Stable Money, a Bengaluru-based wealthtech startup, reported a sharp increase in gross revenue for the year ending March 2025 even as its losses widened amid aggressive expansion and higher operating costs. The company is scaling its user base and deepening its presence in the fixed-income investment market as retail demand for stable returns rises.
Revenue surge driven by high-volume fixed-income activity
According to filings reviewed by Entrackr, Stable Money’s gross revenue rose to Rs 104.4 crore in FY25 from Rs 1.3 crore in FY24. Operating revenue, however, was reported at Rs 4.3 crore, indicating that the bulk of the topline was generated through high-volume transactions such as bond trading and distribution rather than recurring platform fees.
The startup also recorded about Rs 7.63 crore in non-operating income, including interest and other financial gains, bringing total income close to Rs 112 crore for the fiscal year. The figures reflect a rapid scale-up as the platform facilitated investments in fixed deposits, bonds, recurring deposits and other low-risk instruments.
Rapid user growth and positioning in the fixed-income segment
Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money says it has onboarded over 40 lakh users who have invested collectively across its platform. The company’s growth strategy focuses on simplifying access to fixed-income products for retail investors—an attractive proposition in a market characterised by volatility in equities and renewed interest in predictable returns.
Costs rise sharply; losses widen
Expenses escalated steeply during FY25 as Stable Money expanded operations. The largest component of expenditure was bond purchase and trading costs, which amounted to nearly Rs 100 crore, underscoring the scale of its fixed-income distribution and trading activity.
Marketing and promotional spend was approximately Rs 25.33 crore, reflecting an aggressive customer acquisition push in India’s competitive fintech landscape. Employee benefit expenses rose 2.5 times year-on-year to Rs 21.8 crore, driven by hiring, ESOP-related charges and investments in technology and operations staff.
Including software development, compliance, recruitment, legal, travel and other administrative costs, total expenses reached about Rs 160 crore for FY25. Consequently, Stable Money reported a net loss of Rs 44.8 crore, up from Rs 12.8 crore in FY24—indicating a deliberate trade-off of near-term profitability for scale.
Outlook and challenges
Stable Money has continued to secure investor funding, enabling further investment in product development, technology infrastructure and geographic reach. Industry analysts note that India’s wealthtech and fixed-income distribution market remains under-penetrated, with traditional bank FDs and bonds still forming a large share of household portfolios.
However, the company’s path to sustained profitability will depend on increasing the share of operating revenue, optimising customer acquisition costs and maintaining asset quality and compliance in a tightly regulated environment. The coming years will test whether Stable Money can convert its distribution scale and user traction into a stable, profitable business model.
