Ticker Limited: Four years, ₹237 crore raised, and revenue exactly where it started

There's a company in Mumbai called Ticker Limited. It's a subsidiary of 63 moons technologies — the company formerly known as Financial Technologies India Ltd, the one that built MCX.

Four years ago, it earned ₹17.3 crore.

Four years later, in FY2025-26, it earned ₹16.5 crore.

In between, it raised roughly ₹237 crore from shareholders. And spent most of it.

This is the story of that gap.

Ticker runs two websites, and they tell two different stories. That confusion is worth clearing up before anything else.

This belongs to Ticker Data Limited, a group subsidiary. What it sells is simple: market data.

• Ticker MVT — a desktop terminal with live streaming quotes, news, charting and technical analysis, covering Indian and international exchanges plus OTC markets.

• Ticker Market — a free mobile app covering equity, commodity, mutual funds and forex on delayed data. Fundamentals, IPO tracker, sector analysis, expert commentary.

• Ticker MVM — the mobile terminal.

• Data Feed / API — so other companies can plug Ticker's live data into their own products.

• Plus mutual fund transactions through NSE NMF II and BSE Star MF.

In one line: an attempt to build India's affordable Bloomberg. The customers are banks, corporate treasuries, mutual funds, insurance companies and brokers.

There is no mention of crypto anywhere on this site.

Here the picture changes. The group site carries market data too, but it also has a full section on "Blockchain & Metaverse solutions":

Trade routing across crypto exchanges. A lending and borrowing platform built on Aave, Compound and Curve. A swap tool aggregating Paraswap, Sushiswap and Pancakeswap. AI trading bots. Services for creating tokens, auditing tokens and writing white papers. All sold white-label, as SaaS, or via API.

Which explains why the subsidiaries are called 3.0 Verse and Three O Verse — Web 3.0 and metaverse.

But an important caveat. The annual report never uses the words "crypto", "blockchain" or "DeFi". Not once in 109 pages. The only acknowledgement is a single clause in Note 1 describing the company as serving all asset classes "including virtual digital assets." And the statutory declarations state plainly:

"The Group has not traded or invested in crypto currency or virtual currency during the year."

The same line appears in the FY24 report.

So here's the honest position: the company does not hold or trade crypto itself. Its website lists crypto-related technology services. How much revenue those generate, the report never says. Nor can anyone tell whether that page is current or a leftover — the metaverse framing reads like it was written in 2022-23.

So this piece will stick to what the numbers show.

Group revenue in FY26 was ₹1,652.55 lakh, or ₹16.5 crore, on a consolidated basis.

Let's break that down by entity rather than by the report's own revenue labels — those change year to year. In FY25 "Product services" was the big line; in FY26 it's "Ticker Solutions," for the same underlying business. The entity-level numbers are clean and reconcile exactly to the consolidated total:

Two things jump out.

One: the actual business — market data — shrank 19%, from ₹15.9 crore to ₹12.8 crore.

Two: the only growth came from Dubai. An extra ₹3.1 crore of revenue. The cost of getting it? ₹31.8 crore in losses. Roughly ₹9 of loss for every ₹1 earned.

And the parent company itself? Standalone revenue in FY26 was ₹27 lakh — and the related party note shows every rupee of it came from its own subsidiary. Not a single external customer. Meanwhile it paid ₹28.5 crore in salaries.

How much came from crypto? The report doesn't say. All we can say is that if any of it exists, it sits inside Dubai's ₹3.6 crore — 22% of group revenue.

The company loses money. So how are the bills getting paid? The cash flow statements answer that.

(FY23-24 standalone, FY25-26 consolidated. The subsidiaries were tiny back then, so the comparison holds.)

FY25 brought one enormous round: ₹193.7 crore. FY26 then consumed ₹104 crore of it. What's left is ₹48.7 crore.

The company has never taken a loan. Zero debt. The entire business runs on equity — which means selling new shares, again and again.

And that cycle is still running. After FY26 closed:

• February 2026: authorised capital raised from ₹216 crore to ₹400 crore

• August 2026: 1.85 crore shares allotted to non-promoters on a preferential basis

• August 2026: an offer for a further 2.59 crore shares to the promoter group, still open when the report was signed

63 moons' stake went from 75.18% in FY24 to 66.76% in FY26. Dilution.

FY26, consolidated:

The good: no debt at all. ₹48.7 crore of cash. No bank defaults.

The concerning:

Total assets fell from ₹200 crore to ₹115 crore in a single year.

"Other equity" now stands at negative ₹89 crore. Accumulated losses have wiped out every reserve the company had and dug ₹89 crore deeper. Net worth stays positive only because share capital is ₹175 crore.

Trade payables are ₹8.6 crore, of which ₹7.1 crore is owed to related parties and ₹2.8 crore has been outstanding for more than three years.

Unused tax losses stand at ₹89 crore. Even if profits arrived tomorrow, there'd be no tax for years. The company hasn't recognised a deferred tax asset on those losses — because it isn't confident enough that profits are coming.

The auditor's CARO report notes standalone cash losses of ₹35.2 crore in FY26 and ₹22.3 crore in FY25. The going-concern paragraph carries an unusual amount of hedging, explicitly adding that it is "not an assurance as to the future viability of the Company."

This is the table that tells the whole story.

The FY24 report reveals something important: in March 2024 the company transferred its actual operating business — the "price dissemination of worldwide financial market business" — to subsidiary Ticker Data Limited through a slump sale worth ₹21.6 crore. Which is why FY23 and FY24 standalone figures represent the entire business at the time.

*FY24's reported loss was ₹10.3 crore, but that included a one-time ₹28.6 crore gain from the slump sale. The underlying operating loss was ₹38.9 crore.

Four things stand out.

1. Revenue hasn't grown in four years. ₹17.3 crore to ₹16.5 crore. And the core data business is down 26%.

2. Losses have doubled. Same revenue, twice the burn.

3. Data feed cost has halved. This is the most buried signal in the accounts. Data feed is their raw material — what they pay exchanges for data. Buying less data means serving fewer customers or narrowing coverage. A growing business would show this line rising, not falling by half.

4. Advertising went up 28x. From ₹0.6 crore to ₹16.2 crore — roughly equal to the group's entire revenue. And after spending it, revenue stayed flat.

One more thing: the company is trying to merge with Baron Infotech, a company in insolvency proceedings. The scheme is stuck at NCLT Hyderabad after a rival resolution applicant raised objections. The company itself says it would be "premature" to assess the outcome.

This is the hardest question, and it deserves a straight answer.

The retail side is essentially finished.

Zerodha Kite, Groww, Upstox and Angel One all give away live quotes, charts, fundamentals and screeners for free. Everything the Ticker Market app is trying to sell, every broker hands to its customers at no cost — because brokers make money on brokerage, not on data. You cannot compete with someone giving your product away and monetising elsewhere.

And now there are AI-driven apps pushing stock information over WhatsApp. Broker APIs — Kite Connect at ₹2,000 a month, Angel One's SmartAPI free — do what expensive data feeds used to.

The institutional side is real — but it has its own problems.

Banks, treasuries and mutual funds genuinely need professional-grade data. Those contracts are sticky and run for years. This is Ticker's actual business.

But:

• The exchanges have become competitors. NSE and BSE now sell data directly. Ticker buys from them and resells. When your supplier is also your competitor, margins compress.

• Bloomberg and Refinitiv don't just sell data. They sell chat, analytics, fixed income workflow and trading tools. A dealer's entire working day lives inside that terminal. Cheaper data alone won't dislodge it.

• Ticker's data feed spend is falling. Coverage isn't expanding.

Where the genuine opportunity might have been:

Fixed income, corporate bonds, CCIL data, physical commodity mandi prices, forex — India has real gaps in good data here, and Bloomberg is expensive. The AI boom is a genuine tailwind too: every AI application needs clean, licensed, structured data, and scraping won't cut it.

But if Ticker were winning any of this, Ticker Data Limited's revenue wouldn't have fallen 19%. And the data feed line wouldn't have halved.

The idea is sound. India needs its own market-data player. The retail investor base is exploding. AI needs licensed data. The space exists.

But the numbers say one thing clearly: in four years, the idea has not become a business.

Revenue hasn't moved. The core business is shrinking. Losses have doubled. Raw material spend has halved. Advertising is up 28x. Cash has gone from ₹152 crore to ₹49 crore. And the company is selling new shares again.

Scope only appears when revenue starts growing. Four years of data show no sign of that.

Two questions I'd want the company to answer:

1. What consumed ₹31.8 crore in Dubai, when Dubai brought in ₹3.6 crore?

2. What product was the ₹16 crore of advertising for, and why did revenue stay flat afterwards?

The report answers neither.

One thing worth knowing: Ticker Limited is not listed. Its shares trade on unlisted-share platforms, where pricing isn't transparent, exits are difficult, and repeated new share issues make dilution risk considerably worse.

This analysis is based solely on the company's public annual reports (FY24 and FY26) and its own websites. It is not investment advice, and We are not a SEBI-registered advisor. Do your own research or speak to a registered advisor before investing.