Delhi headquartered health tech company Medulance witnessed a 6.9% rise in its top scale in FY23 from Rs 24 crore in FY22 to Rs 26.21 crore.
This growth was primarily driven by ambulance services which constitute 95.704% of the total revenue. Other income streams including subscription fees at 0.654% and manpower supply services at 0.254% also contributed to the operating revenue.
founded by Pranav Bajaj and Ravjot Singh Arora, Medulance provides rapid emergency ambulance services with a fleet of up to 10,000 ambulances across India. The app-based platform allows users to book ambulances for various needs, including Advanced Life Support (ALS), Basic Life Support (BLS), patient transport, and mortuary vans.
It also extends its services to teleconsultation, e-pharmacy, diagnostics, home healthcare, elderly care, and mental wellness.
While it saw a significant rise in revenue, the company’s expenses also saw a notable spike. FY23’s expenses amounted to Rs 23.90 crore, a nearly 30% increase from Rs 18.45 crore in FY22.
Contributing to this rise was the cost of materials taking up 35%, employee benefit costs of close to 32%, and finance costs stood at about 2%.
The eight year old startup secured over Rs 25 crore in its Series A funding round earlier this year, led by Alkemi Growth Capital, with participation from Dexter Capital, Thapar Vision, and Cultadvisor.
The founders, Ravjot Singh Arora and Pranav Bajaj, each hold over 30% of the company’s shares, with Alkemi Growth Capital and Cultadvisor also holding significant shares.
Despite the revenue growth, Medulance’s profits faced a significant decline, dropping over 60% from Rs 5.89 crore in FY22 to Rs 2.23 crore in the fiscal year ending March 2023. The company maintains an EBITDA margin of 12 % and a ROCE of 17%.