Every rupee that did not come out of a customer's pocket this month is on this page. Every rupee that came in from a lender is also on this page. We added them, subtracted what we paid for the customer, paid the agents who brought the file, paid for the servers and the people, and what was left we kept. That number — the only one we get to spend on growing the company — is the last row of the table in Section III. We have nothing to hide from you, and a great deal to lose if you stop trusting us.
Edition I·Volume 1·May 2026In print
The Karzero
Ledger.
A monthly accounting of money moved, charges absorbed, and margins earned. Published in plain numbers, with the math, for anyone to audit — including the customer who is wondering where the catch is.
Filed byThe FoundersMumbai · 26 May 2026
I.The Lead
Why publish this
Indian lending is opaque by tradition. Fees vanish into the EMI. Insurance gets bundled without consent. We took the opposite oath: every customer pays only their EMI, and we publish, monthly, how that math works out for our P&L.
II.The Big Number
₹ absorbed by Karzero this month — paid by no customer
₹15.39 L
Processing fee, insurance premium, GST, documentation, credit report — itemized on every sanction letter, paid by us. Itemized below in Section III for the readers who like to see the math.
Source: internal accounting1
Audited 2026-05-19
III.The Three Pillars
Total disbursed
₹8.22 Cr
Across 25 files
Customers served
25
Each one paid ₹0 in charges
Cities live
7
Coverage expanding monthly
IV.The Math, Line by Line
For every average disbursal of ₹32.88 L, this is how the rupees flow.
Karzero earns a commission from the lender. Out of that commission, we pay the customer's charges, pay the agent who sourced the file, pay our tech and team, and keep the rest. Every line below is from the same general ledger our auditor sees.
Per-disbursal, averaged across 25 files this month.
- +Gross commission earned (from lender)2₹94,726
- −Processing fee absorbed for customer3₹30,786
- −Insurance premium absorbed₹18,472
- −GST, documentation, credit report₹12,314
- −Agent commission (avg 70% of net margin)4₹17,051
- −Tech, ops & people (est.)₹7,578
- =What Karzero keeps₹8,525
V.Where the Money Came From
10 RBI-compliant partners. No exclusivity. Customers always see the best offer they qualify for, not the one that pays us the most.
LenderShare of volumeAvg TATVolume
01Tata Capital26.2%36h₹2.15 Cr
02HDFC Bank21.5%48h₹1.77 Cr
03Kotak Mahindra12.6%48h₹1.04 Cr
04IDFC First Bank10.3%24h₹84.48 L
05ICICI Bank8.3%30h₹68.15 L
06Federal Bank7.5%48h₹61.91 L
07Bajaj Finance7.1%12h₹58.07 L
08Axis Bank2.3%36h₹18.76 L
09Poonawalla Fincorp2.2%24h₹18.11 L
10Yes Bank2.1%36h₹17.08 L
VI.What Was Borrowed
- Home5 files47.8%
- Personal10 files18.2%
- Loan against property2 files11.3%
- Business3 files9.1%
- Overdraft2 files8.3%
- Vehicle3 files5.2%
VII.The Pledge
We will publish this ledger every month. Every rupee accounted for. If we ever charge our customer, we will close shop.
VIII.The Auditor's Note
The numbers on this page are reconciled against our general ledger by an independent firm at month-close. We publish them whether they make us look good or not. The next reconciliation lands on the first business day of the month, every month, forever.
Reviewed by
Bhattacharya & Co. (ICAI)
Reports are made available on request to grievance@karzero.in and are filed with the RBI under the Lending Service Provider digital lending guidelines (2022, as amended).
IX.Footnotes
- 1.Drawn from disbursed loans only. Files that did not convert do not enter the absorption total.
- 2.Commission ranges from 2.5% to 3.5% across lenders; weighted average shown.
- 3.Processing fee absorbed equals what the customer would have paid at the lender's standard rate, not what Karzero negotiated.
- 4.Agent commission is variable by Club tier (Bronze→Diamond). 70% is the platform-weighted average for this period.
Read next
The mechanics behind the absorption — How it works.