What it is
INDmoney bills itself as a “Super Money App” — one place to track and invest across Indian equities, US stocks (9,000+ stocks, 1,000+ ETFs), mutual funds, fixed deposits, EPF, NPS, PMS, crypto, credit cards, loans, and insurance. Founded in 2019 by Ashish Kashyap (previously founded the ibibo Group — Goibibo, redBus — and was Google India’s first country head) alongside Nikhil Behl.
Business model
Most investment products are marketed as zero-commission or zero-brokerage, so INDmoney isn’t primarily a trading-fee business. Revenue instead comes from a mix of FX spread and account fees on US stock investing, distribution commissions on mutual funds and insurance, lending products, and premium features layered on top of the free aggregation dashboard. Revenue grew 2.3x year-over-year to ₹164 crore in FY25, after 73% growth the year before.
Core user flow
Download the app → link existing accounts (bank, mutual fund folios, EPF, insurance) so INDmoney can aggregate them automatically → see net worth across every asset class in one dashboard → get nudged toward whichever products aren’t yet linked or invested in (US stocks, insurance, credit).
What’s working
- The “aggregate everything for free” hook is a strong wedge — a net-worth dashboard creates a daily-open habit before any monetized product is ever touched.
- INDstocks, the US-stock arm, has crossed 5.5 lakh active investors on its own, showing the zero-commission entry point converts into a real, sizable user base.
- Revenue growth accelerating (73% → 2.3x YoY) suggests the cross-sell from free tracking into paid products is compounding, not just riding user-count growth.
What I’d change
Bet: aggregation-first apps carry a structural trust tax that single-purpose brokers don’t — asking someone to link their bank, EPF, and insurance credentials into one app is a much bigger ask than opening a single trading account. I’d invest in a highly visible, in-app “here’s exactly what we can and can’t see or do with each linked account” transparency layer, since that’s the one friction point that silently caps how many users ever finish linking, no matter how good the dashboard looks once they’re in.
Metric to track: percentage of users who start account-linking versus complete it, segmented by asset type (bank vs. EPF vs. insurance) — the steepest drop-off point tells you exactly which trust gap to close first.
One number
Revenue grew 2.3x year-over-year to ₹164 crore in FY25, per regulatory filings reported by Entrackr.