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Medibuddy posts Rs 725 Cr revenue in FY25, narrows losses by 37%

EntrackrEntrackr · 7d ago
Medibuddy posts Rs 725 Cr revenue in FY25, narrows losses by 37%
Medial

MediBuddy posts Rs 725 Cr revenue in FY25, narrows losses by 37% Following more than 2X growth in the fiscal year ending March 2024, digital healthcare platform MediBuddy reported modest growth in its operating scale in FY25, while managing to narrow its losses by 37% during the period. MediBuddy's operating revenue grew 12.3% year-on-year to Rs 724.6 crore in FY25 from Rs 645.4 crore in the previous fiscal year (FY24), according to the company's annual financial statements filed with the Registrar of Companies (RoC). MediBuddy, a digital healthcare platform, provides online and offline medical consultations, medicine delivery, lab tests, surgeries, and insurance services, with revenue from these forming the primary source of income at Rs 722 crore, supplemented by Rs 2.5 crore from other operating sources. The company also earned Rs 18.42 crore from non-operating sources, including interest on fixed deposits and current investments, written-off liabilities, and other miscellaneous income, pushing its total income to Rs 743 crore in FY25. On expenses, the cost of materials was the largest at 38% of total expenses, standing at Rs 333 crore. Employee benefits expenses rose marginally by 8% to Rs 176.8 crore, including Rs 6 crore in ESOP expenses. Sales payout expenses, including commissions to selling agents, fell 7% to Rs 155.47 crore. The company spent Rs 42.5 crore on safety and security and Rs 32.5 crore on IT. Other overheads, including legal and professional fees, advertising, depreciation and amortization, and finance costs, amounted to Rs 138.7 crore. Overall expenses for the Bengaluru-based firm remained flat at Rs 879 crore, with controlled expenditure and a 12% rise in revenue helping to narrow losses by 37% to Rs 137 crore from Rs 215.7 crore in FY24. On a unit basis, MediBuddy spent Rs 1.21 to earn one rupee of operating revenue, with its EBITDA margin improving to -14.19% in FY25 from -25.67% in the previous year, resulting in an EBITDA loss of Rs 103 crore. As of March 2024, MediBuddy's current assets were Rs 395.2 crore, including cash and bank balances of Rs 80 crore. MediBuddy has raised over $190 million to date, last raising $18 million in August 2023 from existing investors Quadria Capital, Lightrock, and TEAMFund. It competes with companies including Pristyn Care-owned Lybrate, Practo, and mFine Tata 1mg.

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

EntrackrEntrackr · 10m 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.

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