India’s new-age tech startups are showing signs of financial maturity. In Q4 FY25, 11 out of 17 publicly listed digital-first companies either turned profitable or significantly reduced their losses — marking a notable shift in India’s startup landscape.
Winners Leading the Charge
E-commerce beauty platform Nykaa posted a 20% YoY revenue growth and doubled its profits, thanks to better inventory control and stronger margins. Policybazaar (PB Fintech) also reported strong profitability, proving that insurtech can scale with profits.
Logistics platform Delhivery recorded its first full year of profitability, a major milestone after years of burn-heavy scaling. Ather Energy, despite EV sector competition, narrowed its losses substantially. Ixigo continued its profitable streak as the travel sector rebounded post-COVID.
Struggling to Keep Up
On the flip side, some big names are still burning cash. Swiggy reported a ₹1,081 Cr loss, primarily due to its high-cost quick-commerce arm, Instamart. Although the company claims its “peak burn” has passed, investor sentiment remains cautious.
Ola Electric, another major player, saw its losses double to ₹870 Cr, with revenue falling 62% YoY. It’s rapidly losing ground to more efficient competitors like TVS and Bajaj in the EV space.
Zomato-owned Blinkit and BlackBuck also remain in the red, though the latter’s profit was driven by a one-time tax gain.
Bottom Line: India’s startups are evolving — shifting from vanity metrics to value-driven growth. While firms like Nykaa and Policybazaar are winning investor trust, Swiggy and Ola Electric must reinvent their models quickly. In today’s climate, profitability is no longer optional — it’s survival.
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