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A deep financial breakdown of Delhi’s fastest-scaling companies in 2026. Explore revenue numbers, EBITDA trends, profitability shifts, funding scale and strategic growth drivers shaping India’s new capital-efficient startup era.
Delhi headquartered startups are no longer chasing valuation optics. They are building capital efficient platforms with improving EBITDA margins, stronger cash runway visibility and durable competitive moats. From omnichannel retail and logistics SaaS to merchant fintech and EV infrastructure, these five companies define the next phase of startup funding India.
India’s late stage startup ecosystem has entered a maturity cycle. Venture capital trends now prioritize sustainable cash flow generation, operating leverage and profitability visibility over aggressive top line expansion. Within this environment, five companies headquartered in the National Capital Territory of Delhi stand out for category dominance, scale and financial trajectory.
As one Mumbai based growth equity investor tracking late stage private markets notes:
“Institutional capital today prioritizes EBITDA trajectory, capital discipline and balance sheet resilience. Growth without margin visibility is no longer rewarded.”
Below is a structured deep dive into each company with financial data integrated into the analysis.
Lenskart has evolved into India’s most dominant omnichannel eyewear platform. What began as an online eyewear marketplace is now a vertically integrated retail and manufacturing powerhouse with more than 2,000 physical stores and expanding international operations.
The company controls design, lens manufacturing, private label branding and retail distribution. This integrated model strengthens gross margins and improves inventory control. Its AI driven 3D face mapping technology enhances customer conversion rates while reducing return ratios, materially improving unit economics.
In recent financial performance, Lenskart reported total income of ₹7,009 crore on a pro forma basis in FY25, with EBITDA of approximately ₹971 crore. In the December 2025 quarter alone, revenue stood at ₹2,308 crore with net profit of ₹133 crore. The company listed at a valuation close to 7.7 billion dollars, reinforcing investor confidence in its profitability roadmap.
Financial Position
| Metric | Figure |
|---|---|
| FY25 Total Income | ₹7,009 Cr |
| FY25 EBITDA | ₹971 Cr |
| Q3 FY26 Revenue | ₹2,308 Cr |
| Q3 FY26 Net Profit | ₹133 Cr |
| Store Network | 2,000+ |
| Market Cap at Listing | Approx 7.7 Billion USD |
Company Profile
| Category | Details |
|---|---|
| Founded | 2010 |
| Sector | Retail Tech / E commerce |
| Revenue Model | Omnichannel retail + manufacturing |
| International Presence | Southeast Asia, Middle East |
| Competitive Advantage | Vertical integration + AI tech |
Growth Drivers
Risk Factors
Shiprocket operates as logistics infrastructure for India’s direct to consumer ecosystem. By aggregating courier partners and layering predictive warehousing technology, it enables more than 250,000 merchants to optimize shipping operations.
The company has moved beyond basic shipping aggregation to build fulfillment centers, cross border commerce solutions and embedded fintech integrations. Its SaaS driven revenue mix supports stronger gross margins relative to asset heavy logistics operators.
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Shiprocket reported revenue of approximately ₹1,316 crore in FY25 filings. The company is preparing for a public offering estimated at ₹2,500 crore, indicating scale maturity and capital market readiness.
Financial Position
| Metric | Figure |
|---|---|
| FY25 Revenue | ₹1,316 Cr |
| Merchant Base | 250,000+ |
| IPO Filing Size | ₹2,500 Cr |
| Revenue Growth | High double digit trend |
| EBITDA Direction | Expanding |
Company Profile
| Category | Details |
|---|---|
| Founded | 2017 |
| Sector | Logistics Tech / SaaS |
| Revenue Model | SaaS + fulfillment commissions |
| Core Strength | AI driven logistics aggregation |
| HQ | Delhi |
Growth Drivers
Risk Factors
BharatPe has transitioned from QR code payment acceptance to a full stack merchant fintech platform. Revenue now depends heavily on lending income and net interest margin rather than transaction fees alone.
In FY25, BharatPe reported revenue of ₹1,667 crore while reducing net losses to approximately ₹88 crore. Adjusted profitability before tax was achieved at ₹6 crore, marking a structural turnaround after governance turbulence in earlier years.
The sustainability of its lending business depends on underwriting discipline, loan book quality and regulatory compliance. Despite challenges, BharatPe remains deeply embedded within India’s offline merchant ecosystem.
Financial Position
| Metric | Figure |
|---|---|
| FY25 Revenue | ₹1,667 Cr |
| FY25 Net Loss | ₹88 Cr |
| Adjusted PBT | ₹6 Cr |
| Core Revenue Driver | Merchant lending |
| EBITDA Trend | Improving |
Company Profile
| Category | Details |
|---|---|
| Founded | 2018 |
| Sector | Fintech |
| Revenue Model | Interest income + financial services |
| Core Product | Merchant lending + QR payments |
| Competitive Edge | Deep merchant penetration |
Growth Drivers
Risk Factors
BluSmart is Delhi’s leading all electric ride hailing operator. Its model is built around reliability, zero cancellation commitment and integrated EV charging superhubs.
The company generated approximately ₹288 crore in FY24 revenue. While capital expenditure remains high due to fleet ownership and charging infrastructure, utilization improvements are central to profitability. Corporate partnerships and airport focused services support higher yield rides.
Financial Position
| Metric | Figure |
|---|---|
| FY24 Revenue | ₹288 Cr |
| Fleet Model | All electric |
| Capital Intensity | High |
| Revenue Growth | Scaling |
| EBITDA Direction | Early stage improving |
Company Profile
| Category | Details |
|---|---|
| Founded | 2019 |
| Sector | EV Mobility |
| Revenue Model | Ride commissions |
| Differentiator | Charging infrastructure control |
| HQ | Delhi |
Growth Drivers
Risk Factors
Battery Smart operates one of India’s largest battery swapping networks for electric rickshaws and two wheelers. The company has crossed 100 million cumulative swaps and operates at a scale exceeding 80,000 daily swaps.
Its franchise led model reduces capital expenditure compared to fully owned infrastructure networks. As EV adoption accelerates in last mile logistics, swap density enhances station level profitability.
The company has raised approximately 139 million dollars in funding and continues rapid geographic expansion.
Financial Position
| Metric | Figure |
|---|---|
| Cumulative Swaps | 100 Million+ |
| Daily Swaps | 80,000+ |
| Funding Raised | 139 Million USD |
| Network Expansion | Rapid |
| EBITDA Trend | Improving with scale |
Company Profile
| Category | Details |
|---|---|
| Founded | 2019 |
| Sector | CleanTech / Energy |
| Revenue Model | Battery subscription |
| Target Market | Electric rickshaws + delivery fleets |
| Competitive Edge | Asset light swap model |
Growth Drivers
Risk Factors
Comparative Strategic Positioning
| Company | Revenue Scale | Profitability Direction | Capital Intensity | Strategic Position |
|---|---|---|---|---|
| Lenskart | Large | Profitable and expanding | Moderate | Category leader |
| Shiprocket | Mid Large | Improving | Moderate | Logistics backbone |
| BharatPe | Large fintech | Near breakeven | Moderate | Merchant ecosystem |
| BluSmart | Scaling | Early stage | High | EV mobility challenger |
| Battery Smart | Scaling | Improving | Moderate | Energy infrastructure enabler |
Delhi’s startup ecosystem is now defined by disciplined expansion rather than speculative valuation spikes. The next phase of leadership will be determined by margin durability, capital allocation discipline and sustainable cash flow generation.
Financial journalist specializing in market analysis, stock research, and investment trends. Dedicated to providing accurate, timely insights for informed decision-making.
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