Bengaluru-based healthtech startup Medfin reported a 25.2% growth in revenue to Rs 12.76 crore in FY24, compared to Rs 10.19 crore in FY23. Its operating revenue accounted over 76% of the total revenue in FY24, down from over 82% in FY23. Its operating revenue stream includes marketing and counselling services fees.
The company provides access to minimally invasive surgical procedures at significantly reduced costs, ensuring a seamless experience by coordinating with hospitals and insurance providers. Medfin’s operating model enables cost savings of up to 50% for patients, covering surgical procedures across specialties such as ophthalmology and orthopedics.
The company’s expenses declined by 20.5% to Rs 45.15 crore in FY24, compared to Rs 56.72 crore in FY23. Employee benefit costs accounted for 38.82% of total expenses in FY24, up from 35.34% in FY23, while advertisement expenses contributed 31.40%, down from 42.45% in FY23. Depreciation and finance costs accounted for 2.45% and 1.59% of total expenses, respectively.
Despite reducing expenses, Medfin reported a net loss of Rs 32.39 crore in FY24, narrowing from Rs 46.54 crore in FY23. The company’s EBITDA margin improved to -239.42% in FY24 from -448.69% in FY23, while its ROCE stood at -129.95%, compared to -78.99% in FY23.
Founded in 2017, Medfin has raised a total of Rs 149.03 crore across four funding rounds, with its latest Series B round closed in April 2022. The company’s shareholding structure includes co-founder Arun Kumar Mendu (23.27%), Arjun Kumar Mendu (9.97%), and Sidharth Mohan Gurjar (3.69%), alongside Apollo Hospitals Enterprises (2.63%) and Kotak Investment Advisors Ltd (1.96%).
Medfin continues to strengthen its position in the Indian healthcare ecosystem by making surgical procedures more affordable and accessible through its tech-driven platform.