What it is
Stable Money is a Bengaluru-based platform that lets users book fixed deposits from partner banks and NBFCs — plus bonds, debt mutual funds, and gold/silver — without needing to open a savings account with each bank. Founded in 2022 by Saurabh Jain and Harish Reddy, it markets itself as India’s first digital FD marketplace, aggregating rates across institutions into a single comparison-and-booking flow.
Business model
Stable Money doesn’t take deposits itself — it’s a distribution layer. Banks and NBFCs list their FD products on the platform, and Stable Money earns placement/distribution commissions when users book. The same model extends to bonds (commission on sale) and, more recently, an FD-backed secured credit card and debt mutual funds, which add cross-sell revenue without Stable Money holding credit risk on its own books. It’s structurally similar to Groww’s distribution-fee model, but narrower — fixed income only, no brokerage or F&O revenue to lean on.
Core user flow
Download the app → compare FD rates across banks/NBFCs → book an FD in a few minutes without a new savings account → try a short trial FD or an FD-backed credit card → get nudged toward bonds, debt mutual funds, and gold/silver as trust builds.
What’s working
- Real distribution reach: roughly 50 lakh users and over ₹5,000 crore invested through the platform, built in about four years against entrenched players like Groww’s own FD/bond offerings and traditional banks.
- Investor confidence keeps compounding: six funding rounds and ~$80M raised, with repeat backing from Nilekani’s Fundamentum, Z47, RTP Global, and Lightspeed — rare for a company still posting single-digit-crore operating revenue.
- Genuine India-specific insight: FDs remain the default safe asset for a huge, underserved base of savers outside metro India, and Stable Money’s three-minute booking flow removes real friction (no new bank account, no branch visit) from a product Indians already trust.
What I’d change
Bet: the FY25 numbers show the core marketplace hasn’t found real pricing power yet — ₹104 Cr of “gross revenue” is mostly bond principal passing through the books, and actual operating revenue is a sliver at ₹4.3 Cr against a ₹45 Cr loss. On top of that, FDs got structurally less attractive through 2025 as the RBI cut the repo rate by 100 bps, which squeezes the exact commission pool Stable Money depends on. I’d push hard to diversify take-rate away from pure FD placement fees — layering in a paid analytics/portfolio-tracking tier and leaning harder into the credit card and debt-MF cross-sell — so revenue doesn’t move in lockstep with a rate cycle Stable Money doesn’t control.
Metric to track: revenue per user against customer acquisition cost, split by product (FD vs bonds vs card vs debt MF) — if FD take-rate keeps compressing with rate cuts, cross-sell products need to visibly pick up the slack rather than just adding logo count.
One number
Stable Money booked ₹104.4 crore in gross revenue in FY25 (up from ₹1.3 crore in FY24), but only ₹4.3 crore of that was real operating income — the rest was bond principal passing through — leaving a ₹45 crore net loss even as the company raised its sixth funding round in early 2026.