Healthcare startup aiqa health reported a revenue of Rs 72.4 crore in FY24, marking a significant 8X jump from Rs 9 crore in FY23. The company’s net profit also surged over 12x to Rs 18.2 crore in FY24 from Rs 1.5 crore in FY23, as total expenses grew by 7X to Rs 48 crore in FY24 from Rs 7 crore in FY23.
Founded in 2020 and headquartered in Gurugram, aiqa health is on a mission to decentralize healthcare and improve patient outcomes through affordable, high-quality care. The platform offers a digital health subscription that includes unlimited doctor consultations, hospital cash benefits, and discounts on lab tests and medicines specifically targeting underserved populations in Tier 2, Tier 3 cities, and metros.
Commission paid emerged as the largest component of total expenses in FY24, accounting for 52.7%, while employee benefit costs stood at 2% consistent with FY23. Advertisement costs comprised 1% of FY24 expenses.
The company demonstrated strong operational efficiency, with its EBITDA margin improving to 33.71% in FY24 from 22.86% in FY23. Return on capital employed (ROCE) also rose to 120.60% in FY24 from 110.82% in the previous year indicating effective capital deployment and profitability.
Notably, aiqa health has achieved this growth without raising any external funding. The company is founded by Karan Chopra and Sunil Sachdeva, the latter being the co-founder of Medanta Hospital.