Heathcare focused company Medkart registered an 18% rise in its scale to Rs 35.9 crore in FY23. The same year saw operations contributing over Rs 35 crore to the overall revenue, a 17.4% rise as compared to its preceding fiscal.
In FY22, the firm has generated a revenue of Rs 30 crore with over 99% of it being contributed by operations.
Based out of Ahmedabad, Medkart offers generic versions of the drugs thereby making medicines affordable for the people. It also ensures door-step delivery based on the value of the orders.
The company aims to make generics medicines available all across the countries across all tiers.
The Ankur Agarwal led company has raised a total of Rs 40 crore in its maiden Series A funding round. The round was held in later 2021 and saw support from the likes of Insitor Partners, Alkemi Partners, and Radix among others.
While the founder holds a majority of shares of the company, the likes of Parasharan Chari and Parthiv Haresh Shah also hold a significant number of shares in the company.
The decode old company’s expenditure for FY23 widened 30% to touch Rs 42 crore. While cost of materials was a major expense, taking up over 68% of the overall expenses, employee benefits and promotional costs took up over 13% and more than 5% respectively.
Previously, the company’s expenses stood at Rs 32 crore with cost of materials being a major expense.
Medkart’s losses touched Rs 5.2 crore in Fy23, a 7X spike as compared to FY22’s Rs 71 lakhs. Its current EBITDA margin and ROCE dropped to -15.67% and -78.15% respectively.