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MediSage records 6% rise in scale and drops to losses in FY23

  • March 19, 2024
  • By Team TheKredible
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Following its trend with a steady rise in scale, the Mumbai-based firm MediSage recorded over 6% rise in its topline in the last fiscal year. The company’s revenue touched Rs 12.56 crore as compared to FY22’s Rs 11.8 crore.

While it did see a rise in its overall revenue, the health and edtech platform witnessed over 10% drop in its revenue generated from operations the same year. What previously stood at Rs 11.7 crore has now dropped to Rs 10.4 crore.

Led by Bhagwat Dhingra, Abhishek Ghosh, and Anurag Dhingra, the five-year-old company is a global knowledge platform for doctors to come together for knowledge sharing and medical collaboration.

MediSage raised over Rs 53 crore in its first and only round in 2022 from the likes of Bessemer Venture Partners and Citadel Management. The others who participated in the round were Rahul Mukim, Vijay Datt, Siddharth Sikchi among others. The company is currently valued at Rs 287.11 crore.

Post the infusion of its maiden round, co-founders Bhagwat Dhingra and Abhishek Ghosh held over 40% and 25% of the company shares respectively. Investor BVP Holdings followed with a little over 15%.

The company provides a platform to doctors and other healthcare practitioners to discuss and share medical information through virtual communities. The platform includes subject material experts, medical associations, drug and device companies, medical universities among others.

The company witnessed a drastic drop to negatives from the previous two fiscal of profits. FY23 incurred losses of Rs 4.5 crore as compared to FY22’s profits of Rs 4.6 crore.  Dropping to negatives, its EBITDA margin and ROCE stand at -32.14% and -8.24% respectively.

As for the year’s expenses, employee benefits took a huge chunk of over 56% of the overall expenses. The company spent over Rs 65 lakhs and more than Rs 61 lakhs on promotional material and travelling costs respectively.

The company locally competes against the likes of Docplexus, Plexusmd, Curofy, and Clirnet.