RADAR
BY FLIAR · COMPANY INTELLIGENCE BRIEF
Adtech Companies in India Making Consistent Profits 19 of 431 adtech companies in India reported a profit in every one of the last 3 financial years. Who they are, what they earn and what the numbers say.
19 adtech companies profitable in
₹75 cr
combined net profit in FY25
every year, FY23–FY25
431 independent adtech companies tracked in India
Part 1
The list: the rule, the findings and the ranking of all 19 companies
Part 2
Industry insights: sector finances, size, geography, segments, survival and capital
Profiles
A link to the full Radar profile of each company on the list
Method
How the brief was built, its checks and its limits
Updated October 2026
fliarbi.com/radar
PA R T 1 · T H E L I S T
How a company made this list A profit after tax in every one of the last 3 financial years (FY23–FY25) Independent adtech companies headquartered in India, not acquired or shut down. Filed annual accounts on record for each of the last 3 financial years (FY23–FY25). Net profit above zero in each of those years, and revenue of at least ₹5 cr in FY25 so that shell and dormant entities do not qualify. Ranked by combined net profit across the period.
What the numbers say Radar tracks 431 independent adtech companies in India. 102 have filed accounts on record that passed Radar's attribution checks, and 19 of them reported a profit in each of FY23, FY24 and FY25. Of the 74 companies with FY25 accounts, 48 (65%) were profitable that year. Staying profitable for 3 years running, with ₹5 cr or more of revenue, narrows the list to 19. Together these 19 companies earned ₹74.7 cr of net profit in FY25, up from ₹51.5 cr in FY23 (+45%). Profit is concentrated: the top 3 (Vertoz, AdCounty Media, Adsolut) account for 64% of the combined 3-year profit. The median net margin of the 19 was 5.6% in FY25. For the other 55 companies filing that year it was 0.3%. Consistent does not mean growing: 7 of the 19 earned less in FY25 than in FY23. 11 of the 19 have been profitable for 8 or more consecutive years on record. 8 of the 19 are based in the Delhi NCR (Delhi, Gurugram and Noida). 14 of the 19 have no outside funding round on record. The other 5 have at least one. 2 of the 19 are listed on a stock exchange.
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PA R T 1 · T H E L I S T
Profit by year, and where these companies sit
Net profit by financial year, the 10 largest profit earners on the list.
FY25 revenue against net margin. Green: profitable in every year of the window. Grey: every other company with FY25 accounts.
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PA R T 1 · T H E L I S T
All 19 companies, ranked by 3-year net profit #
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
COMPANY
HQ · FOUNDED
Vertoz
Mumbai
Files as Vertoz Ltd
2012
AdCounty Media
Jaipur
Files as Adcounty Media India Ltd
2017
Adsolut
Mumbai
Files as Adsolut Media Pvt Ltd
2016
AdElement Files as Adelement Media Solutions Pvt Ltd
Pune 2010
iCubesWire
Gurugram
Files as Icubeswire Technologies Pvt Ltd
2010
mFilterIt
Gurugram
Files as Six Dee Netad Solutions Pvt Ltd
2015
3dot14
Delhi
Files as 3Dot14 Mobitech Pvt Ltd
2012
Escape Velocity
Hyderabad
Files as Escape Velocity Digital Pvt Ltd
2014
MoMAGIC Technologies
Noida
Files as Momagic Technologies Pvt Ltd
2011
GreedyGame Media
Bengaluru
Files as Greedygame Media Pvt Ltd
2013
Veniso
Hyderabad
Files as Veniso Solutions Pvt Ltd
2012
Airtory
Bengaluru
Files as Airtory Interactive Pvt Ltd
2016
AduClick Files as Aduclick Business Services Pvt Ltd
Delhi 2018
Vaizle
Chandigarh
Files as Xor Labs Pvt Ltd
2015
Collectcent
Gurugram
Files as Collectcent Digital Media Pvt Ltd
2013
AD2Click
Noida
Files as Sgs Global Services Pvt Ltd
2012
Kritter Files as Kritter Software Technology Pvt Ltd
Bengaluru 2013
The Lead Sense
Chennai
Files as Leadsense Media India Pvt Ltd
2014
Opicle
Gurugram
Files as Opicle Technologies Pvt Ltd
2012
REVENUE
PROFIT
PROFIT
PROFIT
FY25
FY23
FY24
FY25
₹262.2 cr
₹11.0 cr
₹16.1 cr
₹25.7 cr
9.8%
₹69.6 cr
₹7.7 cr
₹8.2 cr
₹13.8 cr
19.8%
₹121.3 cr
₹8.9 cr
₹8.1 cr
₹12.2 cr
10.0%
₹22.0 cr
₹2.7 cr
₹5.1 cr
₹4.5 cr
20.4%
₹112.4 cr
₹8.4 cr
₹0.9 cr
₹0.3 cr
0.3%
₹51.2 cr
₹2.8 cr
₹0.9 cr
₹4.4 cr
8.6%
₹37.9 cr
₹2.6 cr
₹1.1 cr
₹4.3 cr
11.3%
₹23.7 cr
₹1.2 cr
₹2.7 cr
₹2.0 cr
8.4%
₹122.0 cr
₹0.2 cr
₹2.0 cr
₹3.7 cr
3.1%
₹80.1 cr
₹2.1 cr
₹1.1 cr
₹0.8 cr
1.0%
₹8.6 cr
₹0.8 cr
₹0.8 cr
₹1.0 cr
12.1%
₹5.6 cr
₹0.5 cr
₹0.8 cr
₹0.3 cr
5.6%
₹5.9 cr
₹0.6 cr
₹0.6 cr
₹0.1 cr
2.4%
₹5.3 cr
₹0.2 cr
₹0.5 cr
₹0.6 cr
11.7%
₹51.4 cr
₹0.5 cr
₹0.4 cr
₹0.4 cr
0.8%
₹8.4 cr
₹0.7 cr
₹0.10 cr
₹0.1 cr
1.3%
₹6.9 cr
₹0.3 cr
₹0.08 cr
₹0.1 cr
2.1%
₹5.3 cr
₹0.02 cr
₹0.2 cr
₹0.09 cr
1.6%
₹15.7 cr
₹0.08 cr
₹0.03 cr
₹0.1 cr
0.7%
MARGIN
Revenue and profit are as filed, in ₹ crore (1 crore = 10 million). Consolidated accounts are used where they cover the whole period, otherwise standalone accounts. Margin is net profit as a share of revenue in FY25.
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PA R T 2 · I N D U S T R Y I N S I G H T S
The adtech sector in India, in numbers Computed from the same company records as the list, covering every adtech companies Radar tracks in India, not just the 19 listed.
The short version 1
38% of the 742 Indian adtech companies Radar has tracked are recorded as shut down. 11 of the 19 on this list have been profitable for 8 or more consecutive years on record.
2
The smallest companies are the likeliest to be loss-making: 50% of those under ₹5 cr made a profit in FY25, against 83% and 89% in the two bands from ₹5 cr to ₹100 cr.
3
Funding and profit did not go together here: 13 of 27 funded companies (48%) with FY25 accounts were profitable, against 35 of 47 (74%) with no round on record. That describes the two groups, not why they differ.
4
Revenue is concentrated: the five largest of the 65 companies with a full record hold 63% of FY25 revenue, and the group's combined net margin was 2.6%.
5
Among the 19 on this list the median net margin in FY25 was 5.6%, ranging from 0.3% to 20.4%.
The sector’s financial shape 65 companies have accounts on record for every year from FY23 to FY25. Together their revenue went from ₹1,916 cr to ₹2,667 cr (+39%), and their combined net profit from ₹41 cr to ₹70 cr. The number in profit rose from 44 of 65 in FY23 to 46 of 65 in FY25. The five largest (Glance, Adyogi, Silver Push, Vertoz, MoMAGIC Technologies) account for 63% of FY25 revenue in this group, so the totals say more about them than about a typical company.
Only companies with every year on record are counted, so the three years are like for like.
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Size and profit Of the 74 companies with FY25 accounts, the share in profit was 50% in the Under ₹5 cr band (20 of 40), 83% in the ₹5–25 cr band (15 of 18), 89% in the ₹25–100 cr band (8 of 9), 71% in the ₹100 cr and above band (5 of 7). The share in profit was highest in the ₹25–100 cr band (89%) and lowest in the Under ₹5 cr band (50%). Size alone does not decide it: the share in profit does not rise steadily with revenue.
REVENUE BAND, FY25
COMPANIES
IN PROFIT
MEDIAN NET MARGIN
ON THIS LIST
Under ₹5 cr
40
20
-0.1%
0
₹5–25 cr
18
15
2.2%
10
₹25–100 cr
9
8
3.0%
5
₹100 cr and above
7
5
2.1%
4
The ₹100 crore and above band has few companies, so treat its percentage with care.
Where the companies are Delhi NCR (Delhi, Gurugram, Noida and neighbours) is home to 120 of the 431 tracked companies, against 76 in Bengaluru and 51 in Mumbai. Among companies with FY25 accounts, 16 of 28 in the NCR were profitable, against 11 of 20 in Bengaluru and 5 of 7 in Mumbai. CITY
TRACKED
WITH FY25 ACCOUNTS
IN PROFIT
ON THIS LIST
Bengaluru
76
20
11
3
Gurugram
51
16
9
4
Mumbai
51
7
5
2
Delhi
43
8
5
2
Hyderabad
28
4
3
2
Noida
22
4
2
2
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Segments Among segments with at least 8 companies filing FY25 accounts, Demand-side platforms had the highest share in profit (8 of 9, 89%) and Mobile advertising the lowest (12 of 20, 60%). Segments use Radar’s own business-category labels, so one company can appear in more than one row. SEGMENT
TRACKED
WITH FY25 ACCOUNTS
IN PROFIT
SHARE
ON THIS LIST
Ad networks
174
19
12
63%
5
Mobile advertising
96
20
12
60%
4
Demand-side platforms
21
9
8
89%
6
Marketing technology
64
18
12
67%
3
AI in advertising *
18
5
1
20%
0
* Fewer than 8 companies with FY25 accounts: too small a base to compare.
Who survives Radar has tracked 742 Indian adtech companies. 435 (59%) are still independent, 279 (38%) are recorded as shut down and 28 (4%) as acquired. The shut-down rate is highest for companies founded in 2013–15: 106 of 209 (51%). For companies founded in 2022 or later it is 10 of 93 (11%), but they have had little time to fail.
“Shut down” is the status recorded in Radar’s data, which can lag reality in either direction.
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Capital Only 43 of the 431 tracked companies (10%) have a funding round on record: 92 rounds in all, between 2007 and 2025. Amounts were disclosed for 81 of those rounds and total $1.3 billion. The three largest rounds make up 57% of it. Of the 27 funded companies with FY25 accounts, 13 (48%) were profitable. Of the 47 without a recorded round, 35 (74%) were.
MOST ACTIVE INVESTORS IN THE SECTOR
TYPE
COMPANIES BACKED
Angel List
Firm
3
Anupam Mittal
Angel
3
Netcore
Firm
3
Smile Group
Firm
3
Aloke Bajpai
Angel
2
Chiratae Ventures
Firm
2
Dinesh Agarwal
Angel
2
Inflection Point Ventures
Firm
2
METHOD
How this brief was built Universe. 431 independent adtech companies in India tracked by Radar. Companies that have been acquired or shut down are excluded from the list and the company statistics; they are included in the survival analysis, which covers every company ever tracked. Financials. Annual accounts on record for the company's own legal entity. 102 of the 431 have accounts on record that passed the checks below; 74 of those reach FY25. Consolidated accounts are used where they cover the whole period because they describe the whole group; otherwise standalone accounts are used. The two are never mixed for one company. Attribution. Accounts filed by a parent or group entity are not credited to a brand. Where several brands resolve to one legal entity, it is counted once. A filer whose registration shows it was set up well before the brand existed, or whose name differs from the brand and whose registration year does not fit the brand's founding, is held out until checked.
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Cross-check. For 76 companies the filed revenue and the sign of the filed profit were compared against Radar's separately held company record for the same year; 10 companies that failed a check were held out of the list. Funding. A company counts as funded if any round appears in Radar's funding records, whether or not the amount was disclosed. Amounts shown are the disclosed ones. Industry statistics. Size bands, cities and segments use companies with FY25 accounts. Segments use Radar's own business-category labels and can overlap. “Shut down” and “acquired” are the statuses recorded in Radar's data. Descriptions. Company descriptions are the text on record for each company. Dated self-reported claims from earlier years are left out. Limits. This is a screen of filed accounts, not investment advice. Companies without accounts on record cannot be assessed and are not on the list, which does not mean they are unprofitable. Figures are as filed and not restated.
C O M PA N Y P R O F I L E S
The 19 companies on Radar 1. Vertoz fliarbi.com/company/vertoz/105rcf5omz/
11. Veniso fliarbi.com/company/veniso/2m3j2jjqgz/
2. AdCounty Media
12. Airtory
fliarbi.com/company/adcounty-media/13vqwqiip0/
fliarbi.com/company/airtory/168gmt0dp0/
3. Adsolut fliarbi.com/company/adsolut/gavdotjf1y/
13. AduClick fliarbi.com/company/aduclick/ashjhki3p4/
4. AdElement
14. Vaizle
fliarbi.com/company/adelement/3vxsk2rcai/
fliarbi.com/company/vaizle/18f65n07pl/
5. iCubesWire fliarbi.com/company/icubeswire/2gsxrvzwjx/
15. Collectcent fliarbi.com/company/collectcent/ut7ey0vyhr/
6. mFilterIt fliarbi.com/company/mfilterit/359c422ohe/
16. AD2Click fliarbi.com/company/ad2click/1qny8e1qo8/
7. 3dot14 fliarbi.com/company/3dot14/1b21rurx77/
17. Kritter fliarbi.com/company/kritter/4j857b6w5b/
8. Escape Velocity fliarbi.com/company/escape-velocity/3p2zckj83h/
18. The Lead Sense fliarbi.com/company/the-lead-sense/3kubm3xhze/
9. MoMAGIC Technologies fliarbi.com/company/momagic-technologies/2es3tvawcy/
19. Opicle fliarbi.com/company/opicle/iqodkmmaez/
10. GreedyGame Media fliarbi.com/company/greedygame-media/2tplyzu8cc/
See the full list of adtech companies in India Radar tracks revenue, funding, founders, investors, hiring and live business signals for companies across India and the world. Filter by sector and city, then export the list. Open the full list on Radar →
fliarbi.com/companies/best-adtech-companies-in-india/ Radar is a product of Fliar. fliarbi.com/radar · Data as of October 2026.
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