Qure.ai is an artificial intelligence-based health tech startup platform that announced an 83.1 percent increase in operational revenue to Rs 141 crore in FY24. The startup provides AI-based support tools for diagnostic images. The application offers products like qER, qXR, and more. The sale of these tools and software is the company’s primary source of revenue. The startup also provides digital pathology solutions to distinguish malignant from various tumor types.
Entrackr mentioned in its report that the firm also earns its revenue from sales of healthcare products. The software and sales of tools accounted for 87.23 percent of the total revenue for the last financial year. The company has secured over 123 million USD across seven funding rounds since its inception, including $65 million raised during its series D funding round led by 360 One and Lightspeed Venture Partners with the participation of other investors. The startup also offers radiology solutions including disease diagnosis from MRIs, CT scans, or X-rays.
The data intelligence platform, tracxn mentioned that the startup’s post-money valuation to around 233 million USD. The platform is designed to assist physicians and radiologists in diagnosing critical conditions like lung cancer, stroke, and tuberculosis.
The employee benefits account for more than 50 percent of the total expenses and increased in FY24. These costs increased by 66.2 percent to Rs 108 crore in the same duration, this includes the Rs 12 crore allocated to the employee stock option plan via non-cash component.
The total expenditure of the firm increased by 18.2 percent to Rs 201 crore in FY24. The startup reported a 38.5 percent decrease in its losses which stood out at Rs 48 crore in the same duration. Meanwhile, the employee benefits increased compared to the last year.
The Mumbai-based startup offers support tools for diagnostic images while meeting market demands. The costs of materials, travel, Communication, legal, advertising, and other expenses amounted to 18.2 percent of the overall expenditure and brought the total cost to Rs 201 crore in FY24.
The startup data intelligence platform, tracxn mentioned that Sequoia Capital is the largest institutional investor of the firm. The health tech sector in India saw increased investor interest. The EBITDA margin stood at -22.73 percent. Qure.ai faces competition from other healthcare platforms in this market segment such as Viz.ai and Perspectum.
Conclusion :
Qure.ai is an AI-based decision support tool offering an online platform for diagnostic images that announced an 83.1 percent increase in its operational revenue to Rs 141 crore in FY24. This Mumbai-based startup offers various AI-based solutions to assist physicians and radiologists in diagnosing conditions like tuberculosis.
The sale of these services and healthcare products is the firm’s major source of revenue. The loss also decreased by 38.5 percent to Rs 48 crore in FY24. The total expenditure of the firm increased by 18.2 percent and crossed Rs 201 crore in the same duration. The company controlled its losses by effective cost control.
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