Fintech Startup Kiwi Spent INR 19 To Earn Every Rupee In FY25

Fintech Startup Kiwi Bags $6 Mn To Offer Credit On UPI Service

SUMMARY

Kiwi’s net loss for the fiscal year ended March 2025 (FY25) zoomed 158.8% to INR 64.2 Cr from INR 24.8 Cr in the previous fiscal year, as its expenses shot up and revenue remained stagnant

The startup’s operating revenue stood at INR 3.8 Cr during the year under review as against INR 3.6 Cr in FY24

Meanwhile, its expenses surged 145.2% to INR 73.8 Cr in FY25 from INR 30.1 Cr in the previous year

Fintech startup Kiwi’s net loss for the fiscal year ended March 2025 (FY25) zoomed 158.8% to INR 64.2 Cr from INR 24.8 Cr in the previous fiscal year, as its expenses shot up and revenue remained stagnant.

The startup’s operating revenue stood at INR 3.8 Cr during the year under review as against INR 3.6 Cr in FY24.

Including other income of INR 5.8 Cr, total income for the period stood at INR 9.6 Cr.

Founded in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, Kiwi issues virtual RuPay credit cards, in partnership with banks, and enables users to link those cards to their UPI account, offering “credit‑on‑UPI”. Once linked, users can use their Kiwi‑issued RuPay card like a regular UPI payment method.

Kiwi’s revenue comes from processing the credit‑on‑UPI transactions, associated fees, and possibly interest, rewards, or merchant commissions, much like traditional credit‑card income models but adapted for UPI.

To support its growth ambitions, Kiwi raised INR 208.5 Cr (around $24 Mn) in its Series B round led by Vertex Ventures in August this year. It said it would use the fresh capital to advance its product roadmap, expand market reach, and strengthen unit economics.

Overall, the startup has raised a total funding of $42.9 Mn to date from the likes of Nexus Ventures, Stellaris Venture Partners, and Omidyar Network.

Breaking Down Kiwi’s Expenses

The startup’s expenses surged 145.2% to INR 73.8 Cr in FY25 from INR 30.1 Cr in the previous year.

Employee Benefit Expenses: Kiwi spent INR 22.7 Cr on its employees in FY25, up 83% from INR 12.4 Cr in FY24. This indicates that the startup likely increased its headcount during the year

Advertising Expenses: This was one of the largest expenses head, jumping 387.3% to INR 38.5 Cr from INR 7.9 Cr in FY24.

Software Expenses: At INR 6 Cr in FY25, software expenses rose 76.47% from INR 3.4 Cr.