Healthtech Startup Clinikk Achieves Astounding 10X Growth in FY22!


Healthtech Startup Clinikk Achieves Astounding 10X Growth
Healthtech Startup Clinikk Achieves Astounding 10X Growth in FY22!
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Tuesday, 20 June 2023, Bengaluru, India

In the final quarter of FY23, MassMutual Ventures led the Series A fundraising round for the health tech business Clinikk. MassMutual Ventures made a second round of investment in the company, which attracted investors because of its recent multiplication.

Between FY20 and FY22, Clinikk had a phenomenal 90X growth, and its revenue in FY22 surpassed Rs 73 crore. According to the company’s annual financial records filed with the Registrar of Companies, collection from operations increased by 9.9X, from Rs 7.4 crore in FY21 to Rs 73.21 crore in the fiscal year ended March 2022.

Around 74% of Clinikk’s total collections come from subscriptions, which account for the majority of its income, while 25% come from the delivery of vaccines.

Clinikk, founded in 2018, provides complete packages that include family health insurance coverage and OPD care for a monthly subscription. Suraj Baliga and Bhavjot Kaur founded Clinikk. Based on more than 50,000 consultations, it has assisted over 30,000 families, according to its website.

Clinikk's F22 Report
Clinikk’s F22 Report (Image Source: Entrackr)

Due to escalating costs, Clinikk’s losses increased 2.4X to Rs 10.34 crore in FY22 from Rs 4.31 crore in FY21. It is important to note that Clinikk’s losses did not increase at the same rate as its costs, which may be attributed to an unusual increase in the company’s operating scale.

On the expense front, marketing costs made up 63.6% of total costs. From Rs 6.08 crore in FY21 to Rs 53.34 crore in FY22, this expense increased by 8.8X. In FY22, Clinikk spent Rs 12.09 crore on employee benefits and Rs 11.75 crore on vaccine purchases (post-inventory adjustments).

Additionally, from Rs 11.84 crore in FY21 to Rs 83.82 crore in FY22, the company’s total yearly cost increased by 7.1X due to legal, professional, personnel hiring, and other expenses. Clinikk invested Rs. 1.14 per unit to generate a rupee of operating income in FY22.

To date, MassMutual Ventures, Blume Ventures, and WEH Ventures among others have contributed over $9.2 million (about Rs 71 crore) to Clinikk. It had a post-Series A valuation of about $31 million (Rs 255 crore). In January of this year, Entrackr had exclusive news on the fundraiser.

[Source of Information: entrackr.com]


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