Healthtech startup Clinikk kicked off its Series A funding round led by Massmutual Ventures in the last quarter of FY23. This was the second round of investment by Massmutual Ventures in the company which attracted the investors through its multifold growth in the last few years.
Clinikk has achieved around remarkable 90X growth between FY20 and FY22 along with crossing Rs 73 crore revenue in FY22. The company has recorded a 9.9X jump to Rs 73.21 crore in collection from operations during the fiscal year ending March 2022 from Rs 7.4 crore in FY21, according to its annual financial statements with the Registrar of Companies.
Clinikk primarily makes money from subscriptions which formed around 74% of its total collections whereas 25% of its revenue from vaccine administration.
Set up in 2018 by Suraj Baliga and Bhavjot Kaur, Clinikk offers comprehensive packages which include family health insurance coverage and OPD coverage at a monthly subscription. As per its website, it has served over 30,000 families through more than 50,000 consultations.
On the back of rising expenses, losses of Clinikk also soared 2.4X to Rs 10.34 crore in FY22 as compared to Rs 4.31 crore in FY21. It’s worth noting that Clinikk’s losses didn’t surge on the similar pace of expenses which can be ascribed to an exceptional growth in its operating scale.
On the expense front, advertisement cost accounted for 63.6% of the total expenses. This cost shot up 8.8X to Rs 53.34 crore in FY22 from Rs 6.08 crore in FY21. Clinikk’s spending on employee benefits and purchases of vaccine (post-inventory adjustments) stood at Rs 12.09 crore and Rs 11.75 crore respectively in FY22.
Moreover, legal, professional, employee hiring expenses and others took its total annual expenditure up by 7.1X to Rs 83.82 crore in FY22 from Rs 11.84 crore in FY21. On a unit level, Clinikk spent Rs 1.14 to earn a rupee of operating income during FY22.
Clinikk has raised around $9.2 million (~Rs 71 crore) to date from Massmutual Ventures, Blume Ventures, and WEH Ventures among others. Following its Series A round, it was valued at around $31 million (Rs 255 crore). Entrackr had exclusively reported about the fundraise in Jan this year.