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

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

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

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

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

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

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

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

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

Ather Energy Trims Its Loss To INR 812 Cr

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

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

Read More: Ather Q4: Loss Narrows 17% YoY To INR 234........

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