Qure.ai’s losses widen 87% to Rs 90 Cr in FY25

Qure.ai, a Mumbai-based healthtech startup leveraging artificial intelligence for radiology solutions, saw its losses nearly double in the fiscal year ending March 2025, even as it clocked steady revenue growth.

Qure.ai’s operating revenue grew 24.5% to Rs 175.5 crore in FY25 from Rs 141 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC).

Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 86% of the company’s operating revenue, increasing by 23% to Rs 151 crore. The remaining revenue was generated from the sale of healthcare products.

Geographically, the company continues to derive the bulk of its revenue from overseas markets. Revenue from outside India surged 39.6% to Rs 174 crore, forming over 99% of Qure.ai’s topline. Revenue from India, however, fell sharply by 80% to Rs 1.3 crore in FY25.

In line with many tech and AI-driven companies, employee benefit expenses made up nearly 48% of overall costs, increasing to Rs 133 crore in FY25 from Rs 109 crore in FY24. Legal and professional fees climbed to Rs 37 crore, while cloud computing charges nearly doubled to Rs 18 crore. Depreciation also spiked to Rs 22 crore from Rs 12 crore a year earlier.

Overall, Qure.ai’s total costs rose 39% to Rs 279 crore in FY25 from Rs 201 crore in FY24. For a more detailed expense breakup, refer to TheKredible.

Due to the company’s cost outpacing revenue growth, Qure.ai’s loss increased by 87.5% to Rs 90 crore in FY25 from Rs 48 crore in FY24. Its ROCE and EBITDA margin stood at -20.99% and -45.30% respectively.

On a unit basis, the company spent Rs 1.59 to earn a rupee of operating revenue in FY25. The Mumbai-based company reported current assets worth Rs 406 crore in FY25 including Rs 35 crore in cash and bank balances.

According to TheKredible, Qure.ai has raised a total of $121 million of funding till date, having Peak XV Partners, HealthQuad and Novo Holdings as its lead investors. The company’s founder and CEO Prashant Warier owns 3.55% of the company.