Bangalore-based healthtech startup Healthplix posted a 2X rise in revenue in FY23, reaching Rs 29.58 crore from Rs 14.25 crore in FY22.
Founded in 2014 by Sandeep Gudibanda and Raghuraj Sunder Raju, Healthplix is an AI-powered EMR platform for doctors, helping them automate patient appointments, create and share electronic medical records, manage online consultations, improve patient retention, and grow their practice. Its doctor network spans 370+ cities across India.
The healthtech platform has raised a total of Rs 348.75 crore over 11 funding rounds, with its latest Series C round in March 2023 led by Avataar Ventures and SIG Venture Capital.
Competing with platforms like Medify and Docon, the majority of Healthplix shares are held by Chiratae Ventures at 15%, followed by Avataar Venture Partners and Kalaari Capital, each holding around 14% of the company. SAI Global and Lightspeed Venture Partners are also among the key shareholders.
Along with revenue growth, Healthplix’s expenses also increased to Rs 71.52 crore in FY23 from Rs 50 crore in FY22. Employee benefits made up over 50% of these expenses, along with significant expenses for finance costs, advertisements, and legal and professional fees.
Despite the rise in revenue, losses widened to Rs 41.94 crore in FY23, compared to the loss of over Rs 30 crore in FY22.
The company’s current EBITDA margin and ROCE remained negative at -134.70% and -27.48%, respectively.