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Startup Deep Dive : Vymo — zero customer churn, still losing money every year

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The Invincible India Startup Deep Dive featured graphic for Vymo.

Vymo says it has never lost a customer. Not one, the Bengaluru-founded sales-engagement company said in February 2022, across more than 65 banks and insurers on four continents — zero logo churn since it began selling to enterprises. What it has not managed, in every fiscal year for which financial records are public, is a profit: revenue crossed ₹122.2 crore ($12.7 million) in FY25, and the company still closed the year with a net loss of ₹24.4 crore, as per financial filings reported by Inc42.

That contradiction sits at the centre of Vymo’s story: a 12-year-old company that persuaded some of the world’s most conservative buyers — Berkshire Hathaway, BNP Paribas, HDFC Bank, Allianz — to run their field sales forces on its software, raised $45 million along the way from Sequoia Capital India, Emergence Capital and Bertelsmann India Investments, and has still not found a way to turn all that stickiness into a profit.

Quick facts

Company Vymo (Vymo Technologies (India) Private Limited; originally incorporated as Vymo Solutions Private Limited)
Founded 2013 — incorporated 1 May 2013, Registrar of Companies, Bangalore
Founder(s) Yamini Bhat and Venkat Malladi
Businesses AI-driven sales engagement and collections software for banks, insurers and wealth managers
Latest FY revenue ₹122.2 crore in FY25, up 11.9% year-on-year (Inc42, citing RoC filings)
Latest FY profit/loss Net loss of ₹24.4 crore in FY25, narrower than the ₹32.8 crore loss in FY24 (Inc42)
Listed Private — no IPO
Market value / last valuation Not disclosed; last funding round was a $22 million Series C in February 2022 (Tracxn lists valuation as undisclosed as of June 2025)
Key shareholders / CEO Yamini Bhat, co-founder and CEO; backed by Sequoia Capital India, Emergence Capital and Bertelsmann India Investments; founders hold the majority of shares (Tracxn)

What they do

Vymo sells software that sits between a bank or insurer’s core CRM and its field sales force, automatically capturing what a salesperson is doing — visits, calls, meetings, follow-ups — instead of relying on the rep to type it in after the fact, and then nudging that rep toward what to do next. A companion module, CollectIQ, extends the same activity-tracking and nudging logic to loan and premium collections teams, while modules the company calls OnboardIQ and EngageIQ handle partner onboarding and ongoing engagement. The buyer is never a small business: Vymo’s named enterprise customers, drawn from its own case studies and its February 2022 Series C announcement, include HDFC Bank, Axis Bank and ICICI in India, and Allianz, AXA, AIA, Generali, Sun Life, BNP Paribas, Liberty Mutual and a Berkshire Hathaway subsidiary internationally. As of that February 2022 announcement, the company said its software was used by 250,000 people across more than 65 financial institutions in eight-plus countries; by more recent statements on its own website, that figure has grown to more than 350,000 users across 70-plus enterprises.

The origin

Yamini Bhat spent her pre-Vymo years at McKinsey, advising large financial institutions on sales transformation. What she kept seeing, according to accounts of the founding given to Emergence Capital and repeated in later interviews, was a mismatch: CRM software was sold to these institutions as a tool to make salespeople more effective, but in practice it had become a compliance chore, a system reps updated at the end of the day to satisfy a manager rather than something that helped them sell. Her co-founder, Venkat Malladi, was working on Google’s mobile and maps teams in the US at the time, building the kind of location-aware, always-on mobile software that most enterprise software of 2013 was not. The two had been friends since college. Together, in 2013, they built Vymo on a simple bet: a mobile-first product that logged a salesperson’s activity automatically, rather than asking for it, would tell an employer far more about what was and was not working on the ground than any manually filled CRM screen ever could — and financial services, with its armies of field agents and its regulatory obsession with activity records, was the industry with the most to gain from getting this right first.

The struggle years

The version of Vymo that raised money is not the version that survived to raise it twice more. Two stretches in the company’s history are documented, dated, and neither was comfortable. The first was self-inflicted by strategy: on the SaaSBoomi podcast in August 2021, Bhat described building a mobile-first, multi-vertical, internationally distributed product at a time when the standard advice given to Indian SaaS founders was to stay horizontal, stay domestic, and sell to small and mid-sized businesses first. Investors, in her telling, dismissed the combination of “mobile-first, Asia first, distributed and verticalisation” as a set of priorities nobody was asking for. The company’s own funding record shows what that scepticism cost in time: after a $5 million Series A in November 2016, Vymo did not close another round until July 2019 — two years and eight months of building an enterprise-grade, financial-services-specific platform without fresh primary capital, at a stage when most venture-backed software companies are trying to raise every 18 to 24 months.

The second stretch was imposed from outside. Vymo’s product is built to measure something physical: a field agent showing up at a client’s home or office, GPS-verified, logged in real time. In April 2020, national lockdowns shut that activity down almost overnight, and Vymo had to publicly re-pitch its own core mechanic within weeks — hosting a webinar on 7 April 2020 titled “The New Normal for Sales Leaders Working Remotely” to argue that a tool built around physical visits could still matter when there were no physical visits to make. It took until August 2021, in a joint report with the CIO Association of India on remote work in financial institutions, for the company to fully document how BFSI sales organisations had adapted — a year and a half of uncertainty over whether a company built on tracking people in the field would matter in a world where the field was, for a period, off-limits.

The turning point

The clearest before-and-after in Vymo’s public record sits either side of its Series C. When Emergence Capital led the $18 million Series B in July 2019, it described Vymo, in its own investment write-up, as reaching 100,000 sales representatives across 50 enterprises, with more than 75% daily active usage among registered users — a number Emergence called roughly three times the usage rate of horizontal CRMs in financial services. Two and a half years later, when Vymo announced its $22 million Series C on 24 February 2022, those numbers had changed shape: 250,000 users across more than 65 financial institutions in eight-plus countries, 142% net revenue retention, quarterly growth above 20% through 2021, and — the company’s own framing — a new user added roughly every three minutes of that year. The round itself was led by a first-time backer, Bertelsmann India Investments, with existing investors Emergence Capital and Sequoia Capital returning; the company said the capital would fund expansion into the US and Japan, markets it sized in its own announcement as a combined “$10 billion-plus” opportunity. A pandemic that had threatened to make Vymo’s core product irrelevant instead became the stretch in which its user base and retention metrics grew enough to pull in a new lead investor.

The money behind it

How it makes money

Vymo is a subscription business, not a marketplace or a lender, so there is no published take rate or transaction fee to point to — the company has never disclosed a per-seat price list, which is typical of enterprise BFSI software sold on negotiated, multi-year contracts rather than self-serve sign-up. Money comes in as licence and platform fees charged to banks, insurers and wealth managers, priced per user or per institution and generally bundled with implementation and support. The 142% net revenue retention the company reported around its Series C, and the “zero logo churn” claim it has repeated since, both point to the same mechanic: most of Vymo’s growth after a client signs is expansion within that client — more users, more modules such as CollectIQ, more geographies within the same institution — rather than a constant hunt for new logos. Costs run the other way. In FY25, total expenses were ₹146.6 crore against revenue of ₹122.2 crore (Inc42), and with a headcount of 198 employees as of 28 February 2026 spread across engineering, implementation and enterprise sales in India, the US and Southeast Asia (Tracxn), the bulk of that cost base is people, not infrastructure. The part outsiders tend to get wrong is assuming that “zero churn” and “142% NRR” automatically compound into profit. They compound into growth of the existing book; they say nothing about the cost of landing the next 65 institutions, and Vymo’s own revenue growth has already slowed — from over 20% quarterly in 2021 to 11.9% for the full year in FY25 — while losses, though narrowing, have not closed.

The numbers

Figures in ₹ crore unless stated; source Inc42, citing RoC filings
Fiscal year Revenue Net profit / (loss)
FY23 83.9 Not verified in sources reviewed this session
FY24 109.2 (32.8)
FY25 122.2 (24.4)

Revenue grew 30.2% from FY23 to FY24 and a slower 11.9% from FY24 to FY25 (Inc42). Total expenses in FY25 were ₹146.6 crore, and net margin came in at roughly -20% for the year (Inc42). Vymo’s FY23 net profit or loss figure could not be independently verified in the sources checked this session, so it is left blank above rather than estimated.

Where the money comes from

The risks

The takeaway

Zero churn is not the same as a business model. Vymo spent 12 years convincing some of the most risk-averse buyers on the planet — regulated banks, global insurers, a Berkshire Hathaway subsidiary — that its software was worth keeping, and by its own account it has never lost one of them. That is a genuinely hard thing to build, and it is also, on its own, not enough: the same period produced a revenue base north of ₹100 crore that still could not cover its own costs. The lesson for anyone building inside a narrow, high-friction, highly regulated vertical is that earning the trust of conservative buyers and earning a profit from them are two separate problems, solved on two different timelines. Winning the account buys a company time. It does not, by itself, buy the company a margin.

Frequently asked questions

What does Vymo do?

Vymo builds AI-driven sales engagement software for banks, insurers and wealth managers. It automatically tracks field sales activity — visits, calls, follow-ups — and prompts salespeople on what to do next, with a related module, CollectIQ, applying the same approach to loan and premium collections teams.

Who founded Vymo, and when?

Vymo was founded in 2013 by Yamini Bhat, who previously advised financial institutions at McKinsey, and Venkat Malladi, who had been building mobile and maps products at Google. The company was incorporated as Vymo Solutions Private Limited on 1 May 2013 in Bangalore.

How much money has Vymo raised, and who are its investors?

Vymo has raised $45 million across three disclosed rounds: a $5 million Series A led by Sequoia Capital India in November 2016, an $18 million Series B led by Emergence Capital in July 2019, and a $22 million Series C led by Bertelsmann India Investments in February 2022, with Emergence Capital and Sequoia Capital also participating in the later rounds.

Is Vymo profitable?

No. Vymo reported a net loss of ₹24.4 crore in FY25 on revenue of ₹122.2 crore, an improvement on its ₹32.8 crore loss in FY24, according to financial filings reported by Inc42. Its most recent verified financial data does not show a profitable fiscal year.

Is Vymo listed, and what is it worth?

Vymo is a private company and has not listed on any stock exchange. It has not disclosed a valuation at any of its funding rounds; Tracxn’s company profile lists its valuation as undisclosed as of June 2025.

Sources

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

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