Ekincare posted revenue growth of over 33%, reaching Rs 54.38 crore in FY24 compared to Rs 40.88 crore in FY23. The health-tech company has raised a total of Rs 161.79 crore in funding over six rounds, with its latest Series B round in March 2022.
Ekincare operates as a full-stack, AI-driven health benefits platform, helping employers design customized health packages for their workforce. It offers services such as annual health checkups, telemedicine, e-pharmacy, vaccinations, mental health support, and access to fitness centers. With a network of over 10,000 service providers, it serves 500+ corporates and 1.5 million employees across India.
Expenses declined by 10.5% to Rs 79.09 crore in FY24 from Rs 88.4 crore in FY23. Employee benefit costs accounted for 27.39% of total expenses in FY24, down from 38.13% in FY23. Advertisement costs dropped to 2.18% from 6.51%, while finance costs remained steady at around 1%.
Net losses reduced to Rs 24.67 crore in FY24 from Rs 47.27 crore in FY23, reflecting improved financial efficiency. The EBITDA margin improved significantly to -43.69% from -112.07% in the previous year. However, ROCE dipped to -219.91% in FY24 from -203.01% in FY23.
Co-founders Kiran Kumar Kalakuntla (15.75% stake), Srikanth Samudrala, and Dr. Noel Coutinho lead the Hyderabad-based company. Other key investors include HealthQuad Fund (10.73%) and Sabre Partners (8.13%).
Founded in 2014, Ekincare continues to expand its role in the corporate healthcare space, helping businesses reduce employee healthcare costs by up to 90%.