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

Following over 2X growth in the fiscal year ended March 2024, digital healthcare platform MediBuddy reported a modest growth in its operating scale in FY25. However, the company managed 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), as per the company’s annual financial statements filed with the Registrar of Companies (RoC).

MediBuddy is a digital healthcare platform that provides online and offline medical consultations, medicine delivery, lab tests, surgeries, and insurance services. Revenue from these services collectively remained the company’s primary source of income and accounted for Rs 722 crore, while other operating sources contributed Rs 2.5 crore.

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, which pushed its total income to Rs 743 crore in FY25.

On the expenses side, the cost of materials accounted for the largest share at 38% of total expenses and stood at Rs 333 crore in the previous fiscal. This was followed by employee benefits expenses, which increased marginally by 8% to Rs 176.8 crore, including Rs 6 crore in ESOP expenses.

Sales payout expenses, which include commissions paid to selling agents, declined 7% to Rs 155.47 crore during the year. The company also spent Rs 42.5 crore on safety and security and Rs 32.5 crore on information technology. Other overheads, including legal and professional fees, advertising, depreciation and amortization, finance costs amounted to Rs 138.7 crore in FY25.

Overall expenses for the Bengaluru-based firm remained flat at Rs 879 crore in the previous fiscal. Controlled expenditure and a 12% rise in revenue helped the company narrow its 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. Its EBITDA margin improved to -14.19% in FY25 from -25.67% in the previous year, while its EBITDA loss stood at Rs 103 crore during the period.

As of March 2024, MediBuddy’s current assets were Rs 395.2 crore, including cash and bank balances of Rs 80 crore.

According to startup data intelligence platform TheKredible, Medibuddy raised over $190 million to date. It last raised $18 million in August 2023  from existing investors Quadria Capital, Lightrock, and TEAMFund. In June 2020, MediBuddy announced its merger with rival DocsApp.

MediBuddy competes with a clutch of companies including Pristyn Care-owned Lybrate, Practo, mFine  Tata 1mg and among several others.