a mix of lenders and investors, including USDFC, Credit Saison, Tata Capital, Poonawalla Fincorp, Hinduja Leyland Finance, Wint Wealth, Altifi, Alteria Capital, and Anicut Capital.

FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable

EntrackrEntrackr · 2m ago
FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable
Medial

FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable FreshToHome, a D2C meat and seafood brand, recorded a marginal improvement in its financial performance in the fiscal year ending March 2025. The company managed to grow its scale while keeping its loss stable in the period. FreshToHome’s gross revenue increased 14% to Rs 421 crore in FY25 from Rs 369.5 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). The company primarily generates its revenue from the sale of meat, seafood and other fresh produce across its platform. Including non-operating income of Rs 9 crore, its total income stood at Rs 430 crore in FY25. The cost of material consumed remained the largest expense element for the Bengaluru-based company, forming over 83% of total expenditure. This cost grew 5% to Rs 481 crore in FY25 from Rs 458 crore in FY24. Employee benefit costs increased 10% to Rs 33 crore, while advertising and promotional expenses declined 37% to Rs 14.5 crore during the year. Subscription costs remained flat at Rs 8 crore. Other overheads more than doubled to Rs 33.5 crore in FY25. Overall, FreshToHome’s total expenditure went up by 6% to Rs 576 crore in FY25 from Rs 542 crore in FY24. At the bottom line, FreshToHome reported a net loss of Rs 146 crore in FY25, compared to Rs 150 crore in FY24, representing a modest 2.7% reduction in losses. Its ROCE and EBITDA margin stood at -107.64% and -36.58% respectively. On a unit level, the company spent Rs 1.37 to earn a rupee, improving from Rs 1.47 it spent in FY24. The firm recorded cash and bank balances of Rs 42 crore, while its current assets were valued at Rs 73.5 crore at the end of FY25. According to TheKredible, FreshToHome has raised over $320 million of funding to date. In the last round, FreshToHome raised $104 million in its Series D funding, led by Amazon Smbhav Venture Fund.

Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even

EntrackrEntrackr · 5m ago
Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even
Medial

Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even Burma Burma, a vegetarian pan-Asian restaurant chain, narrowed its losses significantly by 78% in the fiscal year ending March 2025, on the back of strong revenue growth and improved operating margins. The company nearly achieved break-even as it recorded 47% year-on-year growth in operating revenue, crossing the Rs 100 crore mark during FY25. Burma Burma’s revenue from operations rose to Rs 106 crore in FY25 from Rs 72 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). The company operates a restaurant chain serving Burmese cuisine influenced by Indian, Chinese, and Thai flavors across more than a dozen locations in Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad. Its entire revenue in FY25 came from these restaurants. Employee benefits and cost of material formed 53% of the company’s total cost. Employee benefit expenses rose 29% to Rs 29 crore, while the cost of material increased by 33% to Rs 28 crore in FY25. Rent expenses for the restaurants' outlets jumped 64% to Rs 18 crore, while depreciation increased 43% to Rs 10 crore during the year. Other overheads, including utilities and miscellaneous costs, collectively stood at Rs 23 crore. Total expenses grew 37% to Rs 108 crore in FY25 compared to Rs 79 crore in FY24. The strong growth helped Burma Burma to cut its loss by 78% to Rs 1.3 crore in FY25 from Rs 6 crore in FY24. The company reported a positive EBITDA of Rs 6.6 crore in FY25 with an EBITDA margin of 6.23%. Its return on capital employed (ROCE) improved from -48.6% in FY24 to -6.9% in FY25. The restaurant chain closed the year with Rs 9 crore in cash and bank balances and current assets worth Rs 19 crore. Burma Burma has raised a total of $7 million of funding to date, with Negen Capital and Bbigplas Poly Pvt Ltd as its lead investors. The company’s co-founders Chirag Chhajer and Ankit Gupta together own 88% of the company. The high promoter holding is well reflected in careful spending, with no rush to expand rapidly while keeping losses under control. This cautious approach is linked to cash on hand, and the niche positioning may require more advertising or promotional efforts to support growth.

Dezerv reports Rs 66 Cr revenue in FY25, employee costs climb to Rs 111 Cr

EntrackrEntrackr · 1m ago
Dezerv reports Rs 66 Cr revenue in FY25, employee costs climb to Rs 111 Cr
Medial

Following a 2.5X growth in FY24, wealthtech platform Dezerv achieved a similar scale in FY25. Despite the aggressive expansion, the company’s losses widened during the year and crossed the Rs 100 crore mark in FY25. Dezerv’s revenue from operations grew 2.5X to Rs 66 crore in FY25 from Rs 26 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Dezerv offers portfolio management services (PMS) to top tier working professionals and affluent individuals with expert advice, direct bonds, and angel investment opportunities in startups. Fees and commission income accounted for 67% of the operating revenue, which spiked nearly 4X to Rs 44 crore in FY25. Interest income surged more than 4X to Rs 16.8 crore during the year. However, net gains on fair value changes declined 55% to Rs 4.8 crore in the period. Employee benefit expenses remained the largest cost head for Dezerv, accounting for 62% of the total cost. This expense increased 76% to Rs 111 crore in FY25 from Rs 63 crore in FY24. Advertising and marketing expenses rose 67% to Rs 30 crore, while software expenses jumped 220% to Rs 8 crore during the last fiscal year. Depreciation costs increased to Rs 6 crore while legal and professional charges declined to Rs 3 crore in FY25. Overall, the firm’s total expenses grew 76% to Rs 178 crore in FY25 from Rs 101 crore in FY24. Higher spending pushed Dezerv’s losses up by 49% to Rs 112 crore in FY25. Its ROCE and EBITDA margin stood at -39.36% and -159.09%, respectively. On a unit basis, the company spent Rs 2.70 to earn a rupee in FY25. The Bengaluru-based firm reported cash and bank balances of Rs 204 crore, while its current assets stood at Rs 267 crore as of March 2025. According to startup data intelligence platform TheKredible, Dezerv has raised around $100 million in funding to date, including the recent $40 million round from its lead investors Accel and Premji Invest. Dezerv competes with players such as Zerodha, Upstox, and Wealthdesk. In FY25, Zerodha being a bootstrapped company reported revenue of Rs 8,847 crore with a profit of Rs 4,237 crore, while Upstox has raised over $200 million and posted flat revenue in FY25 at Rs 3,902 crore in FY25.

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