Results · Financial Services

Indmoney posts Rs 164 crore operating revenue in FY25

By Startup Enthusiast · 2 January 2026

What they do

Indmoney is a personal finance platform that helps users manage investments, taxes, and insurance

Its operating revenue jumped 2.3 times to Rs 164 crore in FY25, while total revenue rose 67% to Rs 214 crore

Cash losses widened to Rs 76 crore due to investments in trading infrastructure and global expansion

Indmoney reported operating revenue of Rs 164 crore in FY25, up 2.3 times from Rs 70 crore in FY24.
Total revenue reached Rs 214 crore, a 67% year-on-year increase.
Cash losses grew to Rs 76 crore from Rs 32 crore in the previous year.
Less than 10% of FY25 revenue came from futures and options (F&O) trading.
About 85% of revenue has annuity or perpetuity-like characteristics, meaning it is recurring and predictable.
The company recently launched a separate trading platform called INDstocks.
Losses were driven by front-loaded investments in building full-stack Indian trading infrastructure, expanding global investing via GIFT City, setting up in-house lending rails for an NBFC (non-banking financial company), strengthening compliance and tech systems, and higher user acquisition costs for INDstocks.

The results show strong revenue growth but widening losses as the company invests heavily in new products and infrastructure.
The high share of recurring revenue (85%) indicates a stable and predictable business model.
The low reliance on F&O trading suggests the company is not dependent on speculative activity.

Indmoney offers a range of financial services including Indian and US equities, cross-border remittances, wealth management, secured lending, insurance, and other financial products.
It recently introduced trading services under a separate platform called INDstocks.
The company generates revenue from multiple segments, with a strong focus on recurring income streams.
It has raised a total of $133 million since inception in 2019.