CoinSwitch’s FY25 Loss Doubles to $37.6 Million Despite Revenue Growth
- ByStartupStory | November 5, 2025
CoinSwitch’s FY25 Loss More Than Doubles to $37.6 Million Despite Revenue Growth
CoinSwitch, one of India’s leading cryptocurrency platforms, reported a significant increase in losses for the fiscal year ending March 2025 (FY25), with net losses more than doubling to $37.6 million (INR 333.1 crore) compared to $18.1 million (INR 160.3 crore) in FY24. This rise in losses came despite a substantial 219% growth in operating revenue, which reached $14.6 million (INR 129.5 crore) in FY25, up markedly from $4.6 million (INR 40.8 crore) in the previous year.
The company’s total revenue, including other income, remained nearly flat at $22.95 million (INR 203.3 crore), impacted by the absence of an $8.1 million reversal of impairment losses on digital assets that was recorded in FY24. Meanwhile, costs and expenses surged 55% to $59.2 million (INR 524.9 crore), largely due to a significant increase in operating expenses, which rose from $10.6 million to $33.6 million during FY25.
According to a CoinSwitch spokesperson, “As of the latest quarter (Q2 FY26), we are profitable at a group level, which is a clear reflection of our discipline in scaling sustainably while preparing for the next phase of growth. The loss reflected in our consolidated financials of last year (March 2025) is the outcome of strategic, long-term investments into new growth verticals. These are deliberate decisions aimed at building future-ready businesses.”
The spokesperson further emphasized, “With over US $300 million raised, CoinSwitch has a strong funding base. We continue to deploy capital prudently, balancing growth with financial discipline, to deliver sustainable value for our users, partners, and investors.”
In addition, CoinSwitch remains committed to its community through the ‘CoinSwitch Cares’ initiative, which allocated ₹600 crore to reward participating users. The financial impact of this commitment has already been reflected in CoinSwitch’s financial statements, underscoring the company’s focus on transparency.
The financial year 2025 also included a contingent liability of $11.2 million linked to compensating users impacted by a cyberheist at crypto exchange WazirX in July 2024. CoinSwitch is actively compensating affected users through rewards and revenue-sharing programs, alongside pursuing legal action to recover stolen assets.
Despite these challenges, CoinSwitch continues to push forward as a key player in India’s cryptocurrency ecosystem, leveraging its robust funding and strategic initiatives to build long-term value and expand its market presence.
In summary, while CoinSwitch’s FY25 losses widened due to significant investments and extraordinary expenses, the company’s profitability at the group level from Q2 FY26 onward and disciplined capital deployment signal a solid foundation for future growth.
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