Mumbai-based Nayam Innovations recorded a 78% rise in revenue in FY24, reaching Rs 1.09 crore compared to Rs 61.28 lakh in FY23. Notably, the company did not generate revenue from operations in FY24, with 100% of its revenue derived from other income. Rooted in healthcare innovation, continues to focus on creating affordable and customizable intraocular lenses (IOLs) to eliminate refractive errors and reduce blindness globally.
Nayam Innovations’ novel technology platform enables surgeons to tailor IOLs before or after cataract surgeries, neutralizing conditions like astigmatism, myopia, and hyperopia. This eliminates the need for post-surgery interventions such as LASIK or progressive spectacles. The platform also aims to reduce the manufacturing cost of hydrophobic foldable IOLs to make them accessible to patients across socio-economic strata.
Founded in 2012 by Tanuj Gigras, Nayam Innovations has raised Rs 21.41 crore across six funding rounds, with the most recent in July 2022. Gigras holds a 36.57% stake, while notable investors include Bharat Innovation Fund (9.12%) and Entrepreneurship Development Center (8.61%).
Despite revenue growth, expenses surged by 62.5% in FY24 to Rs 4.42 crore from Rs 2.72 crore in FY23, largely driven by increased employee benefit costs, which constituted 38.71% of total expenses. Advertisement costs remained steady at below 2% of total expenses, while depreciation declined to 9.1% from 11.7%. Finance costs were negligible at 0.01%.
Losses widened to Rs 3.12 crore in FY24 from Rs 2.10 crore in FY23. However, EBITDA margins improved to -249.46% from -292.04%. Conversely, ROCE declined sharply to -400.95% in FY24.