Tata 1mg backed healthcare firm 5C Network’s revenue dwindles 20% to Rs 18.75 crore in FY23 as compared to the preceding fiscal. Its revenue form operations shrunk over 21% to touch Rs 18.35 crore in the same year.
Previously in FY22, its overall revenue stood at Rs 23.5 crore while operations contributed to over 99% of it.
Headquartered in Bengaluru, 5C Network is a healthcare diagnostics network that provides a cloud-based platform to allow hospitals and diagnostic centers to upload radiology images, which are then interpreted by a network of radiologists.
The Kalyan Sivasailam and Syed S Ahmed led company’s expenses grew 13% to 38.2 crore in FY23. Employee benefits was the major expenses of the fiscal taking up over 30% of the total expenses.
While depreciation took 2%, travelling costs of the company contributed a little over 1.2%.
The eight-year-old company secured close to Rs 84 crore through 7 fundraises since inception. Earlier this month, it raised more than Rs 25 crore in a Series B round led by Redwood India.
Post the round, Kalyanasundaram S became the largest shareholder in the company. Investors like Unitus Capital and Celesta Capital were among the significant shareholders.
It had previously raked in over Rs 36 crore in later 2022 led by Celesta Capital. As of this round, the firm’s valuation stands at Rs 255 crore.
5C Network’s losses widened about two fold from FY22’s Rs 10 crore to Rs 19.5 crore in FY23. Its current EBITDA margin stand at -99.43% and its ROCE is at -87.85%.