MediBuddy Reports Growth and Financial Performance in FY25
Following more than double growth in the fiscal year concluded in March 2024, the digital healthcare platform MediBuddy experienced a slight increase in its operational scale in FY25. Nevertheless, the company succeeded in reducing its losses by 37% during this period.
MediBuddy’s Operating Revenue Growth
MediBuddy’s operating revenue saw a year-on-year growth of 12.3%, reaching Rs 724.6 crore in FY25, up from Rs 645.4 crore in FY24, according to the company’s annual financial documents submitted to the Registrar of Companies (RoC). MediBuddy, being a digital healthcare platform, offers both online and offline medical consultations, medicine delivery, laboratory tests, surgeries, and insurance services. Revenue derived from these services largely constituted the company’s main income source, amounting to Rs 722 crore, while additional operating sources contributed Rs 2.5 crore.
Non-Operating Income
Additionally, the company generated Rs 18.42 crore from non-operating sources, which included interest on fixed deposits, current investments, written-off liabilities, and various other income streams. This contributed to a total income of Rs 743 crore in FY25.
Expense Breakdown
On the expenditure side, the cost of materials represented the highest proportion, comprising 38% of total expenses and amounting to Rs 333 crore in the preceding fiscal year. This was closely followed by employee benefits expenses, which experienced a slight rise of 8% to Rs 176.8 crore, which also included Rs 6 crore in ESOP expenses.
Sales Payout and Other Costs
Expenses related to sales payout, which encompass commissions for selling agents, decreased by 7% to Rs 155.47 crore during the year. The company also allocated Rs 42.5 crore towards safety and security measures and Rs 32.5 crore for information technology initiatives. Additional overheads, covering legal and professional fees, advertising, depreciation and amortization, along with finance costs, totalled Rs 138.7 crore in FY25.
Overall Expense Management
The firm’s overall expenses remained stable at Rs 879 crore in the previous fiscal year. The combination of controlled spending and a 12% increase in revenue enabled MediBuddy to reduce its losses by 37%, down to Rs 137 crore from Rs 215.7 crore in FY24.
Operating Revenue Insights
On a per-unit basis, MediBuddy incurred Rs 1.21 to generate one rupee of operating revenue. Its EBITDA margin improved to -14.19% in FY25 compared to -25.67% the prior year, while its EBITDA loss was recorded at Rs 103 crore during this timeframe.
Current Assets and Fundraising Activities
As of March 2024, MediBuddy reported current assets amounting to Rs 395.2 crore, which included cash and bank balances of Rs 80 crore. As per various sources from startup data intelligence platforms, Medibuddy has successfully raised over $190 million to date, with its most recent funding round of $18 million occurring in August 2023, involving existing investors Quadria Capital, Lightrock, and TEAMFund. In June 2020, MediBuddy made headlines by merging with its competitor DocsApp.
Market Competition
MediBuddy competes with a number of companies, including Pristyn Care-owned Lybrate, Practo, mFine, Tata 1mg, and several others.