Swiggy to Paytm: Check FY25 earnings snapshot of new-age tech companies

India’s new-age tech companies like Eternal, Nykaa, Ola Electric, Policybazaar, Paytm and others had a rollercoaster ride in the stock market after listing. These companies witnessed strong investor interest during their IPOs subscription period but saw mixed performance post-listing.

In most of these stocks sharp correction was witnessed after the stock market debut amid concern over profitability. For example, Eternal (erstwhile Zomato) surged initially after listing, but later corrected sharply amid profitability concerns. However, the stock got investors' attention and delivered multifold returns as soon as the company reported its first profitable quarter in June 2023.

Experts believe market sentiment towards these new-age tech companies has shifted to profitability and cash flows over pure growth narratives. Overall, the market punished cash-burning models of some companies and rewarded profitability.

The financial performance of key new-age companies in FY25, showcases that while some companies displayed remarkable growth and profitability, others faced challenges with widening losses despite scaling operations. This snapshot highlights the shifting investor sentiment, where profitability and market resilience have become the key metrics for evaluation.

Eternal Ltd

Eternal Limited (erstwhile Zomato) faced increased competition in quick commerce, affecting margins but maintaining market share. For the full financial year ending March 2025, Eternal posted a net profit of ₹527 crore, up from ₹351 crore in FY24. Annual revenue rose strongly to ₹20,243 crore from ₹12,114 crore. Meanwhile, its March quarter net profit saw a sharp decline from ₹175 crore to ₹39 crore.

The company continued to roll out new stores in smaller cities despite challenges with marketing costs and real estate. Eternal full-year results point to robust growth in new business verticals such as quick commerce and Hyperpure, which are helping the company diversify its revenue base beyond its core food delivery business.

Go Digit General Insurance

Go Digit delivered a robust performance in FY25 as its net profit more than doubled to ₹425 crore from ₹182 crore in FY24, driven by premium growth and better investment income. Gross written premium rose 14% YoY to ₹10,282 crore. The company’s solvency improved to 2.24x, and return on average equity rose to 13%.

Brainbees Solutions (FirstCry)

In FY25, Brainbees Solutions, which operates through the FirstCry brand, reported 18% YoY revenue growth to ₹7,660 crore, while its net loss narrowed to ₹265 crore compared to ₹322 crore last year.

In the March quarter, net loss widened to ₹111.5 crore compared to a ₹43.2 crore loss in the year-ago period. Slowdown in offline sales, fewer winterwear sales, and the closure of 38 company-owned stores impacted the overall profitability of the company.

PB Fintech (Policybazaar)

In FY25, Policybazaar (PB Fintech) reported a 45% revenue growth to ₹4,977 crore and a 448% increase in PAT to ₹353 crore. Core online insurance premiums grew by 45%, with health & life insurance premiums up 48%. The company also saw a 42% growth in renewal revenue, reaching an ARR of ₹817 crore, while PAT improved significantly from ₹64 crore to ₹353 crore.

Cartrade Tech

CarTrade Tech achieved its highest-ever revenue of ₹641 crore for FY25, marking a 30.8% YoY increase. Profits surged by 625% to ₹145 crore, demonstrating robust financial growth. The company crossed 150 million users across its platforms—CarWale, BikeWale, and OLX.

FSN E-commerce Ventures (Nykaa)

In FY25, the company achieved a 25% YoY growth in GMV (₹15,604 crore) and a 24% growth in net revenue (₹7,950 crore). Gross margin rose by 84 bps to 43.7%, and EBITDA grew 6% YoY to ₹474 crore. PAT surged by 81% to ₹72 crore. Beauty saw 30% GMV growth, while fashion grew by 12%. The company expanded to 237 stores and added over 8,600 brands.

Paytm

Paytm reported weak FY25 earnings. Its consolidated revenue from operations for the entire year fell by 31% to ₹6,900 crore from ₹9,978 crore in FY24, while net loss narrowed to ₹663 crore from ₹1,422 crore.

Swiggy

Food delivery aggregator, Swiggy, reported mixed FY25 earnings, while its revenue from operations rose 35.3% YoY to ₹15,227 crore. Meanwhile, the company continued to struggle on the profitability front despite the rise in revenue. Its net loss widened to ₹3,117 crore from ₹2,350 crore. The company’s quick-commerce showed impressive growth with a 19.5% YoY increase in GOV to ₹4,670 crore, alongside a 36.3% YoY rise in average orders per user.

Before you leave

FY25 proved that investors are now prioritising profitability and margin resilience over mere top-line growth. While some companies marked significant milestones towards profitability, others continued to struggle with mounting losses, highlighting the evolving dynamics of scaling operations and managing investor expectations in the Indian startup ecosystem. As we step into new fiscal year, FY26 may well be the year where capital markets demand accountability and not just ambition.