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Zerodha Capital clocks Rs 12.5 Cr profit in FY25

EntrackrEntrackr · 8m ago
Zerodha Capital clocks Rs 12.5 Cr profit in FY25
Medial

Zerodha Capital clocks Rs 12.5 Cr profit in FY25 Zerodha Capital, the lending arm of stockbroker Zerodha, posted a net profit of Rs 12.5 crore in the previous fiscal year ending March 2025 from Rs 7.2 crore in FY24. According to an ET report, the firm doubled its income to Rs 36 crore in FY25 from Rs 17 crore in FY24. As per ICRA, this rise in profit was driven by a 3.2X jump in its loan book, which grew to Rs 381 crore in the first nine months of the last fiscal year or 9M FY25. Zerodha Capital provides loans to retail investors by using their stocks or mutual funds as collateral. It runs with a small team and uses the strength of Zerodha’s broking business, which has 81 lakh (8.1 million) active clients on NSE—about 16% of the market. The platform uses this wide customer base to offer loans of up to Rs 1 crore by taking shares or mutual funds as security, lending up to 45% of their value. Most of this is done through digital platforms. Zerodha Capital’s net worth stood at Rs 170 crore with a gearing ratio of 1.4X as of December 2024, which means the company had Rs 1.40 in debt for every Rs 1.00 of its own equity, according to the ICRA. The promoter group is also planning to infuse Rs 125 crore via compulsorily convertible preference shares to support future growth. Notably, Zerodha Capital has nil NPAs since its inception. ICRA has kept Zerodha Capital’s credit rating steady at AA- (Stable)/A1+ and gave the same high rating to its new Rs 100 crore short-term borrowing plan. While ICRA pointed out that the company is still small and relies on a limited set of lenders, it was reassured by Zerodha Capital’s strong backing from the Zerodha Group and its careful approach to lending. Founded in 2021, Zerodha Capital aims to deepen its credit play within the securities ecosystem. However, its future performance remains tethered to market sentiment and regulatory shifts, especially as retail F&O activity—the group’s mainstay—faces tightening norms. Zerodha Capital’s parent company, Zerodha Broking Limited, has reported a net profit of Rs 5,496 crore in FY24, with a return on net worth of 56% during the same period.

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SafeGold clocks Rs 6,867 Cr in gold transactions in FY25; turns EBITDA positive

EntrackrEntrackr · 2m ago
SafeGold clocks Rs 6,867 Cr in gold transactions in FY25; turns EBITDA positive
Medial

Digital gold investment platform Safegold’s gross revenue growth slowed to 12% in FY25 as it reported Rs 6,867 crore in operating revenue. The firm also turned EBITDA positive during the year. Digital gold investment platform Safegold’s gross revenue growth slowed to 12% in FY25, following strong expansion of 82% and 36% in FY23 and FY24, respectively, amid soaring gold prices in the country. However, the company turned EBITDA positive during the last fiscal year. Safegold gross revenue surged by 12% to Rs 6,867 crore in FY25 from Rs 6,116 crore in FY24, its consolidated financial statements filed with the Register of Companies (RoC) shows. Safegold is a digital platform that allows customers to easily buy, sell, and securely store vaulted gold, even in small denominations. It also enables users to convert their digital gold into jewellery through partnerships with Tata-owned Tanishq and CaratLane. The sale of digital gold across online and offline platforms was the primary revenue driver for the Mumbai-based company and contributed Rs 6,839 crore. The firm earned another Rs 27 crore from other operating revenue sources. Safegold sourced gold from refineries, custodians, and other trusted partners, accounting for 99.2% of its total expenditure. This cost climbed 12.5% to Rs 6,809 crore in FY25 from Rs 6,052 crore in FY24, mirroring its overall scale-up. Employee benefits expenses rose 12.5% year-on-year to Rs 12.44 crore in FY25, while it booked Rs 30.83 crore under miscellaneous expenses. Legal and professional fees, advertising, distribution, and other overheads pushed the total expenditure to Rs 6,895 crore in FY25. On the bottom line, Safegold’s losses rose to Rs 12.2 crore, which included Rs 14.48 crore of one-time exceptional expenses. At the operational level, however, the company reported a positive EBITDA of Rs 2 crore during the year. Its ROCE and EBITDA margin stood at 32.77% and 0.03% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY25. The company’s current assets stood at Rs 56.74 crore, including cash and bank balances of Rs 32 crore at the end of March 2025. Safegold is backed by Pravega Ventures, Beenext, a Singapore-based angel network, and individual investors such as Rajan Anandan, Roshan Angrish, Prashant Malik, and Niraj Shah. The company has raised over $2 million to date, according to startup data intelligence platform TheKredible. Even as SafeGold reported steady growth in FY25, digital gold continues to gain traction among retail investors. SEBI’s recent clarification that these products do not fall under its regulatory or commodity-derivative framework has removed ambiguity but keeps the category largely self-governed, a gap that could hamper customer interests in the long run if platforms fail to uphold adequate safeguards. With distribution widening across fintech apps, the onus is now on players to strengthen disclosures, audits and vault-management practices as the category scales.

Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25

EntrackrEntrackr · 7m ago
Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25
Medial

Smartworks, a leading managed workspace platform, reported a 32% growth in operating revenue to Rs 1,374 crore in FY25. However, despite the strong topline growth, the company’s losses widened 26% in FY25. Smartworks’ revenue from operations increased by 32% to Rs 1374 crore in FY25 from Rs 1039 crore in FY24, according to its financial statement sourced from RHP. SmartWorks provides flexible office space for large enterprises, SMEs, and high-growth startups and leverages its robust phygital platform to deliver fully serviced, tech-enabled, flexible, and affordable workspaces. Lease rentals accounted for over 93% of its operating revenue, which rose by 29% to Rs 1,289 crore in FY25. Other sources included design and fit-out services at Rs 35 crore, ancillary services at Rs 49 crore, and a marginal Rs 1 crore from software fees. Smartworks added another Rs 36 crore from non-operating sources, which pushed its total revenue to Rs 1410 crore in FY25. On the expense side, the largest cost head was depreciation, which increased 35% to Rs 636 crore, followed by operating expenses of Rs 416 crore. Finance costs remained relatively stable at Rs 336 crore, while employee benefit expenses rose to Rs 65 crore. Overall, total expenses increased by 26% to Rs 1,489 crore in FY25 from Rs 1,180 crore in FY24. Despite revenue growth, the company’s loss increased by 26% to Rs 63 crore in FY25 as compared to Rs 50 crore in FY24. However, the company reported a positive EBITDA of Rs 893 crore in FY25 with an EBITDA margin of 63.3% and ROCE of 7.48%. On a unit level, Smartworks spent Rs 1.08 to earn a rupee of operating revenue in FY25, marginally better than the previous year’s ratio of Rs 1.14. The Gurugram-based company reported current assets worth Rs 255 crore in FY25, including Rs 69 crore in cash and bank balances. Smartworks is heading to the public markets with its Rs 583 crore IPO opening on July 10 and closing on July 14, 2025. The company has set a price band of Rs 387 to Rs 407 per share with a lot size of 36 shares, requiring a minimum investment of Rs 14,652 for retail investors.

Exclusive: Oxyzo clocks Rs 330 Cr PAT on Rs 1,207 Cr revenue in FY25

EntrackrEntrackr · 8m ago
Exclusive: Oxyzo clocks Rs 330 Cr PAT on Rs 1,207 Cr revenue in FY25
Medial

According to consolidated financial statements reviewed by Entrackr, Oxyzo’s operating revenue rose to Rs 1,207 crore in FY25, up from Rs 903 crore in FY24. Following a 58% year-on-year growth in FY24, B2B fintech unicorn Oxyzo Financial Services continued its strong momentum in FY25, recording a 33.7% YoY increase in revenue for the fiscal year ended March 2025. The company also reported a 16.5% rise in profit during the same period. Oxyzo, the lending arm of the industrial goods and services procurement platform OfBusiness, offers credit solutions and loans to small and medium enterprises (SMEs) and startups. Interest income from loan disbursements contributed 95% of its total operating revenue, which rose to Rs 1,141 crore in FY25. The remaining revenue came from fees and commissions. As a lending-focused company, finance costs emerged as the largest expense for Oxyzo, accounting for 58% of its total spending. These costs climbed to Rs 439 crore in FY25, in line with the company's expanding scale. Oxyzo spent Rs 143 crore on employee benefits. Its legal, impairment, administrative, and other operational expenses contributed to a total expenditure of Rs 755 crore in FY25, up from Rs 514 crore in FY24. The combination of topline growth and controlled cost mechanism helped the company post a 16.5% growth in profits, which rose to Rs 339 crore in FY25, compared to Rs 291 crore in the previous fiscal year. Oxyzo raised approximately $200 million in 2022, achieving unicorn status following its Series A round led by Alpha Wave and Tiger Global. The company also plans to raise a fresh round of equity in the second half of FY26 in the range of $100-150 million. According to startup data intelligence platform TheKredible, the OFB group, including its promoters, holds a 74.5% stake, while Alpha Wave is the largest external investor with a 7.4% share, followed by Tiger Global. Its parent OfBusiness is also gearing up for a $1 billion IPO, expected to include a combination of a fresh issue and an offer for sale.

Elevation Capital trims Ixigo stake, clocks 25X return

EntrackrEntrackr · 9m ago
Elevation Capital trims Ixigo stake, clocks 25X return
Medial

Elevation Capital trims Ixigo stake, clocks 25X return Elevation Capital (formerly SAIF Partners) has offloaded 21.5 lakh shares in Le Travenues Technology Ltd, the parent company of travel tech firm Ixigo, for Rs 38.27 crore (around $4.5 million). The partial exit marks a nearly 25X return on its investment. According to a disclosure on the Bombay Stock Exchange (BSE), SAIF Partners sold 21.5 lakh equity shares at Rs 178 each through block deals. This marks Elevation’s third partial exit from Ixigo. The VC firm had earlier sold shares worth Rs 100 crore ($12 million) in a pre-IPO secondary transaction, followed by a Rs 180 crore ($21 million) sell-off during the IPO via the offer-for-sale (OFS) route, together delivering estimated returns of 13X. As of March 31, 2025, Elevation held around 14.2% in Ixigo, down sharply from 23.4% in February 2024. The sell-off comes at a time when Ixigo reported a 72% year-on-year jump in revenue to Rs 284 crore in Q4 FY25, while its profit rose 2.4X to Rs 17 crore. For the full fiscal year (FY25), the company posted Rs 914 crore in revenue. At the close of today’s trading session (Tuesday, May 19), Ixigo’s shares were priced at Rs 174.6 each, with a total market capitalization of Rs 6,811 crore (approximately $800 million).

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

EntrackrEntrackr · 19d 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.

Zerodha cash reserve stands at Rs 22,679 Cr in FY25

EntrackrEntrackr · 3m ago
Zerodha cash reserve stands at Rs 22,679 Cr in FY25
Medial

**Zerodha cash reserve stands at Rs 22,679 Cr in FY25** Zerodha’s revenue from operations decreased to Rs 8,847 crore in FY25 from Rs 9,993 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). The stockbroking industry saw a slowdown in FY25 as trading volumes dipped, new investor additions eased, and tighter SEBI regulations kicked in. Most brokerages felt the heat, with revenues coming under pressure. According to the latest National Stock Exchange data, Zerodha has 7.26 million users and holds a 15.8% market share. Brokerage income continues to be its primary revenue stream, while investment management fees, software services, and interest income also contribute to its overall operating revenue. On the cost front, Zerodha spent Rs 539 crore on salaries in FY25, up 31% from Rs 410 crore in FY24. Notably, directors Nithin Kamath, Nikhil Kamath, and Seema Patil collectively withdrew Rs 228 crore in remuneration, with Rs 96 crore each paid to Nithin and Nikhil, and Rs 36 crore to Seema. Other major expenses included Rs 2,328 crore on fees and commissions, Rs 96 crore on professional and technical services, and Rs 47 crore on advertising. Overall, the company’s total costs rose to Rs 3,238 crore in FY25, up from Rs 3,119 crore in FY24. With scale declining 11%, Zerodha’s profits fell 22.9% to Rs 4,237 crore in FY25 from Rs 5,496 crore in FY24. Despite the drop, the company still paid Rs 1,395 crore in taxes during the year. Its ROCE and EBITDA margins also softened and recorded at 32% and 63.78% respectively. Most notably, Zerodha continues to maintain an exceptionally strong balance sheet, sitting on cash and bank balances of Rs 22,679 crore ($2.5 billion) as of FY25. Its total current assets stood at Rs 35,719 crore ($4.2 billion), representing the company’s conservative, debt-free approach and strong liquidity even in a softer year. Even with a dip in scale and profits, Zerodha’s numbers reinforce the strength of its bootstrapped, cash-heavy model. The firm remains one of the most profitable outfits in the broking ecosystem, giving it enough cushion to ride out regulatory shifts and cooling market sentiment.

Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25

EntrackrEntrackr · 18d ago
Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25
Medial

Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25 Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. India’s stockbroking space continues to show strong momentum, with several platforms including Zerodha, Groww, Upstox, and Angel One reporting sustained profitability. Joining this league, stockbroking and investment platform Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. Dhan’s revenue from operations rose to Rs 877 crore year on year in the fiscal year ending March 2025 from Rs 371 crore in FY24, as per its standalone financial statements filed with the Registrar of Companies. Founded in 2021 by Pravin Jadhav, Dhan is a stockbroking and investment platform focused on active traders and young investors. It offers equity, ETF, and futures and options trading on NSE, BSE, and MCX, with integrations like smallcase and TradingView. Income from brokerage fees and commissions from equity, derivatives, and commodities trading accounted for 88% of the total operating revenue which surged 2.35X year-on-year in FY25 to Rs 769 crore. The company also reported Rs 108 crore in revenue from other operating activities, for which no detailed breakup was disclosed in its annual filings. In FY25, Dhan earned an additional Rs 10 crore from non-operating activities, including interest on fixed deposits, inter-corporate deposits, and current investments, taking its total income to Rs 887 crore. As of December 2025, Dhan had 9.8 lakh active clients with a market share of 2.2%, but it remains far behind industry leaders such as Groww and Zerodha, which had 1.21 crore and 68.5 lakh active users, respectively. Notably, Dhan’s reported its active client base at 4.69 lakh in FY24. For the stockbroking firm, commission paid to selling agents emerged as the largest cost component for the stockbroking platform, amounting to Rs 82.6 crore in FY25, nearly doubling year-on-year and forming about 24% of total expenses. Advertising was another major cost head, with Dhan spending Rs 73.6 crore during the year, nearly 2.7 times higher as compared to FY24. Employee benefit expenses followed closely, rising 66% year-on-year to Rs 73 crore in the last fiscal year. Software and technology charges for the stock broking firm also shot up over 85% to Rs 39.7 crore in the previous fiscal. Royalty cost, demat charges, legal & professional and other overheads pushed the company’s total expenses to Rs 341 crore in FY25, from Rs 175 crore in FY24. The 2.3X strong revenue growth helped Dhan to zoom its profits by 2.6X to Rs 408 crore in FY25 from Rs 159 crore in FY24. Its ROCE and EBITDA margins improved to 91.9% and 63.25%, respectively. On a unit economics basis, Dhan spent Rs 0.39 to earn a rupee of operating revenue. For context, Zerodha and Groww’s expense-to-operating-revenue ratios were recorded at Rs 0.37 and Rs 0.41, respectively during FY25. As of March 2025, the Mumbai-based firm reported cash and bank balance of Rs 1,498 crore while its current assets stood at Rs 1,911 crore. Dhan recently turned unicorn, reaching a $1.2 billion valuation after raising $120 million in a Series B round led by Hornbill Capital in October. The round also delivered strong exits for several angels and early backers, including Cred’s Kunal Shah, Miten Sampat, and members of the PhonePe founding network, with returns of nearly 45X in under four years.

Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2

EntrackrEntrackr · 5m ago
Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2
Medial

Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2 Savings app Jar has reported strong growth in FY25, reaching an operating revenue of Rs 208 crore during the fiscal year ending March 2025. The surge in scale came after the company vertically integrated its gold stack, which pushed its gross revenue to Rs 2,450 crore during the period. Vertical integration implies owning and operating several stages of the gold value chain. The Bengaluru-based startup also reduced its net losses (excluding ESOP costs) to Rs 35.23 crore and turned fully profitable in the last two consecutive quarters from January to June 2025. Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar has built a base of over 35 million registered users across 12,000 pin codes, with more than 95% of its users being first-time savers. Jar leverages UPI Autopay to automate savings and has expanded into jewellery through its vertical Nek and forayed into insurance offerings. The startup has raised over $60 million with a valuation of approximately $325 million, backed by investors like Tiger Global, Arkam Ventures, Tribe Capital, and WEH Ventures.

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