Stable Money, one of the leading wealthtech companies, has published its consolidated financial statements ahead of the fiscal year 2025, which show an intricate situation of top-line growth with huge net losses. As per the filing with the Registrar of Companies, the company has indicated a gross revenue of ₹104.4 crore in FY25. This is a huge increase compared to the ₹1.3 crore that was registered last fiscal year.

A further examination of the operation measurements reveals that the main operating income was at a more modest ₹4.3 crore. This difference is crucial when it comes to the size of the real business of the company, as the gross figure reflects the worth of the bond transactions and not necessarily only the service fees obtained by the platform.

Primary driver and mission of Stable Money

The gross revenue was recorded as mainly due to the action of the company in the bond market. It is analyzed that Stable Money bought bonds to the value of ₹100 crore and sold them to the value of ₹104.4 crore. This flow of transactions means that the actual net revenue earned out of these sales, which was seen to be in effect a commission or spread, was approximately ₹4.3 crore.

Although this revenue was supposed to be recorded as a sale of services, the company did not make a breakdown of this particular head in its filings. Although there have been several efforts by media houses in an attempt to get the Stable Money team to clarify these financial aspects, the team has been silent to inquiries on the details of how they recognize the revenue.

Along with the basic operating revenue, the company also enjoyed various non-operating revenues. These are the secondary sources of income, such as interest on bank deposits and interest on bonds, and the income of mutual fund investments in terms of dividends.

These are non-operating activities that added ₹7.63 crore to the coffers of the firm. The total overall income in Stable Money, when the operating revenue and these miscellaneous gains are added, was ₹112 crore in the previous fiscal year. This diversification of the income implies that although the major business is growing, treasury management and the assets earning interest are still a substantial proportion of the total financial inflow in the company.

Saurabh Jain and Harish Reddy founded Stable Money in 2022. Stable Money was founded on the mission to enable users to have easy access to investment products that offer fixed returns. The platform will enable one to invest in numerous safe investment instruments such as fixed deposits, recurring deposits, secured credit cards, bonds, and precious metals like gold and silver.

The startup has experienced large user adoption since its inception. It states that the company has more than 40 lakh users, who have invested above ₹5,000 crore in different types of fixed-income products over the platform. This level of interaction with users signifies a significant need for the Indian population to have stable and predictable investments in the market.

Widening losses and operational costs

The largest expense to the wealthtech firm was the acquisition of bonds, which was ₹100 crore on the cost side of the ledger. In addition to these direct transaction costs, the company has also spent heavily on market expansion. The promotion and advertisement expenses were also a significant cost driver, and they amounted to ₹25.33 crore as the company tried to gain and maintain its huge following.

The investment in the workforce of the company has led to the company an increase in the year by year employee benefits expenses, which have increased by 2.5 times, amounting to ₹21.8 crore. Such a figure incorporates an amount of ₹5 crore associated with employee stock option plan (ESOP) expenditures, which is a part of the company’s strategy of attracting and retaining talent using equity-based compensation.

Other overheads are added to the increasing cost base. There were also software costs, legal and professional costs, travelling costs, and recruitment costs that increased the overall spending on the fiscal year to ₹160 crore. This rapid expenditure in technology, marketing, and human capital is characteristic of a startup that is in the high-growth stage, focusing on market share and platform functionality as opposed to profitability in the present.

The culmination of these high operational and promotional expenses saw a huge expansion of the bottom-line loss of the company. The losses of Stable Money increased by 3.5 times in a span of one year and reached ₹44.8 crore in the FY25 against a loss of ₹12.8 crore in the FY24. Such growth in losses is directly associated with the increased number of bond purchases, vigorous marketing campaigns, and sustained investment in infrastructure as the platform increased in size.

Even with the increasing unprofitable losses, the company is well-capitalized to finance its current operation and expansion plans. Stable Money has so far raised a sum of $65 million. This involves a recent $25 million round of funding led by Peak XV at a valuation of $175 million. In June 2025, the company also raised $20 million in a round led by Fundamentum Partnership, in which Z47 and RTP Global participated.

Conclusion

The financial year FY25 was marked with a scale-up of immense proportions in Stable Money, with a gross revenue increase exceeding the proportionate scale, as well as a massive expansion in its user base and investment volume. The journey towards profitability is not an easy task since the company still has to manoeuvre around expensive prices of acquisition costs and overheads of operations.

A well-established capital buffer from the recent funding rounds will influence the years of the impact of these investments on long-term sustainability and development of the company, more evident in the next fiscal years 2026 and 2027. In the meantime, the company is focusing on capturing the emerging wealthtech market in India with the help of varying fixed-return products.