Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23

Healthtech startup Healthians had targeted Rs 500 crore revenue with profits in FY23. But it seems like the company has missed this projection by a significant margin: it did not reach even the halfway mark. At the same time, its losses spiked 55%.

The company’s revenue from operations increased 34.13% to Rs 224 crore in FY23 from Rs 167 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show.


Healthians delivers health test at-home services, extending a diverse array of health tests across 250 cities in India. According to its website, the firm has facilitated over 100 million tests since its inception in 2015.

The sale of diagnostics services was the primary source of revenue for Heathians while the rest of the income came from the sale of supplements. Visit TheKredible for a detailed revenue breakup.

In line with similar healthtech platforms, its employee benefits formed 32% of the overall expenditure. This cost rose by 83.8% to Rs 136 crore in FY23 from Rs 74 crore in FY22. Its advertising and promotional costs also saw an increase of 45% in FY23.

The cost of materials, legal-professional, technical service, information technology, and other overheads propelled its overall expenditure by 40.9% to Rs 420 crore in FY23 from Rs 298 crore in FY22.

Head to TheKredible for a complete expense breakup.

Expenses Breakdown

Total ₹ 298 Cr
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Total ₹ 420 Cr
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  • Cost of materials consumed
  • Employee benefit
  • Information technology
  • Legal professional
  • Advertising promotional
  • Cost technical services
  • Others

Caveat: We have excluded the gain/loss of the FVTPL for both years (FY23 and FY22).

With the increase in expenses outpacing the revenue growth, losses for Healthians grew 54.6% to Rs 184 crore in FY23. Its ROCE and EBITDA stood at -74% and -61.4% respectively. 


FY22 FY23
EBITDA Margin -56% -61.4%
Expense/₹ of Op Revenue ₹1.78 ₹1.88
ROCE -27% -74%

On a unit level, it spent Rs 1.88 to earn a rupee in FY23.

With the Covid pandemic and its associated after effects well behind now, it’s a testing time in more ways than one for health test firms. So much so that larger diagnostic firms stopped providing splits between Covid and non-Covid testing some time ago. Established players are fighting back with a vengeance, even as customers seek more options. Hospital chains in the larger  cities are also probably much more aggressive today in trying to retain their OPD business for their diagnostic clinics. 

As independent entities, Healthians faces the obvious issue of doctors not really recommending it or worse, discounting its test results, as we have observed in many cases. Add to that the intense competition and consequent discounting in the market today, and profits are the last thing on the mind of players. While a listed player like Dr Lal PathLabs might be more careful, others are not so worried as these seek to grab market share. More importantly, the larger players with a captive base like hospitals or even listed players have the money to invest in newer testing methods and technology. 

The next big market by all measures remains tier 3 and 4 cities, something that will not please Healthians again for the investments they will demand to set up a network. It is probably time to brainstorm around a clear differentiator in terms of communications, or even a test area it can count on for higher margins, for Healthians to make the next step towards sustainability. 

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