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Practo delivers 3,500 Cr GMV in FY24; narrows EBITDA losses by 82%

EntrackrEntrackr · 6m ago
Practo delivers 3,500 Cr GMV in FY24; narrows EBITDA losses by 82%
Medial

Practo surpassed a GMV (gross merchandise value) of over Rs 3,500 crore in the fiscal year ending March 2024. The company also recorded a 22% year-on-year increase in operating revenue, while operating EBITDA losses reduced by 82% during FY24. Practo’s revenue from operations increased to Rs 240 crore in FY24, reflecting a 22% increase when compared to FY23, the company’s press release shows. Practo helps patients find and connect with the right healthcare providers. It is a platform to find quality & verified healthcare services enabling patients to make informed decisions through an array of processes such as audits of facilities, verification of doctors credentials, merit-based scoring system for providers, patient reviews etc. It also provides software for hospitals and clinics to improve the efficiency of facilities. According to the blog post on the company’s website, it has served over 54 million patients across 642 cities and has done more than 600 healthcare establishment (hospital) audits during the previous fiscal. Practo’s focused approach to its core India business resulted in a 68% CAGR (compound annual growth rate) between FY22 and FY24, while its contribution margin improved significantly, rising from -1% in FY22 to 40% in FY24, according to the press release. “Our goal has always been to improve healthcare outcomes while building a sustainable business. Our sharp focus on the core business has driven exceptional results. Practo is excited to continue this momentum, with ambitious plans for growth with profitability in the coming year”, Shashank ND, Co-founder and CEO, of Practo, added. The growth and controlled expenditure helped Practo to reduce its EBIDTA losses by 82% to Rs 17 crore in FY24 from Rs 99.4 crore in FY23. As per the company, the last quarter (Q4) of FY24 was profitable and claimed profitability over the preceding 12 months ending September 2024. Practo is also exploring global expansion to extend its healthcare services beyond India. Practo has raised a total of $179 million to date from investors including Peak XV Partners, Matrix Partners (Z47), Tencent, and AIA. It competes with Pristyn Care-owned Lybrate, Medibuddy, and Healthians, among others.

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Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses

EntrackrEntrackr · 9d ago
Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses
Medial

Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses Diagnostics platform Redcliffe Labs has posted a 20% increase in its operating revenue to Rs 419 crore in FY25 from Rs 350 crore in FY24 and managed to narrow its EBITDA losses, as per the company’s press release. Diagnostics platform Redcliffe Labs has posted a 20% increase in its operating revenue to Rs 419 crore in FY25 from Rs 350 crore in FY24, as per the company’s press release. The Gurugram-based firm also managed to reduce its EBITDA losses from -38% to -21% during the same period. Founded by Aditya Kandoi, Redcliffe operates a nationwide network of over 80 labs and claims to have the widest home sample collection footprint in the country. Diagnostic services contributed over 95% of the company’s revenue in FY25, with the rest coming from product sales and other operating income. The company said it diagnosed over 2.5 million cases last fiscal and continues to focus on expanding in underserved regions, with more than 70% of its testing volumes now coming from Tier II cities and beyond. On the profitability front, Redcliffe reported a gross margin of 70% in FY25 and is aiming to expand it to 74% in FY26. It has also set a revenue target of Rs 560 crore for the ongoing fiscal through organic growth and strategic acquisitions. “We are transforming lives and making diagnostics a first-line solution for millions who were previously underserved,” said Kandoi. The company plans to expand its presence to over 300 cities with 150 labs by FY28. According to startup data platform TheKredible, Redcliffe has raised $113 million to date, including a $42 million Series C round led by LeapFrog. It also acquired Bengaluru-based Celara Diagnostics in a $7 million deal. Redcliffe competes with players like PharmEasy-owned Thyrocare, Tata 1mg, and Healthians.

WheelsEye narrows losses by 71% to Rs 39 Cr in FY24

EntrackrEntrackr · 5m ago
WheelsEye narrows losses by 71% to Rs 39 Cr in FY24
Medial

WheelsEye narrows losses by 71% to Rs 39 Cr in FY24 Logistics SaaS firm WheelsEye experienced slower growth since FY22, with revenue growth flattening in FY24. The company reported a marginal 7% increase in revenue for the fiscal year ending March 2024 but successfully reduced its losses by 71% during the same period. WheelsEye’s revenue from operations grew to Rs 218.4 crore in the last fiscal year, from Rs 203.8 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). WheelsEye provides trucking solutions for businesses and software, GPS tracking, and FASTag solutions for truck fleet operators. Revenue from the sale of services (trucking service) increased by 18.9% to Rs 129.6 crore, while revenue from the sale of products (software) grew by 7.85% to Rs 57.7 crore. Income from other sources added another Rs 31 crore. The company made an additional Rs 35 crore from interest income which pushed its total Income to Rs 253 crore in FY24. WheelsEye's largest cost component, employee benefit expenses, dropped by 28.72% to Rs 135 crore. The cost of materials increased slightly by 3.43% to Rs 93.6 crore, while commissions paid decreased by 9.64%, standing at Rs 7.5 crore. Miscellaneous expenses for the last fiscal year amounted to Rs 56.9 crore. In the end, WheelsEye managed to reduce its overall expenses by 17.23%, bringing them down to Rs 293 crore in FY24. This cost optimization contributed to a 71% reduction in net loss, with losses narrowing to Rs 39 crore in FY24. The company also reported improved financial ratios, with its ROCE improving to -44.85% and EBITDA margin rising to -13.76%. Cost efficiency improved as well, with the company spending Rs 1.34 to earn a rupee in FY24. On the asset side, WheelsEye recorded Rs 186 crore in current assets for FY24, which included Rs 142 crore in cash and bank balances. According to the startup data intelligence platform, TheKredible, Wheelseye's parent entity is situated in the USA holding 99.9% of the Indian entity with the name Wheelseye Technology INC. The reduction in losses would be a welcome development at WheelsEye, probably something that has caused the slowdown in growth as well. The effort indicates a push to seek public market access perhaps, even as the firm remains well placed to seek growth again soon. In the past year, seemingly improving efficiency in logistics has led to a slowdown in growth within many firms in the category, something that should correct soon for WheelsEye as well.

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%

EntrackrEntrackr · 3m ago
Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
Medial

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83% Global edtech company Eruditus recorded modest year-on-year growth in its operating revenue, crossing the Rs 3,700 crore ($448 million) mark in the fiscal year ending June 2024. The Mumbai-based firm narrowed its losses by over 83% during the same period. Compared to FY23, the firm’s operating scale grew by 12% to Rs 3,733 crore, according to its annual financial statement sourced from Singapore. Eruditus follows a financial year that runs from July to June. The firm appears to be ahead of the leading edtechs, with revenue nearly 1.8 times that of PhysicsWallah and more than double that of upGrad. PhysicsWallah reported Rs 2,015 crore revenue in FY24 whereas upGrad registered Rs 1,487 crore revenue in the same period. Eruditus offers education across more than 80 countries to over a million learners. It partners with over 80 universities across the United States, Europe, Latin America, Southeast Asia, India, and China. The firm didn’t offer revenue break-up across geographies. The company deferred recognition of Rs 800 crore ($96 million) in collected revenue to the last fiscal year (FY25). Eruditus made progress in controlling its expenses as its marketing expenses dipped 18.85% year-on-year to Rs 1,007 crore in FY24 from Rs 1,241 crore in FY23. Other operating expenses were down by 32.16% year-on-year to Rs 1,045 crore in FY24 from Rs 1,541 crore in FY23. The cost optimizations led to a sharp improvement in the company’s bottom line. Eruditus narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million) in FY24 from Rs 417 crore ($50 million) in FY23. With backing from investors such as TPG, the Chan Zuckerberg Initiative, SoftBank Vision Fund 2, Prosus Ventures, Accel, and Peak XV, Eruditus has the capital reserve to expand its presence and offerings across markets. In October 2024, it raised $150 million in the second-largest edtech deal of the year, after PhysicsWallah’s $210 million funding. With revenue approaching $500 million and an 83% reduction in losses, the company shows a path toward sustainable growth in the edtech industry. Heading into FY25 with deferred revenue, Eruditus is on track to achieve profitability while building on its revenue base.

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