On Thursday, February 26, 2026, financial disclosures revealed that Stable Money, the Bengaluru-based wealthtech platform, reported a net loss of ₹44.8 crore (approximately ₹45 crore) for the fiscal year ended March 31, 2025 (FY25).
While the company’s losses widened significantly from ₹12.8 crore in FY24, the surge was accompanied by an explosive 80x increase in revenue, reflecting its aggressive drive to dominate the fixed-income investment market in India.
FY25 Financial Performance: High Growth, High Spend
The company’s “scale-at-all-costs” strategy is clearly visible in its latest consolidated financial statements:
| Metric | FY25 (Reported) | FY24 (Previous) | Growth (Y/Y) |
| Gross Revenue | ₹104.4 Crore | ₹1.3 Crore | ~80x |
| Operating Revenue | ₹4.3 Crore | — | — |
| Total Expenses | ₹160 Crore | — | — |
| Net Loss | ₹44.8 Crore | ₹12.8 Crore | 3.5x |
- The Revenue Nuance: While gross revenue hit ₹104.4 crore, the majority of this came from the purchase and sale of bonds (₹100 crore in purchases vs. ₹104.4 crore in sales). Its actual net commission income (operating revenue) stood at ₹4.3 crore.
- Spending Drivers: The ₹160 crore expense bill was primarily driven by:
- Advertising & Promotion: ₹25.33 crore (aggressive customer acquisition).
- Employee Benefits: ₹21.8 crore (a 2.5x increase as they scaled their tech and product teams).
- Bond Inventory: ₹100 crore (capital used to facilitate “Stable Bonds” on the platform).
Strategic Context: The ₹5,000 Crore Milestone
Despite the widening losses, Stable Money has achieved significant market traction since its founding in 2022:
- Assets Under Management (AUM): The platform has facilitated over ₹5,000 crore in investments across Fixed Deposits (FDs), bonds, and other secure instruments.
- User Base: It now serves more than 40 lakh (4 million) users, positioning itself as the “operating layer” for Indian households moving their savings from offline to digital channels.
Fresh Capital Infusion (February 2026)
The report of FY25 losses comes just one week after Stable Money successfully closed a $25 million Pre-Series C funding round on February 18, 2026.
- Valuation: The round, led by Peak XV Partners, valued the company at $175 million.
- The Goal: Co-founders Saurabh Jain and Harish Reddy stated the new funds will be used to expand into Tier-2 and Tier-3 cities, where they plan to set up physical “offline touchpoints” to build trust with conservative savers who prefer face-to-face interaction.
- Product Expansion: The company is also evaluating new asset classes like REITs (Real Estate Investment Trusts) to complement its existing fixed-income suite.
The “Path to Profitability”
While the absolute loss increased, the company’s “unit economics” are improving as revenue growth is currently outpacing the growth of operational expenses (excluding bond inventory). Stable Money’s management has indicated that an IPO remains the ultimate goal, envisioned for 2029–2031.
