Stable Money, a Bengaluru-based wealthtech startup, reported a sharp rise in revenue for the financial year ended March 2025, even as losses widened amid aggressive expansion and higher operating costs. The firm is intensifying its focus on scaling users and expanding its presence in the digital fixed‑income investment market.
Revenue spike driven by trading and fixed‑income distribution
According to regulatory filings reported by Entrackr, Stable Money’s gross revenue jumped to Rs 104.4 crore in FY25 from Rs 1.3 crore in FY24. Operating revenue was reported at Rs 4.3 crore, indicating that a substantial portion of the topline derived from high‑volume financial transactions such as bond trading and related activities.
Non‑operating income — mainly interest and other financial gains — contributed about Rs 7.63 crore, taking total income close to Rs 112 crore for the year. The surge reflects the company’s rapid scale‑up and growing role in distributing fixed‑return instruments including fixed deposits, bonds and recurring deposits to retail investors.
Expansion, user traction and business model
Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money says it has onboarded more than 40 lakh users who have invested collectively through the platform. The startup positions itself as a digital gateway to fixed‑income products, targeting risk‑aware retail investors seeking predictable returns amid market volatility.
Industry analysts note the fixed‑income distribution segment in India remains under‑penetrated, with traditional bank FDs and bonds still constituting a large share of household portfolios. Digital platforms that offer convenience, transparent pricing and comparison tools can capture significant market share if they scale efficiently.
Costs surge; losses widen
Despite strong topline growth, costs rose sharply. Bond purchase and trading costs accounted for nearly Rs 100 crore, underscoring the scale of the company’s distribution and trading operations. Marketing and promotional spend was another major driver, at about Rs 25.33 crore, reflecting an aggressive user acquisition push in a competitive fintech landscape.
Employee benefit expenses increased 2.5 times year‑on‑year to Rs 21.8 crore, driven by hiring, ESOP expenses and investments in technology and operations teams. Combined with software development, compliance, legal, recruitment and other administrative costs, total expenses reached roughly Rs 160 crore for FY25.
As a result, Stable Money reported a net loss of Rs 44.8 crore in FY25, up from Rs 12.8 crore the previous year. The widening loss profile suggests the company is prioritising growth and market share over near‑term profitability, a common strategy among early‑stage fintechs.
Outlook and path to profitability
Stable Money has continued to attract investor capital in recent funding rounds, which management says will support product development, technology infrastructure and geographic expansion. Long‑term viability will hinge on increasing the share of operating revenues, improving customer acquisition efficiency and maintaining asset quality within India’s evolving regulatory framework.
As competition in the wealthtech and fixed‑income distribution space intensifies, the company’s ability to convert high transaction volumes into sustainable margins will determine whether it can balance rapid growth with financial sustainability in the coming years.
