SUMMARY
- Qure.ai’s revenue from operations grew to Rs 141 crore in FY24.
- The total expenses grew to Rs 201 crore in FY24.
- Qure.ai cut its losses by 38.5%, bringing them down to Rs 48 crore in FY24.
Healthcare company Qure.ai has recently secured $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment comes after a 83% increase in Qure.ai’s revenue while the company has also managed to cut its losses by 38.5% during this period.
Qure.ai’s revenue from operations grew to Rs 141 crore in FY24 from Rs 77 crore in FY23, as reported in its financial statements.
The Mumbai-based company provides AI solutions aimed at aiding radiologists and doctors in diagnosing serious illnesses such as tuberculosis, lung cancer, and stroke. In FY24, these diagnostic tools and software accounted for 87.23% of the company’s operating income, which has more than doubled to Rs 123 crore. The rest of the company’s income came from the sale of healthcare products.
Employee benefits cost increased by 66.2%, reaching Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore being spent on ESOP expenses, a non-cash expense.
Other costs, including those for materials, communication, travel, advertising, legal, and various other expenses, have seen an 18.2% rise, taking the total expenses to Rs 201 crore in FY24.
Qure.ai cut its losses by 38.5%, bringing them down to Rs 48 crore in FY24 from Rs 78 crore in FY23. Although its EBITDA margin improved, it remained negative at -22.73%. On a per-unit basis, the company spent Rs 1.43 to earn a rupee in FY24.
The company has raised over $120 million to date, including a recent $65 million funding round. Its key investors include Peak XV, Lightspeed, Fractal, and Novo Holdings.
