SilverPush Revenue Update FY25

SilverPush, a marketing technology platform, struggled to maintain its fiscal growth momentum from FY24 into FY25, with revenue growth showing only modest double digits, in stark contrast to the nearly 120% year-on-year growth experienced in the previous fiscal year (FY24). Notably, the firm reported a loss exceeding Rs 17 crore for the fiscal year ending March 2025.

In FY25, SilverPush’s revenue reached Rs 386 crore, reflecting an 11% increase compared to Rs 347 crore in FY24, as per the company’s provisional financial statement analysed by Startup Superb. SilverPush specializes in AI-driven advertising solutions that encompass contextual advertising, audience targeting, and ad measurement, enabling businesses to monitor their advertisement performance. The firm has not disclosed its revenue breakdown by business segments or regions.

Expense Breakdown for FY25

On the expenditure front, sales costs, which include expenses for cloud infrastructure, data, and media, constituted 63% of the overall costs, amounting to Rs 233 crore in FY25. Employee benefit expenses made up 21% of the total, equivalent to Rs 77 crore in FY25. Additional expenses, including finance costs, depreciation, and other operational costs, contributed another Rs 58 crore, bringing the company’s total expenses to Rs 368 crore for FY25.

Profitability Trends

In contrast to FY24, when the company recorded a profit of Rs 6 crore, SilverPush reported a loss of Rs 17.6 crore in FY25. The company’s EBITDA was at -Rs 9.45 crore, with an EBITDA margin of -2.5%. By the end of FY25 (March 2025), the Gurugram-based firm reported current assets amounting to Rs 175 crore, which included Rs 49 crore in cash and bank balances.

According to the filings, SilverPush is anticipated to surpass the Rs 500 crore revenue threshold in FY26, while regaining profitability estimated at around Rs 19 crore. However, it remains to be seen whether this will materialize as the digital advertising landscape is encountering significant challenges. From AI impacting page views on various platforms to increasingly sophisticated methods of skipping ads, companies are reassessing their approaches to the medium. Many are cutting back when they perceive a lack of market receptiveness. Furthermore, at the higher end of the market, e-commerce platforms are also trimming their advertising budgets, posing additional challenges for companies like SilverPush.

Although the firm’s focus on video is expected to provide some buffer, this sector is also marked by formidable competition that can erode profit margins. Recent GST reductions may offer SilverPush the boost needed to return to profitability, but continuous monitoring of growth figures will be essential moving forward.