CitiusTech is an online healthcare and consulting platform that announced a 1.1 percent increase in operational revenue to Rs 3,536.2 crore in FY24. The startup provides analytical solutions and technology services for healthcare providers. The healthcare analytics platform offers features like shared risk management, population health management, and more. Software development, support services, and implementation are the company’s primary source of revenue.
The firm also earns its revenue from maintenance and sales of software licenses which declined by 53 percent to Rs 38 crore for this financial year. The company has secured over 1.07 billion USD across multiple funding rounds since its inception, including $960 million raised from Bain Capital Private Equity during its PE round. The platform also provides financial, operational, clinical, and regulatory reporting. The sales of support and software services accounted for 98.8 percent of the total operating revenue in FY24.
CitiusTech also earns Rs 15.7 crore through its non-operating services bringing the total revenue to Rs 3,551 crore in this fiscal year. The platform specializes in providing healthcare providers with several predictive analytics tools such as Claim Analytics and population viewing. The employee benefits accounted for 75 percent of the total expenses and increased in FY24. These costs grew by 4.2 percent to Rs 2,226 crore in the same duration. The depreciation cost increased by 6.2 percent to Rs 136 crore in FY24.
The total expenditure of the firm saw a growth of 3.3 percent and crossed Rs 2,968.3 crore in this financial year. The startup reported a 530.3 percent increase in its profit which stood out at Rs 350.28 crore in the same duration. The Mumbai-based startup was acquired for 955 million USD by Baring Private Equity, after filing an IPO in the US in 2022. The company aims $1 billion target for FY28 with all possible avenues including acquisitions for its fund.
The healthcare solutions and consultation platform has two institutional investors including Bain Capital Private Equity and General Atlantic. The healthcare sector in India saw increased investor interest. The EBITDA margin of the firm stood at 20.01 percent while the ROCE was around 37.67 percent in FY24. CitiusTech faces competition from other healthcare platforms offering analytical solutions for healthcare such as Health Catalyst and AssitRx.
Conclusion :
CitusTech is an online consultation and healthcare platform that announced a 1.1 percent increase in its operational revenue to Rs 3,536.2 crore in FY24. This Mumbai-based startup provides solutions including consulting, engineering, and software to hospitals and health organizations. The non-operating services contributed Rs 15.7 crore to the total revenue for this year.
The sale of software, support services, and implementation is the firm’s major source of revenue. The company’s profit increased by six times to Rs 350.28 crore in FY24. However, the employee benefits increased by 4.2 percent and stood at Rs 2,226 crore in this fiscal year. The firm’s total expenditure saw a 3.3 percent increase and crossed Rs 2,968.3 crore in the same duration.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
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