Startup Deep Dive : INDmoney — revenue jumped 2.3x in FY25 but most of it isn’t from stock trading

INDmoney’s operating revenue rose 2.3 times in FY25 to ₹164 crore (~$17.1 million), as reported by Entrackr in January 2026. Yet the same filings show a company that still spends far more than it earns, and whose income comes mostly from mutual fund commissions rather than the zero-commission stock trading its marketing leans on.

That contradiction sits at the centre of the INDmoney story: a “super money app” built by a founder who had already built and sold one internet giant, that has spent seven years chasing scale in India’s most crowded fintech category while losing money every single year on record.

Quick facts

What they do

INDmoney sells itself as a single app for a household’s entire financial life: tracking bank balances, mutual funds, stocks, EPF and property in one dashboard, then letting the same user invest directly in Indian mutual funds and stocks, US stocks, bonds, and fixed deposits, while also distributing loans and insurance through partner institutions. Its target user, per the company’s own investor pitch reported by TechCrunch in January 2022, is the Indian “mass affluent” saver aged 21 to 45 who has money spread across several apps and wants it consolidated in one place, plus access to global markets that most Indian brokers did not offer at the time.

The origin

Ashish Kashyap was not a first-time founder when he started what became INDmoney. He had built Ibibo Group’s travel businesses, Goibibo and redBus, and had earlier worked on PayU’s India payments business, before redBus was sold in a deal reported at over $1.4 billion in 2017 and the wider Ibibo Group merged with MakeMyTrip the same year, according to SBM Bank India’s published profile of the founder. Kashyap incorporated Finzoom Investment Advisors in Gurugram in 2018, initially as a mutual fund distribution and advisory business, before relaunching it in 2019 as INDmoney, a consumer app built around a simple observation: urban Indian savers already used four or five different apps to see their own money, and none of them let a user act on what they saw. The founding bet was that tracking and investing needed to live in the same product, not two.

The struggle years

INDmoney’s early years were not a straight climb. In FY19, the company was small but in the black, reporting a profit of ₹10.65 lakh, according to Entrackr’s December 2020 report on its FY20 filings. A year later, in FY20, the same company had flipped to a net loss of ₹11.74 crore, spending ₹19.12 crore to earn just ₹1.07 crore in operating revenue as it scaled headcount and marketing ahead of any proven revenue engine — a cost base roughly eighteen times its own operating income, and a textbook case of a startup outrunning its business model before finding one.

The company’s original identity as an advisory and mutual-fund-distribution business, Finzoom Investment Advisors, was itself a pivot away from a pure advisory model into the app-first, self-directed investing product that became INDmoney in 2019 — a rebuild of the go-to-market rather than a continuation of it. Years later, INDmoney’s own brand became a liability of a different kind: fraudsters using the alias “Ashok Kumar” impersonated the platform and Kashyap himself from November 2024, running eight fake websites, four counterfeit apps and forged SEBI certificates to sell fake block-trading and IPO tips, until the Delhi High Court ordered a coordinated takedown across domain registrars, app stores, WhatsApp, Telegram and more than a dozen banks on 28 July 2025.

The turning point

The clearest inflection point on the public record is INDmoney’s Series D. In an exclusive report on 12 November 2021, Entrackr revealed the company was finalising terms to raise $100 million at a $500 million valuation led by existing investor Tiger Global, on top of the $58 million it had raised since its 2019 launch. When the round actually closed on 17 January 2022, the numbers had moved on both sides: INDmoney had raised $75 million rather than the $100 million first discussed, but at a valuation “over $600 million” reported by both Inc42 and TechCrunch, taking its cumulative funding to $133 million. The company crossed from a mid-sized, single-country wealth-tracking app into a multi-product “super money app” with a nine-figure valuation and, per TechCrunch, more than 3.5 million users, inside the space of ten weeks of negotiation.

The money behind it

• Seed round: 11 May 2018, undisclosed amount, as Finzoom Investment Advisors (Tracxn)
• Series B: 1 August 2019, undisclosed amount, led by Steadview Capital (Tracxn)
• Series C: 23 January 2020, undisclosed amount, led by Tiger Global-linked Tona Investment (Tracxn; Entrackr)
• Series D: 17 January 2022, $75 million co-led by Tiger Global, Steadview Capital and Dragoneer, with Sixteenth Street Capital also participating, at a valuation of over $600 million (Inc42; TechCrunch)
• Cumulative funding as of the Series D close: $133 million since 2019 (TechCrunch; Entrackr)
• What each backer changed: Steadview Capital, the earliest institutional backer, ended up the largest shareholder at roughly 37.3% on a fully diluted basis; Tiger Global’s entry from Series C onward brought the growth-stage capital behind the US-stocks and lending expansion; Dragoneer’s co-lead in Series D signalled cross-border investor interest beyond India-focused funds (Inc42, January 2022)
• Employee headcount is reported inconsistently across trackers: 378 as of 31 May 2025 (Tracxn) versus 555 in more recent LinkedIn-derived estimates (Inc42) — no single audited figure is publicly disclosed
• No IPO filing, draft red herring prospectus or listing has been reported as of September 2026

How it makes money

INDmoney’s revenue engine is less about trading commissions than its “zero brokerage” marketing suggests. As a mutual fund distributor, it earns ongoing trail commissions from asset management companies based on the assets its users hold, not one-off fees — a recurring, AUM-linked revenue stream rather than a per-trade one. It layers on broking and depository charges from its stockbroking arm, distribution fees from bonds and fixed deposits, referral commissions from partner NBFCs on the personal, home and loan-against-securities products it began distributing from August 2020, and commissions on insurance distribution.

• Distribution services (mainly mutual fund trail commissions): ₹53.6 crore, 76% of FY24 operating revenue, up 56% year-on-year (Entrackr, November 2024)
• Broking activities: ₹10.7 crore in FY24, up from just ₹10 lakh in FY23, reflecting the ramp of its own stockbroking business (Entrackr)
• Allied services: roughly ₹6 crore in FY24 (Entrackr)
• Interest and gains on the company’s own investment corpus: ₹57.7 crore of “other income” in FY24, pushing total revenue to ₹128 crore even though operating revenue was ₹70 crore (Entrackr)

The part most users get wrong: the app is positioned around commission-free US and Indian stock trading, but per Entrackr’s FY24 breakdown that broking line was still smaller than allied services, and per the FY25 disclosure less than 10% of revenue came from futures and options trading — the business is funded overwhelmingly by what it earns for keeping and growing a user’s mutual fund and long-term holdings, not by how often they trade.

The numbers

Figures are drawn from Entrackr’s FY23, FY24 and FY25 coverage of Finzoomers Services’ regulatory filings (December 2020, November 2024 and January 2026 reports respectively) and Inc42’s FY23 report of 7 November 2023. Note that Entrackr describes the FY25 figure of ₹76 crore specifically as a “cash loss” against a comparable ₹32 crore cash loss for FY24 — a narrower measure than the ₹82.55 crore net loss it reported for FY24 in its earlier article, so the FY25 and FY24 net-loss figures in this table are not drawn from an identical accounting line and should not be read as a single continuous trend. In FY24, employee benefit costs alone were ₹124.53 crore against ₹70 crore of operating revenue, and Entrackr calculated a cost of ₹3.32 for every rupee of revenue earned, with an EBITDA margin of -75.6%.

Where the money comes from

• Mutual fund and wealth distribution: the largest single stream at 76% of FY24 operating revenue (Entrackr)
• Broking (Indian and US equities): a fast-growing but still minority stream — ₹10.7 crore in FY24 versus ₹10 lakh in FY23 (Entrackr)
• Lending: referral income from partner NBFC loan products (personal, home, loan-against-property and loan-against-securities), a line INDmoney entered in August 2020 (Entrackr)
• Insurance and remittances: named by the company as active FY25 segments alongside Indian and US equities, though INDmoney has not published a rupee split for them (Entrackr, January 2026)
• The surprise: despite building its brand around access to US markets, INDmoney says under 10% of FY25 revenue came from futures and options trading, and around 85% of revenue is “annuity or perpetuity-like” — recurring income tied to assets held rather than trades made (Entrackr)

The risks

• Revenue concentration in one stream: with roughly three-quarters of FY24 operating revenue coming from mutual fund distribution trail commissions, any compression in distributor economics for that single product line would hit INDmoney’s topline directly, with little diversification to absorb it (Entrackr, FY24 filings)
• Brand and platform fraud: the scale of the impersonation network taken down by Delhi High Court order on 28 July 2025 — eight fake websites, four counterfeit apps, forged SEBI certificates, and multiple bank accounts used to defraud investors under Kashyap’s and INDmoney’s name — shows how a digital-only wealth brand can be weaponised against the customers it is trying to win
• Persistent, widening losses against thin market share: INDmoney has posted a loss every year on the public record from FY19 through FY25, and even after overtaking Paytm Money and Sharekhan, NSE active-client data for November 2024 put it at 732,437 active clients and a 1.50% market share — eleventh place, far behind Groww’s 12.88 million clients and 26.35% share and Zerodha’s 8.12 million and 16.62% (Entrackr, December 2024)

The takeaway

INDmoney’s arc is a reminder that a founder’s second act does not skip the hard part. Ashish Kashyap had already built and sold a category-defining internet business before he started Finzoom, yet INDmoney still needed a pivot in 2019, a funding round that closed smaller than first announced in 2022, and seven straight years of losses to reach a fraction of the market leader’s user base. The lesson for any founder building a multi-product finance app is that the product you market and the product that pays the bills can be two different things — INDmoney sells itself on stock trading and global access, but survives, for now, on the unglamorous, recurring economics of mutual fund distribution.

Frequently asked questions

What is INDmoney and who owns it?

INDmoney is the consumer brand of Finzoomers Services Private Limited, a Gurugram-based company incorporated in 2018 and founded by Ashish Kashyap, who previously built Goibibo and redBus. It offers investment tracking and direct investing in Indian and US markets, lending, and insurance from a single app.

Is INDmoney profitable?

No. It has reported losses every year for which figures are public, from a ₹11.74 crore net loss in FY20 to an ₹82.55 crore net loss in FY24 and a ₹76 crore cash loss in FY25, according to Entrackr’s reporting on its regulatory filings.

How does INDmoney actually make money?

Mostly from mutual fund distribution trail commissions, which made up 76% of its FY24 operating revenue, rather than from the stock and futures-and-options trading it markets heavily; broking and other services made up the rest (Entrackr).

Who are INDmoney’s biggest investors?

Steadview Capital is its largest shareholder at roughly 37.3%, followed by Tiger Global at about 17.7% and DF International at around 4.25%, as disclosed around its January 2022 Series D round (Inc42).

How many users does INDmoney have?

Company marketing has cited multi-million tracking-app user counts, but the only independently verifiable, dated figure is NSE active-client data for November 2024, which counted 732,437 active broking clients for INDmoney, an 11th-place, 1.50% share of the market (Entrackr).

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Entrackr, “INDmoney’s revenue jumps 2.3X to Rs 164 Cr in FY25,” January 2026
• Entrackr, “INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income,” November 2024
• Inc42, “INDmoney’s FY23 Net Loss Widens To INR 73.9 Cr, Revenue More Than Doubles,” November 2023
• Entrackr, “INDMoney spent Rs 19 Cr to earn Rs 1.07 Cr in operating revenue in FY20,” December 2020
• Entrackr, “Ashish Kashyap’s INDmoney now starts loan offerings,” August 2020
• Entrackr, “Exclusive: INDmoney to raise $100 Mn at $500 Mn valuation in a round led by Tiger Global,” November 2021
• Inc42, “Exclusive: Tiger Global, Steadview Invest $86 Mn In Wealthtech Startup IndMoney At $600 Mn Valuation,” January 2022
• TechCrunch, “INDmoney raises $75M for its super finance app in India,” January 2022
• Entrackr, “Groww nears 13 Mn active users in November, INDmoney overtakes Paytm Money,” December 2024
• Entrackr, “Delhi HC directs shutdown of scam impersonating INDmoney and founder,” August 2025
• Tracxn, INDMoney company profile (funding rounds, headcount, founders), accessed September 2026
• Tracxn, Finzoom Investment Advisors company profile, accessed September 2026
• SBM Bank India, “Guest Feature with Ashish Kashyap (Founder-INDmoney),” company blog

Found an error? Write to us and we’ll correct it in the open, dated, on the piece.