Redcliffe Labs is a health tech startup offering a diagnostic platform that announced an 11 percent increase in operational revenue to Rs 348.4 crore in FY24. The company provides a home-based diagnostic test. The application allows users to book lab services and collect samples from the doorstep. The sale of these services and products is the company’s primary source of revenue. The startup also provides doctor advisory and consultation services for personalized medicines.
The firm also earns its revenue from operating income and the sale of products. The non-operating income contributed Rs 5.3 crore to the total revenue for this financial year. The company has secured over 113 million USD across multiple funding rounds since its inception, including $42 million raised during its series C funding round led by IFU and LeapFrog Investments with the participation of other investors. The startup also offers diagnostic lab tests and specializes in pathological testing across several branches of radiology and biochemistry.
The data intelligence platform, tracxn mentioned that the startup’s post-money valuation to around 270 million USD. The platform is designed to assist doctors and radiologists in diagnosing diseases. The laboratory test cost increased by 62.2 percent In FY24. However, the advertising expenses decreased by 45 percent and stood at Rs 65.38 crore in the same duration. The cost of materials also decreased by 15 percent to Rs 106.31 crore in this financial year.
The firm’s total expenditure declined by 14.1 percent to Rs 556.2 crore in FY24. The startup reported a 38.5 percent decrease in its losses which stood out at Rs 249.85 crore in the same duration. Meanwhile, the depreciation cost increased by three times compared to the last year. The Noida-based startup saw increased investor interest. The costs of materials, travel, legal, advertising, and other expenses brought the total cost to Rs 556.16 crore in FY24.
The company receives investment from investors including Y Combinator and LetsVenture. Redcliffe Lab’s existing investor IFU is the largest institutional investor of the firm. The health tech sector in India saw increased investor interest. The EBITDA margin stood at -57.55 percent in FY24 while the ROCE was around -544.68 percent in the same duration. Redcliffe Labs faces competition from other diagnostic and healthtech platforms in the same market segment as Thyrocare, 1mg, and Healthians.
Conclusion :
Redcliffe Labs is a home-based service offering an online platform for diagnostic tests that announced an 11 percent increase in its revenue from operations to Rs 348.8 crore in FY24. This Noida-based startup offers a network of laboratories specializing in tests across several branches of radiology and biochemistry. The sale of these lab services and healthcare products is the firm’s major source of revenue.
The company saw a 14.1 percent decrease in its total expenditure in FY24. The firm managed to control its losses and saw 27.7 percent decline to Rs 249.85 crore in the same duration. The company has raised 113 million USD across multiple funding rounds since its inception and competes with platforms like Thyrocare.
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